Company: CAG
Filing Date: 2025-08-06
Form Type: DEF 14A
Source: 0000023217-25-000054
Chunk: 56

Company: CONAGRA BRANDS INC.
Filing Date: 2025-08-06
Form: DEF 14A
Chunk 56
---
| EPS: $1.42                                                                 | Adjusted EPS: $2.77               | For the FY21-23 Performance Shares, adjusted $1.35 for year-over-year non-comparability and included in the pay versus performance adjusted EPS chart for FY23       |
| Operating Profit: $1,075                                                   | Adjusted Operating Profit: $1,917 | Adjusted $842 for year-over-year non-comparability items                                                                                                             |
| FY22                                                                       | ​                                 | ​                                                                                                                                                                    |
| EPS: $1.84                                                                 | Adjusted EPS: $2.41               | Adjusted $0.57 for year-over-year non-comparability                                                                                                                  |
| Operating Profit: $1,346                                                   | Adjusted Operating Profit: $1,665 | Adjusted $311 for year-over-year non-comparability items and $8 for anticipated events                                                                               |
| FY21                                                                       | ​                                 | ​                                                                                                                                                                    |
| EPS: $2.66                                                                 | Adjusted EPS: $2.66               | None                                                                                                                                                                 |
| Operating Profit: $1,776                                                   | Adjusted Operating Profit: $1,964 | Adjusted $188 for year-over-year non-comparability items                                                                                                             |

Tax a nd Accounting Implications of the Committee’s Compensation Decisions U.S. federal income tax law prohibits us from taking a tax deduction for certain compensation paid in excess of $1 million to certain executive officers (and, beginning in 2018, certain former executive officers). Historically, compensation that qualified as “performance-based compensation” under Section 162(m) of the Code could be excluded from this $1 million limit. This exception was repealed for our programs with the Tax Cuts and Jobs Act, effective for taxable years beginning after December 31, 2017.

CONAGRA BRANDS 2025 PROXY STATEMENT 59

COMPENSATION DISCUSSION AND ANALYSIS

With the repeal of the “performance-based compensation” provisions of Section 162(m) of the Code, compensation granted by the Committee may, more frequently, be non-deductible. The Committee believes that the tax deduction limitation should not be permitted to compromise its ability to design and maintain executive compensation arrangements that will attract and retain the executive talent to compete successfully. Accordingly, achieving the desired flexibility in the design and delivery of compensation may result in compensation that in certain cases is not deductible for federal income tax purposes. INDEPEN DENT COMPENSATION CONSULTANT The Committee engages FW Cook