Company: CAG
Filing Date: 2025-08-06
Form Type: DEF 14A
Source: 0000023217-25-000054
Chunk: 41

Company: CONAGRA BRANDS INC.
Filing Date: 2025-08-06
Form: DEF 14A
Chunk 41
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 The exclusion of these items may have a positive or negative impact on the calculation of our incentive compensation performance metrics. The use of adjustments to exclude items impacting comparability approved by the Committee applicable to the fiscal 2025 Adjusted Operating Profit, Adjusted Net Sales, and Adjusted Free Cash Flow metrics is described below under “Other Compensation Policies, Programs, and Practices—Use of Adjustments in Incentive Programs.” For fiscal 2025 AIP purposes, after application of the adjustments to exclude items impacting comparability, the Committee determined that Conagra Brands delivered fiscal 2025 Adjusted Operating Profit of $1,636 million, Adjusted Net Sales of $11,650 million, and Adjusted Free Cash Flow of $1,159 million. Formulaically, these results provided for a payout equal to 74.3% of target.

48CONAGRA BRANDS 2025 PROXY STATEMENT

COMPENSATION DISCUSSION AND ANALYSIS

The Adjusted Operating Profit, Adjusted Net Sales, and Adjusted Free Cash Flow goals and results for the fiscal 2025 AIP were as follows: *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. After reviewing the performance metrics and corresponding payout level, the Committee considered whether any discretionary adjustments were warranted to the overall payout based on the quality of results achieved. The fiscal 2025 AIP permitted the Committee to increase or decrease the pool funding level by an amount, up to 15%, based on its assessment of how the Company achieved its business results. The Committee determined not to make any adjustments to the pool funding level for fiscal 2025 based on Company performance equal to 74.3% of target. Determination of Individual Named Executive Officer Awards The Committee’s final step was to determine each named executive officer’s individual payout under the fiscal 2025 AIP. This process involved consideration of the individual’s target award, the Company’s performance against the performance goals, and each executive’s individual performance toward their individual goals and their individual and team contributions toward the Company’s achievement of the performance metrics. Mr. Connolly’s input on the individual contribution of these leaders, and his recommendations on program payouts, also assisted the Committee in determining individual named executive officer AIP payouts. The full Board’s performance evaluation of Mr. Connolly was used in determining his payout. Ultimately, the Committee decided that each named