<SEC-DOCUMENT>0000950103-15-005527.txt : 20150708
<SEC-HEADER>0000950103-15-005527.hdr.sgml : 20150708
<ACCEPTANCE-DATETIME>20150708172203
ACCESSION NUMBER:		0000950103-15-005527
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20150708
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20150708
DATE AS OF CHANGE:		20150708

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CONAGRA FOODS INC /DE/
		CENTRAL INDEX KEY:			0000023217
		STANDARD INDUSTRIAL CLASSIFICATION:	FOOD & KINDRED PRODUCTS [2000]
		IRS NUMBER:				470248710
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0531

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-07275
		FILM NUMBER:		15979890

	BUSINESS ADDRESS:	
		STREET 1:		ONE CONAGRA DR
		CITY:			OMAHA
		STATE:			NE
		ZIP:			68102
		BUSINESS PHONE:		4022404000

	MAIL ADDRESS:	
		STREET 1:		ONE CONAGRA DRIVE
		CITY:			OMAHA
		STATE:			NE
		ZIP:			68102

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CONAGRA INC /DE/
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NEBRASKA CONSOLIDATED MILLS CO
		DATE OF NAME CHANGE:	19721201
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>dp57818_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
WASHINGTON, DC 20549</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT<BR>
Pursuant to Section 13 or 15(d)</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>of The Securities Exchange Act of 1934</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td colspan="3" style="font-size: 10pt; text-align: center">Date of report (Date of earliest event reported):&nbsp;&nbsp;<b>July </b>8<b>, 2015</b></td></tr>
<tr style="vertical-align: top">
    <td colspan="3" style="font-size: 10pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="3" style="font-size: 14pt; text-align: center"><font style="font: 14pt Times New Roman, Times, Serif"><b>ConAgra Foods, Inc.</b></font></td></tr>
<tr style="vertical-align: top">
    <td colspan="3" style="font-size: 8pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">(Exact Name of Registrant as Specified in its Charter)</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="3" style="font-size: 12pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="width: 32%; font-size: 12pt; text-align: center">&nbsp;</td>
    <td style="width: 35%; font-size: 12pt; text-align: center">&nbsp;</td>
    <td style="width: 33%; font-size: 10pt; text-align: center">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="3" style="font-size: 12pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="font-size: 10pt; text-align: center"><b>Delaware</b></td>
    <td style="font-size: 10pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>1-7275</b></font></td>
    <td style="font-size: 10pt; text-align: center"><b>47-0248710</b></td></tr>
<tr style="vertical-align: top">
    <td style="font-size: 8pt; text-align: center"><font style="font-size: 8pt">(State of Incorporation)</font></td>
    <td>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Commission</P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">File No.)</P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></td>
    <td>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(I.R.S. Employer</P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; text-indent: 0pt">Identification No.)</P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P></td></tr>
<tr style="vertical-align: top">
    <td colspan="3" style="font-size: 12pt; text-align: center">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>One ConAgra Drive</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Omaha, NE</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></td>
    <td style="font-size: 10pt; text-align: center">&nbsp;</td>
    <td style="font-size: 10pt; text-align: center"><b>68102</b></td></tr>
<tr style="vertical-align: top">
    <td style="font-size: 8pt; text-align: center"><font style="font-size: 8pt">(Address of Principal Executive Offices)</font></td>
    <td style="font-size: 8pt; text-align: center">&nbsp;</td>
    <td style="font-size: 8pt; text-align: center"><font style="font-size: 8pt">(Zip Code)</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="3" style="font-size: 8pt; text-align: center">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="3" style="font-size: 10pt; text-align: center"><b>(402) 240-4000</b></td></tr>
<tr style="vertical-align: top">
    <td colspan="3" style="font-size: 8pt; text-align: center"><font style="font-size: 8pt">(Registrant&rsquo;s Telephone Number, Including Area Code)</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="3" style="font-size: 12pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="3" style="font-size: 12pt; text-align: center">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="3" style="font-size: 8pt; text-align: center"><font style="font-size: 8pt">(Former Name or Former Address, if Changed Since Last Report)</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="3" style="font-size: 8pt; text-align: center">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="3">
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</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 11pt Wingdings">&uml;</FONT></TD><TD>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 11pt Wingdings">&uml;</FONT></TD><TD>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 11pt Wingdings">&uml;</FONT></TD><TD>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 11pt Wingdings">&uml;</FONT></TD><TD>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 1.01 Entry into a Material Definitive Agreement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
July 8, 2015, ConAgra Foods, Inc. (the &ldquo;Company&rdquo;) and JANA Partners LLC (&ldquo;JANA<FONT STYLE="font-size: 10pt">&rdquo;)
entered into a Cooperation Agreement (the &ldquo;Agreement&rdquo;).</FONT></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pursuant
to the Agreement, the Company has agreed that, subject to the conditions set forth therein, including the reasonably satisfactory
completion of the Company&rsquo;s customary background check, the board of directors of the Company (the &ldquo;Board&rdquo;)
will appoint Bradley A. Alford and Timothy R. McLevish (the &ldquo;JANA Designees&rdquo;)<B> </B>to the Board effective upon the
filing of the Company&rsquo;s annual report on Form 10-K (which the Company agrees will be filed no later than July 22, 2015)
or at such earlier time as the Board meets to consider an acquisition that the Company would be required to disclose under Item
1.01 of Form 8-K. The Company also agreed that, subject to the conditions set forth therein, the Board will nominate Messrs. Alford
and McLevish for election to the Board at the Company&rsquo;s 2015 annual meeting of stockholders.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Each
of Mr. Alford and Mr. McLevish must, at all times while serving as a member of the Board, comply with all policies applicable
to the Company&rsquo;s non-employee directors, generally. In addition, each of Mr. Alford and Mr. McLevish will provide to the
Company an irrevocable resignation letter from the Board that will be effective at such time as (1) JANA and its affiliates cease
to collectively beneficially own a net long position of at least 3% of the Company&rsquo;s common stock then outstanding or (2)
JANA commits a material breach of the Agreement, which breach, if capable of being cured, is not cured within 15 days after receipt
by JANA of written notice from the Company. </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If either
or both of Mr. Alford or Mr. McLevish resigns, refuses to or cannot serve (due to death or disability) during the Standstill Period
(as defined below), or if the results of the background check noted above are not reasonably satisfactory, JANA may designate
a replacement designee. Any replacement designee must, among other matters, (1) be independent of JANA and JANA&rsquo;s affiliates,
(2) be reasonably acceptable to the Company and (3) qualify as an independent director under 303A of the New York Stock Exchange&rsquo;s
Listed Company Manual.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">JANA
has agreed to various standstill provisions in the Agreement. For the duration of the Standstill Period (as defined below), JANA
has agreed, among other things, that it will not:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>in any way participate in any &ldquo;solicitation&rdquo; of proxies, or advise, encourage or influence any person with respect
to the voting of any securities of the Company for the election of directors or approval of any stockholder proposals&#894;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>acquire any ownership interest of 9.9% or more of the Company&rsquo;s common stock outstanding at such time&#894;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>sell securities of the Company to a third party that would result in such third party, together with its affiliates, owning
more than 4.9% of the Company&rsquo;s common stock outstanding at such time&#894; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD>effect any tender or exchange offer, merger, consolidation, acquisition, recapitalization, reorganization, sale or acquisition
of material assets or other extraordinary transaction involving the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">JANA has also agreed that, during the Standstill Period (as
defined below), it will vote its shares in favor of the re-election of all directors who are members of the Board as of July 8,
2015. It will also vote its shares in accordance with the Board&rsquo;s recommendations on all other matters, except with respect
to proposals relating to (x) an extraordinary transaction, (y) the implementation of takeover defenses or (z) new or amended incentive
compensation plans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">JANA and the Company have each agreed, subject to certain exceptions
for statements of objective facts, that during the Standstill Period (as defined below), neither will make or cause to be made
any public statement or announcement that constitutes an<I> ad hominem</I> attack on, or otherwise disparages, defames or slanders
the other party or affiliates thereof or any of its officers, directors or employees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, the Company has also agreed that until the end
of the Standstill Period (as defined below), it will not increase the size of the Board, or fill any vacancies on the Board, if
doing so would result in the Board having a number of members greater than the number of current directors who as July 8, 2015
would be eligible to be nominated for election at the 2015 Annual Meeting plus the JANA Designees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P>The "Standstill Period" means the period commencing on July 8, 2015 and terminating on the date that is the earlier of
a material breach by the Company of the Agreement and the "Standstill Date." The "Standstill Date" is the date that is 30
days prior to the expiration of the Company's advance notice period for the nomination of directors at the Company's 2016
annual meeting of stockholders. However, if the JANA Designees (or any other representative of JANA or any JANA affiliate)
are included on the Board's nomination slate at the 2016 annual meeting of stockholders, and JANA and the JANA Designees agree
to such inclusion, or they are included (and JANA and the JANA Designees agree to such inclusion) for any annual meeting of
stockholders of the Company subsequent thereto (each, an "Applicable Meeting"), the Standstill Date becomes the date that
is 30 days prior to the expiration of the Company's advance notice period for the nomination of directors at the annual meeting
following the Applicable Meeting.</P>

<P>The Agreement terminates upon the expiration of the Standstill Period. The Company's obligations under the Agreement terminate
earlier if JANA and its affiliates cease to collectively beneficially own a net long position of at least 3% of the Company's
common stock then outstanding or JANA commits a material breach of the Agreement, which breach, if capable of being cured,
is not cured within 15 days after receipt by JANA of written notice from the Company specifying the material breach.</P>

<P>The foregoing summary of the Agreement is not complete and is subject to, and qualified in its entirety by, the full text of
the Agreement, which is filed as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.</P>

<P><B>Item 8.01 Other Events.</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On <FONT STYLE="font-family: Times New Roman, Times, Serif">July
8, 2015</FONT>, the Company and JANA issued a joint news release relating to the entry into the Cooperation Agreement. A copy of
the joint news release is attached as Exhibit 99.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 9.01 Financial Statements and Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 5%; font-size: 10pt"><font style="font: 10pt Times New Roman, Times, Serif">99.1</font></td>
    <TD STYLE="width: 95%; font-size: 10pt"><font style="font: 10pt Times New Roman, Times, Serif">Cooperation Agreement, dated as of July 8, 2015, between JANA Partners LLC and ConAgra Foods, Inc.</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="font-size: 10pt"><font style="font: 10pt Times New Roman, Times, Serif">99.2</font></td>
    <TD STYLE="font-size: 10pt"><font style="font: 10pt Times New Roman, Times, Serif">Joint News Release of ConAgra Foods, Inc., dated July 8, 2015.</font></td></tr>
</table>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td colspan="2" style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0">CONAGRA FOODS, INC.</P>
                                            <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                            <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></td></tr>
<tr style="vertical-align: top">
    <td style="font-size: 10pt">Date:</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt">July 8, 2015</td>
    <td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt">By:</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt"><i>/s/ Lyneth Rhoten</i></td></tr>
<tr style="vertical-align: top">
    <td style="width: 7%; font-size: 10pt">&nbsp;</td>
    <td style="width: 27%; font-size: 10pt">&nbsp;</td>
    <td style="width: 14%; font-size: 10pt">&nbsp;</td>
    <td style="width: 5%; font-size: 10pt">&nbsp;</td>
    <td style="width: 7%; font-size: 10pt">Name:</td>
    <td style="width: 40%; font-size: 10pt">Lyneth Rhoten</td></tr>
<tr style="vertical-align: top">
    <td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt">Title:</td>
    <td style="font-size: 10pt"><font style="font: 10pt Times New Roman, Times, Serif">Vice President, Securities Counsel and Assistant Corporate Secretary</font></td></tr>
</table>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXHIBIT INDEX</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 11%; font-weight: bold; text-align: left; text-decoration: underline"><font style="font: 10pt Times New Roman, Times, Serif">Exhibit No.</font></td>
    <TD STYLE="width: 89%; text-decoration: underline"><font style="font: 10pt Times New Roman, Times, Serif"><b><u>Description</u></b></font></td></tr>
<tr style="vertical-align: top">
    <TD><font style="font: 10pt Times New Roman, Times, Serif">99.1</font></td>
    <TD><font style="font: 10pt Times New Roman, Times, Serif">Cooperation Agreement, dated as of July 8, 2015, between JANA Partners LLC and ConAgra Foods, Inc.</font></td></tr>
<tr style="vertical-align: top">
    <TD><font style="font: 10pt Times New Roman, Times, Serif">99.2</font></td>
    <TD STYLE="text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Joint Press Release of ConAgra Foods, Inc., dated July 8, 2015.</font></td></tr>
</table>


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<SEQUENCE>2
<FILENAME>dp57818_ex9901.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>COOPERATION AGREEMENT</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">This Cooperation Agreement (this &ldquo;<B>Agreement</B>&rdquo;)
dated as of July 8, 2015 is by and between JANA Partners LLC (&ldquo;<B>JANA</B>&rdquo;) and ConAgra Foods, Inc. (the &ldquo;<B>Company</B>&rdquo;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">WHEREAS, the Company and JANA have engaged
in discussion concerning the Company&rsquo;s business;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">WHEREAS, JANA has informed the Company that
it beneficially owns 30,569,414 shares of the common stock, par value $5.00 per share, of the Company (the &ldquo;<B>Common Stock</B>&rdquo;),
which represents approximately 7.1% of the issued and outstanding shares of Common Stock&#894;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">WHEREAS, the Company&rsquo;s Board of Directors
(the &ldquo;<B>Board</B>&rdquo;) has considered the qualifications of Bradley A. Alford and Timothy R. McLevish (the &ldquo;<B>JANA
Designees</B>&rdquo;); and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">WHEREAS, the Company and JANA have determined
to come to an agreement regarding the appointment of the JANA Designees to the Board and to the subsequent nomination of the JANA
Designees at the Company&rsquo;s 2015 Annual Meeting of Stockholders (the &ldquo;<B>2015 Annual Meeting</B>&rdquo;) and certain
other matters as set forth herein.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">NOW, THEREFORE, in consideration of and
reliance upon the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in">1.&#9;<U>Nomination of JANA Designees</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the reasonably satisfactory
completion of the Company&rsquo;s customary background check with respect to the applicable Designee, the Company agrees that (i)
the Board shall invite each JANA Designee to attend any Board meeting which occurs prior to such JANA Designee&rsquo;s appointment
to the Board in accordance with the following clause (ii) as an observer (or to participate telephonically if unable to attend
in person) and (ii) in accordance with the Company&rsquo;s certificate of incorporation and by-laws and Delaware law, the Board
shall appoint each JANA Designee (other than in the case of the refusal or inability of any such person to serve, or if the results
of such background check with respect to such person are not reasonably satisfactory, in which case the Board shall appoint his
substitute chosen in accordance with Section 1(d)) to serve as a director effective upon the filing of the Company&rsquo;s annual
report on Form 10-K for fiscal year 2015 (which the Company agrees shall be filed not later than July 22, 2015),
or at such earlier time as the Board meets to consider an acquisition that the Company would be required to disclose under Item
1.01 of Form 8-K, by increasing the size of the Board by two (2) members and filling the</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>&nbsp;</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>&nbsp;</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: left"></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: left">vacancies thereby created with the
JANA Designees. The Company shall include each JANA Designee (other than in the case of the refusal or inability of any such person
to serve, or if the results of the background check with respect to such person are not reasonably satisfactory, in which case
the Board shall include his substitute chosen in accordance with Section 1(d)) appointed to the Board pursuant to this Section
1(a) as a nominee to the Board on the slate of nominees recommended by the Board in the Company&rsquo;s proxy statement and on
its proxy card relating to the 2015 Annual Meeting and shall use its reasonable best efforts (which shall include the solicitation
of proxies) to obtain the election of the JANA Designees at the 2015 Annual Meeting (it being understood that such efforts shall
not be less than the efforts used by the Company to obtain the election of any other independent director nominee nominated by
it to serve as a director at the 2015 Annual Meeting).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; text-align: left">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a condition to each JANA Designee's
appointment to the Board and any subsequent nomination for election as a director of the Company at the 2015 Annual Meeting, JANA
shall (or shall cause the JANA Designees to) provide to the Company completed D&amp;O Questionnaires in the form provided to JANA
by the Company prior to the execution of this Agreement and executed irrevocable resignations as director in the form attached
hereto as <U>Exhibit A</U> (the &ldquo;<B>Irrevocable Resignation Letter</B>&rdquo;). As a further condition to the JANA Designees&rsquo;
nomination for election as a director of the Company at the 2015 Annual Meeting, JANA shall (or shall cause the JANA Designees
to), as promptly as practicable upon request of the Company, provide (i) executed consents from the JANA Designees to be named
as a nominee in the Company&rsquo;s proxy statement for the 2015 Annual Meeting and to serve as a director if so elected, in the
form provided to JANA by the Company prior to the execution of this Agreement, (ii) any information required to be or customarily
disclosed for all applicable directors, candidates for directors, and their affiliates and representatives in a proxy statement
or other filings under applicable law or stock exchange rules or listing standards, (iii) information in connection with assessing
eligibility, independence and other criteria applicable to all applicable directors or satisfying compliance and legal obligations,
and (iv) such other information as reasonably requested by the Company from time to time with respect to JANA or the JANA Designees.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; text-align: left">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At all times while serving as a member
of the Board, the JANA Designees shall comply with all policies, procedures, processes, codes, rules, standards and guidelines
applicable to all non-employee Board members, including the Company&rsquo;s Corporate Governance Principles, Position Description
of the Independent Chairman of ConAgra Foods, ConAgra Foods Code of Conduct, Insider Trading Policy for Non-Employee Directors,
Insider Trading Agreement for Non-Employee Directors, Related Party Transactions Policy, Director Resignation Policy (as specified
in the Company&rsquo;s Amended and Restated Bylaws), and Non-Employee Director Stock Ownership Guidelines, provided that no provision
of any such document shall be deemed to be violated by the performance of the Nomination Agreement between JANA and Brad Alford
dated on or about July 8, 2015 or by any communication permitted by this Agreement pursuant to the last sentence of Section 2(a).
The JANA Designees shall receive the Company&rsquo;s customary new director orientation program.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; text-align: left">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If, during the Standstill Period (as
defined below), either JANA Designee or both JANA Designees, resign (including by reason of a change in principal business occupation
or position or service on additional boards), or refuse to serve, or if the results of the background check referred to in Section
1(a) were not reasonably satisfactory, or either JANA Designee or both JANA Designees are unable to serve due to death or disability,
in each case <I>provided</I> that each such JANA Designee is otherwise then entitled to be appointed or serve, as applicable, as
a director of the Company pursuant to this Agreement, then JANA shall be entitled to designate a replacement director or directors,
as applicable, who shall (A) be independent of JANA and the JANA Affiliates, (B)&nbsp;be reasonably acceptable to the Company,
(C) qualify as an independent director of the Company under Section 303A of the New York Stock Exchange&rsquo;s Listed Company
Manual, and (D)&nbsp;provide the items required to be provided by the Designees pursuant to Section 1(b), and thereafter such individual
or individuals, as applicable, shall be considered to be a &ldquo;JANA Designee&rdquo; or &ldquo;JANA Designees&rdquo;, as the
case may be, under this Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; text-align: left">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary
in this Agreement, the Company&rsquo;s obligations hereunder shall terminate immediately, and, if the JANA Designees have joined
the Board, such JANA Designees shall promptly offer to resign from the Board and any committee thereof (and, if requested by the
Company, promptly deliver their written resignations to the Board (which shall provide for their immediate resignations) it being
understood that it shall be in the Board&rsquo;s sole discretion whether to accept or reject such resignations), and the Company
shall have no further obligation with respect to the JANA Designees under this Section 1, if: (i) JANA and the JANA Affiliates
(as defined below), collectively, cease to beneficially own an aggregate Net Long Position of at least 3% of the Common Stock then
outstanding or (ii) JANA otherwise ceases to comply with or breaches any of the terms of this Agreement in any material respect
and, if capable of being cured, such material breach or failure has not been cured within 15 days after receipt by JANA of written
notice from the Company specifying such material breach or failure, or, if executed, the Confidentiality Agreement (as defined
below) in any material respect. The percentage threshold set forth in this Section 1(e) shall be deemed satisfied notwithstanding
a failure to maintain such ownership threshold if, and to the extent that, such failure results from share issuances or similar
Company actions that increase the number of outstanding shares of Common Stock regardless of the taking of any action by any JANA
Affiliate. The term &ldquo;<B>Net Long Position</B>&rdquo; shall mean such shares of Common Stock beneficially owned, directly
or indirectly, that constitute such person&rsquo;s net long position as defined in Rule 14e-4 under the Exchange Act <I>mutatis
mutandis</I>, but the &ldquo;long position&rdquo; of such person for this purpose shall not include any shares as to which such
person does not have the right to vote or direct the vote or as to which such person has entered into a derivative or other agreement,
arrangement or understanding that hedges or transfers, in whole or in part, directly or indirectly, any of the economic consequences
of ownership of such shares. In furtherance of this Section 1(e), each JANA Designee has, concurrently with the execution of this
Agreement, executed the Irrevocable Resignation Letter and delivered it to the Company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; text-align: left">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; text-align: left"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; text-align: left"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(f)&#9;The Company (i) prior to the 2015 Annual
Meeting, shall not increase the size of the Board (other than as contemplated by Section 1(a)) and (ii) on such date or thereafter
until the end of the Standstill Period, shall not increase the size of the Board or fill any vacancies if doing so would result
in the Board having a number of members in excess of the aggregate number of current directors who as of the date hereof would
be eligible to be nominated for election at the 2015 Annual Meeting and the JANA Designees.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; text-align: left"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; text-align: left">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board shall appoint at least one
JANA Designee selected by JANA to any committee of the Board, that is currently, or at any point during the Standstill Period is,
designated to review or oversee strategic alternatives for the Company (including but not limited to the possible disposition of
the Company&rsquo;s private-label business) and shall provide the JANA Designees the same opportunity as all other members of the
Board to participate in the deliberations of the Board regarding significant matters in connection with such strategic alternatives
including, if applicable, the use of proceeds from any strategic transaction.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; text-align: left">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; text-align: left">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If so requested by JANA, the Board
shall appoint at least one JANA Designee selected by JANA to any two of the Nominating Committee, the Human Resources Committee,
or the Audit/Finance Committee, subject in each case to the agreement of the applicable JANA Designee and the qualification requirements
of each applicable committee (with such appointments to be effective no earlier than the Board&rsquo;s regularly scheduled September
2015 Board meeting, at which committee assignments will be made in accordance with this Agreement and the Board&rsquo;s normal
practice).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; text-align: left">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; text-align: left">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JANA acknowledges that the JANA Designees
shall have all of the rights and obligations, including fiduciary duties to the Company and its stockholders, of a director under
applicable law and the Company&rsquo;s organizational documents while such JANA Designees are serving on the Board.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; text-align: left">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in; text-align: left">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Standstill</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in; text-align: left">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; text-align: left">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JANA agrees that, during the Standstill
Period (as defined below), (unless specifically requested in writing by the Company, acting through a resolution of a majority
of the Company&rsquo;s directors not including the JANA Designees), it shall not, and shall cause each of its Affiliates or Associates
(as such terms are defined in Rule 12b-2 promulgated by the Securities and Exchange Commission (&ldquo;<B>SEC</B>&rdquo;) under
the Exchange Act of 1934 (the &ldquo;<B>Exchange Act</B>&rdquo;) provided that the term &ldquo;Associates&rdquo; in such definition
shall be deemed to be preceded by the word &ldquo;controlled&rdquo;) (collectively (with JANA) and individually, the &ldquo;<B>JANA
Affiliates</B>&rdquo;), not to, directly or indirectly, in any manner, alone or in concert with others:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; text-align: left">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; text-align: left">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;make, engage in, or in any
way participate in, directly or indirectly, any &ldquo;solicitation&rdquo; of &ldquo;proxies&rdquo; (as such terms are used in
the proxy rules of the SEC but without regard to the exclusion set forth in Rule 14a1(l)(2)(iv) of the Exchange Act) or consents
to vote or advise, encourage or influence any person other than any JANA Affiliate with respect to the voting of any securities
of the Company or any securities convertible or exchangeable into or exercisable for any such securities (collectively, &ldquo;<B>securities
of the Company</B>&rdquo;) for the election of individuals to the Board or to approve stockholder proposals, or become a</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in; text-align: left">&ldquo;participant&rdquo; in any contested
&ldquo;solicitation&rdquo; for the election of directors with respect to the Company (as such terms are defined or used under the
Exchange Act), other than a &ldquo;solicitation&rdquo; or acting as a &ldquo;participant&rdquo; in support of all of the nominees
of the Board at any stockholder meeting or voting its shares at any such meeting in its sole discretion (subject to compliance
with this Agreement), or make or be the proponent of any stockholder proposal (pursuant to Rule 14a-8 under the Exchange Act or
otherwise), except in all cases as expressly permitted by this Agreement&#894;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in; text-align: left">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; text-align: left">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;form, join, encourage, influence,
advise or in any way participate in any &ldquo;group&rdquo; (as such term is defined in Section 13(d)(3) of the Exchange Act) with
any persons (excluding, for the avoidance of doubt, any group composed solely of JANA and JANA Affiliates) with respect to any
securities of the Company or otherwise in any manner agree, attempt, seek or propose to deposit any securities of the Company in
any voting trust or similar arrangement, or subject any securities of the Company to any arrangement or agreement with respect
to the voting thereof (including by granting any proxy, consent or other authority to vote), except as expressly set forth in this
Agreement&#894;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; text-align: left">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;acquire, offer or propose
to acquire, or agree to acquire, directly or indirectly, whether by purchase, tender or exchange offer, through the acquisition
of control of another person, by joining a partnership, limited partnership, syndicate or other group, through swap or hedging
transactions or otherwise, any securities of the Company or any rights decoupled from the underlying securities of the Company
that would result in JANA (together with the JANA Affiliates) owning, controlling or otherwise having any beneficial or other ownership
interest in 9.9% or more of Common Stock outstanding at such time&#894; <I>provided</I>, that, nothing herein will require Common
Stock to be sold to the extent that JANA and the JANA Affiliates, collectively, exceed the ownership limit under this clause (iii)
as the result of a share repurchase or similar Company action that reduces the number of outstanding shares of Common Stock&#894;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; text-align: left">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;other than in Rule 144 open
market broker sale transactions where the identity of the purchaser is not known and in underwritten widely dispersed public offerings,
sell, offer or agree to sell directly or indirectly, through swap or hedging transactions or otherwise, the securities of the Company
or any rights decoupled from the underlying securities of the Company held by JANA or any JANA Affiliate to any person or entity
not a party to this Agreement (a &ldquo;<B>Third Party</B>&rdquo;) that, to JANA&rsquo;s or the JANA Affiliate&rsquo;s knowledge
(after due inquiry in connection with a private, non-open market transaction, it being understood that such knowledge shall be
deemed to exist with respect to any publicly available information, including information in documents filed with the SEC), would
result in such Third Party, together with its</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in; text-align: left">affiliates and associates, owning,
controlling or otherwise having any beneficial or other ownership interest in the aggregate of more than 4.9% of the shares of
Common Stock outstanding at such time or would increase the beneficial or other ownership interest of any Third Party who, together
with its affiliates and associates, has a beneficial or other ownership interest in the aggregate of more than 4.9% of the shares
of Common Stock outstanding at such time&#894;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in; text-align: left">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; text-align: left">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;effect or seek to effect,
offer or propose to effect, cause or participate in, or in any way assist or facilitate any other person to effect or seek, offer
or propose to effect or participate in, any tender or exchange offer, merger, consolidation, acquisition, scheme, arrangement,
business combination, recapitalization, reorganization, sale or acquisition of material assets, liquidation, dissolution or other
extraordinary transaction involving the Company or any of its subsidiaries or joint ventures or any of their respective securities
or a material amount of any of their respective assets or businesses (each, an &ldquo;<B>Extraordinary Transaction</B>&rdquo;),
or encourage, initiate or support any other third party in any such activity&#894; <I>provided</I>, <I>however</I>, that this clause
(v) shall not preclude the tender (or action not to tender) by JANA or a JANA Affiliate of any securities of the Company into any
tender or exchange offer or vote for or against any transaction by JANA or a JANA Affiliate of any securities of the Company with
respect to any Extraordinary Transaction&#894;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; text-align: left">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;engage in any short sale
or any purchase, sale or grant of any option, warrant, convertible security, stock appreciation right, or other similar right (including
any put or call option or &ldquo;swap&rdquo; transaction with respect to any security (other than a broad based market basket or
index) that includes, relates to or derives any significant part of its value from a decline in the market price or value of the
securities of the Company;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; text-align: left">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) call or request the
calling of any meeting of stockholders, including by written consent, (B) seek representation on, or nominate any candidate to,
the Board, except as set forth herein, (C) seek the removal of any member of the Board, (D) solicit consents from stockholders
or otherwise act or seek to act by written consent, (E) conduct a referendum of stockholders, (F) present at any annual meeting
or any special meeting of the Company&rsquo;s stockholders, or (G) make a request for any stockholder list or other Company books
and records, whether pursuant to Section 220 of the DGCL or otherwise&#894;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; text-align: left">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;except as set forth herein,
take any action in support of or make any proposal or request that constitutes: (A) controlling, changing or influencing the Board
or management of the Company, including any plans or proposals to change the number or term of directors or to fill any vacancies
on the Board&#894; (B) any material change in the capitalization,</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in; text-align: left">stock repurchase programs and practices,
capital allocation programs and practices or dividend policy of the Company&#894; (C) any other material change in the Company&rsquo;s
management, business or corporate structure&#894; (D) seeking to have the Company waive or make amendments or modifications to
the Company&rsquo;s certificate of incorporation or the by-laws, or other actions, that may impede or facilitate the acquisition
of control of the Company by any person&#894; (E) causing a class of securities of the Company to be delisted from, or to cease
to be authorized to be quoted on, any securities exchange&#894; or (F) causing a class of securities of the Company to become eligible
for termination of registration pursuant to Section 12(g)(4) of the Exchange Act&#894;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in; text-align: left">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; text-align: left">(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;make or cause to be made,
or in any way encourage any other person to make or cause to be made, any public statement or announcement, including in any document
or report filed with or furnished to the SEC or through the press, media, analysts or other persons, that constitutes an <I>ad
hominem</I> attack on, or otherwise disparages, defames or slanders the Company or Affiliates thereof or any of their respective
current or former officers, directors or employees, <I>provided</I> that JANA will, subject to the Confidentiality Agreement if
executed, be permitted to make objective statements that reflect JANA&rsquo;s view, as a shareholder, with respect to factual matters
concerning specific acts or determinations of the Company occurring after the date of this Agreement&#894;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; text-align: left">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;make any public disclosure,
announcement or statement regarding any intent, purpose, plan or proposal with respect to the Board, the Company, its management,
policies or affairs, any of its securities or assets or this Agreement that is inconsistent with the provisions of this Agreement&#894;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; text-align: left">(xi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;enter into any discussions,
negotiations, agreements or understandings with any Third Party to take any action with respect to any of the foregoing, or advise,
assist, knowingly encourage or seek to persuade any Third Party to take any action or make any statement with respect to any of
the foregoing, or otherwise take or cause any action or make any statement inconsistent with any of the foregoing&#894;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; text-align: left">(xii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;institute, solicit, assist
or join, as a party, any litigation, arbitration or other proceedings against or involving the Company or any of its current or
former directors or officers (including derivative actions), other than an action to enforce the provisions of this Agreement instituted
in accordance with and subject to Section 8; or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; text-align: left">(xiii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;request, directly or indirectly,
any amendment or waiver of the foregoing.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The foregoing provisions of this Section 2(a) shall not be deemed
to prohibit (and the documents referenced in Section 1(c) including Section 19 of the Company&rsquo;s Corporate Governance Principles
shall not prohibit) JANA or its directors, officers, partners, employees, members or agents (acting in such capacity) (&ldquo;<B>Representatives</B>&rdquo;)
from communicating privately regarding or privately advocating for or against any of the matters described in this Section 2(a)
with, or from privately requesting a waiver of any of the foregoing provisions of this Section 2(a) from, the Company&rsquo;s directors
or officers, so long as such communications or requests are in accordance with the Confidentiality Agreement, if executed, and
are not intended to, and would not reasonably be expected to, require any public disclosure of such communications or requests.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; text-align: left"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&#9;The Company agrees that, during the
Standstill Period it shall not, and shall cause each of its Affiliates or Associates (as such terms are defined in Rule 12b-2 promulgated
by the SEC under the Exchange Act provided that the term &ldquo;Associates&rdquo; in such definition shall be deemed to be preceded
by the word &ldquo;controlled&rdquo;), not to, directly or indirectly, in any manner, alone or in concert with others, make or
cause to be made, or in any way encourage any other person to make or cause to be made, any public statement or announcement, including
in any document or report filed with or furnished to the SEC or through the press, media, analysts or other persons, that constitutes
an <I>ad hominem</I> attack on, or otherwise disparages, defames or slanders JANA or the JANA Affiliates or any of their respective
current or former Representatives, <I>provided</I> that the Company will be permitted to make objective statements that reflect
the Company&rsquo;s view with respect to factual matters concerning specific acts or determinations of JANA occurring after the
date of this Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; text-align: left"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; text-align: left">(c)&#9;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this Agreement the
terms &ldquo;<B>person</B>&rdquo; or &ldquo;<B>persons</B>&rdquo; shall mean any individual, corporation (including not-for-profit),
general or limited partnership, limited liability or unlimited liability company, joint venture, estate, trust, association, organization
or other entity of any kind or nature.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; text-align: left">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; text-align: left">(d)&#9;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this Agreement the
term &ldquo;<B>Standstill Period</B>&rdquo; means the period commencing on the date hereof and ending on the date that is the earlier
of (A) the latest of (x) the date that is 30 days prior to the expiration of the Company&rsquo;s advance notice period for the
nomination of directors at the 2016 annual meeting of stockholders of the Company and (y) if the JANA Designees (or any other representative
of JANA or any JANA Affiliate) are included, and JANA and the JANA Designees have agreed in advance to such inclusion, on the Company&rsquo;s
slate of director nominees for the 2016 annual meeting of stockholders of the Company or for any annual meeting of stockholders
of the Company subsequent thereto (each, an &ldquo;<B>Applicable Meeting</B>&rdquo;), the date that is 30 days prior to the expiration
of the Company&rsquo;s advance notice period for the nomination of directors at the next annual meeting of stockholders of the
Company following the Applicable Meeting; and (B) a material breach by the Company of its obligations under this Agreement which
is not cured within 15 days after receipt by the Company of written notice from JANA specifying the material breach. Notwithstanding
anything to the contrary in this Section 2(d), the Company agrees that for so long as the JANA Designees are on the Board, the
Board shall promptly notify JANA in writing of any decision not to nominate the JANA Designees for election at any Applicable Meeting
(which written notice, if any, shall be delivered no later than forty-five (45) days prior to the expiration of the Company&rsquo;s advance
notice period for the nomination of directors at such upcoming annual meeting).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; text-align: left">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: left"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: left">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in; text-align: left">3.&#9;&nbsp;&nbsp;&nbsp;&nbsp;<U>Voting Agreement</U>. During the
Standstill Period, JANA shall cause all shares of Common Stock beneficially owned, directly or indirectly, by it, or by any JANA
Affiliate, to be present for quorum purposes and to be voted, at any annual or special meeting of stockholders (and at any adjournments
or postponements thereof), and further agrees that at such meetings it and they shall vote in favor of all current directors as
of the date of this Agreement nominated by the Board for election at such meetings and further agrees that at such meetings it
and they shall vote in accordance with the Board&rsquo;s recommendations with respect to any other proposal or business that may
be the subject of stockholder action at such meetings; <I>provided</I>, <I>however</I>, that, notwithstanding anything herein to
the contrary, with respect to (a) a proposal related to an Extraordinary Transaction, (b) matters related to the implementation
of takeover defenses, or (c) new or amended incentive compensation plans submitted for shareholder approval, JANA and the JANA
Affiliates may vote their shares of Common Stock beneficially owned, directly or indirectly, in the sole discretion of JANA or
the JANA Affiliate, as applicable.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in; text-align: left">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in; text-align: left">4.&#9;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations of the Company</U>.
The Company represents and warrants to JANA as follows: (a) the Company has the power and authority to execute, deliver and carry
out the terms and provisions of this Agreement and to consummate the transactions contemplated hereby&#894; and (b) this Agreement
has been duly and validly authorized, executed and delivered by the Company, constitutes a valid and binding obligation and agreement
of the Company and is enforceable against the Company in accordance with its terms.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in; text-align: left">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in; text-align: left">5.&#9;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations of JANA</U>. JANA
represents and warrants to the Company as follows: (a) JANA is duly organized, validly existing and in good standing under the
laws of its jurisdiction of organization and has the requisite power and authority to execute, deliver and carry out the terms
and provisions of this Agreement and to consummate the transactions contemplated hereby&#894; (b) this Agreement has been duly
and validly authorized, executed and delivered by JANA, constitutes a valid and binding obligation and agreement of JANA and is
enforceable against JANA in accordance with its terms&#894; and (c) JANA, together with the JANA Affiliates, beneficially own,
directly or indirectly, an aggregate of 30,569,414 shares of Common Stock and such shares of Common Stock constitute all of the
Common Stock beneficially owned by JANA and the JANA Affiliates or in which JANA or the JANA Affiliates have any interest or right
to acquire or vote, whether through derivative securities, voting agreements or otherwise.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in; text-align: left">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in; text-align: left">6.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&#9;<U>Public Announcement</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in; text-align: left">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; text-align: left">(a)&#9;&nbsp;&nbsp;&nbsp;&nbsp;JANA and the Company shall announce
this Agreement by means of a joint press release in the form attached hereto as <U>Exhibit B</U> (the &ldquo;<B>Press Release</B>&rdquo;)
as soon as practicable but in no event later than, (i) 5:00 p.m., New York City time, on the day this Agreement is executed by
both parties, if this Agreement is executed earlier than 5:00 p.m., New York City time, on a business day, and (ii) 8:00 a.m.,
New York City time, on the first business day after this
Agreement is executed, if this Agreement is executed later than 5:00 p.m. New York City time or on a non-business day.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; text-align: left">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: left"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: left">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; text-align: left">(b)&#9;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall promptly prepare
and file a Form 8-K (the &ldquo;<B>Form 8-K</B>&rdquo;) reporting entry into this Agreement and appending or incorporating by reference
this Agreement and the Press Release as exhibits thereto.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; text-align: left">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; text-align: left">(c)&#9;&nbsp;&nbsp;&nbsp;&nbsp;JANA shall promptly prepare and file
an amendment (the &ldquo;<B>13D Amendment</B>&rdquo;) to its Schedule 13D with respect to the Company filed with the SEC on June
18, 2015 reporting the entry into this Agreement and amending the applicable items to conform to the obligations hereunder.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; text-align: left">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; text-align: left">(d)&#9;&nbsp;&nbsp;&nbsp;&nbsp;The 13D Amendment will be consistent
with the Press Release and the terms of this Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; text-align: left">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; text-align: left">(e)&#9;&nbsp;&nbsp;&nbsp;&nbsp;None of JANA, the JANA Affiliates or
the JANA Designees shall issue a press release in connection with this Agreement or the actions contemplated hereby.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; text-align: left">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in; text-align: left">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Confidentiality Agreement</U>. The
parties hereby agree that, notwithstanding any other provision of this Agreement to the contrary, if so requested by either party
and agreed to by the other, JANA may be provided confidential information in accordance with and subject to the terms of a confidentiality
agreement in a form to be agreed between the parties (the &ldquo;<U>Confidentiality Agreement</U>&rdquo;). JANA acknowledges and
agrees that (a) until such time as the Confidentiality Agreement becomes effective, neither JANA nor any of the JANA Affiliates
will request to receive (other as set forth in the previous sentence in connection with a request to enter into the Confidentiality
Agreement), or knowingly and willingly accept, any confidential information concerning the Company, its subsidiaries or their
respective businesses and (b) non-public materials provided to the Board and communications relating thereto shall be deemed confidential
information.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in; text-align: left">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in; text-align: left">8.&#9;&nbsp;&nbsp;&nbsp;&nbsp;<U>Miscellaneous</U>. The parties
agree that irreparable damage would occur in the event any of the provisions of this Agreement were not performed in accordance
with the terms hereof and that such damage would not be adequately compensable in monetary damages. Accordingly, the parties hereto
shall be entitled to an injunction or injunctions to prevent breaches of this Agreement, to enforce specifically the terms and
provisions of this Agreement exclusively in the Court of Chancery of the State of Delaware or, if such court shall not have jurisdiction,
any state or federal court sitting in the State of Delaware, and to require the resignation of the JANA Designees from the Board
following a material breach by such JANA Designee and/or JANA of its or their respective obligations (assuming for this purpose
that the JANA Designees are party to this Agreement) if such material breach, if capable of being cured, has not been cured within
15 days after receipt by JANA of written notice from the Company specifying such material breach, in addition to any other remedies
at law or in equity, and each party agrees it will not take any action, directly or indirectly, in opposition to another party
seeking or obtaining such relief. Each of the parties hereto agrees to waive any bonding</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in; text-align: left">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: left">requirement under any applicable law, in the
case any other party seeks to enforce the terms by way of equitable relief. Furthermore, each of the parties hereto (a) consents
to submit itself to the personal jurisdiction of the Court of Chancery of the State of Delaware and the federal and other state
courts sitting in the State of Delaware in the event any dispute arises out of this Agreement or the transactions contemplated
by this Agreement, (b) agrees that it shall not attempt to deny or defeat such personal jurisdiction by motion or other request
for leave from any such court, (c) agrees that it shall not bring any action relating to this Agreement or the transactions contemplated
by this Agreement in any court other than such federal or state courts of the State of Delaware, and each of the parties irrevocably
waives the right to trial by jury, and (d) each of the parties irrevocably consents to service of process by a reputable overnight
mail delivery service, signature requested, to the address set forth in Section 11 hereof or as otherwise provided by applicable
law. THIS AGREEMENT SHALL BE GOVERNED IN ALL RESPECTS, INCLUDING VALIDITY, INTERPRETATION AND EFFECT, BY THE LAWS OF THE STATE
OF DELAWARE APPLICABLE TO CONTRACTS EXECUTED AND TO BE PERFORMED WHOLLY WITHIN SUCH STATE WITHOUT GIVING EFFECT TO ANY CONFLICT
OR CHOICE OF LAW PRINCIPLES THAT MAY RESULT IN THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: left">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in; text-align: left">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Expenses</U>. All attorneys&rsquo;
fees, costs and expenses incurred in connection with this Agreement and all matters related hereto will be paid by the party incurring
such fees, costs or expenses.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in; text-align: left">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in; text-align: left">10.&nbsp;&nbsp;&nbsp;&nbsp;<U>Entire Agreement&#894; Amendment</U>.
This Agreement and the Irrevocable Resignation Letters contain the entire agreement and understanding of the parties with respect
to the subject matter hereof and supersede any and all prior and contemporaneous agreements, memoranda, arrangements and understandings,
both written and oral, between the parties, or any of them, with respect to the subject matter hereof. This Agreement may be amended
only by an agreement in writing executed by the parties hereto, and no waiver of compliance with any provision or condition of
this Agreement and no consent provided for in this Agreement shall be effective unless evidenced by a written instrument executed
by the party against whom such waiver or consent is to be effective. No failure or delay by a party in exercising any right, power
or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or
further exercise thereof or the exercise of any right, power or privilege hereunder.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in; text-align: left">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in; text-align: left">11.&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>.
All notices, consents, requests, instructions, approvals and other communications provided for herein and all legal process in
regard hereto shall be in writing and shall be deemed validly given, made or served, when actually received during normal business
hours at the address specified in this subsection:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-indent: -2in; text-align: left"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 22%; text-indent: 0in; padding-left: 0.625in"><FONT STYLE="font-size: 12pt">if to the Company:</FONT></TD>
    <TD STYLE="width: 78%; text-indent: 0in"><FONT STYLE="font-size: 12pt">ConAgra Foods, Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 12pt">One ConAgra Drive</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 12pt">Omaha, Nebraska 68102</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 12pt">Attention: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Secretary</FONT></TD></TR>
</TABLE>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-indent: -2in; text-align: left"></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in"><FONT STYLE="font-size: 12pt">With a copy (which shall not constitute notice) to:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 22%; text-indent: 0in"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 33%; text-indent: 0in"><FONT STYLE="font-size: 12pt">Davis Polk &amp; Wardwell LLP</FONT></TD>
    <TD STYLE="width: 45%; text-indent: 0in"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 12pt">450 Lexington Avenue</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 12pt">New York, New York 10017</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 12pt">Attention:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arthur F. Golden</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in; padding-left: 0in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marc O. Williams</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; padding-left: 0.625in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; padding-left: 0.625in"><FONT STYLE="font-size: 12pt">if to JANA:</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 12pt">JANA Partners LLC</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 12pt">767 Fifth Avenue, 8th Floor</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 12pt">New York, NY 10153</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in"><FONT STYLE="font-size: 12pt">Attention:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal Department</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in"><FONT STYLE="font-size: 12pt">With a copy (which shall not constitute notice) to:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 12pt">Schulte Roth &amp; Zabel LLP</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 12pt">919 3<SUP>rd</SUP> Avenue</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 12pt">New York, NY 10022</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 12pt">Attention:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marc Weingarten</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eleazer Klein</FONT></TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in; text-align: left">12.&#9;&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability</U>. If at any time
subsequent to the date hereof, any provision of this Agreement shall be held by any court of competent jurisdiction to be illegal,
void or unenforceable, such provision shall be of no force and effect, but the illegality or unenforceability of such provision
shall have no effect upon the legality or enforceability of any other provision of this Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in; text-align: left">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in; text-align: left">13.&#9;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination</U>. This Agreement
shall terminate upon the expiry of the Standstill Period.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in; text-align: left">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in; text-align: left">14.&#9;&nbsp;&nbsp;&nbsp;&nbsp;<U>Counterparts</U>. This Agreement
may be executed in two or more counterparts either manually or by electronic or digital signature (including by email transmission),
each of which shall be deemed to be an original and all of which together shall constitute a single binding agreement on the parties,
notwithstanding that not all parties are signatories to the same counterpart.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in; text-align: left">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in; text-align: left">15.&#9;&nbsp;&nbsp;&nbsp;&nbsp;<U>No Third Party Beneficiaries&#894;
Assignment</U>. This Agreement is solely for the benefit of the parties hereto and is not binding upon (other than successors to
the parties hereto) or enforceable by any other persons. No party to this Agreement may assign its rights or delegate its obligations
under this Agreement, whether by operation of law or otherwise, and any assignment in contravention hereof shall be null and void.
Nothing in this Agreement, whether express or implied, is intended to or shall confer any rights, benefits or remedies under or
by reason of this Agreement on any persons other than the parties hereto, nor is anything in this Agreement intended to relieve
or discharge the obligation or liability of any third persons to any party.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in; text-align: left">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt; text-align: left"><P STYLE="margin: 0pt; text-align: left">&nbsp;</P></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in; text-align: left">16.&nbsp;&nbsp;&nbsp;&nbsp;&#9;<U>Interpretation and Construction</U>.
When a reference is made in this Agreement to a Section, such reference shall be to a Section of this Agreement, unless otherwise
indicated. The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning
or interpretation of this Agreement. Whenever the words &ldquo;include,&rdquo; &ldquo;includes&rdquo; and &ldquo;including&rdquo;
are used in this Agreement, they shall be deemed to be followed by the words &ldquo;without limitation.&rdquo; The words &ldquo;hereof,
&ldquo;herein&rdquo; and &ldquo;hereunder&rdquo; and words of similar import when used in this Agreement shall refer to this Agreement
as a whole and not to any particular provision of this Agreement. The word &ldquo;will&rdquo; shall be construed to have the same
meaning as the word &ldquo;shall.&rdquo; The words &ldquo;dates hereof&rdquo; will refer to the date of this Agreement. The word
&ldquo;or&rdquo; is not exclusive. The definitions contained in this Agreement are applicable to the singular as well as the plural
forms of such terms. Any agreement, instrument, law, rule or statute defined or referred to herein means, unless otherwise indicated,
such agreement, instrument, law, rule or statute as from time to time amended, modified or supplemented. Each of the parties hereto
acknowledges that it has been represented by counsel of its choice throughout all negotiations that have preceded the execution
of this Agreement, and that it has executed the same with the advice of said independent counsel. Each party cooperated and participated
in the drafting and preparation of this Agreement and the documents referred to herein, and any and all drafts relating thereto
exchanged among the parties shall be deemed the work product of all of the parties and may not be construed against any party by
reason of its drafting or preparation. Accordingly, any rule of law or any legal decision that would require interpretation of
any ambiguities in this Agreement against any party that drafted or prepared it is of no application and is hereby expressly waived
by each of the parties hereto, and any controversy over interpretations of this Agreement shall be decided without regards to events
of drafting or preparation.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Signature Pages Follow</I>]</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">IN WITNESS WHEREOF, each of the parties hereto
has executed this Agreement, or caused the same to be executed by its duly authorized representative as of the date first above
written.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top"><TD COLSPAN="2"></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">CONAGRA
    FOODS, INC.</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt"></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; border-bottom: black 2px solid; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/
</FONT> Colleen Batcheler    </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 5%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD STYLE="text-align: left; width: 38%; text-indent: 0pt"><P>Colleen Batcheler</P>

</TD>
    <TD STYLE="text-align: left; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><P>Executive Vice President, General Counsel &amp; Corporate Secretary</P>

</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top"><TD COLSPAN="2"></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">JANA
    PARTNERS LLC</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
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    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt"></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; border-bottom: black 2px solid; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/
    </FONT>Charles Penner</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 5%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD STYLE="text-align: left; width: 38%; text-indent: 0pt"><P>Charles Penner</P>

</TD>
    <TD STYLE="text-align: left; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><P>Partner and Chief Legal Officer</P>

</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
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</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">[<I>Signature Page to Cooperation Agreement</I>]</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>EXHIBIT A</U></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM OF IRREVOCABLE RESIGNATION<BR>
OF THE JANA DESIGNEE</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: left">July 8, 2015</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: left">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: left">Attention: Board of Directors</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: left"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: left">ConAgra Foods, Inc.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: left"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: left">One ConAgra Drive</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: left"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: left">Omaha, Nebraska 68102</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: left">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: left">Re: Resignation</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: left">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: left">Ladies and Gentlemen:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: left">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">This irrevocable resignation is delivered
pursuant to Section 1(b) and 1(e) of the Cooperation Agreement, dated as of July 8, 2015 (the &ldquo;<B>Agreement</B>&rdquo;),
by and between ConAgra Foods, Inc. and JANA Partners LLC. Capitalized terms used herein but not defined shall have the meaning
set forth in the Agreement. Effective only upon, and subject to, such time as (i) other than as set forth in the Agreement, JANA
and the JANA Affiliates, collectively, cease to beneficially own an aggregate Net Long Position of at least 3% of the Common Stock
then outstanding or (ii) JANA otherwise ceases to comply with or breaches any of the terms of the Agreement in any material respect
and, if capable of being cured, such material breach or failure has not been cured within 15 days after receipt by JANA of written
notice from the Company specifying the material breach or failure, or if executed, the Confidentiality Agreement in any material
respect, I hereby resign from my position as a director of the Company and from any and all committees of the Board on which I
serve.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">[<I>Signature Page Follows</I>]</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">A-1</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">This resignation may not be withdrawn by
me at any time during which it is effective.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 229.7pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <TD STYLE="width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
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    <TD STYLE="width: 38%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Sincerely,</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; border-bottom: Black 2pt solid; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"></TD> <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></P>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 229.7pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 229.7pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 229.7pt; text-indent: 0in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 229.7pt; text-indent: 0in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: -0.3in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">[<I>Signature Page to
Irrevocable Resignation</I>]</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">A-2</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>EXHIBIT B</U></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PRESS RELEASE</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">C-1</FONT></P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P>

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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>dp57818_ex9902.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<HTML>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%; border-bottom: rgb(180,45,45) 2pt solid">&nbsp;<IMG SRC="image_003.gif" ALT=""></TD>
    <TD STYLE="width: 50%; padding-left: 2.375in; border-bottom: rgb(180,45,45) 2pt solid"><FONT STYLE="font-size: 32"><B>News Release </B></FONT>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>&nbsp;</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>For more information, please contact:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;MEDIA: Teresa Paulsen</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;402-240-5210</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;<FONT STYLE="color: Blue"><U>Teresa.Paulsen@ConAgraFoods.com</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">INVESTORS: Chris Klinefelter</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;402-240-4154</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;<FONT STYLE="color: Blue"><U>Chris.Klinefelter@ConAgraFoods.com</U></FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



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<P STYLE="margin: 0">&nbsp;&nbsp;</P>

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</TABLE>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="color: rgb(180,45,45); font: bold 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 2in; text-align: right">FOR IMMEDIATE
RELEASE</P>

<P STYLE="color: #B42E2E; font: bold 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 2in; text-align: right">&nbsp;</P>

<P STYLE="font: 13pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONAGRA FOODS AND JANA PARTNERS ANNOUNCE
APPOINTMENTS OF</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>BRADLEY A. ALFORD AND TIMOTHY R. MCLEVISH<BR>
TO CONAGRA FOODS&rsquo; BOARD OF DIRECTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">OMAHA, Neb., July 8, 2015&ndash; ConAgra Foods, Inc. (NYSE:
CAG) and JANA Partners LLC, which owns approximately 7% of ConAgra Foods&rsquo; outstanding shares, today announced an agreement
in which ConAgra Foods will appoint Bradley A. Alford and Timothy R. McLevish to ConAgra Foods&rsquo; Board of Directors, effective
no later than July 22, 2015. With the addition of Messrs. Alford and McLevish, the ConAgra Foods Board will increase from 12 to
14 members.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;We are pleased to welcome Brad and Tim to the ConAgra
Foods Board,&rdquo; said Steven Goldstone, chairman, ConAgra Foods. &ldquo;Both are seasoned, accomplished veterans of our industry,
and we look forward to benefitting from their expertise as we uphold our ongoing commitment to deliver value for all shareholders.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Brad Alford said, &ldquo;I am pleased to be invited to join
the ConAgra Foods Board at this important time. ConAgra Foods has an extraordinarily valuable portfolio of iconic brands, and I
look forward to working closely with my fellow directors and the management team on behalf of all ConAgra Foods shareholders.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tim McLevish added, &ldquo;I look forward to serving as a voice
for shareholders and working constructively with the ConAgra Foods Board and management team to help realize the exceptional future
potential for the company.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sean Connolly, chief executive officer, ConAgra Foods, said,
&ldquo;We are committed to transforming ConAgra Foods into a focused, higher-margin, more contemporary and higher-performing company.
I look forward to working with Brad, Tim and the rest of the ConAgra Foods Board as we execute our plan for delivering shareholder
value.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In connection with the appointments, <FONT STYLE="background-color: white">ConAgra
Foods and JANA Partners have entered into a cooperation agreement. Under the agreement, ConAgra Foods has </FONT>agreed to nominate
Mr. Alford and Mr. McLevish for election to the Board at the Company&rsquo;s 2015 Annual Meeting of Shareholders and JANA Partners
has agreed to customary standstill and voting commitments. A copy of the cooperation agreement will be filed with the Securities
and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Barry Rosenstein, managing partner of JANA Partners, commented,
&ldquo;We are pleased to have worked constructively with ConAgra Foods to appoint Brad and Tim to the Board. They bring a fresh
perspective and unique insight to the company. We are very optimistic about the outlook for ConAgra Foods as the company explores
all options to create shareholder value.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">James Lawrence, who partnered with JANA in its ConAgra Foods
investment, commented, &ldquo;As a significant shareholder of ConAgra Foods, I am extremely pleased with the process the board
is undertaking to exit private label, improve margins, optimize capital allocation and explore all other paths to value creation.&nbsp;
Based on these developments and the company&rsquo;s constructive engagement with shareholders, I have confidence in the path forward
to value creation and believe ConAgra Foods&rsquo; future is bright.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>About Brad Alford </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Brad Alford, 58, is the former chief executive officer and chairman
at Nestle USA. Mr. Alford has approximately 35 years of experience in the consumer food and packaged goods industry. Prior to leading
Nestle USA, Mr. Alford held a variety of senior leadership roles across the Nestle organization, including President and CEO of
Nestle Brands and President, Confections &amp; Snacks Division, Nestle USA. Mr. Alford also held various senior roles within Nestle
on a global basis. Mr. Alford began his career at Carnation Company and earned his Master of Business Administration in Finance
and Marketing from Indiana University and a Bachelor of Science in Business from Miami University of Ohio.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>About Tim McLevish</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tim McLevish, 60, is the former<FONT STYLE="background-color: white">
chief financial officer and executive vice president at Walgreens Boots Alliance, Inc. Mr. McLevish has over 15 years of experience
in leading the finance organizations of large public companies. </FONT>From October 2007 to April 2014, Mr. McLevish held various
positions within Kraft Foods Group and Kraft Foods Inc. including Executive Vice President and Chief Financial Officer within both
organizations. Before joining Kraft Foods, Mr. McLevish served as Senior Vice President and Chief Financial Officer of Ingersoll-Rand
Company Limited from 2002 to 2007. Previously, Mr. McLevish spent 15 years in various leadership roles at Mead Corporation, including
serving as Vice President and Chief Financial Officer from 1999 to 2002. Mr. McLevish holds a Bachelor of Science degree in Accounting
from the University of Minnesota and a Master in Business Administration from Harvard Business School.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>About ConAgra Foods</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ConAgra Foods, Inc., (NYSE: CAG) is one of&nbsp;North America's&nbsp;largest
packaged food&nbsp;companies with branded and private branded food found in 99 percent of America&rsquo;s households,&nbsp;as
well as a strong commercial foods business serving restaurants and foodservice operations&nbsp;globally. Consumers can find recognized
brands such as Banquet&reg;, Chef Boyardee&reg;, Egg&nbsp;Beaters&reg;, Healthy Choice&reg;, Hebrew National&reg;, Hunt's&reg;,&nbsp;Marie
Callender's&reg;, Orville&nbsp;Redenbacher's&reg;, PAM&reg;, Peter Pan&reg;, Reddi-wip&reg;, Slim Jim&reg;, Snack Pack&reg; and
many other&nbsp;ConAgra Foods brands, along with food sold by&nbsp;ConAgra Foods&nbsp;under private brand labels, in&nbsp;grocery,
convenience, mass merchandise, club and drug stores. Additionally, ConAgra Foods&nbsp;supplies frozen potato and sweet potato
products as well as other vegetable, spice, bakery and&nbsp;grain products to commercial and foodservice customers.&nbsp;ConAgra
Foods&nbsp;operates&nbsp;ReadySetEat.com, an interactive recipe website that provides consumers with easy dinner&nbsp;recipes
and more. For more information, please visit us<FONT STYLE="color: #666666; background-color: white"> </FONT>at<FONT STYLE="color: #666666; background-color: white">&nbsp;</FONT><FONT STYLE="color: rgb(180,45,45); background-color: white"><U>www.conagrafoods.com</U></FONT><FONT STYLE="color: #666666; background-color: white">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">###</P>

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