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10 hrs a month $240K per year

Econ101

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Tyson Foods To Pay Retiring Exec Lee $4.61M Under Agreements



DOW JONES NEWSWIRES

Wall Street Journal

April 3, 2007 2:44 p.m.



Tyson Foods Inc. (TSN) said Tuesday it will pay retiring executive Greg Lee about $4.61 million in connection with his early retirement and an agreement to provide advisory services to the company.



Lee was the chief administrative officer and president of the international division of the Springdale, Ark., poultry and prepared foods company. He was set to retire in February 2008 but instead stepped down from full-time employment Monday. Lee agreed to provide advisory services to Tyson Foods for up to 20 hours a month for 10 years.



Lee will get a $728,500 lump sum payment and a $267,000 bonus in connection with his retirement, according to a Securities and Exchange Commission filing.



For his advisory services, Lee will receive $481,800 a year for the first five years and $240,900 a year for the last five years, according to the filing.



Also, while Lee is an adviser for the company, Tyson Foods will reimburse him for annual country club dues, the costs of tax and estate planning advice and expenses for the use of an automobile provided by the company. Lee also will be entitled to "reasonable" personal use of the company's aircraft for the first five years he is an adviser to Tyson Foods.



-Antonie Boessenkool, Dow Jones Newswires



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