Company: CAG
Filing Date: 2025-08-06
Form Type: DEF 14A
Source: 0000023217-25-000054
Chunk: 68

Company: CONAGRA BRANDS INC.
Filing Date: 2025-08-06
Form: DEF 14A
Chunk 68
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 During fiscal 2025, this program covered each of the named executive officers. The terms of our applicable stock plan and award agreements govern the treatment of equity awards upon a change of control. Generally, a change of control under these agreements occurs if one of the following events occurs:

| ● | Individuals who constitute the Board (the Incumbent Board), cease for any reason to constitute at least a majority of the Board. Anyone who becomes a director and whose election, or nomination for election, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board is considered a member of the Incumbent Board. |

| ● | Consummation of a reorganization, merger, or consolidation, in each case, with respect to which persons who were our shareholders immediately prior to the transaction do not, immediately thereafter, own more than 50% of the combined voting power entitled to vote generally in the election of directors of the reorganized, merged, or consolidated Company. |

| ● | A liquidation or dissolution of Conagra Brands or the sale of all or substantially all of our assets. |

Generally, a termination for “cause” under the agreement requires (as further described in the change of control agreements):

| ● | the willful and continued failure by the executive to substantially perform his or her duties, |

| ● | the willful engaging by the executive in conduct that is demonstrably and materially injurious to us, or |

| ● | the executive’s conviction of a felony or misdemeanor that impairs his or her ability substantially to perform duties for us. |

A right of the executive to terminate with “good reason” following a change of control is generally triggered by:

| ● | any failure of Conagra Brands to comply with and satisfy the terms of the change of control agreement, |

| ● | a significant involuntary reduction of the authority, duties, or responsibilities held by the executive immediately prior to the change of control, |

| ● | any involuntary removal of the executive from an officer position held by the executive immediately prior to the change of control, except in connection with promotions, |

| ● | any involuntary reduction in the aggregate compensation level of the executive, |

| ● | requiring the executive to become based at a new location, or |

| ● | requiring the executive to undertake substantially greater amounts of business travel. |

None of the NEO’s agreements contains an excise tax gross-up. Although the Committee continues to believe in the importance of maintaining a change of control program, it believes that