Document:

Exhibit

Exhibit 10.2.4

AMENDMENT FOUR 
TO 
CONAGRA BRANDS, INC.  
NONQUALIFIED PENSION PLAN
(January 1, 2009 Restatement)
WHEREAS Conagra Brands, Inc., (the “Company”) sponsors the Conagra Brands, Inc. Nonqualified Pension Plan, effective January 1, 2009 (the “Plan”); and  
WHEREAS the Company has decided to freeze benefit accruals under the Conagra Brands, Inc. Pension Plan for Salaried Employees (“Salaried Plan”); and
WHEREAS, the Company’s Employee Benefits Administrative Committee (the “Committee”) has the authority, pursuant to Section 9.04 of the Plan, to amend the Plan from time to time in its discretion; and  
WHEREAS, the Committee desires to amend the Plan to freeze benefit accruals, effective December 31, 2017, consistent with the Salaried Plan.  
NOW, THEREFORE, the Plan is amended, effective December 31, 2017, by adding a new Section 3.02 to read as follows:
“3.02 Freeze of Benefit Accrual  No additional benefits shall be accrued under the Plan after December 31, 2017, when each Participant’s Total Accrued Benefit shall be frozen.”
IN WITNESS WHEREOF, the Company has caused this Amendment Four to be executed on its behalf, by its officer duly authorized, this 19th day of December, 2017.
	
		
	 
	CONAGRA BRANDS, INC.

	 
	By:  /s/ Ryan Egan_____________________
 
        Vice President of Human ResourcesExhibit

Exhibit 10.4.8

FIRST AMENDMENT 
TO 
CONAGRA BRANDS, INC. 
VOLUNTARY DEFERRED COMPENSATION PLAN
(January 1, 2017 Restatement)
WHEREAS Conagra Brands, Inc. (the “Company”) sponsors the Conagra Brands, Inc. Voluntary Deferred Compensation Plan, effective January 1, 2017 (the “Plan”); and  
WHEREAS, the Company’s Employee Benefits Investment Committee (the “Investment Committee”) has the authority, pursuant to Section 7.1 of the Plan, to select the deemed investments available to Plan participants; and  
WHEREAS, the Investment Committee desires to amend the Plan to remove the Company stock fund as a notional investment option under the Plan; and 
WHEREAS, the definition of compensation in the Plan is revised to keep the same components but related to the current 401(k) plan instead of the frozen pension plan.  
NOW, THEREFORE, the Plan is amended, effective January 1, 2018, in the following respects:
1.    This first sentence of the second paragraph of the Plan is amended to read as follows:
“The Plan was established and is maintained by Conagra Brands, Inc. (the “Company”) to permit certain key employees of the Company and of corporations that are related to the Company to defer the receipt of a portion of their income.”  
2.    The second sentence of the second paragraph of Section 3.2 of the Plan shall be amended to read as follows:
“Compensation, for purposes of calculating Employer Matching Contributions, shall be “Compensation” as defined under the Conagra Brands Retirement Income Savings Plan plus any Employee deferrals made pursuant to Section 3.1.”
3.    Section 7.2 of the Plan shall be deleted in its entirety, and the remaining sections renumbered accordingly.

4.    Section 7.4 of the Plan (renumbered as Section 7.3) shall be amended to read as follows:
“7.3 Funding.  The Company, by action of the Human Resources Committee, may establish one or more rabbi trusts for the Plan.  Notwithstanding any other provisions of the Plan or the existence of any rabbi trust, the Plan shall be unfunded and the Participants in the Plan shall be no more than general, unsecured creditors of the Employer with regard to benefits payable pursuant to the Plan.  Any such trust(s) shall be subject to all the provisions of the Plan, shall be property of the Company until distributed, and shall be subject to the Company’s general, unsecured creditors and judgment creditors.  Any such trust(s) shall not be deemed to be 

1

collateral security for fulfilling any obligation of the Employer to the Participants.  Except to the extent otherwise determined or directed by the Board or Human Resources Committee, the Company’s policy related to deposits and withdrawals from any trust(s), and the terms of any trust(s), shall be determined by the Investment Committee.”
IN WITNESS WHEREOF, the Company has caused this First Amendment to be executed on its behalf, by its officer duly authorized, this 21st day of December, 2017.
	
		
	 
	CONAGRA BRANDS, INC.

	 
	By:  /s/ Ryan Egan______________________
 
        Vice President of Human Resources

2Exhibit

Exhibit 10.31.1

	
		
	
	

222 W. MERCHANDISE MART PLAZA 
SUITE 1300 CHICAGO, IL 60654

October 6, 2017

VIA ELECTRONIC MAIL

Lamb Weston Holdings, Inc. 
599 S. Rivershore Lane 
Eagle, Idaho 83616 
Attention: Eryk Spytek
Email: 

Re:    TSA Extension 

Dear Mr. Spytek:

Reference is hereby made to that certain Transition Services Agreement, dated November 9, 2016 (the "Agreement"), by and between Conagra Foods, Inc., a Delaware corporation ("Conagra"), and Lamb Weston Holding, Inc., a Delaware corporation ("Lamb Weston"). Capitalized terms used but not defined in this letter are used as defined in the Agreement.

Per our recent discussions, Lamb Weston and Conagra would like to extend the term of certain Services as described on Exhibit A (Lamb Weston TSA Extension Amendment 1) hereto, including with respect to the Fees to be paid to Conagra by Lamb Weston for such Services and the extension of the term related thereto (the "Extended Services").

If you agree with the extension of the Extended Services as set forth on Exhibit A, please counter­ sign this letter and return it to via email to                              before October 20, 2017. By counter-signing and returning this letter by such date, Lamb Weston and Conagra agree that: (a) the term of the Extended Services shall be extended as set forth on Exhibit A and (b) Lamb Weston shall pay to Conagra, in accordance with the terms and conditions of the Agreement, including Article IV (FEES; PAYMENT) thereof, the Fees set forth on Exhibit A for the Extended Services. The parties acknowledge and agree that (1) with respect to the Extended Services, the Agreement will remain in full force and effect in all respects; (2) with respect to the Extended Services, the Agreement shall be terminated as of April 30, 2018, provided that the Extended Services shall also be considered Eligible Services that may be terminated prior to the expiration of their respective extended Service Term(s) in accordance with Section 6.2(a) and 6.2(b) of the Agreement; and (3) for all other purposes and in all other respects, the Agreement shall be terminated on November 9, 2017. Notwithstanding the above, the parties acknowledge duties and rights that survive termination of the agreement including access to information that may be required for audit purposes. The parties further agree, should services be required after April 30, 2018, to negotiate in good faith a new arms-length service agreement at fair market value, such agreement not to be unreasonably withheld.

If have any questions regarding this letter, Exhibit A, or the Agreement, please feel free to contact Jim Blakemore at                                              .

[ Signature page follows]

Sincerely,

CONAGRA FOODS, INC.

By: /s/ Jim Blakemore            
Name: Jim Blakemore 
Title: VP, Strategy & Corporate Development

ACCEPTED AND AGREED BY:

LAMB WESTON HOLDINGS, INC. 

By: /s/ Eryk Spytek             
Name: Eryk Spytek 
Title: Senior Vice President, General Counsel 
and Corporate Secretary

Date:  October 9, 2017 

cc: Via email:
Bernadette Madarieta 
Don Barber 
John MacArthur  

Exhibit AExhibit 10.1

 

	

    	
 
    	
 
    	
1550   Wynkoop Street, 3rd Fl

Denver,   Colorado 80202

(303)   893-0012 Office

(303)   893-6993 Fax

summit-materials.com
    

 

December 19, 2017

 

Dear Karl,

 

It is my pleasure to confirm the offer by Summit Materials Holdings, L.P., a Delaware limited partnership (together with its affiliates Summit Materials, LLC, a Delaware limited liability company, and Summit Materials, Inc., a Delaware corporation, “Summit”), to you for the position of Executive Vice President and Chief Operating Officer of Summit, reporting to Tom Hill, Summit’s President and Chief Executive Officer.  Your appointment is subject to approval by the Board of Directors of Summit Materials, Inc. (the “Board”), and your compensation package as outlined herein is subject to approval of the Board’s Compensation Committee (the “Compensation Committee”).  This offer is contingent upon your completing all applicable pre-employment screening and paperwork as further detailed below.  The terms of our offer are as follows:

 

1.  Commencement Date:  The date your employment with Summit commences (the “Commencement Date”) will be January 8, 2018.

 

2.  Annual Base Salary:  Starting annual base salary of $550,000, payable in accordance with Summit’s customary payroll practices.  The annual base salary will be reviewed annually by the Compensation Committee, and may be increased (but not decreased) in the sole discretion of the Board and/or Compensation Committee.

 

3.  Annual Cash Bonus Target:  Seventy-five percent (75%) of annual base salary, with a potential bonus of up to two (2) times the target annual bonus for extraordinary performance, and performance metrics to be established in accordance with the Compensation Committee’s policies applicable to Summit’s executive officers.

 

4.  Long Term Equity Incentive Plan:  Annual target award established by the Compensation Committee.  Initial award of $2 million in restricted stock units, to be made on or promptly following the Commencement Date, which award will vest in equal annual installments over three (3) years, subject to continued employment through each such vesting date; provided that such award will become fully vested in the event your employment is terminated by Summit without Cause (as defined in the applicable award agreement).

 

5.  Sign-on Bonus:  On or within thirty (30) days following the Commencement Date, Summit will pay you a one time, lump sum sign-on bonus of $300,000 (the “Sign-on Bonus”), less applicable withholding; provided, that you will be required to repay the full Sign-On Bonus should you resign from Summit within twenty-four (24) months following the Commencement Date.

 

6.  Executive Severance Plan:  You will participate in Summit’s Executive Severance Plan, with eligibility at the level applicable to Executive Vice Presidents; provided, that the

 

 

definition of “Constructive Termination” contained therein as it applies to you shall include Summit not appointing you as its Chief Executive Officer on or prior to the third (3rd) anniversary of the Commencement Date, subject to all of the other terms and conditions of the Executive Severance Plan, including, without limitation, the cure and notice provisions contained therein.

 

7.  Employee Benefits.  You will be eligible to participate in Summit’s employee benefits plans and programs as in effect from time to time, on the same basis as those benefits are generally made available to other executive officers of Summit.  Medical benefits will commence on the first day of the month following the sixtieth (60th) day after the Commencement Date, and for the interim period from the Commencement Date to the date coverage begins, Summit will reimburse you for “COBRA” premiums you pay for continued medical coverage from your prior employer.

 

8.  Relocation.  In connection with your employment by Summit, you hereby agree to relocate your primary residence to the Denver, Colorado area.  In connection with such relocation, Summit will reimburse you for the following expenses:

 

a.              One seven (7)-day house hunting trip to the Denver, Colorado area for you and your significant other including airfare, lodging, meals and car rental.

 

b.              Reimbursement for all closing costs associated with the sale of your current primary home including realtor sales commissions, attorney fees, document preparation and transfer fees.

 

c.               Direct payment for reasonable expenses associated with the packing, shipping and unpacking of your household goods from your current primary home, including full replacement insurance.

 

d.              Reimbursement for reasonable expenses associated with the physical move of your family including airfare, lodging, meals and car rental.

 

e.               Shipment of one vehicle to the Denver, Colorado area with associated vehicle shipment insurance.

 

f.                Up to three (3) months of storage for household goods subsequent to your permanent relocation to the Denver, Colorado area.

 

All of the expenses listed above in this paragraph 8 must be documented and submitted to Summit in accordance with its ordinary reimbursement practices.  At its discretion, Summit may utilize a third-party relocation services provider to coordinate with you directly and manage your relocation to the Denver, Colorado area.

 

Any taxable reimbursements/payments by Summit described above in this paragraph 8 will be “grossed up” by Summit using an assumed tax rate that Summit deems applicable to your situation.

 

 

Should you resign from Summit within twenty-four (24) months following the Commencement Date, you hereby agree to reimburse Summit for one hundred percent (100%) of the above-listed relocation costs (as well as any other costs that Summit may elect to pay or reimburse you for in connection with your relocation), including any “gross up” payment, within thirty (30) days following your resignation.

 

9.  Vacation.  You will be entitled to three (3) weeks of vacation per year as well as the holidays that Summit observes.

 

10.  Executive Representation.  By signing this letter you represent that: (1) you are not a party to any agreement that would prohibit you from entering into employment with Summit; (2) no trade secret or proprietary information belonging to your previous employers will be disclosed by you at Summit and that no such information, whether in the form of documents, memoranda, software, drawings, etc., will be retained by you or brought with you to Summit; and (3) you have brought to Summit’s attention and provided Summit with a copy of any agreement, order of any court or administrative body or any other similar item that may affect your future employment at Summit, including but not limited to any non-disclosure, non-competition, non-solicitation or invention assignment agreements containing future work restrictions.

 

11.  Conditional Offer.  This letter is a confirmation of a conditional employment offer and should not be construed as an employment contract.  Upon acceptance, we will provide you with new-hire paperwork, including an acknowledgement of your agreement to abide by Summit’s Code of Conduct, an Officer’s Questionnaire, and an I-9 form, which is required by the government to verify employment eligibility.  Our offer is further subject to satisfactory completion of a background check, drug screening and reference checks.

 

Please acknowledge your agreement with the terms of this letter by signing and returning this letter for our files by email to anne.benedict@summit-materials.com.

 

Karl, we are excited about our future and delighted to welcome you to Summit.

 

	
Sincerely,
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
/s/ Tom   Hill
    	
 
    
	
Name: Tom   Hill
    	
 
    
	
Title:   President & CEO
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
AGREED   AND ACCEPTED:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
/s/ Karl   Watson
    
	
 
    	
Karl   Watson

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