Document:

SECURITIES
PURCHASE AGREEMENT

 

This
SECURITIES PURCHASE AGREEMENT (this “Agreement”) is dated as of October 4, 2016, among ICTV
Brands Inc., a Nevada corporation (the “Company”), and the investors listed on the Schedule of Investors
attached hereto as Exhibit A and identified on the signature pages hereto (each, an “Investor” and collectively,
the “Investors”). The Company and the Investors are collectively referred to in this Agreement as the “Parties,”
and each a “Party.”

 

RECITALS

 

Subject
to the terms and conditions set forth in this Agreement and in reliance upon the applicable exemptions from securities registration
under the Securities Act (as defined below), the Company desires to issue and sell to each Investor, and each Investor, severally
and not jointly, desires to purchase from the Company certain securities of the Company, as more fully described in this Agreement.

 

AGREEMENT

 

NOW,
THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration
the receipt and adequacy of which are hereby acknowledged, the Company and the Investors agree as follows:

 

ARTICLE
1.

DEFINITIONS

 

1.1. Definitions.
In addition to the terms defined elsewhere in this Agreement, for all purposes of this Agreement, the following terms shall
have the meanings indicated in this Section 1.1:

 

“Action”
as to any Person, means any action, suit, inquiry, notice of violation, proceeding (including any partial proceeding such
as a deposition) or investigation pending or threatened in writing against or affecting such Person, any of such Person’s
Subsidiaries or any of such Person’s or such Subsidiaries’ respective properties, before or by any Governmental Body,
arbitrator, regulatory authority (federal, state, county, local or foreign), stock market, stock exchange or trading facility.

 

“Business”
means the business currently conducted by the Company and/or its Subsidiaries as disclosed in the SEC Reports.

 

“Business
Day” means any day except Saturday, Sunday and any day which is a federal legal holiday or a day on which banking institutions
in the Commonwealth of Pennsylvania are authorized or required by law or other governmental action to close.

 

“Commission”
means the Securities and Exchange Commission.

 

    	 	 	 

    	 

    

 

“Common
Stock” means the common stock of the Company, par value $0.001 per share, and any securities into which such common
stock may hereafter be reclassified or for which it may be exchanged as a class.

 

“Company’s
Knowledge” means the actual knowledge of Kelvin Claney, Richard Ransom and Ryan LeBon after reasonable inquiry.

 

“Escrow
Account” means the IOLTA attorney trust account of the Escrow Agent where funds representing the Investor’s aggregate
Purchase Price shall be held pending the First Closing and simultaneous PHMD Closing.

 

“Escrow
Agent” means Bevilacqua PLLC.

 

“Escrow
Agreement” means that certain escrow agreement dated on or about the date hereof among the Company, the Escrow Agent,
the Investors and the other parties thereto.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

“GAAP”
means U.S. generally accepted accounting principles.

 

“Governmental
Body” means any: (a) nation, state, commonwealth, province, territory, county, municipality, district or other jurisdiction
of any nature; (b) federal, state, local, municipal, foreign or other government; or (c) governmental or quasi-governmental authority
of any nature (including any governmental or administrative division, department, agency, commission, instrumentality, official,
organization, unit, body or entity) and any court or other tribunal.

 

“Investment
Amount” means, with respect to each Investor, the Investment Amount indicated on such Investor’s signature page
to this Agreement, which is also reflected on the Schedule of Investors attached hereto as Exhibit A.

 

“Intellectual
Property” means the Company’s patents, patent applications, provisional patents, trademarks, service marks, trade
names, trademark registrations, service mark registrations, copyrights, licenses, formulae, mask works, customer lists, internet
domain names, know-how and other intellectual property, including trade secrets and other unpatented and/or unpatentable proprietary
or confidential information, systems, procedures or registrations or applications relating to the same.

 

“Investor”
means any person who purchases Shares in the Offering pursuant to this Agreement.

 

“Irrevocable
Transfer Agent Instructions” means the Irrevocable Transfer Agent Instructions executed by the Company and delivered
to and acknowledged in writing by the Transfer Agent, in form acceptable to the Investors.

 

“Legal
Requirement” means any federal state, local, municipal, foreign or other law, statute, constitution, principle of common
law, resolution, ordinance, code, edict, decree, rule, regulation, ruling or requirement issued, enacted, adopted, promulgated,
implemented or otherwise put into effect by or under the authority of any Governmental Body (or under the authority of any national
securities exchange upon which the Common Stock is then listed or traded). Reference to any Legal Requirement means such Legal
Requirement as amended, modified, codified, replaced or reenacted, in whole or in part, and in effect from time to time, and reference
to any section or other provision of any Legal Requirement means that provision of such Legal Requirement from time to time in
effect and constituting the substantive amendment, modification, codification, replacement or reenactment of such section or other
provision.

 

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“Lien”
means any interest in Property securing an obligation owed to a Person whether such interest is based on the common law, statute
or contract, and including but not limited to a security interest arising from a mortgage, lien, title claim, assignment, encumbrance,
adverse claim, contract of sale, pledge, conditional sale or trust receipt or a lease, consignment or bailment for security purposes.
The term “Lien” includes but is not limited to mechanics’, materialmens’, warehousemens’ and carriers’
liens and other similar encumbrances.

 

“Maximum
Amount” means $7,000,000.

 

“Material
Adverse Effect” means any event, change, circumstance, effect or other matter that has, or could reasonably be expected
to have, either individually or in the aggregate with all other events, changes, circumstances, effects or other matters, with
or without notice, lapse of time or both, (i) a material and adverse effect on the legality, validity or enforceability of any
Transaction Document, the PHMD APA or the PHMD Transaction Documents, (ii) a material and adverse effect on the results of operations,
assets, properties, business or condition (financial or otherwise) of the Company individually or the Company and the Subsidiaries,
taken as a whole, or (iii) a material and adverse impairment to the Company’s ability to perform on a timely basis its obligations
under any Transaction Document, the PHMD APA or the PHMD Transaction Documents provided, however, that any effect(s) arising
from or relating to any of the following shall not be deemed, either alone or in combination, to constitute, and shall not be
taken into account in determining whether there has been or will be, a Material Adverse Effect: (A) conditions affecting the industries
in which the Business operates (which effect(s), in each case, do not disproportionately affect the Business relative to other
companies conducting businesses similar to the Business); (B) general economic, financial market or geopolitical conditions (which
effect(s), in each case, do not disproportionately affect the Business relative to other companies conducting businesses similar
to the Business); (C) any change in accounting rules (including GAAP), or the enforcement, implementation or interpretation thereof,
after the date hereof; or (D) any effect caused by, relating to or resulting from the announcement or pendency of the transactions
contemplated by this Agreement.

 

“Offering”
means the offering and sale of the Shares pursuant to this Agreement.

 

“Outside
Date” means the outside date for termination under the PHMD APA as specified in Section 9.1(c) and 9.1(d) of the PHMD
APA as the same may be amended from time to time in accordance with the PHMD APA.

 

“OTC
Market” means the OTC Bulletin Board system, the OTCQX market operated by OTC Markets and the OTCQB market operated
by OTC Markets Group.

 

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“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited
liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

“PHMD
APA” means that certain asset purchase agreement, dated October 4, 2016, among the Company, ICTV Holdings, Inc., a wholly-owned
subsidiary of the Company, PhotoMedex, Inc., Radiancy, Inc., PhotoTherapeutics Ltd and Radiancy (Israel) Limited.

 

“PHMD
Closing” means the closing of the transactions contemplated by the PHMD APA.

 

“PHMD
Transaction Documents” means any and all transaction documents relating to the PHMD APA and the transactions contemplated
thereby.

 

“Proceeding”
means an action, claim, suit, investigation or proceeding (including, without limitation, an investigation or partial proceeding,
such as a deposition), whether commenced or, to the Company’s Knowledge, threatened.

 

“Property”
means any interest in any kind of property or asset, whether real, personal or mixed, or tangible or intangible.

 

“Registration
Rights Agreement” means the Registration Rights Agreement, to be dated as of the Closing Date, among the Company and
the Investors in the form of Exhibit B hereto.

 

“Securities
Act” means the Securities Act of 1933, as amended.

 

“Shares”
means the shares of Common Stock.

 

“Short
Sales” include, without limitation, all “short sales” as defined in Rule 200 promulgated under Regulation
SHO under the Exchange Act and all types of direct and indirect stock pledges, forward sale contracts, options, puts, calls, swaps
and similar arrangements (including on a total return basis), and sales and other transactions through non-US broker dealers or
foreign regulated brokers.

 

“Subsidiary”
means any “significant subsidiary” as defined in Rule 1-02(w) of the Regulation S-X promulgated by the Commission
under the Exchange Act.

 

“Trading
Day” means: (i) a day on which the Common Stock is traded on a Trading Market (other than an OTC Market), or (ii) if
the Common Stock is not listed on a Trading Market (other than an OTC Market), a day on which the Common Stock is traded in the
over the counter market, as reported by OTCQB, or (iii) if the Common Stock is not quoted on any Trading Market, a day on which
the Common Stock is quoted in the over the counter market as reported by the Pink Sheets LLC (or any similar organization or agency
succeeding to its functions of reporting prices); provided, that in the event that the Common Stock is not listed or quoted as
set forth in (i), (ii) and (iii) hereof, then Trading Day shall mean a Business Day.

 

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“Trading
Market” means any of the New York Stock Exchange, the NYSE MKT, the NASDAQ Global Select Market, the NASDAQ Global Market,
the NASDAQ Capital Market, an OTC Market or any other market on which the Common Stock is listed or quoted for trading on the
date in question.

 

“Transaction
Documents” means this Agreement, the Registration Rights Agreement, the Escrow Agreement and any other documents or
agreements executed in connection with the transactions contemplated hereunder.

 

“Transfer
Agent” means Capital Transfer Agency, Inc., the current transfer agent of the Company with a mailing address of 121
Richmond Street, West, Suite 401, Toronto, ON M5H 2K1 and a facsimile number of (416) 350-5007, and any successor transfer agent
of the Company.

 

“U.S.
Investor” means an Investor who is resident in the United States of America.

 

ARTICLE
2.

PURCHASE
AND SALE

 

2.1. Subscription
for Shares by the Investors. Subject to the terms and conditions of this Agreement, on the Closing Date (as defined
below), each of the Investors shall severally, and not jointly, purchase, and the Company shall sell and issue to each
Investor, the Shares, as specified on the Schedule of Investors attached hereto as Exhibit A, at a purchase
price of $0.34 per Share.

 

2.2. Closing.

 

(a)First
Closing. Subject to the terms and conditions set forth in this Agreement, the Company shall issue and sell to each Investor,
and each such Investor shall, severally and not jointly, purchase from the Company, simultaneously with the PHMD Closing (the
“First Closing Date”), such number of Shares set forth on the respective signature pages attached hereto, which
will be reflected opposite such Investor’s name on Exhibit A (the “First Closing”).

 

(b)Subsequent
Closing(s). In the event that the Maximum Amount is not raised at the First Closing, the Company may have one or more subsequent
Closings of the Offering (each, a “Subsequent Closing”) until the first to occur of: (i) the Maximum Amount
being raised and (ii) the Outside Date. At each Subsequent Closing, the Company agrees to issue and sell to each Investor participating
in such Subsequent Closing who executes a signature page hereto, and each such Investor agrees, severally and not jointly, to
purchase from the Company such number of Shares set forth on such Investor’s signature pages attached hereto. There may
be more than one Subsequent Closing; provided, however, that the final Subsequent Closing shall take place on or
before the Outside Date. The date of any Subsequent Closing is hereinafter referred to as a “Subsequent Closing Date”).

 

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(c)Closing.
The First Closing and any applicable Subsequent Closings are each referred to in this Agreement as a “Closing.”
The First Closing Date and any Subsequent Closing Date are sometimes referred to herein as a “Closing Date.”
The Closing at which the Maximum Amount is raised, or which is the last Closing prior to the Outside Date, is referred to as the
“Final Closing.” The date of the Final Closing is referred to as the “Final Closing Date.”
All Closings shall occur remotely via the exchange of documents and signatures or as otherwise agreed to by the Parties.

 

2.3.
Signing and Closing Deliveries.

 

(a)Immediately
upon signing this Agreement each Investor and the Company shall execute and deliver the Escrow Agreement to each other, the Escrow
Agent and the other parties to the Escrow Agreement against delivery by the Escrow Agent and such other parties of an executed
copy of the Escrow Agreement and each Investor shall deposit such Investor’s Investment Amount into the Escrow Account with
the Escrow Agent in accordance with the terms of the Escrow Agreement pending the First Closing.

 

(b)Subject
to the provisions of this Section 2.3, at each Closing, the Company shall deliver or cause to be delivered to each Investor participating
in such Closing, against the delivery by such Investor of the Investment Amount from the Escrow Account or otherwise, the following
(the “Company Deliverables”):

 

(i)duly
executed Irrevocable Transfer Agent Instructions acknowledged in writing by the Transfer Agent for the requisite number of Shares
to be delivered to such Investor at such Closing;

 

(ii)a
certificate executed on behalf of the Company by its Chief Executive Officer or its Chief Financial Officer, dated as of the applicable
Closing Date, certifying to the fulfillment of the conditions specified in Article 5 (the “Company Officer Certificate”);

 

(iii)a
certificate executed on behalf of the Company by its secretary dated as of the First Closing Date, certifying the resolutions
adopted by the board of directors of the Company approving the transactions contemplated by this Agreement, the other Transaction
Documents, the issuance of the Shares, the transactions contemplated by the PHMD APA and PHMD Transaction Documents and certifying
as to the signatures and authority of persons signing the Transaction Documents, the PHMD APA and the PHMD Transaction Documents
and related documents on behalf of the Company (the “Company Secretary Certificate”). The foregoing certificate
shall only be required to be delivered on the First Closing Date, unless any material information contained in the certificate
has changed;

 

(iv)this
Agreement, duly executed by the Company;

 

(v)the
Registration Rights Agreement, duly executed by the Company; and

 

(vi)a
copy of the PHMD APA and PHMD Transaction Documents duly signed by the parties thereto and certified by the Company’s secretary.

 

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(c)By
the applicable Closing, each Investor shall deliver or cause to be delivered the agreements specified in Section 5.2(e), each
duly signed by such Investor (collectively, the “Investor Deliverables”).

 

(d)At
each Closing, each Investor participating in such Closing shall deliver or cause to be delivered, including through the provision
of written directions to the Escrow Agent to deliver, to the Company, its Investment Amount, in United States dollars and in immediately
available funds, by wire transfer to the account designated in writing by the Company for such purpose.

 

2.4. The
Registration Rights Agreement. The Registration Rights Agreement shall contain the terms and conditions and be in the
form attached hereto as Exhibit B.

 

2.5. Use
of Proceeds. The Company hereby covenants and agrees that the proceeds from the sale of Shares net of expenses shall be
used to fund all or a portion of the purchase price under the PHMD APA.

 

ARTICLE
3.

REPRESENTATIONS
AND WARRANTIES

 

3.1. Representations
and Warranties of the Company. Except as set forth in the corresponding section of the Disclosure Schedules delivered
concurrently herewith, the Company hereby makes the following representations and warranties as of the date hereof and as of
the Closing Date to each Investor:

 

(a)Subsidiaries.
The Company owns, directly or indirectly, all of the capital stock or other equity interests of each Subsidiary of the Company
free and clear of any Liens, and all of the issued and outstanding shares of capital stock of each Subsidiary are validly issued
and are fully paid, nonassessable and free of preemptive and similar rights to subscribe for or purchase securities.

 

(b)Organization
and Qualification. The Company and each Subsidiary are duly incorporated or otherwise organized, validly existing and in good
standing under the laws of the jurisdiction of its incorporation or organization (as applicable), with the requisite power and
authority to own and use its properties and assets and to carry on its business as currently conducted. Neither the Company nor
any Subsidiary is in violation of any of the provisions of its respective certificate or articles of incorporation, bylaws or
other organizational or charter documents. The Company and each Subsidiary are duly qualified to conduct its respective businesses
and are in good standing in each jurisdiction in which the nature of the business conducted or property owned by it makes such
qualification necessary, except where the failure to be so qualified or in good standing, as the case may be, could not, individually
or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect.

 

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(c)Authorization;
Enforcement. The Company has the requisite corporate and other power and authority to enter into and to consummate the transactions
contemplated by each of the Transaction Documents, the PHMD APA and the PHMD Transaction Documents and otherwise to carry out
its obligations thereunder. The execution and delivery of each of the Transaction Documents, the PHMD APA and the PHMD Transaction
Documents by the Company and the consummation by it of the transactions contemplated thereby have been duly authorized by all
necessary action on the part of the Company, and no further action is required by the Company or any Subsidiary in connection
therewith. Each Transaction Document, the PHMD APA and each PHMD Transaction Document has been (or upon delivery will have been)
duly executed by the Company and, when delivered in accordance with its terms, will constitute the valid and binding obligation
of the Company, enforceable against the Company in accordance with its terms, except as such enforceability may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws relating to, or affecting generally
the enforcement of, creditors’ rights and remedies or by other equitable principles of general application.

 

(d)No
Conflicts. Except as set forth on Schedule 3.1(d), the execution, delivery and performance of each of the Transaction
Documents, the PHMD APA and each PHMD Transaction Document by the Company and the consummation by the Company of the transactions
contemplated thereby do not and will not (i) conflict with or violate any provision of the Company’s or any Subsidiary’s
certificate or articles of incorporation, bylaws or other organizational or charter documents, or (ii) conflict with, or constitute
a default (or an event that with notice or lapse of time or both would become a default) under, or give to others any rights of
termination, amendment, acceleration or cancellation (with or without notice, lapse of time or both) of, any material agreement,
credit facility, debt or other instrument (evidencing a Company or Subsidiary debt or otherwise) or other understanding to which
the Company or any Subsidiary is a party or by which any property or asset of the Company or a Subsidiary is bound or affected,
or (iii) result in a material violation of any Legal Requirement, order, judgment, injunction, decree or other restriction of
any Governmental Body to which the Company or a Subsidiary is subject (including federal and state securities laws and regulations),
or by which any property or asset of the Company or a Subsidiary is bound or affected.

 

(e)Filings,
Consents and Approvals. Except as set forth on Schedule 3.1(e), neither the Company nor any Subsidiary is required
to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any Governmental
Body or other Person in connection with the execution, delivery and performance by the Company of the Transaction Documents, other
than (i) the filing with the Commission of one or more registration statements in accordance with the requirements of the Registration
Rights Agreement, (ii) filings required by state securities laws, (iii) the filing of a Notice of Sale of Securities on Form D
with the Commission under Regulation D of the Securities Act, (iv) those that have been made or obtained prior to the date of
this Agreement, and (v) other post-closing securities filings or notifications required to be made under federal or state securities
laws.

 

(f)Issuance
of the Shares. The Shares are duly authorized and, when issued and paid for in accordance with the Transaction Documents,
will be duly and validly issued, fully paid and nonassessable, free and clear of all Liens.

 

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(g)Capitalization.

 

(i)Schedule
3.1(g) sets forth as of the date hereof (a) the authorized capital stock of the Company; (b) the number and class of shares
of capital stock issued and outstanding; (c) the number and class of shares of capital stock issuable pursuant to the Company’s
stock incentive plans or agreements; and (d) the number and class of shares of capital stock issuable and reserved for issuance
pursuant to securities exercisable for, or convertible into or exchangeable for any shares of capital stock of the Company and
a description of the number and rights of such securities.

 

(ii)All
of the issued and outstanding shares of the Company’s capital stock have been duly authorized and validly issued and are
fully paid, nonassessable and free of pre-emptive rights and were issued in full compliance with applicable state and federal
securities law and any rights of third parties.

 

(iii)No
Person has any right of first refusal, preemptive right, right of participation, or any similar right to participate in the transactions
contemplated by the Transaction Documents.

 

(iv)Except
as described on Schedule 3.1(g), there are no outstanding (i) shares of capital stock or voting securities of the Company
or (ii) options, warrants, script rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities,
rights or obligations convertible into or exchangeable for, or giving any Person any right to subscribe for or acquire, any shares
of capital stock or voting securities or securities convertible into or exchangeable for capital stock or voting securities of
the Company, or contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or may become
bound to issue additional shares of capital stock or voting securities of the Company, or securities or rights convertible or
exchangeable into shares of capital stock or voting securities of the Company (the items in clauses (i) and (ii) being referred
to collectively as the “Company Securities”). There are no outstanding obligations of the Company or any Subsidiary
to repurchase, redeem or otherwise acquire any Company Securities.

 

(v)The
issuance and sale of the Shares will not obligate the Company to issue shares of Common Stock or other securities to any Person
(other than the Investors) and will not result in a right of any holder of Company securities to adjust the exercise, conversion,
exchange or reset price under such securities.

 

(vi)Except
as described on Schedule 3.1(g), there are no voting agreements, buy-sell agreements, option or right of first purchase
agreements or other agreements of any kind among the Company and any of the securities-holders of the Company relating to the
securities of the Company held by them.

 

(vii)No
Person has the right to require the Company to register any securities of the Company under the Securities Act, whether on a demand
basis or in connection with the registration of securities of the Company for its own account or for the account of any other
Person.

 

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(h)SEC
Reports; Financial Statements. The Company has filed all reports, schedules, forms, statements and other documents and registration
statements required to be filed by it under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d)
thereof, for the twelve months preceding the date hereof (or such shorter period as the Company was required by law to file such
reports) (the foregoing materials being collectively referred to herein as the “SEC Reports” and, together
with the Schedules to this Agreement (if any), the “Disclosure Materials”) on a timely basis or has timely
filed and received a valid extension of such time of filing and has filed any such SEC Reports prior to the expiration of any
such extension. As of their respective dates, the SEC Reports complied in all material respects with the requirements of the Securities
Act and the Exchange Act and the rules and regulations of the Commission promulgated thereunder, and none of the SEC Reports,
when filed, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein
or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading.
The financial statements of the Company and each Subsidiary included in the SEC Reports complied in all material respects with
applicable accounting requirements and the rules and regulations of the Commission with respect thereto as in effect at the time
of filing. Such financial statements have been prepared in accordance with GAAP, and fairly present in all material respects the
financial position of the Company and its consolidated Subsidiaries as of and for the dates thereof and the results of operations
and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal, immaterial year-end audit
adjustments. There is no transaction, arrangement, or other relationship between the Company or any Subsidiary and an unconsolidated
or other off balance sheet entity that is not disclosed in its financial statements that should be disclosed in accordance with
GAAP.

 

(i)Material
Changes. Except as described on Schedule 3.1(i) or in the SEC Reports, since the date of the latest audited financial
statements included within the SEC Reports:

 

(i)There
has been no event or circumstance of any nature whatsoever that has resulted in, or could reasonably be expected to result in,
a Material Adverse Effect; or

 

(ii)Except
for this Agreement and the other Transaction Documents, there has been no transaction, event, action, development, payment, or
other matter of any nature whatsoever entered into by the Company that requires disclosure in an SEC Report which has not been
so disclosed.

 

(j)No
Undisclosed Material Liabilities. There are no liabilities of the Company or any Subsidiary of any kind whatsoever, whether
accrued, contingent, absolute, determined, determinable or otherwise, and there is no existing condition, situation or set of
circumstances which could reasonably be expected to result in such a liability, other than liabilities provided for in the unaudited
consolidated balance sheet of the Company and the Subsidiaries as of June 30, 2016.

 

(k)Litigation.
There is no Action which (i) adversely affects or challenges the legality, validity or enforceability of any of the PHMD APA or
other PHMD Transaction Documents, Transaction Documents or the Shares or (ii) except as disclosed in the SEC Reports, could, if
there were an unfavorable decision, individually or in the aggregate, have or reasonably be expected to result in a Material Adverse
Effect. Neither the Company nor any Subsidiary, nor to the Company’s Knowledge, any director or officer thereof (in his
or her capacity as such), is or has been the subject of any Action involving a claim of violation of or liability under federal
or state securities laws or a claim of breach of fiduciary duty, except as disclosed in the Disclosure Materials. There has not
been, and to the Company’s Knowledge, there is not pending or contemplated any investigation by the Commission involving
the Company or any current or former director or officer of the Company (in his or her capacity as such). The Commission has not
issued any stop order or other order suspending the effectiveness of any registration statement filed by the Company or any Subsidiary
under the Exchange Act or the Securities Act.

 

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(l)Compliance.
Neither the Company nor any Subsidiary (i) is in default under or in violation of (and no event has occurred that has not been
waived that, with notice or lapse of time or both, would result in a default by the Company or any Subsidiary under), nor has
the Company or any Subsidiary received notice of a claim that it is in default under or that it is in violation of, (A) the PHMD
APA or any of the PHMD Transaction Documents, or (B) any indenture, loan or credit agreement or any other material agreement or
instrument to which it is a party or by which it or any of its properties is bound (whether or not such default or violation has
been waived), (ii) is in violation of any order of any court, arbitrator or Governmental Body, or (iii) is or has been in material
violation of any statute, rule or regulation of any governmental authority, including without limitation all foreign, federal,
state and local laws relating to taxes, environmental protection, occupational health and safety, product quality and safety and
employment and labor matters. The Company is in compliance with all effective requirements of the Sarbanes-Oxley Act of 2002,
as amended, and the rules and regulations thereunder, that are applicable to it.

 

(m)Title
to Assets. The Company and the Subsidiaries own, lease or otherwise have a valid right to use, all real property that is material
to the Business, good and marketable title in fee simple to all personal property owned by them that is material to the Business
and good and marketable title in all personal property owned by them that is material to the Business, in each case free and clear
of all Liens, except for Liens as do not materially affect the value of such property and do not materially interfere with the
use made and proposed to be made of such property by the Company and the Subsidiaries and Liens for the payment of federal, state
or other taxes, the payment of which is neither delinquent nor subject to penalties. Any real property and facilities held under
lease by the Company and the Subsidiaries that are material to the Business are held by them under valid, subsisting and enforceable
leases of which the Company and the Subsidiaries are in compliance in all material respects.

 

(n)Taxes.
The Company has timely and properly filed all tax returns required to be filed by it for all years and periods (and portions thereof)
for which any such tax returns were due. All such filed tax returns are accurate in all material respects. The Company has timely
paid all taxes due and payable (whether or not shown on filed tax returns). There are no pending assessments, asserted deficiencies
or claims for additional taxes that have not been paid. There have been no audits or examinations of any tax returns by any Governmental
Body, and the Company has not received any notice that such audit or examination is pending or contemplated. No claim has been
made by any Governmental Body in a jurisdiction where the Company does not file tax returns that it is or may be subject to taxation
by that jurisdiction. To the Knowledge of the Company, no state of facts exists or has existed which would constitute grounds
for the assessment of any penalty or any further tax liability beyond that shown on the respective tax returns. There are no outstanding
agreements or waivers extending the statutory period of limitation for the assessment or collection of any tax.

 

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(o)Intellectual
Property. The Company and the Subsidiaries have, or have rights to use, all patents, patent applications, trademarks, trademark
applications, service marks, trade names, copyrights, licenses and other similar rights (collectively, the “Intellectual
Property Rights”) that are necessary or material for use in connection with the Business as described in the SEC Reports.
Neither the Company nor any Subsidiary has received a written notice that the Intellectual Property Rights used by the Company
or any Subsidiary violates or infringes upon the rights of any Person. Except as set forth in the SEC Reports, to the Company’s
Knowledge, all such Intellectual Property Rights are enforceable and there is no existing infringement by another Person of any
of the Intellectual Property Rights. The Company and its Subsidiaries have taken reasonable steps to protect the Company’s
and its Subsidiaries’ rights in their Intellectual Property Rights and confidential information (the “Confidential
Information”). Each employee, consultant and contractor who has had access to Confidential Information which is necessary
for the conduct of the Business as currently conducted or as currently proposed to be conducted has executed an agreement to maintain
the confidentiality of such Confidential Information and has executed appropriate agreements that are substantially consistent
with the Company’s standard forms thereof. Except under confidentiality obligations, there has been no material disclosure
of any of the Company’s or its Subsidiaries’ Confidential Information to any third party.

 

(p)Certain
Fees. No brokerage or finder’s fees or commissions are or will be payable by the Company to any broker, financial advisor
or consultant, finder, placement agent, investment banker, bank or other Person with respect to the transactions contemplated
by this Agreement.

 

3.2. Representations
and Warranties of the Investors. Each Investor hereby, for itself and for no other Investor, makes the
following representations and warranties as of the date hereof and as of the Closing Date to the Company:

 

(a)Organization;
Authority. If such Investor is a business entity, such Investor is an entity duly organized, validly existing and in good
standing under the laws of the jurisdiction of its organization with the requisite corporate or partnership power and authority
to enter into and to consummate the transactions contemplated by the Transaction Documents to which it is a party or a signatory
and otherwise to carry out its obligations thereunder. The execution, delivery and performance by such Investor of the transactions
contemplated by this Agreement has been duly authorized by all necessary corporate or, if such Investor is not a corporation,
such partnership, limited liability company or other applicable like action, on the part of such Investor. Each Transaction Document
executed by such Investor has been duly executed by such Investor, and when delivered by such Investor in accordance with the
terms hereof, will constitute the valid and legally binding obligation of such Investor, enforceable against it in accordance
with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium,
liquidation or similar laws relating to, or affecting generally the enforcement of, creditors’ rights and remedies or by
other equitable principles of general application.

 

    	 	12 	 

    	 

    

 

(b)Investment
Intent. Such Investor is acquiring the Shares as principal for its own account and not with a view to or for distributing
or reselling such Shares or any part thereof, without prejudice, however, to such Investor’s right at all times to sell
or otherwise dispose of all or any part of such Shares in compliance with applicable federal and state securities laws. Subject
to the immediately preceding sentence, nothing contained herein shall be deemed a representation or warranty by such Investor
to hold the Shares for any period of time. Such Investor is acquiring the Shares hereunder in the ordinary course of its business.
Such Investor does not have any agreement or understanding, directly or indirectly, with any Person to distribute any of the Shares.

 

(c)Investor
Status. Such Investor is not a registered broker-dealer under Section 15 of the Exchange Act. Such Investor has such experience
in business and financial matters that it is capable of evaluating the merits and risks of an investment in the Shares. Such Investor
acknowledges that an investment in the Shares is speculative and involves a high degree of risk. At the time such Investor was
offered the Shares, it was, and at the date hereof it is, an “accredited investor” as defined in Rule 501(a) under
the Securities Act, and such Investor has completed and executed the Investor Questionnaire attached as Exhibit C to this
Agreement.

 

(d)General
Solicitation. Such Investor is not purchasing the Shares as a result of any advertisement, article, notice, meeting, or other
communication regarding the Shares published in any newspaper, magazine or similar media or broadcast over television or radio
or presented at any seminar or any other general solicitation or general advertisement.

 

(e)Access
to Information. Such Investor acknowledges that it has reviewed the Disclosure Materials and has been afforded (i) the opportunity
to ask such questions as it has deemed necessary of, and to receive answers from, representatives of the Company concerning the
terms and conditions of the offering of the Shares and the merits and risks of investing in the Shares; (ii) access to information
about the Company and the Subsidiaries and their respective financial condition, results of operations, business, properties,
management and prospects sufficient to enable it to evaluate its investment; and (iii) the opportunity to obtain such additional
information that the Company possesses or can acquire without unreasonable effort or expense that is necessary to make an informed
investment decision with respect to the investment. Neither such inquiries nor any other investigation conducted by or on behalf
of such Investor or its representatives or counsel shall modify, amend or affect such Investor’s right to rely on the truth,
accuracy and completeness of the Disclosure Materials and the Company’s representations and warranties contained in the
Transaction Documents.

 

(f)Certain
Trading Activities. Such Investor has not directly or indirectly, nor has any Person acting on behalf of or pursuant to any
understanding with such Investor, engaged in any transactions in the securities of the Company (including, without limitations,
any Short Sales involving the Company’s securities) since the earlier to occur of (1) the time that such Investor was first
contacted by the Company, or any other Person acting on behalf of the Company regarding an investment in the Company and (2) the
30th day prior to the date of this Agreement. Such Investor covenants that neither it nor any Person acting on its
behalf or pursuant to any understanding with it will engage in any transactions in the securities of the Company (including Short
Sales) prior to the time that the transactions contemplated by this Agreement are publicly disclosed.

 

    	 	13 	 

    	 

    

 

(g)Independent
Investment Decision. Such Investor has independently evaluated the merits of its decision to purchase the Shares pursuant
to the Transaction Documents, and such Investor confirms that it has not relied on the advice of any other Investor’s business
and/or legal counsel in making such decision.

 

(h)Reliance
on Exemptions. The Investor understands that the Shares are being offered and sold to it in reliance upon specific exemptions
from the registration requirements of United States federal and state securities laws and that the Company is relying upon the
truth and accuracy of, and the Investor’s compliance with, the representations, warranties, agreements, acknowledgments
and understandings of the Investor set forth herein in order to determine the availability of such exemptions and the eligibility
of the Investor to acquire the Shares. All of the information which the Investor has provided to the Company is true, correct
and complete as of the date this Agreement is signed, and if there should be any change in such information prior to the Closing,
the Investor will immediately provide the Company with such information.

 

The
Company acknowledges and agrees that no Investor has made or makes any representations or warranties with respect to the transactions
contemplated hereby other than those specifically set forth in this Section 3.2.

 

ARTICLE
4.

OTHER
AGREEMENTS OF THE PARTIES

 

4.1.Transferability;
Certificate.

 

(a)The
Shares may only be disposed of in compliance with state and federal securities laws. In connection with any transfer of the Shares
other than pursuant to an effective registration statement, the Company may require the transferor thereof to provide to the Company
an opinion of counsel selected by the transferor, the form and substance of which opinion shall be reasonably satisfactory to
the Company, to the effect that such transfer does not require registration of such transferred Shares under the Securities Act.

 

(b)Certificates
evidencing Shares will contain the following legend or a substantially similar legend, until such time as they are not required
to contain such a legend under the Securities Act:

 

THESE
SECURITIES AND THE SECURITIES ISSUABLE UPON EXERCISE OF THESE SECURITIES HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE
COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO,
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A
LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.
THESE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT SECURED BY SUCH SECURITIES.

 

    	 	14 	 

    	 

    

 

4.2. Securities
Laws Disclosure; Publicity. By (i) 9:30 a.m. (Eastern time) on the Trading Day following the Closing Date, the Company
shall issue a press release, disclosing the transactions contemplated by the Transaction Documents and the Closing and by
(ii) 5:30 p.m. (Eastern time) on the fourth Trading Day following the Closing Date, the Company will file a Current Report on
Form 8-K, disclosing the material terms of the Transaction Documents (and attach as exhibits thereto all existing Transaction
Documents) and the Closing. The Company covenants that following such disclosure, the Investors shall no longer be in
possession of any material, non-public information with respect to the Company or any Subsidiary. In addition, the Company
will make such other filings and notices in the manner and time required by the Commission and the Trading Market on which
the Common Stock is quoted.

 

ARTICLE
5.

CONDITIONS
PRECEDENT TO CLOSING

 

5.1. Conditions
Precedent to the Obligations of the Investors to Purchase Shares. The obligation of the Investors to acquire Shares at
the Closing is subject to the satisfaction or waiver by each Investor, at or before the Closing, of each of the following
conditions:

 

(a)Representations
and Warranties. The representations and warranties of the Company contained herein shall be true and correct as of the date
when made and as of the Closing as though made on and as of such date;

 

(b)Performance.
The Company shall have performed, satisfied and complied with all covenants, agreements and conditions required by the Transaction
Documents to be performed, satisfied or complied with by it at or prior to the Closing;

 

(c)No
Injunction. No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered,
promulgated or endorsed by any court or governmental authority of competent jurisdiction that prohibits the consummation of any
of the transactions contemplated by the Transaction Documents, the PHMD APA or the PHMD Transaction Documents;

 

(d)Adverse
Changes. Since the date of execution of this Agreement, no event or series of events shall have occurred that reasonably could
have or result in a Material Adverse Effect or a material adverse change with respect to the Company or the Subsidiaries;

 

(e)PHMD
Closing. The PHMD Closing shall have occurred or shall occur simultaneously with the First Closing;

 

(f)Company
Deliverables. The Company shall have delivered the Company Deliverables in accordance with Section 2.3(b);

 

    	 	15 	 

    	 

    

 

(g)Approvals.
The Company shall have obtained any and all consents, permits, approvals, registrations and waivers necessary or appropriate
for consummation of the purchase and sale of the Shares and the consummation of the other transactions contemplated by the Transaction
Documents, all of which shall be in full force and effect;

 

(h)Stop
Orders. No stop order or suspension of trading shall have been imposed by the Commission or any other governmental or regulatory
body having jurisdiction over the Company or the market(s) where the Common Stock is listed or quoted, with respect to public
trading in the Common Stock;

 

(i)Termination.
This Agreement shall not have been terminated as to such Investor in accordance with Section 6.5.

 

5.2. Conditions
Precedent to the Obligations of the Company to Sell Shares. The obligation of the Company to sell Shares at the Closing
is subject to the satisfaction or waiver by the Company, at or before the Closing, of each of the following
conditions:

 

(a)Representations
and Warranties. The representations and warranties of each Investor contained herein shall be true and correct in all material
respects as of the date when made and as of the Closing Date as though made on and as of such date;

 

(b)Performance.
Each Investor shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions
required by the Transaction Documents to be performed, satisfied or complied with by such Investor at or prior to the Closing;

 

(c)No
Injunction. No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered,
promulgated or endorsed by any court or governmental authority of competent jurisdiction that prohibits the consummation of any
of the transactions contemplated by the Transaction Documents;

 

(d)PHMD
Closing. The PHMD Closing shall have occurred or shall occur simultaneously with the First Closing;

 

(e)Investor
Deliverables. Each Investor shall have delivered this Agreement, the Escrow Agreement and the Registration Rights Agreement,
each duly executed by such Investor and a completed Selling Holder Questionnaire (as defined in the Registration Rights Agreement)
and Investor Questionnaire in the form attached as Exhibit C to this Agreement.

 

(f)Termination.
This Agreement shall not have been terminated as to such Investor in accordance with Section 6.5.

 

ARTICLE
6.

MISCELLANEOUS

 

6.1. Fees
and Expenses. Each party shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if any,
and all other expenses incurred by such party incident to the negotiation, preparation, execution, delivery and performance
of the Transaction Documents; provided, however, that the Company shall reimburse an Investor who engaged the law firm of
Olshan Frome Wolosky LLP to represent such Investor for documented legal fees in an amount not to exceed $10,000. The Company
shall pay all stamp and other taxes and duties levied in connection with the sale of the Shares.

 

    	 	16 	 

    	 

    

 

 

6.2. Entire
Agreement. The Transaction Documents, together with the Exhibits and Schedules thereto, contain the entire understanding
of the parties with respect to the subject matter hereof and supersede all prior agreements, understandings, discussions and
representations, oral or written, with respect to such matters, which the parties acknowledge have been merged into such
documents, exhibits and schedules.

 

6.3. Notices.
Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing
and shall be deemed given and effective on the earliest of (a) the date of transmission, if such notice or communication is
delivered via (i) facsimile (provided the sender receives a machine-generated confirmation of successful transmission) at the
facsimile number specified in this Section or (ii) electronic mail (i.e., Email) prior to 6:30 p.m. (Eastern) on a Trading
Day, (b) the next Trading Day after the date of transmission, if such notice or communication is delivered via (i) facsimile
at the facsimile number specified in this Section or (ii) electronic mail (i.e., Email) on a day that is not a Trading Day or
later than 6:30 p.m. (Eastern) on any Trading Day, or (c) the Trading Day following the date of mailing, if sent by U.S.
nationally recognized overnight courier service, or (d) upon actual receipt by the party to whom such notice is required to
be given, if sent by any means other than facsimile or Email transmission. The address for such notices and communications
shall be as follows:

 

	 	If
    to the Company: 	489
    Devon Park Drive, Suite 315
	 	 	Wayne,
    PA 19087
	 	 	Attention:
    Richard Ransom
	 	 	Facsimile:
	 	 	Email:
    Ransom@ictvbrands.com
	 	 	 
	 	With
    a copy to:	BEVILACQUA
    PLLC
	 	 	1629
    K Street, NW, Suite 300
	 	 	Washington,
    DC 20006
	 	 	Attention:
    Louis A. Bevilacqua, Esq.
	 	 	Email:
    lou@bevilacquapllc.com
	 	 	 
	 	If
    to the Investor:	To
    the Investor’s address as specified on Investor’s Signature Page.

 

or
such other address as may be designated in writing hereafter, in the same manner, by such Person.

 

6.4. Amendments;
Waivers. No provision of this Agreement may be waived or amended except in a written instrument signed, in the case of
an amendment, by the Company and the holders of a majority of the Shares sold to Investors under this Agreement or, in the
case of a waiver, by the party against whom enforcement of any such waiver is sought (and if such party is the Investors,
then by the holders of a majority of the Shares sold to Investors under this Agreement). No waiver of any default with
respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future
or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any
delay or omission of either party to exercise any right hereunder in any manner impair the exercise of any such
right.

 

    	 	17 	 

    	 

    

 

6.5. Termination
.. This Agreement may be terminated prior to Closing:

 

(a)by
written agreement of the Investors holding a majority of the Shares sold to Investors under this Agreement and the Company;

 

(b)automatically
upon the termination of the PHMD APA; and

 

(c)by
the Company or an Investor (as to itself but no other Investor) upon written notice to the other, if the Closing shall not have
taken place by 6:30 p.m. Eastern time on or before the Outside Date; provided, that the right to terminate this Agreement under
this Section 6.5(c) shall not be available to any Person whose failure to comply with its obligations under this Agreement has
been the cause of or resulted in the failure of the Closing to occur on or before such time; provided however that such termination
will not affect the right of any party to sue for any breach by any other party (or parties).

 

In
the event of a termination pursuant to this Section, the Company shall promptly notify all non-terminating Investors.

 

6.6. Construction.
The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or
affect any of the provisions hereof. The language used in this Agreement will be deemed to be the language chosen by the
parties to express their mutual intent, and no rules of strict construction will be applied against any party. This Agreement
shall be construed as if drafted jointly by the parties, and no presumption or burden of proof shall arise favoring or
disfavoring any party by virtue of the authorship of any provisions of this Agreement or any of the Transaction
Documents.

 

6.7. Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and
permitted assigns. The Company may not assign this Agreement or any rights or obligations hereunder without the prior written
consent of the Investors. Any Investor may assign any or all of its rights under this Agreement to any Person to whom such
Investor assigns or transfers any Shares, provided such transferee agrees in writing to be bound, with respect to the
transferred Shares, by the provisions hereof that apply to the “Investors.”

 

6.8. No
Third-Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective
successors and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other
Person.

 

    	 	18 	 

    	 

    

 

6.9.Mediation;
Arbitration and Governing Law. In the event of a dispute between any of the Parties arising under or relating in any way whatsoever
to this Agreement, the disputing Parties shall attempt to resolve it through good faith negotiation. If the dispute is not resolved
through such negotiation, then the disputing Parties shall attempt to resolve it through mediation in the State of New York, USA,
with a neutral, third-party mediator mutually agreed upon by the disputing Parties. Unless otherwise agreed by the disputing Parties,
the costs of mediation shall be shared equally. If the dispute is not resolved through mediation, then upon written demand by
one of the disputing Parties it shall be referred to a mutually agreeable arbitrator. The arbitration process shall be conducted
in accordance with the laws of the United States of America and the State of New York, except as modified herein. Venue for the
arbitration hearing shall be the State of New York, USA. All remedies, legal and equitable, available in court shall also be available
in arbitration. The arbitrator’s decision shall be final and binding, and judgment may be entered thereon in a court of
competent jurisdiction. This Agreement shall be interpreted and enforced in accordance with the laws of the United States of America
and the State of New York, without regard to conflict of law principles thereof. In any dispute arising out of or relating in
way whatsoever to this Agreement, including arbitration, the substantially prevailing Party shall be entitled to recover its costs
and attorney fees from the other disputing Parties.

 

6.10. Survival.
The representations, warranties, agreements and covenants contained herein shall survive the Closing and the delivery of the
Shares for 18 months following the Closing Date.

 

6.11. Execution.
This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the
same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party,
it being understood that both parties need not sign the same counterpart. In the event that any signature is delivered by
facsimile or e-mail transmission, such signature shall create a valid and binding obligation of the party executing (or on
whose behalf such signature is executed) with the same force and effect as if such facsimile or e-mail signature page were an
original thereof.

 

6.12. Severability.
If any provision of this Agreement is held to be invalid or unenforceable in any respect, the validity and enforceability of
the remaining terms and provisions of this Agreement shall not in any way be affected or impaired thereby and the parties
will attempt to agree upon a valid and enforceable provision that is a reasonable substitute therefor, and upon so agreeing,
shall incorporate such substitute provision in this Agreement.

 

6.13. Remedies.
In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, each
of the Investors and the Company will be entitled to specific performance under the Transaction Documents. The parties agree
that monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations described
in the foregoing sentence and hereby agrees to waive in any action for specific performance of any such obligation the
defense that a remedy at law would be adequate.

 

[Signature
page follows]

  

    	 	19 	 

    	 

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be duly executed by their respective
authorized signatories as of the date first indicated above.

 

	 	COMPANY:
	 	 
	 	ICTV
    Brands Inc. 
	 	 
	 	By:	/s/
    Richard Ransom
	 	Name:	Richard
    Ransom
	 	Title:	President
    
	 	 
	 	INVESTORS:
	 	 
	 	The
    Investors executing the Signature Page in the form attached hereto as Annex A and delivering the same to the Company
    or its agents shall be deemed to have executed this Agreement and agreed to the terms hereof.

  

    	 	 	 

    	 

    

 

Annex
A

 

Securities
Purchase Agreement

Investor
Counterpart Signature Page

 

The
undersigned, desiring to: (i) enter into this Securities Purchase Agreement, dated as of October 4, 2016 (the “Agreement”),
between the undersigned, ICTV Brands Inc., a Nevada corporation (the “Company”), and the other parties thereto,
in or substantially in the form furnished to the undersigned and (ii) purchase the Shares of the Company appearing below, hereby
agrees to purchase such Shares from the Company as of the Closing and further agrees to join the Agreement as a party thereto,
with all the rights and privileges appertaining thereto, and to be bound in all respects by the terms and conditions thereof.

 

IN
WITNESS WHEREOF, the undersigned has executed the Agreement as of October 4, 2016.

 

	 	Name
    and Address, Fax No. and Social Security No./EIN of Investor:
	 	 
	 	LeoGroup
        Private Debt Facility, L.P.

        100
        Wood Avenue South, Suite #209

        Iselin,
        NJ 08830

        Attn:
        Matthew J. Allain

         

        Fax
        No.: 732-523-2243

         

        Soc.
        Sec. No./EIN: ________________

	 	 
	 	If
    a partnership, corporation, trust or other business entity: 
	 	 
	 	By:	/s/
    Matthew J. Allain
	 	Name:	Matthew
    J. Allain
	 	Title:	Manager
	 	 
	 	If
    an individual: 
	 	 
	 	Signature:
    _________________________________
	 	 
	 	Investment
    Amount: $1,500,000
	 	 
	 	Amount
    of Shares to be Purchased: 4,411,765
	 	 
	 	Account
        Registration Type (check one) 

         

        [  ]
        Individual Account

         

        [  ]
        Joint Account

         

        [  ]
        Individual Retirement Accout

         

        [X]
        Corporation/Pratnership/Other

         

        [  ]
        Trust

 

    	 	 	 

    	 

    

 

Annex
A

 

Securities
Purchase Agreement

Investor
Counterpart Signature Page

 

The
undersigned, desiring to: (i) enter into this Securities Purchase Agreement, dated as of October 4, 2016 (the “Agreement”),
between the undersigned, ICTV Brands Inc., a Nevada corporation (the “Company”), and the other parties thereto,
in or substantially in the form furnished to the undersigned and (ii) purchase the Shares of the Company appearing below, hereby
agrees to purchase such Shares from the Company as of the Closing and further agrees to join the Agreement as a party thereto,
with all the rights and privileges appertaining thereto, and to be bound in all respects by the terms and conditions thereof.

 

IN
WITNESS WHEREOF, the undersigned has executed the Agreement as of October 4, 2016.

 

	 	Name
    and Address, Fax No. and Social Security No./EIN of Investor:
	 	 
	 	Sandra
        F. Pessin

        366
        Madison Avenue, 14th Floor

        New
        York, NY 10017

         

        Fax
        No.: _______________

         

        Soc.
        Sec. No./EIN: ________________

	 	 
	 	If
a partnership, corporation, trust or other business entity: 

	 	 	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Title:	 	 
	 	 
	 	If
an individual: 

	 	 	 
	 	Signature:
    	/s/
    Sandra F. Pessin	 
	 	 
	 	Investment
    Amount: $1,200,000
	 	 
	 	Amount
    of Shares to be Purchased: 3,529,412
	 	 
	 	Account
        Registration Type (check one) 

         

        [X]
        Individual Account

         

        [  ]
        Joint Account

         

        [  ]
        Individual Retirement Accout

         

        [  ]
        Corporation/Pratnership/Other

         

        [  ]
        Trust

 

    	 	 	 

    	 

    

 

Annex
A

 

Securities
Purchase Agreement

Investor
Counterpart Signature Page

 

The
undersigned, desiring to: (i) enter into this Securities Purchase Agreement, dated as of October 4, 2016 (the “Agreement”),
between the undersigned, ICTV Brands Inc., a Nevada corporation (the “Company”), and the other parties thereto,
in or substantially in the form furnished to the undersigned and (ii) purchase the Shares of the Company appearing below, hereby
agrees to purchase such Shares from the Company as of the Closing and further agrees to join the Agreement as a party thereto,
with all the rights and privileges appertaining thereto, and to be bound in all respects by the terms and conditions thereof.

 

IN
WITNESS WHEREOF, the undersigned has executed the Agreement as of October 4, 2016.

 

	 	Name
    and Address, Fax No. and Social Security No./EIN of Investor:
	 	 
	 	Brian
        L. Pessin

        310
        E 75th Street, Apt 2a

        New
        York, NY 10021

         

        Fax
        No.: _______________

         

        Soc.
        Sec. No./EIN: ________________

	 	 
	 	If
    a partnership, corporation, trust or other business entity: 
	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Title:	 	 
	 	 
	 	If
    an individual: 
	 	 
	 	Signature:	/s/
    Brian L. Pessin	 
	 	 
	 	Investment
    Amount: $300,000
	 	 
	 	Amount
    of Shares to be Purchased: 882,353
	 	 
	 	Account
        Registration Type (check one)

         

        [X]
        Individual Account

         

        [  ]
        Joint Account

         

        [  ]
        Individual Retirement Accout

         

        [  ]
        Corporation/Pratnership/Other

         

        [  ]
        Trust

 

    	 	 	 

    	 

    

 

EXHIBIT
A

 

SCHEDULE
OF INVESTORS

 

	Name	 	Investment Amount	 	 	Number of Shares	 
	LeoGroup Private Debt Facility, L.P.	 	$	1,500,000.00	 	 	 	4,411,765	 
	Sandra F. Pessin	 	$	1,200,000.00	 	 	 	3,529,412	 
	Brian L. Pessin	 	$	300,000.00	 	 	 	882,353	 
	TOTALS	 	$	3,000,000.00	 	 	 	8,823,530EX-10.2

 Exhibit 10.2 

FORM OF 
 EMPLOYEE
MATTERS AGREEMENT 
 between 

CONAGRA FOODS, INC. 
 and

 LAMB WESTON HOLDINGS, INC. 

Dated as of [                 , 2016] 

							
	 ARTICLE I DEFINITIONS
	  	 	1	  
			
	 Section 1.1
	  	Certain Defined Terms	  	 	1	  
			
	 Section 1.2
	  	Other Capitalized Terms	  	 	8	  
		
	 ARTICLE II GENERAL PRINCIPLES; EMPLOYEE TRANSFERS
	  	 	8	  
			
	 Section 2.1
	  	ConAgra Group Employee Liabilities	  	 	8	  
			
	 Section 2.2
	  	LW Group Employee Liabilities	  	 	9	  
			
	 Section 2.3
	  	ConAgra Plans/LW Plans	  	 	9	  
			
	 Section 2.4
	  	Employee Transfers	  	 	9	  
			
	 Section 2.5
	  	Collective Bargaining Agreements	  	 	9	  
		
	 ARTICLE III NON-U.S. EMPLOYEE TRANSFERS and benefit plans
	  	 	10	  
			
	 Section 3.1
	  	Non-U.S. Plans	  	 	10	  
			
	 Section 3.2
	  	Non-U.S. Employees	  	 	10	  
		
	 ARTICLE IV SERVICE CREDIT
	  	 	11	  
			
	 Section 4.1
	  	Service Credit for Employee Transfers	  	 	11	  
		
	 ARTICLE V LITIGATION AND COMPENSATION
	  	 	11	  
			
	 Section 5.1
	  	Employee-Related Litigation	  	 	11	  
			
	 Section 5.2
	  	Paid Leave	  	 	12	  
			
	 Section 5.3
	  	Annual Cash Incentives	  	 	12	  
			
	 Section 5.4
	  	Employment Agreements	  	 	12	  
		
	 ARTICLE VI CERTAIN WELFARE BENEFIT PLAN MATTERS
	  	 	13	  
			
	 Section 6.1
	  	LW Spinoff Welfare Plans	  	 	13	  
			
	 Section 6.2
	  	Continuation of Elections	  	 	14	  
			
	 Section 6.3
	  	Deductibles and Preexisting Conditions	  	 	14	  
			
	 Section 6.4
	  	Workers’ Compensation	  	 	14	  
			
	 Section 6.5
	  	COBRA	  	 	15	  
		
	 ARTICLE VII TAX-QUALIFIED DEFINED BENEFIT PLANS
	  	 	15	  
			
	 Section 7.1
	  	U.S. Pension Plans	  	 	15	  
			
	 Section 7.2
	  	Continuation of Elections	  	 	16	  
			
	 Section 7.3
	  	Multiemployer Plan	  	 	16	  
		
	 ARTICLE VIII U.S. TAX-QUALIFIED DEFINED CONTRIBUTION PLANS
	  	 	17	  
			
	 Section 8.1
	  	U.S. Savings Plans	  	 	17	  
			
	 Section 8.2
	  	Continuation of Elections	  	 	18	  
			
	 Section 8.3
	  	 Contributions Due
	  	 	18	  

  
 -i- 

							
	 ARTICLE IX NONQUALIFIED RETIREMENT PLANS
	  	 	19	  
			
	 Section 9.1
	  	LW Spinoff NQDC Plans	  	 	19	  
			
	 Section 9.2
	  	No Distributions on Separation	  	 	20	  
			
	 Section 9.3
	  	Section 409A	  	 	20	  
			
	 Section 9.4
	  	Continuation of Elections	  	 	20	  
			
	 Section 9.5
	  	Delayed Transfer Employees	  	 	20	  
		
	 ARTICLE X CONAGRA EQUITY AWARDS
	  	 	21	  
			
	 Section 10.1
	  	Outstanding ConAgra Equity Awards	  	 	21	  
			
	 Section 10.2
	  	Conformity with Non-U.S. Laws	  	 	26	  
			
	 Section 10.3
	  	Tax Withholding and Reporting	  	 	27	  
			
	 Section 10.4
	  	Employment Treatment	  	 	27	  
			
	 Section 10.5
	  	Registration	  	 	27	  
		
	 ARTICLE XI TRANSITION SERVICES, THIRD-PARTY CLAIMS
	  	 	28	  
			
	 Section 11.1
	  	General Principles	  	 	28	  
			
	 Section 11.2
	  	Third-Party Claims	  	 	28	  
		
	 ARTICLE XII INDEMNIFICATION
	  	 	28	  
			
	 Section 12.1
	  	Indemnification	  	 	28	  
		
	 ARTICLE XIII COOPERATION
	  	 	28	  
			
	 Section 13.1
	  	Cooperation	  	 	28	  
		
	 ARTICLE XIV MISCELLANEOUS
	  	 	29	  
			
	 Section 14.1
	  	Vendor Contracts	  	 	29	  
			
	 Section 14.2
	  	Further Assurances	  	 	29	  
			
	 Section 14.3
	  	Employment Taxes Withholding Reporting Responsibility	  	 	29	  
			
	 Section 14.4
	  	Data Privacy	  	 	29	  
			
	 Section 14.5
	  	Third Party Beneficiaries	  	 	30	  
			
	 Section 14.6
	  	Effect if Distribution Does Not Occur	  	 	30	  
			
	 Section 14.7
	  	Incorporation of Separation Agreement Provisions	  	 	30	  
			
	 Section 14.8
	  	No Representation or Warranty	  	 	30	  

  
 -ii- 

 SCHEDULES AND EXHIBITS 

Schedule 1.1: LW Employee ConAgra Participants 

Schedule 2.5: Collective Bargaining Agreements 

Schedule 5.3: Annual Cash Incentive Exceptions 

Schedule 5.4: Employment Agreements Retained by ConAgra 

Schedule 6.1(b): ConAgra Welfare Plans 
 Schedule
7.1(a): ConAgra Pension Plans 
 Schedule 8.1(a): ConAgra 401(k) Plans 

Schedule 9.1(a): ConAgra NQDC Plan 
 Schedule
9.1(b): NQDC Plan Transfer Exceptions 

  
 -iii- 

 EMPLOYEE MATTERS AGREEMENT 

EMPLOYEE MATTERS AGREEMENT, dated as of [                 ,
2016] (this “Employee Matters Agreement”), between ConAgra Foods, Inc., a Delaware corporation (“ConAgra”), and Lamb Weston Holdings, Inc., a Delaware corporation and a wholly owned Subsidiary of ConAgra
(“SpinCo” or “Lamb Weston”). 
 RECITALS 

A. The parties to this Employee Matters Agreement have entered into the Separation and Distribution Agreement (the “Separation
Agreement”), dated as of the date hereof, pursuant to which ConAgra intends to distribute to its stockholders, on a pro rata basis and without consideration, all the outstanding shares of common stock, par value $1.00 per share, of
Lamb Weston then owned by ConAgra (the “Distribution”). 
 B. The parties wish to set forth their agreements as to certain
matters regarding the treatment of, and the compensation and employee benefits provided to, current and former employees of ConAgra and Lamb Weston and their Subsidiaries. 

C. This Employee Matters Agreement incorporates by reference the agreement of the parties with regard to certain services to be performed by
the parties following the Distribution, which agreement was originally set forth in the Transition Services Agreement, effective as of the date hereof. 

AGREEMENT 
 In
consideration of the foregoing and the mutual covenants and agreements herein contained, and intending to be legally bound hereby, the parties agree as follows: 

ARTICLE I 
 DEFINITIONS

 Section 1.1 Certain Defined Terms. For the purposes of this Employee Matters Agreement: 

“162(m) Award” means a ConAgra Performance Share Award that was intended to be “qualified performance-based
compensation” within the meaning of Section 162(m) of the Code and the applicable regulations thereunder. 
 “2008 Performance
Share Plan” means the ConAgra Foods, Inc. 2008 Performance Share Plan. 
 “Adjusted ConAgra 2015-2017 162(m) Performance
Share Award” means a performance share award with respect to ConAgra Common Stock relating to ConAgra Performance Share Awards relating to fiscal years 2015-2017 that is a 162(m) Award held by ConAgra Participants described in Section
10.1(a)(iii)(A)(3). 

  
 -1- 

 “Adjusted ConAgra 2015-2017 Non-162(m) Performance Share Award” means a
performance share award with respect to ConAgra Common Stock relating to ConAgra Performance Share Awards with a performance period relating to fiscal years 2015-2017 that is not a 162(m) Award held by ConAgra Participants described in Section
10.1(a)(iii)(A)(1). 
 “Adjusted ConAgra 2016-2018 Performance Share Award” means a performance share award with
respect to ConAgra Common Stock relating to ConAgra Performance Share Awards with a performance period relating to fiscal years 2016-2018 held by ConAgra Participants described in Section 10.1(a)(iii)(B). 

“Adjusted ConAgra 2017-2019 Performance Share Award” means a performance share award with respect to ConAgra Common Stock
relating to ConAgra Performance Share Awards with a performance period relating to fiscal years 2017-2019 held by ConAgra Participants described in Section 10.1(a)(iii)(B). 

“Adjusted ConAgra Equity Award” means each Adjusted ConAgra Option, Adjusted ConAgra RSU, and Adjusted ConAgra Performance
Share Award. 
 “Adjusted ConAgra Options” means an option to acquire ConAgra Common Stock relating to a ConAgra Option
described in Section 10.1(a)(i)(A). 
 “Adjusted ConAgra Performance Share Awards” means each Adjusted ConAgra
2015-2017 162(m) Performance Share Award, Adjusted ConAgra 2015-2017 Non-162(m) Performance Share Award, Adjusted ConAgra 2016-2018 Performance Share Award, and Adjusted ConAgra 2017-2019 Performance Share Award. 

“Adjusted ConAgra RSUs” means a restricted stock unit award with respect to ConAgra Common Stock relating to ConAgra RSUs
described in Section 10.1(a)(ii)(A). 
 “Applicable Transfer Date” means the date on which a
Delayed Transfer Employee actually commences employment with the ConAgra Group or the LW Group (as applicable). 
 “Benefit
Plan” means, with respect to an entity, each plan, program, policy, agreement, arrangement or understanding that is maintained primarily for the benefit of employees in the United States and is a deferred compensation, executive
compensation, incentive bonus or other bonus, pension, profit sharing, savings, retirement, severance pay, salary continuation, life, death benefit, health, hospitalization, sick leave, vacation pay, disability or accident insurance or other
employee benefit plan, program, agreement or arrangement, including any “employee benefit plan” (as defined in Section 3(3) of ERISA) sponsored, maintained or contributed to by such entity or to which such entity is a party or under which
such entity has any obligation; provided that no ConAgra Equity Award, nor any plan under which any such ConAgra Equity Award is granted, will constitute a “Benefit Plan” under this Employee Matters Agreement. In addition, no
Employment Agreement will constitute a Benefit Plan for purposes hereof. 

  
 -2- 

 “COBRA” means the continuation coverage requirements under Code Section 4980B
and ERISA Sections 601-608. 
 “Code” means the Internal Revenue Code of 1986, as amended. 

“Collective Bargaining Agreement” means any collective bargaining agreement, labor agreement, pension or other written
agreement to which ConAgra, SpinCo, or any of their respective direct or indirect Subsidiaries is a party to. 
 “ConAgra 401(k)
Plans” has the meaning set forth in Section 8.1(a). 
 “ConAgra Annual Incentive Plans” has the meaning set
forth in Section 5.3. 
 “ConAgra Director” means each individual who is a non-employee member of the ConAgra Board
and is not a member of the Board of Directors of SpinCo, in each case, as of the close of business on the Distribution Date. 

“ConAgra Employee” means each individual who, as of the close of business on the Distribution Date, is employed by a member
of the ConAgra Group (including, for the avoidance of doubt, any such individual who is on a leave of absence, whether paid or unpaid). ConAgra Employees also include ConAgra Transferees, effective as of the Applicable Transfer Date. 

“ConAgra Equity Award” means each ConAgra Option, ConAgra RSU, and ConAgra Performance Share Award. 

“ConAgra Equity Plans” means the ConAgra Foods 2006 Stock Plan, the ConAgra Foods 2009 Stock Plan, and the ConAgra Foods 2014
Stock Plan. 
 “ConAgra Non-U.S. Plans” means the Non-U.S. Plans sponsored or maintained by a member of the ConAgra Group.

 “ConAgra NQDC Plans” has the meaning set forth in Section 9.1(a). 

“ConAgra Options” means an option to acquire shares of ConAgra Common Stock granted by ConAgra under a ConAgra Equity Plan
prior to the Distribution Date. 
 “ConAgra Participant” means any ConAgra Employee, Former ConAgra Employee, Former LW
Business Employee, or ConAgra Director who immediately prior to the Distribution holds ConAgra Equity Awards, or a beneficiary, dependent or alternate payee of such person and any LW Employee listed on Schedule 1.1, or a beneficiary,
dependent or alternate payee of such person. 
 “ConAgra Pension Plans” has the meaning set forth in Section 7.1(a).

 “ConAgra Performance Share Awards” means an award of performance shares with respect to shares of ConAgra Common Stock
granted by ConAgra under a ConAgra Equity Plan prior to the Distribution Date. 

  
 -3- 

 “ConAgra Plans” means (i) the ConAgra Pension Plans, the ConAgra 401(k) Plans,
the ConAgra Welfare Plans, and the ConAgra Retiree Welfare Plans, and (ii) any other Benefit Plan that, as of the close of business on the day before the Distribution Date, is sponsored or maintained solely by any member of the ConAgra
Group. For the avoidance of doubt, no member of the ConAgra Group will be deemed to sponsor or maintain any Benefit Plan if its relationship to such Benefit Plan is solely to administer such Benefit Plan or provide to Lamb Weston any
reimbursement in respect of such Benefit Plan. 
 “ConAgra Retiree Welfare Plans” has the meaning set forth in Section
6.1(a). 
 “ConAgra RSUs” means a time-based restricted stock unit award granted by ConAgra under a ConAgra Equity Plan
prior to the Distribution Date. 
 “ConAgra Transferees” means the Delayed Transfer Employees who transfer from the LW
Group to the ConAgra Group. 
 “ConAgra Welfare Plans” has the meaning set forth in Section 6.1(b). 

“Delayed Transfer Employee” has the meaning set forth in Section 2.4(b). 

“Distribution” has the meaning set forth in the Recitals. 

“Employee Matters Agreement” has the meaning set forth in the preamble. 

“Employment Agreement” means any individual employment, retention, consulting, change in control, split dollar life
insurance, sale bonus, incentive bonus, severance or other individual compensatory agreement between any current or former employee and ConAgra or any of its Affiliates. 

“EPS Goal” has the meaning set forth in Section 10.1(a)(iii)(A)(3). 

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

“Former ConAgra Employee” means any individual who (i) on or before the close of business on the Distribution Date retired or
otherwise separated from service from ConAgra and its Affiliates, and (ii) is not a Former LW Business Employee.
 “Former LW
Business Employee” means any individual (a) who on or before the Distribution Date retired or otherwise separated from service from the ConAgra Group or the LW Group, and (b) (i) who immediately before his or her retirement or other
separation from service with the ConAgra Group or the LW Group was substantially dedicated to the LW Business, or (ii) whose last day worked with the ConAgra Group or the LW Group was with the LW Business or a LW Entity. 

“Hourly LW Employees” has the meaning set forth in Section 7.1(b). 

  
 -4- 

 “Human Resources Committee” means the Human Resources Committee of the Board of
Directors of ConAgra. 
 “Joint Withdrawal Liability” has the meaning set forth in Section 7.3. 

“LW 2015-2017 Performance Share Award” means a performance share award with respect to SpinCo Common Stock relating to
ConAgra Performance Share Awards with a performance period relating to fiscal years 2015-2017 held by LW Participants described in Section 10.1(a)(iii)(A)(2). 

“LW 2016-2018 Performance Share Award” means a performance share award with respect to SpinCo Common Stock relating to
ConAgra Performance Share Awards with a performance period relating to fiscal years 2016-2018 held by LW Participants described in Section 10.1(a)(iii)(C). 

“LW 2017-2019 Performance Share Award” means a performance share award with respect to SpinCo Common Stock relating to
ConAgra Performance Share Awards with a performance period relating to fiscal years 2017-2019 held by LW Participants described in Section 10.1(a)(iii)(C). 

“LW Annual Incentive Plans” has the meaning set forth in Section 5.3. 

“LW Contributions” has the meaning set forth in Section 7.3. 

“LW Director” means each individual who, as of the close of business on the Distribution Date, is a non-employee member of
the Board of Directors of SpinCo. 
 “LW Employee” means each individual who, as of the close of business on the
Distribution Date, is employed by a LW Entity (including, for the avoidance of doubt, any such individual who is on a leave of absence, whether paid or unpaid). LW Employees also include LW Transferees, effective as of the Applicable Transfer
Date. 
 “LW Employment Agreement” has the meaning set forth in Section 5.4. 

“LW Equity Award” means each LW Option, LW RSU, and LW Performance Share Award. 

“LW Equity Plans” has the meaning set forth in Section 10.1(c). 

“LW Non-U.S. Plan” means any Non-U.S. Plan sponsored or maintained by a member of the LW Group. 

“LW Options” means an option to acquire SpinCo Common Stock relating to a ConAgra Option granted by Lamb Weston as of the
Distribution under a LW Equity Plan pursuant to Section 10.1(a)(i)(B). 

  
 -5- 

 “LW Participant” means any LW Employee or LW Director (other than any LW
Employee listed on Schedule 1.1 who is a ConAgra Participant) who immediately prior to the Distribution holds ConAgra Equity Awards, or a beneficiary, dependent or alternate payee of such person. 

“LW Performance Share Awards” means each LW 2015-2017 Performance Share Award, LW 2016-2018 Performance Share Award and LW
2017-2019 Performance Share Award. 
 “LW Plans” means (i) the LW Spinoff Pension Plans, the LW Spinoff 401(k) Plans, and
the LW Spinoff Welfare Plans and (ii) any Benefit Plan sponsored or maintained by any member of the LW Group. For the avoidance of doubt, no member of the LW Group will be deemed to sponsor or maintain any Benefit Plan if its relationship to
such Benefit Plan is solely to administer such Benefit Plan or provide to ConAgra any reimbursement in respect of such Benefit Plan. 

“LW Retirees” has the meaning set forth in Section 6.1(a). 

“LW RSUs” means restricted stock unit award with respect to SpinCo Common Stock granted by Lamb Weston as described in
Section 10.1(a)(ii)(B). 
 “LW Share” has the meaning set forth in Section 7.3. 

“LW Share Price” means the average of the volume weighted average price per share of SpinCo Common Stock on the NYSE (as
traded on the “regular way” market), calculated to four decimal places (as reported by Bloomberg L.P. or any successor thereto) and determined without regard to after-hours trading or any other trading outside of the regular trading
session trading hours, on each of the five consecutive trading days starting with the first full trading date immediately following the Distribution Date. 

“LW Spinoff 401(k) Plan” has the meaning set forth in Section 8.1(a). 

“LW Spinoff NQDC Plans” has the meaning set forth in Section 9.1(a). 

“LW Spinoff Pension Plan” has the meaning set forth in Section 7.1(b). 

“LW Spinoff Welfare Plans” has the meaning set forth in Section 6.1(b). 

“LW Transferees” means the Delayed Transfer Employees who transfer from the ConAgra Group to the LW Group. 

“LW Welfare Claims” has the meaning set forth in Section 6.1(c). 

“Measurement Date” has the meaning set forth in Section 10.1(a)(iii)(A)(4). 

“Multiemployer Plan” has the meaning set forth in Section 7.3. 

“Non-U.S. LW Employee” means each LW Employee whose employment is based outside of the United States. 

  
 -6- 

 “Non-U.S. Plan” means, with respect to an entity, each plan, program, policy,
agreement, arrangement or understanding that is maintained primarily for the benefit of employees outside of the United States and is a deferred compensation, executive compensation, incentive bonus or other bonus, pension, profit sharing, savings,
retirement, severance pay, salary continuation, life, death benefit, health, hospitalization, sick leave, vacation pay, disability or accident insurance or other employee benefit plan, program, agreement or arrangement, sponsored, maintained or
contributed to by such entity or to which such entity is a party or under which such entity has any obligation; provided that no ConAgra Equity Award, nor any plan under which any such ConAgra Equity Award is granted, will constitute a
“Non-U.S. Plan” under this Employee Matters Agreement. In addition, no Employment Agreement will constitute a Non-U.S. Plan for purposes hereof. 

“NYSE” means the New York Stock Exchange. 

“Option Exercise Price” means the pre-adjustment exercise price of the applicable ConAgra Option. 

“Plan Payee” means, as to an individual who participates in a Benefit Plan, such individual’s dependents, beneficiaries,
alternate payees and alternate recipients, as applicable under such Benefit Plans. 
 “Post-Distribution ConAgra Share
Price” means the average of the volume weighted average price per share of ConAgra Common Stock on NYSE (as traded on the “regular way” market), calculated to four decimal places (as reported by Bloomberg L.P. or any successor
thereto) and determined without regard to after-hours trading or any other trading outside of the regular trading session trading hours, on each of the five consecutive trading days starting with the first full trading date immediately following the
Distribution Date. 
 “Pre-Distribution Action” means a Third-Party Claim with respect to a ConAgra Employee, Former
ConAgra Employee, LW Employee, or Former LW Business Employee that arises from an act, omission, or event that occurred prior to the Distribution. 

“Pre-Distribution ConAgra Share Price” means the average of the volume weighted average price per share of ConAgra Common
Stock on NYSE (as traded on the “regular way” market), calculated to four decimal places (as reported by Bloomberg L.P. or any successor thereto) and determined without regard to after-hours trading or any other trading outside of the
regular trading session trading hours, on each of the five consecutive trading days ending with the second complete trading day immediately prior to the Distribution Date. 

“Separation Agreement” has the meaning set forth in the Recitals. 

“Transferred Leave” has the meaning set forth in Section 5.2. 

“Vendor Contract” has the meaning set forth in Section 14.1. 

  
 -7- 

 “Welfare Plan” means each Benefit Plan that provides life insurance, health
care, dental care, vision care, employee assistance programs (EAP), accidental death and dismemberment insurance, disability, severance, vacation, dependent care reimbursements, or other group welfare or fringe benefits or is otherwise an
“employee welfare benefit plan” as described in Section 3(1) of ERISA. 
 Section 1.2 Other Capitalized
Terms. Capitalized terms not defined in this Employee Matters Agreement, including the following, will have the meanings ascribed to them in the Separation Agreement: 
  

	 	•	 	Action 

  

	 	•	 	Affiliate 

  

	 	•	 	ConAgra Board 

  

	 	•	 	ConAgra Common Stock 

  

	 	•	 	ConAgra Group 

  

	 	•	 	Distribution Date 

  

	 	•	 	Excluded Liabilities 

  

	 	•	 	Governmental Authority 

  

	 	•	 	Joint Venture Interests 

  

	 	•	 	Law 

  

	 	•	 	Liability 

  

	 	•	 	LW Business 

  

	 	•	 	LW Entities 

  

	 	•	 	LW Group 

  

	 	•	 	LW Joint Ventures 

  

	 	•	 	LW Liabilities 

  

	 	•	 	Person 

  

	 	•	 	SpinCo Common Stock 

  

	 	•	 	Subsidiary 

  

	 	•	 	Tax 

  

	 	•	 	Tax Sharing Agreement 

  

	 	•	 	Third-Party Claim 

  

	 	•	 	Transaction Documents 

  

	 	•	 	Transition Services Agreement 

 ARTICLE II 

GENERAL PRINCIPLES; EMPLOYEE TRANSFERS 

Section 2.1 ConAgra Group Employee Liabilities. Except as specifically provided in this Employee Matters Agreement, the ConAgra
Group will be solely responsible for (a) all employment, compensation and employee benefits Liabilities relating to ConAgra Employees and Former ConAgra Employees, (b) all Liabilities arising under each ConAgra Plan, and (c) any other Liabilities
expressly assigned or allocated to a member of the ConAgra Group under this Employee Matters Agreement. 

  
 -8- 

 Section 2.2 LW Group Employee Liabilities. Except as specifically provided in this
Employee Matters Agreement, the LW Group will be solely responsible for (a) all employment, compensation and employee benefits Liabilities relating to LW Employees and Former LW Business Employees, (b) all Liabilities arising under each LW Plan, and
(c) any other Liabilities expressly assigned or allocated to a member of the LW Group under this Employee Matters Agreement.
 Section 2.3
ConAgra Plans/LW Plans. 
 (a) Except as otherwise provided herein or in the Transition Services Agreement, effective as of the
Distribution Date, the ConAgra Group will be exclusively responsible for administering each ConAgra Plan and ConAgra Non-U.S. Plan in accordance with its terms and for all obligations and Liabilities with respect to, and all benefits owed to
participants in, the ConAgra Plans and the ConAgra Non-U.S. Plans, whether arising before, on or after the Distribution Date. 
 (b) Except
as otherwise provided herein or in the Transition Services Agreement, effective as of the Distribution Date the LW Group will be exclusively responsible for administering each LW Plan and LW Non-U.S. Plan in accordance with its terms and for all
obligations and Liabilities with respect to, and all benefits owed to participants in, the LW Plans and the LW Non-U.S. Plans, whether arising before, on or after the Distribution Date. 

Section 2.4 Employee Transfers.

(a) ConAgra will or will cause employees of the ConAgra Group who are designated by ConAgra to transfer employment to Lamb Weston or the
appropriate member of the LW Group prior to the Distribution Date. 
 (b) Upon mutual agreement of ConAgra and Lamb Weston, any employee
whose employment transfers within six months after the Distribution Date from the ConAgra Group to the LW Group or from the LW Group to the ConAgra Group because such employee was inadvertently and erroneously treated as employed by the wrong
employer on the Distribution Date and who was continuously employed by a member of the ConAgra Group or the LW Group (as applicable) from the Distribution Date through the date such employee commences employment with a member of the ConAgra Group or
LW Group (as applicable) will be a “Delayed Transfer Employee”; provided, however, that no employee of either Group who is covered by a Collective Bargaining Agreement at the time such employee transfers to the other
Group will be a Delayed Transfer Employee. Notwithstanding anything herein to the contrary, no employee will be considered a Delayed Transfer Employee unless the mutual agreement with respect to, and Applicable Transfer Date of, any Delayed
Transfer Employee occurs on or before the date that is six months after the Distribution Date. 
 Section 2.5 Collective Bargaining
Agreements. Effective as of the Distribution Date, (i) ConAgra or a member of the ConAgra Group will retain each Collective Bargaining Agreement then in effect covering any ConAgra Employee and will retain all

  
 -9- 

 
liabilities arising prior to the Distribution Date and assume all liabilities arising after the Distribution Date under each such Collective Bargaining Agreement and (ii) Lamb Weston or a member
of the LW Group will retain or assume each Collective Bargaining Agreement then in effect covering any LW Employee including, but not limited to, the Collective Bargaining Agreements set forth on Schedule 2.5 and will retain all liabilities
arising prior to the Distribution Date and assume all liabilities arising after the Distribution Date under each such Collective Bargaining Agreement. 

ARTICLE III 
 NON-U.S.
EMPLOYEE TRANSFERS AND BENEFIT PLANS 
 Section 3.1 Non-U.S. Plans. Effective as of the Distribution Date, (i) ConAgra or a
member of the ConAgra Group will retain each ConAgra Non-U.S. Plan and (ii) Lamb Weston or a member of the LW Group will retain or assume each LW Non-U.S. Plan. To the extent that the applicable Law of any jurisdiction requires that all or a
portion of any ConAgra Non-U.S. Plan be assumed or retained by a member of the LW Group in connection with the transactions contemplated by this Employee Matters Agreement, the Separation Agreement or the other Transaction Documents, Lamb Weston
will cause the LW Group to assume or retain such ConAgra Non-U.S. Plans. 
 Section 3.2 Non-U.S. Employees. Notwithstanding
anything to the contrary contained in this Employee Matters Agreement, any employee who is employed by a member of the ConAgra Group in a non-US jurisdiction immediately prior to the Distribution, and who is required by applicable Law to transfer to
a member of the LW Group in connection with the transactions contemplated by this Employee Matters Agreement, the Separation Agreement or the other Transaction Documents, will transfer automatically on the Distribution Date to SpinCo or a member of
the LW Group in accordance with such applicable Law and will be deemed to be a LW Employee and a Non-U.S. LW Employee for purposes of this Employee Matters Agreement. Notwithstanding anything to the contrary herein, the following terms
will apply to all Non-U.S. LW Employees: 
 (a) To the extent that (i) the applicable Law of any jurisdiction, (ii) any applicable
Collective Bargaining Agreement or other applicable agreement with a works council or economic committee, or (iii) any applicable employment agreement would require SpinCo or its Affiliates (including a member of the LW Group) to provide any
terms of employment to any Non-U.S. LW Employee that are more favorable than those otherwise provided for in this Employee Matters Agreement in connection with the Distribution of the LW Business to SpinCo, then SpinCo will cause the LW Group
to provide such Non-U.S. LW Employee with such more favorable terms. SpinCo will be responsible for liabilities for, and will cause the LW Group to provide all compensation or benefits (whether statutory, contractual or otherwise) to each
Non-U.S. LW Employee arising from or related to the transactions contemplated by this Employee Matters Agreement, the Separation Agreement, or the other Transaction Documents, or the related transfer of the employee to SpinCo or a member of the LW
Group. 
 (b) ConAgra and SpinCo agree that to the extent provided under the applicable Laws of certain foreign jurisdictions, (i) any
employment agreements between ConAgra and its Affiliates, on the one hand, and any Non-U.S. LW Employee, on the other hand, and (ii) any Collective Bargaining Agreements applicable to the Non-U.S. LW Employees in such jurisdictions, will in
each case have effect after the Distribution as if originally made between the LW Group and the other parties to such employment agreement or Collective Bargaining Agreement. 

  
 -10- 

 ARTICLE IV 

SERVICE CREDIT 
 Section
4.1 Service Credit for Employee Transfers. Subject to the terms of any applicable Collective Bargaining Agreement, the Benefit Plans will provide the following service crediting rules effective as of the Distribution Date: 

(a) From and after the Distribution Date Lamb Weston will, and will cause its Affiliates (including the members of the LW Group) and
successors to, provide credit under the LW Plans to each LW Employee for service with the ConAgra Group (including, prior to the Distribution, the LW Group) prior to the Distribution Date for purposes of eligibility, vesting, and benefit accrual
under the appropriate LW Plans in which the LW Employee is otherwise eligible, subject to the terms of those plans; provided, however, that service will not be recognized to the extent that such recognition would result in the
duplication of benefits taking into account both the ConAgra Plans and the LW Plans. 
 (b) A Delayed Transfer Employee’s service with
the ConAgra Group or the LW Group (as applicable) following the Distribution will be recognized for purposes of eligibility, vesting and benefit accrual under the appropriate ConAgra Plans or LW Plans as appropriate in which they are otherwise
eligible, subject to the terms of those plans; provided, however, that service will not be recognized to the extent that such recognition would result in the duplication of benefits taking into account both the ConAgra Plans and the LW
Plans. 
 (c) Except as provided in Section 4.1(b), with respect to an employee hired by the ConAgra Group or the LW Group after the
Distribution Date, the Benefit Plans of the ConAgra Group for employees hired by the ConAgra Group or the LW Group for employees hired by the LW Group will not recognize such employee’s service with the LW Group for employees hired by the
ConAgra Group or the ConAgra Group for employees hired by the LW Group unless required by Law or an applicable Collective Bargaining Agreement. 

ARTICLE V 
 LITIGATION
AND COMPENSATION 
 Section 5.1 Employee-Related Litigation. Notwithstanding any provision of this Employee Matters
Agreement to the contrary, Liability with respect to any Pre-Distribution Action: (a) will be a LW Liability under the Separation Agreement to the 

  
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extent asserted by, or arising from or relating primarily to the employment of, LW Employee(s) and/or Former LW Business Employee(s); and (b) will be an Excluded Liability under the
Separation Agreement to the extent asserted by, or arising from or relating primarily to the employment of, ConAgra Employee(s) and/or Former ConAgra Employee(s). For the avoidance of doubt, a Pre-Distribution Action will be subject to Article
IV of the Separation Agreement. 
 Section 5.2 Paid Leave. Subject to the terms of any applicable Collective Bargaining
Agreement and except to the extent not permitted by applicable Law, ConAgra and SpinCo will cause the LW Group to credit each LW Employee with the amount of accrued and unpaid hours of paid leave, which may include, but is not limited to, vacation,
personal days, occasional days, floating holidays and sick leave (together, the “Transferred Leave”) applicable to such LW Employee as of the Distribution Date, or the Applicable Transfer Date. Subject to the terms of any
applicable Collective Bargaining Agreement and except to the extent not permitted by applicable Law, the ConAgra Group will retain responsibility for accrued but unpaid hours of paid leave, which may include, but is not limited to, vacation,
personal days, occasional days, floating holidays and sick leave attributable to ConAgra Employees as of the Distribution Date, or the Applicable Transfer Date. Notwithstanding the foregoing, in any jurisdiction where payment of the value of accrued
but unused paid leave to LW Employees is required by applicable Law as of the Distribution Date (a) ConAgra will pay, or cause to be paid, all Transferred Leave as soon as reasonably practicable after the Distribution Date and (b) Lamb Weston will
promptly, but in no event more than 30 days after being notified by ConAgra, reimburse ConAgra in respect of such payment. 
 Section 5.3
Annual Cash Incentives. The ConAgra Group maintains annual incentive plans for eligible employees of the ConAgra Group (such plans, the “ConAgra Annual Incentive Plans”), and the LW Group maintains annual incentive plans
for eligible employees of the LW Group (such plans, the “LW Annual Incentive Plans”). The ConAgra Group will be responsible for any payments owed under the ConAgra Annual Incentive Plans and the LW Group will be responsible for
any payments owed under the LW Annual Incentive Plans, provided that, except as set forth on Schedule 5.3, if any LW Employees or Former LW Business Employees are owed amounts under the ConAgra Annual Incentive Plan for fiscal year 2017, the
LW Group will pay and be responsible for such payments and if any ConAgra Employees or Former ConAgra Employees are owed amounts under the LW Annual Incentive Plans for fiscal year 2017, the ConAgra Group will pay and be responsible for such
payments. 
 Section 5.4 Employment Agreements. Effective as of the Distribution, Lamb Weston or a member of the LW Group will
assume and be solely responsible for any Employment Agreement to which a LW Employee or a Former LW Business Employee is a party other than the agreements set forth on Schedule 5.4 (each, a “LW Employment Agreement”), and the
ConAgra Group will have no liabilities with respect thereto. Notwithstanding any provision to the contrary, (a) the LW Employment Agreements will be the responsibility of one or more members of the LW Group following the Distribution Date; and
(b) ConAgra will retain and be solely and exclusively responsible for all obligations and liabilities with respect to, or in any way related to, any Employment Agreement that is not a LW Employment Agreement. 

  
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 ARTICLE VI 

CERTAIN WELFARE BENEFIT PLAN MATTERS 

Section 6.1 LW Spinoff Welfare Plans.

(a) The ConAgra Group and the ConAgra Plans that are Welfare Plans providing retiree medical benefits to Former LW Business Employees and
Former ConAgra Employees (such plans, the “ConAgra Retiree Welfare Plans”) will retain responsibility for providing retiree medical benefits to Former LW Business Employees who, as of the Distribution Date, are enrolled in the
retiree medical benefits of the ConAgra Retiree Welfare Plans or are eligible and have elected to participate in the retiree medical benefits of the ConAgra Retiree Welfare Plans (“LW Retirees”), and the ConAgra Group and ConAgra
Retiree Welfare Plans will remain responsible for all claims incurred by such LW Retirees under the ConAgra Retiree Welfare Plans (whether incurred before, on, or after the Distribution Date). The ConAgra Group and the ConAgra Retiree Welfare
Plans will retain responsibility for providing the applicable benefits under the ConAgra Retiree Welfare Plans to Former ConAgra Employees and ConAgra Employees. 

(b) Except as otherwise provided in the Transition Services Agreement, effective not later than the Distribution Date, Lamb Weston or a member
of the LW Group will establish certain plans that are group health or welfare benefit plans (such plans, the “LW Spinoff Welfare Plans”), which have terms and features (including benefit coverage options, employer contribution
provisions, but excluding retiree medical benefits) that are substantially similar to the corresponding ConAgra Plans listed on Schedule 6.1(b), (such ConAgra Plans, the “ConAgra Welfare Plans”) such that (for the avoidance
of doubt) each ConAgra Welfare Plan is substantially replicated by a corresponding LW Spinoff Welfare Plan. Except as set forth in the Transition Services Agreement, from and after the Distribution Date or Applicable Transfer Date, Lamb Weston will
cause each LW Spinoff Welfare Plan to cover those LW Employees and their Plan Payees who immediately prior to the Distribution Date or Applicable Transfer Date were participating in, or entitled to present or future benefits under, the corresponding
ConAgra Welfare Plan. 
 (c) Except as otherwise provided in the Transition Services Agreement and Section 6.1(a), the LW Group and
the LW Spinoff Welfare Plans will be solely responsible for all claims incurred by LW Employees, Former LW Business Employees and their Plan Payees under the LW Spinoff Welfare Plans and ConAgra Welfare Plans (“LW Welfare Claims”)
before, on and after the Distribution Date or Applicable Transfer Date, but only to the extent such claims are not otherwise payable under an insurance policy held by the ConAgra Group. To the extent any LW Welfare Claims are payable under an
insurance policy held by the ConAgra Group, ConAgra will take all commercially reasonable actions necessary to process such claim and obtain payment under the applicable insurance policy. Effective as of the Distribution Date or Applicable

  
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Transfer Date, ConAgra will cause LW Employees and their Plan Payees to cease to be covered by the ConAgra Welfare Plans, except as otherwise provided in the Transition Services
Agreement. The ConAgra Group and the ConAgra Welfare Plans will remain solely responsible for all claims incurred by ConAgra Employees, Former ConAgra Employees and their Plan Payees, whether incurred before, on, or after the Distribution Date.

 (d) For purposes of this Section 6.1, a claim will be deemed “incurred” on the date that the event that gives rise to
the claim occurs (for purposes of life insurance, severance, sickness, accident and disability programs) or on the date that treatment or services are provided (for purposes of health care programs). 

Section 6.2 Continuation of Elections. Except as otherwise provided in the Transition Services Agreement, as of the Distribution Date,
or Applicable Transfer Date, Lamb Weston will cause the LW Spinoff Welfare Plans to recognize elections and designations (including, without limitation, all coverage and contribution elections and beneficiary designations, all continuation coverage
and conversion elections, and all qualified medical child support orders and other orders issued by courts of competent jurisdiction) in effect with respect to the LW Employees and Former LW Business Employees prior to the effective date of the LW
Spinoff Welfare Plans or, if later, the Applicable Transfer Date, under the corresponding ConAgra Welfare Plans, to the extent such elections and designations and orders are applicable to such LW Spinoff Welfare Plan, and apply and maintain in force
comparable elections and designations and orders under the LW Spinoff Welfare Plans for the remainder of the period or periods for which such elections or designations are by their original terms effective. 

Section 6.3 Deductibles and Preexisting Conditions. Except as otherwise provided in the Transition Services Agreement, as of the
Distribution Date, or Applicable Transfer Date, Lamb Weston will cause the LW Spinoff Welfare Plans to recognize all amounts applied to deductibles, co-payments and out-of-pocket maximums with respect to LW Employees under the corresponding ConAgra
Welfare Plan during the plan year in which the effective date of the LW Spinoff Welfare Plans occurs or, if later, the Applicable Transfer Date occurs, and the LW Spinoff Welfare Plans will not impose any limitations on coverage for preexisting
conditions other than such limitations as were applicable under the corresponding ConAgra Welfare Plan prior to the effective date of the LW Spinoff Welfare Plans or, if later, the Applicable Transfer Date. 

Section 6.4 Workers’ Compensation. The LW Group will be solely responsible (or cause the applicable member of
the LW Group to assume and be solely responsible) for all claims for workers’ compensation benefits and will assume any related workers’ compensation Liabilities, in each case, with respect to each LW Employee and Former LW Business
Employee whether arising before, at or after the Distribution; provided, however, that if applicable Law does not permit the LW Group to provide such benefits with respect to injuries or illnesses that arose prior to the Distribution
Date, ConAgra will be responsible for providing such benefits and Lamb Weston will promptly, but in no event more than 30 days after being notified by ConAgra, reimburse ConAgra in respect of any such benefits provided and indemnify ConAgra and its
Affiliates for all Liabilities 

  
 -14- 

 
incurred in connection with the administration of such benefits. The ConAgra Group will be solely responsible for all workers’ compensation benefits with respect to ConAgra Employees
and Former ConAgra Employees, regardless of when such claims arose. 
 Section 6.5 COBRA. Except as otherwise provided in the
Transition Services Agreement, effective as of the Distribution Date or Applicable Transfer Date, Lamb Weston or a member of the LW Group will assume or will cause the LW Spinoff Welfare Plans to assume sole responsibility for compliance with COBRA
after the Distribution Date or Applicable Transfer Date for all LW Employees, Former LW Business Employees (other than LW Retirees) and their “qualified beneficiaries” for whom a “qualifying event” occurs before, on or after the
Distribution Date or the Applicable Transfer Date; provided, however, that ConAgra or a member of the ConAgra Group will be responsible for furnishing any election notice required under COBRA to any LW Transferee. ConAgra, the
ConAgra Group, or a ConAgra Welfare Plan will remain solely responsible for compliance with COBRA before, on and after the Distribution Date or Applicable Transfer Date for all ConAgra Employees, Former ConAgra Employees, LW Retirees and their
“qualified beneficiaries”; provided, however, that Lamb Weston or a member of the LW Group will be responsible for furnishing any election notice required under COBRA to any ConAgra Transferee. The terms
“qualified beneficiaries” and “qualifying event” will have the meanings given to them under Code Section 4980B and ERISA Sections 601-608. For the avoidance of doubt, Section 6.1 will govern whether the LW Spinoff
Welfare Plans or ConAgra Welfare Plans are responsible for claims incurred by LW Employees, Former LW Business Employees or their qualified beneficiaries, while receiving continuation coverage under COBRA. 

ARTICLE VII 

TAX-QUALIFIED DEFINED BENEFIT PLANS 

Section 7.1 U.S. Pension Plans. 

(a) From and after the Distribution Date, ConAgra and the ConAgra Group will retain all assets and Liabilities under the Benefit Plans that
are defined benefit plans listed on Schedule 7.1(a) (the “ConAgra Pension Plans”). Effective as of the Distribution Date, each LW Employee will cease active participation in, and each LW Employee’s service and
benefit accruals will cease accruing under, the ConAgra Pension Plans.
 (b) Effective as of the Distribution Date, the LW Group has
established and adopted a defined benefit plan that is intended to qualify under Code Section 401(a), along with a related master trust that is exempt under Code Section 501(a) (such plan and trust, collectively, the “LW Spinoff Pension
Plan”) under which each LW Employee who is a production-based employee and paid on an hourly basis (whether or not covered by one or more of the Collective Bargaining Agreements, but excluding corporate support staff who are paid on an
hourly basis) (the “Hourly LW Employees”) will (i) receive credit for his or her service with any member of the ConAgra Group and any of their respective predecessors and (ii) will be provided benefits and other terms and conditions
regarding vesting, eligibility to participate, and receipt of benefits that are 

  
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the same as those contained in the applicable ConAgra Pension Plans such that, in each case, (x) the benefit received by each such Hourly LW Employee covered by a Collective Bargaining Agreement
will be no less favorable than the benefit required to be provided to such Hourly LW Employee under the terms of such Collective Bargaining Agreement and (y) the benefit received by each such Hourly LW Employee, when added together with the benefit
received by such Hourly LW Employee under the applicable ConAgra Pension Plan, will be no less favorable than the benefit such Hourly LW Employee would have become entitled to receive under the terms of the applicable ConAgra Pension Plan had such
Hourly LW Employee remained employed by a member of the ConAgra Group and received his or her entire pension benefit under the applicable ConAgra Pension Plan as in effect on the Distribution Date. Except as set forth in the Transition Services
Agreement, Lamb Weston or a member of the LW Group is solely responsible for taking all necessary, reasonable, and appropriate actions (including the submission of the LW Spinoff Pension Plan to the Internal Revenue Service for a determination of
tax-qualified status) to establish, maintain and administer the LW Spinoff Pension Plan so that it is qualified under Section 401(a) of the Code and that the related trust thereunder is exempt under Section 501(a) of the Code. 

(c) From and after the Distribution Date, ConAgra and the members of the ConAgra Group are solely and exclusively responsible for all
obligations and liabilities with respect to, or in any way related to, the ConAgra Pension Plans, whether accrued before, on or after the Distribution Date and Lamb Weston and the members of the LW Group will be solely and exclusively responsible
for all obligations and liabilities with respect to, or in any way related to, the LW Spinoff Pension Plan. Nothing in this Employee Matters Agreement prohibits the ConAgra Group or the LW Group from amending or terminating the ConAgra Pension
Plans or the LW Spinoff Pension Plans, respectively, at any time. The LW Group may change or discontinue the benefits described in Section 7.1(b) at any time after the Distribution Date, subject to their collective bargaining
obligations. 
 Section 7.2 Continuation of Elections. As of the Distribution Date, Lamb Weston (acting directly or through a
member of the LW Group) will cause the LW Spinoff Pension Plan to recognize and maintain all existing elections, including beneficiary designations, payment form elections and rights of alternate payees under qualified domestic relations orders with
respect to the Hourly LW Employees and their respective Plan Payees under the corresponding ConAgra Pension Plan. 
 Section 7.3
Multiemployer Plan. If any member of the ConAgra Group incurs liability due to a complete or partial withdrawal (within the meaning of Sections 4203 and 4205 of ERISA) from The Western Conference of Teamsters Pension Plan (the
“Multiemployer Plan”) and such withdrawal liability assessed against any member of the ConAgra Group by the Multiemployer Plan (such aggregate withdrawal liability, the “Joint Withdrawal Liability”) is calculated
(in full or in part) using contributions made to the Multiemployer Plan on behalf of hours worked by LW Employees or Former LW Business Employees (“LW Contributions”), the LW Group will be responsible for and liable for the “LW
Share” of such Joint Withdrawal Liability. The “LW Share” shall mean the Joint Withdrawal Liability multiplied by a fraction, (a) the numerator of which is the 

  
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LW Contributions used to calculate the Joint Withdrawal Liability and (b) the denominator of which is the total contributions to the Multiemployer Plan used to calculate the Joint Withdrawal
Liability. For the avoidance of doubt, the LW Share will be a LW Liability. If the Joint Withdrawal Liability is determined using the direct attribution method under Section 4211(c)(4) of ERISA, then this Section 7.3 will be applied by (i)
replacing each reference to “the contributions made to the Multiemployer Plan on behalf of hours worked by” with “the unfunded vested benefits attributable to” and (ii) replacing each reference to “total contributions to the
Multiemployer Plan” with “total unfunded vested benefits.” 
 ARTICLE VIII 

U.S. TAX-QUALIFIED DEFINED CONTRIBUTION PLANS 

Section 8.1 U.S. Savings Plans. 

(a) Except as otherwise provided in the Transition Services Agreement, effective as of the Distribution Date, Lamb Weston or another member of
the LW Group will adopt and establish a defined contribution plan that is intended to qualify under Code Section 401(a), and a related master trust or trusts exempt under Code Section 501(a) (such plan and trust, the “LW Spinoff 401(k)
Plan”), which will have terms and features (including employer contribution provisions) that are substantially similar to the terms and features of the ConAgra Plans that are defined contribution plans intended to qualify under Section
401(a) of the Code listed on Schedule 8.1(a) (such ConAgra Plans, the “ConAgra 401(k) Plans”) such that (for the avoidance of doubt) each ConAgra 401(k) Plan is substantially replicated by the LW Spinoff 401(k)
Plan. From and after the Distribution Date except as otherwise provided in the Transition Services Agreement, Lamb Weston will, or will cause a member of the LW Group to, cause the LW Spinoff 401(k) Plan to cover any LW Employee and Former LW
Business Employee who, as of immediately prior to the Distribution Date, participates in or has an account under a ConAgra 401(k) Plan. Except as set forth in the Transition Services Agreement, Lamb Weston or a member of the LW Group will be
solely responsible for taking all necessary, reasonable, and appropriate actions (including the submission of the LW Spinoff 401(k) Plan to the Internal Revenue Service for a determination of tax-qualified status) to establish, maintain and
administer the LW Spinoff 401(k) Plan so that it is qualified under Section 401(a) of the Code and that the related trust thereunder is exempt under Section 501(a) of the Code. The LW Spinoff 401(k) Plan will assume liability for all benefits
accrued or earned (whether or not vested) by LW Employees and Former LW Business Employees under the corresponding ConAgra 401(k) Plan as of immediately prior to the effective date of the LW Spinoff 401(k) Plan or, if later, the Applicable
Transfer Date. 
 (b) On or as soon as reasonably practicable following the effective date of the LW Spinoff 401(k) Plan or, if later, the
Applicable Transfer Date (but not later than 30 days thereafter), ConAgra or another member of the ConAgra Group will cause each ConAgra 401(k) Plan to transfer to the LW Spinoff 401(k) Plan, and Lamb Weston or another member of the LW Group will
cause the LW Spinoff 401(k) Plan to accept the transfer of, the accounts (including unvested account balances), related liabilities and 

  
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related assets in such ConAgra 401(k) Plans attributable to LW Employees and Former LW Business Employees and their respective Plan Payees. The transfer of assets will be in cash or in kind
(as determined by the transferor) and include outstanding loan balances and amounts forfeited by Former LW Business Employees that have not yet been reallocated or applied to the payment of contributions or expenses and be conducted in accordance
with Code Section 414(l) and Treasury Regulation Section 1.414(l)-1 and Section 208 of ERISA. Lamb Weston or a member of the LW Group will be responsible for reimbursing ConAgra or a member of the ConAgra Group for any portion of the unvested
account balances transferred to the LW Spinoff 401(k) Plan from a ConAgra 401(k) Plan that are forfeited by a LW Employee after such transfer. 

(c) Except as otherwise provided in the Transition Services Agreement, on or as soon as reasonably practicable following the Applicable
Transfer Date (but not later than 30 days thereafter), Lamb Weston or a member of the LW Group will cause the accounts (including unvested account balances), related liabilities, and related assets in the LW Spinoff 401(k) Plan attributable to any
ConAgra Transferees and their respective Plan Payees (including any outstanding loan balances) to be transferred in cash or in-kind (as determined by the transferor) in accordance with Code Section 414(l) and Treasury Regulation Section 1.414(l)-1
and Section 208 of ERISA to the applicable ConAgra 401(k) Plan(s). ConAgra or another member of the ConAgra Group will cause the applicable ConAgra 401(k) Plan(s) to accept such transfer of accounts, liabilities and assets. 

(d) From and after the Distribution Date, except as specifically provided in paragraph (c) above, Lamb Weston and the LW Group will be solely
and exclusively responsible for all obligations and liabilities with respect to, or in any way related to, the LW Spinoff 401(k) Plan, whether accrued before, on or after the Distribution Date. For the avoidance of doubt, except as otherwise
provided in the Transition Services Agreement, the LW Spinoff 401(k) Plan will, to the extent required by Law and the terms of the LW Spinoff 401(k) Plan, have the sole and exclusive obligation to restore the unvested portion of any account
attributable to any individual who becomes employed by a member of the LW Group and whose employment with ConAgra or any of its Affiliates, or a member of the ConAgra Group, terminated on or before the Distribution Date at a time when such
individual’s benefits under the applicable ConAgra 401(k) Plan(s) were not fully vested. Furthermore, except as otherwise provided in the Transition Services Agreement, the LW Spinoff 401(k) Plan will have the sole obligation to restore
accounts attributable to any lost participants who were formerly employed in the LW Business to the extent required by applicable Law. 

Section 8.2 Continuation of Elections. As of the effective date of the LW Spinoff 401(k) Plan or, if later, the Applicable
Transfer Date, Lamb Weston (acting directly or through a member of the LW Group) will cause the LW Spinoff 401(k) Plan to recognize and maintain all elections, including investment elections that remain applicable after the Distribution and payment
form elections, beneficiary designations, and the rights of alternate payees under qualified domestic relations orders with respect to LW Employees and Former LW Business Employees and their respective Plan Payees under the corresponding ConAgra
401(k) Plan. 
 Section 8.3 Contributions Due. All amounts payable to the ConAgra 401(k) Plans with respect to employee
deferrals, matching contributions and employer contributions for LW Employees relating to a time period ending on or prior to the Distribution Date, determined in accordance with the terms and provisions of the applicable ConAgra 401(k) Plan, ERISA
and the Code, will be paid by ConAgra or another member of the ConAgra Group to the appropriate ConAgra 401(k) Plan prior to the date of any asset transfer described in Section 8.1(b). 

  
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 ARTICLE IX 

NONQUALIFIED RETIREMENT PLANS 

Section 9.1 LW Spinoff NQDC Plans. 

(a) Except as otherwise provided in the Transition Services Agreement, effective as of the Distribution Date, Lamb Weston or another member of
the LW Group will establish for the benefit of the LW Employees, Former LW Business Employees and LW Directors a nonqualified deferred compensation plan or plans (such plan or plans, the “LW Spinoff NQDC Plans”). The LW Spinoff
NQDC Plans will have terms and features (including employer contribution provisions) that are substantially similar to the ConAgra Benefit Plans that are nonqualified deferred compensation plans listed on Schedule 9.1(a) (such plans, the
“ConAgra NQDC Plans”) such that (for the avoidance of doubt), the ConAgra NQDC Plans are substantially replicated by the LW Spinoff NQDC Plans. Except as otherwise provided in the Transition Services Agreement, Lamb Weston or a
member of the LW Group will be solely responsible for taking all necessary, reasonable, and appropriate actions to establish, maintain and administer the LW Spinoff NQDC Plans so that it does not result in adverse Tax consequences under Code Section
409A. Except as set forth on Schedule 9.1(b), the LW Spinoff NQDC Plans will assume liability for all benefits accrued or earned (whether or not vested) by LW Employees, Former LW Business Employees, LW Directors and their respective
Plan Payees under the ConAgra NQDC Plans as of immediately prior to the effective date of the LW Spinoff NQDC Plans or, if later, the Applicable Transfer Date. From and after the Distribution Date, Lamb Weston and the LW Group will be solely
and exclusively responsible for all obligations and liabilities with respect to, or in any way related to, the LW Spinoff NQDC Plans, whether accrued before, on or after the Distribution Date. Furthermore, except as permitted in the
Transition Services Agreement, Lamb Weston and the LW Group will have the sole obligation to restore in the LW Spinoff NQDC Plans benefits under the ConAgra NQDC Plans attributable to any lost participants who were formerly employed in the LW
Business. 
 (b) Except as set forth on Schedule 9.1(b), effective as of the effective date of the LW Spinoff NQDC Plans, ConAgra
shall take, or cause a member of ConAgra Group or LW Group to have taken, all action necessary and appropriate to transfer to the LW Group, for the LW Group’s sole use and benefit in complying with its obligations under this Article IX, any and
all amounts set aside, in a rabbi trust with respect to the benefits of LW Employees, Former LW Business Employees and LW Directors under the ConAgra NQDC Plans and such amounts will be used only with respect to LW Employees, Former LW Business
Employees and LW Directors. 
 (c) From and after the Distribution Date, ConAgra and the ConAgra Group will be solely and exclusively
responsible for all obligations and liabilities with respect to, or in any way related to, the nonqualified retirement plans sponsored or maintained by a member of the ConAgra Group (including, but not limited to, the ConAgra NQDC Plans) to the
extent such obligations and liabilities are not specifically assumed by a member of the LW Group or the LW Spinoff NQDC Plans pursuant to Section 9.1(a). 

  
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 Section 9.2 No Distributions on Separation. ConAgra and Lamb Weston acknowledge that
neither the Distribution nor any of the other transactions contemplated by this Employee Matters Agreement, the Separation Agreement or the other Transaction Documents will trigger a payment or distribution of compensation under any Benefit Plan
that is a nonqualified retirement plan for any ConAgra Employee, LW Employee, Former ConAgra Employee, Former LW Business Employee, ConAgra Director or LW Director and, consequently, that the payment or distribution of any compensation to which any
ConAgra Employee, LW Employee, Former ConAgra Employee, Former LW Business Employee, ConAgra Director or LW Directors is entitled under any such Benefit Plan will occur upon such individual’s separation from service from the ConAgra Group or
the LW Group, as applicable, or at such other time as specified in the applicable Benefit Plan. 
 Section 9.3 Section
409A. ConAgra and Lamb Weston will cooperate in good faith so that neither the Distribution nor any of the transfers contemplated by this Article IX will result in adverse Tax consequences under Code Section 409A to any current or former
employee or director of any member of the ConAgra Group or any member of the LW Group, or their respective Plan Payees, in respect of his or her benefits under any ConAgra Plan or LW Plan. 

Section 9.4 Continuation of Elections. As of the effective date of the LW Spinoff NQDC Plans or, if later, the Applicable Transfer
Date and as permitted by Code Section 409A, Lamb Weston (acting directly or through a member of the LW Group) will cause the LW Spinoff NQDC Plans to recognize and maintain existing elections, including deferral, payment form elections, and valid
(pursuant to the judgment of ConAgra) beneficiary designations with respect to the LW Employees, Former LW Business Employees and LW Directors under the ConAgra NQDC Plans, as applicable. 

Section 9.5 Delayed Transfer Employees. Any LW Transferee will be treated in the same manner as a LW Employee under this Article
IX, except that such LW Transferee may experience a separation from service (within the meaning of Code Section 409A) on his or her Applicable Transfer Date. In addition, the ConAgra Group will assume and be solely responsible, pursuant to the
terms of the ConAgra NQDC Plans, for any benefits accrued by any ConAgra Transferee under the LW Spinoff NQDC Plans, and the LW Group will have no liability with respect thereto.

  
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 ARTICLE X 

CONAGRA EQUITY AWARDS 

Section 10.1 Outstanding ConAgra Equity Awards. 

(a) Each ConAgra Equity Award that is outstanding as of the Distribution will be adjusted as described below, so that each ConAgra Equity
Award held by a ConAgra Participant will be adjusted to be an Adjusted ConAgra Equity Award, and each ConAgra Equity Award held by a LW Participant will be adjusted and converted into a LW Equity Award, in each case, unless otherwise provided in
this Section 10.1(a); provided, however, that, effective immediately prior to the Distribution, the Human Resources Committee (or such other committee of the ConAgra Board authorized by the ConAgra Board or such other
delegate as authorized by the Human Resources Committee or such other committee) may provide for different adjustments with respect to some or all of a holder’s ConAgra Equity Awards. For greater certainty, any adjustments made by the
Human Resources Committee (or such other committee of the ConAgra Board authorized by the ConAgra Board or such other delegate as authorized by the Human Resources Committee or such other committee) will be deemed incorporated by reference herein as
if fully set forth below and will be binding on the parties hereto and their respective Subsidiaries. 
 (i) Each ConAgra
Option generally will be adjusted in the manner described below, effective as of the Distribution Date and immediately prior to the Distribution, pursuant to the adjustments provisions of the applicable ConAgra Equity Plan, so that immediately
following the Distribution each ConAgra Option holder who is a ConAgra Participant will hold Adjusted ConAgra Options, and each ConAgra Option holder who is a LW Participant will hold LW Options, in each case, in lieu of the ConAgra Options
previously held. The following procedure will generally be applied to each ConAgra Option with the same grant date and exercise price held by each ConAgra Option holder as of the Distribution Date: 

(A) Each Adjusted ConAgra Option will have an exercise price equal to the product (rounded up to the nearest cent) of (1) the
applicable Option Exercise Price multiplied by (2) a fraction, (a) the numerator of which is the Post-Distribution ConAgra Share Price and (b) the denominator of which is the Pre-Distribution ConAgra Share Price. The number of shares of ConAgra
Common Stock subject to the Adjusted ConAgra Options will be equal to the product (rounded down to the nearest whole share) of (1) the number of shares subject to the ConAgra Option held by such ConAgra Participant immediately prior to the
Distribution Date and (2) a fraction, (a) the numerator of which is the Pre-Distribution ConAgra Share Price and (b) the denominator of which is the Post-Distribution ConAgra Share Price. Such Adjusted ConAgra Options will be subject to the
same vesting requirements and dates and other terms and conditions as the ConAgra Options to which they relate. 
 (B) Each
LW Option will have an exercise price equal to the product (rounded up to the nearest cent) of (1) the applicable Option Exercise Price multiplied by (2) a fraction, (a) the numerator of which is the LW Share Price and (b) the denominator of which
is the Pre-Distribution ConAgra Share Price. The number of shares of SpinCo Common Stock subject to the LW Options will be equal the product (rounded down to the nearest whole share) of (1) the number of shares subject to the ConAgra Option
held by such LW Participant immediately prior to the Distribution Date and (2) a fraction, (a) the numerator of which is the Pre-Distribution ConAgra Share Price and (b) the denominator of which is the LW Share Price. Each LW Option will be
subject to the same vesting requirements and other terms and conditions as the ConAgra Option to which it relates. 

  
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 (ii) With respect to ConAgra RSUs: 

(A) ConAgra RSUs held by each ConAgra Participant will be adjusted, effective as of the Distribution Date and immediately
prior to the Distribution, pursuant to the adjustments provisions of the applicable ConAgra Equity Plan, and will be subject to substantially the same terms, vesting conditions and other restrictions, if any, that were applicable to such ConAgra
RSUs immediately prior to the Distribution Date (“Adjusted ConAgra RSUs”). The number of shares of ConAgra Common Stock subject to the Adjusted ConAgra RSUs will be equal to the product (rounded down to the nearest whole share)
of (1) the number of shares of ConAgra Common Stock subject to the ConAgra RSU held by the ConAgra Participant immediately prior to the Distribution Date and (2) a fraction, (a) the numerator of which is the Pre-Distribution ConAgra Share Price and
(b) the denominator of which is the Post-Distribution ConAgra Share Price. 
 (B) ConAgra RSUs held by each LW Participant
will, effective as of the Distribution Date and immediately prior to the Distribution, be adjusted and converted into an award of LW RSUs. Pursuant to the adjustments provisions of the applicable ConAgra Equity Plan, the award of LW RSUs will
be subject to substantially the same terms, vesting conditions and other restrictions, if any, that were applicable to such adjusted ConAgra RSUs immediately prior to the Distribution Date. The number of shares of SpinCo Common Stock subject to
such LW RSUs for each such LW Participant will be equal to the product (rounded down to the nearest whole share) of (1) the number of shares of ConAgra 

  
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Common Stock subject to such ConAgra RSUs held by such LW Participant immediately prior to the Distribution Date and (2) a fraction, (a) the numerator of which is the Pre-Distribution ConAgra
Share Price and (b) the denominator of which is the LW Share Price. 
 (iii) Each ConAgra Performance Share Award generally
will be adjusted in the manner described below, effective as of the Distribution Date and immediately prior to the Distribution, pursuant to the adjustments provisions of the applicable ConAgra Equity Plan, so that immediately following the
Distribution each ConAgra Performance Share Award holder who is a ConAgra Participant will hold Adjusted ConAgra Performance Share Awards, and each ConAgra Performance Share Award holder who is a LW Participant will hold LW Performance Share Awards,
in each case, in lieu of the ConAgra Performance Share Awards previously held. 
 (A) The following procedure will be
applied to each outstanding ConAgra Performance Share Award with a performance period relating to fiscal years 2015 to 2017, effective as of the Distribution Date and immediately prior to the Distribution: 

(1) Each outstanding ConAgra Performance Share Award with a performance period relating to fiscal years 2015 to 2017 that is not a 162(m)
Award held by a ConAgra Participant shall be adjusted into a new performance share award, with respect to the number of shares of ConAgra Common Stock (rounded down to the nearest whole share) determined by multiplying (1) the earned number of
shares of ConAgra Common Stock subject to such ConAgra Performance Share Award (as determined pursuant to Section 10.1(a)(iii)(A)(4) below) by (2) a fraction, (a) the numerator of which is the Pre-Distribution ConAgra Share Price and (b)
the denominator of which is the Post-Distribution ConAgra Share Price (each, an “Adjusted ConAgra 2015-2017 Non-162(m) Performance Share Award”). Such Adjusted ConAgra 2015-2017 Non-162(m) Performance Share Award shall be subject to
the same vesting requirements and dates and other terms and conditions as the ConAgra Performance Shares to which they relate, provided that the vesting criteria applicable to such Adjusted ConAgra 2015-2017 Non-162(m) Performance Share Award shall
be adjusted to provide for solely service-based vesting. 

  
 -23- 

 (2) Each outstanding ConAgra Performance Share Award with a performance period relating to
fiscal years 2015 to 2017 held by a LW Participant shall be adjusted and converted to a grant of LW Performance Share Awards by SpinCo, with respect to the number of shares of SpinCo Common Stock (rounded down to the nearest whole share) determined
by multiplying (1) the earned number of shares of ConAgra Common Stock subject to such ConAgra Performance Share Award (as determined pursuant to Section 10.1(a)(iii)(A)(4) below) by (2) a fraction, (a) the numerator of which is the
Pre-Distribution ConAgra Share Price and (b) the denominator of which is the LW Share Price (each, an “LW 2015-2017 Performance Share Award”). Such LW 2015-2017 Performance Share Award shall be subject to the same vesting
requirements and dates and other terms and conditions as the ConAgra Performance Shares to which they relate, provided that the vesting criteria applicable to such LW 2015-2017 Performance Share Award shall be adjusted to provide for solely
service-based vesting. 
 (3) Each outstanding ConAgra Performance Share Award with a performance period relating to fiscal years 2015 to
2017 that is a 162(m) Award held by a ConAgra Participant shall be adjusted into a new performance share award with respect to the number of shares of ConAgra Common Stock (rounded down to the nearest whole share) determined by multiplying (1) the
earned number of shares of ConAgra Common Stock subject to such ConAgra Performance Share Award (as determined pursuant to Section 10.1(a)(iii)(A)(4) below) by (2) a fraction, (a) the numerator of which is the Pre-Distribution ConAgra
Share Price and (b) the denominator of which is the Post-Distribution ConAgra Share Price (each, an “Adjusted ConAgra 2015-2017 162(m) Performance Share Award”). Such Adjusted ConAgra 2015-2017 162(m) Performance Share
Award shall be subject to the same vesting requirements and dates and other terms and conditions as the ConAgra Performance Shares to which they relate, provided that the vesting of such award shall remain subject to the achievement of the threshold
earnings per share (EPS) performance goal (the “EPS Goal”), but the other vesting criteria applicable to such Adjusted 

  
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ConAgra 2015-2017 162(m) Performance Share Award shall be adjusted to provide for solely service-based vesting. 

(4) The determination of whether any portion of a ConAgra Performance Share Award with a performance period relating to fiscal years 2015 to
2017 has been earned shall be based upon the actual achievement of such ConAgra performance objectives (which, for such Performance Share Awards that are 162(m) Awards are the applicable underlying pre-established performance objectives and not the
EPS Goal) measured as of the end of the last fiscal period ending prior to the Distribution Date (the “Measurement Date”). Such determination will be made by the Human Resources Committee in accordance with the applicable ConAgra
Equity Plan, and the 2008 Performance Share Plan. Any portion of a ConAgra Performance Share Award with a performance period relating to fiscal years 2015 to 2017 that has not been earned as of the Measurement Date will be cancelled and
forfeited. 
 (B) Each outstanding ConAgra Performance Share Award with a performance period relating to fiscal years
2016-2018 or fiscal years 2017-2019 held by a ConAgra Participant shall be adjusted to cover the number of shares of ConAgra Common Stock (rounded down to the nearest whole share) determined by multiplying (1) the target number of shares of ConAgra
Common Stock subject to such ConAgra Performance Share Award by (2) a fraction, (a) the numerator of which is the Pre-Distribution ConAgra Share Price and (b) the denominator of which is the Post-Distribution ConAgra Share Price (each, an
“Adjusted ConAgra 2016-2018 Performance Share Award” or “Adjusted ConAgra 2017-2019 Performance Share Award,” as applicable). Such Adjusted ConAgra 2016-2018 Performance Share Awards and Adjusted ConAgra
2017-2019 Performance Share Awards shall have the same terms and conditions (including performance-based vesting conditions or requirements) as were applicable under the corresponding ConAgra Performance Share Awards. 

(C) Each outstanding ConAgra Performance Share Award with a performance period relating to fiscal years 2016-2018 or fiscal
years 2017-2019 held by a LW Participant shall be adjusted and converted to a grant of LW Performance Share Awards by SpinCo (rounded down to the nearest whole share) determined by multiplying (1) the target number of shares of ConAgra Common Stock
subject to such ConAgra Performance 

  
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Share Award by (2) a fraction, (a) the numerator of which is the Pre-Distribution ConAgra Share Price and (b) the denominator of which is the LW Share Price (each, a “LW 2016-2018
Performance Share Award” or “LW 2017-2019 Performance Share Award,” as applicable). Such LW 2016-2018 Performance Share Awards and LW 2017-2019 Performance Share Awards shall have the same terms and conditions
(including performance-based vesting conditions or requirements) as were applicable under the corresponding ConAgra Performance Share Awards. 

(b) If an Adjusted ConAgra Equity Award or LW Equity Award is subject to accelerated vesting in connection with a change in control, a change
in control will be deemed to have occurred (i) with respect to an Adjusted ConAgra Equity Award, only upon a change in control of ConAgra (as defined in the applicable equity incentive plan or award agreement) and (ii) with respect to a LW Equity
Award, only upon a change in control of Lamb Weston (as defined in the applicable equity incentive plan or award agreement). Notwithstanding the foregoing, this Section 10.1(b) will not apply to the extent that it would cause adverse tax
consequences under Code Section 409A. 
 (c) Prior to the Distribution Date, Lamb Weston will establish equity compensation plans, so that
upon the Distribution, Lamb Weston will have in effect an equity compensation plan that allows grants of equity compensation awards subject to substantially the same terms as those that apply to the corresponding ConAgra Equity Awards (the
“LW Equity Plans”). From and after the Distribution Date, each LW Equity Award will be subject to the terms of the applicable Lamb Weston equity compensation plan, the award agreement governing such LW Equity Award and any
Employment Agreement to which the applicable holder is a party. From and after the Distribution Date, Lamb Weston will retain, pay, perform, fulfill and discharge all Liabilities arising out of or relating to the LW Equity Awards and
ConAgra will retain, pay, perform, fulfill and discharge all Liabilities arising out of or relating to the Adjusted ConAgra Equity Awards. 

(d) In all events, the adjustments provided for in this Section 10.1 will be made in a manner that, as determined by ConAgra, avoids
adverse Tax consequences to holders under Code Section 409A. 
 Section 10.2 Conformity with Non-U.S. Laws. Notwithstanding
anything to the contrary in this Employee Matters Agreement, (a) to the extent any of the provisions in this Article X (or any equity award described herein) do not conform with applicable non-U.S. laws (including provisions for the collection of
withholding taxes), such provisions shall be modified to the extent necessary to conform with such non-U.S. laws in such manner as is equitable and to preserve the intent hereof, as determined by the parties in good faith, and (b) the provisions of
this Article X may be modified to the extent necessary to avoid undue cost or administrative burden arising out of the application of this Article X to awards subject to non-U.S. laws. 

  
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 Section 10.3 Tax Withholding and Reporting. 

(a) Except as otherwise required by applicable non-U.S. law, the appropriate member of the ConAgra Group will be responsible for all payroll
taxes, withholding and reporting with respect to Adjusted ConAgra Equity Awards held by ConAgra Employees and Former ConAgra Employees. Except as otherwise required by applicable non-U.S. law, the appropriate member of the LW Group will be
responsible for all payroll taxes, withholding and reporting with respect to LW Equity Awards held by LW Employees and Former LW Business Employees. 

(b) If ConAgra or Lamb Weston determines in its reasonable judgment that any action required under this Article X will not achieve the
intended tax, accounting and legal results, including, without limitation, the intended results under Code Section 409A or FASB ASC Topic 718 – Stock Compensation, then at the request of ConAgra or Lamb Weston, as applicable, ConAgra or Lamb
Weston will mutually cooperate in taking such actions as are necessary or appropriate to achieve such results, or most nearly achieve such results if the originally-intended results are not fully attainable. 

(c) Tax deductions with respect to ConAgra Equity Awards and LW Equity Awards will be allocated in accordance with the Tax Sharing Agreement,
dated [                 , 2016], by and between ConAgra and SpinCo. 

Section 10.4 Employment Treatment. 

(a) Continuous employment with the LW Group and the ConAgra Group following the Distribution Date will be deemed to be continuing service for
purposes of vesting and exercisability for the LW Equity Awards and the Adjusted ConAgra Equity Awards. However, in the event that a LW Employee terminates employment after the Distribution Date and becomes employed by the ConAgra Group, for
purposes of Article X, the LW Employee will be deemed terminated and the terms and conditions of the applicable equity incentive plan under which grants were made will apply. Similarly, in the event that a ConAgra Employee terminates employment
after the Distribution Date and becomes employed by the LW Group, for purposes of Article X, the ConAgra Employee will be deemed terminated and the terms and conditions of the equity incentive plan under which grants were made will
apply. Notwithstanding the foregoing, for purposes of this Article X only, if an individual is a Delayed Transfer Employee, such individual will not be considered to have terminated on his or her Applicable Transfer Date. In addition,
ConAgra Directors and LW Directors will be treated in a similar manner to that described in this Section 10.4(a). 
 (b) If, after
the Distribution Date, ConAgra or SpinCo identifies an administrative error in the individuals identified as holding Adjusted ConAgra Equity Awards or LW Equity Awards, the amount of such awards so held, the vesting level of such awards, or any
other similar error, ConAgra or SpinCo will mutually cooperate in taking such actions as are necessary or appropriate to place, as nearly as reasonably practicable, the individual and ConAgra or SpinCo in the position in which they would have been
had the error not occurred. 
 Section 10.5 Registration. SpinCo will register the shares of SpinCo Common Stock relating to the
LW Equity Awards and make any necessary filings with the appropriate Governmental Authorities as required under U.S. and foreign securities Laws. 

  
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 ARTICLE XI 

TRANSITION SERVICES, 

THIRD-PARTY CLAIMS 

Section 11.1 General Principles. From and after the Distribution Date, any services that a member of the LW Group will provide to
the members of the ConAgra Group or that a member of the ConAgra Group will provide to the members of the LW Group relating to any Benefit Plans will be set forth in the Transition Services Agreement (and, to the extent provided therein, a member of
the LW Group or the ConAgra Group will provide administrative services referred to in this Employee Matters Agreement). 
 Section 11.2
Third-Party Claims. Any Third-Party Claim relating to the matters addressed in this Employee Matters Agreement shall be governed by the applicable provisions of the Separation Agreement. 

ARTICLE XII 

INDEMNIFICATION 
 Section
12.1 Indemnification. All Liabilities assumed by or allocated to SpinCo or the LW Group pursuant to this Employee Matters Agreement will be deemed to be LW Liabilities for purposes of the Separation Agreement, and all Liabilities
retained or assumed by or allocated to ConAgra or the ConAgra Group pursuant to this Employee Matters Agreement will be deemed to be Excluded Liabilities for purposes of the Separation Agreement. All such LW Liabilities and Excluded Liabilities
shall be governed by the applicable indemnification terms of the Separation Agreement. 
 ARTICLE XIII 

COOPERATION 
 Section 13.1
Cooperation. Following the date of this Employee Matters Agreement, ConAgra and Lamb Weston will, and will cause their respective Subsidiaries, agents and vendors to, use reasonable best efforts to cooperate with respect to any employee
compensation, benefits or human resources systems matters that ConAgra and Lamb Weston, as applicable, reasonably determines require the cooperation of both ConAgra and Lamb Weston in order to accomplish the objectives of this Employee Matters
Agreement. Without limiting the generality of the preceding sentence, (a) ConAgra and Lamb Weston will cooperate in coordinating each of their respective payroll systems in connection with the transfers of LW Employees to the LW Group and the
Distribution, (b) ConAgra will, and will cause its Subsidiaries to, transfer records to Lamb Weston as reasonably necessary for the proper administration of the LW Benefit Plans, to the extent such records are in ConAgra’s possession, (c)
ConAgra and Lamb Weston will share, with each other and with their respective agents and vendors (without 

  
 -28- 

 
obtaining releases unless otherwise required by applicable Law), all employee, participant and beneficiary information necessary for the efficient and accurate administration of the Benefit Plans
and Non-U.S. Plans, and (d) ConAgra and Lamb Weston will share such information as is necessary to administer equity awards pursuant to Article X, to provide any required information to holders of such equity awards, and to make any governmental
filings with respect thereto. 
 ARTICLE XIV 

MISCELLANEOUS 
 Section
14.1 Vendor Contracts. Prior to the Distribution, ConAgra and Lamb Weston will use reasonable best efforts to (a) negotiate with the current Third Party providers to separate and assign the applicable rights and obligations under each
group insurance policy, health maintenance organization, administrative services contract, Third Party administrator agreement, letter of understanding or arrangement that pertains to one or more ConAgra Plan and one or more LW Plans (each, a
“Vendor Contract”) to the extent that such rights or obligations pertain to LW Employees and Former LW Business Employees and their respective Plan Payees or, in the alternative, to negotiate with the current Third Party providers
to provide substantially similar services to the LW Plans on substantially similar terms under separate contracts with Lamb Weston or the LW Plans and (b) to the extent permitted by the applicable Third Party provider, obtain and maintain pricing
discounts or other preferential terms under the Vendor Contracts. 
 Section 14.2 Further Assurances. Prior to the Distribution,
if either party identifies any commercial or other service that is needed to ensure a smooth and orderly transition of its business in connection with the consummation of the transactions contemplated hereby, and that is not otherwise governed by
the provisions of this Employee Matters Agreement, the parties will cooperate in determining whether there is a mutually acceptable arm’s-length basis on which the other party will provide such service. 

Section 14.3 Employment Taxes Withholding Reporting Responsibility. ConAgra and Lamb Weston hereby agree to follow the standard
procedure for United States employment Tax withholding as provided in Section 4 of Rev. Proc. 2004-53, I.R.B. 2004-34. ConAgra will withhold and remit all employment taxes for the last payroll date preceding the Distribution Date with respect
to all current and former employees of ConAgra (or a member of the ConAgra Group) and Lamb Weston (or a member of the LW Group) who receive wages on such payroll date. 

Section 14.4 Data Privacy. The parties agree that any applicable data privacy Laws and any other obligations of the ConAgra Group
and the LW Group to maintain the confidentiality of any employee information or information held by any benefit plans in accordance with applicable Law will govern the disclosure of employee information among the parties under this Employee Matters
Agreement. The ConAgra Group and the LW Group will ensure that they each have in place appropriate technical and organizational security measures to protect the personal data of the ConAgra Employees, Former ConAgra Employees, LW Employees and
Former LW Business Employees. 

  
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 Section 14.5 Third Party Beneficiaries. Nothing contained in this Employee Matters
Agreement will be construed to create any third-party beneficiary rights in any Person, including without limitation any ConAgra Employees, Former ConAgra Employees, LW Employees and Former LW Business Employees (including any dependent or
beneficiary thereof) nor will this Employee Matters Agreement be deemed to amend any benefit plan of ConAgra, Lamb Weston, or their Affiliates or to prohibit ConAgra, Lamb Weston or their respective Affiliates from amending or terminating any
benefit plan. 
 Section 14.6 Effect if Distribution Does Not Occur. If the Distribution does not occur, then all actions and
events that are, under this Employee Matters Agreement, to be taken or occur effective as of the Distribution, or otherwise in connection with the Distribution will not be taken or occur except to the extent specifically agreed by the parties. 

Section 14.7 Incorporation of Separation Agreement Provisions. The following provisions of the Separation Agreement are hereby
incorporated herein by reference, and unless otherwise expressly specified herein, such provisions will apply as if fully set forth herein (references in this Section 14.7 to an “Article” or “Section” will mean Articles or
Sections of the Separation Agreement, and references in the material incorporated herein by reference will be references to the Separation Agreement): Section 3.01 (relating to Further Assurances; Efforts to Obtain Consents); Section 3.03
(relating to Access to Information; Cooperation); Section 3.04 (relating to Confidentiality); Sections 3.06 and 3.08 (relating to Privileged Matters and Joint Defense, respectively); Article IV (relating to Indemnification; Limitation of Liability);
Article V (relating to Dispute Resolution); and Article VI (relating to Miscellaneous). For the avoidance of doubt, this Agreement does not relate to or cover the LW Joint Ventures (including with respect to the current or former employees,
directors or other service providers of the LW Joint Ventures). 
 Section 14.8 No Representation or Warranty. Each of ConAgra
(on behalf of itself and each member of the ConAgra Group) and Lamb Weston (on behalf of itself and each member of the LW Group) understands and agrees that, except as expressly set forth in this Employee Matters Agreement, the Separation Agreement
or in any other Transaction Document, no party (including its Affiliates) to this Employee Matters Agreement, the Separation Agreement or any other Transaction Document, makes any representation or warranty with respect to any matter in this
Employee Matters Agreement, including, without limitation, any representation or warranty with respect to the legal or Tax status or compliance of any Benefit Plan or Non-U.S. Plan, compensation arrangement or Employment Agreement, and ConAgra
disclaims any and all liability with respect thereto. Except as expressly set forth in this Employee Matters Agreement, the Separation Agreement or any other Transaction Document, none of ConAgra, Lamb Weston or any of their respective
Subsidiaries (including their respective Affiliates) makes any representation or warranty about and will not have any Liability for the accuracy of or omissions from any information, documents or materials made available in connection with entering
into this Employee Matters Agreement, the Separation Agreement or any other Transaction Documents or the transactions contemplated hereby or thereby. 

  
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 IN WITNESS WHEREOF, the parties have caused this Employee Matters Agreement to be executed on the
date first written above by their respective duly authorized officers. 
  

					
	CONAGRA FOODS, INC.
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	LAMB WESTON HOLDINGS, INC.
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

 [Signature Page to Employee Matters Agreement] 

  
 -31-

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