Document:

Exhibit 10.15

 

AGREEMENT AND
RELEASE

 

This Agreement  (hereinafter
“Agreement”) is made effective the 30th day of April, 2004
(hereinafter “Effective Date”) by and between James P. O’Donnell (hereinafter
“Employee”) and ConAgra Foods Inc. (hereinafter “ConAgra”).  ConAgra and Employee are also referred to
jointly as “The Parties”.

 

RECITALS

 

a.                                       In
accordance with the terms of this Agreement, Employee is resigning from his
current duties as CFO/Corporate Secretary effective April 30, 2004.

 

b.                                      ConAgra,
in light of Employee’s years and level of service, wishes to provide employment
and compensation as described in this Agreement.

 

c.                                       Employee
is available to perform other duties and wishes to structure his remaining
employment with ConAgra so as to qualify for certain benefits in lieu of
separation or severance payments.

 

d.                                      The
Parties wish to set forth their Agreement with respect to Employee’s
resignation from his current duties as CFO/Corporate Secretary.

 

NOW THEREFORE, in consideration of the mutual promises and covenants
contained herein, the Parties agree as follows:

 

1.             Resignation
from Current Employment. 
Employee confirms his resignation as CFO/Corporate Secretary as of April
30, 2004, and in order to facilitate an orderly transition of some of Employee’s
other duties, he will continue in his Executive Vice President position and
will receive his current compensation and benefits through May 28, 2004.  Between the Effective Date and May 28, 2004,
Employee will assist in the transition of his other duties including any
subsidiary officer and director positions. 
After May 28, 2004, Employee shall be available for other duties as set
forth in this Agreement.

 

2.                                       Compensation/Commitments.

 

a.             Employee’s current
compensation and benefit package will continue through the end of ConAgra’s
current fiscal year (2004) and include the fiscal year (2004) bonus.

 

b.             During ConAgra’s
2005 and 2006 fiscal years, Employee shall receive, as compensation, his
present base salary.  Payment shall be
made in accordance with the Company’s normal payroll practices.  In addition, Employee shall be entitled to
the benefits set forth in this Section 2, including the medical and dental
benefits set forth in subparagraph (e) below and the vesting benefits set forth
in subparagraph (f) below.  Except as
set forth in this Section 2 or as otherwise required by applicable law,
Employee shall not be entitled to any other fringe benefits.

 

c.             During ConAgra’s
2007 and 2008 fiscal years, Employee shall receive, as compensation, a salary of
four thousand dollars ($4,000.00) per month. 
Payment shall be made in accordance with the Company’s normal payroll
practices.  In addition, Employee shall
be entitled to the benefits set forth in this Section 2, including the medical
and dental benefits set forth in subparagraph (e) below and the vesting
benefits set forth in subparagraph (f) below. 
Except as set forth in this Section 2 or as otherwise required by
applicable law, Employee shall not be entitled to any other fringe benefits.

 

38

 

Exhibit 10.15

 

d.             Employee
shall report to ConAgra’s Chief Executive Officer, or his designee, and shall
provide advisory services concerning banking and lender relationships,
insurance, rating agencies, commodity risk management, capital markets, and
such other services and advice as might be reasonably requested.

 

e.             Throughout
his remaining employment, Employee shall be eligible to continue his current
medical and dental coverage at his current level of coverage for Employee and
his dependents at active employee premium rates.  At the completion of his employment, Employee shall be eligible
to continue benefits under the provisions of COBRA.

 

f.              During
the period of Employee’s remaining employment, through June 1, 2008, consistent
with the: (i) ConAgra 1995 Stock Plan, 2000 Stock Plan and the Stock Option
Agreements with the Employee; (ii) ConAgra Long-Term Senior Management
Incentive Plan (LTSMIP); (iii) ConAgra Corporate Management Incentive Plan
(MIP); and (iv) ConAgra Foods, Inc. Pension Plan for Salaried Employees and
Supplemental Retirement Plan (Pension Plan), he shall continue to vest with
respect to stock options, restricted shares, LTSMIP and pension.  All unvested LTSMIP shares outstanding will
vest at that time.

 

g.             Employee
will be reimbursed for reasonable expenses incurred during the performance of
services under this Agreement.

 

h.             During
the employment period covered by this Agreement, ConAgra will maintain Director
and Officer insurance coverage for Employee consistent with that provided to
all other then-current ConAgra directors and officers.

 

i.              Full
indemnity for Employee will, as permitted by law, continue to be afforded to
Employee for and in consideration with Employee’s entire employment period with
ConAgra.

 

3.                                       Obligations.  In consideration of the benefits provided to
Employee by ConAgra, as set forth in this Agreement, and in addition to the
duties described above, during his employment, and for no further compensation
for a reasonable period thereafter not to exceed two years, Employee agrees to
be reasonably available to ConAgra and will:

 

a.             Personally
provide reasonable assistance and cooperation in providing or obtaining
information for ConAgra, and its representatives, concerning any ConAgra
related matter about which Employee is knowledgeable.

 

b.             Personally
provide to ConAgra, or its representatives, reasonable assistance and
cooperation in activities related to the prosecution or defense of any pending
or future lawsuits, claims, allegations or inquiries involving ConAgra, or any
of its affiliates.

 

c.             Promptly
notify the ConAgra if Employee receives any request from anyone other than
ConAgra for any information regarding or related to ConAgra.

 

d.             Refrain
from engaging in any conduct, or making comments, or statements, the purpose or
effect of which is to harm the reputation, good will, or commercial interests
of ConAgra, or any of its affiliates. Employee is not, however, precluded from
reporting to or cooperating with any governmental agencies, including the
Securities and Exchange Commission (“SEC”) in its investigation of ConAgra
Foods, Inc. and/or United Agri Products.

 

e.             Refrain
from providing any information related to any claim or potential litigation
against ConAgra, or its affiliates to any non-ConAgra representatives, without
either ConAgra’s written permission or being required to provide information
pursuant to legal process. Employee is not, however, precluded from reporting
to or cooperating with any governmental agencies,

 

39

 

Exhibit 10.15

 

including the Securities and Exchange Commission (“SEC”) in its
investigation of ConAgra Foods, Inc. and/or United Agri Products.

 

f.              If
required by law to provide sworn testimony on ConAgra or affiliate-related
matters, Employee will consult with and have ConAgra-designated legal counsel
present for such testimony.  ConAgra
will be responsible for the costs of such designated counsel and Employee will
bear no cost for same.  Employee will
confine his testimony to items about which he has actual knowledge rather than
speculation, unless otherwise directed by legal process.

 

g.             From and after June
1, 2010, to the extent Employee’s assistance and cooperation are reasonably
required by ConAgra in connection with any matter, including but not limited to
those matters described in this Section 3, Employee will be compensated at a
rate of $100 per hour.

 

h.             Employee will be
reimbursed for all out-of-pocket expenses incurred in the performance of his
obligation under this Section 3, subject to applicable ConAgra business expense
policies and procedures.

 

4.             Release
and Covenant Not to Sue.

 

a.             In
consideration of the terms of this Agreement, Employee hereby knowingly,
voluntarily and unconditionally releases, acquits, and forever discharges
ConAgra, its successors and related entities, including but not limited to all
past and present respective owners, officers, directors, management,
supervisors, agents, employees, attorneys, and all related persons or entities
(collectively referred to as “Parties Released”) from any and all “Claims” (as
specifically defined below) of any type whatsoever, arising on or prior to the
effective date of this Agreement, including but not limited to, all Claims arising
out of or related to Employee’s employment or separation from employment.

 

b.             For
the purpose of this Agreement, “Claims” means all of the rights which Employee
has now, or at any time had or claimed to have, which were known or unknown,
which were or could have been asserted, of any type whatsoever, involving or
related to the Parties Released, including, but not limited to, Claims for
breach of contract, whether express or implied, wrongful termination based on
public policy or other noncontractual allegations, claims arising out of the
Americans With Disabilities Act,  the
Age Discrimination in Employment Act, the Older Workers Benefit Protection Act,
Title VII of the 1964 Civil Rights Act, the 1991 Civil Rights Act,
Rehabilitation Act, the Family and Medical Leave Act, 42 U.S.C. § 1981 and
1983, State fair employment practices law, State wage payment and collection
laws, or alleged violations of any other federal, state or local laws,
regulations or ordinances, and any and all other common law, tort,
constitutional, public policy or contract-related claims including, but not
limited to, all claims of discrimination based on disability, gender, race,
color, national origin, religion, age, retaliation, veteran’s status or any
other protected status created by state or federal statute, regulation or
decision based on participation in or support of any Claim described above, or
for offering any testimony or participating in any legal proceeding, whether
formal or informal, for opposing any corporate policies or practices of any
types, or other Claims for unlawful employment compensation, or personnel
practices, or other related practices or conduct.

 

c.             At
the completion of the four (4) year period of employment set out above,
Employee agrees to sign a separate Agreement with language as set forth in this
subsection for the express purpose of releasing ConAgra from any claims which
might arise from the Effective Date to the date of the completion of his
employment.

 

d.             This
Release is mutual, and ConAgra hereby releases Employee from all claims and to
the same extent as described in this Section 4.

 

40

 

Exhibit 10.15

 

5.             No
Disparaging Remarks. 
Employee hereby covenants that he shall not, directly or indirectly,
make or solicit or encourage others to make or solicit any disparaging remarks
concerning ConAgra, or any of its products, services, businesses or
activities.  ConAgra hereby covenants
that its officers, directors and members of senior management (while in the
employ of ConAgra) shall not, directly or indirectly, make or solicit or
encourage or authorize others to make or solicit any disparaging remarks
concerning Employee.  The Parties
acknowledge and agree that the restrictions of this provision shall not apply
to statements made under oath or otherwise compelled by law.

 

6.             Representations
and Warranties.  The
Parties represent, warrant, agree and shall be estopped to deny each of the
following:

 

a.             That
they have received independent legal advice from their counsel with respect to
the advisability of executing this Agreement, including the above releases with
respect to the “Claims”, as described above;

 

b.             That
they understand their right to or have had a reasonable opportunity to review
and consider this Agreement and that they have read and understood the terms of
the Agreement;

 

c.             That
Employee has consulted independent legal counsel prior to executing this
Agreement;

 

d.             That
in executing this Agreement, Employee is not relying upon any statement,
representation or promise of ConAgra, its agents, representatives or counsel
other than as expressly set forth in this Agreement;

 

e.             That
the Employee is the sole owner of all Claims that are being released in this
Agreement, and has never assigned any of said Claims to any other party; and

 

f.              That
the party signing on behalf of ConAgra is fully authorized to sign on its
behalf.

 

7.             Amendment.  This Agreement may be modified only by
written agreement of all of the Parties.

 

8.             Execution
in Counterparts.  This
Agreement may be executed in multiple counterparts, each of which shall be
deemed an original, and all of which shall constitute one Agreement to be
effective on the date first written above.

 

9.             Governing
Law.  This Agreement is
made and entered into in the State of Nebraska and shall in all respects be
construed, interpreted, enforced and governed under and by the laws of the
State of Nebraska.

 

10.           Severability.  Should any part, term, condition or
provision of this Agreement be declared or determined by any court to be
illegal or unenforceable, the validity of remaining parts, terms, conditions,
or provisions shall not be affected thereby and said illegal, invalid or
unenforceable part, term, condition or provision shall be deemed not to be a
part of this Agreement.  The obligations
set forth in this Agreement are independent of one another, in that a breach of
any one provision or a waiver of any one provision does not extinguish or waive
any duties or rights set forth in any other provision of this Agreement.

 

11.           Integrated Agreement.  This Agreement and all documents
specifically referenced herein represent the entire understanding between the
Parties with respect to the matters referred to in this Agreement.  No other representations, covenants,
undertakings, or prior or contemporaneous Agreements, oral or written,
regarding such matters which are not specifically contained and/or incorporated
in this Agreement shall be

 

41

 

Exhibit 10.15

 

deemed, in any way to exist or
bind any of the Parties.  Each of the
Parties acknowledges that they have not been induced to enter into this
Agreement and has not executed this Agreement in reliance upon any promises,
representations, warranties or statements except as specifically set forth in
this Agreement.  THE PARTIES ACKNOWLEDGE
THAT THIS AGREEMENT IS INTENDED TO BE AND IS AN INTEGRATED AGREEMENT.

 

12.           Interpretation.  This Agreement has been jointly negotiated
and drafted by the Parties, both of whom have had the opportunity to be
represented or have been represented by counsel.  The rule that ambiguities should be construed against the party
drafting this Agreement shall therefore not apply.  The language of this Agreement shall be construed as a whole
according to its fair meaning and in accordance with its purposes and without
regard to who may have drafted any particular provision.  The section titles throughout this Agreement
are for convenience only and shall not be referred to in the interpretation of
this Agreement.

 

13.           Consideration-Waiver of Claims.

 

a.             Employee
has read and understands this Agreement, has sought legal counsel and has
considered the right to refuse to enter into the Agreement.

 

b.             Employee
does not waive any rights or claims which may arise after the date of this
Agreement.

 

c.             Employee
acknowledges the adequacy and sufficiency of the consideration received in
exchange for the waivers of rights and Claims described herein.

 

14.           Confidentiality.  Employee agrees that (a) this Agreement, and
(b) all the terms and conditions of this Agreement, shall be deemed
confidential and shall not be disclosed or commented upon to third parties by
him or his family members except (i) to accountants, tax preparers, and
attorneys as necessary to obtain advice (ii) as may be required by court order,
(iii) as necessary to enforce this Agreement in court, (iv) as necessary in
response to official government inquiry, or (v) as agreed by the Parties in
writing.  In the event of any disclosure
to accountants, tax preparers, and attorneys such accountants, tax preparers,
and attorneys will be specifically informed by Employee of this confidentiality
provision and shall be bound by the terms of this confidentiality
provision.  Any breach of this provision
by any such accountants, tax preparers, or attorneys shall be deemed a breach
by the party engaging the accountant, tax preparer or attorney.  The Parties may not state, or disclose
anything further in any way or manner regarding (a) this Agreement, including
its existence, and (b) any terms contained herein, unless required by law or
court order.

 

15.           Confidential Information.  As an employee of ConAgra, Employee agrees
that ConAgra has developed and continues to develop and use commercially
valuable confidential and/or proprietary technical and non-technical
information which is vital to the success of ConAgra’s business, and
furthermore, that ConAgra utilizes confidential information, trade secrets and
proprietary customer information in promoting and selling its products and
services.  For purposes of this
Agreement, Employee acknowledges that “Confidential Information” means:
marketing plans, ConAgra’s commodity market positions, grain trades and
strategy, budgets; long-range plans; customer information; sales data;
personnel information; privileged information; or other information used by or
concerning ConAgra, where such information is not publicly available, or has
been treated as confidential.  Employee
agrees that from this time forward he will not, either directly or indirectly,
disclose, or use for the benefit of any person, firm, corporation or other
business organization or yourself, any “Confidential Information” related to
ConAgra or its affiliates.

 

16.           Noncompetition Restrictions.  In order to further protect Company and its
affiliates against disclosure of such trade secrets and confidential
information referred to in Sections 13 and 14 of this Agreement, and against
the unfair loss of employees, customers or customers’ good will, Employee shall
not, from the date hereto through June 1, 2008 (other than in connection with
his performance hereunder) 

 

42

 

Exhibit 10.15

 

associate in any capacity,
whether as a promoter, owner, officers, director, employee, partner, lessee,
lessor, lender, agent, consultant, broker, commissioned salesman or otherwise,
in any business which competes with Employer or its subsidiaries.  In the event of a breach of this Paragraph,
all payments set forth in Paragraph 2 shall cease.

 

Employee understands that
he may take up to twenty-one (21) days to decide whether to accept this
agreement.  If Employee does accept, he
understands that he has seven (7) more days (Revocation Period) to change his
mind and so advise ConAgra, in writing. 
Employee may also consult with his personal attorney before signing.

 

EMPLOYEE
ACKNOWLEDGES THAT HE HAS READ THIS CONFIDENTIAL AGREEMENT AND MUTUAL RELEASE,
THAT HE FULLY KNOWS, UNDERSTANDS AND APPRECIATES ITS CONTENTS, HAS BEEN FULLY
ADVISED BY COUNSEL, AND THAT HE EXECUTES THE SAME AND MAKES THE SETTLEMENT
PROVIDED FOR HEREIN VOLUNTARILY AND OF HIS OWN FREE WILL.

 

IN WITNESS WHEREOF, this Agreement is deemed executed and effective as
of April 30, 2004.

 

	
  James P. O’Donnell

  	
  ConAgra Foods, Inc.

  
	
   

  	
  /s/James P. O’Donnell

  	
   

  	
   

  	
  By:

  	
  /s/ Owen C. Johnson

  	
   

  
	
   

  	
   

  	
  Title:

  	
   Executive Vice President,
  Organization and Administration

  
	
   

  	
   

  	
  Printed Name:  Owen C. Johnson

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  SUBSCRIBED AND SWORN to before

  me on this  30th day of July, 2004.

  	
   

  	
   

  
								

 

 

	
  /s/ Brenda L. Frederick

  	
   

  
	
  Notary Public

  

 

My commission expires:  March 5, 2008

 

43Exhibit 10.16

 

 

July 22, 2004

 

Mr. Kenneth W. Gerhardt

ConAgra Foods, Inc.

One ConAgra Drive

Omaha, NE  68102

 

Dear Ken:

 

As you know,
we are doing a search for your successor as Chief Information Officer.  We have not yet found a suitable
candidate.  Consequently, several
functions related to software security, portal development and systems
development would not have a leader if you fully transition out of the job as
planned on August 1, 2004.  We have
therefore discussed some changes to the retirement arrangements described in
the April 2, 2004 letter agreement as amended. 
This letter is intended to set out our understandings and supercedes the
prior letter agreements.

 

Your status as
an executive officer of ConAgra Foods ceased as of May 30, 2004.  You have continued to provide full-time
services through August 1, 2004 at your fiscal 2004 compensation and you
received short-term and long-term incentive payouts in July 2004.

 

For the period
August 1, 2004 through July 31, 2006, we will extend your employment and base
salary at its present rate of $15,384.62 per payday in accordance with our
standard pay practices.  You will be
eligible for normal welfare and retirement benefits according to our plans.  You will have the duties and obligations
described in this Agreement.  You will
be entitled to the benefits described in this Agreement, but would not
participate in short-term or long-term incentive programs.

 

For the period
from August 1, 2006 through July 31, 2008, you would be retained on the payroll
as an employee and receive $1,000 per month ($461.51 per pay day) for your
total cash compensation and continued eligibility for normal welfare and
retirement benefits according to our plans. 
You would have the duties and obligations described in this Agreement
and be entitled to the benefits described in this Agreement.  To the extent you are requested to perform
significant consulting services, any additional compensation would be agreed to
between us, but would be expected to approximate a daily rate of $1,500.  You would not participate in short or long
term incentive programs.

 

44

 

Exhibit 10.16

 

Effective
August 1, 2004, you will report to ConAgra’s Chief Executive Officer or his
designee.  You will be available to
perform such duties related to information technology as are reasonably
assigned to you with the title of Special Assignments Executive.  As we discussed, our goal is to provide
continuity of management to the various Information Technology functions during
this transition period.

 

Throughout your remaining employment, you shall be eligible to continue
your current medical and dental coverage at your current level of coverage for
you and your dependents at active employee premium rates.  At the completion of your employment, you
shall be eligible to continue benefits under the provisions of COBRA or post
retirement medical program eligibility if that is elected.

 

During the period of your remaining employment, through July 31, 2008,
consistent with the: (i) ConAgra 1995 Stock Plan, 2000 Stock Plan and the Stock
Option Agreements with the Employee (ii) ConAgra Long-Term Senior Management
Incentive Plan (LTSMIP) and (iii) ConAgra Foods, Inc. Pension Plan for Salaried
Employees and Supplemental Retirement Plan (Pension Plan), you shall continue
to vest with respect to stock options, restricted shares, LTSMIP, restricted
units and pension.  During the period
August 1, 2006 through July 31, 2008, you will not be subject to the 75% stock
retention rule.

 

During the employment period covered by this Agreement, ConAgra Foods
will (i) reimburse you for reasonable expenses incurred in the performance of
your services, (ii) maintain Director and Officer insurance coverage for you
consistent with that provided to other ConAgra Foods’ directors and officers,
and (iii) provide you with full indemnification as permitted by law.

 

Obligations.  In consideration of the benefits provided to
you by ConAgra, as set forth in this Agreement, and in addition to the duties described
above, during your employment, and for no further compensation for a reasonable
period thereafter not to exceed two years, you agree to be reasonably available
to ConAgra and will:

 

Personally provide reasonable assistance and cooperation in providing
or obtaining information for ConAgra, and its representatives, concerning any
ConAgra related matter about which you are knowledgeable.

 

Personally provide to ConAgra, or its representatives, reasonable
assistance and cooperation in activities related to the prosecution or defense
of any pending or future lawsuits, claims, allegations or inquiries involving
ConAgra, or any of its affiliates.

 

Promptly notify the ConAgra if you receive any request from anyone
other than ConAgra for any information regarding or related to ConAgra.

 

Refrain from
engaging in any conduct, or making comments, or statements, the purpose or
effect of which is to harm the reputation, good will, or commercial interests
of ConAgra, or any of its affiliates.

 

Refrain from
providing any information related to any claim or potential litigation against
ConAgra, or its affiliates to any non-ConAgra representatives, without either
ConAgra’s written permission or being required to provide information pursuant
to legal process.

 

Release and Covenant
Not to Sue. 
In consideration of the terms of this Agreement, you hereby knowingly,
voluntarily and unconditionally release, acquit, and forever discharge ConAgra,
its successors and related entities, including but not limited to all past and
present respective owners, officers, directors, management, supervisors,
agents, employees, attorneys, and all related persons or entities (collectively
referred to as “Parties Released”) from any and all “Claims” (as specifically
defined below) of any type whatsoever, arising on or prior to the effective
date of this Agreement, including but not limited to, all Claims arising out of
or related to your employment or separation from employment.

 

45

 

Exhibit 10.16

 

For the purpose of this Agreement, “Claims” means all of the rights
which you have now, or at any time had or claimed to have, which were known or
unknown, which were or could have been asserted, of any type whatsoever,
involving or related to the Parties Released, including, but not limited to,
Claims for breach of contract, whether express or implied, wrongful termination
based on public policy or other noncontractual allegations, claims arising out
of the Americans With Disabilities Act, the Age Discrimination in Employment
Act, the Older Workers Benefit Protection Act, Title VII of the 1964 Civil
Rights Act, the 1991 Civil Rights Act, Rehabilitation Act, the Family and
Medical Leave Act, 42 U.S.C. § 1981 and 1983, State fair employment
practices law, State wage payment and collection laws, or alleged violations of
any other federal, state or local laws, regulations or ordinances, and any and
all other common law, tort, constitutional, public policy or contract-related
claims including, but not limited to, all claims of discrimination based on
disability, gender, race, color, national origin, religion, age, retaliation,
veteran’s status or any other protected status created by state or federal
statute, regulation or decision based on participation in or support of any
Claim described above, or for offering any testimony or participating in any
legal proceeding, whether formal or informal, for opposing any corporate
policies or practices of any types, or other Claims for unlawful employment
compensation, or personnel practices, or other related practices or conduct.

 

At the completion of the four (4) year period of employment set out
above, you agree to sign a separate Agreement with language as set forth in
this subsection for the express purpose of releasing ConAgra from any claims
which might arise from the Effective Date to the date of the completion of his
employment.

 

This Release
is mutual, and ConAgra hereby releases you from all claims and to the same
extent as described in this Release and Covenant Not to Sue section.

 

No
Disparaging Remarks. 
You hereby covenants that you shall not, directly or indirectly, make or
solicit or encourage others to make or solicit any disparaging remarks
concerning ConAgra, or any of its products, services, businesses or
activities.  ConAgra hereby covenants
that its officers, directors and members of senior management (while in the
employ of ConAgra) shall not, directly or indirectly, make or solicit or
encourage or authorize others to make or solicit any disparaging remarks
concerning you.  The Parties acknowledge
and agree that the restrictions of this provision shall not apply to statements
made under oath or otherwise compelled by law.

 

Amendment.  This Agreement may be modified only by
written agreement.

 

Governing
Law.  This
Agreement is made and entered into in the State of Nebraska and shall in all
respects be construed, interpreted, enforced and governed under and by the laws
of the State of Nebraska.

 

Confidentiality.  You agree that (a) this Agreement, and (b)
all the terms and conditions of this Agreement, shall be deemed confidential
and shall not be disclosed or commented upon to third parties by you or your
family members except (i) to accountants, tax preparers, and attorneys as
necessary to obtain advice (ii) as may be required by court order, (iii) as
necessary to enforce this Agreement in court, (iv) as necessary in response to
official government inquiry, or (v) as agreed by us in writing.

 

Confidential
Information. 
As an employee of ConAgra, you agree that ConAgra has developed and
continues to develop and use commercially valuable confidential and/or
proprietary technical and non-technical information which is vital to the
success of ConAgra’s business, and furthermore, that ConAgra utilizes confidential
information, trade secrets and proprietary customer information in promoting
and selling its products and services. 
For purposes of this Agreement, you acknowledge that “Confidential
Information” means: marketing plans, ConAgra’s commodity market positions,
grain trades and strategy, budgets; long-range plans; customer information;
sales data; personnel information; privileged information; or other information
used by or concerning ConAgra, where such information is not publicly
available, or has been treated as confidential.  You agree that from this time forward you will not, either
directly or indirectly, disclose, or use for the benefit of any person, firm,
corporation or other business organization or yourself, any “Confidential
Information” related to ConAgra or its affiliates.

 

46

 

Exhibit 10.16

 

Noncompetition
Restrictions. 
In order to further protect Company and its affiliates against
disclosure of proprietary and confidential information referred to in the Confidentiality
section this Agreement, and against the unfair loss of employees,
customers or customers’ good will, you shall not, from the date hereto through
August 1, 2008 (other than in connection with your performance hereunder)
associate in any capacity, whether as a promoter, owner, officer, director,
employee, partner, lessee, lessor, lender, agent, consultant, broker,
commissioned salesman or otherwise, in any business which competes with ConAgra
Foods or its subsidiaries.  In the event
of a breach of this Paragraph, all payments set forth in this Agreement shall
cease.

 

You understand that you
may take up to twenty-one (21) days to decide whether to accept this
agreement.  If you do accept, you
understand that you have seven (7) more days (Revocation Period) to change your
mind and so advise ConAgra, in writing. 
You may also consult with your personal attorney before signing.

 

 

	
   

  	
  Yours very
  truly,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  /s/ Owen C.
  Johnson

  	
   

  
	
   

  	
   

  
	
   

  	
  Owen C.
  Johnson

  
	
   

  	
  Executive
  Vice President, 

  
	
   

  	
  Organization

  
	
   

  	
  and
  Administration

  
	
   

  	
   

  
	
  ACCEPTED AND
  AGREED TO

  	
   

  
	
  THIS 23rd
  DAY OF JULY, 2004

  	
   

  
	
   

  	
   

  
	
  /s/ Kenneth
  W. Gerhardt

  	
   

  	
   

  
	
  Kenneth W.
  Gerhardt

  	
   

  
					

 

47

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00069-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00069-of-00352.parquet"}]]