Document:

<PAGE>

                                                                    EXHIBIT 10.5

                          PREMIUM STANDARD FARMS, INC.
                              VICE PRESIDENT LEVEL
                               SEVERANCE PAY PLAN

                                  PLAN DOCUMENT

              (AS AMENDED AND RESTATED EFFECTIVE FEBRUARY 1, 2003)

<PAGE>

                                TABLE OF CONTENTS
<TABLE>
<CAPTION>
                                                                          Page
<S>                                                                       <C>
ESTABLISHMENT OF THE PLAN....................................................1

PURPOSE OF THE PLAN..........................................................1

ELIGIBLE EMPLOYEES...........................................................1

ELIGIBILITY REQUIREMENTS.....................................................2

CONDITIONS OF INELIGIBILITY..................................................2

BASE SEVERANCE PAY...........................................................3

SUPPLEMENTAL SEVERANCE PAY AND SUPPLEMENTAL SEVERANCE
     BENEFITS................................................................3

PAYMENT OF SEVERANCE PAY.....................................................4

WAIVER AND RELEASE AGREEMENT.................................................5

PLAN ADMINISTRATION..........................................................5

AMENDMENT/TERMINATION/VESTING................................................6

NO ASSIGNMENT................................................................6

RECOVERY OF PAYMENTS MADE BY MISTAKE.........................................6

CONFIDENTIAL INFORMATION/COOPERATION.........................................6

REPRESENTATIONS CONTRARY TO THE PLAN.........................................7

NO EMPLOYMENT RIGHTS.........................................................7

PLAN FUNDING.................................................................7

APPLICABLE LAW...............................................................7

SEVERABILITY.................................................................7

MANDATED PAYMENTS............................................................8

PLAN YEAR....................................................................8

MISCELLANEOUS PROVISIONS.....................................................8

</TABLE>

<PAGE>

                          PREMIUM STANDARD FARMS, INC.
                              VICE PRESIDENT LEVEL
                               SEVERANCE PAY PLAN

ESTABLISHMENT OF THE PLAN

PREMIUM STANDARD FARMS, INC. (hereinafter the "COMPANY") established the PREMIUM
STANDARD FARMS, INC. VICE PRESIDENT LEVEL SEVERANCE PAY PLAN (hereinafter the
"PLAN"), effective December 1, 1999 for the benefit of eligible employees of the
Company. The following provisions constitute an amendment and restatement of the
Plan effective February 1, 2003.

The Plan is an unfunded welfare benefit plan for purposes of the Employee
Retirement Income Security Act of 1974, as amended (hereinafter "ERISA") and a
severance pay plan within the meaning of United States Department of Labor
regulations section 2510.3-2(b). The Plan supersedes any prior formal or
informal severance plans, programs or policies of the Company covering eligible
employees.

PURPOSE OF THE PLAN

The purpose of the Plan is to provide an eligible employee with the opportunity
to receive base severance pay, supplemental severance pay and supplemental
severance benefits for a specified period of time in the event that his/her
employment is involuntarily terminated due to (i) lack of work, (ii)
rearrangement of work, (iii) reduction in workforce, or (iv) position
elimination, all as determined in the sole discretion of the Plan Administrator.

ELIGIBLE EMPLOYEES

The Plan is applicable only to eligible employees of the Company. For all
purposes of the Plan, "ELIGIBLE EMPLOYEE" means a person based in the United
States in an employee-employer relationship with the Company who on his/her date
of termination of employment with the Company is in the Company job
classification as a Vice President.

"Eligible employee" does not include, and the Plan is not applicable to, any
employee or individual who: (i) is covered by a written employment agreement
which contains a severance provision, is covered by a written severance
agreement or is covered by another severance pay plan sponsored by the Company,
(ii) is an independent contractor, (iii) is a consultant, (iv) is a person
performing services for the Company under an independent contractor or
consultant agreement, purchase order, supplier agreement or any other form of
agreement which the Company enters into for services, (v) any other individual
who is compensated, directly or indirectly, by the Company and with respect to
whom compensation is not treated by the Company at the time of payment as being
subject to statutorily required payroll tax withholding, such as withholding of
Federal and/or state income tax and/or withholding of the employee's share of
Social Security Tax, or (vi) is a contract employee, or any employee classified
by the Company other than as a Vice President.

<PAGE>

ELIGIBILITY REQUIREMENTS

In order for an eligible employee to be eligible to receive Plan base severance
pay, supplemental severance pay, and supplemental severance benefits, an
eligible employee must meet the following eligibility requirements: (i) he/she
must remain in the employ of the Company through the date of termination of
employment designated in writing by the Company, (ii) through the date of
termination of employment, he/she must fulfill the normal responsibilities of
his/her position, including meeting regular attendance, workload and other
standards of the Company, and (iii) he/she must submit the signed Waiver and
Release Agreement required by the Plan on or within forty-five (45) days after
his/her date of termination of employment (but not before his/her date of
termination of employment) and (iv) must not revoke the signed Waiver and
Release Agreement.

CONDITIONS OF INELIGIBILITY

An employee of the Company shall not be eligible for base severance pay,
supplemental severance pay and supplemental severance benefits under the Plan
if:

     (a)  the eligible employee is not or ceases to be an eligible employee as
          defined in the Plan;

     (b)  the employee's employment with the Company terminates by reason of
          retirement, resignation, failure to report for work, death or
          discharge for cause, as determined in the sole discretion of the
          Company;

     (c)  the employee's employment with the Company terminates under any other
          circumstances other than meeting the eligibility requirements of the
          Plan;

     (d)  the employee is entitled to a benefit from a long term disability
          benefit plan sponsored by the Company;

     (e)  employment with the Company is involuntarily terminated after the
          employee is offered and refuses a position with the Company and such
          position pays similar base pay (i.e., the current base pay level or a
          greater base pay level or within ten percent (10%) of the current base
          pay level if the employee is changed to a lesser base pay level);

     (f)  the employee is employed in a Company division, department,
          operational unit, function or facility which is sold, leased or
          otherwise divested and the employee is offered comparable employment
          by the successor entity. For all purposes of the Plan, "OFFERED
          COMPARABLE EMPLOYMENT" means an offer of a position providing
          comparable responsibilities, base salary and benefits to the eligible
          employee's then current position with the Company, as determined by
          the Plan Administrator;

     (g)  the employee's employment with the Company is terminated under the
          terms of an individual separation arrangement or a group
          reorganization/

                                       2
<PAGE>

          restructuring benefit plan or program sponsored by the Company which
          provides total separation pay equal to or greater than the base and
          supplemental severance pay provided hereunder; or

     (h)  the Plan is terminated.

The foregoing list of conditions is intended to be illustrative and may not be
all inclusive; the Plan Administrator will determine in the Plan Administrator's
sole discretion whether an eligible employee is eligible for severance pay under
the Plan.

For all purposes under the Plan, "DISCHARGE FOR CAUSE" means termination of the
employee's employment because of (a) negligence or misconduct by the employee in
the performance of his/her duties for the Company, (b) non-performance by the
employee of his/her duties for the Company, (c) the employee's conviction for or
admission of a felony offense, or the employee's indictment for a criminal
offense involving or relating to the business of the Company, (d) the employee's
act of fraud, dishonesty, or embezzlement with respect to the Company, or (e)
the employee's misconduct which, in the judgment of the Company, harms the
reputation of the Company or causes the employee to be unable to perform his/her
duties.

BASE SEVERANCE PAY

Each eligible employee who is eligible for severance pay under the Plan shall be
entitled to receive as base severance pay two (2) weeks of pay.

For all purposes of the Plan, a "WEEK OF PAY" for an eligible employee shall be
determined by using his/her regular annual base salary compensation rate on
his/her date of termination of employment with the Company divided by fifty-two
(52).

SUPPLEMENTAL SEVERANCE PAY AND
SUPPLEMENTAL SEVERANCE BENEFITS

In addition to the base severance pay which an eligible employee is entitled to
receive under the Plan, in exchange for providing the Company with an
enforceable Waiver and Release Agreement in a form acceptable to the Company,
each eligible employee who is eligible for severance pay under the Plan is
eligible to receive as supplemental severance pay and supplemental severance
benefits the following:

     (a)  Supplemental Severance Pay:

          Supplemental severance pay shall be thirty-four (34) weeks of pay.

     (b)  Supplemental Severance Benefits:

          An eligible employee shall be eligible to continue his/her coverage
          under the Company sponsored health benefits plan at the contribution
          rate paid by active employees of the Company for the period which ends
          upon the earlier of (A) thirty-six (36) weeks following his/her date
          of termination of

                                       3
<PAGE>

          employment with the Company or (B) the date he/she becomes covered as
          an employee under another employer's group health plan, program or
          contract.

          Thereafter, an eligible employee may elect to exercise his/her
          applicable COBRA continuation rights to further continue his/her
          health benefits under the Company sponsored health benefits plan by
          paying the required COBRA premium rate.

          All of the terms and conditions of the Company sponsored health
          benefits plan, as amended from time to time, shall be applicable to an
          eligible employee (and his/her eligible dependents, if applicable)
          participating in any form of continuation coverage under the Company
          sponsored health benefits plan.

The Chairman of the Company, acting in the Chairman's sole discretion may, in
writing, enhance the amount of supplemental severance pay or supplemental
severance benefits which an eligible employee is eligible to receive over the
amounts described above and/or make available one or more additional forms of
supplemental severance benefit.

The consideration for the voluntary Waiver and Release Agreement shall be the
supplemental severance pay and supplemental severance benefits which the
eligible employee would otherwise not be eligible to receive.

PAYMENT OF SEVERANCE PAY

Severance pay generally will be paid in a lump sum following the eligible
employee's date of termination of employment, however any supplemental severance
pay and any supplemental severance benefits which become payable will be paid
only after the seven (7) day revocation period for a signed Waiver and Release
Agreement has passed. The Company reserves the right in its sole discretion to
pay severance pay in installments in accordance with the Company's regular
payroll payment schedule. All legally required taxes and any sums owing to the
Company shall be deducted from Plan severance pay and supplemental severance
benefits payments.

If an eligible employee has received his/her supplemental severance pay in one
lump sum and is then reemployed by the Company during a period of time during
which he/she would have been receiving supplemental severance pay if paid to
him/her in installments, he/she shall be required to repay to the Company that
portion of the lump sum payment attributable to the period of time from the date
his/her reemployment begins to the date he/she would have received his/her last
installment payment of supplemental severance pay. In the event that an eligible
employee who is receiving payment of supplemental severance pay under the Plan
in installments is then reemployed by the Company, the payment of supplemental
severance pay under the Plan shall cease as of the date his/her reemployment
begins. In addition, the payment

                                       4
<PAGE>

and/or availability of supplemental severance benefits under the Plan to an
eligible employee shall cease as of the date his/her reemployment with the
Company begins.

WAIVER AND RELEASE AGREEMENT

In order to receive the supplemental severance pay and supplemental severance
benefits available under the Plan, an eligible employee must submit a signed
Waiver and Release Agreement form to the Plan Administrator on or within forty
five (45) days after his/her date of termination of employment (but not before
his/her date of termination of employment). The current form of the required
Waiver and Release Agreement form is attached hereto as Attachment I. An
eligible employee may revoke his/her signed Waiver and Release Agreement within
seven (7) days of his/her signing the Waiver and Release Agreement.

Any such revocation must be made in writing and must be received by the Plan
Administrator within such seven (7) day period. An eligible employee who timely
revokes his/her Waiver and Release Agreement shall not be eligible to receive
any supplemental severance pay and supplemental severance benefits under the
Plan. An eligible employee who timely submits a signed Waiver and Release
Agreement form and who does not exercise his/her right of revocation shall be
eligible to receive supplemental severance pay and supplemental severance
benefits under the Plan.

Eligible employees shall be advised to contact their personal attorney at their
own expense to review the Waiver and Release Agreement form if they so desire.

PLAN ADMINISTRATION

The Company's Vice President, Human Resources shall serve as the "PLAN
ADMINISTRATOR" of the Plan and the "NAMED FIDUCIARY" within the meaning of such
terms as defined in ERISA. Notwithstanding the foregoing sentence, in any
circumstance involving a claim under the Plan by the Vice President, Human
Resources, the Chief Executive Officer of the Company shall substitute for the
Vice President, Human Resources as Plan Administrator for purposes of such
claim. Except as otherwise provided herein, the Plan Administrator shall have
the discretionary authority to determine eligibility for Plan severance pay and
supplemental severance benefits and to construe the terms of the Plan, including
the making of factual determinations. The decisions of the Plan Administrator
shall be final and conclusive with respect to all questions concerning the
administration of this Plan. The Plan Administrator will determine in the Plan
Administrator's sole discretion whether an employee is an eligible employee and
is eligible for severance pay and supplemental severance benefits under the
Plan.

The Plan Administrator may delegate to other persons responsibilities for
performing certain of the duties of the Plan Administrator under the terms of
this Plan and may seek such expert advice as the Plan Administrator deems
reasonably necessary with respect to the Plan. The Plan Administrator shall be
entitled to rely upon the information and advice furnished by such delegatees
and experts, unless actually knowing such

                                       5
<PAGE>

information and advice to be inaccurate or unlawful. The Plan Administrator
shall establish and maintain a reasonable claims procedure, including a
procedure for appeal of denied claims. In no event shall an eligible employee or
any other person be entitled to challenge a decision of the Plan Administrator
in court or in any other administrative proceeding unless and until the claim
and appeals procedures established under this Plan have been complied with and
exhausted.

In the event of a group termination, as determined in the sole discretion of the
Plan Administrator, the Plan Administrator shall furnish affected eligible
employees with such additional information as may be required by law.

AMENDMENT/TERMINATION/VESTING

Eligible employees do not have any vested right to severance pay or supplemental
severance benefits under the Plan and the Company reserves the right in its sole
discretion to amend or terminate the Plan at any time either by resolution of
its Board of Directors or in writing signed by the Chief Executive Officer of
the Company, provided, however, that no amendment nor termination shall reduce
severance pay which has commenced being provided to an eligible employee.
Eligible employees under the Plan shall be furnished with not less than thirty
(30) days prior written notice of the content and effective date of any
amendment to or termination of the Plan.

NO ASSIGNMENT

Severance pay and any supplemental severance benefits payable under the Plan
shall not be subject to anticipation, alienation, pledge, sale, transfer,
assignment, attachment, execution, encumbrance, lien, or charge, and any attempt
to cause such severance pay or supplemental severance benefits to be so
subjected shall not be recognized, except to the extent required by law.

RECOVERY OF PAYMENTS MADE BY MISTAKE

An eligible employee shall be required to return to the Company any severance
pay payment, or portion thereof, and reimburse the Company for the cost of any
supplemental severance benefits made or provided by a mistake of fact or law.

CONFIDENTIAL INFORMATION/COOPERATION

Eligible employees may have had access to trade secrets and other confidential
and proprietary information (hereinafter "CONFIDENTIAL INFORMATION") with regard
to the business of the Company. Recognizing that the disclosure or improper use
of such Confidential Information or the breach of any restrictive covenant
agreement(s) covering the eligible employee will cause serious and irreparable
injury to the Company, eligible employees with such access and/or restrictive
covenant agreement(s) acknowledge that (i) they will not at any time, directly
or indirectly, disclose Confidential Information to any third party or otherwise
use such Confidential Information for their own benefit or the benefit of
others, (ii) they will not breach such restrictive covenant agreement(s), and
(iii) payment of severance pay and supplemental severance benefits under the
Plan

                                       6

<PAGE>

shall cease if an eligible employee discloses or improperly uses such
Confidential Information or breaches such restrictive covenant agreement(s).

Each eligible employee shall cooperate with the Company and its legal counsel in
connection with any current or future investigation or litigation relating to
any matter to which the eligible employee was involved or of which the eligible
employee has knowledge or which occurred during the eligible employee's
employment. Such assistance shall include, but not be limited to, depositions
and testimony and shall continue until such matters are resolved. In addition,
an eligible employee shall not in any way disparage the Company nor any person
associated with the Company to any person, corporation, or other entity.

REPRESENTATIONS CONTRARY TO THE PLAN

No employee, officer, or director of the Company has the authority to alter,
vary, or modify the terms of the Plan except by means of an authorized written
amendment to the Plan. No verbal or written representations contrary to the
terms of the Plan and its written amendments shall be binding upon the Plan, the
Plan Administrator, or the Company.

NO EMPLOYMENT RIGHTS

This Plan shall not confer employment rights upon any person. No person shall be
entitled, by virtue of the Plan, to remain in the employ of the Company and
nothing in the Plan shall restrict the right of the Company to terminate the
employment of any eligible employee or other person at any time.

PLAN FUNDING

No eligible employee shall acquire by reason of the Plan any right in or title
to any assets, funds, or property of the Company. Any severance pay which
becomes payable under the Plan is an unfunded obligation and shall be paid from
the general assets of the Company. No employee, officer, director or agent of
the Company personally guarantees in any manner the payment of Plan severance
pay or supplemental severance benefits.

APPLICABLE LAW

This Plan shall be governed and construed in accordance with ERISA and in the
event that any reference shall be made to State law, the laws of the State of
Missouri shall apply, without regard to its conflicts of law provisions.

SEVERABILITY

If any provision of the Plan is found, held or deemed by a court of competent
jurisdiction to be void, unlawful or unenforceable under any applicable statute
or other controlling law, the remainder of the Plan shall continue in full force
and effect.

                                       7

<PAGE>

MANDATED PAYMENTS

The severance pay and supplemental severance benefits available under the Plan
are the maximum made available by the Company in the event of involuntary
termination of employment. To the extent that a federal, state or local law
requires the Company to make payment to an eligible employee because of
involuntary termination of employment, or in accordance with a plant closing
type law, the severance pay and supplemental severance benefits available under
the Plan will be reduced by the amount of such required payment.

PLAN YEAR

The ERISA plan year of this Plan shall be the twelve month period commencing on
January 1 of each year.

MISCELLANEOUS PROVISIONS

In order for an eligible employee to commence receiving severance pay under the
Plan, (i) he/she shall be required to return all Company property (including,
but not limited to, Confidential Information, Company car, customer lists, keys,
credit cards, access cards, personal digital assistants, mobile telephones,
documents and records, identification cards, equipment, computers, software, and
pagers), (ii) complete and submit all expense reimbursement requests, and (iii)
repay any outstanding bills, advances, debts, and amounts due to the Company, as
of his/her date of termination of employment with the Company.

All pay and other benefits (except Plan severance pay and supplemental severance
benefits) payable to an eligible employee as of his/her date of termination of
employment with the Company according to the established policies, plans, and
procedures of the Company shall be paid in accordance with the terms of those
established policies, plans, and procedures. In addition, any benefit
continuation or conversion rights which an eligible employee has as of his/her
date of termination of employment with the Company according to the established
policies, plans, and procedures of the Company shall be made available to
him/her.

                                        PREMIUM STANDARD FARMS, INC.

                                        By       /s/ John Meyer
                                          ----------------------------------
                                                 John Meyer
                                                 Chief Executive Officer

                                       8
<PAGE>

                                                                    ATTACHMENT I

                          PREMIUM STANDARD FARMS, INC.
                              VICE PRESIDENT LEVEL
                               SEVERANCE PAY PLAN

                          WAIVER AND RELEASE AGREEMENT

     (1)  In consideration for the supplemental severance pay and supplemental
severance benefits to be provided to me under the terms of the PREMIUM STANDARD
FARMS, INC. VICE PRESIDENT LEVEL SEVERANCE PAY PLAN, I, on behalf of myself and
my heirs, executors, administrators, attorneys and assigns, hereby waive,
release and forever discharge PREMIUM STANDARD FARMS, INC. (hereinafter referred
to as the "Company") together with the Company's parent, subsidiaries, divisions
and affiliates, whether direct or indirect, its and their joint ventures and
joint venturers (including their respective directors, officers, employees,
shareholders, partners and agents, past, present, and future), and each of its
and their respective successors and assigns (hereinafter collectively referred
to as "Releasees"), from any and all known or unknown, suspected and unsuspected
actions, causes of action, claims or liabilities of any kind which have been or
could be asserted against the Releasees arising out of or related to my
employment with and/or separation from employment with the Company and/or any of
the other Releasees up to and including the date of this Waiver and Release
Agreement, including but not limited to:

     (a)  claims, actions, causes of action or liabilities arising under Title
          VII of the Civil Rights Act, as amended, the Age Discrimination in
          Employment Act, as amended ("ADEA"), the Employee Retirement Income
          Security Act, as amended, the Rehabilitation Act, as amended, the
          Americans with Disabilities Act, as amended, the Family and Medical
          Leave Act, as amended, Worker Adjustment and Retraining Notification
          Act, as amended, and/or any other federal, state, municipal, or local
          employment discrimination statutes or ordinances (including, but not
          limited to, claims based on age, sex, attainment of benefit plan
          rights, race, religion, national origin, marital status, sexual
          orientation, ancestry, harassment, parental status, handicap,
          disability, retaliation, and veteran status);

     (b)  claims, actions, causes of action or liabilities arising under any
          other federal, state, municipal, or local statute, law, ordinance or
          regulation; and/or

     (c)  any other claim whatsoever including, but not limited to, claims for
          severance pay, claims for bonus, claims for expense reimbursement,
          claims based upon breach of contract, wrongful termination,
          defamation, intentional infliction of emotional distress, tort,
          personal injury, invasion of privacy, violation of public policy,
          negligence and/or any other common law, statutory, regulatory or other
          claim whatsoever arising out of or

<PAGE>

          relating to my employment with and/or separation from employment with
          the Company and/or any of the other Releasees.

Excluded from this Release is any claim or right which cannot be waived by law,
including all claims arising after the date of this Release and the right to
file a charge with or participate in an investigation conducted by any federal,
state, or local administrative agency.

     (2)  I also agree never to sue any of the Releasees or become party to a
lawsuit on the basis of any claim of any type whatsoever arising out of or
related to my employment with and/or separation from employment with the Company
and/or any of the other Releasees, except I may bring a lawsuit to challenge
this Waiver and Release Agreement under the ADEA.

     (3)  I further acknowledge and agree that if I breach the provisions of
paragraph (2) above, then (a) the Company shall be entitled to apply for and
receive an injunction to restrain any violation of paragraph (2) above, (b) the
Company shall not be obligated to continue payment of the supplemental severance
pay and availability of supplemental severance benefits to me, (c) I shall be
obligated to pay to the Company its costs and expenses in enforcing this Waiver
and Release Agreement and defending against such lawsuit (including court costs,
expenses and reasonable legal fees), and (d) as an alternative to (c), at the
Company's option, I shall be obligated upon demand to repay to the Company all
but $100 of the supplemental severance pay and cost of the supplemental
severance benefits paid or made available to me. I further agree that the
foregoing covenants in this paragraph (3) shall not affect the validity of this
Waiver and Release Agreement and shall not be deemed to be a penalty nor a
forfeiture.

     (4)  To the extent permitted by law, I further waive my right to any
monetary recovery should any federal, state, or local administrative agency
pursue any claims on my behalf arising out of or related to my employment with
and/or separation from employment with the Company and/or any of the other
Releasees. I also acknowledge that I have not suffered any on-the-job injury for
which I have not already filed a claim.

     (5)  To the extent permitted by law, I further waive, release and discharge
Releasees from any reinstatement rights which I have or could have.

     (6)  I also promise that I shall not at any time or in any way disparage
the Company and/or any of the other Releasees to any person, corporation, entity
or other third party whatsoever.

     (7)  I further agree that if I breach the Confidential Information/
Cooperation provisions of the Plan or the provisions of paragraphs (5) and/or
(6) above, then (a) the Company shall be entitled to apply for and receive an
injunction to restrain such breach, (b) the Company shall not be obligated to
continue payment of the supplemental severance pay and availability of
supplemental severance benefits to me, and (c) I shall be obligated to pay to
the Company its costs and expenses in enforcing the Confidential

                                       2
<PAGE>

Information/Cooperation provisions of the Plan and the provisions of paragraphs
(5) and (6) above (including court costs, expenses and reasonable legal fees).

     (8)  I acknowledge that I have been given at least forty-five (45) days to
consider this Waiver and Release Agreement thoroughly.

     (9)  I acknowledge that I have been advised in writing to consult with an
attorney prior to signing this Waiver and Release Agreement.

     (10) I understand that I may revoke this Waiver and Release Agreement
within seven (7) days after its signing and that any revocation must be made in
writing and submitted within such seven (7) day period to the Plan
Administrator. I further understand that if I revoke this Waiver and Release
Agreement, I shall not receive the supplemental severance pay nor the
supplemental severance benefits available under the Plan.

     (11) I also understand that the supplemental severance pay and supplemental
severance benefits which I will receive in exchange for signing and not later
revoking this Waiver and Release Agreement are in addition to anything of value
to which I already am entitled.

     (12) I FURTHER UNDERSTAND THAT THIS WAIVER AND RELEASE AGREEMENT INCLUDES A
RELEASE OF ALL KNOWN AND UNKNOWN, SUSPECTED AND UNSUSPECTED CLAIMS TO DATE.

     (13) I acknowledge and agree that if any provision of this Waiver and
Release Agreement is found, held or deemed by a court of competent jurisdiction
to be void, unlawful or unenforceable under any applicable statute or
controlling law, the remainder of this Waiver and Release Agreement shall
continue in full force and effect.

     (14) This Waiver and Release Agreement in all respects shall be
interpreted, enforced and governed under applicable federal law and in the event
reference shall be made to State law, the internal laws of the State of Missouri
shall apply.

                                       3

<PAGE>

     (15) I further acknowledge and agree that I have carefully read and fully
understand all of the provisions of this Waiver and Release Agreement and that I
voluntarily enter into this Waiver and Release Agreement by signing below.

                                   -------------------------------------------
                                   (Name of Eligible Employee - Please Print)

                                   -------------------------------------------
                                   (Signature of Eligible Employee)

                                   -------------------------------------------
                                   (Date)

                                   PLEASE RETURN TO:
                                   Vice President of Human Resources
                                   Premium Standard Farms, Inc.
                                   423 West 8th Street, Suite 200
                                   Kansas City, MO 64105

                                       4<PAGE>
                                                                    EXHIBIT 10.6

                           PREMIUM STANDARD FARMS INC.

                        SPECIAL EXECUTIVE RETIREMENT PLAN

                              AMENDED AND RESTATED
                              AS OF OCTOBER 1, 2004

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<S>                                                                      <C>
ARTICLE I - DEFINITIONS....................................................1

         1.01     ACTUARIAL EQUIVALENT.....................................1

         1.02     ACTUARIAL VALUE..........................................1

         1.03     APPLICABLE PERCENTAGE....................................1

         1.04     BENEFICIARY..............................................1

         1.05     BOARD....................................................1

         1.06     CLAIMANT.................................................1

         1.07     CODE.....................................................2

         1.08     COMMITTEE................................................2

         1.09     COMPANY..................................................2

         1.10     EARLY RETIREMENT AGE.....................................2

         1.11     EMPLOYER(S)..............................................2

         1.12     ERISA....................................................2

         1.13     FINAL AVERAGE EARNINGS...................................2

         1.14     INTERIM AVERAGE EARNINGS.................................2

         1.15     NORMAL RETIREMENT AGE....................................2

         1.16     PARTICIPANT..............................................2

         1.17     PLAN.....................................................2

         1.18     POST-AMENDMENT YEARS OF BENEFIT SERVICE..................2

         1.19     PRIMARY BENEFIT..........................................2

         1.20     RETIREMENT PLAN OFFSET AMOUNT............................3

         1.21     SERP BENEFIT.............................................3

         1.22     SOCIAL SECURITY OFFSET AMOUNT............................3

         1.23     YEAR OF BENEFIT SERVICE..................................4

         1.24     YEARS OF INTERIM BENEFIT SERVICE.........................4

         1.25     YEARS OF VESTING SERVICE.................................4

ARTICLE II - ELIGIBILITY...................................................4

         2.01     SELECTION BY COMMITTEE...................................4

ARTICLE III - VESTING......................................................4

         3.01     VESTING IN BENEFITS......................................4
</TABLE>

                                      -i-
<PAGE>

<TABLE>
<S>                                                                     <C>
ARTICLE IV - BENEFITS......................................................4

         4.01     NORMAL RETIREMENT........................................4

         4.02     EARLY RETIREMENT.........................................4

         4.03     FORM OF BENEFITS.........................................5

         4.04     COMMITTEE DISCRETION.....................................5

         4.05     WITHHOLDING AND PAYROLL TAXES............................5

         4.06     BENEFITS ON DEATH........................................5

         4.07     COMMENCEMENT OF BENEFITS.................................6

ARTICLE V - TERMINATION AND AMENDMENT......................................6

         5.01     TERMINATION..............................................6

         5.02     AMENDMENT................................................6

ARTICLE VI - OTHER BENEFITS AND AGREEMENT..................................6

         6.01     COORDINATION WITH OTHER BENEFITS.........................6

ARTICLE VII - ADMINISTRATION OF THE PLAN...................................6

         7.01     COMMITTEE DUTIES.........................................6

         7.02     AGENTS...................................................6

         7.03     BINDING EFFECT OF DECISIONS..............................7

         7.04     INDEMNITY OF COMMITTEE...................................7

         7.05     EMPLOYER INFORMATION.....................................7

ARTICLE VIII - CLAIMS PROCEDURES...........................................7

         8.01     PRESENTATION OF CLAIM....................................7

         8.02     NOTIFICATION OF DECISION.................................7

         8.03     REVIEW OF A DENIED CLAIM.................................8

         8.04     DECISION ON REVIEW.......................................8

         8.05     LEGAL ACTION.............................................8

ARTICLE IX - MISCELLANEOUS.................................................8

         9.01     UNSECURED GENERAL CREDITOR...............................8

         9.02     EMPLOYER'S LIABILITY.....................................8

         9.03     NONASSIGNABILITY.........................................8

         9.04     NOT A CONTRACT OF EMPLOYMENT.............................9

         9.05     FURNISHING INFORMATION...................................9
</TABLE>

                                      -ii-
<PAGE>

<TABLE>
<S>                                                                     <C>
         9.06     TERMS....................................................9

         9.07     CAPTIONS.................................................9

         9.08     GOVERNING LAW............................................9

         9.09     VALIDITY.................................................9

         9.10     NOTICE...................................................9

         9.11     SUCCESSORS..............................................10

         9.12     SPOUSE'S INTEREST.......................................10

         9.13     INCOMPETENT.............................................10

         9.14     COURT ORDER.............................................10

         9.15     DISTRIBUTION IN THE EVENT OF TAXATION...................10
</TABLE>

                                     -iii-
<PAGE>

                           PREMIUM STANDARD FARMS INC.
                        SPECIAL EXECUTIVE RETIREMENT PLAN

                              AMENDED AND RESTATED
                              AS OF OCTOBER 1, 2004

                                     PURPOSE

         Effective as of October 1, 2004, this document shall constitute an
Amendment and Restatement of the Premium Standard Farms Inc. Special Executive
Retirement Plan, which Plan was originally established as of January 1, 2000.
The purpose of the Plan is to provide specified benefits to a select group of
management and highly compensated employees of Premium Standard Farms Inc., a
Delaware corporation, and its subsidiaries, if any, that sponsor this Plan. The
Plan has been and continues to be unfunded for tax purposes and for purposes of
Title I of ERISA.

                            ARTICLE I - DEFINITIONS

         1.01 "Actuarial Equivalent" shall mean a benefit of equivalent value,
as calculated by an actuary selected by the Company, computed on the basis of
the following actuarial assumptions:

         Interest: the annual interest rate on 30-year Treasury securities as
         specified by the Secretary of the Treasury or his delegate for the
         month preceding the month in which the Participant's distribution
         commences.

         Mortality: the 1983 Group Annuity Mortality Table using a blend of 50%
         of the male table and 50% of the female table.

         1.02 "Actuarial Value" shall mean the lump sum cash value, as
calculated by an actuary selected by the Company, computed on the basis of the
following actuarial assumptions:

         Interest: the annual interest rate on 30-year Treasury securities as
         specified by the Secretary of the Treasury or his delegate for the
         month preceding the month in which the Participant's distribution
         commences.

         Mortality: the 1983 Group Annuity Mortality Table using a blend of 50%
         of the male table and 50% of the female table.

         1.03 "Applicable Percentage" shall mean the applicable percentage set
forth with respect to each Participant on the attached Exhibit B.

         1.04 "Beneficiary" shall mean the surviving spouse of a deceased
Participant.

         1.05 "Board" shall mean the board of directors of the Company.

         1.06 "Claimant" shall have the meaning set forth in Section 8.1.01.

                                      -1-
<PAGE>

         1.07 "Code" shall mean the Internal Revenue Code of 1986, as amended
from time to time.

         1.08 "Committee" shall mean the Compensation Committee of the Board.

         1.09 "Company" shall mean Premium Standard Farms Inc., a Delaware
corporation.

         1.10 "Early Retirement Age" shall mean age 55 with five Years of
Vesting Service.

         1.11 "Employer(s)" shall mean the Company and any subsidiary or
subsidiaries of the Company that have been selected by the Board to participate
in the Plan.

         1.12 "ERISA" means the Employee Retirement Income Security Act of 1974,
as amended.

         1.13 "Final Average Earnings" shall mean the average of the
Participant's final three full calendar years' base salary, including any
amounts deferred to a qualified or nonqualified retirement plan or contributed
by the Participant to a cafeteria plan.

         1.14 "Interim Average Earnings" shall mean the average of the
Participant's full calendar years' base salary, including any amounts deferred
to a qualified or nonqualified retirement plan or contributed by the Participant
to a cafeteria plan, for calendar years 2001, 2002 and 2003. In the event a
Participant was not employed by the Company during all of 2001, 2002 and 2003,
then "Interim Average Earnings" shall mean the average of the Participant's full
calendar years' base salary, including any amounts deferred to a qualified or
nonqualified retirement plan or contributed by the Participant to a cafeteria
plan, for those full calendar years during such period that the Participant was
employed by the Company.

         1.15 "Normal Retirement Age" shall mean age 62.

         1.16 "Participant" shall mean any employee who is selected to
participate in the Plan by the Board and listed on Exhibit A as amended hereto
from time to time. The Board shall have the sole and exclusive authority to
select and delete Participants and to determine each Participant's Primary
Benefit.

         1.17 "Plan" shall mean this Special Executive Retirement Plan.

         1.18 "Post-Amendment Years of Benefit Service" shall mean (a) each full
Year of Benefit Service which commences after October 1, 2004, plus (b) the pro
rata portion of any Year of Benefit Service which includes October 1, 2004. For
purposes of the foregoing, the pro rata portion of any Year of Benefit Service
which includes October 1, 2004 shall be determined by multiplying one (1) by a
fraction, the numerator of which shall be the number of days in such Year of
Benefit Service which occur after September 30, 2004, and the denominator of
which shall be 365.

         1.19 "Primary Benefit" shall mean a monthly benefit equal to the sum of
the following:

                                      -2-
<PAGE>

                  (A)      1/12 [(The Applicable Percentage x Interim Average
                           Earnings) x Years of Interim Benefit Service]; plus

                  (B)      1/12 [(1.5% x Final Average Earnings) x
                           Post-Amendment Years of Benefit Service]

Notwithstanding the foregoing, the Maximum Primary Benefit with respect to any
Participant shall be a monthly benefit equal to 1/12 of 66.7% of Final Average
Earnings.

         1.20 "Retirement Plan Offset Amount" shall mean the monthly benefit
paid or payable to or on behalf of a Participant because of such Participant's
service with an Employer pursuant to any qualified defined benefit pension plan
maintained by the Company, by ContiGroup Companies, Inc. or by any of their
Affiliates. In the event any benefit payable to or on behalf of a Participant
from any such defined benefit plan shall be payable in a form other than a
straight life annuity, payable monthly, then the amount of the Retirement Plan
Offset Amount shall be the Actuarial Equivalent of such benefit, determined on
the basis of a straight life annuity payable monthly.

         1.21 "SERP Benefit" shall mean the benefit payable to a Participant
determined under Section 4.01.

         1.22 "Social Security Offset Amount" shall mean one-half (1/2) of a
Participant's anticipated monthly social security benefit payable beginning at
the earliest age permitted (currently 62), multiplied by a fraction, the
numerator of which shall be the Participant's Years of Benefit Service and the
denominator of which is the Participant's years of service for purposes of
calculating his social security benefit, subject to the following rules:

                  (i) If a Participant elects to commence benefits under this
         Plan prior to age 62, his Social Security Offset Amount shall be
         reduced by 0.5% for each month by which the date on which he commences
         benefits precedes the date on which he attains Normal Retirement Age.

                  (ii) If a Participant elects to commence benefits under this
         Plan at any age in a lump sum, his Social Security Offset Amount shall
         be one-half (1/2) the Actuarial Value of his expected social security
         benefits, including any benefits previously paid, assuming that his
         benefits commenced at the earliest age permitted (currently, age 62)
         and were not thereafter adjusted for cost of living adjustments.

                  (iii) If a Participant elects to commence benefits under this
         Plan in an annuity form at or following the time he has commenced
         receipt of social security benefits, his Social Security Offset Amount
         shall be one-half (1/2) of the actual monthly benefit received at that
         time multiplied by a fraction, the numerator of which shall be the
         Participant's Years of Benefit Service and the denominator of which
         shall be the Participant's years of service for purposes of calculating
         his social security benefits, and shall not be adjusted thereafter for
         cost of living adjustments or the subsequent death of the Participant.

                                      -3-
<PAGE>

                  (iv) If a surviving spouse is entitled to a benefit pursuant
         to Section 4.06, the Social Security Offset Amount shall be computed as
         though the Participant was still living at age 62.

         1.23 "Year of Benefit Service" shall mean each period of twelve (12)
consecutive months, beginning on the Participant's date of hire and each
anniversary thereof, that the Participant is employed by the Company.

         1.24 "Years of Interim Benefit Service" shall mean (a) each full Year
of Benefit Service completed with the Company prior to October 1, 2004, plus (b)
the pro rata portion of any Year of Benefit Service which includes October 1,
2004. For purposes of the foregoing, the pro rata portion of any Year of Benefit
Service which includes October 1, 2004 shall be determined by multiplying one
(1) by a fraction, the numerator of which shall be the number of days in such
Year of Benefit Service which occur prior to October 1, 2004 and the denominator
of which shall be 365.

         1.25 "Years of Vesting Service" shall mean full calendar years of
employment with the Company, excluding for this purpose years of employment
prior to January 1, 2000.

                            ARTICLE II - ELIGIBILITY

         2.01 SELECTION BY COMMITTEE. Participation in the Plan shall be limited
to a select group of management and highly compensated employees of the
Employers. From that group, the Committee shall select, in its sole discretion,
employees to participate in the Plan.

                             ARTICLE III - VESTING

         3.01 VESTING IN BENEFITS. Each Participant shall become vested in his
or her SERP Benefit in accordance with the following schedule:

<TABLE>
<CAPTION>
                          YEARS OF VESTING SERVICE                     VESTED PERCENTAGE
                          ------------------------                     -----------------
<S>                                                                    <C>
                           Less than 5                                         0
                           5 or more                                          100%
</TABLE>

                             ARTICLE IV - BENEFITS

         4.01 NORMAL RETIREMENT. A Participant who has completed five (5) Years
of Vesting Service and who has terminated employment with the Company shall be
entitled to receive a SERP Benefit at Normal Retirement Age. The SERP Benefit
payable to a Participant at Normal Retirement Age shall be an annuity for the
life of the Participant equal to his Primary Benefit minus the sum of (i) his
Retirement Plan Offset Amount and (ii) his Social Security Offset Amount.

         4.02 EARLY RETIREMENT. A Participant who attains Early Retirement Age
and who has terminated employment shall be entitled to retire and receive a
reduced SERP Benefit equal to

                                      -4-
<PAGE>
his SERP Benefit reduced by one-half percent (.5%) for each month by which the
date on which he commences benefits precedes the date on which he attains his
Normal Retirement Age.

         4.03 FORM OF BENEFITS. Payments of vested SERP Benefits shall be made
in the form and at the time elected by the Participant. The Participant shall
make an election as to the form and timing of payments on forms and in
accordance with procedures announced from time to time by the Committee. The
forms of benefit available under the Plan shall be:

                  (i) lump sum, in an amount equal to the Actuarial Value of the
         SERP Benefit;

                  (ii) joint and 50% survivor annuity, which shall be a monthly
         income payable for the lifetime of the Participant and continuing
         thereafter in an amount one-half as large to the Participant's
         surviving spouse for the lifetime of such spouse and shall be the
         Actuarial Equivalent of the SERP Benefit;

                  (iii) joint and 100% survivor annuity, which shall be a
         monthly income payable for the lifetime of the Participant and
         continuing thereafter in an equal amount to the Participant's surviving
         spouse for the lifetime of such spouse and shall be the Actuarial
         Equivalent of the SERP Benefit; and

                  (iv) an annuity for the life of the Participant only.

         If the Participant has elected a joint and survivor annuity and has no
         spouse at the time benefits become payable, the election shall be void
         and the benefits shall be paid as an annuity for the life of the
         Participant only. If the Participant subsequently becomes married, and
         the Participant's spouse dies after benefits have become payable, no
         survivor annuity shall be paid to such spouse.

         4.04 COMMITTEE DISCRETION. The Committee, in its sole discretion and
consistent with its established procedures and rules, may consider other forms
of vested SERP Benefit payments, or the timing of vested SERP Benefit payments,
as it deems necessary and prudent under the circumstances.

         4.05 WITHHOLDING AND PAYROLL TAXES. The Employer, to the extent
required by applicable law, shall withhold from any and all benefits paid under
this Article IV, all federal, state and local income, employment and other taxes
required to be withheld by the Employer in connection with the benefits
hereunder, in amounts to be determined in the sole discretion of the Employer.

         4.06 BENEFITS ON DEATH. If a Participant is vested and dies prior to
commencing benefits under this Plan and is married on the date of his death, a
spousal death benefit shall be payable under this Plan. The spousal death
benefit under this Plan shall be equal to an annuity based on 50% of the
Participant's SERP Benefit, commencing immediately but no earlier than the date
that the Participant would have attained age 55, and reduced by one-half of one
percent (.5%) for each month by which the date benefits commence precedes the
date that the Participant would have attained age 62. Any spousal death benefits
payable under this Plan shall be paid in the form of an annuity for the spouse's
life. If a Participant has no surviving spouse, the benefits remaining under the
Plan shall be forfeited.

                                      -5-
<PAGE>

         4.07 COMMENCEMENT OF BENEFITS. Payment of a benefit to a Participant
may not begin earlier than the later of:

                  (i) the Participant's Early Retirement Age, or

                  (ii) the Participant's termination of employment.

                     ARTICLE V - TERMINATION AND AMENDMENT

         5.01 TERMINATION. The Company reserves the right to terminate the Plan
at any time by the action of the Board. The termination of the Plan shall not
adversely affect any Participant or his or her Beneficiary who has become
entitled to the payment of any benefits under the Plan as of the date of
termination; provided, however, that the Employer shall have the right to
accelerate payments by paying the Actuarial Value of such payments. For all
other Participants, upon the termination of the Plan, the Employer shall have
the right to pay the Actuarial Value of a Participant's vested SERP Benefit in a
lump sum.

         5.02 AMENDMENT. The Company may, at any time, amend or modify the Plan
in whole or in part by the action of its Board; provided, however, that no
amendment or modification shall be effective to decrease or restrict a
Participant's then vested SERP Benefit. The amendment or modification of the
Plan shall not affect any Participant or his or her Beneficiary who has become
entitled to the payment of benefits under the Plan as of the date of the
amendment or modification; provided, however, that the Employer shall have the
right to accelerate installment payments by paying the Actuarial Value of such
payments in a lump sum or the Actuarial Equivalent in some other accelerated
form of payment.

                   ARTICLE VI - OTHER BENEFITS AND AGREEMENT

         6.01 COORDINATION WITH OTHER BENEFITS. Except as provided herein and
except as otherwise expressly provided under any other plan or program for
employees of the Employers, the benefits provided under this Plan to a
Participant are in addition to the benefits available to such Participant under
any other such plan or program. The Plan shall supplement and shall not
supersede, modify or amend any other such plan or program except as may
otherwise be expressly provided.

                    ARTICLE VII - ADMINISTRATION OF THE PLAN

         7.01 COMMITTEE DUTIES. This Plan shall be administered by the
Committee, or such committee or individual as the Board shall appoint. Members
of the Committee may be Participants under this Plan. The Committee shall also
have the discretion and authority to (i) make, amend, interpret and enforce all
appropriate rules and regulations for the administration of this Plan and (ii)
decide or resolve any and all questions including interpretations of this Plan,
as may arise in connection with the Plan.

         7.02 AGENTS. In the administration of this Plan, the Committee may
employ agents and delegate to them such administrative duties as it sees fit
(including acting through a duly appointed representative) and may from time to
time consult with counsel who may be counsel to any Employer.

                                      -6-
<PAGE>

         7.03 BINDING EFFECT OF DECISIONS. The decision or action of the
Committee with respect to any question arising out of or in connection with the
administration, interpretation and application of the Plan and the rules and
regulations promulgated hereunder shall be final and conclusive and binding upon
all persons having any interest in the Plan.

         7.04 INDEMNITY OF COMMITTEE. All Employers shall indemnify and hold
harmless the members of the Committee against any and all claims, losses,
damages, expenses or liabilities arising from any action or failure to act with
respect to this Plan, except in the case of willful misconduct by the Committee
or any of its members.

         7.05 EMPLOYER INFORMATION. To enable the Committee to perform its
functions, each Employer shall supply full and timely information to the
Committee on all matters relating to the compensation of its Participants, the
date and circumstances of the retirement, disability, death or termination of
employment of its Participants, and such other pertinent information as the
Committee may reasonably require.

                        ARTICLE VIII - CLAIMS PROCEDURES

         8.01 PRESENTATION OF CLAIM. Any Participant or Beneficiary (such
Participant or Beneficiary being referred to below as a "Claimant") may deliver
to the Committee a written claim for a determination with respect to the amounts
distributable to such Claimant from the Plan. If such a claim relates to the
contents of a notice received by the Claimant, the claim must be made within 60
days after such notice was received by the Claimant. The claim must state with
particularity the determination desired by the Claimant. All other claims must
be made within 180 days of the date on which the event that caused the claim to
arise occurred. The claim must state with particularity the determination
desired by the Claimant.

         8.02 NOTIFICATION OF DECISION. The Committee shall consider a
Claimant's claim within 90 days (unless special circumstances require additional
time), and shall notify the Claimant in writing:

                  (i) that the Claimant's requested determination has been made,
         and that the claim has been allowed in full; or

                  (ii) that the Committee has reached a conclusion contrary, in
         whole or in part, to the Claimant's requested determination, and such
         notice must set forth in a manner calculated to be understood by the
         Claimant;

                           (1) the specific reason(s) for the denial of the
                  claim, or any part of it;

                           (2) specific reference(s) to pertinent provisions of
                  the Plan upon which such denial was based;

                           (3) a description of any additional material or
                  information necessary for the Claimant to perfect the claim,
                  and an explanation of why such material or information is
                  necessary; and

                                      -7-
<PAGE>

                           (4) an explanation of the claim review procedure set
                  forth in Section 8.03 below.

         8.03 REVIEW OF A DENIED CLAIM. Within 60 days after receiving a notice
from the Committee that a claim has been denied, in whole or in part, a Claimant
(or the Claimant's duly authorized representative) may file with the Committee a
written request for a review of the denial of the claim. Thereafter, but not
later than 30 days after the review procedure began, the Claimant (or the
Claimant's duly authorized representative):

                  (i) may review pertinent documents;

                  (ii) may submit written comments or other documents; and/or

                  (iii) may request a hearing, which the Committee, in its sole
         discretion, may grant.

         8.04 DECISION ON REVIEW. The Committee shall render its decision on
review promptly, and not later than 60 days after the filing of a written
request for review of the denial, unless a hearing is held or other special
circumstances require additional time, in which case the Committee's decision
must be rendered within 120 days after such date. Such decision must be written
in a manner calculated to be understood by the Claimant, and it must contain:

                  (i) specific reasons for the decision;

                  (ii) specific reference(s) to the pertinent Plan provisions
         upon which the decision was based; and

                  (iii) such other matters as the Committee deems relevant.

         8.05 LEGAL ACTION. A Claimant's compliance with the foregoing
provisions of this Article VIII is a mandatory prerequisite to a Claimant's
right to commence any legal action with respect to any claim for benefits under
this Plan.

                           ARTICLE IX - MISCELLANEOUS

         9.01 UNSECURED GENERAL CREDITOR. Participants and their Beneficiaries,
successors and assigns shall have no legal or equitable rights, interests or
claims in any property or assets of an Employer. Any and all of an Employer's
assets shall be, and remain, the general, unpledged, unrestricted assets of the
Employer. An Employer's obligation under the Plan shall be merely that of an
unfunded and unsecured promise to pay money in the future.

         9.02 EMPLOYER'S LIABILITY. An Employer's liability for the payment of
benefits shall be defined only by the Plan. An Employer shall have no obligation
to a Participant under the Plan except as expressly provided in the Plan.

         9.03 NONASSIGNABILITY. Neither a Participant nor any other person shall
have any right to commute, sell, assign, transfer, pledge, anticipate, mortgage
or otherwise encumber, transfer, hypothecate or convey in advance of actual
receipt, the amounts, if any, payable hereunder, or

                                      -8-
<PAGE>

any part thereof, which are, and all rights to which are, expressly declared to
be, unassignable and non-transferable. No part of the amounts payable shall,
prior to actual payment, be subject to seizure or sequestration for the payment
of any debts, judgments, alimony or separate maintenance owned by a Participant
or any other person, nor be transferable by operation of law in the event of a
Participant's or any other person's bankruptcy or insolvency.

         9.04 NOT A CONTRACT OF EMPLOYMENT. The terms and conditions of this
Plan shall not be deemed to constitute a contract of employment between any
Employer and the Participant. Such employment is hereby acknowledged to be an
"at will" employment relationship that can be terminated at any time for any
reason, with or without cause, unless expressly provided in a written employment
agreement. Nothing in this Plan shall be deemed to give a Participant the right
to be retained in the service of any Employer or to interfere with the right of
any Employer to discipline or discharge the Participant at any time.

         9.05 FURNISHING INFORMATION. A Participant or his or her Beneficiary
will cooperate with the Committee by furnishing any and all information
requested by the Committee and take such other actions as may be requested in
order to facilitate the administration of the Plan and the payments of benefits
hereunder, including but not limited to taking such physical examinations as the
Committee may deem necessary.

         9.06 TERMS. Whenever any words are used herein in the masculine, they
shall be construed as though they were in the feminine in all cases where they
would so apply; and wherever any words are used herein in the singular or in the
plural, they shall be construed as though they were used in the plural or the
singular, as the case may be, in all cases where they would so apply.

         9.07 CAPTIONS. The captions of the articles, sections and paragraphs of
this Plan are for convenience only and shall not control or affect the meaning
or construction of any of its provisions.

         9.08 GOVERNING LAW. Subject to any applicable provisions of ERISA, the
provisions of this Plan shall be construed and interpreted according to the
internal laws of the State of Missouri without regard to its conflict of laws
principles.

         9.09 VALIDITY. In case any provision of this Plan shall be illegal or
invalid for any reason, said illegality or invalidity shall not affect the
remaining parts thereof, but this Plan shall be construed and enforced as if
such illegal and invalid provision had never been inserted herein.

         9.10 NOTICE. Any notice or filing required or permitted to be given to
the Committee under this Plan shall be sufficient if in writing and
hand-delivered, or sent by registered or certified mail, to the address below:

         Such notice shall be deemed given as of the date of delivery or, if
         delivery is made by mail, as of the date shown on the postmark on the
         receipt for registration or certification.

         Any notice or filing required or permitted to be given to a Participant
         under this Plan shall be sufficient if in writing and hand-delivered,
         or sent by mail, to the last known address of the Participant.

                                      -9-
<PAGE>

         9.11 SUCCESSORS. The provisions of this Plan shall bind and inure to
the benefit of the Participant's Employer and its successors and assigns and the
Participant and the Participant's Beneficiary.

         9.12 SPOUSE'S INTEREST. The interest in the benefits hereunder of a
spouse of a Participant who has predeceased the Participant shall automatically
pass to the Participant and shall not be transferable by such spouse in any
manner, including but not limited to such spouse's will, nor shall such interest
pass under the laws of intestate succession.

         9.13 INCOMPETENT. If the Committee determines in its discretion that a
benefit under this Plan is to be paid to a minor, a person declared incompetent
or to a person incapable of handling the disposition of that person's property,
the Committee may direct payment of such benefit to the guardian, legal
representative or person having the care and custody of such minor, incompetent
or incapable person. The Committee may require proof of minority, incompetency,
incapacity or guardianship, as it may deem appropriate prior to distribution of
the benefit. Any payment of a benefit shall be a payment for the account of the
Participant and the Participant's Beneficiary, as the case may be, and shall be
a complete discharge of any liability under the Plan for such payment amount.

         9.14 COURT ORDER. The Committee is authorized to make any payments
directed by court order in any action in which the Plan or Committee has been
named as a party.

         9.15 DISTRIBUTION IN THE EVENT OF TAXATION. If, for any reason, all or
any portion of a Participant's benefit under this Plan becomes taxable to the
Participant prior to receipt, a Participant may petition the Committee for a
distribution of that portion of his or her benefit that has become taxable. Upon
the approval of such a petition, a Participant's Employer shall distribute to
the Participant immediately available funds in an amount equal to the taxable
portion of his or her benefit (which amount shall not exceed a Participant's
unpaid vested benefit under the Plan). If the petition is approved, the tax
liability distribution shall be made within 90 days of the date when the
Participant's petition is approved. Such a distribution shall affect and reduce
the benefits to be paid under this Plan.

         IN WITNESS WHEREOF, Premium Standard Farms Inc. has signed this Amended
and Restated Plan document as of October 1, 2004.

                                    "COMPANY"

                                    PREMIUM STANDARD FARMS INC.

                                    By:        /s/ John M. Meyer
                                        ------------------------------------
                                    Title:       CEO
                                           ---------------------------------

                                      -10-
<PAGE>

                                                                       EXHIBIT A

                          PREMIUM STANDARD FARMS, INC.
                        SPECIAL EXECUTIVE RETIREMENT PLAN
                                PARTICIPANT LIST

John Meyer

Robert Manly

Stephen Lightstone

Dennis Rippe

Daniel Harris

Calvin Held

David Townsend

Collette Schultz-Kaster

Donald Killingsworth

Jeff Gough

Richard Morris

                                      -1-
<PAGE>

                                                                       EXHIBIT B

                              PSF SPECIAL EXECUTIVE
                             RETIREMENT PLAN (SERP)
                         LIST OF APPLICABLE PERCENTAGES

<TABLE>
<CAPTION>
                                                                                                        APPLICABLE
           PARTICIPANT                         OFFICER'S TITLE                  PSF HIRE DATE           PERCENTAGE
           -----------                         ---------------                  -------------           ----------
<S>                                <C>                                          <C>                     <C>
John Meyer                         Chief Executive Officer                          5/1/98                  4%
Robert Manly                       President                                       10/16/96                 4%
Stephen Lightstone                 Executive VP, Chief Financial Officer,           8/3/98                  4%
                                   Treasurer
Dennis Rippe                       VP, Controller, Corp Asst. Secty.               4/11/94                  2%
Daniel Harris                      VP and Chief Information Officer                4/12/99                  2%
Calvin Held                        VP Milan Plant Processing Operations             8/1/92                  2%
David Townsend                     VP Environmental Affairs                         5/1/98                  2%
Collette Schultz-Kaster            VP Food Safety and Technical Services           10/24/94                 2%
Donald Killingsworth               VP Industrial Procurement                        4/1/01                  2%
Jeffrey Gough                      VP Human Resources                              10/1/01                  2%
Richard Morris                     VP Sales & Marketing                            11/10/03                 2%
</TABLE>

                                      -2-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00079-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00079-of-00352.parquet"}]]