Document:

exv4w1

Exhibit 4.1

SIXTH SUPPLEMENTAL INDENTURE

     SIXTH SUPPLEMENTAL INDENTURE (“Sixth Supplemental Indenture”), dated as of October
6, 2009, among Gaylord Entertainment Company, a Delaware corporation (the “Company”), the
Guarantors identified on the signature pages hereto (the “Guarantors”) and U.S. Bank National
Association, as trustee (the “Trustee”).

WITNESSETH:

     WHEREAS, the Company, the Guarantors and the Trustee have entered into an Indenture, dated as
of November 12, 2003, governing the Company’s 8% Senior Notes due 2013 (the “Notes”), as heretofore
supplemented by the First Supplemental Indenture, dated as of November 20, 2003; the Second
Supplemental Indenture, dated as of November 29, 2004; the Third Supplemental Indenture, dated as
of December 30, 2004; the Fourth Supplemental Indenture, dated as of June 16, 2005; the Fifth
Supplemental Indenture, dated as of January 12, 2007; and the Supplemental Indenture, dated as of
September 29, 2009 (collectively, the “Original Indenture”); and

     WHEREAS, under Section 9.02 of the Original Indenture, the Company, the Guarantors and the
Trustee may amend the Original Indenture with the consent of the Holders of at least a majority in
principal amount of Notes then outstanding voting as a single class pursuant to the terms set forth
therein; and

     WHEREAS, Holders of a majority in principal amount of Notes outstanding voting as a single
class have consented to the amendments set forth herein in connection with the tender offer and
consent solicitation of the Company commencing on September 23, 2009, with respect to the Notes
(the “Tender Offer”); and

     WHEREAS, the Company and the Guarantors desire to enter into this Sixth Supplemental Indenture
on the date set forth above for the purpose of making the amendments set forth herein, which
amendments will become operative as set forth in Section 4 herein; and

     WHEREAS, all other conditions and requirements necessary to make this Sixth Supplemental
Indenture a valid, binding and legal instrument enforceable in accordance with its terms have been
performed and fulfilled by the parties hereto, and the execution and delivery thereof have been in
all respects duly authorized by the parties hereto.

     NOW, THEREFORE, for and in consideration of the foregoing premises, it is mutually covenanted
and agreed, for the equal and proportionate benefit of all Holders of the Notes, as follows:

     1. DEFINITIONS. For all purposes of the Original Indenture and this Sixth Supplemental
Indenture, except as otherwise expressly provided or unless the context otherwise requires:

     (a) References. The terms “herein,” “hereof” and other words of similar import refer
to the Original Indenture and this Sixth Supplemental Indenture as a whole and not to any
particular article, section or other subdivision; and

     (b) Capitalized Terms. All capitalized terms used in this Sixth Supplemental
Indenture but not defined herein shall have the meanings assigned to such terms in the Original
Indenture.

     2. ELIMINATION AND AMENDMENT OF CERTAIN DEFINED TERMS IN ARTICLE I OF THE ORIGINAL INDENTURE.
From and as of the Operational Time (as defined in

 

 

Section 4(b) of this Supplemental Indenture),
any defined terms appearing in Article I of the Original Indenture or elsewhere in the Original
Indenture, and all references thereto, that are used solely in the sections, subsections or
provisions of the Original Indenture deleted from the Original Indenture by virtue of Section 3 of
this Sixth Supplemental Indenture shall be deleted in their entireties from Section 1.01 of the
Original Indenture.

     3. AMENDMENT OF CERTAIN PROVISIONS OF ARTICLES 4, 5 AND 6 AND OTHER RELATED PROVISIONS OF THE
ORIGINAL INDENTURE.

     (a) Amendment of Article 4 of Original Indenture. From and as of the Operational Time
(as defined in Section 4(b) of this Supplemental Indenture), Article 4 of the Original Indenture
shall be amended by deleting Sections 4.05, 4.06, 4.07, 4.08, 4.09, 4.11, 4.12, 4.13, 4.16, 4.18,
4.19 and 4.21 in their entireties, together with any references thereto in the Original Indenture.

     (b) Amendment of Section 5.01 of Original Indenture. From and as of the Operational
Time (as defined in Section 4(b) of this Supplemental Indenture), Section 5.01 of the Original
Indenture shall be amended by

          (i) Adding “and” after “;” at the end of clause (ii) of Section 5.01(a);

          (ii) Deleting clause (iii) of Section 5.01(a) in its entirety;

          (iii) Re-designating clause (iv) of Section 5.01(a) as clause (iii); and

          (iv) Deleting Section 5.01(b) in its entirety.

     (c) Amendment of Article 6 of the Original Indenture. From and as of the Operational
Time, Article 6 of the Original Indenture shall be amended by: (i) deleting clauses (iii), (iv),
(v), (vi), (vii) and (viii) of Section 6.01(a) in their entireties, together with any references
thereto in the Original Indenture; and (ii) renumber (ix) and (x) to be (iii) and (iv),
respectively.

     (d) Amendment of Additional Provisions of Original Indenture. From and as of the
Operational Time, any and all additional provisions of the Original Indenture shall be deemed
amended to reflect the intentions of the amendments provided for in this Section 3 and elsewhere
herein.

     4. EFFECT OF SIXTH SUPPLEMENTAL INDENTURE; OPERATION OF AMENDMENTS.

     (a) Effect of Sixth Supplemental Indenture. In accordance with Section 9.04 of the
Original Indenture, upon the execution of this Sixth Supplemental Indenture, the Original Indenture
shall be modified in accordance herewith, and this Sixth Supplemental Indenture shall form a part
of the Original Indenture for all purposes; and every Holder of the Notes heretofore authenticated
and delivered under the Original Indenture shall be bound hereby. Except as modified by this Sixth
Supplemental Indenture, the Original Indenture and the Notes, and the rights of the Holders of the
Notes thereunder, shall remain unchanged and in full force and effect.

     (b) Operation of Amendments. The provisions of this Sixth Supplemental Indenture
shall not become operative until the date and time (such date and time, the “Operational Time”) the
Company notifies (in writing) U.S. Bank National Association, as depositary for the Notes under the
Tender Offer (the “Depositary”), that the Company has purchased Notes tendered and not withdrawn
pursuant to the Tender Offer on the Initial Payment Date (as defined in the Offer to Purchase and
Consent Solicitation

2

 

Statement dated September 23, 2009 related to the Tender Offer). In the event
the Company notifies (in writing) the Depositary that it has withdrawn or terminated the Tender
Offer prior to the Operational Time, this Sixth Supplemental Indenture shall be terminated and be
of no force or effect and the Original Indenture shall not be modified hereby. The Company shall
promptly notify the Trustee in writing of any notice it gives to the Depositary.

     5. MATTERS CONCERNING THE TRUSTEE. The Trustee accepts the trusts of the Original Indenture,
as amended and supplemented by this Sixth Supplemental Indenture, and agrees to perform the same,
but only upon the terms and conditions set forth in the Original Indenture, as amended and
supplemented by this Sixth Supplemental Indenture, to which the parties hereto and the Holders from
time to time of the Notes agree and, except as expressly set forth in the Original Indenture, as
amended and supplemented by this Sixth Supplemental Indenture, shall incur no liability or
responsibility in respect thereof. Without limiting the generality of the foregoing, the recitals
contained herein shall be taken as the statements of the Company, and the Trustee assumes no
responsibility for their correctness, and the Trustee makes no representation as to the validity or
sufficiency of this Sixth Supplemental Indenture or any consents thereto.

     6. RATIFICATION AND CONFIRMATION OF THE ORIGINAL INDENTURE. Except as expressly amended
hereby, the Original Indenture is in all respects ratified and confirmed and all the terms,
provisions and conditions thereof shall be and remain in full force and effect.

     7. MISCELLANEOUS.

     (a) Binding Effect. All agreements of the Company in this Sixth Supplemental
Indenture shall be binding upon the Company’s successors. All agreements of the Trustee in this
Sixth Supplemental Indenture shall be binding upon its successors.

     (b) Governing Law. This Sixth Supplemental Indenture shall be deemed to be a contract
made under the laws of the State of New York and for all purposes shall be governed by and
construed in accordance with the laws of the State of New York.

     (c) Conflict with Trust Indenture Act of 1939. If and to the extent that any
provision of this Sixth Supplemental Indenture limits, qualifies or conflicts with the duties
imposed by Sections 310-317 of the Trust Indenture Act of 1939, as amended (the “Trust Indenture
Act”), by operation of Section 318(c) of the Trust Indenture Act, the imposed duties shall control.

     (d) Headings for Convenience of Reference. The titles and headings of the sections of
this Sixth Supplemental Indenture have been inserted for convenience of reference only, are not to
be considered a part hereof and shall in no way modify or restrict any of the terms or provisions
hereof.

     (e) Counterparts. This Sixth Supplemental Indenture may be executed in any number of
counterparts, each of which so executed shall be deemed to be an original, but such counterparts
shall constitute but one and the same agreement.

     (f) Severability. In case any provision of this Sixth Supplemental Indenture shall be
determined to be invalid, illegal or unenforceable, the validity, legality and enforceability of
the remaining provisions hereof or of the Original Indenture shall not in any way be affected or
impaired thereby.

3

 

     (g) Effect Upon Original Indenture. This Sixth Supplemental Indenture shall form a
part of the Original Indenture for all purposes, and every holder of Notes heretofore or hereafter
authenticated and delivered shall be bound hereby.

(Signature Page Follows)

4

 

     IN WITNESS WHEREOF, the Company, the Guarantors and the Trustee have caused this Sixth
Supplemental Indenture to be duly executed by their respective officers thereunto duly authorized
and their respective corporate seals, duly attested, to be hereunto affixed all as of the day and
the year first above written.

	 	 	 	 	 	 	 
	 	 	COMPANY:	 	 
	 
	 	 	 	 	 	 
	 	 	GAYLORD ENTERTAINMENT COMPANY	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Carter R. Todd
 

	 	 
	 	 	Name: Carter R. Todd	 	 
	 	 	Title: Executive Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	GUARANTORS:	 	 
	 
	 	 	 	 	 	 
	 	 	GAYLORD PROGRAM SERVICES, INC.	 	 
	 	 	GRAND OLE OPRY TOURS, INC.	 	 
	 	 	WILDHORSE SALOON ENTERTAINMENT 
   VENTURES, INC.	 	 
	 	 	GAYLORD INVESTMENTS, INC.	 	 
	 	 	OLH HOLDINGS, LLC	 	 
	 	 	OPRYLAND HOSPITALITY, LLC	 	 
	 	 	OPRYLAND PRODUCTIONS, INC.	 	 
	 	 	OPRYLAND THEATRICALS, INC.	 	 
	 	 	CORPORATE MAGIC, INC.	 	 
	 	 	GAYLORD CREATIVE GROUP, INC.	 	 
	 	 	CCK HOLDINGS, LLC	 	 
	 	 	OLH, G.P.	 	 
	 	 	OPRYLAND HOTEL—FLORIDA LIMITED 

   PARTNERSHIP	 	 
	 	 	OPRYLAND HOTEL—TEXAS LIMITED 

   PARTNERSHIP	 	 
	 	 	OPRYLAND HOTEL—TEXAS, LLC	 	 
	 	 	GAYLORD NATIONAL, LLC	 	 
	 	 	OPRYLAND HOTEL NASHVILLE, LLC	 	 
	 	 	GAYLORD FINANCE, INC.	 	 
	 	 	GAYLORD DESTIN RESORTS, LLC	 	 
	 	 	GRAND OLE OPRY, LLC	 	 
	 	 	GAYLORD HOTELS, INC.	 	 
	 	 	OPRYLAND ATTRACTIONS, LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Carter R. Todd
 

	 	 
	 	 	Name: Carter R. Todd	 	 
	 	 	Title: Vice President	 	 

5

 

	 	 	 	 	 	 	 
	 	 	TRUSTEE:	 	 
	 
	 	 	 	 	 	 
	 	 	U.S. BANK NATIONAL ASSOCIATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Raymond S. Haverstock
 

	 	 
	 	 	Name: Raymond S. Haverstock	 	 
	 	 	Title: Vice President	 	 

6exv10w3

Exhibit 10.3

FORM OF

RESTRICTED STOCK UNIT AGREEMENT

CONAGRA FOODS 2009 STOCK PLAN

This Restricted Stock Unit Agreement, hereinafter referred to as the “Agreement” is made on the
           day of                     , 20           between ConAgra Foods, Inc., a Delaware corporation (“ConAgra
Foods”), and the undersigned [as applicable: employee/consultant] of the Company (“Participant”).

	1.	 	Award Grant. ConAgra Foods hereby grants Restricted Stock Units (“RSUs”, and each
such unit an “RSU”) to the Participant under the ConAgra Foods 2009 Stock Plan (the “Plan”),
as follows:

	 	 	 	 	 	 	 	 	 
	 

	 	Participant:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	Employee ID:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	Number of RSUs:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	Date of Grant:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	Vesting Date:
	 	 	 	(“Settlement Date”)     	 	 
	 	 	 	 	 	 	 
	 	 	 	 	The Settlement Date is subject to modification for early settlement upon
termination as provided in Paragraph 3.

Dividends: Dividend equivalents on the RSU will [as applicable: be paid to the Participant
when regular, cash dividends are declared and paid on the Stock/ be accumulated for the benefit of
the Participant and paid to the Participant upon settlement of an RSU as regular, cash dividends
are declared and paid on the Stock / not be paid or accumulated.]

IN WITNESS WHEREOF, ConAgra Foods and the Participant have caused this Agreement to be executed
effective as of the date first written above. ConAgra Foods and the Participant acknowledge that
this Agreement includes six pages including this first page. The Participant acknowledges reading
and agreeing to all six pages and that in the event of any conflict between the terms of this
Agreement and the terms of the Plan, the Plan shall control.

	 	 	 	 	 	 	 	 	 	 	 
	CONAGRA FOODS, INC.	 	 	 	PARTICIPANT	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Date

	 	 	 	 	 	Date	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 

39

 

2. Definitions.  Capitalized terms used herein without definition have the meaning set
forth in the Plan. The following terms shall have the respective meanings set forth below:

(a) “Continuous Employment” shall mean the absence of any interruption or termination of employment
with the Company and the performance of substantial services. Except as set forth in Section 3(c),
Continuous Employment shall not be considered interrupted in the case of sick leave, long term
disability, military leave or any other leave of absence approved by the Company.

(b) “Early Retirement” means terminating employment with the Company when the Participant is (i) at
least age 55, and (ii) has at least ten years of vesting or credited service with the Company.

(c) “Normal Retirement” shall mean a Separation from Service with the Company on or after attaining
age [applicable age, 65 or 62 to be inserted].

(d) “Separation from Service” means the date that the Participant “separates from service” within
the meaning of Section 409A of the Code. Generally, a Participant separates from service if and
only if the Participant 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 the Participant is on military leave, sick leave, or other bona fide leave
of absence if the period of such leave does not exceed six months, or, if longer, so long
as the Participant retains a right to reemployment with the Company under an applicable
statute or by contract. A leave of absence constitutes a bona fide leave of absence only
if there is a reasonable expectation that the Participant will return to perform services
for the Company. If the period of leave exceeds six months and the Participant 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
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 months,
where such impairment causes the Participant to be unable to perform the duties of his or
her position of employment or any substantially similar position of employment, a twenty
nine month period of absence shall be substituted for such six month period.
	 
	 	(ii)	 	Dual Status. Generally, if a Participant performs services both as an
employee and an independent contractor, such Participant 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 a
Participant 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 the
Participant 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 the Participant reasonably anticipated that no further services would be
performed after a certain date or that the level of bona fide services the Participant
would perform after such date (whether as an employee or as an independent contractor
except as provided in (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 (ii) above) over the immediately
preceding thirty-six month period (or the full period of services to the Company if the
Participant has been providing services to the Company less than thirty-six months). For
periods during which a Participant is on a paid bona fide leave of absence and has not
otherwise terminated employment as described above, for purposes of this paragraph (iii)
the Participant is treated as providing bona fide services at a level equal to the level
of services that the Participant would have been required to perform to receive the
compensation paid with respect to such leave of absence. Periods during which a
Participant is on an unpaid bona fide leave of absence and has not otherwise terminated

40

 

employment are disregarded for purposes of this paragraph (iii) (including for purposes
of determining the applicable thirty-six month (or shorter) period).

As used in connection with the definition of “Separation from Service,” Company includes ConAgra
Foods and any other entity that with ConAgra Foods constitutes a controlled group of corporations
(as defined in section 414(b) of the Code), or a group of trades or businesses (whether or not
incorporated) under common control (as defined in section 414(c) of the Code), substituting 25% for
the 80% ownership level for purposes of both 414(b) and (c).

(e) “Specified Employee” is as defined under Section 409A of the Code and Treasury Regulation
Section 1.409A-1(i).

(f) “Successors” shall mean the beneficiaries, executors, administrators, heirs, successors and
assigns of a person.

3. RSU Settlement.

(a) Continuous Employment. Subject to the Plan and this Agreement, if the Participant has
been in Continuous Employment through a Settlement Date (as set forth on Page1 or as modified by
the schedule set forth in Section 3(b)(iii)), then the Company will issue to Participant one share
of Stock on the Settlement Date for each RSU subject to such Settlement Date.

(b) Termination of Employment. If the Participant’s employment with the Company shall
terminate by reason of:

	 	(i)	 	Death or Normal Retirement: all RSUs granted pursuant to this
Agreement shall become 100% vested and the Settlement Date shall be a date not later
than thirty days after the death or Normal Retirement, subject to any deferral on
payment required by Section 409A of the Code or other applicable law.
	 
	 	(ii)	 	Not for Cause: all RSU’s for which a Settlement Date has not
occurred shall immediately be forfeited without further consideration to the
Participant, except in the case of involuntarily termination as set forth in (iii)
below.
	 
	 	(iii)	 	Early Retirement or Involuntary Termination Due to Disability [as
applicable: , Position Elimination or Reduction in Force]. Notwithstanding the
foregoing, if the Participant’s Continuous Employment should be terminated due to
Early Retirement or involuntarily terminated due to disability [as applicable: ,
position elimination or reduction in force] ([each] as defined in the Company’s sole
discretion) after a Vesting Date (as set forth below), but prior to the related
Settlement Date (as set forth below), the Company will issue shares of Stock
following such termination of employment in settlement of the RSUs that have vested
as of the date of termination of employment, and such date of termination of
employment shall be the Settlement Date for all purposes hereunder. All RSU’s for
which a Settlement Date has not occurred on the date of such termination of
employment shall immediately be forfeited without further consideration to the
Participant.

	 	 	 	 	 
	% Vested	 	Vesting Date	 	Settlement Date
	 	 	 	 	 
	                    %	 	 	 	 
	 
	 	 
	 	 
	 	 	 	 	 
	                     %	 	 	 	 
	 
	 	 
	 	 
	 	 	 	 	 
	                     %	 	 	 	 
	 
	 	 
	 	 

41

 

	 	(iv)	 	For Cause prior to the Settlement Date: all RSUs, whether vested
or unvested prior to the Settlement Date, shall be immediately forfeited without
further consideration to the Participant.

(c) Participant Representation. As a condition to settlement of any RSUs, the Company may
require the Participant to make any representation and warranty to the Company as may be required
by any applicable law or regulation. All RSUs shall be settled no later than thirty (30) days
after the occurrence of the payment event set forth herein, subject to any deferral on payment
required by Section 409A of the Code or other applicable law.

(d) Payment of Taxes Upon Settlement. As a condition of the issuance of shares of Stock
upon settlement of RSUs hereunder, the Participant agrees to remit to the Company at the time of
settlement any taxes required to be withheld by the Company under Federal, State or local law as a
result of the settlement of the RSUs. As a condition of the issuance of shares of Stock upon
settlement of RSUs hereunder, the Participant agrees that the Company will deduct from the total
shares vested a sufficient number of shares to satisfy the minimum statutory withholding amount
permissible. In addition, the Participant may deliver previously acquired shares of Stock held by
the Participant for at least six months in order to satisfy additional tax withholding above the
minimum statutory tax withholding amount permissible, provided, however, the Participant shall not
be entitled to deliver such additional shares if it would cause adverse accounting consequences for
the Company.

(e) Specified Employee. Notwithstanding anything (including any provision of the Agreement
or Plan) to the contrary, if a Participant is a Specified Employee, payment to the Participant on
account of a Separation from Service shall, in accordance with Treasury Regulation Section
1.409A-3(i)(2), be made to the Participant on the earlier of (a) the Participant’s death or (b) the
first business day (or within 30 days after such first business day) that is more than six months
after the date of Separation from Service. In the Company’s sole and absolute discretion, interest
may be paid due to such delay. Further, any interest will be calculated in the manner determined
by the Company in its sole and absolute discretion. Dividend equivalents will not be paid with
respect to any dividends that would have been paid during the delay if the Stock had been issued.

4. Non-Transferability of RSUs. The RSUs may not be assigned, transferred, pledged or
hypothecated in any manner (otherwise than by will or the laws of descent or distribution) nor may
the Participant enter into any transaction for the purpose of, or which has the effect of, reducing
the market risk of holding the RSUs by using puts, calls or similar financial techniques. The RSUs
subject to this Agreement may be settled during the lifetime of the Participant only with the
Participant. The terms of this Agreement, shall be binding upon the Successors of the Participant.

5. Stock Subject to the RSUs. The Company will not be required to issue or deliver any
certificate or certificates for shares to be issued hereunder until such shares have been listed
(or authorized for listing upon official notice of issuance) upon each stock exchange on which
outstanding shares of the same class are then listed and until the Company has taken such steps as
may, in the opinion of counsel for the Company, be required by law and applicable regulations,
including the rules and regulations of the Securities and Exchange Commission, and state securities
laws and regulations, in connection with the issuance of such shares, and the listing of such
shares on each such exchange. The Company will use its best efforts to comply with any such
requirements.

6. Rights as Stockholder. The Participant or his/her Successors shall have no rights as
stockholder with respect to any shares covered by this Agreement until the Participant or his/her
Successors shall have become the beneficial owner of such shares, and, except as provided in
Section 7 of this Agreement, no adjustment shall be made for dividends or distributions or other
rights in respect of such shares for which the record date is prior to the date on which the
Participant or his/her Successors shall have become the beneficial owner thereof.

7. Adjustments Upon Changes in Capitalization; Change in Control. In the event of any
change in corporate capitalization, corporate transaction, sale or disposition of assets or similar
corporate transaction or event involving ConAgra Foods as described in Section 5.4 of the Plan, the
Committee shall make equitable adjustment in

42

 

the number and type of shares subject to this
Agreement, provided, however, that no fractional share shall be
issued upon subsequent settlement of the RSUs. No adjustment shall be made if such adjustment is
prohibited by Section 5.4 of the Plan (relating to Section 409A of the Code). In the event of a
“Change of Control” (as defined in the Plan) all of the RSUs shall become immediately vested as
provided pursuant to Section 11.5 of the Plan, and the date of the Change of Control shall be a
Settlement Date.

“Change of Control” shall occur upon any of the following dates:

(a) The date individuals who constitute the Board (the “Incumbent Board”) cease for any reason to
constitute at least fifty percent (50%) of the members 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 stockholders, 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;

(b) The date of consummation of a reorganization, merger or consolidation, in each case, with
respect to which persons who were the stockholders of ConAgra Foods immediately prior to such
reorganization, merger or consolidation do not, immediately thereafter, own more than 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;

(c) The date of liquidation or dissolution of ConAgra Foods; or

(d) The date that any one person, or more than one person acting as a group who is not related to
the Company within the meaning of Treasury Regulation Section 1.409A-3(i)((vii)(B), acquires (or
has acquired during the 12-month period ending on the date of the most recent acquisition by such
person or persons) assets from the Company that have a total gross fair market value equal to or
more than 80 percent of the total gross fair market value of all of the assets of the corporation
immediately before such acquisition or acquisitions. For this purpose, gross fair market value
means the value of the assets of the corporation, or the value of the assets being disposed of,
determined without regard to any liabilities associated with such assets.

For purposes of this Section, “more than one person acting as a group” is determined under Treasury
regulation Section 1.409A-3(i)(5)(v)(B). If a person owns stock in both entities that enter into a
merger, consolidation, purchase or acquisition of stock, such shareholder is considered to be
acting as a group with other shareholders in a corporation only with respect to the ownership in
that corporation before the transaction giving rise to the change and not with respect to the
ownership interest in the other corporation. In no event shall a change of control occur under
circumstances that would not constitute a “change in the ownership of a corporation,” a “change in
effective control of a corporation,” or a “change in the ownership of a substantial portion of a
corporation’s assets,” as those terms are defined in regulations and other applicable guidance
issued under section 409A of the Code.

8. Notices. Each notice relating to this Agreement shall be deemed to have been given on
the date it is received. Each notice to the Company shall be addressed to its principal Office in
Omaha, Nebraska, Attention: Compensation. Each notice to the Participant or any other person or
persons entitled to shares issuable upon settlement of the RSUs shall be addressed to the
Participant’s address and may be in written or electronic form. Anyone to whom a notice may be
given under this Agreement may designate a new address by giving notice to the effect.

9. Benefits of Agreement, This Agreement shall inure to the benefit of and be binding upon
each successor of the Company. All obligations imposed upon the Participant and all rights granted
to the Company under this Agreement shall be binding upon the Participant’s Successors. This
Agreement shall be the sole and exclusive source of any and all rights which the Participant or
his/her Successors may have in respect to the Plan or this Agreement.

10. Resolution of Disputes. Any dispute or disagreement which should arise under or as a
result of or in any

43

 

way related to the interpretation, construction or application of this
Agreement will be determined by the Committee. Any determination made hereunder shall be final,
binding and conclusive for all purposes. This Agreement and the
legal relations between the parties hereto shall be governed by and construed in accordance with
the laws of the state of Delaware.

11. Section 409A Compliance. This Agreement is intended to comply with Section 409A of the
Code and any regulations or notices provided thereunder. The Company reserves the unilateral right
to amend this Agreement on written notice to the Participant in order to comply with such section.
It is intended that all compensation and benefits payable or provided to Participant under this
Agreement shall, to the extent required to comply with Section 409A of the Code, fully comply with
the provisions of Section 409A of the Code and the Treasury Regulations relating thereto so as not
to subject Participants to the additional tax, interest or penalties which may be imposed under
Section 409A of the Code. None of the Company, its contractors, agents and employees, the Board
and each member of the Board shall be liable for any consequences of any failure to follow the
requirements of Section 409A of the Code or any guidance or regulations thereunder, unless such
failure was the direct result of an action or failure to act that was undertaken by the Company in
bad faith.

12. Amendment. Any amendment to the Plan shall be deemed to be an amendment to this
Agreement to the extent that the amendment is applicable hereto; provided, however, that no
amendment shall adversely affect the rights of the Participant under this Agreement without the
Participant’s consent.

44

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