Document:

CAG-5-31-2015-10K Ex10.16.1

 
Exhibit 10.16.1
CHANGE OF CONTROL AGREEMENT
This CHANGE OF CONTROL AGREEMENT (“Agreement”) is made this  ____ day of _____, ______ between ConAgra Foods, Inc., a Delaware Corporation (the “Company”), and ____________ (the “Employee”).
WHEREAS, as is the case with most, if not all, publicly traded businesses, it is expected that the Company from time to time may consider or need to consider the possibility of an acquisition by another company or other Change of Control of the ownership of the Company.  The Board of Directors of the Company (the “Board”) recognizes that such considerations can be a distraction to Employee and can cause the Employee to consider alternative employment opportunities or to be influenced by the impact of a possible Change of Control of the ownership of the Company on Employee’s personal circumstances in evaluating such opportunities.  The Board has determined that it is in the best interests of the Company and its shareholders to assure that the Company will have the continued dedication and objectivity of Employee, notwithstanding the possibility, threat or occurrence of a Change of Control of the Company.
WHEREAS, the Board believes that it is in the best interests of the Company and its shareholders to provide Employee with an incentive to continue Employee’s employment and to motivate Employee to maximize the value of the Company upon a Change of Control for the benefit of its shareholders.
WHEREAS, the Board believes that it is important to provide Employee with certain benefits upon Employee’s termination of employment in certain instances upon or following a Change of Control that provide Employee with enhanced financial security and incentive and encouragement to remain with the Company notwithstanding the possibility of a Change of Control.
NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements hereinafter set forth and intending to be legally bound hereby, the parties hereto agree as follows:
1.Definitions.  For all purposes of this Agreement, the following terms shall have the meanings specified in this Section unless the context clearly otherwise requires:
(a)“Affiliate” and “Associate” shall have the respective meanings ascribed to such terms in Rule 12b-2 of Regulation 12B under the Exchange Act.
(b)“Change of Control” shall mean:
		
	(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 of the sale of all or substantially all of its assets.

(c)“Cause” shall mean (i) the willful and continued failure by Employee to substantially perform Employee’s duties with the Company (other than any such failure resulting from termination by the Employee for Good Reason) after a demand for substantial performance is delivered to the Employee that specifically identifies the manner in which the Company believes that the Employee has not substantially performed Employee’s duties, and the Employee has failed to resume substantial performance of the Employee’s duties on a continuous basis within five (5) days of receiving such demand, (ii) the willful engaging by the Employee in conduct which is demonstrably and materially injurious to the Company, monetarily or otherwise, or (iii) the Employee’s conviction of a felony or conviction of a misdemeanor which impairs the Employee’s ability substantially to perform the Employee’s duties with the Company.  For purposes of this subsection, no act, or failure to act, on the Employee’s part shall be deemed “willful” unless done, or omitted to be done, by the Employee not in good faith and without reasonable belief that the Employee’s action or omission was in the best interest of the Company.
(d)“Code” shall mean the Internal Revenue Code of 1986, as amended.
(e)“Continuation Period” means the two (2) year period beginning on the Employee’s Termination Date.
(f)“Exchange Act” means the Securities Exchange Act of 1934, as amended.
(g)“Good Reason Termination” shall mean a termination of employment initiated by the Employee upon one or more of the following occurrences:
		
	(i)
	any failure of the Company to comply with and satisfy any of the terms of this Agreement;

		
	(ii)
	any significant involuntary reduction of the authority, duties or responsibilities held by the Employee immediately prior to the Change of Control;

		
	(iii)
	any involuntary removal of the Employee from an officer position which the Employee holds with the Company or, if the Employee is employed by a Subsidiary or Affiliate, with the Subsidiary or Affiliate, held by the Employee immediately prior to the Change of Control, except in connection with promotions to higher office;

		
	(iv)
	any involuntary reduction in the aggregate compensation level of the Employee including, but not limited to, base salary, annual and long term incentive opportunity, and supplemental executive retirement plans, as in effect immediately prior to the Change of Control;

		
	(v)
	requiring the Employee to become based at any office or location more than the minimum number of miles required by the Code for the Employee to claim a moving expense deduction, from the office or location at which the Employee was based immediately prior to such Change of Control, except for travel reasonably required in the performance of the Employee’s responsibilities; and

		
	(vi)
	the Employee being required to undertake business travel to an extent substantially greater than the Employee’s business travel obligations immediately prior to the Change of Control.

(h)“Related Company” 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 Section 414(c)) with the Company.  For purposes of applying Code §§ 414(b) and (c), 25% is substituted for the 80% ownership level. 
(i)“Separation from Service”, shall mean the date that Employee separates from service within the meaning of Code Section 409A.  Generally, Employee separates from service if 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 Employee 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.
		
	(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 a termination of employment has occurred is determined based on whether the facts and circumstances indicate that the Company and Employee reasonably anticipated that no further services would be performed after a certain date or that the level of bona fide services Employee 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 Employee 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 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).

(j)“Subsidiary” shall mean any corporation in which the Company, directly or indirectly, owns at least a fifty percent (50%) interest or an unincorporated entity of which the Company, directly or indirectly, owns at least fifty percent (50%) of the profits or capital interests.
(k)“Termination Date” shall mean the effective date of the Employee’s Separation from Service.
2.Notice of Termination.  Any Separation from Service upon or following a Change of Control shall be communicated by a Notice of Termination to Employee (or from Employee to the Company with respect to a Good Reason Termination) given in accordance with Section 16 hereof. For purposes of this Agreement, a “Notice of Termination” means a written notice which (i) indicates the specific provision in 

this Agreement relied upon, (ii) briefly summarizes the facts and circumstances deemed to provide a basis for Employee’s Separation from Service under the provision so indicated, and (iii) if the Termination Date is other than the date of receipt of such notice, specifies the Termination Date (which date shall not be more than 15 days after the giving of such notice).
3.Severance Compensation upon Separation from Service.
(a)Subject to the provisions of Sections 9 and 10 hereof and further subject to Employee executing and not revoking a release of claims substantially in the form set forth as Exhibit A to this Agreement and the period to revoke such release expiring within sixty (60) days following Employee’s Separation from Service, in the event of Employee’s involuntary Separation from Service initiated by the Company or a Subsidiary or Affiliate for any reason other than Cause or in the event of a Good Reason Termination, in either event upon or within three years after a Change of Control, Employee shall receive the following amounts in lieu of any severance compensation and benefits under the Company’s severance plan:
		
	(i)
	The Company shall pay to Employee a lump sum cash payment equal to three (3) multiplied by the sum of (1) Employee’s annual base salary plus (2) the greater of (x) the highest annual cash bonus paid to Employee for the three (3) full fiscal years of the Company preceding the fiscal year in which the Change of Control occurs or (y) 150% of Employee’s annual base salary for the fiscal year in which the Change of Control occurs.  The annual base salary for purposes of item (1) in the preceding sentence shall be Employee’s highest annual base salary as of or after the Change of Control.

		
	(ii)
	During the Continuation Period, the Employee shall continue to be entitled to participate in the medical and dental, disability, basic life insurance and supplemental life insurance plans of the Company or Subsidiary or Affiliate (to the extent such benefits remain in effect for other executives of the Company from time to time during the Continuation Period) based upon the amount of benefit provided to the Employee as of the Employee’s Separation from Service. The Employee shall be responsible for making required contributions, on an after-tax basis, at the rate required of all executive employees at the time of the Employee’s Separation from Service or thereafter, except for the medical and dental coverage.  For the medical and dental coverage, the Employee shall be required to contribute, on an after-tax basis, the premium (“COBRA Premium”) determined for the plan under Section 4980B(f) of the Code.  The Company shall pay to the Employee a single lump sum payment equal to the present value of the cost of the medical and dental coverage for the Continuation Period (assuming family coverage and a reasonable increase in the COBRA Premium). If it is not possible to continue the disability, basic life and supplemental life insurance coverage without violation of or noncompliance with tax (including Code Section 409A), legal or insurance requirements, the Company shall pay to the Employee a single lump sum payment equal to the present value of the cost of such coverage for the Continuation Period on the first day on which severance compensation is paid pursuant to subsection (b) below; provided that if payment in a lump sum would cause taxation under Code Section 409A, the Company shall pay the cost of such coverage for each calendar year (or portion thereof) that falls within the Continuation Period on the first business day during each such calendar year (or portion thereof) on which payment can be made without causing taxation under Code Section 409A.

		
	(iii)
	If the Employee participates in the qualified and/or nonqualified ConAgra Foods Retirement Income Savings Plan (“CRISP”), the Employee shall receive a supplemental credit to his nonqualified CRISP “Account” equal to the maximum employer contribution that the Employee could have received under the qualified and 

nonqualified CRISP (or any successor plan) in the year that includes the Termination Date.
		
	(iv)
	Subject to Section 11, the Company, at its expense, shall provide reasonable outplacement assistance to the Employee through the end of the second calendar year beginning after the Termination Date from a professional outplacement assistant firm which is reasonably suitable to the Employee and commensurate with the Employee’s position and responsibilities.  In no event shall the amount expended with outplacement assistance for the Employee exceed Thirty Thousand Dollars ($30,000).

(b)Except as otherwise set forth in Sections 9 and 10, (1) the amounts described in subsections 3(a) (i) and (ii) above shall be paid, and (2) the supplemental credit in subsection 3(a)(iii) shall be allocated (with payment governed by the terms of CRISP), on the 61st day after the Termination Date.  
4.Other Payments.  Upon any Separation from Service entitling the Employee to payments under this Agreement, the Employee shall receive all accrued but unpaid salary and all benefits (other than severance benefits) accrued and payable under any plans, policies and programs of the Company and its Subsidiaries or Affiliates.
5.Interest; Enforcement.
(a)If payment of the amounts described in Section 3 or Section 10 is delayed pursuant to Section 409A of the Code, the Company shall pay interest at the rate described below on the postponed payments from the 61st day after Employee’s Termination Date to the date on which such amounts are paid. If the Company shall fail or refuse to pay any amounts due the Employee under Section 3 or 10 on the applicable due date, the Company shall pay interest at the rate described below on the unpaid payments from the applicable due date 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 Employee’s Termination Date, plus one percent (1%), compounded annually.
(b)The Employee shall not be required to incur any expenses associated with the enforcement of the Employee’s rights under this Agreement by arbitration, litigation or other legal action, because the cost and expense thereof would substantially detract from the benefits intended to be extended to the Employee hereunder. Accordingly, the Company shall pay the Employee on demand the amount necessary to reimburse the Employee in full for all reasonable expenses (including all attorneys’ fees and legal expenses) incurred by the Employee in enforcing any of the obligations of the Company under this Agreement. The Employee shall notify the Company of the expenses for which the Employee demands reimbursement within sixty (60) days after the Employee receives an invoice for such expenses, and the Company shall pay the reimbursement amount within fifteen (15) days after receipt of such notice, subject to Section 11.
6.No Mitigation.  The Employee shall not be required to mitigate the amount of any payment or benefit provided for in this Agreement by seeking other employment or otherwise, nor shall the amount of any payment or benefit provided for herein be reduced by any compensation earned by other employment or otherwise.
7.Nonexclusivity of Rights.  Nothing in this Agreement shall prevent or limit the Employee’s continuing or future participation in or rights under any benefit, bonus, incentive or other plan or program provided by the Company, or any of its Subsidiaries or Affiliates, and for which the Employee may qualify, except as provided in this Agreement.
8.No Set Off.  The Company’s obligation to make the payments provided for in this Agreement and otherwise to perform its obligations hereunder shall not be affected by any circumstances, including, without limitation, any set-off, counterclaim, recoupment, defense or other right which the Company may have against the Employee or others. 
9.Taxation.
(a)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) 

and if the Employee is entitled under this Agreement to any payment, benefit or entitlement upon Separation from Service that constitutes “deferred compensation” subject to Code Section 409A, then (i) any such payment, benefit or entitlement (the “Postponed Benefit”) that is payable during the first six months following the date of Separation from Service shall be paid or provided to the Employee, together with accrued interest as described in Section 5, 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 (the “Postponement Period”); and (ii) unless doing so would violate Code section 409A(b), an amount equal to the Postponed Benefit plus an estimate of the interest to be paid shall be deposited, as of the date the Postponed Benefit would have been paid but for this section, in a trust in the form of the model grantor trust contained in IRS Revenue Procedure 92-64, which trust is incorporated by reference.  If Code section 409A(b) initially prevents the funding described in the prior sentence, but it is possible to carry out such funding without violating Code section 409A(b) at a later date that precedes when payment is made (“409A(b) Date”), such funding shall occur at the earliest possible 409A(b) Date.  If the Employee dies during the Postponement Period prior to the payment of benefits, the amounts withheld on account of Section 409A of the Code, with accrued interest as described in Section 5, shall be paid to the personal representative of the Employee’s estate within sixty (60) days after the date of the Employee’s death. Payments under this Agreement shall be made by mail to the last address provided for notices to the Employee pursuant to Section 16 of this Agreement.  
(b)Further notwithstanding anything in this Agreement to the contrary, the Company shall 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 Code Section 409A.  The parties acknowledge that the requirements of Code Section 409A are ambiguous in certain respects. The parties further acknowledge that this Agreement shall be interpreted and administered to maximize the exemptions from Code Section 409A and, to the extent this Agreement provides for deferred compensation subject to Code Section 409A, to comply with Code Section 409A and to avoid the imposition of additional taxes upon the Employee under Code Section 409A.  Accordingly, to comply with Code Section 409A, if Employee is entitled to any payment or benefit under this Agreement (i) following a Change in Control that does not qualify under Code Section 409A as a “change in ownership,” “change in effective control” or “change in ownership of a substantial portion of the assets,” in each case with respect to the Company, or (ii) due to a Separation from Service that occurs more than two years after the date of the Change in Control, and if Employee is a party to another agreement, offer letter or other arrangement providing for severance benefits in connection with a Separation from Service other than in connection with a Change in Control, payments under this Agreement up to the total payments required under such other agreement shall be paid in the same manner and at the same time as payments would be paid under such other agreement, and any additional amounts shall be paid as provided in Section 3(b) above. If the Company has acted or refrained from acting in good faith as required by this Section 9, it will not be responsible for any consequences of failure to comply with Code Section 409A.
(c)All payments under this Agreement shall be subject to all requirements of the law with regard to tax withholding and reporting and filing requirements, and the Company shall use its best efforts to satisfy promptly all such requirements.
10.Limitation on Payment.
(a)Except as otherwise provided in subsection (b) below, in the event that it shall be determined that any payment or distribution in the nature of compensation (within the meaning of Section 280G(b)(2) of the Code) to or for the benefit of the Employee, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise (a “Payment”), would constitute an “excess parachute payment” within the meaning of Section 280G of the Code, the aggregate present value of the Payments under the Agreement shall be reduced (but not below zero) to the Safe Harbor Amount (as defined below).  Any required reduction in the Payments pursuant to the foregoing shall be done only to the extent such reduction of the Payment can contribute to avoiding the Excise Tax and Expenses (as defined below), and it shall be accomplished first by reducing the lump sum severance payment payable pursuant to Section 3(a)

(i) of the Agreement, and then (to the extent reduction of the Section 3(a)(i) payment is not adequate) by reducing the additional NQ CRISP credit provided pursuant to Section 3(a)(iii). The “Safe Harbor Amount” is the maximum dollar amount of payments in the nature of compensation that are contingent on a Change of Control (as described in Section 280G of the Code) and that may be paid or distributed to the Employee without imposition of the Excise Tax and Expenses.  The term “Excise Tax and Expenses” means the excise tax imposed under Section 4999 of the Code, together with any interest or penalties imposed with respect to such excise tax.  
(b)Notwithstanding the foregoing, the Company shall not reduce the Payments as described in subsection (a) if the net after-tax amount of the unreduced Payments that would be retained by the Employee after considering all income, employment, excise and other taxes (including any Excise Tax and Expenses) exceeds the net after-tax amount of the Safe Harbor Amount that would be retained by the Employee after considering all income, employment, excise and other taxes. 
(c)All determinations to be made under this Section 10 shall be made by an independent registered public accounting firm selected by the Company immediately prior to the Change of Control (the “Accounting Firm”), which shall provide its determinations and any supporting calculations both to the Company and the Employee within ten (10) days of the Change of Control. Any such determination by the Accounting Firm shall be binding upon the Company and the Employee.
(d)All of the fees and expenses of the Accounting Firm in performing the determinations referred to in this Section shall be borne solely by the Company. The Company agrees to indemnify and hold harmless the Accounting Firm of and from any and all claims, damages and expenses resulting from or relating to its determinations pursuant to this Section, except for claims, damages or expenses resulting from the gross negligence or willful misconduct of the Accounting Firm.
11.Reimbursements.  Any reimbursements or in-kind benefits to be provided pursuant to this Agreement (including but not limited to Sections 3(a)(iv) and 5(b)) that are taxable to Employee shall be subject to the following restrictions:  (a) each reimbursement must be paid no later than the last day of the Employee’s tax year following the Employee’s tax year during which the expense was incurred or in-kind benefit was received, as the case may be; (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 expenses that are eligible for reimbursement may be paid or in-kind benefit may be provided is 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.
12.Term.  This Agreement shall commence on the date hereof and, unless there is a Change of Control, shall continue until the earliest of (a) the Employee’s termination of employment as a full-time employee of the Company, (b) the date the Employee enters into a written separation agreement with the Company; or (c) the date when this Agreement is terminated by the Company in accordance with the next sentence.  If a Change of Control has not occurred, then the Company shall have the right at any time to terminate this Agreement by giving the Employee six (6) months prior written notice of termination of this Agreement.  If a Change of Control occurs at any time prior to the termination of this Agreement pursuant to the preceding, this Agreement shall terminate on the third anniversary of such Change of Control.
13.Confidentiality. The Employee acknowledges that during the Employee’s employment with the Company or any of its Affiliates, the Employee will acquire, be exposed to and have access to, non-public material, data and information of the Company and its Affiliates and/or their customers or clients that is confidential, proprietary, and/or a trade secret (“Confidential Information”).  At all times, both during and after the Term, the Employee shall keep and retain in confidence and shall not disclose, except as required and authorized in the course of the Employee’s employment with the Company or any of its Affiliates, to any person, firm or corporation, or use for his or her own purposes, any Confidential Information.  For purposes of this Agreement, such Confidential Information shall include, but shall not be limited to:  sales methods, information concerning principals or customers, advertising methods, financial affairs or methods 

of procurement, marketing and business plans, strategies (including risk strategies), projections, business opportunities, inventions, designs, drawings, research and development plans, client lists, sales and cost information and financial results and performance.  Notwithstanding the foregoing, “Confidential Information” shall not include any information known generally to the public (other than as a result of unauthorized disclosure by the Employee or by the Company or its Affiliates).  The Employee acknowledges that the obligations pertaining to the confidentiality and non-disclosure of Confidential Information shall remain in effect for a period of five (5) years after the Employee’s Separation from Service, or until the Company or its Affiliates has released any such information into the public domain, in which case the Employee’s obligation hereunder shall cease with respect only to such information so released into the public domain.  The Employee’s obligation under this Section 13 shall survive any Separation from Service.  If the Employee receives a subpoena or other judicial process requiring that he or she produce, provide or testify about Confidential Information, the Employee shall notify the Company and cooperate fully with the Company in resisting disclosure of the Confidential Information. The Employee acknowledges that the Company has the right either in the name of the Employee or in its own name to oppose or move to quash any subpoena or other legal process directed to the Employee regarding Confidential Information.
14.Incentive Payments Upon Change of Control.  Upon a Change of Control that qualifies under 409A as a “change in ownership,” “change in effective control” or “change in ownership of a substantial portion of the assets,” in each case with respect to the Company, the Company may, at the Board’s, or the Human Resources Committee’s, as the case may be, sole and absolute discretion, pay the Employee all or a portion of the Employee’s Short and/or Long Term Incentive for the Company fiscal year in which the Change of Control occurs (to the extent that such compensation is not deferred compensation subject to Code section 409A).  The amounts paid may be based upon (a) a proration of the Employee’s target incentives for the fiscal year, (b) a proration of the projected incentives at the time of the Change of Control, or (c) a pro rata amount computed at the end of the fiscal year.  Any proration shall be based upon the number of completed months elapsed in the fiscal year since the Change of Control.
15.Successor Company.  The Company shall require any successor or successors (whether direct or indirect, by purchase, merger or otherwise) to all or substantially all of the business or assets of the Company, by agreement in form and substance satisfactory to the Employee, to acknowledge expressly that this Agreement is binding upon and enforceable against the Company in accordance with the terms hereof, and to become jointly and severally obligated with the Company to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession or successions had taken place. Failure of the Company to notify the Employee in writing as to such successorship, to provide the Employee the opportunity to review and agree to the successor’s assumption of this Agreement or to obtain such agreement prior to the effectiveness of any such succession shall be a breach of this Agreement. As used in this Agreement, the Company shall mean the Company as defined above and any such successor or successors to its business or assets, jointly and severally.
16.Notice.  All notices and other communications required or permitted hereunder or necessary or convenient in connection herewith shall be in writing and shall be delivered personally or mailed by registered or certified mail, return receipt requested, or by overnight express courier service, as follows:
If to the Company, to:
ConAgra Foods, Inc.
One ConAgra Drive
Omaha, NE 68102-5094
Attention: Corporate Secretary
If to the Employee, to the most recent address provided by the Employee to the Company or a Subsidiary or Affiliate for payroll purposes, or to such other address as the Company or the Employee, as the case may be, shall designate by notice to the other party hereto in the manner specified in this Section; 

provided, however, that if no such notice is given by the Company following a Change of Control, notice at the last address of the Company or any successor pursuant to Section 15 shall be deemed sufficient for the purposes hereof.  Any such notice shall be deemed delivered and effective when received in the case of personal delivery, five (5) days after deposit, postage prepaid, with the U.S. Postal Service in the case of registered or certified mail, or on the next business day in the case of overnight express courier service.
17.Contents of Agreement; Amendment. This Agreement supersedes all prior agreements with respect to the subject matter hereof and sets forth the entire understanding between the parties hereto with respect to the subject matter hereof. This Agreement cannot be amended except pursuant to approval by the Human Resources Committee of the Company’s Board of Directors and a written amendment executed by the Employee and the Chair of the Company’s Board of Directors or his delegee. The provisions of this Agreement may require a variance from the terms and conditions of certain compensation or bonus plans under circumstances where such plans would not provide for payment thereof in order to obtain the maximum benefits for the Employee. The parties intend that, to the extent permitted under Code Section 409A, the provisions of this Agreement shall supersede any provisions to the contrary in such plans, and such plans shall be deemed to have been amended to correspond with this Agreement without further action by the Company or the Human Resources Committee of the Company’s Board of Directors.
18.No Right to Continued Employment. Nothing in this Agreement shall be construed as giving the Employee any right to be retained in the employ of the Company or a Subsidiary or Affiliate.
19.Governing Law.  This Agreement shall be governed by and interpreted under the laws of the State of Delaware without giving effect to any conflict of laws provisions.
20.Successors and Assigns.  All of the terms and provisions of this Agreement shall be binding upon and inure to the benefit of and be enforceable by the respective heirs, representatives, successors and assigns of the parties hereto, except that the duties and responsibilities of the Employee and the Company hereunder shall not be assignable in whole or in part.
21.Severability.  If any provision of this Agreement or application thereof to anyone or under any circumstances shall be determined to be invalid or unenforceable, such invalidity or unenforceability shall not affect any other provisions or applications of this Agreement which can be given effect without the invalid or unenforceable provision or application.
22.Remedies Cumulative; No Waiver.  No right conferred upon the Employee by this Agreement is intended to be exclusive of any other right or remedy, and each and every such right or remedy shall be cumulative and shall be in addition to any other right or remedy given hereunder or now or hereafter existing at law or in equity. No delay or omission by the Employee in exercising any right, remedy or power hereunder or existing at law or in equity shall be construed as a waiver thereof.
23.Miscellaneous.  All Section headings are for convenience only. This Agreement may be executed in several counterparts, each of which is an original. It shall not be necessary in making proof of this Agreement or any counterpart hereof to produce or account for any of the other counterparts.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

EMPLOYEE:                        CONAGRA FOODS, INC.

                            
_______________________________        ____________________________________
Name                                                                       Nicole Theophilus, E.V.P. and Chief HR Officer

EXHIBIT A

WAIVER AND RELEASE OF CLAIMS
In consideration of, and subject to, the payment to be made to me by ConAgra Foods, Inc. (the “Employer”) of the payments and benefits provided by Change of Control Agreement, dated as of May 18, 2015, entered into between me and the Company (the “Agreement”), I hereby waive any claims I may have for employment or re-employment by the Employer or any parent or subsidiary of the Employer after the date hereof, and I further agree to and do release and forever discharge the Employer and any parent or subsidiary of the Employer, and their respective past and present officers, directors, shareholders, insurers, employees and agents from any and all claims and causes of action, known or unknown, arising out of or relating to my employment with the Employer or any parent or subsidiary of the Employer, or the termination thereof, including, but not limited to, wrongful discharge, breach of contract, tort, fraud, the Civil Rights Acts, the Age Discrimination in Employment Act, the Employee Retirement Income Security Acts, the Americans with Disabilities Act, the Family and Medical Leave Act, the Older Workers Benefit Protection Act, or any other federal, state or local legislation or common law relating to employment or discrimination in employment or otherwise.
Notwithstanding the foregoing or any other provision hereof, nothing in this Waiver and Release of Claims shall adversely affect (i) my rights to payment and benefits under the Agreement; (ii) my rights to benefits other than severance payments or benefits under plans, programs and arrangements of the Employer or any parent or subsidiary of the Employer; or (iii) my rights to indemnification under any indemnification agreement, applicable law or the certificates of incorporation or bylaws of the Employer or any parent or subsidiary of the Employer, (iv) my rights under any director’s and officers’ liability insurance policy covering me, (v) my workers compensation rights, or (vi) my unemployment insurance rights.
I acknowledge that I have signed this Waiver and Release of Claims voluntarily, knowingly, of my own free will and without reservation or duress, and that no promises or representations have been made to me by any person to induce me to do so other than the promise of payment set forth in the first paragraph above and the Employer’s acknowledgment of my rights reserved under the second paragraph above.
I understand that this release will be deemed to be an application for benefits under the Agreement and that my entitlement thereto shall be governed by the terms and conditions of the Agreement and any applicable plan.  I expressly hereby consent to such terms and conditions.
I acknowledge that I have been given not less than forty-five (45) days to review and consider this Waiver and Release of Claims (unless I have signed a written waiver of such review and consideration period), and that I have had the opportunity to consult with an attorney or other advisor of my choice and have been advised by the Company to do so if I choose.  I may revoke this Waiver and Release of Claims seven (7) days or less after its execution by providing written notice to the Employer.
I acknowledge that it is my intention and the intention of the Employer in executing this Waiver and Release of Claims that the same shall be effective as a bar to each and every claim, demand and cause of action hereinabove specified.  In furtherance of this intention, I hereby expressly waive any and all rights and benefits conferred upon me by the provisions of SECTION 1542 OF THE CALIFORNIA CIVIL CODE, to the extent applicable to me, and expressly I consent that this Waiver and Release of Claims shall be given full force and effect according to each and all of its express terms and provisions, including as well those related to unknown and unsuspected claims, demands and causes of action, if any, as well as those relating to any other claims, demands and causes of action hereinabove specified.  SECTION 1542 provides:

“A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.”
I acknowledge that I may hereafter discover claims or facts in addition to or different from those which I now know or believe to exist with respect to the subject matter of this Waiver and Release of Claims and which, if known or suspected at the time of executing this Waiver and Release of Claims, may have materially affected this settlement.
Finally, I acknowledge that I have read this Waiver and Release of Claims and understand all of its terms.

_____________________________________
Signature of Employee

_____________________________________
Printed Name

_____________________________________
Date SignedEX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
 BOULDER
BRANDS, INC. 
 SEPARATION AND RELEASE AGREEMENT 

This Separation and Release Agreement (“Agreement”) is by and between Boulder Brands, Inc. (together with Boulder Brands,
Inc.’s subsidiaries, “Boulder Brands”) and Stephen B. Hughes (the “Executive”). 
 WHEREAS the
Executive served as the Chief Executive Officer of Boulder Brands; 
 WHEREAS Boulder Brands and the Executive are party to the Severance
Agreement dated as of January 1, 2012 (the “Severance Agreement”) and the Amended and Restated Change of Control Agreement, dated as of April 1, 2010 (the “Change of Control Agreement”); and 
 WHEREAS Boulder Brands and the Executive wish to enter into this Agreement to set
forth terms and conditions regarding the Executive’s departure from Boulder Brands in connection with the restructuring of Boulder Brands. 
 NOW,
THEREFORE, based on the foregoing and in consideration for the covenants contained in the Severance Agreement and other good and valuable consideration, and for the monetary and other consideration set forth below, the receipt and sufficiency of
which are hereby acknowledged, Boulder Brands and the Executive agree as follows: 
 1. Separation Date. The Executive hereby
acknowledges that his last day of work for Boulder Brands occurred on June 9, 2015 (“Separation Date”). 
 2.
Severance Payments. In consideration of the covenants and obligations contained in the Severance Agreement, and in full and complete satisfaction of all amounts owed to the Executive from Boulder Brands under the Severance Agreement and
otherwise, Boulder Brands agrees to pay or provide the Executive with the following payments and benefits: 
  

	 	(a)	A payment equal $34,273.55 representing the Executive’s 79.21 accrued but unused vacation hours as of the Separation Date. 

  

	 	(b)	Payment of any unpaid reimbursements for reasonable and necessary expenses incurred by the Executive on behalf of Boulder Brands during the period ending on the Separation Date, of which there are none.

  

	 	(c)	A payment of a total gross amount of $3,600,000 in accordance with Section 3(c)(ii) of the Severance Agreement, payable in a single lump sum by the tenth (10th) day following the date that the Executive has
duly executed the release agreement referred to in Section 3 hereof, provided that the Executive has not revoked such agreement. 

  

	 	(d)	In the event that the Executive makes a timely election of COBRA continuation coverage, Boulder Brands shall timely pay directly on the Executive’s behalf the cost of all premiums for such coverage during the
period beginning on the Separation Date and ending on the date that is eighteen (18) months following the Separation Date. 

 (e) 
  

	 	(i)	The portion of the Executive’s outstanding stock option granted as of May 17, 2007 that was vested as of the Separation Date (in respect of 1,125,000 shares of Company common stock (the “2007 Vested
Option”)) shall, in all events remain exercisable, notwithstanding any term to the contrary in the award agreement to which the Executive is a party with respect to the 2007 stock option grant (as amended, the “2007 Equity Award
Agreement”), as follows: (A) 100% of the 2007 Vested Option may be exercised until December 31, 2015; provided, however, that portion of the option in respect of 562,500 shares will be forfeited and terminated
as of 4:00 pm New York time on December 31, 2015 to the extent the option for that number of shares has not been exercised prior to that time; and (B) the remaining portion of the 2007 Vested Option that was not previously exercised or
forfeited under clause (A) (consisting of up to 562,500 shares) may be exercised until June 30, 2016, and to the extent not so exercised, will be forfeited as of 4:00 pm New York time on that date. For purposes of this Section 2(e),
the portion of the 2007 Stock Option with respect to the 562,500 shares that expires on December 31, 2015 shall consist of (X) the portion of such stock option held by the Executive that is attributable to 325,000 shares that vested on or
about April 9, 2014 when Boulder Brands’ stock price achieved $16.75 per share for 20 of 30 consecutive trading days, (Y) the portion of such stock option attributable to 50,000 shares that were assigned to Sunset Oasis Limited
Partnership, a Delaware limited partnership, on or about November 16, 2012 and (Z) a portion of the remaining such stock option that is attributable to 187,500 shares. 

 

	 	(ii)	The portion of the Executive’s outstanding stock option granted as of January 3, 2012 that was vested as of the Separation Date (in respect of 750,000 shares of Company common stock (the “2012 Vested
Option”)) shall in all events remain exercisable, in accordance with the terms of the award agreement to which the Executive is a party with respect to the 2012 stock option grant (the “2012 Equity Award Agreement”) until
June 8, 2017. 

  

	 	(iii)	All unvested stock options as of the Separation Date will be deemed to have been forfeited and terminated effective as of the Separation Date in accordance with the terms of the 2007 Equity Award Agreement other equity
award agreement. 

  

	 	(iv)	Any exercise of the 2007 Vested Option or the 2012 Vested Option shall be made in accordance with the terms of the 2007 Equity Award Agreement and the 2012 Equity Award Agreement, respectively. 

  
 2 

	 	
Notwithstanding anything to the contrary under the terms of the 2007 Equity Award Agreement and 2012 Equity Award Agreement, as applicable, Executive hereby waives his right to elect at any time
in the future to pay to the Company the Exercise Price and the Tax Obligation (as such terms are defined in each of the 2007 Equity Award Agreement and 2012 Equity Award Agreements, as applicable) in respect of that portion of the 2007 Vested Option
or 2012 Vested Option that Executive elects to exercise by having the Company reduce the number of shares Executive receives upon exercise; therefore, at the time of exercise, the Executive may pay the applicable Exercise Price and Tax Obligation by
using any of the other methods allowed pursuant to the terms of 2007 Equity Award Agreement or 2012 Equity Award Agreement, as applicable (including the ability to engage in a broker-assisted cashless exercise). The Executive hereby agrees to
execute any documents as may reasonably be requested by the Company to effectuate the Executive’s election to exercise any portion of the 2007 Vested Option or 2012 Vested Option. 

 

	 	(v)	In the event of a Change of Control (as defined in the Boulder Brands, Inc. Third Amended and Restated Stock and Awards Plan), the Company shall take all commercially reasonable efforts to cause any portion of the 2007
Vested Option and 2012 Vested Option remaining immediately prior to the effective time of the Change of Control to be treated in the transaction in the same manner as those substantially similar outstanding vested options that may be held by other
executive officers of the Company immediately prior to the effective time of the Change of Control and notwithstanding anything else to the contrary in this Agreement, the Executive acknowledges that in the event of a Change of Control, subject to
the prior clause, the Compensation Committee shall have full discretion to provide for the assumption, substitution, cash-out or cancellation of any remaining portion of the 2007 Vested Option and 2012 Vested Option. 

 

	 	(f)	The Executive’s rights under any Boulder Brands sponsored employment benefit plan, program or arrangement shall be determined in accordance with the applicable plan or other operative document. For the avoidance of
doubt, in accordance with the terms of the Company’s Amended and Restated Financial Performance Incentive Program the Executive hereby acknowledges and agrees that Executive’s opportunity to receive any portion of an Annual Bonus or
Supplemental Bonus in respect of the performance period January 1, 2015 – December 31, 2015 and a Long-Term Bonus in respect of the performance period January 1, 2014 – December 31, 2018 were forfeited effective as of
the Separation Date. 

 All payments described in this Section 2 shall be subject to applicable federal, state, and local
tax withholdings and deductions. 

  
 3 

 3. Payments Contingent on Release. The Executive acknowledges that the payments and rights
set forth in Section 2(b)-(d) of this Agreement are conditioned upon his release of all claims against Boulder Brands on or before the date hereof in accordance with the Executive’s execution and delivery of a release agreement in a
form attached hereto as Exhibit A and his compliance with all the terms and conditions of this Agreement. For avoidance of doubt, nothing in the release agreement shall be interpreted to release or waive any rights under the Indemnification
Agreement by and amount the Executive, Boulder Brands and GFA Brands, Inc. dated November 26, 2014 (the “Indemnification Agreement”). 

4. Entire Agreement. This Agreement, together with the Amended and Restated Change of Control Agreement, dated as of April 1, 2010,
the 2007 Equity Award Agreement and 2012 Equity Award Agreement (as may be modified herein) constitute the complete agreement and understanding of the parties with respect to the subject matter hereof and supersedes any other prior agreements or
understandings of the parties (whether oral or written). This Agreement may be amended only in writing and signed by the Executive and Boulder Brands. The Executive acknowledges that no representative of Boulder Brands has made any representation or
promise to him concerning the terms or conditions of this Agreement or his separation from employment with Boulder Brands other than those expressly set forth in this Agreement. For the avoidance of doubt, each of the Executive and Boulder Brands
acknowledges and agrees that the Equity Award Agreements and the Change of Control Agreement remain in full force and effect in accordance with their terms, except as modified herein. 

5. Continuing Obligations. 
  

	 	(a)	Non-Competition. Notwithstanding anything to the contrary in the Severance Agreement, the Executive and Boulder Brands agree that Section 4(a) of the Severance Agreement shall only remain in full force and
effect for a period of one (1) year and the Executive further covenants that he is currently in compliance with such Subsection. 

  

	 	(b)	Non-Solicitation and Nondisparagement. The Executive and Boulder Brands agree that Section 4(b) and 4(c) of the Severance Agreement shall remain in full force and effect and the Executive further covenants
that he is currently in compliance with such Subsections. 

  

	 	(c)	Confidentiality. Boulder Brands and the Executive are parties to an Employee Confidentiality Agreement, dated as of December 20, 2012 (the “Confidentiality Agreement”). Boulder Brands and the
Executive agree that the Confidentiality Agreement shall remain in full force and effect according to its terms notwithstanding the execution and entry into effect of this Agreement. 

 

	 	(d)	Return of Property. The Executive acknowledges that all Boulder Brands equipment and property have been safely returned to Boulder Brands. Boulder Brands has agreed that Executive can keep his laptop, ipad, cell
phone and cell phone number. Within five (5) days of the date hereof, the Executive shall provide Boulder Brands access to his laptop and Blackberry (or any smartphone or other communication device) to purge all Boulder Brands data and
information. 

  
 4 

	 	(e)	Litigation. By executing this Agreement, the Executive agrees that he shall reasonably cooperate with and assist Boulder Brands in any legal proceedings involving Boulder Brands related to information the
Executive is reasonably likely to have obtained in connection with his employment upon request of Boulder Brands to the extent permitted by law. Such cooperation and assistance shall include without limitation: providing information or analysis to
Boulder Brand’s counsel as part of their case preparation; identifying and gathering relevant documents or information; and testifying at deposition, hearing or trial. To the extent the Executive’s cooperation and assistance is requested
following the date hereof for any reason, in consideration for the Executive’s full cooperation and assistance at such time, the Executive shall (i) be entitled to compensation at the rate of $300 per hour subject to a maximum of $2,400
per day and (ii) be entitled to reimbursement of reasonable costs and expenses incurred at Boulder Brands’ direction. The Executive may elect to engage counsel at the Executive’s own expense or choose to be represented by counsel
appointed and paid for by Boulder Brands. The Executive and Boulder Brands agree that all communication between the Executive and any employee or agent of Boulder Brands with respect to carrying out this provision shall not be shared with anyone
other than employees or agents of Boulder Brands who need to know for purposes of the pending litigation and Executive’s counsel. So long as the Executive and Boulder Brands are not adverse in the proceedings, the Executive shall reasonably
cooperate with Boulder Brands in seeking the Joint Defense and/or Common Interest Privilege on all such communications. If the Executive is served with a subpoena or other legal process requesting that the Executive provide testimony, documents or
other information, the Executive agrees to promptly notify Boulder Brands and reasonably cooperate with any efforts by Boulder Brands’ attorneys to protect confidential or proprietary company information. This provision is not intended and
shall not be construed to create any rights or duties not expressly provided herein, nor to change rights to which the Executive is entitled under the Indemnification Agreement. 

6. Invalidity. If any provision of the Agreement is held to be illegal, void or unenforceable, such provision shall be of no force or
effect. However, the illegality or unenforceability of such provision shall have no effect upon, and shall not impair the legality or enforceability of any other provision of this Agreement; provided, however, that upon any finding by a court of
competent jurisdiction that a release or waiver of claims or rights or a covenant provided for by Section 6 above is illegal, void or unenforceable, the Executive agrees, at Boulder Brands’ request, promptly to execute a release, waiver
and/or covenant that is legal and enforceable. 
 7. No Representations. The Executive acknowledges that, except as expressly set
forth herein, no representations of any kind or character have been made to him by Boulder Brands or by any of Boulder Brands’ agents, representatives or attorneys to induce the execution of this Agreement. 

  
 5 

 8. Future Employment; No Mitigation: No Offset. The Executive acknowledges and agrees that
Boulder Brands is under no obligation, now or in the future, to hire or employ the Executive in any capacity. However, in the event that the Executive is employed by a company that is acquired by or merged into Boulder Brands or any other business,
subsidiary or other company owned and/or operated by Boulder Brands, he shall not be required to discontinue that employment. The Executive shall be under no obligation to seek other employment and, except as set forth in Section 2(d) with
respect to medical insurance coverage, there shall be no offset against amounts due to the Executive under this Agreement on account of any compensation or benefits attributable to any subsequent employment that he may obtain. 

9. Governing Law. This Agreement shall be governed by and interpreted in accordance with the State of Delaware, including all matters of
construction, validity, performance and enforcement without giving effect to principles of conflict of laws. Any dispute, action, litigation or other proceeding concerning this Agreement shall be instituted, maintained and decided in the State of
Colorado. Any application to a court shall be filed under seal. 
 10. Controlling Document. If any provision of any agreement, plan,
program, policy, arrangement or other written document between or relating to Boulder Brands and the Executive conflicts with any provision of this Agreement, the provision of this Agreement shall control and prevail. 

11. Notice. All notices, requests, demands, and other communications hereunder shall be in writing, and shall be delivered in person, by
facsimile, or by certified or registered mail with return receipt requested or e-mail. Each such notice, request, demand, or other communication shall be effective: (a) if delivered by hand, when delivered at the address specified in this
Section 11; (b) if given by facsimile, when such facsimile is transmitted to the facsimile number specified in this Section 11 and confirmation is received; (c) if given by certified or registered mail, three (3) days after
the mailing thereof or (d) if by e-mail, immediately if followed within two business days by any of the foregoing methods of providing notice. 

Notices to the Executive shall be delivered to the last mailing address that the Executive has provided to Boulder Brands for purposes of
receiving tax statements and other notices. 
 With a Copy To: 

McDermott Will & Emery 

28 State Street 
 Boston, MA
02109-1775 
 Attn: Andrew Liazos 

Email: aliazos@mwe.com 
 Notices
to Boulder Brands shall be delivered as follows: 
 Boulder Brands, Inc. 

1600 Pearl Street, Suite 300 

Boulder, CO 80302 
 Attn: Legal
Department 

  
 6 

 With a copy to: 

Philip Richter 
 Fried, Frank,
Harris, Shriver & Jacobson LLP 
 One New York Plaza 

New York, New York 10004 
 Email:
Philip.Richter@friedfrank.com 
 Any party may change its address or other contact information for the purposes hereof by providing notice
thereof to the other party in accordance with the foregoing provisions. 
 12. Legal Fees. Boulder Brands shall promptly reimburse the
Executive for his legal fees in connection with his departure from Boulder Brands, up to an amount not to exceed $10,000. 

13. Survival. This Agreement shall survive any change of control of Boulder Brands. This Agreement shall survive the Executive’s
death or disability and in the event of death all payments shall be made to the Executive’s estate. This Agreement shall be binding upon Boulder Brands’ successors and assigns. 

14. Section 409A. The intent of the parties is that payments and benefits under this Agreement comply with or be exempt from
Section 409A of the Code and the regulations and guidance promulgated thereunder (collectively “Section 409A”) and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be exempt from Section 409A
or in compliance therewith, as applicable. All reimbursements as provided herein shall be payable in accordance with Boulder Brands’ policies in effect from time to time, but in any event shall be made on or prior to the last day of the taxable
year following the taxable year in which such expenses were incurred by the Executive. For purposes of Section 409A, the Executive’s right to receive any installment payments pursuant to this Agreement shall be treated as a right to
receive a series of separate and distinct payments. 
 15. Counterparts. This Agreement may be executed in two or more counterparts,
and such counterparts shall constitute one and the same instrument. Signatures delivered by facsimile or email shall be deemed effective for all purposes to the extent permitted under applicable law. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 7 

 This agreement is made on the 14th day of
July, 2015. 
  

							
		 		 	BOULDER BRANDS, INC.
				
	/s/ Stephen B. Hughes	 		 	By	 	/s/ James Leighton
	Stephen B. Hughes	 		 	Name: James Leighton
		 		 	 Title: Interim Chief Executive Officer

and Chief Operating Officer

		 		 	Date:	 	

  
 8 

 Exhibit A 

YOU SHOULD CONSULT WITH AN ATTORNEY BEFORE SIGNING THIS RELEASE OF CLAIMS. 

RELEASE 
 Date:
July 14, 2015 
 In consideration of the agreement of Boulder Brands, Inc. (“Company”) to enter into that certain Separation and
Release Agreement, dated as of July 14, 2015 (“Separation Agreement”) with the undersigned and the promises and covenants of the Company made thereunder, the undersigned, on behalf of himself and his respective heirs, representatives,
executors, family members, and assigns hereby fully and forever releases and discharges the Company, Company Entities, and their past, present and future directors, officers, employees, agents, attorneys, investors, administrators, affiliates,
divisions, subsidiaries, predecessors, successors and assigns (collectively, the “Released Parties”) from and against, and agrees not to sue or otherwise institute or cause to be instituted any legal, alternative dispute resolution or
administrative proceeding concerning, any claim, duty, obligation or cause of action relating to any matters of any kind, whether presently known or unknown, suspected or unsuspected, that he may possess arising from any omissions, acts or facts
that have occurred through the date hereof, including without limitation: 
 1. Any and all claims relating to or arising from his employment
by Company or the Company Entities and the termination of such employment; 
 2. Any and all claims under the Separation Agreement or any
other agreement or understanding governing the service relationship between the Company or the Company Entities and the undersigned; 
 3 Any
and all claims for wrongful discharge, termination in violation of good policy, discrimination, breach of contract, both expressed or implied, covenants of good faith or fair dealing, both expressed or implied, promissory estoppel, negligent or
intentional infliction of emotional distress, negligent or intentional misrepresentation, negligent or intentional interference with contract or prospective economic advantage, unfair business practice, defamation, libel, slander, negligence,
personal injury, assault, battery, invasion of privacy, false imprisonment, or conversion; 
 4. Any and all claims for violation of any
federal, state or municipal statute, including, without limitation, Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Age Discrimination in Employment Act of 1967, the Americans with Disabilities Act of 1990, the Fair
Labor Standards Act, the Employee Retirement Income Security Act of 1974, the Worker Adjustment and Retraining Notification Act, and all amendments to each such Act as well as the regulations issued there under; 

5. Any and all claims based on the violation of the federal or any state constitution; 

6. Any and all claims for attorneys’ fees and costs. 

  
 9 

 The foregoing release shall not apply with respect to (i) Company’s payment obligations
under the Separation Agreement, (ii) or the undersigned’s rights under the Change of Control Agreement or any “employee benefit plans” as that term is defined in the Employee Retirement Income Security Act of 1974, as amended,
(including but not limited to the Company’s nonqualified deferred compensation plan), or any award made to the undersigned under the Company’s Third Amended and Restated Stock and Awards Plan and any predecessor equity incentive plan and
(iii) the Indemnification Agreement (as defined in the Separation Agreement). The foregoing release also shall not apply with respect to any coverage he has pursuant to any directors’ or officers’ insurance policy maintained or
procured by the Company or Company Entities. 
 This Release is not intended to interfere with Executive’s exercise of any protected,
nonwaivable right, including Executive’s right to file a charge with the Equal Employment Opportunity Commission or other government agency. By entering into this Release, however, Executive acknowledges that the consideration set forth in the
Separation Agreement is in full satisfaction of any amounts to which Executive might be entitled and Executive is forever discharging the Released Parties from any liability to Executive for any acts or omissions occurring on or before the date of
Executive’s signing of this Release. 
 The undersigned acknowledges that (i) he has been advised by Company to consult a
lawyer of his own choice prior to executing this release and has done so or voluntarily declined to seek such counsel, (ii) he has read this release and understands the terms and conditions hereof and the binding nature hereof, (iii) he
has had at least twenty-one (21) days within which to consider the terms of this release and executed this release voluntarily and without duress or undue influence on the part of Company, (iv) he has seven (7) days to revoke his
execution of this release and that such execution shall not be effective until seven (7) days following delivery to Company (“Effective Date”), and (v) he understands that his right to receive payments and benefits under Sections
2(b)-(d) of the Separation Agreement is subject to and conditioned on the undersigned’s signing and delivering this release to Company. 

Capitalized terms used in this release and defined in the Separation Agreement shall have the meanings given to such terms under the
Separation Agreement. 
  

	
	Stephen B. Hughes
	 Printed Name
  

/s/ Stephen B. Hughes

	 Signature
  

	Date: 7/14/15
	

  
 10 

					
	 

				

	 Notary
			

 My Commission expires Dec 24, 2018 

  
 11

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00247-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00247-of-00352.parquet"}]]