[Form 3] Lamb Weston Holdings, Inc. Initial Statement of Beneficial Ownership

Rhea-AI Filing Summary

JANA Partners Management, LP filed a Form 3 disclosing initial beneficial ownership of 5,007,519 shares of Lamb Weston Holdings, Inc. (LW) common stock as of the event date 07/14/2025. The stake is reported as held directly by JANA through accounts under its management.

JANA may be deemed a director by deputization because Managing Partner Scott Ostfeld currently serves on LW’s board. The filing lists no derivative securities and is made by a single reporting person. Signature dated 07/24/2025 by Partner & CLO Jennifer Fanjiang completes the submission.

Positive

• 5,007,519 LW common shares disclosed, indicating a sizeable position by JANA Partners, an investor known for active engagement.

Negative

• None.

Insights

Financial Analyst

TL;DR: Activist JANA reveals 5 million-share LW stake; board presence suggests potential engagement but no transaction disclosed.

JANA’s 5,007,519-share position signals a meaningful ownership interest in LW and formalizes its Section 16 reporting obligations. Although the form does not indicate purchases, sales or derivatives, the combination of equity stake and board seat via Scott Ostfeld positions JANA to influence strategic direction. Impact for investors is mainly governance-related rather than financial, as no capital change occurs. Overall, informational but not immediately price-moving.

SEC Form 3

FORM 3

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

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

JANA Partners Management, LP

(Last) (First) (Middle)

888 SEVENTH AVENUE

24TH FLOOR

(Street)

NEW YORK NY 10106

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
07/14/2025

3. Issuer Name and Ticker or Trading Symbol
Lamb Weston Holdings, Inc. [ LW ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			See Remarks

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock, par value $1.00 per share ("Common Stock")	5,007,519	D(1)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. JANA Partners Management, LP ("JANA" or the "Reporting Person") is a private money management firm which beneficially owns the securities reported herein through various accounts under its management and control. JANA Partners Management GP, LLC (the "GP") is the general partner of JANA. Barry Rosenstein is the Founder of the GP and JANA. JANA, the GP and Barry Rosenstein disclaim any beneficial ownership of any of the Issuer's securities reported herein except to the extent of their pecuniary interest therein, if any.

Remarks:

The Reporting Person may be deemed to be a director by deputization for purposes of Section 16 under the Securities Exchange Act of 1934 by virtue of the fact that Scott Ostfeld, a Managing Partner and Portfolio Manager of JANA, currently serves on the board of directors of the Issuer.

	/s/ JANA Partners Management, LP, by Jennifer Fanjiang, Partner, Chief Legal Officer and Chief Compliance Officer	07/24/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many Lamb Weston (LW) shares does JANA Partners report owning?

JANA reports beneficial ownership of 5,007,519 LW common shares.

Why might JANA Partners be considered a director of Lamb Weston?

Because Managing Partner Scott Ostfeld sits on LW’s board, JANA is deemed a director by deputization under Section 16.

Does the Form 3 list any derivative securities?

No. The filing shows no derivative positions; only common stock is reported.

What is the event date triggering this Form 3 filing?

The reportable event date is 07/14/2025.

Was the filing made by multiple reporting persons?

No. The form is marked "Form filed by One Reporting Person" (JANA Partners Management, LP).