HRL: Leadership change

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers . On June 9, 2026, Hormel Foods Corporation (the “Company”) entered into an International Assignment Letter (the “Assignment Agreement”) with Swen Neufeldt, the Company’s Group Vice President, International, in connection with Mr. Neufeldt’s assignment to the Company’s subsidiary, Hormel Foods Asia Pacific Pte. Ltd., in Singapore. Mr. Neufeldt will continue to serve in his current role as the Company’s Group Vice President, International. Pursuant to the Assignment Agreement, Mr. Neufeldt’s international assignment will begin on or around July 27, 2026, and will continue for an indefinite term, subject to change by the Company in its discretion. During his international assignment, Mr. 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 subject to review and adjustment in the ordinary course. Mr. Neufeldt will continue to be eligible to participate in the Company’s short-term and long-term incentive programs, executive severance program, and other employee benefit programs. Under the Assignment Agreement, Mr. Neufeldt will also be entitled to certain benefits that are designed to minimize the financial impact of the international assignment. These benefits include: reimbursement of certain travel expenses; a special relocation payment of $20,000; a special allowance of up to $25,000 for the shipment of household goods to Singapore; reimbursement of expenses relating to the sale of Mr. Neufeldt’s current residence in the United States, including a tax gross-up on the first $100,000 of reimbursable expenses, and the reimbursement of up