Document:

exv10w1

Exhibit 10.1

SECOND AMENDED AND RESTATED EMPLOYMENT AGREEMENT

     This Second Amended and Restated Employment Agreement is made by and between ConAgra Foods,
Inc., a Delaware corporation (“Company”), and Robert F. Sharpe, Jr. (“Employee”), the 17th day of
November 2010, but effective as of October 30, 2010 (the “Agreement Date”). The Board of Directors
of the Company (“Board”) and Employee desire to amend and restate the September 25, 2008 Amended
and Restated Employment Agreement between the Company and Employee to make certain changes to the
terms and conditions of the agreement between the parties. In order to accomplish this objective,
the Human Resources Committee of the Board has caused the Company to enter into this Agreement.

     NOW, THEREFORE, it is agreed as follows:

	1.	 	Term of Employment. Employee’s term of employment under this Agreement shall
continue in accordance with the terms hereof until the termination of Employee’s employment on
May 29, 2011.
	 
	2.	 	Position and Duties.

	 	2.1	 	Position. Employee resigns his position as President, Commercial
Foods, effective October 15, 2010, and as of October 15, 2010, is the Company’s Senior
Advisor to the Chief Executive Officer (“CEO”) and Employee shall have responsibility
for projects as assigned by the CEO, including, but not limited to, advisory work on
investor relations matters, mergers and acquisitions activity, Board relations, and
transition support to the new President, Commercial Foods and the Executive Vice
President and Chief Administrative Officer. Employee shall report to the Company’s
CEO. Employee shall perform his duties in such locations in the United States as the
CEO and Employee shall mutually determine, provided that Employee and the Company agree
that Employee’s work may be substantially performed on a telecommuting basis from
Employee’s address shown on the records of the Company. Administrative support will be
provided by the Company through May 29, 2011.
	 
	 	2.2	 	Duties. Employee will be expected to work a reduced schedule, at a
rate approximating, and not less than, 25% of a full time schedule. Employee shall
devote his working time and efforts on behalf of the Company to the performance of the
duties outlined above. Employee may, consistent with his duties hereunder, engage in
charitable and community affairs, manage his personal investments and serve on the
board of directors of Ameriprise Financial, Inc. and, subject to the prior approval of
the CEO, which shall not be unreasonably withheld, on the board of directors of other
companies.

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	3.	 	Compensation.

	 	3.1	 	Base Salary. The Company shall pay Employee a Base Salary (“Base
Salary”) at the rate of $250,000 per annum, which pay rate shall be effective as of
October
30, 2010. The Base Salary shall be payable in accordance with the ordinary payroll
practices of the Company.
	 
	 	3.2	 	Annual Incentive Bonus. Employee shall be entitled to receive an
annual bonus under the Company’s Management Incentive Plan (“Annual Bonus Plan”), or
any successor plan subsequently available for fiscal year 2011 to senior executive
officers. Employee’s target bonus opportunity under the Annual Bonus Plan shall not be
less than 100% of Employee’s total salary earned for fiscal year 2011. The performance
goals with respect to such target bonus opportunity shall be as established by the
Human Resources Committee of the Board for fiscal year 2011, based on such goals that
have been recommended by the CEO and on a basis consistent with the establishment of
such performance goals for senior executive officers of the Company. The actual bonus
awarded to Employee will be at least equal to the funding level for the Annual Bonus
Plan authorized by the Board of Directors for the version of the plan applicable to
senior corporate employees generally. The Board of Directors retains the discretion to
increase Employee’s actual award above the funded level, based on his individual
performance, but not beyond the maximum award authorized for Employee for Internal
Revenue Code Section 162(m) purposes. Employee agrees he must sign, and not revoke, a
full waiver and release of claims in the Company’s standard form as a condition
precedent to the receipt of his fiscal 2011 Annual Bonus Plan award.
	 
	 	3.3	 	Long Term Senior Management Incentive Plans. Employee participates or
has participated in the Company’s Executive Incentive Plan, 2006 Stock Plan, 2006
Performance Share Plan, 2008 Performance Share Plan and other or successor incentive
plans available from time to time to senior executive officers at levels determined by
the Human Resource Committee of the Board of Directors and commensurate with the
Employee’s position. Each such Plan, together with the Company’s Long-Term Senior
Management Incentive Program and any other equity-based or other incentive program
under which Employee has received or receives long-term awards, are collectively
referred to as the “LTSMIP”. The terms of Employee’s LTSMIP awards shall be governed
by the terms thereof.

	4.	 	Other Benefits

	 	4.1	 	Employee Benefit Plans. The Company shall provide Employee and his
eligible dependents with coverage under all employee benefit programs, plans and
practices in which the Employee is eligible given his new position and work schedule,
in accordance with the terms thereof. Employee acknowledges and understands that on or
after October 30, 2010, he will not be eligible to receive benefits under the Company’s
health insurance and related welfare plans, Company paid life insurance plan,
supplemental life insurance plan, and/or STD and LTD plans.

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	 	4.2	 	Non-Qualified Plans. Employee participates in the Company’s
Non-Qualified Pension Plan (the “Non-Qualified Plan”) and Non-Qualified CRISP Plan
(“Non-Qualified CRISP Plan”). For purposes of the Non-Qualified Plan, except as
set forth below, years of service for purposes of calculating benefits will be
credited at a three-for-one rate until Employee has service credit of thirty years,
and Employee’s benefits thereunder shall be determined using the prior benefit
formula as in effect under the qualified pension plan during 2004 (described as
Option (A) in the Company’s August 2008 Proxy Statement). Notwithstanding the
foregoing, (x) in the event of voluntary termination or retirement prior to
attainment of age 60, a crediting rate of two-for-one shall apply in lieu of the
three-for-one rate, and (y) the Board must approve a voluntary termination or
retirement before November 7, 2010 and, in the event of such termination or
retirement without approval by the Board, the Employee will not be entitled to any
benefits under the Non-Qualified Plan or the Non-Qualified CRISP Plan. In the event
of termination for “Cause”, the Employee will not be entitled to any benefits under
the Non-Qualified Plan or the Non-Qualified CRISP Plan. Employee acknowledges and
understands that he will not be eligible for a Company contribution under the
Non-Qualified CRISP Plan for any calendar year in which he is not employed on
December 31st.
	 
	 	4.3	 	Directors and Officers Liability Coverage. For acts occurring prior to
October 15, 2010, Employee shall be entitled to the same coverage under the Company’s
directors and officers liability insurance policies as is available to senior executive
officers and directors with the Company. In any event, the Company shall indemnify and
hold Employee harmless, to the fullest extent permitted by the laws of the State of
Delaware, from and against all costs, charges and expenses (including reasonable
attorneys’ fees) incurred or sustained in connection with any action, suit or
proceeding to which Employee or his legal representatives may be made a party by reason
of Employee’s being or having been a director, officer or employee of the company or
any of its affiliates or employee benefit plans. The provisions of this subparagraph
shall not be deemed exclusive of any other rights to which Employee seeking
indemnification may have under any by-law, agreement, vote of stockholders or
directors, or otherwise. The provisions of this paragraph shall survive the
termination of this Agreement for any reason.
	 
	 	4.4	 	Expenses. Employee is authorized to incur reasonable expenses in
carrying out his duties under this Agreement, including expenses for travel,
long-distance telephone, IT services, and similar items related to such duties. The
Company shall reimburse Employee for all such expenses upon presentation by Employee
from time to time of an itemized account of such expenditures. Notwithstanding the
foregoing, effective November 1, 2010, the Company shall not reimburse Employee for
travel expenses (except to the extent such reimbursements are approved in advance by
the CEO).
	 
	 	4.5	 	Reimbursement and In-Kind Benefit Rules. Any reimbursements or in-kind
benefits to be provided pursuant to this Agreement (including but not limited to
Sections 4.4 and 9) that are taxable to Employee shall be subject to the following

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	 	 	 	restrictions: (a) each reimbursement must be paid no later than the last day of the
calendar year following the Employee’s tax year during which the expense was incurred;
and (b) the amount of expenses eligible for reimbursement, or in kind
benefits provided, during a tax year of the Employee may not affect the expenses
eligible for reimbursement, or in-kind benefits to be provided, in any other tax
year of the Employee; (c) the period during which any reimbursement may be paid or
in-kind benefit may be provided is the ten years after termination of this
Agreement; and (d) the right to reimbursement or in-kind benefits is not subject to
liquidation or exchange for another benefit.
	 
	 	4.6	 	Other Policies. The Company and Employee have entered into an
Executive Time Sharing Agreement relating to Employee’s personal use of
Company-provided aircraft. Such Executive Time Sharing Agreement is cancelled by the
parties as of November 30, 2010.
	 
	 	4.7	 	Change of Control Benefits.

	 	(a)	 	The Employee has entered into that certain Amended and Restated
Change of Control Agreement effective as of January 1, 2009 (the “CoC
Agreement”), which shall terminate in accordance with its terms upon the
earlier to occur of October 30, 2010 and the date hereof.
	 
	 	(b)	 	If a Change of Control (as defined below) occurs prior to May
29, 2011, or the Company enters into a definitive agreement prior to May 29,
2011, the consummation of which will result in a Change of Control, the Company
shall ensure the assumption of this Agreement by its successor.
	 
	 	(c)	 	“Change of Control” means:

	 	(i)	 	Individuals who constitute the Board (the
“Incumbent Board”) cease for any reason to constitute at least a
majority of the Board, provided that any person becoming a director
subsequent to the date hereof whose election or nomination for election
by the Company’s shareholders, was approved by a vote of at least a
majority of the directors then comprising the Incumbent Board shall be,
for purposes of this Agreement, considered as though such person were a
member of the Incumbent Board; or
	 
	 	(ii)	 	Consummation of a reorganization, merger or
consolidation, in each case with respect to which persons who were the
shareholders of the Company immediately prior to such reorganization,
merger or consolidation do not, immediately thereafter, own more than
fifty percent (50%) of the combined voting power entitled to vote
generally in the election of directors of the reorganized, merged or
consolidated company’s then outstanding voting securities, or a
liquidation or dissolution of the Company or the sale of all or
substantially all of its assets.

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	 	(d)	 	Rabbi Trust: Within sixty (60) days following the Change of
Control, an amount equal to the net present value (determined in good faith by
the plan administrator under the Company’s Non-Qualified Plan) of the Non-
Qualified Plan benefits described in Section 4.2 of this Agreement shall be
deposited, in one lump sum payment, in a trust in the form of the model
grantor trust contained in IRS Revenue Procedure 92-64, which trust is
incorporated by reference; provided, however, that such deposit shall be
made only to the extent that payment of the Non-Qualified Plan benefits
described in Section 4.2 has not already been made by the Company. The
acquirer, the Company, and its subsidiaries shall make up any Non-Qualified
Plan benefits described in Section 4.2 the Employee does not receive from
the trust, e.g., if the funds in the trust are insufficient to make the
payments due to insufficient earnings in the trust. The trustee of such
trust shall be a national or state chartered bank.

	 	4.8	 	Stock Ownership. During the period of his employment hereunder, the
Employee agrees to comply with the Company’s executive stock ownership guidelines as
existing from time to time, and which currently prohibit Employee from selling any
            shares of Company common stock except (i) shares, the proceeds of which are used to pay
taxes resulting from the vesting or exercise of options, and (ii) sales, so long as,
immediately following such sale, Employee owns shares of Company common stock (as
determined under the Company’s share ownership guidelines, as modified from time to
time) with a value (as determined under the Company’s share ownership guidelines, as
modified from time to time) equal to or in excess of four (4) times Employee’s annual
Base Salary.
	 
	 	4.9	 	Post-Retirement Benefits.

	 	(a)	 	Upon termination of employment following November 7, 2010, or,
if earlier, due to death or disability, or involuntary termination without
Cause, Employee will be deemed eligible for early and normal retirement
(“Retiree Eligible”) under all pension (other than qualified pension plans),
welfare benefit, the LTSMIP and any other equity incentive plans and programs
applicable to Employee.
	 
	 	(b)	 	So long as Employee is Retiree Eligible, Employee (his wife and
other covered dependents) shall be provided post-employment COBRA-equivalent
medical coverage, at Employee’s after-tax expense, until each of Employee and
his wife, respectively, attain age 65 (and other covered dependents otherwise
would cease to be eligible for coverage). This benefit would fill gaps in
Company-provided retiree plan coverage.

	5.	 	Separation from Service. The Company may terminate Employee’s employment at any time
for Cause, and Employee may terminate his employment at any time for any reason, subject to
the terms of this Section 5. For purposes of this Section 5, the following terms shall have
the following meanings:

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	 	(a)	 	“Cause” shall be limited to (i) action by Employee involving
willful malfeasance in connection with his employment having a material adverse
effect on the Company, (ii) substantial and continuing refusal by Employee in
willful breach of this Agreement to perform the duties
assigned to him, which refusal has a material adverse effect on the Company,
or (iii) Employee being convicted of a felony involving moral turpitude
under the laws of the United States or any state.
	 
	 	(b)	 	“Permanent Disability” shall mean Employee is, by reason of any
medically determinable physical or mental impairment which can be expected to
result in death or can be expected to last for a continuous period of not less
than twelve (12) months, receiving income replacement benefits for a period of
not less than three (3) months under the Company’s long-term disability plan.
	 
	 	(c)	 	“Separation from Service”, “termination of employment” and
similar references shall mean the date that Employee’s employment with the
Company terminates under circumstances that constitute a separation from
service within the meaning of Internal Revenue Code Section 409A. Generally,
Employee will incur a Separation from Service if the Employee dies, retires, or
otherwise has a termination of employment with the Company, determined in
accordance with the following:

	 	(i)	 	Leaves of Absence. The employment
relationship is treated as continuing intact while Employee is on
military leave, sick leave, or other bona fide leave of absence if the
period of such leave does not exceed six (6) months, or, if longer, so
long as Employee retains a right to reemployment with the Company under
an applicable statute or by contract (including but not limited to this
Agreement). A leave of absence constitutes a bona fide leave of
absence only if there is a reasonable expectation that Employee will
return to perform services for the Company. If the period of leave
exceeds six (6) months and Employee does not retain a right to
reemployment under an applicable statute or by contract, the employment
relationship is deemed to terminate on the first date immediately
following such six (6) month period. Notwithstanding the foregoing,
where a leave of absence is due to any medically determinable physical
or mental impairment that can be expected to result in death or can be
expected to last for a continuous period of not less than six (6)
months, where such impairment causes Executive to be unable to perform
the duties of his or her position of employment or any substantially
similar position of employment, a twenty nine (29) month period of
absence shall be substituted for such six (6) month period. However,
Employee acknowledges and understands that a leave of absence shall not
extend his termination of employment beyond May 29, 2011.

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	 	(ii)	 	Dual Status. Generally, if Employee
performs services both as an employee and an independent contractor,
Employee must separate from service both as an employee, and as an
independent contractor pursuant to standards set forth in Treasury
Regulations,
to be treated as having a Separation from Service. However, if
Employee provides services to the Company as an employee and as a
member of the Board, and if any plan in which such person
participates as a Board member is not aggregated with this Agreement
pursuant to Treasury Regulation section 1.409A-1(c)(2)(ii), then the
services provided as a director are not taken into account in
determining whether Employee has a Separation from Service as an
employee for purposes of this Agreement.
	 
	 	(iii)	 	Termination of Employment. Whether
Separation from Service has occurred is determined based on whether the
facts and circumstances indicate that the Company and the Employee
reasonably anticipated that no further services would be performed
after a certain date or that the level of bona fide services Executive
would perform after such date (whether as an employee or as an
independent contractor except as provided in clause (ii) above) would
permanently decrease to no more than twenty (20) percent of the average
level of bona fide services performed (whether as an employee or an
independent contractor, except as provided in clause (ii) above) over
the immediately preceding thirty six (36) month period (or the full
period of services to the Company if Executive has been providing
services to the Company less than thirty six (36) months). For periods
during which Employee is on a paid bona fide leave of absence and has
not otherwise terminated employment as described above, for purposes of
this clause (iii) Employee is treated as providing bona fide services
at a level equal to the level of services that the Employee would have
been required to perform to receive the compensation paid with respect
to such leave of absence. Periods during which Employee is on an
unpaid bona fide leave of absence and has not otherwise terminated
employment are disregarded for purposes of this clause (iii) (including
for purposes of determining the applicable thirty six (36) month (or
shorter) period).
	 
	 	(iv)	 	Service with Related Companies. For
purposes of determining whether a Separation from Service has occurred
under the above provisions, the “Company” shall include the Company and
all Related Companies.

	 	(e)	 	“Related Companies” shall mean: (i) any corporation that is a
member of a controlled group of corporations (as defined in Code Section
414(b)) that includes the Company; and (ii) any trade or business (whether or
not incorporated) that is under common control (as defined in Code

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	 	 	 	Section
414(c)) with the Company. For purposes of applying Code §§ 414(b) and (c), 25%
is substituted for the 80% ownership level.

	 	5.1	 	Termination Upon Death or Permanent Disability. In the event of a
Separation from Service by reason of Employee’s death or Permanent Disability (i) all
options and other awards granted in connection with the LTSMIP other than LTSMIP awards
with respect to which vesting is determined based upon performance (including but not
limited to performance share awards or options that vest based upon performance), shall
become fully vested, and all vested options will be exercisable during the remainder of
the term of such options, (ii) all deferred compensation (not including retirement
benefits) shall be paid to Employee’s estate or designated beneficiary in accordance
with the terms of such deferred compensation (iii) Employee and his dependents shall
continue to participate in the Company’s employee benefit plans in which Employee was
eligible to participate at the time of his death or Permanent Disability to the extent
provided in such plans with respect to the death or Permanent Disability of senior
officers of the Company, (iv) Employee’s Base Salary shall be paid (subject to any
applicable deferral election) through May 29, 2011, together with any accrued, but
unused, vacation pay, and (v) Employee shall receive (subject to any applicable
deferral election) a benefit under the Annual Bonus Plan, and the LTSMIP; in the case
of the Annual Bonus Plan, the benefit will be pro rated based on completed days during
the applicable fiscal year, and in the case of the LTSMIP the benefit will be prorated
based upon fiscal years completed prior to death or disability; also, in the case of
death, the benefit will be based on target, and in the case of disability the benefit
will be based on actual performance for the performance period during which disability
occurs as set forth in the applicable plan; and in all cases the benefits shall be paid
at the time set forth in the applicable plan.
	 
	 	5.2	 	Termination Without Cause. If there is a Separation from Service
initiated by the Company without Cause in addition to being Retiree Eligible under
Section 4.9(a) of this Agreement, (i) Employee’s Base Salary shall be paid (subject to
any applicable deferral election) through May 29, 2011, together with any accrued, but
unused, vacation pay, (ii) Employee’s pension benefit under the Non-Qualified Plan
shall be paid at the time applicable based on the terms of the Non-Qualified Plan but
the amount of the benefit shall be based on the amount accrued to the date of
termination, plus the additional amount that would have accrued through May 29, 2011,
if Employee would have remained employed and received compensation described in clause
(i) above and (iii) below, such pension benefit to be paid in accordance with the
Non-Qualified Plan, (iii) Employee shall be paid an amount equal to the Annual Bonus
Plan award contemplated by Section 3.2 above, when bonuses are paid to other senior
officers (but no later than two and one-half months after the end of the fiscal year
with respect to which such bonus is determined); and (v) Employee and his dependents
shall be entitled to continued participation (at Employee’s after-tax expense for the
entire cost of coverage to the extent necessary to avoid Employee recognizing taxable
income related to benefits provided by such coverage under Internal Revenue Code

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	 	 	 	Section 105(h)) in all health and welfare plans or programs that are exempt from 409A
in which Employee and such dependents were participating on the date of the termination
until the earlier of (a) the second anniversary of termination of
employment, and (b) the date, or dates, Executive receives equivalent coverage and
benefits under the plans and programs of a subsequent employer (such coverages and
benefits to be determined on a coverage-by-coverage, or benefit-by-benefit basis);
provided that, to the extent Employee is precluded from continuing participation in
any such plan or program as provided in this Section or must pay the expense
thereof, the Company shall pay to Employee an amount equal to the sum of (x) with
respect to insured benefits, the present value (discounted using the then published
2-year Treasury rate) of the premiums expected for coverage or that would be paid by
Employee if Employee were to continue coverage at his expense pursuant hereto, less
any active employee portion of the premiums, plus (y) with respect to benefits not
insured, the present value (discounted using the then published 2-year Treasury
rate) of the expected gross cost per employee to the Company to provide such
benefits less active employee contributions.
	 
	 	5.3	 	Termination With Cause or by Employee’s Voluntary Resignation. If
there is a Separation from Service initiated by the Company with Cause, or resulting
from Employee voluntarily initiating a Separation from Service, then (i) Employee shall
be paid the Base Salary through the month of termination, and (ii) Employee shall
receive benefits, if any, under Company plans in accordance with the terms of such
plans.
	 
	 	5.4	 	Timing of Payments. Subject to Section 5.5 below, all cash payments
required hereunder following death, Permanent Disability or any other Separation from
Service shall be made within fifteen days following such Separation from Service;
provided, that (i) payments under the Annual Bonus Plan or the LTSMIP pursuant to
Sections 3.2, 5.1(v) or 5.2(iii) shall be made following (a) with respect to the Annual
Bonus Plan payment, delivery of the full waiver and release of claims referenced in
Section 3.2 within 60 days after May 29, 2011, and (b) the end of the applicable fiscal
year or other performance period at the same time as such payments are made to the
Company’s other Employees participating in such plans (but no later than, under either
(a) or (b), two and one-half months after the end of the fiscal year or performance
period with respect to which such bonus or LTSMIP amount is determined) and (ii)
payments under the non-qualified retirement or deferred compensation plans shall be
made in accordance with the provisions of such plans.
	 
	 	5.5	 	Six Month Wait. Notwithstanding anything contained in this Agreement
to the contrary, if the Employee is a “specified employee” (determined in accordance
with Code Section 409A and Treasury Regulation Section 1.409A-3(i)(2)) as of the date
of Separation from Service (other than a Separation from Service due to death), then
(i) any payment, benefit or entitlement provided for in this Agreement that is payable
upon Separation from Service and during the first six months following the date of
Separation from Service shall be paid or provided to

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	 	 	 	the Employee in a lump sum cash
payment to be made on the earlier of (a) the Employee’s death or (b) the first business
day (or within 30 days after such first business day) of the seventh calendar month
immediately following the month in
which the date of Separation from Service occurs, and (ii) any other payment
referred to in clauses (i) and (ii) of Section 5.4 shall be paid as provided
therein. If any payment is delayed pursuant to this Section 5.5, the Company shall
pay interest at the rate described below on the postponed payments from the date the
payment would have been due but for this Section 5.5 to the date on which such
amounts are paid. Interest shall be credited at an annual rate equal to the rate
announced by Wells Fargo & Company (or its successor) as its “prime rate” as of the
date the payment would have been due but for this Section 5.5, plus one percent
(1%), compounded annually.
	 
	 	5.6	 	Code Section 409A. It is intended by the Company and Employee that all
compensation and benefits payable or provided to the Employee under this Agreement or
otherwise shall fully comply with the provisions of Section 409A of the Internal
Revenue Code and the Treasury Regulations relating thereto so as not to subject
Employee to the additional tax, interest or penalties which may be imposed under
Section 409A. The parties acknowledge that 409A is ambiguous in certain respects. The
Company agrees that it will attempt in good faith not to take any action, or refrain
from taking any action, that would result in the imposition of tax, interest and/or
penalties upon the Employee under 409A. To the extent the Company has acted or
refrained from acting in good faith as required by this Section, it will not be
responsible for any consequences of failure to comply with 409A.

	6.	 	Nondisclosure of Confidential Information. Employee shall not, without the prior
written consent of the Company, disclose any Company Confidential Information except (i) in
the business of and for the benefit of the Company, while employed by the Company, or (ii)
when required to do so by a court of competent jurisdiction, by any administrative body or
legislative body. “Confidential Information” shall mean non-public information concerning the
Company’s financial data, strategic business plans, product development and other proprietary
information, except for items which have become publicly available information or are
otherwise known to the public. Confidential Information does not include information the
disclosure of which could not reasonably be expected to adversely affect the business of the
Company.
	 
	7.	 	Noncompetition/Non-Solicitation.

	 	(a)	 	From the Agreement Date through a period ending one year
following the termination of the employment of Employee with the Company for
any reason (the “Restricted Period”), Employee shall not be an executive
officer, board member, 5% or greater owner or partner, or employee of a food
company with revenues over $1 billion.
	 
	 	(b)	 	During the Restricted Period, Employee will not directly or
through others, without the prior written consent of the Board (i) directly or

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	 	 	 	indirectly recruit, hire, solicit or induce, or attempt to induce, any employee
of the Company or its associated companies to terminate their employment with
or otherwise cease their relationship with the Company
or its associated companies, or (ii) solicit business or customers of the
Company.
	 
	 	(c)	 	Employee agrees that any breach of the covenants contained in
this Section 7, and the covenants contained in the preceding Section 6, will
irreparably injure the Company, and accordingly the Company may, in addition to
pursing any other remedies available at law or in equity, obtain an injunction
against Employee from any court having jurisdiction over the matter,
restraining any further violation of such provisions by Employee.

	 	 	Employee acknowledges and agrees that the provisions of this Section 7 are reasonable and
valid in duration and scope and in all other respects. If any court determines that any
provision of this Section is unenforceable because of duration or scope of such provision,
such court shall have the power to reduce the scope or duration of such provision, as the
case may be, and, in its reduced form, such provision shall then be enforceable.
	 
	8.	 	Offsets. In the event of a Company breach of this Agreement, Employee shall not be
required to mitigate damages nor shall the payments due Employee hereunder be reduced or
offset by reason of any payments Employee may receive from any other source or by any amounts
owing by Employee to the Company.
	 
	9.	 	Separability; Legal Fees. If any provision of this Agreement shall be declared to be
invalid or unenforceable, in whole or in part, then such invalidity or unenforceability shall
not affect the remaining provisions hereof which shall remain in full force and effect. In
addition, the Company shall pay to Employee as incurred all legal and accounting fees and
expenses incurred by Employee in seeking to obtain or enforce any right or benefit provided by
this Agreement or any other compensation-related plan, agreement or arrangement of the
Company, unless Employee’s claim is found by a court of competent jurisdiction to have been
frivolous.
	 
	10.	 	Assignment. This Agreement shall be binding upon and inure to the benefit of the
heirs and representatives of Employee and the assigns and successors of the Company, but
neither this Agreement nor any rights hereunder shall be assignable or otherwise subject to
hypothecation by Employee (except by will or by operation of the laws of intestate succession)
or the Company, except that the Company shall assign this Agreement to any successor (whether
by merger, purchase or otherwise) to all or substantially of the stock, assets or businesses
of the Company.
	 
	11.	 	Amendment. This Agreement may only be amended by mutual written agreement between
the Company and Employee.

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

	 	 	 	 	 

	 

	 	To the Company:
	 	ConAgra Foods, Inc.
	 

	 	 	 	One ConAgra Drive
	 

	 	 	 	Omaha, Nebraska 68102
	 

	 	 	 	Attn: Corporate Secretary
	 
	 	 	 	 
	 

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

	 	 	Any such notice or communication shall be sent certified or registered mail, return receipt
requested, postage prepaid, addressed as above (or to such other address as such party may
designate in a notice duly delivered as described above), and the actual date of mailing
shall determine the date at which notice was given.
	 
	13.	 	Governing Law. This Agreement shall be construed, interpreted and governed in
accordance with the laws of Delaware without reference to such state’s rules relating to
conflicts of law.
	 
	14.	 	Arbitration. Any controversy or claim arising out of this Agreement or any breach
shall be resolved by arbitration pursuant to this Section and the then current rules of the
American Arbitration Association. The arbitration shall be held in Omaha, Nebraska before
three arbitrators who are knowledgeable of employment law. If the parties cannot agree on the
appointment, then one arbitrator shall be appointed by the Company, one by the Employee, and
the third shall be appointed by the first two arbitrators. The arbitrator’s decision and
award shall be final and binding and may be entered in any court having jurisdiction thereof.
The arbitrator shall not have the power to award punitive or exemplary damages. Each party
shall bear its own attorneys’ fees associated with the arbitration and other costs and
expenses of the arbitration shall be borne as provided by the rules of the American
Arbitration Association; provided, however, that unless the arbitrators determine the position
of the Employee was frivolous, then Employee shall be entitled to reimbursement for reasonable
attorneys’ fees and expenses and arbitration expenses incurred in connection with the dispute.
If any portion of this paragraph is held to be unenforceable, then it shall be severed and
shall not affect either the duty to arbitrate or any other part of this paragraph. The
Company may seek interim injunctive relief to enforce restrictive covenants pending resolution
of any arbitration.
	 
	15.	 	Employee Representation. The Employee represents and warrants to the Company that
the Employee is not a party to or bound by, and the employment of the Employee by the Company
or the Employee’s disclosure of any information to the Company or its use of such information
will not violate or breach any employment, retainer, consulting, license, non-competition,
non-disclosure, trade secrets or other agreement between the Employee and any other person,
partnership, corporation, joint venture, association or other entity.
	 
	16.	 	Entire Agreement. This Agreement supersedes the September 25, 2008 Amended and
Restated Employment Agreement and any unwritten agreements or understandings by

12

 

	 	 	and between the Employee and the Company and any of its Affiliates or their respective
directors, officers, shareholders, employees, attorneys, agents, or representatives, and,
together with the agreements, plans and programs referred to herein, constitutes the entire
agreement between the parties, respecting the subject matter hereof and there are no
representations, warranties or other commitments other than those expressed herein. If
there is a conflict between any provision of this Agreement and any provision of any Company
plan or agreement pursuant to which employee benefits are provided to Employee, including
any stock option or other award agreement, then the provision most favorable to Employee
will control. Employee acknowledges that certain plans maintained by the Company must
comply with ERISA, the Internal Revenue Code and the terms and conditions of the plans
(“Qualified Plans”). Nothing contained in this Agreement will require the Company to
provide any benefit contrary to the terms and conditions of the Qualified Plans or in
violation of ERISA or the Internal Revenue Code. To the extent any benefit to be provided
hereunder to the Employee cannot be provided through a Qualified Plan, the Company will
provide the benefit on a non-qualified basis.

IN WITNESS WHEREOF, the parties have executed this Agreement the 17th day of November 2010, to be
effective as of the date first above written.

THIS CONTRACT CONTAINS AN ARBITRATION PROVISION WHICH MAY BE ENFORCED BY THE PARTIES.

	 	 	 	 	 
	 	CONAGRA FOODS, INC.

 	 
	 	By:  	/s/ Gary M. Rodkin
 	 
	 	 	President and Chief Executive Officer 	 
	 	 	 
	 	                                                   /s/ Robert F. Sharpe, Jr.
 	 
	 	Robert F. Sharpe, Jr. 	 
	 	 	 
	 

13ex401form8a12b_a3.htm

 

 

	
EXHIBIT 4.1

	 
	 	 
	

	

INCORPORATED UNDER THE BUSINESS CORPORATIONS ACT OF ALBERTA

NUMBER

VT123456

SHARES
*0**************
**0*************
***0************
****0***********
*****0**********

THIS CERTIFIES THAT

* * * SPECIMEN VT123456 123456 * * * SPECIMEN VT123456 123456 * * * SPECIMEN
VT123456 123456 * * * SPECIMEN
VT123456 123456 * * * SPECIMEN VT123456 123456* SPECIMEN * * VT123456 123456 *
* * SPECIMEN VT123456 123456 * * * SPECIMEN VT123456 123456 * * * SPECIMEN
VT123456 123456 * * * SPECIMEN VT123456 123456 * * * SPECIMEN VT123456 123456 *
* * SPECIMEN VT123456 123456 * * * SPECIMEN VT123456 123456 * * * SPECIMEN
VT123456 123456 * * * SPECIMEN VT123456 123456 * * * SPECIMEN VT123456 123456 *
* * SPECIMEN VT123456 123456 * * * SPECIMEN VT123456 123456 * * * SPECIMEN
VT123456 123456 * * * SPECIMEN VT123456 123456 * * * SPECIMEN VT123456 123456 *
* * SPECIMEN VT123456 123456 * * * SPECIMEN VT123456 123456 * * * SPECIMEN
VT123456 123456 * * * SPECIMEN VT123456 123456 * * * SPECIMEN VT123456 123456 *
* * SPECIMEN VT123456 123456 * * * SPECIMEN VT123456 123456 * * * SPECIMEN
VT123456 123456 * * * SPECIMEN VT123456 123456 * * * SPECIMEN VT123456 123456 *
* * SPECIMEN VT123456 123456 * * * SPECIMEN VT123456 123456 * * * SPECIMEN
VT123456 123456 * * * SPECIMEN VT123456 123456

is the registered holder of

* * zero * * zero * * zero * * zero * * zero * * zero * * zero * * zero * *
zero * * zero * * zero * * zero * * zero * * zero * * zero * * zero * * zero *
* zero * * zero * * zero * * zero * * zero * * zero * * zero * * zero * * zero
* * zero * * zero * * zero * * zero * * zero * * zero * * zero * * zero * *
zero * * zero * * zero * * zero * * zero zero * * * * zero * * zero * * zero *
* zero * * zero * * zero * * zero * * zero * * zero * * zero * * zero * * zero
* * zero * * zero * * zero * * zero * * zero * * zero * * zero * * zero * *
zero * * zero * * zero * * zero * * zero * * zero * * zero * * zero * * zero *
* zero * * zero * * zero * * zero * * zero * * zero * * zero * * zero * * zero
* * zero * *

CUSIP 07317Q105

ISIN CA07317Q1054

FULLY PAID AND NON-ASSESSABLE COMMON SHARES IN THE CAPITAL OF
BAYTEX ENERGY CORP.

transferable on the books of the Corporation by the registered holder in person
or by duly authorized attorney upon surrender of this Certificate properly
endorsed.

This Certificate is not valid until countersigned and registered by the
Transfer Agent and Registrar of the Corporation.

In Witness Whereof the Corporation has caused this Certificate to be signed by
the facsimile signatures of its duly authorized officers.

PRESIDENT & CHIEF EXECUTIVE OFFICER

CHIEF FINANCIAL OFFICER

DATED: December 10, 2010

COUNTERSIGNED AND REGISTERED
VALIANT TRUST COMPANY
TRANSFER AGENT AND REGISTRAR, CALGARY, ALBERTA,
TORONTO, ONTARIO AND VANCOUVER, BRITISH COLUMBIA

By

AUTHORIZED OFFICER

THE SHARES REPRESENTED BY THIS CERTIFICATE ARE TRANSFERABLE AT THE OFFICES OF
VALIANT TRUST COMPANY IN CALGARY, ALBERTA, TORONTO, ONTARIO AND VANCOUVER,
BRITISH COLUMBIA

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