Company: CAG
Filing Date: 2025-08-06
Form Type: DEF 14A
Source: 0000023217-25-000054
Chunk: 36

Company: CONAGRA BRANDS INC.
Filing Date: 2025-08-06
Form: DEF 14A
Chunk 36
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 emphasis on stock-based compensation is the best method of aligning management interests with those of our shareholders. Fiscal 2025 Targe t Compensation Opportunity Mix The charts below show the allocation of the total target compensation opportunity (calculated using Eligible Earnings, target fiscal 2025 AIP award, and target LTI plan value) for Mr. Connolly and for our other named executive officers as a group. “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. FISCAL 2025 COMPENSATION OPPORTUNITY MIX (AT TARGET)* *% opportunity is calculated excluding sign-on grants made to Ms. O’Mara.

CONAGRA BRANDS 2025 PROXY STATEMENT 45

COMPENSATION DISCUSSION AND ANALYSIS

Changes to incentive plans for fiscal 2025

For fiscal 2025, the incentive plan changes reflect a continued evolution toward performance alignment and market competitiveness.

The Committee determined it was important to maintain the structure of our annual incentive program which continues to reflect the right balance of performance alignment, strategic intent, and investor expectations.

Informed by our shareholder engagement relating to the 2024 Say-on-Pay vote, the Committee made changes to its approach to Performance Shares for awards approved in fiscal 2025. These changes reflect the Committee’s understanding of our shareholders’ preference to see TSR as an element in the incentive plan design, favorable view of our financial metrics, and preference for a long-term goal setting approach.

The Committee approved the addition of a relative TSR modifier to all Performance Shares granted in fiscal 2025, reinforcing the alignment between long-term incentive payouts and shareholder value creation. Under the updated design, the maximum payout remains capped at 200% of the target award, including a potential adjustment of ±10 percentage points based on our three-year TSR performance relative to a 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) that we commonly identify as our nearest competitors in our investor communications.

The Committee continued to utilize Adjusted EPS (weighted at 70%) and Adjusted Net Sales (weighted at 30%) as the Performance Share metrics for fiscal 2025. Dividend equivalents, if earned, will continue to be added to the final payout.

Additionally, for all Performance Shares awarded in fiscal 2025, the Committee