HRL · Hormel Foods Corporation

0000048465-26-000044

Summary

Hormel Foods entered into an international assignment agreement with Group Vice President Swen Neufeldt for a Singapore posting, detailing compensation and expatriate benefits.

Key takeaways

Swen Neufeldt will relocate to Singapore as Group Vice President, International, starting ~July 27, 2026.
Base salary of $526,400 plus $56,103 annual cost-of-living adjustment, with eligibility for incentive plans.
One-time relocation benefits include $20,000 payment, up to $25,000 for household goods shipment, and home sale assistance.
Housing allowance: company pays $90,566 annually; Neufeldt contributes $29,444 via payroll.
If resignation (non-Qualified Retirement) or termination for cause within 3 years, relocation costs must be repaid pro-rata.

Full analysis

The assignment letter formalizes the relocation of a key international executive to Singapore, providing competitive expatriate benefits to offset the financial impact. The compensation structure retains existing salary and incentive eligibility while adding substantial relocation and housing support, reflecting the company's investment in its Asia Pacific operations.