Document:

exv10w3

Exhibit 10.3

AMENDMENT TWO

CONAGRA FOODS, INC. AMENDED AND RESTATED

VOLUNTARY DEFERRED COMPENSATION PLAN

(January 1, 2009 Restatement)

     This Amendment Two to the ConAgra Foods, Inc. Amended and Restated Voluntary Deferred
Compensation Plan (the “Plan”) is adopted by ConAgra Foods, Inc. (the “Company”) and is effective
on the date this Amendment is adopted by the HR Committee (the “Adoption Date”).

RECITALS

     1. Initial capitalized terms that are not otherwise defined herein shall have the meaning
ascribed to such terms in the Plan.

     2. The Company desires to amend the Plan to permit distribution of benefits under the Plan
pursuant to certain domestic relations orders and to provide that the Committee may allocate
specific categories of Plan expenses to the Account to which the expense relates.

AMENDMENT

     1. The second, third and fourth sentences of Section 3.1 are revised to read in their entirety
as follows:

Unless the Committee specifies otherwise, any Compensation Deferral Contribution
election will continue from year-to-year until timely changed by the Participant
(and such change will be effective for the Plan Year following the Plan Year during
which such election is received by the Company) or until specified otherwise by the
Committee to the extent permitted without resulting in any Adverse 409A Consequence.
The minimum deposit shall be five percent (5%) of the Participant’s base salary or
short-term incentive. The maximum deposit shall be determined and changed by the
Committee from time to time to the extent permitted without resulting in any Adverse
409A Consequence (which may be set forth in the Compensation Deferred Agreement)
and, in the absence of any such determination shall be fifty percent (50%) of the
Participant’s normal salary and eighty-five percent (85%) of the Participant’s
short-term incentive.

2. The second sentence of the second paragraph of Section 4.1(b) is deleted.

3. The first sentence of Section 4.5 is revised to add “as of the date of Separation from Service”
following “Specified Employee.”

4. The second sentence of Article IX is revised by addition of the following at the end thereof:

(which additional tax, interest, penalties or income inclusion shall individually and in the
aggregate be referred to as “Adverse 409A Consequence” or “Adverse 409A Consequences”)

5. The following sentence is added to the end of Article IX:

The Company may delay any payment to the extent the delay would not result in any Adverse 409A
Consequence.

6. A new Section 10.22 is added as follows:

10.22 Compliance with a Domestic Relations Order. Notwithstanding any provision in the
Plan or any Participant election to the contrary, with respect to payments to a person other than
the Participant, the Company may provide for acceleration of the time or form of a payment to an
individual other than the Participant, or a payment may be made to an individual other than the
Participant, to the extent necessary to fulfill a domestic relations order (as defined in Code §
414(p)(1)(B)). The Company may, in its sole and absolute discretion, impose any restrictions it
desires on the terms of a domestic relations order with which it will comply pursuant to this
Section.

7. A new Section 10.23 is added as follows:

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	 	 	10.23. Expenses. The reasonable expenses incident to the operation of the Plan may
be paid by the Company; however, the Company may, in its sole discretion, allocate specific
categories of Plan expenses to the Account or Accounts to which the expenses are
attributable. Plan expenses that are not specifically allocated and are not paid by the
Company shall be charged to the Accounts of Participants and beneficiaries in proportion to
their respective Account balances. The Company may, in its sole discretion, choose to pay
all or a portion of the Plan expenses allocable to Participants who are current Employees
while not paying, or paying a lesser portion of, Plan expenses allocated to other Accounts.

     IN WITNESS WHEREOF, this Amendment Two is executed this 29th day of November, 2010,
but effective as of the date set forth herein.

	 	 	 	 	 
	 	CONAGRA FOODS, INC.

 	 
	 	By:  	/s/ Charlie G. Salter
 	 
	 	 	Charlie G. Salter 	 
	 	 	Vice President, Human Resources 	 
	 
	 	Date: November 29, 2010

 	 

53exv10w4

	 	 	 	 	 

Exhibit 10.4

AMENDMENT ONE

CONAGRA FOODS, INC.

DIRECTORS’ DEFERRED COMPENSATION PLAN

(September, 2009 Restatement)

     This Amendment One to the ConAgra Foods, Inc. Directors’ Deferred Compensation Plan (the
“Plan”) is adopted by ConAgra Foods, Inc. (the “Company”) and is effective on the date this
Amendment is adopted by the subcommittee of the Human Resources Committee (the “Committee”) of the
Board of Directors (the “Adoption Date”), pursuant to the authority (a) delegated to the Committee
by the Board of Directors of the Company in resolutions adopted November 30, 2010 and (b) delegated
to the subcommittee by the Committee in resolutions adopted November 29, 2010.

RECITALS

     1. The Company desires to amend the Plan to clarify a phrase in the Plan.

AMENDMENT

1. The phrase, “ceases to be a director” in Sections 3.6 and 3.11 is replaced with
“separates from service”.

     This Amendment One is adopted by the subcommittee of the Human Resources Committee of the
Board of Directors at its December 10, 2010 meeting.

54exv10w5

Exhibit 10.5

FORM OF

RESTRICTED STOCK UNIT AGREEMENT

CONAGRA FOODS 2009 STOCK PLAN

This Restricted Stock Unit Agreement, hereinafter referred to as the “Agreement” is made on
the                      day of                     , 20___between ConAgra Foods, Inc., a Delaware corporation (“ConAgra
Foods”), and the undersigned [as applicable: employee/consultant] of the Company (“Participant”).

	 	1.	 	Award Grant. ConAgra Foods hereby grants Restricted Stock Units (“RSUs”, and each
such unit an “RSU”) to the Participant under the ConAgra Foods 2009 Stock Plan (the “Plan”),
as follows:

	 	 	 	 	 	 	 

	 

	 	Participant:
	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	Employee ID:
	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	Number of RSUs:
	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	Date of Grant:
	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	Vesting Date:
	 	(“Settlement Date”)	 	 
	 	 	 	 	The Settlement Date is subject to modification for early settlement
upon termination as provided in Paragraph 3.

Dividends: Dividend equivalents on the RSU will [as applicable: be paid to the Participant
when regular, cash dividends are declared and paid on the Stock/ be accumulated for the benefit of
the Participant and paid to the Participant upon settlement of an RSU as regular, cash dividends
are declared and paid on the Stock / not be paid or accumulated.]

IN WITNESS WHEREOF, ConAgra Foods and the Participant have caused this Agreement to be executed
effective as of the date first written above. ConAgra Foods and the Participant acknowledge that
this Agreement includes six pages including this first page. The Participant acknowledges reading
and agreeing to all six pages and that in the event of any conflict between the terms of this
Agreement and the terms of the Plan, the Plan shall control.

	 	 	 	 	 	 	 	 

	 

	 	CONAGRA FOODS, INC.
	 	PARTICIPANT 	 	
	 
	 

	 	By:	 	 	 	 
	 

	 	 
	 	 	 	 
	 

	 	Date
	 	 	Date 	 
	 	 	 	 

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2. Definitions.  Capitalized terms used herein without definition have the meaning set
forth in the Plan. The following terms shall have the respective meanings set forth below:

(a) “Continuous Employment” shall mean the absence of any interruption or termination of employment
with the Company and the performance of substantial services. Except as set forth in Section 3(c),
Continuous Employment shall not be considered interrupted in the case of sick leave, long term
disability, military leave or any other leave of absence approved by the Company.

(b) “Early Retirement” means terminating employment with the Company when the Participant is (i) at
least age 55, and (ii) has at least ten years of vesting or credited service with the Company.

(c) “Normal Retirement” shall mean a Separation from Service with the Company on or after attaining
age [applicable age, 65 or 62 to be inserted].

(d) “Separation from Service”: “Termination of employment,” “separation from service” and similar
terms mean the date that the Participant “separates from service” within the meaning of Section
409A of the Code. Generally, a Participant separates from service if and only if the Participant
dies, retires, or otherwise has a termination of employment with the Company, determined in
accordance with the following:

	(i)	 	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 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 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
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 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 month period of absence shall be substituted for such six month period.
	 
	(ii)	 	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 Agreement 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 Agreement.
	 
	(iii)	 	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 (ii) above) 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 (ii) above) over the immediately
preceding thirty-six 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 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 (iii)
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 (iii) (including for purposes
of determining the applicable thirty-six month (or shorter) period).
	 
	 	 	As used in connection with the definition of “Separation from Service,” Company includes ConAgra
Foods and any other entity that

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	 	 	with ConAgra Foods constitutes a controlled group of corporations (as defined in section 414(b) of
the Code), or a group of trades or businesses (whether or not incorporated) under common control
(as defined in section 414(c) of the Code), substituting 25% for the 80% ownership level for
purposes of both 414(b) and (c).

(e) “Specified Employee” is as defined under Section 409A of the Code and Treasury Regulation
Section 1.409A-1(i).

(f) “Successors” shall mean the beneficiaries, executors, administrators, heirs, successors and
assigns of a person.

3. RSU Settlement.

(a) Continuous Employment. Subject to the Plan and this Agreement, if the Participant has
been in Continuous Employment through a Settlement Date (as set forth on Page1 or as modified by
Paragraph 3(b)), then the Company will issue to Participant one share of Stock on the Settlement
Date for each RSU subject to such Settlement Date.

(b) Termination of Employment. If the Participant’s employment with the Company shall
terminate by reason of:

	 	(i)	 	Death: all RSUs granted pursuant to this Agreement shall become
100% vested and the Settlement Date shall be a date not later than thirty days after
death, subject to any deferral on payment required by Section 409A of the Code or
other applicable law.
	 
	 	(ii)	 	Normal Retirement: if Normal Retirement occurs after the first
anniversary of the Date of Grant, then all RSUs granted pursuant to this Agreement
shall become 100% vested and the Settlement Date shall be a date not later than
thirty days after Normal Retirement, subject to any deferral on payment required by
Section 409A of the Code or other applicable law.
	 
	 	(iii)	 	Not for Cause: all RSUs for which a Settlement Date has not
occurred shall immediately be forfeited without further consideration to the
Participant, except in the case of involuntarily termination as set forth in (iv)
below.
	 
	 	(iv)	 	Early Retirement or Involuntary Termination Due to Disability [as
applicable: , Position Elimination or Reduction in Force]. Notwithstanding the
foregoing, if the Participant’s Continuous Employment should be terminated due to
Early Retirement or involuntarily terminated due to disability [as applicable: ,
position elimination or reduction in force] ([each] as defined in the Company’s sole
discretion) after a Vesting Date (as set forth below), but prior to the related
Settlement Date (as set forth below), the Company will issue shares of Stock
following such termination of employment in settlement of the RSUs that have vested
as of the date of termination of employment, and such date of termination of
employment shall be the Settlement Date for all purposes hereunder. All RSUs for
which a Vesting Date (as set forth below) has not occurred on the date of such
termination of employment shall immediately be forfeited without further
consideration to the Participant.

	 	 	 	 	 
	% Vested	 	Vesting Date	 	Settlement Date
	 
	 	 	 	 
	 	% 	 

	 	 	 
	 
	 	 	 	 
	 	% 	 

	 	 	 
	 
	 	 	 	 
	 	% 	 

	 	 	 

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	(v)	 	For Cause prior to the Settlement Date: all RSUs, whether vested
or unvested prior to the Settlement Date, shall be immediately forfeited without
further consideration to the Participant.

(c) Payment of Taxes Upon Settlement. As a condition of the issuance of shares of Stock
upon settlement of RSUs hereunder, the Participant agrees to remit to the Company at the time of
settlement any taxes required to be withheld by the Company under Federal, State or local law as a
result of the settlement of the RSUs. As a condition of the issuance of shares of Stock upon
settlement of RSUs hereunder, the Participant agrees that the Company will deduct from the total
shares vested a sufficient number of shares to satisfy the minimum statutory withholding amount
permissible. In addition, the Participant may deliver previously acquired shares of Stock held by
the Participant for at least six months in order to satisfy additional tax withholding above the
minimum statutory tax withholding amount permissible, provided, however, the Participant shall not
be entitled to deliver such additional shares if it would cause adverse accounting consequences for
the Company.

(d) Specified Employee. Notwithstanding anything (including any provision of the Agreement
or Plan) to the contrary, if a Participant is a Specified Employee, payment to the Participant on
account of a Separation from Service shall, in accordance with Treasury Regulation Section
1.409A-3(i)(2), be made to the Participant on the earlier of (a) the Participant’s death or (b) the
first business day (or within 30 days after such first business day) that is more than six months
after the date of Separation from Service. In the Company’s sole and absolute discretion, interest
may be paid due to such delay. Further, any interest will be calculated in the manner determined
by the Company in its sole and absolute discretion. Dividend equivalents will not be paid with
respect to any dividends that would have been paid during the delay if the Stock had been issued.

4. Non-Transferability of RSUs. The RSUs may not be assigned, transferred, pledged or
hypothecated in any manner (otherwise than by will or the laws of descent or distribution) nor may
the Participant enter into any transaction for the purpose of, or which has the effect of, reducing
the market risk of holding the RSUs by using puts, calls or similar financial techniques. The RSUs
subject to this Agreement may be settled during the lifetime of the Participant only with the
Participant. The terms of this Agreement, shall be binding upon the Successors of the Participant.

5. Stock Subject to the RSUs. The Company will not be required to issue or deliver any
certificate or certificates for shares to be issued hereunder until such shares have been listed
(or authorized for listing upon official notice of issuance) upon each stock exchange on which
outstanding shares of the same class are then listed and until the Company has taken such steps as
may, in the opinion of counsel for the Company, be required by law and applicable regulations,
including the rules and regulations of the Securities and Exchange Commission, and state securities
laws and regulations, in connection with the issuance of such shares, and the listing of such
shares on each such exchange. The Company will use its best efforts to comply with any such
requirements.

6. Rights as Stockholder. The Participant or his/her Successors shall have no rights as
stockholder with respect to any shares covered by this Agreement until the Participant or his/her
Successors shall have become the beneficial owner of such shares, and, except as provided in
Section 7 of this Agreement, no adjustment shall be made for dividends or distributions or other
rights in respect of such shares for which the record date is prior to the date on which the
Participant or his/her Successors shall have become the beneficial owner thereof.

7. Adjustments Upon Changes in Capitalization; Change in Control. In the event of any
change in corporate capitalization, corporate transaction, sale or disposition of assets or similar
corporate transaction or event involving ConAgra Foods as described in Section 5.4 of the Plan, the
Committee shall make equitable adjustment in the number and type of shares subject to this
Agreement, provided, however, that no fractional share shall be issued upon subsequent settlement
of the RSUs. No adjustment shall be made if such adjustment is prohibited by Section 5.4 of the
Plan (relating to Section 409A of the Code). In the event of a “Change of Control” (as defined in
the Plan) all of the RSUs shall become immediately vested as provided pursuant to Section 11.5 of
the Plan, and the date of the Change of Control shall be a Settlement Date.

“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 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 stockholders, was approved by a vote of at least a majority of the directors

58

 

then comprising the Incumbent Board shall be, for purposes of this Agreement, considered as though
such person were a member of the Incumbent Board;

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

(c) The date of liquidation or dissolution of ConAgra Foods; or

(d) 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 corporation
immediately before such acquisition or acquisitions. For this purpose, gross fair market value
means the value of the assets of the corporation, 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.

8. Notices. Each notice relating to this Agreement shall be deemed to have been given on
the date it is received. Each notice to the Company shall be addressed to its principal Office in
Omaha, Nebraska, Attention: Compensation. Each notice to the Participant or any other person or
persons entitled to shares issuable upon settlement of the RSUs shall be addressed to the
Participant’s address and may be in written or electronic form. Anyone to whom a notice may be
given under this Agreement may designate a new address by giving notice to that effect.

9. Benefits of Agreement, This Agreement shall inure to the benefit of and be binding upon
each successor of the Company. All obligations imposed upon the Participant and all rights granted
to the Company under this Agreement shall be binding upon the Participant’s Successors. This
Agreement shall be the sole and exclusive source of any and all rights which the Participant or
his/her Successors may have in respect to the Plan or this Agreement.

10. Resolution of Disputes. Any dispute or disagreement which should arise under or as a
result of or in any way related to the interpretation, construction or application of this
Agreement will be determined by the Committee. Any determination made hereunder shall be final,
binding and conclusive for all purposes. This Agreement and the legal relations between the parties
hereto shall be governed by and construed in accordance with the laws of the state of Delaware.

11. Section 409A Compliance. This Agreement is intended to comply with Section 409A of the
Code and any regulations or notices provided thereunder. The Company reserves the unilateral right
to amend this Agreement on written notice to the Participant in order to comply with such section.
It is intended that all compensation and benefits payable or provided to Participant under this
Agreement shall, to the extent required to comply with Section 409A of the Code, fully comply with
the provisions of Section 409A of the Code and the Treasury Regulations relating thereto so as not
to subject Participants to the additional tax, interest or penalties which may be imposed under
Section 409A of the Code. None of the Company, its contractors, agents and employees, the Board
and each member of the Board shall be liable for any consequences (including, but not limited to,
any additional tax, interest or penalties) of any failure to follow the requirements of Section
409A of the Code or any guidance or regulations thereunder, unless such failure was the direct
result of an action or failure to act that was undertaken by the Company in bad faith.

12. Amendment. Any amendment to the Plan shall be deemed to be an amendment to this
Agreement to the extent that the amendment is applicable hereto; provided, however, that no
amendment shall adversely affect the rights of the Participant under this Agreement without the Participant’s consent.

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