Company: CAG
Filing Date: 2025-08-06
Form Type: DEF 14A
Source: 0000023217-25-000054
Chunk: 29

Company: CONAGRA BRANDS INC.
Filing Date: 2025-08-06
Form: DEF 14A
Chunk 29
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 value, based on the fiscal year-end stock price and inclusive of dividend equivalents on earned performance shares. We believe these incentive plan outcomes are aligned with both Company performance and our shareholders. 2024 Say-on-Pay Vote and Responsiveness Actions Fiscal 2025 marked the first year of our redesigned compensation program, shaped by shareholder feedback gathered over the last two years of expanded engagement efforts. Specifically, the fiscal 2025 compensation program incorporated the following design features:

| ● | The Annual Incentive Plan retained the Free Cash Flow metric, originally introduced in fiscal 2024 in response to shareholder feedback and to incentivize debt leverage reduction, a key performance indicator used by our shareholders; |

| ● | Shifted the LTI performance measurement period to a three-year cumulative basis, starting with the fiscal 2025 LTI plan, replacing the year-over-year growth rate approach taken in prior years; and |

| ● | Introduced a relative TSR payout modifier to the fiscal 2025 LTI plan, designed to incentivize shareholder value creation and alignment with shareholder experience by measuring our performance relative to our defined peer group of food companies: General Mills, Inc., J.M. Smucker Company, The Kraft Heinz Company, Campbell Soup Company, and Kellanova (near-in peers). |

We would also like to assure our shareholders of the Committee’s intent not to repeat the fiscal 2023 additional value grant approach for unearned awards and reaffirm our commitment not to provide any additional special grants to Mr. Connolly during his CEO tenure.

36CONAGRA BRANDS 2025 PROXY STATEMENT

MESSAGE FROM THE CHAIR OF OUR HUMAN RESOURCES COMMITTEE

Throughout our engagement meetings, shareholders expressed overwhelmingly positive feedback on the updates to our fiscal 2025 compensation program and reiterated that the Committee’s response to their concerns related to the fiscal 2023 Say-on-Pay vote, including its statements regarding special grants, directly addressed their concerns reflected in the 2024 Say-on-Pay vote. We encourage you to review the full Compensation Discussion and Analysis section below for additional details.

In addition to our extended engagement efforts over the past two years, we have also partnered with the full Board to review the multi-year long-term executive succession planning efforts and remain confident that our compensation program is effective in attracting and retaining top talent, ensuring alignment with the Company’s current and evolving business priorities.

On behalf of the Human Resources Committee, thank you for your continued engagement with the Board and support of Conagra. We remain committed to active, open