Document:

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                                                                  EXHIBIT 10.11
                      CONAGRA 1995 STOCK PLAN

                            SECTION 1

                        NAME AND PURPOSE

     1.1  Name.  The name of the plan shall be the ConAgra 1995 Stock Plan
(the "Plan").

     1.2. Purpose of Plan. The purpose of the Plan is to foster and promote
the long-term financial success of the Company and increase stockholder value
by (a) motivating superior performance by means of stock incentives, (b)
encouraging and providing for the acquisition of an ownership interest in the
Company by Employees and (c) enabling the Company to attract and retain the
services of a management team responsible for the long-term financial success
of the Company.

                            SECTION 2

                           DEFINITIONS

     2.1 Definitions. Whenever used herein, the following terms shall have
the respective meanings set forth below:

     (a)  "Act" means the Securities Exchange Act of 1934, as amended.

     (b)  "Award" means any Option, Stock Appreciation Right, Restricted Stock,
          Stock Bonus, or any combination thereof, including Awards combining
          two or more types of Awards in a single grant.

     (c) "Board" means the Board of Directors of the Company.

     (d) "Code" means the Internal Revenue Code of 1986, as amended.

     (e)  "Committee" means the Human Resources Committee of the Board, which
          shall consist of two or more members, each of whom shall be a
          "disinterested person" within the meaning of Rule 16b-3 as promulgated
          under the Act.

     (f)  "Company" means ConAgra, Inc., a Delaware corporation (and any
          successor thereto) and its Subsidiaries.

     (g)  "Director Award" means an award of Stock and an award of a
          Nonstatutory Stock Option granted to each Eligible Director pursuant
          to Section 7.1 without any action by the Board or the Committee.

     (h)  "Eligible Director" means a person who is serving as a member of the
          Board and who is not an Employee.

     (i)  "Employee" means any employee of the Company or any of its
          Subsidiaries.

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                                                     EXHIBIT 10.11 (CONTINUED)

     (j)  "Fair Market Value" means, on any date, the closing price
          of the Stock as reported on the New York Stock Exchange
          (or on such other recognized market or quotation system
          on which the trading prices of the Stock are traded or
          quoted at the relevant time) on such date.  In the event
          that there are no Stock transactions reported on such
          exchange (or such other system) on such date, Fair Market
          Value shall mean the closing price on the immediately
          preceding date on which Stock transactions were so
          reported.

     (k)  "Option" means the right to purchase Stock at a stated price for a
          specified period of time. For purposes of the Plan, an Option may be
          either (i) an Incentive Stock Option within the meaning of Section 422
          of the Code or (ii) a Nonstatutory Stock Option.

     (l)  "Participant" means any Employee designated by the Committee to
          participate in the Plan.

     (m)  "Plan" means the ConAgra 1995 Stock Plan, as in effect from time to
          time.

     (n)  "Restricted Stock" shall mean a share of Stock granted to a
          Participant subject to such restrictions as the Committee may
          determine.

     (o)  "Stock" means the Common Stock of the Company, par value $5.00 per
          share.

     (p)  "Stock Appreciation Right" means the right, subject to
          such terms and conditions as the Committee may determine,
          to receive an amount in cash or Stock, as determined by
          the Committee, equal to the excess of (i) the Fair Market
          Value, as of the date such Stock Appreciation Right is
          exercised, of the number shares of Stock covered by the
          Stock Appreciation Right being exercised over (ii) the
          aggregate exercise price of such Stock Appreciation
          Right.

     (q)  "Stock Bonus" means the grant of Stock as compensation from the
          Company, which may be in lieu of cash compensation otherwise
          receivable by the Participant or in addition to such cash
          compensation, and includes stock issued for service awards and other
          Employee recognition programs.

     (r)  "Subsidiary" means any corporation, partnership, joint venture or
          other entity in which the Company owns, directly or indirectly, 25% or
          more of the voting power or of the capital interest or profits
          interest of such entity.

     2.2 Gender and Number. Except when otherwise indicated by the context,
words in the masculine gender used in the Plan shall include the feminine
gender, the singular shall include the plural, and the plural shall include the
singular.

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                            SECTION 3

                  ELIGIBILITY AND PARTICIPATION

     Except as otherwise provided in Section 7.1, the only persons eligible to
participate in the Plan shall be those Employees selected by the Committee as
Participants.

                            SECTION 4

                     POWERS OF THE COMMITTEE

     4.1 Power to Grant. The Committee shall determine the Participants to
whom Awards shall be granted, the type or types of Awards to be granted, and
the terms and conditions of any and all such Awards. The Committee may
establish different terms and conditions for different types of Awards, for
different Participants receiving the same type of Awards, and for the same
Participant for each Award such Participant may receive, whether or not
granted at different times.

     4.2 Administration. The Committee shall be responsible for the
administration of the Plan. The Committee, by majority action thereof, is
authorized to prescribe, amend, and rescind rules and regulations relating to
the Plan, to provide for conditions deemed necessary or advisable to protect
the interests of the Company, and to make all other determinations necessary
or advisable for the administration and interpretation of the Plan in order
to carry out its provisions and purposes. Determinations, interpretations, or
other actions made or taken by the Committee pursuant to the provisions of
the Plan shall be final, binding, and conclusive for all purposes and upon
all persons. Notwithstanding anything else contained in the Plan to the
contrary, neither the Committee nor the Board shall have any discretion
regarding whether an Eligible Director receives a Director Award pursuant to
Section 7.1 or regarding the terms of any such Director Award, including,
without limitation, the number of shares subject to any such Director Award.

                            SECTION 5

                      STOCK SUBJECT TO PLAN

     5.1 Number. Subject to the provisions of Section 5.3, the number of
shares of Stock subject to Awards (including Director Awards) under the Plan
may not exceed 11,000,000 shares of Stock. The shares to be delivered under
the Plan may consist, in whole or in part, of treasury Stock or authorized
but unissued Stock, not reserved for any other purpose. The maximum number of
shares of Stock with respect to which Awards may be granted to any one
Employee under the Plan is 10% of the aggregate number of shares of Stock
available for Awards under Section 5.1.

     5.2 Cancelled, Terminated or Forfeited Awards. Any shares of Stock
subject to an Award which for any reason are cancelled, terminated or
otherwise settled without the issuance of any Stock shall again be available
for Awards under the Plan.

     5.3 Adjustment in Capitalization. In the event of any Stock dividend or
Stock split, recapitalization (including, without limitation, the payment of
an extraordinary dividend), merger, consolidation, combination, spin-off,
distribution of assets to stockholders, exchange of shares, or other similar
corporate change, (i) the aggregate number of shares of Stock available for
Awards under Section 5.1 and (ii) the number of shares and exercise price
with respect to Options and the number, prices and dollar value of other
Awards, may be appropriately adjusted by the

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Committee, whose determination shall be conclusive. If, pursuant to the
preceding sentence, an adjustment is made to the number of shares of Stock
authorized for issuance under the Plan, a corresponding adjustment shall be
made to the number of shares subject to each Director Award thereafter
granted pursuant to Section 7.1.

                            SECTION 6

                          STOCK OPTIONS

     6.1 Grant of Options. Options may be granted to Participants at such
time or times as shall be determined by the Committee. Options granted under
the Plan may be of two types: (i) Incentive Stock Options and (ii)
Nonstatutory Stock Options. The Committee shall have complete discretion in
determining the number of Options, if any, to be granted to a Participant.
Each Option shall be evidenced by an Option agreement that shall specify the
type of Option granted, the exercise price, the duration of the Option, the
number of shares of Stock to which the Option pertains, the exercisability
(if any) of the Option in the event of death, retirement, disability or
termination of employment, and such other terms and conditions not
inconsistent with the Plan as the Committee shall determine.

     6.2 Option Price. Nonstatutory Stock Options and Incentive Stock Options
granted pursuant to the Plan shall have an exercise price which is not less
than the Fair Market Value on the date the Option is granted.

     6.3 Exercise of Options. Options awarded to a Participant under the Plan
shall be exercisable at such times and shall be subject to such restrictions
and conditions as the Committee may impose, subject to the Committee's right
to accelerate the exercisability of such Option in its discretion.
Notwithstanding the foregoing, no Option shall be exercisable for more than
ten years after the date on which it is granted.

     6.4 Payment. The Committee shall establish procedures governing the
exercise of Options, which shall require that written notice of exercise be
given and that the Option price be paid in full in cash or cash equivalents,
including by personal check, at the time of exercise or pursuant to any
arrangement that the Committee shall approve. The Committee may, in its
discretion, permit a Participant to make payment (i) in Stock already owned
by the Participant valued at its Fair Market Value on the date of exercise
(if such Stock has been owned by the Participant for at least six months) or
(ii) by electing to have the Company retain Stock which would otherwise be
issued on exercise of the Option, valued at its Fair Market Value on the date
of exercise. As soon as practicable after receipt of a written exercise
notice and full payment of the exercise price, the Company shall deliver to
the Participant a certificate or certificates representing the acquired
shares of Stock.

     6.5 Incentive Stock Options. Notwithstanding anything in the Plan to the
contrary, no term of this Plan relating to Incentive Stock Options shall be
interpreted, amended or altered, nor shall any discretion or authority
granted under the Plan be so exercised, so as to disqualify the Plan under
Section 422 of the Code, or, without the consent of any Participant affected
thereby, to cause any Incentive Stock Option previously granted to fail to
qualify for the Federal income tax treatment afforded under Section 421 of
the Code. In furtherance of the foregoing, (i) the aggregate Fair Market
Value of shares of Stock (determined at the time of grant of each Option)
with respect to which Incentive Stock Options are exercisable for the first
time by an Employee during any calendar year shall not exceed $100,000 or
such other amount as may be required by the Code, (ii) an Incentive Stock
Option may not be exercised more than three months following termination of
employment (except as the Committee may otherwise determine in the event of
death or disability), and (iii) if the Employee receiving an Incentive Stock
Option owns Stock possessing more than 10% of the total combined voting power
of all classes of Stock of the Company, the exercise price of the Option
shall be at least 110% of Fair Market Value and the Option shall not be
exercisable after the expiration of five years from the date of grant. An
Incentive Stock Option may be granted only to Employees who are employed by
the Company or a "subsidiary corporation" as defined in Section 425 of the
Code.

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                        SECTION 7

                         DIRECTOR AWARDS

     7.1 Amount of Award. Each Eligible Director shall receive annually (i) a
grant of a Nonstatutory Stock Option for 4,500 shares of Stock and (ii) a
grant of 900 shares of Stock from the Company's treasury shares. Such grants
shall be made each year immediately following the annual meeting of Company
stockholders to those persons who are Eligible Directors immediately
following such meeting.

     7.2  No Other Awards.  An Eligible Director shall not receive any other
Award under the Plan.

                            SECTION 8

                    STOCK APPRECIATION RIGHTS

     8.1 SAR's In Tandem with Options. Stock Appreciation Rights may be
granted to Participants in tandem with any Option granted under the Plan,
either at or after the time of the grant of such Option, subject to such
terms and conditions, not inconsistent with the provisions of the Plan, as
the Committee shall determine. Each Stock Appreciation Right shall only be
exercisable to the extent that the corresponding Option is exercisable, and
shall terminate upon termination or exercise of the corresponding Option.
Upon the exercise of any Stock Appreciation Right, the corresponding Option
shall terminate.

     8.2 Other Stock Appreciation Rights. Stock Appreciation Rights may also
be granted to Participants separately from any Option, subject to such terms
and conditions, not inconsistent with the provisions of the Plan, as the
Committee shall determine.

                            SECTION 9

                        RESTRICTED STOCK

     9.1 Grant of Restricted Stock. The Committee may grant Restricted Stock
to Participants at such times and in such amounts, and subject to such other
terms and conditions not inconsistent with the Plan as it shall determine.
Each grant of Restricted Stock shall be subject to such restrictions, which
may relate to continued employment with the Company, performance of the
Company, or other restrictions, as the Committee may determine. Each grant of
Restricted Stock shall be evidenced by a written agreement setting forth the
terms of such Award.

     9.2 Removal of Restrictions. The Committee may accelerate or waive such
restrictions in whole or in part at any time in its discretion.

                           SECTION 10

                          STOCK BONUSES

     10.1 Grant of Stock Bonuses. The Committee may grant a Stock Bonus to a
Participant at such times and in such amounts, and subject to such other
terms and conditions not inconsistent with the Plan, as it shall determine.

     10.2 Effect on Compensation. The Committee may from time to time grant a
Stock Bonus in lieu of salary or cash bonuses otherwise payable to a
Participant.

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                           SECTION 11

        AMENDMENT, MODIFICATION, AND TERMINATION OF PLAN

     11.1 General. The Board may from time to time amend, modify or terminate
any or all of the provisions of the Plan, subject to the provisions of this
Section 11.1. The Board may not change the Plan in a manner which would
prevent outstanding Incentive Stock Options granted under the Plan from being
Incentive Stock Options without the consent of the optionees concerned.
Furthermore, the Board may not make any amendment which would (i) materially
modify the requirements for participation in the Plan, (ii) increase the
number of shares of Stock subject to Awards under the Plan pursuant to
Section 5.1, or (iii) make any other amendments which would cause the Plan
not to comply with Rule 16b-3 under the Act, in each case without the
approval of the Company's stockholders. No amendment or modification shall
affect the rights of any Employee with respect to a previously granted Award,
nor shall any amendment or modification affect the rights of any Eligible
Director pursuant to a previously granted Director Award.

     11.2 Termination of Plan. No further Options shall be granted under the
Plan subsequent to September 30, 2005, or such earlier date as may be
determined by the Board.

                           SECTION 12

                    MISCELLANEOUS PROVISIONS

     12.1 Nontransferability of Awards. No Awards granted under the Plan may
be sold, transferred, pledged, assigned, or otherwise alienated or
hypothecated, other than by will or by the laws of descent and distribution;
provided, the Committee may grant Options which are transferable, without
payment of consideration, to immediate family members of the Participant or
to trusts or partnerships for such family members, with any such transferee
subject to all conditions of the Option. Subject to the preceding sentence,
all rights with respect to Awards granted to a Participant under the Plan
shall be exercisable during the Participant's lifetime only by such
Participant and all rights with respect to any Director Awards granted to an
Eligible Director shall be exercisable during the Director's lifetime only by
such Eligible Director.

     12.2 Beneficiary Designation. Each Participant under the Plan may from
time to time name any beneficiary or beneficiaries (who may be named
contingent or successively) to whom any benefit under the Plan is to be paid
or by whom any right under the Plan is to be exercised in case of his death.
Each designation will revoke all prior designations by the same Participant
shall be in a form prescribed by the Committee, and will be effective only
when filed in writing with the Committee. In the absence of any such
designation, Awards outstanding at death may be exercised by the
Participant's surviving spouse, if any, or otherwise by his estate.

     12.3 No Guarantee of Employment or Participation. Nothing in the Plan
shall interfere with or limit in any way the right of the Company or any
Subsidiary to terminate any Participant's employment at any time, nor confer
upon any Participant any right to continue in the employ of the Company or
any Subsidiary. No Employee shall have a right to be selected as a
Participant, or, having been so selected, to receive any future Awards.

     12.4 Tax Withholding. The Company shall have the power to withhold, or
require a Participant or Eligible Director to remit to the Company, an amount
sufficient to satisfy federal, state, and local withholding tax requirements
on any Award under the Plan, and the Company may defer issuance of Stock
until such requirements are satisfied. The Committee may, in its discretion,
permit a Participant to elect, subject to such conditions as the Committee
shall impose, (i) to have shares of Stock otherwise issuable under the Plan
withheld by the Company or (ii) to deliver to the Company previously acquired
shares of Stock, in each case having a Fair Market Value sufficient to
satisfy all or part of the Participant's estimated total federal, state and
local tax obligation associated with the transaction.

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     12.5 Change of Control. On the date of a Change of Control (as herein
defined), all outstanding Options and Stock Appreciation Rights shall become
immediately exercisable and all restrictions with respect to Restricted Stock
shall lapse. Change of Control shall mean:

     (a)  The acquisition (other than from the Company) by any
          person, entity or "group," within the meaning of Section
          13(d)(3) or 14(d)(2) of the Act (excluding, for this
          purpose, the Company or its subsidiaries, or any employee
          benefit plan of the Company or its subsidiaries which
          acquires beneficial ownership of voting securities of the
          Company) of beneficial ownership (within the meaning of
          Rule 13d-3 promulgated under the Act) of 30% or more of
          either the then outstanding shares  of common stock or
          the combined voting power of the Company's then
          outstanding voting securities entitled to vote generally
          in the election of directors; or

     (b)  Individuals who, as of the date hereof, constitute the
          Board (as of the date hereof 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 the election by the Company's
          stockholders, was approved by a vote of at least a
          majority of the directors then comprising the Incumbent
          Board shall be, for purposes of this Plan, considered as
          though such person were a member of the Incumbent Board;
          or

     (c)  Approval by the stockholders of the Company of a
          reorganization, merger or consolidation, in each case,
          with respect to which persons who were the stockholders
          of the Company immediately prior to such reorganization,
          merger or consolidation do not, immediately thereafter,
          own more than 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 the assets of the Company.

     12.6 Company Intent. The Company intends that the Plan comply in all
respects with Rule 16b-3 under the Act, and any ambiguities or
inconsistencies in the construction of the Plan shall be interpreted to give
effect to such intention.

     12.7 Requirements of Law. The granting of Awards and the issuance of
shares of Stock shall be subject to all applicable laws, rules, and
regulations, and to such approvals by any governmental agencies or securities
exchanges as may be required.

     12.8 Effective Date. The Plan shall be effective upon its adoption by
the Board subject to approval by the Company's stockholders at the 1995
annual stockholders' meeting.

     12.9 Governing Law. The Plan, and all agreements hereunder, shall be
construed in accordance with and governed by the laws of the State of
Delaware.

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                                                                   EXHIBIT 10.12

          CONAGRA, INC., DIRECTORS' UNFUNDED
          DEFERRED COMPENSATION PLAN

     ConAgra, Inc., in the interest of providing the most attractive
alternatives to its directors in the manner of allocating the director's
compensation and at the same time not incurring additional expense to the
Company, does hereby establish the "ConAgra, Inc., Directors' Unfunded Deferred
Compensation Plan," with the following terms and conditions:

          1. The Plan shall be named the "ConAgra, Inc., Directors' Unfunded
     Deferred Compensation Plan" (hereinafter described as "The Plan").

          2. The Plan shall be available on a voluntary basis to all directors
     who receive fees based on a rate per month or for attendance at meetings.
     Any director who qualifies may signify his intention to defer all or any
     proportion of his fees based on a rate per month or for attendance at
     meetings for the ensuing year by giving written notice to the Company prior
     to December 31st of the current year of his intention to defer this
     compensation and the extent to which he desires the compensation deferred.
     The formula he elects to defer compensation shall remain in effect from
     year to year unless he notifies the Company in writing by December 31st of
     his intention to modify or terminate his participation in The Plan in the
     ensuing year. Any person elected to the Board who was not a director on the
     preceding December 31st may elect before his term begins to defer all or
     part of the above described compensation for the balance of the calendar
     year following such election and for succeeding calendar years on the same
     basis as other directors.

          3. The Company shall maintain a separate memorandum account of the
     fees deferred by each participant and the Company shall credit said account
     semi-annually on January 1st and July 1st of each year with interest on the
     balance held in the fund for the prior six months. The rate of interest to
     be credited shall be the prime rate of interest on such date as charged by
     The First National Bank of Chicago. The Company shall annually supply the
     director participating in The Plan a statement of his account.

          4. Amounts deferred under The Plan together with accumulated interest,
     including interest accruing after the participant ceases to be a director,
     shall be distributed in ten semi-annual installments on January 1st and
     July 1st of each year after the year in which the participant in The Plan
     ceases to be a director, provided that if the participant dies prior to
     payment in full of all amounts due him under The Plan, the balance of the
     account shall be payable to his estate in full on January 1st of the year
     following his death. In addition, after a participant ceases to be a
     director, upon his request, the other directors at their sole discretion
     may authorize a different method of payment including a lump sum payment.
     If for any reason the directors determine it to be in the best interests of
     the Company or the participant to pay the participant in full including a
     determination that the participant upon termination becomes a proprietor,
     officer, partner, employee or otherwise becomes affiliated with any
     business that

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                                                       EXHIBIT 10.12 (CONTINUED)

     is in competition with the Company, the Company may make a payment in full
     to said participant when he ceases to be a director without his consent.

          5. This Plan may be amended, suspended, terminated or modified by the
     vote of a majority of the Board of Directors of the Company at any time
     provided that such amendment, modification, suspension or termination shall
     not affect the obligation of the Company to pay to the participants the
     amounts accrued or credited to said account up to December 31st of the year
     in which said action is taken concerning The Plan by the Board of
     Directors.

          6. This Plan shall not apply to Honorary Directors or persons holding
     similar titles and if a participant ceases to be a director and becomes an
     Honorary Director or holds some similar title, for purposes of this Plan it
     shall be determined that he has ceased to be a director.

          7. Unless notified to the contrary, all notices under this Plan shall
     be sent in writing to the Company by mailing to the "Office of the
     Secretary," ConAgra, Inc., Kiewit Plaza, Omaha, Nebraska 68131. All notices
     to the participants shall be sent to the address which is their record
     address for notices as directors of the Company unless a participant, by
     written notice, otherwise directs.

          8. This Plan is subject to the approval of the Board of Directors of
     the Company by a resolution and, if such resolution is adopted, shall
     become effective December 20, 1971, and the Company shall commence to defer
     compensation to the participants commencing in the calendar year 1972.

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                                                       EXHIBIT 10.12 (CONTINUED)

                          FIRST AMENDMENT TO THE
                    CONAGRA, INC., DIRECTORS' UNFUNDED
                        DEFERRED COMPENSATION PLAN

     The ConAgra, Inc., Directors' Unfunded Deferred Compensation Plan, is
amended, as follows:

                                 ARTICLE I

     Paragraph 2 is amended in its entirety to read, as follows:
          "2.  The Plan shall be available on a voluntary basis to all
     directors who receive directors' fees from ConAgra. Any director who
     qualifies may signify his intention to defer all or any proportion of his
     fees for the following year by giving written notice to ConAgra, prior to
     December 31st of the current year, of his intention to defer this
     compensation and the extent to which he desires the compensation deferred.
     Such amount shall be deferred in cash and credited to the director's
     Interest-Bearing Account. The formula the director elects to defer
     compensation shall remain in effect from year to year unless he notifies
     ConAgra, in writing, by December 31st of his intention to modify or
     terminate his participation in the Plan the following year. Any person
     elected to the Board who was not a director on the preceding December 31st
     may elect before his term begins to defer all or part of the above
     described compensation for the balance of the calendar year following such
     election and for succeeding calendar years on the same basis as other
     directors. In addition, a director may make a one-time irrevocable election
     to defer all or a portion of his compensation in the form of ConAgra Common
     Stock; amounts so deferred shall be credited to the director's Stock
     Account, which shall be a book entry by the Company payable in shares of
     ConAgra Common Stock as provided in paragraph 4 of this Plan. A director
     may also make a one-time irrevocable election to transfer all or a portion
     of the director's Interest-Bearing Account to the director's Stock Account.
     Such election may not be made prior to the effective date of this amendment
     (as described in Article IV below) and shall be subject to any limitations
     imposed by law or regulation."

                                ARTICLE II

     Paragraph 3 is amended in its entirety to read, as follows:
          "3.  ConAgra shall establish and maintain two deferred compensation
     accounts for each director: (i) a Stock Account, to which there shall be
     credited as a book entry the portion of cash compensation which the
     director has elected to defer in the form of Common Stock and any transfers
     from the Interest-Bearing Account and (ii) an Interest-Bearing Account to
     which all other deferred cash compensation shall be credited.
          At the end of each calendar quarter, there shall be credited to the
     respective Accounts the deferred compensation accrued during such quarter.
     If a director has elected to defer cash compensation in the form of Common
     Stock, a book entry in the amount of the number of full shares to be
     credited to the Stock Account for each quarter shall be determined on the
     basis of the closing price of the Common Stock on the last trading day of
     the quarter as reported for New York Stock Exchange- Composite
     Transactions, and any amount which would represent a fractional share shall
     be credited to the director's Interest-Bearing Account.

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                                                       EXHIBIT 10.12 (CONTINUED)

          Dividend equivalents on shares credited to a director's Stock Account
     shall be credited by book entry at the end of each quarter to his or her
     Stock Account in the form of full shares of Common Stock; any amount which
     would represent a fractional share shall be credited to his or her
     Interest-Bearing Account.

          The Interest-Bearing Account shall be credited semiannually (on each
     January 1st and July 1st), with interest on the balance held in the fund
     for the prior six months. The rate of interest to be credited shall be the
     prime rate of interest on such date as charged by The First National Bank
     of Chicago.

          The Company shall annually supply the director participating in the
     Plan a statement of his total interest in the Plan."

                                ARTICLE III

     Paragraph 4 is amended in its entirety to read, as follows:
          "4.  Amounts deferred under the Plan together with accumulated
     interest, including interest accruing after the participant ceases to be a
     director, shall be distributed in ten semiannual installments on January
     1st and July 1st of each year after the year in which the participant in
     the Plan ceases to be a director, provided that if the participant dies
     prior to payment in full of all amounts due him under the Plan, the balance
     of the account shall be payable to his designated beneficiary. The
     beneficiary designation shall be revocable and shall be made in writing in
     a manner provided by ConAgra. In addition, after a participant ceases to be
     a director, upon his request, the Executive Committee of the Board at their
     sole discretion may authorize a different method of payment including a
     lump sum payment. If for any reason the Executive Committee of the Board
     determines it to be in the best interests of ConAgra or the participant to
     pay the participant in full including a determination that the participant
     upon termination becomes a proprietor, officer, partner, employee or
     otherwise becomes affiliated with any business that is in competition with
     ConAgra, ConAgra may make a payment in full to said participant when he
     ceases to be a director without his consent. Payment of the aggregate
     number of shares credited by book entry to a director's Stock Account shall
     be made in shares of Common Stock."

                                ARTICLE IV

     This Amendment shall be effective on the date of its approval by a vote of
the holders of a majority of the outstanding shares of the Company's common
stock at a meeting of the stockholders of the Company.

                                       45
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                                                       EXHIBIT 10.12 (CONTINUED)

                         SECOND AMENDMENT TO THE
                CONAGRA, INC. DIRECTORS' UNFUNDED
                   DEFERRED COMPENSATION PLAN

     The ConAgra, Inc. Directors' Unfunded Deferred Compensation Plan, is
     amended, as follows:

                            ARTICLE I

     Paragraph 4 is amended in its entirety to read, as follows:

          "4. Amounts deferred under the Plan together with accumulated
     interest, including interest accruing after the participant ceases to be a
     director, shall be distributed in twenty semiannual installments on January
     1st and July 1st of each year after the year in which the participant in
     the Plan ceases to be a director, provided that if the participant dies
     prior to payment in full of all amounts due him under the Plan, the balance
     of the account shall be payable to his designated beneficiary. The
     beneficiary designation shall be revocable and shall be made in writing in
     a manner provided by ConAgra. In addition, after a participant ceases to be
     a director, upon his request, the Executive Committee of the Board at their
     sole discretion may authorize a different method of payment including a
     lump sum payment. If for any reason the Executive Committee of the Board
     determines it to be in the best interests of ConAgra or the participant to
     pay the participant in full including a determination that the participant
     upon termination becomes a proprietor, officer, partner, employee or
     otherwise becomes affiliated with any business that is in competition with
     ConAgra, ConAgra may make a payment in full to said participant when he
     ceases to be a director without his consent. Payment of the aggregate
     number of shares credited by book entry to a director's Stock Account shall
     be made in shares of Common Stock."

                           THIRD AMENDMENT TO THE CONAGRA, INC.,
                    DIRECTORS' UNFUNDED DEFERRED COMPENSATION PLAN

 The ConAgra, Inc., Directors' Unfunded Deferred Compensation Plan, is amended,
as follows:

                                      ARTICLE I

     Paragraph 4 of the Plan is amended in its entirety to read, as follows:

     "4. Amounts deferred under the Plan together with accumulated interest,
     including interest accruing after the participant ceases to be a director,
     shall be distributed in twenty (20) semi-annual installments on January 1
     and July 1 of each year after the year in which the participant in the Plan
     ceases to be a director, provided that a participant may also, upon
     becoming a participant in the Plan, elect to receive payment of deferred
     amounts (i) in a lump sum at a date certain or (ii) in semi-annual
     installments over a period elected by the participant commencing at the
     date certain elected by the

                                       46
<PAGE>

                                                       EXHIBIT 10.12 (CONTINUED)

     participant. Participants in the Plan as of the date of adoption of this
     amendment may also elect, within sixty (60) days of such adoption, any of
     the three payment alternatives described above. If the participant dies
     prior to the payment in full of all amounts due him under the Plan, the
     balance of the account shall be payable to his designated beneficiary in a
     lump sum. The beneficiary designation shall be revocable and should be made
     in writing in a manner provided by ConAgra. In addition, at the request of
     a participant, the Executive Committee of the Board, at their sole
     discretion, may authorize a change in the method of payment elected by a
     participant. If for any reason, the Executive Committee of the Board
     determines it to be in the best interest of ConAgra or the participant to
     pay the participant in full, including a determination that the participant
     upon termination becomes a proprietor, officer, partner, employer or
     otherwise becomes affiliated with any business that is in competition with
     ConAgra, ConAgra may make a payment in full to said participant when he or
     she ceases to be a director without his or her consent. Payment of the
     aggregate number of shares credited by book entry to a Director's Stock
     Account shall be made in shares of Common Stock."

                                       47

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