Company: CMA
Filing Date: 2025-11-25
Form Type: DEFM14A
Source: 0001193125-25-297173
Chunk: 106

Company: COMERICA INC
Filing Date: 2025-11-25
Form: DEFM14A
Chunk 106
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 and outstanding immediately prior to the effective time of the first merger (except for certain shares of Comerica
common stock owned by Comerica or Fifth Third, subject to certain exceptions in the merger agreement) will be converted into the right to receive 1.8663 shares of Fifth Third common stock. Fifth Third will not issue any fractional shares of Fifth
Third common stock in the first merger. Comerica stockholders who would otherwise be entitled to a fraction of a share of Fifth Third common stock will receive an amount in cash (rounded to the nearest cent) determined by multiplying the average
closing sale price determined by multiplying (i) the average closing-sale price per share of Fifth Third common stock on NASDAQ, as reported by The Wall Street Journalfor the consecutive period of five (5) full trading days ending
on the trading day immediately preceding (but not including) the day on which the first merger is completed by (ii) the fraction of a share (after taking into account all shares of Comerica common stock held by such holder immediately prior to
the effective time of the first merger and rounded to the nearest one-thousandth when expressed in decimal) of Fifth Third common stock that such shareholder would otherwise be entitled to receive. In
addition, each share of Comerica’s 6.875% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series B (the “Comerica preferred stock”), issued and outstanding immediately prior
to the effective time of the first merger will convert into the right to receive one (1) share of a newly issued series of Fifth Third preferred stock with terms that are not materially less favorable than the terms of Comerica preferred stock.
Each outstanding Comerica depositary share representing a 1/40th interest in a share of Comerica preferred stock will become a new Fifth Third depositary share and will represent a 1/40th interest in a share of the applicable series of new Fifth
Third preferred shares.

Fifth Third voting shareholders are being asked to approve the Fifth Third stock issuance proposal and Comerica stockholders are
being asked to adopt the Comerica merger proposal. See “The Merger Agreement” beginning on page 119 for additional and more detailed information regarding the legal documents that govern the mergers, including information about
the conditions to the completion of the first merger and the provisions for terminating or amending the merger agreement.

74

Background of the Mergers

In connection with Comerica’s