Company: CAG
Filing Date: 2025-08-06
Form Type: DEF 14A
Source: 0000023217-25-000054
Chunk: 30

Company: CONAGRA BRANDS INC.
Filing Date: 2025-08-06
Form: DEF 14A
Chunk 30
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 dialogue with all of our stakeholders as we continue to refine our executive compensation program to best support our growth strategy and business priorities. We respectfully request your support on this year’s advisory executive compensation proposal.

Sincerely,

Ruth Ann Marshall

Chair of the Human Resources Committee

CONAGRA BRANDS 2025 PROXY STATEMENT 37

SHAREHOLDER ENGAGEMENT AND RESPONSIVENESS

Shareholder Engagement and Responsiveness The Human Resources Committee (the “HR Committee” or the “Committee”) values the year-round, open dialogue it maintains with shareholders to better understand investor perspectives on various matters, including our executive compensation program, pay-for-performance alignment, succession planning process, corporate governance, risk oversight responsibility, and other business priorities. The Committee, in collaboration with the full Board, considers all feedback received when evaluating appropriate and effective responsive actions and go-forward changes to our compensation program. Over the past two fiscal years, the Committee has overseen a robust shareholder engagement effort to understand shareholders’ sentiments regarding our executive compensation program. Below is an overview of the key milestones leading up to this year’s Annual Meeting and Say-on-Pay vote. Notably, some shareholders chose to consider the fiscal 2024 performance and retention incentive awards provided to our CEO ("2024 CEO Retention Awards”) when determining their fiscal 2023 Say-on-Pay vote, while some deferred such consideration until the fiscal 2024 Say-on-Pay vote. Say-on-Pay Vote and Responsiveness Timeline

| ​ | July 2023 The HR Committee approves fiscal 2024 compensation, including the fiscal 2024 CEO Performance and Retention Awards which are proactively disclosed in a Form 8-K filing and the proxy statement for the 2023 Annual Meeting                                                                                                                                                                                                                                                                                                                 |
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| ​ | September 20232023 Annual Meeting occurs, with some shareholders expressing their concerns related to the 2024 CEO Retention Awards through the fiscal 2023 Say-on-Pay vote                                                                                                                                                                                                                                                                                                                                                                           |
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| ​ | December 2023 – May 2024The HR Committee oversees shareholder engagement and assures shareholders that it does not intend to repeat the additional value grant approach for unearned performance awards that was used in fiscal 2023 to address an extraordinary set of circumstances; further commits to not providing any additional special grants to Mr. Connolly during his CEO tenure                                                                                                                                                           |
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| ​ | ●Maintains Free Cash Flow