Hormel Foods finalizes separation of SVP & General Counsel Lori Marco; receives $647K in benefits

HORMEL FOODS CORP /DE/

Separation effective Oct 27, 2023; separation agreement signed Nov 13, 2023.
Receives $646.7K in total benefits: $380K base salary, $169.4K OSP, $32.3K LTI prorated, $50K fees, $15K COBRA.
Agreement includes 12-month non-solicitation, perpetual confidentiality, non-disparagement, and full release of claims.
Company waives enforcement of prior non-compete covenants under applicable incentive plans.

item 5.02 item 9.01

Executive movements

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Departed

Lori J. Marco

Senior Vice President, External Affairs and General Counsel

HRL · HORMEL FOODS CORP /DE/

Filed: November 17, 2023, 6:59 PM ET

On November 13, 2023, in connection with the previously disclosed separation of Lori J. Marco, the Senior Vice President, External Affairs and General Counsel of Hormel Foods Corporation (the “Company”), the Company and Ms. Marco entered into a separation agreement and general release (the “Separation Agreement”).

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Lori J. Marco departed as Senior Vice President, External Affairs and General Counsel at HORMEL FOODS CORP /DE/.

Action: separated
Role: Senior Vice President, External Affairs and General Counsel

Exact text from the filing

On November 13, 2023, in connection with the previously disclosed separation of Lori J. Marco, the Senior Vice President, External Affairs and General Counsel of Hormel Foods Corporation (the “Company”), the Company and Ms. Marco entered into a separation agreement and general release (the “Separation Agreement”).

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Source: SEC EDGAR

accession 0000048465-23-000078

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