Document:

Exhibit 10.17

 

CONAGRA, INC

 

EXECUTIVE INCENTIVE PLAN (1999)

 

1. Purpose. The principal
purpose of the ConAgra Executive Incentive Plan (the “Plan”) is to provide
incentives to executive officers and other senior management officers of
ConAgra (“ConAgra”) who have significant responsibility for the success and
growth of ConAgra and to assist ConAgra in attracting, motivating and retaining
executive officers on a competitive basis.

 

2. Administration of the Plan.
The Plan shall be administered by the Human Resources Committee of the Board of
Directors (the “Committee”). The Committee shall have the sole discretion to
interpret the Plan; approve a pre-established objective performance measure or
measures annually; certify the level to which each performance measure was
attained prior to any payment under the Plan; approve the amount of awards made
under the Plan; and determine who shall receive any payment under the Plan.

 

The Committee shall have full
power and authority to administer and interpret the Plan and to adopt such
rules, regulations and guidelines for the administration of the Plan and for
the conduct of its business as the Committee deems necessary or advisable. The
Committee’s interpretations of the Plan, and all actions taken and
determinations made by the Committee pursuant to the powers vested in it
hereunder, shall be conclusive and binding on all parties concerned, including
ConAgra, its stockholders and any person receiving an award under the Plan.

 

3. Eligibility. Executive
officers and other senior management officers of ConAgra shall be eligible to
receive awards under the Plan. Such participants include the Chief Executive
Officer, the members of the Office of the President, other executive and senior
management officers and any persons performing similar duties in the future.
The Committee shall designate the executive officers and other senior
management officers who will participate in the Plan each year.

 

4. Awards. The Committee shall
establish annual and/or long-term incentive award targets for participants. If
an individual becomes an executive officer or senior management officer during
the year, such individual may be granted eligibility for an incentive award for
that year upon such individual assuming such position; provided, if such person
is a covered employee under Section 162(m) of the Internal Revenue Code, the
eligibility of such person shall be conditioned on compliance with Section
162(m) for tax deductibility of the award.

 

The Committee shall also
establish annual and/or long-term performance targets which must be achieved in
order for an award to be earned under the Plan. Such targets shall be based on
earnings, earnings per share, growth in earnings per share, achievement of
annual operating profit plans, return on equity performance, or similar
financial performance measures as may be determined by the Committee. The
specific performance targets for each participant shall be established in
writing by the Committee within ninety days after the commencement of the
fiscal year (or within such other time period as may be required by Section
162(m) of the Internal Revenue Code) to which the performance target relates.
The performance target shall be established in such a manner than a third party
having knowledge of the relevant facts could determine whether the performance
goal has been met.

 

Awards shall be payable
following the completion of each fiscal year upon certification by the
Committee that ConAgra achieved the specified performance target established
for the participant. Awards may be paid in cash or securities. Notwithstanding
the attainment by ConAgra of the specified performance targets, the Committee
has the discretion, for each participant, to reduce some or all of an award
that would otherwise be paid. However, in no event may a participant receive an
award under the Plan in any fiscal year of more than .1% of ConAgra’s market
capitalization (stock price multiplied by number of shares outstanding) as of
the first day of the fiscal year.

 

5. Miscellaneous Provisions.
ConAgra shall have the right to deduct from all awards hereunder paid in cash

 

48

 

Exhibit 10.17

 

any federal, state, local or
foreign taxes required by law to be withheld with respect to such awards.
Neither the Plan nor any action taken hereunder shall be construed as giving
any employee any right to be retained in the employ of ConAgra. The costs and
expenses of administering the Plan shall be borne by ConAgra and shall not be
charged to any award or to any executive officer receiving an award.

 

6. Effective Date, Amendments
and Termination. The Plan shall become effective on July 9, 1999, subject to
approval by the stockholders of ConAgra at the 1999 Annual Meeting of
Stockholders. The Committee may at any time terminate or from time to time
amend the Plan in whole or in part, but no such action shall adversely affect
any rights or obligations with respect to any awards theretofore made under the
Plan. However, unless the stockholders of ConAgra shall have first approved
thereof, no amendment of the Plan shall be effective which would increase the
maximum amount which can be paid to any one participant under the Plan in any
fiscal year, which would change the performance goals permissible under this Plan
for payment of awards, or which would modify the requirement as to eligibility
for participation in the Plan.

 

 

49Exhibit 10.18

 

CONAGRA FOODS, INC.

 

EXECUTIVE INCENTIVE PLAN (2004)

 

1.             Purpose.  The principal purpose of the ConAgra Foods
Executive Incentive Plan (the “Plan”) is to provide incentives to executive
officers and other senior management officers of ConAgra Foods, Inc. (“ConAgra
Foods”) who have significant responsibility for the success and growth of
ConAgra Foods and to assist ConAgra Foods in attracting, motivating and
retaining executive officers on a competitive basis.

 

2.             Administration
of the Plan.  The Plan shall be
administered by the Human Resources Committee of the Board of Directors (the
“Committee”).  The Committee shall have
the sole discretion to interpret the Plan; approve a pre-established objective
performance measure or measures annually; certify the level to which each
performance measure was attained prior to any payment under the Plan; approve
the amount of awards made under the Plan; and determine who shall receive any
payment under the Plan.

 

The Committee shall have full power and authority
to administer and interpret the Plan and to adopt such rules, regulations and
guidelines for the administration of the Plan and for the conduct of its
business as the Committee deems necessary or advisable.  The Committee’s interpretations of the Plan,
and all actions taken and determinations made by the Committee pursuant to the
powers vested in it hereunder, shall be conclusive and binding on all parties
concerned, including ConAgra Foods, its stockholders and any person receiving
an award under the Plan.

 

3.             Eligibility.  Executive officers and other senior
management officers of ConAgra Foods shall be eligible to receive awards under
the Plan. Such participants include the Chief Executive Officer, other
executive officers and senior management officers and any persons performing
similar duties in the future. The Committee shall designate the executive
officers and other senior management officers who will participate in the Plan
each year.

 

4.             Awards.  The Committee shall establish annual and/or
long-term incentive award targets for participants. If an individual becomes an
executive officer or senior management officer during the year, such individual
may be granted eligibility for an incentive award for that year upon such
individual assuming such position; provided, if such person is a covered
employee under Section 162(m) of the Internal Revenue Code, the eligibility of
such person shall be conditioned on compliance with Section 162(m) for tax
deductibility of the award.

 

The Committee shall also establish annual
and/or long-term performance targets which must be achieved in order for an
award to be earned under the Plan.  Such
targets shall be based on earnings, earnings per share, growth in earnings per
share, achievement of annual operating profit plans, return on equity
performance, return on capital, sales growth, or similar financial performance
measures as may be determined by the Committee. The specific performance
targets for each participant shall be established in writing by the Committee
within ninety days after the commencement of the fiscal year (or within such
other time period as may be required by Section 162(m) of the Internal Revenue
Code) to which the performance target relates. 
The performance target shall be established in such a manner that a
third party having knowledge of the relevant facts could determine whether the
performance goal has been met.

 

Awards shall be payable following the
completion of each fiscal year upon certification by the Committee that ConAgra
Foods achieved the specified performance target established for the
participant. Awards may be paid in cash or securities. Grants or awards of
stock options or stock appreciation rights shall be based on a stock price that
is not less than current fair market value. 
Notwithstanding the attainment by ConAgra Foods of the specified
performance targets, the 

 

50

 

Exhibit 10.18

 

Committee has the discretion, for each participant, to reduce some or
all of an award that would otherwise be paid. However, in no event may a
participant receive aggregate compensation under the Plan in any fiscal year of
more than .1% of ConAgra Foods’ market capitalization (stock price multiplied
by number of shares outstanding) as of the first day of the fiscal year.

 

5.             Miscellaneous
Provisions.  ConAgra Foods shall have
the right to deduct from all awards hereunder any federal, state, local or
foreign taxes required by law to be withheld with respect to such awards.
Neither the Plan nor any action taken hereunder shall be construed as giving
any employee any right to be retained in the employ of ConAgra Foods.  The costs and expenses of administering the
Plan shall be borne by ConAgra Foods and shall not be charged to any award or
to any executive officer receiving an award.

 

6.             Amendments
and Termination.  The Committee may at
any time terminate or from time to time amend the Plan in whole or in part, but
no such action shall adversely affect any rights or obligations with respect to
any awards theretofore made under the Plan. 
However, unless the stockholders of ConAgra Foods shall have first
approved thereof, no amendment of the Plan shall be effective which would
increase the maximum amount which can be paid to any one participant under the
Plan in any fiscal year, which would change the performance goals permissible
under this Plan for payment of awards, or which would modify the requirement as
to eligibility for participation in the Plan.

 

51

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