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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_Nov18_2021_TO_Nov18_2021_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="a154" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:66px;top:57px;">Item 1.01. &#8211; Entry into a Material Definitive Agreement </div><div id="a162" style="position:absolute;font-family:'Times New Roman';left:66px;top:91px;">On<div style="display:inline-block;width:5px">&#160;</div>November<div style="display:inline-block;width:5px">&#160;</div>15,<div style="display:inline-block;width:5px">&#160;</div>2021,<div style="display:inline-block;width:5px">&#160;</div>Cal-Maine<div style="display:inline-block;width:5px">&#160;</div>Foods,<div style="display:inline-block;width:5px">&#160;</div>Inc.<div style="display:inline-block;width:5px">&#160;</div>(the<div style="display:inline-block;width:5px">&#160;</div>&#8220;Company&#8221;)<div style="display:inline-block;width:5px">&#160;</div>entered<div style="display:inline-block;width:5px">&#160;</div>into<div style="display:inline-block;width:5px">&#160;</div>an Amended<div 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means the reserve adjusted rate at which Eurodollar deposits<div style="display:inline-block;width:2px">&#160;</div>in the London interbank </div><div id="a216" style="position:absolute;font-family:'Times New Roman';left:66px;top:507px;">market for an interest period of one, two, three, six or twelve months (as selected by the Borrower)<div style="display:inline-block;width:2px">&#160;</div>are quoted.<div style="display:inline-block;width:6px">&#160;</div>The &#8220;Applicable </div><div id="a218" style="position:absolute;font-family:'Times New Roman';left:66px;top:522px;">Margin&#8221; means 0.00% to<div style="display:inline-block;width:5px">&#160;</div>0.75% per annum for<div style="display:inline-block;width:5px">&#160;</div>Base Rate Loans and<div style="display:inline-block;width:5px">&#160;</div>1.00% to 1.75% per<div style="display:inline-block;width:5px">&#160;</div>annum for Eurodollar Rate Loans,<div style="display:inline-block;width:5px">&#160;</div>in </div><div id="a220" style="position:absolute;font-family:'Times New Roman';left:66px;top:538px;">each<div style="display:inline-block;width:5px">&#160;</div>case<div style="display:inline-block;width:5px">&#160;</div>depending<div style="display:inline-block;width:5px">&#160;</div>upon<div style="display:inline-block;width:5px">&#160;</div>the Total<div style="display:inline-block;width:6px">&#160;</div>Funded<div style="display:inline-block;width:5px">&#160;</div>Debt<div style="display:inline-block;width:5px">&#160;</div>to<div style="display:inline-block;width:5px">&#160;</div>Capitalization<div style="display:inline-block;width:5px">&#160;</div>Ratio<div style="display:inline-block;width:5px">&#160;</div>for<div style="display:inline-block;width:5px">&#160;</div>the<div style="display:inline-block;width:5px">&#160;</div>Company<div style="display:inline-block;width:5px">&#160;</div>at<div style="display:inline-block;width:5px">&#160;</div>the<div style="display:inline-block;width:5px">&#160;</div>quarterly<div style="display:inline-block;width:5px">&#160;</div>pricing<div style="display:inline-block;width:5px">&#160;</div>date.<div style="display:inline-block;width:10px">&#160;</div>In </div><div id="a221" style="position:absolute;font-family:'Times New Roman';left:66px;top:553px;">addition, the Company will pay a commitment fee<div style="display:inline-block;width:5px">&#160;</div>on the unused portion of the Credit Facility<div style="display:inline-block;width:5px">&#160;</div>payable quarterly from 0.15% to </div><div id="a223" style="position:absolute;font-family:'Times New Roman';left:66px;top:568px;">0.25%<div style="display:inline-block;width:9px">&#160;</div>in each case depending<div style="display:inline-block;width:2px">&#160;</div>upon the Total<div style="display:inline-block;width:2px">&#160;</div>Funded Debt to Capitalization<div style="display:inline-block;width:2px">&#160;</div>Ratio for the Company<div style="display:inline-block;width:2px">&#160;</div>at the quarterly pricing<div style="display:inline-block;width:2px">&#160;</div>date. </div><div id="a225" style="position:absolute;font-family:'Times New Roman';left:66px;top:584px;">The Credit Agreement contains customary provisions<div style="display:inline-block;width:2px">&#160;</div>regarding replacement of the Eurodollar Rate.<div style="display:inline-block;width:3px">&#160;</div></div><div id="a228" style="position:absolute;font-family:'Times New Roman';left:66px;top:615px;">The Credit<div style="display:inline-block;width:2px">&#160;</div>Facility is<div style="display:inline-block;width:2px">&#160;</div>secured by<div style="display:inline-block;width:2px">&#160;</div>a first-priority<div style="display:inline-block;width:2px">&#160;</div>perfected security<div style="display:inline-block;width:2px">&#160;</div>interest in<div style="display:inline-block;width:2px">&#160;</div>substantially all<div style="display:inline-block;width:1px">&#160;</div>of the<div style="display:inline-block;width:2px">&#160;</div>Borrower&#8217;s and the<div style="display:inline-block;width:2px">&#160;</div>guarantors&#8217; </div><div id="a233" style="position:absolute;font-family:'Times New Roman';left:66px;top:630px;">accounts,<div style="display:inline-block;width:10px">&#160;</div>payment<div style="display:inline-block;width:10px">&#160;</div>intangibles,<div style="display:inline-block;width:10px">&#160;</div>instruments<div style="display:inline-block;width:10px">&#160;</div>(including<div style="display:inline-block;width:10px">&#160;</div>promissory<div style="display:inline-block;width:10px">&#160;</div>notes),<div style="display:inline-block;width:10px">&#160;</div>chattel<div style="display:inline-block;width:10px">&#160;</div>paper,<div style="display:inline-block;width:10px">&#160;</div>inventory<div style="display:inline-block;width:10px">&#160;</div>(including<div style="display:inline-block;width:10px">&#160;</div>farm </div><div id="a235" style="position:absolute;font-family:'Times New Roman';left:66px;top:646px;">products) and deposit accounts maintained with BMO Harris Bank N.A., the<div style="display:inline-block;width:2px">&#160;</div>Administrative Agent.<div style="display:inline-block;width:6px">&#160;</div></div><div id="a242" style="position:absolute;font-family:'Times New Roman';left:66px;top:677px;">The<div style="display:inline-block;width:6px">&#160;</div>Credit Agreement<div style="display:inline-block;width:7px">&#160;</div>contains<div style="display:inline-block;width:6px">&#160;</div>customary<div style="display:inline-block;width:6px">&#160;</div>covenants,<div style="display:inline-block;width:6px">&#160;</div>including,<div style="display:inline-block;width:6px">&#160;</div>but<div style="display:inline-block;width:6px">&#160;</div>not<div style="display:inline-block;width:6px">&#160;</div>limited<div style="display:inline-block;width:6px">&#160;</div>to,<div style="display:inline-block;width:6px">&#160;</div>restrictions<div style="display:inline-block;width:6px">&#160;</div>on<div style="display:inline-block;width:6px">&#160;</div>the<div style="display:inline-block;width:6px">&#160;</div>incurrence<div style="display:inline-block;width:6px">&#160;</div>of<div style="display:inline-block;width:6px">&#160;</div>liens, </div><div id="a243" style="position:absolute;font-family:'Times New Roman';left:66px;top:692px;">incurrence of additional<div style="display:inline-block;width:5px">&#160;</div>debt, sales of<div style="display:inline-block;width:5px">&#160;</div>assets and other<div style="display:inline-block;width:5px">&#160;</div>fundamental corporate changes<div style="display:inline-block;width:5px">&#160;</div>and investments. The<div style="display:inline-block;width:5px">&#160;</div>Credit Agreement </div><div id="a245" style="position:absolute;font-family:'Times New Roman';left:66px;top:708px;">requires maintenance of two financial<div style="display:inline-block;width:2px">&#160;</div>covenants: (i) a maximum<div style="display:inline-block;width:2px">&#160;</div>Total Funded Debt to Capitalization<div style="display:inline-block;width:2px">&#160;</div>Ratio tested quarterly of no </div><div id="a247" style="position:absolute;font-family:'Times New Roman';left:66px;top:723px;">greater than 50%;<div style="display:inline-block;width:5px">&#160;</div>and (ii) requirement<div style="display:inline-block;width:5px">&#160;</div>to maintain Minimum<div style="display:inline-block;width:5px">&#160;</div>Tangible Net Worth<div style="display:inline-block;width:5px">&#160;</div>at all times<div style="display:inline-block;width:5px">&#160;</div>of $700 Million<div style="display:inline-block;width:5px">&#160;</div>plus 50% of<div style="display:inline-block;width:5px">&#160;</div>net </div><div id="a249" style="position:absolute;font-family:'Times New Roman';left:66px;top:738px;">income<div style="display:inline-block;width:7px">&#160;</div>(if<div style="display:inline-block;width:7px">&#160;</div>net<div style="display:inline-block;width:7px">&#160;</div>income<div style="display:inline-block;width:7px">&#160;</div>is<div style="display:inline-block;width:7px">&#160;</div>positive)<div style="display:inline-block;width:7px">&#160;</div>less<div style="display:inline-block;width:7px">&#160;</div>permitted<div style="display:inline-block;width:7px">&#160;</div>restricted<div style="display:inline-block;width:7px">&#160;</div>payments<div style="display:inline-block;width:7px">&#160;</div>for<div style="display:inline-block;width:7px">&#160;</div>each<div style="display:inline-block;width:7px">&#160;</div>fiscal<div style="display:inline-block;width:7px">&#160;</div>quarter<div style="display:inline-block;width:7px">&#160;</div>after<div style="display:inline-block;width:7px">&#160;</div>November<div style="display:inline-block;width:7px">&#160;</div>27,<div style="display:inline-block;width:7px">&#160;</div>2021.<div style="display:inline-block;width:3px">&#160;</div></div><div id="a250" style="position:absolute;font-family:'Times New Roman';left:66px;top:754px;">Additionally, the Credit<div style="display:inline-block;width:2px">&#160;</div>Agreement requires that Fred R.<div style="display:inline-block;width:1px">&#160;</div>Adams Jr., his spouse, natural<div style="display:inline-block;width:2px">&#160;</div>children, sons-in-law or grandchildren,<div style="display:inline-block;width:2px">&#160;</div>or </div><div id="a256" style="position:absolute;font-family:'Times New Roman';left:66px;top:769px;">any trust, guardianship,<div style="display:inline-block;width:5px">&#160;</div>conservatorship or custodianship for<div style="display:inline-block;width:5px">&#160;</div>the primary benefit of<div style="display:inline-block;width:5px">&#160;</div>any of the<div style="display:inline-block;width:5px">&#160;</div>foregoing, or any<div style="display:inline-block;width:5px">&#160;</div>family limited </div><div id="a258" style="position:absolute;font-family:'Times New Roman';left:66px;top:784px;">partnership, similar limited liability company or other entity<div style="display:inline-block;width:5px">&#160;</div>that 100% of the voting control of such<div style="display:inline-block;width:5px">&#160;</div>entity is held by any of the </div><div id="a260" style="position:absolute;font-family:'Times New Roman';left:66px;top:800px;">foregoing, shall maintain at least 50% of the Company's voting stock.<div style="display:inline-block;width:8px">&#160;</div>Failure to satisfy any of these covenants will constitute a </div><div id="a262" style="position:absolute;font-family:'Times New Roman';left:66px;top:815px;">default under the terms of<div style="display:inline-block;width:2px">&#160;</div>the Credit Agreement.<div style="display:inline-block;width:8px">&#160;</div>Further, under the terms of<div style="display:inline-block;width:2px">&#160;</div>the Credit Agreement,<div style="display:inline-block;width:2px">&#160;</div>payment of<div style="display:inline-block;width:6px">&#160;</div>dividends under<div style="display:inline-block;width:3px">&#160;</div></div><div id="a264" style="position:absolute;font-family:'Times New Roman';left:66px;top:830px;">the Company's<div style="display:inline-block;width:6px">&#160;</div>current dividend<div style="display:inline-block;width:6px">&#160;</div>policy of<div style="display:inline-block;width:6px">&#160;</div>1/3 of<div style="display:inline-block;width:6px">&#160;</div>the Company's<div style="display:inline-block;width:5px">&#160;</div>net income<div style="display:inline-block;width:6px">&#160;</div>computed in<div style="display:inline-block;width:6px">&#160;</div>accordance with<div style="display:inline-block;width:5px">&#160;</div>generally accepted </div><div id="a265" style="position:absolute;font-family:'Times New Roman';left:66px;top:846px;">accounting principles and payment of<div style="display:inline-block;width:5px">&#160;</div>other dividends or repurchases by<div style="display:inline-block;width:5px">&#160;</div>the Company of its<div style="display:inline-block;width:5px">&#160;</div>capital stock is allowed, as<div style="display:inline-block;width:5px">&#160;</div>long as </div><div id="a267" style="position:absolute;font-family:'Times New Roman';left:66px;top:861px;">after giving effect to such<div style="display:inline-block;width:5px">&#160;</div>dividend payments or repurchases no default<div style="display:inline-block;width:5px">&#160;</div>has occurred and is continuing<div style="display:inline-block;width:5px">&#160;</div>and the sum of cash<div style="display:inline-block;width:5px">&#160;</div>and </div><div id="a269" style="position:absolute;font-family:'Times New Roman';left:66px;top:876px;">cash equivalents of the Company and its subsidiaries plus availability under the Revolving Facility equals at<div style="display:inline-block;width:2px">&#160;</div>least $50 Million.<div style="display:inline-block;width:3px">&#160;</div></div><div id="a273" style="position:absolute;font-family:'Times New Roman';left:66px;top:908px;">The Credit Agreement<div style="display:inline-block;width:5px">&#160;</div>also includes<div style="display:inline-block;width:5px">&#160;</div>customary events<div style="display:inline-block;width:5px">&#160;</div>of default<div style="display:inline-block;width:5px">&#160;</div>and customary<div style="display:inline-block;width:5px">&#160;</div>remedies upon<div style="display:inline-block;width:5px">&#160;</div>the occurrence<div style="display:inline-block;width:5px">&#160;</div>of an<div style="display:inline-block;width:6px">&#160;</div>event of </div><div id="a274" style="position:absolute;font-family:'Times New Roman';left:66px;top:923px;">default, including acceleration of the amounts<div style="display:inline-block;width:5px">&#160;</div>due under the Credit Facility and<div style="display:inline-block;width:5px">&#160;</div>foreclosure of the collateral securing the<div style="display:inline-block;width:5px">&#160;</div>Credit </div><div id="a276" style="position:absolute;font-family:'Times New Roman';left:66px;top:938px;">Facility.<div style="display:inline-block;width:3px">&#160;</div></div></div>
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<div id="a279" style="position:absolute;font-family:'Times New Roman';left:66px;top:57px;">The Credit Facility<div style="display:inline-block;width:1px">&#160;</div>is guaranteed by<div style="display:inline-block;width:1px">&#160;</div>all the wholly-owned<div style="display:inline-block;width:1px">&#160;</div>direct and indirect<div style="display:inline-block;width:1px">&#160;</div>domestic subsidiaries<div style="display:inline-block;width:2px">&#160;</div>of the Company<div style="display:inline-block;width:1px">&#160;</div>and the Credit </div><div id="a283" style="position:absolute;font-family:'Times New Roman';left:66px;top:73px;">Agreement requires<div style="display:inline-block;width:5px">&#160;</div>that any<div style="display:inline-block;width:5px">&#160;</div>future wholly-owned<div style="display:inline-block;width:5px">&#160;</div>direct or<div style="display:inline-block;width:5px">&#160;</div>indirect subsidiaries<div style="display:inline-block;width:5px">&#160;</div>of the<div style="display:inline-block;width:5px">&#160;</div>Company guarantee<div style="display:inline-block;width:5px">&#160;</div>the Credit<div style="display:inline-block;width:5px">&#160;</div>Facility </div><div id="a286" style="position:absolute;font-family:'Times New Roman';left:66px;top:88px;">and pledge the same collateral as pledged by the Company to secure the Credit Facility.<div style="display:inline-block;width:2px">&#160;</div></div><div id="a288" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:66px;top:119px;">Item 2.03 &#8211; Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet<div style="display:inline-block;width:1px">&#160;</div>Arrangement of a </div><div id="a295" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:66px;top:135px;">Registrant </div><div id="a298" style="position:absolute;font-family:'Times New Roman';left:66px;top:165px;">The<div style="display:inline-block;width:5px">&#160;</div>information<div style="display:inline-block;width:5px">&#160;</div>contained<div style="display:inline-block;width:5px">&#160;</div>in<div style="display:inline-block;width:5px">&#160;</div>Item<div style="display:inline-block;width:5px">&#160;</div>1.01.<div style="display:inline-block;width:5px">&#160;</div>Entry<div style="display:inline-block;width:5px">&#160;</div>into<div style="display:inline-block;width:5px">&#160;</div>a<div style="display:inline-block;width:5px">&#160;</div>Material<div style="display:inline-block;width:5px">&#160;</div>Definitive Agreement<div style="display:inline-block;width:5px">&#160;</div>of<div style="display:inline-block;width:5px">&#160;</div>this<div style="display:inline-block;width:5px">&#160;</div>Current<div style="display:inline-block;width:5px">&#160;</div>Report<div style="display:inline-block;width:5px">&#160;</div>on<div style="display:inline-block;width:5px">&#160;</div>Form<div style="display:inline-block;width:5px">&#160;</div>8-K<div style="display:inline-block;width:5px">&#160;</div>is </div><div id="a301" style="position:absolute;font-family:'Times New Roman';left:66px;top:181px;">incorporated herein by reference. </div><div id="a303" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:66px;top:212px;">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="a308" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:66px;top:227px;">Compensatory Arrangements of Certain Officers. </div><div id="a311" style="position:absolute;font-family:'Times New Roman';font-style:italic;left:66px;top:258px;">Retirement and Appointment of Principal Accounting Officer </div><div id="a313" style="position:absolute;font-family:'Times New Roman';left:66px;top:289px;">On<div style="display:inline-block;width:6px">&#160;</div>November<div style="display:inline-block;width:6px">&#160;</div>17,<div style="display:inline-block;width:6px">&#160;</div>2021,<div style="display:inline-block;width:6px">&#160;</div>Cal-Maine<div style="display:inline-block;width:6px">&#160;</div>Foods,<div style="display:inline-block;width:6px">&#160;</div>Inc.<div style="display:inline-block;width:6px">&#160;</div>(the<div style="display:inline-block;width:6px">&#160;</div>&#8220;Company&#8221;)<div style="display:inline-block;width:6px">&#160;</div>issued<div style="display:inline-block;width:6px">&#160;</div>a<div style="display:inline-block;width:6px">&#160;</div>press<div style="display:inline-block;width:6px">&#160;</div>release<div style="display:inline-block;width:6px">&#160;</div>announcing<div style="display:inline-block;width:6px">&#160;</div>Michael<div style="display:inline-block;width:6px">&#160;</div>D.<div style="display:inline-block;width:6px">&#160;</div>(Mike) </div><div id="a317" style="position:absolute;font-family:'Times New Roman';left:66px;top:305px;">Castleberry, Vice<div style="display:inline-block;width:5px">&#160;</div>President and<div style="display:inline-block;width:6px">&#160;</div>Controller and<div style="display:inline-block;width:6px">&#160;</div>the Company&#8217;s<div style="display:inline-block;width:6px">&#160;</div>principal accounting<div style="display:inline-block;width:5px">&#160;</div>officer, will<div style="display:inline-block;width:6px">&#160;</div>retire from<div style="display:inline-block;width:6px">&#160;</div>Cal-Maine Foods </div><div id="a320" style="position:absolute;font-family:'Times New Roman';left:66px;top:320px;">effective early<div style="display:inline-block;width:2px">&#160;</div>January 2022<div style="display:inline-block;width:2px">&#160;</div>and will<div style="display:inline-block;width:2px">&#160;</div>no longer<div style="display:inline-block;width:2px">&#160;</div>serve as<div style="display:inline-block;width:2px">&#160;</div>the principal<div style="display:inline-block;width:2px">&#160;</div>accounting officer<div style="display:inline-block;width:2px">&#160;</div>effective November<div style="display:inline-block;width:2px">&#160;</div>29, 2021.<div style="display:inline-block;width:2px">&#160;</div>Castleberry </div><div id="a322" style="position:absolute;font-family:'Times New Roman';left:66px;top:335px;">has held this position since 2014 after serving as Director of Accounting since 2013. </div><div id="a325" style="position:absolute;font-family:'Times New Roman';left:66px;top:371px;">Effective November<div style="display:inline-block;width:5px">&#160;</div>29, 2021,<div style="display:inline-block;width:6px">&#160;</div>Matthew S.<div style="display:inline-block;width:5px">&#160;</div>Glover has<div style="display:inline-block;width:6px">&#160;</div>been appointed<div style="display:inline-block;width:5px">&#160;</div>Vice President<div style="display:inline-block;width:6px">&#160;</div>&#8211; Accounting of<div style="display:inline-block;width:6px">&#160;</div>the Company<div style="display:inline-block;width:6px">&#160;</div>and will </div><div id="a329" style="position:absolute;font-family:'Times New Roman';left:66px;top:387px;">assume the role of principal accounting officer.</div><div id="a332" style="position:absolute;font-family:'Times New Roman';left:66px;top:423px;">Glover (age 35)<div style="display:inline-block;width:2px">&#160;</div>has served as<div style="display:inline-block;width:2px">&#160;</div>Director of Financial<div style="display:inline-block;width:2px">&#160;</div>Reporting for Cal-Maine<div style="display:inline-block;width:2px">&#160;</div>Foods since 2019.<div style="display:inline-block;width:2px">&#160;</div>He previously was<div style="display:inline-block;width:2px">&#160;</div>a Senior<div style="display:inline-block;width:2px">&#160;</div>Audit </div><div id="a336" style="position:absolute;font-family:'Times New Roman';left:66px;top:438px;">Manager at<div style="display:inline-block;width:5px">&#160;</div>BKD, LLP, for<div style="display:inline-block;width:5px">&#160;</div>ten years where<div style="display:inline-block;width:5px">&#160;</div>he worked with<div style="display:inline-block;width:5px">&#160;</div>audit clients in<div style="display:inline-block;width:5px">&#160;</div>a variety of<div style="display:inline-block;width:5px">&#160;</div>industries. Glover holds<div style="display:inline-block;width:5px">&#160;</div>a Bachelor of </div><div id="a337" style="position:absolute;font-family:'Times New Roman';left:66px;top:453px;">Accountancy degree and<div style="display:inline-block;width:1px">&#160;</div>a Master of<div style="display:inline-block;width:1px">&#160;</div>Accountancy degree from<div style="display:inline-block;width:1px">&#160;</div>the University of<div style="display:inline-block;width:1px">&#160;</div>Mississippi. He is<div style="display:inline-block;width:2px">&#160;</div>a Certified Public<div style="display:inline-block;width:1px">&#160;</div>Accountant.<div style="display:inline-block;width:3px">&#160;</div></div><div id="a342" style="position:absolute;font-family:'Times New Roman';left:66px;top:489px;">Glover is a subject to the Company&#8217;s standard at-will employment and as a non-executive officer will receive compensation in a </div><div id="a347" style="position:absolute;font-family:'Times New Roman';left:66px;top:505px;">manner consistent<div style="display:inline-block;width:2px">&#160;</div>with the Company's<div style="display:inline-block;width:1px">&#160;</div>compensation of<div style="display:inline-block;width:2px">&#160;</div>its similarly<div style="display:inline-block;width:2px">&#160;</div>situated non-executive<div style="display:inline-block;width:2px">&#160;</div>officers, including<div style="display:inline-block;width:2px">&#160;</div>any grants<div style="display:inline-block;width:2px">&#160;</div>of long-</div><div id="a352" style="position:absolute;font-family:'Times New Roman';left:66px;top:520px;">term equity incentive awards under the Company's long-term incentive plans.</div><div id="a357" style="position:absolute;font-family:'Times New Roman';left:66px;top:556px;">There are no arrangements or understandings between Glover and any other person pursuant to which Glover was selected as an </div><div id="a358" style="position:absolute;font-family:'Times New Roman';left:66px;top:571px;">officer of<div style="display:inline-block;width:5px">&#160;</div>the Company.<div style="display:inline-block;width:5px">&#160;</div>Glover does<div style="display:inline-block;width:5px">&#160;</div>not have<div style="display:inline-block;width:5px">&#160;</div>any family<div style="display:inline-block;width:5px">&#160;</div>relationship with<div style="display:inline-block;width:5px">&#160;</div>any director<div style="display:inline-block;width:5px">&#160;</div>or executive<div style="display:inline-block;width:5px">&#160;</div>officer of<div style="display:inline-block;width:5px">&#160;</div>the Company. </div><div id="a360" style="position:absolute;font-family:'Times New Roman';left:66px;top:587px;">There are no<div style="display:inline-block;width:2px">&#160;</div>related party transactions<div style="display:inline-block;width:2px">&#160;</div>as of the<div style="display:inline-block;width:2px">&#160;</div>date hereof between<div style="display:inline-block;width:2px">&#160;</div>Glover and the<div style="display:inline-block;width:2px">&#160;</div>Company that would<div style="display:inline-block;width:2px">&#160;</div>require disclosure under </div><div id="a362" style="position:absolute;font-family:'Times New Roman';left:66px;top:602px;">Item 404(a) of Regulation S-K. </div><div id="a368" style="position:absolute;font-family:'Times New Roman';left:66px;top:633px;">A copy of the Company&#8217;s press release is attached hereto<div style="display:inline-block;width:2px">&#160;</div>as Exhibit 99.1 to this Current Report. </div><div id="a371" style="position:absolute;font-family:'Times New Roman';font-style:italic;left:66px;top:663px;">Deferred Compensation Plan </div><div id="a373" style="position:absolute;font-family:'Times New Roman';left:66px;top:695px;">On November<div style="display:inline-block;width:6px">&#160;</div>15, 2021,<div style="display:inline-block;width:6px">&#160;</div>the Compensation<div style="display:inline-block;width:6px">&#160;</div>Committee of<div style="display:inline-block;width:6px">&#160;</div>the Board<div style="display:inline-block;width:6px">&#160;</div>of Directors<div style="display:inline-block;width:6px">&#160;</div>of Cal-Maine<div style="display:inline-block;width:6px">&#160;</div>Foods, Inc.<div style="display:inline-block;width:6px">&#160;</div>(the &#8220;Company&#8221;) </div><div id="a376" style="position:absolute;font-family:'Times New Roman';left:66px;top:710px;">approved<div style="display:inline-block;width:5px">&#160;</div>and<div style="display:inline-block;width:5px">&#160;</div>recommended to<div style="display:inline-block;width:6px">&#160;</div>the<div style="display:inline-block;width:5px">&#160;</div>Executive<div style="display:inline-block;width:5px">&#160;</div>Committee of<div style="display:inline-block;width:6px">&#160;</div>the<div style="display:inline-block;width:5px">&#160;</div>Board<div style="display:inline-block;width:5px">&#160;</div>of<div style="display:inline-block;width:5px">&#160;</div>Directors<div style="display:inline-block;width:5px">&#160;</div>of<div style="display:inline-block;width:5px">&#160;</div>Cal-Maine<div style="display:inline-block;width:5px">&#160;</div>Foods,<div style="display:inline-block;width:5px">&#160;</div>Inc.<div style="display:inline-block;width:5px">&#160;</div>the<div 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Amended<div style="display:inline-block;width:2px">&#160;</div>and Restated Deferred Compensation Plan<div style="display:inline-block;width:2px">&#160;</div>(the &#8220;Plan&#8221;), an unfunded deferred compensation<div style="display:inline-block;width:2px">&#160;</div>plan designed </div><div id="a383" style="position:absolute;font-family:'Times New Roman';left:66px;top:741px;">to provide<div style="display:inline-block;width:6px">&#160;</div>deferred compensation<div style="display:inline-block;width:6px">&#160;</div>for a<div style="display:inline-block;width:6px">&#160;</div>select group<div style="display:inline-block;width:6px">&#160;</div>of management<div style="display:inline-block;width:6px">&#160;</div>or highly<div style="display:inline-block;width:6px">&#160;</div>compensated employees<div style="display:inline-block;width:6px">&#160;</div>of the<div style="display:inline-block;width:6px">&#160;</div>Company. The </div><div id="a385" style="position:absolute;font-family:'Times New Roman';left:66px;top:756px;">Executive Committee<div style="display:inline-block;width:5px">&#160;</div>approved the<div style="display:inline-block;width:5px">&#160;</div>Plan to<div style="display:inline-block;width:5px">&#160;</div>be effective<div style="display:inline-block;width:5px">&#160;</div>on December<div style="display:inline-block;width:5px">&#160;</div>1, 2021.<div style="display:inline-block;width:5px">&#160;</div>The Plan<div style="display:inline-block;width:5px">&#160;</div>is not<div style="display:inline-block;width:5px">&#160;</div>a qualified<div style="display:inline-block;width:5px">&#160;</div>plan under<div style="display:inline-block;width:5px">&#160;</div>Section </div><div id="a386" style="position:absolute;font-family:'Times New Roman';left:66px;top:771px;">401(a) of the<div style="display:inline-block;width:5px">&#160;</div>Internal Revenue Code<div style="display:inline-block;width:5px">&#160;</div>of 1986, as<div style="display:inline-block;width:5px">&#160;</div>amended, or subject<div style="display:inline-block;width:5px">&#160;</div>to the provisions<div style="display:inline-block;width:5px">&#160;</div>of the Employment<div style="display:inline-block;width:5px">&#160;</div>Retirement Income </div><div id="a388" style="position:absolute;font-family:'Times New Roman';left:66px;top:787px;">Security Act of<div style="display:inline-block;width:5px">&#160;</div>1974, as<div style="display:inline-block;width:5px">&#160;</div>amended, as<div style="display:inline-block;width:5px">&#160;</div>set forth<div style="display:inline-block;width:5px">&#160;</div>in the<div style="display:inline-block;width:5px">&#160;</div>Plan. The<div style="display:inline-block;width:5px">&#160;</div>Plan amends<div style="display:inline-block;width:5px">&#160;</div>and restates<div style="display:inline-block;width:5px">&#160;</div>the Cal-Maine<div style="display:inline-block;width:5px">&#160;</div>Foods, Inc.<div style="display:inline-block;width:5px">&#160;</div>Deferred </div><div id="a391" style="position:absolute;font-family:'Times New Roman';left:66px;top:802px;">Compensation Plan<div style="display:inline-block;width:6px">&#160;</div>adopted by<div style="display:inline-block;width:6px">&#160;</div>the<div style="display:inline-block;width:5px">&#160;</div>Board<div style="display:inline-block;width:5px">&#160;</div>of<div style="display:inline-block;width:5px">&#160;</div>Directors<div style="display:inline-block;width:5px">&#160;</div>of<div style="display:inline-block;width:5px">&#160;</div>the<div style="display:inline-block;width:5px">&#160;</div>Company<div style="display:inline-block;width:5px">&#160;</div>on<div style="display:inline-block;width:5px">&#160;</div>December<div style="display:inline-block;width:5px">&#160;</div>28,<div style="display:inline-block;width:5px">&#160;</div>2006,<div style="display:inline-block;width:5px">&#160;</div>and<div style="display:inline-block;width:5px">&#160;</div>previously<div style="display:inline-block;width:5px">&#160;</div>amended on </div><div id="a393" style="position:absolute;font-family:'Times New Roman';left:66px;top:817px;">September 25, 2008, and December 10, 2008.<div style="display:inline-block;width:3px">&#160;</div></div><div id="a395" style="position:absolute;font-family:'Times New Roman';left:66px;top:849px;">A committee of three<div style="display:inline-block;width:5px">&#160;</div>persons (the &#8220;Committee&#8221;)<div style="display:inline-block;width:5px">&#160;</div>has been appointed<div style="display:inline-block;width:5px">&#160;</div>by the Executive<div style="display:inline-block;width:5px">&#160;</div>Committee of the<div style="display:inline-block;width:5px">&#160;</div>Board of Directors<div style="display:inline-block;width:5px">&#160;</div>to </div><div id="a396" style="position:absolute;font-family:'Times New Roman';left:66px;top:864px;">administer the Plan. The<div style="display:inline-block;width:5px">&#160;</div>Committee is the<div style="display:inline-block;width:5px">&#160;</div>named fiduciary and<div style="display:inline-block;width:5px">&#160;</div>plan administrator under the<div style="display:inline-block;width:5px">&#160;</div>Plan and in<div style="display:inline-block;width:5px">&#160;</div>general is responsible </div><div id="a398" style="position:absolute;font-family:'Times New Roman';left:66px;top:879px;">for the management and<div style="display:inline-block;width:5px">&#160;</div>administration of the Plan. The Chief<div style="display:inline-block;width:5px">&#160;</div>Executive Officer of the Company<div style="display:inline-block;width:5px">&#160;</div>may remove, with or without </div><div id="a399" style="position:absolute;font-family:'Times New Roman';left:66px;top:895px;">cause, any member of<div style="display:inline-block;width:5px">&#160;</div>the Committee, and name<div style="display:inline-block;width:5px">&#160;</div>his or her successor,<div style="display:inline-block;width:5px">&#160;</div>and fill any vacancy<div style="display:inline-block;width:5px">&#160;</div>caused by death, resignation,<div style="display:inline-block;width:5px">&#160;</div>or any </div><div id="a401" style="position:absolute;font-family:'Times New Roman';left:66px;top:910px;">other reason. The members of the Committee currently are Adolphus B. Baker, Chairman of the Board, Chief Executive Officer </div><div id="a402" style="position:absolute;font-family:'Times New Roman';left:66px;top:925px;">and Director, Sherman<div style="display:inline-block;width:5px">&#160;</div>L. Miller, President, Chief<div style="display:inline-block;width:5px">&#160;</div>Operations Officer and<div style="display:inline-block;width:5px">&#160;</div>Director, and Max<div style="display:inline-block;width:5px">&#160;</div>P. Bowman, Vice President,<div style="display:inline-block;width:5px">&#160;</div>Chief </div><div id="a404" style="position:absolute;font-family:'Times New Roman';left:66px;top:941px;">Financial Officer, Treasurer, Secretary and Director of the Company. </div></div>
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<div id="a407" style="position:absolute;font-family:'Times New Roman';left:66px;top:57px;">Eligibility to<div style="display:inline-block;width:5px">&#160;</div>participate in<div style="display:inline-block;width:5px">&#160;</div>the Plan<div style="display:inline-block;width:5px">&#160;</div>is limited<div style="display:inline-block;width:5px">&#160;</div>to employees<div style="display:inline-block;width:5px">&#160;</div>of the<div style="display:inline-block;width:5px">&#160;</div>Company who<div style="display:inline-block;width:5px">&#160;</div>are part<div style="display:inline-block;width:5px">&#160;</div>of a<div style="display:inline-block;width:5px">&#160;</div>select group<div style="display:inline-block;width:5px">&#160;</div>of management<div style="display:inline-block;width:5px">&#160;</div>or </div><div id="a409" style="position:absolute;font-family:'Times New Roman';left:66px;top:73px;">highly compensated<div style="display:inline-block;width:5px">&#160;</div>employees, as<div style="display:inline-block;width:5px">&#160;</div>selected by<div style="display:inline-block;width:5px">&#160;</div>the Committee (&#8220;Participants&#8221;),<div style="display:inline-block;width:5px">&#160;</div>except that<div style="display:inline-block;width:5px">&#160;</div>the Compensation Committee<div style="display:inline-block;width:5px">&#160;</div>shall </div><div id="a410" style="position:absolute;font-family:'Times New Roman';left:66px;top:88px;">determine the amount of any contributions and other incentives or benefits under the Plan for any Participants who are members </div><div id="a412" style="position:absolute;font-family:'Times New Roman';left:66px;top:103px;">of the Executive Committee of<div style="display:inline-block;width:2px">&#160;</div>the Board of Directors.<div style="display:inline-block;width:1px">&#160;</div>A Deferral<div style="display:inline-block;width:1px">&#160;</div>Account, a Long-Term Incentive Contribution<div style="display:inline-block;width:1px">&#160;</div>Account, and an </div><div id="a415" style="position:absolute;font-family:'Times New Roman';left:66px;top:119px;">In-Service Account will be established for each Participant for the purpose of determining the deferred compensation payable to </div><div id="a419" style="position:absolute;font-family:'Times New Roman';left:66px;top:134px;">a Participant.<div style="display:inline-block;width:5px">&#160;</div>The Deferral Amounts<div style="display:inline-block;width:5px">&#160;</div>made pursuant<div style="display:inline-block;width:5px">&#160;</div>to a<div style="display:inline-block;width:5px">&#160;</div>Participant&#8217;s annual<div style="display:inline-block;width:5px">&#160;</div>Deferral Election<div style="display:inline-block;width:5px">&#160;</div>to defer<div style="display:inline-block;width:5px">&#160;</div>a portion<div style="display:inline-block;width:5px">&#160;</div>of his<div style="display:inline-block;width:5px">&#160;</div>or her </div><div id="a421" style="position:absolute;font-family:'Times New Roman';left:66px;top:149px;">Base Salary and/or Bonus Compensation will<div style="display:inline-block;width:2px">&#160;</div>be allocated to a Participant&#8217;s Deferral<div style="display:inline-block;width:1px">&#160;</div>Account or In-Service<div style="display:inline-block;width:2px">&#160;</div>Account. 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The &#8220;Deemed<div style="display:inline-block;width:2px">&#160;</div>Investment Options&#8221; selected by the Participant for each of his or her<div style="display:inline-block;width:2px">&#160;</div>Account(s) </div><div id="a433" style="position:absolute;font-family:'Times New Roman';left:66px;top:195px;">will<div style="display:inline-block;width:5px">&#160;</div>be<div style="display:inline-block;width:5px">&#160;</div>used<div style="display:inline-block;width:5px">&#160;</div>as<div style="display:inline-block;width:5px">&#160;</div>a<div style="display:inline-block;width:5px">&#160;</div>measuring<div style="display:inline-block;width:5px">&#160;</div>device<div style="display:inline-block;width:5px">&#160;</div>for<div style="display:inline-block;width:5px">&#160;</div>determining<div style="display:inline-block;width:5px">&#160;</div>the<div style="display:inline-block;width:5px">&#160;</div>Deemed<div style="display:inline-block;width:5px">&#160;</div>Investment<div style="display:inline-block;width:5px">&#160;</div>gains<div style="display:inline-block;width:5px">&#160;</div>or<div style="display:inline-block;width:5px">&#160;</div>losses<div style="display:inline-block;width:5px">&#160;</div>of<div style="display:inline-block;width:5px">&#160;</div>a<div style="display:inline-block;width:5px">&#160;</div>Participant&#8217;s Account(s). A </div><div id="a434" style="position:absolute;font-family:'Times New Roman';left:66px;top:211px;">Participant will have no real or beneficial ownership<div style="display:inline-block;width:5px">&#160;</div>in any security or other investment represented by the<div style="display:inline-block;width:5px">&#160;</div>Deemed Investment </div><div id="a436" style="position:absolute;font-family:'Times New Roman';left:66px;top:226px;">Options. A Participant&#8217;s interest in his or her Deferral Account and In-Service Account will be 100% vested at all times.<div style="display:inline-block;width:5px">&#160;</div>Unless </div><div id="a440" style="position:absolute;font-family:'Times New Roman';left:66px;top:241px;">otherwise set forth in<div style="display:inline-block;width:5px">&#160;</div>a Participant&#8217;s Participation Agreement, and subject<div style="display:inline-block;width:5px">&#160;</div>to certain accelerated vesting<div style="display:inline-block;width:5px">&#160;</div>provisions, Long-Term </div><div id="a443" style="position:absolute;font-family:'Times New Roman';left:66px;top:257px;">Incentive<div style="display:inline-block;width:5px">&#160;</div>Contributions will<div style="display:inline-block;width:6px">&#160;</div>become<div style="display:inline-block;width:5px">&#160;</div>100% vested<div style="display:inline-block;width:6px">&#160;</div>on<div style="display:inline-block;width:5px">&#160;</div>December<div style="display:inline-block;width:5px">&#160;</div>31<div style="display:inline-block;width:5px">&#160;</div>of<div style="display:inline-block;width:5px">&#160;</div>the<div style="display:inline-block;width:5px">&#160;</div>fifth<div style="display:inline-block;width:5px">&#160;</div>Plan Year<div style="display:inline-block;width:5px">&#160;</div>following<div style="display:inline-block;width:5px">&#160;</div>the<div style="display:inline-block;width:5px">&#160;</div>year<div style="display:inline-block;width:5px">&#160;</div>the<div style="display:inline-block;width:5px">&#160;</div>Long-Term </div><div id="a447" style="position:absolute;font-family:'Times New Roman';left:66px;top:272px;">Incentive<div style="display:inline-block;width:7px">&#160;</div>Contribution<div style="display:inline-block;width:7px">&#160;</div>is<div style="display:inline-block;width:7px">&#160;</div>credited<div style="display:inline-block;width:7px">&#160;</div>on<div style="display:inline-block;width:7px">&#160;</div>behalf<div style="display:inline-block;width:7px">&#160;</div>of<div style="display:inline-block;width:7px">&#160;</div>a<div style="display:inline-block;width:7px">&#160;</div>Participant<div style="display:inline-block;width:7px">&#160;</div>by<div style="display:inline-block;width:7px">&#160;</div>the<div style="display:inline-block;width:7px">&#160;</div>Company<div style="display:inline-block;width:7px">&#160;</div>to<div style="display:inline-block;width:7px">&#160;</div>the<div style="display:inline-block;width:7px">&#160;</div>Participant&#8217;s<div style="display:inline-block;width:7px">&#160;</div>Long-Term<div style="display:inline-block;width:7px">&#160;</div>Incentive </div><div id="a450" style="position:absolute;font-family:'Times New Roman';left:66px;top:287px;">Contribution Account.<div style="display:inline-block;width:2px">&#160;</div>However, any Employee<div style="display:inline-block;width:2px">&#160;</div>who was a<div style="display:inline-block;width:2px">&#160;</div>Participant as of<div style="display:inline-block;width:2px">&#160;</div>December 11, 2006, is<div style="display:inline-block;width:2px">&#160;</div>100% vested in<div style="display:inline-block;width:2px">&#160;</div>all Long-Term </div><div id="a457" style="position:absolute;font-family:'Times New Roman';left:66px;top:303px;">Incentive<div style="display:inline-block;width:5px">&#160;</div>Contributions,<div style="display:inline-block;width:5px">&#160;</div>except<div style="display:inline-block;width:5px">&#160;</div>that<div style="display:inline-block;width:5px">&#160;</div>all<div style="display:inline-block;width:5px">&#160;</div>Participants<div style="display:inline-block;width:5px">&#160;</div>forfeit<div style="display:inline-block;width:5px">&#160;</div>any<div style="display:inline-block;width:5px">&#160;</div>Long-Term<div style="display:inline-block;width:5px">&#160;</div>Incentive<div style="display:inline-block;width:5px">&#160;</div>Contributions<div style="display:inline-block;width:5px">&#160;</div>credited<div style="display:inline-block;width:5px">&#160;</div>in<div style="display:inline-block;width:5px">&#160;</div>2021<div style="display:inline-block;width:5px">&#160;</div>or<div style="display:inline-block;width:5px">&#160;</div>after </div><div id="a460" style="position:absolute;font-family:'Times New Roman';left:66px;top:318px;">(including deemed investment gains or losses) if terminated for Cause. </div><div id="a464" style="position:absolute;font-family:'Times New Roman';left:66px;top:349px;">Deferred compensation benefits that are based on Deferred Compensation Accounts established prior to the 2022 Plan Year will </div><div id="a465" style="position:absolute;font-family:'Times New Roman';left:66px;top:365px;">be payable upon separation from service, as determined by the Committee. Benefit payments will be made in a single lump sum </div><div id="a467" style="position:absolute;font-family:'Times New Roman';left:66px;top:380px;">or in annual installments<div style="display:inline-block;width:5px">&#160;</div>as provided in the<div style="display:inline-block;width:5px">&#160;</div>Plan, subject to permitted<div style="display:inline-block;width:5px">&#160;</div>delays in payment in<div style="display:inline-block;width:5px">&#160;</div>specified circumstances. Payments, </div><div id="a469" style="position:absolute;font-family:'Times New Roman';left:66px;top:395px;">in any case, will<div style="display:inline-block;width:2px">&#160;</div>be made in a single<div style="display:inline-block;width:2px">&#160;</div>lump sum if a<div style="display:inline-block;width:2px">&#160;</div>Participant terminates employment before<div style="display:inline-block;width:2px">&#160;</div>age 55 for reasons<div style="display:inline-block;width:2px">&#160;</div>other than death, </div><div id="a472" style="position:absolute;font-family:'Times New Roman';left:66px;top:411px;">or if the value<div style="display:inline-block;width:2px">&#160;</div>of the Participant&#8217;s<div style="display:inline-block;width:2px">&#160;</div>account is $10,000 or<div style="display:inline-block;width:2px">&#160;</div>less upon termination<div style="display:inline-block;width:2px">&#160;</div>of employment for any<div style="display:inline-block;width:2px">&#160;</div>reason. All<div style="display:inline-block;width:2px">&#160;</div>costs of the Plan </div><div id="a474" style="position:absolute;font-family:'Times New Roman';left:66px;top:426px;">will be borne by the Company. </div><div id="a476" style="position:absolute;font-family:'Times New Roman';left:66px;top:457px;">Long-Term Incentive Contribution Accounts and Deferral Accounts will be paid to Participants on the earlier of their separation </div><div id="a480" style="position:absolute;font-family:'Times New Roman';left:66px;top:473px;">from service<div style="display:inline-block;width:6px">&#160;</div>or death.<div style="display:inline-block;width:6px">&#160;</div>In-Service Accounts will<div style="display:inline-block;width:6px">&#160;</div>be paid<div style="display:inline-block;width:6px">&#160;</div>to Participants<div style="display:inline-block;width:6px">&#160;</div>at the<div style="display:inline-block;width:6px">&#160;</div>Specified Time<div style="display:inline-block;width:5px">&#160;</div>selected in<div style="display:inline-block;width:6px">&#160;</div>the Participant&#8217;s<div style="display:inline-block;width:6px">&#160;</div>In-</div><div id="a484" style="position:absolute;font-family:'Times New Roman';left:66px;top:488px;">Service Account Election.<div style="display:inline-block;width:5px">&#160;</div>Each year<div style="display:inline-block;width:5px">&#160;</div>during the<div style="display:inline-block;width:5px">&#160;</div>annual enrollment,<div style="display:inline-block;width:5px">&#160;</div>Participants will<div style="display:inline-block;width:5px">&#160;</div>elect whether<div style="display:inline-block;width:5px">&#160;</div>the following<div style="display:inline-block;width:5px">&#160;</div>year Deferral </div><div id="a486" style="position:absolute;font-family:'Times New Roman';left:66px;top:503px;">Amounts and Long-Term Incentive Contributions<div style="display:inline-block;width:2px">&#160;</div>will be paid in a lump sum<div style="display:inline-block;width:2px">&#160;</div>or 5, 10 or 15 annual installments.<div style="display:inline-block;width:2px">&#160;</div>If a Participant&#8217;s </div><div id="a489" style="position:absolute;font-family:'Times New Roman';left:66px;top:519px;">balance is less than $10,000 at their separation from service, the payments shall be made in a lump sum. </div><div id="a492" style="position:absolute;font-family:'Times New Roman';left:66px;top:550px;">The Plan may be<div style="display:inline-block;width:5px">&#160;</div>amended or terminated by the<div style="display:inline-block;width:5px">&#160;</div>Board at any time,<div style="display:inline-block;width:5px">&#160;</div>without decreasing the interests of<div style="display:inline-block;width:5px">&#160;</div>Participants. Participants </div><div id="a494" style="position:absolute;font-family:'Times New Roman';left:66px;top:565px;">are<div style="display:inline-block;width:5px">&#160;</div>not<div style="display:inline-block;width:5px">&#160;</div>conferred<div style="display:inline-block;width:5px">&#160;</div>any<div style="display:inline-block;width:5px">&#160;</div>right<div style="display:inline-block;width:5px">&#160;</div>to<div style="display:inline-block;width:5px">&#160;</div>continued<div style="display:inline-block;width:5px">&#160;</div>employment with<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>or<div style="display:inline-block;width:5px">&#160;</div>any<div style="display:inline-block;width:5px">&#160;</div>other<div style="display:inline-block;width:5px">&#160;</div>rights<div style="display:inline-block;width:5px">&#160;</div>against<div style="display:inline-block;width:5px">&#160;</div>the<div style="display:inline-block;width:5px">&#160;</div>Company<div style="display:inline-block;width:5px">&#160;</div>except<div style="display:inline-block;width:5px">&#160;</div>as </div><div id="a497" style="position:absolute;font-family:'Times New Roman';left:66px;top:581px;">specified in the Plan. A copy of the Plan<div style="display:inline-block;width:5px">&#160;</div>is filed with this<div style="display:inline-block;width:5px">&#160;</div>Form 8-K as Exhibit<div style="display:inline-block;width:5px">&#160;</div>No. 10.2. As of the date of<div style="display:inline-block;width:5px">&#160;</div>this Form 8-K, there </div><div id="a504" style="position:absolute;font-family:'Times New Roman';left:66px;top:596px;">are 8 Participants under the Plan. </div><div id="a510" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:66px;top:627px;">Item 9.01 &#8211; Financial Statements and Exhibits </div><div id="a518" style="position:absolute;font-family:'Times New Roman';left:66px;top:664px;">(d)<div style="display:inline-block;width:7px">&#160;</div>Exhibits </div><div id="a522" style="position:absolute;font-family:'Times New Roman';left:82px;top:683px;">Exhibit </div><div id="a523" style="position:absolute;font-family:'Times New Roman';left:80px;top:698px;">Number </div><div id="a526" style="position:absolute;font-family:'Times New Roman';left:195px;top:698px;">Description </div><div id="a528" style="position:absolute;font-family:'Times New Roman';color:#0000FF;left:90px;top:714px;"><a href="exhibit101.htm" style="color:#0000FF;text-decoration:underline;">10.1</a></div><div id="a531" style="position:absolute;font-family:'Times New Roman';color:#0000FF;left:195px;top:714px;"><a href="exhibit101.htm" style="color:#0000FF;text-decoration:underline;">Credit Agreement, dated November 15, 2021, among Cal-Maine Foods, Inc., the Guarantors,<span style="display:inline-block;width:2px;text-decoration:underline">&#160;</span>BMO </a></div><div id="a534" style="position:absolute;font-family:'Times New Roman';color:#0000FF;left:195px;top:729px;"><a href="exhibit101.htm" style="color:#0000FF;text-decoration:underline;">Harris Bank N.A., as Administrative<span style="display:inline-block;width:2px;text-decoration:underline">&#160;</span>Agent, and the Lenders.</a></div><div id="a537" style="position:absolute;font-family:'Times New Roman';color:#0000FF;left:90px;top:744px;"><a href="exhibit102.htm" style="color:#0000FF;text-decoration:underline;">10.2</a></div><div id="a540" style="position:absolute;font-family:'Times New Roman';color:#0000FF;left:195px;top:744px;"><a href="exhibit102.htm" style="color:#0000FF;text-decoration:underline;">Deferred Compensation Plan, dated November 15, 2021</a></div><div id="a542" style="position:absolute;font-family:'Times New Roman';color:#0000FF;left:90px;top:760px;"><a href="exhibit991.htm" style="color:#0000FF;text-decoration:underline;">99.1</a></div><div id="a545" style="position:absolute;font-family:'Times New Roman';color:#0000FF;left:195px;top:760px;"><a href="exhibit991.htm" style="color:#0000FF;text-decoration:underline;">Press Release issued by the Company on November 18, 2021</a></div><div id="a550" style="position:absolute;font-family:'Times New Roman';left:93px;top:775px;">104 </div><div id="a553" style="position:absolute;font-family:'Times New Roman';left:195px;top:775px;">Cover Page Interactive Data File, (embedded within the Inline XBRL document) </div></div>
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<div id="a557" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:365px;top:57px;">SIGNATURES </div><div id="a559" style="position:absolute;font-family:'Times New Roman';left:66px;top:76px;"><div style="display:inline-block;width:3px">&#160;</div></div><div id="a561" style="position:absolute;font-family:'Times New Roman';left:66px;top:94px;">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="a564" style="position:absolute;font-family:'Times New Roman';left:66px;top:112px;">its behalf by the undersigned hereunto duly authorized. </div><div id="a567" style="position:absolute;font-family:'Times New Roman';left:66px;top:131px;"><div style="display:inline-block;width:3px">&#160;</div></div><div id="a569" style="position:absolute;font-family:'Times New Roman';left:126px;top:131px;"><div style="display:inline-block;width:3px">&#160;</div></div><div id="a571" style="position:absolute;font-family:'Times New Roman';left:425px;top:131px;"><div style="display:inline-block;width:3px">&#160;</div></div><div id="a573" style="position:absolute;font-family:'Times New Roman';left:461px;top:131px;"><div style="display:inline-block;width:3px">&#160;</div></div><div id="a576" style="position:absolute;font-family:'Times New Roman';left:126px;top:146px;"><div style="display:inline-block;width:3px">&#160;</div></div><div id="a578" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:425px;top:146px;">CAL-MAINE FOODS, INC. </div><div id="a586" style="position:absolute;font-family:'Times New Roman';left:70px;top:177px;">Date: </div><div id="a588" style="position:absolute;font-family:'Times New Roman';left:126px;top:177px;">November 18, 2021 </div><div id="a590" style="position:absolute;font-family:'Times New Roman';left:425px;top:177px;">By:<div style="display:inline-block;width:7px">&#160;</div></div><div id="a593" style="position:absolute;font-family:'Times New Roman';left:461px;top:177px;">/s/ Max P. Bowman </div><div id="a598" style="position:absolute;font-family:'Times New Roman';left:126px;top:209px;"><div style="display:inline-block;width:3px">&#160;</div></div><div id="a600" style="position:absolute;font-family:'Times New Roman';left:461px;top:194px;">Max P. Bowman<div style="display:inline-block;width:3px">&#160;</div></div><div id="a602" style="position:absolute;font-family:'Times New Roman';left:461px;top:209px;">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": "0528"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-38695", "film-number": "211425854"}, "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"}]}
calm8k20210719
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):
November 15, 2021
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 1.01. – Entry into a Material Definitive Agreement
On
November
15,
2021,
Cal-Maine
Foods,
Inc.
(the
"Company")
entered
into
an Amended
and
Restated
Credit Agreement
effective as of that date (the "Credit Agreement"), among the Company, as borrower (the "Borrower"), the wholly-owned direct
and
indirect
domestic
subsidiaries
of
the
Company
as
guarantors
(the
"Guarantors"),
BMO
Harris
Bank
N.A.
(the
"Administrative Agent"), as
Administrative Agent, Swingline Lender and L/C Issuer, BMO Harris Bank N.A., Greenstone Farm
Credit Services, ACA,
AgFirst Farm Credit Bank, Compeer
Financial, ACA
and Farm Credit Bank of
Texas, as the initial lenders
and such other lenders
from time to time
party thereto (the "Lenders"),
and BMO Capital Markets,
as the sole Lead
Arranger and
sole Book
Runner and
GreenStone Farm
Credit Services,
ACA, as
Syndication
Agent.
The Credit
Agreement amends
and restates
the Company's existing Credit Agreement dated July 10, 2018.
The Credit Agreement provides for an increased senior secured revolving credit
facility in an initial aggregate principal amount
of up
to $250 Million
(the "Credit Facility"
or "Revolver"), which
includes a $15
Million sublimit for
the issuance of
standby
letters of credit and a $15 Million sublimit
for swingline loans.
The Credit Facility also includes an accordion
feature permitting
the Borrower, with the consent
of the Administrative
Agent, to increase the Credit
Facility in the aggregate
up to $200 Million by
adding one or more incremental senior secured term loans or increasing one or more times
the revolving commitments under the
Revolver.
The proceeds of the Credit Facility can be used
by the Company for general working capital and
corporate purposes,
capital expenditures, to refinance existing indebtedness, to finance permitted acquisitions and fund fees and expenses associated
with the Credit Agreement. As of November 18, 2021, no amounts were borrowed under the Credit
Facility and $4.1 Million in
standby letters of credit were issued under the Credit Facility.
The Credit Facility has a term of five years and will mature
on November 15, 2026, at which time all amounts outstanding
under
the Credit Agreement will be due and payable in full.
The interest rate in connection with loans made
under the Credit Facility will be based, at
the Borrower's election, on either the
Eurodollar Rate plus the Applicable Margin or
the Base Rate plus
the Applicable Margin. The "Base Rate" means a
fluctuating
rate per annum equal to the highest of
(a) the federal funds rate plus 0.50% per
annum, (b) the prime rate of interest established
by the
Administrative Agent,
and (c) the
Eurodollar Rate
for an interest
period of one
month plus 1%
per annum, subject
to certain
interest rate floors.
The "Eurodollar Rate" means the reserve adjusted rate at which Eurodollar deposits
in the London interbank
market for an interest period of one, two, three, six or twelve months (as selected by the Borrower)
are quoted.
The "Applicable
Margin" means 0.00% to
0.75% per annum for
Base Rate Loans and
1.00% to 1.75% per
annum for Eurodollar Rate Loans,
in
each
case
depending
upon
the Total
Funded
Debt
to
Capitalization
Ratio
for
the
Company
at
the
quarterly
pricing
date.
In
addition, the Company will pay a commitment fee
on the unused portion of the Credit Facility
payable quarterly from 0.15% to
0.25%
in each case depending
upon the Total
Funded Debt to Capitalization
Ratio for the Company
at the quarterly pricing
date.
The Credit Agreement contains customary provisions
regarding replacement of the Eurodollar Rate.
The Credit
Facility is
secured by
a first-priority
perfected security
interest in
substantially all
of the
Borrower's and the
guarantors'
accounts,
payment
intangibles,
instruments
(including
promissory
notes),
chattel
paper,
inventory
(including
farm
products) and deposit accounts maintained with BMO Harris Bank N.A., the
Administrative Agent.
The
Credit Agreement
contains
customary
covenants,
including,
but
not
limited
to,
restrictions
on
the
incurrence
of
liens,
incurrence of additional
debt, sales of
assets and other
fundamental corporate changes
and investments. The
Credit Agreement
requires maintenance of two financial
covenants: (i) a maximum
Total Funded Debt to Capitalization
Ratio tested quarterly of no
greater than 50%;
and (ii) requirement
to maintain Minimum
Tangible Net Worth
at all times
of $700 Million
plus 50% of
net
income
(if
net
income
is
positive)
less
permitted
restricted
payments
for
each
fiscal
quarter
after
November
27,
2021.
Additionally, the Credit
Agreement requires that Fred R.
Adams Jr., his spouse, natural
children, sons-in-law or grandchildren,
or
any trust, guardianship,
conservatorship or custodianship for
the primary benefit of
any of the
foregoing, or any
family limited
partnership, similar limited liability company or other entity
that 100% of the voting control of such
entity is held by any of the
foregoing, shall maintain at least 50% of the Company's voting stock.
Failure to satisfy any of these covenants will constitute a
default under the terms of
the Credit Agreement.
Further, under the terms of
the Credit Agreement,
payment of
dividends under
the Company's
current dividend
policy of
1/3 of
the Company's
net income
computed in
accordance with
generally accepted
accounting principles and payment of
other dividends or repurchases by
the Company of its
capital stock is allowed, as
long as
after giving effect to such
dividend payments or repurchases no default
has occurred and is continuing
and the sum of cash
and
cash equivalents of the Company and its subsidiaries plus availability under the Revolving Facility equals at
least $50 Million.
The Credit Agreement
also includes
customary events
of default
and customary
remedies upon
the occurrence
of an
event of
default, including acceleration of the amounts
due under the Credit Facility and
foreclosure of the collateral securing the
Credit
Facility.
The Credit Facility
is guaranteed by
all the wholly-owned
direct and indirect
domestic subsidiaries
of the Company
and the Credit
Agreement requires
that any
future wholly-owned
direct or
indirect subsidiaries
of the
Company guarantee
the Credit
Facility
and pledge the same collateral as pledged by the Company to secure the Credit Facility.
Item 2.03 – Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet
Arrangement of a
Registrant
The
information
contained
in
Item
1.01.
Entry
into
a
Material
Definitive Agreement
of
this
Current
Report
on
Form
8-K
is
incorporated herein by reference.
Item 5.02 – Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers.
Retirement and Appointment of Principal Accounting Officer
On
November
17,
2021,
Cal-Maine
Foods,
Inc.
(the
"Company")
issued
a
press
release
announcing
Michael
D.
(Mike)
Castleberry, Vice
President and
Controller and
the Company's
principal accounting
officer, will
retire from
Cal-Maine Foods
effective early
January 2022
and will
no longer
serve as
the principal
accounting officer
effective November
29, 2021.
Castleberry
has held this position since 2014 after serving as Director of Accounting since 2013.
Effective November
29, 2021,
Matthew S.
Glover has
been appointed
Vice President
– Accounting of
the Company
and will
assume the role of principal accounting officer.
Glover (age 35)
has served as
Director of Financial
Reporting for Cal-Maine
Foods since 2019.
He previously was
a Senior
Audit
Manager at
BKD, LLP, for
ten years where
he worked with
audit clients in
a variety of
industries. Glover holds
a Bachelor of
Accountancy degree and
a Master of
Accountancy degree from
the University of
Mississippi. He is
a Certified Public
Accountant.
Glover is a subject to the Company's standard at-will employment and as a non-executive officer will receive compensation in a
manner consistent
with the Company's
compensation of
its similarly
situated non-executive
officers, including
any grants
of long-
term equity incentive awards under the Company's long-term incentive plans.
There are no arrangements or understandings between Glover and any other person pursuant to which Glover was selected as an
officer of
the Company.
Glover does
not have
any family
relationship with
any director
or executive
officer of
the Company.
There are no
related party transactions
as of the
date hereof between
Glover and the
Company that would
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.
Deferred Compensation Plan
On November
15, 2021,
the Compensation
Committee of
the Board
of Directors
of Cal-Maine
Foods, Inc.
(the "Company")
approved
and
recommended to
the
Executive
Committee of
the
Board
of
Directors
of
Cal-Maine
Foods,
Inc.
the
Cal-Maine
Foods, Inc. Amended
and Restated Deferred Compensation Plan
(the "Plan"), an unfunded deferred compensation
plan designed
to provide
deferred compensation
for a
select group
of management
or highly
compensated employees
of the
Company. The
Executive Committee
approved the
Plan to
be effective
on December
1, 2021.
The Plan
is not
a qualified
plan under
Section
401(a) of the
Internal Revenue Code
of 1986, as
amended, or subject
to the provisions
of the Employment
Retirement Income
Security Act of
1974, as
amended, as
set forth
in the
Plan. The
Plan amends
and restates
the Cal-Maine
Foods, Inc.
Deferred
Compensation Plan
adopted by
the
Board
of
Directors
of
the
Company
on
December
28,
2006,
and
previously
amended on
September 25, 2008, and December 10, 2008.
A committee of three
persons (the "Committee")
has been appointed
by the Executive
Committee of the
Board of Directors
to
administer the Plan. The
Committee is the
named fiduciary and
plan administrator under the
Plan and in
general is responsible
for the management and
administration of the Plan. The Chief
Executive Officer of the Company
may remove, with or without
cause, any member of
the Committee, and name
his or her successor,
and fill any vacancy
caused by death, resignation,
or any
other reason. The members of the Committee currently are Adolphus B. Baker, Chairman of the Board, Chief Executive Officer
and Director, Sherman
L. Miller, President, Chief
Operations Officer and
Director, and Max
P. Bowman, Vice President,
Chief
Financial Officer, Treasurer, Secretary and Director of the Company.
Eligibility to
participate in
the Plan
is limited
to employees
of the
Company who
are part
of a
select group
of management
or
highly compensated
employees, as
selected by
the Committee ("Participants"),
except that
the Compensation Committee
shall
determine the amount of any contributions and other incentives or benefits under the Plan for any Participants who are members
of the Executive Committee of
the Board of Directors.
A Deferral
Account, a Long-Term Incentive Contribution
Account, and an
In-Service Account will be established for each Participant for the purpose of determining the deferred compensation payable to
a Participant.
The Deferral Amounts
made pursuant
to a
Participant's annual
Deferral Election
to defer
a portion
of his
or her
Base Salary and/or Bonus Compensation will
be allocated to a Participant's Deferral
Account or In-Service
Account. Long-Term
Incentive
Contributions
credited
on
behalf
of
a
Participant
by
the
Company
will
be
allocated
to
a
Participant's
Long-Term
Incentive Contribution Account. The "Deemed
Investment Options" selected by the Participant for each of his or her
Account(s)
will
be
used
as
a
measuring
device
for
determining
the
Deemed
Investment
gains
or
losses
of
a
Participant's Account(s). A
Participant will have no real or beneficial ownership
in any security or other investment represented by the
Deemed Investment
Options. A Participant's interest in his or her Deferral Account and In-Service Account will be 100% vested at all times.
Unless
otherwise set forth in
a Participant's Participation Agreement, and subject
to certain accelerated vesting
provisions, Long-Term
Incentive
Contributions will
become
100% vested
on
December
31
of
the
fifth
Plan Year
following
the
year
the
Long-Term
Incentive
Contribution
is
credited
on
behalf
of
a
Participant
by
the
Company
to
the
Participant's
Long-Term
Incentive
Contribution Account.
However, any Employee
who was a
Participant as of
December 11, 2006, is
100% vested in
all Long-Term
Incentive
Contributions,
except
that
all
Participants
forfeit
any
Long-Term
Incentive
Contributions
credited
in
2021
or
after
(including deemed investment gains or losses) if terminated for Cause.
Deferred compensation benefits that are based on Deferred Compensation Accounts established prior to the 2022 Plan Year will
be payable upon separation from service, as determined by the Committee. Benefit payments will be made in a single lump sum
or in annual installments
as provided in the
Plan, subject to permitted
delays in payment in
specified circumstances. Payments,
in any case, will
be made in a single
lump sum if a
Participant terminates employment before
age 55 for reasons
other than death,
or if the value
of the Participant's
account is $10,000 or
less upon termination
of employment for any
reason. All
costs of the Plan
will be borne by the Company.
Long-Term Incentive Contribution Accounts and Deferral Accounts will be paid to Participants on the earlier of their separation
from service
or death.
In-Service Accounts will
be paid
to Participants
at the
Specified Time
selected in
the Participant's
In-
Service Account Election.
Each year
during the
annual enrollment,
Participants will
elect whether
the following
year Deferral
Amounts and Long-Term Incentive Contributions
will be paid in a lump sum
or 5, 10 or 15 annual installments.
If a Participant's
balance is less than $10,000 at their separation from service, the payments shall be made in a lump sum.
The Plan may be
amended or terminated by the
Board at any time,
without decreasing the interests of
Participants. Participants
are
not
conferred
any
right
to
continued
employment with
the
Company,
or
any
other
rights
against
the
Company
except
as
specified in the Plan. A copy of the Plan
is filed with this
Form 8-K as Exhibit
No. 10.2. As of the date of
this Form 8-K, there
are 8 Participants under the Plan.
Item 9.01 – Financial Statements and Exhibits
(d)
Exhibits
Exhibit
Number
Description
10.1
Credit Agreement, dated November 15, 2021, among Cal-Maine Foods, Inc., the Guarantors,
BMO
Harris Bank N.A., as Administrative
Agent, and the Lenders.
10.2
Deferred Compensation Plan, dated November 15, 2021
99.1
Press Release issued by the Company on November 18, 2021
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:
November 18, 2021
By:
/s/ Max P. Bowman
Max P. Bowman
Director, Vice President, and Chief Financial Officer