EXHIBIT 10.20
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CONAGRA, INC.
DEFERRED COMPENSATION AGREEMENT
X. X. XXXXXX
AGREEMENT made this 15th day of March, 1976, between ConAgra, Inc., a
Delaware Corporation, hereinafter referred to as the Corporation and X. X.
Xxxxxx, hereinafter referred to as Xxxxxx.
1. DUTIES:
The Corporation hereby employs Xxxxxx as President of the Corporation
and his duty in that capacity are to be such as may be determined by the Board
of Directors and he shall serve in that capacity until such time as his service
is terminated by action of the Board of Directors, by death, disability or
retirement whichever occurs first.
2. COMPENSATION:
The Corporation shall pay to him each year such basic compensation as
is fixed by the Board of Directors for his services rendered hereunder as
President of the Corporation, and additional compensation in the amount of
Twenty-five Thousand ($25,000.00) Dollars per year, for each year of service
rendered by Xxxxxx as President of the Corporation prior to termination of his
employment as President either by action of the Board of Directors or by death,
disability or retirement, whichever occurs first. Such additional compensation
shall be computed, deferred and paid out as follows:
(a) AMOUNT. At the end of each fiscal year occurring after the date of
the execution of this agreement Twenty-five Thousand ($25,000.00)
Dollars shall be allocated by the Corporation to Xxxxxx'x Deferred
Compensation account if Xxxxxx is employed as President of the
Corporation as of the end of such fiscal year. In the event of
Xxxxxx'x employment as President of the Corporation is terminated
prior to the end of any fiscal year the Corporation shall allocate
to his account that portion of the Twenty-five Thousand
($25,000.00) Dollars in deferred compensation for that fiscal year
which is proportionate to the number of days during the fiscal year
which Xxxxxx served as President of the Corporation prior to
termination of his employment as such President or death,
disability or retirement, whichever occurs first.
(b) INTEREST. At the end of each fiscal year the Corporation shall
allocate to Xxxxxx'x account an amount equal to eight (8%) percent of
the balance of said account as of the beginning of such year. Such
allocation shall be made until all amounts allocated to Xxxxxx'x
account have been paid out pursuant to this agreement.
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(c) PAYMENT. Upon termination of Xxxxxx'x employment as President of the
Corporation by the Board of Directors, or upon his death, disability
or retirement the Corporation shall make equal annual payments to
Xxxxxx on the first day following the end of the fiscal year in which
his employment is terminated or his death, disability or retirement
occurs and each year thereafter for as many years as are equal to the
number of years that Xxxxxx has served as President of the Corporation
from the date of execution of this agreement until the date of
termination of his employment as President of the Corporation or his
death, disability or retirement, whichever occurs first. In computing
the amount of each equal annual installment to be paid to Xxxxxx the
Corporation shall give Xxxxxx credit for eight (8%) percent interest
on the balance that will be in his account during each of the fiscal
years between the date of termination of his employment as President
or his death, disability or retirement whichever occurs first.
3. PAYMENT IN EVENT OF DEATH.
All amounts payable to Xxxxxx under the terms of the agreement
shall be the event of his death be paid to the beneficiary designated in this
agreement. Xxxxxx reserves the right, and the company acknowledges this
right, to change the designated beneficiary at any time by giving written
notice to the Corporation in writing by registered mail. Said notice shall
be addressed to the Chairman of the Board of Directors of the Corporation.
4. BENEFICIARY.
Xxxxxx hereby designates as the beneficiary of any benefits payable
in the event of his death: Northwestern National Bank of Minneapolis
Trustee, under written trust with Xxxxxxx X. Xxxxxx dated 3-31-1960. In the
event the foregoing person predeceases Xxxxxx, said amounts payable to such
beneficiary shall be paid to Xxxxxx'x estate.
5. NON-ASSIGNMENT:
Xxxxxx shall not have any right to commute, encumber, or dispose of
the right to receive payments hereunder, except by the designation of
beneficiary as provided herein, and the payments provided herein and the
right thereto are expressly declared to be nonassignable and nontransferable.
6. MERGER.
Corporation shall not merge, reorganize or consolidate with any
other corporation until such Corporation expressly assumes the duty of the
company herein set forth.
7. BINDING EFFECT.
This agreement shall be binding upon the parties hereto, their
heirs, executors, administrators or successors.
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IN WITNESS WHEREOF the parties have executed this agreement.
ATTEST: CONAGRA, INC.
/s/ X. X. Xxxxxxxx BY: /s/ Xxxxxx X. Xxxxxxxxx
__________________________ __________________________________
Secretary Chairman of the Board of Directors
/s/ X. X. Xxxxxx
_____________________________________
X. X. Xxxxxx
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