Document:

EX-10.1

 EXHIBIT 10.1 

DIRECTOR INDEMNIFICATION AGREEMENT 

This Director Indemnification Agreement, dated as of             
    ,         (this “Agreement”), is made by and between Conagra Brands, Inc. a Delaware corporation (the “Company”),
and                         (“Indemnitee”). 

RECITALS: 

A.    Delaware law authorizes (and in some instances requires) corporations to indemnify their directors, and further
authorizes corporations to purchase and maintain insurance for the benefit of their directors. 
 B.    Pursuant to
Article V of the Company’s Amended and Restated Certificate of Incorporation (the “Certificate of Incorporation”) and Article VII of the Company’s Amended and Restated Bylaws (the “Bylaws”
and the Certificate of Incorporation and Bylaws, as may be amended from time to time, together the “Constituent Documents”), the Company is authorized (and in some instances required) to indemnify the Company’s
directors. 
 C.    In recognition of the need to provide Indemnitee with substantial protection against personal
liability, in order to procure Indemnitee’s continued service as a director of the Company and to enhance Indemnitee’s ability to serve the Company in an effective manner, and in order to provide such protection pursuant to an express
contract (intended to be enforceable irrespective of, among other things, any amendment to the Company’s Constituent Documents) in the event of any change in the composition of the Company’s Board of Directors (the
“Board”) or any change-in-control or business combination transaction relating to the Company), the Company wishes to provide this Agreement
memorializing the Company’s obligations to indemnify the Company’s directors and advance expenses. 
 D.    In
light of the considerations referred to in the preceding recitals, it is the Company’s intention and desire that the provisions of this Agreement be construed liberally, subject to their express terms, to maximize the protections to be provided
to Indemnitee hereunder. 
 AGREEMENT: 

NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 
 1.    Indemnification
Obligation. 
 (a)    The Company shall indemnify Indemnitee in the event Indemnitee was or is a party to or is
threatened to be made a party to any threatened, pending or completed action, suit, or proceeding, whether civil, criminal, administrative, or investigative (other than an action by or in the right of the Company) by reason of the fact that
Indemnitee is or was a director of the Company, or is or was serving at the request of the Company as a director of another corporation, partnership, joint venture, trust or other enterprise, against expenses

 
(including attorneys’ fees), judgments, fines, and amounts paid in settlement actually and reasonably incurred by Indemnitee in connection with such action, suit or proceeding if Indemnitee
acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company, and, with respect to any criminal action or proceedings, Indemnitee had no reasonable cause to believe the conduct was
criminal. 
 (b)    The Company shall indemnify Indemnitee in the event Indemnitee was or is a party or is threatened to
be made a party to any threatened, pending or completed action or suit by or in the right of the Company to procure a judgment in its favor by reason of the fact that Indemnitee is or was a director of the Company, or is or was serving at the
request of the Company as a director of another corporation, partnership, joint venture, trust or other enterprise against expenses (including attorneys’ fees) actually and reasonably incurred by Indemnitee in connection with the defense or
settlement of such action or suit if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company. 

(c)    No indemnification under Section 1(a) or 1(b) shall be made in respect of any claim, issue or matter as to
which Indemnitee shall have been adjudged to be liable to the Company unless and only to the extent that the Chancery Court of the State of Delaware or the court in which such action or suit was brought shall determine upon application that, despite
the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnity for such expenses which the Chancery Court of the State of Delaware or such other court shall deem proper. 

2.    Advancement of Expenses. Expenses incurred by Indemnitee in defending a civil or criminal action, suit
or proceeding shall be paid by the Company in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking in the form attached hereto as Exhibit A. 

3.    Presumptions. 

(a)    To the extent that Indemnitee has been successful on the merits or otherwise, including, without limitation, the
dismissal of an action without prejudice, in defense of any action, suit or proceeding referred to in Section 1 of this Agreement, or in defense of any claim, issue or matter therein, Indemnitee shall be indemnified against expenses (including
attorneys’ fees) actually and reasonably incurred in connection therewith. 
 (b)    For purposes of this
Agreement, the termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that Indemnitee did not act in good faith
and in a manner which Indemnitee reasonably believed to be in or not opposed to the best interest of the Company, and, with respect to any criminal action or proceeding, had reasonable cause to believe that the conduct was criminal. 

(c)    In making any determination of whether Indemnitee has satisfied any applicable standard of conduct under Delaware
law that is a legally required condition precedent to indemnification of Indemnitee hereunder (a “Standard of Conduct Determination”), the person or persons making such determination shall presume that

  
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Indemnitee has satisfied the applicable standard of conduct, and the Company may overcome such presumption only by its adducing clear and convincing evidence to the contrary. The knowledge and/or
action, or failure to act, of any other director, officer, employee, agent or representative of the Company will not be imputed to Indemnitee for purposes of any Standard of Conduct Determination. Any Standard of Conduct Determination that
Indemnitee has satisfied the applicable standard of conduct shall be final and binding in all respects, including with respect to any litigation or other action or proceeding initiated by Indemnitee to enforce his or her rights hereunder. Any
Standard of Conduct Determination that is adverse to Indemnitee may be challenged by Indemnitee in the Court of Chancery of the State of Delaware. 

4.    Non-Exclusivity. The rights of Indemnitee hereunder
will be in addition to any other rights Indemnitee may have against the Company under the Constituent Documents, or the substantive laws of the Company’s jurisdiction of incorporation, any other contract or otherwise. Notwithstanding the
foregoing, the Company shall not be liable under this Agreement to make any payment to Indemnitee in respect of any indemnifiable losses to the extent Indemnitee has otherwise actually received and is entitled to retain payment (net of any expenses
incurred in connection therewith and any repayment by Indemnitee made with respect thereto) under any insurance policy, the Constituent Documents and other indemnity provisions. 

5.    Successors and Binding Agreement. 

(a)    This Agreement shall be binding upon and inure to the benefit of the Company and any successor to the Company,
including any person acquiring directly or indirectly all or substantially all of the business or assets of the Company whether by purchase, merger, consolidation, reorganization or otherwise (and such successor will thereafter be deemed the
“Company” for purposes of this Agreement), but shall not otherwise be assignable or delegable by the Company. 

(b)     This Agreement shall inure to the benefit of and be enforceable by Indemnitee’s personal or legal
representatives, executors, administrators, heirs, distributees, legatees and other successors. 
 (c)     This
Agreement is personal in nature and neither of the parties hereto shall, without the consent of the other, assign or delegate this Agreement or any rights or obligations hereunder except as expressly provided in Sections 5(a) and 5(b). 

6.    Governing Law. The validity, interpretation, construction and performance of this Agreement shall be
governed by and construed in accordance with the substantive laws of the State of Delaware, without giving effect to the principles of conflict of laws of such State. The Company and Indemnitee each hereby irrevocably consent to the jurisdiction of
the Chancery Court of the State of Delaware for all purposes in connection with any action or proceeding which arises out of or relates to this Agreement and agree that any action instituted under this Agreement shall be brought only in the Chancery
Court of the State of Delaware. 

  
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 7.    Miscellaneous. No provision of this Agreement may be
waived, modified or discharged unless such waiver, modification or discharge is agreed to in writing signed by Indemnitee and the Company. 

8.    Legal Fees and Expenses. It is the intent of the Company that Indemnitee not be required to incur
legal fees and or other expenses associated with the interpretation, enforcement or defense of Indemnitee’s rights under this Agreement by litigation or otherwise because the cost and expense thereof would substantially detract from the
benefits intended to be extended to Indemnitee hereunder. 
 9.    Counterparts. This Agreement may be
executed in counterparts, each of which will be deemed to be an original but all of which together shall constitute one and the same agreement. 

[Signatures Appear on Following Page] 

  
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 IN WITNESS WHEREOF, Indemnitee has executed and the Company has caused its duly authorized
representative to execute this Agreement as of the date first above written. 
  

			
	CONAGRA BRANDS, INC.

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 
			
	
	[INDEMNITEE]
	[Address]
	
	  

	[Indemnitee]

  
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 EXHIBIT A 

UNDERTAKING 
 This
Undertaking is submitted pursuant to the Director Indemnification Agreement, dated as of                  ,          (the
“Indemnification Agreement”), between Conagra Brands, Inc., a Delaware corporation (the “Company”), and the undersigned. 

The undersigned hereby requests [payment], [advancement], [reimbursement] by the Company of expenses which the undersigned [has
incurred] [reasonably expects to incur] in connection with                          (the “Indemnifiable
Claim”). 
 The undersigned hereby undertakes to repay the [payment], [advancement], [reimbursement] of
expenses made by the Company to or on behalf of the undersigned in response to the foregoing request to the extent it is determined that the undersigned is not entitled to indemnification by the Company under the Indemnification Agreement. 

IN WITNESS WHEREOF, the undersigned has executed this Undertaking as of this      day of
                ,         . 
  

	
	  

	[Indemnitee]EX-10.2

 EXHIBIT 10.2 

THIRD AMENDMENT 
 TO

 CONAGRA BRANDS, INC. 

VOLUNTARY DEFERRED COMPENSATION PLAN 

(January 1, 2017 Restatement) 

WHEREAS Conagra Brands, Inc. (the “Company”) sponsors the Conagra Brands, Inc. Voluntary Deferred Compensation Plan, effective
January 1, 2017 (the “Plan”); and 
 WHEREAS, the Company’s Human Resources Committee (the “HRC”) has the
authority, pursuant to Section 9.1 of the Plan, to amend the Plan; and 
 WHEREAS, the HRC desires to amend the Plan to (1) change
the eligibility criteria under the Plan, (2) increase the minimum deferral percentage, (3) remove the minimum age for installment distributions, and (4) remove the maximum age to commence a distribution. 

NOW, THEREFORE, the Plan is amended, effective January 1, 2021, in the following respects: 

 

	1.	 Article II of the Plan is amended to read as follows: 

“Compensation Deferral Contributions may be made by those employees of the Employer who either have been selected by, and
at the sole and absolute discretion of, the Human Resources Committee, or who are categorized by the Company or a Related Company as a grade level 24 or higher. Any Participant who has a balance in the Plan shall be a Participant with respect to
such balance and any earnings or losses thereon. The Committee may increase from time to time the required grade level, and the Committee may amend the Plan accordingly, all without the approval of the Human Resources Committee or the Board. 

Notwithstanding any provision in the Plan to the contrary, the Plan is intended to be a nonqualified deferred compensation plan
for a select group of management or highly compensated employees (as that expression is used in ERISA) and participation shall be limited to such employees. Each Participant shall continue to be a participant in the Plan until all payments due under
the Plan have been paid. The Human Resources Committee may determine at any time that a Participant shall no longer be eligible to make Compensation Deferral Contributions. 

Notwithstanding any provision apparently to the contrary in the Plan or in any written communications, summary, resolution,
oral communication or other document, in the event it is determined that a Participant will no longer be eligible to make Compensation Deferral Contributions, then the election for 

  
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Compensation Deferral Contributions made by that individual in accordance with the provisions of the Plan will continue for the remainder of the calendar year during which such determination is
made. However, no additional amounts shall be deferred and credited to the Participant’s 409A Account under the Plan for any future calendar year until such time as the individual is again determined to be eligible to make Compensation Deferral
Contributions and makes a new election under the provisions of the Plan. Amounts credited to the 409A Account of such individual shall continue to be adjusted pursuant to the other provisions of the Plan until fully distributed. 

Employer Matching Contributions and Employer Non-elective Contributions may be made by the Employer to those Participants who
have annual total cash compensation from the Employer in excess of the Code Section 401(a)(17) limitation.” 
  

	2.	 The third sentence of Section 3.1 of the Plan is amended to read as follows: 

“The minimum deposit shall be 6% of the Participant’s base salary or short-term
incentive.” 
  

	3.	 The first paragraph of Section 5.1(b) of the Plan is amended to read as follows: 

“This Section 5.1(b) shall apply, except to the extent another subsection of this Section 5.1 or
Section 5.3 is applicable. Each Participant may elect, pursuant to Section 5.2, that any of such Participant’s Distribution Sub-Accounts shall instead be paid (or installments shall commence), as follows: 

(i) in the January of the calendar year specified by the Participant; or 

(ii) on the earlier of the normal payment date under (c) below and the January of the calendar year specified by the
Participant.” 
  

	4.	 The last paragraph of Section 5.1(b) of the Plan is deleted in its entirety. 

 

	5.	 Section 5.1(c) of the Plan is amended to read as follows: 

“(c) Normal Form of Payment. This Section 5.1(c) shall apply, except to the extent another subsection of this Section 5.1
or Section 5.3 is applicable. The normal form of payment of a Participant’s Distribution Sub-Accounts shall be a single lump sum payment (the default form of payment) equal to the value of each of the Participant’s Distribution Sub-Accounts as of the most recent Valuation Date that precedes the payment date. However, a Participant may elect, pursuant to Section 5.2, that payment of any Distribution Sub-Account shall be made in annual
installments over a period elected by the Participant that is not less than one nor more than 10 years. Installments will commence following Separation from Service only if the balance of all Distribution

  
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Sub-Accounts is at least $100,000.00, determined as of Separation from Service. If a Participant does not satisfy, as of such Participant’s Separation
from Service, the Distribution Sub-Account balance requirement to commence installments, the balance of the Distribution Sub-Accounts from which installments had not commenced prior to Separation from Service
will be paid in a lump sum at the time provided herein. If installments commenced prior to Separation from Service from a Distribution Sub-Account, then such installments shall continue after Separation from
Service regardless of the balance. Each installment payment shall equal the quotient resulting from dividing the value of the Participant’s applicable Distribution Sub-Account as of the most recent Valuation Date that precedes the date the
installment is to be paid by the sum of one plus the number of installments to be paid after the current installment. Any installments shall be paid annually during January of each year an installment is due.” 

IN WITNESS WHEREOF, the Company has caused this Third Amendment to be executed on its behalf, by its officer duly authorized, this 19th day of May, 2020. 
  

			
	CONAGRA BRANDS, INC.
		
	By:	 	 /s/ Ryan Egan

	Name:	 	Ryan Egan
	Title:	 	Vice President of Human Resources

  
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