Document:

EX-10.2

Exhibit 10.2

CONAGRA FOODS

EXECUTIVE INCENTIVE PLAN

(Amended and Restated — 2009)

1.  Purpose. The principal purposes of the ConAgra Foods Executive Incentive Plan (the
“Plan”) are to provide incentives to participating eligible officers of ConAgra Foods, Inc. and its
Subsidiaries (“ConAgra Foods”) who have significant responsibility for the success and growth of
ConAgra Foods, to assist ConAgra Foods in attracting, motivating and retaining such officers on a
competitive basis and to preserve the tax deductibility of incentive awards paid to eligible
officers under Section 162(m) of the Code (as defined below).

2.  Definitions.

a.  “Code” means the Internal Revenue Code of 1986, as now in effect or as hereafter amended
from time to time. (All citations to Code Sections are to such Sections as they are currently
designated and any reference to such Sections shall include the provisions thereof as they may
from time to time be amended or renumbered as well as any successor provisions and any applicable
regulations.)

b. “Committee” means the Human Resources Committee of the Board of Directors, or its
successor, or such other committee of the Board of Directors to which the Board of Directors
delegates power to act under or pursuant to the provisions of the Plan. Each member of the
Committee shall qualify as (i) an “outside director” for purposes of Code Section 162(m), (ii) a
“non-employee director” for purposes of Rule 16b-3 of the Securities Exchange Act of 1934, as
amended, and (iii) “independent” for purposes of any rules and regulations of the stock exchange
or other recognized market or quotation system on which the Common Stock of ConAgra Foods is
principally traded or quoted at the relevant time, except that the Board of Directors may
determine to have these qualification requirements satisfied by a subcommittee of the Committee
(and, in this case, any reference to “Committee” in the Plan shall be deemed to be a reference to
this subcommittee to the extent necessary to satisfy these requirements).

c. “ConAgra Foods” means ConAgra Foods, Inc., a Delaware corporation and its successor and
assigns, and each of its Subsidiaries.

d. “Eligible Officer” means an employee of ConAgra Foods who is considered an executive
officer of ConAgra Foods within the meaning of Section 16 of the Securities Exchange Act of 1934,
as amended, and the rules and regulations promulgated thereunder, and senior officers, and other
employees of ConAgra Foods performing similar duties for ConAgra Foods who are selected by the
Committee for participation in the Plan.

e. “Fair Market Value” means, on any date, the closing price of the common stock of ConAgra
Foods, Inc. as reported on the New York Stock Exchange (or on such other recognized market or
quotation system on which the trading prices of the common stock are traded or quoted at the
relevant time) on such date. In the event that there are no stock transactions reported on such
exchange (or such other system) on such date, Fair Market Value shall mean the closing price on
the immediately preceding date on which stock transactions were so reported.

f. “Market Capitalization” means the product of the Fair Market Value per share of the
common stock of ConAgra Foods, Inc., multiplied by the total number of shares outstanding.

g. “Participant” means an Eligible Officer participating in the Plan for a performance
period as provided in Sections 5 or 6.

h. “Plan” means this ConAgra Foods Executive Incentive Plan, as amended and restated, and
as further amended from time to time.

i. “Qualified Performance-Based Award” means an award (or a specified portion of an award)
to an Eligible Officer that is intended to satisfy the requirements for “performance-based
compensation” under Code Section 162(m).

j. “Subsidiary” means any corporation, partnership, joint venture or other entity in which
ConAgra Foods, Inc. owns, directly or indirectly, 25% or more of the voting power or of the
capital interest or profits interest (within the meaning of Code Section 414(c)) of such entity.

3.  Administration of the Plan. The Committee shall have full power and authority to
administer and interpret the Plan and to adopt such rules, regulations and guidelines for the
administration of the Plan and for the conduct of its business as the Committee deems necessary or
advisable. The Committee’s interpretations of the Plan, and all actions taken and determinations
made by the Committee pursuant to the powers vested in it hereunder, shall be conclusive and
binding on all parties concerned, including ConAgra Foods, its stockholders and any person
receiving an award under the Plan. The Committee may delegate its responsibilities under the Plan
to such individuals, including members of management, as the Committee may appoint, provided that
no delegation shall be made with respect to an opportunity to receive either a Qualified
Performance-Based Award to the extent it would cause such award to fail to qualify under Code
Section 162(m), or any award to the extent it would cause such award to fail to meet any other
requirements referenced in the definition of “Committee” that are applicable to the award. No
member or former member of the Committee or the Board shall be liable for any action or
determination made in good faith with respect to the Plan or any award granted under it.

4.  Eligibility. All Eligible Officers are eligible to participate in the Plan for any
performance period. For each performance period, the Committee, in its discretion, shall select the
Eligible Officers who shall participate in the Plan. No Eligible Officer is guaranteed to be
eligible to participate for any performance period and an Eligible Officer who is selected by the
Committee for participation in one performance period may be excluded from participation in any
subsequent performance period.

5.  Awards.

a.  Establishment of Awards.  For each award under the Plan, the Committee shall specify
(i) incentive award performance goals for Participants, which may vary by Participant or by
groups of Participants, and which shall be used to determine the compensation payable under the
award; (ii) the performance period over which performance shall be determined in connection with
the performance goals; and (iii) the maximum compensation that may be paid in connection with the
award upon the achievement of a specified performance goal during the performance period. Subject
to the maximum specified, the Committee may provide for a threshold level of performance below
which no amount of compensation will be paid, and it may provide for the payment of differing
amounts of compensation for different levels of performance. The performance period for an award
may be a fiscal year, or it may be a period that is shorter or longer than a fiscal year. In the
case of a Qualified Performance-Based Award, the Committee shall establish in writing the terms
described in this paragraph not later than required by Code Section 162(m).

b.  Performance Goals.

i.  The performance goals may be described in terms of objectives that are company-wide
and/or related to a Subsidiary, reporting segment or business unit of ConAgra Foods, Inc., and
shall consist of one or more or any combination of the following: cash flow, free cash flow,
operating cash flow, earnings, market share, economic value added, achievement of annual
operating budgets, profits, profit contribution margins, profits before taxes, profits after
taxes, operating profit, return on assets, return on investment, return on equity, return on
invested capital, gross sales, net sales, sales volume, stock price, total stockholder return,
dividend ratio, price-to-earnings ratio, expense targets, operating efficiency, customer
satisfaction metrics, working capital targets, the achievement of certain target levels of
innovation and/or development of products, goals related to acquisitions or divestitures,
formation or dissolution of joint ventures, corporate bond rating by credit agencies, debt to
equity or leverage ratios, or financial performance goals determined by the Committee that are
sufficiently similar to the foregoing as to be permissible under Code Section 162(m).

ii.  If more than one individual performance objective is specified by the Committee in
defining a performance goal, the Committee shall also specify, in writing, whether one, all or
some other number of such objectives must be attained in order for the performance goal to be
met. With respect to any award that is not intended to be a Qualified Performance-Based Award,
the Committee may use performance goals that are different than those set forth above.

iii.  Each performance goal may be based upon growth, may be expressed on an absolute
and/or relative basis, may be based on or otherwise employ comparisons based on the past
performance of ConAgra Foods and/or the past or current performance of other companies, and in
the case of earnings-based measures, may use or employ comparisons relating to capital,
stockholders’ equity and/or shares outstanding, investments or assets or net assets. The
specific performance goal for each Participant shall be established in writing by the Committee
within ninety days after the commencement of a performance period (or within such other time
period as may be required by Code Section 162(m)) to which the performance goal relates. The
performance goal shall be established in such a manner that a third party having knowledge of
the relevant facts could determine whether the performance goal has been met.

c.  Payment of Awards. Awards shall be payable following the completion of each performance
period (unless deferred consistent with Code Section 409A), and, for Qualified Performance-Based
Awards, only after certification in writing by the Committee that the specified performance goals
established under the Plan were achieved (and with any earnings on a deferred award limited as
required to comply with Code Section 162(m)). Unless the Committee specifies otherwise in the
terms of an award, payment shall be made on or before the later of (a) the fifteenth day of the
third month that begins after the month containing the end of the applicable fiscal year (with
the applicable fiscal year being the fiscal year containing the end of the performance period for
which performance is certified), or (b) the fifteenth day of the third month that begins after
the end of the Participant’s tax year that contains the end of the performance period for which
performance is certified. Awards may be paid in cash or securities. If an award is paid in
securities, such payment shall be accomplished by a grant under a ConAgra Foods plan that
expressly provides for making grants of securities, such as the ConAgra Foods 2009 Stock Plan.
Grants or awards of stock options or stock appreciation rights shall be based on a stock price
that is not less than the Fair Market Value on the date of grant. Notwithstanding the attainment
of the specified performance goal, the Committee has the discretion, for each Participant, to
reduce some or all of an award that would otherwise be paid.

d.  Maximum Awards. In no event may a Participant receive an aggregate cash compensation
award under the Plan in any fiscal year of more than 1% of ConAgra Foods’ Market Capitalization
as of the first day of the performance period (except that in the case of an amount paid based on
a performance period other than a 12-month fiscal year, the maximum shall be an amount that bears
the same ratio to 1% of ConAgra Foods’ Market Capitalization, as of the first day of the
performance period, as the length of the performance period bears to a 12-month fiscal year).

e.  Adjustments. In determining whether any performance goal has been satisfied, the
Committee may exclude the effect of (i) any or all extraordinary items (as determined under
U.S. generally accepted accounting principles), and (ii) any other unusual or nonrecurring items
or events, including but not limited to, (a) charges, costs or benefits or gains associated with:
restructurings of ConAgra Foods; litigation or claim adjudication, judgments or settlements;
mergers, acquisitions, or divestitures; and material changes in business, operations, corporate
or capital structure; (b) foreign exchange or hedge-related gains and losses; (c) asset
write-downs; (d) discontinued operations; and (e) the cumulative effects of accounting changes.
In the case of Qualified Performance-Based Awards, the exclusions and adjustments allowed by this
Section may only apply to the extent the Committee specifies in writing (not later than the time
performance goals are required to be established) which exclusions and adjustments the Committee
will apply to determine whether a performance goal has been satisfied, as well as an objective
manner for applying them, or to the extent that the Committee otherwise determines that they may
apply without adversely affecting the award’s status as a Qualified Performance-Based Award. To
the extent that a performance goal is based on an increase in the stock price of ConAgra Food’s
common stock, then in the event of any stock dividend, stock split, combination of shares,
recapitalization or other change in the capital structure of ConAgra Foods, any merger,
consolidation, spin-off, reorganization, partial or complete liquidation or other distribution of
assets (other than a normal cash dividend), issuance of rights or warrants to purchase securities
or any other corporate transaction having an effect similar to any of the foregoing, the
Committee shall make or provide for such adjustments in such performance goals as the Committee
in its sole discretion may in good faith determine to be equitably required in order to prevent
dilution or enlargement of the rights of Participants. In the case of a Qualified
Performance-Based Award, this adjustment shall apply only to the extent the Committee determines
it will not adversely affect the award’s status as a Qualified Performance-Based Award.

6.  Special Rules. The Committee may establish rules and procedures for cases where
employment or eligibility begins after the start of a performance period, or ends before payment of
an award, to the extent they are consistent with the following:

a.  Newly Hired Officer. In the case of an Eligible Officer who is hired by ConAgra Foods
after the beginning of a performance period, the Committee may in its discretion designate such
newly hired Eligible Officer as a Participant for that performance period, provided that the
newly hired Participant may only be granted a Qualified Performance-Based Award to the extent the
Participant’s period of service during the performance period would not cause the performance
goal for such award to be established later than permitted under Code Section 162(m).

b.  Newly Eligible Officer. An Eligible Officer who is promoted, transferred or otherwise
changes positions and who becomes a Participant during the performance period may, at the
discretion of the Committee and under such rules as the Committee may from time to time
prescribe, be eligible for an award provided that a promotion or job change cannot (i) increase
the amount payable under a Qualified Performance-Based Award as a result of satisfying the
performance goal that is intended to satisfy Code Section 162(m), or (ii) cause the performance
goal for a Qualified Performance-Based Award to be established later than permitted under Code
Section 162(m).

c.  Termination of Employment. If an Eligible Officer terminates employment with the Company
prior to the end of a performance period, the terms of the award or the rules established by the
Committee shall apply to determine whether such award is forfeited or paid in whole or in part;
provided, however, no Qualified Performance-Based Award shall be paid in whole or in part prior
to or without regard to certification of attainment of the performance goal.

7. Miscellaneous Provisions. ConAgra Foods shall have the right to deduct from the
payment of all awards hereunder any federal, state, local or foreign taxes required by law to be
withheld with respect to such awards. Neither the Plan nor any action taken hereunder shall be
construed as giving any Eligible Officer any right to be retained in the employ of ConAgra Foods or
in any specific position with ConAgra Foods. The costs and expenses of administering the Plan shall
be borne by ConAgra Foods and shall not be charged to any award or to any Participant receiving an
award. Neither an award nor any other right or benefit under this Plan shall be subject to
alienation, sale, assignment, pledge, encumbrance or charge, and any attempt to alienate, sell,
assign, pledge, encumber or charge the same shall be void and shall not be recognized or given
effect by ConAgra Foods. The Plan shall be construed and administered in accordance with the laws
of the State of Delaware.

8. Effective Date, Amendments and Termination. The Plan originally became effective on
September 23, 2004, upon approval of the ConAgra Foods stockholders. The Plan as amended and
restated herein is hereby adopted and approved by the Board of Directors, subject to, and to be
effective upon, approval by ConAgra Foods’ stockholders at the 2009 annual meeting of ConAgra
Foods’ stockholders. If such stockholder approval is not obtained, the Plan shall terminate at such
time and be of no further effect.

The Committee may at any time terminate or from time to time amend the Plan in whole or in
part, but no such action shall adversely affect any rights or obligations with respect to any
awards theretofore made under the Plan, except with the consent of the Eligible Officer granted the
award, and except to the minimum extent necessary to comply with applicable law. No such amendment
or modification, however, may be effective without approval of the stockholders of ConAgra Foods if
such approval is necessary to comply with the requirements of Code Section 162(m), including
(i) any change to the requirement as to eligibility for participation in the Plan, (ii) any change
to the performance goals permissible under the Plan for payment of awards or (iii) any increase to
the maximum amount that may be paid to a Participant for any period under Section 5(d). The Plan
shall continue in effect until terminated by the Committee.

9.  Code Section 409A. Unless the Committee expressly determines otherwise, awards are
intended to be exempt from Code Section 409A as short-term deferrals and, accordingly, the terms of
any awards shall be construed and administered to preserve such exemption. To the extent the
Committee determines that Code Section 409A applies to a particular award granted under the Plan,
then the terms of the award shall be construed and administered to permit the award to comply with
Code Section 409A, including, if necessary, by delaying the payment of any award payable upon
separation from service to a Participant who is a “specified employee” (as defined in Code
Section 409A and determined consistently for all ConAgra Foods arrangements that are subject to
Code Section 409A), for a period of six months and one day after such Participant’s separation from
service (as defined in Code Section 409A, but treating ConAgra Foods as constituting a single
service recipient unless the Committee timely provides otherwise). In the event anyone is subject
to income inclusion, additional interest or taxes, or any other adverse consequences under Code
Section 409A (“Non-compliance”), then neither ConAgra Foods, the Committee, the Board of Directors
nor its or their employees, designees, agents or contractors shall be liable to any Participant or
other persons in connection with any Non-compliance, except to the extent the Non-compliance was
the direct result of any ConAgra Foods action or failure to act that was undertaken in bad faith.EX-10.1

PROMISSORY NOTE

	 	 	 
	$335,085.00

Newton, NJ

	 	

Date: September 24, 2009

IN CONSIDERATION OF VALUE RECEIVED, and intending to be legally bound, the undersigned,
jointly and severally, (hereinafter called the “Borrower”), promise to pay, without offset, defense
or counterclaim, to the order of Airside, Inc. (hereinafter called the “Holder”), or its assigns,
the principal amount of Three Hundred Thirty Five Thousand Eighty Five Dollars ($335,085.00) as
follows:

Upon execution of this Note, Borrower shall pay to Holder the sum of Thirty Eight Thousand
Five Hundred Dollars ($38,500.00) (the “Downpayment”) in a wire transfer payable to Airside, Inc.

For the six (6) month period commencing as of the date of this Note, Borrower shall pay to
Holder interest only on the balance of the principal amount of the Note at the rate of six per cent
(6%) per annum. Payments of interest shall be made monthly, commencing thirty (30) days following
the date of this Note.

Commencing seven (7) months after the date of this Note, Borrower shall pay the balance of the
principal amount of this Note, without interest, in eighteen equal monthly installments of Sixteen
Thousand Four Hundred Seventy Six Dollars & 94 cents ($16,476.94)

Other than the Down payment, all payments under this Note are to be made by check or other
legal tender to Airside, Inc., at 93 Stickles Pond Road, Newton, NJ 07860 or via wire to Holder @
Skylands Community Bank~Accounts #: 201037130

If the Borrower fails to pay any principal or interest installment due under this Note when
due, which failure to pay continues for a period of five (5) days after such due date, or fails to
comply with any other provision or obligation contained in this Note, then in such event, the
Holder, at its option, may declare this Note immediately due and payable without notice or demand
in which event, the aggregate amount of any unpaid principal balance due, plus any unpaid
interest due hereunder, shall be immediately due and owing.

If the Borrower shall be dissolved, or if all or substantially all of the assets of Borrower
are sold or otherwise transferred, or proceedings in the nature of insolvency, receivership,
bankruptcy or reorganization will be commenced with respect to Borrower, provided that if such
proceeding is commenced on an involuntary basis and remains unstayed and in effect for a period of
forty-five (45) days, or if Borrower will make an assignment for the benefit of creditors or will
be the subject of a receiver for all or any part of its property, then and in any such event,
Holder may declare the entire balance due under this Note immediately due and payable without any
demand or notice whatsoever.

Presentment, demand for payment, notice of dishonor and protest are hereby waived. The Holder
may renew or extend this Note, release any party hereto, or waive or modify any provision hereof,
without affecting the obligation of the Borrower and without affecting the Holder’s right
thereafter to demand strict compliance the terms of this Note.

The Holder may, at its election, and subject to prior exercise, in its discretion, of its
right of acceleration, accept payment of arrears, and, if any defaulted payment is more than five
(5) days in arrears, the Borrower shall pay as liquidated damages, in addition to the other amounts
due, a late charge on each defaulted payment so in arrears in an amount equal to the lower of two
percent (2%) per month of such payments from its due date or at the maximum interest rate permitted
by applicable law. After the expressed or declared maturity of this Note, the Borrower shall pay
interest on unpaid balances at the lower of eighteen percent (18%) per annum or the maximum
interest rate permitted by applicable law. In the event that the Holder institutes an action upon
this Note, the Borrower shall pay, in addition to unpaid principal, interest and late charges, all
expenditures incurred by the Holder, including reasonable attorney’s fees and costs as defined
herein.

THE BORROWER HEREBY IRREVOCABLY AUTHORIZES, APPOINTS AND EMPOWERS ANY ATTORNEY OF ANY COURT OF
RECORD, UPON ANY DEFAULT HEREUNDER WITH RESPECT TO ANY OF THE OBLIGATIONS UNDER THIS NOTE, TO
APPEAR FOR AND CONFESS JUDGMENT AGAINST THE BORROWER, ITS SUCCESSORS OR ASSIGNS, FOR ALL OR ANY
PORTION OF THE UNPAID AMOUNT OF THE PRINCIPAL AND INTEREST HEREUNDER, AS EVIDENCED BY AN AFFIDAVIT
SIGNED BY AN OFFICER OF THE HOLDER SETTING FORTH THE AMOUNT OR AMOUNTS THEN DUE, PLUS REASONABLE
ATTORNEYS’ FEES, BUT NOT LESS THAN $5,000.00, AND COSTS OF SUIT, WITH RELEASE OF ERRORS AND
WITHOUT RIGHT OF APPEAL. IF A COPY HEREOF, VERIFIED BY THE HOLDER, WILL HAVE BEEN FILED IN ANY
SUCH PROCEEDING, IT WILL NOT BE NECESSARY TO FILE THE ORIGINAL HEREOF AS A WARRANT OF ATTORNEY, AND
THE ORIGINAL OR ANY COPY HEREOF WILL BE A GOOD AND SUFFICIENT WARRANT OF ATTORNEY.

The Borrower hereby waives the right to stay any execution and the benefits of all exemption
laws now or hereafter in effect, including but limited to exemptions from levy and sale of any
property that now is or may hereafter be exempted by law, and also hereby waives the benefit of all
valuation and appraisement privileges.

No single exercise of the foregoing warrant and power to confess judgment will be deemed to
exhaust the power, whether or not such exercise will be held by any court to be invalid, voidable
or void, but the power will continue undiminished and may be exercised from time to time, and
contemporaneously in more than one jurisdiction, as often as the Holder will elect until all the
obligations have been paid in full.

In the event of any default on the part of Borrower in any respect to the provisions and
obligations contained in this Note, Holder may, at its option and without notice to Borrower,
exercise as to any security held for this Note all of the rights and remedies of a secured creditor
under the Uniform Commercial Code as in effect in New Jersey or Pennsylvania and, without
limitation, may apply the proceeds of any sale or other disposition of any collateral, and any
other funds or goods whatsoever in Holder’s hands, to the payment or other satisfaction of any one
or more of the obligations (after deducting all costs, attorneys’ fees and other expenses incurred
in the realization on or perfection or protection of such security) in such order as Holder may
elect, without any duty to marshal any such property in favor of any Borrower or other person, all
without releasing any Borrower from liability to pay any deficiency remaining unpaid after such
application. So long as any obligation has not been paid in full, no payment by any Borrower
pursuant to any provision hereof will entitle such Borrower, by subrogation to Holder’s rights or
otherwise, to any payment by or out of the property of any other Borrower.

This Note and all issues arising hereunder shall be governed by New Jersey law.

The Borrower consents to the jurisdiction of the courts of New Jersey and the United States
District Court for the Eastern District of New Jersey in any action or proceeding which may be
brought against it under or in connection with the Note. The Borrower agrees that service of
process in any such action or proceeding may be duly brought against it or her by service in
accordance with applicable court rules or by United States Registered or Certified Mail, return
receipt requested, postage pre-paid, addressed to Borrower at the address listed below, or at such
other address as the Borrower may request in writing and in accordance with the notice provisions
below.

This Note will be binding upon the Borrower, and its respective successors and assigns, and,
if executed by more than one party, will be their joint and several obligation and will not be
revoked or impaired as to any of them by the death or dissolution of any of them or by any release
or revocation as to any of them. This Note will inure to the benefit of the Holder and its
successors and assigns and will be construed liberally in favor of the Holder for its benefit and
protection. As used herein, words of any gender will include those of any other gender, and the
singular will include the plural and vice versa, whenever the same is necessary to give a fair and
meaningful construction of this Note.

BORROWER ACKNOWLEDGES THAT IT HAS HAD THE OPPORTUNITY TO ENGAGE THE ASSISTANCE OF COUNSEL FOR
THE REVIEW AND EXECUTION OF THIS PROMISSORY NOTE AND FURTHER ACKNOWLEDGES THAT THE MEANING AND
EFFECT OF THE CONFESSION OF JUDGMENT PROVISIONS HAVE BEEN FULLY EXPLAINED TO BORROWER BY SUCH
COUNSEL.

The provisions of this Note are fully severable. If any provision hereof is declared void or
invalid for any reason, the remainder of this Note shall be given full force and effect and the
void or invalid provision shall be stricken or otherwise altered or amended in the manner most
favorable to Holder.

All notices and demands required or desired to be given to Holder under this Note shall be in
writing and shall be delivered in person or by United States Registered or Certified Mail, return
receipt requested, postage pre-paid, addressed to Holder at the address for payment to Holder as
set forth above.

Borrower warrants and represents that the individuals signing this note are duly authorized to
do so and to bind each respective Borrower to the terms and conditions of this Note.

Converted Organics of Woodbridge, LLC

By:      

Signature:      

Title:      

Converted Organics, Inc.

By:      

Signature:      

Title:

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