Document:

Exhibit 10.15

                                                                PS - FORM 1550IP
                                                          REVISED APRIL 29, 2008
                                                          AGREEMENT NO.CSX636225

                           PRIVATE SIDETRACK AGREEMENT

     THIS AGREEMENT, Made and effective as of June 4, 2009, by and between CSX
TRANSPORTATION, INC., a Virginia corporation, whose mailing address is 500 Water
Street, Jacksonville, Florida 32202, hereinafter called "Railroad," and METHES
ENERGIES CANADA, INC. a Corporation of Ontario, Canada, whose mailing address is
5-4170 Sladeview Crescent, Mississauga, Ontario, Canada L5L0A1, hereinafter
called "Industry," WITNESSETH:

1.      PURPOSE:

     1.1    The purpose of this Agreement is to detail the provisions of the
maintenance and use of Private Sidetrack for the tender and receipt of rail
freight traffic for the account of Industry. The private sidetrack(s), which
consists of the track structure (rails, ties and fastenings), ballast, grading,
drainage structure, turnout, bumping post and other appurtenances (hereinafter
the "Sidetrack"), is located at or near Sombra, in the County of , Province of
Ontario, as shown on attached drawing(s) labeled Property of Methes Energies
(hereinafter the "Plan").

2.      OWNERSHIP AND CONSTRUCTION:

     2.1    The Sidetrack, as shown on the Plan, has been constructed. Railroad
owns that portion of Track from Point of Switch (hereinafter "P.S.") in
connecting mainline track (hereinafter called "Railroad's Segment"). Industry
owns the remainder of the tracks (hereinafter called "Industry's Segment").

     2.2    Industry represents that is now owns or controls the property served
by the Sidetrack, formerly covered by Agreement dated March 18, 1992, Agreement
CSX016220 between CSX Transportation, Inc. and the Chinook Group. Upon execution
of this Agreement, the aforementioned Agreement is hereby superseded and
cancelled.

3.      GOVERNMENTAL REQUIREMENT(S):

     3.1    Industry agrees, at its sole expense, to comply with all applicable
laws and regulations and to obtain all necessary governmental permits,
authorizations, orders and approvals (hereinafter collectively "Governmental
Requirement(s)") necessary for the construction, maintenance and use of the
Sidetrack. Industry agrees to assume the cost of Railroad's defense and to
otherwise indemnify and hold Railroad harmless from Industry's failure to comply
with or to obtain the Governmental Requirement(s).

4.      MAINTENANCE:

     4.1    Railroad and Industry, at their own expense, shall inspect, maintain
and renew their respective Segments of the Sidetrack: (A) in accordance with the
National Transportation Agency's Track Safety Standards; and (B) in a safe
condition, consistent with the operating circumstances and amount of use. Prior
to each entry of Industry upon Industry's Segment of the Sidetrack for
maintenance or renew purposes, Industry shall contact local representatives of
Railroad's Operating and Engineering Departments and obtain the agreement from

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                                                                PS - FORM 1550IP
                                                          REVISED APRIL 29, 2008
                                                          AGREEMENT NO.CSX636225

those representatives for the dates and amount of time that Industry's Segment
will be out of service for such maintenance or renewal purposes. Additionally,
both Industry and Railroad agree to keep their respective Segments free from
debris, weeds, potholes, ice or snow, poles, temporary or permanent structures,
other obstructions (Example: parked vehicles), and/or excavations. Railroad
shall have the right, but not the duty, to inspect Industry's Segment.

5.      CLEARANCES:

     5.1    Industry agrees to provide and maintain: (A) the lateral clearance
requirements (at least eight feet, six inches [8'6"] from either side of the
centerline of the Sidetrack, as increased for flat curves, superelevated curves
and approaches thereto); and (B) the vertical clearance requirements (at least
twenty-two feet [22'0"] above the top of the rail), both as detailed in the
Specifications, for the entire length of the Sidetrack. Any clearance not in
compliance with the foregoing is a "Close" clearance. Each party further agrees
to provide and maintain increased lateral and/or vertical clearances, to the
extent required by applicable statutes or regulations. Lateral and vertical
clearances for power poles and lines must also comply with the National Electric
Safety Code (NESC).

     5.2    Notwithstanding the foregoing, Industry may maintain Close
clearances if: (A) Industry obtains a waiver from any conflicting Governmental
Requirement(s); and (B) plans for such Close clearances have been provided to
Railroad and are not rejected within sixty (60) days after the date of receipt.
Industry agrees to install, maintain and replace (at its sole expense) any
warning signs or lighting or make other adjustments regarding such Close
clearances as may be required by Railroad or any Governmental Requirement(s).

     5.3    Any gate installed by Industry across the Sidetrack must provide an
appropriate clearance, as provided in the Specifications, and must be equipped
with a double-end bar hasp so that Railroad may install its own lock. If
Railroad is unable to open the gate to deliver or retrieve railcars, Industry
shall reimburse Railroad for its costs of making an additional trip to the
Sidetrack.

6.      RIGHT-OF-WAY:

     6.1    Industry is responsible for obtaining all necessary right-of-way
(through ownership, easement, permit or otherwise), for its Segment of the
Sidetrack that is not located on Railroad's right-of-way. The width of such
right-of-way must be, at a minimum, sufficient to provide for the Sidetrack and
clearances, cuts, fills, drainage ditches, walkways or roads, as determined by
Railroad.

     6.2    Industry may use Railroad's right-of-way for a portion of Industry's
Segment, if shown on the Plan. Such use, not to exceed six and one-half feet (6
1/2') from either side of the centerline of the Sidetrack, is granted only for
the Term of this Agreement. Industry acknowledges that such use is not adverse
to Railroad's title, and does not constitute the granting of any right, title,
casement or license to Railroad's right-of-way.

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                                                                PS - FORM 1550IP
                                                          REVISED APRIL 29, 2008
                                                          AGREEMENT NO.CSX636225

     6.3    Railroad may use Industry's right-of-way for a portion of Railroad's
Segment, if shown on the Plan. Such use, not to exceed six and one-half feet (6
1/2') from either side of the centerline of the Sidetrack, is granted only for
the Term of this Agreement. Railroad acknowledges that such use is not adverse
to Industry's title, and does not constitute the granting of any right, title,
casement or license to Industry's right-of-way.

     6.4    Industry shall not construct or allow the construction of any road
(public or private), gate, tunnel, bridge, culvert, pit, gas-line, pipe or
similar items on, over, under or along the entire Sidetrack or right-of-way
without the written permission of Railroad. If Railroad's permission is granted,
Industry understands that a separate agreement might be necessary and that
Industry shall be responsible for the construction, maintenance, repair and
removal costs of the foregoing items and ancillary structures, unless otherwise
stated therein.

     6.5    Industry shall not block or permit the blockage of the sight view
area of any road crossing over the Sidetrack.

7.      RAIL SERVICE:

     7.1    Railroad agrees, pursuant to the provisions of this Agreement, its
tariffs, circulars, rules and rail transportation contracts, and subject to any
necessary approval by the National Transportation Agency or other authority
having jurisdiction therein, to operate over the Sidetrack in the delivery,
placement and removal of railcars consigned to or ordered by Industry, at such
times established by Railroad. Railroad may also use Industry's Segment of the
Sidetrack for its own general or emergency operating purposes, so long as such
purposes do not materially affect the use of the Sidetrack for rail service to
Industry. Industry agrees to abide by all applicable provisions of this
Agreement and Tariffs CSXT 8100/8200 Series, including, without limitation,
those addressing responsibility for and payment of demurrage and other
accessorial charges. Railroad reserves the right to cancel the Agreement for any
breach of such provisions.

     7.2    Industry shall not permit the use of the Sidetrack by or for the
account of third parties without the written consent of Railroad. If such use
occurs without such consent, Industry assumes the same responsibilities, as
stated in this Agreement for such use as if for its own account. Railroad shall
not be required to provide rail service to such third parties.

     7.3    Railroad shall be deemed to have delivered any railcar consigned to
or ordered by Industry when such railcar has been placed on Industry's Segment,
so as to allow access by Industry, and Railroad's locomotive has uncoupled from
the railcar. At that time, Railroad shall be relieved of all liability as a
common or contract carrier or as a bailee, and possession of the railcar and its
contents shall be transferred to Industry. Similarly, any obligation of Railroad
as a common or contract carrier or as a bailee shall not begin until it has
coupled its locomotive to the loaded railcar and departed the Sidetrack.

     7.4    Industry is responsible for all railcars and their contents while in
Industry's possession and assumes all responsibility for payment of all damage
to any railcar and its contents that may occur during that time, even if caused
by third parties.

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                                                                PS - FORM 1550IP
                                                          REVISED APRIL 29, 2008
                                                          AGREEMENT NO.CSX636225

     7.5    If Railroad is unable to deliver a railcar on the Sidetrack for
loading or unloading due to the acts of Industry or any third party, then such
railcar will be considered as constructively placed for demurrage purposes at
the time of attempted delivery.

8.       HAZARDOUS MATERIALS:

     8.1    The following provisions apply when the Sidetrack is used for the
delivery or tender of any dangerous, flammable, explosive or hazardous commodity
(hereinafter "Hazardous Materials"), as determined by the by Transport Canada
under the Transportation of Dangerous Goods Act & Regulations, as amended from
time to time.

     8.2    No Hazardous Materials shall be placed: (A) on the Sidetrack (except
railcar shipments); (B) within the clearance requirements established herein; or
(C) within one hundred (100) feet of Railroad's connecting mainline track.

     8.3    Industry shall comply with all recommended practices of the
Association of American Railroads and all Governmental Requirement(s) regarding
the loading, unloading, possession, transfer and/or storage of Hazardous
Materials, including but not limited to the installation and use of pollution
abatement and control structures and other equipment that is prudent or required
under such practices and/or Governmental Requirement(s).

     8.4    In the event of a Hazardous Materials leak, spill, or release,
Industry shall immediately notify the appropriate Governmental Response Center
and Railroad's Operations Center and, at its sole expense, take all appropriate
steps to clean, neutralize and remove the spill.

9.      ALTERATIONS:

     9.1    Industry shall supply Railroad with construction plans of any
addition, deletion or modification (hereinafter jointly the "Alterations") to
Industry's Segment of the Sidetrack, and obtain Railroad's written consent
(which will not be unreasonably withheld) prior to making any Alterations. The
Alterations are also subject to the aforementioned Specifications.

10.     SUSPENSION AND TERMINATION:

     10.1   Railroad may temporarily suspend its operations over the Sidetrack
if, in its sole opinion, the condition of Industry's Segment of the Sidetrack is
unsafe or if such operations would interfere with its common carrier duties.
Railroad may impose the suspension orally, but shall also provide a written
notice to Industry regarding such temporary suspension.

     10.2   Either party may terminate this Agreement upon the default of the
other party. The party claiming a default must provide the other party with
notice. If the default is not corrected within thirty (30) days of the date of
such notice, the party claiming default may terminate this Agreement upon
written notice. Use of the Sidetrack by Railroad during any notice period shall
not be considered as a waiver of any default claimed by it.

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                                                                PS - FORM 1550IP
                                                          REVISED APRIL 29, 2008
                                                          AGREEMENT NO.CSX636225

     10.3   Industry understands that it must tender and/or receive a sufficient
number of railcar shipments over the Sidetrack in order for Railroad to continue
to keep Railroad's Segment of the Sidetrack in place. Should Railroad determine
that the number of railcar shipments is insufficient, Railroad may notify
Industry and offer to continue to keep Railroad's Segment in place in exchange
for payment of an annual continuation charge from Industry. The amount of the
continuation charge may vary from year to year. Industry shall have a period of
thirty (30) days from the date of notice from Railroad within which to either
accept or decline payment of the continuation charge. Should Industry decline to
pay the continuation charge or not respond during the thirty (30) day period,
then Railroad shall have the right to suspend service over the Sidetrack or to
terminate this Agreement upon notice to Industry.

     10.4   This Agreement will terminate, without the necessity of further
notice, upon the abandonment of Railroad's connecting mainline track.

     10.5   Either party may terminate this Agreement, beginning five (5) years
after the In Service Date by extending thirty (30) days' notice to the other
party.

     10.6   Upon the termination of this Agreement, each party may remove any
portion of its Segment that rests upon the right-of-way of the other party. If
not removed within sixty (60) days after such termination, title to that
remaining Segment will pass to the other party, who may then remove it and
restore the underlying right-of-way at the expense of the prior owner.

     10.7   Industry represents that it now owns or controls the property served
by the Sidetrack, formerly covered by Agreement(s) No. csx016220, dated March
18, 1992, between CSX Transportation, Inc., or its predecessor, and METHES
ENERGIES CANADA, INC., or its predecessor in title, and that Industry now owns
or controls all tracks and materials in the Sidetrack which are not herein
specified as owned by Railroad. Upon execution of this Agreement, the aforesaid
Agreement(s) dated March 18, 1992, is (are) hereby superseded and cancelled.

11.     LIABILITY AND INSURANCE:

     11.1   Except as otherwise provided herein, any and all damages, claims,
demands, causes of action, suits, expenses, judgments and interest whatsoever
(hereinafter collectively "Losses") in connection with injury to or death of any
person or persons whomsoever (including employees, invitees and agents of the
parties hereto) or loss of or damage to any property whatsoever arising out of
or resulting directly or indirectly from the construction, maintenance, repair,
use, alteration, operation or removal of the sidetrack shall be divided between
the Railroad and Industry as follows:

        (A)     Each party shall indemnify and hold the other party harmless
from all Losses arising from the indemnifying party's willful or gross
negligence, its sole negligence and/or its joint or concurring negligence with a
third party.

        (B)     The parties agree to jointly defend and bear equally between
them all Losses arising from their joint or concurring negligence.

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                                                                PS - FORM 1550IP
                                                          REVISED APRIL 29, 2008
                                                          AGREEMENT NO.CSX636225

        (C)     Notwithstanding the foregoing, and irrespective of the sole,
joint or concurring negligence of Railroad, Industry acknowledges that it is
solely responsible for and agrees to indemnify and save Railroad harmless from
all Losses arising from: (i) the failure of Industry to properly maintain its
Segment of the Sidetrack; (ii) the construction, alteration or removal of the
Sidetrack by Industry; (iii) the presence of a Close clearance on Industry's
Segment; or (iv) the explosion, spillage and/or presence of Hazardous Materials
on its properties, facility or on Industry's Segment, but only when such Losses
would not have occurred but for the dangerous nature of the Hazardous Materials.

        (D)     Railroad may be the lessee/operator of the mainline track that
connects with the Sidetrack. In that event, the indemnities from Industry to
Railroad under this section shall also include the lessor/owner of such track.

     11.2   Industry at its sole cost and expense, must procure and maintain in
effect during the continuance of this Agreement, a policy of Commercial General
Liability Insurance (CGL), naming Railroad, and/or its designee, as additional
insured and covering liability assumed by Industry under this Agreement. A
coverage limit of not less than THREE MILLION AND 00/100 U.S. DOLLARS
($3,000,000.00) Combined Single Limit per occurrence for bodily injury liability
and property damage liability is required to protect Industry's assumed
obligations. The evidence of insurance coverage shall be provided to Railroad
and endorsed to provide for thirty (30) days' notice to Railroad prior to
cancellation or modification of any policy. Mail CGL certificate, along with
agreement, to CSX Transportation, Inc., Speed Code J180, 500 Water Street,
Jacksonville, FL 32202. On each successive year, send certificate to Speed Code
C907 at the address listed above.

     If said CGL insurance policy(ies) do(es) not automatically cover Industry's
contractual liability during periods of survey, installation, maintenance and
continued occupation, a specific endorsement adding such coverage shall be
purchased by Industry. If said CGL policy is written on a "claims made" basis
instead of a "per occurrence" basis, Industry shall arrange for adequate time
for reporting losses. Failure to do so shall be at Industry's sole risk.

     Securing such insurance shall not limit Industry's liability under this
Agreement, but shall be security therefor.

     11.3   RESERVED

     11.4   Specifically to cover construction or demolition operations within
fifty feet (50') of any operated railroad track(s) or affecting any railroad
bridge, trestle, tunnel, track(s), roadbed, overpass or underpass, Industry
shall: (a) notify Railroad; and (b) require its contractor(s) performing such
operations to procure and maintain during the period of construction or
demolition operations, at no cost to Railroad, Railroad Protective Liability
(RPL) Insurance, naming Railroad, and/or its designee, as Named Insured, written
on the current ISO/RIMA Form (ISO Form No. CG 00 35 01 96) with limits of FIVE
MILLION AND 00/100 U.S. DOLLARS ($5,000,000.00) per occurrence for bodily injury
and property damage, with at least TEN MILLION AND 00/100 U.S. DOLLARS
($10,000,000.00) aggregate limit per annual policy period, with Pollution

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                                                                PS - FORM 1550IP
                                                          REVISED APRIL 29, 2008
                                                          AGREEMENT NO.CSX636225

Exclusion Amendment (ISO CG 28 31 11 85) if an older ISO Form CG 00 35 is used.
The original of such RPL policy shall be sent to and approved by Railroad prior
to commencement of such construction or demolition. Railroad reserves the right
to demand higher limits.

     At Railroad's option, in lieu of purchasing RPL insurance from an insurance
company (but not CGL insurance), Industry may pay Railroad, at Railroad's
current rate at time of request, the cost of adding this Agreement, or
additional construction and/or demolition activities, to Railroad's Railroad
Protective Liability (RPL) Policy for the period of actual construction. This
coverage is offered at Railroad's discretion and may not be available under all
circumstances.

12.     ASSIGNMENT:

     12.1   This Agreement may not be assigned without the written consent of
either party, but shall be assumed by their successors through merger or
acquisition. Industry may sell or assign its Segment of the Sidetrack and
right-of-way upon notice to Railroad, but such transactions shall not affect
this Agreement or carry any rights regarding any rail service described in this
Agreement.

     12.2   Notwithstanding the provisions of Sections 12.1 or 10.4, Railroad
may assign this Agreement to any new owner or operator of its connecting
mainline track.

13.      MISCELLANEOUS:

     13.1   Each provision of this Agreement is severable from the other
provisions. If any such provision is ruled to be void or unenforceable, the
remaining provisions will continue in full force and effect.

     13.2   Other documents may also describe and cover a portion of the rail
service and other provisions of this Agreement. Should any conflict arise
between such other documents and this Agreement, Railroad may designate which
provision will control.

     13.3   The section captions in this Agreement are for the convenience of
the parties and are not substantive in nature. All words contained in this
Agreement shall be construed in accordance with their customary usage in the
railroad industry.

     13.4   The failure of either party to enforce any provision of this
Agreement or to prosecute any default will not be considered as a waiver of that
provision or a bar to prosecution of that default unless so indicated in
writing.

     13.5   All notices shall be in writing, shall be sent to the address
contained in the introductory section and shall be considered as delivered: (A)
on the next business day, if sent by telex, telecopy, telegram or overnight
carrier; or (B) five (5) days after the postmark, if sent by first class mail.

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                                                                PS - FORM 1550IP
                                                          REVISED APRIL 29, 2008
                                                          AGREEMENT NO.CSX636225

     13.6   The late payment of any charge due Railroad pursuant to this
Agreement will result in the assessment of Railroad's then standard late fee and
interest charges at the rate of eighteen percent (18%) per annum, or at the
highest lawful rate, until payment in full is received.

     13.7   Industry agrees to reimburse Railroad for all reasonable costs
(including attorney's fees) incurred by Railroad for collecting any amount due
under this Agreement.

14.     ENTIRE UNDERSTANDING:

     14.1   This Agreement constitutes the entire understanding of the parties,
is to be construed under the laws of the state in which the Sidetrack is
located, may not be modified without the written consent of both parties, and
has been executed by their duly authorized officials.

Witness for Railroad:                      CSX TRANSPORTATION, INC.

___________________________                By:_____________________________

                                           Print/Type Name:_____________________

                                           Print/Type Title: ___________________

Witness for Industry:                      METHES ENERGIES CANADA, INC.

/s/ Han NG                                 By: /s/ John Loewen
-----------------------                        ------------------------
Han NG

                                           Who, by the execution hereof,
                                           affirms that he/she has the
                                           authority to do so and to bind the
                                           Industry to the terms and conditions
                                           of this Agreement.

                                           Print/Type Name:   John Loewen
                                                              ------------------

                                           Print/Type Title:  President

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                                                                PS - FORM 1550IP
                                                          REVISED APRIL 29, 2008
                                                          AGREEMENT NO.CSX636225

                                                  Tax ID No.: 85835-2636 RT 0001
                                                              ------------------

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                                 [PLAN OMITTED]

                          [PROPERTY OF METHES ENERGIES]EX-10.1

Exhibit 10.1

CONAGRA FOODS 2009 STOCK PLAN

SECTION 1

NAME AND PURPOSE

1.1  Name. The name of the plan shall be the ConAgra Foods 2009 Stock Plan (the
“Plan”).

1.2  Purpose of Plan. The purpose of the Plan is to foster and promote the long-term
financial success of the Company and increase stockholder value by (a) motivating superior
performance by means of stock incentives, (b) encouraging and providing for the acquisition of an
ownership interest in the Company by Participants and (c) enabling the Company to attract and
retain the services of a management team responsible for the long-term financial success of the
Company. If approved by Company’s stockholders, the Plan shall replace the ConAgra Foods 2006 Stock
Plan (the “2006 Plan”), and no further awards shall be made under the 2006 Plan.

SECTION 2

DEFINITIONS

2.1  Definitions. Whenever used herein, the following terms shall have the respective
meanings set forth below:

	 	(a)	 	“1990 Plan” means the ConAgra Foods 1990 Stock Plan.

	 	(b)	 	“1995 Plan” means the ConAgra Foods 1995 Stock Plan.

	 	(c)	 	“2000 Plan” means the ConAgra Foods 2000 Stock Plan.

	 	(d)	 	“2006 Plan” means the ConAgra Foods 2006 Stock Plan.

	 	(e)	 	“Act” means the Securities Exchange Act of 1934, as amended. Any reference to a
particular section of the Act shall include all successor sections and shall also be deemed
to include all related regulations, rules and interpretations.

	 	(f)	 	“Agreement” means the written agreement evidencing an Award granted to a Participant
under the Plan.

	 	(g)	 	“Award” means any Option, SAR, Restricted Stock, Restricted Stock Unit, Performance
Share or Other Stock-Based Award granted under the Plan, including Awards combining two or
more types of the foregoing awards in a single grant.

	 	(h)	 	“Board” means the Board of Directors of ConAgra Foods, Inc.

	 	(i)	 	“Change of Control” has the meaning set forth in Section 11.5.

	 	(j)	 	“Code” means the Internal Revenue Code of 1986, as amended. Any reference to a
particular Section of the Code shall include all successor Sections and shall also be
deemed to include all related regulations, rules and interpretations.

	 	(k)	 	“Committee” means the Human Resources Committee of the Board, or its successor, or such
other committee of the Board to which the Board delegates power to act under or pursuant to
the provisions of the Plan.

	 	(l)	 	“Company” means ConAgra Foods, Inc., a Delaware corporation (and any successor thereto)
and its Subsidiaries.

	 	(m)	 	“Eligible Director” means a person who is serving as a member of the Board and who is
not an Employee.

	 	(n)	 	“Employee” means any employee of the Company.

	 	(o)	 	“Executive Incentive Plan” means the ConAgra Foods Executive Incentive Plan, as in
effect from time to time.

	 	(p)	 	“Fair Market Value” means, on any date, the closing price of the Stock as reported on
the New York Stock Exchange (or on such other recognized market or quotation system on
which the trading prices of the Stock are principally traded or quoted at the relevant
time) on such date. In the event that there are no Stock transactions reported on such
exchange (or such other system) on such date, Fair Market Value means the closing price on
the immediately preceding date on which Stock transactions were so reported.

	 	(q)	 	“Incumbent Board” has the meaning set forth in Section 11.5(a).

	 	(r)	 	“Option” means the right to purchase Stock at a stated price for a specified period of
time. For purposes of the Plan, an Option may be either (i) an Incentive Stock Option
within the meaning of Code Section 422 or (ii) a Nonqualified Stock Option.

	 	(s)	 	“Other Stock-Based Award” means an award of a share of Stock or units of common stock
to a Participant that are valued in whole or in part by reference to, or are otherwise
based on the Fair Market Value of, shares of Stock, in each case subject to such terms and
conditions as the Committee may determine.

	 	(t)	 	“Participant” means any Employee, Eligible Director, or consultant (a non-employee who
performs bona fide services to the Company) designated by the Committee to participate in
the Plan.

	 	(u)	 	“Performance Share” means an award for which the grant, issuance, retention, vesting
and/or settlement is subject to the satisfaction of one or more of the performance criteria
established by the Committee or the Executive Incentive Plan, if applicable.

	 	(v)	 	“Plan” means this ConAgra Foods 2009 Stock Plan, as in effect from time to time.

	 	(w)	 	“Predecessor Plans” means collectively, the 2006 Plan, the 2000 Plan, the 1995 Plan,
and the 1990 Plan.

	 	(x)	 	“Qualified Performance-Based Award” means an Award (or a specified portion of an Award)
to a Participant that is intended to satisfy the requirements for “performance-based
compensation” under Code Section 162(m).

	 	(y)	 	“Restricted Stock” means a share of Stock granted to a Participant subject to such
restrictions as the Committee may determine.

	 	(z)	 	“Restricted Stock Unit” means the right to receive or vest with respect to one or more
            shares of Stock (or as otherwise determined by the Committee), subject to such terms and
conditions as the Committee may establish.

	 	(aa)	 	“Stock” means the Common Stock of ConAgra Foods, Inc., par value $5.00 per share.

	 	(bb)	 	“Stock Appreciation Right” or “SAR” means the right, subject to such terms and
conditions as the Committee may determine, to receive an amount in cash or Stock, as
determined by the Committee, equal to the excess of (i) the aggregate Fair Market Value, as
of the date such SAR is exercised, of the number shares of Stock covered by the SAR being
exercised over (ii) the aggregate exercise price of such SAR.

	 	(cc)	 	“Subsidiary” means any corporation, partnership, joint venture or other entity in which
ConAgra Foods, Inc. owns, directly or indirectly, 25% or more of the voting power or of the
capital interest or profits interest (within the meaning of Code Section 414(c)) of such
entity.

	 	2.2	 	Gender and Number. Except when otherwise indicated by the context, words in the
masculine gender used in the Plan shall include the feminine gender, the singular shall
include the plural, and the plural shall include the singular.

SECTION 3

ELIGIBILITY AND PARTICIPATION

The only persons eligible to participate in the Plan shall be those Participants selected by
(i) the Committee, or (ii) a designee to whom such authority has been delegated by the Committee
pursuant to Section 4.4.

SECTION 4

POWERS OF THE COMMITTEE

4.1  Committee Members. Subject to Section 4.4., the Plan shall be administered by the
Committee comprised of no fewer than two members of the Board. Each Committee member shall satisfy
the requirements for (i) an “independent director” for purposes of the Company’s Corporate
Governance Principles, (ii) an “independent director” under any rules and regulations of the stock
exchange or other recognized market or quotation system on which the Stock is principally traded or
quoted at the relevant time, (iii) a “non-employee director” for purposes of Rule 16b-3 under the
Act, and (iv) an “outside director” under Code Section 162(m). If the Committee does not exist, or
for any other reason determined by the Board, the Board may take any action under the Plan (with
such recusals as may be appropriate) that would otherwise be the responsibility of the Committee.

4.2  Power to Grant. The Committee shall determine the Participants to whom Awards
shall be granted, the type or types of Awards to be granted, the number of shares of Stock subject
to each Award, and the terms and conditions of any and all such Awards. The Committee may establish
different terms and conditions for different types of Awards, for different Participants receiving
the same type of Awards, and for the same Participant for each Award such Participant may receive,
whether or not granted at different times.

4.3  Administration. The Committee shall be responsible for the administration of the
Plan. The Committee, by majority action thereof, is authorized to prescribe, amend, and rescind
rules and regulations relating to the Plan, to provide for conditions deemed necessary or advisable
to protect the interests of the Company, and to make all other determinations necessary or
advisable for the administration and interpretation of the Plan in order to carry out its
provisions and purposes. Determinations, interpretations, or other actions made or taken by the
Committee pursuant to the provisions of the Plan shall be final, binding, and conclusive for all
purposes and upon all persons.

4.4  Delegation by Committee. To the full extent permitted by law and the rules of any
exchange on which the shares of Stock are traded, the Committee may, at any time and from time to
time, (a) delegate to one or more of its members any or all of its responsibilities and powers,
including all responsibilities and authority described under Sections 4.2 and 4.3;(b) delegate to
any individual officer of the Company the authority to designate recipients of Awards and the
number and type of Awards granted, although such officer cannot use this authority to grant awards
to executive officers, Eligible Directors or him or herself; and (c) grant authority to Employees
or designate Employees of the Company to execute documents on behalf of the Committee or to
otherwise assist the Committee in the administration and operation of the Plan. Nothing in this
Section 4.4, however, shall permit the grant of an Award to any executive officer or other Employee
who is reasonably expected to be covered by Code Section 162(m), except by two or more “outside
directors.”

4.5  International Participants. Notwithstanding any provision of the Plan to the
contrary, in order to foster and promote achievement of the purposes of the Plan or to comply with
provisions of laws in other countries in which the Company operates or has employees, the
Committee, in its sole discretion, shall have the power and authority to (i) determine which
Participants (if any) employed by the Company outside the United States are eligible to participate
in the Plan, (ii) modify the terms and conditions of any Awards made to such Participants, and
(iii) establish subplans and modified Option exercise procedures and other Award terms and
procedures to the extent such actions may be necessary or advisable. No such special terms,
supplements, amendments or restatements, however, shall include any provisions that are
inconsistent with the terms of this Plan as then in effect unless this Plan could have been amended
to eliminate such inconsistency without further approval by the stockholders of the Company.

SECTION 5

STOCK SUBJECT TO PLAN

5.1  Number. Subject to the provisions of Section 5.4, the number of shares of Stock
subject to Awards under the Plan may not exceed (i) 29,500,000 shares of Stock, plus (ii) any
shares of Stock that are authorized to be awarded under the 2006 Plan and that, as of the effective
date of this Plan, have not been issued and are not subject to outstanding awards granted under the
2006 Plan, and (iii) any shares of Stock subject to an outstanding award under the Predecessor
Plans that expires, is forfeited or becomes unexercisable for any reason, provided, the following
shares of Stock subject to an award under the Predecessor Plans may not again be made available for
issuance of Awards under the Plan: (x) shares used to pay the exercise price of an outstanding
award, (y) shares used to pay withholding taxes related to an outstanding award, or (z) shares not
issued or delivered as a result of the net settlement of an outstanding SAR. The shares to be
delivered under the Plan may consist, in whole or in part, of treasury Stock or authorized but
unissued Stock, not reserved for any other purpose.

5.2  Limitations. The maximum number of shares of Stock with respect to which Awards
may be granted to any one Participant in any fiscal year under the Plan is 15% of the aggregate
number of shares of Stock available for Awards under Section 5.1. A maximum of 50% of shares of
Stock available for issuance under the Plan may be issued as Awards other than Options or SARs.

5.3  Cancelled, Terminated, Forfeited or Surrendered Awards. Any shares of Stock
subject to an Award which for any reason is cancelled, is terminated, lapses or expires without the
issuance of any Stock shall again be available for Awards under the Plan; provided, the following
shares of Stock may not again be made available for issuance as Awards under the Plan: (i) shares
used to pay the exercise price of an outstanding Award, (ii) shares used to pay withholding taxes
related to an outstanding Award, or (iii) shares not issued or delivered as a result of the net
settlement of an outstanding SAR.

5.4  Adjustment in Capitalization. If any change in corporate capitalization, such as
a stock split, reverse stock split, or stock dividend; or any corporate transaction such as a
reorganization, reclassification, merger, consolidation, combination or separation, including a
spin-off, of the Company or sale or other disposition by the Company of all or a portion of its
assets, any other change in the Company’s corporate structure, or any distribution to stockholders
(other than a cash dividend that is not an extraordinary cash dividend) results in the outstanding
shares of Stock, or any securities exchanged therefor or received in their place, being exchanged
for a different number or class of shares or other securities of ConAgra Foods, Inc., or for shares
of stock or other securities of any other corporation (or new, different or additional shares or
other securities of ConAgra Foods, Inc. or of any other corporation being received by the holders
of outstanding shares of Stock), or a material change in the market value of the outstanding shares
of Stock as a result of the change, transaction or distribution, then equitable adjustments shall
be made by the Committee, as it determines are necessary and appropriate, in: (a) the aggregate
number and type of shares of Stock (or other property) available for the grant of Awards under
Section 5.1, (b) the maximum number of shares of Stock (or other property) that can be granted to
any individual in any fiscal year under Section 5.2, (c) the number and type of shares (or other
property) and exercise price with respect to outstanding Options and SARs, and (d) the number,
prices and dollar value of other outstanding Awards. However, in no event shall this Section 5.4 be
construed to permit a modification (including a replacement) of an Option or SAR if such
modification either: (i) would result in accelerated recognition of income or imposition of
additional tax under Code Section 409A; or (ii) would cause the Option or SAR subject to the
modification (or cause a replacement Option or SAR) to be subject to Code Section 409A, provided
that the restriction of this clause (ii) shall not apply to any Option or SAR that, at the time it
is granted or otherwise, is designated as being deferred compensation subject to Code Section 409A.
Any adjustment by the Committee shall be conclusive and binding for all purposes of the Plan.

5.5  Dividend Equivalent Rights. No dividends or dividend equivalents shall be paid on
Options or SARs. The Committee may at the time of the grant of a Restricted Stock, Restricted Stock
Unit, Performance Share, or Other Stock-Based Award provide that any dividends declared on common
stock or dividend equivalents be (i) paid to the Participant, (ii) accumulated for the benefit of
the Participant and paid to the Participant only after the expiration of any restrictions, or
(iii) not paid or accumulated.

5.6  Assumed Awards. In the event the Company assumes outstanding equity awards or the
right or obligation to make such awards in connection with the acquisition of or merger with
another corporation or business entity, the Committee shall make such adjustments in the terms of
such assumed or substituted awards under the Plan, including the number of shares subject to such
award and the exercise price, as it shall deem equitable and appropriate to prevent dilution or
enlargement of benefits intended to be made available under the Plan. Such assumed or substituted
awards will generally not count against the aggregate number of shares available for issuance of
Awards under the Plan, provided in each case that the requirements for the exemption for mergers
and acquisitions under rules and regulations of the stock exchange or other recognized market or
quotation system on which the Stock is principally traded or quoted at the relevant time.

SECTION 6

STOCK OPTIONS

6.1  Grant of Options. Options may be granted to Participants at such time or times as
shall be determined by the Committee. Options granted under the Plan may be of two types:
(i) Incentive Stock Options and (ii) Nonqualified Stock Options. Each Option shall be evidenced by
an Option Agreement that shall specify the type of Option granted, the exercise price, the duration
of the Option, the number of shares of Stock to which the Option pertains, the exercisability (if
any) of the Option in the event of death, retirement, disability or termination of employment, and
such other terms and conditions not inconsistent with the Plan as the Committee shall determine.
Only Participants who are Employees shall be eligible to receive Incentive Stock Options. Options
may also be granted in replacement of or upon assumption of options previously issued by companies
or entities acquired by the Company by merger or stock purchase, and any assumed or replacement
options may have the same terms as the options so replaced or assumed, provided that the number of
shares and exercise price shall be adjusted as provided in Section 5.6.

6.2  Option Price. Subject to adjustments to an exercise price permitted pursuant to
Section 5.4, Nonqualified Stock Options and Incentive Stock Options granted pursuant to the Plan
shall have an exercise price which is not less than the Fair Market Value on the date the Option is
granted, unless the Option was granted in replacement of or upon assumption of options previously
issued by companies or entities acquired by the Company by merger or stock purchase.

6.3  Exercise of Options. Options awarded to a Participant under the Plan shall be
exercisable at such times and shall be subject to such restrictions and conditions as the Committee
may impose, subject to the Committee’s right to accelerate the exercisability of such Option in its
discretion. Notwithstanding the foregoing, no Option shall be exercisable for more than ten years
after the date on which it is granted.

6.4  Payment. The Committee shall establish procedures governing the exercise of
Options, which shall require that notice of exercise be given and that the Option price be paid in
full in cash or cash equivalents, including by personal check, at the time of exercise or pursuant
to any arrangement that the Committee shall approve. The Committee may, in its discretion, permit a
Participant to make payment (i) by tendering, by either actual delivery of shares or by
attestation, shares of Stock already owned by the Participant valued at its Fair Market Value on
the date of exercise or (ii) by electing to have the Company retain Stock which would otherwise be
issued on exercise of the Option, valued at its Fair Market Value on the date of exercise. The
Committee may permit a Participant to elect to pay the exercise price upon the exercise of an
Option by irrevocably authorizing a third party to sell shares of Stock (or a sufficient portion of
the shares) acquired upon the exercise of the Option and remit to the Company a sufficient portion
of the sale proceeds to pay the entire exercise price and any withholding taxes resulting from such
exercise. The Committee may approve other methods of payment. As soon as practicable after receipt
of a notice of exercise and full payment of the exercise price, the Company shall deliver to the
Participant, either by electronic means or by stock certificate or certificates, the acquired
shares of Stock.

6.5  Incentive Stock Options. Notwithstanding anything in the Plan to the contrary,
except with respect to the Committee’s discretion to terminate or adjust awards under Section 11.5,
no term of this Plan relating to Incentive Stock Options shall be interpreted, amended or altered,
nor shall any discretion or authority granted under the Plan be so exercised, so as to disqualify
the Plan under Code Section 422, or, without the consent of any Participant affected thereby, to
cause any Incentive Stock Option previously granted to fail to qualify for the Federal income tax
treatment afforded under Code Section 421.

6.6  No Repricing. Other than in connection with a change in capitalization (as
described in Section 5.4 of the Plan) or an adjustment of assumed or substituted awards (as
described in Section 5.6 of the Plan), the exercise price of an Option may not be reduced without
stockholder approval.

6.7  No Reload Grants. Options shall not be granted under the Plan in consideration
for the delivery of Stock to the Company in payment of the exercise price and/or tax withholding
obligation under any other Option or SAR.

SECTION 7

DIRECTOR AWARDS

7.1  Director Awards. Any Award or formula for granting an Award under the Plan made
to Eligible Directors shall be approved by the Board. With respect to Awards to such directors, all
rights, powers and authorities vested in the Committee under the Plan shall instead be exercised by
the Board. The maximum number of shares of Stock with respect to which Awards may be granted to
Eligible Directors under the Plan in any fiscal year is 5% of the aggregate number of shares of
Stock available for Awards under Section 5.1.

SECTION 8

STOCK APPRECIATION RIGHTS

8.1  SARs In Tandem with Options. SARs may be granted to Participants in tandem with
any Option granted under the Plan, either at or after the time of the grant of such Option, subject
to such terms and conditions, not inconsistent with the provisions of the Plan, as the Committee
shall determine. Each SAR granted in tandem with an Option shall only be exercisable to the extent
that the corresponding Option is exercisable, and shall terminate upon termination or exercise of
the corresponding Option. Upon the exercise of any SAR granted in tandem with an Option, the
corresponding Option shall terminate.

8.2  Other SARs. SARs may also be granted to Participants separately from any Option,
subject to such terms and conditions, not inconsistent with the provisions of the Plan, as the
Committee shall determine.

8.3  SAR Price. Subject to adjustments to an exercise price permitted pursuant to
Section 5.4, SARs granted pursuant to the Plan shall have an exercise price which is not less than
the Fair Market Value on the date the SAR is granted, unless the SAR was granted in replacement of
or upon assumption of stock appreciation rights previously issued by companies or entities acquired
by the Company by merger or stock purchase.

8.4  Exercise of SARs. SARs awarded to a Participant under the Plan shall be
exercisable at such times and shall be subject to such restrictions and conditions as the Committee
may impose, subject to the Committee’s right to accelerate the exercisability of such SAR in its
discretion. Notwithstanding the foregoing, no SAR shall be exercisable for more than ten years
after the date on which it is granted.

8.5  Payment. The Committee shall establish procedures governing the exercise of SARs,
which shall require that notice of exercise be given and that the Participant satisfy any tax
withholding requirements resulting from such exercise as provided in Section 11.4. As soon as
practicable after receipt of a notice of exercise and full payment of any withholding taxes, the
Company shall deliver to the Participant either by electronic means or by stock certificate or
certificates the acquired shares of Stock.

8.6  No Repricing. Other than in connection with a change in capitalization (as
described in Section 5.4 of the Plan) or an adjustment of assumed or substituted awards (as
described in Section 5.6 of the Plan), the exercise price of a SAR may not be reduced without
stockholder approval.

8.7  No Reload Grants. SARs shall not be granted under the Plan in consideration for
the delivery of Stock to the Company in payment of the exercise price and/or tax withholding
obligation under any other SAR or Option.

SECTION 9

RESTRICTED STOCK; OTHER STOCK-BASED AWARDS; CERTAIN LIMITATIONS ON AWARDS

9.1  General. Restricted Stock, Restricted Stock Units, Other Stock-Based Awards, and
Performance Shares may be granted to Participants at such times and in such amounts, and subject to
such other terms and conditions not inconsistent with the Plan as shall be determined by the
Committee.

9.2  Grant of Restricted Stock. Each grant of Restricted Stock shall be subject to
such restrictions, which may relate to continued employment with the Company, performance of the
Company, or other restrictions, as the Committee may determine. The Committee may accelerate or
waive restrictions associated with an Award of Restricted Stock in whole or in part at any time in
its discretion.

9.3  Other Stock-Based Awards, General. Other Stock-Based Awards shall be in such
form, and dependent on such conditions, as the Committee shall determine, including, without
limitation, the right to receive or vest with respect to, one or more shares of Stock (or the
equivalent cash value of such Stock) upon the completion of a specified period of service, the
occurrence of an event, and/or the attainment of performance objectives. Such Other Stock-Based
Awards may include Restricted Stock Units, Performance Shares, and stock Awards permitted under
Sections 7.1 and 9.5.

	 	(a)	 	Restricted Stock Unit. Settlement of a Restricted Stock Unit upon expiration of
the deferral or vesting period shall be made in Stock or otherwise as determined by the
Committee.

	 	(b)	 	Performance Shares Generally. Each grant of Performance Shares shall be subject
to the satisfaction of one or more of the performance criteria established by the Committee
with respect to the performance period established by the Committee. After the applicable
performance period has ended, the Committee shall determine if all or any portion of the
Performance Share Award is earned by a Participant. The earned portion of a Performance
Share Award may be paid out in shares of Stock or cash, as the Committee may determine.

9.4  Awards Subject to Code Section 162(m). The special rules of this Section 9.4
shall apply with respect to Qualified Performance-Based Awards. The performance goals selected by
the Committee for any such Award shall be based on one or more of the performance goals described
below in this Section 9.4.

	 	(a)	 	The specific performance goal and measure for each such Award shall be established in
writing by the Committee within ninety days after the commencement of the performance
period (or within such other time period as may be required by Code Section 162(m)) to
which the performance goal relates. Shares of Stock subject to such Awards shall be payable
following the completion of each performance period (unless deferred consistent with Code
Section 409A), and only after certification in writing by the Committee that the specified
performance goals established under the Plan were achieved. Unless the Committee specifies
otherwise in the terms of such an Award, payment shall be made on or before the later of
(i) the fifteenth day of the third month that begins after the month containing the end of
the applicable fiscal year (with the applicable fiscal year being the fiscal year
containing the end of the performance period for which performance is certified), or
(ii) the fifteenth day of the third month that begins after the end of the Participant’s
tax year that contains the end of the performance period for which performance is
certified. Such Awards may be paid in cash or shares of Stock, as determined by the
Committee. In determining whether any performance goal was attained and whether any
performance goal should be adjusted during a performance period, the rules in the Executive
Incentive Plan and any specific adjustment criteria adopted by the Committee at the time of
grant of such Award shall apply.

	 	(b)	 	The performance goals for such Awards will be selected from the following criteria:
cash flow, free cash flow, operating cash flow, earnings, market share, economic value
added, achievement of annual operating budget, profits, profit contribution margins,
profits before taxes, profits after taxes, operating profit, return on assets, return on
investment, return on equity, return on invested capital, gross sales, net sales, sales
volume, stock price, total stockholder return, dividend ratio, price-to-earnings ratio,
expense targets, operating efficiency, customer satisfaction metrics, working capital
targets, the achievement of certain target levels of innovation and/or development of
products, goals related to acquisitions or divestitures, formation or dissolution of joint
ventures, corporate bond rating by credit agencies, debt to equity or leverage ratios, or
financial performance goals determined by the Committee that are sufficiently similar to
the foregoing as to be permissible under Code Section 162(m).

	 	(c)	 	If more than one individual performance objective is specified by the Committee in
defining a performance measure, the Committee shall also specify, in writing, whether one,
all or some other number of such objectives must be attained in order for the performance
measure to be met. With respect to any award that is not intended to be a Qualified
Performance-Based Award, the Committee may use performance measures that are different than
those set forth in subsection (b) above.

	 	(d)	 	Each performance measure may be based upon growth, may be expressed on an absolute
and/or relative basis, may be based on or otherwise employ comparisons based on internal
targets, the past performance of ConAgra Foods and/or the past or current performance of
other companies, and in the case of earnings-based measures, may use or employ comparisons
relating to capital, stockholders’ equity and/or shares outstanding, investments or assets
or net assets.

9.5  Certain Limitations on Awards. A maximum of 5% of the aggregate number of shares
of Stock available for issuance under the Plan may be issued as stock Awards, Restricted Stock,
Restricted Stock Units or Performance Shares having no minimum vesting period and no required
attainment of performance criteria; subject to the foregoing, and except as specified by the
Committee in an Award with respect to the occurrence of a Change of Control, death, disability or
termination of employment, no Award (other than an Option or SAR) based on performance criteria
shall be based on a performance period of less than one year, and no Award (other than an Option or
SAR) that is conditioned on continued employment or the passage of time shall provide for vesting
in less than three years from the grant date of the award, provided, however, that partial vesting
pursuant to an Agreement may occur during each year of this 3-year period. The limitations of this
Section 9.5 shall not apply to Awards that are assumed or issued in substitution for other awards
pursuant to a merger, acquisition or other corporate transaction.

SECTION 10

AMENDMENT, MODIFICATION, AND TERMINATION OF PLAN

10.1.  General. The Board may from time to time amend, modify or terminate any or all
of the provisions of the Plan, subject to the provisions of this Section 10.1. No amendment or
termination shall be adopted or effective if it would result in accelerated recognition of income
or imposition of additional tax under Code Section 409A or, except as otherwise provided in the
amendment, would cause amounts that were not otherwise subject to Code Section 409A to become
subject to Section 409A. Furthermore, the Board may not make any amendment which would
(i) materially modify the requirements for participation in the Plan, (ii) increase the number of
shares of Stock subject to Awards under the Plan pursuant to Section 5.1, (iii) change the minimum
exercise price for stock options as provided in Section 6.2, or (iv) extend the term of the Plan,
in each case without the approval of a majority of the outstanding shares of Stock entitled to vote
thereon. Except as specifically provided in the Plan or except to the minimum extent necessary to
comply with applicable law, no amendment or modification of the Plan shall affect the rights of any
Participant with respect to a previously granted Award, without the written consent of the
Participant.

10.2.  Amendment of Agreement. The Committee may, at any time, amend outstanding
Agreements in a manner not inconsistent with the terms of the Plan; provided, however, except as
provided in Section 11.5 or except to the minimum extent necessary to comply with applicable law,
if such amendment is adverse to the Participant, as determined by the Committee, the amendment
shall not be effective unless and until the Participant consents, in writing, to such amendment. To
the extent not inconsistent with the terms of the Plan, the Committee may, at any time, amend an
outstanding Agreement in a manner that is not unfavorable to the Participant without the consent of
such Participant. Except for adjustments as provided in Sections 5.4 and 11.5 or in connection with
the assumption or substitution of an award in a manner satisfying the provisions of Code
Section 424(a), the Option exercise price of each Option and the exercise price of each SAR may not
be changed or reduced after the date of grant nor may any outstanding Option or SAR granted under
the Plan be surrendered to the Company as consideration for the grant of a new Option or SAR with a
lower exercise price without approval of the Company’s stockholders. In addition, Options or SARs
under this Plan will not be cancelled in exchange for cash, other Awards or Options or SARS or
payment when the exercise price of an Option or SAR is greater than the then current Fair Market
Value of the Stock without stockholder approval.

10.3.  Termination of Award for Misconduct. All Awards shall be subject to the
Committee’s right to cancel such Awards and/or to impose forfeitures to the extent required under
Section 304 of the Sarbanes-Oxley Act of 2002. If the Committee determines that a present or former
Employee has (i) used for profit or disclosed to unauthorized persons, confidential or trade
secrets of the Company; (ii) breached any contract with or violated any fiduciary obligation to the
Company; or (iii) engaged in any conduct which the Committee determines is injurious to the
Company, the Committee may cause that Employee to forfeit his or her outstanding Awards under the
Plan.

10.4.  Termination of Plan. No Award shall be granted under the Plan subsequent to
September 25, 2019, or such earlier date as may be determined by the Board. No termination of the
Plan shall adversely affect any Award previously granted.

SECTION 11

MISCELLANEOUS PROVISIONS

11.1.  Nontransferability of Awards. Except as otherwise provided by the Committee, no
Awards granted under the Plan may be sold, transferred, pledged, assigned, or otherwise alienated
or hypothecated, other than by will or by the laws of descent and distribution.

11.2.  Beneficiary Designation. Each Participant under the Plan may from time to time
name any beneficiary or beneficiaries (who may be named contingent or successively) to whom any
benefit under the Plan is to be paid or by whom any right under the Plan is to be exercised in case
of his or her death. Each designation will revoke all prior designations by the same Participant
and will be effective only when filed in writing with the Company during the Participant’s
lifetime. In the absence of any such designation, Awards outstanding at death may be exercised by
the Participant’s surviving spouse, if any, or otherwise by the Participant’s estate.

11.3.  No Guarantee of Employment or Participation. Nothing in the Plan shall
interfere with or limit in any way the right of the Company to terminate any Participant’s
employment at any time, nor confer upon any Participant any right to continue in the employ of the
Company. No individual shall have a right to be selected as a Participant, or, having been so
selected, to receive any future Awards.

11.4.  Tax Withholding. The Company shall have the power to withhold, or require a
Participant to remit to the Company, an amount sufficient to satisfy all withholding tax
requirements on any Award under the Plan, and the Company may defer issuance of Stock until such
requirements are satisfied. Unless not permitted by the Committee at the time of the grant of an
Award, a Participant may elect, subject to such conditions as the Committee shall impose, including
conditions and restrictions intended to comply with securities laws and any Company policies
regarding trading in securities, to satisfy any tax withholding requirements (i) by having shares
of Stock otherwise issuable under the Plan withheld by the Company or by delivering to the Company
previously acquired shares of Stock, in each case having a Fair Market Value sufficient to satisfy
all or part of the Participant’s statutory minimum applicable withholding tax obligation associated
with the transaction, or (ii) by remitting cash or check. Unless not permitted by the Committee at
the time of grant of an Award and subject to any rules established by the Company, the Participant
shall be able to satisfy additional tax withholding above the statutory minimum applicable
withholding amounts by delivering to the Company previously acquired shares of Stock held by the
Participant for at least six months, with a Fair Market Value equal to the additional withholding
amounts, provided, however, the Participant shall not be entitled to deliver such additional shares
if it would cause adverse accounting consequences for the Company.

11.5.  Change of Control. Unless expressly provided otherwise in an Agreement, on the
date of a Change of Control, all outstanding Options and SARs shall become immediately exercisable
and all restrictions with respect to Restricted Stock and Other Stock-Based Awards shall lapse.
“Change of Control” means:

	 	(a)	 	Individuals who constitute the Board (the “Incumbent Board”) cease for any reason to
constitute at least a majority of the Board, provided that any person becoming a director
subsequent to the date hereof whose election, or nomination for the election by the
Company’s stockholders, was approved by a vote of at least a majority of the directors then
comprising the Incumbent Board shall be, for purposes of this Plan, considered as though
such person were a member of the Incumbent Board;

	 	(b)	 	Consummation of a reorganization, merger or consolidation, in each case, with respect
to which persons who were the stockholders of ConAgra Foods, Inc. immediately prior to such
reorganization, merger or consolidation do not, immediately thereafter, own more than 50%
of the combined voting power entitled to vote generally in the election of directors of the
reorganized, merged or consolidated company’s then outstanding voting securities;

	 	(c)	 	A liquidation or dissolution of ConAgra Foods, Inc.; or

	 	(d)	 	The sale of all or substantially all of the assets of ConAgra Foods, Inc.

The Committee, in its discretion, may terminate outstanding Options and SARs upon a Change in
Control, provided that at least 30 days prior to the Change in Control (or such other reasonable
period determined by the Committee if it is not feasible to provide 30 days notice), the Committee
notifies the Participant that the Option and/or SAR will be terminated and, upon the consummation
of the Change in Control, provides the Participant, at the election of the Committee, a payment of
cash, property or a combination thereof that is determined by the Committee in its sole discretion
and that is at least equal to the excess (if any) of the value of the consideration that would be
received in such Change in Control by the stockholders of ConAgra Foods, Inc. relating to such
Awards, over the exercise or purchase price (if any) for such Awards. Any Options or SARs with an
exercise price greater than the Fair Market Value of a share of Stock at the time of the Change in
Control may be cancelled without payment.

11.6.  Special Rule Related to Securities Trading Policy. The Company has established
a securities trading policy (the “Policy”) relative to disclosure and trading on inside information
as described in the Policy. Under the Policy, certain Employees and Eligible Directors are
prohibited from trading Stock or other securities of the Company except during certain “window
periods” as described in the Policy. If, under the terms of the Agreement, the last day on which an
Option or SAR can be exercised falls on a date that is not, in the opinion of counsel to the
Company, within a window period permitted by the Policy, the applicable exercise period shall
automatically be extended by this Section 11.6 until the second business day of, in the opinion of
counsel to the Company, a window period under the Policy, but in no event beyond the expiration
date of the Options or SARs. The Committee shall interpret and apply the extension automatically
provided by the preceding sentence to ensure when possible without extending the exercise period
beyond the expiration date that in no event shall the term of any Option or SAR expire except
during a window period.

11.7.  Agreements with Company. An Award under the Plan shall be subject to such terms
and conditions, not inconsistent with the Plan, as the Committee may, in its sole discretion,
prescribe. Each grant of an Award to a Participant shall be evidenced by a written Agreement in
such form as is determined by the Committee (or its designee pursuant to Section 4.4) setting forth
the terms and conditions of such Award.

11.8.  Company Intent. The Company intends that the Plan comply in all respects with
Rule 16b-3 under the Act, and any ambiguities or inconsistencies in the construction of the Plan
shall be interpreted to give effect to such intention. With respect to Participants covered by the
Company’s Executive Incentive Plan and to the extent (a) necessary for compliance with Code
Section 162(m) for the tax deductibility of an Award that is intended to be exempt from Code
Section 162(m), and (b) not inconsistent with the terms of this Plan, the provisions of the
Company’s Executive Incentive Plan shall apply to Awards under this Plan.

11.9.  Unfunded Plan. The plan shall be unfunded. Bookkeeping accounts may be
established with respect to Participants who are granted Awards under the Plan, but any such
accounts will be used merely as a bookkeeping convenience. The Company shall not be required to
segregate any assets which may at any time be represented by Awards.

11.10.  Code Section 409A. Unless the Committee expressly determines otherwise, Awards
are intended to be exempt from Code Section 409A as stock rights or short-term deferrals and,
accordingly, the terms of any Awards shall be construed and administered to preserve such exemption
(including with respect to the time of payment following a lapse of restrictions in accordance with
Section 11.5). To the extent that Section 409A applies to a particular Award granted under the Plan
(notwithstanding the preceding sentence), then the terms of the Award shall be construed and
administered to permit the Award to comply with Section 409A, including, if necessary, by delaying
the payment of any Award payable upon separation from service to a Participant who is a “specified
employee” (as defined in Code Section 409A and determined consistently for all ConAgra Foods
arrangements that are subject to Code Section 409A), for a period of six months and one day after
such Participant’s separation from service (as defined in Code Section 409A, but treating the
Company as constituting a single service recipient unless the Committee timely provides otherwise).
In the event anyone is subject to income inclusion, additional interest or taxes, or any other
adverse consequences under Code Section 409A (“Non-compliance”), then neither the Company, the
Committee, the Board nor its or their employees, designees, agents or contractors shall be liable
to any Participant or other persons in connection with any Non-compliance, except to the extent the
Non-compliance was the direct result of any Company action or failure to act that was undertaken in
bad faith.

11.11.  Requirements of Law. The granting of Awards and the issuance of shares of
Stock shall be subject to all applicable laws, rules, and regulations, and to such approvals by any
governmental agencies or securities exchanges as may be required. Each Award is subject to the
requirement that, if at any time the Committee determines, in its discretion, that the listing,
registration or qualification of shares of Stock issuable pursuant to the Plan is required by any
securities exchange or under any state or federal law, or the consent or approval of any
governmental regulatory body is necessary or desirable as a condition of, or in connection with,
the grant of an Award or the issuance of Stock, no Awards shall be granted or payment made or
shares of Stock issued, in whole or in part, unless such listing, registration, qualification,
consent or approval has been effected or obtained free of any conditions as acceptable to the
Committee.

11.12.  Effective Date. The Plan was adopted by the Board of Directors on July 16,
2009 and shall be effective upon its approval by the Company’s stockholders at the 2009 annual
stockholders’ meeting.

11.13.  2006 Plan. Upon stockholder approval of the Plan pursuant to Section 11.12, no
new awards will be granted under the 2006 Plan.

11.14.  Governing Law. The Plan, and all Agreements hereunder, shall be construed in
accordance with and governed by the laws of the State of Delaware.

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