Document:

Amended & Restated Non-Qualified CRISP Plan

 Exhibit 10.1 
 CONAGRA FOODS, INC. 
 AMENDED AND RESTATED 
 NONQUALIFIED CRISP PLAN 
 (January
1, 2009 Restatement) 
 1. Purpose. The Company has previously adopted the ConAgra Retirement Income Savings Plan (“Qualified
CRISP”). The Qualified CRISP is qualified under Code § 401(a). Regardless of a qualified plan’s benefit formula, the Code imposes restrictions upon the benefits that may be provided under plans qualified under Code
§ 401(a), such as limitations under Code §§ 401(a)(17), 401(k), 402(g) and 415 (“Code Restrictions”). These Code Restrictions limit the amount of retirement benefits that may be provided to certain Company
executives under the Qualified CRISP. This Plan is created for the sole purpose of making up, and is intended to make up the employer-provided benefits not available under the Qualified CRISP benefit formula because of the Code Restrictions.

 This plan is intended to be an unfunded and unsecured plan primarily for the purpose of providing deferred compensation for a select group of management
or highly compensated employees. The plan is further intended to be construed and administered in conformance with the applicable requirements of ERISA, and the requirements to avoid a violation of Code § 409A or the guidance issued by the
Department of the Treasury and Internal Revenue Service with respect to Code § 409A. This plan document shall be administered and construed in a manner consistent with said intent and according to the laws of the State of Nebraska to the extent
that such laws are not preempted by the laws of the United States of America. 
 2. Definitions. The following definitions shall apply to the
Plan: 
  

	 	2.1	“Account” means the bookkeeping account and any subaccounts to which amounts pursuant to Section 4, and earnings and losses thereon, are credited.

  

	 	2.2	“Board” means the Company’s Board of Directors. 

  

	 	2.3	“Change of Control Event”. A “Change of Control” shall occur upon any of the following dates: 

  

	 	(a)	The date individuals who constitute the Board (the “Incumbent Board”) cease for any reason during any 12 month period to constitute at least fifty percent (50%) of
the members of the Board, provided that any person becoming a director subsequent to the date hereof whose election, or nomination for election by the Company’s shareholders, 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; or 

  

	 	(b)	 The date of consummation of a reorganization, merger or consolidation, in each case, with respect to which persons who were the stockholders of the 

  

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Company immediately prior to such reorganization, merger or consolidation do not, immediately thereafter, own 50% or more of the combined voting power of the
reorganized, merged or consolidated company’s then outstanding voting securities. 

  

	 	(c)	The date that any one person, or more than one person acting as a group who is not related to the Company within the meaning of Treasury Regulation
Section 1.409A-3(i)((vii)(B), acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) assets from the Company that have a total gross fair market value equal to or more
than 80 percent of the total gross fair market value of all of the assets of the Company immediately before such acquisition or acquisitions. For this purpose, gross fair market value means the value of the assets of the Company, or the value of the
assets being disposed of, determined without regard to any liabilities associated with such assets. 

 For purposes of this Section, “more
than one person acting as a group” is determined under Treasury regulation Section 1.409A-3(i)(5)(v)(B). If a person owns stock in both entities that enter into a merger, consolidation, purchase or acquisition of stock, such shareholder is
considered to be acting as a group with other shareholders in a corporation only with respect to the ownership in that corporation before the transaction giving rise to the change and not with respect to the ownership interest in the other
corporation. In no event shall a change of control occur under circumstances that would not constitute a “change in the ownership of a corporation,” a “change in effective control of a corporation,” or a “change in the
ownership of a substantial portion of a corporation’s assets,” as those terms are defined in regulations and other applicable guidance issued under section 409A of the Code. 
  

	 	2.4	“Code” means the Internal Revenue Code of 1986, as amended. 

  

	 	2.5	“Committee” means the Company’s Employee Benefits Administrative Committee. 

  

	 	2.6	“Company” or “ConAgra” means ConAgra Foods, Inc., a Delaware corporation, or any successor corporation or other entity resulting from a merger or
consolidation into or with the Company or a transfer or sale of substantially all of the assets of the Company. 

  

	 	2.7	“Disability” means any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous
period of not less than twelve (12) months, which entitles a Participant to receive income replacement benefits for a period of not less than three (3) months under the Company’s long-term disability plan. 

  

	 	2.8	“Employee” shall have the same meaning as set forth in the Qualified CRISP. 

  

	 	2.9	“ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 

  

	 	2.10	“HR Committee” means the HR Committee of the Board. 

  

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	 	2.11	“Participant” means an Employee who has satisfied the eligibility requirements set forth in Section 3 of the Plan and who has not received all of his benefits
under the Plan. 

  

	 	2.12	“Participant’s Account” means an account established pursuant to Section 6 of the Plan. 

  

	 	2.13	“Plan” means the ConAgra Foods, Inc. Nonqualified CRISP Plan, set forth herein, as it may be amended from time to time. 

  

	 	2.14	“Plan Year” means the calendar year. 

  

	 	2.15	“Related Company” means: (i) any corporation that is a member of a controlled group of corporations (as defined in Code Section 414(b)) that includes the
Company; and (ii) any trade or business (whether or not incorporated) that is under common control (as defined in Code Section 414(c)) with the Company. For purposes of applying Code §§ 414(b) and (c), 25% is substituted for the
80% ownership level. 

  

	 	2.16	“Separation from Service” means the date that the Participant separates from service within the meaning of Code Section 409A. Generally, a Participant
separates from service if the Participant dies, retires, or otherwise has a termination of employment with the Company, determined in accordance with the following: 

  

	 	(a)	Leaves of Absence. The employment relationship is treated as continuing intact while the Participant is on military leave, sick leave, or other bona fide leave of absence if
the period of such leave does not exceed six (6) months, or, if longer, so long as the Participant retains a right to reemployment with the Company under an applicable statute or by contract. A leave of absence constitutes a bona fide leave of
absence only if there is a reasonable expectation that the Participant will return to perform services for the Company. If the period of leave exceeds six (6) months and the Participant does not retain a right to reemployment under an
applicable statute or by contract, the employment relationship is deemed to terminate on the first date immediately following such six (6)-month period. Notwithstanding the foregoing, where a leave of absence is due to any medically determinable
physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than six (6) months, where such impairment causes the Participant to be unable to perform the duties of his or
her position of employment or any substantially similar position of employment, a twenty-nine (29)-month period of absence shall be substituted for such six (6)-month period. 

  

	 	(b)	 Dual Status. Generally, if a Participant performs services both as an employee and an independent contractor, such Participant must separate from service
both as an employee, and as an independent contractor pursuant to standards set forth in Treasury Regulations, to be treated as having a separation from service. However, if a Participant provides services to the Company as an employee and as a
member of the Board, and if any plan in which such person participates as a Board member is 

  

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not aggregated with this Plan pursuant to Treasury Regulation section 1.409A-1(c)(2)(ii), then the services provided as a director are not taken into account
in determining whether the Participant has a separation from service as an employee for purposes of this Plan. 

  

	 	(c)	Termination of Employment. Whether a termination of employment has occurred is determined based on whether the facts and circumstances indicate that the Company and the
Participant reasonably anticipated that no further services would be performed after a certain date or that the level of bona fide services the Participant would perform after such date (whether as an employee or as an independent contractor, except
as provided in section 2.16(b)) would permanently decrease to no more than twenty (20) percent of the average level of bona fide services performed (whether as an employee or an independent contractor, except as provided in section 2.16(b))
over the immediately preceding thirty-six (36)-month period (or the full period of services to the Company if the Participant has been providing services to the Company less than thirty-six (36) months). For periods during which a Participant
is on a paid bona fide leave of absence and has not otherwise terminated employment as described above, for purposes of this paragraph (c) the Participant is treated as providing bona fide services at a level equal to the level of services that
the Participant would have been required to perform to receive the compensation paid with respect to such leave of absence. Periods during which a Participant is on an unpaid bona fide leave of absence and has not otherwise terminated employment are
disregarded for purposes of this paragraph (c) (including for purposes of determining the applicable thirty-six (36)-month (or shorter) period). 

  

	 	(d)	Service with Related Companies. For purposes of determining whether a separation from service has occurred under the above provisions, the “Company” shall include
the Company and all Related Companies. 

  

	 	2.17	A “Specified Employee” is a key employee, as defined under Code Section 416(i), without regard to paragraph (5) thereof (and any successor or comparable
Code sections). 

  

	 	2.18	“Valuation Date” means the last business day of each Plan Year, and such other dates as the Committee, in its discretion, designates as Valuation Dates.

 3. Eligibility and Participation. Each Employee who meets the following requirements shall participate in the Plan:

  

	 	(a)	The Employee’s benefits under the Qualified CRISP are limited by the Code Restrictions; 

  

	 	(b)	The Employee is among a select group of management or highly compensated Employees; and 

  

	 	(c)	The HR Committee has selected the Employee to participate in the Plan. 

 The Employee shall become a Participant in the Plan as of the first day the Employee has met each of the above three (3) requirements, or such other subsequent date as selected by the HR Committee. Each Participant shall continue to
participate in the Plan until all the benefits payable to the Participant under the Plan have been paid. 
  

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 4. Credits. The Company shall credit to each Participant’s Account on the last day of each Plan Year
an amount equal to the excess of (a) over (b), where: 
  

	 	(a)	equals three percent (3%) of the Participant’s “compensation” for the Plan Year. For this purpose, “compensation” shall have the meaning ascribed to
such term in the Qualified CRISP (ignoring the Code Restrictions on compensation), and 

  

	 	(b)	equals the employer matching contribution that would have been made to the Qualified CRISP for the Participant if the Participant had made the maximum employee contribution allowed
under the Qualified CRISP. 

 Notwithstanding anything to the contrary, a Participant shall be eligible for credits under this Section 4
for any Plan Year only if he meets all of the requirements described in Section 3 throughout the entire Plan Year, unless the HR Committee provides otherwise. 
 5. Participants’ Accounts. A separate account shall be established for each Participant in the Plan (“Participant’s Account”). Each Participant’s Account shall be credited with earnings and losses
based on investment in phantom shares of Company common stock (“ConAgra Stock”) in which the Participant’s Account is deemed to be invested. Each Participant’s Account shall be valued as of each Valuation Date. A
Participant’s Account shall not be forfeitable for any reason. 
 6. Time and Form of Payment. 
  

	 	(a)	Time of Payment. This Section 6(a) shall apply, except to the extent Section 7(d), or another subsection of this Section 6 is applicable. The date on which
payment of a Participant’s Account shall be made or commence is the January that next follows the Participant’s Separation from Service, unless a different date is elected pursuant to Section 7. 

 The Committee shall determine the payment date within the parameters required by this Plan. A payment that is made after the earliest date payment could
have been made, but by the later of the last day of the Participant’s taxable year that includes the earliest date payment could have been made, or by the fifteenth day of the third calendar month following the earliest date payment could have
been made, shall be treated as having been made on the earliest date payment could have been made. 
  

	 	(b)	 Form of Payment. This Section 6(b) shall apply, except to the extent another subsection of this Section 6 or Section 7 is applicable. A
Participant’s Account shall be paid in a single lump sum payment equal to the value of the Participant’s Account as of the most recent Valuation Date that precedes the payment date, unless the Participant elects, pursuant to
Section 7, that payment shall be made in installments over a period elected by the Participant that is not less than one (1) nor more than ten (10) years. An election to receive installments will be effective 

  

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only if the Participant is at least age fifty (50) and has an Account balance of at least one hundred thousand dollars ($100,000.00), in both cases as
of the Separation from Service. Each installment payment shall equal the quotient of the value of the Participant’s Account as of the most recent Valuation Date that precedes the date the installment is to be paid, divided by the sum of one
plus the number of installments to be paid after the current installment. Any installments shall be paid annually during January of each year an installment is due. 

  

	 	(c)	Death. Upon the death of the Participant before distribution of the Participant’s entire Account (whether employed or not at the time of death), the Participant’s
Account shall be paid to the Participant’s Beneficiary as soon as reasonably practical following the Participant’s death, but not later than the 90th day following the Participant’s death in a single lump sum equal to the value of the
Participant’s Account as of the most recent Valuation Date preceding the payment. 

  

	 	(d)	Disability. If a Participant becomes Disabled prior to the time payment is to be made or commenced pursuant to Section 6(a), the Participant’s Account shall be paid
in the same manner as in Section 6(b), except that the age requirement for installment distributions shall not apply, commencing as soon as reasonably practical following the determination of Disability, but not later than the 90th day
following such determination. Each installment payment shall equal the quotient of the value of the Participant’s Account as of the most recent Valuation Date that precedes the date the installment is to be paid, divided by the sum of one plus
the number of installments to be paid after the current installment. 

  

	 	(e)	Change of Control Event. Each Participant may elect, within the time period specified by Section 7(a) or (c), that such Participant’s Account shall be paid in a
single lump sum as soon as reasonably practical following, but no later than ninety days following, the earlier of Separation from Service or either the occurrence of a Change of Control Event, or eighteen (18) months following the occurrence
of a Change in Control Event. Such payment shall equal the value of the Participant’s Account as of the most recent Valuation Date preceding the payment. If an election is not made under this Section 6(e), then payment shall be made in
accordance with the other Plan provisions without regard to the occurrence of a Change of Control Event. 

  

	 	(f)	Distributions to Specified Employees. Notwithstanding any provision of the Plan to the contrary, if a Participant is a “Specified Employee”, no portion of his or
her Account shall be distributed on account of a Separation from Service before the earlier of (a) the date which is six (6) months after the date of Separation from Service, or (b) the date of death of the Participant. Amounts that
would have been paid during the delay will be adjusted for earnings and losses and paid on the first business day following the end of the six month delay. 

  

	 	(g)	Participants in Pay Status Before 2009. Only lump sum distributions were permitted prior to 2009. 

  

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	 	(h)	Committee Discretion. The Committee in its sole and absolute discretion may revise, remove or add any restriction on time or form payment, including limits on elections with
respect to any Distribution Sub-Account, prior to the deadline for the initial election under Section 7(a) to be received from the Participant. Such Committee action must be in writing and may be set forth in distribution election form
materials approved by the Committee. Any such Committee action shall be deemed to be a permitted amendment to this Plan. 

 7. Elections
Regarding Time and Form of Payment. A Participant’s elections regarding the time and form of payment of his or her Account shall be made in accordance with the provisions of this Section 7. 
  

	 	(a)	Initial Elections. Except as otherwise provided in this Plan, a Participant’s initial election of the time and form of payment pursuant to Sections 6(a),
(b) and (e) must be received by the Plan Administrator no later than the deadline set by the Committee, which may not be later than the day preceding the date the Participant first becomes eligible pursuant to Section 3. If a time and
form of payment election is not timely received by the Committee, payment shall be made as if no election has been made. An initial election of time and form of payment shall become irrevocable as of the deadline for making such election, except as
set forth in Section 7(b) and (c). 

  

	 	(b)	Change in Elections. A Participant may elect to change the timing or form of distribution after the later of December 31, 2008, or the deadline for making an initial
election, only in accordance with this Section 7(b). Any election under this Section 7(b) must comply with Code Section 409A and the guidance issued by the Department of the Treasury with respect to the application of Code
Section 409A. Except as permitted by Sections 7(c) and 7(d), a Participant may not elect to accelerate the date payment is to be made or commenced. Except as permitted by Section 7(d), a Participant may elect, in accordance with
policies and procedures of the Committee, to delay the time payment is to be made or commenced and may change the form of payment from lump sum to installments, or vice versa, only if the following conditions are met: 

  

	 	(i)	the election is received by the Committee not less than twelve (12) months before the date payment would have otherwise been made or commenced without regard to this election;

  

	 	(ii)	the election shall not take effect until at least twelve (12) months after the date on which the election is received by the Committee; and 

  

	 	(iii)	except in the case of elections relating to payment on account of death or Disability, payment pursuant to the election shall not be made or commenced sooner than five
(5) years from the date payment would have otherwise been made or commenced without regard to this election. 

  

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 For purposes of application of Code Section 409A to this provision, installments shall be treated
as a single payment. 
  

	 	(c)	Special Transition Rule. Notwithstanding any provision in the Plan to the contrary, a new payment election shall be permitted under the Plan without violating the subsequent
deferral and anti-acceleration rules of Code Section 409A, if such election is received by the Committee on or before December 31, 2008 and such election complies with Section 7(a) (other than the deadline under Section 7(a) for
making elections). With respect to an election made on or after January 1, 2008, and on or before December 31, 2008, to change the time or form of payment, the election may apply only to amounts that otherwise would not be payable in 2008
and may not cause an amount to be paid in 2008 that otherwise would not be payable in 2008, and may not elect a date for payment that precedes 2010 (provided that payment due to Separation from Service may precede 2010). 

  

	 	(d)	Unforeseeable Emergency. A Participant may request that the Committee accelerate payment due to the occurrence of an “unforeseeable emergency” as defined by, and to
the extent permitted by, Treasury Regulation 1.409A-3(i)(3). 

 8. Plan Administrator. The operation of the Plan shall be
under the exclusive supervision of the Committee. It shall be a principal duty of the Committee to see that the Plan is carried out in accordance with its terms, and for the exclusive benefit of persons entitled to participate in the Plan without
discrimination. The Committee shall have full and exclusive power to administer and interpret the Plan in all of its details; subject, however, to the requirements of ERISA and all pertinent provisions of the Code. For this purpose, the
Committee’s powers will include, but will not be limited to, the following authority, in addition to all other powers provided by this Plan: 
  

	 	(a)	to make and enforce such rules and regulations as the Committee deems necessary or proper for the efficient administration of the Plan; 

  

	 	(b)	to interpret the Plan, the Committee’s interpretations thereof in good faith to be final, conclusive and binding on all persons claiming benefits under the Plan;

  

	 	(c)	to decide all questions concerning the Plan and the eligibility of any person to participate in the Plan and to receive benefits provided under the Plan; 

 

	 	(d)	to approve and authorize the payment of benefits; 

  

	 	(e)	to appoint such agents, counsel, accountants and consultants as may be required to assist in administering the Plan; and 

  

	 	(f)	to allocate and delegate the Committee’s fiduciary responsibilities under the Plan and to designate other person to carry out any of the Committee’s fiduciary
responsibilities under the Plan, any such allocation, delegation or designation to be in accordance with Section 405 of ERISA. 

  

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 No Committee member shall be involved in a decision that only affects that member’s benefit under the Plan, if any.
The Committee may delegate any of its powers to any number of other persons. Committee determinations (or those of the Committee’s delegate or agent) may be memorialized and reflected in communications and forms provided to Participants in lieu
of Committee meeting minutes. 
 9. Claims. It is the intent of the Company that benefits payable under the Plan shall be payable without the
Participant having to complete or submit any claim forms. However, a Participant who believes he or she is entitled to a payment under the Plan may submit a claim for payments in writing to the Company. A claim for benefits under the Plan shall be
made in writing by the Participant, or, if applicable the Participant’s executor or administrator or authorized representative (collectively, the “Claimant”) to the Committee. 
  

	 	(a)	Claim Denials; Claim Appeals. If a claim for benefits under the Plan is denied, the Claimant shall be notified, in writing, within sixty (60) days (forty-five
(45) days in the case of a claim due to Participant’s Disability) after the claim is filed. The notice shall be written in a manner calculated to be understood by the Claimant and shall set forth: (i) the specific reason(s) for the
denial; (ii) specific references to the pertinent Plan provisions on which the denial is based; (iii) a description of any additional material or information necessary for the Claimant to perfect the claim and an explanation as to why such
information is necessary; and (iv) an explanation of the Plan’s appeal procedure. 

 Within sixty (60) days (or
within one hundred eighty (180) days in the case of a claim due to Participant’s Disability) after receipt of the above material, the Claimant shall have a reasonable opportunity to appeal the claim denial to the Committee for a full and
fair review. The Claimant may: (i) request a review upon written notice to the Committee; (ii) review pertinent documents; and (iii) submit issues and comments in writing. 
 A decision by the Committee shall be made not later than sixty (60) days (or within forty-five (45) days in the case of a claim due to
Participant’s Disability) after receipt of a request for review, unless special circumstances require an extension of time for processing, in which event a decision should be rendered as soon as possible, but in no event later than one hundred
twenty (120) days (or within ninety (90) days in the case of a claim due to Participant’s Disability) after such receipt. The decision of the Committee shall be written and shall include specific reasons for the decision, written in a
manner calculated to be understood by the Claimant, with specific references to the pertinent Plan provision on which the decision is based. 
  

	 	(b)	 Claims Limitations and Exhaustion. No claim shall be considered under these procedures unless it is filed with the Committee within one (1) year
after the claimant knew (or reasonably should have known) of the principal facts on which the claims is based. Every untimely claim shall be denied by the Committee without regard to the merits of the claim. No legal action (whether arising under
ERISA Section 502 or ERISA Section 510 or under any other statute or non-statutory law) may be brought by any claimant on any matter pertaining to this Plan unless the legal action is commenced in the proper forum before the earlier of:

  

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(i) two (2) years after the claimant knew (or reasonably should have known) of the principal facts on which the claim is based, or (ii) ninety
(90) days after the claimant has exhausted the procedures outlined in Section 9(a). Knowledge of all facts that a Participant knew (or reasonably should have known) shall be imputed to each claimant who is or claims to be a beneficiary of
the Participant (or otherwise claims to derive an entitlement by reference to a Participant) for the purpose of applying the one (1) year and two (2) year periods. The exhaustion of the procedures outlined in Section 9(a) is mandatory
for resolving every claim and dispute arising under this Plan. No claimant shall be permitted to commence any legal action relating to any such claim or dispute unless a timely claim has been filed under the procedures outline in Section 9(a)
and those procedures have been exhausted and any legal action all explicit and implicit determinations by the Committee shall be afforded the maximum deference permitted by law. 

 10. Amendment and Termination. The HR Committee reserves the right to amend or terminate the Plan at its sole and absolute discretion. Any such amendment
or termination shall be made pursuant to a resolution of the HR Committee and shall be effective as of the date of such resolution unless the resolution specifies a different effective date. 
 11. Effect of Amendment or Termination. No amendment or termination of the Plan shall directly or indirectly reduce the balance of any Account held
hereunder as of the later of the adoption or effective date of such amendment or termination. The Participant’s Account will continue to share in earnings and losses until complete distribution of the Account. Upon and following the occurrence
of a Change of Control Event, no amendment or termination of the Plan may reduce any Participant’s rights with respect to his or her Account as of the later of the adoption or effective date of such amendment or termination without such
Participant’s consent. Upon termination of the Plan, distribution of amounts credited to the Accounts (which does not include Grandfathered Amounts) shall be made to Participants and their Beneficiaries in one of the following manners elected
by the Company: 
  

	 	(i)	In the manner and at the time otherwise provided under the Plan; or 

  

	 	(ii)	In a lump sum payable at a time permitted by Code Section 409A, provided that all conditions of Code Section 409A are and will be satisfied. 

 12. Beneficiary Designation. The beneficiary under the Plan shall be the applicable beneficiary under the Qualified CRISP. 
 13. Section 409A Compliance. The Plan was amended and restated as of January 1, 2005 and as of January 1, 2008 for purposes of complying
with the provisions of Code Section 409A, and is amended and restated as of January 1, 2009 for purposes of complying with the provisions of Code Section 409A and the final regulations promulgated thereunder (Code Section 409A
and the regulations and other guidance issued with respect thereto, may be referred to as “409A”). The Plan shall be interpreted, operated and applied to comply with 409A so as not to subject any Participant to the additional tax, interest
or penalties which may be imposed under 409A and not to cause inclusion in any Participant’s income of a Participant’s Account (and any related penalty and interest) until such amount or amounts are actually distributed to such
Participant. 

  

 57 

 
However, it is understood that 409A is ambiguous in certain respects. The Committee and Company will attempt in good faith not to take any action, and will
attempt in good faith to refrain from taking any action, that would result in the imposition of tax, interest and/or penalties upon any Participant under 409A. To the extent the Committee and Company have acted or refrained from acting in good faith
as required by this Section, neither it, its employees, contractors and agents, the Board, each member of the Board nor any Plan fiduciary (the “Released Parties”) shall in any way be liable for, and by participating in this Plan, each
Participant automatically releases the Released Parties from any liability due to, any failure to follow the requirements of 409A, and no Participant shall be entitled to any damages related to any such failure even though the Plan and this
Amendment require certain actions to be taken in conformance with 409A. 
 14. Spendthrift Provision. No interest of any person or entity in,
or right to receive a distribution under, the Plan shall be subject in any manner to sale, transfer, assignment, pledge, attachment, garnishment, or other alienation or encumbrance of any kind; nor may such interest or right to receive a
distribution be taken, either voluntarily or involuntarily for the satisfaction of the debts of, or other obligations or claims against, such person or entity, including claims for alimony, support, separate maintenance and claims in bankruptcy
proceedings, other than by will or the laws of descent. 
 15. Tax Withholding. The Company may determine, withhold and report the amount of
any foreign, federal, state, or local taxes as the Company determines may be required to cover any taxes for which the Company may be liable with respect to any payment under this Plan. The Company shall have the authority, duty and power to reduce
any benefit payable pursuant to the Plan by the amount of any foreign, federal, state or local taxes required by law to be withheld by the Company under applicable law with respect to such payment of benefits, and if required by law, the
Participant’s share of Federal Insurance Contributions Act taxes, and any other employment taxes. The Company may in accordance with and to the extent it is able under the laws of the jurisdiction with respect to which a tax is owed, deduct the
relevant amount from other earnings payable to the Participant or beneficiary. The Company shall be entitled to withhold and deduct from future wages of a Participant (or from other amounts that may be due and owing to a Participant from the
Company), including all payments under this Plan, or make other arrangements for the collection of all legally required amounts necessary to satisfy any and all foreign, federal, state, or local, tax withholding and employment-related tax
requirements. 
 16. Funding. Notwithstanding any other provisions of the Plan, this Plan shall be unfunded and the Participants in this Plan
shall be no more than general, unsecured creditors of the Employer with regard to benefits payable pursuant to this Plan. 
 17. No Guarantee of
Benefits. Nothing contained in the Plan shall constitute a guarantee by the Company or any other person or entity that the assets of the Company will be sufficient to pay any benefit hereunder. 
 18. No Enlargement of Employee Rights. No Participant shall have any right to receive a distribution of contributions made under the Plan except in
accordance with the terms of the Plan. Establishment of the Plan shall not be construed to give any Participant the right to be retained in the service of the Employer. 
  

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 19. Incapacity of Recipient. If any person entitled to a distribution under the Plan is deemed by the
Company to be incapable of personally receiving or giving a valid receipt for such payment, then, unless and until claim therefore shall have been made by a duly appointed guardian or other legal representative of such person, the Company may
provide for such payment or any part thereof to be made to any other person or institution then contributing toward or providing for the care and maintenance of such person. Any such payment shall be a payment of the account of such person and a
complete discharge of any liability of the Company and the Plan therefore. 
 20. Corporate Successors. The Plan shall not be automatically
terminated by a transfer or sale of assets of the Company or by the merger or consolidation of the Company into or with any other corporation or other entity, but the Plan shall be continued after such sale, merger or consolidated only if and to the
extent that the transferee, purchaser or successor entity agrees to continue the Plan. In the event that the Plan is not continued by the transferee, purchaser or successor entity, then the Plan shall terminate and the termination provision of
Section 10 shall apply. 
 21. Governing Law. The Plan shall be construed and administered under the laws of the State of Nebraska to the
extent federal law is not applicable. 
 22. Offsets. When any payment becomes due hereunder, the Company, without notice, demand, or any other
action, may withhold payment and use the funds to offset any amounts owed by the Participant to the Company or any of its affiliates. 
 23.
Severability. If any provision of the Plan is held invalid or unenforceable, its invalidity or unenforceability shall not affect any other provision of the Plan, and the Plan shall be construed and enforced as if such provision had not
been included herein. 
 24. Effective Date. The Plan was adopted effective January 1, 1988. This restatement is effective January 1,
2009, except as otherwise provided herein. 
  

 59Non-Qualified Pension Plan

 Exhibit 10.2 
 CONAGRA FOODS, INC. 
 NONQUALIFIED PENSION PLAN 
 (January 1, 2009 Restatement) 
  

 60 

 Table of Contents 
  

							
	 ARTICLE/SECTION
	 	 TITLE/SECTION HEADINGS
	  	PAGE
	ARTICLE I DEFINITIONS AND CONSTRUCTION OF THE PLAN DOCUMENT	  	64
		 	1.01	 	“Affiliated Company”	  	64
		 	1.02	 	“Beneficiary”	  	64
		 	1.03	 	“Board”	  	64
		 	1.04	 	“Change of Control”	  	66
		 	1.05	 	“Code”	  	66
		 	1.06	 	“Committee”	  	66
		 	1.07	 	“Credited Service”	  	66
		 	1.08	 	“Company”	  	66
		 	1.09	 	“Default Payment Form”	  	66
		 	1.10	 	“Default Payment Period”	  	66
		 	1.11	 	“Disability”	  	66
		 	1.12	 	“Employee”	  	66
		 	1.13	 	“Employer”	  	66
		 	1.14	 	“Executive”	  	66
		 	1.15	 	“Grandfathered Participant”	  	66
		 	1.16	 	“Lamb-Weston Supplemental Plan”	  	66
		 	1.17	 	“Non-Qualified Accrued Benefit”	  	66
		 	1.18	 	“Participant”	  	66
		 	1.19	 	“Pilot”	  	67
		 	1.20	 	“Pilot’s Benefits”	  	67
		 	1.21	 	“Plan”	  	67
		 	1.22	 	“Plan Administrator”	  	67
		 	1.23	 	“Plan Year”	  	67
		 	1.24	 	“Qualified Plan Accrued Benefit”	  	67
		 	1.25	 	“Related Company”	  	67
		 	1.26	 	“Salaried Plan”	  	67
		 	1.27	 	“Separation From Service”	  	67
		 	1.28	 	“Total Accrued Benefit”	  	69
		 	1.29	 	Gender and Number	  	69
		 	1.30	 	Titles	  	69
	ARTICLE II ELIGIBILITY AND PARTICIPATION	  	69
		 	2.01	 	Eligibility to Participate	  	69
	ARTICLE III AMOUNT OF BENEFITS	  	70
		 	3.01	 	Amount of Benefits	  	70
	ARTICLE IV TIME AND FORM OF PAYMENT	  	75
		 	4.01	 	Time and Form of Payment	  	75
		 	4.02	 	Additional Distribution Provisions	  	76
		 	4.03	 	Method of Payment	  	77
		 	4.04	 	De Minimis Cash Out	  	77
		 	4.05	 	Elections Regarding Time and Form of Payment	  	77
		 	4.06	 	Distributions to Specified Employees	  	78
	ARTICLE V BENEFICIARY	  	79
		 	5.01	 	Beneficiary Designation	  	79
		 	5.02	 	Proper Beneficiary	  	79

  

 61 

							
		  	5.03	  	Minor or Incompetent Beneficiary	  	79
	ARTICLE VI ADMINISTRATION OF THE PLAN	  	79
		  	6.01	  	Majority Vote	  	79
		  	6.02	  	Finality of Determination	  	79
		  	6.03	  	Certificates and Reports	  	79
		  	6.04	  	Indemnification and Exculpation	  	79
		  	6.05	  	Expenses	  	80
	ARTICLE VII CLAIMS PROCEDURE	  	81
		  	7.01	  	Written Claim	  	81
		  	7.02	  	Denied Claim	  	81
		  	7.03	  	Review Procedure	  	81
		  	7.04	  	Committee Review	  	81
	ARTICLE VIII NATURE OF COMPANY’S OBLIGATION	  	82
		  	8.01	  	Employer’s Obligation	  	82
		  	8.02	  	Creditor Status	  	82
	ARTICLE IX MISCELLANEOUS	  	82
		  	9.01	  	Written Notice	  	82
		  	9.02	  	Change of Address	  	82
		  	9.03	  	Merger Consolidation or Acquisition	  	82
		  	9.04	  	Amendment and Termination	  	82
		  	9.05	  	Employment	  	84
		  	9.06	  	Nontransferability	  	84
		  	9.07	  	Legal Fees	  	84
		  	9.08	  	Tax Withholding	  	84
		  	9.09	  	Acceleration of Payment	  	84
		  	9.10	  	Applicable Law	  	84
		  	9.11	  	Effective Date	  	84
		  	9.12	  	409A Compliance	  	84
		  	9.13	  	Grandfathered Participants	  	85

  

 62 

 PREAMBLE 
 The purpose of this Nonqualified Pension Plan is to provide payments of equivalent value from the general assets of ConAgra Foods, Inc. to those participants in the ConAgra Foods, Inc. Pension Plan for Salaried
Employees (Salaried Plan) who, due to the application of United States Internal Revenue Code Sections 415 and 401(a)(17), are precluded from receiving from the assets of the Salaried Plan all the payments to which they would otherwise be entitled.
The Plan expresses ConAgra Foods’ commitment to provide such equivalent payments and sets forth the method for doing so. This Plan is also intended to provide additional benefits on an unfunded basis to certain selected management and highly
compensated employees. This restatement is effective January 1, 2009. This January 1, 2009 restatement allows the Company the discretion to cash out terminated Participants who have small accrued benefits. This January 1, 2009
restatement applies only to Participants who have accrued or who accrue a benefit under this Plan after December 31, 2004. The plan terms applicable to Participants who accrued no benefits after December 31, 2004 are the Plan terms in
effect on October 3, 2004, which are attached hereto as Appendix G. 
  

 63 

 ARTICLE I 
 DEFINITIONS AND CONSTRUCTION OF THE PLAN DOCUMENT 
 1.01 “Affiliated
Company” means any corporation which is a member of a controlled group of corporations (as defined in Section 414(b) of the Code) which includes an Employer; any trade or business (whether or not incorporated) which is under common
control (as defined in Section 414(c) of the Code) with an Employer; any organization (whether or not incorporated) which is a member of an affiliated service group (as defined in Section 414(m) of the Code) which includes an Employer; or
any other entity required to be aggregated with an Employer pursuant to regulations under Section 414(o) of the Code. 
 1.02
“Beneficiary” means the person or persons or the estate of a Participant entitled to receive any benefits under this Plan. 
 1.03 “Board” means the Board of Directors of ConAgra Foods, Inc. 
 1.04 “Change of
Control”. A “Change of Control” shall occur upon any of the following dates: 
 (a) The date
individuals who constitute the Board (the “Incumbent Board”) cease for any reason during any 12 month period to constitute at least fifty percent (50%) of the members of the Board, provided that any person becoming a director
subsequent to the date hereof whose election, or nomination for election by the Company’s shareholders, 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; or 
 (b) The date of consummation of a reorganization,
merger or consolidation, in each case, with respect to which persons who were the stockholders of the Company immediately prior to such reorganization, merger or consolidation do not, immediately thereafter, own 50% or more of the combined voting
power of the reorganized, merged or consolidated company’s then outstanding voting securities. 
 (c) The date that any
one person, or more than one person acting as a group who is not related to the Company within the meaning of Treasury Regulation Section 1.409A-3(i)((vii)(B), acquires (or has acquired during the 12-month period ending on the date of the most
recent acquisition by such person or persons) assets from the Company that have a total gross fair market value equal to or more than 80 percent of the total gross fair market value of all of the assets of the Company immediately before such
acquisition or acquisitions. For this purpose, gross fair market value means the value of the assets of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets. 

For purposes of this Section, “more than one person acting as a group” is determined under Treasury regulation
Section 1.409A-3(i)(5)(v)(B). If a person owns stock in both entities that enter into a merger, consolidation, purchase or acquisition of stock, such 

  

 64 

 
shareholder is considered to be acting as a group with other shareholders in a corporation only with respect to the ownership in that corporation before the
transaction giving rise to the change and not with respect to the ownership interest in the other corporation. In no event shall a change of control occur under circumstances that would not constitute a “change in the ownership of a
corporation,” a “change in effective control of a corporation,” or a “change in the ownership of a substantial portion of a corporation’s assets,” as those terms are defined in regulations and other applicable guidance
issued under section 409A of the Code. 
  

 65 

 1.05 “Code” means the Internal Revenue Code of 1986, as amended from time to
time. 1.07 Committee means the Human Resource Committee of the Board. 
 1.06 “Committee” means the Human Resource
Committee of the Board. 
 1.07 “Credited Service” shall have the meaning ascribed to such term in the applicable
Salaried Plan. 
 1.08 “Company” means ConAgra Foods, Inc. 
 1.09 “Default Payment Form” shall have the meaning ascribed to such term in Section 4.01. 
 1.10 “Default Payment Period” shall have the meaning ascribed to such term in Section 4.01. 
 1.11 “Disability” A Participant has a “Disability” or shall be considered “Disabled” if the Participant is,
by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a
period of not less than three (3) months under the Company’s long-term disability plan. 
 1.12 “Employee”
means an individual employed by an Employer. 
 1.13 “Employer” means ConAgra Foods, Inc. and any entity which has
adopted the Plan. 
 1.14 “Executive” means any member of management of an Employer or any highly compensated
employee. 
 1.15 “Grandfathered Participant” means any Participant who has not and does not accrue a benefit under
this Plan after December 31, 2004. 
 1.16 “Lamb-Weston Supplemental Plan” means the Lamb-Weston Supplemental
Plan which is merged into this Plan, as defined in this Section, effective December 31, 2002. This Plan accepts the obligation for benefits due pursuant to the Lamb-Weston Supplemental Plan for current and former employees and provides
additional accrual of benefits for active Participants as provided in Article III of the Plan. 
 1.17 “Non-Qualified Accrued
Benefit” means, except as specifically provided in an individual agreement under Section 3.01(c), the difference between the Total Accrued Benefit and, to the extent permitted by Treasury Regulation sections 1.409A-2(a)(9) and
1.409A-3(j)(5) related to increases and decreases in non-qualified deferred compensation due to the operation of a “qualified plan” (as defined in the 409A regulations), the Qualified Plan Accrued Benefit, expressed as a single life
annuity commencing as of the first day of the month following age 65. 
 1.18 “Participant” means a person who is or
was employed by an Employer and who is eligible for the Plan as defined in Article III. 
  

 66 

 1.19 “Pilot” means an Employee who functions as a pilot or copilot for ConAgra
Foods’ flight operations and is eligible for Pilot’s Benefits as defined in Section 3.01(d) of the Plan. 
 1.20
“Pilot’s Benefits” are the benefits provided under the Plan for Pilots which are defined in Section 3.01(d) of the Plan. 
 1.21 “Plan” means the ConAgra Foods, Inc. Nonqualified Pension Plan as described in this instrument and as amended from time to time. 
 1.22 “Plan Administrator” means the ConAgra Foods Employee Benefits Administrative Committee or such person or persons designated
by the Committee from time to time. 
 1.23 “Plan Year” means the calendar year. 
 1.24 “Qualified Plan Accrued Benefit” means the accrued benefit under the Salaried Plan, expressed as a single life annuity
commencing as of the first day of the month following age 65. Such accrued benefit shall not be reduced for any amount payable to an alternate payee pursuant to a qualified domestic relations order or to any other person or entity. 
 1.25 “Related Company” means: (i) any corporation that is a member of a controlled group of corporations (as defined in Code
Section 414(b) that includes the Company); and (ii) any trade or business (whether or not incorporated) that is under common control (as defined in Code Section 414(c)) with the Company. For purposes of applying Code §§
414(b) and (c), 25% is substituted for the 80% ownership level. 
 1.26 “Salaried Plan” means the ConAgra Foods, Inc.
Pension Plan for Salaried Employees and any other plan that is qualified under Code Section 401(a) and that provides pension benefits for the period of employment during which an individual is a participant. 
 1.27 “Separation From Service” means the date that the Participant separates from service within the meaning of Code
Section 409A. Generally, a Participant separates from service if the Participant dies, retires, or otherwise has a termination of employment with the Company, determined in accordance with the following: 
  

	 	(a)	 Leaves of Absence. The employment relationship is treated as continuing intact while the Participant is on military leave, sick leave, or other bona
fide leave of absence if the period of such leave does not exceed six (6) months, or, if longer, so long as the Participant retains a right to reemployment with the Company under an applicable statute or by contract. A leave of absence
constitutes a bona fide leave of absence only if there is a reasonable expectation that the Participant will return to perform services for the Company. If the period of leave exceeds six (6) months and the Participant does not retain a right
to reemployment under an applicable statute or by contract, the employment relationship is deemed to terminate on the first date immediately following such six (6) month period. Notwithstanding the foregoing, where a leave of absence is due to
any medically determinable physical or mental impairment that can be expected to result in 

  

 67 

	 	 
death or can be expected to last for a continuous period of not less than six (6) months, where such impairment causes the Participant to be unable to
perform the duties of his or her position of employment or any substantially similar position of employment, a twenty nine (29) month period of absence shall be substituted for such six (6) month period. 

  

	 	(b)	Dual Status. Generally, if a Participant performs services both as an employee and an independent contractor, such Participant must separate from service both as an
employee, and as an independent contractor pursuant to standards set forth in Treasury Regulations, to be treated as having a separation from service. However, if a Participant provides services to the Company as an employee and as a member of the
Board, and if any plan in which such person participates as a Board member is not aggregated with this Plan pursuant to Treasury Regulation section 1.409A 1(c)(2)(ii), then the services provided as a director are not taken into account in
determining whether the Participant has a separation from service as an employee for purposes of this Plan. 

  

	 	(c)	Termination of Employment. Whether a termination of employment has occurred is determined based on whether the facts and circumstances indicate that the Company and
the Participant reasonably anticipated that no further services would be performed after a certain date or that the level of bona fide services the Participant would perform after such date (whether as an employee or as an independent contractor
except as provided in paragraph (b) of this section) would permanently decrease to no more than twenty (20) percent of the average level of bona fide services performed (whether as an employee or an independent contractor, except as
provided in paragraph (b) of this section) over the immediately preceding thirty six (36) month period (or the full period of services to the Company if the Participant has been providing services to the Company less than thirty six
(36) months). For periods during which a Participant is on a paid bona fide leave of absence and has not otherwise terminated employment as described above, for purposes of this paragraph (c) the Participant is treated as providing bona
fide services at a level equal to the level of services that the Participant would have been required to perform to receive the compensation paid with respect to such leave of absence. Periods during which a Participant is on an unpaid bona fide
leave of absence and has not otherwise terminated employment are disregarded for purposes of this paragraph (c) (including for purposes of determining the applicable thirty six (36) month (or shorter) period). 

  

	 	(d)	Service with Related Companies. For purposes of determining whether a separation from service has occurred under the above provisions, the “Company” shall
include the Company and all Related Companies. 

  

 68 

 1.28 “Total Accrued Benefit” means the total accrued benefits for a Participant
described in Article III, expressed as a single life annuity commencing as of the first day of the month following age 65. 
 1.29
Gender and Number Wherever the context so requires, masculine pronouns include the feminine and singular words shall include the plural. 
 1.30 Titles Titles of the Articles of this Plan are included for ease of reference only and are not to be used for the purpose of construing any portion or provision of this Plan document. 
 ARTICLE II 
 ELIGIBILITY AND
PARTICIPATION 
 2.01 Eligibility to Participate 
 2.01(a) An Employee who accrued a benefit under Section 3.01(a) of this Plan as of or prior to December 31, 2007 is a Participant. Any
other Employee who has become a participant in the Salaried Plan shall become eligible to participate in this Plan, provided payment of the Participant’s Accrued Benefit is limited as described in Section 3.01(a) of this Plan and provided
the Employee has been designated on Exhibit 1 by the Committee or the Employer to accrue a benefit under Section 3.01(a) in which case the Employee will become a Participant and begin accruing benefits as of the date designated on Exhibit 1.

 2.01(b) An Executive who accrued a benefit under Section 3.01(b) of this Plan as of or prior to December 31, 2007 is a
Participant. Any other Executive who has been designated on Exhibit 1 by the Committee or the Employer to accrue a benefit under Section 3.01(b) shall be eligible to participate in the Plan and begin accruing the benefits described in said
Section 3.01(b) as of the date designated on Exhibit 1. 
 2.01(c) An Executive who accrued a benefit under Section 3.01(c)
of this Plan as of or prior to December 31, 2007 is a Participant. Any other Executive who has been designated on Exhibit 1 by the Committee or the Employer to accrue certain benefits under this Plan shall become eligible to participate in this
Plan and begin accruing the benefits described in Section 3.01(c) of this Plan as of the date designated on Exhibit 1. 
 2.01(d)
A Pilot who accrued a benefit under Section 3.01(d) of this Plan as of or prior to December 31, 2007 is a Participant. Any other Pilot who is a participant in the Salaried Plan and who has been designated on Exhibit 1 by the Plan
Administrator shall become eligible to participate in the Plan and begin accruing the benefits described in Section 3.01(d) as of the date designated on Exhibit 1. 
 2.01(e) Effective January 1, 2003, each Participant in the Lamb-Weston Supplemental Plan will become a Participant in the Plan and each active 

  

 69 

 
Participant in the Lamb-Weston Supplemental Plan will accrue benefits as provided in Section 3.01(e). Each Lamb-Weston Participant who became a
Participant after January 1, 2003 and by December 31, 2007 and has been designated by the Committee as being eligible to accrue a benefit under Section 3.01(e) will accrue benefits as provided in Section 3.01(e). Further, all
other Lamb-Weston Participants who have been designated on Exhibit 1 by the Committee or the Employer to accrue a benefit under Section 3.01(e) will accrue benefits as provided in Section 3.01(e). 
 2.01(f) An Employee who is a participant in the Salaried Plan, who is listed on an Appendix and who accrued a benefit under Section 3.01 of
this Plan as of or prior to December 31, 2007 is a Participant. Any other Employee who is listed on an Appendix and who has been designated on Exhibit 1 by the Committee or the Employer shall become eligible to participate in the Plan and begin
accruing the benefits described in the applicable subsection of Section 3.01 as of the dated designated on Exhibit 1. 
 ARTICLE III

 AMOUNT OF BENEFITS 
 3.01 Amount of Benefits Except as specifically provided in an individual agreement under Section 3.01(c), the benefits from this Plan complement benefits payable from the Salaried Plan and are subject to the same
eligibility, vesting provisions and ancillary benefits applicable to the Participant in that Plan. The amount defined in this Article III is the Total Accrued Benefit, the calculation of which shall include all benefit accrual service and earnings
taken into account under the Salaried Plan, regardless of the date a Participant becomes eligible to participate in this Plan. The benefit accrued under this Plan is the Non-Qualified Accrued Benefit. The Total Accrued Benefit for Participants is as
follows: 
 3.01(a) With respect to any participant in the Salaried Plan whose benefits from that plan are limited under Internal
Revenue Code Section 401(a)(17), the Total Accrued Benefit is the total accrued benefit to which the Participant would have been entitled under the Salaried Plan formula applicable to the Participant disregarding any limitation or reduction
brought about by the amendment to Section 401(a)(17) of the Internal Revenue Code contained in the Omnibus Budget Reconciliation Act of 1993 and effective for plan years beginning on or after January 1, 1994. For purposes of this section,
the limitation under Code Section 401(a)(17) as indexed and in effect on the last day of the Plan Year prior to the effective date of the OBRA ‘93 amendment shall apply and shall be adjusted for cost of living increases concurrently with
any adjustment to the current limit under Code Section 401(a)(17) by multiplying the limit applicable under this section by a fraction the numerator of which is the Code Section 401(a)(17) limit immediately after the adjustment
(disregarding the change in 2002 made by the Economic Growth and Tax Relief Reconciliation Act of 2001) and the denominator of which is the Code Section 401(a)(17) limit effective for plan years beginning in 1994, with the result truncated to
the next lower multiple of $10,000. No further adjustments will be made in the limit after 2002 resulting in the following limits on pay under this paragraph: 
  

 70 

			
	 Year(s)*
	  	Limit ($)*
	 1994
	  	235,840
	 1995
	  	235,840
	 1996
	  	235,840
	 1997
	  	250,000
	 1998
	  	250,000
	 1999
	  	250,000
	 2000
	  	260,000
	 2001
	  	260,000
	 After 2001
	  	280,000

  

	*	For years prior to 1994 the limitation was per IRC 401(a)(17). 

 3.01(b) With respect to any Executive in the Salaried Plan, the Total Accrued Benefit under this subsection 3.01(b) is the total accrued benefit to which the Participant would be entitled computed under the Salaried Plan formula
applicable to that Participant disregarding any reductions, restrictions, or limitations brought about by Code Section 415 or Code Section 401(a)(17). 
 3.01(c) With respect to any Executive, to the extent that such Executive has been selected to participate in this Plan pursuant to Section 2.01(c) hereof, the Total Accrued Benefit under this subsection
3.01(c) shall be the amount determined by the Board, the Committee, the Employer, or the Plan Administrator in its sole and absolute discretion. Such payments may be designated to provide benefits under plan formulas which have been frozen or which
were provided pursuant to plans which were terminated by the Employer or Affiliated Company or were sponsored by a prior employer or which are not otherwise provided under a qualified plan maintained by the Employer or as provided in an agreement
specific to the Executive. 
 3.01(d) The Total Accrued Benefit for a Pilot who terminates employment on or after his 62nd birthday
shall be the Pilot’s Benefits under this paragraph. The Total Accrued Benefit shall be calculated as in 3.01(a) above with no reduction for commencement of benefits prior to age 65 but with the adjustments in (i), (ii), and (iii) as
follows: 
  

	 	(i)	Average Monthly Pay shall be calculated as if the Pilot had attained age 65 and assuming the Pilot’s base pay as of the date of the calculation continued to the Pilot’s
age 65, 

  

	 	(ii)	Credited Service for purposes of the Plan will be changed to the Credited Service the Pilot would have earned under the Salaried Plan had he worked continuously until age 65, and

  

 71 

	 	(iii)	A Pilot who has satisfied the plan’s eligibility requirements and is an active Participant at age 62 will be vested in the Pilot’s Benefits, regardless of the Pilot’s
Vesting Service. 

 3.01(e) With respect to each Participant who is to accrue a benefit under this Section 3.01(e),
effective January 1, 2003 and thereafter the Total Accrued Benefit is the total accrued benefit to which the Participant would have been entitled under Supplement Thirty-two of the Salaried Plan disregarding any limitation or reduction brought
about by the amendment to Code Section 401(a)(17) contained in the Omnibus Budget Reconciliation Act of 1993 and effective for plan years beginning on or after January 1, 1994. For purposes of this section, the limitation under Code
Section 401(a)(17) as indexed and in effect on the last day of the Plan Year prior to the effective date of the OBRA ‘93 amendment shall apply and shall be adjusted for cost of living increases. No further adjustments will be made in the
limit after 2002 resulting in the following limits on pay under this paragraph: 
  

			
	 Year(s)*
	  	Limit ($)*
	 1994
	  	242,280
	 1995
	  	248,700
	 1996
	  	255,300
	 1997
	  	263,440
	 1998
	  	268,360
	 1999
	  	272,520
	 2000
	  	279,660
	 2001
	  	289,260
	 After 2001
	  	294,620

  

	*	For years prior to 1994 the limitation was per IRC 401(a)(17). 

 3.01(f) For a participant listed on Appendix A, the Total Accrued Benefit under this subsection 3.01(f) shall be the greater of the amount determined under 3.01(b) above or the amount determined under Supplement Twenty-four
Section 3.01(c) of the Salaried Plan calculated based on the following: 
  

	 	(i)	Final Average Monthly Earnings is determined as of the date of calculation and is not limited as required under Code Section 401(a)(17), 

  

	 	(ii)	benefits are calculated as if all Credited Service for the participant under the Plan was Credited Service earned prior to March 1, 1994, 

  

	 	(iii)	reduced for early commencement, if applicable, as provided in Supplement Twenty-four Section 3.03(c), and 

  

	 	(iv)	disregarding the eligibility requirements of that section. 

 3.01(g) For a participant listed on Appendix B, the Total Accrued Benefit under this subsection 3.01(g) shall be the greater of the amount determined under 3.01(a) above or the amount determined under Supplement Twenty-four
Section 3.01(c) of the Salaried Plan calculated based on the following: 
  

	 	(i)	Final Average Monthly Earnings is determined as of the date of calculation and is limited as indicated in section 3.01(a) above, 

  

 72 

	 	(ii)	benefits are calculated as if all Credited Service for the participant under the Plan was Credited Service earned prior to March 1, 1994, 

  

	 	(iii)	reduced for early commencement, if applicable, as provided in Supplement Twenty-four Section 3.03(c), and 

  

	 	(iv)	disregarding the eligibility requirements of that section. 

 3.01(h) For a participant listed on Appendix C, the Total Accrued Benefit under this subsection 3.01(h) shall be the greatest of (i), (ii) or (iii) below: 
  

	 	(i)	the amount determined under 3.01(b) above, or 

  

	 	(ii)	the amount determined under Supplement Twenty-five Section 3.01(c) of the Salaried Plan with the following modifications: 

  

	 	(I)	Final Average Monthly Earnings is determined as of the date of calculation and is not limited as required under Code Section 401(a)(17), 

  

	 	(II)	Pay as defined in Section 1.24 of Supplement Twenty-five will be defined for all years using the definition applicable to periods before January 1, 1993 and considers
severance pay, if any, paid to the participant as Pay under that Section, 

  

	 	(III)	benefits are calculated as if all Credited Service for the participant under the Plan was Credited Service earned prior to March 1, 1994, 

  

	 	(IV)	reduced for early retirement, if applicable, as provided in Section 3.03(c) of Supplement Twenty-five, and 

  

	 	(V)	disregarding the eligibility requirements of that section. 

  

	 	(iii)	the benefit payable under the Hunt-Wesson Foods, Inc. Salaried Pension Plan (Amended and Restated as of June 30, 1985), in existence on February 28, 1989 calculated with
the following modifications: 

  

	 	(I)	Final Average Compensation is not limited as required under Code Section 401(a)(17), 

  

	 	(II)	Compensation considers severance pay, if any, paid to the participant, 

  

	 	(III)	benefits are calculated as if all Credited Service for the participant under the Plan was Credited Service, and 

  

	 	(IV)	disregarding application of any limitations under Code Section 415. 

 3.01(i) For a participant listed on Appendix D, the Total Accrued Benefit under this subsection 3.01(i) shall be the greater of (i) and (ii) below: 
  

	 	(i)	the amount determined under 3.01(a) above, or 

  

 73 

	 	(ii)	the amount determined under Supplement Twenty-five Section 3.01(c) of the Salaried Plan with the following modifications: 

  

	 	(I)	Final Average Monthly Earnings is determined as of the date of calculation and is not limited as required under Code Section 401(a)(17), 

  

	 	(II)	Pay as defined in Section 1.24 of Supplement Twenty-five will be defined for all years using the definition applicable to periods before January 1, 1993 and considers
severance pay, if any, paid to the participant as Pay under that Section, 

  

	 	(III)	benefits are calculated as if all Credited Service for the participant under the Plan was Credited Service earned prior to March 1, 1994, 

  

	 	(IV)	reduced for early retirement, if applicable, as provided in Section 3.03(c) of Supplement Twenty-five, and 

  

	 	(V)	disregarding the eligibility requirements of that section. 

 3.01(j) For a participant listed on Appendix E who remains continuously employed by an Affiliated Company after July 31, 1997 and retires from active employment on or after age 62, the Total Accrued Benefit under this subsection
3.01(j) shall be the amount determined under Supplement Twenty-nine Section 3.01(b)(iv) of the Salaried Plan with the following modifications or clarifications: 
  

	 	(i)	Final Average Monthly Earnings is determined as of the date of calculation, and is limited under Code Section 401(a)(17) as defined by the Salaried Plan,

  

	 	(ii)	benefits are calculated using the Credited Service at age 62 for the participant under the Plan and treating that Credited Service as if it was earned prior to August 1, 1997,

  

	 	(iii)	reduced for early retirement, if applicable, on an actuarial equivalent basis as defined in Exhibit A of Supplement Twenty-nine and 

  

	 	(iv)	disregarding the eligibility requirements of that section. 

 3.01(k) For a participant listed on Appendix F who remains continuously employed by an Affiliated Company after July 31, 1997 and retires from active employment on or after age 65, the Total Accrued Benefit under this subsection
3.01(k) shall be the amount determined under Supplement Twenty-nine Section 3.01(b)(iv) of the Salaried Plan with the following modifications or clarifications: 
  

	 	(i)	Final Average Monthly Earnings is determined as of the date of calculation, and is limited under Code Section 401(a)(17) as defined by the Salaried Plan,

  

	 	(ii)	benefits are calculated using the Credited Service at age 65 for the participant under the Plan and treating that Credited Service as if it was earned prior to August 1, 1997,
and 

  

	 	(iii)	disregarding the eligibility requirements of that section. 

  

 74 

 ARTICLE IV 
 TIME AND FORM OF PAYMENT 
 4.01 Time and Form of Payment This Section 4.01
shall apply, except to the extent another section of this Article IV is applicable. The normal date and form of payment of a Participant’s Non-Qualified Accrued Benefit shall be ten annual installments (the “Default Payment Form”)
commencing during the January that next follows the earlier of the Participant’s Disability or Separation from Service (the “Default Payment Period”); provided that the Default Payment Period will be July, 2009, if such date is later
than the Default Payment Period that would otherwise apply; and provided further that the Default Payment Period for Gavilon Participants shall be July, 2009. Such Default Payment Form and Period shall apply if an election pursuant to
Section 4.05 and this Section is not timely received from the Participant. Each Participant may elect, pursuant to Section 4.05, that such Participant’s Account shall instead be paid (or installments or an annuity shall commence), as
follows: 
  

	 	(a)	A lump sum, five or ten substantially equal annual installments may be elected to be made or commenced during the Default Payment Period, or the later of the Default Payment Period
or January of the year elected by the Participant; provided that (i) if January, 2009 is elected then payment shall be made during July, 2009; and (ii) an election under this provision by a Participant whose employment transferred from the
Company’s Related Company group to the Gavilon Related Company group during 2008 (a “Gavilon Participant”) shall be treated as an election to receive the amount at the stated time (which shall be July, 2009 for those electing January,
2009) without regard to when such Participant Separated or Separates from Service. 

  

	 	(b)	One of the following life annuity forms may be elected to commence during the month following the month during which Separation from Service occurs, or during the later of the month
following the month during which Separation from Service occurs or the month and year elected by the Participant (which must precede the date the Participant attains age 70 and must be later than the date the Participant attains age 65 (or age 55,
if the Participant has at least ten years of “Service,” as that term is defined in the applicable Salaried Plan as in effect on December 31, 2008), provided that the commencement date will be July, 2009, if such date is later than the
date payments would otherwise commence under this Section 4.01(b); and provided further that the Committee may designate (and such designation may be on the applicable payment election form) fewer than all of the following alternatives for any
one or more of the Participants: 

  

	 	(i)	Single life; 

  

	 	(ii)	Joint and 50% survivor; 

  

	 	(iii)	Joint and 66.67% survivor; 

  

	 	(iv)	Joint and 75% survivor; 

  

 75 

	 	(v)	Joint and 100% survivor; or 

  

	 	(vi)	Single life with ten year certain. 

 If a Participant has
elected a life annuity without specifying the specific form, the default form for an unmarried Participant shall be single life and the default form for a married Participant shall be joint and 50% survivor. All annuity forms shall be paid monthly.

  

	 	(c)	Any Participant election that specifies a date that does not comply with this Plan will be deemed to be an election of the nearest permitted date. For example, if a Participant were
to elect to receive a lump sum at the later of the Default Payment Period or January, 2020 and such Participant attains age 70 in 2019, such election will be reformed to be to receive the lump sum at the later of the Default Payment Period or
January, 2019. 

  

	 	(d)	The Non-Qualified Accrued Benefit is expressed as a single life annuity payable as of the first of the month that next follows the month during which the Participant attains age 65.
If the benefit is to be paid in another form or at another time, the Non-Qualified Accrued Benefit shall be converted to the scheduled form and time of payment by those administering this Plan using the factors used for comparable determinations
under the Salaried Plan; provided, however, for purposes of calculating a lump sum or installments (but not any life annuity form), the discount rate and mortality assumptions used by the Company for purposes of calculating pension expense under FAS
87 (or is successor) for this Plan for the Company’s fiscal year during which the lump sum is paid or installments commence will be used (the “Applicable FAS 87 Assumption”). If any payment would have been made or commenced prior to
July, 2009 but for a provision in this Section 4.01 that delays the making or commencement of payment until July, 2009, then the payment or payments that are made or commence during July, 2009 shall be adjusted as follows: (i) a lump sum
or all installments shall be adjusted using the discount rate under the Applicable FAS 87 Assumption, and (ii) any monthly annuity payments that would have been paid before July, 2009 but are instead paid during July, 2009 will be adjusted
using the discount rate under the Applicable FAS 87 Assumption. 

 4.02 Additional Distribution Provisions

  

	 	(a)	Death. If the Participant has elected or is to receive a life annuity, then payment following death of the Participant (if any) shall be made to the Participant’s
Beneficiary in accordance with the elected or default form of life annuity, whichever is applicable, commencing during the month following the month during which death occurs, regardless of whether payments had commenced prior to death. If the
Participant has elected any other form of payment or has failed to timely elect any form of payment, then the Participant’s Beneficiary shall receive any unpaid Non-Qualified Accrued Benefit in a lump sum payable during the month following the
month during which death occurs, regardless of whether payouts had commenced prior to death. 

  

 76 

	 	(b)	Participants in Pay Status Before 2009. Notwithstanding anything in this Plan to the contrary, if a Participant or Beneficiary received one (1) or more
payments pursuant to this Plan or the Lamb-Weston Plan on or before December 31, 2008, then payment shall continue to be made to such Participant (and, if applicable such Participant’s Beneficiary following the Participant’s death
after 2008) or Beneficiary in accordance with the payment schedule in effect on or before December 31, 2008, and such Participant may not make an election under Section 4.05 of this Restatement. 

  

	 	 (e)
	 Payment Time. The Plan Administrator shall determine the payment date within the parameters required by
this Plan. A payment that is made by the later of the last day of the Participant’s taxable year that includes the month payment is due, or the 15th day of the third calendar month following the month payment is due, shall be treated as having been made during such month. 

 4.03 Method of Payment All payments hereunder shall be made in cash. 
 4.04 De Minimis
Cash Out Notwithstanding anything herein to the contrary, in the event that the present value of a Participant’s Non-Qualified Accrued Benefit is equal to or less than the applicable dollar amount under Code Section 402(g)(1)(B)
($15,500 for 2008) and to the extent permitted by Treasury Regulation 1.409A-3(j)(4)(v), the Company may, in its sole discretion, pay the present value of the Participant’s accrued benefit to the Participant in a single lump sum during the
January that next follows the earlier of the Participant’s Separation from Service or Disability, provided that such payment represents the Participant’s entire interest in the Plan and all other deferred compensation arrangements that are
aggregated with this Plan under Treasury Regulation 1.409A-1(c)(2). The applicable dollar amount under Code Section 402(g)(1)(B) shall be the amount in effect for the calendar year during which payment pursuant to this paragraph may be made.

 4.05 Elections Regarding Time and Form of Payment A Participant’s election regarding the time and form of payment of
his or her Account shall be made in accordance with the provisions of this subsection 4.05. 
  

	 	(a)	Initial Elections. Except as otherwise provided in this Plan, the Participant’s election of the time and form of payment pursuant to Section 4.01 must be
received by the Plan Administrator no later than the day preceding the date the Participant is designated on Exhibit 1 as first becoming an eligible Participant. If a time and form of payment election is not timely received by the Plan
Administrator, payment shall be made as if no election has been made. An initial election of time and form of payment shall become irrevocable as of the deadline for making such election, except as set forth in Section 4.05(b) and (c).

  

	 	(b)	 Switching among life annuities. If the Participant has timely elected to receive payment in any form of a “life annuity” (as defined in
Treasury Regulation 

  

 77 

	 	 
Section 1.409A-2(b)(2), which previously elected “life annuity” is the “scheduled life annuity”), the Participant may elect a
different form of “life annuity” that has the same starting payment date as the scheduled life annuity and that is considered to be actuarially equivalent to the scheduled life annuity under Treasury Regulation Section 1.409A-2(b)(2),
provided that the election is received before any annuity payment has been made. 

  

	 	(c)	Special Transition Rule. This paragraph is effective January 1, 2009. Notwithstanding any provision in the Plan to the contrary, pursuant to IRS Notice 2005-1,
IRS Notice 2006-79, IRS Notice 2007-86, and Section 1.409A-2(b)(2)(iv) of the Treasury Regulations under Code Section 409A, new payment elections shall be permitted for certain Participants under the Plan without violating the subsequent
deferral and anti-acceleration rules of Code Section 409A. Accordingly, each Participant who has not received and does not receive one or more payments under this Plan before January 1, 2009, may elect, or change a previous election
concerning, the time or form of payment under this Plan or may make an election so that the Default Payment Form or Default Payment Period does not apply, if such election or change is received by the Plan Administrator during 2008 and such election
complies with Section 4.05(a) (other than the deadline under Section 4.05(a) for making elections). With respect to an election received during 2008, the election may apply only to amounts that otherwise would not be payable in 2008 and
may not cause an amount to be paid in 2008 that otherwise would not be payable in 2008. 

 4.06 Distributions to
Specified Employees Notwithstanding any provision of the Plan to the contrary, if a Participant is a “Specified Employee”, no portion of his or her Non-Qualified Accrued Benefit shall be distributed on account of a Separation from
Service before the earlier of (a) the date which is six (6) months after the date of Separation from Service, or (b) the date of death of the Participant. A “Specified Employee” is a key employee, as defined under Code
Section 416(i), without regard to paragraph (5) thereof (and any successor or comparable Code sections). Amounts that would have been paid during the delay will be adjusted for interest (using the interest assumption used for determining
actuarial equivalency) and paid on the first business day following the end of the six month delay. 
  

 78 

 ARTICLE V 
 BENEFICIARY 
 5.01 Beneficiary Designation A Participant may designate his
Beneficiary to receive benefits under the Plan by completing the appropriate form provided by the Plan Administrator. Any change of Beneficiary must satisfy all requirements for designation of a Beneficiary. 
 5.02 Proper Beneficiary If the Company has any doubt as to the proper Beneficiary to receive payments hereunder, the Company shall have the
right to withhold such payments until the matter is finally adjudicated. However, any payment made by the Company, in good faith and in accordance with this Plan, shall fully discharge the Company and the Plan Administrator from all further
obligations with respect to that payment. 
 5.03 Minor or Incompetent Beneficiary In making any payments to or for the benefit
of any minor or an incompetent Beneficiary, the Company, in its sole and absolute discretion, may (a) make a distribution to a legal or natural guardian or other relative of a minor or court appointed committee of such incompetent; or
(b) make a payment to any adult with whom the minor or incompetent temporarily or permanently resides. The receipt by a guardian, committee, relative or other person shall be a complete discharge to the Company. Neither the Plan Administrator
nor the Company shall have any responsibility to see to the proper application of any payments so made. 
 ARTICLE VI 
 ADMINISTRATION OF THE PLAN 
 6.01 Majority Vote All resolutions or other actions taken by the Plan Administrator shall be by vote of a majority of those present at a meeting at which a majority of the members are present, or in writing by all the members,
at the time in office, if they act without a meeting. 
 6.02 Finality of Determination Subject to the Plan, the Committee or
Plan Administrator shall, from time to time, establish rules, forms and procedures for the administration of the Plan. Except as herein otherwise expressly provided, the Committee and Plan Administrator shall have full and absolute discretion to
(i) construe and interpret the Plan, (ii) decide all questions arising with respect to the Plan, including but not limited to, eligibility to participate in the Plan, and determine the amount, manner and time of payment of any benefits to
any Participant or Beneficiary. The respective decisions, actions and records of the Committee and Plan Administrator shall be conclusive and binding upon the Company and all persons having or claiming to have any right or interest in or under the
Plan. 
 6.03 Certificates and Reports The members of the Committee, the Plan Administrator and the officers and directors of
the Company shall be entitled to rely on all certificates, opinions, and reports made by any duly appointed accountants and consultants, and on all opinions given by any duly appointed legal counsel, which legal counsel may be counsel for the
Company. 
 6.04 Indemnification and Exculpation The Company shall indemnify and hold harmless each member of the Committee,
the Plan Administrator and any person acting on behalf of or pursuant to appointment by the Plan Administrator (hereinafter referred to as “designee”) in connection with the administration of the Plan against any and all expenses and

  

 79 

 
liabilities arising out of his membership on the Committee or administration of the Plan or any action or failure to act by the Committee, Plan
Administrator, any member of the Committee or any designee, except if such action or failure to act constitutes gross negligence or willful misconduct. Expenses against which a member of the Committee, the Plan Administrator or any designee shall be
indemnified hereunder shall include, without limitation, the amount of any settlement or judgment, costs, counsel fees, and related charges reasonably incurred in connection with a claim asserted, or a proceeding brought or settlement thereof. The
foregoing rights of indemnification shall be in addition to any other rights to which the any such member of the Committee, Plan Administrator or designee may be entitled as a matter of law. 
 6.05 Expenses The expenses of administering the Plan shall be borne by the Company. 
  

 80 

 ARTICLE VII 
 CLAIMS PROCEDURE 
 7.01 Written Claim Benefits shall be paid in accordance with
the provisions of this Plan. The Participant, or a designated Beneficiary or any other person claiming through the Participant, shall make a written request for benefits under this Plan. This written claim shall be mailed or delivered to the Plan
Administrator. Such claim shall be reviewed by the Plan Administrator or his delegate. 
 7.02 Denied Claim If the claim is
denied, in full or in part, the Plan Administrator shall provide a written notice within ninety (90) days setting forth the specific reasons for denial and any additional material or information necessary to perfect the claim and an explanation
of why such material or information is necessary and appropriate information and explanation of the steps to be taken if a review of the denial is desired. 
 7.03 Review Procedure If the claim is denied and a review is desired, the Participant (or Beneficiary) shall notify the Plan Administrator, in writing, within sixty (60) days (a claim shall be
deemed denied if the Plan Administrator does not take any action within the aforesaid ninety (90) day period) after receipt of the written notice of denial. In requesting a review, the Participant or his Beneficiary may request a review of the
Plan document or other pertinent documents with regard to the employee benefit plan created under this agreement, may submit any written issues and comments, may request an extension of time for such written submission of issues and comments and may
request that a hearing be held, but the decision to hold a hearing shall be within the sole discretion of the Committee. 
 7.04
Committee Review The decision on the review of the denied claim shall be rendered by the Committee within sixty (60) days after the receipt of the request for review (if no hearing is held) or within sixty (60) days after the
hearing if one is held. The decision shall be written and shall state the specific reasons for the decision including reference to the specific provisions of this Plan on which the decision is based. 
  

 81 

 ARTICLE VIII 
 NATURE OF COMPANY’S OBLIGATION 
 8.01 Employer’s Obligation Each
Employer’s payment obligations in connection with the benefits under this Plan shall be an unfunded and unsecured promise to pay the benefit due in accordance with the Plan. No Employer shall be obligated under any circumstances to fund its
financial obligations under this Plan; provided, however, that each Employer may establish a trust and contribute assets to the trust for the purpose of satisfying its obligations under the Plan. An Employer’s obligations hereunder shall be
discharged and satisfied to the extent proper payments are made from such trust to a Participant or Beneficiary. Immediately prior to or within sixty (60) days following a Change of Control, an amount equal to the net present value
(determined in the same manner that a lump sum payment is determined under this Plan) of the total accrued benefits under this Plan (as increased by any other commitments or agreements by the Company) shall be deposited, in one lump sum
payment, in an irrevocable trust in the form of the model grantor trust contained in IRS Revenue Procedure 92-64, which trust is incorporated by reference. The acquiror, the Company and its subsidiaries shall make up any supplemental pension
benefit payments the Participants do not receive under the trust. The trustee of such trust shall be a national or state chartered bank. 
 8.02 Creditor Status Any assets which an Employer may acquire or set aside to help cover its financial liabilities are and shall remain general assets of such Employer subject to the claims of its general, unsecured creditors.
Neither the Employer nor this Plan gives the Participant or any other person any beneficial or equitable ownership interest in any asset of the Employer. All rights of ownership in any such assets are, and remain, in the Employer. 
 ARTICLE IX 
 MISCELLANEOUS

 9.01 Written Notice Any notice which shall or may be given under this Plan shall be in writing and shall be mailed
by United States mail, postage prepaid. If notice is to be given to the Committee or the Plan Administrator, such notice shall be addressed to the Employee Benefits Committee at One ConAgra Drive, Omaha, NE 68102-5001. 
 9.02 Change of Address Any Participant may, from time to time, change the address to which notices shall be mailed by giving written notice
of such new address. 
 9.03 Merger Consolidation or Acquisition The Plan shall be binding upon each Employer, its assigns, and
any successor company which shall succeed to substantially all of its assets and business through merger, acquisition or consolidation, and upon a Participant, his Beneficiary, assigns, heirs, executors and administrators. 
 9.04 Amendment and Termination The Company, by action of the Committee, retains the sole and unilateral right to terminate, amend, modify
or supplement this Plan, in whole or in part, at any time. This right includes the right to make retroactive amendments and the right to discontinue benefit accruals. However, in no event shall the Company have the right to amend the Plan in a
manner which adversely affects any rights of any Participant (to the extent already accrued) or, if deceased, such Participant’s Beneficiary, including, but not limited to, the right to payment of benefits pursuant to Article III hereof. No
amendment may be made to 

  

 82 

 
Section 8.01 after the date of a Change of Control without the consent of any affected Participant. Upon termination of the Plan, distribution of
amounts credited to the Accounts shall be made to Participants and their Beneficiaries in one of the following manners elected by the Company: 
  

	 	(i)	In the manner and at the time otherwise provided under the Plan; or 

  

	 	(ii)	In a lump sum payable at a time permitted by Code Section 409A, provided that all conditions of Code Section 409A are and will be satisfied. 

  

 83 

 9.05 Employment This Plan does not provide a contract of employment between the Employer
and the Participant, and, except as provided in any other contractual arrangement, if any, between a Participant and the Employer, the Employer reserves the right to terminate the Participant’s employment, for any reason, at any time,
notwithstanding the existence of this Plan. 
 9.06 Nontransferability Except insofar as prohibited by applicable law, no sale,
transfer, alienation, assignment, pledge, collateralization or attachment of any benefits under this Plan shall be valid or recognized by the Company. Neither the Participant, his spouse, or designated Beneficiary, shall have any power to
hypothecate, mortgage, commute, modify or otherwise encumber in advance of any of the benefits payable hereunder, nor shall any of said benefits be subject to seizure for the payment of any debts, judgments, alimony maintenance, owed by the
Participant or his Beneficiary, or be transferable by operation of law in the event of bankruptcy, insolvency or otherwise. 
 9.07
Legal Fees All reasonable legal fees incurred by any Participant (or former Participant) to successfully enforce his valid rights under this Plan shall be paid by the Company in addition to sums due under this Plan. Any reimbursements or
in-kind benefits to be provided pursuant to this Plan (including but not limited to this section) that are taxable to Executive shall be subject to the following restrictions: (a) each reimbursement must be paid no later than the last day of
the calendar year following the Employee’s tax year during which the expense was incurred; and (b) the amount of expenses eligible for reimbursement, or in kind benefits provided, during a tax year of the Employee may not affect the
expenses eligible for reimbursement or in-kind benefits to be provided in any other tax year of the Employee; (c) the period during which any reimbursement may be paid or in-kind benefit may be provided terminates ten years after termination of
this Plan; and (d) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit. 
 9.08 Tax Withholding The Company may withhold from a payment any federal, state or local taxes required by law to be withheld with respect to such payment and such sum as the Company may reasonably estimate as necessary to
cover any taxes for which the Company may be liable and which may be assessed with regard to such payment. 
 9.09 Acceleration of
Payment To the extent permitted by Code Section 409A and the regulations and guidance issued thereunder, the Company reserves the right to accelerate the payment of any benefits payable under this Plan at any time without the consent of
the Participant, his estate, his Beneficiary or any other person claiming through the Participant. 
 9.10 Applicable Law This
Plan shall be governed by the laws of the state of Nebraska. 
 9.11 Effective Date The Plan was adopted effective
January 1, 1988. This amended and restated document reflects all Plan amendments through January 1, 2009. 
 9.12 409A
Compliance The Plan is hereby amended and restated as of January 1, 2009 for purposes of complying with the provisions of Code Section 409A and the final regulations promulgated thereunder, except as otherwise provided herein (Code
Section 409A and the regulations and other guidance issued with respect hereto may be referred to as “409A”). With respect to benefits under this Plan for Participants other than Grandfathered Participants, the Plan 

  

 84 

 
shall be interpreted, operated and applied to comply with 409A so as not to subject any Participant to the additional tax, interest or penalties which may be
imposed under 409A and not to cause inclusion in any Participant’s income of any benefit under this Plan (and any related penalty and interest) until such amount or amounts are actually distributed to such Participant. With respect to
Grandfathered Participants, the Plan shall be interpreted and administered to prevent 409A from applying to Grandfathered Participants’ benefits under this Plan; this shall include, but not be limited to, avoiding a material modification of the
terms that were applicable to the Grandfathered Participants’ benefits under this Plan on October 3, 2004. However, it is understood that 409A is ambiguous in certain respects. The Plan Administrator and Company will attempt in good faith
not to take any action, and will attempt in good faith to refrain from taking any action, that would result in the imposition of tax, interest and/or penalties upon any Participant under 409A. To the extent the Plan Administrator and Company have
acted or refrained from acting in good faith as required by this Section, neither they, their employees, contractors and agents, the Board, each member of the Board nor any Plan fiduciary (the “Released Parties”) shall in any way be liable
for, and by participating in this Plan, each Participant automatically releases the Released Parties from any liability due to, any failure to follow the requirements of 409A, and no Participant shall be entitled to any damages related to any such
failure even though the Plan and this Amendment require certain actions to be taken in conformance with 409A. 
 9.13 Grandfathered
Participants The terms of this Plan that were in effect on October 3, 2004 shall continue to apply to Grandfathered Participants and the terms of this restatement shall not apply to Grandfathered Participants except to the extent
Grandfathered Participants are referenced in this Section and Section 9.12. 
  

 85

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