Company: LW
Filing Date: 2025-08-07
Form Type: DEF 14A
Source: 0001679273-25-000060
Chunk: 65

Company: Lamb Weston Holdings, Inc.
Filing Date: 2025-08-07
Form: DEF 14A
Chunk 65
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 (i.e., companies in the S&P 500 Packaged Food & Meats sub-index), and our absolute TSR was negative, which resulted in a payout of 100% of target for this component.

• For PSAs linked to Adjusted EBITDA AAGR, our year-over-year target growth goal was 7.0%, aligned with our externally-communicated, long-term Adjusted EBITDA growth of mid-to-high single digits. The following table summarizes the target Adjusted EBITDA goals, actual Adjusted EBITDA achieved, and resulting payout for each of the three tranches of the fiscal 2023 PSAs (dollars in millions):

|                |     | Baseline (prior-year) Adjusted EBITDA |       |     | Actual Adjusted EBITDA |       |     | Actual Year-over-Year Growth |     |                                              | Payout        
 (% of Target) |
|:---------------|:----|:--------------------------------------|------:|:----|:-----------------------|------:|:----|:-----------------------------|:----|:---------------------------------------------|:--------------|
| FY2023 Tranche |     | $                                     |   742 |     | $                      | 1,242 |     | 67.4%                        |     |                                              | 200%          |
| FY2024 Tranche |     | $                                     | 1,242 |     | $                      | 1,417 |     | 14.1%                        |     |                                              | 200%          |
| FY2025 Tranche |     | $                                     | 1,417 |     | $                      | 1,221 |     | -13.8%                       |     |                                              | 0%            |
|                |     |                                       |       |     |                        |       |     |                              |     | Overall Payout for Adjusted EBITDA component | 133.3%        |

• The combined payout for the fiscal 2023 PSAs was 116.7% of target, reflecting the average of 100% for the relative TSR component and 133.3% of target for the Adjusted EBITDA component.

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Fiscal 2023-2025 Leveraged Performance Units. As previously disclosed in our SEC filings, in fiscal 2023, the Compensation Committee approved one-time equity awards of performance-based units and stock options to certain executive officers of the Company, including the