Company: CMA
Filing Date: 2025-03-17
Form Type: DEF 14A
Source: 0000028412-25-000135
Chunk: 89

Company: COMERICA INC
Filing Date: 2025-03-17
Form: DEF 14A
Chunk 89
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To identify the median of the annual total compensation of all our employees for 2024, as well as to determine the annual total compensation of our median employee and our CEO for 2024, we took the following steps:

1. We determined that, as of October 31, 2023, our employee population consisted of 7,570 full-time and part- time employees.

2. To identify the “median employee” from our employee population, we calculated, for the 10 months ended October 31, 2023, (i) total cash compensation plus (ii) total retirement benefits. “Total cash compensation” includes salary, wages, overtime pay, commissions, referrals, ESPP matching payments and discounts, relocation assistance and cash incentive compensation actually paid during such period. “Total retirement benefits” includes the 401(k) match made by Comerica during such time period plus the change in pension value between January 1, 2023 and October 31, 2023. Since we do not widely distribute annual equity awards to our employees, such awards were excluded from our compensation measure. In calculating the change in pension value, we used the change in the actuarial present value of accumulated benefits payable to employees, based on compensation and service credited at October 31, 2023. The actuarial assumptions used to determine the present values are consistent with those used in Comerica’s financial statements.

3. Once we identified our median employee, we combined all of the elements of such employee’s compensation for 2024 in accordance with the requirements of Item 402(c)(2)(x) of Regulation S-K, plus the estimated value of nondiscriminatory health care benefits for the employee and such employee’s eligible dependents of $14,433. This resulted in annual total compensation of $109,658.

4. With respect to the annual total compensation of our CEO, we used the amount reported in the “Total” column of our 2024 Summary Compensation Table included in this proxy statement, plus the estimated value of nondiscriminatory health care benefits for our CEO and our CEO’s eligible dependents of $22,683. This resulted in annual total compensation for purposes of determining the ratio in the amount of $8,886,723.

5. We chose to exclude 33 employees who are employed in Canada and seven employees who are employed in Mexico from the determination of the “median employee,” given the small number of employees in those jurisdictions and the estimated costs of obtaining their compensation