Company: CAG
Filing Date: 2025-08-06
Form Type: DEF 14A
Source: 0000023217-25-000054
Chunk: 34

Company: CONAGRA BRANDS INC.
Filing Date: 2025-08-06
Form: DEF 14A
Chunk 34
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 | ​ | 23.4%         |
| ​                  |   | Adjusted Net Sales* |                    $12,461 |   |                     | ​ |                   $12,051 | ​ | ​             |
| Fiscal 2025        |   | Adjusted EPS*       |                      $2.55 |   |                     | ​ |                     $2.02 | ​ | 15.8%         |
| ​                  |   | Adjusted Net Sales* |                    $12,232 |   |                     | ​ |                   $11,650 | ​ | ​             |
| ​                  | ​ |                     |                          ​ | ​ | Calculated Payout % |   |                           | ​ | 70.1%         |

*Adjusted metric used for compensation purposes. See “Other Compensation Policies, Programs, and Practices—Use of Adjustments in Incentive Programs” in this Proxy Statement for information about how the Committee calculates these metrics.

42CONAGRA BRANDS 2025 PROXY STATEMENT

#### COMPENSATION DISCUSSION AND ANALYSIS

#### Based on these results, the Committee approved a 74.3% payout under the fiscal 2025 AIP (which was subject to an individual performance modifier for each participant). Additionally, the Committee approved a 70.1% payout under the fiscal 2023 to 2025 Performance Shares with the Committee following its practice to pay Performance Shares at a level equal to the earned amount, without applying further discretion.The Committee believes that its fiscal 2025 compensation decisions appropriately reflect its pay-for-performance philosophy and its focus on:●compensating executives based on actual Company performance, and●aligning management’s interests with those of our shareholders.

#### CONAGRA BRANDS 2025 PROXY STATEMENT43
COMPENSATION DISCUSSION AND ANALYSIS

Compensation Program Elements Our executive compensation program is designed to encourage and reward behavior that promotes attainment of our annual and long-term goals. In turn, those goals are intended to lead to sustainable, profitable growth, and long-term shareholder value. The elements of our fiscal 2025 executive compensation program were as follows:

| ​                    | ​      | Pay Element   |   | Description                                                                                                                              |   |                                                                                                                                                                                          |
| ◀FIXED▶              | Short- 
 Term   | BASE SALARY   
 AND BENEFITS  | ​ | ·A fixed compensation program with salaries reviewed annually and adjusted as appropriate (as further described below)                   |