Company: RNST
Filing Date: 2025-03-12
Form Type: DEF 14A
Source: 0000715072-25-000085
Chunk: 103

Company: RENASANT CORP
Filing Date: 2025-03-12
Form: DEF 14A
Chunk 103
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ENDS A VOTE “FOR” THE AMENDMENT TO RENASANT’S ARTICLES OF INCORPORATION TO INCREASE THE NUMBER OF SHARES OF RENASANT COMMON STOCK AUTHORIZED FOR ISSUANCE. |

Proposal 3 – Amendment to the Articles of Incorporation to Eliminate the Personal Liability of Renasant Directors

General. At its January meeting, the board of directors, following the recommendation of the nominating committee, unanimously approved, and unanimously recommended that our shareholders approve, an amendment to our Articles of Incorporation to provide that Renasant directors shall not be liable to Renasant or its shareholders for monetary damages for any action taken, or any failure to act, as a director, subject to the exceptions as outlined in the MBCA. The full text of the amendment, which we refer to as the “Director Exculpation Amendment,” is attached as Appendix B-2 to this proxy statement.

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The Director Exculpation Amendment will not become effective until Articles of Amendment are filed with the Secretary of State of Mississippi. If the Director Exculpation Amendment is approved, we intend to make this filing promptly after the annual meeting (and, if the Authorized Shares Increase Amendment is also approved, the Articles of Amendment will also include the amendment to the Articles of Incorporation contemplated by the Authorized Shares Increase Amendment).

Considerations of the Committee and the Board. Section 79-4-2.02(b)(4) of the MBCA permits a Mississippi corporation to include a provision in its articles of incorporation eliminating the liability of a director to the corporation or its shareholders for monetary damages for any action taken, or any failure to take any action, as a director. The statute provides for situations where liability may not be eliminated: (1) the amount of a financial benefit received by a director to which he or she is not entitled; (2) an intentional infliction of harm on the corporation or the shareholders; (3) a violation of Section 79-4-8.33 of the MBCA, which governs liability for unlawful distributions; or (4) an intentional violation of criminal law. This is commonly referred to as a “director exculpation clause.”

The board of directors and the nominating committee annually review Renasant’s corporate governance policies and practices. In late 2024 and early 2025, the committee considered the addition of a director exculpation clause to the Articles of Incorporation. The committee reviewed what