HORMEL FOODS CORP /DE/ 8-K/A

What Happened
Hormel Foods Corporation (HRL) filed an 8-K/A (amending its prior 8-K) to disclose a Separation Agreement with former Executive Vice President & Chief Financial Officer Jacinth Smiley. Ms. Smiley ceased serving as CFO effective October 26, 2025 and her last day of employment was November 30, 2025. The Separation Agreement is dated February 11, 2026 and became effective that same date.

Key Details

• Total scheduled cash payments of $2,775,000 payable in three installments contingent on Ms. Smiley signing and not revoking a general release: $941,667 (within 10 business days after the 15‑day revocation period), $916,667 (on or about Jan 15, 2027), and $916,666 (on or about Jan 14, 2028).
• Ms. Smiley remains eligible for a payout under her cash-based long-term incentive award granted Nov 20, 2023, on the same terms as if she had remained employed through Oct 25, 2026.
• The release can be revoked for 15 days after execution; the agreement acknowledges prior non‑competition, non‑solicitation, confidentiality and invention agreements and adds confidentiality, non‑disparagement, cooperation, and a 36‑month non‑solicitation commitment.
• The full Separation Agreement is attached to the filing as Exhibit 10.1.

Why It Matters
This filing clarifies the company’s post‑employment obligations to its former CFO: a defined cash payout schedule totaling $2.775M (subject to release execution) and potential additional payment under the existing long‑term incentive plan. Investors should note the cash flow timing and the restrictive covenants that govern the former CFO’s post‑employment activities; the filing is primarily administrative disclosure of those terms.