Company: CAG
Filing Date: 2025-08-06
Form Type: DEF 14A
Source: 0000023217-25-000054
Chunk: 39

Company: CONAGRA BRANDS INC.
Filing Date: 2025-08-06
Form: DEF 14A
Chunk 39
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 metric. Results for Company performance under each metric are subject to adjustment for defined comparability items as described below under “Other Compensation Policies, Programs, and Practices—Use of Adjustments in Incentive Programs.” Under the fiscal 2025 AIP, the total payout opportunity for participants continued to be capped at 200% of target. Consistent with prior years, an individual performance modifier was also included in the fiscal 2025 AIP to ensure that the final incentive payouts accurately reflect each participant’s contributions. At the beginning of fiscal 2025, each named executive officer set individual performance goals with their manager and, for our CEO, with the Human Resources Committee and the Board, based on our corporate strategy and the annual operating plan. Goals were then cascaded throughout the Company to align our employees’ goals with our

CONAGRA BRANDS 2025 PROXY STATEMENT 47

COMPENSATION DISCUSSION AND ANALYSIS

corporate goals. Performance against these goals was assessed following the end of fiscal 2025 to determine the individual performance modifier for each plan participant, including our named executive officers. Mr. Connolly assesses each NEO’s individual performance against these goals, while the Committee assesses Mr. Connolly’s performance, taking into account factors such as individual accountability for achievement of strategic objectives. In no event will the individual performance modifier cause any participant’s total payout opportunity to exceed the maximum payout of 200% of target. Following the end of the fiscal year, the following formula was applied to determine the payout of awards under the 2025 Annual Incentive Plan:

| Eligible Earnings1 | ​ | Target(% of Eligible Earnings) | ​ | Company PerformanceAdjusted Operating Profit (50%)Adjusted Net Sales (25%)Adjusted Free Cash Flow (25%) | ​ | Individual Performance Modifier | ​ | Annual Incentive Award(0-200%) |
|                    | X |                                | X |                                                                                                         | X |                                 | = |                                |
|                    | ​ |                                | ​ |                                                                                                         | ​ |                                 | ​ |                                |

| (1) | Eligible Earnings is equivalent to annual base salary earned during the fiscal year and reflects any periods of unpaid leave or any base salary changes made during the fiscal year. |

The Committee determined to maintain the NEO’s, including Mr. Connolly’s, AIP award opportunity consistent with fiscal 2024. The following table shows the target AIP opportunity, measured as a percentage of Eligible Earnings, set