Document:

Exhibit 10.67

AGREEMENT

This
AGREEMENT, dated as of May 31, 2002, is by and among Metromedia International
Group, Inc., a Delaware corporation (“MMG”),
Elliott Associates, L.P., a Delaware limited partnership (“Associates”), and Elliott International,
L.P., a Cayman Islands limited partnership (“International”
and, together with Associates, “Elliott”).

 

 

WHEREAS,
Elliott is the beneficial holder of approximately 4% of the shares of common
stock, par value $1.00 per share, of MMG (“Common
Stock”);

WHEREAS,
by notice of nomination dated March 14, 2002 (“Notice of Nomination”), Elliott nominated three candidates for
election to MMG’s Board of Directors (“Board”),
as “Class I Directors”, at MMG’s 2002 Annual Meeting of Stockholders, scheduled
to be held on June 27, 2002 (as postponed, advanced, rescheduled or adjourned,
the “Annual Meeting”);

WHEREAS,
by a notice of business dated March 14, 2002 (“Notice of Business”), Elliott submitted two proposals to be
voted upon by stockholders at the Annual Meeting;

WHEREAS,
MMG and Elliott mutually desire to include as part of MMG management’s slate of
Class I Directors nominated for election at the Annual Meeting, Oren G.
Shaffer, an individual designated by Elliott (“Mr. Shaffer”), on the terms specified in this Agreement; and

WHEREAS,
MMG has already interviewed and approved Mr. Shaffer as one of its management
nominees.

NOW,
THEREFORE, in consideration of the mutual covenants and agreements contained
herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby duly acknowledged, the parties hereby agree as
follows:

                Section 1.               Director.

 

(a)           MMG shall nominate Mr. Shaffer for
election as a Class I Director at the Annual Meeting, and its management and
Board shall unanimously recommend that the stockholders of MMG vote “FOR” Mr.
Shaffer’s election as a Class I Director at the Annual Meeting.

(b)           MMG shall include in its proxy
materials for the Annual Meeting (“Proxy Materials”) the Board’s
unanimous recommendation in favor of, and actively shall solicit proxies “FOR”
and use its best efforts to cause, the election of Mr. Shaffer as a Class I
Director (but shall not be required to make efforts or incur expenses that are,
as to Mr. Shaffer’s election, in excess of MMG’s customary and traditional
efforts with respect to the election of other management-recommended nominees
for director).

(c)           Until
but not including MMG’s annual meeting of stockholders to be held in 2005, if
Mr. Shaffer (or any replacement of Mr. Shaffer or any of his replacements
designated by Elliott (each an “Elliott
Designee”)) ceases to serve as a director for any reason (other than
a voluntary resignation combined with a written statement from Elliott waiving
its rights to 

 

 

nominate
candidates to such Board seat), MMG shall promptly take such actions as are
necessary to appoint or elect as a Director an Elliott Designee reasonably
acceptable to MMG.  Elliott will have
one week, measured from the date the prior Elliott Designee resigns, to
designate a new Elliott Designee.  The
Board will either appoint or cause to be elected, or to reasonably reject, each
future Elliott Designee within one week of receiving Elliott’s
designation.  During the initial one
week designation period and each one week consideration period(s), the Board
will take no action unless, based upon the advice of independent counsel, the
Board believes in good faith that it cannot refrain from acting during such
period without breaching its fiduciary duties to MMG’s stockholders.  Once appointed or elected to the Board, the
Elliott Designee may be removed only in accordance with MMG’s currently
existing bylaws and applicable Delaware law.

(d)           Once elected, the Elliott Designee
shall be entitled to all the rights, privileges and protections available to
any member of the Board.

(e)           MMG shall not advance the date of the
Annual Meeting without the written consent of Elliott, nor postpone the date of
the Annual Meeting without the written consent of Elliott, in the latter
instance (assuming the postponement is for no more than 30 days) not to be
unreasonably withheld.

(f)            MMG shall provide Elliott and its
counsel reasonable opportunity to review the Proxy Materials, and shall not
file the Proxy Materials with the Securities and Exchange Commission if Elliott
has reasonable objections to disclosure relating to the Elliott Designee, this
Agreement or the subject matter hereof.

                Section 2.               Representations.

 

(a)           MMG hereby represents and warrants
that this Agreement has been duly authorized, executed and delivered by MMG,
and is a valid and binding obligation of MMG, enforceable against MMG in
accordance with its terms.

(b)           Associates and International each
represents and warrants that this Agreement has been duly authorized, executed
and delivered by it, and is a valid and binding obligation enforceable against
it in accordance with its terms.

(c)           MMG represents and warrants that the
Board, by resolutions previously adopted, has taken all Board action(s)
necessary to implement the obligations of the Board and MMG under Sections 1
and 4 of this Agreement.

(d)           MMG represents and warrants that all
of:  (i) Metromedia Company and (ii) Mr.
Kluge and Mr. Subotnick individually have legally committed themselves in
writing to vote all shares of Common Stock owned by them beneficially
(including the shares disclosed, in the proxy statement for the Annual Meeting,
as being beneficially owned) or of record “FOR” the election of the Elliott
Designee as a Class I Director at the Annual Meeting.

(e)           MMG represents and warrants that, in
connection with the Annual Meeting, (i) no nominations for Class I Directors
have been made by any person other than Elliott and MMG’s management and Board,
(ii) that MMG’s management and Board have 

 

2

 

nominated only Mr. Shaffer, Mr. Kluge and Mr. Subotnick as Class I
Directors, and (iii) MMG’s management and Board will take no action to allow
any person to nominate any other person for election as a Class I Director.

 

                Section 3.               Standstill.

 

(a)           Each of Associates and International
agree not to commence a proxy contest, or to solicit proxies or written consent
of stockholders of Common Stock, or to become a “participant” with respect to
an election contest for Board seats at the Annual Meeting.

(b)           Elliott hereby withdraws both its
Notice of Nomination and its Notice of Business, and shall refrain from
submitting any stockholder proposals pursuant to Rule 14a-8 or otherwise in
connection with the Annual Meeting.

                Section 4.               Voting.

 

(a)           Nothing in this Agreement shall in
any way restrict the ability of Elliott to vote as it sees fit any equity or
debt securities of MMG it now owns or may in the future own.

(b)           MMG covenants that all shares of
Common Stock owned beneficially (including the shares disclosed, in the proxy
statement for the Annual Meeting, as being beneficially owned) or of record by
(i) Metromedia Company, and (ii) Mr. Kluge and Mr. Subotnick individually,
shall be voted “FOR” the election of the Elliott Designee as a Class I Director
at the Annual Meeting.  MMG shall use
commercial best efforts to solicit proxies with respect to any shares of Common
Stock owned beneficially or of record by News PLD LLC and the directors of MMG
other than Mr. Kluge and Mr. Subotnick “FOR” the election of the Elliott
Designee as a Class I Director at the Annual Meeting.

(c)           To the extent permitted by law and
its bylaws, MMG shall cause all proxies received by MMG that are marked “FOR”
the election of the Elliott Designee or grant voting discretion to management
to be voted “FOR” the election of the Elliott Designee as a Class I Director at
the Annual Meeting.

                Section 5.               Remedies.

 

(a)           EACH PARTY HERETO HEREBY ACKNOWLEDGES
AND AGREES THAT IRREPARABLE HARM WOULD OCCUR IN THE EVENT ANY OF THE PROVISIONS
OF THIS AGREEMENT WERE NOT PERFORMED IN ACCORDANCE WITH THEIR SPECIFIC TERMS OR
WERE OTHERWISE BREACHED.  IT IS
ACCORDINGLY AGREED THAT THE PARTIES SHALL BE ENTITLED TO SPECIFIC RELIEF
HEREUNDER, INCLUDING, WITHOUT LIMITATION, AN INJUNCTION OR INJUNCTIONS TO
PREVENT AND ENJOIN BREACHES OF THE PROVISIONS OF THIS AGREEMENT AND TO ENFORCE
SPECIFICALLY THE TERMS AND PROVISIONS HEREOF IN ANY STATE OR FEDERAL COURT
LOCATED IN THE STATE AND COUNTY OF NEW YORK OR THE STATE OF DELAWARE, IN
ADDITION TO ANY OTHER REMEDY TO WHICH THEY MAY BE ENTITLED AT LAW OR IN
EQUITY.  ANY REQUIREMENTS FOR THE
SECURING OR POSTING OF ANY BOND WITH SUCH REMEDY ARE HEREBY WAIVED.

 

3

 

(b)           THE PARTIES HERETO AGREE THAT ANY
ACTIONS, SUITS OR PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE
TRANSACTIONS CONTEMPLATED HEREBY OR ANY DOCUMENT REFERRED TO HEREIN SHALL BE
BROUGHT EXCLUSIVELY IN THE STATE OR FEDERAL COURTS LOCATED IN THE STATE AND
COUNTY OF NEW YORK OR THE STATE OF DELAWARE (AND THE PARTIES AGREE NOT TO
COMMENCE ANY ACTION, SUIT OR PROCEEDING RELATING THERETO EXCEPT IN SUCH
COURTS), AND FURTHER AGREE THAT SERVICE OF ANY PROCESS, SUMMONS, NOTICE OR
DOCUMENT BY U.S. REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED, TO THE
RESPECTIVE ADDRESSES SET FORTH IN SECTION 9 HEREOF SHALL BE EFFECTIVE SERVICE
OF PROCESS FOR ANY SUCH ACTION, SUIT OR PROCEEDING BROUGHT AGAINST ANY PARTY IN
ANY SUCH COURT.  THE PARTIES IRREVOCABLY
AND UNCONDITIONALLY WAIVE ANY OBJECTION TO THE LAYING OF VENUE OF ANY ACTION,
SUIT OR PROCEEDING ARISING OUT OF THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY, IN THE STATE AND FEDERAL COURTS LOCATED IN THE STATE AND
COUNTY OF NEW YORK OR THE STATE OF DELAWARE, AND HEREBY FURTHER IRREVOCABLY AND
UNCONDITIONALLY WAIVE AND AGREE NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT
ANY SUCH ACTION, SUIT OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT
IN ANY INCONVENIENT FORUM.

                Section 6.               Entire Agreement.

 

This
Agreement contains the entire understanding of the parties with respect to the
subject matter hereof and may be amended only by an agreement in writing
executed by the party against which such amendment is sought to be enforced.

                Section 7.               Headings.

 

Descriptive
headings are for convenience only and shall not control or affect the meaning
or construction of any provision of this Agreement.

                Section 8.               Number; Gender.

 

Whenever
the singular number is used herein, the same shall include the plural where
appropriate, and words of any gender shall include each other gender where
appropriate.

 

                Section 9.               Notices.

 

All
notices, consents, requests, instructions, approvals and other communications
provided for herein and all legal process (other than as limited by Section
5(b)) in regard hereto shall be validly given, made or served, if sent by
facsimile with a copy to be delivered by overnight courier on the next business
day to the following addresses or such other addresses specified in writing by
the relevant recipient at least five (5) calendar days before the notice:

if to MMG:                                                                                     Metromedia
International Group, Inc.

505 Park Avenue

21st Floor

 

4

 

New York, New York 10022

Facsimile:               

Attention:              Chief Executive
Officer

with a copy to:                                                                 Brown Raysman Millstein Felder &
Steiner

900 Third Avenue

New York, New York 10022

Facsimile:               (212)
895-2900

Attention:              David M. Warburg

if to Elliott:                                                                                      Elliott Associates, L.P. and Elliott
International, L.P.

712 Fifth Avenue

36th Floor

New York, New York  10019

Facsimile:               (212) 974-2092

Attention:              Dan Gropper

with copies to:                                                                  Kleinberg, Kaplan, Wolff & Cohen,
P.C.

551 Fifth Avenue

18th Floor

New York, New York  10176

Facsimile:               (212) 986-8866

Attention:              Christopher P.
Davis
                                David
Parker

                Section 10.             Enforceability.

 

If
any term, provision, covenant or restriction of this Agreement is held by a
court of competent jurisdiction to be invalid, void or unenforceable, the
remainder of the terms, provisions, covenants and restrictions of this
Agreement shall remain in full force and effect and shall in no way be
affected, impaired or invalidated.  It
is hereby stipulated and declared to be the intention of the parties that the
parties would have executed the remaining terms, provisions, covenants and
restrictions without including any of such which may be hereafter declared
invalid, void or unenforceable.  In
addition, the parties agree to use their best efforts to agree upon and
substitute a valid and enforceable term, provision, covenant or restriction for
any of such that is held invalid, void or unenforceable by a court of competent
jurisdiction.

                Section 11.             Law Governing.

 

THIS
AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH
THE LAWS OF STATE OF NEW YORK OR, TO THE EXTENT MANDATORILY APPLICABLE, THE STATE
OF DELAWARE, WITHOUT REGARD TO ANY CONFLICT OF LAWS PROVISIONS THEREOF.

                Section 12.             Binding Effect.

 

This
Agreement shall be binding upon and inure to the benefit of and be enforceable
by the successors and assigns of the parties hereto.  Nothing in this Agreement, expressed or 

 

5

 

implied, is intended to confer on any person other than the parties
hereto or their respective heirs, successors, executors, administrators and
assigns any rights, remedies, obligations or liabilities under or by reason of
this Agreement.

                Section 13.             Counterparts.

 

This
Agreement may be executed in one or more counterparts, each of which (even if a
photocopy or a facsimile) shall be deemed an original, but all of which together
shall constitute one and the same instrument.

                Section 14.             No Presumption Against
Draftsperson.

 

Each
of the undersigned parties hereby acknowledges that the undersigned parties
fully negotiated the terms of this Agreement, that each such party had an equal
opportunity to influence the drafting of the language contained in this
Agreement and that there shall be no presumption against any such party on the
ground that such party was responsible for preparing this Agreement or any part
hereof.

 

6

 

IN
WITNESS WHEREOF, each of the parties hereto has executed this Agreement as of
the date first above written.

	
  METROMEDIA INTERNATIONAL GROUP, INC.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Carl Brazell, Jr.

  	
   

  
	
   

  	
   

  	
  Name: Carl Brazell, Jr.

  	
   

  
	
   

  	
   

  	
  Title: Chief Executive Officer and Chairman of the Board

  
	
   

  	
   

  	
   

  	
   

  
	
  ELLIOTT ASSOCIATES,
  L.P.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  Elliott Capital
  Advisors, L.P. as general partner

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  Braxton Associates, Inc. as general partner

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Elliot Greenberg

  	
   

  
	
   

  	
   

  	
  Elliot Greenberg, Vice President

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ELLIOTT INTERNATIONAL, L.P.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  Elliott International Capital Advisors, Inc.

  	
   

  
	
   

  	
   

  	
  as attorney-in-fact

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Elliot Greenberg

  	
   

  
	
   

  	
   

  	
  Elliot Greenberg, Vice President

  	
   

  
	
   

  	
   

  	
   

  	
   

  

 

 

7<Page>

                                                                    Exhibit 10.1

                                    AGREEMENT

     Agreement made this ____ day of ____________, ____, by and between ConAgra
Foods, Inc., a Delaware corporation, hereinafter referred to as "ConAgra", and
____________________, hereinafter referred to as "Employee".

     WHEREAS, the Board of Directors of ConAgra ("Board") has determined that
the interests of ConAgra stockholders will be best served by assuring that all
key corporate executives of ConAgra will adhere to the policy of the Board with
respect to any event by which another entity would acquire effective control of
ConAgra, including but not limited to a tender offer, and

     WHEREAS, the Board has also determined that it is in the best interests of
ConAgra stockholders to promote stability among key executives and employees.

     NOW, THEREFORE, it is agreed as follows:

     1.   DUTIES OF EMPLOYEE. Employee shall support the position of the Board
and the chief executive officer, and shall take any action requested by the
Board or the chief executive officer with respect to any "Change of Control" (as
defined at Section 7 below) of ConAgra. If the Employee violates the provisions
of this Section, he shall forfeit any payments due to him under the terms of
this Agreement.

     2.   EMPLOYMENT CONTRACT. If a Change of Control of ConAgra occurs, and if
at the initiation of the Change of Control attempt Employee is then employed by
ConAgra, ConAgra hereby agrees to continue the employment of Employee for a
period of three years from the date the Change of Control effectively occurs.
During said three year period, Employee shall receive annual base and incentive
compensation in an amount not less than that specified in Section 3(a) below.

     If Employee is Involuntarily Terminated (as defined at Section 7 below), at
any time during the three year period, ConAgra shall pay to Employee an amount
equal to that which Employee would have received pursuant to Section 3(a) below
for the remainder of the three year period, and shall also make the payments
specified in Sections 3(b) and 3(c) and, if applicable, any additional payments
specified in Section 5 below. In addition, in the event of Involuntary
Termination at any time, Employee shall receive payment of the base and
incentive compensation described in Section 3(a) for one year. Any such
termination payment of base and incentive compensation shall be made to Employee
in a lump sum within thirty (30) days after termination.

     If Employee voluntarily terminates his employment at any time during the
three year period, the Acquiror (as defined below), ConAgra, and their
subsidiaries will not be obligated to pay the Employee any amount that might be
due for the remainder of the three year period, or for any termination pay;
however, they shall make any additional payments specified in Sections 3(b),
3(c) and 5 (if applicable) below.

                                       26
<Page>

                                                        Exhibit 10.1 (continued)

     3.   DESCRIPTION OF PAYMENTS. The payments to be made to Employee are:

                (a)   ANNUAL BASE AND INCENTIVE COMPENSATION. Employee shall
                receive for the three year period described in Section 2 above
                an annual amount equal to his current annual rate of
                compensation, which current annual compensation shall be
                computed as follows: twenty-six times the Employee's highest
                bi-weekly salary payment received during the one year period
                ending immediately prior to the Change of Control of ConAgra. In
                addition, Employee shall receive (i) an amount for short term
                incentive equal to the larger of (I) the short term incentive
                target, if any, most recently approved by the Human Resources
                Committee of the Board ("Committee"), and (II) the highest of
                the three actual short term incentive awards (including deferred
                amounts) made to Employee for the three fiscal years immediately
                preceding such Change of Control, plus (ii) an amount for the
                Long Term Senior Management Incentive Plan Award equal to the
                highest per unit award made during the three fiscal years
                immediately preceding such Change of Control multiplied by the
                number of units of participation approved by the Committee for
                the current fiscal year.

                (b)   RETIREMENT BENEFITS. Employee shall receive an amount
                equal to that which he would have received as retirement
                benefits under the provisions of the ConAgra Pension Plan for
                Salaried Employees ("Qualified Pension Plan") and the ConAgra
                Retirement Income Savings Plan ("CRISP") in effect immediately
                prior to the Change of Control of ConAgra, had Employee
                continued his employment until age 65 at the current annual rate
                of base and short term incentive compensation as determined
                above and assuming no limitations under Sections 401(a)(17) and
                415 of the Internal Revenue Code of 1986, as amended ("Code").

                      (i)   The supplemental pension benefit hereunder shall be
                            equal to the result of subtracting (x) the benefit
                            the Employee will receive under the Qualified
                            Pension Plan from (y) the pension benefit the
                            Employee would obtain under the Qualified Pension
                            Plan if the Employee remained in the employ of
                            ConAgra until the Employee attained age 65. The
                            supplemental pension benefit is to be computed
                            assuming the Employee is to receive an unreduced
                            normal retirement pension benefit payable beginning
                            at the later of the date the Employee attains age 60
                            or the date of the Employee's termination of
                            employment. If the Employee begins to receive his
                            supplemental pension benefit at a time other than as
                            described in the preceding sentence, an actuarial
                            adjustment shall be made to reflect such event. The
                            supplemental pension benefit shall be reduced by the
                            amount of benefit received from the ConAgra
                            Nonqualified Pension Plan (or any successor plan)
                            which relates to periods following the Employee's
                            termination of employment.

                      (ii)  The supplemental CRISP benefit shall be equal to the
                            amount computed, as follows:

                            A.     The additional years of service that the
                                   Employee would receive if his or her
                                   employment was not terminated prior to
                                   attaining age 65 is multiplied by the
                                   Employee's current annual base and short term
                                   incentive compensation (as described in
                                   Section 3(a)).

                            B.     The result in A, immediately above, is
                                   multiplied by 3%.

                            C.     The result in B, immediately above, is
                                   present valued to the date of the Employee's
                                   termination of employment. The discount
                                   factor for such present value shall be the
                                   discount factor used by the Qualified Pension
                                   Plan at the time of such termination of
                                   employment. The present value shall be
                                   computed based on the assumption that the
                                   result in B,

                                       27
<Page>

                                                        Exhibit 10.1 (continued)

                                   immediately above, is paid ratably (and
                                   monthly) over the additional years of service
                                   of the Employee.

                            D.     The present value amount determined pursuant
                                   to C, immediately above, shall be funded
                                   pursuant to Subsection (iv) of this Section
                                   3(b).

                      (iii) For purposes of computing the amounts described in
                            Sections 3(b)(i)(y) and 3(b)(ii)A, the following
                            shall apply:

                            A.     The total amount of current annual base pay
                                   and short term incentive pay (as described in
                                   Section 3(a)) shall be used without any
                                   reduction for the limitation imposed upon
                                   compensation by Code Section 401(a)(17) (or
                                   any successor section thereto).

                            B.     The limitations imposed by Code Section 415
                                   shall not apply.

                            C.     If, at the time of termination, the Employee
                                   is not eligible to participate in the
                                   Qualified Pension Plan, the amount computed
                                   under Section 3(b)(1) shall be based solely
                                   on the years after termination of employment.

                            D.     If, at the time of termination, the Employee
                                   is not eligible to participate in the
                                   Qualified Plan, but does participate in a
                                   defined benefit plan of ConAgra, its
                                   successor, or one of their affiliates ("Other
                                   Defined Benefit Plan"), the Employee shall
                                   receive an additional supplemental benefit
                                   equal to the result of subtracting (x) the
                                   benefit the Employee will receive from the
                                   Other Defined Benefit Plan from (y) the
                                   benefit the Employee would receive from the
                                   Other Defined Benefit Plan assuming the
                                   Employee is to receive an unreduced normal
                                   retirement pension benefit payable beginning
                                   at the later of the date the Employee attains
                                   age 60 or the date of the Employee's
                                   termination and assuming the Employee's pay,
                                   for purposes of calculating the Employee's
                                   Other Defined Benefit Plan benefit, is, and
                                   always has been, equal to the Employee's
                                   current annual base pay and short term
                                   incentive (as described in Section 3(a)).

                      (iv)  The actuarial assumptions and methods used by this
                            Section 3(b) shall be the same as those used by the
                            Qualified Pension Plan. The timing of payment and
                            the form of the supplemental pension benefit under
                            this Section 3(b) shall be the same as elected by
                            the Employee under the Qualified Pension Plan and
                            the timing of payment and the form of the
                            supplemental CRISP benefit shall be the same as
                            elected by the Employee under CRISP. If the Employee
                            does not participate in the Qualified Pension Plan
                            and/or CRISP, the Employee shall elect (from the
                            respective options under the Qualified Pension Plan
                            and CRISP) the timing and form of the supplemental
                            pension and CRISP benefits;

                      (v)   The supplemental pension and CRISP benefits payable
                            under this Section 3(b) shall be unfunded until a
                            Voluntary Termination or Involuntary Termination
                            following a Change of Control. Within 60 days
                            following such a termination, the supplemental
                            pension and CRISP benefits shall be funded, in one
                            lump sum payment, through a trust in the form
                            attached to the ConAgra Supplemental Pension and
                            CRISP Plan for Change of Control and which trust is
                            incorporated by reference. The transferred amount
                            for the supplemental CRISP benefit shall be held in
                            a separate account and separately invested by the
                            trustee. The amount accumulated in such account
                            shall be the sole source of payment of the

                                       28
<Page>

                                                        Exhibit 10.1 (continued)

                            supplemental CRISP benefit, and shall be the amount
                            of the supplemental CRISP benefit hereunder. The
                            Acquiror, ConAgra and their subsidiaries shall make
                            up any supplemental pension benefit payments the
                            Employee does not receive under the trust, e.g., if
                            the funds in the trust are insufficient to make the
                            payments due to insufficient earnings in the trust.
                            The trustee of such trust shall be a national or
                            state chartered bank. If funding of the trust is not
                            made within the sixty day period described in this
                            Subsection (iv) of this Section 3(b), the Employee's
                            supplemental pension and CRISP benefits shall then
                            be equal to the product of 150% multiplied by the
                            amount of supplemental pension and CRISP benefits
                            described in this Section 3(b) above; provided,
                            however, this increase in benefits is not intended
                            to remove or detract from the obligation to fund the
                            trust. The supplemental pension and CRISP benefits
                            shall not be paid from the assets of the Qualified
                            Pension Plan or CRISP.

                (c)   ADDITIONAL PAYMENT. If a Change of Control of ConAgra
                occurs, Employee shall receive an amount equal to the excess, if
                any, of the highest per share price offered (valued in U.S.
                currency) by the successful Acquiror for ConAgra common stock
                (which stock will then be treated for purposes of this Agreement
                as converted into equivalent shares of such Acquiror's or the
                surviving company's capital stock as of the date of the Change
                of Control of ConAgra) over the closing per share price of such
                Acquiror's or the surviving company's ("Acquiror") stock quoted
                on an established securities market (or if applicable, the
                closing bid price for the Acquiror's stock that is quoted on a
                secondary market or substantial equivalent thereof) on the date
                of termination (or if the date of termination is not a business
                day, on the next preceding business day), multiplied by the
                highest number of shares of the Acquiror's capital stock owned
                by the Employee at any time during the period beginning on the
                date of the Change of Control of ConAgra and ending on the date
                of termination. For purposes of this Section 3(c), the
                additional amount due hereunder shall be computed as if Employee
                owned all of the Acquiror's stock with respect to which Employee
                has an option to purchase in connection with his employment with
                the Acquiror, ConAgra or any of their subsidiaries. Said amount
                shall be paid to Employee within ten days after termination. In
                addition, if Employee sells any of the Acquiror's stock within
                one year following said termination, Employee shall receive the
                amount by which the closing price of such stock per share on the
                date of termination (determined as aforesaid) exceeds the per
                share actual net sales price of the Acquiror's stock on the date
                of sale realized by Employee, multiplied by the number of shares
                sold by Employee. Said amount shall be paid in immediately
                available funds to Employee within ten days after the sale. In
                addition, to the extent any of ConAgra's common stock remains
                outstanding after a Change of Control, then Employee shall
                receive additional amounts computed and payable in a manner
                similar to that provided in this Section 3(c) for Acquiror's
                stock owned, or subject to an option held, by Employee. These
                provisions shall be appropriately modified or adjusted to take
                into account the fact that the computations pursuant to the
                preceding sentence are with respect to ConAgra common stock and
                related options rather than the Acquiror's capital stock and
                options related thereto. The computations and payments under
                this Section 3(c) shall include appropriate adjustments for any
                stock splits, stock dividends, recapitalizations or similar
                share restructurings that may occur from time to time.

                4.    MERGER. ConAgra shall not merge, reorganize, consolidate
                or sell all or substantially all of its assets, to or with any
                other corporation until such corporation and its subsidiaries,
                if any, expressly assume the duties of ConAgra set forth herein.

                5.    CERTAIN ADDITIONAL PAYMENTS BY CONAGRA.

                      (a)   Anything in this Agreement to the contrary
                      notwithstanding, in the event it shall be determined that
                      any payment or distribution by ConAgra to or for the
                      benefit of the Employee, whether paid or payable or
                      distributed or distributable pursuant to the terms of this
                      Agreement or otherwise (a "Payment"), would be subject to
                      the excise tax imposed by

                                       29
<Page>

                                                        Exhibit 10.1 (continued)

                      Section 4999 of the Code or any interest or penalties with
                      respect to such excise tax (such excise tax, together with
                      any such interest and penalties, are hereinafter
                      collectively referred to as the "Excise Tax"), then the
                      Employee shall be entitled to receive an additional
                      payment (a "Gross-Up Payment") in any amount such that
                      after payment by the Employee of all taxes (including any
                      interest or penalties imposed with respect to such taxes),
                      including any Excise Tax, imposed upon the Gross-Up
                      Payment, the Employee retains an amount of the Gross-Up
                      Payment equal to the Excise Tax imposed upon the Payments.

                      (b)   Subject to the provisions of Subsection (c) below,
                      all determinations required to be made under this Section,
                      including whether a Gross-Up Payment is required and the
                      amount of such Gross-Up Payment, shall be made by the
                      certified public accounting firm then representing ConAgra
                      (the "Accounting Firm") which shall provide detailed
                      supporting calculations both to ConAgra and the Employee
                      within 15 business days of the date of termination, if
                      applicable, or such earlier time as is requested by
                      ConAgra or Employee. If the Accounting Firm determines
                      that no Excise Tax is payable by the Employee, it shall
                      furnish the Employee with an opinion that he has
                      substantial authority not to report any Excise Tax on his
                      federal income tax return. Any determination by the
                      Accounting Firm shall be binding upon ConAgra and the
                      Employee. As a result of the uncertainty in the
                      application of Section 4999 of the Code at the time of the
                      initial determination by the Accounting Firm hereunder, it
                      is possible that Gross-Up Payments which will not have
                      been made by ConAgra should have been made
                      ("Underpayment"), consistent with the calculations
                      required to be made hereunder. In the event that ConAgra
                      exhausts its remedies pursuant to Subsection (c) below and
                      the Employee thereafter is required to make a payment of
                      any Excise Tax, the Accounting Firm shall determine the
                      amount of the Underpayment that has occurred and any such
                      Underpayment shall be promptly paid by ConAgra to or for
                      the benefit of the Employee.

                      (c)   The Employee shall notify ConAgra in writing of any
                      claim by the Internal Revenue Service that, if successful,
                      would require the payment by ConAgra of the Gross-Up
                      Payment. Such notification shall be given as soon as
                      practicable but no later than ten (10) business days after
                      the Employee knows of such claim and shall apprise ConAgra
                      of the nature of such claim and the date on which such
                      claim is requested to be paid. The Employee shall not pay
                      such claim prior to the expiration of the thirty-day (30
                      day) period following the date on which it gives such
                      notice to ConAgra (or such shorter period ending on the
                      date that any payment of taxes with respect to such claim
                      is due). If ConAgra notifies the Employee in writing prior
                      to the expiration of such period that it desires to
                      contest such claim, the Employee shall:

                            (i)    give ConAgra any information reasonably
                                   requested by ConAgra relating to such claim,

                            (ii)   take such action in connection with
                                   contesting such claim as ConAgra shall
                                   reasonably request in writing from time to
                                   time, including, without limitation,
                                   accepting legal representation with respect
                                   to such claim by an attorney reasonably
                                   selected by ConAgra,

                            (iii)  cooperate with ConAgra in good faith in order
                                   to effectively contest such claim,

                            (iv)   permit ConAgra to participate in any
                                   proceedings relating to such claim; provided,
                                   however, that ConAgra shall bear and pay
                                   directly all costs and expenses (including
                                   additional interest and penalties) incurred
                                   in connection with such contest and shall
                                   indemnify and hold the Employee

                                       30
<Page>

                                                        Exhibit 10.1 (continued)

                                   harmless, on an after-tax basis, for any
                                   Excise Tax or income tax, including interest
                                   and penalties with respect thereto, imposed
                                   as a result of such representation and
                                   payment of costs and expenses. Without
                                   limitation on the foregoing provisions of
                                   this Subsection (c), ConAgra shall control
                                   all proceedings taken in connection with such
                                   contest and, at its sole option, may pursue
                                   or forego any and all administrative appeals,
                                   proceedings, hearings and conferences with
                                   the taxing authority in respect of such claim
                                   and may, at its sole option, either direct
                                   the Employee to pay the tax claimed and sue
                                   for a refund or contest the claim in any
                                   permissible manner, and the Employee agrees
                                   to prosecute such contest to a determination
                                   before any administrative tribunal, in a
                                   court of initial jurisdiction and in one or
                                   more appellate courts, as ConAgra shall
                                   determine; provided, however, that if ConAgra
                                   directs the Employee to pay such claim and
                                   sue for a refund, ConAgra shall advance the
                                   amount of such payment to the Employee, on an
                                   interest-free basis and shall indemnify and
                                   hold the Employee harmless, on an after-tax
                                   basis, from any Excise Tax or income tax,
                                   including interest or penalties with respect
                                   thereto, imposed with respect to such advance
                                   or with respect to any imputed income with
                                   respect to such advance; and further provided
                                   that any extension of the statute of
                                   limitations relating to payment of taxes for
                                   the taxable year of the Employee with respect
                                   to which such contested amount is claimed to
                                   be due is limited solely to such contested
                                   amount. Furthermore, ConAgra's control of the
                                   contest shall be limited to issues with
                                   respect to which a Gross-Up Payment would be
                                   payable hereunder and the Employee shall be
                                   entitled to settle or contest, as the case
                                   may be, any other issue raised by the
                                   Internal Revenue Service or any other taxing
                                   authority.

                (d)   If, after the receipt by the Employee of an amount
                advanced by ConAgra pursuant to Subsection (c) above, the
                Employee becomes entitled to receive any refund with respect to
                such claim, the Employee shall (subject to ConAgra's complying
                with the requirements of Subsection (c)) promptly pay to ConAgra
                the amount of such refund (together with any interest paid or
                credited thereon after taxes applicable thereto). If, after the
                receipt by the Employee of an amount advanced by ConAgra
                pursuant to Subsection (c), a determination is made that the
                Employee shall not be entitled to any refund with respect to
                such claim and ConAgra does not notify the Employee in writing
                of its intent to contest such denial of refund prior to the
                expiration of thirty days after such determination, then such
                advance shall be forgiven and shall not be required to be repaid
                and the amount of such advance shall offset, to the extent
                thereof, the amount of Gross-Up Payment required to be paid.

          6.    TERM AND BINDING EFFECT. This Agreement shall bind ConAgra and
          Employee as long as Employee remains in the employ of ConAgra;
          provided, however, ConAgra may terminate this Agreement at any time by
          giving notice to Employee; and provided further, however, that ConAgra
          may not terminate this Agreement at any time subsequent to the
          announcement of an event that could result in a Change of Control of
          ConAgra. This Agreement shall be binding upon the parties hereto,
          their heirs, executors, administrators and successors.

          7.    CERTAIN DEFINITIONS. The following definitions shall apply for
          the purposes of this Agreement:

                (a)   CHANGE OF CONTROL OF CONAGRA. The term "Change of Control"
                shall mean:

                                       31
<Page>

                                                        Exhibit 10.1 (continued)

                      (i)   The acquisition (other than from ConAgra) 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, ConAgra or its
                            subsidiaries, or any employee benefit plan of
                            ConAgra or its subsidiaries, which acquires
                            beneficial ownership of voting securities of
                            ConAgra) 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
                            ConAgra's then outstanding voting securities
                            entitled to vote generally in the election of
                            directors; or

                      (ii)  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 election by
                            ConAgra'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
                            Agreement, considered as though such person were a
                            member of the Incumbent Board; or

                      (iii) Consummation of a reorganization, merger,
                            consolidation, in each case, with respect to which
                            persons who were the shareholders of ConAgra
                            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 ConAgra or of the sale of all or
                            substantially all of its assets.

                (b)   INVOLUNTARY TERMINATION. The term "Involuntary
                Termination" or any variation thereof shall mean either (i) the
                actual involuntary termination of Employee's employment with the
                Acquiror, ConAgra and their subsidiaries after a Change of
                Control (with or without cause) or (ii) the constructive
                involuntary termination of the Employee's employment with the
                Acquiror, ConAgra and their subsidiaries after a Change of
                Control. The term "constructive involuntary termination" shall
                include (w) a reduction in the Employee's compensation
                (including applicable fringe benefits); (x) a substantial change
                in the location of the Employee's job without the Employee's
                written consent; (y) the Employee's demotion or diminution in
                the Employee's position, authority, duties or responsibilities
                without the Employee's written consent; or (z) the sale or
                disposition of the stock of Employee's immediate employer, which
                was a subsidiary of the Acquiror, ConAgra, or their other
                subsidiaries immediately prior to such sale or disposition,
                provided Employee is not employed after such sale or disposition
                by the Acquiror, ConAgra, or any of their subsidiaries that are
                retained after such sale or disposition. "Substantial change in
                location" means any location change in excess of 35 miles from
                the location of the Employee's job with ConAgra or its
                subsidiaries at the time of the Change of Control of ConAgra.

          8.    COSTS. All costs of litigation necessary for the Employee to
                defend the validity of this contract are to be paid by ConAgra
                or its successors or assigns.

          9.    PRIOR AGREEMENTS. This Agreement supersedes, restates and
                replaces any and all prior agreements to which both ConAgra and
                the Employee are parties with respect to the Change of Control
                of ConAgra.

                                       32
<Page>

                                                        Exhibit 10.1 (continued)

     IN WITNESS WHEREOF, the parties have executed this Agreement.

EMPLOYEE:                                         CONAGRA FOODS, INC.

------------------------------                    ------------------------------
                                                  Chairman and
                                                  Chief Executive Officer

                                       33

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