Company: CAG
Filing Date: 2025-08-06
Form Type: DEF 14A
Source: 0000023217-25-000054
Chunk: 35

Company: CONAGRA BRANDS INC.
Filing Date: 2025-08-06
Form: DEF 14A
Chunk 35
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See “Other Compensation Policies, Programs, and Practices—Use of Adjustments in Incentive Programs” for information on how the compensation metrics Adjusted Operating Profit, Adjusted Net Sales, Adjusted Free Cash Flow and Adjusted EPS are calculated.

44CONAGRA BRANDS 2025 PROXY STATEMENT

COMPENSATION DISCUSSION AND ANALYSIS

Fiscal 2025 Executive Compensation Program For fiscal 2025, the Committee created an executive compensation program that provides an appropriate mix of fixed and variable compensation elements:

| ​                            | ​ | ​                                          |
| Fixed Compensation           |   | Variable Compensation                      |
| ·Base Salary                 
 ·Health and Welfare Benefits 
 ·Retirement Benefits         | ​ | ·Fiscal 2025 AIP (cash settled)            
 ·Fiscal 2025-2027 LTI Plan (stock settled) |

The use of a mix of compensation types (salary, benefits, cash- and equity-based awards) and a mix of performance periods (single- and multi-year) was intended to promote behavior consistent with our long-term strategic plan and minimize the likelihood of executives having significant motivation to pursue risky or unsustainable results. In overseeing this compensation program design, the Committee sought to encourage and reward behavior that would promote attainment of our annual and long-term business goals and lead to sustainable growth in shareholder value. The Committee focused on:

| ● | Aligning compensation programs, policies and practices to our Company’s vision, mission, and values |

| ● | Being market competitive, but emphasizing variable compensation to differentiate our program from that of peers |

| ● | Determining pay mix (fixed and variable compensation) based on executive position |

| ● | Providing a compensation structure that groups positions based on impact to the Company |

| ● | Affording opportunities and flexibility in pay positioning to ensure fair and equitable compensation and room for growth |

| ● | Recognizing and differentiating based on individual, team, and Company performance |

**The Committee also considered peer compensation and other market data. The unique roles, responsibilities, individual and team contributions, and tenure of our named executive officers had a meaningful impact on their total fiscal 2025 compensation opportunity. A consistent theme of our compensation philosophy, however, is that, by design, variable compensation was a significant percentage of the total compensation opportunity for fiscal 2025. The Committee’s approach is to provide the greatest percentage of the executive’s compensation target opportunity in the form of long-term incentives payable in shares of our common stock. The Committee believes that this