Document:

EX-10.2

 Exhibit 10.2 

EMPLOYMENT AGREEMENT 

This Employment Agreement (this “Agreement”) is made by and between ConAgra Foods, Inc., a Delaware corporation
(“Company”), and Sean M. Connolly (“Executive”), the 12th day of February, 2015, but with Executive’s employment hereunder commencing on March 3, 2015 (the “Agreement Date”). 

The Board of Directors of Company (the “Board”) has determined that it is in the best interests of Company to obtain and retain the
services of Executive. In order to accomplish this objective, the Board has caused Company to enter into this Agreement. 
 NOW, THEREFORE,
it is agreed as follows: 
  

	 	1.	Term of Employment. Executive’s term of employment under this Agreement shall commence on the Agreement Date and continue in accordance with the terms hereof until a termination of Executive’s
employment, in accordance with Section 5 below. 

  

	 	2.	Position, Location and Duties. 

  

	 	2.1	Position. Executive will be Company’s CEO-elect as of the Agreement Date, reporting to the Chairman of the Board, and, subject to continued employment with the Company, will become President and Chief
Executive Officer upon the later of (i) April 6, 2015 and (ii) the date immediately following the date upon which the Company’s Quarterly Report on Form 10-Q for the period ended February 22, 2015 is filed with the
Securities and Exchange Commission. Company shall appoint Executive to Company’s Board as of his appointment as President and Chief Executive Officer, and will nominate him to the Board thereafter. 

 

	 	2.2	Location. Executive shall maintain a primary home office located at Company’s headquarters in Omaha, Nebraska, at which he will be expected to work an average of three or more business days each week, unless
on business travel. Executive also shall have an office at Company’s offices in Naperville, Illinois, at which he will work when not in Omaha or on business travel. 

 

	 	2.3	Duties. Executive’s duties as CEO-elect shall be determined by the Chairman of the Board. Upon his appointment as President and Chief Executive Officer, Executive shall have the customary powers,
responsibilities and authorities of such position in corporations of the size, type and nature of Company and as provided in Company’s by-laws, and Executive shall report to the full Board. Executive shall devote his full working time and
efforts to the performance of the duties outlined above. Executive may, consistent with his duties hereunder, engage in charitable and community affairs, manage his personal investments and, subject to the prior approval of the Board, serve on the
board of directors of other companies. 

  

	 	3.	Compensation. 

  

	 	3.1	Base Salary. Company shall pay Executive a base salary (“Base Salary”) at the rate of $1,100,000 per annum. The Base Salary shall be payable in accordance with the ordinary payroll practices of Company.
Executive’s rate of Base Salary shall be reviewed for possible increases by the Board at least annually, and any such increased amount shall become the Base Salary hereunder. 

	 	3.2	Annual Incentive Bonus. Commencing with Fiscal Year 2016, Executive shall be entitled to receive an annual bonus under Company’s annual incentive plan (“Annual Incentive Program”) as approved by
the Board or its Human Resources Committee (the “Committee”) for Executive. Executive’s target bonus opportunity under the Annual Incentive Program shall not be less than 150% of Executive’s Base Salary, and his maximum award
opportunity shall be equal to 200% of the target bonus. The performance goals with respect to such target bonus opportunity shall be established annually by the Committee on a basis consistent with the establishment of such performance goals for
other senior executive officers of Company. 

  

	 	3.3	Long Term Senior Management Incentive Plans. Executive shall participate in Company’s 2014 Executive Incentive Plan, 2014 Stock Plan, 2008 Performance Share Plan and any other or successor incentive plan
available from time to time to senior executive officers at levels determined by the Committee and commensurate with Executive’s position (each, a “Plan”). Each such Plan and any other equity-based or other incentive program under
which Executive has received or receives long-term awards (other than this Agreement), are collectively referred to as the “LTSMIP”. Executive’s annual award target opportunity under the LTSMIP, for any three-year program adopted,
shall be no less than $6.25 million. The translation of such target opportunity into a number of equity awards in any cycle shall be completed in a manner consistent with the current methodology approved by the Committee for use with all other
senior executive officers of Company. 

  

	 	3.3.1	Executive’s participation in the LTSMIP at his full target opportunity shall commence with the program adopted for the performance period beginning in Company’s 2016 fiscal year (the “Fiscal 2016-2018
Cycle”). The terms and conditions of Executive’s participation in the LTSMIP for the Fiscal 2016-2018 Cycle and any future cycles, including the composition of the award and any performance goals, shall be established by the Committee.

  

	 	3.3.2	Executive shall participate, on a modified basis, in the performance share component of the LTSMIP for the performance period beginning in Company’s 2015 fiscal year (the “Fiscal 2015-2017 Cycle”), at a
target grant value of $2.09 million. Executive’s performance share grant with respect to the Fiscal 2015-2017 Cycle will be made on the first trading day of the first month following the Agreement Date. The terms and conditions of
Executive’s participation in the LTSMIP for the Fiscal 2015-2017 Cycle shall be established by the Committee and, except with respect to the establishment of the applicable threshold performance targets, shall be materially consistent with the
terms and conditions for the cycle applicable to all other senior executives of Company. 

  
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	 	4.	Other Benefits  

  

	 	4.1	Employee Benefit Plans. Company shall provide Executive and his eligible dependents with coverage under all employee benefit programs, plans and practices, in accordance with the terms thereof, which Company
makes available to senior executive officers (including qualified and non-qualified plans, provided that such plans are open to new participants as of the Agreement Date) in accordance with Company policies. This will include vacation benefits
pursuant to the standard Company vacation policy, but not less than four weeks per calendar year. Relocation benefits are limited to those set forth in Section 4.2 hereof. 

 

	 	4.2	Relocation. To assist with Executive’s establishment of a residence in Omaha, Nebraska, Company will provide Executive with a one-time, cash payment of $65,000, payable within thirty days of the Agreement
Date. 

  

	 	4.3	Change of Control Benefits. Executive and Company will enter into a Change of Control Agreement (the “Change of Control Agreement”) in the form provided to Executive. Change of control severance
payments of base salary and annual bonus compensation under the Change of Control Agreement will be subject to a three times multiplier, as further described in the Change of Control Agreement. Any expiration of the Term (as provided below) shall
not apply to the Change in Control Agreement, which shall continue in accordance with the terms thereof. 

  

	 	4.4	Expenses. Executive is authorized to incur reasonable expenses in carrying out his duties under this Agreement, including expenses for travel and similar items related to such duties. Company shall reimburse
Executive for all such expenses, subject to established Company policies. Additionally, Company shall reimburse Executive for professional fees incurred in the negotiation and preparation of this Agreement (and related documents), up to a maximum of
$40,000. 

  

	 	4.5	Other Benefits. Company’s senior executive security policy will apply to Executive, including use of corporate aircraft and appropriate home security in the form recommended by Company’s security
personnel. Company acknowledges that Company and Executive will enter into an executive time sharing agreement relating to Executive’s personal use of Company-provided aircraft, to be effective as of the Agreement Date. Such time sharing
agreement shall be in a form materially consistent with Company’s current form of time sharing agreement, provided, however, that reimbursement by Executive to Company in a fiscal year will commence once the incremental cost to Company (as
defined therein) of Executive’s personal use exceeds $150,000. Any expiration of the Term (as provided below) shall not apply to the time sharing agreement, which shall continue in accordance with the terms thereof. 

 

	 	4.6	 Stock Ownership. Executive acknowledges, and agrees to comply with, Company’s executive stock ownership guidelines as they exist from time
to time, and which currently prohibit Executive from selling any shares of Company common stock except (i) shares, the proceeds of which are used to pay taxes resulting from the

  
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vesting or exercise of options, and (ii) sales, so long as, immediately following such sale, Executive owns shares of Company common stock (as determined under Company’s stock ownership
guidelines, as modified from time to time) with a value (as determined under Company’s stock ownership guidelines, as modified from time to time) at a level of at least six (6) times Executive’s annual Base Salary. 

 

	 	4.7	Directors and Officers Liability Coverage. Executive shall be entitled to the same coverage under Company’s directors and officers liability insurance policies as is available to senior executive officers
and directors with Company. In any event, Company shall indemnify and hold Executive harmless, to the fullest extent permitted by the laws of the State of Delaware, from and against all costs, charges and expenses (including advancement of
reasonable attorneys’ fees) incurred or sustained in connection with any action, suit or proceeding to which Executive or his legal representatives may be made a party by reason of Executive’s being or having been a director or officer of
Company or any of its affiliates or employee benefit plans. The provisions of this Section 4.7 shall not be deemed exclusive of any other rights to which Executive seeking indemnification may have under any by-law, agreement, vote of stockholders or
directors, or otherwise. The provisions of this Section 4.7 shall survive the termination and expiration of this Agreement for any reason, and continue for the duration of Executive’s employment or service as a member of the Board in accordance
with the terms of this Section 4.7, including any acts and omissions to act occurring after the termination or expiration of this Agreement. 

  

	 	4.8	Reimbursement and In-Kind Benefit Rules. Any reimbursements or in-kind benefits to be provided pursuant to this Agreement (including but not limited to Sections 4.2, 4.4, 4.5, and 8) that are taxable to Executive
shall be subject to the following restrictions: (i) each reimbursement or in-kind benefit must be paid or provided, as applicable, no later than the last day of the calendar year following Executive’s tax year during which the expense was
incurred as the case may be; (ii) the amount of expenses eligible for reimbursement, or in kind benefits provided, during a tax year of Executive may not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any
other tax year of Executive; (iii) the period during which any reimbursement may be paid or in-kind benefit may be provided is the later of ten years after termination of this Agreement or in the case of reimbursements related to expenses, the
expiration of all applicable statutes of limitation for the collection of such expenses; and (iv) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit. 

 

	 	4.9	Sign-On Equity. Executive shall be granted sign-on equity in the form of two grants, (i) a one-time sign-on grant of 600,000 stock options (the “Sign-On Options”) and (ii) a one-time sign-on
grant with an additional value of $1,600,000 in restricted stock units (the “Sign-On RSUs”). 

  

	 	4.9.1	 Except as otherwise provided herein, the Sign-On Options will be subject to the terms and conditions of Company’s standard nonqualified stock
option agreement adopted under Company’s 2014 Stock Plan and vest pro-rata over three (3) years, subject to continued employment and other terms set forth in 

  
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the nonqualified stock option agreement. The Sign-On Options will have a strike price equal to the closing price of Company’s common stock as reported on the New York Stock Exchange as of
the date of the grant, which shall be the first trading day of the first month following the Agreement Date. 

  

	 	4.9.2	Except as otherwise provided herein, the Sign-On RSUs will be subject to the terms and conditions of Company’s standard restricted stock unit agreement adopted under Company’s 2014 Stock Plan (which will
provide for dividend equivalent rights) and vest in full, in the manner of cliff vesting, after three (3) years, subject to continued employment and other terms set forth in the restricted stock unit agreement. The Sign-On RSUs will be granted
on the first trading day of the first month following the Agreement Date, with the number of restricted stock units granted determined by dividing $1,600,000 by the average of the closing market price of a share of Company’s common stock on the
NYSE for the 30 trading days preceding, but not including, the date of grant. 

  

	 	5.	Separation from Service. The term of this Agreement shall commence on the Agreement Date and continue through August 1, 2018, unless earlier terminated in accordance with the terms of this Section 5 (the
“Term”). In the event this Agreement is not earlier terminated by either party prior to August 1, 2018, this Agreement shall expire and Executive shall become an at-will employee (with Sections 6, 8, 11, 12, 13 and 14 surviving and
Sections 4.3, 4.5, and 4.7 surviving in accordance with their terms). During the Term, Company may terminate Executive’s employment at any time for any reason, and Executive may terminate his employment at any time with or without Good Reason,
subject to the terms of this Section 5. For purposes of this Section 5, the following terms shall have the following meanings: 

  

	 	5.1	“Cause” shall be limited to (i) the willful and continued failure by Executive to substantially perform Executive’s duties with Company (other than any such failure resulting from termination by
Executive for Good Reason) after a demand for substantial performance is delivered to Executive that specifically identifies the manner in which Company believes that Executive has not substantially performed Executive’s duties, and Executive
has failed to resume substantial performance of Executive’s duties on a continuous basis within five (5) days of receiving such demand, (ii) the willful engaging by Executive in conduct which is demonstrably and materially injurious
to Company, monetarily or otherwise, or (iii) Executive’s conviction of a felony or conviction of a misdemeanor which impairs Executive’s ability substantially to perform his duties with Company. For purposes of this subsection, no
act, or failure to act, on Executive’s part shall be deemed “willful” unless done, or omitted to be done, by Executive not in good faith and without reasonable belief that the Executive’s action or omission was in the best
interest of Company. 

  
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	 	5.2	“Good Reason” shall mean a termination of employment initiated by Executive upon one or more of the following occurrences: (i) any failure of Company to comply with and satisfy any of the terms of this
Agreement; (ii) any significant involuntary reduction of the authority, duties or responsibilities held by Executive once appointed as President and Chief Executive Officer; (iii) any involuntary removal of Executive from the position of
President and Chief Executive Officer (following his appointment to such position) or involuntary removal of Executive from (or failure to re-nominate Executive to) the Board; (iv) any involuntary reduction in the aggregate compensation level
of Executive including, but not limited to, Base Salary, annual and long term incentive opportunity, and retirement plans, as in effect as of the Agreement Date; (v) requiring Executive to become based at any office or location more than the
minimum number of miles required by the Internal Revenue Code for Executive to claim a moving expense deduction, from either Executive’s Omaha or Naperville office locations, except for travel reasonably required in the performance of the
Executive’s responsibilities; and (vi) Executive being required to undertake business travel to an extent substantially greater than the Employee’s business travel obligations as of the date on which he begins serving as President and
Chief Executive Officer; provided, however, that no termination shall be deemed to be for Good Reason unless (A) Executive provides Company with written notice setting forth the specific facts or circumstances constituting Good
Reason within ninety days after his knowledge of the initial existence of the occurrence of such facts or circumstances, and (B) Company has failed to cure such facts or circumstances within thirty days of its receipt of such written notice.

  

	 	5.3	“Permanent Disability” shall mean Executive is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period
of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under Company’s long-term disability plan. 

 

	 	5.4	“Separation from Service”, “termination of employment” and similar references shall mean the date that Executive’s employment with Company terminates under circumstances that constitute a
separation from service within the meaning of Internal Revenue Code (“Code”) Section 409A and the Treasury Regulations relating thereto (“Section 409A”). Generally, Executive will incur a Separation from Service if Executive
dies, retires, or otherwise has a termination of employment with Company, determined in accordance with the following: 

  

	 	5.4.1	 Termination of Employment. Whether Separation from Service has occurred is determined based on whether the facts and circumstances indicate
that Company and Executive reasonably anticipated that no further services would be performed after a certain date or that the level of bona fide services Executive would perform after such date would permanently decrease to no more than twenty
(20) percent of the average level of bona fide services performed over the immediately preceding thirty six (36) month period (or the full period of services to Company if Executive has been providing services to Company less than thirty
six (36) months). For periods during which Executive is on a paid “bona fide leave of absence” (as described under Section 409A) and has not otherwise terminated employment, for purposes of this subsection Executive is treated as
providing bona fide services at a level 

  
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equal to the level of services that Executive would have been required to perform to receive the compensation paid with respect to such leave of absence. Periods during which Executive is on an
unpaid bona fide leave of absence and has not otherwise terminated employment are disregarded for purposes of this subsection (including for purposes of determining the applicable thirty six (36) month (or shorter) period). 

 

	 	5.4.2	Service with Related Companies. For purposes of determining whether a Separation from Service has occurred under the above provisions, the “Company” shall include Company and all Related Companies.

  

	 	5.4.3	“Related Companies” shall mean: (i) any corporation that is a member of a controlled group of corporations (as defined in Code Section 414(b)) that includes Company; and (ii) any trade or
business (whether or not incorporated) that is under common control (as defined in Code Section 414(c)) with Company. For purposes of applying Code §§ 414(b) and (c), 25% is substituted for the 80% ownership level. 

 

	 	5.5	Termination Upon Death or Permanent Disability. In the event of a Separation from Service during the Term by reason of Executive’s death or Permanent Disability, (i) Executive’s Base Salary shall
be paid to Executive or his estate (as applicable) through the month of Separation from Service, together with any accrued, but unused, vacation pay and any unreimbursed business expenses incurred through the date of Separation from Service and
substantiated in accordance with Section 4.4, (ii) Executive shall be paid an annual bonus consistent with the disability provisions of the Annual Incentive Program in place at the time of the Separation from Service, but in no case less than a
pro rata annual bonus for the fiscal year in which the Separation from Service occurs based on (x) the number of days employed during the fiscal year and (y) the actual achievement of applicable financial performance targets (determined
without any exercise of negative discretion inconsistent with any such exercise respecting other executives), which amount (if any) will be paid when annual bonuses for such year are paid to other executives; (iii) all deferred compensation
(not including retirement benefits) shall be paid to Executive, Executive’s estate, or his designated beneficiary (as applicable) in accordance with the terms of such deferred compensation (the items in (i), (ii), and (iii) above are
collectively referred to as the “Accrued Benefits”), and (iv) Executive, Executive’s estate, or his designated beneficiary (as applicable) shall receive unpaid vested benefits in accordance with the relevant terms of any
retirement, equity compensation, or other employee benefit plan or program in which Executive was a participant. 

  

	 	5.6	 Termination Without Cause or for Good Reason During Term. If there is a Separation from Service during the Term initiated by Company without
Cause, or resulting from Executive initiating a Separation from Service with Good Reason, (i) Executive shall receive all Accrued Benefits, except that the pro-rata bonus shall be without regard to the disability provisions of the Annual
Incentive Program in place at the time of the Separation from Service, (ii) Executive shall receive a payment in lump sum in an amount equal to two times (2x) the sum of Executive’s (A) Base Salary plus (B) an

  
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amount equal to the value of Executive’s target annual bonus for the year in which the Separation from Service occurs, (iii) notwithstanding anything to the contrary in any applicable
equity award agreement or similar document (“Award Agreement”), (X) the unvested portions (if any) of the Sign-On Options and Sign-On RSUs will become fully vested and, if applicable, exercisable, without regard to any applicable
minimum vesting period or minimum holding period, (Y) the Sign-On RSUs (together with any dividend or dividend equivalents that have accumulated with respect to such restricted stock units) will be settled on the date of such Separation from
Service in the form provided in the applicable Award Agreement, and (Z) the Sign-On Options, to the extent exercisable as of the date of such Separation from Service, will remain exercisable for three (3) years following such Separation
from Service; (iv) the unvested portion of stock options awarded with respect to the Fiscal 2016-2018 Cycle will become vested and exercisable on a pro-rata basis, based on the number of days employed during the applicable vesting period
relative to the total number of days constituting the vesting period; and (v) Executive shall receive unpaid vested benefits in accordance with the relevant terms of any retirement, equity compensation or other employee benefit plan or program
in which Executive was a participant. Except as otherwise provided in the preceding sentence, any equity awards granted to Executive will remain subject to the terms and conditions of the applicable Award Agreements and the equity or incentive
compensation plans under which they shall have been granted. 

  

	 	5.7	Termination With Cause or Without Good Reason. If during the Term there is a Separation from Service initiated by Company with Cause, or resulting from Executive voluntarily initiating a Separation from Service
without Good Reason, then (i) Executive shall be paid the Base Salary through the month of termination, together with any accrued, but unused, vacation pay and any unreimbursed business expenses incurred through the date of Separation from
Service and substantiated in accordance with Section 4.4 and (ii) Executive shall receive unpaid vested benefits in accordance with the relevant terms of any retirement, equity compensation, or other employee benefit plan or program in which
Executive was a participant. 

  

	 	5.8	Timing of Payments. Subject to Section 5.8 below and any applicable deferral election, all cash payments required hereunder following death, Permanent Disability or any other Separation from Service shall be made
on the sixty-first day following such Separation from Service, unless otherwise provided in an applicable retirement, equity compensation or other benefit plan or program of Company. Any payments made pursuant to a Separation from Service upon
Permanent Disability under Section 5.5 or pursuant to Section 5.6 not required by law in the absence of this Agreement are conditioned on Executive having first signed a release agreement in a form provided by Company (and not imposing any
post-termination restrictive covenants on Executive other than an affirmation of those such covenants entered into by Executive and Company prior to the date thereof) and the release becoming irrevocable by its terms within sixty (60) calendar
days following the date of Executive’s Separation from Service. 

  
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	 	5.9	Six Month Wait. Notwithstanding anything contained in this Agreement to the contrary, to the extent necessary to comply with Code Section 409A(a)(2)(B)(i), if Executive is a “specified employee”
(determined in accordance with Code Section 409A and Treasury Regulation Section 1.409A-3(i)(2)) as of the date of Separation from Service (other than a Separation from Service due to death), then any payment, benefit or entitlement
provided for in this Agreement that is payable by reference to the date of Executive’s Separation from Service during the first six months following the date of Separation from Service shall be paid or provided to Executive in a lump sum cash
payment to be made on the earlier of (a) Executive’s death or (b) the first business day (or within 30 days after such first business day) of the seventh calendar month immediately following the month in which the date of Separation
from Service occurs. If any payment is delayed pursuant to this Section 5.8, Company shall pay interest at the rate described below on the postponed payments from the date the payment would have been due but for this Section 5.8 to the date on which
such amounts are paid. Interest shall be credited at an annual rate equal to the rate announced by Wells Fargo & Company (or its successor) as its “prime rate” as of the date the payment would have been due but for this Section
5.8, plus one hundred (100) basis points, compounded annually. 

  

	 	5.10	Code Section 409A. It is intended by Company and Executive that all compensation and benefits payable or provided to Executive under this Agreement or otherwise shall fully comply with the provisions of
Section 409A so as not to subject Executive to the additional tax, interest or penalties which may be imposed under Section 409A. The parties acknowledge that Section 409A is ambiguous in certain respects. Company agrees that it will
attempt in good faith not to take any action, or refrain from taking any action, that would result in the imposition of tax, interest and/or penalties upon Executive under Section 409A. To the extent Company has acted or refrained from acting
in good faith as required by this Section, it will not be responsible for any consequences of failure to comply with Section 409A. 

  

	 	6.	Confidentiality/Noncompetition/Non-Solicitation. 

  

	 	6.1	From the Agreement Date through a period ending one year following the termination of the employment of Executive with Company for any reason (the “Restricted Period”), Executive shall not be an executive
officer, board member, 5% or greater owner or partner, or employee of a food company that materially competes with Company and has annual revenues over $1 billion. 

 

	 	6.2	Executive shall additionally execute a confidentiality and non-solicitation agreement consistent with those agreements executed by similarly-situated executive officers of Company, effective as of the Agreement Date,
and the terms of such agreement shall be incorporated by reference herein. 

  

	 	6.3	 Executive agrees that any breach of the covenants contained or incorporated by reference in this Section 6 will irreparably injure Company, and
accordingly Company may, in addition to pursing any other remedies available at law or in equity, obtain injunctive relief against Executive from any court having jurisdiction over the

  
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matter located in the State of Illinois, restraining any further violation of such provisions by Executive. The parties mutually agree to submit themselves to the jurisdiction of such courts and
waive any objection on the basis of jurisdiction or venue. Any other dispute over such covenants, including the ultimate merits of such a dispute, shall be decided in accordance with Section 13. 

 

	 	6.4	Executive acknowledges and agrees that the provisions contained or incorporated by reference in this Section 6 are reasonable and valid in duration and scope and in all other respects. If any court of competent
jurisdiction as set forth above or panel of arbitrators selected by the parties determines that any provision of this Section is unenforceable because of the duration or scope of such provision, such court/panel shall have the power to reduce the
scope or duration of such provision, or otherwise amend or restate such provision, as the case may be, and, in its reduced, amended, or restated form, such provision shall then be enforceable. The parties agree that such reduction, amendment, or
restatement should be consistent with the parties’ intention that Company’s legitimate business interests in fair competition, and in the preservation of Company’s good will and proprietary information, be protected.

  

	 	7.	Offsets. In the event of a termination of Executive’s employment pursuant to Section 5.6 above or a Company breach of this Agreement, Executive shall not be required to mitigate damages nor shall the
payments due Executive hereunder be reduced or offset by reason of any payments Executive may receive from any other source or by any amounts owing by Executive to Company. 

 

	 	8.	Separability; Legal Fees. Subject to the provisions of Section 6.4, if any provision of this Agreement shall be declared to be invalid or unenforceable, in whole or in part, such invalidity or unenforceability
shall not affect the remaining provisions hereof which shall remain in full force and effect. In addition, Company shall reimburse Executive for all legal and accounting fees and expenses incurred by Executive in seeking to obtain or enforce any
right or benefit provided by this Agreement or any other compensation-related plan, agreement or arrangement of Company upon presentation by Executive of an itemized account of such expenditures, unless Executive’s claim is found by the
arbitration panel to have been frivolous. 

  

	 	9.	Assignment. This Agreement shall be binding upon and inure to the benefit of the heirs and representatives of Executive and the assigns and successors of Company, but neither this Agreement nor any rights
hereunder shall be assignable or otherwise subject to hypothecation by Executive (except by will or by operation of the laws of intestate succession) or Company, except that Company shall assign this Agreement to any successor (whether by merger,
purchase or otherwise) to all or substantially of the stock, assets or businesses of Company. 

  
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	 	10.	Amendment. This Agreement may only be amended by mutual written agreement between Company and Executive. 

  

	 	11.	Notices. All notices or communications hereunder shall be in writing, addressed as follows: 

  

	 	To Company:	ConAgra Foods, Inc. 

	 	  	One ConAgra Drive 

	 	  	Omaha, Nebraska 68102 

	 	  	Attn: Secretary 

  

	 	To Executive:	At the address shown on the records of Company 

 Any such notice or communication shall be sent
certified or registered mail, return receipt requested, postage prepaid, addressed as above (or to such other address as such party may designate in a notice duly delivered as described above), and the actual date of mailing shall determine the date
at which notice was given. 
  

	 	12.	Governing Law. This Agreement shall be construed, interpreted and governed in accordance with the laws of Delaware without reference to such state’s rules relating to conflicts of law. 

 

	 	13.	Arbitration. Any controversy or claim arising out of this Agreement or any breach shall be resolved by arbitration pursuant to this Section 13 and the then current rules of the American Arbitration Association.
The arbitration shall be held in Omaha, Nebraska before three arbitrators who are knowledgeable as to employment and employee benefits law. If the parties cannot agree on the appointment, one arbitrator shall be appointed by Company, one by
Executive, and the third shall be appointed by the first two arbitrators. The arbitrators’ decision and award shall be final and binding and may be entered in any court having jurisdiction thereof. The arbitrators shall not have the power to
award punitive or exemplary damages. Each party shall bear its own attorneys’ fees associated with the arbitration and other costs and expenses of the arbitration shall be borne as provided by the rules of the American Arbitration Association;
provided, however, that unless the arbitrators determine the position of Executive was frivolous, Executive shall be entitled to reimbursement for reasonable attorneys’ fees and expenses and arbitration expenses incurred in connection with the
dispute. If any portion of this Section 13 is held to be unenforceable, it shall be severed and shall not affect either the duty to arbitrate or any other part of this Section 13. Notwithstanding the foregoing, as set forth in Section 6.4,
Company may seek interim injunctive relief to enforce restrictive covenants pending resolution of any arbitration. 

  

	 	14.	Executive Representation. 

  

	 	14.1	 Except for agreements relating to Executive’s immediately prior employer that Executive disclosed to Company (the “Restrictive
Agreements”), Executive represents to Company that Executive is not a party to or bound by any employment, retainer, consulting, license, non-competition, non-disclosure, trade

  
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secrets or other agreement between Executive and any other person, partnership, corporation, joint venture, association or other entity. This representation is an express condition to this
Agreement and, in the event of a breach of this representation, this Agreement shall be null and void. 

  

	 	14.2	Additionally, if Executive commits a willful (as defined in Section 5.1) material breach of any Restrictive Agreement, such breach shall be a basis for termination under Section 5.7, provided, that,
prior to such termination, Executive shall be afforded the opportunity within ten (10) business days of receiving notice of Company’s intent to terminate him under Section 5.7 to address the Board (together with his counsel) regarding
such asserted material breach. Any challenge by Executive to such termination shall be subject to Section 13 hereof and the arbitration panel shall consider such termination de novo. 

 

	 	14.3	Company agrees that, subject to Company by-laws and applicable law, (i) if Executive is made a party, or is threatened to be made a party, to any threatened or actual action, suit or proceeding, whether civil,
administrative, arbitration, investigative, appellate or other (a “Proceeding”) by Executive’s immediately prior employer, or any affiliate thereof, or (ii) if any claim, demand, request, dispute, controversy, threat, discovery
request or request for testimony or information (a “Claim”) is made, or threatened to be made, by such immediate prior employer, or such affiliate, and such Proceeding or Claim results in any material part from Executive’s alleged
breach of any Restrictive Agreement, then Company shall (1) defend Executive in such Proceeding and against such Claim, at Company’s expense, and (2) indemnify and hold harmless Executive to the fullest extent permitted by applicable
law against any monetary judgments, damages or liabilities incurred by Executive or payments agreed in settlement with Company’s concurrence, (including, without limitation reasonable attorneys fees to enforce Executive’s rights under this
provision); provided, however, that such duty to defend and indemnify excludes any Proceeding or Claim primarily resulting or arising from Executive’s material breach of a Restrictive Agreement or his representations in this Section 14 and
that such duty to defend and to indemnify shall cease upon (x) Executive’s rejection of a settlement offer, that does not involve Executive’s Separation from Service or payment of any economic damages or other economic sanction,
recommended by the Company’s counsel; or (y) Executive’s taking a position adverse to the Company. 

  

	 	15.	 Entire Agreement. This Agreement supersedes any unwritten agreements or understandings by and between Executive and Company and any of its
affiliates or their respective directors, officers, shareholders, employees, attorneys, agents, or representatives, and, together with the agreements, plans and programs referred to herein, constitutes the entire agreement between the parties,
respecting the subject matter hereof and there are no representations, warranties or other commitments other than those expressed herein. If there is a conflict between any provision of this Agreement and any provision of any stock option or other
award agreement with Executive, this Agreement will control. Executive acknowledges that certain plans maintained by Company must comply with ERISA, the Code and the terms and conditions of the plans (“Qualified

  
 12 

	 	
Plans”). Nothing contained in this Agreement will require Company to provide any benefit contrary to the terms and conditions of the Qualified Plans or in violation of ERISA or the Internal
Revenue Code. To the extent any benefit to be provided hereunder to Executive cannot be provided through a Qualified Plan, Company will provide the benefit on a non-qualified basis. 

[SIGNATURES ON THE FOLLOWING PAGE] 

  
 13 

 IN WITNESS WHEREOF, the parties have executed this Agreement the 12th day of February, 2015. 
  
  

					
	EXECUTIVE:	 		 	CONAGRA FOODS, INC.
			
	/s/ Sean M. Connolly	 		 	/s/ Steven F. Goldstone
	Sean M. Connolly	 		 	 Steven F. Goldstone
 Chairman of the Board of
DirectorsEX-10.3

 Exhibit 10.3 

CHANGE OF CONTROL AGREEMENT 

This CHANGE OF CONTROL AGREEMENT (“Agreement”) is made between ConAgra Foods, Inc., a Delaware Corporation (the
“Company”), and Sean M. Connolly (the “Employee”), this February 12, 2015, but effective with Employee’s employment with the Company commencing on March 3, 2015 (the “Effective Date”). 

WHEREAS, as is the case with most, if not all, publicly traded businesses, it is expected that the Company from time to time may consider or
need to consider the possibility of an acquisition by another company or other Change of Control of the ownership of the Company. The Board of Directors of the Company (the “Board”) recognizes that such considerations can be a distraction
to Employee and can cause the Employee to consider alternative employment opportunities or to be influenced by the impact of a possible Change of Control of the ownership of the Company on Employee’s personal circumstances in evaluating such
opportunities. The Board has determined that it is in the best interests of the Company and its shareholders to assure that the Company will have the continued dedication and objectivity of Employee, notwithstanding the possibility, threat or
occurrence of a Change of Control of the Company. 
 WHEREAS, the Board believes that it is in the best interests of the Company and its
shareholders to provide Employee with an incentive to continue Employee’s employment and to motivate Employee to maximize the value of the Company upon a Change of Control for the benefit of its shareholders. 

WHEREAS, the Board believes that it is important to provide Employee with certain benefits upon Employee’s termination of employment in
certain instances upon or following a Change of Control that provide Employee with enhanced financial security and incentive and encouragement to remain with the Company notwithstanding the possibility of a Change of Control. 

NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements hereinafter set forth and intending to be legally
bound hereby, the parties hereto agree as follows: 
 1. Definitions. For all purposes of this Agreement, the following terms
shall have the meanings specified in this Section unless the context clearly otherwise requires: 
 (a) “Affiliate” and
“Associate” shall have the respective meanings ascribed to such terms in Rule 12b-2 of Regulation 12B under the Exchange Act. 

(b) “Change of Control” shall mean: 
  

	 	(i)	Individuals who constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board, provided that any person becoming a director subsequent to the date hereof
whose election, or nomination for election by the Company’s shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be, for purposes of this Agreement, considered as though such
person were a member of the Incumbent Board; or 

	 	(ii)	Consummation of a reorganization, merger or consolidation, in each case, with respect to which persons who were the shareholders of the Company immediately prior to such reorganization, merger or consolidation do not,
immediately thereafter, own more than fifty percent (50%) of the combined voting power entitled to vote generally in the election of directors of the reorganized, merged or consolidated company’s then outstanding voting securities, or a
liquidation or dissolution of the Company or of the sale of all or substantially all of its assets. 

 (c) “Cause”
shall mean (i) the willful and continued failure by Employee to substantially perform Employee’s duties with the Company (other than any such failure resulting from termination by the Employee for Good Reason) after a demand for
substantial performance is delivered to the Employee that specifically identifies the manner in which the Company believes that the Employee has not substantially performed Employee’s duties, and the Employee has failed to resume substantial
performance of the Employee’s duties on a continuous basis within five (5) days of receiving such demand, (ii) the willful engaging by the Employee in conduct which is demonstrably and materially injurious to the Company, monetarily
or otherwise, or (iii) the Employee’s conviction of a felony or conviction of a misdemeanor which impairs the Employee’s ability substantially to perform the Employee’s duties with the Company. For purposes of this subsection, no
act, or failure to act, on the Employee’s part shall be deemed “willful” unless done, or omitted to be done, by the Employee not in good faith and without reasonable belief that the Employee’s action or omission was in the best
interest of the Company. 
 (d) “Code” shall mean the Internal Revenue Code of 1986, as amended. 

(e) “Continuation Period” means the two (2) year period beginning on the Employee’s Termination Date. 

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

(g) “Good Reason Termination” shall mean a termination of employment initiated by the Employee upon one or more of the following
occurrences: 
  

	 	(i)	any failure of the Company to comply with and satisfy any of the terms of this Agreement; 

  

	 	(ii)	any significant involuntary reduction of the authority, duties or responsibilities held by the Employee immediately prior to the Change of Control; 

 

	 	(iii)	any involuntary removal of the Employee from an officer position which the Employee holds with the Company or, if the Employee is employed by a Subsidiary or Affiliate, with the Subsidiary or Affiliate, held by the
Employee immediately prior to the Change of Control, except in connection with promotions to higher office; 

  
 2 

	 	(iv)	any involuntary reduction in the aggregate compensation level of the Employee including, but not limited to, base salary, annual and long term incentive opportunity, and supplemental executive retirement plans, as in
effect immediately prior to the Change of Control; 

  

	 	(v)	requiring the Employee to become based at any office or location more than the minimum number of miles required by the Code for the Employee to claim a moving expense deduction, from the office or location at which the
Employee was based immediately prior to such Change of Control, except for travel reasonably required in the performance of the Employee’s responsibilities; and 

 

	 	(vi)	the Employee being required to undertake business travel to an extent substantially greater than the Employee’s business travel obligations immediately prior to the Change of Control. 

(h) “Related Company” shall mean (i) any corporation that is a member of a controlled group of corporations (as defined in Code
Section 414(b)) that includes the Company; and (ii) any trade or business (whether or not incorporated) that is under common control (as defined in Code Section 414(c)) with the Company. For purposes of applying Code
§§ 414(b) and (c), 25% is substituted for the 80% ownership level. 
 (i) “Separation from Service”, shall mean the
date that Employee separates from service within the meaning of Code Section 409A. Generally, Employee separates from service if Employee dies, retires, or otherwise has a termination of employment with the Company, determined in accordance
with the following: 
  

	 	(i)	Leaves of Absence. The employment relationship is treated as continuing intact while Employee is on military leave, sick leave, or other bona fide leave of absence if the period of such leave does not exceed six
(6) months, or, if longer, so long as Employee retains a right to reemployment with the Company under an applicable statute or by contract (including but not limited to this Agreement). A leave of absence constitutes a bona fide leave of
absence only if there is a reasonable expectation that Employee will return to perform services for the Company. If the period of leave exceeds six (6) months and Employee does not retain a right to reemployment under an applicable statute or
by contract, the employment relationship is deemed to terminate on the first date immediately following such six (6) month period. Notwithstanding the foregoing, where a leave of absence is due to any medically determinable physical or mental
impairment that can be expected to result in death or can be expected to last for a continuous period of not less than six (6) months, where such impairment causes Employee to be unable to perform the duties of his or her position of employment
or any substantially similar position of employment, a twenty nine (29) month period of absence shall be substituted for such six (6) month period. 

  
 3 

	 	(ii)	Dual Status. Generally, if Employee performs services both as an employee and an independent contractor, Employee must separate from service both as an employee, and as an independent contractor pursuant to
standards set forth in Treasury Regulations, to be treated as having a separation from service. However, if Employee provides services to the Company as an employee and as a member of the Board, and if any plan in which such person participates as a
Board member is not aggregated with this Agreement pursuant to Treasury Regulation section 1.409A 1(c)(2)(ii), then the services provided as a director are not taken into account in determining whether Employee has a separation from service as
an employee for purposes of this Agreement. 

  

	 	(iii)	Termination of Employment. Whether a termination of employment has occurred is determined based on whether the facts and circumstances indicate that the Company and Employee reasonably anticipated that no further
services would be performed after a certain date or that the level of bona fide services Employee would perform after such date (whether as an employee or as an independent contractor except as provided in clause (ii) above) would permanently
decrease to no more than twenty (20) percent of the average level of bona fide services performed (whether as an employee or an independent contractor, except as provided in clause (ii) above) over the immediately preceding thirty six
(36) month period (or the full period of services to the Company if Employee has been providing services to the Company less than thirty six (36) months). For periods during which Employee is on a paid bona fide leave of absence and has
not otherwise terminated employment as described above, for purposes of this clause (iii) Employee is treated as providing bona fide services at a level equal to the level of services that Employee would have been required to perform to receive
the compensation paid with respect to such leave of absence. Periods during which Employee is on an unpaid bona fide leave of absence and has not otherwise terminated employment are disregarded for purposes of this clause (iii) (including for
purposes of determining the applicable thirty six (36) month (or shorter) period). 

 (j) “Subsidiary” shall
mean any corporation in which the Company, directly or indirectly, owns at least a fifty percent (50%) interest or an unincorporated entity of which the Company, directly or indirectly, owns at least fifty percent (50%) of the profits or
capital interests. 
 (k) “Termination Date” shall mean the effective date of the Employee’s Separation from Service. 

2. Notice of Termination. Any Separation from Service upon or following a Change of Control shall be communicated by a Notice of
Termination to Employee (or from Employee to the Company with respect to a Good Reason Termination) given in accordance with Section 16 hereof. For purposes of this Agreement, a “Notice of Termination” means a written notice which
(i) indicates the specific provision in this Agreement relied upon, (ii) briefly 

  
 4 

 
summarizes the facts and circumstances deemed to provide a basis for Employee’s Separation from Service under the provision so indicated, and (iii) if the Termination Date is other than
the date of receipt of such notice, specifies the Termination Date (which date shall not be more than 15 days after the giving of such notice). 

3. Severance Compensation upon Separation from Service. 

(a) Subject to the provisions of Sections 9 and 10 hereof and further subject to Employee executing and not revoking a release of claims
substantially in the form set forth as Exhibit A to this Agreement and the period to revoke such release expiring within sixty (60) days following Employee’s Separation from Service, in the event of Employee’s involuntary Separation
from Service initiated by the Company or a Subsidiary or Affiliate for any reason other than Cause or in the event of a Good Reason Termination, in either event upon or within three years after a Change of Control, Employee shall receive the
following amounts in lieu of any severance compensation and benefits under the Company’s severance plan: 
  

	 	(i)	The Company shall pay to Employee a lump sum cash payment equal to three (3) multiplied by the sum of (1) Employee’s annual base salary plus (2) the greater of (x) the highest annual cash bonus
paid to Employee for the three (3) full fiscal years of the Company preceding the fiscal year in which the Change of Control occurs or (y) 150% of Employee’s annual base salary for the fiscal year in which the Change of Control
occurs. The annual base salary for purposes of item (1) in the preceding sentence shall be Employee’s highest annual base salary as of or after the Change of Control. 

 

	 	(ii)	 During the Continuation Period, the Employee shall continue to be entitled to participate in the medical and dental, disability, basic life insurance
and supplemental life insurance plans of the Company or Subsidiary or Affiliate (to the extent such benefits remain in effect for other executives of the Company from time to time during the Continuation Period) based upon the amount of benefit
provided to the Employee as of the Employee’s Separation from Service. The Employee shall be responsible for making required contributions, on an after-tax basis, at the rate required of all executive employees at the time of the
Employee’s Separation from Service or thereafter, except for the medical and dental coverage. For the medical and dental coverage, the Employee shall be required to contribute, on an after-tax basis, the premium (“COBRA Premium”)
determined for the plan under Section 4980B(f) of the Code. The Company shall pay to the Employee a single lump sum payment equal to the present value of the cost of the medical and dental coverage for the Continuation Period (assuming family
coverage and a reasonable increase in the COBRA Premium). If it is not possible to continue the disability, basic life and supplemental life insurance coverage without violation of or noncompliance with tax (including Code Section 409A), legal
or insurance requirements, the Company shall pay to the Employee a single lump sum payment equal to the present value of the cost of such coverage for the 

  
 5 

	 	
Continuation Period on the first day on which severance compensation is paid pursuant to subsection (b) below; provided that if payment in a lump sum would cause taxation under Code
Section 409A, the Company shall pay the cost of such coverage for each calendar year (or portion thereof) that falls within the Continuation Period on the first business day during each such calendar year (or portion thereof) on which payment
can be made without causing taxation under Code Section 409A. 

  

	 	(iii)	If the Employee participates in the qualified and/or nonqualified ConAgra Foods Retirement Income Savings Plan (“CRISP”), the Employee shall receive a supplemental credit to his nonqualified CRISP
“Account” equal to the maximum employer contribution that the Employee could have received under the qualified and nonqualified CRISP (or any successor plan) in the year that includes the Termination Date. 

 

	 	(iv)	Subject to Section 11, the Company, at its expense, shall provide reasonable outplacement assistance to the Employee through the end of the second calendar year beginning after the Termination Date from a
professional outplacement assistant firm which is reasonably suitable to the Employee and commensurate with the Employee’s position and responsibilities. In no event shall the amount expended with outplacement assistance for the Employee exceed
Thirty Thousand Dollars ($30,000). 

 (b) Except as otherwise set forth in Sections 9 and 10, (1) the amounts described
in subsections 3(a) (i) and (ii) above shall be paid, and (2) the supplemental credit in subsection 3(a)(iii) shall be allocated (with payment governed by the terms of CRISP), on the
61st day after the Termination Date. 
 4. Other Payments. Upon any
Separation from Service entitling the Employee to payments under this Agreement, the Employee shall receive all accrued but unpaid salary and all benefits (other than severance benefits) accrued and payable under any plans, policies and programs of
the Company and its Subsidiaries or Affiliates. 
 5. Interest; Enforcement. 

(a) If payment of the amounts described in Section 3 or Section 10 is delayed pursuant to Section 409A of the Code, the Company
shall pay interest at the rate described below on the postponed payments from the 61st day after Employee’s Termination Date to the date on which such amounts are paid. If the Company shall
fail or refuse to pay any amounts due the Employee under Section 3 or 10 on the applicable due date, the Company shall pay interest at the rate described below on the unpaid payments from the applicable due date to the date on which such
amounts are paid. Interest shall be credited at an annual rate equal to the rate announced by Wells Fargo & Company (or its successor) as its “prime rate” as of the Employee’s Termination Date, plus one percent (1%),
compounded annually. 
 (b) The Employee shall not be required to incur any expenses associated with the enforcement of the Employee’s
rights under this Agreement by arbitration, litigation or other 

  
 6 

 
legal action, because the cost and expense thereof would substantially detract from the benefits intended to be extended to the Employee hereunder. Accordingly, the Company shall pay the Employee
on demand the amount necessary to reimburse the Employee in full for all reasonable expenses (including all attorneys’ fees and legal expenses) incurred by the Employee in enforcing any of the obligations of the Company under this Agreement.
The Employee shall notify the Company of the expenses for which the Employee demands reimbursement within sixty (60) days after the Employee receives an invoice for such expenses, and the Company shall pay the reimbursement amount within
fifteen (15) days after receipt of such notice, subject to Section 11. 
 6. No Mitigation. The Employee
shall not be required to mitigate the amount of any payment or benefit provided for in this Agreement by seeking other employment or otherwise, nor shall the amount of any payment or benefit provided for herein be reduced by any compensation earned
by other employment or otherwise. 
 7. Nonexclusivity of Rights. Nothing in this Agreement shall prevent or limit the
Employee’s continuing or future participation in or rights under any benefit, bonus, incentive or other plan or program provided by the Company, or any of its Subsidiaries or Affiliates, and for which the Employee may qualify, except as
provided in this Agreement. 
 8. No Set Off. The Company’s obligation to make the payments provided for in this
Agreement and otherwise to perform its obligations hereunder shall not be affected by any circumstances, including, without limitation, any set-off, counterclaim, recoupment, defense or other right which the Company may have against the Employee or
others. 
 9. Taxation. 

(a) Notwithstanding anything contained in this Agreement to the contrary, if the Employee is a “specified employee” (determined in
accordance with Code Section 409A and Treasury Regulation Section 1.409A-3(i)(2)) as of the date of Separation from Service (other than a Separation from Service due to death) and if the Employee is entitled under this Agreement to any
payment, benefit or entitlement upon Separation from Service that constitutes “deferred compensation” subject to Code Section 409A, then (i) any such payment, benefit or entitlement (the “Postponed Benefit”) that is
payable during the first six months following the date of Separation from Service shall be paid or provided to the Employee, together with accrued interest as described in Section 5, in a lump sum cash payment to be made on the earlier of
(a) the Employee’s death or (b) the first business day (or within 30 days after such first business day) of the seventh calendar month immediately following the month in which the date of Separation from Service occurs (the
“Postponement Period”); and (ii) unless doing so would violate Code section 409A(b), an amount equal to the Postponed Benefit plus an estimate of the interest to be paid shall be deposited, as of the date the Postponed Benefit would
have been paid but for this section, in a trust in the form of the model grantor trust contained in IRS Revenue Procedure 92-64, which trust is incorporated by reference. If Code section 409A(b) initially prevents the funding described in the prior
sentence, but it is possible to carry out such funding without violating Code section 409A(b) at a later date that precedes when payment is made (“409A(b) Date”), such funding shall occur at the earliest possible 409A(b) Date. If the
Employee dies during the Postponement Period prior to the payment of benefits, the amounts 

  
 7 

 
withheld on account of Section 409A of the Code, with accrued interest as described in Section 5, shall be paid to the personal representative of the Employee’s estate within sixty
(60) days after the date of the Employee’s death. Payments under this Agreement shall be made by mail to the last address provided for notices to the Employee pursuant to Section 16 of this Agreement. 

(b) Further notwithstanding anything in this Agreement to the contrary, the Company shall attempt in good faith not to take any action, or
refrain from taking any action that would result in the imposition of tax, interest and/or penalties upon the Employee under Code Section 409A. The parties acknowledge that the requirements of Code Section 409A are ambiguous in certain
respects. The parties further acknowledge that this Agreement shall be interpreted and administered to maximize the exemptions from Code Section 409A and, to the extent this Agreement provides for deferred compensation subject to Code
Section 409A, to comply with Code Section 409A and to avoid the imposition of additional taxes upon the Employee under Code Section 409A. Accordingly, to comply with Code Section 409A, if Employee is entitled to any payment or
benefit under this Agreement (i) following a Change in Control that does not qualify under Code Section 409A as a “change in ownership,” “change in effective control” or “change in ownership of a substantial
portion of the assets,” in each case with respect to the Company, or (ii) due to a Separation from Service that occurs more than two years after the date of the Change in Control, and if Employee is a party to another agreement, offer
letter or other arrangement providing for severance benefits in connection with a Separation from Service other than in connection with a Change in Control, payments under this Agreement up to the total payments required under such other agreement
shall be paid in the same manner and at the same time as payments would be paid under such other agreement, and any additional amounts shall be paid as provided in Section 3(b) above. If the Company has acted or refrained from acting in good
faith as required by this Section 9, it will not be responsible for any consequences of failure to comply with Code Section 409A. 

(c) All payments under this Agreement shall be subject to all requirements of the law with regard to tax withholding and reporting and filing
requirements, and the Company shall use its best efforts to satisfy promptly all such requirements. 
 10. Limitation on Payment.

 (a) Except as otherwise provided in subsection (b) below, in the event that it shall be determined that any payment or
distribution in the nature of compensation (within the meaning of Section 280G(b)(2) of the Code) to or for the benefit of the Employee, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or
otherwise (a “Payment”), would constitute an “excess parachute payment” within the meaning of Section 280G of the Code, the aggregate present value of the Payments under the Agreement shall be reduced (but not below zero) to
the Safe Harbor Amount (as defined below). Any required reduction in the Payments pursuant to the foregoing shall be done only to the extent such reduction of the Payment can contribute to avoiding the Excise Tax and Expenses (as defined below), and
it shall be accomplished first by reducing the lump sum severance payment payable pursuant to Section 3(a)(i) of the Agreement, and then (to the extent reduction of the Section 3(a)(i) payment is not adequate) by reducing the additional NQ
CRISP credit provided pursuant to Section 3(a)(iii). The “Safe Harbor Amount” is the maximum dollar amount of payments in the nature of compensation that are contingent on a Change of Control (as described in Section 280G

  
 8 

 
of the Code) and that may be paid or distributed to the Employee without imposition of the Excise Tax and Expenses. The term “Excise Tax and Expenses” means the excise tax imposed under
Section 4999 of the Code, together with any interest or penalties imposed with respect to such excise tax. 
 (b) Notwithstanding the
foregoing, the Company shall not reduce the Payments as described in subsection (a) if the net after-tax amount of the unreduced Payments that would be retained by the Employee after considering all income, employment, excise and other taxes
(including any Excise Tax and Expenses) exceeds the net after-tax amount of the Safe Harbor Amount that would be retained by the Employee after considering all income, employment, excise and other taxes. 

(c) All determinations to be made under this Section 10 shall be made by an independent registered public accounting firm selected by the
Company immediately prior to the Change of Control (the “Accounting Firm”), which shall provide its determinations and any supporting calculations both to the Company and the Employee within ten (10) days of the Change of Control. Any
such determination by the Accounting Firm shall be binding upon the Company and the Employee. 
 (d) All of the fees and expenses of the
Accounting Firm in performing the determinations referred to in this Section shall be borne solely by the Company. The Company agrees to indemnify and hold harmless the Accounting Firm of and from any and all claims, damages and expenses resulting
from or relating to its determinations pursuant to this Section, except for claims, damages or expenses resulting from the gross negligence or willful misconduct of the Accounting Firm. 

11. Reimbursements. Any reimbursements or in-kind benefits to be provided pursuant to this Agreement (including but not
limited to Sections 3(a)(iv) and 5(b)) that are taxable to Employee shall be subject to the following restrictions: (a) each reimbursement must be paid no later than the last day of the Employee’s tax year following the Employee’s tax
year during which the expense was incurred or in-kind benefit was received, as the case may be; (b) the amount of expenses eligible for reimbursement, or in kind benefits provided, during a tax year of the Employee may not affect the expenses
eligible for reimbursement, or in-kind benefits to be provided, in any other tax year of the Employee; (c) the period during which any expenses that are eligible for reimbursement may be paid or in-kind benefit may be provided is ten years
after termination of this Agreement; and (d) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit. 

12. Term. This Agreement shall commence on the Effective Date and, unless there is a Change of Control, shall continue
until the earliest of (a) the Employee’s termination of employment as a full-time employee of the Company, (b) the date the Employee enters into a written separation agreement with the Company; or (c) the date when this Agreement
is terminated by the Company in accordance with the next sentence. If a Change of Control has not occurred, then the Company shall have the right at any time to terminate this Agreement by giving the Employee six (6) months prior written notice
of termination of this Agreement. If a Change of Control occurs at any time prior to the termination of this Agreement pursuant to the preceding, this Agreement shall terminate on the third anniversary of such Change of Control. 

  
 9 

 13. Confidentiality. The Employee acknowledges that during the
Employee’s employment with the Company or any of its Affiliates, the Employee will acquire, be exposed to and have access to, non-public material, data and information of the Company and its Affiliates and/or their customers or clients that is
confidential, proprietary, and/or a trade secret (“Confidential Information”). At all times, both during and after the Term, the Employee shall keep and retain in confidence and shall not disclose, except as required and authorized in the
course of the Employee’s employment with the Company or any of its Affiliates, to any person, firm or corporation, or use for his or her own purposes, any Confidential Information. For purposes of this Agreement, such Confidential Information
shall include, but shall not be limited to: sales methods, information concerning principals or customers, advertising methods, financial affairs or methods of procurement, marketing and business plans, strategies (including risk strategies),
projections, business opportunities, inventions, designs, drawings, research and development plans, client lists, sales and cost information and financial results and performance. Notwithstanding the foregoing, “Confidential Information”
shall not include any information known generally to the public (other than as a result of unauthorized disclosure by the Employee or by the Company or its Affiliates). The Employee acknowledges that the obligations pertaining to the confidentiality
and non-disclosure of Confidential Information shall remain in effect for a period of five (5) years after the Employee’s Separation from Service, or until the Company or its Affiliates has released any such information into the public
domain, in which case the Employee’s obligation hereunder shall cease with respect only to such information so released into the public domain. The Employee’s obligation under this Section 13 shall survive any Separation from Service.
If the Employee receives a subpoena or other judicial process requiring that he or she produce, provide or testify about Confidential Information, the Employee shall notify the Company and cooperate fully with the Company in resisting disclosure of
the Confidential Information. The Employee acknowledges that the Company has the right either in the name of the Employee or in its own name to oppose or move to quash any subpoena or other legal process directed to the Employee regarding
Confidential Information. 
 14. Incentive Payments Upon Change of Control. Upon a Change of Control that qualifies
under 409A as a “change in ownership,” “change in effective control” or “change in ownership of a substantial portion of the assets,” in each case with respect to the Company, the Company may, at the Board’s, or
the Human Resources Committee’s, as the case may be, sole and absolute discretion, pay the Employee all or a portion of the Employee’s Short and/or Long Term Incentive for the Company fiscal year in which the Change of Control occurs (to
the extent that such compensation is not deferred compensation subject to Code section 409A). The amounts paid may be based upon (a) a proration of the Employee’s target incentives for the fiscal year, (b) a proration of the projected
incentives at the time of the Change of Control, or (c) a pro rata amount computed at the end of the fiscal year. Any proration shall be based upon the number of completed months elapsed in the fiscal year since the Change of Control. 

15. Successor Company. The Company shall require any successor or successors (whether direct or indirect, by purchase,
merger or otherwise) to all or substantially all of the business or assets of the Company, by agreement in form and substance satisfactory to the Employee, to acknowledge expressly that this Agreement is binding upon and enforceable against the
Company in accordance with the terms hereof, and to become jointly and severally obligated with the Company to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession or
successions had 

  
 10 

 
taken place. Failure of the Company to notify the Employee in writing as to such successorship, to provide the Employee the opportunity to review and agree to the successor’s assumption of
this Agreement or to obtain such agreement prior to the effectiveness of any such succession shall be a breach of this Agreement. As used in this Agreement, the Company shall mean the Company as defined above and any such successor or successors to
its business or assets, jointly and severally. 
 16. Notice. All notices and other communications required or
permitted hereunder or necessary or convenient in connection herewith shall be in writing and shall be delivered personally or mailed by registered or certified mail, return receipt requested, or by overnight express courier service, as follows:

 If to the Company, to: 

ConAgra Foods, Inc. 
 One ConAgra
Drive 
 Omaha, NE 68102-5094 

Attention: Corporate Secretary 

If to the Employee, to the most recent address provided by the Employee to the Company or a Subsidiary or Affiliate for payroll purposes, or
to such other address as the Company or the Employee, as the case may be, shall designate by notice to the other party hereto in the manner specified in this Section; provided, however, that if no such notice is given by the Company following a
Change of Control, notice at the last address of the Company or any successor pursuant to Section 15 shall be deemed sufficient for the purposes hereof. Any such notice shall be deemed delivered and effective when received in the case of
personal delivery, five (5) days after deposit, postage prepaid, with the U.S. Postal Service in the case of registered or certified mail, or on the next business day in the case of overnight express courier service. 

17. Contents of Agreement; Amendment. This Agreement supersedes all prior agreements with respect to the subject matter
hereof and sets forth the entire understanding between the parties hereto with respect to the subject matter hereof. This Agreement cannot be amended except pursuant to approval by the Human Resources Committee of the Company’s Board of
Directors and a written amendment executed by the Employee and the Chair of the Company’s Board of Directors or his delegee. The provisions of this Agreement may require a variance from the terms and conditions of certain compensation or bonus
plans under circumstances where such plans would not provide for payment thereof in order to obtain the maximum benefits for the Employee. The parties intend that, to the extent permitted under Code Section 409A, the provisions of this
Agreement shall supersede any provisions to the contrary in such plans, and such plans shall be deemed to have been amended to correspond with this Agreement without further action by the Company or the Human Resources Committee of the
Company’s Board of Directors. 
 18. No Right to Continued Employment. Nothing in this Agreement shall be
construed as giving the Employee any right to be retained in the employ of the Company or a Subsidiary or Affiliate. 

  
 11 

 19. Governing Law. This Agreement shall be governed by and interpreted under
the laws of the State of Delaware without giving effect to any conflict of laws provisions. 
 20. Successors and
Assigns. All of the terms and provisions of this Agreement shall be binding upon and inure to the benefit of and be enforceable by the respective heirs, representatives, successors and assigns of the parties hereto, except that the duties
and responsibilities of the Employee and the Company hereunder shall not be assignable in whole or in part. 
 21.
Severability. If any provision of this Agreement or application thereof to anyone or under any circumstances shall be determined to be invalid or unenforceable, such invalidity or unenforceability shall not affect any other provisions
or applications of this Agreement which can be given effect without the invalid or unenforceable provision or application. 

22. Remedies Cumulative; No Waiver. No right conferred upon the Employee by this Agreement is intended to be exclusive of
any other right or remedy, and each and every such right or remedy shall be cumulative and shall be in addition to any other right or remedy given hereunder or now or hereafter existing at law or in equity. No delay or omission by the Employee in
exercising any right, remedy or power hereunder or existing at law or in equity shall be construed as a waiver thereof. 
 23.
Miscellaneous. All Section headings are for convenience only. This Agreement may be executed in several counterparts, each of which is an original. It shall not be necessary in making proof of this Agreement or any counterpart hereof
to produce or account for any of the other counterparts. 

  
 12 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

  

					
	EMPLOYEE:				CONAGRA FOODS, INC.
			
	 /s/ Sean M. Connolly
				 /s/ Steven F. Goldstone

	Sean M. Connolly				 Steven F. Goldstone, Chairman of the Board

  
 13 

 EXHIBIT A 

WAIVER AND RELEASE OF CLAIMS 
 In
consideration of, and subject to, the payment to be made to me by ConAgra Foods, Inc. (the “Employer”) of the payments and benefits provided by Change of Control Agreement, dated as of February 12, 2015, entered into between me and
the Company (the “Agreement”), I hereby waive any claims I may have for employment or re-employment by the Employer or any parent or subsidiary of the Employer after the date hereof, and I further agree to and do release and forever
discharge the Employer and any parent or subsidiary of the Employer, and their respective past and present officers, directors, shareholders, insurers, employees and agents from any and all claims and causes of action, known or unknown, arising out
of or relating to my employment with the Employer or any parent or subsidiary of the Employer, or the termination thereof, including, but not limited to, wrongful discharge, breach of contract, tort, fraud, the Civil Rights Acts, the Age
Discrimination in Employment Act, the Employee Retirement Income Security Acts, the Americans with Disabilities Act, the Family and Medical Leave Act, the Older Workers Benefit Protection Act, or any other federal, state or local legislation or
common law relating to employment or discrimination in employment or otherwise. 
 Notwithstanding the foregoing or any other provision hereof, nothing in
this Waiver and Release of Claims shall adversely affect (i) my rights to payment and benefits under the Agreement; (ii) my rights to benefits other than severance payments or benefits under plans, programs and arrangements of the Employer
or any parent or subsidiary of the Employer; or (iii) my rights to indemnification under any indemnification agreement, applicable law or the certificates of incorporation or bylaws of the Employer or any parent or subsidiary of the Employer,
(iv) my rights under any director’s and officers’ liability insurance policy covering me, (v) my workers compensation rights, or (vi) my unemployment insurance rights. 

I acknowledge that I have signed this Waiver and Release of Claims voluntarily, knowingly, of my own free will and without reservation or duress, and that no
promises or representations have been made to me by any person to induce me to do so other than the promise of payment set forth in the first paragraph above and the Employer’s acknowledgment of my rights reserved under the second paragraph
above. 
 I understand that this release will be deemed to be an application for benefits under the Agreement and that my entitlement thereto shall be
governed by the terms and conditions of the Agreement and any applicable plan. I expressly hereby consent to such terms and conditions. 
 I acknowledge
that I have been given not less than forty-five (45) days to review and consider this Waiver and Release of Claims (unless I have signed a written waiver of such review and consideration period), and that I have had the opportunity to consult
with an attorney or other advisor of my choice and have been advised by the Company to do so if I choose. I may revoke this Waiver and Release of Claims seven (7) days or less after its execution by providing written notice to the Employer.

 I acknowledge that it is my intention and the intention of the Employer in executing this Waiver and Release of Claims that the same shall be effective
as a bar to each and every claim, demand 

 
and cause of action hereinabove specified. In furtherance of this intention, I hereby expressly waive any and all rights and benefits conferred upon me by the provisions of SECTION 1542 OF THE
CALIFORNIA CIVIL CODE, to the extent applicable to me, and expressly I consent that this Waiver and Release of Claims shall be given full force and effect according to each and all of its express terms and provisions, including as well those related
to unknown and unsuspected claims, demands and causes of action, if any, as well as those relating to any other claims, demands and causes of action hereinabove specified. SECTION 1542 provides: 

“A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF
EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.” 
 I acknowledge that I may
hereafter discover claims or facts in addition to or different from those which I now know or believe to exist with respect to the subject matter of this Waiver and Release of Claims and which, if known or suspected at the time of executing this
Waiver and Release of Claims, may have materially affected this settlement. 
 Finally, I acknowledge that I have read this Waiver and Release of Claims and
understand all of its terms. 
  

	
	  

	Signature of Employee
	
	  

	Printed Name
	
	  

	Date Signed

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