{"id":40431,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/senior-executive-employment-agreement-tyson-foods-inc-and.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"senior-executive-employment-agreement-tyson-foods-inc-and","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/senior-executive-employment-agreement-tyson-foods-inc-and.html","title":{"rendered":"Senior Executive Employment Agreement &#8211; Tyson Foods Inc. and Donald E. Wray"},"content":{"rendered":"<pre>\n\n             SENIOR EXECUTIVE EMPLOYMENT AGREEMENT\n\n     THIS  SENIOR EXECUTIVE EMPLOYMENT AGREEMENT dated November 20, 1998  is\nby  and between TYSON FOODS, INC., a corporation organized under the laws of\nDelaware (the 'Company'), and Donald E. Wray ('Employee').\n\n                          WITNESSETH:\n\n     WHEREAS, following Employee's retirement from full time employment, the\nCompany  wishes  to  retain  Employee's services and  access  to  Employee's\nexperience and knowledge; and\n\n     WHEREAS,  the  Employee  wishes to furnish  advisory  services  to  the\nCompany upon the terms, provisions and conditions herein provided;\n\n     NOW, THEREFORE, in consideration of the foregoing and of the agreements\nhereinafter contained, the parties hereby agree as follows:\n\n1.   The term of this Agreement (the 'Term') shall begin on first day of the\n     month  after  the   Employee retires from active  employment  with  the\n     Company and end ten (10) years thereafter.\n\n2.   During  the  Term,  Employee  will, upon  reasonable  request,  provide\n     advisory services to the Company as follows:\n\n     (a)  Services  hereunder  shall  be provided  as  an  employee  of  the\n          Company;\n\n     (b)  Employee  may  be required to devote up to twenty (20)  hours  per\n          month to the Company;\n\n     (c)  Employee  may perform advisory services hereunder at any  location\n          but  may  be  required to be at the offices of  the  Company  upon\n          reasonable notice; and\n\n     (d)  Employee  shall  not  be obligated to render services  under  this\n          Agreement during any period when he is disabled due to illness  or\n          injury.\n\n3.   Beginning  on the initial date of the Term, the Company shall  (i)  pay\n     Employee each year for five (5) years the sum of $200,000 per year, and\n     for the next five (5) years the sum of $100,000 per year, such sums  to\n     be  payable  as the parties may from time to time agree;  (ii)  provide\n     Employee  and  his  spouse with health insurance  during  the  Term  as\n     generally  available to Employee at the time of retirement,  and  (iii)\n     permit  Employee  to  continue all options to  purchase  Company  stock\n     existing on the date of this Agreement.  In the event of the Employee's\n     death,  the benefits described above shall continue to be paid  to  the\n     Employee's spouse for the duration of the Term.  In the event of  death\n     by  both  Employee  and his spouse, all benefits under  this  Agreement\n     shall cease.\n\n4.   In  the event of Employee's death the Company will, upon written notice\n     given  within  sixty  (60)  days  of  death  by  Employee's  designated\n     beneficiary,  if any, or otherwise by the administrator  of  Employee's\n     estate, terminate all Employee owned options to purchase Company common\n     stock,  whether or not then currently vested, in exchange  for  payment\n\n                                     46\n\n     equal  to  the  aggregate spread  between the option  strike price  and\n     the market value of such  stock at the close of business  on  the  next\n     business day succeeding Employee's death.\n\n5.   While  this  Agreement is in effect and thereafter, the Employee  shall\n     not  divulge to  anyone, except in the regular course of the  Company's\n     business,  any  confidential or proprietary information  regarding  the\n     Company's records, plans or any other aspects of the Company's business\n     which it considers confidential or proprietary.\n\n6.   This Agreement shall terminate in the event Employee accepts employment\n     from anyone deemed by the Company to be a competitor.\n     \n7.   The right of the Employee or any other beneficiary under this Agreement\n     to  receive payments may not be assigned, pledged or encumbered, except\n     by  will  or  by  the  laws  of descent and distribution,  without  the\n     permission  of  the  Company which it may  withhold  in  its  sole  and\n     absolute discretion.\n     \n8.   This  Agreement represents the complete agreement between  Company  and\n     Employee concerning the subject matter hereof and supersedes all  prior\n     employment  or benefit agreements or understandings, written  or  oral.\n     No  attempted  modification or waiver of any of the  provisions  hereof\n     shall  be binding on either party unless in writing and signed by  both\n     Employee and Company.\n\n9.   It  is  the  intention of the parties hereto that  all  questions  with\n     respect to the construction and performance of this Agreement shall  be\n     determined in accordance with the laws of the State of Arkansas.\n     \n     IN  WITNESS WHEREOF, the parties hereto have executed this Agreement as\nof the date written above.\n\n                                   TYSON FOODS, INC.\n\n\n                                   By:____________________________\n                                   Title: Chairman\n\n\n                                   \/s\/ Donald E. Wray\n                                   ________________________________\n                                   Donald E. Wray\n                                   \n                                   \n                                   \n                                   \n                                   \n                                   \n                                   \n                                   \n                                   \n                                   \n                                   \n                                   \n                                   \n                     \n                                   \n                                   47\n\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[9134],"corporate_contracts_industries":[9426],"corporate_contracts_types":[9539,9544],"class_list":["post-40431","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-tyson-foods-inc","corporate_contracts_industries-food__meat","corporate_contracts_types-compensation","corporate_contracts_types-compensation__employment"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/40431","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate_contracts"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=40431"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=40431"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=40431"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=40431"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}