[8-K] Lamb Weston Holdings, Inc. Reports Material Event

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Lamb Weston Holdings, Inc. (LW) filed an 8-K announcing a wide-ranging Cooperation Agreement dated 30 Jun 2025 with activist investor JANA Partners and Continental Grain Company.

Board re-composition: The Company will expand its Board from 11 to 13 seats and accept the resignations of Charles A. Blixt, W.G. Jurgensen, Robert A. Niblock and Maria Renna Sharpe (two already effective 29 Jun 2025). Six Agreed Directors will be appointed no later than 11 Jul 2025: Bradley Alford (new non-executive Chairman), Timothy R. McLevish, Scott Ostfeld, Ruth Kimmelshue, Paul Maass and Lawrence Kurzius. Each brings senior leadership or activist experience across food, agribusiness and consumer sectors.

Committee alignment: 鈥� Audit & Finance 鈥� 5 members (incl. McLevish & Maass). 鈥� Compensation & Human Capital 鈥� 6 members (incl. Kimmelshue, Kurzius & Ostfeld). 鈥� Nominating & Governance 鈥� 6 members (incl. Kimmelshue, Kurzius & Ostfeld).

Shareholder obligations & standstill: JANA and Continental Grain agree to (1) vote in line with Board recommendations (with limited proxy-advisor exceptions), (2) maintain a 鈮�1.5 % net long position to keep board representation, (3) adhere to mutual non-disparagement, and (4) observe a standstill that runs until the earlier of 30 days before the 2026 advance-notice window or 28 Apr 2026.

Replacement rights: If any of the designated directors departs before the Termination Date, JANA, Continental Grain or both (depending on the seat) may name replacements, subject to customary independence and suitability criteria.

Rationale & disclosure: While no financial metrics were provided, the agreement averts a potential proxy contest, refreshes governance with seasoned industry leaders, and signals collaboration between management and key shareholders. The Company issued a press release (Exhibit 99.1) and attached the full Cooperation Agreement (Exhibit 10.1).

Lamb Weston Holdings, Inc. (LW) ha presentato un modulo 8-K annunciando un ampio Accordo di Cooperazione datato 30 giugno 2025 con l'investitore attivista JANA Partners e Continental Grain Company.

Ricomposizione del Consiglio: La Societ脿 amplier脿 il Consiglio da 11 a 13 membri e accetter脿 le dimissioni di Charles A. Blixt, W.G. Jurgensen, Robert A. Niblock e Maria Renna Sharpe (due gi脿 effettive dal 29 giugno 2025). Sei Direttori Concordati saranno nominati entro l'11 luglio 2025: Bradley Alford (nuovo Presidente non esecutivo), Timothy R. McLevish, Scott Ostfeld, Ruth Kimmelshue, Paul Maass e Lawrence Kurzius. Ognuno porta esperienza di leadership senior o attivista nei settori alimentare, agroindustriale e consumer.

Allineamento delle Commissioni: 鈥� Audit & Finanza 鈥� 5 membri (inclusi McLevish e Maass). 鈥� Compensi & Capitale Umano 鈥� 6 membri (inclusi Kimmelshue, Kurzius e Ostfeld). 鈥� Nomine & Governance 鈥� 6 membri (inclusi Kimmelshue, Kurzius e Ostfeld).

Obblighi degli azionisti e standstill: JANA e Continental Grain si impegnano a (1) votare in linea con le raccomandazioni del Consiglio (con limitate eccezioni per i proxy advisor), (2) mantenere una posizione netta long 鈮�1,5% per conservare la rappresentanza nel consiglio, (3) rispettare un impegno reciproco di non diffamazione e (4) osservare un periodo di standstill fino a 30 giorni prima della finestra di preavviso anticipato 2026 o al 28 aprile 2026, se precedente.

Diritti di sostituzione: Se uno dei direttori designati dovesse lasciare prima della Data di Cessazione, JANA, Continental Grain o entrambi (a seconda del seggio) potranno nominare sostituti, previa verifica dei criteri consueti di indipendenza e idoneit脿.

Motivazioni e comunicazione: Pur non essendo stati forniti dati finanziari, l'accordo evita una possibile contesa per procura, rinnova la governance con leader esperti del settore e segnala una collaborazione tra la direzione e gli azionisti chiave. La Societ脿 ha pubblicato un comunicato stampa (Allegato 99.1) e ha allegato il testo completo dell'Accordo di Cooperazione (Allegato 10.1).

Lamb Weston Holdings, Inc. (LW) present贸 un formulario 8-K anunciando un amplio Acuerdo de Cooperaci贸n fechado el 30 de junio de 2025 con el inversor activista JANA Partners y Continental Grain Company.

Recomposici贸n del Consejo: La Compa帽铆a ampliar谩 su Consejo de 11 a 13 miembros y aceptar谩 las renuncias de Charles A. Blixt, W.G. Jurgensen, Robert A. Niblock y Maria Renna Sharpe (dos ya efectivas desde el 29 de junio de 2025). Se nombrar谩n seis Directores Acordados a m谩s tardar el 11 de julio de 2025: Bradley Alford (nuevo Presidente no ejecutivo), Timothy R. McLevish, Scott Ostfeld, Ruth Kimmelshue, Paul Maass y Lawrence Kurzius. Cada uno aporta experiencia en liderazgo senior o activista en los sectores de alimentos, agroindustria y consumo.

Alineaci贸n de Comit茅s: 鈥� Auditor铆a y Finanzas 鈥� 5 miembros (incluidos McLevish y Maass). 鈥� Compensaci贸n y Capital Humano 鈥� 6 miembros (incluidos Kimmelshue, Kurzius y Ostfeld). 鈥� Nominaciones y Gobernanza 鈥� 6 miembros (incluidos Kimmelshue, Kurzius y Ostfeld).

Obligaciones de los accionistas y standstill: JANA y Continental Grain acuerdan (1) votar conforme a las recomendaciones del Consejo (con excepciones limitadas para asesores de voto), (2) mantener una posici贸n neta larga 鈮�1.5% para conservar la representaci贸n en el consejo, (3) cumplir con un compromiso mutuo de no difamaci贸n y (4) observar un standstill que se extiende hasta 30 d铆as antes de la ventana de aviso anticipado de 2026 o el 28 de abril de 2026, lo que ocurra primero.

Derechos de reemplazo: Si alguno de los directores designados se retira antes de la Fecha de Terminaci贸n, JANA, Continental Grain o ambos (seg煤n el asiento) podr谩n nombrar reemplazos, sujetos a los criterios habituales de independencia y idoneidad.

Justificaci贸n y divulgaci贸n: Aunque no se proporcionaron m茅tricas financieras, el acuerdo evita una posible contienda por poder, renueva la gobernanza con l铆deres experimentados del sector y se帽ala colaboraci贸n entre la direcci贸n y accionistas clave. La Compa帽铆a emiti贸 un comunicado de prensa (Anexo 99.1) y adjunt贸 el Acuerdo de Cooperaci贸n completo (Anexo 10.1).

Lamb Weston Holdings, Inc. (LW)電� 2025雲� 6鞗� 30鞚检瀽頇滊彊臧€ 韴瀽鞛� JANA Partners 氚� Continental Grain Company鞕€鞚� 甏戨矓鞙勴暅順戨牓瓿勳暯鞚� 氚滍憸頃橂姅 8-K 氤搓碃靹滊ゼ鞝滌稖頄堨姷雼堧嫟.

鞚挫偓須� 鞛惮靹�: 須岇偓電� 鞚挫偓須岆ゼ 11氇呾棎靹� 13氇呾溂搿� 頇曤寑頃橂┌ Charles A. Blixt, W.G. Jurgensen, Robert A. Niblock, Maria Renna Sharpe鞚� 靷瀯鞚� 靾橃毄頃╇媹雼�(鞚� 欷� 霊� 氇呾潃 2025雲� 6鞗� 29鞚茧秬搿� 鞚措 須牓氚滌儩). 6氇呾潣 頃╈潣霅� 鞚挫偓臧€ 2025雲� 7鞗� 11鞚缄箤歆€ 鞛勲獏霅� 鞓堨爼鞛呺媹雼�: Bradley Alford(鞁犾瀯牍勳儊鞛� 鞚橃灔), Timothy R. McLevish, Scott Ostfeld, Ruth Kimmelshue, Paul Maass, Lawrence Kurzius. 臧侅瀽電� 鞁濏拡, 雴嶌梾氚� 靻岆箘鞛� 攵勳暭鞐愳劀瓿犾渼毽崝鞁� 霕愲姅頇滊彊臧€ 瓴巾棙鞚� 氤挫湢頃橁碃鞛堨姷雼堧嫟.

鞙勳洂須� 甑劚: 鈥� 臧愳偓氚� 鞛 鈥� 5氇�(毵ル爤牍勳嫓, 毵堨姢韽暔). 鈥� 氤挫儊氚� 鞚胳爜鞛愲掣鈥� 6氇�(韨措鞀�, 炜犽ゴ歆€鞖办姢, 鞓れ姢韸疙帬韸� 韽暔). 鈥� 歆€氇� 氚� 瓯半矂雱岇姢鈥� 6氇�(韨措鞀�, 炜犽ゴ歆€鞖办姢, 鞓れ姢韸疙帬韸� 韽暔).

欤检＜鞚橂 氚� 鞀ろ儬霌滌姢韹�: JANA鞕€ Continental Grain鞚€ (1) 鞚挫偓須� 甓岅碃鞐� 霐半澕韴憸頃� 瓴�(頂勲鞁� 鞛愲 鞝滍暅鞝� 鞓堨櫢項堨毄), (2) 鞚挫偓須� 雽€響滉秾鞙犾毳� 鞙勴暣鈮�1.5% 靾滊Г靾� 韽靺� 鞙犾, (3) 靸來樃牍勲癌旮堨 欷€靾�, (4) 2026雲� 靷爠韱奠 旮瓣皠 30鞚� 鞝� 霕愲姅 2026雲� 4鞗� 28鞚� 欷� 牍犽ジ鞁滌爯旯岇 鞀ろ儬霌滌姢韹� 欷€靾橃棎霃欖潣頃╇媹雼�.

甑愳泊甓岆Μ: 歆€鞝� 鞚挫偓臧€ 膦呺鞚� 鞚挫爠鞐� 韲挫瀯頃� 瓴届毎, JANA, Continental Grain 霕愲姅霊� 瓿� 氇憪(膦岇劃鞐� 霐半澕) 甏€搿€鞝侅澑霃呺靹� 氚� 鞝來暕靹� 旮办鞐� 霐半澕頉勳瀯鞛愲ゼ歆€氇呿暊靾� 鞛堨姷雼堧嫟.

氚瓣步氚� 瓿奠嫓: 鞛 歆€響滊姅鞝滉车霅橃 鞎婌晿鞙茧倶, 鞚� 瓿勳暯鞚€ 鞛犾灛鞝� 欤检＜齑濏殞雽€瓴办潉氚╈頃橁碃, 靾欕牗霅� 鞐呹硠毽崝毳� 韱淀暅瓯半矂雱岇姢毽攧霠堨嫓毳� 鞚措（氅�, 瓴届榿歆勱臣欤检殧欤检＜臧� 順戨牓鞚� 鞁滌偓頃╇媹雼�. 須岇偓電� 氤措弰鞛愲(觳秬氍胳劀 99.1)毳� 氚滍憸頃橁碃鞝勳泊順戨牓瓿勳暯靹�(觳秬氍胳劀 10.1)毳� 觳秬頄堨姷雼堧嫟.

Lamb Weston Holdings, Inc. (LW) a d茅pos茅 un formulaire 8-K annon莽ant un accord de coop茅ration 茅tendu dat茅 du 30 juin 2025 avec l'investisseur activiste JANA Partners et Continental Grain Company.

Recomposition du conseil d'administration : La soci茅t茅 va 茅largir son conseil d'administration de 11 脿 13 si猫ges et accepter les d茅missions de Charles A. Blixt, W.G. Jurgensen, Robert A. Niblock et Maria Renna Sharpe (dont deux d茅j脿 effectives au 29 juin 2025). Six administrateurs convenus seront nomm茅s au plus tard le 11 juillet 2025 : Bradley Alford (nouveau pr茅sident non ex茅cutif), Timothy R. McLevish, Scott Ostfeld, Ruth Kimmelshue, Paul Maass et Lawrence Kurzius. Chacun apporte une exp茅rience de direction senior ou activiste dans les secteurs de l'alimentation, de l'agroalimentaire et de la consommation.

Alignement des comit茅s : 鈥� Audit & Finance 鈥� 5 membres (dont McLevish & Maass). 鈥� R茅mun茅ration & Capital humain 鈥� 6 membres (dont Kimmelshue, Kurzius & Ostfeld). 鈥� Nomination & Gouvernance 鈥� 6 membres (dont Kimmelshue, Kurzius & Ostfeld).

Obligations des actionnaires & standstill : JANA et Continental Grain s'engagent 脿 (1) voter conform茅ment aux recommandations du conseil (avec des exceptions limit茅es pour les conseils en vote), (2) maintenir une position nette longue 鈮�1,5 % pour conserver la repr茅sentation au conseil, (3) respecter une non-d茅nigrement mutuelle, et (4) observer un standstill jusqu'脿 30 jours avant la p茅riode de pr茅avis anticip茅 de 2026 ou le 28 avril 2026, selon la premi猫re 茅ch茅ance.

Droits de remplacement : Si un des administrateurs d茅sign茅s quitte avant la date de fin, JANA, Continental Grain ou les deux (selon le si猫ge) peuvent nommer des rempla莽ants, sous r茅serve des crit猫res habituels d'ind茅pendance et d'aptitude.

Motivations & divulgation : Bien qu'aucune donn茅e financi猫re n'ait 茅t茅 fournie, l'accord 茅vite un 茅ventuel conflit par procuration, renouvelle la gouvernance avec des leaders exp茅riment茅s du secteur et signale une collaboration entre la direction et les principaux actionnaires. La soci茅t茅 a publi茅 un communiqu茅 de presse (Exhibit 99.1) et joint l'int茅gralit茅 de l'accord de coop茅ration (Exhibit 10.1).

Lamb Weston Holdings, Inc. (LW) hat eine 8-K-Meldung eingereicht, in der eine umfassende Kooperationsvereinbarung vom 30. Juni 2025 mit dem aktivistischen Investor JANA Partners und der Continental Grain Company bekanntgegeben wird.

Neubesetzung des Vorstands: Das Unternehmen wird den Vorstand von 11 auf 13 Sitze erweitern und die R眉cktritte von Charles A. Blixt, W.G. Jurgensen, Robert A. Niblock und Maria Renna Sharpe akzeptieren (zwei davon bereits zum 29. Juni 2025 wirksam). Sechs vereinbarte Direktoren werden bis sp盲testens 11. Juli 2025 ernannt: Bradley Alford (neuer nicht gesch盲ftsf眉hrender Vorsitzender), Timothy R. McLevish, Scott Ostfeld, Ruth Kimmelshue, Paul Maass und Lawrence Kurzius. Jeder bringt umfangreiche F眉hrungserfahrung oder Aktivistenerfahrung in den Bereichen Lebensmittel, Agrarwirtschaft und Konsumg眉ter mit.

Ausschussbesetzung: 鈥� Pr眉fung & Finanzen 鈥� 5 Mitglieder (einschlie脽lich McLevish & Maass). 鈥� Verg眉tung & Humankapital 鈥� 6 Mitglieder (einschlie脽lich Kimmelshue, Kurzius & Ostfeld). 鈥� Nominierung & Governance 鈥� 6 Mitglieder (einschlie脽lich Kimmelshue, Kurzius & Ostfeld).

Aktion盲rsverpflichtungen & Stillhalteabkommen: JANA und Continental Grain verpflichten sich, (1) im Einklang mit den Empfehlungen des Vorstands abzustimmen (mit begrenzten Ausnahmen f眉r Proxy-Berater), (2) eine Netto-Long-Position von mindestens 1,5 % zu halten, um die Vertretung im Vorstand zu sichern, (3) gegenseitigen Verleumdungsverzicht einzuhalten und (4) eine Stillhaltefrist zu beachten, die bis 30 Tage vor dem vorgezogenen Anmeldefenster 2026 oder dem 28. April 2026, je nachdem was fr眉her eintritt, l盲uft.

Ersetzungsrechte: Verl盲sst einer der benannten Direktoren das Amt vor dem Beendigungsdatum, k枚nnen JANA, Continental Grain oder beide (je nach Sitz) Ersatzpersonen benennen, vorbehaltlich der 眉blichen Kriterien f眉r Unabh盲ngigkeit und Eignung.

Begr眉ndung & Offenlegung: Obwohl keine finanziellen Kennzahlen angegeben wurden, verhindert die Vereinbarung einen m枚glichen Aktion盲rskampf, erneuert die Governance mit erfahrenen Branchenf眉hrern und signalisiert eine Zusammenarbeit zwischen Management und wichtigen Aktion盲ren. Das Unternehmen ver枚ffentlichte eine Pressemitteilung (Anlage 99.1) und legte die vollst盲ndige Kooperationsvereinbarung bei (Anlage 10.1).

Insights

TL;DR: LW avoids proxy fight by granting activists six seats, new chair and committee reshuffle; governance impact high, financial impact yet unknown.

The agreement represents a classic activist settlement: JANA and Continental Grain gain significant influence without launching a formal proxy contest, while LW secures voting alignment and a standstill through April 2026. Enlarging the board to 13 rather than replacing incumbents preserves institutional knowledge yet refreshes 46 % of seats, strengthening independence. Appointment of Bradley Alford as non-executive Chair separates the chair/CEO roles and complies with evolving governance best practices. Committee reconstitution embeds Agreed Directors across all three key committees, ensuring influence over audit, compensation and nominations. The orderly resignation process and replacement mechanisms reduce disruption risk. Because obligations terminate ahead of the 2026 nomination window, LW maintains flexibility beyond the settlement period. Overall governance outlook is improved, but investors should monitor any strategic shifts initiated by the newly activist-influenced board.

TL;DR: Board refresh with industry insiders and activist oversight could catalyze operational moves and value creation; modestly positive for LW holders.

JANA鈥檚 history of driving margin expansion and strategic actions (e.g., divestitures or M&A) suggests potential upside catalysts. New directors include former CEOs of Nestl茅 USA, McCormick and ex-CFOs of multiple blue-chips鈥攕kill sets aligned with supply-chain optimization and capital allocation, two areas where potato processor LW lags peers. The cooperative tone avoids the distractions and costs of a proxy battle, enabling management to focus on execution during a volatile cost environment. While no immediate operational commitments were disclosed, the 1.5 % ownership threshold is low, implying JANA can maintain influence with limited capital at risk. Absent earnings guidance, impact is mainly qualitative, yet market typically rewards credible governance enhancements. I view the development as incrementally positive, pending evidence of tangible operational or strategic actions.

06/30/2025 - 05:18 PM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

_________________________

FORM 8-K

_________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): June 29, 2025

_________________________

Lamb Weston Holdings, Inc.

(Exact name of registrant as specified in its charter)

_________________________


Delaware	1-37830	61-1797411
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

599 S. Rivershore Lane		83616
Eagle, Idaho		(Zip Code)
(Address of principal executive offices)
	(208) 938-1047
	(Registrant’s telephone number, including area code)
	N/A
	(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


o			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


☒			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


o			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


o			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered

Common Stock, $1.00 par value	LW	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 1.01. Entry into a Material Definitive Agreement.

On June 30, 2025, Lamb Weston Holdings, Inc. (the “Company”) entered into a Cooperation Agreement (the “Cooperation Agreement”) with JANA Partners Management, LP (“JANA”) and Continental Grain Company (“Continental Grain” and together with JANA, the “Shareholder Parties”).

Pursuant to the Cooperation Agreement, the Company has agreed to take all necessary action to (i) expand the size of the Board of Directors (the “Board”) to 13 directors; (ii) accept the resignations of each of Charles A. Blixt, W.G. Jurgensen, Robert A. Niblock and Maria Renna Sharpe submitted to the Board prior to the execution of the Cooperation Agreement to the extent that they have not already resigned from the Board; and (iii) appoint each of (A) Bradley Alford, and Timothy R. McLevish (collectively, the “Independent New Directors”), (B) Scott Ostfeld and Ruth Kimmelshue (the “Independent Shareholder Directors”), and (C) Paul Maass and Lawrence Kurzius (the “Independent Mutual Directors,” and together with the Independent New Directors and the Independent Shareholder Directors, the “Agreed Directors”) to serve as a director of the Company for a term expiring at the Company’s 2025 annual meeting of stockholders (the “2025 Annual Meeting”) or until such person’s earlier death, resignation, disqualification, or removal. The effective date of the Board’s actions provided for in the foregoing clauses (i)–(iii) (the “Effective Date”) will be the date upon which JANA delivers a written request for such effectiveness; provided, (i) such written request from JANA shall be delivered to the Company no later than July 11, 2025, (ii) if JANA fails to deliver such request, the Effective Date shall be as of 4:00 PM EDT on July 11, 2025, and (iii) the resignation of Charles A. Blixt and W.G. Jurgensen took place on June 29, 2025. In addition, the Company has agreed to nominate each of the Agreed Directors and include each of the Agreed Directors in the Company’s slate of recommended nominees standing for election at the 2025 Annual Meeting and to recommend, support and solicit proxies for the election of the Agreed Directors at the 2025 Annual Meeting in the same manner and on terms no less favorable as the Company’s other nominees at the 2025 Annual Meeting, provided the Shareholder Parties still beneficially own, in the aggregate, a total net long position of at least 1.5% (as adjusted for stock splits, stock dividends, reverse stock splits and similar events) of the Company’s then-outstanding common stock at such time.

If (A) Mr. Ostfeld or any of the Independent New Directors (or any replacement nominees) resigns or otherwise vacates his role as a director at any time from the date of the Cooperation Agreement until the Termination Date (as defined below), then JANA will have the right to designate a replacement director that meets the criteria set forth in the Cooperation Agreement and is reasonably acceptable to the Board, (B) Ms. Kimmelshue (or any replacement nominee) resigns or otherwise vacates her role as a director at any time from the date of the Cooperation Agreement until the Termination Date, then Continental Grain will have the right to designate a replacement director that meets the criteria set forth in the Cooperation Agreement and is reasonably acceptable to the Board and (C) either of the Independent Mutual Directors (or any replacement nominee) resigns or otherwise vacates his role as a director at any time from the date of the Cooperation Agreement until the Termination Date, then the Company and JANA will mutually agree on a replacement director, in each case provided the Shareholder Parties still beneficially own, in the aggregate, a total net long position of at least 1.5% (as adjusted for stock splits, stock dividends, reverse stock splits and similar events) of the Company’s then-outstanding common stock at such time.

Concurrently with the appointments of the Agreed Directors, the Board will reconstitute the Board’s standing committees so that (A) the Audit and Finance Committee consists of André J. Hawaux (Chair), Rita Fisher, Timothy R. McLevish, Paul Maass, and Norman Prestage; (B) the Compensation and Human Capital Committee consists of Peter J. Bensen (Chair), Robert J. Coviello, Ruth Kimmelshue, Lawrence Kurzius, Hala G. Moddelmog, and Scott Ostfeld; and (C) the Nominating and Corporate Governance Committee consists of Hala G. Moddelmog (Chair), Peter J. Bensen, Robert J. Coviello, Ruth Kimmelshue, Lawrence Kurzius, and Scott Ostfeld. In addition, concurrently with the appointment of the Agreed Directors to the Board, the Board will elect Bradley Alford to serve as Chairman of the Board.

The Cooperation Agreement also contains customary mutual non-disparagement provisions. Each party’s obligations under the respective non-disparagement provisions of the Cooperation Agreement will terminate immediately upon any breach by the other party of its non-disparagement obligations.

Additionally, each of the Shareholder Parties have agreed to vote all shares of the Company’s common stock beneficially owned by it and over which it exercises or has voting authority at any Company annual or special meeting of stockholders prior to the Termination Date (i) in favor of the following persons for election as directors of the Company and no other person(s): the Agreed Directors, Peter J. Bensen, Robert J. Coviello, Rita Fisher, André J. Hawaux, Hala G. Moddelmog, Norman Prestage and Michael J. Smith, and (ii) in accordance with the Board’s recommendations with respect to (a) the election, removal or replacement of directors of the Company to the extent such recommendations are made in accordance with clause (i); and (b) any other proposal submitted to stockholders; provided, however, that in the event that Institutional Shareholder Services Inc. (“ISS”) or Glass Lewis & Co., LLC (“Glass Lewis”) recommends otherwise with respect to any proposals (other than the election of the persons named in clause (i)), the Shareholder Parties will be permitted to vote in accordance with the ISS or Glass Lewis recommendation; provided, further, that the

Shareholder Parties will be permitted to vote in their sole discretion with respect to an extraordinary transaction and matters related to the implementation of takeover defenses.

Pursuant to the Cooperation Agreement, each Independent Shareholder Director will submit an irrevocable resignation letter (the “Irrevocable Resignation Letter”) resigning as a director of the Company effective only upon, and subject to, the occurrence of a material breach by JANA, in the case of Mr. Ostfeld, and Continental Grain, in the case of Ms. Kimmelshue, of certain of the applicable Shareholder Party’s obligations under the Irrevocable Resignation Letter. It will be in the Board’s sole discretion whether to accept or reject such resignation of such Independent Shareholder Director from the Board.

Unless otherwise mutually agreed to in writing by each party, the Cooperation Agreement will terminate upon the earlier of (i) the date that is 30 calendar days prior to the beginning of the Company’s advance notice period for the nomination of directors at the Company’s 2026 annual meeting of stockholders, and (ii) April 28, 2026 (the earlier of (i) and (ii), the “Termination Date”).

The foregoing summary of the Cooperation Agreement does not purport to be complete and is subject to, and qualified in its entirety by reference to, the full text of the Cooperation Agreement, a copy of which is attached hereto as Exhibit 10.1 and incorporated herein by reference.

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

The disclosure set forth above in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference. On June 29, 2025, each of Charles A. Blixt and W.G. Jurgensen provided notice of their respective resignation from the Board, effective immediately. On June 29, 2025, the Board approved the following matters, contingent on the signing of the Cooperation Agreement and to be effective promptly upon written request from JANA and in any event, no later than July 11, 2025, as described above:

•acceptance of the resignation letters submitted on June 29, 2025, by Robert A. Niblock and Maria Renna Sharpe;

•an increase of the size of the Board from 11 directors to 13 directors and the appointment of Bradley Alford, Ruth Kimmelshue, Lawrence Kurzius, Paul Maass, Timothy R. McLevish and Scott Ostfeld to serve as directors on the Board for a term expiring at the 2025 Annual Meeting;

•the reconstitution of the Board’s standing committees as described above in Item 1.01 of this Current Report on Form 8-K; and

•the election of Mr. Alford as the new Chairman of the Board.

The effective date of the resignation of Robert A. Niblock and Maria Renna Sharpe and the appointment of each Agreed Director will be no later than on or about July 11, 2025. Additional information regarding the Agreed Directors is included below.

Bradley Alford

Mr. Alford has been a director of Perrigo since 2017 and a director for Avery Dennison Corporation since 2010. He previously served as director for Conagra Brands, Inc. and Nestlé USA.

Mr. Alford’s previous work experience includes serving as an Operating Partner at Advent International Corporation (a global private equity firm) from 2016-2021; an Industry Advisor for Advent International Corporation from 2014-2016; and as the Chairman and CEO of Nestlé USA (a multinational food and beverage company) from 2006-2013. He has extensive public and private sector industry knowledge and experience in management, operations and supply chain as well as the development and marketing of consumer products.

Ruth Kimmelshue

Since 2025, Ms. Kimmelshue has served as Senior Advisor to Continental Grain, a privately-owned global investor, owner, and operator of companies across the food and agribusiness spectrum. Since 2017, Ms. Kimmelshue has served as a director of H.B. Fuller Company, a leading global adhesives provider, and since 2022, as a director of Wayne Sanderson Farms, a poultry producer.

In 1999, Ms. Kimmelshue joined Cargill, Incorporated, a global company providing food, agriculture, financial and industrial products, and services globally. Between 1999 and her retirement from Cargill in 2024, Ms. Kimmelshue held various business leadership roles, ultimately serving on Cargill’s Executive Leadership Team from 2015-2024. In her capacity as a Corporate Senior Vice President, Ms. Kimmelshue built and led Cargill’s Business Operations and Supply Chain organization, served as Cargill’s Chief Sustainability Officer; and led Cargill’s Global Animal Nutrition and Health

Enterprise. From 1986 to 1999, Ms. Kimmelshue held various positions at Continental Grain, including roles in grain and oilseed merchandising and trading, facility and general management, economic analysis, and marketing and sales in the U.S. and Europe.

Upon the effectiveness of her appointment to the Board, Ms. Kimmelshue will serve on the Compensation and Human Capital Committee and the Nominating and Corporate Governance Committee of the Board.

Lawrence Kurzius

Mr. Kurzius led McCormick & Company for over 20 years, most recently as Executive Chairman of the board and previously as Chair and Chief Executive Officer from 2017 and 2016, respectively, to 2023. During his tenure, Mr. Kurzius also served as the company’s President and COO as well as President of the International Business. Prior to joining McCormick & Company in 2003, Mr. Kurzius was the Chief Executive Officer of Zatarain’s, a leading national food and spice company, where he worked for 12 years before the company was acquired by McCormick & Company. Previously, Mr. Kurzius was a marketing executive at the Quaker Oats Company and Mars Inc.

Mr. Kurzius is the current Chairman of the board of Elanco Animal Health Inc., a global leader in animal health, and has served as a director since 2018. Since 2023, he has served as a director of CooperCompanies, a global medical device company.

Upon the effectiveness of his appointment to the Board, Mr. Kurzius will serve on the Compensation and Human Capital Committee and the Nominating and Corporate Governance Committee of the Board.

Paul Maass

Since 2016, Mr. Maass has served as Chief Executive Officer of Scoular, a leading commodity and ingredient agribusiness and one of the largest privately held companies in the U.S., and is a member of Scoular’s board of directors. In addition, Paul serves on the Federal Reserve Bank of Kansas City's board of directors

Mr. Maass previously served as President of ConAgra Foods’ (now Conagra Brands) Commercial Foods and Private Brands segments. In that role, he led the creation of Ardent Mills, ConAgra Foods’ milling focused partnership with Cargill and CHS, and served as Chairman of the board. Mr. Maass began his 27-year career at ConAgra as a commodity merchandiser and subsequently served in a number of leadership positions at the company, including Director, ConAgra Trade Group (now Gavilon, LLC); President, ConAgra Mills; President, Lamb Weston; and President, Commercial Foods.

Upon the effectiveness of his appointment to the Board, Mr. Maass will serve on the Audit and Finance Committee of the Board.

Timothy R.McLevish

Mr. McLevish is a senior corporate finance executive and board member with deep experience in large-scale, complex and global consumer businesses. He has served as Chief Financial Officer at five public companies, Carrier Corporation, Walgreens Boots Alliance, Inc., Kraft Foods Group, Inc., Ingersoll-Rand Corporation and Mead Corporation. Mr. McLevish previously worked at Touche Ross & Co. and began his career at General Mills.

He has served as a member of the board of directors of Freshpet, Inc. since August 2023. He also has served as a member of the board of directors of Revlon, Inc. since April 2023, and is a former member of the board of directors of Conagra Brands, Inc. until its spinoff to Lamb Weston Holdings, Inc. in 2016, where he served as Executive Chairman until 2017. Mr. McLevish also served as a director of Kennametal, Inc. from 2004 to 2019, during which tenure he served as chair of the audit committee and as a member of the nominating and governance committee, and as a director of R.R. Donnelley & Sons Company from 2016 to 2022, during which tenure he served as chair of the audit committee and as a member of the compensation committee.

Upon the effectiveness of his appointment to the Board, Mr. McLevish will serve on the Audit and Finance Committee of the Board.

Scott Ostfeld

Mr. Ostfeld is a Managing Partner and Portfolio Manager at JANA where he has nearly 20 years of experience enhancing value as an engaged shareholder. Prior to joining JANA in 2006, Mr. Ostfeld was at GSC Partners, where he served in their distressed debt private equity group and focused on acquiring companies through the restructuring process

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and enhancing value as an equity owner. He was previously an investment banker at Credit Suisse First Boston Corporation.

Mr. Ostfeld currently serves on the boards of Mercury Systems and TreeHouse Foods. He was previously a director at Conagra Brands, HD Supply until its sale to Home Depot and TeamHealth until its sale to the Blackstone Group. Mr. Ostfeld serves on the board of Columbia University’s Richman Center for Business, Law and Public Policy.

Upon the effectiveness of his appointment to the Board, Mr. Ostfeld will serve on the Compensation and Human Capital Committee and the Nominating and Corporate Governance Committee of the Board.

Each Agreed Director, following the effectiveness of his or her respective appointment to the Board, will receive compensation consistent with the Company’s compensation program for non-employee directors, as described in the Company’s proxy statement, filed with the SEC on August 9, 2024. None of the departures from the Board described herein are due to any disagreement with the Company on any matter relating to the Company’s operations, policies or practices. There are no transactions or relationships between the Agreed Directors and the Company that would be reportable under Item 404(a) of Regulation S-K. Other than as described in this Current Report on Form 8-K, there are no arrangements or understandings between any of the Agreed Directors and any other persons pursuant to which each was selected as director.

Item 7.01. Regulation FD Disclosure.

On June 30, 2025, the Company issued a press release announcing the Cooperation Agreement and the matters addressed above. A copy of the press release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information furnished in this Item 7.01 and Exhibit 99.1 attached hereto will not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor will it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as expressly set forth by specific reference in any such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits



Exhibit Number						Description

10.1						Cooperation Agreement, by and among Lamb Weston Holdings, Inc., JANA Partners Management, LP, and Continental Grain Company dated June 30, 2025.

99.1						Press Release of Lamb Weston Holdings, Inc. dated June 30, 2025.

104						Cover Page Interactive Data File (embedded within the Inline XBRL document).

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	LAMB WESTON HOLDINGS, INC.


	By:	/s/ Eryk J. Spytek
		Name: Eryk J. Spytek
		Title: General Counsel and Chief Compliance Officer
Date: June 30, 2025

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