Chief Executive Officer for Smithfield Foods Inc. could receive a hefty US$46.6 million. Larry Pope could get a big amount from merger-related payments. This is a part of a planned takeover by Shuanghui International of China as shown by a securities filing.
Late on Tuesday, a filing made with the US Securities and Exchange Commission (SEC). It showed that Pope is eligible to receive about US$28 million in cash and around US$18.6 million in equity.
Aside from Pope, Robert Manly, the Chief Financial Officer for Smithfield is also eligible to receive roughly US$22.8 million. This is with regards to potential merger-related payments as showed in the filing.
The company said that the executives would also receive value of benefits aside from money. This is a vested right without regard to the buyout deal.
Smithfield also revealed through a proxy filing that it had received offers from two other parties. However, it ended sealing a deal with Shuanghui International. Smithfield Foods Inc., the world's biggest pork producer and processor, did not name the other two suitors it has mentioned.
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