Executive pay: Hormel Foods (NYSE: HRL) outlines Neufeldt’s Singapore assignment package
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Hormel Foods Corporation detailed a new international assignment for Swen Neufeldt, its Group Vice President, International, who will relocate to the company’s Singapore subsidiary while remaining in his current role. The assignment is set to begin on or around July 27, 2026, for an indefinite term at the company’s discretion.
Neufeldt will keep his current annual base salary of $526,400 and receive a cost-of-living adjustment of $56,103 per year, with continued eligibility for the company’s incentive and benefit programs. The agreement adds multiple relocation and expatriate benefits, including a $20,000 relocation payment, up to $25,000 for shipment of household goods, and a company-paid housing allowance of $90,566 per year in Singapore, along with tax equalization, travel reimbursements, and other support. Certain relocation costs must be repaid on a pro-rata basis if he resigns (other than a defined Qualified Retirement) or is terminated for cause within three years of the assignment start.
Positive
- None.
Negative
- None.
8-K Event Classification
2 items: 5.02, 9.01
2 items
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Base salary: $526,400 per year
Cost-of-living adjustment: $56,103 per year
Relocation payment: $20,000
+5 more
8 metrics
Base salary
$526,400 per year
Annual base salary continued during international assignment
Cost-of-living adjustment
$56,103 per year
Additional annual cost-of-living payment during assignment
Relocation payment
$20,000
Special relocation payment for Singapore assignment
Household goods shipment allowance
Up to $25,000
Allowance for shipping household goods to Singapore
Housing allowance
$90,566 per year
Company-paid portion of annual housing in Singapore
Tax gross-up cap
$100,000
Tax gross-up on first $100,000 of reimbursable home-sale expenses
Property management reimbursement
Up to $15,000
Reimbursement for property management expenses until sale for up to one year
Repayment period
Three years
Pro-rata repayment of certain relocation costs if departure within three years
Key Terms
International Assignment Letter, tax equalization payments, Qualified Retirement, tax gross-up, +1 more
5 terms
International Assignment Letter regulatory
"entered into an International Assignment Letter (the “Assignment Agreement”) with Swen Neufeldt"
tax equalization payments financial
"housing-related expenses; tax equalization payments; tax consultation and preparation assistance"
Qualified Retirement regulatory
"If Mr. Neufeldt resigns (other than due to a Qualified Retirement (as defined in the Assignment Agreement))"
tax gross-up financial
"including a tax gross-up on the first $100,000 of reimbursable expenses"
executive severance program financial
"eligible to participate in the Company’s short-term and long-term incentive programs, executive severance program, and other employee benefit programs"
FAQ
What executive change did Hormel Foods (HRL) report in this 8-K?
Hormel Foods reported that Group Vice President, International, Swen Neufeldt will begin an international assignment in Singapore with a subsidiary. He will remain in his current corporate role while relocating and receiving an expanded package of relocation, housing, tax, and benefit support.
What salary and cost-of-living adjustment will Swen Neufeldt receive at Hormel Foods (HRL)?
Swen 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 amounts remain subject to review and potential adjustment in the ordinary course under the company’s normal compensation practices.
What relocation benefits does Hormel Foods (HRL) provide to Swen Neufeldt for his Singapore assignment?
Hormel Foods will provide a $20,000 relocation payment, up to $25,000 for shipping household goods, reimbursement of expenses related to selling his U.S. residence, certain property management reimbursements, housing assistance in Singapore, and coverage for some utilities, transportation, insurance, and tax-related services.
How is housing support structured for Hormel Foods (HRL) executive Swen Neufeldt in Singapore?
During the international assignment, Hormel Foods will provide housing assistance in Singapore, including an annual company-paid housing allowance of $90,566 and payment of certain utilities and housing-related expenses. These benefits are part of a broader package intended to reduce the financial impact of the overseas assignment.
Under what conditions must Swen Neufeldt repay relocation costs to Hormel Foods (HRL)?
If Swen Neufeldt resigns, other than due to a Qualified Retirement, or is terminated for cause before the three-year anniversary of the assignment start, he must repay certain company-borne relocation costs on a pro-rata basis. The agreement describes which expenses are subject to this repayment obligation.
Does Swen Neufeldt keep eligibility for Hormel Foods (HRL) incentive and benefit programs?
Yes. While on international assignment, Swen Neufeldt remains eligible for Hormel Foods’ short-term and long-term incentive programs, the executive severance program, and other employee benefit programs, in addition to expatriate-specific benefits such as tax equalization and international health coverage.