Document:

Exhibit 10.1

 

EXHIBIT A

 

INCENTIVE COMPENSATION SCHEDULE

 

CEO BONUS COMPENSATION

 

PART I – BONUS

 

	
  2004/05

  	
  For 2004 and 2005 (and any Renewal Term), Executive shall be entitled
  to a bonus equal to .825% of EBITDA if Company’s ROA is in the top 1⁄2 of
  public homebuilders having revenues of $500 million or more per year, and an
  additional .825% of EBITDA if the Company’s ROE is in the top one-half of
  these public builders.  If either
  measurement falls within the 33% to 49% percentile, the bonus shall be .5363%
  of EBITDA for the applicable measurement. 
  If either measurement falls below the 33% threshold, then there will
  not be any formula bonus paid with respect to such measurement.Exhibit 10.2

 

EXHIBIT A

 

INCENTIVE COMPENSATION SCHEDULE

 

CFO BONUS COMPENSATION

 

PART I – BONUS

 

	
  2004/05

  	
  For 2004 and
  2005 (and any Renewal Term), Executive shall be entitled to a bonus equal to
  .20% of EBITDA if Company’s ROA is in the top 1⁄2 of public homebuilders having
  revenues of $500 millions or more per year, and an additional .20% of EBITDA
  if the Company’s ROE is in the top one-half of these public builders.  If either measurement falls within the 33%
  to 49% percentile, the bonus shall be .13% of EBITDA for the applicable
  measurement.  If either measurement
  falls below the 33% threshold, then there will not be any formula bonus paid
  with respect to such measurement.Exhibit 10.3

 

CONAGRA

 

NONQUALIFIED CRISP
PLAN

 

1. Purpose. ConAgra has
previously adopted the ConAgra Retirement Income Savings Plan (“Qualified
CRISP”). The Qualified CRISP is qualified under Code Section 401(a). Regardless
of a qualified plan’s benefit formula, the Code imposes restrictions upon the
benefits that may be provided under plans qualified under Code Section 401(a),
such as limitations under Code Sections 401(a)(17), 401(k), 402(g) and 415
(“Code Restrictions”). These Code Restrictions limit the amount of retirement
benefits that may be provided certain ConAgra executives under the Qualified
CRISP. This Plan is intended to make up the employer-provided benefits (on an
after-tax basis) not available under the Qualified CRISP benefit formula because
of the Code Restrictions.

 

Since the contributions and
earnings under this Plan are not tax-deferred as are the contributions under
the Qualified CRISP, the benefits under this Plan will be tax-effected to
reflect this difference, so that the after-tax benefits under this Plan make up
on an after-tax basis the benefits not available under the Qualified CRISP
because of the Code Restrictions. However, ConAgra recognizes that the tax
effect to each Participant is unique, and therefore, the benefits cannot be
tax-effected to certainty, but must be approximated.

 

2. Definitions. The following
definitions shall apply to the Plan:

 

2.1 “Code” means the Internal
Revenue Code of 1986, as amended.

 

2.2 “Committee” means the
ConAgra Employee Benefits Committee or any successor thereto. The Committee
shall be the “named fiduciary” as described in ERISA Section 402(a)(2).

 

2.3 “Compensation Committee”
means the Compensation Committee of the Board of Directors of ConAgra.

 

2.4 “ConAgra” means ConAgra,
Inc., a Delaware corporation.

 

2.5 “ConAgra Controlled Group”
means the controlled group of corporations as described in Code Section 414(b),
which includes ConAgra.

 

2.6 “Effective Date” of this
Plan means January 1, 1988.

 

2.7 “Employee” shall have the
same meaning as set forth in the Qualified CRISP.

 

2.8 “ERISA” means the Employee
Retirement Income Security Act of 1974, as amended.

 

2.9 “Participant” means an
Employee who has satisfied the eligibility requirements set forth in Section 3
of the Plan and who has not received his total benefits under the Plan.

 

2.10 “Plan” means this plan
which shall be called the ConAgra Nonqualified CRISP Plan.

 

2.11 “Plan Year” means the
calendar year.

 

2.12 “Total and Permanent
Disability” shall have the same meaning as set forth in the Qualified CRISP.

 

2.13 “Trustee” means the entity
or individual selected by the Committee to be trustee of the trust. The
Committee shall select the Trustee and ConAgra shall enter into a Trust
Agreement with the Trustee.

 

2.14 “Year of Service” shall have
the same meaning as set forth in the Qualified CRISP.

 

21

 

Exhibit 10.3

 

3. Eligibility and
Participation. Each Employee who meets the following requirements shall
participate in this Plan:

 

(a) The Employee participates
in the Qualified CRISP;

(b) The Employee has completed
One Year of Service;

(c) The Employee’s benefits
under the Qualified CRISP are limited by the Code Restrictions; and

(d) The Compensation Committee
has selected the Employee to participate in the Plan.

 

The Employee shall become a
Participant in this Plan as of the first day that he has met each of the above
four requirements, or such other date as selected by the Compensation
Committee. Each Participant shall continue to participate in this Plan until
all the benefits payable to the Participant under this Plan have been paid.

 

4. Benefits.

 

4.1 General Benefit and
Funding. Provided the Participant had made the maximum employee contribution
allowed him under the Qualified CRISP, each Plan Year ConAgra shall make a
contribution to each Participant’s Account equal to the excess of (a) over (b)
where,

 

(a) equals the employer
contribution that would have been made to the Qualified CRISP for the
Participant had there not been any Code Restrictions and assuming the
Participant had made the maximum employee contribution allowed under the
Qualified CRISP (ignoring the Code Restrictions), and

 

(b) equals the employer
contribution actually made to the Qualified CRISP for the Participant.

 

The maximum employee
contributions assumed in (a) above is computed ignoring the Code Restrictions,
but not the percentage limits on employee contributions set forth in the
Qualified CRISP and not the percentages imposed because of the mathematical
test under Code Section 401(k)(3)(A).

 

The Plan is also intended to
provide a tax gross-up to reflect that this is an after-tax plan, whereas the
Qualified CRISP is a before-tax plan. The intent is to provide the Participant
with a combined after-tax benefit from this Plan and the Qualified CRISP that
approximates the benefit the Participant would receive had there not been any
Code Restrictions.

 

4.2 Tax Gross-Up. In addition
to other contributions hereunder, ConAgra shall make a tax gross-up payment to
each Participant each Plan Year to approximate his additional Federal and state
income tax on account of the Plan. The Committee shall determine the amount of
the payment and the Committee’s determination shall be final, conclusive and
binding on, the Participant, the Trustee and ConAgra. In making the
determination, the Committee may make any assumptions it deems appropriate,
including, but not limited to, the Participant’s Federal and state income tax
rates and the earnings of the Participant’s Account. The Committee may, but is
not required to, assume that the same Federal and/or state income tax rate
applies to all Participants. Also, at the Committee’s discretion, all
Participants may be treated differently or the same, as long as the Committee
has a reasonable basis for such different treatment. It is expressly understood
that the payment contemplated by this Paragraph 4.2 is an approximation and
will not necessarily be the taxes that result from the Plan to an individual
Participant. The Committee, in its discretion, may make a portion or all of
this payment to the Participant’s Account, rather than the Participant.

 

5. Participants’ Accounts. A
separate account shall be established for each Participant in the Plan
(“Participant’s Account”). Each Participant Account shall share in the earnings
and losses of the trust in proportion to the value of the account on the first
day of the valuation period. Each Participant’s Account shall be valued as
often as determined appropriate by the Committee, but at least once per Plan
Year. A Participant’s Account shall not be forfeitable for any reason.

 

22

 

Exhibit 10.3

 

6. Payment of Benefits. The
benefits payable under this Plan shall be payable upon the same event that
causes the payment of benefits under the Qualified CRISP. The form of benefits
hereunder shall be the same form as the form of benefit payments provided under
the Qualified CRISP with the same elections to the Participant (and his spouse)
as provided under the Qualified CRISP. The amount of benefits shall be based
upon the balance in the Participant’s Account with payment of benefits from the
Participant’s Account payable until the Participant’s Account has a zero
balance.

 

7. Administration.
This Plan shall be administered by the Committee. The Committee shall make all
determinations with regard to the Plan, subject to the provisions of the Plan
and any determinations that are designated to be made by the Compensation
Committee. The Committee shall have the authority, subject to the provisions of
the Plan, to establish, adopt or revise rules and regulations as it deems
necessary or advisable for the administration of the Plan. Claims procedures
and claims review procedures required by ERISA shall be developed by the Committee.
To the extent not inconsistent with the provisions of the Plan, all
determinations of the Committee shall be final, conclusive and binding upon all
the parties. Any determination or decision that only affects a member of the
Committee who is a Participant shall be made by the Compensation Committee.

 

8. Beneficiary Designation.
Designation of a beneficiary under the Plan shall be in the same form and with
the same restrictions as under the Qualified CRISP.

 

9. Nonalienation of Benefits.
No benefit payable under this Plan shall be subject, at any time and in any
manner, to alienation, sale, transfer, assignment, pledge or encumbrance of any
kind.

 

10. Amendment and Termination.
ConAgra, by action of its Board of Directors, may amend or terminate this Plan
at any time, provided, however, this Plan shall not be amended or terminated to
eliminate or reduce any Participant’s Account balance of the Participants
therein at the time of the amendment or termination or to reduce the vesting of
a Participant.

 

11. Applicable Law. This Plan
and all rights hereunder shall be governed by and construed according to the
laws of the State of Nebraska.

 

This Plan has been adopted effective January 1, 1988.

 

23

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