Document:

<PAGE>

                                                                    EXHIBIT 10.2

                                AMENDMENT TO THE
               CONAGRA LONG TERM SENIOR MANAGEMENT INCENTIVE PLAN
                              OPERATIONAL DOCUMENT

Effective November 29, 1990, the ConAgra Long Term Senior Management Incentive
Plan Operational Document ("Document") is amended as set forth below:

ARTICLE I

     Section 4 is amended to read, as follows:

     "4. COMPUTATION OF AWARD. The Committee shall compute the amount of the
     Award for each fiscal year. A preliminary calculation of the Award shall be
     made in July of each year. The preliminary calculation will be verified
     after receipt of the audited financials for the year. The amount of the
     Award shall be calculated according to the following steps:

          "A.  The fully diluted after-tax earnings per share shall be
               calculated by dividing after-tax earnings for the fiscal year by
               the weighted average of common and common equivalent shares that
               are applicable to fully diluted earnings for the fiscal year.

          "B.  Calculate the Compounded Fully Diluted After-Tax Earnings Per
               Share for the fiscal year.  For fiscal year end 1996 and
               fiscal years thereafter, the Compounded Fully Diluted After-
               Tax Earnings Per Share for the fiscal year shall be the result
               of multiplying 1.2762816 by the Base After-Tax Earnings Per
               Share.  The Base After-Tax Earnings Per Share shall be the 5-
               year average of the Fully Diluted After-Tax Earnings Per Share
               for the 7th, 6th, 5th, 4th and 3rd fiscal years preceding the
               applicable fiscal year.  The 1.2762816 is the factor used to
               reflect a 5% compounding of the Base After-Tax Earnings Per
               Share.

               "For fiscal year ends preceding fiscal year ending 1996, the Base
               5-Years Averages and factors set forth below shall be used to
               calculate the Compounded Fully Diluted After-Tax Earnings Per
               Share:

               FYE             BASE 5-YRS. AVERAGE                  FACTOR
               1991           Preceding 12th, 11th, 10th            1.6288946
                              9th, 8th Fiscal Years

               1992           Preceding 11th, 10th, 9th             1.5513282
                              8th, 7th Fiscal Years

               1993           Preceding 10th, 9th, 8th              1.4774554
                              7th, 6th Fiscal Years

               1994           Preceding 9th, 8th, 7th,              1.4071004
                              6th, 5th Fiscal Years

               1995           Preceding 8th, 7th, 6th               1.3400956
                              5th, 4th Fiscal Years

                                       25

<PAGE>

                                                        EXHIBIT 10.2 (CONTINUED)

          "C.  The Award shall be equal to 8% of the result of multiplying the
               weighted average of common and common equivalent shares that are
               applicable to fully diluted after-tax earnings for the year times
               the excess of the fully diluted after-tax earnings per share for
               the year over the Compounded Fully Diluted After-Tax Earnings Per
               Share.

          "After-tax earnings means income for the fiscal year after all taxes
          but before a gain or loss on significant asset disposals and the
          Award; provided, however, after-tax earnings shall be determined in
          the sole and absolute discretion of the Committee. Prior to the
          distribution of an Award, the Committee, in its sole and absolute
          discretion, may reduce the amount of the Award and the share of any
          participant in an Award."

ARTICLE II

     Section 5 is amended to read, as follows:

     "5. DISTRIBUTION. Each participant's share of the Award shall be made in
     cash, or ConAgra stock, or part in ConAgra stock and part in cash, as
     determined by the Committee. Normally, both the stock and the cash portions
     will be distributed upon verification of the preliminary calculation.
     However, at its sole and absolute discretion, the Committee may pay all or
     a portion of the Award at such time as the Committee deems appropriate. Any
     participant who is not employed on the payment date shall not receive a
     payment unless the failure to be employed is on account of death, total and
     permanent disability, or retirement.

          "Each person who receives a distribution will be notified of:
          "A.  The amount distributed to him.

          "B.  Nature of any restrictions.

          "C.  The current fair market value of the participant's share of
               the Award."

This Document has been adopted by the Board of Directors and Compensation
Committee of ConAgra, Inc. on November 29, 1990.

                                       26<PAGE>

                                                                   EXHIBIT 10.10

                           THE CONAGRA 1990 STOCK PLAN

ARTICLE I

NAME AND PURPOSE

1.1    NAME. The name of the plan shall be The ConAgra 1990 Stock Plan ("Plan").

1.2    PURPOSE. The purpose of the Plan is to enable Employees and Directors to
       share in the growth and prosperity of the Company by encouraging stock
       ownership by Employees and Directors and to assist the Company to obtain
       and retain key management personnel. Incentive Stock Options,
       Nonqualified Stock Options, Restricted Shares, bargain stock, Stock
       Appreciation Rights, bonuses of Company Stock and other types of stock
       awards and cash may be granted under this Plan.

ARTICLE II

DEFINITIONS

2.1    "Board" means the Board of Directors of the Company.

2.2    "Code" means the Internal Revenue Code of 1986, as amended.

2.3    "Committee" shall mean the Compensation Committee of the Board.

2.4    "Company" means ConAgra, Inc., a Delaware corporation.

2.5    "Company Stock" means shares of common stock issued by the Company.

2.6    "Director" means any person who is a member of the Board.

2.7    "Employee" means any person employed by the Employer or a Subsidiary.

2.8    "Employer" means the Company.

2.9    "Incentive Stock Option" means any option granted to a Participant under
       the Plan, which the Committee intends at the time it is granted, to be an
       incentive stock option within the meaning of Section 422A of the Code.

2.10   "Nonqualified Stock Option" means any stock option granted under the Plan
       which is not an Incentive Stock Option.

2.11   "Optionee" is any Employee who is granted options under the Plan.

2.12   "Participant" shall mean any Employee or Director who meets the
       requirements for Participation in the Plan as described in Article III.

2.13   "Qualifying Stock" means Company Stock which has been owned by the
       Employee for at least six months prior to the date of exercise and has
       not been used in a stock-for-stock swap transaction within the preceding
       six months.

                                       27
<PAGE>

                                                       EXHIBIT 10.10 (CONTINUED)

2.14   "Subsidiary" means a corporation which is a "subsidiary corporation" as
       defined in section 425 of the Code.

ARTICLE III

ELIGIBILITY AND PARTICIPATION

3.1    ELIGIBILITY. Every Employee and Director shall be eligible to become a
       Participant in the Plan.

3.2    PARTICIPATION. The Employees who shall participate in the Plan and
       thereby be eligible to receive awards shall be such key Employees and
       Directors as the Committee shall select from time to time. The Committee
       shall determine the number of and the combination of stock options,
       restricted stock, stock appreciation rights and other stock awards
       granted.

3.3    DIRECTOR PARTICIPATION. Non-Employee Directors shall be granted annually
       a Nonqualified Stock Option for 3,000 shares of Company Stock. In
       addition, Non-Employee Directors shall be granted annually 600 shares of
       Company Stock; such shares shall be issued without cost to each Non-
       Employee Director from the Company's treasury shares.

       The Nonqualified Stock Options and shares of Company Stock described in
       this Section 3.3 shall be granted each year immediately following the
       annual stockholders' meeting of the Company. The Nonqualified Stock
       Options and shares of Company Stock shall be granted to those persons who
       are Directors immediately following such meeting. Directors are not
       eligible to receive any other Benefit under the Plan.

       The number of shares referred to in this Section 3.3 shall be properly
       adjusted if the number of issued shares shall be increased or reduced by
       change in par value, combination, split-up, reclassification,
       distribution of a dividend payable in stock, or the like.

ARTICLE IV

TYPES OF BENEFITS

     Benefits under the Plan ("Benefits") may be granted in any one or any
combination of (a) Incentive Stock Options; (b) Nonqualified Stock Options; (c)
stock appreciation rights; (d) restricted stock awards; (e) bargain purchase of
common stock; (f) bonuses of common stock; (g) any other form of stock benefit;
or (h) cash.

     Without limiting the Committee's authority, the Committee may: (a) make the
grant of Benefits conditional upon an election by a Participant to defer payment
of a portion of his salary; (b) give a Participant a choice between two Benefits
or combination of Benefits; (c) award Benefits in the alternative so that
acceptance of or exercise of one Benefit cancels the right of a Participant to
another; and (d) award Benefits in any combination or combinations and subject
to any condition or conditions consistent with, the terms of the Plan that the
Committee in its sole discretion may determine.

ARTICLE V

SHARES SUBJECT TO PLAN

     The total number of shares for which options may be granted under this Plan
shall not exceed in the aggregate 6,000,000 shares; provided, if the merger of
the Company and Beatrice Company, as reflected in the Agreement

                                       28
<PAGE>

                                                       EXHIBIT 10.10 (CONTINUED)

and Plan of Merger dated as of June 7, 1990, is consummated, such aggregate
number shall be 7,200,000 shares. This number shall be appropriately adjusted if
the number of issued shares shall be increased or reduced by change in par
value, combination, split-up, reclassification, distribution of a dividend
payable in stock, or the like. The shares issued under the Plan may be
authorized and unissued shares or treasury shares.

     In the event that any outstanding option, restricted stock or other Benefit
issued pursuant to the Plan shall expire or terminate, the shares allocable to
the unexercised or forfeited portion of such Benefit may again be subject to an
award under the Plan. In addition, any shares which are used for the full or
partial payment of the purchase price (or applicable withholding taxes) for
shares with respect to which an option is exercised may again be used for an
award under the Plan.

ARTICLE VI

OPTIONS

     The Committee from time to time may grant Incentive Stock Options and
Nonqualified Stock Options. Each option agreement between the Company and the
Participant shall be in such form and shall contain such provisions as the
Committee from time to time shall deem appropriate. Option agreements need not
be identical. The option agreements shall specify whether or not an option is an
Incentive Stock Option.

     The terms of Incentive Stock Options granted shall include the following:

     (a)   The option price shall be fixed by the Committee in good faith, but
           in no event be less than 100% of the fair market value of the shares
           subject to the option on the date the option is granted.

     (b)   The Committee shall fix the term or duration of all Incentive Stock
           Options issued under this Plan provided that such term shall not
           exceed ten years after the date on which the option was granted and
           shall not extend beyond the Optionee's employment with the Company.
           The Committee shall also set the date or dates on, or after which,
           each option may be exercised.

     (c)   The aggregate fair market value, determined as of the time the
           Incentive Stock Option is granted, of the stock which may become
           exercisable for the first time by any Employee during any calendar
           year shall not exceed $100,000.

     (d)   Each Incentive Stock Option agreement (and amendments) shall contain
           such terms and provisions, consistent with the requirements of this
           Plan, as the Committee in its discretion shall determine, including
           without limitation such terms and provisions as shall be requisite to
           cause the options to qualify as Incentive Stock Options.

     Options and similar Benefits (including Stock Appreciation Rights) shall
not be transferable otherwise than by will or the laws of descent and
distribution, and during the Participant's lifetime, such a Benefit shall be
exercisable only by the Participant.

     Notwithstanding any other provisions of the Plan, no Incentive Stock Option
shall be granted to an Employee who, at the time the option is granted, owns
stock representing more than ten percent of the total combined voting power of
all classes of stock of the Employer. This stock ownership limitation will not
apply if the option price is at least 110 percent of the fair market value (at
the time the option is granted) of the stock subject to the option, and the
option by its terms is not exercisable more than five years from the date it is
granted.

     The Committee may grant a replacement option (a "Replacement Option") to
any Employee who exercises all or part of an option granted under this Plan
using Qualifying Stock as payment for the purchase price. A

                                       29
<PAGE>

                                                       EXHIBIT 10.10 (CONTINUED)

Replacement Option shall grant to the Employee the right to purchase, at the
fair market value as of the date of said exercise and grant, the number of
shares of stock equal to the sum of the number of whole shares (i) used by the
Employee in payment of the purchase price for the option which was exercised and
(ii) used by the Employee in connection with applicable withholding taxes on
such transaction. A Replacement Option may not be exercised for six months
following the date of grant, and shall expire on the same date as the option
which it replaces.

ARTICLE VII

RESTRICTED SHARES

     The Committee from time to time may award restricted shares ("Restricted
Shares") to any Participant in the Plan. Each Participant who is awarded
Restricted Shares shall enter into an agreement with the Company in a form
specified by the Committee agreeing to the terms and conditions of the award and
such other matters consistent with the Plan as the Committee in its sole
discretion shall determine.

     Restricted Shares awarded to Participants may not be sold, transferred,
pledged or otherwise encumbered during the restricted period commencing on the
date of the award and ending at such later date as the Committee may designate
at the time of the award. The Participant shall have the entire beneficial
ownership and all rights and privileges of a shareholder with respect to
Restricted Shares awarded to him, including the right to receive dividends and
the right to vote such Restricted Shares.

     The Committee may provide any other terms or conditions with regard to
Restricted Shares that it deems appropriate. Restricted Shares and agreements
related thereto need not be identical.

ARTICLE VIII

STOCK APPRECIATION RIGHTS

     The Committee from time to time may grant stock appreciation rights ("Stock
Appreciation Rights") to any Participant in the Plan. A Stock Appreciation Right
shall be evidenced by a stock appreciation right agreement between the Company
and the Participant, which shall contain such terms and conditions consistent
with the Plan as the Committee from time to time shall deem appropriate.

     A Stock Appreciation Right may be satisfied by the Company in cash or in
shares of common stock of the Company, as determined by the Committee. The
agreement may limit the maximum amount of appreciation taken into account under
a Stock Appreciation Right.

     A Stock Appreciation Right may be granted in conjunction with an Incentive
Stock Option, a Nonqualified Stock Option, Restricted Shares or any other award
hereunder. At the discretion of the Committee, a Stock Appreciation Right may be
exercisable only to the extent that a related award is exercisable and only upon
surrender of a related award. In the event of the exercise of a Stock
Appreciation Right the exercise of which is conditioned upon surrender of a
related award, the number of shares that may be issued under this Plan shall be
reduced by the number of shares covered by the award or portion thereof
surrendered.

     The Committee may provide any other terms or conditions with regard to
Stock Appreciation Rights that it deems appropriate. Stock Appreciation Rights
and agreements related thereto need not be identical.

ARTICLE IX

OTHER AWARDS

     The Committee may grant any other cash, stock or stock-related awards to a
Participant under this Plan that the Committee deems appropriate, including, but
not limited to, the bargain purchase of Company Stock and stock bonuses. Any
such Benefits and any related agreements shall contain such terms and conditions
as the Committee deems appropriate. Such awards and agreements need not be
identical. With respect to any Benefit

                                       30
<PAGE>

                                                       EXHIBIT 10.10 (CONTINUED)

under which shares of Company Stock are or may in the future be issued (other
than shares issued from the Company's treasury) for consideration other than
prior services, the amount of such consideration shall either (i) be equal to
the amount (such as the par value of such shares) required to be received by the
Company in order to comply with applicable state law or (ii) be equal to or
greater than 50% of the fair market value of such shares on the date of grant.

ARTICLE X

ADMINISTRATION

     The Plan shall be administered by the Committee. A majority vote of the
Committee at which a quorum is present, or acts reduced to or approved in
writing by a majority of the members of the Committee, shall be the valid acts
of the Committee for the purposes of this Plan.

     The Committee shall have plenary authority in its discretion, but subject
to the express provisions of the Plan, to determine the terms of all Benefits
granted under the Plan including, without limitation, the purchase price, if
any, the Employees to whom, and the time or times at which Benefits shall be
granted, when an option can be exercised, or Restricted Shares, Stock
Appreciation Rights and other Benefits become forfeitable, and whether in whole
or in installments, and the number of shares covered by a Benefit; and to
interpret the Plan and to make all other determinations deemed advisable for the
administration of the Plan. All determinations of the Committee shall be made by
not less than a majority of its members. The Committee may designate Employees
of the Company to assist the Committee in the administration of the Plan and may
grant authority to such persons to execute option agreements or other documents
on behalf of the Committee.

     Payment in full for the number of shares purchased under any Benefit,
including an option, shall be made to the Company at the time of such exercise.
The Committee, in its discretion, may provide that any Benefit by its terms may
permit a Participant to elect, subject to Committee approval, any of the
following alternative settlement methods: (i) cash equal to the excess of the
value of one share over the option or purchase price times the number of shares
as to which the award is exercised; (ii) the number of full shares having an
aggregate value not greater than the cash amount calculated under alternative
(i); (iii) any combination of cash and stock having an aggregate value not
greater than the cash amount calculated under alternative (i). For purposes of
determining an alternative settlement, the value per share shall be determined
under the same method as used to determine the option price in the case of stock
options.

     Payment for such shares shall be made in cash, or with the consent of the
Committee, in shares of the Company's common stock, or a combination thereof.

     The interpretation and construction by the Committee of any provisions of
the Plan or of any benefit granted under it shall be final. No member of the
Committee shall be liable for any action or determination made in good faith
with respect to the Plan or any benefit granted under it.

ARTICLE XI

ADJUSTMENT UPON CHANGES OF STOCK

     If any change is made on the shares of common stock of the Company by
reason of any merger, consolidation, reorganization, recapitalization, stock
dividend, split up, combination of shares, exchange of shares, change in
corporate structure, or otherwise, appropriate adjustments shall be made by the
Committee to the kind and maximum number of shares subject to the Plan and the
kind and number of shares and price per share of stock subject to each
outstanding Benefit. No fractional shares of stock shall be issued under the
Plan on account of any such adjustment, and rights to shares always shall be
limited after such an adjustment to the lower full share.

                                       31
<PAGE>

                                                       EXHIBIT 10.10 (CONTINUED)

ARTICLE XII

MISCELLANEOUS

12.1   CONTINUATION OF EMPLOYMENT. Neither this Plan nor any Benefit granted
       hereunder shall confer upon any Employee any right to continue in the
       employment of the Company or limit in any respect the right of the
       Company to terminate his employment at any time.

12.2   ADMINISTRATION. The Committee may make such rules and regulations and
       establish such procedures as it deems appropriate for the administration
       of the Plan. In the event of a disagreement as to the interpretation of
       the Plan or any amendment hereto or any rule, regulation or procedure
       thereunder or as to any right or obligation arising from or related to
       the Plan, the decision of the Committee shall be final and binding.

12.3   WITHHOLDING. The Company shall have the right to withhold with respect to
       any payments made to Participants under the Plan any taxes required by
       law to be withheld because of such payments. With respect to any such
       withholding:

       (a)    Each Participant shall take whatever action that the Committee
              deems appropriate to comply with the law regarding withholding of
              federal, state and local taxes.

       (b)    When a Participant is obligated to pay to the Company an amount
              required to be withheld under applicable income tax laws in
              connection with a Benefit, the Committee may, in its discretion
              and subject to such rules as it may adopt, permit the Participant
              to satisfy this obligation, in whole or in part, either (i) by
              having the Company withhold from the shares to be issued upon the
              exercise of an option or a stock appreciation right or upon the
              receipt of a Benefit, shares having a fair market value that would
              satisfy the withholding amount due or (ii) by delivering to the
              Company already-owned shares to satisfy the withholding amount.

12.4   EFFECTIVE DATE. This Plan is effective on July 12, 1990 ("Effective
       Date"). Benefits hereunder may be granted at any time subject to the
       limitations contained within the Plan. No Company Stock may be issued
       unless the Plan is approved by a vote of the holders of a majority of the
       outstanding shares of the Company's common stock at a meeting of the
       stockholders of the Company held within twelve months following the
       Effective Date.

ARTICLE XIII

AMENDMENT, TERMINATION AND CHANGE IN CONTROL

13.1   AMENDMENT. The Board may amend the Plan from time to time as it deems
       desirable and shall make any amendments which may be required so that
       options intended to be Incentive Stock Options shall at all times
       continue to be Incentive Stock Options for the purposes of the Code;
       PROVIDED, HOWEVER, the Plan may not be amended to change the number of
       shares subject to the Plan or decrease the price at which options may be
       granted.

                                       32
<PAGE>

                                                       EXHIBIT 10.10 (CONTINUED)

13.2   TERMINATION OF PLAN. The Board may in its discretion Terminate the Plan
       at any time, but no such termination shall deprive Participants of their
       rights under outstanding Benefits. Notwithstanding the preceding
       sentence, no Incentive Stock Options may be granted pursuant to the Plan
       later than ten years after the date the Plan is adopted or the date the
       Plan is approved by the shareholders of the Company, whichever is
       earlier.

13.3   CHANGE OF CONTROL. On the date of a Change of Control (as herein
       defined), all outstanding options and stock appreciation rights shall
       become immediately exercisable and all restrictions with respect to
       Restricted Stock shall lapse. Following such a Change of Control, the
       Committee shall grant the request of any Employee to pay for shares
       purchased under any Benefit by using an alternative settlement method
       described in the third paragraph of Article X. Change of Control shall
       mean:

       (a)    The acquisition (other than from the Company) by any person,
              entity or "group," within the meaning of Section 13(d)(3) or
              14(d)(2) of the Securities Exchange Act of 1934 (the "Exchange
              Act"), (excluding, for this purpose, the Company or its
              subsidiaries, or any employee benefit plan of the Company or its
              subsidiaries which acquires beneficial ownership of voting
              securities of the Company) of beneficial ownership (within the
              meaning of Rule 13d-3 promulgated under the Exchange Act) of 30%
              or more of either the then outstanding shares of common stock or
              the combined voting power of the Company's then outstanding voting
              securities entitled to vote generally in the election of
              directors; or

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

       (c)    Approval by the stockholders of the Company 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 more than 50% of the combined voting
              power entitled to vote generally in the election of directors of
              the reorganized, merged or consolidated Company's then outstanding
              voting securities, or a liquidation or dissolution of the Company
              or of the sale of all or substantially all of the assets of the
              Company.

                  FIRST AMENDMENT TO THE CONAGRA 1990 STOCK PLAN

     The ConAgra 1990 Stock Plan (the "Plan"), was approved by ConAgra
stockholders on September 27, 1990. The Plan is hereby amended by deleting in
its entirety the last sentence of Article V. The deleted sentence currently
reads as follows:

                                       33
<PAGE>

                                                       EXHIBIT 10.10 (CONTINUED)

     In addition, any shares which are used for the full or partial payment of
     the purchase price (or applicable withholding taxes) for shares with
     respect to which an option is exercised may again be used for an award
     under the Plan.

                              SECOND AMENDMENT

                                  TO THE

                          CONAGRA 1990 STOCK PLAN

     Effective January 1, 1993, The ConAgra 1990 Stock Plan ("Plan") is amended,
as follows:

                                 ARTICLE I

     Section 2.14 of the Plan is amended to read, as follows:

     "2.14 "Subsidiary" means any corporation which is a "subsidiary
     corporation" as defined in Section 425 of the Code and any corporation,
     partnership, joint venture or other entity which is, directly or
     indirectly, at least 25% owned by the Company."

                                ARTICLE II

     Article VI of the Plan is amended by the addition thereto of the following
     paragraph:

     "Notwithstanding any other provisions of the Plan, an Incentive Stock
     Option may only be granted to Employees who are employed by the Company or
     by a Subsidiary which is a "subsidiary corporation" as defined in Section
     425 of the Code."

                                       34

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