Hormel Foods finalizes separation with former CFO Smiley; total cash payout ~$2.775M

HORMEL FOODS CORP /DE/

Smiley's last day as EVP/CFO was Nov 30, 2025; separation agreement dated Feb 11, 2026.
Three cash payments: $941,667 within ~10 business days after release, $916,667 ~Jan 15, 2027, $916,666 ~Jan 14, 2028.
Smiley retains eligibility for 2023 Cash LTIP award payout per original terms.
Unvested RSUs and stock options forfeited; vested options remain exercisable.
36-month non-solicitation, confidentiality, and non-disparagement covenants apply.

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