CONAGRA FOODS INC /DE/
EX-10.17
<DOCUMENT>
<TYPE>EX-10.17
<SEQUENCE>9
<FILENAME>a04-7990_1ex10d17.htm
<DESCRIPTION>EX-10.17
<TEXT>
<html>

<head>



</head>

<body>

<div style="font-family:'Times New Roman';">

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 10.17</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CONAGRA, INC</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXECUTIVE INCENTIVE PLAN (1999)</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1. Purpose. The principal
purpose of the ConAgra Executive Incentive Plan (the &#147;Plan&#148;) is to provide
incentives to executive officers and other senior management officers of
ConAgra (&#147;ConAgra&#148;) who have significant responsibility for the success and
growth of ConAgra and to assist ConAgra in attracting, motivating and retaining
executive officers on a competitive basis.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2. Administration of the Plan.
The Plan shall be administered by the Human Resources Committee of the Board of
Directors (the &#147;Committee&#148;). The Committee shall have the sole discretion to
interpret the Plan; approve a pre-established objective performance measure or
measures annually; certify the level to which each performance measure was
attained prior to any payment under the Plan; approve the amount of awards made
under the Plan; and determine who shall receive any payment under the Plan.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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&#146;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, its stockholders and any person receiving an award under the Plan.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3. Eligibility. Executive
officers and other senior management officers of ConAgra shall be eligible to
receive awards under the Plan. Such participants include the Chief Executive
Officer, the members of the Office of the President, other executive and senior
management officers and any persons performing similar duties in the future.
The Committee shall designate the executive officers and other senior
management officers who will participate in the Plan each year.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4. Awards. The Committee shall
establish annual and/or long-term incentive award targets for participants. If
an individual becomes an executive officer or senior management officer during
the year, such individual may be granted eligibility for an incentive award for
that year upon such individual assuming such position; provided, if such person
is a covered employee under Section 162(m) of the Internal Revenue Code, the
eligibility of such person shall be conditioned on compliance with Section
162(m) for tax deductibility of the award.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Committee shall also
establish annual and/or long-term performance targets which must be achieved in
order for an award to be earned under the Plan. Such targets shall be based on
earnings, earnings per share, growth in earnings per share, achievement of
annual operating profit plans, return on equity performance, or similar
financial performance measures as may be determined by the Committee. The
specific performance targets for each participant shall be established in
writing by the Committee within ninety days after the commencement of the
fiscal year (or within such other time period as may be required by Section
162(m) of the Internal Revenue Code) to which the performance target relates.
The performance target shall be established in such a manner than a third party
having knowledge of the relevant facts could determine whether the performance
goal has been met.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Awards shall be payable
following the completion of each fiscal year upon certification by the
Committee that ConAgra achieved the specified performance target established
for the participant. Awards may be paid in cash or securities. Notwithstanding
the attainment by ConAgra of the specified performance targets, the Committee
has the discretion, for each participant, to reduce some or all of an award
that would otherwise be paid. However, in no event may a participant receive an
award under the Plan in any fiscal year of more than .1% of ConAgra&#146;s market
capitalization (stock price multiplied by number of shares outstanding) as of
the first day of the fiscal year.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5. Miscellaneous Provisions.
ConAgra shall have the right to deduct from all awards hereunder paid in cash</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">48</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- SEQ.=1,FOLIO='48',FILE='C:\jms\jganesa\04-7990-1\task157168\7990-1-kk.htm',USER='jsganesan',CD='Aug  3 10:24 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit 10.17</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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 employee any right to be retained in the employ of ConAgra. The costs and
expenses of administering the Plan shall be borne by ConAgra and shall not be
charged to any award or to any executive officer receiving an award.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6. Effective Date, Amendments
and Termination. The Plan shall become effective on July 9, 1999, subject to
approval by the stockholders of ConAgra at the 1999 Annual Meeting of
Stockholders. 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. However, unless the stockholders of ConAgra shall have first approved
thereof, no amendment of the Plan shall be effective which would increase the
maximum amount which can be paid to any one participant under the Plan in any
fiscal year, which would change the performance goals permissible under this Plan
for payment of awards, or which would modify the requirement as to eligibility
for participation in the Plan.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">49</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>


<!-- SEQ.=1,FOLIO='49',FILE='C:\jms\jganesa\04-7990-1\task157168\7990-1-kk.htm',USER='jsganesan',CD='Aug  3 10:24 2004' -->
</body>

</html>

</TEXT>
</DOCUMENT>
