Document:

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                                                                   Exhibit 10.29

                             M-Foods Holdings, Inc.

                           Deferred Compensation Plan

1.0  PURPOSE. M-Foods Holdings, Inc., f/k/a THL Food Products Holding Co., a
     Minnesota corporation ("MF"), (herein, together with its successors,
     referred to as the "Company") by means of this nonqualified deferred
     compensation plan (the "Plan") desires to grant certain employees of MF
     (the "Participants") the right to participate in a deemed investment in
     Class A Units of THL-MF Investors, LLC ("Investors") in exchange for the
     cancellation of certain stock options granted to Participants under the
     M-Foods Holdings, Inc. 2001 Stock Option Plan ("Options") as reflected in
     those certain Option Cancellation Agreements, dated as of November 20,
     2003. In addition, in connection with the establishment of the Plan, all
     deferred compensation obligations pursuant to applicable employment
     agreements, each dated as of April 10, 2001 with MF (the "Employment
     Agreements") and severance and deferred compensation agreements, each dated
     as of April 10, 2001 (the "Deferred Compensation Agreements"), and certain
     bonus payments made in connection with the sale of the dairy business of
     Michael Foods, Inc. (the "Bonuses") shall be governed by the terms of this
     Plan and deemed invested in Class A Units. The Plan shall be effective as
     of November 20, 2003 (the "Effective Date").

2.0  DEFINITIONS

The following terms shall have the following meanings unless the context
indicates otherwise:

2.1  "Affiliate" shall mean, as to any Person, a person that directly, or
     indirectly through one or more intermediaries, controls, or is controlled
     by, or is under common control with, such Person.

2.2  "Board" shall mean the Board of Directors of the Company.

2.3  "Change in Control" shall mean the consummation of a transaction, whether
     in a single transaction or in a series of related transactions that are
     consummated contemporaneously (or consummated pursuant to contemporaneous
     agreements), with any other party or parties on an arm's-length basis,
     pursuant to which (a) such party or parties, directly or indirectly,
     acquire (whether by merger, stock purchase, recapitalization,
     reorganization, redemption, issuance of capital stock or otherwise) more
     than 50% of the voting stock of the Company, (b) such party or parties,
     directly or indirectly, acquire assets constituting all or substantially
     all of the assets of the Company and its subsidiaries on a consolidated
     basis, or (c) prior to an initial public offering of the Company common
     stock pursuant to an offering registered under the 1933 Act, Thomas H. Lee
     Equity Fund V, L.P., a Delaware limited partnership, and its affiliates

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     cease to have the ability to elect, directly or indirectly, a majority of
     the Board of Directors of the Company.

2.4  "Class A Units" shall mean the Class A Units of Investors.

2.5  "Committee" shall mean, as the case may be, the Board of Directors of the
     Company or a committee appointed by the Board of Directors of the Company.

2.6  "Deferred Amount" shall have the meaning set forth in Section 4.1.

2.7  "Deferred Compensation Account" shall mean a notional account established
     and maintained by the Company for a Participant which shall record the
     deemed investment in Class A Units with respect to each Participant under
     Section 4.1 below. This notional account shall be established by the
     Company for bookkeeping purposes only, and no separate funds shall be
     segregated by the Company for the benefit of the Participant.

2.8  "Investors" shall have the meaning set forth in the preamble.

2.9  "Option" shall have the meaning set forth in the preamble.

2.10 "Option Cancellation Agreement" shall mean an agreement between a
     Participant and the Company canceling Options pursuant to the Agreement and
     Plan of Merger made as of October 10, 2003 (the "Merger Agreement"), by and
     among THL Food Products Holding Co., a Delaware corporation, THL Food
     Products Co., a Delaware corporation, M-Foods Holdings, Inc., a Delaware
     corporation, and M-Foods Investors, LLC, a Delaware limited liability
     company, as representative of certain stockholders, and providing for the
     establishment of deferred compensation amounts resulting from the
     cancellation of Options and deferral of the Bonuses and the transfer of
     deferred compensation amounts under the Employment Agreements and the
     Deferred Compensation Agreements to this Plan.

2.11 "Person" shall mean any person or entity of any nature whatsoever,
     specifically including an individual, a firm, a company, a corporation, a
     partnership, or a trust.

2.12 "Subsidiary" shall mean a corporation of which the Company directly or
     indirectly owns more than 50 percent of the voting stock or any other
     business entity in which the Company directly or indirectly has an
     ownership interest of more than 50 percent.

3.0  ELIGIBILITY AND PARTICIPATION. Any employee of the Company or any of its
     Subsidiaries as of the Effective Date who has entered into an Option
     Cancellation Agreement.

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4.0  DEFERRED COMPENSATION ACCOUNT

4.1  Establishment of Deferred Compensation Account. In connection with a
     Participant's entering into an Option Cancellation Agreement, the Company
     shall credit in the form of deemed investment in Class A Units to the
     Participant's Deferred Compensation Account an amount equal to that as set
     forth in Participant's Option Cancellation Agreement as a result of (i) the
     cancellation of Options, (ii) the transferred amount of Bonuses and (iii)
     the transferred amount of any deferred compensation obligations arising
     under an Employment Agreement or Deferred Compensation Agreement, as
     applicable (collectively, the "Deferred Amount").

4.2  Amount of Payout. (a) With respect to the Deferred Compensation Account,
     the Deferred Amount shall be deemed invested (i.e., an actual investment
     will not be made), as of the Effective Date, in Class A Units of the
     Company. The Company shall credit a Participant's Deferred Compensation
     Account with certain of the distributions that would be received by the
     Deferred Compensation Account if such Deferred Compensation Account were
     actually invested in the manner set forth in the preceding sentence in
     Class A Units, the extent of such crediting to be in accordance with the
     calculations set forth in the following paragraph. All amounts in a
     Participant's Deferred Compensation Account shall be subject to the claims
     of the creditors of the Company.

     (b) The Company shall credit the Participant's Deferred Compensation
     Account with any distributions made in respect of such Class A Units
     pursuant to or in accordance with the Sections 4.4(a)(i) and 4.4(a)(ii) of
     Investor's Amended and Restated Limited Liability Agreement, dated November
     20, 2003 (the "LLC Agreement"). In the event the Company distributes
     non-cash property to holders of Class A Units pursuant to Sections
     4.4(a)(i) or 4.4(a)(ii) of the LLC Agreement, the Company shall credit a
     Participant's Deferred Compensation Account in the amount equal to the fair
     market value of such property, as determined by the Management Committee of
     Investors. A Participant's Deferred Compensation Account shall not be
     credited with any distributions made in respect of Class A Units pursuant
     to or in accordance with any subsections of Section 4.4 of the LLC
     Agreement other than Section 4.4(a)(i) and 4.4(a)(ii) thereof. In the event
     that Class A Units are sold by one or more holders of Class A Units to a
     buyer unrelated on the date hereof to the holders of Class A Units, the
     Company shall credit a Participant's Deferred Compensation Account with an
     amount equal to the result of (x) the percentage of outstanding Class A
     Units being purchased by an unrelated buyer (including, for purposes of
     this percentage calculation, the number of Class A Units deemed held in all
     Deferred Compensation Accounts and any other unfunded, unsecured
     nonqualified deferred compensation arrangements similarly established to be
     deemed to hold Class A Units) multiplied by (y) the number of Class A Units
     deemed held in such Participant's Deferred Compensation Account multiplied
     by (z) the lesser of (i) the amount per Unit of cash or fair market value
     of any property, as determined by the Management Committee of Investors,
     received by holders of Class A Units

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     in exchange of such holder's Class A Units and (ii) the sum of the
     Unreturned Capital and Unpaid Preferred Return (as such terms are defined
     in the LLC Agreement) of a Class A Unit (assuming such Class A Unit was
     issued on the date hereof; it being understood and agreed that any credit
     made pursuant to this sentence shall, with respect to future distributions,
     reduce the number of Class A Units deemed held by the Deferred Compensation
     Account by the percentage described in subclause (x) of this sentence.

     (c) Participant shall receive from the Company distributions from his or
     her Deferred Compensation Account, in the amount indicated, upon the
     occurrence of the following events: (i) upon a Change in Control,
     Participant shall receive a total distribution of the amount then deemed
     held in the Deferred Compensation Account; (ii) upon the tenth anniversary
     of the date hereof, Participant shall receive a total distribution of the
     amount then deemed held in the Deferred Compensation Account; and (iii)
     upon the purchase by Investors of any of Participant's Class B Units of
     Investors pursuant to Section 5.2 of the Participant's Management Unit
     Subscription Agreement, Participant shall receive a distribution from the
     Deferred Compensation Account equal to the result of (x) the percentage of
     Participant's Class B Units being purchased by Investors multiplied by (y)
     the number of Investors' Class A Units deemed held in the Deferred
     Compensation Account multiplied by (z) the lesser of (A) the fair market
     value of an Investors' Class A Unit, as determined by the Management
     Committee of Investors and (B) the sum of the Unreturned Capital and Unpaid
     Preferred Return (as such terms are defined in the LLC Agreement) of an
     Investors' Class A Unit (assuming such Investors' Class A Unit was issued
     on the date hereof; it being understood and agreed that any distribution
     made pursuant to clause (iii) of this sentence shall, with respect to
     future distributions, reduce the number of Investors' Class A Units deemed
     held by the Deferred Compensation Account of such Participant by the
     percentage described in subclause (x) of such clause (iii).

4.3  Method of Payment. The form of payment made with respect to any of the
     foregoing distributions shall be a cash payment except that (1) in the
     event of a Change in Control in which the consideration effecting such
     Change in Control is non-cash consideration, such distribution may be made
     in the form of such non-cash consideration, the fair market value of which
     shall be determined by the Management Committee of Investors, and (2) in
     the event of a distribution of the type described in Section 4.2(c)(iii)
     above, if, with respect to the Company, any of the Cash Deferral Conditions
     (as such term is defined in the Participant's Management Unit Subscription
     Agreement) exists, the portion of the cash payment so affected may be made
     by the delivery of the Company's unfunded and unsecured promise to pay
     Participant the portion of the cash payment so affected in cash, together
     with interest, at the first date on which the Cash Deferral Conditions no
     longer exist. The interest on such delayed cash payment will accrue
     annually at the "prime rate" published by The Wall Street Journal on the
     date the Company delivers its unfunded and unsecured promise.

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4.4  Award Agreement. The establishment of a Deferred Compensation Account for
     any Participant shall be evidenced by an Option Cancellation Agreement that
     shall be signed by the Committee or its authorized delegate and the
     Participant. Such Option Cancellation Agreement shall set forth the deemed
     investment in Class A Units initially credited to the Participant's
     Deferred Compensation Account.

5.0  ADMINISTRATION

5.1  Responsibility. The Committee shall have the responsibility to administer
     the Plan in accordance with its terms and shall have the authority that may
     be necessary or helpful to enable it to discharge its responsibilities with
     respect to the Plan.

5.2  Delegation of Authority. The Committee may delegate to one or more of its
     members, or to one or more agents, such administrative duties as it may
     deem advisable; provided, however, that any such delegation shall be in
     writing. In addition, the Committee, or any person to whom it has delegated
     duties under this Section 5.2, may employ one or more persons to render
     advice with respect to any responsibility the Committee or such person may
     have under the Plan. The Committee may employ such legal or other counsel,
     consultants and agents as it may deem desirable for the administration of
     the Plan and may rely upon any opinion or computation received from any
     such counsel, consultant or agent.

6.0  WITHHOLDING TAXES. The Company may require a Participant to reimburse the
     Company for any taxes required by any governmental authority to be withheld
     or otherwise deducted and paid by the Company or any Subsidiary in respect
     of the payment of any amounts paid under the Plan. In lieu thereof, the
     Company or Subsidiary shall have the right to withhold the amount of such
     taxes from any other payments due or to become due from the Company or the
     Subsidiary to the Participant upon such terms and conditions as the
     Committee shall prescribe.

7.0  AMENDMENT AND TERMINATION

7.1  Termination and Amendment of Plan. The Board may amend, suspend or
     terminate the Plan at any time with or without prior notice; provided,
     however, that no action authorized by this Section 7.1 shall be effective
     with respect to any Participant without such Participant's express written
     consent.

8.0  MISCELLANEOUS

8.1  Transferability. Each Deferred Compensation Account under the Plan and any
     interest therein shall not be transferable otherwise than by will or the
     laws of descent and distribution. Any purported transfer of an award or any
     interest therein to a creditor of a Participant shall be void.

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8.2  No Right, Title, or Interest in Company Assets. Participants shall have no
     right, title, or interest whatsoever in or to any investments that the
     Company may make to aid it in meeting its obligations under the Plan.
     Nothing contained in the Plan, and no action taken pursuant to its
     provisions, shall create a trust of any kind, or a fiduciary relationship
     between the Company and any Participant, beneficiary, legal representative
     or any other person. Unless otherwise agreed in writing by the Company, a
     Participant shall not take any position inconsistent with such treatment by
     the Company. All payments to be made hereunder shall be paid from the
     general funds of the Company, and participants' right to payment is
     unsecured. The Plan is not intended to be subject to the Employee
     Retirement Income Security Act of 1974, as amended.

8.3  No Right to Continued Employment or Service. The Participant's rights, if
     any, to continue to serve the Company as an employee shall not be enlarged
     or otherwise affected by his or her designation as a Participant under the
     Plan, and the Company or the applicable Subsidiary reserves the right to
     terminate the employment of any employee at any time.

8.4  Governing Law. The Plan, all awards granted hereunder, and all actions
     taken in connection herewith shall be governed by and construed in
     accordance with the laws of the State of Delaware without reference to
     principles of conflict of laws, except as superseded by applicable federal
     law.

8.5  Other Benefits. No award granted under the Plan shall be considered
     compensation for purposes of computing benefits under any retirement plan
     of the Company or any Subsidiary nor affect any benefits or compensation
     under any other benefit or compensation plan of the Company or any
     Subsidiary now or subsequently in effect.

                                        6<PAGE>
                                                                   Exhibit 10.30

                               MICHAEL FOODS, INC.
                        EXECUTIVE OFFICERS INCENTIVE PLAN

                                        I.
                                     PURPOSE

A.   The purpose of the Michael Foods, Inc. Executive Officers Incentive Plan
     (the "Plan") is to incent and reward the executive officer group of Michael
     Foods, Inc. (the "Company") for delivering or exceeding their annual
     operating plan EBITDA.

B.   The Plan will be effective January 1, 2004, will remain in effect until
     amended or terminated, and supersedes any prior Executive Incentive Plan
     which may have applied to this group of executives.

                                       II.
                                 ADMINISTRATION

A.   The Plan will be administered by the Chief Executive Officer ("CEO") and
     Chief Financial Officer ("CFO") of Michael Foods under the direction of the
     Compensation Committee of the Board of Directors (the "Board").

                                       III.
                                   ELIGIBILITY

A.   Participation in the Plan will be restricted to those positions that have a
     clear impact on the Company's financial and operating performance.

B.   Eligible participants will include only the Executive Officer group.

C.   Participants will be recommended by the CEO of the Company and will be
     approved by the Compensation Committee of the Board.

D.   Participation will also be limited to executives who are not covered under
     another approved incentive plan.

                                        IV.
                              INCENTIVE OPPORTUNITY

     The size of the maximum incentive award opportunity level will vary by the
     position's responsibility level, as outlined below:

                                                           Maximum Incentive
                                                            Opportunity as a
    Level      Position(s)                               Percent of Base Salary
===============================================================================
    I          Corporate CEO, President                         100%

    II         Executive Vice President, Chief                  100%
               Financial Officer and Chief Operating
               Officer

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                                        V.
                                 PLAN COMPONENTS

100% of the incentive opportunity will be paid based upon EBITDA achievement
against the target objective as determined by the Compensation Committee
according to the following table:

                  Payout Based on MFI Financial
                    Performance Against Target
                 ---------------------------------
    EBITDA          Officer I       Officer II
  % of Target         75.0%            65.0%
--------------------------------------------------
         95.39%            0.00%            0.00%
  95.40%-95.49%            6.82%            5.91%
  95.50%-95.99%           13.64%           11.82%
  96.00%-96.49%           20.45%           17.73%
  96.50%-96.99%           27.27%           23.64%
  97.00%-97.49%           34.09%           29.55%
  97.50%-97.99%           40.91%           35.45%
  98.00%-98.49%           47.73%           41.36%
  98.50%-98.99%           54.55%           47.27%
  99.00%-99.49%           61.36%           53.18%
  99.50%-99.99%           68.18%           59.09%
100.00%-100.49%           75.00%           65.00%
100.50%-100.99%           77.50%           68.50%
101.00%-101.49%           80.00%           72.00%
101.50%-101.99%           82.50%           75.50%
102.00%-102.49%           85.00%           79.00%
102.50%-102.99%           87.50%           82.50%
103.00%-103.49%           90.00%           86.00%
103.50%-103.99%           92.50%           89.50%
104.00%-104.49%           95.00%           93.00%
104.50%-104.99%           97.50%           96.50%
        105.00%          100.00%          100.00%

                                       VI.
                ORGANIZATION AND INDIVIDUAL PERFORMANCE MEASURES

The following measures of organization performance will be used to determine
actual incentive awards:

     1.   All participants will be awarded an incentive based upon EBITDA target
          achievement. The target will be updated annually to reflect expected
          growth of the Company.

                                      VII.
                            ADMINISTRATIVE PROCEDURES

A.   Additions of Individuals. All eligible participants must be designated by
     the CEO of the Company as of the beginning of the Plan year.

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B.   Establishment of "Target or Maximum" Goals. The CEO retains the right to
     set or adjust the EBITDA and balance sheet incentive goals based upon an
     assessment of overall business conditions at the beginning of the Plan
     year, subject to approval by the Compensation Committee of the Board.

C.   Adjustments to Targets and/or Goals. The CEO retains the right to adjust
     the targets and/or goals of the Plan based upon an assessment of business
     conditions at the end of the second quarter of the Plan year, subject to
     approval by the Compensation Committee of the Board.

D.   Down Earnings Year. No cash incentive shall be paid to a participant if the
     Company has a decline in EBITDA for the Plan year, except at the discretion
     of the CEO with the approval of the Compensation Committee of the Board.

E.   Termination/Death/Disability. Plan participants must be in the employ of
     the Company on the day the incentive award is actually paid in order to be
     eligible for incentive award payments except at the discretion of the CEO.
     However, should a participant die or become disabled, the incentive award
     for the year in which such death or disability occurs shall be prorated by
     the number of months of service during the applicable Plan year and shall
     be paid to the participant or the participant's estate, as the case may be.

F.   Change in Position. Eligible employees under the Plan who have a change in
     position during a Plan year will have their incentive award calculated
     under the Plan award levels for both positions, prorating the incentive
     award by the months of service at each level.

G.   Exceptions. In each instance, exceptions must be approved in advance by the
     CEO of the Company, and must be submitted to the Compensation Committee of
     the Board for their concurrence.

                                      VIII.
                            AMENDMENT AND TERMINATION

The Plan may be changed or terminated at any time at the discretion of the
President/CEO of Michael Foods, subject to approval by the Compensation
Committee of the Board. No such amendment or termination shall, however,
adversely affect the rights of any participant (without his/her prior consent)
with regard to any award previously earned.

                                       IX.
                          RIGHT TO CONTINUED EMPLOYMENT

No participant shall have any claim or right to be granted an incentive (bonus)
award under this Plan and the granting of an incentive (bonus) award shall not
be construed as giving the participant the right of continued employment with
the Company. The Company further reserves the right to dismiss a participant at
any time, with or without cause, free from any claim or liability other than
provided under this Plan document.

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