Company: CAG
Filing Date: 2025-08-06
Form Type: DEF 14A
Source: 0000023217-25-000054
Chunk: 28

Company: CONAGRA BRANDS INC.
Filing Date: 2025-08-06
Form: DEF 14A
Chunk 28
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 The Human Resources Committee has reviewed and discussed the below section of this Proxy Statement entitled “Compensation Discussion and Analysis” with management. Based on this review and discussion, the Human Resources Committee recommended to the Board that the section entitled “Compensation Discussion and Analysis” be included in this Proxy Statement and incorporated by reference in the Company’s Annual Report on Form 10-K for the fiscal year ended May 25, 2025. CONAGRA BRANDS, INC. HUMAN RESOURCES COMMITTEE

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| Ruth Ann Marshall, Chair | ​ | Anil Arora | ​ | Fran Horowitz | ​ | Richard H. Lenny |

CONAGRA BRANDS 2025 PROXY STATEMENT 35

MESSAGE FROM THE CHAIR OF OUR HUMAN RESOURCES COMMITTEE

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Message from the Chair of our Human Resources Committee

| ​“We are grateful to all shareholders who engaged with us to share their candid perspectives on our compensation program. We are pleased that shareholders recognized the commitment made by the Committee and the compensation program redesign, which strengthens the alignment between pay and performance, as directly responsive to their feedback. The Committee and the full Board look forward to continuing the dialogue.” |

August 6, 2025 Dear Fellow Shareholders, On behalf of the Human Resources Committee, thank you for your continued investment in Conagra. As the management team executes on our key strategic priorities amid a volatile market environment, the Committee remains focused on ensuring the compensation program supports our growth objectives and long-term shareholder value creation by incentivizing the market expansion of our resilient brands and reinforcing our ability to attract and retain top executive talent. As part of our commitment to paying for performance, we evaluated fiscal 2025 performance to ensure that incentive plan payouts were aligned with achieved results and shareholder experience over the applicable performance periods. The fiscal AIP paid out at 74.3% of target reflecting the Company’s performance this year which saw continued strong Free Cash Flow that allowed the Company to reduce net debt during fiscal 2025 while Net Sales and Operating Income were negatively impacted by lower consumer consumption.The LTI shares associated with the fiscal 2023-2025 performance period were earned at 70.1% of target, which represented 44% of the initial target grant