Document:

CAG-5-31-2015-10K Ex10.17

Exhibit 10.17
FORM OF EXECUTIVE TIME SHARING AGREEMENT 
This Time Sharing Agreement (this “Agreement”), dated as of [DATE] (the “Effective Date”), is entered into between CONAGRA FOODS, INC., a Delaware corporation (“Operator”) and [EXECUTIVE] (“Lessee”) and replaces any prior agreement between the parties with respect to the subject matter hereof. 
RECITALS 
WHEREAS, Operator has operational control of certain civil aircraft set forth on Exhibit A of this Agreement (hereinafter referred to collectively as the “Aircraft” and each individually as an “Aircraft”); 
WHEREAS, Operator employs a fully qualified flight crew to operate the Aircraft; and 
WHEREAS, Operator desires to lease the Aircraft and flight crew to Lessee, and Lessee desires to lease the Aircraft and flight crew from Operator on a time sharing basis as defined in Section 91.501(c)(1) of the Federal Aviation Regulations (“FARs”) on such terms and conditions as are mutually satisfactory to both parties. 
NOW, THEREFORE, Operator and Lessee, declaring their intention to enter into and be bound by this Agreement, and for the good and valuable consideration set forth below, hereby covenant and agree as follows: 
1.  Time Share and Term. Operator agrees to lease the Aircraft to Lessee pursuant to the provisions of FAR 91.501(c)(1) and to provide a fully qualified flight crew for all operations on a nonexclusive, non-continuous basis commencing on the Effective Date and continuing unless and until terminated. Either party may terminate this Agreement by giving ten (10) days written notice to the other party, provided, however that upon the termination of any Lease (as defined below) due to a Default or Event of Default thereunder (and as defined therein), this Agreement shall terminate immediately with respect to the Aircraft subject to the terminated Lease. 
2.  Charges. Lessee shall pay Operator for each flight conducted under this Agreement Operator’s incremental costs of each specific flight, as authorized by FAR Part 91.501(d), limited to the following: 
 
     (a)    fuel, oil, lubricants, and other additives; 
 
     (b)    hangar and tie-down costs away from the aircraft’s base of operation; 
 
     (c)    insurance obtained for the specific flight; 
 
     (d)    landing fees, airport taxes and similar assessments; 
 
     (e)    customs, foreign permit, and similar fees directly related to the flight; 
 
     (f)    in flight food and beverages; 
 
     (g)    passenger ground transportation; and 
 
     (h)    flight planning and weather contract services. 
Except as set forth above in this Section 2, Operator shall, at its sole cost and expense, be responsible for all parts, fuel, lubricants, maintenance, repair, insurance, licensing, taxes and other expenses relating to the ownership or operation of the Aircraft. 
Operator will pay all expenses related to the operation of the Aircraft when incurred, and will provide an invoice and bill Lessee for the expenses enumerated in Section 2 above within a reasonable period of time 

following the occurrence of any flight or flights for the account of Lessee. Lessee shall pay to Operator the commercial Federal excise tax imposed on the transportation of persons for flights conducted under this Agreement. Amounts due for taxes shall be included on the invoices submitted to Lessee. Lessee shall pay Operator for said expenses and taxes within thirty (30) days of receipt of the invoice and bill therefore. 
3.  Scheduling. [INSERT HERE ANY OPTIONAL TERMS REGARDING LIMITATIONS ON USE] In the event Lessee desires to use an Aircraft pursuant to and in accordance with the terms of this Agreement, Lessee will provide Operator with requests for flight time and proposed flight schedules as far in advance of any given flight as possible, and in any case, at least ten (10) hours in advance of Lessee’s planned departure. Operator shall have sole and exclusive authority over the scheduling of the Aircraft including which Aircraft is to be used for any particular flight. Operator shall have the absolute right to deny a scheduling request that does not comply with the limitations contained in the first two sentences of this paragraph. 
 
4.  Maintenance. Operator shall be solely responsible for securing maintenance, preventive maintenance and required or otherwise necessary inspections on the Aircraft, and shall take such requirements into account in scheduling the Aircraft. No period of maintenance, preventive maintenance or inspection shall be delayed or postponed for the purpose of scheduling the Aircraft, unless said maintenance or inspection can be safely conducted at a later time in compliance with all applicable laws and regulations, and within the sound discretion of the pilot-in-command. The pilot-in-command shall have final and complete authority to cancel any flight for any reason or condition which in his judgment would compromise the safety of the flight. 
5.  Operational Control. At any time during which a flight is made by or on behalf of Lessee under this Agreement, Operator shall have possession, command and control of the Aircraft. Operator shall have complete and exclusive responsibility for (i) scheduling, dispatching and flight of the Aircraft on all flights conducted pursuant to this Agreement, (ii) the physical and technical operation of the Aircraft and (iii) the sole performance of all flights. Operator shall have operational control of the Aircraft for all purposes of the Federal Aviation Regulations. 
Operator shall employ, pay for and provide to Lessee a qualified flight crew for each flight undertaken under this Agreement. The members of such flight crew shall remain the employees of and under the direction and control of Operator. Notwithstanding the foregoing, the pilot-in-command of each flight shall have the final authority with respect to (i) the initiation or termination of any flight, (ii) selection of the routing of any flight, (iii) determination of the load to be carried and (iv) all decisions relating to the safety of any flight. The parties further agree that Operator shall not be liable for delay or failure to furnish the Aircraft and crew pursuant to this Agreement for any reason. 
6.  Insurance. Operator may maintain such insurance coverage with respect to the Aircraft and any flights made under this Agreement as Operator may elect in its sole discretion, including aircraft physical damage coverage (hull insurance) and liability coverage for bodily injury and property damage. Operator shall retain all rights and benefits with respect to the proceeds payable under the hull insurance as a result of any incident or occurrence while an Aircraft is being operated on behalf of Lessee under this Agreement. Lessee shall be named as an additional insured on liability insurance policies maintained by Operator on the Aircraft with respect to flights conducted pursuant to this Agreement. Any hull insurance maintained by Operator on the Aircraft shall include a waiver of any rights of subrogation of the insurers against Lessee. Notwithstanding the foregoing and subject to the limitations of FAR 91.501(d), upon Operator’s request, Lessee shall, at Operator’s request, reimburse Operator for the cost and expense of any additional insurance obtained for any specific flight. 
7. Limitation of Liability. Operator shall not be liable for any special, incidental, indirect or consequential damages or for lost profits or revenues in connection with the furnishing, performance or use of the services to be performed hereunder. 
8. No Warranty of Operator. OPERATOR MAKES NO REPRESENTATION OR WARRANTY, EITHER EXPRESS OR IMPLIED, AS TO ANY MATTER WHATSOEVER, INCLUDING, WITHOUT LIMITATION, THE DESIGN OR CONDITION OF THE AIRCRAFT, ITS MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE, THE QUALITY OF THE MATERIAL OR WORKMANSHIP OF THE AIRCRAFT, ITS VALUE OR AIRWORTHINESS OR CONFORMITY TO THE PROVISIONS AND SPECIFICATIONS OF 

ANY AGREEMENTS RELATING THERETO, NOR SHALL OPERATOR BE LIABLE TO LESSEE, REGARDLESS OF ANY ACTUAL OR ALLEGED NEGLIGENCE, FOR INCIDENTAL OR CONSEQUENTIAL DAMAGES CAUSED, DIRECTLY OR INDIRECTLY, BY, OR FOR STRICT OR ABSOLUTE LIABILITY IN TORT FOR OR ARISING OUT OF, THE AIRCRAFT OR ANY LACK OR LOSS OF USE THEREOF. 
9. Lessee’s Representations. Lessee represents, warrants and covenants to Operator that: 
 
     (a)    he will use each Aircraft for and on his own account only and will not use any Aircraft for the purposes of providing transportation of passengers or cargo in air commerce for compensation or hire; 
 
     (b)    he shall refrain from incurring any mechanics or other lien in connection with inspection, preventative maintenance, maintenance or storage of the Aircraft, whether permissible or impermissible under this Agreement, and he shall not attempt to convey, mortgage, assign, lease or any way alienate any Aircraft or create any kind of lien or security interest involving any Aircraft or do anything or take any action that might mature into such a lien; 
 
     (c)    during the term of this Agreement, he will abide by and conform to all such laws, governmental, and airport orders, rules, and regulations as shall from time to time be in effect relating in any way to the operation and use of the Aircraft by a time-sharing lessee. 
 
10. Operator’s Base. For purposes of this Agreement, the permanent base of operation of the Aircraft shall be Eppley Airfield, Omaha, Nebraska, unless changed by Operator, in which event Operator shall notify Lessee of the new permanent base of operation of the Aircraft. 
11. Successors and Assigns. Neither this Agreement nor any party’s interest in this Agreement shall be assignable to any other person or entity. This Agreement shall be binding upon and inure to the benefit of the parties hereto and the successors of Operator and the heirs, representatives and successors of Lessee. 
12. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of Nebraska (excluding the conflicts of law rules thereof). 
13. Entire Agreement. This Agreement constitutes the entire understanding between Operator and Lessee with respect to its subject matter, and there are no representations, warranties, conditions, covenants, or agreements other than as set forth expressly herein. Notwithstanding the foregoing, the Operator and Lessee acknowledge that each Aircraft is the subject of a lease with the lessor (“Lessor”) identified on Exhibit B (each, a “Lease”). Any changes or modifications to this Agreement must be in writing and signed by authorized representatives of both parties, provided that Operator may amend the specific references to the Leases on Exhibit A and Exhibit B without written consent of Lessee. If any Lease is amended in any material respect (other than to modify the amount of rental payments owed), Operator shall promptly notify Lessee of such amendment to provide Lessee with the opportunity to terminate this Agreement in accordance with Section 1. 
14. Additional Terms Related to Leases. Operator and Lessee acknowledge the following as to themselves: 
(a) Subject and Subordinate. The rights of Operator and Lessee (and any party claiming through Operator or Lessee) with respect to an Aircraft shall be subject and subordinate in all respects to the rights, title and interest in such Aircraft of the Lessor of that Aircraft, including, all of its rights and remedies under the Lease and any related agreements; provided that nothing contained herein shall be deemed an assumption by Lessee of Operator’s obligations as lessee under the Lease. 
(b) Neither Operator nor Lessee has, and it disclaims, any present or future right, title or interest in or to each Aircraft, or any engine, auxiliary power unit, or any part thereof (collectively, the “Equipment”) (including without limitation, any leasehold interest, or other property or possessory interest). Operator will keep the Equipment free and clear of liens and Lessee will not impose or cause the incurrence of any lien on any of the Equipment. 
(c) No Inconsistent Actions. Operator shall not take, and Operator shall not permit Lessee to take any action under this Agreement that conflicts with the Leases. 

(d) Lessor may rely upon the truth and accuracy of all representations and warranties made by Operator in this Agreement or by Lessee in Section 9 herein to the same extent and effect as if such representations and warranties had been made directly to and for the benefit of Lessor. Lessor shall be an express third party beneficiary of any indemnities and disclaimers of condition made by Operator in favor of Lessee. 
15. Counterparts. This Agreement may be executed in counterparts, which shall, singly or in the aggregate, constitute a fully executed and binding agreement. 
16. Notices. Any notice, request, or other communication to any party by the other party under this Agreement shall be conveyed in writing and shall be deemed given on the earlier of the date (i) notice is personally delivered with receipt acknowledged, (ii) a facsimile notice is transmitted, or (iii) three (3) days after notice is mailed by certified mail, return receipt requested, postage paid, and addressed to the party at the address set forth below. 
 
        
If to Operator:                  ConAgra Foods, Inc.
                     Attn: Corporate Secretary
One ConAgra Drive
Omaha, Nebraska 68102
    
If to Lessee:        [EXECUTIVE]
c/o ConAgra Foods, Inc.
One ConAgra Drive
Omaha, NE 68102
The address of a party to which notices or copies of notice are to be given may be changed from time to time by such party by written notice to the other party. 
17. Severability. If any one or more of the provisions of the Agreement shall be held invalid, illegal, or unenforceable, the remaining provisions of this Agreement shall be unimpaired, and the invalid, illegal, or unenforceable provision shall be replaced by a mutually acceptable provision, which, being valid, legal, and enforceable, comes closest to the intention of the parties underlying the invalid, illegal, or unenforceable provision. To the extent permitted by applicable law, the parties hereby waive any provision of law, which renders any provision of this Agreement prohibited or unenforceable in any respect. 
18. No Agency. Nothing herein shall be construed to create a partnership, joint venture, franchise, or to create any relationship of principal and agent. 
19. TRUTH IN LEASING STATEMENT PURSUANT TO 14 CFR 91.23 (FAR 91.23): 
 
     (a)    OPERATOR HERETO CERTIFIES THAT EACH OF THE AIRCRAFT: 
 
     (i)    HAS BEEN MAINTAINED AND INSPECTED WITHIN THE TWELVE (12) MONTHS PRECEDING THE DATE OF THIS AGREEMENT IN ACCORDANCE WITH THE PROVISIONS SET FORTH IN PART 91 OF THE FEDERAL AVIATION REGULATIONS, AND THAT ALL APPLICABLE REQUIREMENTS THEREUNDER FOR MAINTENANCE AND INSPECTION HAVE BEEN COMPLIED WITH; AND 
 
     (ii)    WILL BE MAINTAINED AND INSPECTED UNDER PART 91 OF THE FEDERAL AVIATION REGULATIONS FOR OPERATIONS TO BE CONDUCTED UNDER THIS AGREEMENT. 
 
     (b)    DURING THE DURATION OF THIS AGREEMENT, OPERATOR, WHOSE ADDRESS APPEARS IN SECTION ABOVE, THROUGH ITS OFFICER WHOSE NAME, SIGNATURE AND TITLE IS SET FORTH BELOW, (i) AGREES, CERTIFIES AND ACKNOWLEDGES THAT WHENEVER AN AIRCRAFT IS OPERATED UNDER THIS AGREEMENT, IT IS THE OPERATOR OF SUCH AIRCRAFT AS PROVIDED 

HEREIN AND (ii) UNDERSTANDS ITS RESPONSIBILITIES FOR COMPLIANCE WITH ALL APPLICABLE FEDERAL AVIATION REGULATIONS. 
 
     (c)    AN EXPLANATION OF THE FACTORS BEARING ON OPERATIONAL CONTROL OF THE AIRCRAFT WHEN OPERATED UNDER THE TERMS AND CONDITIONS OF THIS AGREEMENT AND THE PERTINENT FEDERAL AVIATION REGULATIONS CAN BE OBTAINED FROM THE NEAREST FAA FLIGHT STANDARDS DISTRICT OFFICE, GENERAL AVIATION DISTRICT OFFICE OR AIR CARRIER DISTRICT OFFICE. 
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

IN WITNESS WHEREOF, the parties hereto have caused the signatures of their authorized representatives to be affixed below on the day and year first above written. The persons signing below warrant their authority to sign. 
 
        
CONAGRA FOODS, INC., Operator
    
By:                      
Name:                     
Title:                          
 

                    
[EXECUTIVE], Lessee
 

4839-1640-0162, v. 1
Exhibit A 
 
        
Aircraft Make and Model          Serial Number
      
      
      
[INSERT IDENTIFYING INFORMATION FOR AIRCRAFT COVERED BY AGREEMENT] 
4839-1640-0162, v. 1
Exhibit B 
[INSERT SCHEDULE OF LEASES APPLICABLE TO AIRCRAFT COVERED BY AGREEMENT]CAG-5-31-2015-10K E10.25

    
Exhibit 10.25

April 29, 2015
Mr. Paul Maass
c/o ConAgra Foods, Inc.
One ConAgra Drive 
Omaha, NE 68102

RE:    Transition and Separation Agreement

Dear Paul:

This letter agreement (“Agreement”) describes the components of your transition and separation package.  If you agree to the terms of this Agreement you will receive the benefits described below.  This Agreement will become effective once you have signed it and you have not exercised your right to revoke the Agreement within the Revocation Period described below (the “Effective Date”).
1.    Transition Responsibilities and Separation Payments  
		
	a.
	Your last day of active employment with ConAgra Foods, Inc. (“ConAgra Foods” or the “Company”), will be July 31, 2015 (the “Termination Date”).  

		
	b.
	As of May 5, 2015 (the “Transition Date”), you will cease to be an Executive Officer of the Company, become a special employee of the Company, and resign your board service on any ConAgra Foods subsidiary, affiliate, or joint venture of the Company.  From the Transition Date until the Termination Date (the “Transition Period”), you will report to the CEO and work solely on matters assigned by the CEO; any such matters will be of a level commensurate with your prior position.  You will not have any direct reports.

		
	c.
	During the Transition Period, you will receive your base salary as in effect on the date hereof, payable in accordance with the ordinary payroll practices of the Company.  During the Transition Period you and your eligible dependents will be provided coverage under all employee benefit programs, plans and practices in which you are eligible as of the date hereof, except as provided in this Agreement.  In accordance with its terms, the Change of Control Agreement in effect between you and the Company will terminate as of the date hereof.  

		
	d.
	As consideration for the waiver and release in paragraph 8 and the restrictive covenants described in paragraph 5, ConAgra Foods will pay you, less applicable withholdings, the total amount of One Million and Four Hundred Thousand Dollars ($1,400,000.00).  That amount shall be paid in three installments as follows:

		
	i.
	You will receive the first payment, in the amount of Four Hundred and Sixty Six Thousand Dollars ($466,000.00), less applicable withholdings, six months after your Termination Date.

		
	ii.
	You will receive the second payment, in the amount of Four Hundred and Sixty Six Thousand Dollars ($466,000.00), less applicable withholdings, nine months after your Termination Date.

		
	iii.
	You will receive the third payment, in the amount of Four Hundred and Sixty Eight Thousand Dollars ($468,000.00), less applicable withholdings, 12 months after your Termination Date.

If you breach this Agreement, materially in the case of the obligations set forth in paragraphs 4, 6 or 7 of this Agreement, or commence a legal action to challenge the validity of this Agreement, within eighteen (18) months after the Termination Date and, if curable, don’t cure such breach after written notice, you will not receive or be entitled to retain any payments made pursuant to this paragraph.  If such breach or challenge is after issuance of the first payment, you agree that you will repay all such prior payments within thirty (30) days of such breach or challenge.

		
	e.
	Provided you were enrolled in ConAgra Foods’ medical, dental or vision plans at the time of your termination, you and your dependents, if previously enrolled, will be eligible to continue coverage at your current coverage levels.  Most individuals will be eligible for COBRA continuation for up to eighteen (18) months.  You will pay the entire premium cost.  Premium cost and payment information will be provided to you in a separate letter.  PayFlex will mail the enrollment forms to your address of record within two to three weeks after your Termination Date.  To enroll for COBRA coverage, you must return all applicable forms to PayFlex Systems, the COBRA administrator, within sixty (60) days after receipt.  Questions should be directed to PayFlex Systems at (877) 284-0395.  If you do not elect COBRA coverage, your coverage will otherwise cease at the end of the pay period in which you terminate.    If you elect COBRA coverage, ConAgra Foods will provide to you, on a bi-weekly basis, a taxable payment which will represent the approximate value of your previous employer-paid contribution in order to offset the cost of COBRA continuation.  To partially offset the taxable status, twenty-five percent (25%) of the calculated amount will be added to this payment.  This payment will be based on your elected benefits at the time of termination.  You will be eligible to receive this payment until July 31, 2016, provided you maintain COBRA coverage during that time period.

		
	f.
	Your 401(k) participation eligibility will end on your Termination Date.  Vesting is according to the plan design schedule.  

		
	g.
	No additional vacation will accrue after your Termination Date.  Any vacation earned but unused will be paid to you.

2.    Incentive Compensation and Equity: 
		
	a.
	You will not be eligible for additional equity grants following the Transition Date, but your outstanding equity will continue to vest until your Termination Date.  

		
	b.
	Stock options that are unvested on the Termination Date will be forfeited in accordance with their terms.  You may exercise your vested stock options for the period defined in your original grant notices or agreements.  

		
	c.
	Any award that becomes payable for the fiscal 2013-2015 cycle of the Company’s Performance Share Plan shall be made in accordance with the plan’s terms, at the same time as awards are paid to all participants and at the same payout level as generally authorized for other senior executives in the Plan for the full cycle.  All future payouts for the fiscal year 2014-2016 and fiscal year 2015-2017 cycles of the Performance Share Plan will be forfeited on the Termination Date in accordance with the Plan’s terms.   

		
	d. 
	You will not receive a payout under the Company’s Fiscal Year 2015 Management Incentive Plan (“MIP”), nor will you be eligible for participation in the Fiscal Year 2016 MIP or any other incentive program in which you are not a participant as of the Transition Date.

3.    Outplacement
You will be eligible for outplacement services as selected and provided by ConAgra Foods.  You will be contacted directly by the provider after the Effective Date of your Agreement.  
4.    Post-Employment Obligations
		
	a.
	You agree to make yourself reasonably available to ConAgra Foods, and will, for eighteen (18) months following the Termination Date, with regard to matters related to your employment period with ConAgra Foods, (other than those where ConAgra’s position could be adverse to you personally):

		
	i.
	Personally provide reasonable assistance and cooperation in providing information for ConAgra Foods, and its representatives, concerning any ConAgra Foods matter of which you are knowledgeable.

		
	ii.
	Personally provide to ConAgra Foods, and its representatives, reasonable assistance and cooperation relating to any pending or future lawsuits or claims, about which you are knowledgeable.

		
	iii.
	Promptly notify me, in writing, if you receive any request from anyone other than ConAgra Foods for information regarding any potential claims or proposed litigation against ConAgra Foods or any of its affiliates.

		
	iv.
	Refrain from providing any information related to any claim or potential litigation against ConAgra Foods, or its affiliates to any non-ConAgra Foods representatives, without either ConAgra Foods’ written permission or being required to provide information pursuant to legal process. Nothing in this Agreement prohibits you from reporting possible violations of federal law or regulation to any governmental agency or entity, including but not limited to the Department of Justice, the Securities and Exchange Commission, Congress, and any agency Inspector General, or making other disclosures that are protected under the whistleblower provisions of federal law or regulation.  You do not need the prior authorization of ConAgra Foods’ legal department to make any such reports or disclosures, and you are not required to notify the Company that you have made such reports or disclosures.

		
	v.
	If required by law to provide sworn testimony on ConAgra Foods or affiliate-related matters, to the extent legally permitted, consult with and, to the extent legally permitted, have ConAgra Foods-designated legal counsel present (in addition to any personal counsel) for such testimony. ConAgra Foods will be responsible for the costs of Company designated counsel (but not personal counsel) and you will bear no cost for same. You will confine your testimony to items about which you have actual knowledge rather than speculation, unless otherwise directed by legal process.

		
	vi.
	You will be reimbursed shortly after an expense statement is received for reasonable travel, food, lodging and similar out-of-pocket expenses required to fulfill the cooperation provisions above.

		
	b.
	You agree to refrain from making comments, disparaging remarks or statements, the purpose or effect of which is to harm the reputation, good will, or commercial interests of ConAgra Foods, its management or leadership, or any of its affiliates for a period of five (5) years following the Termination Date.  ConAgra Foods also agrees that its executive officers and Board members will refrain from making comments or statements, the purpose or effect of which is to harm the reputation, good will or interest of you, for a period of five (5) years following the Termination Date.  The foregoing limitations are not meant to limit competition beyond the Restrictive Covenants in Section 5 and, hence, do not limit normal competitive type statements.  The foregoing shall not be violated by compliance with legal process or legal actions or by rebuttal of false or misleading statements.

5.    Restrictive Covenants
		
	a.
	Definition of Confidential Information:  For the purposes of this Agreement, “Confidential Information” means information (whether or not in writing) that is related to ConAgra Foods’ business and is maintained as confidential.  Confidential Information includes, without limitation, past, present, or future business or Trade Secrets (“Trade Secrets” means any information, including formulas, patterns, compilations, programs, devices, methods, techniques, or processes that ConAgra Foods considers confidential and is valuable and provides a competitive advantage because it is not generally known and not readily ascertainable by proper means); information relating to customers, methods or policies, including customer lists; prices or price formulas; processes; procedures; prospective partners, partners, and other entities; financial information; computer software (including design, programming techniques, flow charts, source code, object code, and related information and documentation); intellectual property; business plans; business, 

manufacturing, and sales strategies; business processes and methods of operation; customer contacts and referral sources; vendors and vendor contacts; marketing information; and all other information of any kind or character relating to the development, improvement, manufacture, sale, or delivery of products or services by ConAgra Foods, its subsidiaries, affiliates or joint ventures, whether or not reduced to writing.  Confidential Information does not include information that (i) is or becomes generally available to the public other than through disclosure by you or (ii) becomes available to you on a non-confidential basis from a source other than ConAgra Foods, provided that the source is not prohibited from disclosing such information to you, by any contractual or other obligation with ConAgra Foods or otherwise.  
		
	b.
	Acknowledgements:  As a result of your position as President of ConAgra Foods Private Brands and Commercial Foods, in which you led the private brands and commercial foods activities for ConAgra Foods throughout the United States and internationally, along with your previous 27 years of employment with ConAgra Foods in a variety of management and executive positions, you acknowledge (i) ConAgra Foods’ business is both highly specialized and competitive, (ii) ConAgra Foods’ Confidential Information is not generally known to, or readily ascertainable by, the public or ConAgra Foods’ competitors and gives ConAgra Foods a competitive advantage, (iii) ConAgra Foods’ goodwill and relationships with its customers, clients, employees, and other business associations are among ConAgra Foods’ most important assets and that developing, maintaining, and continuing such relationships is one of ConAgra Foods’ highest priorities, and (iv) that if you solicited, worked with or serviced the customers of ConAgra Foods, its subsidiaries, affiliates or joint ventures, you would be in a position to cause irreparable injury to ConAgra Foods, its subsidiaries, affiliates or joint ventures.  You further acknowledge that, during your employment, you had access to Confidential Information belonging to ConAgra Foods, its subsidiaries, affiliates or joint ventures, agree such information shall remain the exclusive property of ConAgra Foods, its subsidiaries, affiliates or joint ventures, and understand the 

misappropriation or unauthorized disclosure of such information at any time is prohibited and will cause ConAgra Foods irreparable injury.  You further understand that you have been relied upon to develop and to maintain relationships with ConAgra Foods’ customers, clients, employees, and other business associations on behalf of ConAgra Foods, its subsidiaries, affiliates or joint ventures, throughout the course of your employment with ConAgra Foods.  You agree the restrictions in this Agreement are reasonable, necessary, and proper to protect ConAgra Foods’ Confidential Information and that they will not unreasonably restrict your ability to obtain alternative and gainful employment.  
		
	c.
	Non-Disclosure:  You agree, except in compliance with legal process, (i) you will not disclose Confidential Information to anyone other than ConAgra Foods’ officers or authorized employees and as directed by the Company, and (ii) you will not use such information for any unauthorized purpose without the prior written consent of ConAgra Foods.  Further, if you are requested in any judicial or administrative process to disclose Confidential Information, then, to the extent legally permitted, you shall immediately notify ConAgra Foods to allow ConAgra Foods as much time as possible to oppose such process and shall inform such judicial or administrative process of your non-disclosure obligations under this Agreement. Further, for eighteen (18) months after your Termination Date, you shall promptly notify ConAgra Foods in writing to the extent you have actual knowledge of any unauthorized person (1) using, disclosing, or attempting to use or disclose the Confidential Information without the prior written consent of ConAgra Foods, or (2) copying, duplicating, reverse engineering, reverse compiling, recording, otherwise reproducing, analyzing, or attempting any such reproduction or analysis of any of the Confidential Information.

		
	d.
	Non-Competition:  In order to protect ConAgra Foods’ Confidential Information, for twelve (12) months after your Termination Date, you agree you will not, anywhere throughout North America, without prior written authorization from ConAgra Foods, engage in or render any services to any person, firm, corporation, business, organization, and/or cooperative, including self-employment, 

sole proprietorship, or consulting work, as an employee and/or contractor, with any entity that is engaged in (i) the manufacture or production of frozen potato products for the retail, foodservice or institutional channels, or (ii) wheat milling or refinement for the sale of related products to third parties.  You agree that you could not reasonably be expected to fulfill your job responsibilities as a member of the business team for such a ConAgra Foods competitor, or that of its subsidiaries, affiliates, or joint ventures, in the twelve (12) months following the Termination Date, without utilizing ConAgra Foods’ Confidential Information.  The foregoing shall not be violated solely through your provision of services to a consulting, investment banking or professional services firm that is providing products or services to numerous customers including, incidentally, such a competitor, provided that during the twelve (12) months following the Termination Date, you do not participate on, consult with, or provide advice for the benefit of the service team supporting such a competitor. You acknowledge that the scope of this agreement not to compete is reasonable and necessary to protect ConAgra Foods’ Confidential Information and its customer relationships.  
		
	e.
	Non-Solicitation of Business:  For twelve (12) months after your Termination Date, you agree you will not, directly or indirectly, solicit, call on, service, work with, divert, or take away, or attempt to divert, solicit, call on, service, work with or take away, the business or patronage of any of the clients, customers, licensors, or accounts of ConAgra Foods, its subsidiaries, affiliates, or joint ventures, with which you did business and had personal contact on behalf of ConAgra Foods, its subsidiaries, affiliates, or joint ventures in the areas set forth in (d) above.

		
	f.
	Non-Solicitation of Individuals:  For eighteen (18) months after your Termination Date, you agree you will not, directly or indirectly, recruit, solicit, or induce, or attempt to induce, any employee(s) of ConAgra Foods, its subsidiaries, affiliates, or joint ventures, or their sales representatives, to terminate their employment with, or otherwise cease a relationship with ConAgra Foods or such enterprise.

		
	g.
	Judicial Modification:  You agree that you and ConAgra Foods have attempted to limit your right to disclose, compete, and solicit only to the extent permitted by applicable law and necessary to protect ConAgra Foods from unfair competition.  If a Court of competent jurisdiction determines the restrictions contained in this paragraph 5 are too long in duration or too broad in geographic scope to be reasonable and enforceable, then the Court shall amend such a provision only so much as shall be necessary for the restrictions contained herein to be reasonable and enforceable, notwithstanding any law or authority to the contrary.

		
	h.
	Disclosure of Agreement:  In the event ConAgra Foods has reason to believe this Agreement has or may be breached, you acknowledge and consent that this Agreement may be disclosed by ConAgra Foods, without risk of liability, to your current or prospective employer or other relevant business entity.

		
	i.
	Breach:  You agree that the restrictions contained in paragraph 5 are necessary for the protection of the legitimate business interests, goodwill, and Confidential Information of ConAgra Foods.  You agree any breach or threatened breach of the restrictions in paragraph 5 will cause ConAgra Foods substantial and irrevocable damage.  You further agree that, in addition to such other remedies that may be available, including the recovery of damages from you, ConAgra Foods shall have the right to injunctive relief to restrain or enjoin any actual or threatened breach of the provisions of the restrictions in paragraph 5, without posting bond notwithstanding any law or authority to the contrary.  You agree you cannot defend against any action for such relief on the basis of an adequate remedy at law.

6.      Confidentiality Agreement
Except in compliance with legal process, you agree that you have kept and will keep the terms and amounts in this Agreement completely confidential, except as required by applicable law, and that you have not, nor will you hereafter disclose any information concerning this Agreement to any person other than your present attorneys, accountants, tax advisors, or spouse, and only if those persons agree 

to abide by the provisions of this paragraph.  You may also disclose the terms and amounts of the Agreement to applicable taxing authorities, and the restrictions on your activities to potential employers and search firms.  This provision shall not apply to the extent this argument is publicly filed by ConAgra Foods.
7.    Return of Company Property
You agree that within fifteen (15) business days of the Transition Date, you will have returned to ConAgra Foods, as applicable, all files, records, documents, reports, computers, and other business equipment, keys, and other physical, personal or electronically stored property of ConAgra Foods in your possession or control and to further agree that you will not keep, transfer or use any copies or excerpts of the foregoing items without the approval of ConAgra Foods, except as desirable to provide services to ConAgra Foods between the Transitional Date and the Termination Date.  You agree that within fifteen (15) business days of the Transition Date, you will have returned to ConAgra Foods all company-issued credit cards, to immediately cease use of all such cards and to make payment of any and all outstanding balances in accordance with cardholder agreements and the time limitations contained therein.  You agree to provide no later than twenty (20) business days after your Termination Date, expense statements for all company authorized expenses, and where charged on company-issued credit cards, to use any reimbursement payments for the purpose of paying such charges.  You may retain your address books to the extent they only contain contact information.  ConAgra Foods recognizes that your cell phone, including your cell phone number, is your property.  During the fifteen (15) business days after the Transition Date, you will work with ConAgra Foods to have all ConAgra Food’s applications, including ConAgra Foods email, removed from your personal mobile devices.
8.    Release of ConAgra Foods
		
	a. 
	General Release:  In exchange for the benefits provided to you by ConAgra Foods, and except for ConAgra Foods’ obligations hereunder, you hereby release ConAgra Foods, and each of its 

subsidiaries, agents, directors, officers, employees, representatives, attorneys, affiliates, and its and their predecessors, successors, heirs, executors, administrators and assigns, and all persons acting by, through, or under or in concert with any of them (collectively “Releasees”), or any of them, of and from any and all claims related to ConAgra Foods of any nature whatsoever, in law or equity, which you ever had, now have, or may have had relating to your employment, or termination of employment (“Claims”).  This includes (i) all Claims relating to salary, overtime, vacation pay, incentive bonus plans, including but not limited to the MIP and/or the SIP; and/or separation pay, stock options, and any and all other fringe benefits, for which you were eligible during your employment and (ii) all Claims under any employment agreement, change-in-control agreement or other agreements between you and ConAgra Foods, and/or its Releasees; (iii) and all Claims you may have against ConAgra Foods and/or its Releasees under Title VII of the Civil Rights Act of 1964; the Employee Retirement Income Security Act of 1974; the Americans with Disabilities Act; the Age Discrimination in Employment Act; the Older Workers Benefit Protection Act; the Family and Medical Leave Act; or any other federal, state, or local law or regulation regarding your employment or termination of employment.  Nothing in this Agreement shall interfere with your right to initiate, cooperate or participate in an investigation or proceeding conducted by the Equal Employment Opportunity Commission, or any other federal or state regulatory or law enforcement agency.  However, the consideration provided to you in this Agreement shall be the sole relief provided to you for the Claims that are released herein and you will not be entitled to recover and agree to waive any monetary benefits or recovery against ConAgra Foods and/or its Releasees in connection with any such Claim without regard to who has brought such Claim.  Furthermore, this release shall not cover rights to indemnification and advancement of legal fees, coverage under directors and officers liability insurance, bested benefits or equity.
		
	b.
	ADEA Release  

		
	i.
	You agree to hereby waive and release any and all Claims arising under the Age Discrimination in Employment Act, 29 U.S.C. § 621 et seq., as modified by the Older Workers Benefit Protection Act, 29 U.S.C. § 626(f) (together, the “ADEA”), against ConAgra Foods and/or its Releasees.  Nothing in this Agreement shall interfere with your right to initiate, cooperate or participate in an investigation or proceeding conducted by the Equal Employment Opportunity Commission, or any other federal or state regulatory or law enforcement agency.  Nothing in this Agreement shall limit or restrict your right under the ADEA to challenge the validity of this ADEA release in a court of law.  However, you nevertheless understand that this ADEA release still applies to your ADEA Claims and that you have waived all ADEA Claims as part of this Agreement.  You further understand that in any Claim brought under the ADEA, you would not be entitled to any damages or other relief unless this ADEA release is deemed to be invalid.

		
	ii.
	This release shall not preclude an action to enforce the specific terms of this Agreement; to any Claims based on acts or events after this Agreement has become effective; to any unemployment or workers’ compensation benefits to which you may be entitled; nor to benefits in which you have become vested under the Employee Retirement Income Security Act.

9.    Entire Agreement
Except as specifically provided herein, this Agreement constitutes the entire agreement with respect to the subject matter hereof, and supersedes all previous agreements and understandings, whether written or oral, between ConAgra Foods and you.  No modification or waiver of any provision of this Agreement will be valid unless in writing and signed by ConAgra Foods and you.
10.    No Waiver
The failure of either party to insist on the performance of any of the terms or conditions of this Agreement, or failure to enforce any of the provisions of this Agreement, shall not be construed as a 

waiver or a relinquishment of any such provision.  Any waiver or failure to enforce on any one occasion is effective only in that instance and the obligations of either party with respect of any provision in this Agreement shall continue in full force and effect.
11.    Section 409A
This Agreement shall be interpreted and administered at all times such that any amount or benefit payable under the Agreement shall be paid or provided in a manner that is either exempt from or compliant with the requirements Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”), and applicable Internal Revenue Service guidance and Treasury Regulations issued thereunder.  As permitted by Section 409A, each installment or other payment made or benefit provided hereunder shall be treated as “separate payment” for purposes of Section 409A and the available exemptions under Section 409A shall be stacked to the maximum extent possible.  Because you are a “specified employee” as defined in Section 409A(a)(2)(B), you acknowledge and agree that any payments or benefits under this Agreement that constitute non-exempt deferred compensation for purposes of Section 409A shall be delayed for a period of six (6) months following your separation from service with ConAgra Foods (or, if earlier, your date of death).  Further, to the extent you are entitled to be paid or reimbursed for any taxable expenses under this Agreement, and such payments or reimbursements are includible in your federal gross taxable income, the amount of such expenses reimbursable in any one calendar year shall not affect the amount reimbursable in any other calendar year, and the reimbursement of an eligible expense must be made no later than December 31 of the year after the year in which the expense was incurred.  Your right to reimbursement of expenses under this Agreement shall be subject to liquidation or exchange for another benefit.  Neither ConAgra Foods nor its directors, officers, executives, or advisers make any representations or warranties regarding the tax treatment of any payments or benefits under this Agreement and none of them shall be held liable for any taxes, interest, penalties or other monetary amounts owed by you as a result of the application of Section 409A or any other provision of the Internal Revenue Code.  

12.    Your Rights
You understand that you may take up to twenty-one (21) days to decide whether to accept this Agreement.  If we have not received an executed Agreement from you within twenty-one (21) days, any offers made by us in this letter are withdrawn.  If you wish, you may sign the Agreement before this deadline.  If you do decide to sign the Agreement, you have up to seven (7) days after signing (the “Revocation Period”) to change your mind.  To revoke this Agreement, please write to Megan M. Belcher, Vice President & Chief Counsel, ConAgra Foods, Inc., One ConAgra Drive, Omaha, NE 68102 - Fax (402) 917-9559, within the Revocation Period.  You acknowledge and understand that by signing this Agreement, and the release contained in paragraph 8, herein, that (1) at the time of your execution of this Agreement you are expressly aware of the Company’s decision to terminate your employment, which termination shall be effective on July 31, 2015, and (2) you understand you are waiving and releasing any and all claims that you may have arising out of your employment with the Company or your termination from employment with the Company, including, but not limited to, any events that occur between your date of execution of this agreement and July 31, 2015. 
13.    Non-Admission
You agree that nothing herein shall be construed as an admission by ConAgra Foods and/or its Releasees of any wrongdoing or violation of any applicable law, and that nothing in this Agreement shall be so construed by any other person.
14.    Not Precedent
You agree that this Agreement shall not be used to establish a precedent in any Claim, except in an action to enforce the terms of this Agreement.
15.    Consultation with Attorney
You acknowledge that you have had an adequate amount of time to consider the meaning and effect of this Agreement and have been advised to consult with your attorney prior to executing this 

Agreement.  You further acknowledge that you now fully understand this Agreement and the effect of signing and executing this Agreement.
16.     ADEA Release
If you successfully challenge the validity of your ADEA release and prevail on the merits of an ADEA Claim, you agree that the court may reduce any monetary award for such ADEA Claim up to the amount of Five Hundred Dollars ($500.00), which you agree represents the amount of money being given to you in consideration for your ADEA release.
17.     Additional Acknowledgments
You acknowledge that as of the date you signed this Agreement, you (a) have not suffered a work-related injury that you have not properly disclosed to ConAgra Foods; (b) have been paid in full all wages due and owing to you for any and all work performed for ConAgra Foods and/or its Releasees, except those due in normal course; (c) have not exercised any actual or apparent authority by or on behalf of ConAgra Foods and/or its Releasees that you have not specifically disclosed to ConAgra Foods that were not within the scope of your employment; and (d) have not entered into any agreements, whether written or otherwise, with any of ConAgra Foods’ employees (current and former), its Releasees, and/or third parties that could legally bind ConAgra Foods and/or its Releasees that were not within the scope of your employment.
18.    Severability
The terms and provisions of this Agreement are severable in whole or in part, and if any term or provision of this Agreement should be deemed invalid, illegal or unenforceable, the remaining terms and provisions shall remain in full force and effect.
19.    Choice of Law
		
	a.
	This Agreement, for all purposes, shall be construed in accordance with the laws of Delaware without regard to conflicts-of-law principles.  You agree that your employment and this Agreement 

have a substantial connection to the State of Delaware, because, among other things, ConAgra Foods is incorporated there.  You further agree that no other state has a materially greater interest in the subject matter of this Agreement than Delaware.
		
	b.
	If, however, a court of competent jurisdiction determines, for whatever reason, that the laws of Delaware shall not apply to this Agreement, then you agree that this Agreement, for all purposes, shall be construed in accordance with the laws of Nebraska without regard to conflicts-of-law principles.  You agree that your employment and this Agreement have a substantial connection to the State of Nebraska, because, among other things, ConAgra Foods’ main place of business is located there, you maintain a residence and office in Nebraska and performed a substantial portion of your services for ConAgra Foods in Nebraska.  You further agree that no other state (with the exception of Delaware) has a materially greater interest in the subject matter of this Agreement than Nebraska.

20.    Jurisdiction and Venue
The parties agree that the state and federal courts serving Wilmington, Delaware shall be the sole venue and jurisdiction for all actions arising under, out of, in connection with, or in relation to this Agreement.  You and ConAgra Foods hereby irrevocably submit to the exclusive jurisdiction of such courts and waive the defense of inconvenient forum to the maintenance of any such action or proceeding in such venue.

If the above meets with your agreement, please sign and return one copy of this letter to me.

Sincerely,

/s/ Nicole Theophilius

Nicole Theophilus
EVP & Chief HR Officer
ConAgra Foods, Inc.

ACCEPTANCE
Signature    Date  May 4, 2015

/s/ Paul Maass                                                    

Printed Name    
Paul Maass

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