ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On October 18, 2022, Sysco Corporation and State Street Global Advisors Trust
Company, as independent fiduciary of the Sysco Corporation Retirement Plan (the
"Plan"), entered into a commitment agreement with Massachusetts Mutual Life
Insurance Company (the "Insurer"), which has an AA+, Aa3, and A++ credit ratings
from S&P Global, Moody's, and AM Best, respectively, under which the Plan agreed
to purchase a nonparticipating single premium group annuity contract that will
transfer to the Insurer approximately $700 million of the Plan's defined benefit
pension obligations related to certain pension benefits.
The purchase of the group annuity contract by the Plan is expected to close on
October 25, 2022. The contract covers approximately 10,000 Sysco participants
and beneficiaries (the "Transferred Participants"). Under the group annuity
contract, the Insurer will make an unconditional and irrevocable commitment to
pay the pension benefits of each Transferred Participant that are due on or
after January 1, 2023. The transaction will result in no changes to the amount
of benefits payable to the Transferred Participants.
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