Company: FITBI
Filing Date: 2025-03-04
Form Type: DEF 14A
Source: 0001193125-25-045653
Chunk: 49

Company: FIFTH THIRD BANCORP
Filing Date: 2025-03-04
Form: DEF 14A
Chunk 49
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 retaining unlimited downward discretion for individual performance and risk assessments. Full modifier details are reflected in the table below. 2025 Long-term, Equity-based Incentive Plan Changes. The Company and the Committee review the long-term, equity-based incentive plan annually to determine necessary changes for the upcoming year (e.g., award mix, performance measures, modifiers). During the 2024 review for the 2025 plan, the Committee approved removing SARs from the award mix. The new mix for 2025 and beyond will consist of 60% Performance Share Units and 40% Restricted Stock Units. This adjustment, with a heavier emphasis on Performance Share Units, aligns better with market practice, appropriately aligns compensation with financial outcomes that drive shareholder value, and promotes retention and stock ownership. Executive Benefits and Perquisites Summary of Eligibility for Benefits and Perquisites. The Company provides few benefits and perquisites to executive officers that are not available to the general employee population. Special benefits can include health programs, a deferred compensation plan, executive planning reimbursement, nominal holiday gifts, parking, an executive corporate security program, and occasional personal use of the corporate aircraft. Additionally, spouses or guests of named executive officers may be provided travel and/or entertainment benefits related to business events at which their attendance is expected and appropriate, such as Company recognition events or trips, recruiting meals, or social events held for marketing or other business purposes. These benefits are often provided with little or no incremental cost to the Company. The Company does not provide tax gross-ups for these limited perquisites. Use of the Corporate Aircraft. The Committee has approved limited personal use of the corporate aircraft by Mr. Spence up to a maximum value of $150,000 per year. In 2021, the Board approved a change to the Company’s corporate aircraft policy that allows certain executive officers to use the corporate aircraft for personal use in certain special situations (e.g., death in family). Such use by any NEO is accounted for in the summary compensation table.

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COMPENSATION DISCUSSION AND ANALYSIS Mr. Spence is subject to individual lease (“time-sharing”) agreements with the Company that govern the terms and conditions of his personal use of the corporate aircraft. Under the terms of such time-sharing agreement, if Mr. Spence has incurred any costs for personal use of the corporate aircraft which exceed the allowance described above, he will pay for the cost of any personal use of the corporate aircraft that exceeds the allowance described above. Retirement Benefits. The Company’s retirement benefits are designed to