Document:

EX-10.1

 EXHIBIT 10.1 

FORM OF SENIOR OFFICER INDEMNIFICATION AGREEMENT 

This Senior Officer1 Indemnification Agreement, dated as of
            ,              (this “Agreement”), is made by and between Conagra Brands, Inc. a Delaware
corporation (the “Company”), and              (“Indemnitee”). 

RECITALS: 

A.    Delaware law authorizes (and in some instances requires) corporations to indemnify their officers, and further
authorizes corporations to purchase and maintain insurance for the benefit of their officers. 
 B.    Pursuant to
Article V of the Company’s Amended and Restated Certificate of Incorporation (the “Certificate of Incorporation”) and Article VII of the Company’s Amended and Restated Bylaws (the “Bylaws”
and the Certificate of Incorporation and Bylaws, as may be amended from time to time, together the “Constituent Documents”), the Company is authorized (and in some instances required) to indemnify the Company’s officers.

 C.    In recognition of the need to provide Indemnitee with substantial protection against personal liability, in
order to procure Indemnitee’s continued service as an officer of the Company and to enhance Indemnitee’s ability to serve the Company in an effective manner, and in order to provide such protection pursuant to an express contract (intended
to be enforceable irrespective of, among other things, any amendment to the Company’s Constituent Documents) in the event of any change in the composition of the Company’s Board of Directors or any change-in-control or business combination transaction relating to the Company), the Company wishes to provide this Agreement memorializing the Company’s obligations to indemnify the Company’s
officers and advance expenses. 
 D.    In light of the considerations referred to in the preceding recitals, it is the
Company’s intention and desire that the provisions of this Agreement be construed liberally, subject to their express terms, to maximize the protections to be provided to Indemnitee hereunder. 

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

1.    Indemnification Obligation. 

(a)    The Company shall indemnify Indemnitee in the event Indemnitee was or is a party to or is threatened to be made a
party to any threatened, pending or completed action, suit, or proceeding, whether civil, criminal, administrative, or investigative (other than 

 

	1 	 For purposes of this Agreement, the company’s senior officer roles are (1) all roles deemed to give
rise to executive officer status for SEC reporting purposes and (2) any additional roles deemed to be a part of the Chief Executive Officer’s senior leadership team. 

 
an action by or in the right of the Company) by reason of the fact that Indemnitee is or was an officer of the Company, or is or was serving at the request of the Company as an officer or
director of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys’ fees), judgments, fines, and amounts paid in settlement actually and reasonably incurred by Indemnitee in connection
with such action, suit or proceeding if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company, and, with respect to any criminal action or proceedings, Indemnitee
had no reasonable cause to believe the conduct was criminal. 
 (b)    The Company shall indemnify Indemnitee in the
event Indemnitee was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the Company to procure a judgment in its favor by reason of the fact that Indemnitee is or was an
officer of the Company, or is or was serving at the request of the Company as an officer or director of another corporation, partnership, joint venture, trust or other enterprise against expenses (including attorneys’ fees) actually and
reasonably incurred by Indemnitee in connection with the defense or settlement of such action or suit if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company. 

(c)    No indemnification under Section 1(a) or 1(b) shall be made in respect of any claim, issue or matter as to
which Indemnitee shall have been adjudged to be liable to the Company unless and only to the extent that the Chancery Court of the State of Delaware or the court in which such action or suit was brought shall determine upon application that, despite
the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnity for such expenses which the Chancery Court of the State of Delaware or such other court shall deem proper. 

2.    Advancement of Expenses. Expenses incurred by Indemnitee in defending a civil or criminal action, suit
or proceeding shall be paid by the Company in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking in the form attached hereto as Exhibit A. 

3.    Presumptions. 

(a)    To the extent that Indemnitee has been successful on the merits or otherwise, including, without limitation, the
dismissal of an action without prejudice, in defense of any action, suit or proceeding referred to in Section 1 of this Agreement, or in defense of any claim, issue or matter therein, Indemnitee shall be indemnified against expenses (including
attorneys’ fees) actually and reasonably incurred in connection therewith. 
 (b)    For purposes of this
Agreement, the termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that Indemnitee did not act in good faith
and in a manner which Indemnitee reasonably believed to be in or not opposed to the best interest of the Company, and, with respect to any criminal action or proceeding, had reasonable cause to believe that the conduct was criminal. 

  
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 (c)    In making any determination of whether Indemnitee has satisfied
any applicable standard of conduct under Delaware law that is a legally required condition precedent to indemnification of Indemnitee hereunder (a “Standard of Conduct Determination”), the person or persons making such
determination shall presume that Indemnitee has satisfied the applicable standard of conduct, and the Company may overcome such presumption only by its adducing clear and convincing evidence to the contrary. The knowledge and/or action, or failure
to act, of any other director, officer, employee, agent or representative of the Company will not be imputed to Indemnitee for purposes of any Standard of Conduct Determination. Any Standard of Conduct Determination that Indemnitee has satisfied the
applicable standard of conduct shall be final and binding in all respects, including with respect to any litigation or other action or proceeding initiated by Indemnitee to enforce his or her rights hereunder. Any Standard of Conduct Determination
that is adverse to Indemnitee may be challenged by Indemnitee in the Court of Chancery of the State of Delaware. 

4.    Non-Exclusivity. The rights of Indemnitee hereunder
will be in addition to any other rights Indemnitee may have against the Company under the Constituent Documents, or the substantive laws of the Company’s jurisdiction of incorporation, any other contract or otherwise. Notwithstanding the
foregoing, the Company shall not be liable under this Agreement to make any payment to Indemnitee in respect of any indemnifiable losses to the extent Indemnitee has otherwise actually received and is entitled to retain payment (net of any expenses
incurred in connection therewith and any repayment by Indemnitee made with respect thereto) under any insurance policy, the Constituent Documents and other indemnity provisions. 

5.    Successors and Binding Agreement. 

(a)    This Agreement shall be binding upon and inure to the benefit of the Company and any successor to the Company,
including any person acquiring directly or indirectly all or substantially all of the business or assets of the Company whether by purchase, merger, consolidation, reorganization or otherwise (and such successor will thereafter be deemed the
“Company” for purposes of this Agreement), but shall not otherwise be assignable or delegable by the Company. 

(b)     This Agreement shall inure to the benefit of and be enforceable by Indemnitee’s personal or legal
representatives, executors, administrators, heirs, distributees, legatees and other successors. 
 (c)     This
Agreement is personal in nature and neither of the parties hereto shall, without the consent of the other, assign or delegate this Agreement or any rights or obligations hereunder except as expressly provided in Sections 5(a) and 5(b). 

6.    Governing Law. The validity, interpretation, construction and performance of this Agreement shall be
governed by and construed in accordance with the substantive laws of the State of Delaware, without giving effect to the principles of conflict of laws of such State. The Company and Indemnitee each hereby irrevocably consent to the jurisdiction of
the Chancery Court of the State of Delaware for all purposes in connection with any action or proceeding which arises out of or relates to this Agreement and agree that any action instituted under this Agreement shall be brought only in the Chancery
Court of the State of Delaware. 

  
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 7.    Miscellaneous. No provision of this Agreement may be
waived, modified or discharged unless such waiver, modification or discharge is agreed to in writing signed by Indemnitee and the Company. 

8.    Legal Fees and Expenses. It is the intent of the Company that Indemnitee not be required to incur
legal fees and or other expenses associated with the interpretation, enforcement or defense of Indemnitee’s rights under this Agreement by litigation or otherwise because the cost and expense thereof would substantially detract from the
benefits intended to be extended to Indemnitee hereunder. 
 9.    Counterparts. This Agreement may be
executed in counterparts, each of which will be deemed to be an original but all of which together shall constitute one and the same agreement. 

[Signatures Appear on Following Page] 

  
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 IN WITNESS WHEREOF, Indemnitee has executed and the Company has caused its duly authorized
representative to execute this Agreement as of the date first above written. 
  

			
	CONAGRA BRANDS, INC.

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 
			
	
	 [INDEMNITEE]

	
	  

	 [Indemnitee]

  
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 EXHIBIT A 

UNDERTAKING 
 This
Undertaking is submitted pursuant to the Senior Officer Indemnification Agreement, dated as of                 ,
             (the “Indemnification Agreement”), between Conagra Brands, Inc., a Delaware corporation (the “Company”), and the undersigned.

 The undersigned hereby requests [payment], [advancement], [reimbursement] by the Company of expenses which the undersigned [has
incurred] [reasonably expects to incur] in connection with              (the “Indemnifiable Claim”). 

The undersigned hereby undertakes to repay the [payment], [advancement], [reimbursement] of expenses made by the Company
to or on behalf of the undersigned in response to the foregoing request to the extent it is determined that the undersigned is not entitled to indemnification by the Company under the Indemnification Agreement. 

IN WITNESS WHEREOF, the undersigned has executed this Undertaking as of this
             day of             ,             . 

 

	
	  

	[Indemnitee]EXHIBIT 10.1
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April 21, 2020
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Mr. Zachary King
Transmitted via E-mail: zachary.king@usa-truck.com 
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Dear Zach,
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On behalf of USA Truck, Inc. (the "Company"), I am pleased to offer you promotion to the position of Senior Vice President and Chief Financial Officer, reporting to the Chief Executive Officer and President of the Company, effective April 21, 2020. The following outlines the terms of employment, but does not constitute a contract of employment or a guarantee of employment. This offer is subject to approval by the Company's Board of Directors and your compensation package as outlined is subject to approval of the Executive Compensation Committee of the Company's Board of Directors (the "Committee").
Base Salary. Your starting base salary will be $20,000.00 per month annualized to $240,000, less applicable taxes, deductions, and withholdings, paid monthly and subject to annual review. The Company's regularly scheduled pay days are currently on the last day of every month.
Key Management Incentive Plan. You will participate in the established Key Management Incentive Plan, subject to the approval of the Committee and the Board of Directors. For 2020 the Plan consists of the following for your position:
Cash Incentive. A target cash incentive of 50% of your annualized base salary, pro-rated based on the period of time you are employed at the Company as Senior Vice President and Chief Financial Officer during 2020 and less applicable taxes, deductions and withholdings. Target incentives do not constitute a promise of payment. To qualify for the incentive bonus, you must remain employed with the Company through the date that the incentive bonus is paid (as specified in the 2020 Cash Bonus Plan). Your actual plan payout will depend on the Company's and your individual performance relative to pre-established goals, subject to and governed by the terms and requirements of the 2020 Cash Bonus Plan as determined by the Committee. The maximum achievable under the plan is 175% of your target. You are eligible for this pro-rated incentive bonus pursuant to the 2020 Cash Bonus Plan.
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Equity Incentive. Equity Incentive. A target equity grant of restricted shares of the Company's common stock equal to up to 75% of your annualized base salary for 2020 under the 2020 Equity Incentive Plan (the "2020 EIP") to be established by the Committee. The number of restricted shares awarded will be based upon your annualized base salary and the closing price of the Company's common stock on the award date. 40% time-based and the balance will be performance-based. The time-based portion is expected to have a four (4) year ratable vesting period, and the performance-based portion is expected to vest at the completion of three (3) years, depending upon performance relative to goals established by the Committee. The maximum achievable for the performance-based portion of the 2020 EIP is 175% of your target for the performance-based portion of the 2020 EIP. All incentive compensation (whether cash or equity) for all employees, including you, is subject to the discretion of the Committee. 
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Upon the occurrence of a Payment Trigger described in subparagraph (ii) of Paragraph (L) of Section 1 of the Executive Severance and Change in Control Agreement attached hereto as Exhibit A that you will have the opportunity to sign, all unvested shares subject to time-based vesting would become fully vested and any unvested shares subject to performance-based vesting would vest in accordance with the award agreement relating to such shares. You are eligible for this pro-rated incentive bonus pursuant to the 2020 Equity Incentive Plan. 
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Grant of Restricted Shares. You will be eligible, under the Company's 2014 Omnibus Incentive Plan, for a one-time Restricted Stock Award (the "Award"), on the terms and conditions set forth in the Award Notice and the 2014 Omnibus Incentive Plan, of 10,934 time-based Restricted Shares of the Company's Common Stock. The Restricted Shares will be subject to the terms, conditions and restrictions set forth in the Award Notice and will vest as set forth in the Award Notice. These shares are time-based on a four (4) year ratable vesting period.
Obligations. You may be required to serve as an officer and/or director of one or more subsidiaries of the Company, for which you will receive no additional compensation.
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Benefits. A significant part of your total compensation at the Company is derived from a competitive benefits package for employees. Eligible Company employees may participate in health insurance benefits (medical, dental, and vision), life insurance, short term and long term disability, the Company's Employee Stock Purchase Plan, 401(k) Plan, and Flexible Spending Plan. All benefits are subject to the plan documents and eligibility requirements.
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Paid Time Off. You will receive five (5) weeks of paid time off per year.
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Business Travel and Expense. You will be expected to travel in connection with your employment. The Company will reimburse you for reasonable business expenses incurred in connection with your employment and in accordance with the Company's Business Entertainment and Travel Policy.  You will be provided a laptop and cellular phone at the Company's expense.
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Confidential Information or Trade Secrets. You will observe all rules, regulations, and security requirements of the Company concerning the safety of persons and property. You agree that you will comply with the Company's employee handbook, Code of Business Conduct and Ethics Policy, the Open Door Policy, the Whistleblower Policy, the Stock Ownership and Anti-Hedging and Pledging Policy, the Clawback Policy, and any other policies of the Company as they relate to employees, officers, or directors of the Company.
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Executive Severance and Change in Control Agreement. You will have the opportunity to enter into an Executive Severance and Change in Control Agreement with the Company in the form of Exhibit A attached hereto and incorporated by reference herein.
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Employment At-Will. This letter does not create an express or implied contract of employment or any other contractual commitment. This letter contains the complete, final, and exclusive embodiment of the understanding between you and the Company regarding the terms of your employment and supersedes in 
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all respects any prior or other agreement or understanding, written or oral, between you and the Company with respect to the subject matter of this letter. Your employment relationship with the Company is on an at-will basis, which means that either you or the Company may terminate the employment relationship at any time for any reason or no reason, consistent with applicable law.
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Notwithstanding the terms of this letter, the Company shall have the right change its compensation, welfare, benefit, incentive, and employment plans, policies, and terms from time to time in its sole discretion.
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You represent and warrant that your signing of this letter and the performance of your obligations under it (including, without limitation, your employment with the Company and your performance of services for the Company) will not breach or be in conflict with any covenant not to compete and/or similar obligations by which you are or may be bound. You also agree that you will not disclose to or use on behalf of the Company any proprietary information of another person or entity without that person's or entity's consent.
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Please review and acknowledge your acceptance of the terms of this letter by signing below and faxing or emailing the signed letter to my attention.
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Sincerely,
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/s/ James D. Reed
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James Reed
President and Chief Executive Officer
I accept this offer of promotion with USA Truck, Inc. and agree to the terms and conditions outlined in the letter.
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/s/ ZK
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	04/21/2020

	Signature
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	Date

	Zachary King
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	Full Name
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Exhibit A
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[Executive Severance and Change In Control 
Agreement Attached]

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