Company: CAG
Filing Date: 2025-08-06
Form Type: DEF 14A
Source: 0000023217-25-000054
Chunk: 53

Company: CONAGRA BRANDS INC.
Filing Date: 2025-08-06
Form: DEF 14A
Chunk 53
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 pay Mr. Connolly for professional fees incurred in the negotiation and preparation of the new letter agreement (and related documents).

The agreement also entitles Mr. Connolly to participate in benefit plans and programs that are made available to senior executives generally. For information about the terms of Mr. Connolly’s participation in our retirement plans and deferred compensation plans, see “Executive Compensation—Nonqualified Deferred Compensation—Fiscal 2025” below.

The letter agreement also includes retirement benefits for Mr. Connolly. It provides that, for Mr. Connolly’s equity awards granted on or after July 17, 2018, and for any annual incentive plan in effect in the year of his retirement, (a) any definition of “early retirement” will be no less favorable to Mr. Connolly than the requirement that Mr. Connolly attains at least age 55 but has not yet attained age 57, and (b) any definition of “normal retirement” will be no less favorable to Mr. Connolly than the requirement that Mr. Connolly attain at least age 57. In addition, his letter agreement provides that Mr. Connolly equity awards will continue to vest after retirement in accordance with the normal vesting schedule for such awards even if the equity award agreement provides for immediate vesting, as long as his retirement is not within 2 years of a change of control.

The letter agreement also provides for severance, termination, and change of control benefits.

Mr. Connolly’s severance benefits under the letter agreement are further described below under the heading “Executive Compensation—Potential Payments Upon Termination or Change of Control.”

#### Change of Control Agreements
We have agreements with our named executive officers that are designed to promote stability and continuity of senior management in the event of a change of control. The Committee routinely evaluates participation in this program and its benefit levels to ensure their reasonableness.

Since fiscal 2012, individuals promoted or hired into positions that, in the Committee’s view, are appropriate for change of control program participation have not been entitled to any excise tax gross-up protection. Although the Committee continues to believe in the importance of maintaining a change of control program, it believes that offering excise tax gross-ups to new participants is inappropriate relative to best executive pay practices.

CONAGRA BRANDS 2025 PROXY STATEMENT 57

COMPENSATION DISCUSSION AND ANALYSIS

We provide a complete description of the amounts potentially payable to our named executive officers under these agreements under the heading “Executive Compensation