SEABOARD CORPORATION EXECUTIVE RETIREMENT PLAN TRUST
THIS AGREEMENT made this 5th day of November, 2004, by and between Seaboard Corporation (the
"Company") as the settlor, and Robert L. Steer as the trustee (the "Trustee");
WHEREAS, the Company desires to retain certain valued executives in its employment and reward such
executives for their contributions to the achievement of Company goals and objectives over a period of years;
WHEREAS, in furtherance of this objective the Company adopted the Seaboard Corporation Executive
Retirement Plan (the "Plan") for the benefit of certain executives selected from time to time for participation in the
Plan ("Executive" or "Executives"); and
WHEREAS, the Company wishes to hereby establish a trust (the "Trust") and to contribute to the Trust assets
that will be held therein, subject to the claims of the Company's creditors in the event the Company is "Insolvent,"
as herein defined, until such time, if any, that amounts are paid to Executives and their beneficiaries under the
WHEREAS, the Plan is not an employee benefit plan within the meaning of the Employee Retirement Income
Security Act of ERISA; and
WHEREAS, it is the intention of the Company to make contributions to the Trust to provide itself with a source
of funds to assist it in meeting its liabilities under the Plan; and
WHEREAS, the Trustee desires to accept the Trust and to act as the Trustee hereunder;
NOW, THEREFORE, the parties do hereby establish the Trust and agree that the Trust shall be comprised, held
and disposed of as follows:
Section 1. Establishment of Trust.
(a) The Company, in its sole discretion, will transfer to the Trustee cash or other property acceptable to the
Trustee which shall become the initial principal of the Trust to be held, administered and disposed of by the
Trustee as provided in this Trust Agreement.
(b) The Trust shall be known as the "Seaboard Corporation Executive Retirement Plan Trust."
(c) The Trust hereby establi