UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


SCHEDULE 14A
SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934

(Amendment No. )

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KELLOGG COMPANYKELLANOVA
(Name of Registrant as Specified In Its Charter)
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
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Message from the Chairman and
Chief Executive Officer
KELLOGG COMPANY,
BATTLE CREEK,
MICHIGAN 49017-3534KELLANOVA,
CHICAGO, IL 60654
Dear Shareowner:
On behalf of the Board of Directors, it is our pleasure to invite you to attend the 20222024 Annual Meeting of Shareowners of Kellogg Company.Kellanova (the "Annual Meeting"). The meeting will be heldtake place at 1:00 p.m. EasternNoon Central Time on April 29, 2022. Due to concerns relating to the coronavirus (COVID-19) pandemic, and to support the health and well-being of our Shareowners and employees, this year’s Annual Meeting will be virtual26, 2024 and will be held entirely online via live webcast at www.virtualshareholdermeeting.com/K2022.K2024. There will not be an option to attend the meeting in person. The 2024 Annual Meeting will be our first annual meeting since we completed the successful separation of WK Kellogg Co in October 2023.
The following pages contain the formal Notice of the Annual Meeting and the Proxy Statement. Please review this material for information concerning the business to be conducted at the meeting and the nominees for election as Directors.
We are pleased to take advantage of the Securities and Exchange Commission rules that allow companies to furnish proxy materials to their shareowners on the Internet. We believe these rules allow us to provide our Shareowners with the information they need, while lowering the costs of delivery and reducing the environmental impact of our Annual Meeting.
While you will not be able to attend the Annual Meeting at a physical location, we have designed the virtual Annual Meeting so that our Shareowners are given the same rights and opportunities to actively participate in the Annual Meeting as they would at an in-personin-person meeting, using online tools to facilitate Shareowner access and participation. Attendance at the Annual Meeting will be limited to Shareowners only. You are entitled to participate in the Annual Meeting if you were a Shareowner as of the close of business on March 1, 2022,February 27, 2024, the record date, or hold a legal proxy for the meeting provided by your bank, broker, or nominee. To be admitted to the Annual Meeting at www.virtualshareholdermeeting.com/K2022K2024 (the “Annual Meeting Website”), you must enter the 16-digit control number found on your proxy card, voting instruction form or notice. You may vote your shares and submit your questions during the Annual Meeting by following the instructions available on the Annual Meeting Website during the meeting. If you do not have access to the Internet and are interested in attending, please contact KelloggKellanova Investor Relations at (269) 961-2800, or (844) 986-0822 (US) or (303) 562-9302 (International).
If any Shareowner needs special assistance at the meeting, please contact Shareowner Services at (269) 961-2800 or by email at investor.relations@kellogg.com.investor.relations@kellanova.com.
Your vote is important. Whether or not you plan to attend the meeting, we urge you to vote your shares, and to do so as soon as possible. You may vote your shares via a toll-free telephone number or over the Internet. If you received a paper copy of the proxy or voting instruction card by mail, you may sign, date and mail the card in the envelope provided.
Sincerely,
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Steve Cahillane
Chairman, President and Chief Executive Officer
March 3, 20224, 2024
20222024 Proxy Statement1



image_9a.jpg412 N. Wells Street
One Kellogg Square
Battle Creek, Michigan 49017-3534Chicago, Illinois 60654
Notice of the Annual Meeting of Shareowners
Background
Date and TimeVirtual MeetingRecord Date
April 29, 202226, 2024
at 1:00 p.m. EasternNoon Central Time
Live webcast at

www.virtualshareholdermeeting.com/K2022K2024
Only Shareowners of record at the close of business on March 1, 2022 February 27, 2024 will receive notice of and be entitled to vote at the meeting or any adjournments.
Voting Items
ProposalBoard Voting Recommendation
1.To elect four Directors for a three-year term to expire at the 20252027 Annual Meeting of Shareowners
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FOR each directorDirector nominee
2.To vote on an advisory resolution to approve executive compensation
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FOR
3.To ratify the Audit Committee’sCommittee's appointment of PricewaterhouseCoopers LLP as our independent registered public accounting firm for our 20222024 fiscal year
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FOR
4.To approve an amendment to the Company's Restated Certificate of Incorporation to reflect recent Delaware law provisions regarding officer exculpation
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FOR
4.To approve the Kellogg Company 2022 Long-Term Incentive Plan
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FOR
5.To consider and act upon a Shareowner proposal for CEO compensationrequesting the adoption of a policy requiring the Board Chair to weigh workforce pay and ownership,be an independent director, if properly presented at the meeting
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AGAINST
6.To consider and act upon a Shareowner proposal requesting racial and gender pay gap disclosures, if properly presented at the meeting
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AGAINST
7.To consider and act upon a Shareowner proposal requesting the Company report on the risks to the Company associated with pesticide use in its supply chain, if properly presented at the meeting
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AGAINST
8.To consider and act upon a Shareowner proposal requesting the Company to reduce greenwashing risk, if properly presented at the meeting
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AGAINST
Shareowners will also take action upon any other matters that may properly come before the meeting, or any adjournments or postponements thereof.
Due to concerns relating to the coronavirus (COVID-19) pandemic, and to support the health and well-being of our Shareowners and employees, this year’sThe Annual Meeting will be virtual and will be held entirely online via live webcast at www.virtualshareholdermeeting.com/K2022.K2024. There will not be an option to attend the meeting in person.
Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting to be held on April 29, 2022: the26, 2024: The Proxy Statement and 2021the 2023 Annual Report are available at https://investor.kelloggs.com/investor.kellanova.com/financials/sec-filings. On or about March 4, 2024, we are mailing to Shareowners either a Notice Regarding the Availability of Proxy Materials containing instructions on how to access the accompanying Proxy Statement and the 2023 Annual Report online, or a printed copy of these proxy materials, as required by the rules of the Securities and Exchange Commission.
We look forward to the meeting.
By Order of the Board of Directors,
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Gary Pilnick
Vice ChairmanJohn Min
Chief Legal Officer and Secretary
March 3, 20224, 2024
2Kellogg CompanyKellanova



About Kellanova
Kellanova At a Glance
Kellanova (formerly known as Kellogg Company, and also referred to as the "Company" in this Proxy Statement) (NYSE: K), founded in 1906, is engaged in the manufacture and marketing of snacks and convenience foods. Kellanova is a leading company in global snacking, international cereal and noodles, plant-based foods and North American frozen breakfast. Kellanova products are manufactured and marketed globally. Our beloved brands include Pringles®, Cheez-It®, Pop-Tarts®, Eggo®, RXBAR®, MorningStar Farms® and more.
Over 1,000 products marketed
in 180 Countries
2021 Sales:2023 Sales(1):
~ $14.2B$13.1B
World’s Leading
cereal company
World’s 2nd Largest
savory snack company
A leading global plant-based
foods company
Leading North American frozen foods, plant-based
foods, and international cereal company
(1)Results recast to reflect WK Kellogg Co business as discontinued operations for the first three quarters of 2023.
Separation of WK Kellogg Co
On October 2, 2023, we completed the previously announced separation of the U.S., Canadian and Caribbean cereal business (the "North American cereal business"), with then-existing Kellogg shareowners receiving shares in the WK Kellogg Co. The spin-off resulted in two independent public companies, Kellanova and WK Kellogg Co. Throughout this Proxy Statement, except where otherwise indicated, references to the financial results or operations of Kellanova inclusive of the first three quarters of fiscal year 2023 include the pre-spin business of Kellogg Company.
MANUFACTURING OPERATIONS ACROSS THE GLOBE:
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2022 Proxy Statement3

About Kellogg Company
 “I'll invest my money in people.”
W.K. Kellogg – Founder of Kellogg Company
We Live Our Values
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Our values are part of our DNA. They guide us, and we live them every day as we work with our customers, consumers, and business partners, in our communities and with each other.
We Act with Integrity and
Show Respect
We are All AccountableWe Are Passionate About
What We Do
We Have the Humility and
Hunger to Learn
We Strive for SimplicityWe Love Success
Our Business Employee Resource Groups
With eight established Business Employee Resource Groups (BERGs), we continue to be a workplace focused on inclusion at all levels.
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KVETS & SUPPORTERSKELLOGG
MULTINATIONAL
EMPLOYEE RESOURCE
GROUP (KMERG)
KELLOGG’S YOUNG
PROFESSIONALS (YP)
KELLOGG AFRICAN
AMERICAN RESOURCE
GROUP (KAARG)
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WOMEN OF
KELLOGG (WOK)
HOLA (OUR LATINO RESOURCE
GROUP)
KPride & Allies (KPA) (OUR BERG
FOR LBGTQ+ AND THEIR ALLIES)
KAPABLE (OUR BERG FOR
PEOPLE WITH DISABILITIES
AND THEIR SUPPORTERS)
Select 2021 Recognition
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HUMAN RIGHTS
CAMPAIGN
FOUNDATION - BEST
PLACES TO WORK FOR
LGBTQ EQUALITY (2021)
DIVERSITY INC. -
TOP 50 COMPANIES
FOR DIVERSITY (2021)
FORBES - AMERICA’S
BEST EMPLOYERS FOR
DIVERSITY (2021)
ETHISPHERE INSTITUTE -
WORLD'S MOST ETHICAL
COMPANIES (2021)
FORBES - AMERICA'S
BEST LARGE EMPLOYERS
(2021)
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FORTUNE - WORLD'S
MOST ADMIRED
COMPANIES (2021)
MILITARY TIMES - BEST
FOR VETS EMPLOYERS
(2021)
DOW JONES
SUSTAINABILITY
INDICES (2021)
NEWSWEEK - AMERICA'S
MOST RESPONSIBLE
COMPANIES (2021)
INTERBRAND'S, "BEST
GLOBAL BRANDS" (2021)
42024 Proxy StatementKellogg Company3



Proxy Voting Roadmap
You have received these proxy materials because our Board of Directors (also referred to as the "Board") is soliciting your proxy to vote your shares at the 20222024 Annual Meeting of Shareowners of KelloggKellanova to be held at 1:00 p.m. EasternNoon Central Time on Friday, April 29, 202226, 2024, or any adjournments or postponements thereof. This summary highlights information contained elsewhere in this Proxy Statement. This summary does not contain all of the information that you should consider, and you should read the entire Proxy Statement carefully before voting. Page references are supplied to help you find further information in this Proxy Statement.
PROPOSAL 1
Election of Directors to Our Board
See further information beginning on page 9
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The Board recommends a vote FOR Rod Gillum, Mary Laschinger, Erica Mann Carter Cast, Zack Gund, Don Knauss and Carolyn Tastad.Mike Schlotman.
Board Demographics Following 20222024 Annual Meeting
Diversity
~42% 45%of our Directors are women; ~ 58%55%of our Directors are men
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Tenure
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Independence
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Designated Lead Director serves a variety of roles (see page 18)25)
Audit, Compensation and Talent Management, Nominating and Governance, Manufacturing, and Social Responsibility and Public Policy Committees are composed solely of independent Directors, each with a different Director serving as Committee chairChair
Age
6164 years average age
2021 Activity
2023 Meetings
Held 810 Board meetings and 2225 Board Committee meetings in 20212023
2022 Proxy Statement45Kellanova

Proxy Voting Roadmap
PROPOSAL 2
Advisory Resolution to Approve
Executive Compensation
See further information beginning on page 3239
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The Board recommends a voteFORthe resolution approving the compensation of the Company's Named Executive Officers.
Core Principles
The core principles that underpin our executive compensation program include the following:
Pay for Performance
Shareowner Alignment
Values-Based
Mitigating Risk
Our Pay is Closely Linked to Performance
As set forth in our core principles, Kellogg'sKellanova's compensation program is designed to have a significant portion of an NEO’sa named executive officer's ("NEO’s") target compensation linked to our performance. We accomplish this by utilizing “performance-based” pay programs like our annual incentive plan stock option plan and three-year executive performancestock unit plan and by limiting perquisites.("Performance Stock Unit Plan," "PSU Plan," or "PSU"). The Performance Stock Unit Plan was formerly known as our “Executive Performance Plan” (or “EPP”).In 2022, the EPP was renamed the PSU Plan to reflect the expansion of the plan beyond the Company’s executives.
CEO
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Other NEOs
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62024 Proxy StatementKellogg Company5

Proxy Voting Roadmap
PROPOSAL 3
Ratification of PricewaterhouseCoopers LLP as Our Independent Registered Public Accounting Firm
See further information beginning on page 6277
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The Board recommends a vote FOR the ratification of PricewaterhouseCoopers LLP as the Company's independent registered public accounting firm.
PricewaterhouseCoopers LLP has been appointed by the Audit Committee, which is composed entirely of independent directors,Directors, to be the independent registered public accounting firm for the Company's fiscal year 2022.2024.
PROPOSAL 4
Approval of an Amendment to the Kellogg Company 2022 Long-Term Incentive PlanCompany's Restated Certificate of Incorporation to Reflect Recent Delaware Law Provisions Regarding Officer Exculpation
See further information beginning on page 6580
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The Board recommends a vote FOR the approval of an amendment to the Kellogg Company 2022 Long-Term Incentive PlanCompany's Certificate of Incorporation to Adopt Provisions Allowing Officer Exculpation under Delaware Law.

PROPOSAL 5
Shareowner Proposal for CEO CompensationRequesting the Adoption of a Policy Requiring the Board Chair to Weigh Workforce Pay and Ownershipbe an Independent Director
See further information beginning on page 7381
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The Board recommends a vote AGAINST the Shareowner Proposal.

PROPOSAL 6
Shareowner Proposal Requesting Racial and Gender Pay Gap Disclosures
See further information beginning on page 83
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The Board recommends a vote AGAINST the Shareowner Proposal.
6Kellanova

Proxy Voting Roadmap
PROPOSAL 7
Shareowner Proposal to Report on the Risks to the Company Associated with Pesticide Use in its Supply Chain
See further information beginning on page 86
2022
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The Board recommends a vote AGAINST the Shareowner Proposal.
PROPOSAL 8
Shareowner Proposal to Reduce Company Greenwashing Risk
See further information beginning on page 88
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The Board recommends a vote AGAINST the Shareowner Proposal.
2024 Proxy Statement7



Contents
Board Voting Recommendation "FOR"
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Board Voting Recommendation "AGAINST"
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8Kellogg CompanyKellanova



Board and Corporate Governance
PROPOSAL 1
PROPOSAL 1
Election of Directors
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The Board recommends a vote FOR each directorDirector nominee.
For more than 110115 years, consumers have counted on KelloggKellanova for great-tasting, high-quality and nutritious foods. These foods include snacks, such as crackers, savory snacks, toaster pastries, cereal bars and bites; and convenience foods, such as ready-to-eat cereals, frozen waffles, veggie foods and noodles. KelloggKellanova products are manufactured and marketed globally. As such, we believe that in order for our Board to effectively guide KelloggKellanova to long-term sustainable, dependable performance, it should be composed of individuals with sophistication and experience in the many disciplines that impact our business. In order to best serve KelloggKellanova and our Shareowners, we seek to have a Board, as a whole, that is competent in key corporate disciplines, including accounting and financial acumen, business judgment, crisis management, governance, leadership, people management, risk management, social responsibility and reputational issues, and strategy and strategic planning. In addition, the Board desires to have specific knowledge related to Kellogg’sKellanova’s industry, such as expertise in branded consumer products and consumer dynamics, health and nutrition, innovation / research and development, international markets, manufacturing and supply chain, marketing, regulatory and government affairs, the retail environment, and sales and distribution.
Board Size and Structure
Our Restated Certificate of Incorporation (the “Certificate of Incorporation”) and Bylaws provide that the Board shall be composed of not less than seven and no more than fifteen Directors, divided into three classes as nearly equal in number as possible, and that each Director shall be elected for a term of three years with the term of one class expiring each year. The Board is currently comprised of eleven members.
Skills and Qualifications of our Board of Directors
The Board's Code of Conduct and our Corporate Governance Guidelines set forth certain criteria and qualifications for Director nominees. Each Director possesses the following critical personal qualities and attributes that we believe are essential for the proper functioning of the Board to allow it to fulfill its duties for our Shareowners: accountability, ethical leadership, governance, integrity, risk management, and sound business judgment. In addition, our Directors have the mature confidence to assess and challenge the way things are done and recommend constructive solutions, a keen awareness of the business and social realities of the global environment in which Kellanova operates, the independence and high performance standards necessary to fulfill the Board’s oversight function, and the humility, professional maturity, and style to interface openly and constructively with other Directors. The Nominating and Governance ("N&G") Committee conducts an annual review of Director commitment levels, and affirms that all Directors are compliant at this time. Finally, while our Directors possess numerous qualities and experiences that make them effective fiduciaries for the Company, the Director biographies below include a non-exclusive list of other key experiences and qualifications that further qualify the individual to serve on the Board. These collective qualities, skills, experiences and attributes are essential to our Board’s ability to exercise its oversight function for Kellanova and its Shareowners, and guide the long-term sustainable, dependable performance of Kellanova.
2024 Proxy Statement9

Board and Corporate Governance
We have a balanced Board which individually possesses the leadership and character commensurate with the role of Director, and which collectively possesses the mix of skills necessary to provide appropriate oversight of a company the size and complexity of Kellanova. In addition, the Board possesses a strong mix of experienced and newer Directors. The following skills have been identified by the Board as core competencies:
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Accounting and
Financial Acumen
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Branded Consumer
Products / Consumer
Dynamics
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Crisis Management
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Health and Nutrition
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Innovation /
Research and
Development
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International and
Emerging Markets
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People Management
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Manufacturing and
Supply Chain
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Marketing / Brand
Building
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Regulatory /
Government
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Retail Environment
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Risk Management
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Sales and
Distribution
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Social Responsibility
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Strategy / Strategic
Planning
Each of our Directors possesses many of these competencies. Further, the N&G Committee has determined that all of our Directors meet the criteria and qualifications set forth in the Board’s Code of Conduct, the Corporate Governance Guidelines and the criteria set forth above for Director nominees.
10Kellanova

Board and Corporate Governance
Other Considerations
The N&G Committee considers a diverse slate of candidates when filling Board vacancies. The N&G Committee believes that all Directors must, at a minimum, meet the criteria set forth in the Board’s Code of Conduct and the Corporate Governance Guidelines, which specify, among other things, that the N&G Committee will consider criteria such as independence, diversity, age, skills and experience in the context of the needs of the Board. In addressing issues of diversity in particular, the N&G Committee considers a nominee’s differences in viewpoint, professional experience, background, education, skill, age, race, gender and national origin. The N&G Committee believes that diversity of backgrounds and viewpoints is a key attribute for a directorDirector nominee. The Committee seeks a diverse Board that is representative of our global business, Shareowners, consumers, customers, and employees. While diversity is a critical criteria in Board composition (demonstrated by the strong diversity of backgrounds of our Directors) and how the Board considers diversity when evaluating Board members is included in our publicly available Corporate Governance Guidelines, the N&G Committee has not established a formal policy regarding diversity.
The N&G Committee also will consider a combination of factors for each director,Director, including whether the nominee (1) nominee:
has the ability to represent all Shareowners without a conflict of interest; (2)
has the ability to work in and promote a productive environment; (3)
has sufficient time and willingness to fulfill the substantial duties and responsibilities of a Director; (4)
has demonstrated the high level of character and integrity that we expect; (5)
possesses the broad professional and leadership experience and skills necessary to effectively respond to the complex issues encountered by a multi-national, publicly-traded company; (6)
has the ability to apply sound and independent business judgment; and (7)
has diverse attributes such as differences in background, qualifications and personal characteristics.
The N&G Committee has determined that all of our Directors meet the criteria and qualifications set forth in the Board’s Code of Conduct, the Corporate Governance Guidelines and the criteria set forth above for director nominees. Moreover, each2024 Director possesses the following critical personal qualities and attributes that we believe are essential for the proper functioning of the Board to allow it to fulfill its duties for our Shareowners: accountability, ethical leadership, governance, integrity, risk management, and sound business judgment. In addition, our Directors have the mature confidence to assess and challenge the way things are done and recommend constructive solutions, a keen awareness of the business and social realities of the global environment in which Kellogg operates, the independence and high performance standards necessary to fulfill the Board’s oversight function, and the humility, professional maturity, and style to interface openly and constructively with other Directors. The N&G Committee conducts an annual review of Director commitment levels, and affirms that all directors are compliant at this time. Finally, while our Directors possess numerous qualities and experiences that make them effective fiduciaries for the Company, the Director biographies below include a non-exclusive list of other key experiences and qualifications that further qualify the individual to serve on the Board. These collective qualities, skills, experiences and attributes are essential to our Board’s ability to exercise its oversight function for Kellogg and its Shareowners, and guide the long-term sustainable, dependable performance of Kellogg.
Our Amended Restated Certificate of Incorporation (the “Certificate of Incorporation”) and bylaws provide that the Board shall be composed of not less than seven and no more than fifteen Directors divided into three classes as nearly equal in number as possible, and that each Director shall be elected for a term of three years with the term of one class expiring each year. The Board prefers approximately twelve members, and expands the Board in order to add outstanding candidates or to prepare for an orderly transition with respect to departures of Directors.
2022 Proxy Statement9

Board and Corporate Governance
Nominees
Four Directors have been nominated for re-election at the 20222024 Annual Meeting to serve for a term ending at the 20252027 Annual Meeting of Shareowners, and the proxies cannot be voted for a greater number of persons than the number of nominees named. There are currently twelve members of the Board.
The Board recommends that the Shareowners vote “FOR” the following nominees:Rod Gillum, Mary Laschinger, Erica MannCarter Cast, Zack Gund, Don Knauss, and Carolyn Tastad.Mike Schlotman. Each nominee was recommended for re-election by the N&G Committee for consideration by the Board and proposal to the Shareowners. If, before the Annual Meeting, any nominee becomes unable to serve, or chooses not to serve, the Board may nominate a substitute. If that happens, the persons named as proxies on the proxy card will vote for the substitute. Alternatively, the Board may either let the vacancy stay unfilled until an appropriate candidate is identified or reduce the size of the Board to eliminate the unfilled seat.
We have a balanced Board which individually possesses the leadership and character commensurate with the role of director, and which collectively possesses the mix of skills necessary to provide appropriate oversight of a company the size and complexity of Kellogg. In addition, the Board possesses a strong mix of experienced and newer Directors. The following skills have been identified by the Board as core competencies:
icon_accountingxpg13a.jpg
Accounting and
Financial Acumen
icon_brandedxpg13a.jpg
Branded Consumer
Products / Consumer
Dynamics
icon_crisisxpg13a.jpg
Crisis Management
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Health and Nutrition
icon_inovationxpg13a.jpg
Innovation /
Research and
Development
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International and
Emerging Markets
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People Management
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Manufacturing and
Supply Chain
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Marketing / Brand
Building
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Regulatory /
Government
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Retail Environment
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Risk Management
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Sales and
Distribution
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Social Responsibility
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Strategy / Strategic
Planning
Each of our Directors possesses many of these competencies. For purposes of this Proxy Statement, the Director biographies highlight approximately five of these competencies that each Director possesses.
102024 Proxy StatementKellogg Company11

Board and Corporate Governance
Nominees for Election for a Three-Year Term Expiring at the 2027 Annual Meeting
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CARTER CAST | 60
Qualifications, Experience and Expertise Contributed to Our Board
Strategic leadership in consumer goods, retail and omnichannel sales.Carter steered Walmart’s online strategy and improved its e-commerce presence during Walmart.com’s crucial growth phase, causing it to become the third-highest volume online retailer. His experiences inform the Company’s efforts to reach consumers through omnichannel and e-commerce initiatives.
Food manufacturing and product innovation experience.At PepsiCo, Carter managed Frito Lays’ $1.5 billion tortilla chip category and led marketing and product innovation efforts to develop Tostitos Scoops! and develop and launch the Tostitos salsas and dips product line.
Marketing and brand expertise.In addition to his work at PepsiCo, he helped launch successful and globally recognized products at Electronic Arts, including The Sims and titles in the EA Sports franchise. Carter then served as founding Chief Marketing Officer of Blue Nile, the leading seller of diamonds and jewelry online.
Investment insight and entrepreneurial mindset. As an operating partner for Pritzker Private Capital, he excels at assessing investment opportunities and catalyzing strategic partnerships and M&A transactions that drive growth, innovation and sustainable results. Drawing on his leadership experience at startups and work as a professor of entrepreneurship, he adds unique insights on innovation, emerging market trends, risk assessment and consumer behavior.
Venture Partner at Pritzker Group Venture Capital
Director since
June 2017
Committees
Manufacturing
Social Responsibility
and Public Policy
Business Experience
Operating Partner (2023 – Present), Pritzker Private Capital, a middle-market investment firm
Venture Partner (2012 – 2022), Pritzker Group Venture Capital
Michael S. and Mary Sue Shannon Clinical Professor of Entrepreneurship, Kellogg School of Management, Northwestern University ( joined faculty in 2011)
Chief Executive Officer (2007 – 2011), Hayneedle
President and Chief Executive Officer (2005 – 2007), Walmart.com
Senior Vice President, Vice President and Chief Marketing Officer (2000 – 2005), Walmart.com
Founding Chief Marketing Officer (1999 – 2000), Blue Nile, Inc.
Various marketing positions, Electronic Arts and PepsiCo / Frito-Lay
Other Boards
US-Listed Companies- None
Other Leadership Service
Board Member (2021 – Present), Monogram Foods
Board Member (2020 – Present), PLZ Corp.
Education
B.A. in Political Science, Stanford University
M.B.A. in Strategy, Marketing, Kellogg School of Management, Northwestern University
12Kellanova

Board and Corporate Governance
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ZACK GUND | 53
Qualifications, Experience and Expertise Contributed to Our Board
Long-term investment approach across many industries. As a Founder and Managing Partner of private equity firm Coppermine Capital, LLC, Zack oversees investments in several portfolio companies spanning the food and beverage, healthcare services, business services and niche manufacturing industries. Coppermine Capital has several investments with a current holding period of over 10 years, demonstrating his commitment to driving growth and innovation over the long term and highlighting his deep understanding of investor expectations and creating value for shareowners. Zack and his family also have a significant interest in Kellanova’s shares, which furthers his alignment with shareowners and ensures that the Board understands investor expectations.
Deep experience with manufacturing. Zack has over two decades of experience investing in and advising manufacturing-related business, including companies in the food manufacturing space, on their strategy and operations. His experiences in the space equip him to serve as the chair of the Manufacturing Committee and monitor Kellanova’s efforts to ensure food quality and safety, employee safety and sound supply chain performance.
Financial and accounting acumen. From his investing activities and work as Managing Partner of Coppermine Capital, Zack has significant experience with financial analysis, accounting and valuation matters involving companies in a variety of industries, including retail companies.
Managing Partner of Coppermine Capital
Director since
December 2014
Committees
Manufacturing (Chair)
Compensation and Talent Management Nominating and Governance
Business Experience
Managing Partner (2001 – Present), Coppermine Capital, LLC
Other Boards
US-Listed Companies
Independent Director (2023 - Present), WK Kellogg Co, a leading manufacturer, marketer and distributor of branded ready-to-eat cereal in the U.S., Canada, and Caribbean
Other Leadership Service
Chairman, CC/CPG Holding Company
Chairman, Coppermine Bakery Holdings Inc.
Chairman, Autism Care Partners
Director, AccordCare, LLC
Director, Marvel Biome, LLC
Director, AssuranceSD, Inc.
Director, Little Leaf Farms
Director, Heat Recovery Innovations
Education
B.A. in English from University of Vermont
M.B.A. in Business Administration, Kellogg School of Management, Northwestern University
2024 Proxy Statement13

Board and Corporate Governance
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DON KNAUSS | LEAD DIRECTOR | 73
Qualifications, Experience and Expertise Contributed to Our Board
Extensive leadership experience in consumer goods industry. Don has served as CEO, executive chair, non-executive chair, and lead independent director at consumer- and customer-focused large public companies. The Board and management team benefit from his insights and judgment honed through over 40 years of service at consumer products businesses like Clorox, Coca-Cola, PepsiCo, and Procter & Gamble. As Kellanova’s Lead Independent Director, Don draws upon his significant public company board experience to establish a boardroom culture rooted in active engagement and a commitment to representing the interests of all shareholders.
Deep product strategy acumen and marketing expertise. As CEO of Clorox, he invested in improving existing product quality and revitalized brands including Brita to drive sales growth and expand margins. He helped revitalize Coca-Cola’s innovation pipeline across beverage categories after overseeing the integration of Minute Maid into Coca-Cola’s North America business and securing a deal with the Houston Astros to name their stadium Minute Maid Park.
Strong track record of unlocking value through sustainability and CSR initiatives. As CEO of Clorox, he led the acquisition of Burt’s Bees in 2007 to fuel the company’s focus on creating green and natural cleaning products and to drive supply chain sustainability. He brings an understanding of raw materials and their sourcing as well as innovation in sustainable packaging.
Audit Committee Financial Expert under SEC rules on account of his decades of financial management experience.
Former Chairman and CEO of The Clorox Company
Director since
December 2007
Committees
Nominating and
Governance(Chair)
Audit
Compensation and
Talent Management
Executive
Business Experience
Chairman and Chief Executive Officer (2006 – 2014), The Clorox Company, a manufacturer and marketer of consumer and professional products
Executive Vice President (2004 – 2006), The Coca-Cola Company
President and Chief Operating Officer (2004 – 2006), Coca-Cola North America
President (2003 – 2004), Retail Division of Coca-Cola North America
President and Chief Executive Officer (2000 – 2003), The Minute Maid Company
Various marketing and sales positions, PepsiCo and Procter & Gamble
Officer (retired), United States Marine Corps
Other Boards
US-Listed Companies
Independent Director (2015 - Present), Target Corporation, a Fortune 500 company that operates a chain of discount department stores and hypermarkets
Independent Chairman (2022 - Present), McKesson Corporation, a Fortune 500 healthcare services provider that offers a range of pharmaceuticals, medical supplies, and healthcare services
Other Leadership Service
Chair Emeritus, University of San Diego Board of Trustees
Member, Marine Corps University Foundation Board of Trustees
Education
B.A. in History, Indiana University Bloomington
14Kellanova

Board and Corporate Governance
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MIKE SCHLOTMAN | 66
Qualifications, Experience and Expertise Contributed to Our Board
Successful financial leader and steward. Mike served as the CFO of Kroger, overseeing the success of a Fortune 20 company and one of the world’s largest grocery retailers that consistently recorded over $110 billion in sales during his tenure. During his tenure, he implemented cost-saving initiatives and optimized operational efficiency while maintaining quality, which drove increased profitability and competitive positioning for Kroger during a period of significant growth.
Strong track record of industry foresight and commitment to digital innovation. As Kroger’s CFO, he was a chief architect of its three-year Restock strategy, shifting Kroger’s focus to cost savings, digital growth, and alternative profit streams through analytics, which quadrupled digital sales and achieved over $1 billion in annual cost savings. Under his leadership, Kroger acquired a stake in British online supermarket Ocado and meal kit company Home Chef and entered into various partnership with industry giants like Alibaba and Walgreens. The Board and management team benefit from his insights and judgment on strategy, M&A and portfolio optimization.
Financial accounting acumen and regulatory and risk management insights. Mike adds to the Board and Audit Committee extensive experience overseeing financial reporting and risk mitigation efforts for a large major food and retail business. He helped Kroger shape its strategies to adhere to evolving regulation, improve operational resilience and mitigate exposure to market fluctuations, currency risks and interest rate exposure.
Former EVP and CFO of Kroger
Director since
October 2020
Committees
Audit
Social Responsibility and Public Policy
Business Experience
EVP and Chief Financial Officer (2015 – 2019), The Kroger Company, a leading grocery retailer
SVP and Chief Financial Officer (2003 – 2015), The Kroger Company
Group Vice President and Chief Financial Officer (2000 – 2003), The Kroger Company
Vice President and Corporate Controller (1995 – 2000), The Kroger Company
Various positions in corporate accounting, The Kroger Company
Other Boards
US-Listed Companies - None
Other Leadership Service
Chairperson (2023 – Present), Wendal
Board Member (2008 – 2023), Ohio National Financial Services
Chairman of the Board (2022 – 2023) and Board Member (2019 – 2021), Connectic Ventures
Chair of the Board (2016 – 2021) and Board Member (2013 – 2023), CVG Airport
Member, CNBC Global CFO Council
Education
B.S. in Accounting, University of Kentucky
2024 Proxy Statement15

Board and Corporate Governance
Continuing Directors to Serve Until the 2025 Annual Meeting
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ROD GILLUM | 7173
Qualifications, Experience and Expertise Contributed to Our Board
Crisis and risk management expertise. As a Principal in the Detroitat law office offirm Jackson Lewis, P.C.
Mr. Gillum has served as a member of the Board of Trustees of the W.K. Kellogg Foundation since December 2006. He also served as board chair in 2012-2013 and co-trustee of the W.K. Kellogg Foundation Trust from March 2017 to February 2019. Mr. Gillum is a Principal in the Detroit law office of Jackson Lewis P.C. and co-leads the Firm’s Automotive Industry Team. HisRod’s practice concentrates on corporate strategies related to crisis management, labor relations and legal risk avoidance. PriorHe has decades of significant experience in thoughtfully anticipating and navigating a range of crises and risks, including those relating to joining Jackson Lewis, Mr. Gillum wasproduct recalls, safety and health concerns, and supply chain disruptions. The Board benefits from Rod’s ability to build trust and consensus across constituencies and deliver creative solutions to complex problems.
Trusted expert in labor relations, regulation and government affairs matters. Rod has firsthand experience with planning and managing a senior leader at General Motors (GM), where he rose to become Secretary tolarge organization’s personnel, health care, benefit plans, labor relations and workers’ compensation legal matters. He provides the GM board of directors,Board and later Vice President, Corporate Responsibility & Diversity. Asmanagement team with valuable insights on managing Kellanova’s workforce and employee relations. Rod also serves as a co-leader ofat the Public Policy Center, based in North America, Europe, Asia,where he develops and Latin America, Mr. Gillum developed and coordinatedcoordinates global policy positions on safety, trade and government relations. He also chaired the
In-depth experience implementing and running CSR initiatives.As Vice President of Corporate Responsibility and Diversity at General Motors, Foundation.he ran the Fortune 500 Company’s corporate social responsibility initiatives, philanthropic programs, business ethics, community relations, sustainability, diversity management and related communication activities.
Principal at Jackson Lewis P.C.
Director since
February 2019
Committees
Manufacturing
Social Responsibility
and Public Policy

Business Experience
Principal (2010 – Present), Jackson Lewis P.C., a labor and employment-focused law firm
Vice President, Corporate Responsibility and Diversity (1997 – 2010), General Motors Company
Various legal and strategic planning roles, General Motors Company
Attorney, National Labor Relations Board
Core CompetenciesOther Boards
As a resultUS-Listed Companies- None
Other Leadership Service
Member of theseBoard of Trustees (2006 – Present), The W.K. Kellogg Foundation
Board Chair (2012 – 2013) and other experiences, Mr. Gillum possesses particular knowledge and experienceCo-Trustee (2017 – 2019), W.K. Kellogg Foundation Trust
Chairman, General Motors Foundation
Chairman, Motor Enterprises, Inc.
Director, Detroit Economic Club
Vice Chairman, New Detroit, Inc.
Director, Hispanic Association on Corporate Responsibility
Director, National Memorial Project Foundation, Inc.
Director, Michigan Colleges Foundation
Board Member, Invest Detroit
Education
B.A. in a varietyPre-Law Social Science, Michigan State University
J.D., Northeastern University School of the identified core competencies and other areas that strengthens the Board’s collective knowledge, capabilities and experience, including (but not limited to) crisis management, regulatory and government, risk management, social responsibility and strategy and strategic management.Law
M.S. in Management, Massachusetts Institute of Technology (MIT)
16Kellanova

Board and Corporate Governance
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MARY LASCHINGER | 6164
Qualifications, Experience and Expertise Contributed to Our Board
Strategic business leader with significant transactional experience. Mary successfully oversaw a complex transaction where International Paper spun off its $4 billion xpedx distribution business and merged it with the next largest competitor Unisource to form Veritiv Corporation. As Chairman and CEO of Veritiv, she integrated the businesses and grew Veritiv into a Fortune 500 company and the largest packaging and distribution company in the U.S. by a significant margin. Mary oversaw Veritiv’s acquisition of All American Containers as part of a strategic focus on balancing operational execution with investment in higher growth and higher margin businesses.
Extensive international and global supply chain experience. Mary served as President of the EMEA and Russia business at International Paper, where she negotiated a joint venture with Ilim Holding S.A., the leader of the Russian pulp and paper industry. The joint venture was the largest ever foreign-domestic alliance in the Russian forest sector at the time. Mary’s international work experience informs her insights on international manufacturing and the operational delivery of products and services globally.
People management expertise. Through her executive leadership and service on the boards of other large public companies, Mary has developed expert knowledge of leadership development as well as defining and implementing compensation, benefits, and related human resource matters. Mary brings those skills and perspectives to the Board in her role as the Chair of the Compensation and Talent Management Committee.
Former ChairmanChair of the Board and CEO of Veritiv Corporation
Ms. Laschinger was the Chairman of the Board and CEO of Veritiv Corporation from July 2014 to September 2020. Previously, Ms. Laschinger served as Senior Vice President of International Paper Company from 2007 to June 2014, and as President of the xpedx, International Paper’s former distribution business, from January 2010 to June 2014. Mary Laschinger became CEO in June 2014. She also served as President of the Europe, Middle East, Africa and Russia business at International Paper, Vice President and General Manager of International Paper’s Wood Products and Pulp businesses, as well as in other senior management roles in sales, marketing, manufacturing and supply chain at International Paper. Ms. Laschinger is a director of Newmont Corporation, and within the past five years, she has also served as a director of Veritiv Corporation.
Director since
October 2012
Committees
Compensation and
Talent Management
(Chair)
Nominating and
Governance
Executive
Core CompetenciesBusiness Experience
AsChairman and Chief Executive Officer (2014 – 2020), Veritiv Corporation
President of xpedx Distribution Business (2010 – 2014), International Paper Company
Senior Vice President (2007 – 2014), International Paper Company
Various senior management roles in sales, marketing, manufacturing and supply chain (1992 – 2010), International Paper Company
Various positions in manufacturing, supply chain, and marketing, James River Corporation (now Georgia-Pacific) and Kimberly-Clark Corporation
Other Boards
US-Listed Companies
Independent Director (2021 - Present), Newmont Corporation, the world’s largest gold mining company
Independent Director (2022 - Present), Dollar Tree, Inc., a resultleading chain of these professionaldiscount variety stores
Chairman (2014 - 2020), Veritiv Corporation, a major provider of packaging, printing and other experiences, Ms. Laschinger possesses particular knowledgefacility solutions
Other Leadership Service
Board Member and experienceChair of Audit Committee, Federal Reserve Bank of Atlanta Board of Directors
Former Lead Director, Ilim Group
Education
B.A. in a varietyBusiness Administration, University of the identified core competencies and other areas that strengthens the Board’s collective knowledge, capabilities and experience, including (but not limited to) branded consumer products and consumer dynamics, crisis management, international and emerging markets, people management and sales and distribution. In addition, Ms. Laschinger has significant public company board experience.Wisconsin–Eau Claire
M.B.A. in Business Administration, University of Connecticut School of Business
20222024 Proxy Statement1117

Board and Corporate Governance
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ERICA MANN | 6365
Qualifications, Experience and Expertise Contributed to our Board
Health and nutrition leadership. Erica has over 30 years of experience at global healthcare and pharmaceuticals companies, including as an executive at Bayer AG, Pfizer and Wyeth and director at DSM-Firmenich and Perrigo. At Bayer, she championed the launch of innovative over-the-counter (OTC) healthcare products, thereby providing safe, trusted and convenient self care solutions to consumers across the globe. At Pfizer and Wyeth, her leadership facilitated the introduction of groundbreaking therapies, vaccines and infant nutritionals into many global markets.
Deep operational knowledge and strategic experience. As President of Consumer Health at Bayer and President and General Manager of Nutritional Health at Pfizer (and Wyeth until its merger with Pfizer), she worked in highly regulated, complex, multi-channel and multi-product environments across four continents involving numerous emerging markets. Erica adds to the Board significant experience with executing and integrating large-scale and small-scale M&A.
Financial acumen and risk management. The Board benefits from her financial acumen and risk management expertise honed from several decades of service in the health and nutrition space, including more than 25 years of active P&L management at major healthcare products companies. During her career as an executive and director, Erica has demonstrated adept risk assessment and mitigation strategies to ensure that companies were able to address regulatory challenges and market uncertainties while maintaining operational resilience and a commitment to ethical practices.
Former President Consumer Health of Bayer Healthcare LLC
Ms. Mann previously served as a member of the Board of Management of Bayer AG from January 2016 to March 2018, and Bayer AG CH from January 2016 to March 2018. She was also President Consumer Health, Bayer Healthcare LLC from March 2011 to December 2015. Before joining Bayer HealthCare, Ms. Mann was President and General Manager of Pfizer Nutritional Health, a global business unit with operations in more than 80 countries, and served as a member of the Pfizer Senior Management Team from 2008 to 2011. Ms. Mann joined Pfizer upon its acquisition of Wyeth, where as Senior Vice President of Nutrition, she helped establish the shape and strategic direction of the new nutrition business unit. She also has significant experience at other Fortune 500 companies, including Ely Lilly & Company and Johnson & Johnson, and has held leadership positions in South Africa, Australia, New Zealand, Germany, Switzerland and the United States. Ms. Mann is a director of Perrigo Company plc, DSM, a global Nutrition, Health and Sustainable Living company, and Blackmores LTD, a leading Australian Natural Health company.
Director since
February 2019
Committees
Audit
Social Responsibility and Public Policy
Core Competencies
Business Experience
As a result of these and other experiences, Ms. Mann possesses particular knowledge and experience in a varietyMember of the identified core competenciesBoard of Management (2016 – 2018) and other areas that strengthens the Board’s collective knowledge, capabilitiesGlobal President and experience, including (but not limited to) accountingCEO of Consumer Health (2011 – 2018), Bayer AG
President and financial acumen,General Manager of Nutritional Health Division (2009-2011), Pfizer Inc.
Senior Vice President of Nutrition and Managing Director ANZ (2003 – 2009), Wyeth
Chief Executive Officer (1987-2002), Wyeth South Africa (Pty) Ltd
Various positions of increasing responsibility, Eli Lilly & Company, Johnson & Johnson and Lederle Laboratories
Other Boards
US-Listed Companies
Independent Director (2019 – Present), Perrigo Company PLC, a leading provider of consumer self-care products and over-the-counter health and wellness solutions (member of the Talent & Compensation Committee and Mergers & Acquisitions Committee)
Other Leadership Service
Independent Director (2019 – Present), DSM-Firmenich AG and former Supervisory Board Member of Koninklijkend DSM N.V. (DSM) until its merger with Firmenich in 2023, an innovative, nutrition, internationalhealth and emerging markets, risk management, social responsibilitybeauty company (member of Sustainability Committee & Governance & Nomination Committee)
Independent Director (2021 – 2023) Blackmores LTD, a leading Australian natural health company (member of People & Remuneration Committee and strategyRisk & Technology Committee)
Member of Board of Management (2016 – 2018), Bayer AG and strategic planning.Bayer AG Consumer Health and former CEO Bayer Consumer Health (2011-2018)
Former Chair, World Self Medication Industry Association
Former Non-Executive Director, SOHO Flordis International
Education
National Diploma in Analytical Chemistry, Tschwane University of Technology
18Kellanova

Board and Corporate Governance
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Former CEO - Health Care of The Proctor & Gamble Company
Director since
December 2015
Committees
Compensation and
Talent Management
Manufacturing
Nominating and
Governance
CAROLYN TASTAD | 6062
CEO, Health Care,Qualifications, Experience and Expertise Contributed to Our Board
Impactful consumer products leader. Carolyn worked across Procter & Gamble
Ms. Tastad is currently the Chief Executive Officer, Health Care at Procter & Gamble ("P&G")Gamble’s full portfolio of brands during her nearly 40-year career there and leads themost recently served as CEO of its global Health Care business, responsible for sales, profit, selling,overseeing a portfolio of well-known and trusted brands like Crest, Oral-B, Vicks, Metamucil, Pepto-Bismol, and Neurobion. Before that, she led P&G’s $35 billion North America business and the transformation of its operating model to drive superior innovation brand-building and supply acrossreinforce the brand equity of its products. Under her leadership, the business delivered strong results, representing over 47% of P&G’s Oral Caretotal revenues and Personal Health Care businesses. Prior to August 2021, Ms. Tastad was the Group President, North America. Ms. Tastad has worked ata majority of its profit.
Proven track record overseeing international operations. At P&G, since 1983,she led national, multinational and has significant acquisition integration experience and business model reinvention. She has led large multi-category regional businesses and smaller entrepreneurial global businesses including responsibility for leadingwhile living in Canada, the U.S. and Switzerland. During her tenure, she oversaw strategic initiatives to integrate transactions, cultivate international partnerships, devise market-entry strategies, and tailor products to local retail landscapes, which amplified P&G’s selling organization across all sectorsfoothold and all regions. Ms. Tastad isresonance in international markets and drove substantial growth.
Deep commitment to people management. She provides our Board and management with an added understanding of how to effectively lead a large workforce while positively transforming organizational capabilities and culture. Carolyn served as executive sponsor of P&G’s Gender Equality citizenship effort and leadsled P&G’s Corporate Women’s Leadership Team. Ms. Tastad previously served in executive rolesTeam, and she remains focused on bolstering gender and cultural equality in the U.S., Canada, and Switzerland. Ms. Tastad is retiring from P&G effective June 30, 2022.workplace. Her leadership skills were recognized through her selection as one of Fortune’s Most Powerful Women in 2015–2018.
Former CEO - Health Care of The Proctor & Gamble Company
Director since
December 2015
Committees
Compensation and
Talent Management
Manufacturing
Nominating and
Governance
Core CompetenciesBusiness Experience
AsCEO, Health Care (2021 – 2022), The Procter & Gamble Company, a result of these professional andleading consumer goods company
Group President, North America (2015 – 2021), The Procter & Gamble Company
Global Officer, Customer Business Development (2014 – 2015), The Procter & Gamble Company
Various other experiences, Ms. Tastad possesses particular knowledge and experience in a varietyroles (1983 – 2014), The Procter & Gamble Company
Other Boards
US-Listed Companies - None
Other Leadership Service
Chair of the identified core competencies and other areas that strengthens the Board’s collective knowledge, capabilities and experience, including (but not limited to) branded consumer products and consumer dynamics, international and emerging markets, marketing / brand building, people management, sales and distribution.Board of Trustees (2019 – 2022), 3CDC
Vice-Chair (2015 – 2021), Consumer Brands Association
Board Member (2014 – 2019), Cincinnati Museum Center
Education
B.A. in Commerce, University of Saskatchewan
122024 Proxy StatementKellogg Company19

Board and Corporate Governance
Continuing Directors to Serve Until the 20232026 Annual Meeting
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STEPHANIE BURNS, Ph.D. | 6769
Qualifications, Experience and Expertise Contributed to our Board
Executive leadership and corporate governance skills. As the former CEO of major chemical company Dow Corning, Dr. Burns brings to the Board broad expertise in global innovation, research and development, manufacturing and commercial management as well as science and technology leadership. The Board also benefits from Dr. Burns extensive boardroom experience as a director at technology- and innovation-driven companies like HP and Corning.
Deep scientific knowledge. Dr. Burns brings the perspectives of a leader in scientific innovation to the Board. She has deep technical skills rooted in her Ph.D. in organic chemistry and work as a researcher, experience as the CEO of Dow Corning, and service on several chemistry and technology councils and industry association boards.
Relevant ESG and risk management experience. As the Chair of the Audit Committee, she draws upon her experience in managing the impacts of manufacturing on the environment, understanding of the effective management and disclosure of ESG risks and opportunities, and informed perspectives on corporate sustainability practices to improve the Board’s oversight of ESG and to enable the Company to drive long-term, sustainable value for shareholders.
Audit Committee Financial Expert under SEC rules on account of her decades of financial management experience and service on public companies’ audit committees.
Former Chief Executive OfficerCEO of Dow Corning Corporation
Dr. Burns served as Chief Executive Officer of Dow Corning Corporation from 2004 to 2011 and its Chairman from 2006 through 2011. She began her career with Dow Corning in 1983 and later became Dow Corning’s first director of women’s health. Dr. Burns was elected to the Dow Corning Board of Directors in 2001 and elected as President in 2003. Dr. Burns is a director of Corning Incorporated and HP Inc., and within the past five years, Dr. Burns has also served as a director of GlaxoSmithKline plc.
Director since
February 2014
Committees
Audit(Chair)
Nominating and Governance
Executive
Core Competencies
As a result of these professional and other experiences, Dr. Burns has been determined to be an “Audit Committee Financial Expert” under the SEC’s rules and regulations, and possesses particular knowledge and experience in a variety of the identified core competencies and other areas that strengthens the Board’s collective knowledge, capabilities and experience, including (but not limited to) accounting and financial acumen, crisis management, innovation / research and development, regulatory and government affairs and risk management. In addition, Dr. Burns has significant public company board experience (including specific experience in compensation, corporate relations, manufacturing, and social responsibility oversight).

photo_scahillanexpg18a.jpgBusiness Experience

STEVE CAHILLANE | 56
Chairman of the Board, President and Chief Executive Officer of Kellogg Company
Mr. Cahillane has been(2004 – 2011), Chairman of the Board of Kellogg Company since March 2018,(2006 – 2011), President (2003 – 2010) and President and Chief Executive Officer since October 2017. He has also served as a Kellogg Director since October 2017. Prior to joining Kellogg, Mr. Cahillane served as Chief Executive Officer and President, and as a member of the board of directors, of Alphabet Holding Company, Inc., and its wholly-owned operating subsidiary, The Nature’s Bounty Co. from September 2014. Prior to that, Mr. Cahillane served as Executive Vice President (2000 – 2003), Dow Corning Corporation, a silicon-based manufacturing company
Director of The Coca-Cola Company from February 2013 to February 2014 and President of Coca-Cola Americas, the global beverage maker’s largest business, with $25 billion in annual sales at that time, from January 2013 to February 2014. Mr. Cahillane served as President of various Coca-Cola operating groups from 2007 to 2012. He has also been a trustee of the W. K. Kellogg Foundation Trust since 2018.Women’s Health, Dow Corning Corporation
Researcher (Organosilicon Chemistry), Dow Corning Corporation
Other Boards
US-Listed Companies
Independent Director (2015 - Present), HP Inc., a multinational information technology company
Independent Director (2012 – Present), Corning Incorporated, a materials science and technology company
Chairman (2006 – 2011) and Director since(2001-2011), Dow Corning Corporation, a silicon-based manufacturing company
October 2017Independent Director (2007 - 2016), GlaxoSmithKline plc
CommitteesOther Leadership Service
Executive(Chair)Former Vice Chair, President’s Export Council
Former Honorary President, Society of Chemical Industry
Former Chair, American Chemistry Council
Former Director – Science & Technology, Women’s Health USA, Inc.
Core CompetenciesEducation
As a result of these professional and other experiences, Mr. Cahillane possesses particular knowledge and experiencePh.D., Organic Chemistry, Iowa State University
B.S. in a variety of the identified core competencies and other areas that strengthens the Board’s collective knowledge, capabilities and experience, including (but not limited to) branded consumer products and consumer dynamics, health and nutrition, innovation / research and development, international and emerging markets, marketing / brand building, sales and distribution and strategy and strategic planning.Chemistry, Florida International University
2022 Proxy Statement2013Kellanova

Board and Corporate Governance
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RICK DREILINGSTEVE CAHILLANE | 6858
Former Chief Executive Officer of Dollar General CorporationQualifications, Experience and Expertise Contributed to Our Board and Company
Mr. Dreiling is Lead Director of the Board of Lowe’s Companies Inc. He previously served as Chief Executive Officer of Dollar General Corporation until his retirement in June 2015. He was also Chairman of Dollar General from December 2008 to January 2016, and served as Senior Advisor from June 2015 to January 2016. Mr. Dreiling has more than 40 years of diverse retail industryExtensive leadership experience in consumer discount, drug storefood and grocery sectors. He spent 34beverage industry. With over 20 years with Safeway, Inc. in roles spanning marketing, manufacturing, distribution, merchandising and retail operations. Mr. Dreiling is also a director of Aramark and PulteGroup Inc.
Director since
June 2016
Committees
Audit
Compensation and Talent Management
Core Competencies
As a result of these and other experiences, Mr. Dreiling possesses particular knowledge andexecutive experience in the consumer food and beverage industry, including at Kellanova, Nature’s Bounty and Coca-Cola, Steve brings significant operational leadership experience to the Board and Company. He orchestrated Kellogg Company’s split into Kellanova and WK Kellogg Co and is leading Kellanova’s strategic transformation into a variety of the identified core competencieshighly differentiated, snacks-focused company with renewed innovation and other areas that strengthens the Board’s collective knowledge, capabilities and experience, including (but not limited to) accounting and financial acumen, people management, retail environment, risk management and strategy and strategic planning. In addition, Mr. Dreiling has significant public company board experience.

stronger global brand presence.
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LA JUNE MONTGOMERY TABRON | 59
Comprehensive consumer product expertise. As President and CEO of Nature’s Bounty and head of various operating groups at Coca-Cola, Steve has deep knowledge in branded consumer products, consumer dynamics and health and nutrition. Steve has extensive marketing and branding experience at consumer-focused companies burnishing classic brands and successfully expanding products into new markets.
Strong strategic track record. Steve has an impressive strategic planning record, particularly in fast-moving consumer goods and health and nutrition innovation, research and development. Steve has led the W.K. Kellogg Foundationexpansion of the Company’s product portfolio, including through strategic acquisitions and innovation, while emphasizing healthier food options and a product mix that evolves with shifting consumer preferences. Steve is leading the Company’s cultural transformation into a more agile and adaptable company that operates reliably for customers and suppliers alike.
Ms. Montgomery Tabron was electedChairman of the Board, President and CEO of Kellanova
Director since
October 2017
Committees
Executive(Chair)

Business Experience
Chairman (2018 – Present) and President, Chief Executive Officer and Director (2017 - Present), Kellanova (formerly Kellogg Company), a global leader in snacking, cereal, noodles, and plant-based foods
Chief Executive Officer and President (2014 - 2017), Nature’s Bounty Co., a health and wellness company, and Alphabet Holding Company, its holding company
Executive Vice President, The Coca-Cola Company, a beverage Company
President (2013 – 2014), Coca-Cola Americas, the global beverage maker’s largest business
President (2007-2012), various operating groups of The Coca-Cola Company
Chief Marketing Officer (2001 – 2007), InBev SA, the world’s largest brewing company
Chief Executive Officer (2003 – 2005), Interbrew UK Holdings
Chief Executive Officer (2001 – 2003), Labatt USA LLC
Other Boards
US-Listed Companies
Independent Director (2023 - Present), Colgate-Palmolive Company, a multinational consumer products company
Other Leadership Service
Member of Board of Trustees (2018 – Present), W.K. Kellogg Foundation effective January 2014. She is also a member of the Board of Trustees of the W.K. Kellogg Foundation since January 2014. During her 32 years with the W.K. Kellogg Foundation, she held various positions in finance, including Executive Vice President of Operations and Treasurer from March 2012 to December 2013, COO and Treasurer from January 2010 to February 2012, Vice President of Finance and Treasurer from September 2000 to December 2009, Assistant Vice President of Finance and Assistant Treasurer from September 1997 to September 2000, and Controller from May 1987 to September 1997. Ms. Montgomery Tabron has also been a trustee of the W.K. Kellogg Foundation Trust since 2014.
Director (2018 –Present), Grocery Manufacturers Associate
Director since
February 2014
Committees
Social Responsibility and Public Policy (Chair)
Manufacturing
Executive

Core CompetenciesEducation
As a resultBachelor of these professional and other experiences, Ms. Montgomery Tabron possesses particular knowledge and experienceArts in a variety of the identified core competencies and other areas that strengthens the Board’s collective knowledge, capabilities and experience, including (but not limited to) crisis management, health and nutrition, regulatory and government, social responsibility and strategy and strategic planning. In addition, Ms. Montgomery Tabron has significant private company board experience (including specific experience in social responsibility oversight). She also has a unique sense of shareowner perspectives.Political Science, Northwestern University
M.B.A., Harvard University
14Kellogg Company

Board and Corporate Governance
Continuing Directors to Serve Until the 2024 Annual Meeting
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CARTER CAST | 58
Venture Partner at Pritzker Group Venture Capital
Mr. Cast is currently a venture partner at Pritzker Group Venture Capital, a senior advisor at Pritzker Group Private Capital and is on faculty at Northwestern University’s Kellogg School of Management, where he is a clinical professor teaching entrepreneurship, innovation and marketing. Mr. Cast served as CEO of the online retail company, Hayneedle, Inc., from September 2007 until June 2011. Mr. Cast brings vast experience in the digital arena, previously helping to build and then lead Walmart.com, as its CEO. Prior to 2000, he led the launch of the Blue Nile brand, the leading online jewelry retailer and also served as the Chief Marketing Officer at eBay. He also has previously served as the Vice President of Product Marketing and Marketing Communications at Electronic Arts. Mr. Cast has significant leadership experience as well at other Fortune 500 companies, including PepsiCo where he was a marketing executive, and Frito-Lay where he managed its $1.5 billion tortilla chip category.
Director since
June 2017
Committees
Manufacturing
Social Responsibility
and Public Policy

Core Competencies
As a result of these professional and other experiences, Mr. Cast possesses particular knowledge and experience in a variety of the identified core competencies and other areas that strengthens the Board’s collective knowledge, capabilities and experience, including (but not limited to) accounting and financial acumen, branded consumer products and consumer dynamics, retail environment (including the e-commerce channel / business model), risk managementand social responsibility.
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ZACK GUND | 51
Managing Partner of Coppermine Capital, LLC
Mr. Zack Gund is currently a Managing Partner of Coppermine Capital, LLC, a private investment firm he founded in 2001. Mr. Gund makes investment decisions and oversees several portfolio companies across many different sectors. His work has spanned both the manufacturing and service industries, including food manufacturing.
Core Competencies
As a result of these professional and other experiences, Mr. Gund possesses particular knowledge and experience in a variety of the identified core competencies and other areas that strengthens the Board’s collective knowledge, capabilities and experience, including (but not limited to) accounting and financial acumen, crisis management, manufacturing and supply chain, strategy/strategic planning, and retail environment. He also has a unique sense of shareowner perspectives. Mr. Zack Gund is the son of Mr. Gordon Gund.
Director since
December 2014
Committees
Manufacturing(Chair)
Compensation and
Talent Management
Nominating and
Governance
Executive
2022 Proxy Statement1521

Board and Corporate Governance
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DON KNAUSSLA JUNE MONTGOMERY TABRON | LEAD DIRECTOR | 7161
Former ChairmanQualifications, Experience and CEOExpertise Contributed to Our Board
Extensive organizational experience and crisis management. La June is an accomplished leader, thinker and problem solver who has a track record of The Clorox Company
Mr. Knauss retired as Executive Chairman of the Board of The Clorox Company in July 2015. He had served as Chairmancoordinating efforts on major projects and CEO of The Clorox Company from 2006 to 2014. He was Executive Vice President of The Coca-Cola Company and President and COO for Coca-Cola North America from February 2004 until September 2006. Previously, he was President of the Retail Division of Coca-Cola North America from January 2003 through February 2004 andcharitable causes across constituencies. As President and CEO of The Minute Maid Company,the W.K. Kellogg Foundation, one of the largest philanthropic organizations globally, she has led the integration of WKKF’s leadership committees to ensure unified execution of the organization’s mission and strategic framework across all programmatic and priority place areas. Her decisive leadership and demonstrated understanding of complex issues make her a divisionhighly additive member of The Coca-Cola Company, from January 2000 until January 2003the Board.
Impactful health, nutrition and Presidentcivic advocate. As a leader at the W.K. Kellogg Foundation, La June has steered the planning and funding of Coca-Cola Southern Africa from March 1998 until January 2000. Priorinitiatives focused on advancing health, nutrition, and racial equity. She has broad experience overseeing programs addressing childhood obesity and advocating for improved access to that, he held various positionshealthy, affordable, local food in marketinglower resource communities. La June’s insights into health equity and salescommunity impact inform the Board’s strategic oversight and efforts to align Kellanova’s offerings with PepsiCo, Inc.evolving consumer preferences for healthier snacks while fulfilling the Company’s social responsibility goals.
Strategic planning input. As a trustee of the Company’s largest shareholder, the W.K. Kellogg Foundation, La June seeks to foster synergies between the Foundation's mission and Procter & Gamble,the Company's strategic direction and served as an officer in the United States Marine Corps. In addition, Mr. Knauss is a director of McKesson Corporation and Target Corporation.ensure strong alignment with shareholders’ interests.
President and CEO of the W.K. Kellogg Foundation
Director since
December 2007February 2014
Committees
Nominating and
Governance (Chair)
Audit
Compensation and
Talent Management
Executive
Core Competencies
As a result of these professional and other experiences, Mr. Knauss has been determined to be an “Audit Committee Financial Expert” under the SEC’s rules and regulations, and possesses particular knowledge and experience in a variety of the identified core competencies and other areas that strengthens the Board’s collective knowledge, capabilities and experience, including (but not limited to) accounting and financial acumen, crisis management, people management, retail environment, and branded consumer products/consumer dynamics. In addition, Mr. Knauss has significant public company board experience (including specific experience in auditing, manufacturing, and marketing oversight), which strongly positions him to serve as the Lead Director of Kellogg.
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MIKE SCHLOTMAN | 64
Former Executive Vice President and Chief Financial Officer of Kroger
Mr. Schlotman was the Executive Vice President and Chief Financial Officer of Kroger from September 2015 through December 2019. Before that, he was elected Senior Vice President and Chief Financial Officer in June 2003, and Group Vice President and Chief Financial Officer in January 2000. Prior to that he was elected Vice President and Corporate Controller in 1995, and served in various positions in corporate accounting since joining Kroger in 1985.
Director since
October 2020
Committees
Audit
Social Responsibility and Public Policy(Chair)
Manufacturing
Executive
Core CompetenciesBusiness Experience
As a resultPresident and CEO (2021 – Present), The W.K. Kellogg Foundation
EVP of these professionalOperations, Treasurer, and various other experiences, Mr. Schlotman possesses particular knowledgeroles, The W.K. Kellogg Foundation
Auditor, Plante & Moran CPAs
Other Boards
US-Listed Companies- None
Other Leadership Service
Member of Board of Trustees (2014 – Present), The W.K. Kellogg Foundation
Trustee (2014 – Present), W.K. Kellogg Foundation Trust
Member of Board, Detroit Regional Partnership Board
Member, W.E. Upjohn Institute for Employment Research
Member of TIAA Board of Trustees (member of Audit, Social Responsibility and experienceNominating and Governance Committees)
Member, various boards of Battle Creek Community Health Partners
Member of Board, Bronson Healthcare Group (Chair of Audit Committee)
Member of Board, Southern Communities Initiatives
Education
B.A. in a varietyBusiness Administration, University of the identified core competencies and other areas that strengthens the Board’s collective knowledge, capabilities and experience, including (but not limited to) in accounting and financial acumen, crisis management, retail, regulatory and government, risk management and strategy and strategic planning.Michigan – Ann Arbor
M.B.A., Kellogg Graduate School of Management, Northwestern University
1622Kellogg CompanyKellanova

Board and Corporate Governance
Corporate Governance
Board-Adopted Corporate Governance Guidelines
We operateOur Board operates under a set of corporate governance principles and practices (the “Corporateembodied in our Corporate Governance Guidelines”)Guidelines that are designed to maximize long-term Shareowner value, align the interests of the Board and management with those of our Shareowners and promote high ethical conduct among our Directors and employees. The Corporate Governance Guidelines include the following:
Board Independence
A majority of the Directors, and all of the members of the Audit Committee, Compensation and Talent Management ("C&T")&T Committee, and N&G Committee, are required to meet the independence requirements of the New York Stock Exchange ("NYSE") and the SEC.
One of the Directors is designated a Lead Director, who chairs and may call executive session meetings of the independent, non-employee Directors (which are scheduled at each Board meeting), and may call any such meetings at any time, approves proposed meeting agendas and schedules, and establishes a method for Shareowners and other interested parties to communicate with the Board. See also "Board and Corporate Governance - Corporate Governance - Lead Director."
The Board and each Board Committee have the authority to hire independent legal, financial or other advisors as they may deem necessary, at the Company's expense.
The Corporate Governance Guidelines provide that non-employee Directors meet in executive session at least three times annually. As a general practice, the non-employee Directors are scheduled to meet in executive session at every Board and Committee meeting.
No Director shall serve as a director, officer or employee of a competitor.
Strategic Oversight
Directors review the Company's strategy periodically during the year and dedicate at least one meeting per year to focus on a comprehensive strategic review, including the key elements of the Company's strategy.
Directors have direct and regular access to officers, employees, facilities, books and records of the Company and can initiate contact or meetings directly or through the CEO or Secretary.
Performance Assessments
The Board and Board Committees conduct annual performance evaluations to assess whether the Board, its Committees, and the Directors are functioning effectively.
The independent members of the Board use the recommendations from the N&G Committee and C&T Committee to conduct an annual review of the CEO’s performance and determine the CEO’s compensation.
Succession Planning
The Board periodically reviews CEO succession planning, and at least once per year.
Restrictions and Rules
Change in Principal Responsibility / Occupation: Non-employee Directors who change their principal responsibility or occupation from that held when they were elected shall offer their resignation for the Board to consider the continued appropriateness of Board membership under the circumstances.
Re-election Retirement Age: No Director may be nominated for a new term if he or she would attain the age limit of seventy-twoseventy-four or older at the time of election, unless the Board determines that it is in the best interest of KelloggKellanova to re-nominate the independent Director for additional terms due to his or her unique capabilities or special circumstances.
Over-Boarding Policy: No Director should serve on more than three other public company boards, in addition to KelloggKellanova (with consideration given to public company leadership roles and outside commitments).
Stock Ownership Guidelines: All Directors are expected to comply with stock ownership guidelines for Directors, under which they are generally expected to hold at least five times their annual cash retainer in stock and stock equivalents.
Continuing Education: Continuing education is provided to Directors consistent with our Board education policy.
Board Leadership Structure; Communication with the Board
The mix of experienced independent and management Directors that make up our Board, along with the independent role of our Lead Director and our independent Board Committee composition, benefits KelloggKellanova and its Shareowners. The following section describes Kellogg’sKellanova’s Board leadership structure, the reasons why the structure is in place at this time, the roles of various positions, and related key governance practices.
20222024 Proxy Statement1723

Board and Corporate Governance
Independence; Board Mix
Our Board has an effective mix of independent and management Directors. It is composed of eleventen independent Directors and Mr. Cahillane, our CEO.
Independence and
Board IndependenceBoard DiversityTenure
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Director Demographics
Stephanie BurnsSteve CahillaneCarter CastRod GillumZack GundDon KnaussMary LaschingerErica MannLa June Montgomery TabronMike SchlotmanCarolyn Tastad
Independent
Racially / Ethnically Diverse
Male
Female
Years of Service107759161251038
Additionally, the diversity of the Board is reflected in the composition of the chairs of the Board's Committees, with three Committees chaired by female Directors (including one Black/African American Director).
Committee Structure and Independence After 20222024 Annual Meeting
In 2021,2023, the Board had six standing Committees: (i) Audit, (ii) C&T, (iii) N&G, (iv) Manufacturing, (v) Social Responsibility and Public Policy ("SRPP"), and (vi) Executive. The Audit, C&T, N&G, Manufacturing, and SRPP Committees are composed solely of independent Directors, each with a different independent Director serving as Committee chair.
Board IndependenceDiversityTenure
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Chair.
Board Leadership Structure
The Board believes that it is beneficial to Kellogg and its Shareowners to designate one of the Directors as a Lead Director. With respect to the roles of Chairman and CEO, the Corporate Governance Guidelines provide that the roles may be separated or combined, and the Board exercises its discretion in combining or separating these positions as it deems appropriate in light of prevailing circumstances. On March 15, 2018, the Chairman and CEO roles were combined, with the Board electing Mr. Cahillane as Chairman of the Board. At this time, the Board believes that combining the roles of Chairman and CEO, together with the separate, independent role of our Lead Director, is the most effective leadership structure for KelloggKellanova for many reasons. In particular, the Board believes the combined role is appropriate because of:
Mr. Cahillane’s extensive knowledge and experience in a variety of areas, including strategy and strategic planning, branded consumer products and consumer dynamics, and innovation and research and development acquired as a result of his professional and other experiences, gives him the insight necessary to combine the responsibilities of strategic development and execution along with management of day-to-day operations, and
Mr. Cahillane’s knowledge of Kellogg'sKellanova's business, operations and risks acquired in his role as CEO gives him the insight necessary to combine the responsibilities of strategic development along with management of day-to-day operations and execution.
We believe Don Knauss, asfulfilling the Company's Lead Director role (as described below), provides the necessary independent voice on issues facing the company and ensures that key issues are brought to the Board's attention and that proper corporate governance is maintained.
24Kellanova

Board and Corporate Governance
LEAD DIRECTOR
Don Knauss, an independent Director and the Chairman of the N&G Committee, is currently our Lead Director. Mr. Knauss is an effective Lead Director for KelloggKellanova due to, among other things:
independence;
board leadership experience as former CEO, Chairman and Executive Chairman of The Clorox Company;
strong strategic and financial acumen;
commitment to ethics;
extensive knowledge of the retail environment and branded consumer products; and
deep understanding of KelloggKellanova and its business obtained while serving as a KelloggKellanova Director.
The independent Lead Director serves a variety of roles, including:
for every meeting, , reviewing and approving Board agendas, meeting materials and schedules to confirm the appropriate Board and Committee topics are reviewed and sufficient time is allocated to each;
liaising between the Chairman, President and CEO and non-management Directors if and when necessary and appropriate (that said, each Director has direct and regular access to the Chairman, President and CEO);
presiding at the executive sessions of independent Directors and at all other meetings of the Board of Directors at which the Chairman of the Board is not present;
calling an executive session of independent Directors at every meeting consistent with the Corporate Governance Guidelines;
responsibility for leading the Board's annual evaluation process, including conducting private, individual reviews with each Director; and
facilitating succession planning for the Board, including by having the N&G Committee and the independent Directors regularly discuss and evaluate CEO succession plans.
Mr. Knauss may be contacted at donald.knauss@kellogg.com.donald.knauss@kellanova.com. Any communications which Shareowners or interested parties may wish to send to the Board and, if applicable, specified individual Directors may be directly sent to Mr. Knauss at this e-mail address.address and, if applicable, Mr. Knauss will relay the communications to the specified Director(s).
18Kellogg Company

Board and Corporate Governance
Our Corporate Governance Guidelines provide the flexibility for our Board to modify our leadership structure as appropriate. We believe that Kellogg, like many U.S.-based companies,Kellanova has been well-served by this flexible leadership structure.
Board Self-Evaluation
Our Lead Director leads our annual process whereby the Board conducts an annual performance evaluation to assess the performance of the Board, its Committees, and the Directors, and to determine how to make the Board even more effective. The process includes detailed written survey materials as well as individual, private meetings between each Director and the Lead Director.
BOARD SELF-EVALUATION / CONTINUOUS IMPROVEMENT PROGRAM
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2024 Proxy Statement25

Board and Corporate Governance
Company Strategy
Strategic planning and oversight of the Company’s business strategy is a key responsibility of the Board, and the Board has deep experience and expertise in the areas of strategy and strategic development. The Board believes that overseeing and monitoring strategy is a continuous process and takes a multi-step approach in exercising its responsibilities. Our entire Board discusses the strategic priorities of the Company, taking into consideration global economic, industry, consumer, environmental, social, governance, and other significant trends, as well as changes in the food industry and regulatory initiatives. The Board reviews the Company’s strategy periodically during the year and dedicates at least one meeting each year to focus on a strategic review, including key elements of our strategy. Relevant strategic topics are also embedded in the work of Committees. TheWe believe the Board is uniquely positioned to provide the oversight required for the Company's strategy given the specific and diverse mix of skills, capabilities and core competencies relating to our long-term strategy and business model as well as their diverse perspectives, experiences and backgrounds (see “Board and Corporate Governance – Proposal 1 Election of Directors”).
While the Board and its Committees oversee strategy and strategic planning, management is charged with executing the business strategy. To monitor performance against the Company’s strategic goals, the Board receives regular updates and actively engages in dialogue with our Company’s senior leaders. The Board’s discussions are enhanced with first-hand experiences, such as visits to specific markets and interaction with key retailers, which provide Directors an opportunity to experience strategy execution.
The Board’s oversight and management’s execution of business strategy are intended to help promote the creation of long-term shareowner value in a sustainable manner, with a focus on assessing both opportunities available to us and risks that we may encounter.
2022 Proxy Statement19

Board and Corporate Governance
Board Oversight of Enterprise Risk
The Board, as a whole, and working directly and indirectly through its Committees, utilizes our Enterprise Risk Management (“ERM”) process to assist in fulfilling its oversight of the Company's risks. While risk oversight is a full Board responsibility, the responsibility for monitoring the ERM process has been delegated to the Audit Committee. As such, one of the leaders of the ERM process is the Vice President, Internal Audit, who reports to the Chair of the Audit Committee.
Annually, the full Board and the Audit Committee review an assessment of the Company’s enterprise risks and the allocation of risk oversight among the Board and its Committees. Due to the dynamic nature of risk and the business environment generally, at every Audit Committee meeting, the Company also provides a status report on key enterprise risks and regularly provideswhere responsible senior leaders provide in-depth reviews on select topics. ERM topicsreviews. Key enterprise risks are also reviewed with and discussed in other Committee meetings. In addition, Board and Committee agendas are updated throughout the year so that emerging enterprise risks aremay be reviewed and discussed at the relevant times. This process facilitates the Board’s ability to fulfill its oversight responsibilities of Kellogg’sKellanova’s risks in a timely and effective manner.
BOARD OF DIRECTORS
During regularly scheduled meetings, the full Board and Audit Committee receive an update on the key enterprise risks, including current status and action items
The full Board reviews the results of the annual risk assessment
Oversight responsibility for each risk is allocated among the full Board and its Committees, and specific Board and Committee agendas are developed accordingly:
RISK ASSESSMENT
The risk assessment process is global in nature and has been developed to identify and assess Kellogg’sKellanova’s current and emerging risks, including the nature, probability and implications of the risk, as well as to identify steps to mitigate and manage each risk (including how ERM is integrated into the Company’s internal audit plan). Many of our key business leaders, functional heads and other managers from across the globe provide perspective and input in a targeted and strategic manner to develop the Company’s holistic views on enterprise risks.
The centerpiece of the enterprise risk assessment is the distillation of this review into key enterprise risks which includes the potential magnitude, likelihood and velocity of each risk. As part of the process for assessing each risk, management identifies the following:
the nature of the risk
the senior executive responsible for managing the risk
the potential impact of the risk
management’s approach to manage the risk
Board or Committee updatesaccountability
The results of the risk assessment are then integrated into the Board’s processes.
BOARD OF DIRECTORS
Receives updates on business operations, financial results, long-range plans and key enterprise risks, including current status and action items, during regularly scheduled meetings
Advises management on shaping corporate purpose, values and strategy
The full Board reviews the results of the annual enterprise risk assessment and periodic updates on status of key risks, which includes consideration of potential impacts
Oversight responsibility for each risk is allocated among the full Board and its Committees, and specific Board and Committee agendas are developed accordingly
26Kellanova

Board and Corporate Governance
AUDIT COMMITTEE
Reviews and considers the annual audit risk assessment, which identifies risks related to our internal control over financial reporting and informs our internal and external audit plans
Responsible for monitoringReceives updates on the key enterprise risks
Reviews the ERM process and results of the annual risk assessment
Monitors independence of our independent auditor, including establishing policies for hiring of any current or former employees of our independent auditor
Reviews the use of new accounting principles
Reviews the use of non-GAAP measures in our earnings releases and SEC filings
Considers the impact of risk on our financial position and the adequacy of our risk-related internal controls
Oversees cybersecurity and receives regular updates on cybersecurity matters, which includes a review of potential digital threats and vulnerabilities, cybersecurity priorities, and our cybersecurity framework
Receives quarterly updates on litigation matters and developments
Reviews the ethics and compliance and litigation management programs
Coordinates with the Vice President, Internal Audit, who reports to the Chair of the Audit Committee
NOMINATING AND GOVERNANCE COMMITTEE
ReceivesConducts an annual review of our corporate governance policies and practices
Oversees corporate governance, receiving regular updates on emerging corporate governance issues and trends
Oversees annual self-evaluation process for the key enterpriseBoard and each of its committees
Oversees succession planning and refreshment efforts for the Board
Reviews, approves and oversees any proposed transactions involving a related party
COMPENSATION AND TALENT MANAGEMENT COMMITTEE
Assesses annually whether our compensation plans, policies and practices encourage excessive or inappropriate risk taking by employees
Evaluates our executive compensation programs to ensure they adequately tie to company performance
Reviews risks related to talent acquisition, retention and development
Monitors progress toward internal equity, diversity and inclusion ("ED&I") goals
MANUFACTURING COMMITTEE
Oversees food quality and safety, manufacturing operations and people and labor strategies, including reviewing policies, programs and practices and providing strategic advice
Reviews the ERM processglobal food safety and people safety performance reports, including results of the annual risk assessment
ALL COMMITTEESregulatory audits, as well as supply chain financial performance
Each Committee chair works directly with Kellogg’s key senior executive responsible for the matters allocated to the Committee to develop agenda topics, review materials to be discussed with the Committee,Oversees contingency planning, commodity purchasing and otherwise discuss those key enterprise risks relating to the particular Committee.hedging programs and people utilization and union and non-union strategies
SOCIAL RESPONSIBILITY AND PUBLIC POLICY COMMITTEE
Oversees our corporate responsibility strategy and risks related to our reputation, including receiving reports from the Senior Vice President, Chief Global Corporate Affairs Officer
Oversees our sustainability efforts and climate policy
Assists the Board in monitoring climate and sourcing, sustainable packaging and nutrition
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MANAGEMENT
MANAGEMENT
Conducts a formal risk assessment of Kellogg'sKellanova's business annually, including assessing probability, magnitude, velocity, potential economic and reputational impacts, and developing mitigation actions and monitoring plans
Evaluates the completeness of the identified Enterprise Risks universe
Key risks are reviewed and monitored and mitigation plans developed by designated senior leaders responsible for day-to-day risk management
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202024 Proxy StatementKellogg Company27

Board and Corporate Governance
Majority Voting for Directors; Director Resignation Policy
Our bylawsBylaws contain a majority voting standard for the election of Directors in an uncontested election (that is, an election where the number of nominees is equal to the number of seats open). In an uncontested election, each nominee must be elected by the vote of a majority of the votes cast. A “majority of the votes cast” means the number of votes cast “for” a director’sDirector’s election must exceed the number of votes cast “against” (excluding abstentions). No Director will be nominated for election or otherwise be eligible for service on the Board unless and until such candidate has delivered an irrevocable resignation to the N&G Committee that would be effective upon (i) such Director’s failure to receive the required vote in an election of Directors and (ii) the Board’s acceptance of the resignation. If a Director fails to achieve the required vote in an uncontested election, the N&G Committee would promptly consider the resignation and recommend to the Board the action to be taken on the offered resignation. The Board would act on the N&G Committee’s recommendation no later than 90 days following the date of the Shareowners’ meeting where the election occurred. The Director whose resignation is under consideration shall not participate in the recommendation of the N&G Committee or deliberations of the Board with respect to his or her nomination. Following the Board’s decision, KelloggKellanova would promptly disclose in a current report on Form 8-K the decision whether to accept the resignation as tendered. To the extent that a resignation is accepted, the N&G Committee would recommend to the Board whether to fill such vacancy or vacancies or to reduce the size of the Board.
Director Independence
The Board has determined that all current Directors (other than Mr. Cahillane) are independent based on the following standards: (a) no entity (other than a charitable entity) of which such a Director is an employee in any position or any immediate family member (as defined) is an executive officer, made payments to, or received payments from, KelloggKellanova and its subsidiaries in any of the 2021, 2020,2023, 2022, or 20192021 fiscal years in excess of the greater of (1) $1,000,000 or (2) two percent of that entity’s annual consolidated gross revenues; (b) no such Director, or any immediate family member employed as an executive officer of KelloggKellanova or its subsidiaries, received in any twelve month period within the last three years more than $120,000 per year in direct compensation from KelloggKellanova or its subsidiaries, other than Director and Committee fees and pension or other forms of deferred compensation for prior service not contingent in any way on continued service; (c) KelloggKellanova did not employ such Director in any position, or any immediate family member as an executive officer, during the past three years; (d) no such Director was a current partner or employee of a firm that is Kellogg’sKellanova’s internal or external auditor (“Auditor”), no immediate family member of such Director was a current partner of the Auditor or an employee of the Auditor who personally worked on our audit, and no Director or immediate family member of such Director was during the past three years a partner or employee of the Auditor and personally worked on our audit within that time; (e) no such Director or immediate family member served as an executive officer of another company during the past three years at the same time as a current executive officer of KelloggKellanova served on the compensation committee of such company; and (f) no other material relationship exists between any such Director and KelloggKellanova or our subsidiaries.
The Board also considers from time to time commercial ordinary-course transactions as it assesses independence status. The Board has concluded that these transactions did not impair Director independence for a variety of reasons including that the amounts in question were considerably under the thresholds set forth in our independence standards and the relationships were not deemed material.
Related Person Transactions
The Board has adopted a written policy relating to the N&G Committee’s review and approval of transactions with related persons that are required to be disclosed in proxy statements by SEC regulations, which are commonly referred to as “related person transactions.” A “related person” is defined under the applicable SEC regulation and includes our Directors, executive officers and 5% or more beneficial owners of our common stock. The Secretary administers procedures adopted by the Board with respect to related person transactions and the N&G Committee reviews and approves all such transactions. At times, it may be advisable to initiate a transaction before the N&G Committee has evaluated it or a transaction may begin before discovery of a related person’s participation. In such instances, management consults with the Chair of the N&G Committee to determine the appropriate course of action. Approval of a related person transaction requires the affirmative vote of the majority of disinterested Directors on the N&G Committee. In approving any related person transaction, the N&G Committee must determine that the transaction is fair and reasonable to Kellogg.Kellanova. The N&G Committee periodically reports on its activities to the Board. The written policy relating to the N&G Committee’s review and approval of related person transactions is available on our website under the “Investor Relations” tab, at the “Governance” link.
There were no related person transactions in 2021since January 1, 2023 that require reporting under the SECSEC's disclosure rules.
2022 Proxy Statement2821Kellanova

Board and Corporate Governance
Shareowner Recommendations for Director Nominees
The N&G Committee will consider Shareowner nominations for membership on the Board. For the 20232025 Annual Meeting of Shareowners, nominations may be submitted to the Office of the Secretary, Kellogg Company, One Kellogg Square, Battle Creek, Michigan 49017-3534,Kellanova, 412 N. Wells Street, Chicago, Illinois 60654, which will forward them to the ChairmanChair of the N&G Committee. Recommendations must be in writing and we must receive the recommendation not earlier than November 3,, 20224, 2024 and not later than December 3, 2022.4, 2024. Recommendations must also include certain other requirements specified in our bylaws.Bylaws.
When filling a vacancy on the Board, the N&G Committee identifies the desired skills and experience of a new Director and nominates individuals who it believes can strengthen the Board’s capabilities and further diversify the collective experience represented by the then-current Directors. The N&G Committee may, as it has done in the past, engage third parties to assist in the search and provide recommendations.recommendations for a fee. Also, Directors are generally asked to recommend candidates for the position. The candidates would be evaluated based on the process outlined in the Corporate Governance Guidelines and the N&G Committee charter, and the same process would be used for all candidates, including candidates recommended by Shareowners. For more information, see “Board and Corporate Governance - Board and Committee Membership-NominatingMembership - Nominating and Governance Committee.”
Shareowner Nomination of Director Candidates for Inclusion in Proxy Statement for Annual Meeting
Our bylawsBylaws permit a Shareowner, or a group of up to 20 Shareowners, owning 3% or more of the Company’s outstanding common stock continuously for at least three years to nominate and include in our proxy materials directorDirector candidates constituting up to the greater of two individuals or 20% of the Board, provided that the Shareowner(s) and the nominee(s) satisfy the requirements specified in the bylaws.our Bylaws. For the 20232025 Annual Meeting of Shareowners, nominations may be submitted in writing to the Office of the Secretary, Kellogg Company, One Kellogg Square, Battle Creek, Michigan 49017-3534.Kellanova, 412 N. Wells Street, Chicago, Illinois 60654. Any such nomination must be received by us not earlier than October 4, 20225, 2024 and not later than November 3, 2022.4, 2024. Any such nomination must meet the other requirements set forth in our bylaws.Bylaws.
In addition to satisfying the requirements of our Bylaws, including the notice deadlines set out above and therein, to comply with the universal proxy rules, Shareowners who intend to solicit proxies in support of Director nominees, other than the Company’s nominees, must also comply with the additional requirements of Rule 14a-19 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which written notice must be postmarked or transmitted electronically to the Office of the Secretary at our principal executive offices at 412 N. Wells Street, Chicago, Illinois 60654 no later than February 25, 2025. However, if the date of the 2025 Annual Meeting of Shareowners is changed by more than 30 days from April 26, 2025, then written notice must be provided by the later of the 60th day prior to the date of the 2025 Annual Meeting of Shareowners and the 10th day following the day on which public announcement of the date of the 2025 Annual Meeting of Shareowners s is first made by us.
Attendance at Annual Meetings
All incumbent Directors are expected to attend theour Annual MeetingMeetings of Shareowners. All of our Directors attended the 20212023 Annual Meeting of Shareowners.
Code of Conduct/Code of Ethics
We have adopted the Code of Conduct for Kellogg CompanyKellanova Directors and the Global Code of Ethics for Kellogg Companyall Kellanova employees (including the CEO, CFO, other named executive officers, and Corporate Controller). Any amendments to, or waivers of, the Global Code of Ethics applicable to our CEO, CFODirectors or Corporate Controllerexecutive officers will be posted on www.kelloggcompany.com.www.kellanova.com. There were no amendments to orsuch waivers of the Global Code of Ethics in 2021.2023.
Availability of Corporate Governance Documents
Copies of the Corporate Governance Guidelines, the Charterscharters of the Audit, C&T, and N&G Committees of the Board, the Code of Conduct for Kellogg CompanyKellanova Directors, and Global Code of Ethics for Kellogg CompanyKellanova employees can be found on the Kellogg CompanyKellanova website at www.kelloggcompany.comwww.kellanova.com under “Investor Relations,” then “Corporate“Environmental, Social & Governance.” Shareowners may also request a free copy of these documents from: Kellogg CompanyKellanova Consumer Affairs, P.O. Box CAMB, Battle Creek, Michigan 49016 (phone: (800) 962-1413), the Investor Relations Department at that same address (phone: (269) 961-2800) or investor.relations@kellogg.com.investor.relations@kellanova.com.
222024 Proxy StatementKellogg Company29

Board and Corporate Governance
Board and Committee Membership
The Board routinely reviews Board composition to ensure that it has the right balance of skills to fulfill its oversight obligations for Shareowners. As part of that process, the N&G Committee and the Board consider current tenure and potential retirements.
The Board had the following standing Committees in 2021:2023: (i) Audit; (ii) C&T; (iii) N&G; (iv) Manufacturing; (v) SRPP; and (vi) Executive.
The Board held 810 meetings in 2021.2023. All of the incumbent Directors attended at least 75% of the total number of meetings of the Board and of all Board Committees of which the Directors were members during 20212023 that were held while such Directors were on the Board.
The table below provides 20212023 membership and meeting information for each Board Committee (other than Executive) as of January 1, 2022December 30, 2023 (the last day of fiscal year 2021)2023):
Name(3)
Name(3)
AuditCompensation
and Talent
Management
Nominating and
Governance
ManufacturingSocial
Responsibility and
Public Policy
Name(3)
AuditCompensation
and Talent
Management
Nominating and
Governance
ManufacturingSocial
Responsibility and
Public Policy
Stephanie BurnsStephanie BurnsChair
image_93a.jpg
Steve Cahillane(1)
Steve Cahillane(1)
Steve Cahillane(1)
Steve Cahillane(1)
Carter CastCarter Cast
image_93a.jpg
Rick Dreiling
image_93a.jpg
Carter Cast
Carter Cast
image_93.jpg
image_93.jpg
Rod GillumRod Gillum
image_93a.jpg
Rod Gillum
image_93.jpg
image_93.jpg
Zack GundZack Gund
image_93a.jpg
Chair
Don KnaussDon Knauss
image_93a.jpg
Chair
Don Knauss
Don Knauss
Mary LaschingerMary LaschingerChair
image_93a.jpg
Mary Laschinger
Mary Laschinger
Erica Mann
Erica Mann
Erica MannErica Mann
image_93a.jpg
image_93a.jpg
image_93.jpg
image_93.jpg
La June Montgomery TabronLa June Montgomery Tabron
image_93a.jpg
ChairLa June Montgomery Tabron
image_93.jpg
Chair
Mike SchlotmanMike Schlotman
image_93a.jpg
image_93a.jpg
Mike Schlotman
image_93.jpg
image_93.jpg
Carolyn TastadCarolyn Tastad
image_93a.jpg
2021 Meetings Held6343
2023 Meetings Held
2023 Meetings Held
2023 Meetings Held973
(1)Mr. Cahillane is not a formal member of any Board Committee (other than Executive) and attends meetings for each Committee.Committee, as appropriate.
In addition, the Board also has anThe Executive Committee is made up of the CEO and each of the Committee Chairs, whichand held no meetings in 2021.2023.
Each of the Company'sBoard Committees may form and delegate authority to subcommittees when it deems appropriate.
2022 Proxy Statement3023Kellanova

Board and Corporate Governance
Audit Committee
Stephanie Burns (Chair)
Rick DreilingErica Mann
Don Knauss
Erica Mann
Mike Schlotman
20212023 Meetings Held: 69
Pursuant to a written charter, the Audit Committee’s responsibilities include the following.
The Committee assists the Board in monitoring the following:
the integrity of the financial statements of the Company;
the independence and performance of the Company’s independent registered public accounting firm;
the performance of the Company’s internal audit function;
the Company’s ERM process and key risks;
anti-corruption, data privacy, and data security matters;
compliance by the Company with legal, regulatory and regulatoryreporting requirements; and
other related matters.
The Committee, or its Chair, pre-approves all audit, audit-related, internal control-related and permitted non-audit engagements and services by the independent registered public accounting firm and their affiliates.
The Committee discusses and/or reviews specified matters with, and receives specified information or assurances from, KelloggKellanova management and the independent registered public accounting firm.
The Committee has the sole authority to appoint, subject to Shareowner ratification, or replace the independent registered public accounting firm, which directly reports to the Committee, and is directly responsible for the compensation and oversight of the independent registered public accounting firm.
As part of the annual auditor engagement process, the Committee considers whether to rotate the independent registered public accounting firm. PricewaterhouseCoopers LLP rotates its lead audit engagement partner every five years and the Committee had direct and meaningful involvement in the selection of the lead engagement partner.
The Committee assists the Board in monitoring the following key ESG priorities: risk management, anticorruption, data privacy, and data security.
Ms. Burns, the Chair of the Committee, and Mr. Knauss have each been determined by the Board to be an “audit committee financial expert,” as that term is defined in Item 407(d)(5) of SEC Regulation S-K.
TheAudit Committee also has the authority, to the extent it deems necessary or appropriate to carry out its duties, to retain, approve the services, determine the fees and other retention terms and terminate outside advisors and counsel.
The Board has determined that eachEach member who served on the Audit Committee during 2023 is financially literate and met the independence requirements of the NYSE, the Exchange Act and our Corporate Governance Guidelines. Dr. Burns, the Chair of the Committee, meetsand Mr. Knauss have each been determined by the definitionBoard to be an "audit committee financial expert," as that term is defined in Item 407(d)(5) of independence under our Corporate Governance Guidelines.Regulation S-K.
242024 Proxy StatementKellogg Company31

Board and Corporate Governance
Compensation and Talent Management Committee
Mary Laschinger(Chair)
Rick DreilingDon Knauss
Zack Gund
Don Knauss
Carolyn Tastad
20212023 Meetings Held:6 7
Pursuant to a written charter, the C&T Committee’s responsibilities include the following:
reviewing and approving the compensation philosophy and principles for senior executives;
reviewing and making recommendations for the compensation of senior management personnel and monitoring overall compensation for senior executives, including reviewing risks arising from Kellogg’sKellanova’s compensation policies and practices;
reviewing and recommending the compensation of the CEO;
sole authority to retain or terminate any compensation consultant or other advisor used to evaluate senior executive compensation;
overseeing and administering employee benefit plans to the extent provided in those plans;
reviewing with management employment and employment-related matters and employment programs;
reviewing trends in management compensation;
reviewing talent development, including recruitment and retention, training and career development;
setting the composition of the peer company group used for market comparison for executive compensation;
determining applicable stock ownership guidelines for certain executives and monitoring compliance with guidelines;
overseeing and reviewing the Company's clawback policy;
reviewing the Company’s equity, diversity and inclusionED&I programs and policies; and
overseeing the review and assessment of risks arising from Kellogg’sKellanova’s compensation policies and practices, which includes the annual review of our compensation program for design features considered to encourage excessive risk taking and Kellogg’sKellanova’s approach to those features.
The Committee assists the Board in monitoring the following key ESG priorities: recruitment and retention, training and career development, and equity, diversity, and inclusion.
The Committee receivesreceived periodic updates on the Company's equity, diversity, and inclusion (ED&I) programs, goals, status and ongoing activities. In addition, ED&I is an ongoing agenda topic as the Company's Annual Incentive Plan includes specific targets for key ESG topics, including ED&I (see “Compensation Discussion and Analysis — Compensation Plans and Design – Annual Incentives”).programs. The full Board is actively engaged inalso apprised of relevant ED&I as it reviews a thoroughactivity through its regular review of ED&I annually as part of their oversight of talent and the broader organization as well as the role of ED&I in the Company'sCompany strategy.
For information about the Committee’s processes for establishing and overseeing executive compensation, including with respect to its retention and use of a compensation consultant, refer to “Compensation Discussion and Analysis — Compensation Approach.”
The Committee also has the authority to obtain advice and assistance from internal or external legal, accounting or other advisors. Prior to retaining any such consultant, or other advisor, the Committee considers whether the work of such consultant or other advisor would raise ana conflict of interest according to the independence factors enumerated by the New York Stock Exchange, as well as any other factors the Committee determines to be relevant.
The Board has determined that each member of the Committee meets the definition of independence under our Corporate Governance Guidelines and the requirements of the New York Stock Exchange and further qualifies as a non-employee Director for purposes of Rule 16b-3 underof the Securities Exchange Act of 1934.Act. The members of the Committee are not current or former employees of Kellogg,Kellanova, are not eligible to participate in any of our executive compensation programs, do not receive compensation that would impair their ability to make independent judgments about executive compensation, and are not “affiliates” of the Company, as defined under Rule 10c-1 of the Exchange Act.
Compensation and Talent Management Committee Interlocks and Insider Participation
Mary Laschinger, Zack Gund, Don Knauss and Carolyn Tastad served on the C&T Committee during fiscal year 2023 (and Rick Dreiling served on the C&T Committee prior stepping down from the Board in February 2023). No member of the C&T Committee is now, or has been, an officer or employee of the Company. No member of the C&T Committee had any relationship with the Company or any of its subsidiaries during 2023 pursuant to which disclosure would be required under applicable SEC rules pertaining to the Securities Exchange Actdisclosure of 1934.transactions with related persons. None of the executive officers of the Company currently serves or served during 2023 on the board of directors or compensation committee of another company at any time during which an executive officer of such other company served on our Board or the C&T Committee.
2022 Proxy Statement3225Kellanova

Board and Corporate Governance
Nominating and Governance Committee
Don Knauss(Chair)
Stephanie Burns
Zack Gund
Mary Laschinger
Carolyn Tastad
20212023 Meetings Held: 3
Pursuant to a written charter, the N&G Committee’s responsibilities include the following.
The Committee assists the Board by:
identifying and reviewing the qualifications of candidates for Director and in determining the criteria for new Directors;
recommending nominees for Director to the Board;
considering diversity of backgrounds and viewpoints of Directors and Director nominees;
recommending Committee assignments;
reviewing annually the Board’s compliance with the Corporate Governance Guidelines;
reviewing annually the Corporate Governance Guidelines and recommending changes to the Board;
monitoring the performance of Directors and conducting performance evaluations of each Director before the Director’s re-nomination to the Board;
administering the annual evaluation of the Board;
providing annually an evaluation of CEO performance used by the independent members of the Board in their annual review of CEO performance;
considering and evaluating potential waivers of the Code of Conduct for Directors and Global Code of Ethics for senior officers (for which there were none in 2021)2023);
making a report to the Board on CEO succession planning at least annually;
providing an annual review of the independence of Directors to the Board;
reviewing and recommending to the Board responses to Shareowner proposals; and
overseeing governance-related engagement with stockholdersShareowners and proxy advisory firms, and reviewreviewing proxy advisory firm policies and voting recommendations.recommendations;
reviewing, approving and overseeing any transaction between the Company and any related person (as defined in Item 404 of Regulation S-K) on an ongoing basis, in accordance with the Company’s related party transactions policies; and
reviewing Director compensation.compensation; and
other governance matters.
The Chair of the Committee, as Lead Director, also presides at executive sessions of independent Directors of the Board.
The Committee assists the Board in monitoring the following key ESG priorities: governance and board diversity.
The Committee also has the authority to obtain advice and assistance from internal or external legal, accounting or other advisors. Prior to retaining any such consultant, or other advisor, the Committee considers whether the work of such consultant or other advisor would raise ana conflict of interest according to the independence factors enumerated by the New York Stock Exchange,NYSE, as well as any other factors the Committee determines to be relevant.
As noted above, the Board has determined that each member of the Committee meets the definition of independence under our Corporate Governance Guidelines.Guidelines and the requirements for independence of the NYSE.
262024 Proxy StatementKellogg Company33

Board and Corporate Governance
Manufacturing Committee
Zack Gund(Chair)
Rod Gillum
Carter Cast
La June Montgomery Tabron
Carolyn Tastad
20212023 Meetings Held: 43
Pursuant to a written charter, the Manufacturing Committee’s responsibilities include the following.
The Committee assists the Board in discharging its oversight responsibilities, with the primary focus on Kellogg’sKellanova’s food quality and safety, manufacturing facility operations, and people and labor strategies.
As it deems appropriate, the Committee reviews policies, programs and practices, and provideprovides strategic advice and counsel concerning the matters set forth above including, but not limited toto:
food safety;safety and quality;
employee health and safety;
capacity utilization and planning;
contingency planning;
productivity programs;
commodity purchasing and hedging programs; and
people utilization and union and non-union strategies.
The Committee also regularly reviews global food safety and people safety performance reports, including results of regulatory audits, as well as supply chain financial performance.
The Committee assists the Board in monitoring the following key ESG priorities: food safety and quality, and employee safety.
The Committee also has authority and resources to retain outside, independent counsel or other advisors as it deems necessary to discharge its responsibilities.
2022 Proxy Statement3427Kellanova

Board and Corporate Governance
Social Responsibility and Public Policy Committee
La June Montgomery Tabron (Chair)
Carter Cast
Rod Gillum
Mike Schlotman
Erica Mann


20212023 Meetings Held: 3
Pursuant to a written charter, the SRPP Committee’s responsibilities include the following:following.
The Committee assistsassists the Board in discharging its oversight responsibilities with respect to corporate responsibility and reputation, and certain environmental, socialsocial and public policy issues.
The Committee also reviews the Company’s policies, programs, practices and disclosures concerning:
public policy;
government relations;
regulatory matters;
philanthropic activities/charitable contributions;
sustainability;sustainability, including sustainable packaging;
nutrition;
food security;
conservation of natural resources;
climate and responsible sourcing; and
other related topics.
The Committee is particularly focused on the intersection of philanthropy, public policy, and the Company’s goals.
The Committee also oversees the Company’s sustainability efforts and climate policy.
The Committee assists the Board in monitoring the following key ESG priorities: philanthropy, climate and sourcing, sustainable packaging, and nutrition.
The Committee oversees the Company's corporate responsibility strategy. Our Senior Vice President (SVP) of, Chief Global Corporate Affairs Officer, who reports to theour Chairman, President and CEO, is responsible for successfully implementing the strategy and regularly updating the CEO and the SRPP Committee. Our Chief Sustainability Officer reports to the SVP, ofChief Global Corporate Affairs.Affairs Officer. Additionally, numerous leaders are accountable for achieving specific corporate responsibility commitments, based on their roles. This work is aligned with and included in parallel work streams within our internal audit function and ourthe Audit Committee. Policies and strategies overseen by the SRPP Committee are also aligned with our lobbying, advocacy, and membership efforts.
The Committee also has authority and resources to retain outside, independent counsel or other advisors as it deems necessary to discharge its responsibilities.
282024 Proxy StatementKellogg Company35

Board and Corporate Governance
Executive Committee
Steve Cahillane (Chair)
Stephanie Burns
Zack Gund
Don Knauss
Mary Laschinger
La June Montgomery Tabron
20212023 Meetings Held: 0
Pursuant to a written charter, the Executive Committee is generally empowered to act on behalf of the Board between meetings of the Board, with some exceptions. The Executive Committee is made up of the CEO and each of the Board Committee Chairs and held no meetings in 2021.2023.
20212023 Director Compensation and Benefits
Only non-employee Directors receive compensation for their services as Directors. For information about the compensation of Mr. Cahillane, our Chairman, President and CEO, refer to “Executive Compensation”Compensation – Summary Compensation Table” beginning on page 46.55.
Our 20212023 compensation for non-employee Directors was comprised of an annual cash retainer and equity-based grants. The annual pay is designed to attract and retain diverse, highly-qualified, seasoned, and independent professionals to represent all of our Shareowners, and is targeted against the median of our Compensation Peer Group. Refer to “Compensation – Compensation Discussion and Analysis — Compensation Approach” for a description of the companies that make up our Compensation Peer Group. The N&G Committee reviews our Director compensation program on an annual basis with the Company's independent compensation consultant. The independent compensation consultant provides counsel to the N&G Committee in a variety of ways, including an in-depth study that reports and analyzes the director compensation programs in the Compensation Peer Group in an effort to ensure that our program is competitive, consistent with market practice, and designed to attract qualified directors. Although the N&G Committee conducts this review on an annual basis, it generally considers adjustments to Director compensation every other year. NoIn 2023, no changes were recommended for 2021 or 2020.made to the non-employee Director compensation program.
Our compensation is designed to create alignment between our non-employee Directors and our Shareowners through the use of equity-based grants. In 2021,2023, approximately 60% of non-employee Director compensation was in equity and approximately 40% was in cash, excluding the Lead Director and Committee Chair retainers.
Compensation as of January 1, 2022December 30, 2023 (the end of fiscal year 2021),2023) for non-employee Directors consisted of the following:
Annual Retainer
piechart_annualretainera.jpgpiechart_annualretainer.jpg
There is an additional cash retainer of $30,000 for the Lead Director, $25,000 for the Chair of the Audit Committee, $20,000 for each of the Chairs of the Audit, C&T and N&G Committees, and $15,000 for each of the Chairs of the SRPP and Manufacturing Committees.
Actual annual pay varies somewhat among non-employee Directors based primarily on Lead Director and Committee chair responsibilities. To the extent the dollar value of thea non-employee Director's Annual Stock Awards Retainer exceeds $155,000 at the time of the grant, the excess amount is deducted from thesuch non-employee Director's Annual Cash Retainer payments.
Stock Awards
Stock awards are granted to non-employee Directors in early May of each year and for non-employee Directors are automatically deferred pursuant to the Kellogg CompanyKellanova Grantor Trust for Non-Employee Directors (the "Grantor Trust") in the form of deferred shares of our common stock (or "DSUs"). Under the terms of the Grantor Trust, shares underlying vested stock awards are available to a Directorsettled only upon a Director's termination of service on the Board.
In connection with the spin-off of WK Kellogg Co, DSUs issued to our non-employee Directors prior to the spin-off were treated as follows: (i) for every four DSUs, the holder was entitled to a share of WK Kellogg Co common stock; (ii) future dividends issued by WK Kellogg Co in respect of WK Kellogg Co shares of common stock will be reinvested in shares of Kellanova common stock; and (iii) upon a non-employee Director’s termination of service from the Board, such deferred shares will be payable in shares of Kellanova common stock and also the accompanying WK Kellogg Co shares of common stock, as applicable and consistent with the terms of the Grantor Trust.
36Kellanova

Board and Corporate Governance
Business Expenses
KelloggKellanova pays for the business expenses related to Directors attending KelloggKellanova meetings, including room, meals and transportation to and from Board and Committee meetings. Directors are also eligible to be reimbursed for attendance at qualified Director education programs.
2022 Proxy Statement29

Board and Corporate Governance
Director and Officer Liability Insurance and Travel Accident Insurance
Director and officer liability insurance (“D&O Insurance”) insures our Directors and officers against certain losses that they are legally required to pay as a result of their actions while performing duties on our behalf. Our D&O Insurance policy does not identify the premium for Directors versus officers and, therefore, a dollar amount cannot be assigned for individual Directors. Travel accident insurance provides benefits to each Director in the event of death or disability (permanent and total) during travel on KelloggKellanova chartered and/or commercial aircraft. Our travel accident insurance policy also covers employees and others while traveling on KelloggKellanova corporate, chartered and/or commercial aircraft and, therefore, a dollar amount cannot be assigned for individual Directors.
Deferral Program
Under the Deferred Compensation Plan for Non-Employee Directors, non-employee Directors may each year irrevocably elect to defer all or a portion of their Board annual cash retainer payable for the following year. The amount deferred is credited to an account in the form of units equivalent to the fair market value of our common stock. If the Board declares dividends, a fractional unit representing the dividend is credited to the account of each participating non-employee Director. A participant’s account balance is paid in shares of our common stock upon termination of service as a non-employee Director. The balance is paid in a lump sum or in up to ten annual installments at the election of the non-employee Director. In the case of annual installments, dividend equivalents are earned and credited to the participant’s unpaid balance on the date earned until the account is distributed in full. In connection with the spin-off of WK Kellogg Co, the units held by Directors under the deferral program were entitled to, and received, the dividend of WK Kellogg Co shares as described above under "Stock Awards".
Minimum Stock Ownership Requirement
All non-employee Directors are expected to comply with stock ownership guidelines, under which they are expected to hold at least five times the annual cash retainer, excluding any additional amounts paid to committee chairs or the Lead Director (i.e., $525,000, which is five times the $105,000 cash retainer) in stock or stock equivalents, subject to a five-year phase-in period for newly-elected Directors. As of January 1, 2022,December 30, 2023, all of the non-employee Directors exceeded or were on track to meet this requirement. Mr. Cahillane is expected to comply with the stock ownership guidelines applicable to our executive officers, as described in “Compensation Discussion and Analysis — Compensation Policies — Executive Stock Ownership Guidelines,” which for his position is at least six times his annual base salary. As of December 30, 2023, Mr. Cahillane has exceeded this requirement.
302024 Proxy StatementKellogg Company37

Board and Corporate Governance
Directors’ Compensation Table
The individual components of the total compensation calculation reflected in the table below are as follows:
Fees and Retainers
The amounts shown under the heading “Fees Earned or Paid in Cash” consist of annual retainers earned by or paid in cash to our non-employee Directors in 2021.fiscal year 2023.
The amounts disclosed under the heading “Stock Awards” consist of the annual grant of deferred shares of common stock, which are placed in the Grantor Trust. The dollar amounts for the awards represent the grant-date fair value calculated in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 718 (Compensation — Stock Compensation).
NameName
Fees
Earned
or Paid
in Cash
($)(1)
Stock
Awards
($)(2)
Option
Awards
($)(3)
Change in
Pension Value and
Nonqualified Deferred
Compensation Earnings
($)(4)
All Other
Compensation
($)
Total
($)
Name
Fees
Earned
or Paid
in Cash
($)(1)
Stock
Awards
($)(2)
Option
Awards
($)(3)
Change in
Pension Value and
Nonqualified Deferred
Compensation Earnings
($)(4)
All Other
Compensation
($)
Total
($)
Stephanie A. BurnsStephanie A. Burns124,959155,041— — — 280,000
Carter CastCarter Cast104,959155,041— — — 260,000
Rick Dreiling104,959155,041— — — 260,000
Rick Dreiling(5)
Rod GillumRod Gillum104,959155,041— — — 260,000
Zack GundZack Gund119,959155,041— — — 275,000
Jim Jenness (5)26,250— — — 26,250
Donald KnaussDonald Knauss154,959155,041— — — 310,000
Mary LaschingerMary Laschinger124,959155,041— — — 280,000
Erica MannErica Mann104,959155,041— — — 260,000
La June Montgomery TabronLa June Montgomery Tabron119,959155,041— — — 275,000
Mike Schlotman (6)104,959241,532— — — 346,491
Mike Schlotman
Carolyn TastadCarolyn Tastad104,959155,041— — — 260,000
(1)The amount reflects the aggregate dollar amount of all fees earned or paid in cash for services as a non-employee Director. Differences reflect time on the Board during 2021, timing of quarterly payments, and cash retainers paid to Board Committee Chairs and the Lead Director.
(2)The amount reflects the grant-date fair value calculated in accordance with FASB ASC Topic 718 for the annual grant of 2,2732,180 deferred shares of common stock. Refer to Notes 1 and 910 to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended January 1, 2022.December 30, 2023. The grant-date fair value of the stock-based awards will likely vary from the actual value the Director receives. The actual value the Director receives will depend on the number of shares and the price of our common stock when the shares or their cash equivalent are distributed. The numberAs described above, in connection with the spin-off of shares of common stock held byWK Kellogg Co, each of our non-employee Directors is shown under “Security Ownership — Officer and Director Stock Ownership” on page 76was entitled to shares of this proxy statement.WK Kellogg Co common stock in respect of the deferred shares beneficially owned by the non-employee Directors. In connection with the spin-off, as of December 30, 2023, our non-employee directors held 74,520 shares of WK Kellogg Co common stock.
(3)KelloggKellanova does not grant stock options to non-employee Directors.
(4)KelloggKellanova does not have a pension plan for non-employee Directors and does not pay above-market or preferential rates on non-qualified deferred compensation for non-employee Directors.
(5)The amount reflects standard compensation received by Mr. Jenness up to his retirement atDreiling resigned from the 2021 Annual Meeting of Shareowners.
(6)Mr. Schlotman began his initial term on October 23, 2020, which was after the annual grant to non-employee Directors. In May 2021, Mr. Schlotman received a prorated portion of the 2020 stock awards for his service as Director prior to the 2021 Annual Meeting of Shareowners.Board effective February 17, 2023.
2022 Proxy Statement3831Kellanova



Compensation
PROPOSAL 2
PROPOSAL 2
Advisory Resolution to Approve

Executive Compensation
image_10.jpg
The Board recommends a vote FOR the resolution approving the compensation of our Named Executive Officers, as disclosed in this proxy statementProxy Statement pursuant to the compensation disclosure rules of the SEC.
Compensation and Talent Management Committee Report
As detailed in its charter, the Compensation and Talent Management ("C&T") Committee oversees our compensation program on behalf of the Board. In the performance of its oversight function, the C&T Committee, among other things, reviewed and discussed with management the Compensation Discussion and Analysis set forth in this proxy statement.Proxy Statement. Based upon these reviews and discussions, the C&T Committee recommended to the Board that the Compensation Discussion and Analysis be included in our Annual Report on Form 10-K for the fiscal year ended January 1, 2022December 30, 2023, and our proxy statementProxy Statement relating to be filed in connection with our 20222024 Annual Meeting of Shareowners, each of which will be filed with the SEC.Shareowners.
COMPENSATION AND TALENT MANAGEMENT COMMITTEE
Mary Laschinger, Chair
Rick Dreiling
Zack Gund
Don Knauss
Carolyn Tastad
Our Shareowners may vote, on an advisory (non-binding) basis, for a resolution to approve the compensation of our named executive officers as disclosed in this proxy statement.Proxy Statement. At our 20182023 Annual Meeting, a majority of Shareowners voted, consistent with the recommendation of Kellogg’sthe Board of Directors, to hold an annual shareowner advisory vote on a resolution to approve the compensation of Kellogg’sour named executive officers. The annual vote will continue until the next requiredunless our Shareowners vote, on theat our 2029 Annual Meeting, to approve a different frequency of shareownerShareowner votes on the compensation of Kellogg’sour named executive officers as required pursuant to Section 14(A) of the Securities and Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder, which we expect will take place at our 2024 Annual Meeting of Shareowners.thereunder. The Board of Directors believes that thean annual advisory votesvote on a resolution to approve executive compensation allow our Shareowners to provide us with their regular, direct input on our compensation philosophy, policies and practices as disclosed in the proxy statement,Proxy Statement, and is consistent with our policy of seeking input from, and engaging in discussions with, our Shareowners on corporate governance matters and our executive compensation philosophy, policies and practices.
This executive summary highlights core principles of our compensation program and the approach followed by the C&T Committee.Committee (our "Core Principles").
Core Principles
During fiscal year 2023, our Core Principles relating to executive compensation remained consistent with years past. We continue to operate in a robust and challenging industry, where competitive compensation is central to business performance. We believe that our executive compensation program for our NEOs (as defined in "Compensation Discussion and Analysis" (or "CD&A") beginning on page 41 of this Proxy Statement) should be designed to:
provide a competitive level of total compensation necessary to attract and retain key talent to help deliver successful business performance;
appropriately motivate our NEOs to contribute to our near-and long-term success; and
help drive long-term total return for our Shareowners.
322024 Proxy StatementKellogg Company39

Compensation
Accordingly, the Core Principles that underpin our executive compensation program include Pay for Performance, Shareowner Alignment, Values-Based and Risk Mitigation. A detailed description of these principles is included in the CD&A, and the following is a brief overview of each.
Pay for
Performance
Our compensation program is designed to have a significant portion of an NEO’s compensation linked to Kellogg’sKellanova’s actual performance. We accomplish this by utilizing “performance-based” pay programs like our annual incentive plan stock option plan and three-year executive performance plan,Performance Stock Unit Plan, and by limiting perquisites.
Shareowner
Alignment
We align the interest of our NEOs with Shareowners by encouraging our NEOs to have a meaningful personal financial stake in Kellogg.Kellanova. We gain this alignment by maintaining stock ownership guidelines, having stock-based programs represent a significant portion of an NEO’s target compensation and using compensation plan goals that are tied to key financial metrics of Kellogg.Kellanova. In addition, our C&T Committee uses verification tools such as "total shareowner return" as a key financial metrican important consideration when reviewing performance to verify our pay for performance connection.
Values-BasedOur NEOs are evaluated on the behaviors they exhibit as they drive results. The compensation program links the “what” each NEO contributes as well as “how” an NEO makes those contributions.
Risk MitigationOur compensation program is designed to mitigate risks relating to our business. The program accomplishes this by balancing short-term and rolling three-year incentives, which uses various financial metrics to ensure the business grows in a balanced, sustainable manner. In addition, we have a clawback policy applicable to our executive officers, including our NEOs, and use clawback provisions to mitigate risk by creating appropriate remedies under certain circumstances.
Compensation Approach
Our compensation approach is based on (a) driving independent decision-making, (b) utilizing Compensation Peer Group data to appropriately benchmark compensation, (c) following a consistent, rigorous compensation target setting process, and (d) using verification tools to ensure appropriate decisions are being made.
20212023 Performance/Payouts
AIPThe fundamental principle underlying our compensation programs is pay for performance. The following briefly highlights certain pay elements aligned with the Company’s performance in 2023:
Annual Incentive Plan (“AIP”) Payouts (Pay for Performance)
Our CEO,NEOs participated in our Corporate AIP, our annual performance-based cash incentive plan, during 2023.
For 2023, the financial performance against the adjusted performance goals for Corporate AIP were operating profit of $2.04 billion against a target of $1.95 billion, net sales of $15.21 billion against a target of $15.16 billion, and free cash flow of $968 million against a target of $848 million. These amounts reflect the pre-spin business of Kellogg Company through October 2, 2023 and the business of Kellanova following the spin-off.
The associated AIP payout factor for Mr. Cahillane, who is a participant in the Corporate AIP Plan, received an AIP payout of 101% of target. Mr. Banati, Mr. Hirst,Hood, Mr. Lawlor, and Mr. Pilnick are also participants in the Corporate AIP Plan and had an AIP payout factor of 101%Kapoor was 111% of target, before consideration for individual performance. Mr. Hood’s AIP is based on both the performance of the North American region he leads as President and, to a lesser extent, the financial performance againstPilnick also participated in the Corporate AIP financial targets. Mr. Hood’s payout factor was 69%prior to the spin-off of target, before consideration for individual performance. In exercising its judgment-based methodology to ensure appropriate pay forWK Kellogg Co, as described beginning on page 49.
For more information about the Company’s performance, the C&T Committee considered a number of factors, including: (i) working differently and managing effectively through the COVID-19 crisis, which allowed us to keep our employees safe, supply our markets with food, aid our communities, and preserve financial flexibility; and (ii) actual performance that was significantly above the 2021 Corporate AIP, financialthe performance targets (including certain adjustments to the performance targets), and actual payouts for net sales growth.each NEO, including individual performance adjustments, see “Annual Incentives” beginning on page 48 of this Proxy Statement.
EPP Payouts (Pay for Performance)
The Company’sOur NEOs participated in our Executive Performance Plan (“EPP”) is(EPP, renamed as the PSU Plan), a stock-based, pay for performance, three-year incentive plan. The actual percent of the EPP target paid to our NEOs each year can range from 0% to 200% of the target opportunity. During the 2019-2021 performance period, EPP Net Sales performance was significantly above the target range and TSR performance was slightly below the target range. The payout for the 2019-2021 EPP is 100% of target.
The goals for the 2019-2021 EPP were tied to organic net sales growth ("EPP Net Sales") and relative total shareowner return (“TSR”) during the three-year performance period. During the performance period, which ended on the date of the spin-off, the Company delivered EPP Net Sales growth of 3.8%7.9%, which is significantly above the 1-2%0.5% to 1.5% target range. The Company’s relative TSREPP Free Cash Flow performance during the period was at$3.2 billion, which is above the 27th percentile of the TSR Peer Group, below the 33rd–67th percentile$2.86 billion to $3.16 billion target range. The TSR Peer Group consists of the S&P 500 "Food, Beverage, & Tobacco" excluding Beverage and Tobacco but including PepsiCo, Inc., as previously disclosed in our Proxy relating to our 2019 fiscal year (as adjusted for subsequent entrants to the group and removal of companies that are no longer included).
Under the EPP, EPP Net Sales and TSR achievement for the 2019-2021this performance period results in a payout of up to 100%200% of the share target amount. TheAfter consideration, the C&T Committee determinedutilized its discretion to determine that our NEOs should receive a payout of 100%165% of share target amount, which was appropriate foramount. For more information about the Company’sEPP, the performance during this period after considering the financial performance as well as (i) organic net sales growth above our peer group median; (ii) historical benchmarking data relatingtargets (including certain adjustments to the performance targets), and commensurate payoutactual payouts for each NEO, see “Long-Term Incentives” beginning on page 50 of our peer groups; and (iii) successful execution of Deploy for Growth Strategy, which was launched in 2018 with the goal of restoring top-line growth.this Proxy Statement.
2022 Proxy Statement4033Kellanova

Compensation
For the reasons discussed above, we are asking our Shareowners to indicate their support for our NEO compensation as described in this proxy statementProxy Statement by voting “FOR” the following resolution. This vote is not intended to address any specific item of compensation, but rather the overall compensation of our NEOs and the philosophy, policies and practices described in this proxy statement.Proxy Statement.
“RESOLVED, that Kellogg Company’sKellanova’s Shareowners approve, on an advisory basis, the compensation of the named executive officers, as disclosed in Kellogg Company’sKellanova’s Proxy Statement for the 20222024 Annual Meeting of Shareowners pursuant to the compensation disclosure rules of the Securities and Exchange Commission, including the Compensation Discussion and Analysis, the Summary Compensation Table and the other related tables and disclosure.”
This resolution is advisory, and therefore not binding on Kellogg,Kellanova, the Board of Directors or the C&T Committee. The Board of Directors and the C&T Committee value the opinions of Kellogg’sour Shareowners and, to the extent there is any significant vote against the NEO compensation as disclosed in the proxy statement,Proxy Statement, we will consider such Shareowners’ concerns and the Committee will evaluate whether any actions are necessary to address those concerns.
Compensation Discussion and Analysis
The purpose of this Compensation Discussion and Analysis (“CD&A”) is to provide information about the material elements of compensation that are paid, awarded to, or earned by, our “named executive officers” (or “NEOs”), which consist of our CEO, CFO, and our three next highest paid executive officers. As discussed below under "Key Decisions Summary — Company Updates — Spin-Off of WK Kellogg Co", on October 2, 2023, we completed the spin-off of WK Kellogg Co, which resulted in two separate, publicly-traded companies, Kellanova and WK Kellogg Co.
Our NEOs for fiscal year 2023 were:
Steve Cahillane, Chairman, President and Chief Executive Officer;
Amit Banati, Vice Chairman and Chief Financial Officer;
Chris Hood, Senior Vice President & President, Kellanova North America(1);
David Lawlor, Senior Vice President & President, Kellanova Europe;
Shumit Kapoor, Senior Vice President & President, Kellanova AMEA; and
Gary Pilnick, former Vice Chairman and Chief Legal Officer(2)
(1)Mr. Hood will be retiring from the Company in April 2024.
(2)In connection with the completion of the spin-off of WK Kellogg Co in October 2023, Mr. Pilnick ceased serving as our Vice Chairman and Chief Legal Officer and became the Chief Executive Officer of WK Kellogg Co.
In order to present Kellogg’sKellanova’s executive compensation program in a simple and understandable manner, the Compensation Discussion and Analysis (“CD&A”)&A has been organized into the following sections:
A.Key Decisions Summary– an overview of compensation decisions and program updates.
B.Core Principles– the fundamental tenets upon which our compensation program is built, such as “pay for performance.”
C.Compensation Approach– the process used to develop plan design, set compensation, and verify that actual pay is consistent with our Core Principles.
D.Compensation Plans and Design– the specific elements of the compensation program and 20212023 pay.
E.Compensation Policies– key policies that govern the operation of the plans.
It is important to read this section in conjunction with the detailed tables and narrative descriptions under “Executive Compensation” beginning on page 4655 of this proxy statement.
In this proxy statement, we refer to our CEO, CFO, and our three next highest paid individuals as our “named executive officers” or “NEOs.”Proxy Statement.
A. Key Decisions Summary / Core Principles / Approach /
Plans and Design / Policies
Company Updates
Spin-Off of WK Kellogg Co. On October 2, 2023, the Company completed the spin-off of its North America cereal business into a new, stand-alone publicly traded company, WK Kellogg Co. The spin-off was completed through the distribution of shares of WK Kellogg Co common stock to our Shareowners of record as of September 21, 2023 (one share of WK Kellogg Co common stock for every four shares of our common stock). Consistent with the terms of the Employee Matters Agreement dated as of September 29, 2023, entered into between the Company and WK Kellogg Co in connection with the spin-off (the “Employee Matters Agreement”) and the Company's compensation plans:
Outstanding, unvested awards held by our employees, including our NEOs, were adjusted to preserve the value of their awards immediately prior to the spin-off to account for the impact of the spin-off. The adjustments were accomplished by providing additional equity to holders of awards to provide the same value post-spin-off as the value of the awards prior to the spin-off. These modifications to outstanding, unvested equity awards resulted in certain incremental accounting charges under applicable accounting rules. These incremental accounting charges appear as additional 2023 compensation in the Summary Compensation Table.
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Compensation
The Company's outstanding performance-based equity awards were established before the Company had certainty and/or knew the timing of the spin-off of WK Kellogg Co. The terms of the Company's PSU Plan provided for the equitable adjustment of the performance goals based on extraordinary events like a spin-off and, accordingly, in connection with the spin-off, the following modifications were made:
Adjustments were made to the 2021-2023 EPP and 2022-2024 PSU Plan performance goals to equitably adjust for the impact of the spin-off.
The performance periods for both the 2021-2023 EPP and 2022-2024 PSU Plan were concluded on the date of the spin-off. The C&T Committee tookdetermined the following key actions:actual performance under the 2021-2023 EPP and 2022-2024 PSU awards through the effective time of the spin-off and such awards were converted to time-based restricted stock units (“RSUs”), with such awards vesting based on the holder's continued service.
The goals for the 2023-2025 PSU Plan were equitably adjusted at the time of the spin-off to account for the impact of the spin-off.
The 2023 Corporate AIP targets similarly were established at the beginning of 2023. Accordingly, the targets included a full year of results for the WK Kellogg Co business and the Company's business in Russia. The terms of the AIP provide for the equitable adjustment of the targets based on the ultimate impact of the spin-off and divestiture. Adjustments were made to the targets under the 2023 Corporate AIP to equitably adjust for the impact of those transactions.
Program Updates
The C&T Committee regularly reviews the design and effectiveness of the Company’s compensation program. This includes engaging with a variety of stakeholders to gain feedback and input on the Company's compensation programs, including the Company’s discussions with Shareowners and on-going reviews with the Company’s independent compensation consultant. Based on this inputFollowing such review and evaluation, the C&T Committee deliberation,determined to retain the following program updates were made todesign of the Company’s executiveCompany's compensation program for 2021:2023.
AIP In connection with the completion of the spin-off of WK Kellogg Co, the C&T Committee evaluated the Company's Compensation Peer Group. Following the completion of the spin-off (which occurred October 2, 2023), Kenvue and Monster Beverage replaced Estee Lauder, McDonald's, Starbucks, Whirlpool and Yum! Brands in the Company's Compensation Peer Group to better align industry representation with the post-spin-off Kellanova business. Additionally, in 2024, Post Holdings will be removed from the Company's Performance Metric Weights (Pay for Performance). In 2021, the weighting for AIP Operating Profit was increased from 40% to 50%Peer Group. The 2021 financial metric weights were 50%Company's updated Compensation Peer Group andPerformance Peer Group for 2024 compensation decisions are set forth below:
2024 COMPENSATION PEER GROUP2024 PERFORMANCE PEER GROUP
Church & Dwight
The Clorox Company
Colgate-Palmolive Co.
Hormel Foods Corporation
Kenvue Inc.
Keurig Dr. Pepper Inc.
Kimberly-Clark Corporation
Monster Beverage Corp.
Campbell Soup Co.
ConAgra Brands, Inc.
General Mills, Inc.
The Hershey Company
The J.M. Smucker Company
The Kraft Heinz Company
McCormick & Company, Inc.
Mondelēz International, Inc.
PepsiCo Inc.
The Company’s Compensation Peer Groupand Performance Peer Group for 2023 are each set forth below in the section titled “Peer Groups and Competitive Positioning,” beginning on page 45 of this Proxy Statement.
2023 AIP Operating Profit, 30% AIP Net Sales, and 20% AIP Cash Flow, as such terms are defined below.
AIP Non-Financial/ESG Metric Weights. The company has long included non-financial metrics in our plan, and in 2021, the weighting of Equity, Diversity & Inclusion was increased to reflect our commitments and the impact they have on driving business success.
2021 Annual Incentive Plan (“AIP”) Payouts (Pay for Performance)
20212023 Corporate AIP Payout 101%Factor of 111% of target
Our CEO,NEOs participated in our Corporate AIP during 2023. The associated AIP payout factor for Mr. Cahillane, who is a participant in the Corporate AIP Plan, received an AIP payout of 101% of target. Mr. Banati, Mr. Hirst,Hood, Mr. Lawlor, and Mr. Pilnick are also participants in the Corporate AIP Plan and had an AIP payout factor of 101%Kapoor was 111% of target, before consideration for individual performance. Mr. Hood’s AIP is based on both the performance of the North American region he leads as President and, to a lesser extent, the financial performance againstPilnick also participated in the Corporate AIP financial targets. Mr. Hood’sprior to the spin-off of WK Kellogg Co, as described further below.
The 2023 Corporate AIP targets were established at the beginning of 2023. At that time, the Company did not have the certainty and/or know the timing of the spin-off of WK Kellogg Co or the divestiture of the Company’s business in Russia. As such, the targets included a full year of results for those businesses. The terms of the AIP provide for equitable adjustment of the targets based on the ultimate impact of the spin-off and divestiture. The Company completed the spin-off of WK Kellogg Co in October 2023, and the divestiture of the Company's Russian business in July 2023, and adjustments were made to the 2023 AIP targets to equitably adjust for the impact of those transactions. The associated 2023 AIP payout factor was 69%111% of target, before consideration for individual performance. For 2023, the financial performance against the adjusted performance goals for Corporate were operating profit of $2.04 billion against a target of $1.95 billion, net sales of $15.21 billion against a target of $15.16 billion, and free cash flow of $968 million against a target of $848 million. These amounts reflect the pre-spin business of Kellogg Company through October 2, 2023 and the business of Kellanova following the spin-off.
For more information about the AIP, the performance targets, and actual payouts for each NEO, including individual performance adjustments, see “Annual Incentives” beginning on page 4048 of this proxy statement.Proxy Statement.
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Compensation
2019-2021 Executive2021-2023 Performance Share Unit Plan (“EPP”) Payouts (Pay for Performance)
2019-20212021-2023 EPP Payout 100%165% of target
ForThe three-year stock unit plan formerly known as our “Executive Performance Plan” (or “EPP”) was renamed the 2019-2021"Performance Stock Unit Plan" ("PSU Plan") in fiscal year 2022 to reflect the expansion of the plan beyond the Company’s executives. The plan is a stock-based, pay for performance, three-year incentive plan. The actual percent of the EPP/PSU Plan target paid to our NEOs each year can range from 0% to 200% of the target opportunity based on the level of achievement of the applicable performance-vesting goals.
The goals for the 2021-2023 EPP were tied to organic net sales growth ("EPP Net Sales") and aggregate operating free cash flow ("EPP Free Cash Flow") during the three-year performance period. The 2021-2023 EPP performance goals were established at the beginning of 2021 and did not contemplate the spin-off of WK Kellogg Co. The terms of the EPP provided for the equitable adjustment of the performance goals based on extraordinary events and accordingly, and in connection with the spin-off of WK Kellogg Co on October 2, 2023, the EPP Free Cash Flow goals for the 2021-2023 were equitably adjusted, primarily for the impact of the spin-off and the performance period ending on the date of the spin-off.
During the 2021-2023 performance period, EPP Net Sales performance was significantly above the target range and EPP Free Cash Flow performance was above the target range. The payout for 2021-2023 EPP was 165% of target.
During the performance period (which ended on the date of the spin-off), the Company delivered EPP Net Sales growth of 3.8%7.9%, which is significantly above the 1-2%0.5% to 1.5% target range. With respectThe Company’s EPP Free Cash Flow performance during the period was $3.2 billion, which is above the adjusted $2.86 billion to relative TSR, the Company was at the 27th percentile of the TSR Peer Group, below the 33rd–67th percentile$3.16 billion target range. Under the Plan, this performance results in a payout of up to 100%200% of the share target amount. Theamount, and the Committee determinedutilized its discretion to determine that our NEOs should receive a payout of 100%165% of share target amount which wasamount. The Committee determined this as the appropriate payout for the Company’s performance during this period after considering the financial performance as well as (i) market share; (ii) Return on Invested Capital over the performance period; and (iii) Total Shareholder Return relative to our peers over the performance period. For more
The performance-vesting goals for the PSU Plan and further information aboutregarding the 2019-2021 and actual payouts for each NEO, seePSU Plan are detailed further below in the section titled “Long-Term Incentives” beginning on page 4250 of this proxy statement.Proxy Statement.
B. Key Decisions Summary / Core Principles / Approach /
Plans and Design / Policies
We operate in a robust and challenging industry, where competitive compensation is central to business performance. We believe that our executive compensation program for our NEOs should be designed to:
Provide a competitive level of total compensation necessary to attract and retain key talent to help deliver successful business performance;
Appropriately motivate our NEOs to contribute to our near and long-term success; and
Help drive long-term total return for our Shareowners.
Accordingly, our compensation program is based on the following core principles — each of which is more fully described below.
Pay for Performance,
Shareowner Alignment,
Values-Based, and
Mitigating Risk.
Pay for Performance
The fundamental principle underlying our compensation programs is pay for performance. That is, we link the amount of actual pay to the performance of KelloggKellanova and each NEO. We accomplish this in several ways, including ensuring that target pay levels are market based, utilizing “performance-based” pay, and limiting perquisites (each of which is more fully described below).
Market Driven Compensation
All components of our executive compensation package are targeted at the median of the market of our Compensation Peer Group (as described below) to ensure that our executives are appropriately compensated, and we are able to recruit and retain the right talent for the organization. Compensation opportunities vary based on time in position, criticality of retention, and sustained performance, as well as other factors. Annual incentive compensation targets may be above or below the median of our Compensation Peer Group based on a variety of factors, including experience and tenure in the role. Actual incentive compensation payouts are based on performance against pre-determined goals that are designed to drive sustainable results and increase Shareowner value.
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Compensation
Performance-Based Compensation
A significant portion of our senior executive’s target compensation is “performance-based” pay, tied to both short-term performance (AIP awards) and long-term performance (EPP(PSU awards, formerly known as EPP awards). Pursuant to the 2023-2025 PSU Plan, in fiscal year 2023 our NEOs were granted performance stock units that are subject to time-based and stock options). performance-based vesting (“PSUs”) under the Kellanova 2022 Long-Term Incentive Plan (the “LTIP”), which was approved by the Shareowners and is administered by the C&T Committee.
The annual compensation package for our CEO, Mr. Cahillane, has approximately 89%71% of target annual compensation (salary, annual incentives and long-term incentives)incentives in the form of RSUs and PSUs) linked to performance-based incentives.incentives (PSUs and annual incentives). The annual compensation package for our other NEOs averaged approximately 64%63% of target annual compensation linked to performance-based incentives. See page 5 of this Proxy Statement for an illustration.
Limited Perquisites and Other Personal Benefits
To further ensure pay for performance, executives receivewe generally provide limited perquisites or other personal benefits to our executives, including our NEOs, except as shown on page 46.57. For additional information about perquisites, refer to “Executive Compensation — Summary Compensation Table — footnote ‘6’.6.
Shareowner Alignment
Aligning the interests of our executives with Shareowners is an important way to drive behaviors that will generate long-term Shareowner value. We align these interests by using equity awards that have a longer-term focus and bymaintaining robust stock ownership guidelines (each of which is more fully described below). Equity-based incentives are an effective method of facilitating stock ownership and further aligning the interests of executives with those of our Shareowners. Consequently, a significant portion of our NEOsNEOs' total target compensation is comprised of equity-based incentives (approximately 72% of our CEO’s annual target compensation, and an average of 56%55% of our other NEOsNEOs' annual target compensation)compensation, is comprised of equity awards in the form of RSUs and PSUs).
At the 20212023 Annual Meeting of Shareowners, our Shareowners expressed strong support for the Company’s executive compensation program with approximately 97%96% of votes cast in favor of Kellogg’sthe Company’s “Say-on-Pay” proposal. In addition, during the course of 2021,2023, the Company continued regularly engaging with our Shareowners about various corporate governance topics, including executive compensation. When setting compensation, and in determining compensation policies and practices like changing long-term incentives mix and the performance metrics, the C&T Committee took into account feedback from Shareowners received through the Company’s Shareowner outreach program, as well as the results of the 20212023 Shareowner advisory resolution to approve executive compensation.
Longer-Term Focus
Our EPP isWe maintain a stock-based, pay for performance, multi-year incentive plan (which we refer to as the "EPP" for periods prior to 2022 and the "PSU Plan" (or "PSU") for 2022 and subsequent periods) intended to focus senior management on achieving critical goals over three-year periods. This approach provides the right balance of focusing senior management on important operational and financial goals and providing a direct link to shareowner interests. Specifically, for the 2019-20212021-2023 EPP, 2022-2024 PSU Plan and 2023-2025 PSU Plan, these goals were tied to organic net sales growth and relative TSR. For the 2021-2023 EPP, the metrics are organic net sales growth and aggregate operating free cash flow. RestrictedIn addition, time-based restricted stock units were granted to our NEOs in 20212023, which are subject to three-year cliff vesting. In 2021, stock options granted vest in three equal annual installments in 2022, 2023, and 2024 and have a 10-year term.
Stock Ownership Guidelines
KelloggKellanova has established robust share ownership guidelines to strengthen the ongoing and continued link between the interests of NEOsShareowners and Shareowners.NEOs. The CEO is expected to own shares equal to at least six times his base salary. The other NEOs are expected to own shares equal to at least three times their base salary. The Company has a policy such that there is a holding period which requires that all of our NEOs hold all shares received from option or stock awards until their respective ownership guideline is met. Our NEOs currently exceed or are on track to meet their ownership guidelines.
Values-Based
Kellogg’sThe Company’s executive compensation program is designed to reward an executive’s performance and contribution to Kellogg’sKellanova’s objectives. Each NEO is evaluated on their specific contributions (the “what”), as well as the behaviors they exhibit as they drive results (the “how”). The shared behaviors (what we call our “K Values”) that KelloggKellanova expects and believes are essential to achieving long-term dependable and sustainable growth and increased value for Shareowners are as follows:
acting with integrity and showing respect;
being accountable for our actions and results;
being passionate about our business, our brands and our food;
having the humility and hunger to learn;
striving for simplicity; and
loving success.
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Compensation
Mitigating Risk
The compensation program is designed so that it does not encourage taking unreasonable risks relating to our business. Kellogg’sKellanova’s compensation programs mitigate risk by balancing short-term and rolling multi-year incentives which use various financial metrics to encourage the business to grow in a balanced, sustainable manner. In addition, the use of our clawback policy and clawback provisions further drives risk mitigation by creating appropriate remedies under certain circumstances.
In 2021,2023, the Board of Directors and the C&T Committee reviewed our compensation program to identify any design features that could reasonably be considered to encourage excessive risk taking and Kellogg’sKellanova’s approach to those features. As a result of this review, and together with input from the independent compensation consultant, the Board of Directors and the C&T Committee determined that the risks arising from Kellogg’sKellanova’s compensation policies and practices for our employees are not reasonably likely to have a material adverse effect on Kellogg.Kellanova.
Clawback Policies
WeOn October 27, 2023, we adopted a clawback policy that provides for the recoupment of certain incentive-based executive compensation in the event that the Company is required to prepare an accounting restatement of its financial statements due to material noncompliance with any financial reporting requirement under the federal securities laws. This policy is intended to comply with Section 10D of the Exchange Act, the rules promulgated thereunder, and the applicable listing standards of the NYSE.
In addition, we maintain clawback provisions in each of our AIP, stock options, restricted stock units, and EPPEPP/PSU programs which give the Company the ability to recover (“clawback”) previously granted payments. These provisions allow Kellogg to recoup performance-based gains bypayments from executive officers (and other program participants) for fraud or misconduct causing a financial restatement. Beginning in 2018, we expanded our provisions in all equity awards to require clawback after vesting or exercise (and forfeiture of awards before vesting) if an executive violates the non-compete or non-solicitation provisions of the awards or an executive engages in any activity that is contrary or harmful to Kellogg’sKellanova’s interest.
C. Key Decisions Summary / Core Principles / Approach / Plans and Design / Policies
Our compensation approach is based on (a) driving independent decision-making, (b) utilizing Compensation Peer Group data to appropriately benchmark compensation, (c) following a consistent, rigorous compensation target setting process, and (d) utilizing verification tools to ensure appropriate decisions are being made. Each is described more fully below.
Independent Decision Making
Our C&T Committee is responsible for administering the compensation program for executive officers of Kellogg.Kellanova. The members of the C&T Committee are fully independent, none of the C&T Committee members are current or former employees of Kellogg,Kellanova, and they are not eligible to participate in any of our executive compensation programs. For more information, see “Board and Corporate Governance - Board and Committee Membership — Compensation and Talent Management Committee.” In addition, the C&T Committee has utilized an independent compensation consultant for many years.
Semler Brossy Consulting Group ("Semler Brossy"), our independent compensation consultant, works directly for the C&T Committee, and, pursuant to Company policy, is prohibited from providing any consulting or other services to KelloggKellanova or our executive officers other than the work performed on behalf of the C&T Committee or the Board. The C&T Committee has considered the independence of Semler Brossy in light of SEC rules and NYSE listing standards. In connection with this process, the C&T Committee has reviewed, among other items, a letter from Semler Brossy addressing the independence of Semler Brossy and the members of the consulting team serving the C&T Committee, including the following factors: (i) services provided to KelloggKellanova by Semler Brossy, (ii) fees paid by KelloggKellanova as a percentage of Semler Brossy’s total revenues, (iii) policies or procedures of Semler Brossy that are designed to prevent conflicts of interest, (iv) any business or personal relationships between the senior advisor of the consulting team with a member of the C&T Committee, (v) any Company stock owned by the senior advisor or any member of the senior advisor's immediate family, and (vi) any business or personal relationships between our executive officers and the senior advisor. The C&T Committee discussed these considerations and concluded that the work performed by Semler Brossy and its senior advisors involved in the engagement did not raise any conflict of interest.
Peer Groups and Competitive Positioning
We use peer groups to benchmark our compensation against comparable companies and for different components of our overall compensation program to ensure they are competitive and delivering compensation in line with performance:
Peer GroupOverview/Selection CriteriaPrimary Purpose
Peer GroupOverview/Selection CriteriaPrimary Purpose
Compensation Peer GroupConsists of companies which we generally compete with for talent, including both food companies and companies in other relevant industries. This group is reviewed on a periodic basis for appropriateness.Establish target compensation (Base Salary, AIP and LTI).
Performance Peer GroupGenerally consists of the food companies in the broader Compensation Peer Group. This group is reviewed on a periodic basis for appropriateness.Assess relative company performance and assess incentive payouts
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Compensation
The “Compensation Peer Group” is used to ensure that our executive officer compensation is competitive in the marketplace. Consequently, we benchmark our executive compensation to that of theCompensation Peer Group. The C&T Committee uses peer group data to benchmark base salary, target annual and long-term incentives and total compensation. Our total compensation package is targeted at the median of our Compensation Peer Group. Actual incentive compensation payouts will depend largely upon Kellogg’sKellanova’s performance versus our operating plan budgets and in part upon our performance relative to our Performance Peer Group. Again, the design drives pay for performance. We believe this approach allows KelloggKellanova to recruit the best talent for the organization and pay for performance.
The Committee reviews at least annually theCompensation Peer Group to confirm that it continues to be an appropriate benchmark. The Committee determines theCompensation Peer Group, taking into account input from the independent compensation consultant, which is based on objective screening criteria for a variety of factors and considers a variety of criteria, including companies that (i) are in the same or similar lines of business, (ii) compete for the same customers with similar products and services, (iii) have comparable financial characteristics that investors view similarly, (iv) consider KelloggKellanova a peer, (v) proxy advisory firms consider Kellogg’sKellanova’s peers, and (vi) are within a reasonable range in terms of percentile rank of KelloggKellanova for key financial metrics such as revenue, pre-tax income, total assets, total equity, total employees, and market capitalization.
While we We believe that our Compensation Peer Group is representative of the market in which we compete for talent, the composition of our Compensation Peer Group has changed over time. In order to improve the overall comparability of the Compensation Peer Group, Church & Dwight and Starbucks replaced Nike and Mattel in 2021.talent.
The “Performance Peer Group” is used to assess our incentive plan payouts and performance relative to the performance of these direct competitors. This group includes many of the food companies in the broader Compensation Peer Group. The Performance Peer Groupcompanies were chosen because they most closely compete with KelloggKellanova in the consumer marketplace and for investors’ dollars, and face similar business dynamics and challenges. Annual incentive compensation payouts will depend largely upon Kellogg’sKellanova’s performance versus our operating plan budgets and in part upon our performance relative to our Performance Peer Group.
As expected, while there is meaningful overlap and differenceswere some distinctions between theCompensation Peer Group andPerformance Peer Group. , there was also significant overlap between the two groups. For 2021,2023, our Compensation Peer Group and Performance Peer Grouparewere comprised of the following companies:
COMPENSATION PEER GROUPPERFORMANCE PEER GROUP
Church & Dwight
The Clorox Company
Colgate-Palmolive Co.
The Estee Lauder Cos., Inc.
Hormel Foods Corporation
Keurig Dr. Pepper Inc.

Kimberly-Clark Corporation
McDonald’s Corporation
Starbucks
Whirlpool Corporation
YUM! Brands, Inc.

Campbell Soup Co.
ConAgra Brands, Inc.
General Mills, Inc.
The Hershey Company
General Mills, Inc.
The J.M. Smucker Company
The Kraft Heinz Company
McCormick & Company, Inc.
Mondelēz International, Inc.
Post Holdings
PepsiCo Inc.
While no changes were made to the Compensation Peer Group andPerformance Peer Group with respect to compensation decisions made for 2023, in connection with the completion of the spin-off of WK Kellogg Co, Kenvue and Monster Beverage replaced Estee Lauder, McDonald's, Starbucks, Whirlpool and Yum! Brands, to better align industry representation with the post-spin-off Kellanova business. Additionally, in 2024, Post Holdings will be removed from the Company's Performance Peer Group. See "Program Updates," above.
Consistent, Rigorous Process
Each year, the C&T Committee follows a consistent, rigorous process to determine compensation for the NEOs:
The independent compensation consultant presents the Committee with relevant compensation information such as a market assessment, Compensation Peer Group benchmarking data, information about other relevant market practices, and emerging trends.
This compensation information provides detailed information for both CEO compensation and the compensation for the other NEOs.
The independent consultant makes recommendations to the Committee regarding target levels for each pay element for the CEO and theprovides oversight and guidance for other NEOs, and theNEOs. The CEO makes recommendations to the Committee regarding the performance and compensation for each NEO (other than himself).
Based on its review of performance versus our operating plan, performance against thePerformance Peer Group, individual performance, input from the independent compensation consultant and other factors, the Committee makes recommendations to the independent members of the Board regarding the compensation for the CEO and the other NEOs.
The independent members of the Board determine the compensation of the CEO and the other NEOs.
3846Kellogg CompanyKellanova

Compensation
Verification Tools
The C&T Committee utilizes several tools to help verify that the design of our program is consistent with our Core Principles and that the amount of compensation is within appropriate competitive parameters. For example, each year, the Committee reviews “pay tallies,” which include a detailed analysis of each NEO’s target and actual annual cash compensation, equity awards, retirement benefits, perquisites, change-in-control and severance payments, and wealth accumulation. In connection with this review, no unintended consequences or other concerns of the compensation program design were discovered. In addition, the Committee concluded that the total compensation of the NEOs aligns pay with performance and is appropriate and reasonable. Our Committee also uses a key financial metric, TSR,total shareholder return ("TSR"), as an additional verification tool to verify our pay for performance connection.
D. Key Decisions Summary/ Core Principles / Approach / Plans and Design / Policies
NEO compensation includes a combination of annual cash and long-term incentive compensation. Annual cash compensation for NEOs is comprised of base salary and the AIP. Long-term incentives consist of stock option grants, three-year EPPPSU awards and restricted stock units (except for the CEO, who does not receive any restricted stock units).RSU awards.
Total Compensation
Key elements of our 20212023 NEO compensation program are as follows.
Element
Performance /
Vesting Period (yrs.)
PurposeCharacteristics
FixedBase SalariesCompensates executives for their level of responsibility and sustained individual performance. Also, helps attract and retain strong talent.Fixed component; evaluated annually.
Performance - Based
Annual Incentives
(AIP)
One yearPromotes achieving our annual corporate and business unit financial goals, as well as non-financial/ESGnon-financial objectives such as people safety, food safetysafety/quality and equity, diversity and inclusion.Performance-based cash opportunity; amount varies based on Company and business results, and individual performance.
Long-Term Incentives
(Executive Performance Plan and Stock Options)Unit Plan)
Three yearsPromotes (a) achieving our long-term corporate financial goals through the 3-year EPP program and (b) stock price appreciation through stock options.PSU Plan.Performance-based equity opportunity; amounts earned/ realized will vary from the targeted grant-date fair value based on actual financial and stock price performance.
Stock OwnershipLong-Term Incentives (RSUs)Three yearsCreates a balanced long-term incentive program, helping to manage equity utilization while aligning to market practice.Cliff vesting provides meaningful retention value; improved stock price performance enhances overall value of awards.
OtherPost-Termination CompensationFacilitates attracting and retaining high caliber executives in a competitive labor market in which formal severance plans are common.Contingent component; only payable if the executive’s employment is terminated under certain circumstances.
Retirement PlansLong-TermWe provide both matching and fixed Company contributions based on employee deferrals and years of service, respectively.that provide income upon retirement.Fixed component; however, contributions may vary based on employee elections.elections, age, and years of service.

20222024 Proxy Statement3947

Compensation
Base Salaries
The C&T Committee considers a number of factors when determining NEO base salaries including experience, proficiency, individual contributions, job market conditions, sustained performance in role, and the individual’s current base salary compared with those of persons in similar positions at other companies in the Compensation Peer Group. Annually, the C&T Committee evaluates whether to award base salary increases, including considering changes in an NEO’s role and/or responsibility. In 2021, the2023, NEOs other(other than the CEOMr. Pilnick) received base salary increases that, in the Committee’s view, correctly positioned each NEO’s salary appropriately to the market.
Annual Incentives
Annual incentive plan (“AIP”) awards to the NEOs are paid under the terms of the Kellogg Company 2017 Long-Term Incentive Plan (“LTIP”), which was approved by the Shareowners and is administered by the C&T Committee.LTIP.
At the beginning of fiscal year 2021,2023, the C&T Committee established annual incentive opportunities for each NEO as a percentage of the executive’s base salary (“AIP Target”). Each year, the C&T Committee sets performance ranges (which we refer to as “bandwidths”) around our metrics. Our NEOs’ AIP Target consisted of (a) financial metrics (90% weighting) consisting of operating profit (“AIP Operating Profit”), net sales (“AIP Net Sales”), and free cash flow (“AIP Free Cash Flow”), which are weighted at 50%, 30%, and 20% respectively and (b) non-financial/ESGnon-financial metrics (10% weighting) consisting of Equity, Diversity & Inclusion,ED&I, People Safety, and Food Safety/Quality. For NEOs, (other than Mr. Hood), the financial and non-financial/ESGnon-financial metrics are based on Corporate targets. For our regional presidents, including Mr. Hood, the 90% financial metrics are based on 70% regional targets and 20% Corporate targets, and non-financial/ESG metrics are based on regionalAIP targets.
pie_aiptarget.jpg
piechart_aiptrgta.jpg
Financial MetricsNon-Financial/ESG Metrics
NEOs (other than Mr. Hood)
Based on Corporate target (90%)Based on Corporate target (10%)
Mr. HoodBased on North America target (70%) and Corporate target (20%)Based on North America target (10%)
The C&T Committee and management believe that by using the financial metrics of AIP Operating Profit, AIP Net Sales, and AIP Free Cash Flow, KelloggKellanova is encouraging top-line growth, as well as profitable growth and cash generation for Shareowners. The C&T Committee and management further believe that the financial metrics should measure comparable operating performance, as those measures provide a clearer view into the Company’s underlying performance. The AIP Operating Profit metric excludes the effect of restructuring programs, mark-to-market adjustments for commodities, certain equity investments, and certain foreign currency contracts, multi-employer pension plan withdrawal liabilities and other costs impacting comparability, and foreign currency.comparability. AIP Net Sales excludes the impact of acquisitions, divestitures, foreign currency and differences in shipping days. We measure AIP Free Cash Flow as net cash provided by operating activities reduced by capital expenditures. While Corporate AIP Cash Flow reflects Kellogg Company consolidated results, North America AIP Cash Flow does not include allocated cash flows for interest, income taxes, and other activities included in our Corporate reportable segment.
40Kellogg Company

Compensation
As a result of the budgeted assumptions, performance reported in our financial statements may differ from performance against our AIP performance targets. AIP Operating Profit, AIP Net Sales, and AIP Free Cash Flow are non-GAAP measures, which will differ from the GAAP measures of net sales, growth, operating profit growth and cash provided by operating activities.
Targets and bandwidths are set at the beginning of each year through a robust, systematic process. A key element of the target-setting process is the Company's operating plan for the fiscal year, which is designed to achieve our objectives for sustainable, dependable growth, and is approved by the Board. Targets and bandwidths are developed through an iterative process, including reviewing actual and forecasted peer performance and business objectives. Targets are then set to ensure they are reasonable and challenging to drive the performance of the business. The actual percent of the AIP Target paid to our NEOs each year can range from 0% to 200% of the target opportunity.
48Kellanova

Compensation
In addition to operating results, each NEO is held accountable for achieving annual goals set at the start of the fiscal year relating to driving the successful achievement of the Company’s strategy and related business priorities. Consistent with our commitment to a balanced approach between individual performance and adherence to our Core Principles, the NEOs are assessed both against their level of individual achievement against these agreed upon goals and the alignment of their behavior in achieving those goals with our core values.
20212023 AIP Payouts
The 2023 Corporate AIP targets were established at the beginning of 2023. At that time, the Company did not have the certainty and/or know the timing of the spin-off of WK Kellogg Co or the divestiture of the Company’s business in Russia. As such, the targets included a full year of results for those businesses. The terms of the AIP provide for the equitable adjustment of the targets based on the ultimate impact of the spin-off and divestiture. The Company completed the spin-off of WK Kellogg Co in October 2023, and the divestiture of the Company's Russian business in July 2023, and the following adjustments were made to the 2023 AIP targets to equitably adjust for the impact of those transactions: (i) Corporate AIP Net Sales target was adjusted from $15.87 billion to $15.16 billion; (ii) Corporate AIP Operating Profit target was adjusted from $2.02 billion to $1.95 billion; and (iii) Corporate AIP Free Cash Flow target was adjusted from $1.05 billion to $848 million. The equitable adjustment to decrease the free cash flow target primarily related to Kellanova retaining net working capital liabilities pertaining to WK Kellogg Co at the time of the spin-off. To compensate Kellanova for this working capital imbalance, WK Kellogg Co paid a special dividend to Kellanova immediately prior to the spin. The free cash flow target was equitably adjusted because the higher net working capital liabilities retained by Kellanova was expected to result in lower free cash flow in the fourth quarter of 2023 compared to the budgeted assumptions for the free cash flow target that were made at the beginning of 2023. The special dividend received by Kellanova to offset the working capital imbalance is not included in free cash flow, as it is classified as a financing activity, which is non-operating.
Our CEO, Mr. Cahillane, who is a participantNEOs are participants in the Corporate AIP Plan, received anand the associated 2023 AIP payout factor was 111% of 101% of target.target, before consideration for individual performance. For 2021,2023, the financial performance for the full year 2023 against the performance goals for Corporate were Corporate AIP Operating Profit growth of (1.9)% against a target of (1.7)%, Corporate AIP Net Sales growth of 3.5% against a target of (1.0)%, and Corporate AIP Cash Flow of $1.15$2.04 billion against a target of $1.10 billion. Overall, the$1.95 billion, Corporate AIP Net Sales were significantly aboveof $15.21 billion against a target of $15.16 billion, and Corporate AIP Free Cash Flow of $968 million against a target of $848 million. These amounts reflect the pre-spin business of Kellogg Company through October 2, 2023 and the business of Kellanova following the spin-off.
Overall, full year 2023 AIP Net Sales, AIP Operating Profit, was below target, and AIP Free Cash Flow waswere above target for Corporate performance. This resulted in an AIP formulaic payout factor for the financial metrics of 120%108% of target for Corporate. In addition, the payout factor was adjusted to reflect the formulaic impact of the non-financial/ESGcombined with non-financial performance of 111% for Corporate, which resulted in an overall formulaic payout factor of 119%. After considering the Company’s financial performance relative to peers, including sales, operating profit, cash flow, earnings per share and total shareowner return, the Corporate AIP Plan performance payout factor was reduced from 119% to 101%136% of target for Corporate.Corporate, resulting in the 111% of target payout factor.
In exercising its judgment-based methodology to ensure pay consistent with the Company’s performance, the C&T Committee considered a number of factors in addition to 2023 AIP Net Sales, AIP Operating Profit, and AIP Free Cash Flow results being above target for Corporate performance, including: (i) each NEO's individual performance in 2023; (ii) key business activities, including the successful spin-off of WK Kellogg Co and positioning Kellanova as a snacks-led global company; and (iii) the Company’s performance in each region of the business, including the strong performance in the Company's European and AMEA regions, as described in further detail below.
The C&T Committee considered the individual performance in 2023 for Mr. Cahillane and Mr. Banati and awarded payouts equal to 131% and 151%, respectively, consistent with the terms of the plan as adjusted and described above. The C&T Committee considered a number of factors in assessing Mr. Hirst,Cahillane's and Mr. Pilnick are also participantsBanati's individual performances including leading through the completion of the spin-off of WK Kellogg Co, while continuing to deliver business results.
The C&T Committee considered the individual performance in the Corporate AIP Plan and,2023 for the same reasons mentioned above, received an AIP payout of 101% of target, before consideration for individual performance.
Mr. Hood’s AIP is based on bothHood, including the performance of the North American region he leadsduring 2023, and awarded a payout equal to 94%, consistent with the terms of the plan as presidentadjusted and to a lesser extent, the financial performance against the Corporate AIP financial targets described above. For 2021,The C&T Committee considered a number of factors in assessing Mr. Hood’s individual performance, including leading the financialKellanova North American business results during a period of slowing categories and rising price elasticities and amidst significant organizational and business changes in the region arising from the spin-off.
The C&T Committee considered the individual performance againstin 2023 for Mr. Lawlor, including the performance goalsof the European region during 2023, and awarded a payout equal to 171%, consistent with the terms of the plan as adjusted and described above. The C&T Committee considered a number of factors in assessing Mr. Lawlor’s individual performance, including leading the European region in 2023 to deliver strong net sales and operating profit growth. In addition, Mr. Lawlor led the region in undertaking revenue growth management actions to drive growth in Kellanova Europe, and through the divestiture of the Company’s business in Russia.
The C&T Committee considered the individual performance in 2023 for North America were North AmericaMr. Kapoor, including performance of the AMEA region during 2023, and awarded a payout equal to 171%, consistent with the terms of the plan as adjusted and described above. The C&T Committee considered a number of factors in assessing Mr. Kapoor’s individual performance, including his leadership in the region’s continued momentum. In 2023, Mr. Kapoor steered acceleration of organic net sales growth, continued growth in snacks and strong performance of noodles and cereal in Kellanova AMEA.
Corporate AIP Operating Profit, growth of (8.8)% against a target of (1.9)%, North America AIP Net Sales, growth of (1.1)% against a target of (2.2)%, and North America AIP Cash Flow of $1.20 billion against a target of $1.37 billion. For North America, the AIP Net Sales was above expectations, while AIP Cash Flow and AIP Operating Profit were below target. This, together with the Corporate financial performance, resulted in an AIP formulaic payout factor for the financial metrics of 65% of target for Mr. Hood. In addition, Mr. Hood’s payout factor was adjusted to reflect the formulaic impact of the non-financial/ESG performance of 104% for North America, which resulted in a payout factor of 69% of target for Mr. Hood, before consideration for individual performance.
Corporate and North America AIP Operating Profit growth, AIP Net Sales growth, and AIPFree Cash Flow are non-GAAP financial measures defined in Annual Incentives on page 40.above.
For the environmental, social, and governancenon-financial metrics, objective and challenging performance targetsobjectives under the Corporate AIP were set at the beginning of the fiscal year for:
Equity, diversity and inclusion. The Company continues its focus on equity, diversity and inclusion as an important enabler to its business. In 2021,2023, the Company was above target for Corporateexceeded progress expectations in creating and North America, based on its representation results for genderdeveloping a culture of inclusion and racially underrepresented talent.belonging.
Food safety and quality. The Company continues to drive strong programs across the network and was atslightly below target for Corporate and near target for North America, where a strong reduction in consumer complaints was offset with near target performanceopportunities in line validations.
People safety. The Company was above target for Corporate and below target for North America on its people safety metrics, where hand injuries came in at target levels but total recordable incidents was only near target.
In determining the appropriate AIP payout for the Company’s performance, the C&T Committee considered a number of factors, including:
working differently and managing effectively through the COVID-19 crisis, which allowed us to keep our employees safe, supply our markets with food, aid our communities, and preserve financial flexibility; and
actual performance that was significantly above the 2021 AIP financial targets for net sales growth.product hold processes.
20222024 Proxy Statement4149

Compensation
People safety. The Company was significantly above target on its people safety metric of total recordable incident rate.
In exercising its judgment-based methodology to ensure appropriate pay for the Company’s performance, the C&T Committee determined that our NEOs should receive the payout factors described above. That payout is 101% of target for our NEOs (other than Mr. Hood) and 69% of target for Mr. Hood, before consideration for individual performance. The C&T Committee considered Mr. Banati and Mr. Hood’s individual performances in 2021 and awarded AIP payouts equal to 126% and 85% of their AIP Targets, respectively, consistent with the terms of the plan established at the beginning of the year. The C&T Committee considered a number of factors in assessing Mr. Banati’s individual performance including navigating unprecedented dynamic business conditions to meet or exceed our external commitments on all four key financial metrics. The C&T Committee considered a number of factors in assessing Mr. Hood’s individual performance, including leading the North America organization through broad-based, challenging supply disruption and cost inflation, sustaining momentum in certain key businesses, and creating the future by developing and executing commercial capabilities to drive the business going forward.
The chart below includes information about the 20212023 AIP for each NEO.the Kellanova NEOs.
AIP Target(1)
AIP Maximum
2021 AIP Payout
(Paid in March 2022) 
AIP Target(1)
AIP Target(1)
AIP Maximum
2023 AIP Payout
(Paid in March 2024) 
NameName% of Base
Salary
Amount
($)
Amount
($)
% of AIP
Target
Amount
($)
Name% of Base
Salary
Amount
($)(2)(3)
Amount
($)(2)(3)
% of AIP
Target
Amount
($)(2)(3)
Steve CahillaneSteve Cahillane160 %2,080,000 4,160,000 101 %2,100,800 
Amit BanatiAmit Banati100 %790,000 1,580,000 126 %995,400 
Chris HoodChris Hood110 %891,000 1,782,000 85 %757,350 
Gary Pilnick95 %753,350 1,506,700 101 %760,884 
Alistair Hirst90 %618,300 1,236,600 101 %624,483 
David Lawlor
Shumit Kapoor
(1)For AIP purposes, incentive opportunities are based on executives’ salary levels at the last day of the calendar year.
(2)Mr. Lawlor is employed in Ireland and paid in Euro. In calculating the U.S. dollar equivalent for disclosure purposes, we used a conversation rate to convert the sum of his payments from Euro to U.S. dollars based on an average of the closing monthly exchange rates in effect for each month during the fiscal year in which the payments were made. The conversion rate of Euro to U.S. dollars utilized for the fiscal year ending December 30, 2023 was 1.08430.
(3)Mr. Kapoor is employed in Singapore and paid in Singapore dollars. In calculating the U.S. dollar equivalent for disclosure purposes, we used a conversation rate to convert the sum of his payments from Singapore dollars to U.S. dollars based on an average of the closing monthly exchange rates in effect for each month during the fiscal year in which the payments were made. The conversion rate of Singapore dollars to U.S. dollars utilized for the fiscal year ending December 30, 2023 was 0.74550.
AIP Payout Factors for Former Vice Chairman Chief Legal Officer. Mr. Pilnick was a participant in our Corporate AIP during fiscal year 2023 prior to the spin-off of WK Kellogg Co. In connection with the spin-off of WK Kellogg Co, Mr. Pilnick ceased serving as our Vice Chairman and Chief Legal Officer and became the Chief Executive Officer of WK Kellogg Co.
Mr. Pilnick's 2023 AIP target was established by the C&T Committee in early fiscal year 2023, prior to the spin-off of WK Kellogg Co. Mr. Pilnick's 2023 AIP target was $753,350 (95% of his base salary) and his 2023 AIP Maximum was $1,506,700. These amounts reflected his target and maximum full-year AIP under the compensation structure established in early 2023 and in place prior to the spin-off of WK Kellogg Co.
In connection with the completion of the spin-off, the C&T Committee approved payout factors for Mr. Pilnick under the Corporate AIP that were applied to his prorated 2023 AIP target, in connection with his participation in the Corporate AIP prior to October 2023. The C&T Committee approved these payout factors for Mr. Pilnick under the Corporate AIP based on actual year-to-date performance through the date the spin-off was completed (October 2, 2023) and projected performance from the date of the spin-off through the remainder of the year, measured as of the date of the spin-off of WK Kellogg Co. This resulted in an AIP formulaic payout factor for Mr. Pilnick of 101% of his prorated target. The C&T Committee considered Mr. Pilnick's individual performance in 2023 prior to the spin-off and approved a prorated payout factor of 141%, consistent with the terms of the plan established at the beginning of the year, which resulted in a payout amount with respect to such pre-spin portion of $797,395. The C&T Committee considered a number of factors in assessing Mr. Pilnick’s individual performance, including leading through the spin-off of WK Kellogg Co, while continuing to deliver strong business results.
While the C&T Committee of Kellanova approved the payout factor for Mr. Pilnick under our Corporate AIP, the Company did not make any payments to Mr. Pilnick in respect of his 2023 AIP award. It is expected that payment of Mr. Pilnick’s 2023 AIP award will be made by WK Kellogg Co. Following the separation of WK Kellogg Co, Mr. Pilnick became a participant in WK Kellogg Co's annual incentive plan and no longer participated in the Kellanova AIP. For the portion of Mr. Pilnick’s 2023 AIP award in respect of the period occurring after October 2, 2023, the WK Kellogg Co Compensation & Talent Management Committee will determine, in its sole discretion, any payout for that period under the WK Kellogg Co annual incentive plan.
Long-Term Incentives
Long-term incentives are provided to our executives under the 20172022 Long-Term Incentive Plan (“LTIP”), which was approved by our Shareowners. These incentives are intended to promote achieving our long-term Corporate financial goals and earnings growth. The LTIP allows for grants of stock options, stock appreciation rights, restricted shares and units (such as RSUs) and performance shares and units (such as EPP awards)PSUs). Stock options were eliminated from the mix awarded to NEOs in 2022 and amounts reported for 2023 under the "Option Awards" column of the Summary Compensation Table reflect a one-time accounting modification charge directly related to adjustments to previously-granted options in connection with the spin-off. No options were granted to NEOs in 2023.
All of the 20212023 long-term incentive opportunity for the NEOs was provided through stock-based awards, which the C&T Committee believes best achieves several of the Core Principles, including Pay for Performance and Shareowner Alignment. Long-term incentive awards for our NEOs are determined on a position-by-position basis using proxy and survey data for corresponding positions in our Compensation Peer Group. For 2021,2023, the Committee determined that the NEOs other than the CEO, would receive approximately 50%75% of their long-term incentive opportunity in performance shares (granted under the EPP), 25% in stock options,("PSUs") and 25% in Restricted Stock Units (“RSUs”). The Committee determined that
50Kellanova

Compensation
Additionally, as previously described, in connection with the CEO would receive approximately 60%spin-off of WK Kellogg Co, all outstanding, unvested awards held by our employees, including our NEOs, were adjusted to preserve the value of their awards immediately prior to the spin-off to account for the impact of the long-term incentive opportunityspin-off. The adjustments were accomplished by providing additional units to holders of awards to provide the same value post-spin-off as the value of the awards prior to the spin-off. These adjustments to outstanding, unvested awards (including RSUs and PSUs) resulted in performance shares (granted under the EPP) and the remaining 40% in stock options. The CEO did not receive RSUs in 2021.a one-time accounting modification accounting charge.
Individual awards at grant may vary from target levels based on the individual’s performance, ability to impact financial performance and future potential.
Executive Performance Stock Unit Plan
The EPPPSU Plan is a stock-based, pay for performance, three-year incentive plan`plan intended to focus senior management on achieving critical three-year operational goals. The PSU Plan was formerly known as our “Executive Performance Plan” or “EPP”. In 2022, the EPP was renamed the PSU Plan to reflect the expansion of the plan beyond the Company’s executives; however, there were no changes made to the underlying plan itself. For periods prior to 2022, we refer to our stock-based, pay for performance, multi-year incentive plan as the “EPP” and for 2022 and subsequent periods, we refer to such plan as the "PSU Plan" (or "PSU").
The actual percent of the EPP target PSUs paid to our NEOs under the PSU Plan each year can range from 0% to 200% of the target opportunity. The performance levels are based on our long-range operating plan to be challenging and drive sustainable growth. The EPPPSU Plan contemplates the use of various performance metrics, as determined by the C&T Committee from time to time. As described below, the metrics under this plan are chosen to drive key business goals and increase Shareowner value.
2019-20212021-2023 EPP. The payout for the 2019-20212021-2023 EPP is 100%165% of target. During the performance period, EPP Net Sales performance was significantly above the target range and TSR performance was slightly below the target range. Vested EPP awards are paid in Kellogg common stock. The 2019-2021 EPP performance period ended on January 1, 2022 (the last day of fiscal 2021). In February 2022, after Kellogg’s 2021 annual financial statements were completed, the C&T Committee reviewed our performance and used a judgment-based methodology in exercising its discretion to determine the actual payout for the NEOs of 100% of target.
The goals for the 2019-20212021-2023 EPP were tied to organic net sales growth ("EPP Net Sales")Sales and relative total shareowner return (“TSR”)EPP Free Cash Flow during the three-year performance period. These metrics were chosen to drive key business goals and increase Shareowner value. The 2021-2023 EPP performance goals were established at the beginning of 2021 and did not contemplate the spin-off of WK Kellogg Co. The terms of the EPP provided for the equitable adjustment of the performance goals based on extraordinary events like a spin-off. The Company completed the spin-off of WK Kellogg Co on October 2, 2023. The following adjustments were made to the performance goals; primarily to equitably adjust for the impact of the spin-off and the performance period ending on the date of the spin-off. The EPP Net Sales target did not change and remained at 0.5% to 1.5%, and the EPP Free Cash Flow target was adjusted from a $3.35 billion to $3.65 billion target range to a $2.86 billion to $3.16 billion target range.
During the performance period (which ended on the date of the spin-off), the Company delivered EPP Net Sales of 3.8%7.9%, which is significantly above the 1-2%0.5% to 1.5% target range. The Company’s relative TSREPP Free Cash Flow performance during the period was at the 27th percentile of the TSR Peer Group, below the 33rd–67th percentile target range. The TSR Peer Group consists of the S&P 500 "Food, Beverage, & Tobacco" excluding Beverage and Tobacco (except PepsiCo$3.2 billion, which is included), as previously disclosed in our Proxy relatingabove the $2.86 billion to our 2019 fiscal year, using companies that comprise the comparison group at the start of the performance period with subsequent entrants to the group disregarded and companies that are removed are no longer included.$3.16 billion target range. Under the Plan, this performance results in a payout of up to 100%200% of the share target amount. Theamount, and the Committee determinedutilized its discretion to determine that our NEOs should receive a payout of 100%165% of share target amount, which was
42Kellogg Company

Compensation
amount. The Committee determined this as the appropriate payout for the Company’s performance during this period after considering the financial performance as well as (i) organic net sales growth abovemarket share; (ii) Return on Invested Capital over the performance period; and (iii) Total Shareholder Return relative to our peer group median; (ii) historical benchmarking data relatingpeers over the performance period.
Further, pursuant to the performance and commensurate payoutterms of our peer group median; and (iii) successful executionthe Employee Matters Agreement, the number of Deploy for Growth Strategy, which was launched in 2018 with the goal of restoring top-line growth.
2021-2023 EPP. The C&T Committee reviews the EPP metrics annually and receives input on the metrics from the Company's independent compensation consultant and through the Company’s Shareowner outreach program. ForKellanova shares underlying the 2021-2023 EPP the metrics are organic net sales growth and aggregate operating cash flow.
In 2021, the Committee also set each individual’s EPP target at 50% of their total long-term incentive opportunity (60%awards held by our employees (including our NEOs) was adjusted to account for the CEO). Participants inimpact of the EPP have the opportunity to earn between 0% and 200% of their EPP target. Dividend equivalents accrue and vest in accordance with the underlying EPP award. Forspin-off. In addition, the 2021-2023 EPP awards were also converted to RSUs, with such awards vesting based on the performance targetsholder's continued service. Vested EPP awards are organic net sales growth (excluding acquisitions and divestitures during the performance period and foreign currency) and aggregate net cash provided by operating activities reduced by capital expenditures. The 2021-2023 EPP cycle began on January 3, 2021 (first day of fiscal 2021) and concludes on December 30, 2023 (last day of fiscal 2023). The 2021-2023 EPP award opportunities, presentedpaid in number of potential shares that can be earned, are included in the Grant of Plan-Based Awards Table on page 48 of this proxy statement.Kellanova common stock.
The chart below includes information about 2019-20212021-2023 EPP opportunities and actual payouts:
2019-2021 EPP Payout
(Paid in February 2022)
2021-2023 EPP Payout
(Paid in February 2024)
2021-2023 EPP Payout
(Paid in February 2024)
NameNameEPP Target
Share Amount
(#)
EPP Maximum
Share Amount
(#)
% of EPP
Target
Share
Amount
(#)
Pre-tax Value
Realized
($)(1)
NameEPP Target
Share Amount
(#)
EPP Maximum
Share Amount
(#)
% of EPP
Target
Share
Amount
(#)(1)
Pre-tax Value
Realized
($)(2)
Steve CahillaneSteve Cahillane76,680 153,360 100 %76,680 5,654,007 
Amit BanatiAmit Banati13,750 27,500 100 %13,750 1,013,845 
Chris HoodChris Hood19,400 38,800 100 %19,400 1,430,482 
David Lawlor
Shumit Kapoor
Gary PilnickGary Pilnick18,430 36,860 100 %18,430 1,358,928 
Alistair Hirst13,580 27,160 100 %13,580 1,001,291 
(1)The share amount under the 2021-2023 EPP award was adjusted to account for the impact of the spin-off by calculating the number of Kellanova shares subject to the EPP award immediately prior to the effective time of the spin-off, multiplied by (y) the ratio of the closing stock price of Kellanova shares on the NYSE (as traded on the “regular way” market), on the last trading day immediately prior to the date of the spin-off, divided by the volume weighted average price per share of Kellanova shares on the NYSE (as traded on the “regular way” market), on the first full trading date immediately following the distribution of WK Kellogg Co shares in the spin-off.
(2)The payout is calculated by multiplying the earned shares plus accrued dividend equivalent units by the closing price of our common stock on February 18, 2022,16, 2024, which was $66.07$55.47 per share.
Stock Options
2022-2024 PSU Plan. The exercise priceperformance-vesting goals for the options is set at2022-2024 PSU Plan are tied to organic net sales growth ("PSU Plan Net Sales") and aggregate operating free cash flow ("PSU Plan Free Cash Flow"). The 2022-2024 PSU Plan initially had a three-year
2024 Proxy Statement51

Compensation
performance period (fiscal years 2022 through 2024). In connection with the closing trading pricespin-off, under the terms of the Employee Matters Agreement, the performance period for the 2022-2024 PSU awards was concluded on the date of grant.the spin-off. The C&T Committee determined the actual performance under the 2022-2024 PSU awards through the effective time of the spin-off and the 2022-2024 PSU awards were converted to RSUs, with vesting based on the holder's continued service. The payout for the 2022-2024 PSU Plan is 140% of target. The 2022-2024 PSU Plan performance goals were established at the beginning of 2022 and did not reflect the spin-off of WK Kellogg Co. The terms of the PSU Plan provide for the equitable adjustment of the performance goals based on extraordinary events like a spin-off. In connection with the spin-off, the following adjustments were made to the performance goals; primarily to equitably adjust for the impact of the spin-off and the performance period ending on the date of the spin-off. The PSU Net Sales target did not change and remained at 2.3% to 3.6%, and the PSU Free Cash Flow target was adjusted from a $3.6 billion to $3.8 billion target range to a $1.75 billion to $2.05 billion target range.
During the performance period (which ended on the date of the spin-off), the Company delivered PSU Net Sales of 10.2%, which is significantly above the 2.3% to 3.6% target range. The Company’s PSU Free Cash Flow performance during the period was $2.0 billion, which is in the $1.75 billion to $2.05 billion target range. Under the PSU Plan, this performance results in a payout of up to 160% of the share target amount, and the C&T Committee utilized its discretion to determine that our NEOs should receive a payout of 140% of share target amount. The C&T Committee determined this as the appropriate payout for stock option awardsthe Company’s performance during this period after considering the financial performance as well as (i) market share; (ii) Return on Invested Capital over the performance period; and (iii) Total Shareholder Return relative to our NEOs is three equal annual installments. Stock optionspeers over the performance period.
Further, as noted above, pursuant to the terms of the Employee Matters Agreement, the number of Kellanova shares underlying the 2022-2024 PSU awards held by our employees (including our NEOs) was adjusted to account for the impact of the spin-off. In addition, the 2022-2024 PSU awards were also converted to RSUs, with such awards vesting based on the holder's continued service. Vested PSU Plan awards are exercisablepaid in Kellanova common stock.
2023-2025 PSU Plan. The C&T Committee reviews the PSU metrics annually and receives input on the metrics from the Company's independent compensation consultant and through the Company’s Shareowner outreach program. The performance-vesting goals for tenthe 2023-2025 PSU Plan are tied to PSU Plan Net Sales and PSU Plan Free Cash Flow during the three-year performance period (i.e., fiscal years after grant, which further drives2023 through 2025). These metrics were chosen to drive key business goals and increase Shareowner alignment by encouragingvalue. Under the PSU Plan, PSU Plan Net Sales and PSU Plan Free Cash Flow achievement for the 2023-2025 performance period may result in a focuspayout of up to 200% of the share target amount. Vested PSU awards are paid in Kellanova common stock. The goals for the 2023-2025 PSU Plan were equitably adjusted at the time of the spin-off to account for the impact of the spin-off.
In fiscal year 2023, the Committee set each of the NEO's PSU target at 75% of their total long-term incentive opportunity. Participants in the PSU Plan have the opportunity to earn between 0% and 200% of their PSU target. Dividend equivalents accrue and vest in accordance with the underlying PSU award. The 2023-2025 PSU cycle began on long-term growthJanuary 1, 2023 (first day of fiscal 2023) and stock performance.concludes on January 3, 2026 (the last day of fiscal 2025). The per-share exercise price for options granted2023-2025 PSU award opportunities, presented in 2021 is $57.91.number of potential shares that can be earned, are included in the “Grant of Plan-Based Awards Table” on page 58 of this Proxy Statement.
Restricted Stock Units
In 2021,2023, the Company granted RSUs as partCommittee also set each NEO's RSU target at 25% of the annualtheir total long-term incentive awards for NEOs, other than the CEO. We alsoopportunity. Additionally, we award RSUs from time to time to select employees for a variety of reasons including, but not limited to, performance, recruiting and retention. The vesting period for Restricted Stock UnitsRSUs to our NEOs is three years.years, subject to the holder’s continued service.
Other Compensation Elements
Post-Termination Compensation.The NEOs are covered by arrangements which specify payments in the event the executive’s employment is terminated.terminated under certain circumstances. These severance benefits, which are competitive with the Compensation Peer Group and general industry practices, are payable if and only if the executive’s employment is terminated by the Company under certain circumstances, including that the termination was without cause. The KelloggKellanova Severance Benefit Plan (the “Severance Benefit Plan”) and the Kellanova Change of Control Severance Policy for Key Executives (“Change of Control Policy”) have been established primarily to attract and retain talented and experienced executives and further motivate them to contribute to our short-and long-term success for the benefit of our Shareowners. Kellogg’sThe Company’s severance program is consistent with market practices, and cash severance for our NEOs is payable in the amount of two times the current annual salary. Under the terms of the Severance Benefit Plan, the terms and conditions for the receipt of severance benefits by senior executives are subject to the review and approval of the C&T Committee. The Change in Control Policy is also consistent with market practices, and cash compensation following a change in control for the continuing NEOs is payable in the amount of two times the current annual salary and the current target annual incentive award. For more information, please refer to “Potential Post-Employment Payments,” which begins on page 5669 of this proxy statement.Proxy Statement.
Retirement Plans.AllOur U.S.-based NEOs are eligible to participate in the Kellogg-providedCompany-provided U.S. defined contribution plan alongside substantially all other U.S. employees, which provides for both matching and fixed Company contributions based on employee deferrals and years of service, respectively. Mr. Lawlor is eligible to participate in the Company-provided Irish defined contribution plan alongside substantially all other employees in Ireland, which allows for employee deferrals and provides a fixed Company contribution. Mr. Kapoor is eligible to participate in the Singapore Central Provident Fund Board, in which employees and the Company contribute a mandated amount based on the employee's salary and age. Amounts earned under long-term incentive programs are not included when determining retirement benefits for any plan participants. In addition, we do not pay above-market interest rates on amounts deferred under either our qualified or non-qualified savings and investment plans. For more information, please refer to “Retirement and Non-Qualified Defined Contribution and Deferred Compensation Plans,” which begins on page 5364 of this proxy statement.Proxy Statement.
In connection with the spin-off of WK Kellogg Co, all of the Company’s retirement plans applicable to the Company's NEOs remained with the Company following the spin-off. Following the completion of the spin-off, Mr. Pilnick will no longer be credited with any additional service under the Company’s defined benefit plans, except for purposes of vesting and eligibility for early retirement subsidies only, Mr. Pilnick will receive credit for his service with WK Kellogg Co (to the extent he does not take a distribution of his benefit from the Company pension plan). Further, in connection with the spin-off, WK Kellogg Co adopted a defined contribution retirement plan for WK Kellogg Co employees (which includes Mr. Pilnick).
2022 Proxy Statement5243Kellanova

Compensation
Perquisites.TheWe generally do not provide our executive officers, including the NEOs, with perquisites or other personal benefits, except for certain items that the C&T Committee believes are reasonable and consistent with our overall executive compensation program and philosophy and that will help us attract and retain these executive officers. We provide our NEOs with (i) Company-paid life, accidental death and dismemberment insurance policies and the Executive Survivor Income Plan (Company funded death benefit provided to executive employees); (ii) reimbursement for financial and tax planning assistance; (iii) annual executive physical health exams; (iv) reimbursement of certain expenses incurred as a result of international relocations and assignments (including financial and tax planning assistance related to their international relocations and assignments); (v) Company providescontributions to defined contribution and other retirement plans; and (vi) for certain non-U.S. executives, car or transit allowances and/or housing allowances.
Additionally, our CEO is also permitted to use our corporate aircraft for limited perquisitespersonal use; pursuant to our corporate aircraft policy, the NEOs. The SummaryCEO is permitted use of the Company’s aircraft or charter flights for non-business purposes for up to $195,000 each fiscal year as a perquisite. For additional information regarding benefits provided to our NEOs, see “Summary Compensation Table — All Other Compensation” beginning on page 46 of this proxy statement contains itemized disclosure of55 and “Retirement and Non-Qualified Defined Contribution and Deferred Compensation Plans — U.S. Defined Contribution Plans” beginning on page 64.
In addition to the foregoing compensation, the U.S.-based NEOs also participated in health and welfare benefit programs, including vacation and medical, dental, prescription drug and disability coverage. These programs are generally available and comparable to those programs provided to all perquisites to our NEOs, regardless of amount.U.S. salaried employees.
Employee Stock Purchase Plan. We have a tax-qualified employee stock purchase plan (the "Employee Stock Purchase Plan") that is made available to substantially all U.S. employees, which allows participants to acquire KelloggKellanova stock at a discounted price. The purpose of the plan is to encourage employees at all levels to purchase stock and become Shareowners. The plan allowed participants to buy KelloggKellanova stock at a 15% discount to the market price. Under applicable tax law, a plan participant may purchase up to $25,000 in market value, as defined in the plan, of KelloggKellanova stock in any calendar year. Effective as of the spin-off of WK Kellogg Co, Mr. Pilnick ceased to be a participant in the Company’s Employee Stock Purchase Plan.
Kellogg Employee Share Ownership Plan. Additionally, we have an employee share ownership plan (the "Kellogg Employee Share Ownership Plan") that is available to substantially all employees in Ireland. The purpose of this plan is to provide Company employees in Ireland with the opportunity to buy shares and become Shareowners. The Kellogg Employee Share Ownership Plan allows participants to purchase shares of Kellanova stock and qualify for a 100% matching contribution of Kellanova stock (subject to Irish tax law limits). Employees may purchase up to 12,700 Euro per year, however monthly contributions to the plan may not exceed 3.5% of a participant's base salary per month.
E. Key Decisions Summary/ Core Principles / Approach / Plans and Design / Policies
Executive Stock Ownership Guidelines
In order to preserve the linkage between the interests of our senior executives and those of Shareowners, our senior executives are expected to establish and maintain a significant level of direct stock ownership. This can be achieved in a variety of ways, including by retaining stock received upon exercise of options or the vesting of stock awards (including EPPEPP/PSU awards), participating in the Employee Stock Purchase Plan, the Kellogg Employee Share Ownership Plan, and purchasing stock in the open market. Our current stock ownership guidelines (minimum requirements) are as follows:
Chief Executive Officer6x annual base salary
Other Named Executive Officers3x annual base salary
These executives have five years from the date they first become subject to a particular level of the guidelines or from the date of a material increase in their base salary to meet them. For purposes of complying with our guidelines, stock considered owned includes shares owned outright, shares acquired through the Employee Stock Purchase Plan or the Kellogg Employee Share Ownership Plan, and 60% of unvested restricted stock and restricted stock units.
The Company has a policy such that there is a holding period which requires that all of our NEOs hold all shares received (net of tax) from option or stock awards (including EPPEPP/PSU awards) until their respective ownership guideline is met. All of our NEOs currently exceed or are on track to meet their ownership guideline. The C&T Committee reviews compliance with the guidelines on an annual basis.
Practices Regarding the Grant of Equity Awards
The C&T Committee has generally followed a practice of making all option grantsannual equity awards to executive officers on a single date each year. The Committee reviews and approves an overall stock option pool for all participating employees and recommendations for individual option grants to executives.
The Board grants these annual awards at its regularly-scheduled meeting in February.February and all grants to NEOs are made by the Board itself and not pursuant to delegated authority. The February Board meeting usually occurs within a few weeks following our final earnings release for the previous fiscal year. We believe it is appropriate for annual awards to be made shortly after the time when material information regarding our performance for the preceding year has been disclosed.
We do not otherwise have any program, plan or practice to time our annual optionequity award grants to our executives or "off-cycle" awards in coordination with the release of material non-public information. EPP and annual RSU awards are granted atStock options were eliminated from the same time as options.
While most of our option awardsmix annually awarded to NEOs have historically been made pursuant to our annual grant program, the Committee and Board retain the discretion to make additional awards of options or restricted stock to executives at other times for recruiting or retention purposes. We do not have any program, plan or practice to time “off-cycle” awards in coordination with the release of material non-public information.
All option awards made to our NEOs, or any of our other employees, are made pursuant to our LTIP. The exercise price of options under the LTIP is set at the closing trading price on the date of grant. We do not have any program, plan or practice of awarding options and setting the exercise price based on the closing stock price on a date other than the grant date, and we do not have a practice of determining the exercise price of option grants by using average prices (or lowest prices) of our common stock in a period preceding, surrounding or following the grant date. All grants to NEOs are made by the Board itself and not pursuant to delegated authority.2022.
442024 Proxy StatementKellogg Company53

Compensation
Securities Trading Policy
OurThe Company maintains securities trading policies and procedures (the “securities trading policy”) to prevent the misuse of confidential information about the Company as well as other companies about which our employees may acquire inside information, and to promote compliance with the securities laws. Among other things, the securities trading policy prohibits trading on material non-public information and prohibits Directors, executive officers and certain other employees from buying or selling Kellanova securities during the Company’s non-trading periods, also called “blackout periods.” Additionally, our securities trading policy prohibits our Directors, executives and other employees from engaging in any transaction in which they may profit from short-term speculative swings in the value of our securities. This includes “short sales” (selling borrowed securities which the seller hopes can be purchased at a lower price in the future) or “short sales against the box” (selling owned, but not delivered securities), “put” and “call” options (publicly available rights to sell or buy securities within a certain period of time at a specified price or the like) and hedging transactions, such as zero-cost collars and forward sale contracts. Our NEOs and other officers may not pledge shares or enter into any risk hedging arrangements with respect to KelloggKellanova stock. NEOs may not hold KelloggKellanova stock in a margin account or pledge KelloggKellanova stock as collateral for a loan. In addition, this policy is designed to ensure compliance with relevant SEC regulations and applicable NYSE-listing standards, including insider trading rules.
Clawback Policies
WeOn October 27, 2023, we adopted a clawback policy that provides for the recoupment of certain incentive-based executive compensation in the event that the Company is required to prepare an accounting restatement of its financial statements due to material noncompliance with any financial reporting requirement under the federal securities laws. This policy is intended to comply with Section 10D of the Exchange Act, the rules promulgated thereunder, and the applicable listing standards of the NYSE.
In addition, we maintain clawback provisions relating toin the terms of our stock options, and AIP, RSU and EPP awards.EPP/PSU awards and our AIP. Under the clawback provisions for stock options, if an executive voluntarily leaves our employment to work for a competitor within one year after any option exercise, then the executive would be required to repay to KelloggKellanova any gains realized from such exercise (but reduced by any tax withholding or tax obligations). In the event of fraud or misconduct causing a financial restatement, any gains realized from the exercise of stock options are subject to recoupment depending on the facts and circumstances of the event. Similarly, under our AIP, RSU and EPPEPP/PSU terms and conditions, in the event of fraud or misconduct causing a financial restatement, the AIP, RSU or EPPEPP/PSU awards for the plan year of the restatement are subject to recoupment depending on the facts and circumstances of the event. Beginning in 2018, we expanded our provisions in all equity awards to require forfeiture of awards before vesting and clawback after vesting or exercise if an executive violates the non-compete or non-solicitation provisions of the awards or an executive engages in any activity that is contrary or harmful to Kellogg’sKellanova’s interest.
Deductibility of Compensation and Other Related Issues
Section 162(m) of the Internal Revenue Code generally imposes a $1 million limit on the Company’s deductions for compensation paid to specified officers, including our NEOs.
While we consider tax deductibility as a factor in making compensation decisions, the C&T Committee retains the flexibility to provide compensation that is consistent with the objectives of our executive compensation program, even if such compensation is not tax deductible. Further, the C&T Committee reserves the right to modify compensation that was initially intended to be exempt from Section 162(m) if it determines that such modifications are consistent with the objectives of KelloggKellanova and of our executive compensation program.
The C&T Committee also reviews projections of the estimated accounting (pro forma expense) and tax impact of all material elements of the executive compensation program. Generally, accounting expense is accrued over the requisite service period of the particular pay element (generally equal to the performance period) and KelloggKellanova realizes a tax deduction upon the approval of the payout or payment to the executive, subject to Section 162(m) limitations.
2022 Proxy Statement5445Kellanova

Compensation
Executive Compensation
Summary Compensation Table
Summary Compensation Table
The table below presents compensation information for individuals who served as our CEO and CFONEOs during fiscal years 2023, 2022, and 2021 and for each of the other three most highly-compensated individuals who were serving as executive officers at the end of fiscal 2021.. It is important to note that the information required by the Summary Compensation Table does not necessarily reflect the target or actual compensation for our NEOs in 2021, 2020 and 2019.
Name and
Principal Position 
Year 
Salary
($)(1)
Bonus
($)
Stock
Awards
($)(2)(3) 
Option
Awards
($)(4) 
Non-Equity
Incentive Plan
Compensation
($) 
Change in
 Pension Value
and Non-
Qualified
Deferred
Compensation
Earnings
($)(5) 
All Other
Compensation
($)(6)
Total
($) 
Steve Cahillane20211,300,000 — 5,100,134 1,931,954 2,100,800 — 245,449 10,678,337 
Chairman and Chief Executive Officer20201,318,750 — 4,800,650 1,832,100 3,328,000 — 384,352 11,663,852 
20191,268,742 — 4,524,120 1,778,350 1,938,000 — 185,492 9,694,704 
Amit Banati2021782,616 — 1,733,247 328,210 995,400 — 172,113 4,011,586 
Senior Vice President and Chief Financial Officer2020783,654 — 1,733,004 330,675 1,240,000 — 293,728 4,381,061 
2019688,172 — 2,467,783 382,661 892,190 — 943,136 5,373,942 
Chris Hood2021802,616 — 2,063,334 390,655 757,350 — 178,435 4,192,390 
Senior Vice President, President, Kellogg North America2020801,538 — 1,980,670 377,925 1,364,220 — 580,566 5,104,919 
2019755,008 — 1,364,712 539,678 845,880 — 482,313 3,987,591 
Gary Pilnick2021789,062 — 1,568,203 296,955 760,884 — (7)180,780 3,595,884 
Vice Chairman, Corporate Development and Chief Legal Officer2020796,971 — 1,567,894 299,175 1,193,200 912,000 146,876 4,916,116 
2019766,883 — 1,296,704 512,674 880,650 1,003,000 139,300 4,599,211 
Alistair Hirst2021683,554 — 1,155,305 218,785 624,483 — (7)146,573 2,828,700 
Senior Vice President, Global Supply Chain (8)
2020689,327 — 1,050,941 200,400 979,200 630,000 139,722 3,689,590 
2019658,749 — 955,526 377,789 568,575 1,374,000 143,111 4,077,750 
(1)The Company’s fiscal year normally ends on the Saturday closest to December 31 and as a result, a 53rd week is added approximately every sixth year. The Company’s 2021 and 2019 fiscal years each contained 52 weeks. The Company’s 2020 fiscal year ended on January 2, 2021,2023, 2022 and included a 53rd week.2021.
Name and
Principal Position 
Year Salary
($)
Bonus
($)
Stock
Awards
($)(1)(2) 
Option
Awards
($)(3) 
Non-Equity
Incentive Plan
Compensation
($)(4)
Change in
 Pension Value
and Non-
Qualified
Deferred
Compensation
Earnings
($)(5) 
All Other
Compensation
($)(6)
Total
($) 
Steve Cahillane20231,338,462 — 10,995,985 1,524,318 2,829,600 — 350,276 17,038,641 
Chairman, President and Chief Executive Officer20221,300,000 — 8,500,566 — 3,265,600 — 196,874 13,263,040 
20211,300,000 — 5,100,134 1,931,954 2,100,800 — 245,449 10,678,337 
Amit Banati2023840,769 — 3,199,238 313,783 1,283,500 — 153,761 5,791,051 
Vice Chairman and Chief Financial Officer2022805,385 — 2,530,481 — 1,296,000 — 210,474 4,842,340 
2021782,616 — 1,733,247 328,210 995,400 — 172,113 4,011,586 
Chris Hood2023851,923 — 3,348,574 474,087 889,240 — 176,195 5,740,019 
Senior Vice President & President, Kellanova North America(7)
2022821,538 — 2,500,089 — 1,524,600 — 144,390 4,990,617 
2021802,616 — 2,063,334 390,655 757,350 — 178,435 4,192,390 
David Lawlor2023614,256 — 1,769,070 184,006 901,489 433,000 215,241 4,117,062 (8)
Senior Vice President & President, Kellanova Europe2022571,759 — 1,700,642 — 688,213 — (9)195,844 3,156,458 (8)
Shumit Kapoor2023634,234 — 1,725,715 45,256 919,434 — 218,000 3,542,639 (10)
Senior Vice President & President, Kellanova AMEA
Gary Pilnick2023594,750 (12)— 2,406,967 474,683 797,395 456,000 152,897 4,882,692 
Former Vice Chairman and Chief Legal Officer(11)
2022793,000 — 1,900,173 — 1,167,693 — (9)161,775 4,022,641 
2021789,062 — 1,568,203 296,955 760,884 — (9)180,780 3,595,884 
46Kellogg Company

Compensation
(2)(1)Reflects the aggregate grant-date fair value of stock awards calculated in accordance with FASB ASC Topic 718 for each NEO. Refer to Notes 1 and 910 to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended January 1, 2022December 30, 2023 for a discussion of the relevant assumptions used in calculating the fair value.
Such amounts for 2023 also reflect a one-time accounting modification charge for the NEOs directly related to adjustments to their RSU and EPP/PSU awards in connection with the spin-off.
2024 Proxy Statement55

Compensation
The table below presents separately the grant-date fair value for our EPPEPP/PSU awards and restricted stock unitRSU awards:
NameNameYearEPP ($)RSU ($)Total ($)NameYearEPP/PSU ($)RSU ($)Total ($)
Steve CahillaneSteve Cahillane20215,100,134 — 5,100,134 
20204,800,650 — 4,800,650 
20194,524,120 — 4,524,120 
2022
2021
Amit BanatiAmit Banati20211,155,305 577,942 1,733,247 
20201,155,118 577,886 1,733,004 
2019811,250 1,656,533 2,467,783 
Amit Banati
Amit Banati
2022
2021
Chris HoodChris Hood20211,375,363 687,971 2,063,334 
20201,320,228 660,442 1,980,670 
20191,144,600 220,112 1,364,712 
2022
2021
David Lawlor
2022
Shumit Kapoor
Gary PilnickGary Pilnick20211,045,276 522,927 1,568,203 
20201,045,044 522,850 1,567,894 
20191,087,370 209,334 1,296,704 
Alistair Hirst2021770,203 385,102 1,155,305 
2022
2021
2020700,409 350,532 1,050,941 
2019801,220 154,306 955,526 
(3)(2)The actual EPPEPP/PSU payout can range from 0% to 200% of the target. The grant date fair value of the 2023-2025 PSU awards reported in this column is based on the Company’s determination of the probable outcome of the achievement of the applicable performance conditions, as determined in accordance with FASB ASC Topic 718. If the highest level of performance conditions are achieved, then the grant-date fair value of the stock awards for each NEO is as follows, Mr. Cahillane: $13,650,016, $12,750,188 and $10,200,268, $9,601,300for 2023, 2022 and $9,048,240, for 2021, 2020 and 2019 respectively; Mr. Banati: $3,960,570, $3,795,060 and $2,310,610, $2,310,236for 2023, 2022 and $1,622,500, for 2021, 2020 and 2019 respectively; Mr. Hood: $4,126,050, $3,750,134 and $2,750,726, $2,640,456for 2023, 2022 and $2,289,200, for 2021 2020, and 2019 respectively; Mr. Pilnick: $2,090,552, $2,090,088Lawlor: $2,145,764 and $2,174,740,$2,550,302, for 2021, 2020,2023 and 2019,2022, respectively; Mr. Kapoor: $2,145,764 for 2023; and Mr. Hirst: $1,540,406, $1,400,818Pilnick: $3,135,906, $2,850,260 and $1,602,440,$2,090,552, for 2023, 2022 and 2021, 2020,respectively. Mr. Pilnick's 2023-2025 PSU awards were converted to WK Kellogg Co awards at the time of the spin-off of WK Kellogg Co.
In connection with the spin-off of WK Kellogg Co, the number of Kellanova shares underlying the outstanding equity awards held by our NEOs as of the date of the spin-off were adjusted to account for the impact of the spin-off and 2019 respectively.performance under the 2021-2023 EPP and 2022-2024 PSU awards was determined as of the date of the spin-off, with the awards converted into RSUs and vesting based on the holder's continued service with the Company, as described above in "Compensation Discussion and Analysis — Key Decisions Summary — Company Update" beginning on page 41 of this Proxy Statement.
(4)Represents(3)For each NEO, the 2023 amounts in the table represent a one-time accounting modification charge directly related to adjustments to previously granted options in connection with the spin-off. No options were granted to NEOs in 2023.
The 2021 amounts represent the grant-date fair value calculated in accordance with FASB ASC Topic 718 for each NEO for stock option grants. Refer to Notes 1 and 910 to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended January 1, 2022December 30, 2023 for a discussion of the relevant assumptions used in calculating the grant-date fair value.
(4)Represents payments earned by our NEOs under the applicable Company AIP in the applicable fiscal year and paid in the subsequent fiscal year, as further described in “Annual Incentive Plan (AIP)” beginning on page 40 of this Proxy Statement. For all of our NEOs other than Mr. Pilnick, this payment will be made by the Company in March 2024. For Mr. Pilnick, this payment is expected to be made by WK Kellogg Co in March 2024. The Company did not make any payments to Mr. Pilnick in respect of his 2023 AIP award. In connection with the spin-off of WK Kellogg Co, the amount of Mr. Pilnick’s 2023 AIP payout was determined as follows: (a) Mr. Pilnick’s 2023 AIP award in respect of the period occurring prior to October 2, 2023 (the date the spin-off of WK Kellogg Co was completed) was based on actual year-to-date performance through the date of the spin-off and projected performance from the date of the spin-off through the remainder of the year, measured as of the date of the spin-off of WK Kellogg Co, which resulted in a payout with respect to such pre-spin portion of $797,395; and (b) following the separation of WK Kellogg Co, Mr. Pilnick became a participant in WK Kellogg Co's annual incentive plan and no longer participated in the Kellanova AIP. For the portion of Mr. Pilnick’s 2023 AIP award in respect of the period occurring after October 2, 2023, the WK Kellogg Co Compensation & Talent Management Committee will determine, in its sole discretion, any payout for that period under the WK Kellogg Co annual incentive plan, and such amount is not reflected above.
(5)Represents the actuarial increase during 2021, 20202023, 2022 and 20192021 in the pension value provided under the U.S. Pension Plans for each NEOMr. Pilnick and the Great Britain Pension Fund and Ireland Pension Funds for Mr. Lawlor as we do not pay above-market or preferential earnings on non-qualified deferred compensation. As of December 31, 2018, the Company’s defined benefit pension plans were frozen so that impacted employees accrue no additional benefits under these plans after December 31, 2018. The calculation of actuarial present value is generally consistent with the methodology and assumptions outlined in our audited financial statements, except that benefits are reflected as payable as of the date the executive is first entitled to full unreduced benefits (as opposed to the assumed retirement date) and without consideration of pre-retirement mortality. A variety of factors impact the actuarial increase in present value (pension value). In 2021,2023, the primary factors impacting the pension value is changes in age, mortality assumption, and discount rate. Mr. Cahillane, Mr. Banati, Mr. Hood, and Mr. Banati areKapoor do not participantsparticipate in the defined benefit pension plans. For more information see "Retirement and Non-Qualified Defined Contribution and Deferred Compensation Plans," below.
56Kellanova

Compensation
(6)The table below presents an itemized account of “All Other Compensation” provided in 20212023 to the NEOs. Consistent with our emphasis on performance-based pay, perquisites and other compensation are limited in scope and are set forth below.
NameNameKellogg Contributions to
S&I and Restoration Plans
(a)($)
Company Paid
Death Benefit
(b)($)
Financial Planning
Assistance
(c)($)
Physical
Exams
(d)($)
Relocation and
Assignment
(e)($)
Total
($)
NameKellanova Contributions to S&I and
 Restoration Plans
(a)($)
Company Paid
Death Benefit
(b)($)
Financial Planning
Assistance
(c)($)
Physical
Exams
(d)($)
Corporate Aircraft
(e)($)
Relocation and
Assignment
(f)($)
Other Allowances
(g)($)
Total
($)
Steve CahillaneSteve Cahillane223,220 4,322 12,000 5,907 — 245,449 
Amit BanatiAmit Banati102,110 2,626 8,188 — 59,189 172,113 
Chris HoodChris Hood140,080 2,693 12,000 11,164 12,498 178,435 
David Lawlor
Shumit Kapoor
Gary PilnickGary Pilnick133,007 26,663 12,000 9,110 — 180,780 
Alistair Hirst109,761 24,202 7,364 5,246 — 146,573 
(a)For information about our Savings & Investment Plan and Restoration Plan, refer to “Retirement and Non-Qualified Defined Contribution and Deferred Compensation Plans — U.S. Defined Contribution Plans” beginning on page 53.64. For Mr. Lawlor, this amount represents Company contributions to the Group Irish Defined Contribution Pension Fund. For Mr. Kapoor, this amount represents Company contributions to the Singapore Central Provident Fund Board. For Mr. Pilnick, this amount represents Kellanova contributions prior to the spin-off of WK Kellogg Co.
(b)Annual cost for Kellogg-paidCompany-paid life insurance, Kellogg-paidCompany-paid accidental death and dismemberment, and Executive Survivor Income Plan (Kellogg(Company funded death benefit provided to executive employees). For Mr. Pilnick, this amount represents the pro-rated benefit prior to the spin-off of WK Kellogg Co.
(c)Reflects reimbursement for financial and tax planning assistance.
(d)Actual cost of a physical health exam.
(e)Pursuant to our corporate aircraft policy approved by the C&T Committee and Board of Directors, the Chief Executive Officer is permitted use of the Company’s aircraft or charter flights for non-business purposes (collectively referred to as "non-business corporate aircraft travel") for up to $195,000 each fiscal year as a perquisite. The actual cost of charter flights is included along with the incremental cost of use of the company aircraft travel is calculated by multiplying the aircraft’s hourly variable operating cost by a trip’s flight time, which includes any flight time of an empty return flight. Variable operating costs include: (1) landing, parking, passenger ground transportation, crew travel and flight planning services expenses; (2) supplies, catering and crew traveling expenses; (3) aircraft fuel and oil expenses; (4) maintenance, parts and external labor (inspections and repairs); and (5) any customs, foreign permit and similar fees. Fixed costs that do not vary based upon usage are not included in the calculation of direct operating cost. On certain occasions, an NEO or an NEO’s spouse or other family member may fly on the corporate aircraft as additional passengers. No additional direct operating cost is incurred in such situations under the foregoing methodology because no incremental costs would be incurred. Kellanova does not pay its NEOs any amounts in respect of taxes (so called gross up payments) on income imputed to them for non-business aircraft usage.
(f)As a global organization, senior executives are located in key business centers around the world. To facilitate the assignment of experienced employees to support the business, we provide for the reimbursement of certain expenses incurred as a result of their international relocation and assignment. The objective of this program is to minimize disruption and ensure that the employees are not financially disadvantaged or advantaged in a meaningful way as a result of the relocation.
2022 Proxy Statement47

Compensation
The paymentpayments of the following expenses$2,653, $1,530, $1,231, and $1,275 to Mr. Banati, are pursuant to ourMr. Hood, Mr. Lawlor, and Mr. Kapoor, respectively, reflect reimbursement policy on international relocation: relocation-related payments ($32,672)for their financial and tax-related payments ($26,517) to ensure that Mr. Banati bears a tax burden that would be comparable to his U.S. tax burden on income that is notplanning assistance related to his tenure in Singapore.their international relocations and assignments.
The payment of the following expenses(g)Represents a car allowance paid to Mr. Hood are pursuantLawlor and a transport and housing allowance paid to our reimbursement policy on relocation and temporary international assignment: relocation related payments ($4,353) and tax-related payments ($8,145) to ensure that Mr. Hood bears a tax burden that would be comparable to his U.S. tax burden on income that is not related to the international relocation and temporary assignment in Switzerland. Mr. Hood remains financially responsible for the amount of taxes he would have incurred if he had continued to live and work in the U.S.Kapoor.
In addition to the foregoing compensation, the U.S.-based NEOs also participated in health and welfare benefit programs, including vacation and medical, dental, prescription drug and disability coverage. These programs are generally available and comparable to those programs provided to all U.S. salaried employees.
(7)Mr. Hood will retire from the Company in April 2024.
(8)Mr. Lawlor is employed in Ireland and is paid in Euro. In calculating the U.S. dollar equivalent, we used a conversion rate of 1.08430.
(9)The actuarial value of pension for Mr. Pilnick decreased by $162,000$1,684,000 for 2022 and for Mr. Hirst decreased by $602,000$162,000 for 2021, primarily as a result of changes in discount rates. The actuarial value of pension for Mr. Lawlor decreased by $959,000 for 2022, primarily as a result of changes in discount rates.
(8)(10)Mr. Hirst retired from his role as Senior Vice President, Global Supply Chain, on March 1, 2022, but will remainKapoor is employed in Singapore and is paid in Singapore dollars. In calculating the U.S. dollar equivalent, we used a conversion rate of 0.74550.
(11)In connection with the completion of the spin-off of WK Kellogg Co, Mr. Pilnick ceased serving as our Vice Chairman and Chief Legal Officer and became the Chief Executive Officer of WK Kellogg Co.
(12)For Mr. Pilnick, this amount represents the base salary paid to him by the Company during the period of fiscal year 2023 occurring prior to ensure an orderly transition.the completion of the spin-off of WK Kellogg Co. Following the spin-off of WK Kellogg Co, Mr. Pilnick is paid his base salary by WK Kellogg Co.
2024 Proxy Statement57

Compensation
Grant of Plan-Based Awards Table
During 2021,2023, we granted the following plan-based awards to our NEOs:
Stock Options;
20212023 AIP grants (annual cash performance-based awards) paid in March 2022;2024;
2021-2023 EPP2023-2025 PSU Plan grants (multi-year stock performance-based awards); and
Restricted stock unit grants.
Information with respect to each of these awards on a grant-by-grant basis is set forth in the table below. For a detailed discussion of each of these awards and their material terms, refer to “Executive Compensation — Summary Compensation Table” and “Compensation Discussion and Analysis — Compensation Plans and Design” above.
NameGrant Date
Estimated Possible Payouts Under
 Non-Equity 
Incentive Plan Awards(1)
Estimated Future
Payouts Under Equity
Incentive Plan Awards
All Other
Stock
Awards:
Number of
Shares of
Stock or
Units
(#)
All Other
Option
Awards:
Number of
Securities
Underlying
Options
(#)
Exercise or
Base Price
of Option
Awards
($/Sh)
Grant-date
Fair Value
of Stock
and Option
Awards
($)
Threshold
($)
Target
($)
Maximum
($)
Threshold
(#)
Target
(#)
Maximum
(#)
Steve Cahillane
Stock options2/19/2021293,610 57.91 1,931,954 (2)
2021 AIP— 2,080,000 4,160,000 
2021-23 EPP2/19/2021— 88,070 176,140 5,100,134 (3)
Amit Banati
Stock options2/19/202149,880 57.91 328,210 (2)
2021 AIP— 790,000 1,580,000 
2021-23 EPP2/19/2021— 19,950 39,900 1,155,305 (3)
2021 RSU(4)
2/19/20219,980 577,942 (5)
Chris Hood
Stock options2/19/202159,370 57.91 390,655 (2)
2021 AIP— 891,000 1,782,000 
2021-23 EPP2/19/2021— 23,750 47,500 1,375,363 (3)
2021 RSU(4)
2/19/202111,880 687,971 (5)
Gary Pilnick
Stock options2/19/202145,130 57.91 296,955 (2)
2021 AIP— 753,350 1,506,700 
2021-23 EPP2/19/2021— 18,050 36,100 1,045,276 (3)
2021 RSU(4)
2/19/20219,030 522,927 (5)
Alistair Hirst
Stock options2/19/202133,250 57.91 218,785 (2)
2021 AIP— 618,300 1,236,600 
2021-23 EPP2/19/2021— 13,300 26,600 770,203 (3)
2021 RSU(4)
2/19/20216,650 385,102 (5)
NameGrant Date
Estimated Possible Payouts Under
 Non-Equity 
Incentive Plan Awards(1)
Estimated Future
Payouts Under Equity
Incentive Plan Awards
All Other
Stock
Awards:
Number of
Shares of
Stock or
Units
(#)
All Other
Option
Awards:
Number of
Securities
Underlying
Options
(#)
Exercise or
Base Price
of Option
Awards
($/Sh)
Grant-date
Fair Value
of Stock
and Option
Awards
($)
Threshold
($)
Target
($)
Maximum
($)
Threshold
(#)
Target
(#)
Maximum
(#)
Steve Cahillane
2023 AIP— 2,160,000 4,320,000 
2023-25 PSU2/17/2023— 99,810 199,620 6,825,008 (2)
2023 RSU(3)
2/17/202333,270 2,275,003 (4)
1,524,318 (5)
1,895,974 (6)
Amit Banati
2023 AIP— 850,000 1,700,000 
2023-25 PSU2/17/2023— 28,960 57,920 1,980,285 (2)
2023 RSU(3)
2/17/20239,660 660,551 (4)
313,783 (5)
558,402 (6)
Chris Hood
2023 AIP— 946,000 1,892,000 
2023-25 PSU2/17/2023— 30,170 60,340 2,063,025 (2)
2023 RSU(3)
2/17/202310,060 687,903 (4)
474,087 (5)
597,646 (6)
David Lawlor
2023 AIP— 527,187 1,054,373 
2023-25 PSU2/17/2023— 15,690 31,380 1,072,882 (2)
2023 RSU(3)
2/17/20235,230 357,627 (4)
184,006 (5)
338,561 (6)
Shumit Kapoor
2023 AIP— 537,681 1,075,361 
2023-25 PSU2/17/2023— 15,690 31,380 1,072,882 (2)
2023 RSU(3)
2/17/20235,230 357,627 (4)
45,256 (5)
295,206 (6)
Gary Pilnick
2023 AIP— 753,350 1,506,700 
2023-25 PSU2/17/2023— 22,930 45,860 1,567,953 (2)
2023 RSU(3)
2/17/20237,650 523,107 (4)
474,683 (5)
315,907 (6)
(1)In connection with the spin-off of WK Kellogg Co, the number of Kellanova shares underlying the outstanding equity awards held by our NEOs as of the date of the spin-off were adjusted to account for the impact of the spin-off, as described above in “Compensation Discussion and Analysis — Key Decisions Summary — Company Update" beginning on page 41 of this Proxy Statement. Mr. Pilnick's 2023 AIP reflects his target and maximum full-year cash-based performance award under the compensation structure in place prior to the spin-off. Mr. Pilnick's 2023-2025 PSU and 2023 RSU awards were converted to WK Kellogg Co awards at the time of the spin-off of WK Kellogg Co.
4858Kellogg CompanyKellanova

Compensation
(1)(2)Represents estimated possible payouts on the grant date for annual performance cash awards granted in 20212023 under the 20212023 AIP for each of our NEOs. The actual amount of AIP paid can range from 0% to 200% of the target. The AIP is an annual cash incentive opportunity and, therefore, these awards are earned in the year of grant. For all of our NEOs other than Mr. Pilnick, this payment will be made by the Company in March 2024. For Mr. Pilnick, this payment is expected to be made by WK Kellogg Co in March 2024. The Company did not make any payments to Mr. Pilnick in respect of his 2023 AIP award. See the column captioned “Non-Equity Incentive Plan Compensation” in the Summary Compensation Table for the actual payout amounts related to the 20212023 AIP. See also “Compensation Discussion and Analysis — Compensation Plans and Design — Annual Incentives” for additional information about the 20212023 AIP.
(2)Represents the The grant-date fair value of the 2023–2025 PSU awards reported in this column is based on the Company’s determination of the probable outcome of the achievement of the applicable performance conditions, calculated in accordance with FASB ASC Topic 718. Refer to Notes 1 and 910 to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended January 1, 2022. The grant-date fair value of the stock option awards will likely vary from the actual value the NEO receives, which will depend on the number of shares exercised and the price of our common stock on the date exercised.
(3)Represents the grant-date fair value calculated in accordance with FASB ASC Topic 718. Refer to Notes 1 and 9 to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended January 1, 2022.December 30, 2023. This grant-date fair value assumes that each participant earns the target EPPPSU award (i.e., 100% of EPPPSU target). The actual value the NEO receives will depend on the number of shares earned and the price of our common stock when the shares vest.
(4)(3)The restricted stock units will vest in full on February 19, 2024,17, 2026, the third anniversary of the grant date.
(5)(4)Represents the grant-date fair value of the 2023 RSU awards, calculated in accordance with FASB ASC Topic 718. Refer to Notes 1 and 910 to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended January 1, 2022.December 30, 2023. The grant-date fair value of the restricted stock units will likely vary from the actual value the NEO receives, which will depend on the value of the shares upon vesting.
(5)Represents a one-time accounting modification charge directly related to adjustments to previously granted options in connection with the spin-off. No options were granted in 2023.
(6)Represents a one-time accounting modification charge for the NEOs directly related to adjustments to their RSU and EPP/PSU awards in connection with the spin-off.
20222024 Proxy Statement4959

Compensation
Outstanding Equity Awards at Fiscal Year-End Table
The following equity awards granted to our NEOs were outstanding as of December 30, 2023, the end of fiscal 2021:2023.
Option AwardsStock Awards
Name
Number of
Securities
Underlying
Unexercised
Options (#)
Exercisable(1)
Number of
Securities
Underlying
Unexercised
Options (#)
Unexercisable(2)
Equity
Incentive
Plan Awards:
Number of
Securities
Underlying
Unexercised
Unearned
Options
(#)(3)
Option
Exercise
Price
($)(4)
Option
Expiration
Date(5)
Number
of Shares
or Units of
Stock That
Have Not
Vested
(#)(6)
Market
Value of
Shares or
Units of
Stock That
Have Not
Vested
($)(7)
Equity
Incentive
Plan Awards:
Number of
Unearned
Shares, Units
or Other
Rights That
Have Not
Vested
(#)(8)
Equity
Incentive
Plan Awards:
Market or
Payout Value
of Unearned
Shares, Units
or Other Rights
That Have Not
Vested
($)(9)
Steve Cahillane
Stock Options228,800 — 69.66 2/16/2028
170,340 85,170 (10)56.73 2/22/2029
81,426 162,853 (11)65.52 2/21/2030
— 293,610 (12)57.912/19/2031
2019-21 EPP(13)
171,152 11,025,612 
2020-22 EPP157,500 10,146,150 
2021-23 EPP182,684 11,768,503 
Amit Banati
Stock Options8,967 — 59.95 2/21/2024
19,500 — 64.09 2/20/2025
30,600 — 75.52 2/19/2026
29,200 — 72.90 2/17/2027
39,200 — 69.66 2/16/2028
36,653 18,327 (10)56.73 2/22/2029
14,696 29,394 (11)65.52 2/21/2030
— 49,880 (12)57.91 2/19/2031
RSU(14)
22,900 1,475,218 
RSU(15)
26,579 1,712,219 
2019-21 EPP(13)
30,690 1,977,050 
2020-22 EPP37,898 2,441,389 
2021-23 EPP41,382 2,665,828 
Chris Hood
Stock Options41,100 — 60.01 2/22/2023
39,200 — 59.95 2/21/2024
34,300 — 64.09 2/20/2025
49,000 — 75.52 2/19/2026
42,800 — 72.90 2/17/2027
48,000 — 69.66 2/16/2028
51,693 25,847 (10)56.73 2/22/2029
16,796 33,594 (11)65.52 2/21/2030
— 59,370 (12)57.912/19/2031
RSU(16)
27,486 1,770,648 
2019-21 EPP(13)
43,302 2,789,515 
2020-22 EPP43,314 2,790,288 
2021-23 EPP49,266 3,173,716 
Impact of the WK Kellogg Co Spin-Off on Outstanding Equity Awards
The values reported in this table below represent the values of such outstanding equity awards after giving effect to the spin-off of the WK Kellogg Co business. As a result of the spin-off of WK Kellogg Co, which occurred on October 2, 2023, holders of shares of our stock received WK Kellogg Co shares as a dividend on those shares. However, holders of unvested or restricted equity-based compensation awards (i.e., unvested RSUs and EPP/PSU awards) were not entitled to receive WK Kellogg Co shares, and therefore the value of those equity awards declined by the value of WK Kellogg Co stock distributed to our Shareowners. Because the value of those unvested awards were diluted by the spin-off, pursuant to the terms of the Employee Matters Agreement between the Company and WK Kellogg Co and our 2022 Long-Term Incentive Plan, those awards were adjusted to offset this dilution in value and to preserve the pre-spin-off value of the awards. For this reason, an anti-dilution adjustment was made and the impact of such adjustment to each NEO is reflected in the footnotes to the following table.
For more information, see “Compensation Discussion and Analysis Key Decisions Summary Company Update", beginning on page 41 of this Proxy Statement.
Option AwardsStock Awards
Name
Number of
Securities
Underlying
Unexercised
Options (#)
Exercisable(1)
Number of
Securities
Underlying
Unexercised
Options (#)
Unexercisable(2)
Equity
Incentive
Plan Awards:
Number of
Securities
Underlying
Unexercised
Unearned
Options
(#)(3)
Option
Exercise
Price
($)(4)
Option
Expiration
Date(5)
Number
of Shares
or Units of
Stock That
Have Not
Vested
(#)(6)
Market
Value of
Shares or
Units of
Stock That
Have Not
Vested
($)(7)
Equity
Incentive
Plan Awards:
Number of
Unearned
Shares, Units
or Other
Rights That
Have Not
Vested
(#)(8)
Equity
Incentive
Plan Awards:
Market or
Payout Value
of Unearned
Shares, Units
or Other Rights
That Have Not
Vested
($)(9)
Steve Cahillane
Stock Options258,681 — 61.62 2/16/2028
288,879 — 50.18 2/22/2029
276,182 — 57.96 2/21/2030
221,303 110,652 (10)51.232/19/2031
RSU(14)
78,191 4,371,659 
RSU (2021-23 EPP)(12)
183,232 10,244,501 
RSU (2022-24 PSU)(13)
164,232 9,182,211 
2023-25 PSU234,484 13,110,000 
Amit Banati
Stock Options22,046 — 56.69 2/20/2025
34,596 — 66.80 2/19/2026
33,013 — 64.48 2/17/2027
44,319 — 61.62 2/16/2028
37,558 — 50.18 2/22/2029
49,848 — 57.96 2/21/2030
37,596 18,798 (10)51.23 2/19/2031
RSU(15)
35,579 1,989,222 
RSU (2021-23 EPP)(12)
41,506 2,320,600 
RSU (2022-24 PSU)(13)
48,884 2,733,104 
2023-25 PSU68,036 3,803,893 
Chris Hood
Stock Options38,779 — 56.69 2/20/2025
55,399 — 66.80 2/19/2026
48,389 — 64.48 2/17/2027
54,268 — 61.62 2/16/2028
87,666 — 50.18 2/22/2029
56,970 — 57.96 2/21/2030
44,748 22,375 (10)51.232/19/2031
RSU(16)
38,298 2,141,241 
RSU (2021-23 EPP)(12)
49,412 2,762,625 
5060Kellogg CompanyKellanova

Compensation
Option AwardsStock Awards
Name
Number of
Securities
Underlying
Unexercised
Options (#)
Exercisable(1)
Number of
Securities
Underlying
Unexercised
Options (#)
Unexercisable(2)
Equity
Incentive
Plan Awards:
Number of
Securities
Underlying
Unexercised
Unearned
Options
(#)(3)
Option
Exercise
Price
($)(4)
Option
Expiration
Date(5)
Number
of Shares
or Units of
Stock That
Have Not
Vested
(#)(6)
Market
Value of
Shares or
Units of
Stock That
Have Not
Vested
($)(7)
Equity
Incentive
Plan Awards:
Number of
Unearned
Shares, Units
or Other
Rights That
Have Not
Vested
(#)(8)
Equity
Incentive
Plan Awards:
Market or
Payout Value
of Unearned
Shares, Units
or Other Rights
That Have Not
Vested
($)(9)
Gary Pilnick
Stock Options50,200 — 60.01 2/22/2023
64,800 — 59.95 2/21/2024
49,300 — 64.09 2/20/2025
62,200 — 75.52 2/19/2026
54,100 — 

72.90 2/17/2027
60,600 — 69.66 2/16/2028
49,106 24,554 (10)56.73 2/22/2029
13,296 26,594 (11)65.52 2/21/2030
— 45,130 (12)57.91 2/19/2031
RSU(17)
22,060 1,421,105 
2019-21 EPP(13)
41,136 2,649,981 
2020-22 EPP34,286 2,208,704 
2021-23 EPP37,442 2,412,014 
Alistair Hirst
Stock Options36,700 — 60.01 2/22/2023
57,700 — 59.95 2/21/2024
41,800 — 64.09 2/20/2025
41,100 — 75.52 2/19/2026
36,000 — 72.90 2/17/2027
50,300 — 69.66 2/16/2028
36,186 18,094 (10)56.73 2/22/2029
8,906 17,814 (11)65.52 2/21/2030
— 33,250 (12)57.91 2/19/2031
RSU(18)
15,683 1,010,299 
2019-21 EPP (13)
30,310 1,952,570 
2020-22 EPP22,980 1,480,372 
2021-23 EPP27,588 1,777,219 
Option AwardsStock Awards
Name
Number of
Securities
Underlying
Unexercised
Options (#)
Exercisable(1)
Number of
Securities
Underlying
Unexercised
Options (#)
Unexercisable(2)
Equity
Incentive
Plan Awards:
Number of
Securities
Underlying
Unexercised
Unearned
Options
(#)(3)
Option
Exercise
Price
($)(4)
Option
Expiration
Date(5)
Number
of Shares
or Units of
Stock That
Have Not
Vested
(#)(6)
Market
Value of
Shares or
Units of
Stock That
Have Not
Vested
($)(7)
Equity
Incentive
Plan Awards:
Number of
Unearned
Shares, Units
or Other
Rights That
Have Not
Vested
(#)(8)
Equity
Incentive
Plan Awards:
Market or
Payout Value
of Unearned
Shares, Units
or Other Rights
That Have Not
Vested
($)(9)
RSU (2022-24 PSU)(13)
48,304 2,700,677 
2023-25 PSU70,878 3,962,789 
David Lawlor
Stock Options5,502 — 56.69 2/20/2025
9,610 — 64.48 2/17/2027
11,566 — 61.62 2/16/2028
43,833 — 50.18 2/22/2029
32,369 — 57.96 2/21/2030
22,378 11,189 (10)51.23 2/19/2031
RSU(17)
21,463 1,199,996 
RSU (2021-23 EPP)(12)
24,716 1,381,872 
RSU (2022-24 PSU)(13)
32,850 1,836,644 
2023-25 PSU36,860 2,060,843 
Shumit Kapoor
Stock Options19,694 9,848 (10)51.232/19/2031
RSU(18)
18,817 1,052,058 
RSU (2021-23 EPP)(12)
21,742 1,215,595 
RSU (2022-24 PSU)(13)
25,513 1,426,432 
2023-25 PSU36,860 2,060,843 
2024 Proxy Statement61

Compensation
Option AwardsStock Awards
Name
Number of
Securities
Underlying
Unexercised
Options (#)
Exercisable(1)
Number of
Securities
Underlying
Unexercised
Options (#)
Unexercisable(2)
Equity
Incentive
Plan Awards:
Number of
Securities
Underlying
Unexercised
Unearned
Options
(#)(3)
Option
Exercise
Price
($)(4)
Option
Expiration
Date(5)
Number
of Shares
or Units of
Stock That
Have Not
Vested
(#)(6)
Market
Value of
Shares or
Units of
Stock That
Have Not
Vested
($)(7)
Equity
Incentive
Plan Awards:
Number of
Unearned
Shares, Units
or Other
Rights That
Have Not
Vested
(#)(8)
Equity
Incentive
Plan Awards:
Market or
Payout Value
of Unearned
Shares, Units
or Other Rights
That Have Not
Vested
($)(9)
Gary Pilnick
Stock Options(11)
55,738 — 56.69 2/20/2025
70,323 — 66.80 2/19/2026
61,165 — 

64.48 2/17/2027
68,514 — 61.62 2/16/2028
83,279 — 50.18 10/2/2028
45,099 — 57.96 10/2/2028
34,015 17,008 (10)51.23 10/2/2028
RSU(19)
20,126 1,125,245 
RSU (2021-23 EPP)(12)
37,554 2,099,644 
RSU (2022-24 PSU)(13)
36,713 2,052,624 
(1)On an award-by-award basis, the number of securities underlying unexercised options that are exercisable and that are not reported in Column 3 — “Number of Securities Underlying Unexercised Unearned Options.”
(2)On an award-by-award basis, the number of securities underlying unexercised options that are unexercisable and that are not reported in Column 3 — “Number of Securities Underlying Unexercised Unearned Options.”
(3)On an award-by-award basis, there were no shares underlying unexercised options awarded under any equity incentive plan that have not been earned.
(4)The exercise price for each option reported in Columns 1 and 2 — “Number of Securities Underlying Unexercised Options” and Column 3 — “Number of Securities Underlying Unexercised Unearned Options.”
(5)The expiration date for each option reported in Columns 1 and 2 — “Number of Securities Underlying Unexercised Options” and Column 3 — “Number of Securities Underlying Unexercised Unearned Options.”
2022 Proxy Statement51

Compensation
(6)The total number of shares of stock that have not vested and that are not reported in Column 8 — “Number of Unearned Shares, Units or Other Rights That Have Not Vested.”
(7)Market value is based upon the closing price of our common stock on December 31, 202129, 2023 (the last trading day of fiscal 2021)2023).
(8)Represents the “maximum” number of shares that could be earned under outstanding EPPEPP/PSU awards, including dividend equivalent units accrued as of January 1, 2022.December 30, 2023. The ultimate number of shares issued under the EPPEPP/PSU awards will depend on the number of shares earned and the price of our common stock on the actual vesting date. For additional information with respect to these awards, refer to “Executive Compensation —the “— Summary Compensation Table” and “Compensation Discussion and Analysis — Compensation Plans and Design.”
(9)Represents the “maximum” number of shares that could be earned under outstanding EPPEPP/PSU awards, including dividend equivalent units accrued as of December 30, 2023, multiplied by the closing price of our common stock on December 31, 202129, 2023 (the last trading day of fiscal 2021)2023). The ultimate value of the EPPEPP/PSU awards will depend on the number of shares earned and the price of our common stock on the actual vesting date..date.
(10)One-third of these options vested on February 22, 2020; one-third vested on February 22, 2021; and one-third vested on February 22, 2022.
(11)One-third of these options vested on February 21, 2021; one-third vested on February 21, 2022; and one-third will vest on February 21, 2023.
(12)One-third of these options vested on February 19, 2022; one-third will vestvested on February 19, 2023; and one-third will vestvested on February 19, 2024.
(13)(11)Under the Employee Matters Agreement entered into between the Company and WK Kellogg Co in connection with the spin-off of WK Kellogg Co, the expiration dates for option awards held by persons employed by WK Kellogg Co post-spin (such as Mr. Pilnick) were adjusted to the earlier to occur of (x) the fifth (5th) anniversary of the date of the spin-off and (y) the original expiration date of the option award.
(12)Vested on February 18, 2022;19, 2024; for actual payout amounts see the 2019-20212021-2023 EPP table on page 43.63. Following the completion of the spin-off of WK Kellogg Co, the C&T Committee determined the actual performance of the previously-granted 2021-2023 EPP awards through the effective time of the spin-off and such awards were converted to RSUs, with such awards vesting based on the holder's continued service.
(14)These(13)Following the completion of the spin-off of WK Kellogg Co, the C&T Committee determined the actual performance of the previously-granted 2022-2024 PSU awards through the effective time of the spin-off and such awards were converted to RSUs, vestedwith such awards vesting based on the holder's continued service.
(14)Mr. Cahillane's RSUs will vest on February 22, 2022 (3,06918, 2025 (39,110 units), and will vest on February 21, 2023 (9,480 units) and on February 19, 2024 (10,35117, 2026 (39,081 units). Awards outstanding include accrued dividend equivalent units.
(15)These RSUs will vest on August 5, 2022 (26,579 units) and include accrued dividend equivalent units.
(16)TheseMr. Banati's RSUs vested on February 22, 2022 (4,33019, 2024 (12,584 units), and will vest on February 21, 2023 (10,83418, 2025 (11,647 units) and will vest on February 19, 2024 (12,32217, 2026 (11,348 units). Awards outstanding include accrued dividend equivalent units.
(17)These(16)Mr. Hood's RSUs vested on February 22, 2022 (4,11819, 2024 (14,980 units), and will vest on February 21, 2023 (8,57718, 2025 (11,501 units) and will vest on February 19, 2024 (9,36517, 2026 (11,817 units). Awards outstanding include accrued dividend equivalents.equivalent units.
(18)These
62Kellanova

Compensation
(17)Mr. Lawlor's RSUs vested on February 22, 2022 (3,03619, 2024 (7,490 units), and will vest on February 21, 2023 (5,75018, 2025 (7,830 units) and will vest on February 17, 2026 (6,143 units). Awards outstanding include accrued dividend equivalent units.
(18)Mr. Kapoor's RSUs vested on February 19, 2024 (6,897(6,595 units), and will vest on February 18, 2025 (6,079 units) and will vest on February 17, 2026 (6,143 units). Awards outstanding includesinclude accrued dividend equivalents.equivalent units.
(19)Mr. Pilnick's RSUs vested on February 19, 2024 (11,385 units) and will vest on February 18, 2025 (8,741 units). Awards outstanding include accrued dividend equivalent units. Pursuant to the terms of the Employee Matters Agreement between the Company and WK Kellogg Co in connection with the spin-off, 2023 RSUs and 2023-2025 PSU awards held by WK Kellogg Co employees (including Mr. Pilnick) were converted to WK Kellogg Co awards and entitled to WK Kellogg Co shares upon vesting in accordance with their terms.
Option Exercises and Stock Vested Table
With respect to our NEOs, this table shows the stock options exercised by such officersour NEOs during 20212023 (disclosed under the “Option Awards” columns) and stock awards that vested during 2021fiscal 2023 (disclosed under the "Stock Awards" columns).
The dollar value in the "Option Awards" column reflects the total pre-tax value realized by such officers (Kellogg(Kellanova stock price at exercise minus the option’s exercise price), not the grant-date fair value disclosed elsewhere in this proxy statement.Proxy Statement. The table represents value realized on options that have been granted to the NEOs since 2011.2013.
Stock awards include RSUs and EPP awards that vested in 2021.fiscal 2023. The 2018-20202020-2022 EPP cycle began on December 31, 201729, 2019 (first day of fiscal 2018)2020) and concluded on January 2, 2021December 31, 2022 (last day of fiscal 2020)2022). Although the performance period ended on January 2, 2021,December 31, 2022, each NEO had to be actively employed by KelloggKellanova on the date the awards vested (February 19, 2021)17, 2023) in order to be eligible to receive a payout.
Option Awards
Stock Awards(1)
Option AwardsOption Awards
Stock Awards(1)
NameName
Number of Shares
Acquired on Exercise
(#)
Value Realized on
Exercise
($)
Number of Shares
Acquired on Vesting
(#)
Value Realized on
Vesting
($)
Name
Number of Shares
Acquired on Exercise
(#)
Value Realized on
Exercise
($)
Number of Shares
Acquired on Vesting
(#)
Value Realized on
Vesting
($)
Steve CahillaneSteve Cahillane— — 61,800 3,578,838 
Amit BanatiAmit Banati— — 10,600 611,956 
Chris HoodChris Hood— — 13,000 750,520 
David Lawlor
Shumit Kapoor
Gary PilnickGary Pilnick— — 16,300 941,098 
Alistair Hirst— — 13,600 785,161 
(1)Does not reflect the payout of 2019-20212021-2023 EPP awards. The 2019-20212021-2023 EPP cycle concluded on January 1, 2022 (last dayOctober 2, 2023 (the date the spin-off of fiscal 2021)WK Kellogg Co was completed). Each NEO had to be actively employed by KelloggKellanova on the date the awards vested (February 18, 2022)19, 2024) in order to be eligible to receive a payout. See “Compensation Discussion and Analysis — Compensation Plans and Design — Long-Term Incentives — Executive Performance Plan — 2019-20212021-2023 EPP” and “Executive Compensation — Outstanding Equity Awards at Fiscal Year-End Table” for additional information.
522024 Proxy StatementKellogg Company63

Compensation
Retirement and Non-Qualified Defined Contribution and Deferred Compensation Plans
Our NEOs are eligible to receive retirement benefits from Kellogg.Kellanova. The C&T Committee utilizes survey information for Fortune 500 companies and our peer group compiled by Willis Towers Watson and Mercer to help determine the appropriate level of benefits. The C&T Committee uses the same survey information used by KelloggKellanova to set these benefits for all U.S. salaried employees. Our NEOs participate in the same plans as our eligible U.S. salaried employees. The total retirement benefit is provided through a combination of qualified and non-qualified defined contribution savings and investment plans, and qualified and non-qualified defined benefit pension plans. Eligibility for the different plans provided by KelloggKellanova varies by NEO.
Our U.S. savings and investment program includes a non-qualified restoration plan for our U.S. executives, which allows us to provide benefits comparable to those which would be available under our IRS qualified plans if the IRS regulations did not include limits on covered compensation and benefits. We refer to this plan as a “restoration plan” because it restores benefits that would otherwise be available under the plan. This plan uses the same benefit formulas as our broad-based IRS qualified plans, and use the same type of compensation to determine benefit amounts.
Amounts earned under our long-term incentive programs, such as EPP,our EPP/PSU Plans, gains from stock options and awards of restricted stock and restricted stock units are not included when determining retirement benefits for any employee, including executives. We do not pay above-market interest rates on amounts deferred under our savings and investment plans.
The amount of an employee’s compensation is an integral component of determining the benefits provided under pension and savings plan formulas, thus, an individual’s performance over time will influence the level of his or her retirement benefits.
In connection with the spin-off of WK Kellogg Co, all of the Company’s retirement plans except for certain plans identified in the
Employee Matters Agreement remained with the Company following the completion of the spin-off. Effective as of the
spin-off of WK Kellogg Co that occurred on October 2, 2023, Mr. Pilnick was no longer credited with any additional service under the Company’s defined benefit plans, except that for purposes of vesting and eligibility for early retirement subsidies only, Mr. Pilnick will receive credit for his service with WK Kellogg Co (to the extent he does not take a distribution of his benefit from the Company pension plan).
U.S. Defined Contribution Plans
We offer both qualified and non-qualified defined contribution plans for our U.S. employees to elect voluntary deferrals of salary and annual incentive awards. Our principal defined contribution plans are composed of (1) the KelloggKellanova Savings & Investment Plan (“KelloggKellanova S&I Plan”) (which is a qualified plan available to substantially all U.S. salaried employees) and (2) the KelloggKellanova Supplemental Savings & Investment Plan (“Restoration Plan”), which is a non-qualified plan as described below. All of our NEOs are participantsMr. Cahillane, Mr. Banati, Mr. Hood, and Mr. Pilnick participated in both of these plans. Following the completion of the spin-off, Mr. Pilnick became a participant in WK Kellogg Co defined contribution plans and ceased to be an active participant in Kellanova's defined contribution plans.
KelloggKellanova S&I Plan
Under this plan, employees can defer up to 50% of base salary plus annual incentives. Distributions are generally made after termination (directly to employee or rolled over to another account) or when an employee reaches age 59 and a half. In order to assist employees with saving for retirement, we provide matching contributions on employee deferrals. Under the KelloggKellanova S&I Plan, we match 100% of employee deferral contributions up to 3% of eligible compensation (i.e., base salary plus annual incentive), and 50% of employee deferral contributions between 3% and 5% of eligible compensation. No KelloggKellanova matching contributions are provided above 5% of eligible compensation deferred by an employee. Any amount of employee deferrals or matching contributions in excess of IRS limits will be made to the Restoration Plan. Additionally, the Company provides a fixed Retirement Contributionretirement contribution to the KelloggKellanova S&I Plan. The Retirement Contributionretirement contribution is a fixed 3%, 5% or 7% of base salary, for employees with up to 10 years of service, between 10 and 20 years of service or greater than 20 years of service, respectively. For employees who have less than 3 years of service, the Retirement Contributionretirement contribution vests upon the third anniversary of employment.
Non-Qualified Deferred Contribution Plans
Restoration Plan
Effective on January 1, 2005, the Restoration Plan was renamed the Grandfathered Restoration Plan and, to preserve certain distribution options previously available in the Plan, it was amended in accordance with IRS regulations issued under Section 409A of the Internal Revenue Code to no longer allow for deferrals after December 31, 2004. Deferrals after December 31, 2004, are included in a new Restoration Plan which complies with IRS regulations under Section 409A.
Under this plan, eligible employees can defer up to 50% of base salary plus annual incentives. Payouts are generally made after retirement or termination of employment with Kellanova (or, for employees who participated in the Restoration Plan prior to the
64Kellanova

Compensation
spin-off who became WK Kellogg Co employees, payments are generally made after their retirement or termination of employment with WK Kellogg Co), either as annual installments or as a lump sum, based on the distribution option elected under the plan. Participants in the Restoration Plan may not make withdrawals during their employment. Participants in the Grandfathered Restoration Plan may make withdrawals during employment, but must pay a 10% penalty on any in-service withdrawal.
2022 Proxy Statement53

Compensation
Our Restoration Plan is a non-qualified, unfunded plan we offer to employees who are impacted by the statutory limits of the Internal Revenue Code on contributions under our qualified plans. The Restoration Plan allows us to provide the same matching contribution and fixed Retirement Contribution, as a percentage of eligible compensation, to impacted employees as other employees who participate in the KelloggKellanova S&I Plan. As an unfunded plan, no money is actually invested in the Restoration Plan; contributions and earnings/losses are tracked in a book-entry account and all account balances are general KelloggKellanova obligations.
The following table provides information with respect to our Non-Qualified Deferred Compensation Plans, as applicable to each NEO.the participating NEOs, Mr. Cahillane, Mr. Banati, Mr. Hood, and Mr. Pilnick. This table excludes information with respect to the KelloggKellanova S&I Plan, which is a qualified plan available to U.S. salaried KelloggKellanova employees as described above.
Non-Qualified Deferred Compensation
Name Name
Executive
Contributions
in Last FY
($)(1)
Company
Contributions
in Last FY
($)(2) 
Aggregate
Earnings
in Last FY
($)(3)
Aggregate
Withdrawals
Distributions
($) 
Aggregate
Balance
at Last FYE
($)(4)(5)
Name
Executive
Contributions
in Last FY
($)(1)
Company
Contributions
in Last FY
($)(2) 
Aggregate
Earnings
in Last FY
($)(3)
Aggregate
Withdrawals
Distributions
($) 
Aggregate
Balance
at Last FYE
($)(4)(5)
Steve CahillaneSteve Cahillane216,900 205,020 76,987 — 2,029,163 
Amit BanatiAmit Banati86,631 84,083 11,631 — 981,366 
Chris HoodChris Hood93,842 110,957 17,966 — 1,158,166 
Gary Pilnick84,613 102,625 45,609 — 2,807,009 
Alistair Hirst69,684 82,459 29,487 — 1,829,603 
David Lawlor
Shumit Kapoor
Gary Pilnick(6)
(1)Amounts in this column are included in the “Salary” column in the Summary Compensation Table.
(2)Amounts in this column are KelloggKellanova contributions and are reflected in the Summary Compensation Table under the heading “All Other Compensation.”
(3)Represents at-market/non-preferential earnings on the accumulated balance in 2021.2023.
(4)Aggregate balance as of January 1, 2022December 30, 2023, is the total market value of the deferred compensation account, including executive contributions, KelloggKellanova contributions and any earnings, including contributions and earnings from past fiscal years.
(5)The amounts in the table below are also being reported in the "Salary," "Non-Equity Incentive Plan Compensation" and "All Other Compensation" columns in the Summary Compensation Table in the yearsindicated.
Name Fiscal YearReported Amounts ($)
Steve Cahillane2021421,920 
2020609,710 
2019522,622 
Amit Banati2021170,714 
2020135,575 
201997,199 
Chris Hood2021204,799 
2020161,114 
2019135,718 
Gary Pilnick2021187,238 
2020165,495 
2019151,022 
Alistair Hirst2021152,143 
2020118,255 
2019121,176 
(6)Amounts for Mr. Pilnick reflect contributions made prior to the spin-off of WK Kellogg Co on October 2, 2023.
Name Fiscal YearReported Amounts ($)
Steve Cahillane2023414,919 
2022308,672 
2021421,920 
Amit Banati2023188,148 
2022159,640 
2021170,714 
Chris Hood2023220,722 
2022150,807 
2021204,799 
David Lawlor2023— 
2022— 
Shumit Kapoor2023— 
Gary Pilnick(1)
2023147,452 
2022146,559 
2021187,238 
(1)Mr. Pilnick ceased to be an eligible employee under the Company’s Non-Qualified Deferred Compensation Plans as of October 2, 2023.
542024 Proxy Statement65

Compensation
Group Irish Defined Contribution Pension Fund
Mr. Lawlor, who is based in Ireland, participates in the Kellogg Group Irish Defined Contribution Pension Fund (the "Fund"). Under the Fund, Kellanova employees in Ireland can contribute amounts equal to 5% or more of base salary plus annual incentives. Employees in Ireland are automatically enrolled in the Fund at a 5% contribution rate upon date of hire. We provide contributions equal to 12% of eligible compensation (i.e., base salary plus annual incentive). No Kellanova contributions are provided above 12% of eligible compensation. Mr. Lawlor has been participating in the Fund since January 1, 2019.
Upon retirement, employees must take distributions from the Fund and the Group Irish Pension Fund (described below) at the same time, if they have benefits under both the defined contribution and defined benefit schemes. Distributions from the Fund and the Group Irish Pension Fund cannot be taken at different ages. Employees may draw distributions from the Fund and the Group Irish Pension Fund at age 65, or as early as age 50 with consent from Kellanova and the trustee. Distributions from the Fund and the Group Irish Pension Fund can only be taken if Kellanova employment has ended.
Contributions to the Fund are tax exempt up to limits determined by the Irish Revenue. The assets of the fund are independently administered and held separately from Company assets. The Fund is overseen by trustees and qualified as an exempt approved pension scheme under Chapter 1, Part 30 of the Taxes Consolidate Act of 1997 of Ireland.
Singapore Central Provident Fund Board
Mr. Kapoor, who is based in Singapore, participates in the Singapore Central Provident Fund Board, commonly known as the Central Provident Fund (the "CPF"). The CPF is a comprehensive savings and pension plan for Singapore residents primarily to fund their retirement, healthcare, education, and housing needs in Singapore. The CPF is an employment-based savings program that helps employers and employees in Singapore contribute a mandated amount to the fund for their benefits. It is administered by the Central Provident Fund Board, a statutory board operating under the Ministry of Manpower, which is responsible for investing contributions.
Under the CPF, the Company and Kellanova employees residing in Singapore make contributions based on the employee's age and salary. In 2023, Kellanova's CPF contribution ranged from 17% for employees age 55 and younger to 7.5% for employees aged 70 and older. Employee contributions during 2023 to the fund ranged from 20% for employees age 55 and younger to 5% for employees aged 70 and older. Contributions are capped at an annual salary ceiling, which the CPF may periodically increase.
66Kellanova

Compensation
Discontinued / Frozen Plans
Executive Deferral Program
Prior to 2021, we required any executive base salary above $950,000 (after pre-tax deductions for benefits and similar items) to be deferred into deferred stock units under our Executive Deferral Program. The deferred amounts were credited to an account in the form of units that are equivalent to the fair market value of our common stock. The units are payable in stock upon the executive’s end of employment. The Executive Deferral Program terminated at the end of fiscal year 2020.
Pension Plans
In September 2017, the Company amended certain defined benefit pension plans and associated “restoration plans” in the U.S., Canada, United Kingdom and the Republic of Ireland for salaried employees. As of December 31, 2018, the amendment froze the compensation and service periods used to calculate pension benefits for active salaried employees who participate in the affected pension plans. Beginning January 1, 2019, impacted employees no longer accrued additional benefits under these plans for future service and eligible compensation received under these plans, and began participating in the same defined contribution plans as all other salaried employees.
U.S. Pension Plans
Our U.S. pension plans are composed of the Kellogg CompanyKellanova Pension Plan and the non-qualified restoration plans, which include the Kellogg CompanyKellanova Executive Excess Plan for accruals after December 31, 2004, and the Kellogg CompanyKellanova Excess Benefit Retirement Plan for accruals on or before December 31, 2004 (collectively, the “U.S. Pension Plans”). Mr. Hirst and Mr. Pilnick are participants in our U.S. Pension Plans. Since 2008, Mr. Pilnick has been treated as a grandfathered participant. Following the completion of the spin-off of WK Kellogg Co on October 2, 2023, Mr. Pilnick no longer receives any credit for service under the U.S. Pension Plans, except with respect to early retirement subsidies as described above beginning on page 64 of this Proxy Statement.
Below is an overview of our current U.S. Pension Plans in which these NEOs participate.Mr. Pilnick participated prior to the completion of the spin-off of WK Kellogg Co.
U.S. Qualified Pension PlanU.S. Non-Qualified Plans
Reason for PlanProvide eligible employees with a competitive level of retirement benefits based on pay and years of service. Benefit accruals were frozen for salaried employees as of the close of December 31, 2018.Provide eligible employees with a competitive level of retirement benefits by “restoring” the benefits limited by the Internal Revenue Code based on the formula used in the Qualified Pension Plan. Benefit accruals were frozen for salaried employees as of the close of December 31, 2018.
EligibilitySalaried employees and certain hourly and union employees. Pension plans closed to new participants beginning January 1, 2010.Eligible employees impacted under the Internal Revenue Code by statutory limits on the level of compensation and benefits that can be considered in determining Kellogg-providedKellanova-provided retirement benefits.
Payment FormMonthly annuity or lump sum at the choice of the executive.Monthly annuity or lump sum at the choice of the executive.
Participation, as

of January 1, 2003
Active KelloggKellanova heritage employees who were hired prior to August 1, 2002, and who were 40 years of age or older or had 10 or more years of service as of January 1, 2003.
Retirement Eligibility
Full Unreduced Benefit:
Normal retirement age 65
Age 55 with 30 or more years of service
Age 62 with 5 years of service
Reduced Benefit:
Age 55 with 20 years of service
Any age with 30 years of service
Pension Formula
Single Life Annuity = 1.5% x (years of service) x (final average pay based on the average of highest three consecutive years) — (Social Security offset)
Pensionable EarningsIncludes only base pay and annual incentive payments. We do not include any other compensation, such as restricted stock grants, restricted stock unit grants, EPPEPP/PSU Plan payouts, gains from stock option exercises and any other form of stock- or option-based compensation in calculating pensionable earnings.
2024 Proxy Statement67

Compensation
Great Britain Pension Plan
Kellanova employees in the U.K. who were hired before April 1, 2004, were eligible to join the Kellogg Great Britain Pension Fund ("Great Britain Pension Plan"). This is a defined benefit pension arrangement in which benefits were earned based on several factors, including length of service, accrual rate, and pensionable salary (i.e., base salary plus annual incentives). The Great Britain Pension Plan closed to future accruals on December 31, 2018, and all participating employees then moved to accrue benefits in a "Defined Contribution Section" of the Great Britain Pension Plan.
Normal retirement age for the Great Britain Pension Plan is age 65 or 60 depending on the member's service dates. Distributions may begin as early as age 55 with trustee consent, and benefits will be subject to an actuarial reduction if taken before the member's unreduced payment age. Under certain conditions, distributions from the Great Britain Pension Plan can be taken at early as age 60 without consent and without an actuarial reduction.
The assets of the Great Britain Pension Plan are independently administered and held separately from Company assets. The Great Britain Pension Plan is registered with HM Revenue & Customs, as required by the Finance Act 2004 and as such qualifies for certain tax reliefs on contributions and benefits.
Mr. Lawlor was a participant in the Great Britain Pension Plan until November 30, 2017, when he became a participant in the Kellogg Group Irish Pension Plan.
Irish Pension Plan
Kellanova employees in Ireland who were hired before January 1, 2005 (or later if the employee transferred employment from the U.K. and was participating in a U.K. defined benefit arrangement) were eligible to join the Kellogg Group Irish Pension Fund ("Irish Pension Plan"). This is a defined benefit pension arrangement in which benefits were earned based on several factors, including length of service, accrual rate, and pensionable salary (i.e., base salary plus annual incentive). The Irish Pension Plan closed to future accruals on December 31, 2018, and all participating employees joined the Kellogg Group Irish Defined Contribution Pension Fund.
Employees must take distributions from the Irish Pension Plan and the Group Irish Defined Contribution Pension Fund at the same time, if an employee has benefits under both the defined benefit and defined contribution schemes. Distributions from the Irish Pension Plan and the Group Irish Defined Contribution Pension Fund cannot be taken at different ages. Employees may draw distributions from the Irish Pension Plan and the Group Irish Defined Contribution Pension Fund at age 65, or as early as age 50 with consent from Kellanova and the Trustees. Distributions from the Irish Pension Plan will be actuarially reduced if taken before Normal Retirement Age. For certain categories of membership, this reduction will only apply if retirement is taken before age 60. In this instance, Kellanova may be required to make a cash contribution to the Irish Pension to permit a distribution before age 60. Distributions from the Irish Pension Plan and the Group Irish Defined Contribution Pension Fund can only be taken if Kellanova employment has ended.
The assets of the fund are independently administered and held separately from Company assets. The Fund is overseen by trustees and qualified as an exempt approved pension scheme under Chapter 1, Part 30 of the Taxes Consolidate Act of 1997 of Ireland.
Mr. Lawlor was a participant in the Group Irish Pension Plan from December 1, 2017, through December 31, 2018, when the plan was amended to freeze compensation and service periods used to calculate pension benefits.
Actuarial Present Value
The estimated actuarial present value of the retirement benefit accrued through January 1, 2022December 30, 2023, appears in the followingbelow table. The calculation of actuarial present value is generally consistent with the methodology and assumptions outlined in our audited financial statements, except that benefits are reflected as payable as of the date the executive is first entitled to full unreduced benefits (as opposed to the assumed retirement date) and without consideration of pre-retirement mortality. Specifically, present value amounts were determined based on the financial accounting discount rate of 2.99%5.19% for the U.S. Qualified Pension Plan, and 2.89%5.15% for the U.S. Non-Qualified Pension Plan, 4.19% for the Great Britain Pension Plan and 3.26% for the Irish Pension Plan. Benefits subject to lump-sum distributions in the U.S. were determined using an interest rate of 2.89%5.15% for the US Qualified Pension Plan, 5.15% for the US Non-Qualified Pension Pan, and current statutory mortality under the Pension Protection Act for eachthe NEO participating in our U.S. Pension Plans. Lump sum conversion factors in the Great Britain Pension Plan and the Irish Pension Plan include a mix of interest rate, mortality and the anticipated rate of future increases in pension plan.benefits; these factors are plan-specific, determined by the Trustees on actuarial advice and apply equally to all plan members. For further information on our accounting for pension plans, refer to Note 10 within the Notes to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended January 1, 2022.December 30, 2023. The actuarial increase in 20212023 of the projected retirement benefits can be
2022 Proxy Statement55

Compensation
found in the Summary Compensation Table under the heading “Change in Pension Value and Non-Qualified Deferred Compensation Earnings”. No payments were made to our NEOs under the U.S. Pension Plans during 2021.2023. The number of years of credited service disclosed below equals an executive’s length of service with Kellogg. Foraccrued in the U.S. Pension Plans. All of Mr. Pilnick, all of hisPilnick's years of service are reflected in the ‘2005 and After’ plan because he had not yet vested in the earlier plan at the time the new plan was established to comply with IRS regulations. For Mr. Hirst, all of his years of service are reflected in the ‘2005 and After’ plan because he first became eligible for the U.S. pension plans in 2005 when he transferred from U.K. payroll to U.S. payroll. Per the terms of our U.S. Pension Plans, all of his years of service working for Kellogg in the U.K. and South Africa were included as years of service in the U.S. plan upon his transfer to U.S. payroll, with offsets for any Kellogg retirement benefits he earned working for Kellogg in the U.K. and South Africa.
68Kellanova

Compensation
Pension Benefits Table
Name(1)
Plan NameNumber of Years
Credited Service
(#)
Present Value of
Accumulated Benefit
($)
Payments During
Last Fiscal Year
($)
Gary PilnickU.S. Qualified Pension Plan18.33 687,000 — 
Non-Qualified Plan (2004 and before)— — — 
Non-Qualified Plan (2005 and after)18.33 5,388,000 — 
TOTAL6,075,000 — 
Alistair HirstU.S. Qualified Pension Plan35.00 975,000 — 
Non-Qualified Plan (2004 and before)— — — 
Non-Qualified Plan (2005 and after)35.00 8,825,000 — 
TOTAL9,800,000 — 
Name(1)
Plan NameNumber of Years
Credited Service
(#)
Present Value of
Accumulated Benefit
($)
Payments During
Last Fiscal Year
($)
Gary Pilnick(2)
U.S. Qualified Pension Plan18.33 553,000 — 
Non-Qualified Plan (2004 and before)— — — 
Non-Qualified Plan (2005 and after)18.33 4,294,000 — 
TOTAL4,847,000 — 
David LawlorGreat Britain Pension Plan26.08 1,869,000 (3)— 
Irish Pension Plan1.08 194,000 (4)— 
TOTAL(4)
2,063,000 — 
(1)Information regarding Mr. Cahillane, Mr. Banati, Mr. Hood, and Mr. HoodKapoor is not presented in this table because these individuals are not participants in our defined benefit pension plans.
(2)Effective as of the spin-off of WK Kellogg Co on October 2, 2023, Mr. Pilnick no longer receives any credit for service under the U.S. Pension Plans.
(3)In calculating the U.S. dollar equivalent, we used a conversion rate of 1.24597.
(4)In calculating the U.S. dollar equivalent, we used a conversion rate of 1.08430.
Potential Post-Employment Payments
Generally, our NEOs are eligible to receive benefits if their employment is terminated (1) by KelloggKellanova without cause, (2) upon their retirement, disability or death or (3) in certain circumstances following a change of control. The amount of benefits will vary based on the reason for the termination.
The table at the end of this section reflects calculations, as of January 1, 2022,December 30, 2023, of the estimated benefits our NEOs would receive in these situations.situations (other than Mr. Pilnick, who, in connection with the spin-off of WK Kellogg Co, ceased serving as our Vice Chairman and Chief Legal Officer and became the Chief Executive Officer of WK Kellogg Co on October 2, 2023). Although the calculations below are intended to provide reasonable estimates of the potential benefits, they are based on numerous assumptions and may not represent the actual amount an executive would receive if an eligible termination event were to occur.
Severance Benefits
OurEach of our NEOs are covered by arrangements that specify certain payments to be made in the event that the executive’s employment is terminated.terminated in certain circumstances. These severance benefits are intended to be competitive with our Compensation Peer Group and general industry practices. The Kellogg Company Severance Benefit Plan (“Severance Benefit Plan”) and the Kellogg Company Change of Control Severance Policy for Key Executives (“Change of Control Policy”) have been established primarily to attract and retain talented and experienced executives and further motivate them to contribute to our short- and long-term success for the benefit of our Shareowners, particularly during uncertain times.
The Severance Benefit Plan provides certain severance benefits to employees who are terminated by KelloggKellanova under certain circumstances. KelloggKellanova benefits from this program in a variety of ways, including that KelloggKellanova has the right to receive a general release, non-compete, non-solicitation and non-disparagement agreement from separated employees in exchange for the benefits provided under the program. Under the terms of the Severance Benefit Plan, the terms and conditions for the receipt of severance benefits by senior executives are subject to the review and approval of the C&T Committee.
The Change of Control Policy provides certain benefits to executives in connection with a change of control in the event an executive is terminated without cause or the executive terminates employment for good reason.reason, in each case, in connection with a change of control. The Change of Control Policy is intended to protect Shareowner interests by enhancing employee focus during rumored or actual change of control activity by providing incentives to executives to remain with KelloggKellanova despite uncertainties while a transaction is under consideration or pending.
562024 Proxy StatementKellogg Company69

Compensation
Involuntary Termination - No Change of Control
If the employment of an executive (including an NEO) is terminated without cause, they will generally be entitled to receive benefits under the Severance Benefit Plan. Benefits under the Severance Benefit Plan are not available if an executive is terminated for cause. “Cause”, as it applies to our NEOs, generally is defined as (a) the employee’s willful engagement in conduct relating to the employee’s employment with the Company for which either criminal or civil penalties may be sought; (b) the employee’s deliberate disregard of any Company policy, including the Company’s insider trading policy, or the Company’s code of conduct; (c) the employee’s acceptance of employment with or service as a consultant or advisor to an entity or person that is in competition with or acting against the interests of the Company; (d) the employee’s disclosure or misuse of confidential information or material concerning the Company; (e) the employee’s willful engagement in gross misconduct pursuant to which the Company has suffered a loss; or (f) the employee’s willful and continued refusal to substantially perform the employee’s then current duties at the Company in any material respect. Benefits under the Severance Plan are also not available if the executive is terminated for a reason that the KelloggKellanova ERISA Administrative Committee determines rises to the level of causeCause or for any other reason determined in the sole discretion of the KelloggKellanova ERISA Administrative Committee. The Severance Benefit Plan is designed to apply in situations where KelloggKellanova terminates an employee’s employment for reasons such as (1) individual and Company performance; (2) a reduction in work force; (3)(2) the closing, sale or relocation of a KelloggKellanova facility; (3) a lack of work; (4) the elimination of a position; or (5) any other reasonsreason approved by the KelloggKellanova ERISA Administrative Committee.
Under the Severance Benefit Plan:Plan, our NEOs will receive the following severance payments and benefits:
The executive is entitled to receive cashCash compensation equal to two times the applicable NEO’s base salary, paid in substantially equal installments in accordance with the Company’s standard payroll practices over a two-year severance period.period (provided that the actual amount of the CEO’s cash severance payment will be subject to the review and approval of the C&T Committee).
KelloggKellanova has the discretion to pay the executiveNEO an amount equal to the NEO’s annual incentive award forcash bonus in respect of the year in which theof termination, occurs at the actual payout level, prorated as of the date of termination.termination, calculated in accordance with the AIP.
Previously-grantedAny outstanding stock option and restricted stock unit awards continue to vest duringoptions and/or RSUs held by the severance period. All awards not vested or earned after the two-year period are forfeited. EPP awards do not vest under the terms of the plan unless the executive is eligible to retire at the time of termination. Where the executive is eligible to retireNEO at the time of termination EPPwill remain outstanding and eligible to vest during the two-year severance period. Any EPP/PSU awards vest pro-rata based onwill be forfeited as of the numberdate of daystermination except as provided in the performance period the executive was actively employed.applicable award agreement.
The executive is entitled to continue to participateContinued participation in certain welfare and insurance benefits during the severance period. However, executives do not earn any additional service creditThe applicable NEO will be required to pay the monthly premium for such continued coverage applicable to active employees during the severance period and severance payments are not eligible compensation for any retirement plan.period.
The executive is entitled to receive outplacementOutplacement assistance for 12 months following termination.
Severance-related benefits are provided only if the executive executes a separation agreement prepared by Kellogg,Kellanova, which includes a general release non-compete and non-solicitation, non-disparagement and/or confidentiality provisions.restrictive covenants. Further, under the terms of the Severance Benefit Plan, the terms and conditions for the receipt of severance benefits by senior executives are subject to the review and approval of the C&T Committee.
Retirement, Disability and Death
Retirement.Retirement. In the event of retirement, an NEO is eligible to receive (1) the benefits payable under our retirement plans, and (2) prorated vesting of (a) stock options (depending on the terms and conditions of the award), (b) proratedEPP/PSU awards under our outstanding EPP plans (the amount of which will be based on our actual performance during the relevant periods and paid after the end of the performance periods)periods and provided that, subject to the Company's discretion, the recipient shall have been actively employed for a minimum of one year following the award grant date and prior to the date of Retirement to be eligible for any such continued vesting) and (c) prorated restricted stock unitsRSUs (depending on the terms and conditions of the award)award and provided that, subject to the Company's discretion, the recipient shall have been actively employed for a minimum of one year following the award grant date and prior to the date of Retirement to be eligible for any such proration). In addition, we havethe Company has the discretion to pay an executiveNEO an amount equal to the actualNEO’s annual incentive award forcash bonus in respect of the current year of retirement, prorated as of the date of retirement.retirement, based on actual performance. “Retirement” generally is defined as meeting the Company’s age and/or service requirements for retirement eligibility.
Death or Disability. InPursuant to the terms of the applicable award agreement, if any participant (including an NEO) ceases to be an employee because of disability (as defined in the Company's 2022 LTIP) or death, (1) RSU awards will become immediately partially vested, with vesting pro-rated based on the number of days the participant was actively employed during the vesting period; (ii) EPP/PSU awards will continue to vest and the NEO will be eligible for a prorated award upon vesting; and (iii) option awards partially vest on a pro-rata basis, based on the number of days the NEO was employed during the applicable vesting period of the award.
Additionally, in the event of an NEO’s disability,Disability, the executive wouldNEO will receive disability benefits starting six months following the onset of the disability, with no reductions or penalty for early retirement. “Disability” generally is defined as inability to perform all the material duties of regular occupation because of injury or sickness. In the event of an NEO’s death, the NEO's beneficiary would receive payouts under Kellogg-fundedKellanova-funded life insurance policies and our Executive Survivor Income Plan (for NEOs eligible to participate in the plan prior to January 1, 2011). However, the deceased NEO’s defined benefit pension benefits would be converted to a joint survivor annuity, resulting in a decrease in the cost of these benefits.
70Kellanova

Compensation
Potential Change of Control Payments
We have arrangements with each of our continuing NEOs that provide for benefits that may be payable if a “change of control” occurs. Our 2009 Long-Term Incentive Plan, 2013 Long-Term Incentive Plan and 2017 Long-Term Incentive Plan and 2022 Long-Term Incentive Plan (collectively, the “LTIPs”) specify the treatment of outstanding, unvested equity awards granted under each respective plan to employees, including our NEOs, upon the occurrence of a change of control. Under the Long-Term Incentive PlansLTIPs and the Change of Control Policy, the severance and other benefits payable to NEOs in connection with a change of control are subject to a “double trigger.” The first trigger is the occurrence of a change of control. The second trigger for ourthe Change of Control Policy occurs if we terminate an NEO’s employment unrelated towithout cause, or an NEO terminates the NEO's employmentresigns for good reason, in each case, within two years following the change of control. The second trigger for our Long-Term Incentive PlansLTIPs occurs if (1) awards are not assumed or replaced by a substitute award, or (2) we terminate an NEO’s employment unrelated towithout cause or an NEO terminates the NEO's employmentresigns for good reason, in each case, within two years following the change of control. For these purposes, “cause,” “good reason,” and “substitute awards” are defined in our Long-Term Incentive Planthe LTIP and the Change of Control Policy.
2022 Proxy Statement57

Compensation
Policy, as applicable.
A “change of control” generally is defined in thethese arrangements to include a change in a majority of the Board, consummation of certain mergers, the sale of all or substantially all of our assets and Shareowner approval of a complete liquidation or dissolution. The “change of control” definition also includes an acquisition by a party of 20% or 30% of KelloggKellanova common stock, depending on the post-acquisition ownership of the Kellogg Foundation and Gund family trusts (the “Trusts”). The applicable percentage is 20% or more if the Trusts do not collectively own more than 35% of the common stock. The applicable percentage is 30% or more if the Trusts collectively own more than 35% of the common stock.
The change-in-controlUnder the LTIPs and the Change of Control Policy, the change of control related severance payments payable to our NEOs generally consist of the following:
Payments Triggered Upon a Change of Control Without Termination. EPPTermination. EPP/PSU Plan awards, restricted stock units,RSUs, and stock options will retain their original vesting schedules and will not automatically vest upon a change of control (and will only vest if there is no assumption, continuation or substitution of the outstanding awards with substitute awards that are, in the judgment of the C&T Committee, of equivalent value).
Payments Triggered Upon a Change of Control With Termination. Under the Change of Control Policy, the NEO will receive a lump sum cash severance ispayment, payable inwithin 90 days after the termination date, equal to the sum of (i) an amount ofequal to two times the NEO’s current annualbase salary plus two times the currentNEO’s target annual incentive award. In addition, executives are entitled to receivebonus opportunity, plus (ii) the NEO’s annual incentive award forcash bonus in respect of the current year at the target award level,of termination, prorated as of the date of termination. This amount is payable as a lump sum within 90 days after termination.termination, based on target performance.
Additional retirement benefits under the Change of Control Policy would equal the actuarial equivalent of the benefit the executiveNEO would have received for two years of additional participation under our retirement plans. The executiveNEO will continue to participate in health and welfare benefit plans for a two-year period following termination, and will also receive outplacement assistance.
The spin-off of WK Kellogg Co did not constitute a “change of control” under the LTIP, the Change of Control Policy or any of our other change of control arrangements. Further, Mr. Pilnick’s transfer of employment from the Company to WK Kellogg Co did not constitute a qualifying termination under the Severance Benefit Plan or the Change of Control Policy.
In connection with the completion of the spin-off of WK Kellogg Co, outstanding, unvested awards held by our employees, including our NEOs and the awards noted in the table below, were adjusted to preserve the value of their awards immediately prior to the spin-off to account for the impact of the spin-off. The adjustments were accomplished by providing additional units to holders of awards to provide the same value post-spin-off as the value of the awards prior to the spin-off. Additionally, the 2021-2023 EPP awards and 2022-2024 PSU awards were further adjusted to account for performance under such plans as of the date of the spin-off, with the awards vesting based on the holder's continued service with the Company.
The following table reflects calculations, as of January 1, 2022,December 30, 2023, of the estimated benefits our NEOs would have received (1) if their employment was terminated by KelloggKellanova without cause or upon their retirement, disability or death or (2) in certain circumstances following a change of control. Amounts shown in the following table are calculated by assuming that the relevant employment termination event and/or change of control occurred on January 1, 2022.December 30, 2023. Certain totals may not sum due to rounding.
Potential Post Employment Table
Name and BenefitsName and BenefitsInvoluntary Termination
- No Change of Control
($)
Change of Control W/
Involuntary Termination
($)
Retirement
($)(1)
Death
($)
Disability
($)
Name and BenefitsInvoluntary Termination - No Change of Control
($)
Change of Control W/ Involuntary Termination
($)
Retirement
($)(1)
Death
($)
Disability
($)
Steve CahillaneSteve Cahillane     
Two Times Base SalaryTwo Times Base Salary2,600,000 2,600,000 — — — 
Two Times Base Salary
Two Times Base Salary
280G Reduction(2)
280G Reduction(2)
— — — — — 
2021 Annual Incentive2,100,800 2,100,800 — 2,100,800 2,100,800 
280G Reduction(2)
280G Reduction(2)
2023 Annual Incentive
2023 Annual Incentive
2023 Annual Incentive
Two Times Annual Incentive(3)
Two Times Annual Incentive(3)
Two Times Annual Incentive(3)
Two Times Annual Incentive(3)
— 4,160,000 — — — 
Stock OptionsStock Options1,929,225 (4)2,566,358 (5)— 1,175,483 (7)1,175,483 (7)
EPP Awards5,512,806 (8)16,470,133 (9)— 10,861,918 (11)10,861,918 (11)
Stock Options
Stock Options517,850 (4)517,850 (5)— 446,911 (7)446,911 (7)
EPP/PSU AwardsEPP/PSU Awards10,138,887 (8)25,713,904 (9)— 18,359,744 (11)18,359,744 (11)
Restricted Stock UnitsRestricted Stock Units— — — — — 
OutplacementOutplacement11,138 11,138 — — — 
Outplacement
Outplacement
Health and Welfare Benefits(15)
Health and Welfare Benefits(15)
Health and Welfare Benefits(15)
Health and Welfare Benefits(15)
31,000 31,000 — — — 
Other Benefits and Perquisites(20)
Other Benefits and Perquisites(20)
— 48,644 — — — 
Other Benefits and Perquisites(20)
Other Benefits and Perquisites(20)
Life Insurance and Executive
Survivor Income Plan Benefits(21)
Life Insurance and Executive
Survivor Income Plan Benefits(21)
Life Insurance and Executive
Survivor Income Plan Benefits(21)
Life Insurance and Executive
Survivor Income Plan Benefits(21)
— — — 1,300,000 — 
TotalTotal12,184,969 27,988,073 — 15,438,201 14,138,201 
Total
Total
582024 Proxy StatementKellogg Company71

Compensation
Name and BenefitsName and BenefitsInvoluntary Termination
- No Change of Control
($)
Change of Control W/
Involuntary Termination
($)
Retirement
($)(1)
Death
($)
Disability
($)
Name and BenefitsInvoluntary Termination - No Change of Control
($)
Change of Control
 W/ Involuntary Termination
($)
Retirement
($)(1)
Death
($)
Disability
($)
Amit BanatiAmit Banati     
Two Times Base SalaryTwo Times Base Salary1,580,000 1,580,000 — — — 
Two Times Base Salary
Two Times Base Salary
280G Reduction(2)
280G Reduction(2)
— — — — — 
2021 Annual Incentive995,400 995,400 — 995,400 995,400 
280G Reduction(2)
280G Reduction(2)
2023 Annual Incentive
2023 Annual Incentive
2023 Annual Incentive
Two Times Annual Incentive(3)
Two Times Annual Incentive(3)
Two Times Annual Incentive(3)
Two Times Annual Incentive(3)
— 1,580,000 — — — 
Stock OptionsStock Options357,414 (4)465,653 (5)— 227,957 (7)227,957 (7)
EPP Awards988,525 (8)3,542,134 (9)— 2,248,035 (11)2,248,035 (11)
Stock Options
Stock Options87,975 (4)87,975 (5)75,923 75,923 (7)75,923 (7)
EPP/PSU AwardsEPP/PSU Awards4,727,396 (8)6,883,919 (9)4,727,396 4,727,396 (11)4,727,396 (11)
Restricted Stock UnitsRestricted Stock Units2,571,150 (12)3,187,373 (13)— 2,134,393 (14)2,134,393 (14)Restricted Stock Units1,993,121 (12)(12)1,968,703 (13)(13)1,245,433 1,245,433 1,245,433 (14)(14)1,245,433 (14)(14)
OutplacementOutplacement11,138 11,138 — — — 
Health and Welfare Benefits(15)
Health and Welfare Benefits(15)
30,100 30,100 — — — 
Health and Welfare Benefits(15)
Health and Welfare Benefits(15)
Other Benefits and Perquisites(20)
Other Benefits and Perquisites(20)
Other Benefits and Perquisites(20)
Other Benefits and Perquisites(20)
— 45,252 — — — 
Life Insurance and Executive Survivor Income Plan Benefits(21)
Life Insurance and Executive Survivor Income Plan Benefits(21)
— — — 790,000 — 
Life Insurance and Executive Survivor Income Plan Benefits(21)
Life Insurance and Executive Survivor Income Plan Benefits(21)
Total
Total
TotalTotal6,533,727 11,437,050 — 6,395,785 5,605,785 
Chris HoodChris Hood     
Chris Hood
Chris Hood
Two Times Base Salary
Two Times Base Salary
Two Times Base SalaryTwo Times Base Salary1,620,000 1,620,000 — — — 
280G Reduction(2)
280G Reduction(2)
— — — — — 
2021 Annual Incentive757,350 757,350 757,350 757,350 757,350 
280G Reduction(2)
280G Reduction(2)
2023 Annual Incentive
2023 Annual Incentive
2023 Annual Incentive
Two Times Annual Incentive(3)
Two Times Annual Incentive(3)
Two Times Annual Incentive(3)
Two Times Annual Incentive(3)
— 1,782,000 — — — 
Stock OptionsStock Options568,320 (4)585,262 (5)300,871 (6)300,871 (7)300,871 (7)
EPP Awards2,924,088 (8)4,376,759 (9)2,855,378 (10)2,855,378 (11)2,855,378 (11)
Stock Options
Stock Options104,712 (4)104,712 (5)90,368 (6)90,368 (7)90,368 (7)
EPP/PSU AwardsEPP/PSU Awards5,169,718 (8)7,367,988 (9)5,169,718 (10)5,169,718 (11)5,169,718 (11)
Restricted Stock UnitsRestricted Stock Units1,814,405 (12)1,770,584 (13)927,779 927,779 (14)927,779 (14)Restricted Stock Units2,143,446 (12)(12)2,119,157 (13)(13)1,374,344 1,374,344 1,374,344 (14)(14)1,374,344 (14)(14)
OutplacementOutplacement11,138 11,138 — — — 
Health and Welfare Benefits(15)
Health and Welfare Benefits(15)
31,000 31,000 — — — 
Health and Welfare Benefits(15)
Health and Welfare Benefits(15)
Other Benefits and Perquisites(20)
Other Benefits and Perquisites(20)
Other Benefits and Perquisites(20)
Other Benefits and Perquisites(20)
— 45,386 — — — 
Life Insurance and Executive Survivor Income Plan Benefits(21)
Life Insurance and Executive Survivor Income Plan Benefits(21)
— — 810,000 — 
Life Insurance and Executive Survivor Income Plan Benefits(21)
Life Insurance and Executive Survivor Income Plan Benefits(21)
TotalTotal7,726,301 10,979,479 4,841,378 5,651,378 4,841,378 
Gary Pilnick     
Total
Total
David Lawlor
David Lawlor
David Lawlor
Two Times Base Salary
Two Times Base Salary
Two Times Base SalaryTwo Times Base Salary1,586,000 1,586,000 — — — 
280G Reduction(2)
280G Reduction(2)
— — — — — 
2021 Annual Incentive760,884 760,884 760,884 760,884 760,884 
280G Reduction(2)
280G Reduction(2)
2023 Annual Incentive
2023 Annual Incentive
2023 Annual Incentive
Two Times Annual Incentive(3)
Two Times Annual Incentive(3)
Two Times Annual Incentive(3)
Two Times Annual Incentive(3)
— 1,506,700 — — — 
Stock OptionsStock Options469,738 (4)482,617 (5)264,647 (6)264,647 (7)264,647 (7)
EPP Awards2,517,662 (8)3,635,349 (9)2,464,502 (10)2,464,502 (11)2,464,502 (11)
Stock Options
Stock Options52,365 (4)52,365 (5)45,191 (6)45,191 (7)45,191 (7)
EPP/PSU AwardsEPP/PSU Awards2,919,341 (8)4,205,103 (9)2,919,341 (10)2,919,341 (11)2,919,341 (11)
Restricted Stock UnitsRestricted Stock Units1,455,343 (12)1,421,170 (13)769,626 769,626 (14)769,626 (14)Restricted Stock Units1,203,379 (12)(12)1,187,640 (13)(13)762,358 762,358 762,358 (14)(14)762,358 (14)(14)
OutplacementOutplacement11,138 11,138 — — — 
Health and Welfare Benefits(15)
Health and Welfare Benefits(15)
31,000 31,000 — — — 
Health and Welfare Benefits(15)
Health and Welfare Benefits(15)
Change to Retirement Benefits
Change to Retirement Benefits
Change to Retirement BenefitsChange to Retirement Benefits549,000 (16)820,000 (17)— (2,945,000)(18)549,000 (19)(19,000)(16)(16)(19,000)(17)(17)— (606,000)(606,000)(18)(18)3,000 (19)(19)
Other Benefits and Perquisites(20)
Other Benefits and Perquisites(20)
— 93,326 — — — 
Life Insurance and Executive Survivor Income Plan Benefits(21)
Life Insurance and Executive Survivor Income Plan Benefits(21)
— — — 6,752,000 — 
Total7,380,765 10,348,184 4,259,6598,066,6594,808,659
Life Insurance and Executive Survivor Income Plan Benefits(21)
Life Insurance and Executive Survivor Income Plan Benefits(21)
2022 Proxy Statement7259Kellanova

Compensation
Name and BenefitsName and BenefitsInvoluntary Termination
 - No Change of Control
($)
Change of Control W/
Involuntary Termination
($)
Retirement
($)(1)
Death
($)
Disability
($)
Name and BenefitsInvoluntary Termination - No Change of Control
($)
Change of Control
 W/ Involuntary Termination
($)
Retirement
($)(1)
Death
($)
Disability
($)
Alistair Hirst     
Total
Shumit Kapoor
Shumit Kapoor
Shumit Kapoor
Two Times Base Salary
Two Times Base Salary
Two Times Base SalaryTwo Times Base Salary1,374,000 1,374,000 — — — 
280G Reduction(2)
280G Reduction(2)
— — — — — 
2021 Annual Incentive624,483 624,483 624,483 624,483 624,483 
280G Reduction(2)
280G Reduction(2)
2023 Annual Incentive
2023 Annual Incentive
2023 Annual Incentive
Two Times Annual Incentive(3)
Two Times Annual Incentive(3)
Two Times Annual Incentive(3)
Two Times Annual Incentive(3)
— 1,236,600 — — — 
Stock OptionsStock Options346,112 (4)355,600 (5)195,007 (6)195,007 (7)195,007 (7)
EPP Awards1,804,340 (8)2,605,080 (9)1,766,751 (10)1,766,751 (11)1,766,751 (11)
Stock Options
Stock Options46,086 (4)46,086 (5)— (6)39,772 (7)39,772 (7)
EPP/PSU AwardsEPP/PSU Awards1,203,071 (8)3,634,597 (9)— (10)2,484,156 (11)2,484,156 (11)
Restricted Stock UnitsRestricted Stock Units1,034,135 (12)1,010,299 (13)544,339 544,339 (14)544,339 (14)Restricted Stock Units711,427 (12)(12)1,041,212 (13)(13)— 654,977 654,977 (14)(14)654,977 (14)(14)
OutplacementOutplacement11,138 11,138 — — — 
Health and Welfare Benefits(15)
Health and Welfare Benefits(15)
21,100 21,100 — — — 
Change to Retirement Benefits— — — (5,301,000)(18)— 
Health and Welfare Benefits(15)
Health and Welfare Benefits(15)
Other Benefits and Perquisites(20)
Other Benefits and Perquisites(20)
Other Benefits and Perquisites(20)
Other Benefits and Perquisites(20)
— 88,404 — — — 
Life Insurance and Executive Survivor Income Plan Benefits(21)
Life Insurance and Executive Survivor Income Plan Benefits(21)
— — — 4,020,000 — 
Life Insurance and Executive Survivor Income Plan Benefits(21)
Life Insurance and Executive Survivor Income Plan Benefits(21)
TotalTotal5,215,308 7,326,704 3,130,580 1,849,580 3,130,580 
Total
Total
(1)Information regarding Mr. Cahillane and Mr. BanatiKapoor is not presented in this tablecolumn because these individuals were not retirement-eligible as of January 1, 2022.December 30, 2023. Information for Mr. Hood,Banati, Mr. Pilnick,Hood, and Mr. HirstLawlor is hypothetical and based upon retirement as of January 1, 2022.December 30, 2023.
(2)If an NEO becomes entitled to separation benefits following a change of control and those separation benefits would otherwise be subject to the excise tax under Section 4999 of the Internal Revenue Code, then the separation benefits will be reduced to $1.00 less than the amount which would trigger the excise tax if such reduction would result in the NEO receiving an equal or greater after-tax benefit than the NEO would have received if the full separation benefits were paid. This column represents the estimated amount of pay reduction to put the NEO in this position. The estimated values in this column were developed based on the provisions of Section 280G and 4999 of the Internal Revenue Code. The actual amount, if any, of the pay reduction will depend upon the NEO’s pay, terms of a change of control transaction and the subsequent impact on the executive’s employment.
(3)Represents two times the target annual incentive award for 2021.2023.
(4)Represents the intrinsic value of unvested stock options that would vest in connection with a termination as of January 1, 2022,December 30, 2023, based on a stock price of $64.42.$55.91.
(5)Represents the intrinsic value of unvested stock options that would vest upon a change of control as of January 1, 2022,December 30, 2023, based on a stock price of $64.42.$55.91.
(6)Represents the intrinsic value of unvested stock options that would vest upon retirement as of January 1, 2022,December 30, 2023 (prorated for time worked during the performance period), based on a stock price of $64.42.$55.91.
(7)Represents the intrinsic value of unvested stock options that would vest upon death or disability as of January 1, 2022,December 30, 2023 (prorated for time worked during the performance period), based on a stock price of $64.42.$55.91.
(8)Represents the value based on the actual number of shares paid out under the 2019-20212021-2023 EPP, which would be payable at our discretion, and a stock price of $64.42.$55.91. Additionally, as described under “Key Decisions Summary—Company Updates" and pursuant to the terms of the Employee Matters Agreement, the 2021-2023 EPP awards were further adjusted to account for performance under such plans as of the date of the spin-off, with the awards vesting based on the holder's continued service with the Company. For Mr. Hood,Banati, Mr. Pilnick,Hood, and Mr. Hirst,Lawlor, who are retirement-eligible, includes the 2020-2022 EPP2022-2024 and 2021-2023 EPP2023-2025 PSU Plans prorated for the time worked during the performance period at a stock price of $64.42. Since our$55.91. Because Mr. Kapoor and other NEOs are not retirement-eligible as of January 1, 2022,December 30, 2023, their 2020-2022 EPP2022-2024 PSU Plans and 2021-2023 EPP2023-2025 PSU Plan awards would be forfeited.
(9)Valued based on the “target” number of shares granted under the 2019-2021 EPP, the 2020-2022 EPP and the 2021-2023 EPP, the 2022-2024 PSU Plan and the 2023-2025 PSU Plan and, in each case, a stock price of $64.42.$55.91. Additionally, as described under “Key Decisions Summary—Company Updates" and pursuant to the terms of the Employee Matters Agreement, the 2021-2023 EPP and 2022-2024 PSU awards were further adjusted to account for performance under such plans as of the date of the spin-off, with the awards vesting based on the holder's continued service with the Company.
(10)Valued based on the actual number of shares paid out under the 2019-20212021-2023 EPP and the prorated target number of shares under the 2020-2022 EPP2022-2024 PSU Plan and 2021-2023 EPPthe 2023-2025 PSU Plan and, in each case, a stock price of $64.42.$55.91. Additionally, as described under “Key Decisions Summary—Company Updates" and pursuant to the terms of the Employee Matters Agreement, the 2021-2023 EPP and 2022-2024 PSU awards were further adjusted to account for performance under such plans as of the date of the spin-off, with the awards vesting based on the holder's continued service with the Company.
(11)Represents the value of outstanding “target” EPPEPP/PSU Plan awards payable based on our actual performance during the relevant periods and paid following the end of the performance periods (prorated for time worked during the performance period) and, in each case, based on a stock price of $64.42.$55.91. Additionally, as described under “Key Decisions Summary—Company Updates" and pursuant to the terms of the Employee Matters Agreement, the 2021-2023 EPP and 2022-2024 PSU awards were further adjusted to account for performance under such plans as of the date of the spin-off, with the awards vesting based on the holder's continued service with the Company.
(12)Represents the value of unvested restricted stock units that would vest in connection with a termination as of January 1, 2022,December 30, 2023, based on a stock price of $64.42.$55.91.
(13)Represents the value of unvested restricted stock units that would vest upon a change of control as of January 1, 2022,December 30, 2023, based on a stock price of $64.42.$55.91.
(14)Represents the value of unvested restricted stock units that would vest upon death or disability as of January 1, 2022December 30, 2023 (prorated for time worked during the performance period), based on a stock price of $64.42.$55.91.
(15)Represents the estimated costs to KelloggKellanova of continued participation in medical, dental and life insurance benefits during the severance period.
2024 Proxy Statement73

Compensation
(16)Represents the increase (decrease) to the estimated actuarial present value of retirement benefit accrued through January 1, 2022December 30, 2023, for each NEO associated with terminating an NEO’s employment without cause. The estimated actuarial present value of retirement benefit accrued through January 1, 2022December 30, 2023, appears in the Pension Benefits Table on page 5669 of this proxy statement.Proxy Statement. For each NEO, changes to retirement benefits upon severance vary depending on age, service and pension formula at the time of termination. For Mr. Pilnick,Lawlor, the change to his retirement benefit is positivenegative because the present value reflects the greater of Age 65 commencementmortality between December 30, 2023, and earliest commencement.his unreduced retirement age.
(17)Represents the increase (decrease) to the estimated actuarial present value of retirement benefit accrued through January 1, 2022December 30, 2023, for each NEO associated with terminating an NEO’s employment without cause following a change of control. The estimated actuarial present value of retirement benefit accrued through January 1, 2022December 30, 2023, appears in the Pension Benefits Table on page 5669 of this proxy statement.Proxy Statement. For each NEO,
60Kellogg Company

Compensation
changes to retirement benefits upon change of control vary depending on age, service and pension formula at the time of termination. For Mr. Pilnick,Lawlor, the change to thehis retirement benefit is positivenegative because change of control pension benefits include two additional years of agethe present value reflects mortality between December 30, 2023, and service forhis unreduced retirement eligibility purposes.age.
(18)Represents the incremental value of retiree medical and the increase (decrease) to the estimated actuarial present value of retirement benefits accrued through January 1, 2022December 30, 2023, for each NEO associated with a NEOs retirement benefits being converted to a survivor annuity upon the NEO's death. The estimated actuarial present value of retirement benefits accrued through January 1, 2022December 30, 2023, appears in the Pension Benefits Table on page 5669 of this proxy statement. The ChangeProxy Statement. For Mr. Lawlor, the change to Retirement Benefitsretirement benefits is negative because the survivor annuity upon death is reduced to less than 50% of the benefit provided upon early or normal retirement.
(19)For Mr. Pilnick,Lawlor, the change to his retirement benefitbenefits is positive because under the present value reflectsIrish Pension Plan, with the greaterconsent of Age 65 commencement and earliest commencement.Trustees, he would be eligible for immediate pension with no actuarial reduction applied. The estimated actuarial present value of retirement benefits accrued through January 1, 2022December 30, 2023, appears in the Pension Benefits Table on page 5669 of this proxy statement.Proxy Statement.
(20)Consists of Kellogg-paidKellanova-paid death benefits, financial planning and physical exams.
(21)Payment of death benefits for Company-paid life insurance and Executive Survivor Income Plan (for NEOs eligible to participate in the Plan prior to January 1, 2011).
Pay versus Performance
We are required by SEC rules to disclose the following information regarding compensation paid to our NEOs. The amounts set forth below under the headings “Compensation Actually Paid to CEO” and “Average Compensation Actually Paid for NEOs” have been calculated in a manner consistent with Item 402(v) of Regulation S-K. Footnote (4) below sets forth the adjustments from the Total Compensation for each NEO for fiscal year 2023 reported in the Summary Compensation Table above.
The following table sets forth additional compensation information of our Chief Executive Officer (CEO) and our non-CEO NEOs along with total shareholder return, net income, and Organic Net Sales Growth performance results for fiscal years 2020, 2021, 2022 and 2023:
Year(1)
Summary Compensation Table Total for CEO ($)
Compensation Actually Paid to CEO ($) (2)(3)
Average Summary Compensation Table Total for NEOs ($)
Average Compensation Actually Paid for NEOs($) (2)(3)
Value of Initial Fixed $100 Investment Based On:Net Income ($)
Organic Net Sales Growth(6)
Total Shareholder Return ($) (5)
Peer Group Total Shareholder Return ($) (5)
202317,038,6415,856,863(4)4,832,4241,803,963(4)99.45119.68951,000,0008.3 %
202213,263,04028,073,7134,253,0147,817,567114.45129.46960,000,00011.5 %
202110,678,33712,026,5903,657,1403,984,327100.09118.361,488,000,0003.5 %
202011,663,85213,957,1054,522,9214,500,58893.14104.671,251,000,0006.0 %
(1)The CEO and NEOs included in the above compensation columns reflect the following:
YearCEONEOs
2023Steve CahillaneAmit Banati, Chris Hood, David Lawlor, Shumit Kapoor, Gary Pilnick
2022Steve CahillaneAmit Banati, Chris Hood, Gary Pilnick, David Lawlor
2021Steve CahillaneAmit Banati, Chris Hood, Gary Pilnick, Alistair Hirst
2020Steve CahillaneAmit Banati, Chris Hood, Gary Pilnick, Alistair Hirst
(2)Fair value or change in fair value, as applicable, of equity awards in the "Compensation Actually Paid" columns was determined by reference to (1) for RSU awards, closing price on applicable year-end dates or, in the case of vesting dates, the actual vesting price, (2) for EPP and PSU awards (excluding TSR-based EPP Awards), the same valuation methodology as RSU awards above except year-end and vesting date values are multiplied by the probability of achievement as of each such date, (3) for TSR-based EPP awards, the fair value calculated by a Monte Carlo simulation model as of the applicable year-end date(s) or, in the case of vesting date, the actual vesting price and probability of achievement, and (4) for stock options, the fair value calculated by a Binomial Lattice model as of the applicable year-end or vesting date(s), determined based on the same methodology as used to determine grant date fair values but using the closing stock price on the applicable revaluation date as the current market price and the applicable rate table as of the revaluation date, and in all cases based on volatility, dividend rates and risk free rates determined as of the revaluation date.
(3)For the portion of "Compensation Actually Paid" that is based on year-end stock prices, the following prices were used: for 2023: $55.91 (21.5% decrease from prior year), for 2022: $71.24 (10.6% increase from prior year), for 2021: $64.42 (3.5% increase from prior year), and for 2020: $62.23 (10.0% reduction from prior year). The year-end stock prices for 2022, 2021 and 2020 have not been adjusted for the effect of the spin-off of WK Kellogg Co.
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Compensation
(4)2023 "Compensation Actually Paid" to the CEO and the average "Compensation Actually Paid" to the NEOs reflect the following adjustments from Total Compensation reported in the Summary Compensation Table:
CEO ($)Average of NEOs ($)
Total Reported in 2023 Summary Compensation Table (SCT)17,038,641 4,832,424 
Less, Value of Stock & Option Awards Reported in SCT(12,520,303)(2,806,007)
Less, Change in Pension Value and Non-Qualified Deferred Compensation Earnings in SCT— (177,800)
Plus, Pension Service Cost and impact of Pension Plan Amendments— 20,200 
Plus, Year-End value of Awards Granted in Fiscal Year that are Unvested and Outstanding10,051,044 1,836,562 
Plus, Change in Fair Value of Prior Year awards that are Outstanding and Unvested(7,938,545)(1,759,359)
Plus, FMV of Awards Granted this Year and that Vested this Year— — 
Plus, Change in Fair Value (from Prior Year-End) of Prior Year awards that Vested this year(773,974)(142,057)
Less, Prior Year Fair Value of Prior Year awards that failed to vest this year— — 
Total Adjustments(11,181,778)(3,028,461)
"Compensation Actually Paid" for Fiscal Year 20235,856,863 1,803,963 
For information regarding adjustment made for each NEO for fiscal years 2020-2022, please see the Company's definitive proxy statement for our 2023 Annual Meeting of Shareowners filed on March 2, 2023.
(5)Company and Peer Group TSR reflects the Company's peer group (S&P 500 Packaged Foods and Meats Index) as reflected in our Annual Report on the Form 10-K pursuant to Item 201(e) of Regulation S-K for the fiscal year ended December 30, 2023. Each year reflects what the cumulative value of $100 would be, including the reinvestment of dividends, if such amount were invested on December 27, 2019.
(6)Organic Net Sales is a non-GAAP measure that adjusts Net Sales to exclude the impact of acquisitions, divestitures, foreign currency and differences in shipping days, including 53rd week. Organic Net Sales Growth is the year over year change as a percentage of Organic Net Sales.
Pay versus Performance Descriptive Disclosure
We chose Organic Net Sales Growth as our Company Selected Measure for evaluating Pay versus Performance because it is a key metric in our EPP/PSU Plans as well as being a performance metric in our Annual Incentive Plans. Over the four-year period from 2020 to 2023, our TSR was generally trending in a similar manner as the TSR for our peer group. The increase in the Company's TSR lagged our peers in 2020 and 2021, but our 2022 TSR performance outpaced that of our peers, which contributed to an increase in "Compensation Actually Paid" to our CEO and NEOs in 2022. In 2023, the Company's TSR lagged behind our peers, though our peers' TSR similarly experienced a decrease as compared to 2022. There is an inverse relationship between TSR and "Compensation Actually Paid" between 2020 and 2021, a positive relationship between our TSR and "Compensation Actually Paid" from 2021 to 2022, and there was a correlation in the decline of TSR and "Compensation Actually Paid" between 2022 and 2023. Between 2020 and 2022, we see an inverse relationship between Net Income and "Compensation Actually Paid"; in 2023, our Net Income declined slightly as compared to 2022 and there was a decline in "Compensation Actually Paid." The decline in Net Income between 2020-2022 and the 2023 Net income are not directly correlated to "Compensation Actually Paid" because Net Income is not a metric in our AIP and EPP/PSU Plans. Organic Net Sale Growth is a performance measure in both our AIP and our EPP/PSU Plans and, accordingly, we observed a very strong correlation between Organic Net Sales Growth and "Compensation Actually Paid." However, the increase in "Compensation Actually Paid" in 2022 was driven by several factors including, but not limited to, the updated probable payout of our EPP/PSU Plans in 2024 and 2025, which is largely based on our Organic Net Sales Growth over the period of 2020 to 2022, and the increase in our stock price in 2022. The decrease in "Compensation Action Paid" in 2023 was largely driven by the decrease in our stock price in 2023.
Pay versus Performance Tabular List
The table below lists our most important performance measures used to link "Compensation Actually Paid" for our NEOs to company performance, over the fiscal year ending December 30, 2023. Organic Net Sales and Free Cash Flow are used to determine the AIP payouts for each of the NEOs. Organic Net Sales Growth and Free Cash Flow are also key metrics in our EPP/PSU Plans. For more information on AIP and actual payouts for each NEO, see “Annual Incentives” beginning on page 48 of this Proxy Statement. For more information on EPP/PSU awards and actual payouts for each NEO, see "Long-Term Incentives" beginning on page 50 of this Proxy Statement. The performance measures included in this table are not ranked by relative importance.
Most Important Financial MeasuresMost Important Non-Financial Measures
Organic Net Sales GrowthEquity, Diversity & Inclusion
Free Cash FlowPeople Safety
Adjusted Operating ProfitFood Safety/Quality
2024 Proxy Statement75

Compensation
CEO Pay Ratio
We are required by SEC rules and regulations to disclose the annual total compensation for our CEO and an estimate of the median annual total compensation for our worldwide employee population excluding our CEO, and the ratio of annual total compensation for our CEO to the annual total compensation for our median employee (the “Pay Ratio Disclosure”).
For the year ended January 1, 2022,December 30, 2023, the estimated median annual total compensation of all employees of the Company and its consolidated subsidiaries (other than the Chairman, President and Chief Executive Officer) was $44,125.$52,936. Mr. Cahillane’s annual total compensation for 20212023 for purposes of the Pay Ratio Disclosure was $10,678,337,$17,038,641, as set forth in the Summary Compensation table beginning on page 46. 55.
Based on this information, for 2021, the 2023 ratio of the compensation of the Chairman, President and Chief Executive Officer to the median annual total compensation of all other employees was estimated to be 242322 to 1.
To identify, and to determine the annual total compensation of, the median employee, we used the following methodology:
Use of worldwide employee population (including full-time, part-time, temporary, or seasonal workers) as of October 31, 2019,2023 (after the spin-off WK Kellogg Co), which consisted of 31,33025,504 total employees, of which 10,4018,246 employees were employed in the United States and 20,92917,258 employees were employed in foreign jurisdictions.
We used the sum ofannual base salary annual bonus, and sum of other bonuses (signing bonuses, any bonus provided to manufacturing facilities), and overtime as applicable for the 10-month period ending October 31, 2019 as our compensation measure that we consistently applied to all employees.employees globally.
For purposes of this disclosure, we applied the exchange rate for December 2021.
Under the de minimis exemption provided in the SEC rules, we have excluded a total of 1,459 employees from certain countries. The specific number of employees excluded from each country is: Colombia (222), Ecuador (113), El Salvador (2), Greece (7), Hong Kong (3), Nigeria (771), Pakistan (3), Thailand (277) and Turkey (61). The excluded employees do not exceed 5% of our total U.S. and non-U.S. employee population.
We believe there has been no change to our employee population and compensation arrangements, or the circumstances of the median employee used in fiscal year 2019 that we believe would result in a significant change to our pay ratio disclosure. Accordingly, as permitted under SEC rules, we are utilizing the same median employee for the pay ratio for fiscal year 2021 by examining the annual total compensation utilizing data as of January 1, 2022.
With respect to the annual total compensation of the “median employee”,employee,” we identified and calculated the elements of such employee’s compensation in accordance with SEC rules and regulations. With respect to the annual total compensation of our CEO, we used the amount reported in the “Total” column of the Summary Compensation Table beginning on page 46.55.
2022 Proxy Statement7661Kellanova



Audit Committee Matters
 
PROPOSAL 3
PROPOSAL 3
Ratification of PricewaterhouseCoopers LLP as Our Independent Registered Public Accounting Firm
image_10.jpg
The Board recommends a vote FORratification of appointment of PricewaterhouseCoopers LLP as Kellogg’sKellanova’s independent registered public accounting firm.
PricewaterhouseCoopers LLP has been appointed by the Audit Committee, which is composed entirely of independent Directors, to be the independent registered public accounting firm for us for fiscal year 2022.2024. PricewaterhouseCoopers LLP was our independent registered public accounting firm for fiscal year 2021.2023. A representative of PricewaterhouseCoopers LLP is expected to be present at the annual meeting and to have an opportunity to make a statement if they desire to do so. The PricewaterhouseCoopers LLP representative is also expected to be available to respond to appropriate questions at the meeting.
The Audit Committee has the sole authority to appoint, subject to Shareowner ratification, or replace the independent registered public accounting firm, which reports directly to the Audit Committee, and is directly responsible for the compensation and oversight of the independent registered public accounting firm. On February 18, 2021,16, 2023, the Audit Committee appointed PricewaterhouseCoopers LLP as our independent auditor for the 20212023 fiscal year.
Oversight of Independent Registered Public Accounting Firm
In the Audit Committee’s oversight of the independent registered public accounting firm and its determination of whether to reappoint the independent registered public accounting firm, our Audit Committee:
Conducts an annual assessment of the independent registered public accounting firm’s performance, qualifications and independence, taking into account the opinions of management and the internal auditor;
Reviews, in advance, all non-audit services provided by the independent registered public accounting firm, specifically with regard to the effect on the firm’s independence;
Considers the independent registered public accounting firm’s familiarity with our operations, businesses, accounting policies and practices and internal control over financial reporting;
Conducts regular executive sessions with the independent registered public accounting firm;
Conducts private and individual executive sessions with the Vice President of Internal Audit, Corporate Controller, and Chief Legal Officer at each Committee meeting;
Reviews candidates for the lead engagement partner in conjunction with the mandated rotation of the public accountants’ lead engagement partner;
Reviews recent reports from the Public Company Accounting Oversight Board and other professional or governmental authorities on the independent registered public accounting firm; and
Obtains and reviews a report from the independent registered public accounting firm describing all relationships between the independent registered public accounting firm and our company annually to assess the independence of the independent registered public accounting firm.
622024 Proxy StatementKellogg Company77

Audit Committee Matters
Independent Registered Public Accounting Firm Tenure and Rotation
As part of the annual auditor engagement process, the Audit Committee considers whether to rotate the independent registered public accounting firm. PricewaterhouseCoopers LLP rotates its lead audit engagement partner every five years and the Audit Committee has direct and meaningful involvement in the selection of the lead engagement partner. The Audit Committee believes there are significant benefits to having an independent registered public accounting firm with an extensive familiarity with the Company. These include, among others:
Higher quality audit work and accounting advice due to PricewaterhouseCoopers LLP’s institutional knowledge of the Company’s business and operations, accounting policies and financial systems, and internal control framework;
Operational efficiencies and a resulting lower fee structure because of PricewaterhouseCoopers LLP’s familiarity with the Company’s business; and
PricewaterhouseCoopers LLP’s capability and expertise to perform an audit of the Company’s financial statements and internal control over financial reporting, given the breadth and complexity of the Company’s business and global footprint.
As a result, the members of the Audit Committee believe that the continued retention of PricewaterhouseCoopers LLP to serve as our independent registered public accounting firm is in the best interests of our company and its Shareowners. If the Shareowners fail to ratify the appointment of PricewaterhouseCoopers LLP, the Audit Committee would reconsider its appointment.
Fees Paid to Independent Registered Public Accounting Firm
Audit Fees. The aggregate amount of fees billed to KelloggKellanova by PricewaterhouseCoopers LLP for professional services rendered for the annual audit of our consolidated financial statements, statutory audits and for reviews of our financial statements included in our Quarterly Reports on Form 10-Q was approximately $11.2 million in 2023 and $8.9 million in 2021 and $8.7 million in 2020.2022.
Audit-Related Fees. The aggregate amount of fees billed to KelloggKellanova by PricewaterhouseCoopers LLP for assistance and related services reasonably related to the performance of the annual audit of our consolidated financial statements and for reviews of our financial statements included in our Quarterly Reports on Form 10-Q was approximately $0.2$4.4 million in 20212023 and $0.2$6.3 million in 2020.2022. This assistance and related services generally consistedincluded work related to the separation of the Company's North American cereal business, including, carve-out audit work, and consultation on the accounting or disclosure treatment of transactions or events and employee benefit plan audits.
Tax Fees. The aggregate amount of fees billed to KelloggKellanova by PricewaterhouseCoopers LLP for professional services rendered for tax compliance, tax advice, and tax planning was approximately $2.3$5.6 million in 20212023 and $2.0$4.8 million in 2020.2022. These tax compliance, tax advice and tax planning services generally consisted of U.S., federal, state, local and international tax planning, compliance and advice, including tax planning work in connection with the separation of the Company's North American cereal business, with approximately $1.2 million being spent for tax compliance in 20212023 and $1.4$1.7 million spent for tax compliance in 2020.2022.
All Other Fees. The aggregate amount of all other fees billed to KelloggKellanova by PricewaterhouseCoopers LLP for services rendered, and which were not included in “Audit Fees,” “Audit-Related Fees,” or “Tax Fees” above, was $0.0 million in 20212023 and $0.0 million in 2020.2022.
Preapproval Policies and Procedures
The Charter of the Audit Committee charter and policies and procedures adopted by the Audit Committee provide that the Audit Committee shall pre-approve all audit, internal control-related and all permitted non-audit engagements and services (including the fees thereof) by the independent registered public accounting firm (and their affiliates) and shall disclose such services in our SEC filings to the extent required. Under the policies and procedures adopted by the Audit Committee, the Audit Committee pre-approves detailed and specifically described categories of services which are expected to be conducted over the subsequent twelve months or a longer specified period, except for the services and engagements which the ChairmanChair has been authorized to pre-approve or approve. The ChairmanChair of the Audit Committee has been delegated the authority to pre-approve or approve up to $500,000 of such engagements and services, but shall report such approvals at the next full Audit Committee meeting. Such policies and procedures do not include delegation of the Audit Committee’s responsibilities to KelloggKellanova management.
All of the services described above for 20212023 and 20202022 were pre-approved by the Audit Committee and/or the Committee ChairmanChair before PricewaterhouseCoopers LLP was engaged to render the services.
2022 Proxy Statement7863Kellanova

Audit Committee Matters
Audit Committee Report
The Audit Committee oversees our financial reporting process on behalf of the Board. The Committee is composed of fivefour independent Directors (as defined by the New York Stock Exchange Listing Standards), met 69 times in 20212023 and operates under a written charter last amended by the Board in February 2021,2024, which is posted on our website at https://investor.kelloggs.com/governance/statement-documents.investor.kellanova.com/esg/Statement--Priorities/default.aspx. As provided in the Charter,its charter, the Committee’s oversight responsibilities include monitoring the integrity of our financial statements (including reviewing financial information, the systems of internal controls, the audit process, the Enterprise Risk Management process, and the independence and performance of our internal audit function and independent registered public accounting firm) and our compliance with legal and regulatory requirements. However, management has the primary responsibility for the financial statements and the reporting process, including our systems of internal controls. In fulfilling its oversight responsibilities, the Committee reviewed and discussed the audited financial statements to be included in the 20212023 Annual Report on Form 10-K with management, including a discussion of the quality and the acceptability of our financial reporting and controls.
The Committee reviewed with the independent registered public accounting firm, PricewaterhouseCoopers LLP, who are responsible for expressing an opinion on the conformity of those audited financial statements with generally accepted accounting principles and the effectiveness of our internal control over financial reporting, their judgments as to the quality of our financial reporting, and such other matters as are required to be discussed with the Committee under Public Company Accounting Oversight Board Auditing Standard No. 1301 - Communications with Audit Committees.
The Committee has discussed with the independent registered public accounting firm their independence from KelloggKellanova and its management, including matters in the letter from the independent registered public accounting firm required by Public Company Accounting Oversight Board Rule 3526, “Communication with Audit Committees Concerning Independence.” The Committee also has considered whether the provision by the independent registered public accounting firm of non-audit professional services is compatible with maintaining their independence.
The Committee reviewed and discussed with the independent registered public accounting firm our Form 10-K prior to filing with the SEC. In addition, the Committee reviewed with management significant risks and exposures identified by management and the overall adequacy and effectiveness of our legal, regulatory and compliance programs.
The Committee also discussed with our internal auditors and independent registered public accounting firm the overall scope and plans for their respective audits. The Committee meets periodically with the internal auditors and independent registered public accounting firm, with and without management present, to discuss the results of their audits. The Committee also meets privately with the Vice President of Internal Audit, Corporate Controller, and the Chief Legal Officer at each meeting.
In reliance on the reviews and the discussions referred to above, the Committee recommended to the Board that the audited financial statements be included in the Annual Report on Form 10-K for the fiscal year ended January 1, 2022,December 30, 2023, for filing with the SEC. The Committee also reappointed our independent registered public accounting firm for our 20222024 fiscal year.
AUDIT COMMITTEE
Stephanie Burns,Chair
Rick Dreiling
Don Knauss
Erica Mann
Mike Schlotman
642024 Proxy StatementKellogg Company79



Management Proposal



PROPOSAL 4
Approval of an Amendment to the Kellogg Company 2022 Long-Term Incentive PlanCompany's Restated Certificate of Incorporation to Reflect Recent Delaware Law Provisions Regarding Officer Exculpation
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The Board recommends athat you voteFOR approvalthe amendment of the Kellogg Company Long-Term Incentive Plan.Company's Restated Certificate of Incorporation
On February 18, 2022, the Board of Directors adopted the Kellogg Company 2022 Long-Term Incentive Plan (the “2022 Plan”) subject to approval by the Shareowners at the 2022 Annual Meeting.
The shares reserved for use under Kellogg’s current incentive plan, the 2017 Long-Term Incentive Plan (the “2017 Plan”), may not be sufficient to fund Kellogg's equity grant needs for 2023. If approved, the 2022 Plan will replace the 2017 Plan, the 2017 Plan will remain in existence solely for the purpose of addressing the rights of holders of existing awards already granted under the 2017 Plan, and no new awards will be granted under the 2017 Plan following Shareowner approval of the 2022 Plan.
Key Highlights
The Board of Directorshas unanimously approved and declared advisable, and recommends that our Shareowners vote “FOR”adopt, an amendment to the adoptionCompany’s Restated Certificate of Incorporation, as amended (the “Certificate of Incorporation”), to eliminate the personal liability of certain of the 2022 Plan forCompany’s officers in limited circumstances, as permitted by the following reasons:
Key Component of Compensation. Equity and performance-based awards are a core component of our compensation program. We believe equity and performance-based awards provide employees, officers, directors, and other service providers with a proprietary interest in maximizing the growth, profitability and overall success of Kellogg.
Alignment. We believe that our long-term incentive compensation program aligns the interests of employees, officers, directors and our long-term Shareowners to create long-term shareowner value. The 2022 Plan would increase our ability to achieve this objective by allowing for several different awards, which we believe will help us attract, retain, and motivate employees, officers, directors, and other service providers (or those who will become employees, officers, directors, and other service providers).
Determination of Share Amounts. In determining the termsGeneral Corporation Law of the State of Delaware (the “DGCL”).
In August 2022, Plan and the amountSection 102(b)(7) of the 2022 Plan share reserve, our Board consideredDGCL was amended to enable Delaware corporations to limit the factors above and a numberliability of other factors, including the following:
Numbercertain of eligible participants. Based on current practices, we currently have approximately 1,600 employees, 12their officers and 11 directors eligible to receive awards under the 2022 Plan.
Historical amounts of equity awards. Our three-year annual number of shares granted, calculated on our understandingin limited circumstances. As amended, Section 102(b)(7) of the methodology utilized by the Proxy Advisory Services division of Institutional Shareholder Services, Inc. (“ISS”), was approximately 5.8 million sharesDGCL provides that certain officers, namely: (i) a corporation’s president, chief executive officer, chief operating officer, chief financial officer, chief legal officer, controller, treasurer or chief accounting officer; (ii) an individual identified in 2021, 5.3 million shares in 2020, and 5.8 million shares in 2019. However, these amounts are not necessarily indicativepublic filings as one of the shares that might be awarded over at least the next three years under the proposed 2022 Plan. See “New Plan Benefits” below for additional information considered by the Board.
Historical equity award burn rate. Our three-year average annual equity grant rate, or “burn rate,” for the 2019-2021 period, calculated on our understandingmost highly compensated officers of the methodology utilizedcorporation; and (iii) an individual who, by ISS, was 1.64%, which was lower than ISS’s maximum burn rate guidance of 2.00% for our industry classification.
Current and projected overhang percentage. As of February 23, 2022, we had 17.4 million shares of our common stock subject to outstanding equity awards which represented approximately 4.70% of fully diluted common shares outstanding, calculated on our understanding ofwritten agreement with the methodology utilized by ISS. Upon Shareowner approval of the 2022 Plan, no additional shares will be issued from the 2017 Plan and the 12.4 million new shares proposedcorporation, has consented to be included in the 2022 Plan share reserve would represent overhang of 3.35% of fully diluted common shares outstanding, bringing total overhang (including outstanding equity awards) to approximately 8.05% of fully diluted common shares outstanding.

2022 Proxy Statement65

Management Proposal
The following table details the number of shares outstanding used for the above overhang calculations:
Data as of February 23, 2022
New share request12,400,000 
Available awards under 2017 Plan*10,317,057 
Outstanding appreciation awards14,095,282
Weighted average exercise price$64.45
Weighted average term5.43 years
Outstanding full value awards3,297,265
Common shares outstanding as of record date340,156,424 
*      No additional shares will be granted under the 2017 Plan following Shareowner approval of the 2022 Plan.
Anticipated duration. If we continue making equity awards consistent with our practices over the past three yearsidentified as set forth above, we estimate that the shares available for future awards, including the 12.4 million additional shares if the 2022 Plan is approved, will be sufficient for Plan awards for at least three years.
Shareowner approval of the 2022 Plan is being sought in order to (1) meet the stockholder approval requirements of the New York Stock Exchange and (2) qualify certain stock options authorized under the 2022 Plan for treatment as incentive stock optionsan officer for purposes of the State of Delaware’s long-arm jurisdiction statute, may be exculpated against liability to the corporation and its stockholders for monetary damages for breach of fiduciary duty, subject to specified limitations and exceptions. Prior to the amendment of Section 422102(b)(7) of the Code.
A summaryDGCL, Delaware corporations were permitted to exculpate only their directors from personal liability in limited circumstances. As a result, Shareowner plaintiffs employed tactics of bringing certain claims against individual corporate officers when such claims would otherwise be exculpated and dismissed if brought against a corporation’s directors. Section 102(b)(7) of the basic featuresDGCL was amended to rectify the inconsistent treatment between a corporation’s officers and directors and address rising litigation and insurance costs for corporations.
Currently, the Certificate of Incorporation—Article THIRTEENTH, Section 1—provides for the elimination of the 2022 Plan is set forth below including minimum vesting requirements, limits on the accrualpersonal liability of dividends on unearned awards and recoupment of awards. The summary is subjectour Directors to the specific provisions contained inCompany and our Shareowners to the full textfullest extent permitted by Section 102(b)(7) of the 2022 Plan set forth in Appendix A to this proxy statement. The 2022 Plan is consistent in substance withDGCL. Given the 2017 Plan, but with several key updates, including:
adds the convictionlimited class and type of an act that constitutes a felony to the definition of "cause";
clarifies that service providers may receive certain awards pursuant to the 2022 Plan;
removes the fungible share reserve structure;
expands the annual limit on non-employee director compensation to include all cash compensation (in addition to equity compensation), with a maximum annual value of $800,000;
deletes certain provisions included for purposes of qualifying certain compensation as performance-based compensation under Section 162(m) of the Internal Revenue Code (the “Code”);
expands the “Change in Control” cash-out provision to include all Awards (rather than only stock options and stock appreciation rights); and
adds customary exceptions to the one-year minimum vesting or performance period for accelerated vesting in connection with death, disability or Change in Control and certain awards to non-employee directors.
Plan Term
The 2022 Plan will be effective on February 18, 2022, the date of its adoption by the Board, subject to Shareowner approval at the annual meeting. No new awards may be granted under the 2022 Plan after February 18, 2032. However, the term and exercise of certain awards granted before then may extend beyond that date. The Board may terminate the 2022 Plan at any time with respect to all awards that have not been granted.
Administration
The 2022 Plan is administered by the Compensation and Talent Management Committee of the Board of Directors (the “Committee”). The Committee is currently composed of only non-employee directors. Each member of the Committee is a “Non‑Employee Director” within the meaning of Rule 16b-3 under the Securities Exchange Act of 1934 (the “Exchange Act”) and an “independent director” as defined under Section 303A of the Listed Company Manual of the New York Stock Exchange. Under the terms of the 2022 Plan, the Committee has the authority to select the participants, make awards in such amounts and form as the Committee shall determine, impose restrictions, terms, and conditions upon such awards as the Committee shall deem appropriate and correct any technical defects or omissions in the 2022 Plan or any award agreement. The Committee may designate persons other than members of the Committee to carry out the day‑to‑day administration of the 2022 Plan. In addition, the Committee may, in its sole discretion, delegate its authority to one or more senior executive officers of Kellogg for the purpose of making awards to participants who are not subject to Section 16 of the Exchange Act, but no officer of Kellogg may grant awards to himself or herself.
66Kellogg Company

Management Proposal
Eligibility
Employees, officers, directors, and other service providers and those who will become employees, officers, directors, or other service providers of Kellogg and/or its subsidiaries are eligible to receive awards under the 2022 Plan. Awards under the 2022 Plan will be made by the Committee or by a senior executive officer who has been delegated authority to grant awards to participants who are not subject to Section 16 of the Exchange Act. No determination has been made as to awards that may be granted under the 2022 Plan, although it is anticipated that recipients of awards will include the current executive officers of Kellogg. Currently, Kellogg and its subsidiaries have approximately 1,600 employees, 12 officers and 11 directors eligible to participate in the 2022 Plan based on current practices.
In general, restricted shares and restricted share units awarded under the 2022 Plan that vest solely as a result of the passage of time and continued service must be subject to a minimum vesting period of three years from the date of grant (including pro rata vesting over such period), and awards awarded under the 2022 Plan whose vesting is subject to the achievement of specified performance goals over a performance period must be subject to a performance period of not less than one year from the date of grant. Acceleration is permitted on death, disability, a change in control and certain other limited cases.
Shares Authorized; Share Limitations
The maximum number of shares of Kellogg Company common stockclaims for which awards maycertain of our officers’ liability would be granted under the 2022 Plan may not exceed 12.4 million shares, less any shares granted under the 2017 Plan following the Effective Date. The total number of shares remaining available for issuance under the 2022 Plan will be reduced by one share for each share issued or potentially issuable pursuant to an award under the 2022 Plan.
Shares of common stock that, as of the effective date of the 2022 Plan, have not been issued under the 2001 Long-Term Incentive Plan, the 2003 Long-Term Incentive Plan, the 2009 Long-Term Incentive Plan, the 2013 Long-Term Incentive Plan, and the 2017 Long-Term Incentive Plan (together, the “Old Plans”) and are not covered by outstanding awards under the Old Plans shall not be available for Awards under the 2022 Plan. Shares will not be added to the maximum share limitations under the 2022 Plan if: the shares would have been issued upon any exercise of an option but foreliminated, the fact that it would be consistent with protections already afforded to our Directors and the exercise price was paid by a net exercise;benefits that the shares were already owned by a participantBoard believes would accrue to the Company and are tendered (either actually or by attestation)our Shareowners in paymentthe form of an enhanced ability to attract and retain qualified and experienced officers, the Board, based on the recommendation of the exercise price of an option;N&G Committee, has determined that it is in the shares are withheld by Kellogg to satisfy the tax withholding obligation with respect to an option or SAR; the shares are repurchased on the open market with proceeds of an option exercise; or the shares are covered by an exercised SAR, regardless of whether shares of common stock are actually issued by the exercise, which are considered issued or transferred in accordance with the 2022 Plan.
Subject to adjustment pursuant to the termsbest interests of the 2022 Plan, no non-employee director may receive equity-basedCompany and cash compensation with an aggregate grant-date value in excessits Shareowners that the Certificate of $800,000.
The closing price per shareIncorporation be amended to provide for the exculpation of Kellogg Company common stock as reported on the New York Stock Exchange on February 18, 2022 was $66.07.
Awards
All awards are expected to be evidenced by an award agreement between Kellogg and the individual participant and approved by the Committee. In the discretioncertain of the Committee, an eligible participant may receive awards from one or more of the categories described below, and more than one award may be granted to an eligible participant.
Types of awards under the 2022 Plan include:
Stock Options - The Committee may grant incentive stock options or Non-Qualified Stock Options (collectively referred toCompany’s officers as “stock options”). An incentive stock option is intended to be an “incentive stock option” within the meaning of Section 422 of the Code. A Non-Qualified Stock Option is any other stock option granted by the Committee that is not specifically designated as an incentive stock option. The exercise price of stock options shall be determined by the Committee, but in no event shall the exercise price be less than 100% of the closing price of Kellogg’s common stock on the grant date. The term of each stock option shall be determined by the Committee; provided, however, that the term of stock options shall not exceed 10 years. Options may be exercised in whole or in part, and the option price may be paid (1) by cash, certified check, bank draft, electronic transfer, or money order payable to the order of Kellogg, (2) if permitted by the Committee in its sole discretion,DGCL. The amendment would permit exculpation only for direct claims for breach of fiduciary duty but would not eliminate officers’ monetary liability for breach of the fiduciary duty claims brought by surrendering (or attesting to the ownership of) shares of common stock already owned by the participant, (3) pursuant to a net exercise arrangement, or (4) if permitted by the Committee (in its sole discretion) and applicable law, by delivery of, alone or in conjunction with a partial cash or instrument payment, some other form of payment acceptable to the Committee. Special provisions apply to stock options granted to 10% or greater Shareowners. No Stock Options granted under the 2022 Plan may contain any reload provisions, entitling the option holder to additional options upon the exercise of existing options.
Stock Appreciation Rights - Stock Appreciation Rights (or “SARs”) represent a right to receive a payment, in cash, shares of Kellogg’s common stock, restricted shares (as described below) or a combination thereof, equal to the excess of the fair market value of a specified number of shares of Kellogg common stock on the date the SAR is exercised over the fair market value of such shares on the date the SAR was granted. SARs may be exercised in accordance with the terms establishedCompany (which would include any claims brought by the Committee. The term of a SAR shall not exceed 10 years from the grant date.
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Management Proposal
Restricted Shares and Restricted Share Units - A restricted share is an award of common stock granted to a participant, subject to such restrictions, terms and conditions as the Committee deems appropriate, including (a) restrictions on the sale, assignment, transfer, hypothecation or other disposition of such shares, (b) the requirement that the participant deposit such shares with Kellogg while such shares are subject to such restrictions, and (c) the requirement that such shares be forfeited upon termination of employment for specified reasons within a specified period of time or for other reasons (including, without limitation, the failure to achieve designated performance goals). Upon lapse of the restrictions, restricted shares may be exchanged for unrestricted shares of common stock. A grant of restricted share units is a notional award of shares of common stock which entitle the participant to a number of unrestricted shares of common stock equal to (or a cash amount equal in value to such number of unrestricted shares of common stock) the number of restricted share units upon the lapse of similar restrictions, terms and conditions. A participant holding restricted shares shall have all the rights of a Shareowner of such shares (except as such rights may be limited by the Committee). Restrictions on restricted shares and restricted share units may be performance-based.
Performance Units and Performance Share Units and Other Cash-Based Awards - A grant of performance units is a notional award of units (with each unit representing such monetary amount as designated by the Committee) granted to a participant, subject to such terms as the Committee deems appropriate, including the requirement that the participant forfeit such units (or a portion thereof) if certain performance criteria are not met. A grant of performance share units is an award of actual or notional shares of common stock which entitle the participant to a number of shares of common stock equal to the number of performance share units upon achievement of specified performance goals and such other terms and conditions as the Committee deems appropriate. Participants receiving a grant of performance units and performance share units will be entitled to payment in respect of such awards if Kellogg and/or the participant achieves certain performance goals during and in respect of a designated performance period.
Performance goals may be absolute or relative and may be expressed in terms of a progression within a specified range. A grant of another cash-based award is an award payable in cash to a participant at such time or times and subject to such terms and conditions as determined by the Committee in its sole discretion. Other cash-based awards may be granted to participants in such amounts, on such terms and conditions, and for such consideration, including no consideration or such minimum consideration as may be required by applicable law, as it shall determine in the Committee’s sole discretion. Other cash-based awards may be granted subject to the satisfaction of vesting conditions or may be awarded purely as a bonus and not subject to restrictions or conditions, and if subject to vesting conditions, the Committee may accelerate the vesting of such Awards at any time in its sole discretion, subject to the limitations of the 2022 Plan.
New Plan Benefits
No awards have been granted, and no specific plans have been made for the grant of future awards, under the 2022 Plan. The grant of any awards under the 2022 Plan will be at the discretion of the Committee. Therefore, it is not possible to determine the amount or form of any award that will be granted to any individual in the future as there are many variables the Committee considers in granting equity awards, including compensation of the our executive officers compared to peer group compensation, share price at the time the Committee sets executive compensation, and, for payouts under the our long-term incentive plans, performance against predetermined metrics at the time of settlement. However, in approving the 2022 Plan, the Board did consider a forecast of share utilization for 2022 (which was the only forecasted information available). Share utilization is estimated at 1.4 million shares with an estimated grant date fair value of $89.6 million in 2022 compared to 4.0 million shares with a grant date fair value of $87.0 million in 2021. These and the forecasts below are based on numerous variables and assumptions that are inherently uncertain and subject to change. Accordingly, there can be no assurance that these forecasts will be realized and Shareowners are cautioned not to place undue, if any, reliance on such forecasts.
Although future grants under the 2022 Plan are not determinable at this time, for illustrative purposes and not necessarily indicative of the shares that might be awarded under the 2022 Plan, the table below sets forth the awards that were granted under the 2017 Long-Term Incentive Plan during 2022 to the current NEOs, all executive officers as a group, all non-executive directors as a group and all non-executive officer employees as a group.
The table below also sets forth the 2022 forecasts for share utilization that were considered by the Board in approving the 2022 Plan.
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Management Proposal
Name and PositionStock
Options
(#)
Performance
Stock Units
(#)
Restricted
Stock/
Restricted
Stock Units
(#)
New Hire
Stock Options/
Restricted
Stock/RSUs
(#)
2017 Plan Grants During 2022:
Steve Cahillane-96,490 32,170 -
Amit Banati-28,720 9,580 -
Chris Hood-28,380 9,460 -
Gary Pilnick-21,570 7,190 -
Executive Group (Includes NEOs Above)-252,860 84,310 -
Non-Executive Director Group----
Non-Executive Officer Employee Group-534,250 475,325 9,590 
Total 2022 Actual YTD-787,110 559,635 9,590 
For addition information relating to securities authorized under all of our equity compensation plans as of January 1, 2022, please see the section entitled “Equity Compensation Plan Information” below. In addition, refer to the section entitled “Executive Compensation” for information about specific awards granted to our NEOs during 2021 and any equity awards that remain outstanding as of January 1, 2022.
Dividends and Dividend Equivalents.
The Committee may provide that awards denominated in stock (other than stock options and SARs) earn dividends or dividend equivalents; provided that dividends or dividend equivalents shall only be paid or accrued on Awards subject to service-based or performance-based vesting conditions to the extent that such awards are actually earned. At the same time that dividends are paid to holders of Kellogg common stock, dividends or dividend equivalents may be paid in cash or shares of common stock or may be credited to an account that the Committee establishesderivatively in the name of the participant, to be paid at such time or times as determined by the Committee and as specified in the terms of the applicable award grant. The Committee may also impose other restrictions on the crediting of dividends or dividend equivalents, such as requiring reinvestment in additional shares or share equivalents. Any stock dividends paid to Shareowners shall, in respect of restricted shares (or restricted share units, if the Committee grants dividend equivalents in a participant’s award agreement) shall be treated as additional restricted shares (or restricted share units).
Repricing Prohibited
Except as set forth in Section 13 of the 2022 Plan (pertaining to changes in capitalization and other matters), the terms of outstanding awards may not be amended to reduce the exercise price of outstanding stock options or SARs or to cancel outstanding stock options or SARs in exchange for cash, other awards or stock options or SARs with an exercise price that is less than the exercise price of the original stock options or SARs without shareowner approval.
Change in Control or Other Cash-Out
If there is a “Change in Control” of Kellogg (as defined in Section 14 of the 2022 Plan) and outstanding awards under the 2022 Plan are not assumed, continued or substituted by the successor to Kellogg, then in order to preserve the participants’ rights the following shall occur: (a) all stock options and SARs become fully vested and exercisable; (b) all restrictions on restricted shares shall be deemed lapsed and all restricted shares shall become fully vested and payable; and (c) the performance criteria for all performance units, performance share units, and other cash-based awards shall be considered earned and payable in full (with applicable performance goals deemed achieved at the greater of (i) the applicable target level and (ii) the level of achievement of the performance goals for the award as determined by the Committee in accordance with the terms of the 2022 Plan)Company). In addition, the Committee shall haveamendment would not apply to officers’ breaches of the authorityduty of loyalty, acts or omissions not in good faith or that involve intentional misconduct or a knowing violation of law and any transaction in which the officer derived an improper personal benefit. Further, the amendment would not apply to otherwise require thatacts or omissions of officers occurring prior to the holder surrender any award for cancellationdate when it becomes effective.
The form of Certificate of Amendment to effect the proposed amendment of the Certificate of Incorporation as described above (the “Certificate of Amendment”) is attached to this Proxy Statement as Appendix A and is considered part of Proxy Statement. If the Certificate of Amendment is approved by Kellogg,our Shareowners at the Annual Meeting, the Certificate of Amendment will be filed with the holder being entitled to receive a cash payment. In the event outstanding awards are assumed by the successor corporation, such awards shall be subject to the adjustment provisionsSecretary of Section 13State of the 2022 Plan and shall otherwise continue in effect with allState of the terms and conditions of the Plan and the applicable Award Agreement. In the event that a participant holding any such assumed awards is involuntarily terminated without cause (as determined by the Committee or as provided in an Award Agreement) within two years following such Change in Control, such participant’s outstanding awards will become fully vested, exercisable and payable (as applicable) as of the date of such termination, except as otherwise provided by the 2022 Plan.
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Management Proposal
Matters relating to the 2022 Plan and its Amendment, Suspension and/or Termination
No Awards may be granted after February 18, 2032. The Board may suspend or terminate the 2022 Plan (or any portion thereof) at any time, and may amend the 2022 Plan at any time and from time to time in such respects as the Board may deem advisable to ensure that any and all awards conform to or otherwise reflect any change in applicable laws or regulations, or to permit Kellogg or the participants to benefit from any change in applicable laws or regulations or in any other respect the Board may deem to be in the best interests of Kellogg. However, no such amendment, suspension, or termination shall materially adversely affect the rights of any participant and the Board may not make any change that would disqualify the 2022 Plan or any other plan of Kellogg from the benefits provided under Section 422 of the Code. No amendment will be made without shareowner approval if required by applicable law or applicable listing requirements.
Non-transferability of Awards
Awards granted under the 2022 Plan generally will not be transferable, except by will and the laws of descent and distribution. However, the Committee may from time to time permit awards to be transferable to “family members” (within the meaning of the General Instructions to Form S-8) subject to such terms and conditions as the Committee may impose and applicable law. No award, however, may be transferred for value as defined in the general instructions to Form S-8.
Federal Income Tax Consequences
The following discussion is intended only as a brief summary of the federal income tax rules relevant to stock options, SARs, performance units, performance share units, restricted shares, restricted share units, other cash-based awards and supplemental cash payments. These rules are highly technical and subject to change. The following discussion is limited to the federal income tax rules relevant to us and to the individuals who are citizens or residents of the United States. The discussion does not address the state, local, or foreign income tax rules relevant to stock options, stock appreciation rights, performance awards, restricted stock, and supplemental cash payments. Participants are urged to consult their personal tax advisors with respect to the federal, state, local, and foreign tax consequences relating to stock options, appreciation rights, performance awards, restricted stock, and supplemental cash payments.
Incentive Stock Options. A participant who is granted an incentive stock option recognizes no income upon grant or exercise of the option. However, the excess of the fair market value of Kellogg shares on the date of exercise over the option exercise price is an item includible in the optionee’s alternative minimum taxable income. The IRS may require the optionee to pay an alternative minimum tax even though the optionee receives no cash upon exercise of the incentive stock option that the optionee can use to pay such tax.
If an optionee holds the common stock acquired upon exercise of the incentive stock option for at least two years from the date of grant and at least one year following exercise (the “Statutory Holding Periods”), the IRS taxes the optionee’s gain, if any, upon a subsequent disposition of such common stock, as capital gain. If an optionee disposes of common stock acquired through the exercise of an incentive stock option before satisfying the Statutory Holding Periods (a “Disqualifying Disposition”), the optionee may recognize both compensation income and capital gain in the year of disposition. The amount of the compensation income generally equals the excess of (1) the lesser of the amount realized on disposition or the fair market value of the common stock on the exercise date over (2) the exercise price. This income is subject to income (but not employment) tax withholding. The balance of the gain that the optionee realizes on such a disposition, if any, is long-term or short-term capital gain depending on whether the common stock has been held for more than one year following exercise of the incentive stock option.
Special rules apply for determining an optionee’s tax basis in and holding period for common stock acquired upon the exercise of an incentive stock option if the optionee pays the exercise price of the incentive stock option in whole or in part with previously owned Kellogg shares. Under these rules, the optionee does not recognize any income or loss from delivery of shares of common stock (other than shares previously acquired through the exercise of an incentive stock option and not held for the Statutory Holding Periods) in payment of the exercise price. The optionee’s tax basis in and holding period for the newly-acquired shares of common stock will be determined as follows: as to a number of newly-acquired shares equal to the previously-owned shares delivered, the optionee’s tax basis in and holding period for the previously-owned shares will carry over to the newly-acquired shares on a share-for-share basis; as to each remaining newly-acquired share, the optionee’s basis will be zero (or, if part of the exercise price is paid in cash, the amount of such cash divided by the number of such remaining newly-acquired shares) and the optionee’s holding period will begin on the date such shares are transferred. Under regulations, any Disqualifying Disposition is deemed made from shares with the lowest basis first.
If any optionee pays the exercise price of an incentive stock option in whole or in part with previously-owned shares that were acquired upon the exercise of an incentive stock option and that have not been held for the Statutory Holding Periods, the optionee will recognize compensation income (but not capital gain) under the rules applicable to Disqualifying Dispositions.
We are not entitled to any deduction with respect to the grant or exercise of an incentive stock option or the optionee’s subsequent disposition of the shares acquired if the optionee satisfies the Statutory Holding Periods. If these holding periods are not satisfied, we are generally entitled to a deduction in the year the optionee disposes of the common stock in an amount equal to the optionee’s compensation income.
70Kellogg Company

Management Proposal
Non-Qualified Stock Options. A participant who is granted a non-qualified stock option recognizes no income upon grant of the option. At the time of exercise, however, the optionee recognizes compensation income equal to the difference between the exercise price and the fair market value of the Kellogg shares received on the date of exercise. This income is subject to income and employment tax withholding. We are generally entitled to an income tax deduction corresponding to the compensation income that the optionee recognizes.
When an optionee disposes of common stock received upon the exercise of a non-statutory stock option, the optionee will recognize capital gain or loss equal to the difference between the sales proceeds received and the optionee’s basis in the stock sold. We will not receive a deduction for any capital gain recognized by the optionee.
If an optionee pays the exercise price for a non-statutory option entirely in cash, the optionee’s tax basis in the common stock received equals the stock’s fair market value on the exercise date, and the optionee’s holding period begins on the day after the exercise date. If however, an optionee pays the exercise price of a non-statutory option in whole or in part with previously-owned shares of common stock, then the optionee’s tax basis in and holding period for the newly-acquired shares will be determined as follows: as to a number of newly-acquired shares equal to the previously-owned shares delivered, the optionee’s basis in and holding period for the previously-owned shares will carry over to the newly-acquired shares on a share-for-share basis; as to each remaining newly-acquired share, the optionee’s basis will equal the share’s value on the exercise date, and the optionee’s holding period will begin on the day after the exercise date.
SARs. A participant who is granted an SAR recognizes no income upon grant of the SAR. At the time of exercise, however, the participant recognizes compensation income equal to the excess of (a) the amount of cash and the fair market value of the shares received, over (b) the exercise price paid therefor. This income is subject to income and employment tax withholding. We are generally entitled to an income tax deduction corresponding to the ordinary income that the participant recognizes.
Restricted Shares. Restricted shares are subject to a “substantial risk of forfeiture” within the meaning of Section 83 of the Code. A participant to whom we grant restricted shares may make an election under Section 83(b) of the Code (a “Section 83(b) Election”) to have the grant taxed as compensation income at the date of receipt, resulting in the IRS taxing any future appreciation (or depreciation) in the value of the shares of common stock that we grant as capital gain (or loss) upon a subsequent sale of the shares. Such an election must be made within 30 days of the date that we grant the restricted shares.
However, if a participant does not make a Section 83(b) Election, then the grant shall be taxed as compensation income at the full fair market value on the date that the restrictions imposed on the shares expire. Unless the participant makes a Section 83(b) Election, any dividends that we pay on common stock subject to the restrictions constitutes compensation income to the participant and compensation expense to us. Any compensation income the participant recognizes from a grant of restricted shares is subject to income and employment tax withholding. We are generally entitled to an income tax deduction for any compensation income taxed to the participant.
Performance Units, Performance Share Units and Restricted Share Units. The grant of a performance unit, performance share unit or restricted share unit does not generate taxable income to a participant or an income tax deduction to us. Any cash and the fair market value of any Kellogg common stock received as payment in respect of a performance unit, performance share unit or restricted share unit will constitute ordinary income to the participant. The participant’s income is subject to income and employment tax withholding. We are generally entitled to an income tax deduction corresponding to the ordinary income that the participant recognizes.
Payment of Withholding Taxes. We have the right to withhold or require a participant to remit to us an amount sufficient to satisfy any federal, state, local, or foreign withholding tax requirements on any grant or exercise made under the 2022 Plan. However, to the extent permissible under applicable tax, securities, and other laws, the Committee may, in its sole discretion, permit the participant to satisfy a tax withholding requirement by delivering shares of Kellogg common stock that the participant previously owned or directing us to apply shares of common stock to which the participant is entitled as a result of the exercise of an option or the lapse of a period of restriction, to satisfy such requirement.

THE BOARD OF DIRECTORS RECOMMENDS A VOTE “FOR” APPROVAL OF THE KELLOGG COMPANY 2022 LONG-TERM INCENTIVE PLAN.
2022 Proxy Statement71

Management Proposal
EQUITY COMPENSATION PLAN INFORMATION
(millions, except per share data)
Plan Category
Number of Securities to
be Issued Upon Exercise
of Outstanding Options,
Warrants and Rights as
of January 1, 2022
(a)
Weighted-Average
Exercise Price of
Outstanding Options,
Warrants and Rights as of
January 1, 2022 ($)
(b)
Number of Securities
Remaining Available for
Future Issuance Under
Equity Compensation
Plans (excluding
Securities Reflected in
Column (a)) as of
January 1, 2022
(c)(1)
Equity compensation plans approved by security holders17.66415(2)
Equity compensation plans not approved by security holders0NA0.2
Total17.66415.2
(1)The total number of shares remaining available for issuance under the 2017 Long-Term Incentive Plan will be reduced by two shares for each share issued pursuant to an award other than a stock option or stock appreciation right, or potentially issuable pursuant to an outstanding award other than a stock option or stock appreciation right, which will in each case reduce the total number of shares remaining by one share for each share issued. Following the approval of the 2022 Plan, no awards will be granted with respect to shares that remain available for issuance under the 2017 Long-Term Incentive Plan.
(2)The total number of shares remaining available for issuance as of January 1, 2022 for each Equity Compensation Plan approved by shareowners are as follows. Following the approval of the 2022 Plan, no awards will be granted with respect to shares that remain available for issuance under the 2017 Long-Term Incentive Plan
The 2017 Long-Term Incentive Plan - 13.6 million;
The Amended and Restated 2002 Employee Stock Purchase Plan (effective January 1, 2021) - 1.4 million.
Three plans are considered “Equity compensation plans not approved by security holders.” The Kellogg Share Incentive Plan, which was adopted in 2002 and is available to most U.K. employees of specified Kellogg Company subsidiaries; a similar plan, which is available to employees in the Republic of Ireland; and the Deferred Compensation Plan for Non-Employee Directors, which was adopted in 1986 and amended in 1993, 2002, 2003, 2006, and 2013.
Under the Kellogg Share Incentive Plan, eligible U.K. employees may contribute up to 1,500 Pounds Sterling annually to the plan through payroll deductions. The trustees of the plan use those contributions to buy shares of our common stock at fair market value on the open market, with Kellogg matching those contributions on a 1:1 basis. Shares must be withdrawn from the plan when employees cease employment. Under current law, eligible employees generally receive certain income and other tax benefits if those shares are held in the plan for a specified number of years. A similar plan is also available to employees in the Republic of Ireland. As these plans are open market plans with no set overall maximum, no amounts for these plans are included in the above table. However, approximately 31,000 shares were purchased by eligible employees under the Kellogg Share Incentive Plan, the plan for the Republic of Ireland and other similar predecessor plans during 2021, with approximately an additional 34,000 shares being provided as matched shares.
The Deferred Compensation Plan for Non-Employee Directors was amended and restated during 2013. Under the Deferred Compensation Plan for Non-Employee Directors, non-employee Directors may elect to defer all or part of their compensation (other than expense reimbursement) into units which are credited to their accounts. The units have a value equal to the fair market value of a share of our common stock on the appropriate date, with dividend equivalents being earned on the whole units in non-employee Directors’ accounts. Units must be paid in shares of our common stock, either in a lump sum or in up to ten annual installments, with the installments to beginDelaware as soon as practicable after the non-employee Director’s service as a Director terminates. No more than 300,000 shares are authorized for use under this plan, of which approximately 53,000 had been issued as of January 1, 2022.Annual Meeting.
THE BOARD OF DIRECTORS BELIEVES THAT THE PROPOSED AMENDMENT TO THE COMPANY’S RESTATED CERTIFICATE OF INCORPORATION IS IN THE BEST INTERESTS OF THE COMPANY AND ITS SHAREOWNERS AND RECOMMENDS THAT SHAREOWNERS VOTE “FOR” THE PROPOSAL TO APPROVE THE CERTIFICATE OF AMENDMENT
7280Kellogg CompanyKellanova



Shareowner ProposalProposals
PROPOSAL 5
Shareowner Proposal for CEO CompensationRequesting the Adoption of a Policy Requiring the Board Chair to Weigh Workforce Pay and Ownershipbe an Independent Director
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The Board recommends that you voteAGAINST this Shareowner proposal for the reasons set forth in the statement and opposition following the proposal.
We expect the following proposal (Proposal 5 on the proxy card and voting instruction card) to be presented by a Shareowner at the annual meeting.Annual Meeting. Names, addresses and shareholdings of the Shareowner proponent and, where applicable, of co-filers, will be supplied promptly upon oral or written request.
Following SEC rules, other than minor formatting changes, we are reprinting the proposal and supporting statement as it was submitted to us.
Resolution Proposed by Shareowner:The Accountability Board:
foraddvalueimagea.jpg06_LOGO_Accountability.jpg
Proposal 5 - CEO Compensation to Weigh Workforce Pay and Ownership
Resolved: Shareholders of Kellogg Company (”Company’’) request the Management Development and Compensation Committee (“Committee”) ofRESOLVED, shareholders ask the Board of Directors take into considerationto adopt a policy, and amend the pay grades, salary ranges, and stock ownership incentives (suchbylaws as but not limitednecessary, to stock grants, performance share units, employee stock purchase plans, restricted stock units, and options) of all classifications of Company employees when setting target amounts for CEO compensation.require the Board Chair to be an independent director. The Committee should describe inpolicy may provide that (i) if a Chair at any time ceases to be independent, the Company’s proxy statements for annual shareholder meetings how it compliesBoard shall replace the Chair with this requested policy. Compliancea new, independent, Chair, (ii) compliance with this policy is excused where it will resultwaived if no independent director is available and willing to serve as Chair, and, (iii) that the policy shall apply prospectively so as not to violate any contractual obligation existing at its adoption.
SUPPORTING STATEMENT:
Dear fellow shareholders,
Kellanova’s board Chair, Steve Cahillane, also serves as the company’s CEO. This structure can weaken a corporation’s governance, harm shareholder value, and has been increasingly falling out of practice.
In fact, according to the Spencer Stuart 2022 Board Index, a majority of S&P 500 boards no longer have a combined Chair/CEO, placing Kellanova in the violationminority in this regard.
The shift away from a combined CEO/Chair makes sense, considering that: 1) the role of any existing contractual obligation ormanagement is to run the termscompany; and 2) the board’s role is to provide oversight of any existing compensation plan.management; therefore 3) a lack of checks and balances may arise when the board is chaired by management.
Supporting Statement:
To ensure that our Company’s CEO compensation is reasonable relative to our Company’s overall employee pay philosophy and structure, the Committee should also consider the pay grades, salary ranges, and stock ownership incentives of all Company employees when setting CEO compensation target amounts.
This proposal does not require the Committee to use other employee pay data in a specific way to set CEO compensation targets. Under this proposal, the Committee will have discretion to determine how other employee pay and stock incentives should impact CEO compensation targets.
The current system of determining CEO compensation without fully considering the pay, including stock ownership, of average company employees has led to glaring inequality between the CEO. The last reported ratiochair of the CEO’s annual total compensationboard should ideally be an independent director,” reports Institutional Shareholder Services (ISS), “to help provide appropriate counterbalance to executive management.”
And reports Glass Lewis: “Glass Lewis’ view is that shareholders are better served when the board is led by an independent chair, a role which we believe is better able to oversee the executives of the median employee’s annual total compensation was 279:1. A similar ratio focused on stock ownership would probably be higher. From 1973Company and set a pro-shareholder agenda without the management conflicts that exist when a CEO or other executive also serves as chair. This, in turn, leads to 2018, inflation-adjusted wages for nonsupervisory American workers were essentially flat.1 Meanwhile, a dollar’s worthmore proactive and effective board of stock grew (in real terms)directors.”
Glass Lewis further found that empirical evidence suggests that firms with independent board chairs outperform companies with non-independent directors, and companies with non-independent directors “tend to $14.09.2 Those working forfollow fewer positive corporate governance practices.”
“We believe that the presence of an independent chair fosters the creation of a living have seen their incomes stagnate, while those with significant income from capital ownership have done very well. 3thoughtful and dynamic board not dominated by the views of senior management,” concludes Glass Lewis.
Our Company has stock incentive plans for employees but should track and disclose the percentage of employees who participate and at what rates. Our Company should measure and disclose its progress towards an employee ownership culture.Thank you.
Employee ownership is correlated with better firm performance, fewer layoffs, better employee compensation and benefits, higher median household wealth, longer median job tenure, and reduced racial and gender wealth gaps.4
Employee engagement and trust are crucial to success. Chief Justice Strine and Kirby M. Smith, wrote that expanding the compensation committee’s perspective beyond executive compensation would make the committee think about the “company’s workforce as a whole” and “result in directors who have a better grasp on how human talent matters for the company’s business strategy and operations.”5Contact us: K@TABholdings.org
20222024 Proxy Statement7381

Shareowner ProposalProposals
Increase Long-Term Shareholder Value
Vote Report on Inclusion of Employee Voices in Board Level Decisions – Proposal 5

1 https://www.pewresearch.org/fact-tank/2018/08/07/for-most-us-workers-real-wages-have-barely-budged-for-decades/
2 http://moneychimp.com/features/market_cagr.htm
3 https://smlr.rutgers.edu/faculty-research-engagement/institute-study-employee-ownership-and-profit-sharing
4 https://www.nceo.org/article/research-employee-ownership
5 https://www.edelman.com/trust/2021-trust-barometer/belief-driven-employee/new-employee-employer-compact
Our Response - Statement in Opposition to Proposal:
The Board has carefully considered the above proposal and believes that it is not in the best interestinterests of theour Shareowners. Consequently, the Board recommends that the Shareowners vote against the proposal for the following reasons:
Our established compensation core principles promote fairThe Board should retain the flexibility to determine the most effective leadership structure for the Board in light of the Company’s needs, the qualifications of the individuals involved and reasonablethe interests of Shareowners.
The Company’s strong corporate governance practices, intendedincluding a well-defined independent Lead Director role, a majority independent Board, and committees comprised entirely of independent directors, provide for a successful Board leadership and oversight structure.
The Board of Directors should retain the flexibility to drive Shareowner value: Our Compensationdetermine the most effective Board leadership structure.
Kellanova’s governing documents (including our Bylaws and Talent Management (“C&T”) Committee designs our executive compensation programCorporate Governance Guidelines) provide that the roles of Chair of the Board and CEO may be combined or separated at the discretion of the Board. These policies provide the Board flexibility to provide a competitive leveldetermine the most effective Board leadership structure in light of total compensation necessary to attractthe Company’s needs and retain key talent to help deliver successful business performance, appropriately motivate our executives to contribute to our near-the dynamic industry in which the Company operates, the skills and long-term successexperience of the individuals involved, the leadership composition of the Board and help drive long-term total return for ourmanagement, and the interests of Shareowners.
The core principles that inform our executive compensation approach are pay for performance, shareowner alignment, values-basedBoard reviews its leadership structure, including the combination or separation of the Chair and risk mitigation. Having an engaged executive team withCEO roles, at least annually as part of its succession planning analysis. The Board has the ability to successfully execute our business is key to our success in a robustseparate the roles of Chair and challenging industry where competitive compensation is central to business performance. Our compensation program is described in detailCEO if doing so would be in the Compensation Discussion and Analysis set forth in this proxy statement.
Our compensation approach is intended to ensure that our compensation practices are fair and reasonable as applied to both executive and non-executive employees. We seek to provide competitive wages and benefits to all employees based on their roles, responsibilities and performance. To monitor the effectiveness of our program, we regularly assess how our pay components compare to those of similarly situated companies, and we make adjustments as necessary to remain competitive, and attract and retain our workforce.
The C&T Committee follows a robust decision-making process: The C&T Committee already receives and has access to a broad range of information about Kellogg’s broad-based pay strategies and practices. Among other things, the C&T Committee receives information about Kellogg’s workforce and compensation programs at various levels and segmentsbest interests of the Company and its Shareowners, and has done so from time to time, including in 2017 in connection with Mr. Cahillane’s appointment as CEO and as a director of the ratioCompany.
Currently, the Board has determined that the Company and its Shareowners are best served by having Mr. Cahillane hold the roles of Chair and CEO. Mr. Cahillane has extensive industry and public company leadership experience and deep knowledge of the Company. We believe Mr. Cahillane is highly qualified to lead discussions of the Board and is in the best position to facilitate the flow of business information and communications between the total compensationBoard and management.
Given the Board’s unique understanding of the Company’s median employeestrategy, industry, and needs, and its nuanced knowledge of its members’ qualifications and capabilities, we believe the total compensationBoard is in the best position to determine the most effective Board leadership structure. Eliminating this flexibility would constrain the Board’s ability to adapt to circumstances and select a leadership structure that it believes to be in the best interests of the Chief Executive Officer, as reportedCompany and its Shareowners at any point in the proxy statement,time.
We have a strong independent Lead Director role and the executive compensation of companies in our Compensation Peer Group.
Additionally, the C&T Committee retains an independent compensation consultant to provide relevant data concerning the marketplace, including the Compensation Peer Group, and perform its own independent analysis and make recommendations to the C&T Committee concerning executive compensation.
Finally, the C&T Committee considers the risk to our Shareowners and business that may be inherent in the executive compensation program and mitigates risk when setting executive compensation.corporate governance practices.
The Board believes that a strong independent Lead Director role with clearly defined responsibilities provides effective independent management oversight. The role of Lead Director is robust, and includes the C&Tfollowing responsibilities:
for every meeting, reviewing and approving Board agendas, meeting materials and schedules;
communicating directly with Shareowners;
liaising between the Chair and CEO and non-management Directors when appropriate;
presiding at the executive sessions of independent Directors and at all other meetings of the Board of Directors at which the Chair of the Board is not present;
leading the Board's annual evaluation process, including conducting private, individual reviews with each Director; and
facilitating succession planning for the Board.
For a discussion of our Board leadership structure, please also see “Corporate Governance—Board Structure; Communication with the Board” of this Proxy Statement.
Our independent directors elected Don Knauss, an independent director, as the Lead Director of the Board in 2018. Mr. Knauss has a deep understanding of Kellanova and its business, developed over his years of service on our Board, and his board leadership experience as former CEO, Chairman and Executive Chairman of The Clorox Company, strong strategic and financial acumen, commitment to ethics, and extensive knowledge of the retail environment and branded consumer products make him an effective independent Lead Director.
In addition to the strong independent Lead Director role, our Board structure and corporate governance practices demonstrate our commitment and accountability to our Shareowners, including:
a majority of our directors (10 out of 11) are independent;
all of the members and chairs of the Audit Committee, should continueCompensation and Talent Management Committee, Nominating and Corporate Governance Committee, Manufacturing Committee, and Social Responsibility and Public Policy Committee are independent;
the Board and each Board Committee have the authority to determinehire independent legal, financial or other advisors at the most effectiveCompany's expense; and efficient way
frequent meetings of our independent directors in executive sessions.
In addition to the foregoing governance practices, Board and Board Committees conduct annual performance evaluations to assess whether the informationBoard, its Committees, and the Directors are functioning effectively, and Shareowners can communicate directly with the Board in addition to the independent Lead Director. Board committees are comprised entirely of independent directors and each committee has a clearly defined area of oversight regarding key Company risks and functions.
In Conclusion:
For the above reasons, the proposed required separation of the Chair and CEO roles eliminates the Board’s flexibility to select a leadership structure that it considersbelieves to be relevant toin the best interests of the Company and its decision-making process without requiring the C&T Committee to receive a specific type of pay data for all Kellogg employees.
Shareowners have provided feedback and expressed support of our executive compensation practice: The C&T Committee values feedback from Shareowners on executive compensation.Shareowners. We believe our Shareowners have strongly supported our executive compensation program, consistent with the results of our “Say-on-Pay” vote, where we receivedCompany’s strong support forcorporate governance practices, including the Company's compensation program with approximately 97% of votes cast in favor of Kellogg's "Say-on-Pay" proposals in 2020clearly defined and 2021. We hold non-binding, advisory “Say-on-Pay” votes annually to allow Shareowner’s to express approval of Kellogg’s compensation to named executive officers.
In conclusion: The Board believesactive independent Lead Director role, address the C&T Committee already follows a thoughtful, deliberate and robust approach in making compensation decisions that drives our business and leads to long-term Shareowner value while treating employees fairly at all levels. The C&T Committee already receives and has access to information about broad-based compensation practices at Kellogg. Finally, Shareowners provide feedback and supportconcerns set forth in the form of our annual advisory “Say-on-Pay” vote, and have expressed their support of our executive compensation practices. Given this approach, we do not believe the requested policy and disclosure would add meaningful value to the process already followed by the C&T Committee or the disclosure already provided to Shareowners.

proposal.
FOR THESE REASONS, THE BOARD RECOMMENDS A VOTE "AGAINST" THE PROPOSAL
7482Kellogg CompanyKellanova


Shareowner Proposals
PROPOSAL 6
Shareowner Proposal Requesting Racial and Gender Pay Gap Disclosures
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The Board recommends that you voteAGAINST this Shareowner proposal for the reasons set forth in the statement and opposition following the proposal.
We expect the following proposal (Proposal 6 on the proxy card and voting instruction card) to be presented by a Shareowner at the Annual Meeting. Names, addresses and shareholdings of the Shareowner proponent and, where applicable, of co-filers, will be supplied promptly upon oral or written request.
Following SEC rules, other than minor formatting changes, we are reprinting the proposal and supporting statement as it was submitted to us.
James McRitchie and Myra K. Young, CorpGov.net:
Increase Long-Term Shareholder Value
Vote For Proposal 6 Racial and Gender Pay Gap Disclosures
Proposal.jpg
Racial and Gender Pay Gap Disclosures
Resolved: James McRitchie, of CorpGov.net, and other shareholders, request that Kellanova (formerly Kellogg) report annually on unadjusted median pay gaps across race and gender globally and/or by country, where appropriate, including associated policy, reputational, competitive, and operational risks, and risks related to recruiting and retaining diverse talent.
Pay includes base, bonus, and equity compensation, either aggregated or, preferably, disaggregated. The reports should be prepared annually at a reasonable cost, omitting proprietary information, litigation strategy, and legal compliance information.
Racial/gender pay gaps are defined as the difference between non-minority and minority/male and female median earnings expressed as a percentage of non-minority/male and female earnings.
Supporting Statement: Pay inequities persist across race and gender and pose substantial risks to companies and society. Black workers’ median annual earnings represent 77 percent of white wages. The median income for women working full time is 84 percent that of men. Intersecting race, Black women earn 76 percent and Latina women 63 percent1. At the current rate, women will not reach pay equity until 2059, Black women in 2130, and Latina women in 2224.2 At the current rate, women will not reach pay equity until 2059, Black women in 2130, and Latina women in 2224.3
Citigroup estimates closing minority and gender wage gaps 20 years ago could have generated 12 trillion dollars in additional national income.4 PwC estimates closing the gender pay gap could boost Organization for Economic Cooperation and Development (OECD) countries’ economies by $2 trillion annually.5
In 2022, minorities represented 38.1% of Kellogg’s United States workforce and 23.1% of Directors and above. Women represented 35.9% percent of the workforce and 41.2% of Directors and above.6 Actively managing pay equity is associated with improved representation and diversity is linked to superior stock performance and return on equity.7
Best practice pay equity reporting consists of two parts:
1.unadjusted median pay gaps for similar, assessing equal opportunity to high paying roles,
2.statistically adjusted gaps for similar roles, assessing whether minorities and non-minorities, men and women, are paid the same for similar roles.
While Kellanova reports statistically adjusted pay equity, the Company ignores unadjusted pay, which addresses the structural bias women and minorities face regarding job opportunities and pay. Racial and gender unadjusted median pay gaps are accepted as the valid way of measuring pay inequity by the United States Census Bureau, Department of Labor, OECD, and International Labor
Organization.8 The United Kingdom and Ireland mandate disclosure of median gender pay gaps.9 Kellanova does report diversity data. However, unadjusted median pay gaps would show, quite literally, how Kellanova assigns value to its employees through the roles they inhabit and pay they receive. Pay gap reporting provides digestible, comparable data to determine progress over time.10
1https://www.census.gov/data/tables/time-series/demo/income-poverty/cps-pinc/pinc-05.html#par_textimage_24
2024 Proxy Statement83

Shareowner Proposals
2https://static1.squarespace.com/static/5bc65db67d0c9102cca54b74/t/622f4567fae4ea772ae60492/1647265128087/Racial+Gender+Pay+Scorecard+2022+-+Arjuna+Capital.pdf
3https://iwpr.org/iwpr-publications/quick-figure/the-gender-pay-gap-1985-to-2020-with-forecast-for-achieving-pay-equity-by-race-and-ethnicity/
4https://ir.citi.com/NvIUklHPilz14Hwd3oxqZBLMn1_XPqo5FrxsZD0x6hhil84ZxaxEuJUWmak51UHvYk75VKeHCMI%3D
5https://www.pwc.com/hu/en/kiadvanyok/assets/pdf/women-in-work-2021-executive-summary.pdf
6https://www.kellanovacareers.com/en/our-impact/better-days-promise.html
7https://www.mckinsey.com/capabilities/people-and-organizational-performance/our-insights/promoting-gender-parity-in-the-global-workplace
8https://blog.dol.gov/2022/03/15/connecting-the-dots-womens-work-and-the-wage-gap; https://www.census.gov/library/stories/2022/03/what-is-the-gender-wage-gap-in-your-state.html
9https://www.gov.uk/government/collections/gender-pay-gap-reporting;
https://www.gov.ie/en/campaigns/0cb29-gender-pay-gap-information-act-2021/
10https://static1.squarespace.com/static/5bc65db67d0c9102cca54b74/t/622f4567fae4ea772ae60492/1647265128087/Racial+Gender+Pay+Scorecard+2022+-+Arjuna+Capital.pdf
Our Response - Statement in Opposition to Proposal:
The Board has carefully considered the above proposal and believes that it is not in the best interests of our Shareowners. Consequently, the Board recommends that the Shareowners vote against the proposal for the following reasons:
Our current policies and business practices reflect our commitment to an inclusive culture and equitable compensation.
We believe our current pay equity reporting methodology provides an accurate representation of our commitment to an inclusive culture and equitable compensation, and is more meaningful to Shareowners than the unadjusted median pay gap requested by the proponent.
We believe that our practices provide a more meaningful way to promote pay equity than the unadjusted median pay gap disclosures requested by the proposal. Based on the efforts described in our policies, programs, practices, oversight and reporting, we believe we have already addressed the concerns included in the proposal.
Our existing policies and practices support an inclusive culture and equitable compensation.
Kellanova is committed to providing a work environment consistent with our K-Values of acting with integrity and showing respect. This commitment extends to respecting individuals of all backgrounds, capabilities and opinions and applies to all aspects of employment, including pay. Kellanova has adopted policies in support of equal employment opportunity and fair treatment of employees. Our policies prohibit any form of discrimination on the basis of race, gender, sexual orientation, national origin, veteran status, disability, pregnancy or any other basis prohibited by applicable law.
Kellanova also has integrated our K-Values into our Global Code of Ethics, which applies to all employees and promotes equity, diversity and inclusion. Our Global Code of Ethics along with the Company’s equal opportunity and non-discrimination policies promote treating all employees fairly and prohibits discrimination (including discriminatory pay practices) on the basis of any category protected by applicable law. Kellanova aims to provide competitive, market-based compensation and accordingly does not ask applicants to disclose current salaries as part of our application and interview process. Additionally, the Company regularly reviews its practices and policies, including employee salaries, in furtherance of its commitment to non-discrimination.
In addition to maintaining equal opportunity and non-discrimination policies, the Company has a history of supporting equity, diversity and inclusion. In 2005, the Company established an Office of Diversity & Inclusion, which is currently known as the Office of Equity, Diversity and Inclusion. Kellanova promotes an equitable and inclusive work environment and measures the impact of our policies and business practices, including with regard to compensation, on the experiences of all employees in the workplace.
The Office of Equity, Diversity and Inclusion supports these efforts by focusing on recruiting and retaining employees, creating awareness of diversity issues, and fostering a supportive, positive environment where inclusive behaviors are the norm. Efforts to create an environment of inclusion are further supported by our Business Employee Resources Groups, including KVets & Supporters, Kellanova Multi-Cultural Employee Resource Group, Kellanova African American Resource Group, Women of Kellogg, Hola (our Latino resource group), KPride & Allies (our LGBTQ+ resource group), Kapable (our resource group for people with disabilities and their supporters), and Kellanova's Young Professionals. The Company has been recognized by a number of leading organizations for its commitment to equity, diversity and inclusion in the workplace, including a number of which the Company has received multiple times.
In addition to these policies and practices, Kellanova maintains our Better DaysTM Promise. As part of our Better DaysTM Promise, the Company has made and disclosed commitments supporting inclusion in the workforce among other initiatives.
We currently provide meaningful reporting addressing our efforts to foster an inclusive culture and attention to equal pay practices.
We believe our current reporting practices provide an accurate representation of progress toward our equity, diversity and inclusion goals and provide meaningful information to our Shareowners.
We share our approach to and progress toward our equity, diversity and inclusion goals on our website. We have reported on our progress on our commitment to supporting inclusion in the workforce, including through providing data on gender and race
84Kellanova

Shareowner Proposals
representation at various employment levels from 2018 through 2022. Further, while we do not use this data to assess our progress, we have published our Federal Employer Information Report (EEO-1) beginning with data for 2021, which is available under the “Investor Relations” section of the Company’s website. The information contained on or accessible through our website, including EEO-1 data, is not incorporated by reference into this Proxy Statement or any of our other filings with the SEC or considered to be part of this document.
Additionally, we have publicly provided reporting on our pay equity practices. In assessing pay equity, we have chosen to report statistically adjusted pay metrics as we view pay equity as the principle that employees should be compensated the same when they undertake the same responsibilities, and that differences in pay in those circumstances should only be due to legitimate, non-discriminatory factors, such as differing levels of experience, performance, tenure with the Company and similar factors. We have reported our statistically adjusted pay metrics, and announced in August 2022 that among our employees, Kellanova pays women 99.8% of the pay of their male colleagues in comparable roles globally and racially underrepresented talent 100% of the pay of their majority colleagues in comparable roles in the U.S. We have also periodically published reports discussing equity in our workplace, which can be found on the Better DaysTM Promise portion of our website.
The proponent’s proposed unadjusted median pay statistic does not account for factors such as cost of living, job function and level, experience, tenure, market pricing, labor force participation rates, country currency and geography, which impact differences in compensation determinations. The measure requested by the proponent seeks to compare the pay of two employees whose compensation happens to fall at the midpoint of the pay range among those employees sharing the relevant characteristics, such as gender, without adjusting for relevant factors that can explain variances in compensation. Given the variety of legitimate factors that can impact compensation as well as the global nature of our workforce and variances in compensation across markets, we do not believe that reporting unadjusted median pay gaps across race and gender globally is a practical or useful supplement to our existing pay equity reporting efforts.
We believe that the disclosure and reporting we have provided, which reflect our belief that employees should be compensated the same when they undertake the same responsibilities, is more meaningful to Shareowners than the unadjusted median pay gap requested by the proponent, which does not take into consideration whether the Company pays employees equitably based on their position, responsibilities, or specific skills or experience. We believe undertaking and reporting on the unadjusted pay equity methodology is unnecessary and would not be an effective use of our resources, nor would it provide relevant or meaningful information to the Company or our Shareowners.
In Conclusion:
For the reasons described above and given our focused attention on non-discrimination and equitable pay practices, as reflected in our policies, business practices, and actions, including engagement with stakeholders and experts, and our existing assessments and reporting around pay equity, the Board recommends that Shareowners vote against this proposal.
FOR THESE REASONS, THE BOARD RECOMMENDS A VOTE "AGAINST" THE PROPOSAL
2024 Proxy Statement85

Shareowner Proposals
PROPOSAL 7
Shareowner Proposal to Report on the Risks to the Company Associated with Pesticide Use in its Supply Chain
image_6.jpg
The Board recommends that you voteAGAINST this Shareowner proposal for the reasons set forth in the statement and opposition following the proposal.
We expect the following proposal (Proposal 7 on the proxy card and voting instruction card) to be presented by a Shareowner at the Annual Meeting. Names, addresses and shareholdings of the Shareowner proponent and, where applicable, of co-filers, will be supplied promptly upon oral or written request.
Following SEC rules, other than minor formatting changes, we are reprinting the proposal and supporting statement as it was submitted to us.
As You Sow with co-filers Mercy Investment Services, Inc. and Providence St. Joseph Health, on behalf of Warren Wilson College:
WHEREAS: Industrial agriculture’s reliance on synthetic pesticides threatens farm sustainability, biodiversity, climate resiliency, water quality, and farmworker and fenceline community health and safety.
Pesticides decrease long-term farm productivity due to the proliferation of pesticide-resistant weeds and insects, the loss of topsoil, and soil nutrient degradation.1 Pesticide-intensive farming practices, including monocropping, increase susceptibility to pests and weed outbreaks.2
Agricultural pesticide use also directly impacts pollinator health. One-third of our food is dependent on pollinators, which are declining at alarming rates in significant part due to agricultural pesticide use.3 Additionally, synthetic pesticides generate greenhouse gas emissions and decrease soil’s ability to sequester carbon.4
Farmland consistently treated with pesticides also loses its ability to store water, increasing the generation of toxic runoff.5 Pesticide runoff poisons fish and wildlife, contaminates food sources, destroys animal habitats, and adversely impacts human health.6
Farmworkers and fenceline communities are disproportionately affected by pesticide use. Nearly 44% of farmworkers experience unintentional acute pesticide poisoning (UAPP) annually, causing approximately 11,000 deaths every year.7 Long-term exposure to pesticides on and around farms also causes serious human health effects from cancer to cognitive impairment.8
Although Kellanova has identified ‘Sustainable Agriculture’ goals as part of its Better Days Promise, it does not address risks related to pesticide use. Kellanova does not disclose whether it: tracks pesticide use, has assessed the risks of pesticides used on its material crops, has implemented measures to reduce pesticide use, or intends to report successful reductions in use. This represents an important blind spot and significant risk to investors and our Company.
Other major food companies are taking action to reduce, assess, and report pesticide risk, including:
General Mills has put in place a comprehensive pesticide reduction plan focused on regenerative agriculture, integrated pest management (IPM), increasing organic acreage, and promoting pollinator health.9
Lamb Weston reports pounds of active ingredient pesticides used per ton of crops harvested annually. It audits growers’ pesticide use through a third party.10
Conagra reports annually on pesticide use avoided through IPM and monitoring practices – reporting 112,500 gallons of fumigant pesticides avoided since 2021.11
In a competitive marketplace that increasingly demands safe food and reduced harm to stakeholders and the environment, understanding and assessing supplier pesticide use reduces risk for shareholders and our Company.
RESOLVED: Shareholders request that Kellanova issue a report, at reasonable expense and excluding proprietary information, on the risks to the Company associated with pesticide use in its supply chain.
SUPPORTING STATEMENT: At board discretion, shareholders recommend the report include:
An assessment of the risks associated with pesticide use on farmworker and fence line community health, farm resilience, soil health, biodiversity, water quality, climate, and reputational and litigation risk; and
Any strategies, beyond legal compliance, Kellanova has taken or plans to take to mitigate those risks.
1https://www.scientificamerican.com/article/weeds-are-winning-the-war-against-herbicide-resistance1/;
https://e360.yale.edu/features/how-the-loss-of-soil-is-sacrificing-americas-natural-heritage; https://www.https://www.panna.org/wp-content/uploads/2023/02/202308ClimateChangeEng.pdf
2https://ehp.niehs.nih.gov/doi/pdf/10.1289/ehp.02110445
86Kellanova

Shareowner Proposals
3https://newsarchive.berkeley.edu/news/media/releases/2006/10/25_pollinator.shtml;
https://www.nationalgeographic.com/environment/article/insect-apocalypse-under-way-toxic-pesticides-agriculture
4https://phys.org/news/2023-02-pesticide-pollution-harvesting-intensity-crop.html
5https://pesticidestewardship.org/water/runoff/
6https://www.epa.gov/sites/default/files/2015-09/documents/ag_runoff_fact_sheet.pdf
7https://pubmed.ncbi.nlm.nih.gov/33287770/
8https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9231402/
9https://www.generalmills.com/how-we-make-it/healthier-planet/environmental-impact/pesticides
10https://esg.lambweston.com/lambweston-2022-esg.pdf
11https://www.conagrabrands.com/citizenship-reports/conagra-brands-citizenship-report-2022
Our Response - Statement in Opposition to Proposal:
The Board has carefully considered the above proposal and believes that it is not in the best interests of our Shareowners. Consequently, the Board recommends that the Shareowners vote against the proposal for the following reasons:
We have instituted processes to identify, assess and oversee risks facing the Company and its operations, and our current policies and business practice reflect our commitment to sustainability.
We believe our current reporting regarding the material risks to our operations and our sustainability and pesticide use provides meaningful information to Shareowners; as such, we believe the additional reporting requested by the proponent is unnecessary.
Based on our existing our policies, programs, practices, and reporting, we believe we already address the concerns included in the proposal. The Company maintains robust programs and policies to identify and oversee risks, manage suppliers and otherwise address concerns related to sustainability, including pesticide use. Given our publicly available reporting and our sustainable agriculture initiatives, we do not believe that the reporting called for in the proposal would be of value to our Shareowners.
We have implemented and maintain processes and policies around risk assessment and have undertaken sustainability initiatives.
The Company maintains a robust process for identifying, assessing, overseeing, and taking action with respect to material risks facing the Company. As described under the “Board Oversight of Enterprise Risk” section of this Proxy Statement, Kellanova’s risk assessment process is global in nature and has been developed to identify and assess the Company’s current and emerging risks, including the nature, probability and implications of the risk, as well as to identify steps to mitigate and manage each risk. The safety of the foods we make is a top priority for the Company. As part of the Board’s oversight of our ERM process, the Manufacturing Committee of the Board oversees food quality and safety and the Social Responsibility and Public Policy Committee of the Board oversees our sustainability efforts, among other matters.
As a global food company, we maintain comprehensive, global quality and food safety standards, which are articulated in the Kellanova Global Environment, Health and Safety (EHS) Policy, as well as our manufacturing standards for our external partners to support our efforts to ensure our food is manufactured safely, complies with local regulations and meets or exceeds the quality standards we have set for our products. Under our Supplier Code of Conduct, suppliers must provide Kellanova with high-quality products, ingredients, and services that meet all applicable quality and food safety standards as well as comply with all applicable regulations. Additionally, our Global Code of Ethics for all employees speaks to our environmental stewardship.
In addition to compliance with applicable rules and regulations and instituting food safety policies and practices, Kellanova maintains our Better DaysTM Promise. As part of developing positions and policies under our Better Days™ Promise, the Company engages with a wide variety of stakeholders to inform our social and environmental purpose strategy and advance our commitments. This engagement allows us to identify and carefully consider the environmental and societal issues that are of greatest concern to our business, our stakeholders and could have an impact on the long-term success of our business.
As part of our Better Days™ Promise, the Company has committed to building resilient global supply chains. In connection with these efforts, we have undertaken efforts supporting improving soil health and encouraging the reduction of inputs like fertilizer and pesticides. As part of our Better Days™ efforts to address critical environmental and social issues in our supply chains, we also invest in on-the-ground interventions to support farmers. We work with our ingredient suppliers, research institutions and nonprofit organizations around the world to provide farmers and workers in our sourcing regions with on-the-ground training and technical assistance they need to, among other objectives, improve farm productivity, regenerate soil health, and protect species and habitats in ways that are intended to protect and respect the environment.
Additionally, since 2008, the Company has measured our environmental efforts against Global Reporting Initiative (GRI) Standards.
We are committed to meaningful disclosure.
We believe that our disclosure provides to our Shareowners a fulsome picture of our performance on sustainability. We publicly report on a range of critical environmental, social and governance issues impacting our business. Company sustainability policies can be found on our website, including in our Supplier Code of Conduct, our Global Code of Ethics, and our goals within our Better Days™ Promise. The information contained on or accessible through our website, including sustainability information, is not incorporated by reference into this Proxy Statement or any of our other filings with the SEC or considered to be part of this document.
Additionally, significant information regarding our sustainability initiatives can be found on the Better Days™ Promise portion of our website. We also publicly report on our website our commitments and strategies regarding responsible sourcing and our work with farmers, suppliers and communities and the information regarding methodologies used for our Better Days™ commitments.
In Conclusion:
Given the Company’s sustainability initiatives and disclosures regarding our objectives, policies and practices, we believe we are addressing the concerns included in the Shareowner’s proposal and the proposed assessment of risks related to pesticide use and related disclosure is unnecessary and not an effective use of our resources.
FOR THESE REASONS, THE BOARD RECOMMENDS A VOTE "AGAINST" THE PROPOSAL
2024 Proxy Statement87

Shareowner Proposals
PROPOSAL 8
Shareowner Proposal to Reduce Company Greenwashing Risk
image_6.jpg
The Board recommends that you voteAGAINST this Shareowner proposal for the reasons set forth in the statement and opposition following the proposal.
We expect the following proposal (Proposal 8 on the proxy card and voting instruction card) to be presented by a Shareowner at the Annual Meeting. Names, addresses and shareholdings of the Shareowner proponent and, where applicable, of co-filers, will be supplied promptly upon oral or written request.
Following SEC rules, other than minor formatting changes, we are reprinting the proposal and supporting statement as it was submitted to us.
National Center For Public Policy Research
Reduce Company Greenwashing Risk
WHEREAS: Shareholders must protect our assets against potentially unfulfillable Company ESG promises, including the extent to which the Company can reduce Scope 1, 2, and 3 greenhouse gas (GHG) emissions.
The Securities and Exchange Commission (SEC) has taken enforcement actions related to Environmental, Social, Governance (ESG) issues or statements by companies who misrepresent or engage in fraud related to ESG efforts.1
In 2021, the SEC created the Climate and ESG Task Force in its Division of Enforcement.2 The focus of the Task Force is "to identify any material gaps or misstatements" in disclosure of climate risks and analyze "compliance issues relating to investment advisers' and funds' ESG strategies. "3
The SEC has taken numerous enforcement actions including charging Goldman Sachs Asset Management for policies and procedures failures related to ESG investments, resulting in a $4 million penalty,4 and charging DWS Investment Management Americas Inc. in part for misstatements regarding its ESG investment process that resulted in an overall $25 million in penalties. 5
The SEC has proposed to require companies to disclose their Scope 1 and 2 emissions, and to require them to disclose Scope 3 emissions "if material or if the registrant has set a GHG emissions target or goal that includes Scope 3 emissions."6
The Environmental Protection Agency defines Scope 3 emissions as, "the result of activities from assets not owned or controlled by the reporting organization, but that the organization indirectly affects in its value chain."7 Put differently, "Scope 3 emissions for one organization are the scope 1 and 2 emissions of another organization. "8 This means that Scope 3 emissions are already counted as another entity's emissions, and are external to the reporting company, such as product use and how employees commute. 9
Voluntary commitments to reduce carbon emissions create unnecessary risk for the Company because of the lack of scientific consensus over the ability to achieve net zero emissions.
In August 2023, the Global Climate Intelligence Group asserted, "There is no climate emergency."10 The declaration includes 1,609 signatories and "oppose[s] the harmful and unrealistic net-zero CO2 policy proposed for 2050."11
A June 2023 study by the Energy Policy Research Foundation found that net zero advocates have misconstrued the International Energy Agency's position on new oil and gas investment and that it has made questionable assumptions and milestones for NZE about government policies, energy and carbon prices, behavioral changes, economic growth, and technology maturity. 12
SUPPORTING STATEMENT: Kellogg's voluntarily reports on Scope 1, 2 and 3 emissions and makes voluntary commitments to reduce them, such as reducing absolute Scope 3 emissions by 15% by the end of 2030.13 Kellogg's does so without reporting on its evaluation of the technological or financial feasibility of such commitments. Given the SEC's climate and ESG enforcement actions, the Company must exercise caution and provide transparency about such commitments.
RESOLVED: Shareholders request the Company produce a report analyzing the risks arising from voluntary carbon-reduction commitments.
1https://www.sec.gov I securities--topics/ enforcement-task-force-focused-climate-esg-issues
2https://www.sec.gov/news/press-releasei2071-42
3https://www.sec.gov/news/press-releasei2071-42; https://www.sec.gov/securities-topics/enforcement-task-force-focused-climate-esg-issues
4https://www.sec.gov/news/press-release/2022-209
5https://www.sec.gov/news/press-release/2023-194
6https://www.sec.gov/news/press-release/2022-46
7https://www.epa.gov/climateleadership/scope.3-inventory-guidance
88Kellanova

Shareowner Proposals
8https://www.epa.gov/climateleadership/scope-3-inventory-guidance
9https://www.epa.gov/climateleadership/scope-3-inventory-guidance
10https://clintel.org/wp-content/uploads/2023/08/WCD-version-081423.pdf
11https://clintel.org/wp-content/uploads/2023/08/WCD-version-081423.pdf
12https://assets.realclear.com/files/2023/06/2205_a_critical_assessment_of_the_ieas_net_zero_scenario_esg_and_the_cessation_of_investment_in_new_oil_and_gas_fields.pdf
13https://about.ups.com/content/dam/upsstories/assets/reporting/sustainability-2021/2020_UPS_TCFD_Report_081921.pdf
Our Response - Statement in Opposition to Proposal:
The Board has carefully considered the above proposal and believes that it is not in the best interests of our Shareowners. Consequently, the Board recommends that the Shareowners vote against the proposal for the following reasons:
The Company maintains a robust oversight process regarding environmental risk matters.
The Company has publicly disclosed the rationale and methodologies behind its environmental initiatives and commitments.
We believe our policies, business practices, and actions, including engagement with a broad range of stakeholders and experts, and our existing risk assessments and reporting around our environmental commitments make the requested report unnecessary.
We maintain robust oversight processes regarding environmental risk matters.
The Board believes that producing a report analyzing the risks arising from voluntary carbon reduction commitments as requested by the proponent is unnecessary and not an effective use of the Company’s resources because the Board and various committees already exercise oversight of the evaluation of the risks and benefits of the Company’s carbon reduction initiatives to the Company and its stakeholders.
The Company maintains a robust process for identifying, assessing, overseeing, and taking action with respect to material risks facing the Company. As described under the “Board Oversight of Enterprise Risk” section of this Proxy Statement, Kellanova’s risk assessment process is global in nature and has been developed to identify and assess the Company’s current and emerging risks, including the nature, probability and implications of the risk, as well as to identify steps to mitigate and manage each risk. Specifically, the Board, directly and through its Committees, uses the Enterprise Risk Management (or ERM) process to assist in fulfilling its oversight of the Company’s risks. Because environmental risks and the implications for the Company’s business span a number of areas of the business, they are overseen by several Committees of the Board of Directors in addition to the Board as a whole. For example, the Audit Committee of the Board reviews an assessment of the Company’s enterprise risks and the allocation of risk oversight among the Board and its Committees. The Social Responsibility and Public Policy Committee, among other matters, oversees the Company’s sustainability efforts and climate policy. Further, the Company’s management conducts a formal risk assessment of Kellanova’s business annually, including assessing probability, magnitude, velocity, potential economic and reputational impacts, and developing mitigation actions and monitoring plans, and monitors key risks.
The Company has provided publicly available information on our environmental commitments and initiatives.
In establishing our commitments to environmental matters under our Better DaysTM Promise, Kellanova uses evolving scientific data, technology developments and stakeholder input to make informed decisions about our commitments and strategy. Our environmental commitments under our Better DaysTM Promise are the product of engagement with our investors, customers, suppliers, and other stakeholders on a variety of issues. Based on this engagement and feedback, we determined that it is important for Kellanova to play a role in reducing carbon emissions. Therefore, we believe our strategy remains aligned with stakeholder interests. Additionally, we assess business benefits and long-term costs and savings associated with mitigating environmental risks, including impact on our business operations, strategy, and performance.
Kellanova has disclosed its commitment to setting near- and long-term company-wide emission reductions in line with science-based net-zero standards with the Science Based Targets initiative. In connection with the commitments undertaken by Kellanova under its Better DaysTM Promise, Kellanova publicly discloses the Company’s approach to meet goals and information regarding the methodologies for tracking these metrics. Further, the Company has engaged with a third-party expert to undertake a due diligence process and the development of our decarbonization commitments and a modelling tool in connection with our decarbonization efforts. Our greenhouse gas emissions (Scopes 1, 2 and 3) and energy consumption have been independently verified by Apex Companies.
The Company has produced numerous disclosures regarding our environmental commitments and initiatives, which can be found on the Company’s Better DaysTM Promise website and also reports issued from time to time by the Company, including the Kellanova Better DaysTM Promise Commitments and Methodologies from October 2023 that is publicly available on the Better DaysTM Promise website. The information contained on or accessible through our website, including information regarding our environmental commitments and initiatives, is not incorporated by reference into this Proxy Statement or any of our other filings with the SEC or considered to be part of this document.
In Conclusion:
Our Board of directors believes that the extensive oversight of risk and opportunities related to our environmental commitments by our Board and various committees, and comprehensive disclosure already publicly available on our website, show that the Company is already considering the risks and opportunities associated with our disclosures regarding carbon reduction commitments. Our Board believes that producing the report requested by the proposal would accordingly not be an effective use of the Company’s time and resources.
FOR THESE REASONS, THE BOARD RECOMMENDS A VOTE "AGAINST" THE PROPOSAL
2024 Proxy Statement89


Security Ownership
Five Percent Holders
The following table shows each person who, based upon their most recent filings or correspondence with the SEC, beneficially owns more than 5% of our common stock.
Beneficial Owner/AddressShares
Beneficially Owned
Percent of Class on
December 31, 2021
W.K. Kellogg Foundation Trust(1)
c/o Northern Trust Corporation
50 South LaSalle Street
Chicago, IL 60603
62,357,240(2)18.3 %
The Vanguard Group
  100 Vanguard Blvd.
  Malvern, PA 19355
28,706,271(3)8.4 %
BlackRock, Inc.
  55 East 52nd Street
  New York, NY 10055
25,791,189(4)7.6 %
Gordon Gund
  14 Nassau Street
  Princeton, NJ 08542-4523
21,846,696(5)6.4 %
KeyCorp
  127 Public Square
  Cleveland, OH 44114-1306
21,713,198(6)6.4 %
Beneficial Owner/AddressShares
Beneficially Owned
Percent of Class on
December 30, 2023
W.K. Kellogg Foundation Trust(1)
c/o Northern Trust Corporation
50 South LaSalle Street
Chicago, IL 60603
57,375,129 (2)16.9 %
The Vanguard Group
100 Vanguard Blvd.
Malvern, PA 19355
32,150,331 (3)9.4 %
BlackRock, Inc.
55 East 52nd Street
New York, NY 10055
29,982,413 (4)8.8 %
Gordon Gund
14 Nassau Street
Princeton, NJ 08542-4523
20,142,712 (5)5.9 %
KeyCorp
127 Public Square
Cleveland, OH 44114-1306
20,027,982 (6)5.9 %
(1)According to a Schedule 13G/A filed with the SEC on February 9, 2022,8, 2024, the W.K. Kellogg Foundation Trust (the “Kellogg Trust”) shares voting and investment power with the W.K. Kellogg Foundation (the “Kellogg Foundation”) and the trustees of the Kellogg Trust with respect to 58,631,83753,087,038 shares of Kellogg Company,Kellanova, or 17.2%15.6% of our outstanding shares on December 31, 2021.30, 2023. As of that date, the trustees of the Kellogg Trust were Steve Cahillane, Ramón Murguía,Richard Tsoumas, La June Montgomery Tabron and Northern Trust Company. The Kellogg Foundation, a Michigan charitable corporation, is the sole beneficiary of the Kellogg Trust. Under the agreement governing the Kellogg Trust (the “Agreement”), at least one trustee of the Kellogg Trust must be a member of the Kellogg Foundation’s Board, and one member of our Board must be a trustee of the Kellogg Trust. The Agreement provides if a majority of the trustees of the Kellogg Trust (which majority must include the corporate trustee) cannot agree on how to vote the KelloggKellanova stock, the Kellogg Foundation has the power to direct the voting of such stock. With certain limitations, the Agreement also provides that the Kellogg Foundation has the power to approve successor trustees, and to remove any trustee of the Kellogg Trust. The shares of Kellogg CompanyKellanova owned directly by Mr. Cahillane and Ms. Montgomery Tabron are reflected in the Officer and Director Stock Ownership table below.
(2)According to a Schedule 13G/A filed with the SEC on February 8, 2022,13, 2024, Northern Trust Corporation has sole voting power for 395,548607,451 shares, shared voting power for 61,946,93756,754,641 shares (including those shares beneficially owned by the Kellogg Trust), sole investment power for 2,170,0252,669,193 shares and shared investment power for 59,770,15054,223,992 shares (including those shares beneficially owned by the Kellogg Trust). Northern Trust Corporation, as parent holding company for The Northern Trust Company, as trustee of the Kellogg Trust, shares voting and investment power with the other three trustees with respect to the 58,631,83753,087,038 shares owned by the Kellogg Trust, which shares are reflected in Northern Trust Corporation’s totals above. Each of Mr. Cahillane, Ms. Montgomery Tabron and Mr. Tsoumas disclaims beneficial ownership over Kellanova stock owned by the Kellogg Trust. The remaining shares not owned by the Kellogg Trust that are disclosed in the table above represent shares beneficially owned by Northern Trust Corporation and The Northern Trust Company unrelated to the Kellogg Trust.
(3)According to a Schedule 13G/A filed with the SEC on February 10, 2022,13, 2024, The Vanguard Group has sole voting power for 0 shares, shared voting power for 417,614345,062 shares, sole investment power for 27,642,82930,969,415 shares and shared investment power for 1,063,4421,180,916 shares.
(4)According to a Schedule 13G/A filed with the SEC on January 25, 2024, BlackRock, Inc. has sole voting power for 27,510,611 shares and sole investment power for 29,982,413 shares.
(5)According to a Schedule 13G/A filed with the SEC on February 1, 2022, BlackRock, Inc. has sole voting power for 22,634,467 shares and sole investment power for 25,791,189 shares.
(5)According to a Schedule 13G/A filed with the SEC on February 7, 2022,9, 2024, Gordon Gund has sole voting power for 21,654,82719,950,843 shares, shared voting power for 191,869 shares, sole investment power for 0 shares and shared investment power for 191,869 shares. The shares over which Gordon Gund has sole voting power are held by various trusts for the benefit of certain members of the Gund family, as to which shares Gordon Gund disclaims beneficial ownership.
(6)According to a Schedule 13G/A filed with the SEC on January 7, 2022,8, 2024, KeyCorp, as trustee for certain Gund family trusts, including the trusts discussed under (4) above, as well as other trusts, has sole voting power for 52,84570,955 shares, shared voting power for 4,9005,417 shares, sole investment power for 21,683,14019,994,948 shares and shared investment power for 26,80729,964 shares.
2022 Proxy Statement9075Kellanova

Security Ownership
Officer and Director Stock Ownership
The following table shows the number of shares of KelloggKellanova common stock beneficially owned as of January 15, 2022,2024, by each Director, each executive officer named in the Summary Compensation Table and all Directors and executive officers as a group.
NameName
Shares(1)
Options(2)
Deferred Stock
Units(3)
Total Beneficial
Ownership(4)
PercentageName
Shares(1)
Options(2)
Deferred Stock
Units(3)
Total Beneficial
Ownership(4)
Percentage
Non-NEO DirectorsNon-NEO Directors
Stephanie BurnsStephanie Burns22,2217,99730,218*
Stephanie Burns
Stephanie Burns28,378 — 10,640 39,018 *
Carter CastCarter Cast12,96112,961*Carter Cast18,413 — — — — 18,413 18,413 **
Rick Dreiling15,4489,88925,337*
Rod GillumRod Gillum8,4165,12813,543*Rod Gillum13,526 — — 7,109 7,109 20,635 20,635 **
Zack Gund (5)Zack Gund (5)1,651,72314,1561,665,879*
Zack Gund(5)
1,657,714 — — 18,983 18,983 1,676,697 1,676,697 **
Donald KnaussDonald Knauss45,39445,394*Donald Knauss53,311 — — — — 53,311 53,311 **
Mary LaschingerMary Laschinger26,69918,48845,187*Mary Laschinger33,198 — — 19,896 19,896 53,094 53,094 **
Erica MannErica Mann8,4168,416*Erica Mann13,521 — — — — 13,521 13,521 **
La June Montgomery Tabron (6)La June Montgomery Tabron (6)22,22122,221*
La June Montgomery Tabron(6)
28,378 — — — — 28,378 28,378 **
Mike SchlotmanMike Schlotman4,1384,138*Mike Schlotman8,879 — — — — 8,879 8,879 **
Carolyn TastadCarolyn Tastad16,96016,960*Carolyn Tastad22,716 — — — — 22,716 22,716 **
Named Executive OfficersNamed Executive Officers
Steve Cahillane (6)Steve Cahillane (6)121,847745,03313,446880,326*
Steve Cahillane(6)
Steve Cahillane(6)
438,628 1,155,697 14,471 1,608,797 *
Amit BanatiAmit Banati48,563228,466277,029*Amit Banati133,335 277,774 277,774 — — 411,109 411,109 **
Chris HoodChris Hood36,512385,323421,835*Chris Hood110,663 408,594 408,594 — — 519,257 519,257 **
Gary PilnickGary Pilnick75,262456,496531,758*Gary Pilnick122,040 435,141 435,141 — — 557,181 557,181 **
Alistair Hirst47,945346,776394,721*
All Directors and executive officers as a group (22 persons)(7)2,238,0592,565,82369,1054,872,9871.4 
David LawlorDavid Lawlor67,403 136,447 — 203,850 *
Shumit Kapoor
All Directors and executive officers as a group 23 persons)(7)
All Directors and executive officers as a group 23 persons)(7)
All Directors and executive officers as a group 23 persons)(7)
*Less than 1%.
(1)Represents the number of shares beneficially owned, excluding shares which may be acquired through exercise of stock options and units held under our deferred compensation plans. Includes (i) restricted stock units that vested within 60 days of January 15, 2022;2024; and (ii) the following number of shares held in Kellogg’sKellanova’s Grantor Trust for Directors and Executives related to the annual grants of deferred shares for Non-Employee Directors, which shares are subject to restrictions on voting and investment: Dr. Burns, 22,22128,378 shares; Mr. Cast, 12,96118,413 shares; Mr. Dreiling, 15,421 shares, Mr. Gillum, 8,41613,526 shares; Mr. Zack Gund, 19,86625,857 shares; Mr. Knauss, 45,30953,311 shares; Ms. Laschinger, 26,69933,198 shares; Ms. Mann, 8,41613,521 shares; Ms. Montgomery Tabron, 22,22128,378 shares; Mr. Schlotman 8,379 shares; Ms. Tastad 16,96022,716 shares; and all Directors as a group, 202,128245,679 shares.
(2)Represents options that were exercisable on January 15, 20222024, and options that become exercisable within 60 days of January 15, 2022.2024.
(3)Represents the number of common stock units held under our deferred compensation plans as of January 15, 2022.2024. For additional information, refer to “2021“2023 Director Compensation and Benefits — Elective Deferral” and “Retirement and Non-Qualified Defined Contribution and Deferred Compensation Plans - Discontinued / Frozen Plans Executive Deferral Program” for a description of these plans.
(4)None of the shares listed have been pledged as collateral.
(5)Includes: (i) 3,657 shares held by a trust for the benefit of Mr. Zack Gund and certain members of his family, of which Mr. Zack Gund is one of several trustees; (ii) 9,200 shares held by a limited liability company that is owned by a trust for the benefit of certain members of Mr. Zack Gund’s family, of which a family member of Mr. Zack Gund’s is the trustee of the trust;trust and Mr. Zack Gund is the manager of the limited liability companycompany; and (iii) 1,619,000 shares held in family partnerships, the partners of which include a trust for the benefit of Mr. Zack Gund and he serves as a manager of these partnerships. As a result of these relationships, Mr. Zack Gund may have voting and dispositive power over all such shares. Mr. Zack Gund disclaims beneficial ownership of these shares except to the extent of his pecuniary interest.
(6)Does not include shares owned by the Kellogg Trust, as to which Mr. Cahillane and Ms. Montgomery Tabron, as trustees of the Kellogg Trust as of the date of this table hold voting and investment power,disclaim beneficial ownership, or shares as to which the Kellogg Trust or the Kellogg Foundation have a current beneficial interest.
(7)Includes 3,657 shares held by a trust for the benefit of the applicable Director and certain family members, of which the applicable Director disclaims beneficial ownership except to the extent of the applicable Director’s pecuniary interest; 9,200 shares held by a limited liability company that is owned by a trust for the benefit of certain family members of the applicable Director, of which the applicable Director disclaims beneficial ownership except to the extent of the applicable Director’s pecuniary interest; 1,619,000 shares held in family partnerships, of which the applicable Director disclaims beneficial ownership except to the extent of the applicable Director’s pecuniary interest; 122,432255,982 shares held jointly with spouse, of which the applicable Director and his wife share voting and investment power; 51,47128,576 shares held by spouse and children; 456,496children; 435,141 options held by the officer and spouse; and 1,1561,607 shares held in our Savings & Investment Plans.Plans; and 4,038 shares held through a trust in which the officer or a family member are a beneficiary.
76Kellogg Company

Security Ownership
Delinquent Section 16(a) Beneficial Ownership Reporting ComplianceReports
Section 16(a) of the Securities Exchange Act of 1934 requires our Directors, executive officers, and greater-than-10% Shareowners to file reports with the SEC. SEC regulations require us to identify anyone who filed a required report late during the most recent fiscal year. Based on our review of these reports and written certifications provided to us, we believe that the filing requirements for all of these reporting persons were complied with, except the Form 3 filed on behalf of Ms. Bahner was amended after the filing deadline to report shares beneficially owned by Ms. Bahner that onewere inadvertently omitted from Ms. Bahner's timely filed Form 4 for each of Nicolas Amaya, Chris Hood, and Monica McGurk was inadvertently filed late by Kellogg. Two Form 4/As and a Form 5 was filed in February 2022 reporting each transaction.3.
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About The Meeting
Information About this Proxy Statement
Why You Received this Proxy Statement. You have received these proxy materials because our Board of Directors, which we refer to as the Board is soliciting your proxy to vote your shares at the 20222024 Annual Meeting of Shareowners of KelloggKellanova to be held at 1:00 p.m. EasternNoon Central Time on Friday, April 29, 2022,26, 2024, or any adjournments or postponements thereof. This proxy statementProxy Statement includes information that we are required to provide to you under the rules of the Securities and Exchange Commission (the “SEC”) and that is designed to assist you in voting your shares. On or about March 4, 2022,2024, we began to mail to our Shareowners of record as of the close of business on March 1, 2022,February 27, 2024, either a notice containing instructions on how to access this proxy statementProxy Statement and our annual report online or a printed copy of these proxy materials. If you own our common stock in more than one account, such as individually and also jointly with your spouse, you may receive more than one notice or set of these proxy materials. To assist us in saving money and to serve you more efficiently, we encourage you to have all your accounts registered in the same name and address by contacting our transfer agent, Broadridge Corporate Issuer Solutions, Inc., P.O. Box 1342, Brentwood, NY 11717; phone number: (877) 910-5385 or e-mail: shareholder@broadridge.com.
Notice of Electronic Availability of Proxy Statement and Annual Report. As permitted by SEC rules, we are making this proxy statementProxy Statement and our annual report available to our Shareowners electronically via the Internet. The notice of electronic availability contains instructions on how to access this proxy statementProxy Statement and our annual report and vote online. If you received a notice by mail, you will not receive a printed copy of the proxy materials in the mail. Instead, the notice instructs you on how to access and review all of the important information contained in the proxy statementProxy Statement and annual report. The notice also instructs you on how you may submit your proxy over the Internet or by telephone. If you received a notice by mail and would like to receive a printed copy of our proxy materials, you should follow the instructions for requesting such materials contained on the notice.
Summary Processing. The SEC’s rules permit us to print an individual’s multiple accounts on a single notice or set of annual meeting materials. This printing method is referred to as “summary processing” and may result in cost savings. To take advantage of this opportunity, we have summarized on one notice or set of annual meeting materials all of the accounts registered with the same tax identification number or duplicate name and address, unless we received contrary instructions from the impacted Shareowner prior to the mailing date. We agree to deliver promptly, upon written or oral request, a separate copy of the notice or annual meeting materials, as requested, to any Shareowner to which a single copy of those documents was delivered. If you prefer to receive separate copies of the notice or annual meeting materials, contact Broadridge Financial Solutions, Inc. at (866) 540-7095 or in writing at Broadridge, Householding Department, 51 Mercedes Way, Edgewood, New York 11717.
If you are currently a Shareowner sharing an address with another Shareowner and wish to receive only one copy of future notices or annual meeting materials for your household, please contact Broadridge at the above phone number or address.
Who Can Vote — Record Date
The record date for determining Shareowners entitled to vote at the Annual Meeting is March 1, 2022.February 27, 2024. Each of the approximately 339,435,112 341,759,214shares of KelloggKellanova common stock issued and outstanding on that date is entitled to one vote at the Annual Meeting.
A list of the names of Shareowners entitled to vote at the Annual Meeting will be available for at least ten days prior to the Annual Meeting. To arrange review of the list of Shareowners for any purpose relevant to the Annual Meeting, please contact Investor Relations at (269) 961-2800. The Shareowner list will also be available during the virtual Annual Meeting for examination by Shareowners at www.virtualshareholdermeeting.com/K2022.K2024.
How to Vote — Proxy Instructions
If you received a notice of electronic availability, you cannot vote your shares by filling out and returning the notice. The notice, however, provides instructions on how to vote by Internet, by telephone or by requesting and returning a paper proxy card or voting instruction card.
If your shares are registered directly in your name with our transfer agent, you are considered, with respect to those shares, the shareownerShareowner of record. As the shareownerShareowner of record, you have the right to vote at the meeting. If your shares are held in a brokerage account or by another nominee or trustee, you are considered the beneficial owner of shares held in “street name.” As the beneficial owner, you are also invited to attend the meeting. Since a beneficial owner is not the shareownerShareowner of record, you may not vote these shares at the meeting unless you obtain a “legal proxy” from your broker, nominee or trustee that holds your shares, giving you the right to vote the shares at the meeting.
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About The Meeting
Whether you hold shares directly as a registered shareownerShareowner of record or beneficially in street name, you may vote without attending the meeting. You may vote by granting a proxy or, for shares held beneficially in street name, by submitting voting instructions to your broker, nominee or trustee. In most cases, you will be able to do this by telephone, by using the Internet or by mail if you received a printed set of the proxy materials.
Due to concerns relating to the coronavirus (COVID-19) pandemic, and to support the health and well-being of our Shareowners and employees, this year’sThe Annual Meeting will be virtual and will be held entirely online via live webcast at the Annual Meeting Website. There will not be an option to attend the meeting in person. To be admitted to the Annual Meeting at the Annual Meeting Website, you must enter the 16-digit control number found on your proxy card, voting instruction form or notice. You may vote your shares and submit your questions during the Annual Meeting by following the instructions available on the Annual Meeting Website during the meeting. If you do not have access to the Internet and are interested in attending, please contact KelloggKellanova Investor Relations at (269) 961-2800, or (844) 986-0822 (US) or (303) 562-9302 (International).
By Telephone or Over the Internet — You may submit your proxy by following the instructions provided in the notice of electronic availability, or if you received a printed version of the proxy materials by mail, by following the instructions provided with your proxy materials and on your proxy card or voting instruction card. The telephone and Internet voting procedures have been set up for your convenience and have been designed to authenticate your identity, to allow you to give voting instructions, and to confirm that those instructions have been recorded properly. The deadline for voting by telephone or via the Internet is 11:59 p.m. Eastern Time on Thursday, April 28, 2022.25, 2024.
By Mail — If you received printed proxy materials, you may submit your proxy by mail by signing your proxy card if your shares are registered or, for shares held beneficially in street name, by following the voting instructions included by your broker, nominee or trustee, and mailing it in the enclosed envelope.
If you wish to vote using the proxy card, complete, sign, and date your proxy card and return it to usthe address indicated on the return envelope by April 28, 2022.25, 2024.
Whether you vote by telephone, over the Internet or by mail, you may specify: whether you approve, disapprove or abstain from voting on: each of the nominees for Director (Proposal 1); the advisory resolution to approve Kellogg’sKellanova’s executive compensation (Proposal 2); the proposal to ratify the appointment of PricewaterhouseCoopers LLP as our independent registered public accounting firm for fiscal year 20212024 (Proposal 3); the proposal to approve the Kellogg Company 2022 Long-Term Incentive Planamendment to our Restated Certificate of Incorporation (Proposal 4); and the Shareowner proposal for CEO compensationrequesting the adoption of a policy requiring the Board Chair to weigh workforcebe an independent director (Proposal 5); Shareowner proposal requesting racial and pay gap disclosures (Proposal 6); Shareowner proposal requesting the Company report on the risks to the Company associated with pesticide use in its supply chain (Proposal 7); and ownership, if properly presented atShareowner proposal requesting the meetingCompany to reduce greenwashing risk (Proposal 5)8).
When a properly executed proxy is received, the shares represented thereby, including shares held under our Dividend Reinvestment Plan, will be voted by the persons named as proxies in the proxy card according to each Shareowner’s directions. Proxies will also be considered to be voting instructions to the applicable Trustee with respect to shares held in accounts under our Savings & Investment Plans and other applicable employee benefit plans.
If the proxy is properly executed but you do not specify how you want to vote your shares on your proxy card or voting instruction card, or voting by telephone or over the Internet, we will vote them “For” the election of all nominees for Director as set forth under Proposal 1 - Election of Directors, and “For” Proposals 2, through3 and 4, and "Against" ProposalProposals 5 through 8, or otherwise at the discretion of the persons named as proxies in the proxy card.
Revocation of Proxies
If you are a Shareowner of record, you may revoke your proxy at any time before it is exercised in any of three ways:
by submitting written notice of revocation to our Secretary;
by submitting another proxy by telephone, viaover the Internet or by mail that is later dated and, if by mail, that is properly signed; or
by voting at the virtual meeting.
If your shares are held in street name, you must contact your broker, nominee or trustee to revoke and vote your proxy.
How to Participate in the Meeting
This year’s Annual Meeting will be accessible through the Internet. We are utilizing a virtual format for our Annual Meeting to make participation accessible for all Shareowners from any geographic location with internet connectivity. We expect to offer the same type of participation opportunities during the meeting as we have at past in-person meetings.
The Annual Meeting will begin promptly at Noon Central Time. Online check-in will begin shortly before the meeting on April 26, 2024. If you have difficulty accessing the virtual annual meeting, please call the numbers found at the top of the log-in page found at www.virtualshareholdermeeting.com/K2024 for technical assistance.
To be admitted to the annual meeting at www.virtualshareholdermeeting.com/K2024, you will need the 16-digit control number included on your proxy card, voting instruction form or notice. If you hold shares through a bank, broker or other nominee, you will need to contact such bank, broker or other nominee for assistance with your 16-digit control number.
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About The Meeting
Whether or not you participate in the annual meeting, it is important that your shares be part of the voting process. The other methods by which you may vote are described above. This year’s Shareowner question and answer session will include questions submitted live during, the annual meeting. Questions may be submitted during the annual meeting through www.virtualshareholdermeeting.com/K2024. We expect to respond to questions during the annual meeting and may also respond to questions on an individual basis or by posting answers on our Investor Relations website after the meeting.
Quorum
A quorum of Shareowners is necessary to hold a valid meeting. A quorum will exist if the holders representing a majority of the votes entitled to be cast by the Shareowners at the Annual Meeting are present or represented by proxy. Broker “non-votes” and abstentions are counted as present at the Annual Meeting for purposes of determining whether a quorum exists. A broker “non-vote” occurs when a nominee, such as a bank or broker, holding shares for a beneficial owner, does not vote on a particular proposal because the nominee does not have discretionary voting power for that particular item and has not received instructions from the beneficial owner. Under current New York Stock ExchangeNYSE rules, nominees would have discretionary voting power for ratification of PricewaterhouseCoopers LLP (Proposal 3), but not for voting on the election of Directors (Proposal 1), the advisory resolution to approve Kellogg’sKellanova’s executive compensation (Proposal 2), the approvalproposal to approve the amendment to our Restated Certificate of the Kellogg Company 2022 Long-Term Incentive PlanIncorporation (Proposal 4), or the Shareowner proposal (Proposal 5)proposals (Proposals 5 through 8).
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About The Meeting
Required Vote
Our bylawsBylaws contain a majority voting standard for the election of Directors in an uncontested election, such as this election (Proposal 1). This means that, in order to be elected in an uncontested election, a Director nominee must receive a greater number of votes cast “for” such Director nominee than votes cast “against” such Director nominee (excluding abstentions). In addition, our Board has adopted a policy governing what will occur in the event that a Director nominee does not receive the required vote for a nominee’s election. No Director will be nominated for election or otherwise be eligible for service on the Board unless and until the candidate has delivered an irrevocable resignation to the Nominating and Corporate Governance Committee that would be effective upon (i) the Director’s failure to receive the required vote in an election of Directors and (ii) the Board’s acceptance of his or her resignation. If any nominee for Director is unable or declines to serve, proxies will be voted for the balance of those nominees named and for the person designated by the Board to replace any nominee. However, the Board does not anticipate that this will occur. For more information about this policy, see “Corporate Governance — Majority Voting for Directors; Director Resignation Policy.”
The affirmative vote of the holders representing a majority of the shares present and entitled to vote at the Annual Meeting is necessary to approve the advisory resolution on Kellogg’sKellanova’s executive compensation (Proposal 2), and to ratify the appointment of PricewaterhouseCoopers LLP as our independent registered public accounting firm for fiscal 20212024 (Proposal 3), and to approve Shareowner proposals (Proposals 5 through 8). The affirmative vote of at least a majority of the Kellogg Company Long-Term Incentive Planvoting power of our outstanding common stock is necessary for approval of the proposed amendment to our Restated Certificate of Incorporation (Proposal 4), and approve the Shareowner proposal (Proposal 5).
Shares present but not voted because of abstention will have the effect of a “no”an “against” vote on Proposals 2 through 5.8 and will have no effect on the outcome of Proposal 1. If you do not provide your broker or other nominee with instructions on how to vote your “street name” shares, your broker or nominee will not be permitted to vote them on non-routine matters (a broker “non-vote”) such as Proposals 1, 2, and 4 and 5.through 8. Shares subject to a broker “non-vote” will not be considered entitled to vote with respect to Proposals 1, 2, and 4 and 5through 8 and will have no effect on the outcome of Proposals 1, 2, 4, and 5. 5 through 8, and will have the same effect as a vote "against" Proposal 4. Please note that brokers may not vote your shares on the election of directorsDirectors in the absence of your specific instructions as to how to vote. We encourage you to provide instructions to your broker regarding the voting of your shares.
Other Business
We do not intend to bring any business before the meeting other than that set forth in the Notice of the Annual Meeting and described in this proxy statement.Proxy Statement. However, if any other business should properly come before the meeting, the persons named as proxies in the proxy card intend to vote in accordance with their best judgment on that business and on any matters dealing with the conduct of the meeting pursuant to the discretionary authority granted to them in the proxy.
Costs
We pay for the preparation and mailing of the Notice of the Annual Meeting and proxy statement.Proxy Statement. We have also made arrangements with brokerage firms and other custodians, nominees, and fiduciaries for forwarding proxy-soliciting materials to the beneficial owners of the KelloggKellanova common stock at our expense. In addition, we have retained D.F. King & Co., Inc. to aid in the solicitation of proxies by mail, telephone, facsimile, e-mail and personal solicitation. For these services, we will pay D.F. King & Co., Inc. a fee of $16,000,$16,500, plus reasonable expenses.
8094Kellogg CompanyKellanova



Miscellaneous
Shareowner Proposals or Director Nominees for the 20232025 Annual Meeting
Shareowner proposals submitted for inclusion in our proxy statementProxy Statement for the 20232025 Annual Meeting of Shareowners must be received by us no later than November 3, 2022.4, 2024. Other Shareowner proposals or Director nominations to be submitted from the floor must be received by us not earlier than November3, 2022November 4, 2024 and not later than December 3, 2022,4, 2024, and must meet certain other requirements specified in our bylaws.Bylaws.
Shareowner Nomination of Director Candidates for Inclusion in Proxy Statement for 20232025 Annual Meeting
Shareowner nominations of director candidates for inclusion in our proxy materials for the 20232025 Annual Meeting of Shareowners must be received by us not earlier than October 4, 20225, 2024 and not later than November 3, 2022.4, 2024. Any such nomination must meet the other requirements set forth in our bylaws.Bylaws.
In addition to satisfying the requirements of our Bylaws, including the notice deadlines set out above and therein, to comply with the universal proxy rules, Shareowners who intend to solicit proxies in support of Director nominees, other than the Company’s nominees, must also comply with the additional requirements of Rule 14a-19 under the Exchange Act, which notice must be postmarked or transmitted electronically to the Office of the Secretary at our principal executive offices no later than February 25, 2025. However, if the date of the 2025 Annual Meeting of Shareowners is changed by more than 30 days from April 26, 2025, then written notice must be provided by the later of the 60th day prior to the date of the 2025 Annual Meeting of Shareowners and the 10th day following the day on which public announcement of the date of the 2025 Annual Meeting of Shareowners is first made by us.
Annual Report on Form 10-K; No Incorporation by Reference
Upon written request, we will provide any Shareowner, without charge, a copy of our 2023 Annual Report on Form 10-K for 2020 filed with the SEC, including the financial statements and the financial statement schedules, but without exhibits. Copies of any exhibit to our 2023 Annual Report will be forwarded upon written request, subject to a reasonable charge for copying and mailing. Direct requests to Kellogg CompanyKellanova Consumer Affairs, P.O. Box CAMB, Battle Creek, Michigan 49016 (phone: (800) 962-1413), the Investor Relations Department, Kellogg Company,Kellanova, P.O. Box 3599, Battle Creek, MI 49016-3599 (phone: (269) 961-2800), or investor.relations@kellogg.com.investor.relations@kellanova.com. You may also obtain this document and certain other of our SEC filings through the Internet at www.sec.gov or under “Investor Relations” at www.kelloggcompany.com,www.kellanova.com, the KelloggKellanova website.
Notwithstanding any general language that may be to the contrary in any document filed with the SEC, the information in this proxy statementProxy Statement under the captions “Audit Committee Report,” and “Compensation and Talent Management Committee Report” shall not be incorporated by reference into any document filed with the SEC.
By Order of the Board of Directors,
image_120a.jpg05_Signature_John Min.jpg
Gary PilnickJohn Min
Vice ChairmanChief Legal Officer and Secretary
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Appendix A: 2022 Long-Term Incentive PlanProposed Amendment to the Restated Certificate of Incorporation of Kellanova
KELLOGG COMPANY 2022 LONG-TERM INCENTIVE PLAN
1.    PURPOSE. The purposeSubject to approval by the requisite vote of shareowners of Kellanova, Article THIRTEENTH of the 2022 Long-Term Incentive PlanRestated Certificate of Incorporation would be amended to read in its entirety as follows, with additions indicated by underlining:
THIRTEENTH
Section 1.
No person who is to further and promote the interests of Kellogg Company, its Subsidiaries and its shareowners by enabling the Company and its Subsidiaries to attract, retain and motivate employees, officers, non-employee directors and other service providers or those who will become employees, officers, non-employee directors was at any time a director or other service providersofficer of the Company and its Subsidiaries andCorporation shall be personally liable to align the interests of those individuals and the Company’s shareowners. To do this, the Plan offers performance-based incentive awards and equity-based opportunities providing such individuals with a proprietary interest in maximizing the growth, profitability and overall success of the Company and its Subsidiaries.
2.    DEFINITIONS. Unless the context clearly indicates otherwise, for purposes of the Plan, the following terms shall have the following meanings:
2.1    “10% Shareowner” means any employee who owns (within the meaning of Section 422(b)(6) of the Code) more than ten percent (10%) of the total combined voting power of all classes of stock of the CompanyCorporation or its parent corporation stockholders for monetary damages for breach of fiduciary duty as a director or any Subsidiary ofofficer, provided, however, that unless and except to the Company, within the meaning of Sections 424(e) and (f) of the Code.
2.2    “Award” means an award or grant made to a Participant under Sections 6, 7, 8 and/or 9 of the Plan.
2.3    “Award Agreement” means the written agreement executed by a Participant pursuant to Sections 3.2 and 16.7 of the Plan in connection with the granting of an Award.
2.4    “Base Value” has the meaning set forth in Section 7.2.
2.5    “Board” means the Board of Directors of the Company, as constitutedextent otherwise permitted from time to time.
2.6    “Cause” means, unless otherwise determinedtime by applicable law, the Committeeprovisions of this Article shall not eliminate or limit the liability of a director or officer (i) for any breach of the director’s or officer’s duty of loyalty to the Corporation or its stockholders, (ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (iii) under Section 174 of the General Corporation Law of Delaware, (iv) for any transaction from which the director or officer derived an improper personal benefit, (v) for any action by or in the applicable Award Agreement,right of the following: (i)Corporation, in the case where there is no employment agreement, change in control agreementof officers only, or similar agreement in effect between(vi) for any act or omission occurring prior to the Companydate this Article becomes effective.
Any repeal or any Subsidiary andmodification of the Participantforegoing paragraph by the stockholders of the Corporation existing at the time of the grantsuch repeal or modification shall not adversely affect any right or protection of a director or officer of the Award (or where there is such an agreement but it does not define “cause” (or words of like import)), termination due to: (a) the willful and continued failure of the Participant to substantially perform the Participant’s duties with the Company or any entity controlled by, controlling or under common control with the Company (other than any such failure resulting from incapacity due to physical or mental illness), after a written demand for substantial performance is delivered to the Participant by the Board or the Chief Executive Officer of the Company which specifically identifies the manner in which the Board or the Chief Executive Officer believes that the Participant has not substantially performed the Participant’s duties; (b) the willful engaging by the Participant in illegal conduct or gross misconduct which is materially and demonstrably injurious to the Company or any entity controlled by, controlling or under common control with the Company; (c) the conviction of an act that constitutes a felony (other than a traffic-related offense) under the laws of the United States or any state thereof or any similar criminal act in a jurisdiction outside the United States; (d) any material breach of the Company’s Code of Conduct by the Participant; or (e) the willful failure of the Participant to cooperate with any governmental investigations or activities relating to the Company; provided, however, that no act, or failure to act, on the part of the Participant shall be considered “willful” unless it is done, or omitted to be done, by the Participant in bad faith or without reasonable belief that the Participant’s action or omission was in the best interests of the Company or any entity controlled by, controlling or under common control with the Company; provided, further, that any act, or failure to act, based upon authority given pursuant to a resolution duly adopted by the Board or upon the instructions of the Chief Executive Officer of the Company or a senior officer of the Company or based upon the advice of counsel for the Company or any entity controlled by, controlling or under common control with the Company shall be conclusively presumed to be done, or omitted to be done, by the Participant in good faith and in the best interests of the Company or any entity controlled by, controlling or under common control with the Company; or (ii) in the case where there is an employment agreement, change in control agreement or similar agreement in effect between the Company or any Subsidiary and the Participant at the time of the grant of the Award that defines “cause” (or words of like import), “cause” as defined under such agreement.
2.7    “Change in Control” has the meaning set forth in Section 14.3.
2.8    “Change in Control Price” has the meaning set forth in Section 14.2
2.9    “Code” means the Internal Revenue Code of 1986, as in effect and as amended from time to time, or any successor statute thereto, together with any rules, regulations and interpretations promulgated thereunder or with respect thereto.
2.10    “Collective Awards” means Awards together with any awards issued under Old Plans as of the Effective Date.Corporation.
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Appendix A: 2022 Long-Term Incentive Plan
2.11    “Committee” means the committee of the Board designated to administer the Plan, as described in Section 3 of the Plan.
2.12    “Common Stock” means the Common Stock, par value $0.25 per share, of the Company or any security of the Company issued by the Company in substitution or exchange therefor.
2.13    “Company” means Kellogg Company, a Delaware corporation, or any successor corporation to Kellogg Company.
2.14    “Director” means a director of the Company.
2.15    “Disability” means disability as defined in the Participant’s then effective employment agreement, or if the Participant is not then a party to an effective employment agreement (or similar agreement) with the Company which defines disability, “Disability” means disability as determined by the Committee in accordance with standards and procedures similar to those under the Company’s long-term disability plan, if any. Subject to the first sentence of this Section 2.15, at any time that the Company does not maintain a long-term disability plan, “Disability” shall mean any physical or mental disability which is determined to be total and permanent by a physician selected in good faith by the Company. Notwithstanding the foregoing, for purposes of Incentive Stock Options “Disability” shall mean a permanent and total disability as defined in Section 22(e)(3) of the Code, and for purposes of any Award that is subject to Section 409A of the Code, “Disability” shall mean that a Participant is “disabled” under Section 409A(a)(2)(c)(i) or (ii) of the Code.
2.16    “Effective Date” has the meaning set forth in Section 16.11.
2.17    “Exchange Act” means the Securities Exchange Act of 1934, as in effect and as amended from time to time, or any successor statute thereto, together with any rules, regulations and interpretations promulgated thereunder or with respect thereto.
2.18    “Exercise Value” has the meaning set forth in Section 7.2.
2.19    “Fair Market Value” on any date means (a) the officially quoted closing price in the primary trading session for a share of the Common Stock on the New York Stock Exchange-Composite Transactions Tape or on any other stock exchange, if any, on which the Common Stock is primarily traded (or if no shares of the Common Stock were traded on such date, then on the most recent previous date on which any shares of the Common Stock were so traded), or (b) if clause (a) is not applicable, the value of a share of the Common Stock for such date as established by the Committee, using any reasonable method of valuation consistent with the requirements of Section 409A of the Code.
2.20    “Incentive Stock Option” means any stock option granted pursuant to the provisions of Section 6 of the Plan (and the relevant Award Agreement) that is intended to be (and is specifically designated as) an “incentive stock option” within the meaning of Section 422 of the Code.
2.21    “Incumbent Board” has the meaning set forth in Section 14.3.
2.22    “Net Exercise” means a Participant’s ability to exercise a Stock Option by directing the Company to deduct from the shares of Common Stock issuable upon exercise of his or her Stock Option a number of shares of Common Stock having an aggregate Fair Market Value equal to the sum of the aggregate exercise price therefor plus the amount of the Participant’s tax withholding (if any), whereupon the Company shall issue to the Participant the net remaining number of shares of Common Stock after such deductions.
2.23    “Non-Employee Director” means a director of the Company who is a “nonemployee director” within the meaning of Rule 16b-3 promulgated under the Exchange Act.
2.24    “Non-Qualified Stock Option” means any Stock Option granted pursuant to the provisions of Section 6 of the Plan (and the relevant Award Agreement) that is not an Incentive Stock Option.
2.25    “Old Plans” means the Kellogg Company 2001 Long-Term Incentive Plan, the Kellogg Company 2003 Long-Term Incentive Plan, the Kellogg Company 2009 Long-Term Incentive Plan, the Kellogg Company 2013 Long-Term Incentive Plan and the Kellogg Company 2017 Long-Term Incentive Plan.
2.26    “Other Cash-Based Award” means an Award granted pursuant to Section 9.7 and payable in cash at such time or times and subject to such terms and conditions as determined by the Committee in its sole discretion.
2.27    “Outstanding Company Common Stock” has the meaning set forth in Section 14.3.
2.28    “Outstanding Company Voting Securities” has the meaning set forth in Section 14.3.
2.29    “Participant” means any individual who is selected from time to time under Section 5 to receive an Award under the Plan.
2.30    “Performance Share Unit” or “Performance Share” means an Award granted pursuant to the provisions of Section 9 of the Plan and the relevant Award Agreement.
2.31    “Performance Unit” means an Award granted pursuant to the provisions of Section 9 of the Plan and the relevant Award Agreement.
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2.32    “Person” has the meaning set forth in Section 14.3.
2.33    “Plan” means this Kellogg Company 2022 Long-Term Incentive Plan, as set forth herein and as in effect and as amended from time to time (together with any rules and regulations promulgated by the Committee with respect thereto).
2.34    “Restricted Shares” means an Award of restricted shares of Common Stock granted pursuant to the provisions of Section 8 of the Plan and the relevant Award Agreement.
2.35    “Restricted Share Units” means an Award granted pursuant to the provisions of Section 8 of the Plan and the relevant Award Agreement.
2.36    “Restriction Period” has the meaning set forth in Section 8.3.
2.37    “Section 16 Officer” means an “officer” as such term is defined in Rule 16a-1(f) of the Exchange Act.
2.38    “Service Provider” means a consultant or advisor within the meaning of Form S-8 promulgated under the Securities Act of 1933, as amended.
2.39    “Stock Appreciation Right” means an Award described in Section 7.2 of the Plan and granted pursuant to the provisions of Section 7 of the Plan.
2.40    “Stock Optionmeans a Non-Qualified Stock Option or an Incentive Stock Option.
2.41    “Subsidiary(ies)” means any corporation or other entity of which outstanding shares or ownership interests representing 50% or more of the combined voting power of such corporation or other entity entitled to elect the management thereof, or such lesser percentage as may be approved by the Committee, are owned directly or indirectly by the Company. Notwithstanding the foregoing, for purposes of Incentive Stock Options, “Subsidiary” means any subsidiary corporation of the Company within the meaning of Section 424(f) of the Code.
3.    ADMINISTRATION.
3.1    The Committee. The Plan shall be administered by the Compensation and Talent Management Committee of the Board, as constituted from time to time. The Committee shall consist of two or more Non-Employee Directors, each of whom shall be (i) a “non-employee director” as defined in Rule 16b-3 of the Exchange Act and (ii) an “independent director” as defined under Section 303A of the Listed Company Manual of the New York Stock Exchange or such other applicable stock exchange rule, to the extent such independence is required in order to take the action at issue pursuant to such standards or rules. To the extent no Committee exists that has the authority to administer this Plan, the functions of the Committee shall be exercised by the Board. If for any reason the appointed Committee does not meet the requirements of Rule 16b-3 of the Exchange Act or Section 303A of the Listed Company Manual, such noncompliance shall not affect the validity of Awards, grants, interpretations or other actions of the Committee.
3.2    Plan Administration and Plan Rules. The Committee is authorized to construe and interpret the Plan and to promulgate, amend and rescind rules and regulations relating to the implementation, administration and maintenance of the Plan. Subject to the terms and conditions of the Plan, the Committee shall make all determinations necessary or advisable for the implementation, administration and maintenance of the Plan including, without limitation, (a) selecting the Plan’s Participants, (b) making Awards in such amounts and form as the Committee shall determine, (c) imposing such restrictions, terms and conditions upon such Awards as the Committee shall deem appropriate, (d) determining the vesting, exercisability transferability and payment of Awards, including the authority to accelerate the vesting of Awards and (e) correcting any technical defect(s) or technical omission(s), or reconciling any technical inconsistency(ies), in the Plan and/or any Award Agreement. Subject to applicable law, the Committee may designate persons other than members of the Committee to carry out the day-to-day ministerial administration of the Plan under such conditions and limitations as it may prescribe. Subject to the requirements of Section 157(c) of the Delaware General Corporation Law (or any successor statute), the Committee may, in its sole discretion, delegate its authority to one or more senior executive officers for the purpose of making Awards to Participants who are not Section 16 Officers, but no officer of the Company shall have the authority to grant Awards to himself or herself. Any such delegation shall be made by resolution of the Committee and such resolution shall set forth the total number of shares of Common Stock that may be subject to Awards granted pursuant to such delegation. The Committee’s determinations under the Plan need not be uniform and may be made selectively among Participants, whether or not such Participants are similarly situated. Any determination, decision or action of the Committee in connection with the construction, interpretation, administration, implementation or maintenance of the Plan shall be final, conclusive and binding upon all Participants and any person(s) claiming under or through any Participants. The Company shall effect the granting of Awards under the Plan, in accordance with the determinations made by the Committee, by execution of Award Agreements in such form as is approved by the Committee.
3.3    Liability Limitation. Neither the Board, the Committee, nor any member of either, nor any of their designees, shall be liable for any act, omission, interpretation, construction or determination made in good faith in connection with the Plan (or any Award or Award Agreement) or any transaction hereunder, and the members of the Board and the Committee shall be entitled to indemnification and reimbursement by the Company in respect of any claim, loss, damage or expense (including, without limitation, attorneys’ fees) arising or resulting therefrom to the fullest extent
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permitted by law and/or under any directors and officers liability insurance coverage which may be in effect from time to time.
4.    TERM OF PLAN/COMMON STOCK SUBJECT TO PLAN.
4.1    Limitations for Incentive Stock Options. Incentive Stock Options may not be granted following February 18, 2032, which is the ten-year anniversary of the Board’s adoption of the Plan. The maximum number of shares of Common Stock that may be issued pursuant to the grant of Incentive Stock Options under the Plan shall be 12,400,000 shares (as may be adjusted pursuant to Section 13.2), without regard to the provisions of Section 4.2(ii).
4.2    Limitations for Common Stock.
i.The maximum number of shares of Common Stock in respect of which Awards may be granted or paid out under the Plan, subject to adjustment as provided in this Section 4.2 and Section 13.2 of the Plan, shall not     exceed (a) 12,400,000 shares of Common Stock less (b) one share of Common Stock for each share of Common Stock granted under the Kellogg Company 2017 Long-Term Incentive Plan after the Effective Date, plus (c) the aggregate number of shares of Common Stock described in Section 4.2(ii).
ii.Any shares of Common Stock that are subject to Collective Awards that expire or lapse or are forfeited, surrendered, cancelled, terminated or settled in cash in lieu of Common Stock shall again be available for Awards under the Plan, subject to the provisions of Section 4.3, to the extent of such expiration, forfeiture, surrender, cancellation, termination or settlement of such Collective Awards (as may be adjusted pursuant to Section 13.2). Shares of Common Stock that as of the Effective Date have not been issued under any of the Old Plans and are not covered by outstanding awards under such plans granted on or before the Effective Date, shall not be available for Awards under the Plan.
iii.Common Stock which may be issued under the Plan may be either authorized and unissued shares or issued shares which have been reacquired by the Company (in the open-market or in private transactions) and which are being held as treasury shares. No fractional shares of Common Stock shall be issued under the Plan, and the Committee shall determine the manner in which fractional share value shall be treated.
iv.In the event of a change in the Common Stock of the Company that is limited to a change in the designation thereof to “Capital Stock” or other similar designation, or to a change in the par value thereof, or from par value to no par value, without increase or decrease in the number of issued shares, the shares resulting from any such change shall be deemed to be the Common Stock for purposes of the Plan.
4.3    Computation of Available Shares.
i.For the purpose of computing the total number of shares of Common Stock available for Awards under the Plan, the maximum number of shares of Common Stock issued upon exercise or settlement of Awards granted under Sections 6 and 7 of the Plan and the number of shares of Common Stock issued under grants of Restricted Shares, Restricted Share Units and Performance Share Units pursuant to Sections 8 and 9 of the Plan, in each case determined as of the date on which such Awards are issued, shall be counted against the limitations set forth in Section 4.2 of the Plan (subject to the remainder of this Section and Section 13.2 of the Plan); provided, however, that Awards granted in connection with the assumption of, or in substitution or exchange for, outstanding awards granted by a company or other entity acquired by the Company or any Subsidiary or with which the Company or any Subsidiary combines shall not reduce the maximum number of shares of Common Stock remaining available for issuance under the Plan.
ii.In the event that any shares of Common Stock are withheld by the Company or shares of Common Stock that are already owned by the Participant are tendered (either actually or by attestation) by a Participant to satisfy any tax withholding obligation pursuant to Section 16.1 with respect to an Award or a Collective Award other than a Stock Option or Stock Appreciation Right, then the shares so tendered or withheld shall automatically again become available for issuance under the Plan and correspondingly increase the total number of shares available for issuance under Section 4.2. Notwithstanding anything to the contrary in this Section 4.3(ii), the following shares of Common Stock will not again become available for issuance under the Plan: (I) any shares which would have been issued upon any exercise of a Stock Option but for the fact that the exercise price was paid by a Net Exercise pursuant to Section 6.5 or any shares of Common Stock that are already owned by the Participant are tendered (either actually or by attestation) by a Participant in payment of the exercise price of a Stock Option; (II) any shares withheld by the Company or shares of Common Stock that are already owned by the Participant are tendered (either actually or by attestation) by a Participant to satisfy any tax withholding obligation with respect to a Stock Option or Stock Appreciation Right or a Collective Award that is a Stock Option or Stock Appreciation Right; (III) shares covered by a Stock Appreciation Right issued under the Plan or the Old Plans that are not issued in connection with the stock settlement of the Stock Appreciation Right upon its exercise; or (IV) shares that are repurchased by the Company using Stock Option exercise proceeds.
4.4    Limit on Director Awards. The aggregate grant date fair value (as determined in accordance with generally accepted accounting principles applicable in the United States) of all equity-based and cash compensation, granted or paid
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during any calendar year to any Non-Employee Director under this Plan or any other arrangement with the Company for service in such capacity shall not exceed $800,000.
4.5    Minimum Purchase Price. Notwithstanding any provision of the Plan to the contrary, if authorized but previously unissued shares of Common Stock are issued under the Plan, such shares shall not be issued for consideration that is less than as permitted under applicable law.
5.    ELIGIBILITY.
5.1    General. Individuals eligible for Awards under the Plan shall consist of employees, officers, directors or Service Providers, or those who will become employees, officers, directors or Service Providers of the Company and/or its Subsidiaries whose performance or contribution, in the sole discretion of the Committee, benefits or will benefit the Company or any Subsidiary.
5.2    Minimum Vesting Requirements. Notwithstanding any other provision in the Plan to the contrary, except as otherwise provided in this Section 5.2, all Awards shall be subject to a vesting or performance period of not less than one year from the date of grant of the applicable Award. The minimum vesting period shall not apply to (i) Awards involving an aggregate number of shares of Common Stock not in excess of five percent (5%) of the number of shares available for Awards under Section 4.2(i), (ii) Awards to Non-Employee Directors that vest on the earlier of the one year anniversary of the date of grant or the next annual meeting of stockholders which is at least 50 weeks after the immediately preceding year’s annual meeting and (iii) any accelerated vesting in connection with death, Disability or a Change in Control.
6.    STOCK OPTIONS.
6.1    Terms and Conditions. Stock Options granted under the Plan shall be in respect of Common Stock and may be in the form of Incentive Stock Options or Non-Qualified Stock Options. Such Stock Options shall be subject to the terms and conditions set forth in this Section 6 and any additional terms and conditions, not inconsistent with the express terms and provisions of the Plan, as the Committee shall set forth in the relevant Award Agreement.
6.2    Grant. Stock Options may be granted under the Plan in such form as the Committee may from time to time approve; provided, however, that Incentive Stock Options may only be granted to employees of the Company and/or its Subsidiaries. Stock Options may be granted alone or in addition to other Awards under the Plan or in tandem with Stock Appreciation Rights. Additional provisions shall apply to Incentive Stock Options granted to any 10% Shareowner.
6.3    Exercise Price. The exercise price per share of Common Stock subject to a Stock Option shall be determined by the Committee; provided, however, that the exercise price of a Stock Option shall not be less than one hundred percent (100%) of the Fair Market Value of the Common Stock on the grant date of such Stock Option; provided, further, however, that, in the case of a 10% Shareowner, the exercise price of an Incentive Stock Option shall not be less than one hundred ten percent (110%) of the Fair Market Value of the Common Stock on the grant date.
6.4    Term. The term of each Stock Option shall be such period of time as is fixed by the Committee; provided, however, that the term of any Stock Option shall not exceed ten (10) years (five (5) years, in the case of a 10% Shareowner receiving an Incentive Stock Option) after the date immediately preceding the date on which the Stock Option is granted.
6.5    Method of Exercise. A Stock Option may be exercised, in whole or in part, by giving written notice of exercise to the Secretary of the Company, or the Secretary’s designee, specifying the number of shares to be purchased. Such notice shall be accompanied by payment in full of the exercise price. The methods of payment permitted by this Plan for payment in full of the aggregate exercise price of a Stock Option are as follows: (i) by cash, certified check, bank draft, electronic transfer, or money order payable to the order of the Company, (ii) if permitted by the Committee in its sole discretion, by surrendering (or attesting to the ownership of) shares of Common Stock already owned by the Participant, (iii) pursuant to a Net Exercise arrangement; provided, however, that in such event, the Committee may exercise its discretion to limit the use of a Net Exercise solely with respect to the portion of such payment required to be made with respect to tax withholding, or (iv) if permitted by the Committee (in its sole discretion) and applicable law, by delivery of, alone or in conjunction with a partial cash or instrument payment, some other form of payment acceptable to the Committee. Payment instruments shall be received by the Company subject to collection. The proceeds received by the Company upon exercise of any Stock Option may be used by the Company for general corporate purposes. Any portion of a Stock Option that is exercised may not be exercised again. The shares issued to an optionee for the portion of any Stock Option exercised by attesting to the ownership of shares shall not exceed the number of shares issuable as a result of such exercise (determined as though payment in full therefor were being made in cash) less the number of shares for which attestation of ownership is submitted. The value of owned shares submitted (directly or by attestation) in full or partial payment for the shares purchased upon exercise of a Stock Option shall be equal to the aggregate Fair Market Value of such owned shares on the date of the exercise of such Stock Option.
6.6    Exercisability. Any Stock Option granted under the Plan shall become exercisable on such date or dates, or based on the attainment of such performance goals, as determined by the Committee (in its sole discretion) at any time and from time to time in respect of such Stock Option, and as set forth in the applicable Award Agreement.
6.7    Termination of Employment or Service. Except as otherwise set forth in this Plan (including in Section 6.6 hereof), the terms relating to the treatment of an outstanding Stock Option in the event of the Participant’s termination of
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employment or service with the Company or any of its Subsidiaries shall be determined by the Committee at the time of grant and shall be set forth in the applicable Award Agreement.
6.8    Tandem Grants. If Non-Qualified Stock Options and Stock Appreciation Rights are granted in tandem, as designated in the relevant Award Agreements, the right of a Participant to exercise any such tandem Stock Option shall terminate to the extent that the shares of Common Stock subject to such Stock Option are used to calculate amounts or shares receivable upon the exercise of the related tandem Stock Appreciation Right.
6.9    No Reload Provision. Stock Options granted under this Plan shall not contain any provision entitling the optionee to the automatic grant of additional Stock Options in connection with any exercise of the original Stock Option.
7.    STOCK APPRECIATION RIGHTS.
7.1    Terms and Conditions. The grant of Stock Appreciation Rights under the Plan shall be subject to the terms and conditions set forth in this Section 7 and any additional terms and conditions, not inconsistent with the express terms and provisions of the Plan, as the Committee shall set forth in the relevant Award Agreement.
7.2    Stock Appreciation Rights. A Stock Appreciation Right is an Award granted with respect to a specified number of shares of Common Stock, as shall be determined by the Committee, entitling a Participant to receive an amount equal to the excess of the Fair Market Value of a share of Common Stock on the date of exercise (the “Exercise Value”) over the Fair Market Value of a share of Common Stock on the grant date of the Stock Appreciation Right (the “Base Value”), multiplied by the number of shares of Common Stock with respect to which the Stock Appreciation Right shall have been exercised. In the case of a Stock Appreciation Right related to a Stock Option described in Section 6.8, the Base Value shall be the purchase price of a share of Common Stock under the Stock Option, provided, however, such amount may not be less than the Fair Market Value of the Common Stock on the date the Stock Appreciation Right is awarded. The Base Value of a Stock Appreciation Right shall not be less than one hundred percent (100%) of the Fair Market Value of the Common Stock on the grant date of such Stock Appreciation Right.
7.3     Grant. A Stock Appreciation Right may be granted in addition to any other Award under the Plan or in tandem with or independent of a Non-Qualified Stock Option.
7.4    Term. The term of each Stock Appreciation Right shall be such period of time as is fixed by the Committee; provided, however, that the term of any Stock Appreciation Right shall not exceed ten (10) years after the date immediately preceding the date on which the Stock Appreciation Right is granted.
7.5    Date of Exercisability. In respect of any Stock Appreciation Right granted under the Plan, unless otherwise (a) determined by the Committee (in its sole discretion) at any time and from time to time in respect of any such Stock Appreciation Right, or (b) provided in the Award Agreement, a Stock Appreciation Right may be exercised by a Participant, in accordance with and subject to all of the procedures established by the Committee, in whole or in part at such time or times and/or based on the achievement of such performance goals as determined by the Committee in its sole discretion. Notwithstanding the preceding sentence, in no event shall a Stock Appreciation Right be exercisable prior to the exercisability of any Non-Qualified Stock Option with which it is granted in tandem. The Committee may also provide, as set forth in the relevant Award Agreement and without limitation, that some Stock Appreciation Rights shall be automatically exercised and settled on one or more fixed dates specified therein by the Committee.
7.6    Termination of Employment or Service. Except as otherwise set forth in this Plan, the terms relating to the treatment of an outstanding Stock Appreciation Right in the event of the Participant’s termination of employment or service with the Company or any of its Subsidiaries shall be determined by the Committee at the time of grant and shall be set forth in the applicable Award Agreement.
7.7    Form of Payment. Upon exercise of a Stock Appreciation Right, payment may be made to the Participant in respect thereof in cash, in Restricted Shares or in shares of unrestricted Common Stock, or in any combination thereof, as the Committee, in its sole discretion, shall determine and provide in the relevant Award Agreement.
7.8    The right of a Participant to exercise a tandem Stock Appreciation Right shall terminate to the extent such Participant exercises the Non-Qualified Stock Option to which such Stock Appreciation Right is related.
8.    RESTRICTED SHARES AND RESTRICTED SHARE UNITS.
8.1    Restricted Share and Restricted Share Unit Grants. A grant of Restricted Shares is an Award of shares of Common Stock granted to a Participant, subject to such restrictions, terms and conditions as the Committee deems appropriate, including, without limitation, (a) restrictions on the sale, assignment, transfer, hypothecation or other disposition of such shares, (b) the requirement that the Participant deposit such shares with the Company while such shares are subject to such restrictions, and (c) the requirement that such shares be forfeited upon termination of employment or service with the Company or any of its Subsidiaries for specified reasons within a specified period of time or for other reasons (including, without limitation, the failure to achieve designated performance goals). A grant of Restricted Share Units is a notional Award of shares of Common Stock which entitle the Participant to a number of unrestricted shares of Common Stock equal to (or a cash amount equal in value to such number of unrestricted shares of Common Stock) the number of Restricted Share Units upon the lapse of similar restrictions, terms and conditions.
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8.2    Terms and Conditions. Grants of Restricted Shares and Restricted Share Units shall be subject to the terms and conditions set forth in this Section 8 and any additional terms and conditions, not inconsistent with the express terms and provisions of the Plan, as the Committee shall set forth in the relevant Award Agreement. Restricted Shares and Restricted Share Units may be granted alone or in addition to any other Awards under the Plan. Subject to the terms of the Plan, the Committee shall determine the number of Restricted Shares and Restricted Share Units to be granted to a Participant and the Committee may provide or impose different terms and conditions on any particular Restricted Share or Restricted Share Units grant made to any Participant. Restricted Shares issued hereunder may be evidenced in such manner, as the Committee, in its sole and absolute discretion, shall deem appropriate, including, without limitation, book entry registration or issuance of a stock certificate or certificates. In the event any stock certificates are issued in respect of Restricted Shares, such certificates shall be registered in the name of the Participant and shall bear an appropriate legend referring to the terms, conditions and restrictions applicable to such Award.
Any such stock certificate evidencing such shares shall, in the sole discretion of the Committee, be deposited with and held in custody by the Company until the restrictions thereon shall have lapsed and all of the terms and conditions applicable to such grant shall have been satisfied. With respect to each Participant receiving an Award of Restricted Share Units that is settled in shares of Common Stock, the underlying shares of Common Stock delivered upon the lapse of the restrictions associated with such Restricted Share Units may be evidenced in such manner, as the Committee, in its sole and absolute discretion, shall deem appropriate, including, without limitation, book entry registration or issuance of a stock certificate or certificates.
8.3    Restriction Period. In accordance with Sections 8.1 and 8.2 of the Plan and unless otherwise determined by the Committee (in its sole discretion) at any time and from time to time, Restricted Shares and Restricted Share Units shall only become unrestricted and vested in accordance with the vesting schedule relating to such Restricted Shares and Restricted Share Units, if any, as the Committee may establish in the relevant Award Agreement, which may be based on the lapse of a specified time period or periods or on the attainment of specified performance goals (the “Restriction Period”). During the Restriction Period, such Restricted Shares and the underlying shares of Common Stock with respect to the Restricted Share Units shall be and remain unvested and a Participant may not sell, assign, transfer, pledge, encumber or otherwise dispose of or hypothecate such Award. Upon satisfaction of the vesting schedule and any other applicable restrictions, terms and conditions, the Participant shall be entitled to receive payment of the Restricted Shares or a portion thereof, as the case may be, as provided in Section 8.5 of the Plan. Restricted Share Units may be paid in cash, shares of Common Stock or any combination thereof, as determined by the Committee. To the extent that any Restricted Share Award or Restricted Share Unit Award is intended to be a Performance Share or Performance Share Unit, such Award shall be subject to Article 9 (to the extent applicable).
8,4    Termination of Employment or Service. Except as otherwise set forth in this Plan, the terms relating to the treatment of an outstanding Restricted Share and/or Restricted Share Unit in the event of the Participant’s termination of employment or service with the Company or any of its Subsidiaries shall be determined by the Committee at the time of grant and shall be set forth in the applicable Award Agreement.
8.5    Payment of Restricted Share and Restricted Share Unit Grants. After the satisfaction and/or lapse of the restrictions, terms and conditions established by the Committee in respect of a grant of Restricted Shares, a new or additional certificate for the number of shares of Common Stock which are no longer subject (or deemed subject) to such restrictions, terms and conditions shall, as soon as practicable thereafter, be delivered to the Participant, if applicable. Restricted Share Units may be paid or settled in cash or in shares of Common Stock, or in combination thereof, as the Committee, in its sole discretion, shall determine and provide in the relevant Award Agreement.
8.6    Shareowner Rights. A Participant shall have, with respect to the shares of Common Stock underlying a grant of Restricted Shares (but not underlying a grant of Restricted Share Units), all of the rights of a shareowner of such shares (except as such rights are limited or restricted under the Plan or in the relevant Award Agreement). A Participant who holds Restricted Share Units shall only have those rights specifically provided for in the Award Agreement; provided, however, that in no event shall the Participant have voting rights with respect to such Award.
9.    PERFORMANCE UNITS AND PERFORMANCE SHARE UNITS AND OTHER CASH-BASEDAWARDS.
9.1    Terms and Conditions. Performance Units and Performance Share Units shall be subject to the terms and conditions set forth in this Section 9 and any additional terms and conditions, not inconsistent with the express provisions of the Plan, as the Committee shall set forth in the relevant Award Agreement.
9.2    Performance Unit and Performance Share Unit Grants. A grant of Performance Units is a notional Award of units (with each unit representing such monetary amount or value as is designated by the Committee in the Award Agreement) granted to a Participant, subject to such terms and conditions as the Committee deems appropriate, including, without limitation, the requirement that the Participant forfeit such units (or a portion thereof) in the event certain performance criteria or other conditions are not met within a designated period of time. A grant of Performance Share Units is an Award of actual or notional shares of Common Stock which entitle the Participant to a number of shares of Common Stock equal to the number of Performance Share Units upon achievement of specified performance goals and such other terms and conditions as the Committee deems appropriate.
9.3    Grants. Performance Units and Performance Share Units may be granted alone or in addition to any other Awards under the Plan. Subject to the terms of the Plan, the Committee shall determine the number of Performance Units
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and Performance Share Units to be granted to a Participant and the Committee may impose different terms and conditions on any particular Performance Units and Performance Share Units granted to any Participant.
9.4    Performance Goals and Performance Periods. Participants receiving a grant of Performance Units and Performance Share Units shall be entitled to payment in respect of such Awards if the Company and/or the Participant achieves specified performance goals (the “Performance Goals”) during and in respect of a designated performance period (the “Performance Period”). The Performance Goals and the Performance Period shall be established in writing by the Committee, in its sole discretion. The Committee shall establish Performance Goals for each Performance Period prior to, or as soon as practicable after, the commencement of such Performance Period. The Committee shall also establish a schedule or schedules for Performance Units and Performance Share Units setting forth the portion of the Award which will be earned or forfeited based on the degree of achievement, or lack thereof, of the Performance Goals at the end of the relevant Performance Period. In setting Performance Goals, the Committee may use, but shall not be limited to, such measures as: total shareowner return; net earnings growth; sales or revenue growth; cash flow; net sales; operating income; net income; net income per share (basic or diluted); earnings before or after any one or more of taxes, interest, depreciation and amortization; profitability as measured by return ratios (including return on invested capital, return on assets, return on equity, return on investment and return on sales); market share; cost reduction goals; margins (including one or more of gross, operating and net income margins); stock price; economic value added; working capital; and strategic plan development and implementation; or such other measure or measures of performance as the Committee, in its sole discretion, may deem appropriate. Such performance measures shall be defined as to their respective components and meaning by the Committee (in its sole discretion) and may be based on the attainment of specified levels of Company (or Subsidiary, division, or other operational or administrative department of the Company) performance relative to the performance of other corporations or based on individual participant Performance Goals.
9.5    Payment of Units. With respect to each Performance Unit and Performance Share Unit, the Participant shall, if the applicable Performance Goals have been achieved, or partially achieved, as determined by the Committee in its sole discretion, by the Company and/or the Participant during the relevant Performance Period, be entitled to receive payment in an amount equal to the designated value of each Performance Unit and Performance Share Unit times the number of such units so earned. Payment in settlement of earned Performance Units shall be made in cash as soon as practicable in the calendar year following the conclusion of the respective Performance Period. Payment in settlement of earned Performance Share Units shall be made in unrestricted Common Stock or in Restricted Shares, or any combination thereof, as the Committee in its sole discretion shall determine and provide in the relevant Award Agreement, and in any case as soon as practicable in the calendar year following the conclusion of the respective Performance Period.
9.6    Termination of Employment or Service. Unless otherwise determined by the Committee, if the Participant ceases to be an employee, Non-Employee Director or Service Provider before the end of any Performance Period due to the Participant’s death or Disability, such Participant (or the Participant’s legal representative or designated beneficiary) shall receive all of the amount which would have been paid to the Participant had the Participant continued as an employee, Non-Employee Director or Service Provider to the end of the Performance Period, payable at the same time as it would otherwise would have been paid in the absence of any such termination. Unless otherwise determined by the Committee, if a Participant ceases to be an employee, Non-Employee Director or Service Provider, in each case, of the Company or any of its Subsidiaries, for any other reason, any unpaid amounts for outstanding Performance Periods shall be forfeited.
9.7    Other Cash-Based Awards. The Committee may from time to time grant Other Cash-Based Awards to Participants in such amounts, on such terms and conditions, and for such consideration, including no consideration or such minimum consideration as may be required by applicable law, as it shall determine in its sole discretion. Other Cash- Based Awards may be granted subject to the satisfaction of vesting conditions or may be awarded purely as a bonus and not subject to restrictions or conditions, and if subject to vesting conditions, the Committee may accelerate the vesting of such Awards at any time in its sole discretion, subject to the limitations of the Plan. The grant of an Other Cash-Based Award shall not require a segregation of any of the Company’s assets for satisfaction of the Company’s payment obligation thereunder.
10.    DEFERRAL ELECTIONS/TAX REIMBURSEMENTS. The Committee may permit or require a Participant to elect to defer receipt of any payment of cash or any delivery of shares of Common Stock or other item that would otherwise be due to such Participant by virtue of the exercise, settlement or payment of any Award made under the Plan. If any such election is permitted or required, the Committee may impose any restrictions it deems to be necessary or appropriate with respect to (i) any deferral election made with respect to an Award under the Plan and (ii) the timing of the payment of any deferred amounts, in each case, in order to cause such deferral election and payment timing to comply with the requirements of Section 409A of the Code. The Committee may also provide in the relevant Award Agreement for a tax reimbursement payment to be made by the Company in cash in favor of any Participant in connection with the tax consequences resulting from the grant, exercise, settlement, or payment of any Award made under the Plan.
11.    DIVIDEND AND DIVIDEND EQUIVALENTS. As specified in the relevant Award Agreement, the Committee may provide that Awards (other than Stock Options and Stock Appreciation Rights) denominated in shares earn dividends or dividend equivalents; provided that dividends or dividend equivalents shall only be paid or accrued on Awards to the extent that such Awards are actually vested or earned.
12.    NON-TRANSFERABILITY OF AWARDS. Except as provided below, no Award under the Plan or any Award Agreement, and no rights or interests herein or therein, shall or may be assigned, transferred, sold, exchanged, encumbered, pledged, or otherwise hypothecated or disposed of by a Participant or any beneficiary(ies) of any Participant, except by testamentary disposition by the
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Participant or the laws of intestate succession. No such interest shall be subject to execution, attachment or similar legal process, including, without limitation, seizure for the payment of the Participant’s debts, judgments, alimony, or separate maintenance. Except as provided below, during the lifetime of a Participant, Stock Options and Stock Appreciation Rights are exercisable only by the Participant or his or her legal representative. Notwithstanding the foregoing, the Committee may from time-to-time permit Awards to be transferable to “family members” (within the meaning of the General Instructions to Form S-8) subject to such terms and conditions as the Committee may impose and applicable law; provided, however,no Award may be transferred for value (as defined in the General Instructions to Form S-8). Any transfer contrary to this Section 12 will nullify the Award.
13.    CHANGES IN CAPITALIZATION AND OTHER MATTERS.
13.1    No Corporate Action Restriction. The existence of the Plan, any Award Agreement and/or the Awards granted hereunder shall not limit, affect or restrict in any way the right or power of the Board or the shareowners of the Company to make or authorize (a) any adjustment, recapitalization, reorganization or other change in the Company’s or any Subsidiary’s capital structure or its business, (b) any merger, consolidation or change in the ownership of the Company or any Subsidiary, (c) any issue of bonds, debentures, capital, preferred or prior preference stocks ahead of or affecting the Company’s or any Subsidiary’s capital stock or the rights thereof, (d) any dissolution or liquidation of the Company or any Subsidiary, (e) any sale or transfer of all or any part of the Company’s or any Subsidiary’s assets or business, or (f) any other corporate act or proceeding by the Company or any Subsidiary. No Participant, beneficiary or any other person shall have any claim against any member of the Board or the Committee, the Company or any Subsidiary, or any employees, officers, shareowners or agents of the Company or any Subsidiary, as a result of any such action.
13.2    Recapitalization Adjustments. In the event of a dividend or other distribution (whether in the form of cash, Common Stock, other securities, or other property) other than regular cash dividends, recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, Change in Control or exchange of Common Stock or other securities of the Company, or other corporate transaction or event affects the Common Stock such that an adjustment is necessary or appropriate in order to prevent dilution or enlargement of benefits or potential benefits intended to be made available under the Plan, the Board shall equitably adjust (i) the number of shares of Common Stock or other securities of the Company (or number and kind of other securities or property) with respect to which Awards may be granted, (ii) the maximum share limitation set forth in Section 4.4, (iii) the number of shares of Common Stock or other securities of the Company (or number and kind of other securities or property) subject to outstanding Awards, and (iv) the exercise price with respect to any Stock Option or the Base Value with respect to any Stock Appreciation Right.
14.    CHANGE IN CONTROL PROVISIONS.
14.1    Impact of Event. Notwithstanding any other provision of the Plan to the contrary and unless otherwise determined by the Committee prior to a Change in Control, including in any applicable Award Agreement, in the event of a Change in Control, outstanding Awards under the Plan shall be subject to the applicable treatment described in this Section 14.
14.1.1    Assumption of Outstanding Awards. In the event that outstanding Awards under the Plan are assumed, continued or substituted by the successor to the Company in connection with such Change in Control, such Awards shall be subject to the adjustment provisions of Section 13 and shall otherwise continue in effect with all of the terms and conditions of the Plan and the applicable Award Agreement. In the event that a Participant holding any such assumed, continued or substituted Awards experiences an involuntary termination of employment or service with the Company or its successor by the Company or its successor (as provided in an applicable Award Agreement or otherwise determined by the Committee or Board in its sole discretion), in either case, within two (2) years following such Change in Control, such Participant’s outstanding Awards shall become fully vested, exercisable and payable (as applicable) as of the date of such termination; provided, however,that to the extent any Award constitutes nonqualified deferred compensation, such Award shall not be payable until the date such Award would have been payable in the absence of this Section 14.1.1 if the acceleration of such payment would cause the tax consequences set forth in Section 409A(a)(1) of the Code to apply to such Award.
14.1.2    No Assumption of Outstanding Awards. In the event that outstanding Awards under the Plan are not assumed, continued or substituted by the successor to the Company in connection with such Change in Control, such Awards shall be subject to the following treatment:
i.Any Stock Options and Stock Appreciation Rights outstanding as of the date such Change in Control is determined to have occurred, and which are not then exercisable and vested, shall become fully exercisable and vested;
ii.The restrictions and deferral limitations applicable to any Restricted Shares shall lapse, and such Restricted Shares shall become free of all restrictions and become fully vested and transferable;
iii.All Performance Units and Other Cash-Based Awards shall be considered to be earned and payable in full (with all applicable Performance Goals deemed achieved at the greater of (A) the applicable target level and (B) the level of achievement of the Performance Goals for the Award as determined by the Committee no later than the date of the Change in Control, taking into account performance through the latest date preceding the Change in Control as to which performance can, as a practical matter, be determined (but not later than the end of the applicable Performance Period)), and any deferral or other
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restrictions shall lapse, and such Performance Units and Other Cash- Based Awards shall be settled in cash (with the value being determined by the Committee, in its sole discretion), and all Restricted Share Units and Performance Share Units shall become fully vested and payable, in each case, as promptly as is practicable on or following a Change in Control; provided, however, that in the event that a Change in Control does not constitute a “change in the ownership or effective control,” or a “change in the ownership of a substantial portion of the assets,” of the Company, in each case within the meaning of Section 409A(a)(2)(A)(v) of the Code, Performance Units, Other Cash-Based Awards, Restricted Share Units and Performance Share Units shall not be payable until the date such Other Cash-Based Awards, Performance Units, Restricted Share Units and Performance Share Units would have been payable in the absence of this Section 14.1.2 if the acceleration of such payment would cause the tax consequences set forth in Section 409A(a)(1) of the Code to apply to such Other Cash-Based Awards, Performance Units, Restricted Share Units and Performance Share Units; and
iv.The Committee may also make additional adjustments and/or settlements of outstanding Awards as it deems appropriate and consistent with the Plan’s purposes.
14.2    Change in Control Cash Out. Notwithstanding anything to the contrary in the Plan, if any Change in Control occurs, or with respect to Awards that are considered deferred compensation under Section 409A of the Code, in the event of a Change in Control that is also a “Change in Control Event” described in Section 409A(2)(A)(v) or otherwise under Section 409A of the Code, the Committee shall have the right, but not the obligation, to cancel each or any Participant’s Awards and to pay to each such affected Participant in connection with the cancellation of such Participant’s Awards, an amount equal to, in the case of Stock Options and/or Stock Appreciation Rights, the excess (if any) of a Change in Control Price (as defined below), as determined by the Board, of the Common Stock underlying any unexercised Stock Options or Stock Appreciation Rights (whether then exercisable or not) over the aggregate exercise price or Base Price (as applicable) of such unexercised Stock Options and/or Stock Appreciation Rights, and, in the case of any other Awards, the Change in Control Price, and make additional adjustments and/or settlements of other outstanding Awards as it determines to be fair and equitable to affected Participants. However, if the exercise price or Base Price (as applicable) per share of Common Stock under any outstanding Stock Option or Stock Appreciation Right is equal to or greater than the Change in Control Price, the Board may cancel such Award without the payment of any consideration. The treatment of the Awards under the Plan in connection with this Section 14.2 need not be uniform among Participants.
Upon receipt by any affected Participant of any such substitute Award (or payment) as a result of any such Change in Control, such Participant’s affected Awards for which such substitute Awards (or payment) were received shall be thereupon cancelled without the need for obtaining the consent of any such affected Participant.
For purposes of the Plan, “Change in Control Price” means the highest price per share of Common Stock paid in any transaction related to a Change in Control of the Company. To the extent that the consideration paid in any such transaction described above consists all or in part of securities or other non-cash consideration, the value of such securities or other non-cash consideration shall be determined in the good-faith discretion of the Board consistent with provisions of Section 409A of the Code and/or other applicable law.
14.3    Definition of Change in Control. For purposes of the Plan, a “Change in Control” shall mean the consummation of any of the following events:
i.An acquisition after the date hereof by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) (a Person) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 20% or more of either (a) the then outstanding shares of common stock of the Company (the Outstanding Company Common Stock) or (b) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (the Outstanding Company Voting Securities); excluding, however, the following: (1) any acquisition directly from the Company, other than an acquisition by virtue of the exercise of a conversion privilege unless the security being so converted was itself acquired directly from the Company or approved by the Incumbent Board (as defined below), (2) any increase in beneficial ownership of a Person as a result of any acquisition by the Company, (3) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any entity controlled by the Company, (4) any acquisition by an underwriter temporarily holding Company securities pursuant to an offering of such securities, or (5) any acquisition pursuant to a transaction which complies with clauses (1), (2) and (3) of subsection (iii) of this Section 14.3; or
ii.A change in the composition of the Board such that the individuals who, as of the Effective Date of the Plan, constitute the Board (such Board shall be hereinafter referred to as the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, for purposes of this Section, that any individual who becomes a member of the Board subsequent to the Effective Date of the Plan, whose election, or nomination for election by the Company’s shareowners, was approved by a vote of at least a majority of those individuals who are members of the Board and who were also members of the Incumbent Board (or deemed to be such pursuant to this proviso), either by a specific vote or by approval of the proxy statement of the Company in which such person is named as a nominee for director, without written objection to such nomination shall be considered as though such individual were a member of the
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Incumbent Board; but, provided further,that any such individual whose initial assumption of office occurs as a result of either an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board shall not be so considered as a member of the Incumbent Board; or
iii.Consummation of a reorganization, merger or consolidation (or similar transaction), a sale or other disposition of all or substantially all of the assets of the Company, or the acquisition of assets or stock of another entity; in each case, unless immediately following such transaction (1) all or substantially all of the individuals and entities who are the beneficial owners, respectively, of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such transaction will beneficially own, directly or indirectly, more than 60% of, respectively, the outstanding shares of common stock, and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such transaction (including, without limitation, a corporation which as a result of such transaction owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such transaction, of the Outstanding Company Common Stock and Outstanding Company Voting Securities, as the case may be, (2) no Person (other than the Company, any employee benefit plan (or related trust) of the Company or such corporation resulting from such transaction) will beneficially own, directly or indirectly, 20% or more of, respectively, the outstanding shares of common stock of the corporation resulting from such transaction or the combined voting power of the outstanding voting securities of such corporation entitled to vote generally in the election of directors, except to the extent that such ownership existed prior to the transaction, and (3) individuals who were members of the Incumbent Board at the time of the Board’s approval of the execution of the initial agreement providing for such transaction will constitute at least a majority of the members of the board of directors of the corporation resulting from such transaction (including, without limitation, a corporation which as a result of such transaction owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries); or
iv.The approval by the shareowners of the Company of a complete liquidation or dissolution of the Company.
Notwithstanding the foregoing, with respect to any Award that is characterized as nonqualified deferred compensation within the meaning of Section 409A of the Code, an event shall not be considered to be a Change in Control under the Plan for purposes of payment of such Award unless such event is also a “change in ownership,” a “change in effective control” or a “change in the ownership of a substantial portion of the assets” of the Company within the meaning of Section 409A of the Code.
15.    AMENDMENT, SUSPENSION, AND TERMINATION.
15.1    In General. The Board may suspend or terminate the Plan (or any portion thereof) at any time and may amend the Plan at any time and from time to time in such respects as the Board may deem advisable to ensure that any and all Awards conform to or otherwise reflect any change in applicable laws or regulations, or to permit the Company or the Participants to benefit from any change in applicable laws or regulations, or in any other respect the Board may deem to be in the best interests of the Company or any Subsidiary. No such amendment, suspension or termination shall (a) subject to Section 16.6, materially adversely affect the rights of any Participant under any outstanding Awards, without the consent of such Participant, (b) make any change that would disqualify the Plan, or any other plan of the Company or any Subsidiary intended to be so qualified, from the benefits provided under Section 422 of the Code, or any successor provisions thereto, or (c) except as contemplated by Section 13, increase the number of shares available for Awards pursuant to Section 4.2 without shareowner approval. In addition, the Company will obtain shareowner approval of any modification of the Plan or Awards to the extent required by applicable laws or regulations or the regulations of any stock exchange upon which the Common Stock is then listed that purport to (i) materially modify the requirements as to eligibility for participation in the Plan, or (ii) extend the termination date of the Plan.
15.2    No Repricing. Except as contemplated by Section 13, the terms of outstanding Awards may not be amended to reduce the exercise price of outstanding Stock Options or the Base Value of outstanding Stock Appreciation Rights or to cancel outstanding Stock Options or Stock Appreciation Rights in exchange for cash, other Awards or Stock Options or Stock Appreciation Rights with an exercise price or Base Price that is less than the exercise price or Base Price of the original Stock Options or Stock Appreciation Rights without shareowner approval.
15.3    Award Agreement Modifications. Subject to Section 15.1, the Committee may (in its sole discretion) amend or modify at any time and from time to time the terms and provisions of any outstanding Stock Options, Stock Appreciation Rights, Other Cash-Based Awards, Performance Units, Performance Share Units, Restricted Share Units, or Restricted Share grants, in any manner to the extent that the Committee under the Plan or any Award Agreement could have initially determined the restrictions, terms and provisions of such Stock Options, Stock Appreciation Rights, Other Cash-Based Awards, Performance Units, Performance Share Units, Restricted Share Units and/or Restricted Share grants, including, without limitation, changing or accelerating (a) the date or dates as of which such Stock Options or Stock Appreciation Rights shall become exercisable, (b) the date or dates as of which such Restricted Share grants or Restricted Share Units shall become vested, or (c) the performance period or goals in respect of any Other Cash-Based Awards, Performance Share Units or Performance Units. Subject to Section 16.6, no such amendment or modification shall, however, materially adversely affect the rights of any Participant under any such Award without the consent of such Participant.
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Notwithstanding the foregoing, without the consent of affected Participants, Awards may be amended or revised when necessary to avoid the imposition of additional tax under Section 409A of the Code.
16.    MISCELLANEOUS.
16.1    Tax Withholding. The Company shall have the right to deduct from any payment or settlement under the Plan, including, without limitation, the exercise of any Stock Option or Stock Appreciation Right, or the delivery, transfer or vesting of any Common Stock or Restricted Shares, up to the maximum statutorily required domestic or foreign federal, state, local or other taxes of any kind which the Committee, in its sole discretion, deems necessary to be withheld to comply with the Code and/or any other applicable law, rule or regulation. Shares of Common Stock may be used to satisfy any such tax withholding. Such shares of Common Stock shall be valued based on the Fair Market Value of such shares as of the date the tax withholding is required to be made, such date to be determined by the Committee. In addition, the Company shall have the right to require payment from a Participant to cover any applicable withholding or other employment taxes due upon any payment or settlement under the Plan.
16.2    No Right to Employment or Service. Neither the adoption of the Plan, the granting of any Award, nor the execution of any Award Agreement, shall confer upon any employee, Non-Employee Director or Service Provider of the Company or any Subsidiary any right to continued employment or service with the Company or any Subsidiary, as the case may be, nor shall it interfere in any way with the right, if any, of the Company or any Subsidiary to terminate the employment of any employee or service of any Non-Employee Director or Service Provider at any time for any reason.
16.3    Unfunded Plan. The Plan shall be unfunded, and the Company shall not be required to segregate any assets in connection with any Awards under the Plan. Any liability of the Company to any person with respect to any Award under the Plan or any Award Agreement shall be based solely upon the contractual obligations that may be created as a result of the Plan or any such Award Agreement. No such obligation of the Company shall be deemed to be secured by any pledge of, encumbrance on, or other interest in, any property or asset of the Company or any Subsidiary. Nothing contained in the Plan or any Award Agreement shall be construed as creating in respect of any Participant (or beneficiary thereof or any other person) any equity or other interest of any kind in any assets of the Company or any Subsidiary or creating a trust of any kind or a fiduciary relationship of any kind between the Company, any Subsidiary and/or any such Participant, any beneficiary thereof or any other person.
16.4    Payments to a Trust. The Committee is authorized to cause to be established a trust agreement or several trust agreements or similar arrangements from which the Committee may make payments of amounts due or to become due to any Participants under the Plan.
16.5    Other Company Benefit and Compensation Programs. Payments and other benefits received by a Participant under an Award made pursuant to the Plan shall not be deemed a part of a Participant’s compensation for purposes of the determination of benefits under any other employee welfare or benefit plans or arrangements, if any, provided by the Company or any Subsidiary unless expressly provided in such other plans or arrangements, or except where the Board expressly determines in writing that inclusion of an Award or portion of an Award should be included to accurately reflect competitive compensation practices or to recognize that an Award has been made in lieu of a portion of competitive annual base salary or other cash compensation. Awards under the Plan may be made in addition to, in combination with, or as alternatives to, grants, awards or payments under any other plans or arrangements of the Company or its Subsidiaries. The existence of the Plan notwithstanding, the Company or any Subsidiary may adopt such other compensation plans or programs and additional compensation arrangements as it deems necessary to attract, retain and motivate employees.
16.6     Listing, Registration and Other Legal Compliance. No Awards or shares of the Common Stock shall be required to be issued or granted under the Plan unless legal counsel for the Company shall be satisfied that such issuance or grant will be in compliance with all applicable securities laws and regulations and any other applicable laws or regulations. The Committee may require, as a condition of any payment or share issuance, that certain agreements, undertakings, representations, certificates, and/or information, as the Committee may deem necessary or advisable, be executed or provided to the Company to assure compliance with all such applicable laws or regulations. Certificates for shares of the Restricted Shares and/or Common Stock delivered under the Plan may be subject to such stock-transfer orders and such other restrictions as the Committee may deem advisable under the rules, regulations, or other requirements of the Securities and Exchange Commission, any stock exchange upon which the Common Stock is then listed, and any applicable laws. In addition, if, at any time specified herein (or in any Award Agreement or otherwise) for (a) the making of any Award, or the making of any determination, (b) the issuance or other distribution of Restricted Shares and/or Common Stock, or (c) the payment of amounts to or through a Participant with respect to any Award, any law, rule, regulation or other requirement of any governmental authority or agency shall require either the Company, any Subsidiary or any Participant (or any estate, designated beneficiary or other legal representative thereof) to take any action in connection with any such determination, any such shares to be issued or distributed, any such payment, or the making of any such determination, as the case may be, shall be deferred until such required action is taken. With respect to Section 16 Officers, transactions under the Plan are intended to comply with all applicable conditions of Rule 16b-3 promulgated under the Exchange Act. In addition, the Company or Committee may, at the time of grant or thereafter, impose additional or different conditions or take other actions with respect to Awards made to Participants in countries outside of the United States of America, to the extent required or made advisable by applicable laws and regulations.
16.7    Award Agreements. Each Participant receiving an Award under the Plan shall enter into an Award Agreement with the Company in a form specified by the Committee. Each such Participant shall then agree to the restrictions, terms and conditions of the Award set forth therein and in the Plan. An Award Agreement may provide that, notwithstanding any other provision in this Plan
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to the contrary, if the Participant breaches provisions in the Award Agreement during or after the Participant’s employment, then the Participant will forfeit and/or repay all Awards (whether unvested or vested) and profits realized in connection therewith.
16.8    Designation of Beneficiary. Each Participant to whom an Award has been made under the Plan may designate a beneficiary or beneficiaries to exercise any Award or to receive any payment which under the terms of the Plan and the relevant Award Agreement may become exercisable or payable on or after the Participant’s death. At any time, and from time to time, any such designation may be changed or cancelled by the Participant without the consent of any such beneficiary. Any such designation, change, or cancellation must be on a form provided for that purpose by the Committee and shall not be effective until received by the Committee. If no beneficiary has been designated by a deceased Participant, or if the designated beneficiaries have predeceased the Participant, the beneficiary shall be the Participant’s estate. If the Participant designates more than one beneficiary, any payments under the Plan to such beneficiaries shall be made in equal shares unless the Participant has expressly designated otherwise, in which case the payments shall be made in the shares designated by the Participant.
16.9    Leaves of Absence/Transfers. The Committee shall have the power to promulgate rules and regulations and to make determinations, as it deems appropriate, under the Plan in respect of any leave of absence from the Company or any Subsidiary granted to a Participant. Without limiting the generality of the foregoing, the Committee may determine whether any such leave of absence shall be treated as if the Participant has terminated employment or service with the Company or any such Subsidiary. If a Participant transfers within the Company, or to or from any Subsidiary, such Participant shall not be deemed to have terminated employment or service as a result of such transfers.
16.10    Governing Law. The Plan and all actions taken thereunder shall be governed by and construed in accordance with the laws of the State of Delaware, without reference to the principles of conflict of laws thereof. Any titles and headings herein are for reference purposes only, and shall in no way limit, define or otherwise affect the meaning, construction or interpretation of any provisions of the Plan.
16.11    Effective Date. The Plan shall be effective as of February 18, 2022 (the “Effective Date”) subject to approval by the shareowners of the Company. Prior to such shareowner approval, the Committee may grant Awards conditioned on shareowner approval. If such shareowner approval is not obtained at or before the first annual meeting of shareowners to occur after the adoption of the Plan by the Board (including any adjournments or postponements thereof), the Plan and any Awards made thereunder shall terminate ab initio and be of no further force and effect. In no event shall awards be granted under the Plan after February 18, 2032 (or such earlier date that the Plan may be terminated by the Board), but the term and exercise of Awards granted theretofore may extend beyond that date.
16.12    Section 409A of the Code. The Plan is intended to comply with the applicable requirements of Section 409A of the Code and shall be limited, construed and interpreted in accordance with such intent. To the extent that any Award is subject to Section 409A of the Code, it shall be paid in a manner that will comply with Section 409A of the Code, including the final treasury regulations or any other official guidance issued by the Secretary of the Treasury or the Internal Revenue Service with respect thereto. Notwithstanding any contrary provision in the Plan or any Award Agreement, any payment(s) of nonqualified deferred compensation (within the meaning of Section 409A of the Code) that are otherwise required to be made under the Plan to a “specified employee” (as defined under Section 409A of the Code) as a result of such employee’s separation from service (other than a payment that is not subject to Section 409A of the Code) shall be delayed for the first six (6) months following such separation from service (or, if earlier, the date of death of the specified employee) and shall instead be paid (in a manner set forth in the Award Agreement) upon expiration of such delay period. Any provision of the Plan that is inconsistent with Section 409A of the Code shall be deemed to be amended to comply with Section 409A of the Code and to the extent such provision cannot be amended to comply therewith, such provision shall be null and void.
16.13    Recoupment of Awards. A Participant’s rights with respect to any Award hereunder shall in all events be subject to (i) any right that the Company may have under any Company recoupment policy or other agreement or arrangement with a Participant, including pursuant to any applicable Award Agreement, or (ii) any right or obligation that the Company may have regarding the clawback of “incentive-based compensation” under Section 10D of the Exchange Act and any applicable rules and regulations promulgated thereunder from time to time by the U.S. Securities and Exchange Commission.
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Kellogg Company, Battle Creek, Michigan 49017-3534Kellanova, Chicago, Illinois 60654














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