Company: CAG
Filing Date: 2025-08-06
Form Type: DEF 14A
Source: 0000023217-25-000054
Chunk: 32

Company: CONAGRA BRANDS INC.
Filing Date: 2025-08-06
Form: DEF 14A
Chunk 32
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 program is designed to encourage and reward behavior that promotes attainment of our annual and long-term goals.We allocate a significant ratio of incentives for at-risk variable compensation – 89% for our CEO and 80% on average for other NEOs – with realizable opportunities tied to the achievement of pre-set rigorous performance metrics or our stock price performance. For fiscal 2025, our annual incentive plan paid out at 74.3% of target, underscoring the rigor and alignment of our incentive plan with performance and our shareholder experience. The LTI shares associated with the fiscal 2023-2025 performance period were earned at 70.1% of target, which represented 44% of the initial target grant value, based on the fiscal year-end stock price and including dividend equivalents on earned Performance Shares.For fiscal 2025, we introduced a relative TSR modifier (plus or minus 10%) for our LTI plan, comparing our 3-year relative TSR performance to our near-in peers.As illustrated in our Pay Versus Performance Disclosure starting on page 73, our Executives’ Compensation Actually Paid (as defined by the SEC), is highly correlated to our stock price performance. As intended by our pay-for-performance philosophy, we believe our executive compensation design is effectively aligning executive and shareholder outcomes. |

Based on shareholder feedback indicating their support for our compensation program without additional special grants going-forward, the Board believes that the commitments made by the Committee regarding additional LTI value and not to award any additional special grants for our CEO, along with the redesign of our long-term incentive plan and enhanced compensation disclosures, were directly responsive to shareholder feedback received during our engagement efforts. The full Board and HR Committee remain focused on maintaining an ongoing and transparent line of dialogue with all of our shareholders as we continue to evolve our compensation program to best incentivize strong shareholder value creation and returns.

40CONAGRA BRANDS 2025 PROXY STATEMENT

COMPENSATION DISCUSSION AND ANALYSIS

Compe nsation Discussion and Analysis Table of Contents

| ​                                                            |  ​ |
| Introduction                                                 | 41 |
| Executive Summary                                            | 42 |
| Fiscal 2025 Performance Highlights                           | 42 |
| Fiscal 2025 Pay Outcomes                                     | 42 |
| Compensation Program Elements                                | 44 |
| Fiscal 2025 Executive Compensation Program                   | 45 |
| Fiscal 2025 Target Compensation Opportunity Mix              | 45 |
| Changes to Incentive Plans for Fiscal 2025                   | 46 |