SEABOARD CORPORATION
9000 West 67th Street
Shawnee Mission, Kansas 66202
NOTICE OF ANNUAL MEETING OF STOCKHOLDERS
APRIL 25, 1994
Notice is hereby given that the 1994 Annual Meeting of
Stockholders of Seaboard Corporation, a Delaware corporation,
will be held at the Sheraton Tara, 320 Washington Street, Newton,
Massachusetts, on Monday, the 25th day of April 1994, at 10
o'clock in the forenoon for the following purposes:
1. To elect four Directors of the Company.
2. To consider and act upon the selection of KPMG Peat
Marwick as independent auditors of the Company.
3. To transact any other business which may properly come
before the meeting, or any adjournment thereof.
The close of business on Monday, March 7, 1994, has been fixed
as the record date for determination of stockholders entitled to
notice of, and to vote at, the Annual Meeting. The books for the
transfer of stock will not be closed.
If you do not expect to be present personally at the Annual
Meeting, please sign, date and return the enclosed Proxy in the
enclosed addressed envelope.
By order of the Board of Directors,
MARSHALL L. TUTUN, Secretary
March 31, 1994 SEABOARD CORPORATION
9000 West 67th Street
Shawnee Mission, Kansas 66202
PROXY STATEMENT
ANNUAL MEETING OF STOCKHOLDERS
APRIL 25, 1994
March 31, 1994
This Proxy Statement is furnished in connection with the
solicitation of Proxies to be used at the Annual Meeting of
Stockholders of Seaboard Corporation (the "Company") to be held
on April 25, 1994, and at any adjournment thereof, for the
purposes set forth in the foregoing Notice of Annual Meeting.
The close of business on Monday, March 7, 1994, has been
fixed as the record date for the determination of stockholders
entitled to notice of, and to vote at, the Annual Meeting, and at
any adjournment thereof.
This Proxy Statement is first being sent to stockholders on
or about March 31, 1994. The consolidated financial statements
of the Company for the fiscal year ended December 31, 1993,
together with corresponding consolidated financial statements for
the fiscal year ended December 31, 1992, are contained in the
Annual Report which was mailed to stockholders herewith.
Proxies in the form enclosed are solicited by the Board of
Directors of the Company. Any stockholder giving a Proxy in the
enclosed form has the power to revoke it at any time before it is
exercised. A stockholder's right to revoke his or her Proxy is
not limited by, or subject to, compliance with any specified
formal procedure. He or she may revoke his or her Proxy by
attending the meeting and voting in person. A Proxy in such
form, if received in time for voting and not revoked, will be
voted at the Annual Meeting in accordance with the direction of
the stockholder. Where a choice is not so specified, the shares
represented by the Proxy will be voted "for" the election of the
nominees for director listed herein, and "for" ratification of
the selection of KPMG Peat Marwick as independent auditors of the
Company. A stockholder marking the Proxy "abstain" will not be
counted as voting in favor of the particular proposal from which
the stockholder has elected to abstain. If a broker indicates on
a proxy that it does not have discretionary authority as to
certain shares to vote on a particular proposal (a "broker non-
vote"), these shares will not be counted as voting in favor of
such proposal. A plurality of the votes cast is necessary to
elect members of the Board of Directors. Accordingly,
abstentions or broker non-votes as to the election of directors
will not affect the election of the candidates receiving the
plurality of votes. The other proposals set forth herein require
the affirmative vote of the majority of the shares present at the
meeting. The Board of Directors does not know of any matters
which will be brought before the meeting other than those
specifically set forth in the Notice of Annual Meeting. However,
if any other matter properly comes before the meeting, it is
intended that the persons named in the enclosed form of Proxy, or
their substitutes acting thereunder, will vote on such matter in
accordance with their best judgment.
The Company will bear all expenses in connection with the
solicitation of Proxies, including preparing, assembling, and
mailing of the Proxy Statement.
The Company had 1,487,519.75 shares of Common Stock, $1.00
par value, outstanding and entitled to vote as of March 7, 1994.
A majority, or 743,760 of such shares, constitutes a quorum for
the Annual Meeting.
PRINCIPAL STOCKHOLDERS
The following table sets forth the number of shares of the
Company's Common Stock beneficially owned by stockholders owning
more than five percent of such Common Stock as of January 31,
1994. Unless otherwise indicated, all beneficial ownership
consists of sole voting and sole investment power.
Name and Address Amount of Percent
of Beneficial Owner Stock of Class
___________________ __________ ________
Seaboard Flour Corporation(1) 1,120,511.75 75.3
200 Boylston Street
Chestnut Hill, Massachusetts
Heine Securities Corporation 93,450.00 6.3
and Michael F. Price (2)
51 John F. Kennedy Parkway
Short Hills, New Jersey
(1) Mr. H. Harry Bresky, Director of the Company, his brother,
Otto Bresky, Jr., and sister, Marjorie B. Shifman, own and
have sole voting power over 81,358 shares, 83,771 shares and
19,517 shares, respectively, of the common stock of Seaboard
Flour Corporation. These individuals and other members of
the Bresky family, including trusts created for their
benefit, have beneficial ownership of 224,729 shares, or
95.1%, of the common stock of Seaboard Flour Corporation.
Such family members in addition have beneficial ownership of
a total of 34,515 shares, or 2.3%, of the Company's Common
Stock which is not included in the amount owned by Seaboard
Flour Corporation. Because of such ownership of common
stock of Seaboard Flour Corporation by the Bresky family,
Mr. H. Harry Bresky may be deemed to have indirect
beneficial ownership of the Common Stock of the Company held
by Seaboard Flour Corporation.
(2) Beneficial ownership by Heine Securities Corporation and
Michael F. Price is based on a Schedule 13G that was filed
with the Securities and Exchange Commission on February 8,
1994 and includes 1,550 shares of the Company owned directly
or indirectly by Michael F. Price. Mr. Price is the
President of Heine Securities Corporation, in which capacity
he is deemed to have indirect beneficial ownership of the
balance of the 93,450 shares reported herein.
Based solely on a review of the copies of reports furnished
to the Company and written representation that no other reports
were required, the Company believes that during fiscal 1993, all
reports of ownership as required under Section 16(a) of the
Securities Exchange Act of 1934 for Directors and/or Executive
Officers of the Company and/or beneficial owners of more than ten
percent of the Company's Common Stock have been timely filed with
the exception of the Annual Statement of Beneficial Ownership
(Form 5) filing for Mr. Robert J. McDonough. This filing, which
was made approximately fourteen days later than required,
reflects the acquisition of 200 shares of the Company's Common
Stock in November 1993, which acquisition had not previously been
reported in a filing on Statement of Changes in Beneficial
Ownership (Form 4).
2
ITEM 1: ELECTION OF DIRECTORS
The Board of Directors has fixed the number of Directors at
four. Unless otherwise specified, Proxies will be voted in favor
of the election as Directors of the following four persons for a
term of one year and until their successors are elected and
qualified. All nominees are currently Directors. Mr. H. Harry
Bresky has served as a Director continuously since 1959, and was
reelected by the stockholders at the last annual meeting. Mr.
Rodrigues has served as a Director since 1990, and was reelected
by the stockholders at the last annual meeting. Messrs. Robert
J. McDonough and Thomas J. Shields have served as Directors since
1992 and were reelected by the stockholders at the last annual
meeting. There are no arrangements or understandings between any
nominee and any other person pursuant to which such nominee was
nominated. As of January 31, 1994, the four nominees
beneficially owned securities of the Company in the amounts
shown:
Amount of Stock(1)
Principal Occupations and
Positions During The Common Percent
Name Past 5 Years Stock of Class
H. Harry Director and President, 5,611(2) 0.4
Bresky Seaboard Corporation;
President, Treasurer and
Age 68 Director, Seaboard Flour
Corporation.
Joe E. Director (since 1990) and 200 0.01
Rodrigues Member of Audit Committee
(since 1992), Executive Vice
Age 57 President, Chief Financial
Officer and Treasurer,
Seaboard Corporation.
Robert J. Director and Member of Audit 200 0.01
McDonough Committee (since 1992),
Seaboard Corporation; Attorney
Age 69 at Law, Private Practice;
Counsel (1989 to 1991), Widett,
Slater & Goldman; Professor of
Law (1972 to 1991), Boston
University.
Thomas J. Director and Member of Audit 0 0
Shields Committee (since 1992),
Seaboard Corporation; President
Age 46 (since 1991), Thomas J. Shields
& Co., Inc., Investment Banking
Firm; Managing Director (1989 to
1991), Bear Stearns & Co., Inc.;
Director, Waban Inc., Warehouse
Merchandising Company.
Beneficial ownership of all Directors and
Executive Officers as a group
(8 individuals) 8,549 0.6
3
(1) The number of shares shown in this table does not include
indirect beneficial ownership of Common Stock of the Company
attributable to Director ownership of Seaboard Flour
Corporation stock as more fully described under "Principal
Stockholders" above. Mr. H. Harry Bresky has record and
beneficial ownership of 101,785 shares (43.1%) of the
outstanding common stock of Seaboard Flour Corporation as of
January 31, 1994.
(2) These shares exclude 5,285 shares held by Mr. H. Harry
Bresky's wife as to which Mr. Bresky disclaims any
beneficial interest.
In case any person or persons named herein for election as
Directors are not available for election at the Annual Meeting,
Proxies may be voted for a substitute nominee or nominees, as
well as for the balance of those named herein. Management has no
reason to believe that any of the nominees for the election as
Director will be unavailable.
COMMITTEES AND MEETINGS OF THE BOARD OF DIRECTORS
The Audit Committee consists of three members: Messrs. Robert
J. McDonough, Thomas J. Shields and Joe E. Rodrigues, all of whom
are nominees for Director listed herein. The primary function of
the Audit Committee is to ensure the effectiveness of the
Company's internal control structure and financial reporting
process. The Company has no nominating or compensation
committee.
The Board of Directors held four meetings in fiscal 1993 and
two telephonic meetings. All other actions of the Board of
Directors were taken by unanimous written consent as needed. The
Audit Committee held one meeting in fiscal 1993. Each Director
attended more than 75% of the aggregate of the total number of
meetings of the Board of Directors and the total number of
meetings held by all committees of the Board of which he served.
Each non-employee Director receives $5,000 quarterly and an
additional $1,500 per meeting of the Audit Committee of the
Board.
4
EXECUTIVE COMPENSATION AND OTHER INFORMATION
The following table shows all cash compensation paid by the
Company, during the fiscal years indicated, to the Chief
Executive Officer and the four highest paid Executive Officers of
the Company for such period in all capacities in which they have
served:
<TABLE>
SUMMARY COMPENSATION TABLE
<CAPTION>
| |
| Long-term |
| Compensation |
|______________________
| |Pay-|
Annual Compensation | Awards |outs|
_______________________________________________________
| | |(2),(4)
(2),(3) | | | All
Other |Restric- | | Other
Name Annual |ted |LTIP| Comp-
and (1) Compen- |Stock |Pay-| ensa-
Principal Salary sation |Awards Options/|outs| tion
Position Year ($) Bonus($) ($) |($) SARs(#)|($) | ($)
_________ ____ ______ ________ ______ |________ _______|____| ______
<S> <C> <C> <C> <C> <C> <C> <C> <C>
H. Harry 1993 463,666 315,000 - - - - 7,075
Bresky, 1992 432,860 315,000 - - - - 6,866
President 1991 403,597 157,500 - - - - -
Joe E. 1993 402,558 185,000 - - - - 7,075
Rodrigues, 1992 360,646 185,000 5,276 - - - 6,866
Executive 1991 345,844 92,500 - - - - -
Vice Pres-
ident,
Chief
Financial
Officer
and
Treasurer
Jack S. 1993 265,477 100,000 - - - - 7,075
Miller, 1992 239,999 100,000 3,224 - - - 6,866
Vice 1991 226,942 63,500 - - - - -
President
Rick J. 1993 212,053 85,000 - - - - 7,075
Hoffman, 1992 168,903 85,000 3,800 - - - 6,866
Vice 1991 135,183 46,300 - - - - -
President
Steven J. 1993 171,437 75,000 - - - - 7,075
Bresky, 1992 154,961 75,000 4,762 - - - 6,865
Vice 1991 121,166 46,300 - - - - -
President
</TABLE>
(1) Salary includes amounts deferred at the election of the
named Executive Officers under the Company's 401(k)
retirement savings plan.
(2) Other Annual Compensation and All Other Compensation for
fiscal year 1991 are omitted as permitted pursuant to the
transitional provisions applicable to the revised rules on
executive compensation disclosure adopted by the Securities
Exchange Commission.
(3) Other Annual Compensation represents expense reimbursements
made by the Company to the named Executive Officers.
(4) All Other Compensation represents the Company contributions
to the Company's 401(k) retirement savings plan on behalf of
the named Executive Officers.
5
RETIREMENT PLANS
Effective January 1, 1994, benefits became available under
the Seaboard Corporation Executive Retirement Plan for a select
group of officers and managers which provides an annual amount
payable to a participant at normal retirement equal to 2.5% of a
participant's annual compensation (total salary and bonus
received in a given year), not to exceed $300,000 (with such
amount to be increased each year commencing January 1, 1995 to an
amount which is 5% greater than the amount in effect on the first
day of the preceding year), for each year of service with the
Company commencing on or after January 1, 1994, and which plan
will permit participants to elect a lump sum distribution method
of payment. As of January 31, 1994, each of the individuals
named in the Summary Compensation Table was 100% vested under the
defined benefit plans which were frozen in 1982 and 1993. The
table does not include amounts payable under these predecessor
defined benefit plans under which at normal retirement Messrs. H.
Bresky, Rodrigues, Miller, Hoffman and S. Bresky will receive
annual estimated benefits of $126,554, $63,562, $75,181, $32,604
and $33,564 respectively. The following table illustrates the
estimated annual benefits payable upon retirement to persons in
specified compensation and years-of-service classifications in
the plan which commenced in 1994. Such benefits do not contain
an offset for Social Security benefits. Since the existing
Executive Retirement Plan went into effect on January 1, 1994,
all eligible employees, including the Chief Executive Officer and
the four highest paid Executive Officers, have zero years of
credited service for benefit accrual under the newly adopted plan
for select managers and officers.
PENSION PLAN TABLE
Years of Service
Remuneration 15 20 25 30 35
125,000 46,875 62,500 78,125 93,750 109,375
150,000 56,250 75,000 93,750 112,500 131,250
175,000 65,625 87,500 109,375 131,250 153,125
200,000 75,000 100,000 125,000 150,000 175,000
225,000 84,375 112,500 140,625 168,750 196,875
250,000 93,750 125,000 156,250 187,500 218,750
300,000 112,500* 150,000* 187,500* 225,000* 262,500*
400,000 112,500* 150,000* 187,500* 225,000* 262,500*
450,000 112,500* 150,000* 187,500* 225,000* 262,500*
500,000 112,500* 150,000* 187,500* 225,000* 262,500*
*As discussed above, benefits paid under the Executive Retirement
Plan are based upon a maximum of $300,000 in annual compensation
for each year of service with the Company plus an annual
increment of 5%.
In addition to the Executive Retirement Plan, Mr. Rodrigues
is entitled to a supplementary annual pension equal to 4% of his
total compensation (base compensation and all prescribed
allowances and bonuses) during his employment with the Company.
As of January 1, 1994, Mr. Rodrigues was entitled to receive
annual estimated benefits of $172,758 under this supplementary
plan.
6
REPORT ON COMPENSATION
The following information is to provide shareholders and
other interested parties with a clear understanding of the
Company's philosophy regarding executive compensation and to
provide insight behind fundamental compensation decisions.
The Company maintains the philosophy that the determination
of compensation for its Executive Officers by the Board of
Directors is directly and materially performance based with a
recognition that these officers are responsible for implementing
the Company's long-term strategic objectives. The Company's
goals with respect to its executive compensation policies
described below are to attract and retain top executive
employees.
Base compensation including increases thereto for Executive
Officers as presented in the Summary Compensation Table on page 5
is determined by the following factors:
Competitive salary ranges at or above the 50th percentile of
comparable sized firms in the manufacturing industry. Because
the industries in which Seaboard most actively operates (food
and marine transportation) do not correlate precisely with any
one category in the national salary surveys utilized by the
Company, the compensation peer group is not the same as the
peer group index in the Comparison of Five-Year Cumulative
Total Return graph included in this Proxy Statement.
The state of the economy which includes the performance of
companies in similar industries and such key economic factors
as the Consumer Price Index for Urban Wage Earners ("CPI-W").
The diversity and complexity of the Company's businesses.
An assessment of corporate performance which includes such
measures as revenue, profitability, return on assets, return
on equity, cost containment, financial risk and achievement of
non-financial strategic objectives.
An assessment of the officer's performance based on various
competency factors and the tracking of individual performance
objectives.
Except for promotion, significant change in responsibility,
or extraordinary performance, increases in executive compensation
are generally made within a range established each year on the
basis of economic factors, such as increases in the CPI-W or
costs of living (in 1994, 2.5 to 6%). Increases in Mr. Bresky's
compensation are usually granted at the upper end of the range.
Increases in the compensation of other officers have generally
been established within the range by consideration of the
remaining factors outlined above, although the range may be
exceeded by up to 1% in cases of superior performance. The
Company does not ascribe particular weights to any of the factors
in its consideration.
As Chief Executive Officer, Mr. H. Harry Bresky's base
compensation is determined by a review of the Company's progress
in meeting its goals and objectives and a review of a top
management compensation survey prepared by an independent
consulting service. An analysis of the data presented in this
survey shows that the typical base compensation for Chief
Executive Officers of manufacturing entities with similar
revenues is comparable at about the 50th percentile to the base
compensation paid to Mr. Bresky.
Discretionary bonuses for Executive Officers including the
Chief Executive Officer are determined in accordance with an
executive bonus plan and an annual assessment of the Company's
financial performance and each officer's individual contribution
to that performance. As approved by the Board of Directors, the
determination of the funding for the bonus pool is based on a
two-part formula. The first part, referred to as "the basic
7
bonus," is computed as a ratio of sales by operating division to
total corporate sales. The second part of the contribution,
referred to as "the supplemental bonus," is based on the return
on net assets employed in excess of 10% of the average assets
employed by the division, subject to a maximum cap determined
each year by the Board of Directors for each line of business.
Bonuses for those employees not associated with a particular
operating division are based on operating statistics for the
Company as a whole. Furthermore, it is provided that no
Executive Officer may receive a bonus greater than 100% of his
base compensation.
The foregoing report has been furnished by the Board of
Directors:
H. Harry Bresky
Joe E. Rodrigues
Robert J. McDonough
Thomas J. Shields
COMPANY PERFORMANCE
The Securities and Exchange Commission requires a five-year
comparison of stock performance for the Company with that of an
appropriate broad equity market index and similar industry index.
The Company's Common Stock is traded on the American Stock
Exchange, and one appropriate comparison is with the American
Stock Exchange Market Value Index performance. Because there is
no single industry index to compare stock performance, the Dow
Jones Food and Marine Transportation Industry Indices were chosen
as the second comparison, weighted by market capitalization.
The following graph shows a five-year comparison of
cumulative total return for the Company, the American Stock
Exchange Market Value Index and an industry index comprised of
the Dow Jones Food and Marine Transportation Industry Indices
weighted by market capitalization for the five fiscal years
commencing December 31, 1988, and ending December 31, 1993:
COMPARISON OF FIVE-YEAR CUMULATIVE TOTAL RETURN AMONG
SEABOARD CORPORATION, AMERICAN STOCK EXCHANGE
MARKET VALUE INDEX, AND
DOW JONES FOOD AND MARINE TRANSPORTATION INDUSTRY INDICES
American Stock
Seaboard Industry* Exchange Market
Corporation Index Value Index
___________ __________ _______________
1993 164 180 156
1992 163 188 130
1991 104 188 129
1990 105 144 101
1989 101 138 124
*Industry Index: A weighted average by market capitalization
of the Dow Jones Food and Marine Transportation Industry
Indices.
The total cumulative return assumes that the value of the
investment in the Company's Common Stock and each index was $100
on December 31, 1988, and that all dividends were reinvested.
8
COMPENSATION COMMITTEE INTERLOCKS AND INSIDER PARTICIPATION
The Board of Directors has no compensation committee.
Messrs. H. Bresky and Rodrigues are members of the Board of
Directors of the Company and participate in decisions by the
Board regarding executive compensation.
Interest of Management and Others in Certain Transactions.
The Company engages in shipping operations whereby through
wholly-owned subsidiaries the Company and Seaboard Flour
Corporation provide certain services relating to these
operations. Mr. H. Bresky is the President, Treasurer, Director
and principal stockholder of Seaboard Flour Corporation. During
fiscal year 1993, Carlos Shipping Limited, a wholly-owned
subsidiary of Seaboard Flour Corporation, paid Seaboard Ship
Management, Inc., a wholly-owned subsidiary of the Company,
$103,196 for ship management fees, and Seaboard Trading &
Shipping, a division of the Company, paid Carlos Shipping Limited
$1,505,406 for time and voyage charter fees related to the
vessel, MV African Azalea.
Intercompany Indebtedness. During the Company's fiscal year
ended December 31, 1993, the Company was indebted to Seaboard
Flour Corporation in varying amounts on advances bearing interest
at rates approximating the applicable short-term federal rates.
The largest amount outstanding from the Company to Seaboard Flour
Corporation during the year was $1,186,428 at January 1, 1993.
No amount was outstanding at January 29, 1994. Such borrowings
were primarily used for working capital purposes.
During the Company's fiscal year ended December 31, 1993,
Seaboard Flour Corporation was indebted to the Company in varying
amounts on advances bearing interest at rates approximating the
applicable short-term federal rates. The largest amount
outstanding from Seaboard Flour Corporation to the Company during
the year was $400,478 at December 31, 1993, and the amount
outstanding at January 29, 1994 was $808,218. Such borrowings
were primarily used for working capital purposes.
During the Company's fiscal year ended December 31, 1993,
Carlos Shipping Limited was indebted to Seaboard Ship Management,
Inc. in varying amounts for expenses primarily related to
management services. Interest was charged on such indebtedness
at rates approximating the applicable short-term federal rates.
The largest amount outstanding during the year was $101,033 at
December 31, 1993, and the amount outstanding at January 29, 1994
was $57,906.
DIRECTOR AND PRINCIPAL STOCKHOLDER LITIGATION
In April 1990, a derivative action was commenced in Delaware
Chancery Court by a minority stockholder of the Company against
the Company, Seaboard Flour Corporation, and the three then
Directors of the Company, including Mr. H. Bresky, alleging
breaches of fiduciary duty by the Directors of the Company in
connection with three transactions with Seaboard Flour
Corporation, and seeking monetary damages and other relief.
Earlier this year, the Complaint was amended to accuse senior
management of various breaches of duty, including self-dealing.
The Company believes that the allegations of improper conduct by
senior management are totally without merit.
9
ITEM 2: SELECTION OF INDEPENDENT AUDITORS
The persons named in the accompanying Proxy intend, unless
otherwise instructed, to vote the Proxies to ratify the selection
of KPMG Peat Marwick, independent certified public accountants,
as independent auditors of the Company for the next fiscal year.
The selection of this firm has been recommended by the Audit
Committee of the Board of Directors of the Company. The Company
has been advised by such firm that neither it nor any member or
associate has any relationship with the Company or with any of
its affiliates other than as independent accountants and
auditors. Submission to the stockholders of the selection of
auditors is not required by the By-Laws, and the Directors would
vote to select KPMG Peat Marwick as independent auditors of the
Company even if not approved by the stockholders.
Representatives of KPMG Peat Marwick will be present at the
Annual Meeting with the opportunity to make any statement desired
and will be available to answer questions from stockholders.
OTHER MATTERS
The notice of meeting provides for the election of Directors,
the selection of independent auditors and for the transaction of
such other business as may properly come before the meeting. As
of the date of this Proxy Statement, the Board of Directors does
not intend to present to the meeting any other business, and it
has not been informed of any business intended to be presented by
others. However, if any other matters properly come before the
meeting, the persons named in the enclosed Proxy will take action
and vote Proxies, in accordance with their judgment of such
matters.
Action may be taken on the business to be transacted at the
meeting on the date specified in the notice of meeting or on any
date or dates to which such meeting may be adjourned.
STOCKHOLDER PROPOSALS
Any stockholder proposals for consideration at next year's
annual meeting of stockholders must be received by the Company at
its executive offices, 9000 West 67th Street, Shawnee Mission,
Kansas 66202, no later than November 30, 1994, except that if the
next year's annual meeting date is changed by more than 30
calendar days from the regularly scheduled date, the Company must
receive such proposals within a reasonable time before the Board
of Directors makes its proxy solicitation.
ADDITIONAL FINANCIAL INFORMATION
Any stockholder desiring additional information about the
Company and its operations may, upon written request, obtain a
copy of the Company's Annual Report to the Securities and
Exchange Commission on Form 10-K without charge. Requests should
be directed to Shareholder Relations, Seaboard Corporation, 9000
West 67th Street, Shawnee Mission, Kansas 66202.
10
