UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 3)*
Smithfield Foods, Inc.
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(Name of Issuer)
Common Stock, $.50 par value
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(Title of Class of Securities)
832248 95 9
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(CUSIP Number)
Mark Roberts
P.O. Box 1087
Rose Hill, NC 28458
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(Name, Address and Telephone Number of Person Authorized to Receive Notices
and Communications)
June 30, 2004
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(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box. [_]
* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act.
SCHEDULE 13D
CUSIP No. 832248 95 9 Page 2 of 20 Pages
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1 NAME OF REPORTING PERSON
WENDELL H. MURPHY
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [_]
(b) [X]
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3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [_]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES OF AMERICA
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7 SOLE VOTING POWER
4,772,167
NUMBER OF
SHARES ------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 0
EACH
REPORTING ------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 3,911,389
------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,772,167
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [_]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.3%
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14 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
SCHEDULE 13D
CUSIP No. 832248 95 9 Page 3 of 20 Pages
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1 NAME OF REPORTING PERSON
HARRY D. MURPHY
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [_]
(b) [X]
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3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [_]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES OF AMERICA
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7 SOLE VOTING POWER
1,486,942
NUMBER OF
SHARES ------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 0
EACH
REPORTING ------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 1,127,409
------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,486,942
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [_]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.3%
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14 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
SCHEDULE 13D
CUSIP No. 832248 95 9 Page 4 of 20 Pages
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1 NAME OF REPORTING PERSON
JOYCE MURPHY MINCHEW
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [_]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [_]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES OF AMERICA
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7 SOLE VOTING POWER
1,631,527
NUMBER OF
SHARES ------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 0
EACH
REPORTING ------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 1,339,833
------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,631,527
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [_]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.5%
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14 TYPE OF REPORTING PERSON*
IN
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
SCHEDULE 13D
CUSIP No. 832248 95 9 Page 5 of 20 Pages
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1 NAME OF REPORTING PERSON
WENDELL H. MURPHY, JR.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [_]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [_]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES OF AMERICA
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7 SOLE VOTING POWER
5,155,928
NUMBER OF
SHARES ------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 0
EACH
REPORTING ------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 3,734,505
------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
5,155,928
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [_]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.6%
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14 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
SCHEDULE 13D
CUSIP No. 832248 95 9 Page 6 of 20 Pages
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1 NAME OF REPORTING PERSON
WENDY MURPHY CRUMPLER
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [_]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [_]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES OF AMERICA
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
955,256
NUMBER OF
SHARES ------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 0
EACH
REPORTING ------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 750,133
------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
955,256
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [_]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.9%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
SCHEDULE 13D
CUSIP No. 832248 95 9 Page 7 of 20 Pages
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1 NAME OF REPORTING PERSON
STRATTON K. MURPHY
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [_]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [_]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES OF AMERICA
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7 SOLE VOTING POWER
848,295
NUMBER OF
SHARES ------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 0
EACH
REPORTING ------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 665,824
------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
848,295
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [_]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.8%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
SCHEDULE 13D
CUSIP No. 832248 95 9 Page 8 of 20 Pages
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1 NAME OF REPORTING PERSON
MARC D. MURPHY
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [_]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [_]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES OF AMERICA
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
848,295
NUMBER OF
SHARES ------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 0
EACH
REPORTING ------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 665,824
------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
848,295
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [_]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.8%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
SCHEDULE 13D
CUSIP No. 832248 95 9 Page 9 of 20 Pages
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1 NAME OF REPORTING PERSON
ANGELA NORMAN BROWN
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [_]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [_]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES OF AMERICA
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
525,006
NUMBER OF
SHARES ------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 0
EACH
REPORTING ------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 412,221
------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
525,006
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [_]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.5%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 832248 95 9 Page 10 of 20 Pages
This Amendment No. 3 to Schedule 13D relating to the common stock
(the "Smithfield Common Stock") of Smithfield Foods, Inc., a Virginia
corporation ("Smithfield"), is being filed on behalf of Wendell H. Murphy, Harry
D. Murphy, Joyce Murphy Minchew, Wendell H. Murphy, Jr., Wendy Murphy Crumpler,
Stratton K. Murphy, Marc D. Murphy and Angela Norman Brown (each, a "Reporting
Person" and, collectively, the "Reporting Persons"), to amend the Schedule 13D
which was originally filed with the with the Securities and Exchange Commission
(the "Commission") on August 31, 2001 (the "Schedule 13D"), as amended by
Amendment No. 1 to the Schedule 13D filed with the Commission on November 7,
2001 and Amendment No. 2 to the Schedule 13D filed with the Commission on
October 23, 2003. Unless otherwise indicated, all capitalized terms used but not
defined herein shall have the meanings set forth in the Schedule 13D.
ITEM 5 INTEREST IN SECURITIES OF THE ISSUER
Item 5 is hereby amended by adding the following information:
The Reporting Persons previously reported that they beneficially
owned 575,972 Additional Acquisition Shares allocated to the Reporting Persons
as follows:
NUMBER OF ADDITIONAL ACQUISITION
REPORTING PERSON SHARES ATTRIBUTED
---------------- -----------------
Wendell H. Murphy 208,968
Harry D. Murphy 38,092
Joyce Murphy Minchew 76,318
Wendell H. Murphy, Jr. 145,621
Wendy Murphy Crumpler 43,748
Stratton K. Murphy 19,970
Marc D. Murphy 19,970
Angela Norman Brown 23,285
TOTAL 575,972
As of the date of this filing, Smithfield has not issued the 575,972
Additional Acquisition Shares previously reported. At this time, Smithfield has
not irrevocably committed to transfer any additional shares. The Reporting
Persons do not know the exact amount to be distributed or the exact date when
such distribution will occur. The number of shares of Smithfield Common Stock
listed to the right of the Reporting Person's name above has been deducted from
the number of shares of Smithfield Common Stock deemed beneficially owned by
such Reporting Person.
GIFT OF SHARES HELD BY MURFAM:
On December 12, 2003, Murfam donated 208 shares of Smithfield Common
Stock to a charitable entity. Murfam received no consideration for the donated
shares. Upon the disposition, Murfam no longer beneficially owns any Smithfield
Common Stock. As a result of the disposition, each Reporting Person's beneficial
ownership was reduced by the number of shares reflected in the following table:
CUSIP No. 832248 95 9 Page 11 of 20 Pages
NUMBER OF SHARES OF SMITHFIELD
REPORTING PERSON COMMON STOCK
---------------- ------------
Wendell H. Murphy 73
Harry D. Murphy 17
Joyce Murphy Minchew 26
Wendell H. Murphy, Jr. 51
Wendy Murphy Crumpler 15
Stratton K. Murphy 9
Marc D. Murphy 9
Angela Norman Brown 8
TOTAL 208
TRUST TRANSFERS:
On March 16, 2004, each of Harry D. Murphy, Stratton K. Murphy
and Marc D. Murphy transferred the shares of Smithfield Common Stock
indicated below to an irrevocable trust, for no consideration. In each
case, the trustees of the trust are independent third parties. The
beneficiaries of the trusts are members of the settlors' family.
- Harry D. Murphy transferred 13,960 shares of Smithfield Common
Stock to each of HDM / SKM Legacy Trust and HDM / MDM Legacy Trust.
- Stratton K. Murphy transferred 33,300 shares of Smithfield
Common Stock to SKM Legacy Trust.
- Marc D. Murphy transferred 33,300 shares of Smithfield Common
Stock to MDM Legacy Trust.
As a result of these transfers, Harry D. Murphy, Stratton K. Murphy
and Marc D. Murphy no longer have voting or investment power over the shares of
Smithfield Common Stock transferred to the trusts and as a result, are no longer
deemed to have beneficial ownership over such shares.
LIMITED LIABILITY COMPANY TRANSFERS:
On March 16, 2004, each of Harry D. Murphy, Stratton K. Murphy and
Marc D. Murphy transferred the shares of Smithfield Common Stock indicated below
to limited liability companies directly or indirectly wholly owned by such
Reporting Person for the consideration described below.
- Harry D. Murphy transferred 372,080 shares of Smithfield
Common Stock to HDM Legacy LLC and 500,000 shares of Smithfield Common Stock to
each of HDM / MDM Legacy LLC and HDM / SKM Legacy LLC in exchange for all of the
limited liability company interests of HDM Legacy LLC (which included both Class
A and Class B limited liability company interests). HDM / MDM Legacy LLC and HDM
/ SKM Legacy LLC are wholly owned by HDM Legacy LLC.
- Stratton K. Murphy transferred 266,700 shares of Smithfield
Common Stock to SKM Legacy LLC in exchange for all of the limited liability
company interests of SKM Legacy, LLC (which included both Class A and Class B
limited liability company interests).
CUSIP No. 832248 95 9 Page 12 of 20 Pages
- Marc D. Murphy transferred 266,700 shares of Smithfield Common
Stock to MDM Legacy LLC in exchange for all of the limited liability company
interests of MDM Legacy LLC (which included both Class A and Class B limited
liability company interests).
Under each of the limited liability company agreements, the Class A
interests give Harry D. Murphy, Stratton K. Murphy and Marc D. Murphy voting
power over the interests of the limited liability company and the power to
change the manager of the respective limited liability company. The Class A
interests have 1% of the economic interests in the assets of the respective
limited liability company. The Class B interests possess 99% of the economic
interest of the assets held in the respective limited liability companies. HMC
Legacy LLC, SKM Legacy LLC and MDM Legacy LLC are each manager-managed by
Wendell H. Murphy, Jr. As manager of the limited liability companies, Wendell H.
Murphy, Jr. has voting and dispositive power over the assets of the limited
liability companies, including the shares of Smithfield Common Stock owned
directly or indirectly by such limited liability company. Wendell H. Murphy, Jr.
has no pecuniary interest in the shares of Smithfield Common Stock held by the
limited liability companies. As a result of these transfers, Wendell H. Murphy,
Jr. may be deemed to be the beneficial owner of an aggregate 1,905,480 shares of
Smithfield Common Stock, and Harry D. Murphy, Stratton K. Murphy and Marc D.
Murphy are no longer deemed to have beneficial ownership of these shares of
Smithfield Common Stock.
On March 19, 2004, each of Harry D. Murphy, Stratton K. Murphy and
Marc D. Murphy transferred 100%, subject to subsequent adjustment, of the Class
B limited liability company interests he held in the above limited liability
companies to various family trusts in exchange for promissory notes of the
trusts. The family trusts to which the Class B interests were transferred have
the right to receive the dividends from, and the proceeds of the sale of the
shares of Smithfield Common Stock held by the limited liability companies to the
extent those dividends and proceeds represent 99% of the economic interest of
the assets held in the respective limited liability companies.
PREPAID VARIABLE FORWARD CONTRACTS:
On the dates set forth in the table below, the "Forward Contract
Date," each of the Reporting Persons (1) entered into a prepaid variable forward
contract ("Forward Contract") with an unaffiliated third party buyer pursuant to
a Master Agreement (the "Master Agreement"), dated on the respective dates set
forth in the table below, "the Master Agreement Date." Pursuant to the Master
Agreement, each Reporting Person received cash shortly after the Forward
Contract Date in exchange for the obligation to deliver a number of shares of
Smithfield Common Stock on a date in the future, the "Delivery Date," (or on an
earlier date if the Forward Contract is terminated early) pursuant to the
following formula. Each Reporting Person also pledged the number of shares of
Smithfield Common Stock indicated in the table below under the column "Shares
Subject to Forward Contact" (as to each Reporting Person, the "Number of Forward
Contract Shares") on the Forward Contract Date to secure his or her obligations
under the Forward Contract.
(i) if the price of Smithfield Common Stock on the respective
Delivery Date (2) (the "Settlement Value") is less than or equal to the
floor price (the "Floor Price"), the Reporting Person must deliver the
Number of Forward Contract Shares;
-------------------------------------
(1) The Forward Contracts dated March 22, 2004, were entered into by HDM Legacy
LLC, SKM Legacy LLC and MDM Legacy LLC. As noted previously in this Amendment
No. 3 to Schedule 13D, Wendell H. Murphy, Jr. has the voting and dispositive
power over the shares of Smithfield Common Stock held by these limited liability
companies. As a result, the entering into of the Forward Contacts by these
limited liability companies and the effect on the dispositive power over the
shares therein is attributed to Wendell H. Murphy, Jr.
(2) For the Forward Contracts dated March 22, 2004, this price is the closing
price on the Delivery Date. For the Forward Contracts dated June 30, 2004, this
price is the volume weighted average price per share as displayed on Bloomberg
Page "AQR" for Smithfield on each of the 10 business days prior to and including
the Delivery Date.
CUSIP No. 832248 95 9 Page 13 of 20 Pages
(ii) if the Settlement Value is less than or equal to the cap price
(the "Cap Price"), but greater than the Floor Price, then the Reporting
Person must deliver a number of shares equal to the Number of Forward
Contract Shares times the Floor Price divided by the Settlement Value;
(iii) if the Settlement Value is greater than the Cap Price, then
the Reporting Person must deliver a number of shares equal to the Number
of Forward Contract Shares times the sum of the Floor Price and the amount
by which the Settlement Value exceeds the Cap Price divided by the
Settlement Value.
For the Forward Contracts dated June 30, 2004, the number of shares
to be delivered on the Delivery Date is calculated with the above formula on
each of the 10 business days prior to and including the Delivery Date. Following
are the prices for each Forward Contract as they relate to the above formula:
FORWARD CONTRACT DATE FLOOR PRICE CAP PRICE
--------------------- ----------- ---------
3/22/2004 $25.86 $33.62
6/30/2004 (a) $29.62 $35.54
6/30/2004 (b) $29.62 $38.50
Alternatively, each Reporting Person has the option to settle the
Forward Contract for cash. Unless there is a default under the Master Agreement,
each Reporting Person retains all voting rights with respect to the shares of
Smithfield Common Stock pledged by such Reporting Person until such shares are
delivered in settlement of the Master Agreement. The unaffiliated third party
buyer is entitled to any dividends received by the Reporting Persons on the
Number of Forward Contract Shares. The Forward Contracts are subject to early
termination upon the occurrence of certain events.
In addition to the Number of Forward Contract Shares subject to the
Forward Contract the following table also sets forth the amount of the cash
payment received by each Reporting Person pursuant to the respective Forward
Contract.
CUSIP No. 832248 95 9 Page 14 of 20 Pages
FORWARD MASTER SHARES SUBJECT
CONTRACT AGREEMENT DELIVERY TO FORWARD CASH
REPORTING PERSON (3) DATE DATE DATE CONTRACT RECEIVED
---------------- --------- --------- --------- -------------- ----------
HDM Legacy LLC 3/22/2004 3/15/2004 3/22/2007 359,533 $8,093,088
SKM Legacy LLC 3/22/2004 3/15/2004 3/22/2007 182,471 $4,107,422
MDM Legacy LLC 3/22/2004 3/15/2004 3/22/2007 182,471 $4,107,422
Wendell H. Murphy 6/30/2004 6/19/2003 7/2/2007 287,860 $7,588,226
Joyce Murphy Minchew 6/30/2004 6/19/2003 7/2/2007 95,767 $2,524,497
Wendell H. Murphy, Jr. 6/30/2004 6/19/2003 7/2/2007 275,218 $7,254,972
Wendy Murphy Crumpler 6/30/2004 6/19/2003 7/2/2007 80,798 $2,129,902
Angela Norman Brown 6/30/2004 6/19/2003 7/2/2007 44,439 $1,171,449
Wendell H. Murphy 6/30/2004 6/19/2003 6/30/2009 155,002 $3,913,359
Joyce Murphy Minchew 6/30/2004 6/19/2003 6/30/2009 51,567 $1,301,920
Wendell H. Murphy, Jr. 6/30/2004 6/19/2003 6/30/2009 148,194 $3,741,476
Wendy Murphy Crumpler 6/30/2004 6/19/2003 6/30/2009 43,506 $1,098,403
Angela Norman Brown 6/30/2004 6/19/2003 6/30/2009 23,928 $604,114
TOTAL 1,930,754 $47,636,250
Although the Reporting Persons have entered into the Forward
Contracts and have pledged the shares of the Smithfield Common Stock listed
above under the column "Shares Subject to Forward Contract," the Reporting
Persons have retained all voting rights with respect to these shares and
accordingly continue to be deemed the beneficial owners of such shares. As a
result of the pledge of the shares, however, the Reporting Persons do not have
dispositive power with respect to the pledged shares.
Forms of the Forward Contracts and Master Agreements are included as
Exhibits 1-4 to this Amendment No. 3 to Schedule 13D.(4)
-------------------------------------
(3) The Forward Contracts dated March 22, 2004, were entered into by HDM Legacy
LLC, SKM Legacy LLC and MDM Legacy LLC. As described previously, the "Shares
Subject to Forward Contract" is attributed to the beneficial ownership of
Wendell H. Murphy, Jr.
(4) The Master Agreement referenced as Exhibit 4 herein was previously filed as
Exhibit 5 to Amendment No. 2 to Schedule 13D filed with the Securities and
Exchange Commission on October 23, 2003.
CUSIP No. 832248 95 9 Page 15 of 20 Pages
OPEN MARKET SALES:
On July 6, 7, 8, 9, 12 and 13, 2004, WHM-Sr. Legacy LLC and JM
Legacy LLC sold shares of Smithfield Common Stock in transactions on the New
York Stock Exchange (the "Open Market Sales"). As reported previously, Wendell
H. Murphy and Joyce Murphy Minchew have voting and dispositive power over the
shares of Smithfield Common Stock held by WHM-Sr. Legacy LLC and JM Legacy LLC,
respectively. The Open Market Sales are therefore attributable to Wendell H.
Murphy and Joyce Murphy Minchew.
The Open Market Sales of WHM-Sr. Legacy LLC are as follows:
DATE OF SALE NUMBER OF SHARES SOLD PRICE PER SHARE GROSS PROCEEDS
------------ --------------------- --------------- --------------
7/6/2004 34,242 $29.28 $1,002,606
7/7/2004 40,000 $29.45 $1,178,000
7/7/2004 500 $29.44 $14,720
7/7/2004 1,500 $29.40 $44,100
7/7/2004 900 $29.39 $26,451
7/7/2004 2,500 $29.36 $73,400
7/7/2004 1,000 $29.35 $29,350
7/7/2004 700 $29.34 $20,538
7/7/2004 800 $29.33 $23,464
7/7/2004 200 $29.32 $5,864
7/7/2004 20,000 $29.30 $586,000
7/7/2004 1,800 $29.27 $52,686
7/7/2004 1,300 $29.26 $38,038
7/7/2004 23,019 $29.25 $673,306
7/8/2004 3,300 $29.43 $97,119
7/8/2004 1,600 $29.42 $47,072
7/8/2004 200 $29.41 $5,882
7/8/2004 1,700 $29.40 $49,980
7/8/2004 1,400 $29.39 $41,146
7/8/2004 2,800 $29.38 $82,264
7/8/2004 20 $29.37 $587
7/9/2004 25,663 $29.45 $755,775
7/12/2004 5,000 $29.12 $145,600
7/13/2004 400 $29.10 $11,640
7/13/2004 200 $29.09 $5,818
7/13/2004 300 $29.07 $8,721
7/13/2004 3,000 $29.06 $87,180
7/13/2004 20,500 $29.05 $595,525
7/13/2004 600 $29.04 $17,424
7/13/2004 10,000 $29.00 $290,000
7/13/2004 327 $28.98 $9,476
TOTAL 205,471 $6,019,732
The Open Market Sales of Joyce Murphy Minchew are as follows:
DATE OF SALE NUMBER OF SHARES SOLD PRICE PER SHARE GROSS PROCEEDS
------------ --------------------- --------------- --------------
7/6/2004 12,458 $29.28 $364,770
7/7/2004 30,381 $29.25 $888,644
7/7/2004 3,900 $29.24 $114,036
7/8/2004 480 $29.37 $14,098
7/8/2004 1,000 $29.36 $29,360
7/8/2004 2,529 $29.35 $74,226
7/9/2004 9,337 $29.45 $275,442
7/12/2004 5,000 $29.12 $145,600
7/13/2004 4,673 $28.98 $135,424
7/13/2004 5,000 $28.96 $144,800
TOTAL 74,758 $2,186,400
CUSIP No. 832248 95 9 Page 16 of 20 Pages
CURRENT BENEFICIAL OWNERSHIP OF THE REPORTING PERSONS:
As of the date of this Amendment, the Reporting Persons beneficially
own an aggregate of 16,223,416 shares of Smithfield Common Stock. The shares
beneficially owned by the Reporting Persons represent approximately 14.7% of the
110,951,331 shares of Smithfield Common Stock outstanding on March 10, 2004, as
set forth in the Form 10-Q of Smithfield filed on March 17, 2004. The number of
shares of Smithfield Common Stock beneficially owned by each Reporting Person is
as follows:
TOTAL NUMBER OF PERCENTAGE OF
SHARES OUTSTANDING
REPORTING PERSON BENEFICIALLY OWNED COMMON STOCK
---------------- ------------------ ------------
Wendell H. Murphy 4,772,167 4.3%
Harry D. Murphy 1,486,942 1.3%
Joyce Murphy Minchew 1,631,527 1.5%
Wendell H. Murphy, Jr. 5,155,928 4.6%
Wendy Murphy Crumpler 955,256 0.9%
Stratton K. Murphy 848,295 0.8%
Marc D. Murphy 848,295 0.8%
Angela Norman Brown 525,006 0.5%
----------- -----
TOTAL 16,223,416 14.7%
Each Reporting Person has sole voting and dispositive power over
those shares of Smithfield Common Stock beneficially owned by such Reporting
Person and not pledged pursuant to the Forward Contracts and each Reporting
Person has sole voting power (but no dispositive power) over those shares of
Smithfield Common Stock beneficially owned by such Reporting Person pledged
pursuant to the Forward Contracts, as follows:
SOLE VOTING AND
REPORTING PERSON DISPOSITIVE POWER SOLE VOTING POWER
---------------- ----------------- -----------------
Wendell H. Murphy 3,911,389 860,778
Harry D. Murphy 1,127,409 359,533
Joyce Murphy Minchew 1,339,833 291,694
Wendell H. Murphy, Jr. 3,734,505 1,421,423
Wendy Murphy Crumpler 750,133 205,123
Stratton K. Murphy 665,824 182,471
Marc D. Murphy 665,824 182,471
Angela Norman Brown 412,221 112,785
TOTAL 12,607,138 3,616,278
The Reporting Persons do not have shared voting or dispositive
power over any shares of Smithfield Common Stock.
CUSIP No. 832248 95 9 Page 17 of 20 Pages
ITEM 6 CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS
WITH RESPECT TO SECURITIES OF THE ISSUER
Item 6 is hereby amended by adding the following information:
Each of the Reporting Persons entered into the Forward Contracts
described in Item 5 above pursuant to which they pledged the Number of Forward
Contract Shares indicated above.
ITEM 7 MATERIAL TO BE FILED AS EXHIBITS
Exhibit 1 Form of Trade Confirmation dated March 22, 2004 from Merrill Lynch,
Pierce, Fenner & Smith Incorporated to each of Harry D. Murphy,
Stratton K. Murphy and Marc D Murphy.
Exhibit 2 Form of ISDA Master Agreement dated March 15, 2004 between Merrill
Lynch, Pierce, Fenner & Smith Incorporated and each of Harry D.
Murphy, Stratton K. Murphy and Marc D. Murphy.
Exhibit 3 Form of Variable Prepaid Forward Confirmation dated June 30, 2004
from Credit Suisse First Boston Capital LLC to each of Wendell H.
Murphy, Joyce Murphy Minchew, Wendell H. Murphy, Jr., Wendy Murphy
Crumpler and Angela Norman Brown.
Exhibit 4 Form of Variable Prepaid Forward Agreement dated June 19, 2003
between Credit Suisse First Boston Capital LLC and each of Wendell
H. Murphy, Wendell H. Murphy, Jr., Wendy Murphy Crumpler, Joyce
Murphy Minchew and Angela Norman Brown.*
Exhibit 5 Joint Filing Agreement dated July 13, 2004 among Wendell H. Murphy,
Harry D. Murphy, Joyce Murphy Minchew, Wendell H. Murphy, Jr., Wendy
Murphy Crumpler, Stratton K. Murphy, Marc D. Murphy and Angela
Norman Brown.
* Previously filed as Exhibit 5 to Amendment No. 2 to Schedule 13D filed with
the Securities and Exchange Commission on October 23, 2003.
CUSIP No. 832248 95 9 Page 18 of 20 Pages
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this Amendment No. 3 to Schedule 13D
is true, complete and correct.
Date: July 13, 2004
Wendell H. Murphy
/s/ Mark Roberts
------------------------------
Mark Roberts
Attorney-in-Fact
Harry D. Murphy
/s/ Mark Roberts
------------------------------
Mark Roberts
Attorney-in-Fact
Joyce Murphy Minchew
/s/ Mark Roberts
------------------------------
Mark Roberts
Attorney-in-Fact
Wendell H. Murphy, Jr.
/s/ Mark Roberts
------------------------------
Mark Roberts
Attorney-in-Fact
Wendy Murphy Crumpler
/s/ Mark Roberts
------------------------------
Mark Roberts
Attorney-in-Fact
Stratton K. Murphy
/s/ Mark Roberts
------------------------------
Mark Roberts
Attorney-in-Fact
CUSIP No. 832248 95 9 Page 19 of 20 Pages
Marc D. Murphy
/s/ Mark Roberts
------------------------------
Mark Roberts
Attorney-in-Fact
Angela Norman Brown
/s/ Mark Roberts
------------------------------
Mark Roberts
Attorney-in-Fact
CUSIP No. 832248 95 9 Page 20 of 20 Pages
EXHIBIT INDEX
Exhibit Description
1 Form of Trade Confirmation dated March 22, 2004 from Merrill Lynch,
Pierce, Fenner & Smith Incorporated to each of Harry D. Murphy,
Stratton K. Murphy and Marc D Murphy.
2 Form of ISDA Master Agreement dated March 15, 2004 between Merrill
Lynch, Pierce, Fenner & Smith Incorporated and each of Harry D.
Murphy, Stratton K. Murphy and Marc D. Murphy.
3 Form of Variable Prepaid Forward Confirmation dated June 30, 2004
from Credit Suisse First Boston Capital LLC to each of Wendell H.
Murphy, Joyce Murphy Minchew, Wendell H. Murphy, Jr., Wendy Murphy
Crumpler and Angela Norman Brown.
4 Form of Variable Prepaid Forward Agreement dated June 19, 2003
between Credit Suisse First Boston Capital LLC and each of Wendell
H. Murphy, Wendell H. Murphy, Jr., Wendy Murphy Crumpler, Joyce
Murphy Minchew and Angela Norman Brown.*
5 Joint Filing Agreement dated July 13, 2004 among Wendell H. Murphy,
Harry D. Murphy, Joyce Murphy Minchew, Wendell H. Murphy, Jr., Wendy
Murphy Crumpler, Stratton K. Murphy, Marc D. Murphy, and Angela
Norman Brown.
* Previously filed as Exhibit 5 to Amendment No. 2 to Schedule 13D filed with
the Securities and Exchange Commission on October 23, 2003.