Company: CAG
Filing Date: 2025-08-06
Form Type: DEF 14A
Source: 0000023217-25-000054
Chunk: 31

Company: CONAGRA BRANDS INC.
Filing Date: 2025-08-06
Form: DEF 14A
Chunk 31
---
 as an Annual Incentive Plan metric, adopted starting with fiscal 2024 AIP design in response to shareholder feedback and aligned with our strategic focus on debt leverage reduction;                                                                                                                                                                                                                                                                                                                                       
 ●Introduces a relative TSR modifier, beginning with the fiscal 2025 LTI plan; and                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| ​ | ​                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| ​ | August 20242024 proxy statement is filed disclosing that the HR Committee reaffirmed its commitments that (1) it does not intend to repeat the additional value grant approach for unearned performance awards used in fiscal 2023, and (2) it will not provide any additional special grants to Mr. Connolly during his CEO tenure; the HR Committee discloses changes to its FY25 long-term incentive plan to further align pay with performance, including a three-year cumulative approach to performance measurement and a relative TSR modifier |
| ​ | ​                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| ​ | August – September 2024The HR Committee oversees shareholder engagement, with the HR Committee Chair and Independent Board Chair participating in meetings with our largest shareholders and the proxy advisory firm, Institutional Shareholder Services; the 2024 Annual Meeting takes place and shareholders vote on fiscal 2024 Say-on-Pay                                                                                                                                                                                                         |
| ​ | ​                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| ​ | November 2024 – July 2025Chair of our HR Committee, Independent Board Chair, and management re-engage with shareholders and the proxy advisory firms, Glass Lewis and Institutional Shareholder Services, reaffirming shareholder support for the fiscal 2025 LTI design changes and updated approach with respect to special grants                                                                                                                                                                                                                  |
| ​ | ​                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| ​ | July 2025After reviewing the executive compensation program for alignment with its goals, shareholder feedback, and peer programs, the HR Committee approves fiscal 2026 executive compensation                                                                                                                                                                                                                                                                                                                                                       |
| ​ | ​                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |

38CONAGRA BRANDS 2025 PROXY STATEMENT

SHAREHOLDER ENGAGEMENT AND RESPONSIVENESS

Shareholder Feedback and Responsive Actions Below we provide an overview of our shareholder engagement efforts since filing our proxy statement for the 2024 Annual Meeting, aimed at understanding shareholder perspectives on our compensation decisions and developing appropriate responses.

| BEFORE 2024 ANNUAL MEETING​INVITEDMore than 25 shareholders, representing more than 50% of our outstanding shares, to engage with us ​MET WITH 11 shareholders who accepted our invitation to engage, representing ~