{"url_path":"/sec/hrl/8-k/2026-06-12/item-5-02","section_key":"item-5-02","section_title":"Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.","topic":"sec","document":{"doc_type":"8-K","doc_date":"2026-06-12","source_url":"https://www.sec.gov/Archives/edgar/data/48465/0000048465-26-000044-index.html","accession_number":"0000048465-26-000044","cik":"0000048465","ticker":"HRL","issuer_name":"HORMEL FOODS CORP /DE/","edgar_url":"https://www.sec.gov/Archives/edgar/data/48465/0000048465-26-000044-index.html","primary_entity_key":"0000048465","primary_entity_name":"HORMEL FOODS CORP /DE/"},"word_count":466,"has_tables":true,"body_markdown":"Item 5.02    Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.\n\nOn June 9, 2026, Hormel Foods Corporation (the “Company”) entered into an International Assignment Letter (the “Assignment Agreement”) with Swen Neufeldt, the Company’s Group Vice President, International, in connection with Mr. Neufeldt’s assignment to the Company’s subsidiary, Hormel Foods Asia Pacific Pte. Ltd., in Singapore. Mr. Neufeldt will continue to serve in his current role as the Company’s Group Vice President, International.\n\nPursuant to the Assignment Agreement, Mr. Neufeldt’s international assignment will begin on or around July 27, 2026, and will continue for an indefinite term, subject to change by the Company in its discretion. During his international assignment, Mr. Neufeldt will continue to receive his current annual base salary of $526,400, plus a cost-of-living adjustment of $56,103 per year, both subject to review and adjustment in the ordinary course. Mr. Neufeldt will continue to be eligible to participate in the Company’s short-term and long-term incentive programs, executive severance program, and other employee benefit programs.\n\nUnder the Assignment Agreement, Mr. Neufeldt will also be entitled to certain benefits that are designed to minimize the financial impact of the international assignment. These benefits include: reimbursement of certain travel expenses; a special relocation payment of $20,000; a special allowance of up to $25,000 for the shipment of household goods to Singapore; reimbursement of expenses relating to the sale of Mr. Neufeldt’s current residence in the United States, including a tax gross-up on the first $100,000 of reimbursable expenses, and the reimbursement of up to $15,000 for certain property management expenses until the sale date (not to exceed one year); housing assistance in Singapore, including an annual housing allowance (Company-paid portion of $90,566 per year) and the payment of certain utilities and housing-related expenses; tax equalization payments; tax consultation and preparation assistance; participation in an international health plan for Mr. Neufeldt and his spouse; company automobile or driver service in Singapore; and personal property and personal liability insurance in Singapore. If Mr. Neufeldt resigns (other than due to a Qualified Retirement (as defined in the Assignment Agreement)) or is terminated for cause before the three-year anniversary of the start of the international assignment, he will be required to repay, on a pro-rata basis, certain relocation costs borne by the Company.\n\nMr. Neufeldt will also be provided with certain relocation assistance upon completion of his international assignment or in the event of the termination of the assignment by the Company without cause or upon Mr. Neufeldt’s Qualified Retirement.\n\nThe foregoing description of the Assignment Agreement does not purport to be complete, and is qualified in its entirety by the full text of the Assignment Agreement, a copy of which is attached hereto as Exhibit 10.1 and incorporated herein by reference."}