Document:

Exhibit

Exhibit 10.22

Personal & Confidential

September 9, 2015 

Mr. Dave Biegger

Dear Dave:

It is my pleasure to offer you the position of Executive Vice President, Chief Supply Chain Officer (“CSCO”). You will be an Executive Officer of the company and report directly to me. We will agree on a mutually agreeable start date. The details of this offer are as follows:

		
	1)
	Annual Salary: $500,000 payable bi-weekly, less applicable tax withholding.

		
	2)
	Annual Incentive Plan: You will be eligible to participate in the ConAgra Foods annual incentive program, in accordance with the plan’s provisions as they exist from time-to-time. Your incentive opportunity will be targeted at 80% of your annual base salary and be prorated for fiscal 2016 based on the total days you are employed divided by 365.

		
	3)
	Sign-On:  You will receive a cash sign-on payment of $325,000, less required withholdings, payable within 30 days of your start date. Should you voluntarily terminate your employment within one year of your start date, you will be responsible for repaying 100% of this amount to the company.

		
	4)
	Restricted Stock Units:  Upon the approval of the Human Resources Committee of the Board of Directors (the “HR Committee”), and effective on the first trading day of the month following your start date, you will receive a grant of restricted stock units (RSUs) valued at

$600,000, subject to the provisions of the ConAgra Foods, Inc. 2014 Stock Plan (or a successor plan) (the “Stock Plan”). The total number of RSUs actually granted will be determined by dividing $600,000 by the average closing market price of our common stock on the NYSE for the 30 trading days preceding the date of grant. These RSUs will vest on a graded schedule, with 1/3 vesting each anniversary of the grant date over a three-year period. Dividend equivalents will not be earned or paid during the restriction period. Should the company terminate your employment without Cause prior to the third anniversary of the date of the RSUs’ grant, 100% of the then unvested RSUs will vest. For purposes of this award, Cause shall have the meaning set forth in the Change in Control Agreement referenced in paragraph 9.

		
	5)
	Long Term Incentive:  You will be eligible to participate in the company’s executive long term incentive program. All grant recommendations are based upon individual and company performance and are subject to approval from the HR Committee. The annual

grant value for this position is currently targeted at $1,200,000.00. For the current three- year cycle of the program, the value is being delivered in the form of 50% performance shares, 25% RSUs, and 25% stock options. These awards will be granted under and are subject to the 2014 Stock Plan, Performance Share Plan, and form of award agreements in effect at the time of grant.

If you depart the company after age 62 but before achieving retirement eligibility under the company’s equity programs then, with the approval of the HR Committee, which will not be unreasonably withheld, (a) option grants associated with the annual long-term incentive program 

Page 1 of 4

Exhibit 10.22

will be amended to provide you the remaining life of the option to exercise; for the avoidance of doubt, no incremental vesting will be provided; and (b) the departure will be treated as a position elimination for the purpose of determining pro-rata vesting of RSU grants made prior to the date of the CSCO’s notice to the company of his intent to depart and associated with the annual long-term incentive program.

		
	6)
	Relocation Package:  You will be eligible for the ConAgra Foods Relocation Program, commencing on a date that is mutually agreeable, including a Transition Support payment of $20,000.00, which can be provided within 30 days of your start date. This is considered compensation and appropriate taxes will be withheld; however, this payment will be tax assisted (grossed-up).

		
	7)
	Vacation:  You will be eligible for four weeks of vacation.

		
	8)
	Stock Ownership Guidelines:  ConAgra Foods believes that senior management stock ownership demonstrates our commitment to our stockholders. As a member of senior management, you must maintain ownership of at least 3x (300%) of your annual base salary. There is no deadline for meeting your ownership guideline, but you may be limited in the amount of stock you can sell until you meet and maintain your guideline. In addition, as an executive officer of the company, you will be subject to insider trading and stock reporting policies, which will be provided to you in connection with your onboarding to the company.

		
	9)
	Change-in-Control:  You will be eligible to be a signatory to a Change in Control Agreement, in the form currently approved by the HR Committee, with benefits payable at two times (2x) your salary and annual incentive.

		
	10)
	Contingency:  This offer is contingent upon approval of the HR Committee and confirmation with your current employer that you are under no restrictions that would prevent your employment with the company. To the extent such restrictions exist, we will work with your current employer to tailor your employment so that it does not conflict with any such restrictions. Once we receive confirmation that no restrictions exist, or we reach agreement with your current employer regarding the scope of your employment consistent with any restrictions, and all other conditions regarding your eligibility for employment have been satisfied, the terms of this offer will become effective.

		
	11)
	Pre-Employment Screening: This offer is contingent upon your successful completion of our pre-employment drug screening and background screening.

Page 2 of 4

Exhibit 10.22

I look forward to your favorable response, which you can indicate by signing and returning a copy of this letter.

Sincerely,

 /s/ Sean Connolly

Sean Connolly
Chief Executive Officer 
ConAgra Foods, Inc.

Enclosures:      Executive Benefits
Relocation Summary of Benefits and Policy Change of Control Agreement

cc:    Charisse Brock

Page 3 of 4

Exhibit 10.22

Offer Acceptance

I accept this offer of employment. In so doing, I understand and agree that my employment with ConAgra Foods is at will, that I am not employed for any specified duration, and that my employment may be terminated by myself, or ConAgra Foods at any time, with or without cause and with or without notice.

	
				
	/s/ David Biegger
	 
	September 10, 2015
	 

	Signature
	 
	Date
	 

Page 4 of 4Exhibit

Exhibit 10.32.1
 FIRST AMENDMENT

This First Amendment (“Amendment”) is to that Trademark License Agreement (“Agreement”) dated March 20, 2017, by and between ConAgra Foods RDM, Inc. (“Licensor”), and Lamb Weston, Inc. (“Licensee”).

WHEREAS, the parties desire to amend the scope of the Licensed Products in the Agreement.

THEREFORE, in consideration of the foregoing, and the mutual covenants set forth herein, the parties agree as follows:

		
	1.
	Licensed Products. Section 1.7 “Licensed Products” of the Agreement shall be replaced in its entirety with the following: 

“Licensed Products” means the following frozen food products using the Licensed Marks for sale in the retail channel: (1) frozen food products made from potatoes or sweet potatoes that are commonly sold in the frozen potato section of retailers, such as french fries, oven fries, waffle fries, crinkle-cut fries, roasted fries, roasted potatoes, potato puffs, chopped and formed potatoes, and hashed browns made from potatoes or sweet potatoes; and (2) panko-breaded onion rings in the same or substantially similar form as AX 11oz unit upc 8-34183-00105-5, AX 13.5oz unit upc 8-34183-00705-7, AX 2.5lb (US Club) unit upc 8-34183-00122-2, AX 2.5lb (Canada Club) unit upc 8-34183-00422-3, or AX 340g Canada unit upc 8-34183-00405-6.

		
	2.
	Discontinued Licensed Products. Section 1.4 “Discontinued Licensed Products” of the Agreement shall be replaced in its entirety with the following: 

“Discontinued Licensed Products” means Discontinued Retail Products, Discontinued Beer Battered Onion Ring Products; and Discontinued Foodservice Products.

		
	3.
	Discontinued Foodservice Products. The following shall be added as Section 1.4.1:

 “Discontinued Foodservice Products” means the following frozen food products using the Licensed Marks for sale in the foodservice channel: Alexia All Natural Organic Concertinas (3/8), AX504; Alexia All Natural Organic Wedges (8 Cut) (AX505); Alexia All Natural Organic Country Dice (AX506); Alexia Tri-Cut Medley (AX508); Alexia Oven Roasted Gold Tri-Cut Dices (AX509); Alexia Beer Battered Onion Ring (3/8) (AX510); Alexia Oven Roasted Redskin Wedge Cuts (6 cut wedges) (AX584); Alexia Oven Roasted Rosemary & Garlic Redskin Tri-Cut Dices (AX585); and Alexia Oven Roasted Redskin Tri-Cut Dices (1) (AX586).

		
	4.
	Discontinued Beer Battered Onion Ring Products. The following shall be added as Section 1.4.2:

 “Discontinued Beer Battered Onion Ring Products” means frozen onion rings (excluding the panko-breaded onion rings included in the Licensed Products) using the Licensed Marks for sale in the retail channel.

		
	5.
	Discontinued Retail Products. The following shall be added as Section 1.4.3:

 “Discontinued Retail Products” means the following frozen food products using the Licensed Marks for sale in the retail channel: bread, mozzarella sticks, and breaded mushrooms.

		
	6.
	Scope of Licensed Products.  Section 2.1(a) of the Agreement shall be replaced in its entirety with the following:

Subject to the terms and conditions of this Agreement, Licensor grants to Licensee an exclusive, royalty free, revocable (to the extent set forth in this Agreement) right and license to use the Alexia Marks for Licensed Products and on Promotional Items and Marketing Materials related to Licensed Products throughout the world until January 1, 2018 and in the United States and Canada for the remainder of the Term. Licensor also grants Licensee the limited right to sublicense the Alexia Marks in accordance with the terms of Section 2.4. 

		
	7.
	Scope of Complementary Marks. Section 2.1(b) of the Agreement shall be replaced in its entirety with the following: 

Subject to the terms and conditions of this Agreement, Licensor grants to Licensee an exclusive, royalty free, revocable (to the extent set forth in this Agreement) right and license to use the Complementary Marks throughout the world during the Term for Licensed Products and on Promotional Items and Marketing Materials related to Licensed Products, which Licensed Products also bear one or more of the Alexia Marks. Licensor also grants Licensee the limited right to sublicense the Complementary Marks in accordance with the terms of Section 2.4.

		
	8.
	Scope of Discontinued Licensed Products. Section 2.1(c) of the Agreement shall be replaced in its entirety with the following:

Subject to the terms and conditions of this Agreement, Licensor grants to Licensee an exclusive, royalty free, revocable (to the extent set forth in this Agreement) right and license to use the Licensed Marks throughout the world for Discontinued Licensed Products and on Promotional Items and Marketing Materials related to Discontinued Licensed Products. The license provided for in this Section 2.1(c) for Discontinued Retail Products expires six months after the Effective Date for all of the Discontinued Retail Products. The license provided for in this Section 2.1(c) for Discontinued Onion Ring Products expires 12 months after the Effective Date. The license provided for in this Section 2.1(c) for Discontinued Foodservice Products expires on June 30, 2018. Licensee will have no right to use the Licensed Marks on the Discontinued Licensed Products after that time.

		
	9.
	Right of First Offer. The following shall be added to the Agreement as Section 2.7:

Right of First Offer. Licensor grants to Licensee a right of first offer (“ROFO”) to license the ROFO License Rights, as defined and set forth below. Before Licensor offers to license to any other non-Affiliate party the right to use (i) the Alexia Marks for Licensed Products or on Promotional Items and Marketing Materials related to Licensed Products anywhere outside of the United States and Canada after January 1, 2018, or (ii) the Licensed Marks for Discontinued Licensed Products or on Promotional Items and Marketing Materials related to Discontinued Licensed Products anywhere in the world after June 30, 2018 (collectively, the items in subsection (i) and (ii) of this Section are referred to herein as the “ROFO License Rights”), Licensor shall notify Licensee of its desire to enter into such a transaction. Within 30 days after receipt of such notice, Licensee shall notify Licensor of its election to either decline or exercise its ROFO. If Licensee exercises its ROFO, the parties agree to conduct good-faith negotiations for up to 60 days from the date Licensor receives notice of such election to enter into a license agreement or amendment to this Agreement for the ROFO License Rights. If the parties are unable to enter into an agreement or amendment to this Agreement during such period, Licensor shall be entitled to enter into a license with a third party in connection with such ROFO License Rights, and Licensor shall have no obligations to Licensee with respect to such ROFO License Rights.  For avoidance of doubt, nothing in this Section shall be interpreted to restrict, in any way, Licensor’s ability to freely sell, transfer, or otherwise divest wholly or in part its ownership of the Alexia Marks or Complementary Marks to any third party, and Licensee shall have no ROFO License Rights in such a situation.

		
	10.
	Defined Terms.  Capitalized terms used but not otherwise defined herein shall have the respective meanings ascribed to such terms in the Agreement.

		
	11.
	Effect on Agreement. Except as specifically amended hereby, all terms, provisions and conditions of the Agreement shall remain in full force and effect. 

		
	12.
	Counterparts.  This Amendment may be executed and delivered (including by facsimile transmission) in one or more counterparts, each of which shall be regarded as an original and all of which shall constitute one and the same instrument.

		
	13.
	Authority. Each party represents and warrants that the individual executing this Amendment on its behalf is duly authorized to so execute this Amendment, and this Amendment, when executed and delivered by such party, shall constitute the valid and binding agreement of such party, enforceable in accordance with its terms.

IN WITNESS WHEREOF, the parties execute this Amendment as of February __, 2017.

	
			
	Lamb Weston, Inc.
	 
	ConAgra Foods RDM, Inc.

	 
	 
	 

	/s/ Michael Smith
	 
	/s/ Tracy Beck

	Signature
	 
	Signature

	 
	 
	 

	SVP Growth & Strategy
	 
	Vice President

	Title
	 
	Title

	 
	 
	 

	April 5, 2017
	 
	May 17, 2017

	Date
	 
	Date

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