Company: RNST
Filing Date: 2025-03-12
Form Type: DEF 14A
Source: 0000715072-25-000085
Chunk: 52

Company: RENASANT CORP
Filing Date: 2025-03-12
Form: DEF 14A
Chunk 52
---
 committee decided that judging our annual performance on an absolute basis was appropriate because unpredictable events (such as a sale of assets for a significant gain or loss) can materially impact a company’s earnings, profitability or efficiency ratio and thus significantly skew Renasant’s performance relative to its peers for the relevant year. If annual performance were measured relative to a peer group, PBRP outcomes may not be truly reflective of our named executives’ performance.

In February 2024, the committee approved the specific performance levels for the EPS, efficiency ratio and ROTCE performance measures for 2024. For each metric, the target level was set at our budgeted level for the relevant metric, which correlated to analysts’ consensus estimates at the time. As discussed in more detail above in the “Decision-Making Process for 2024” section, we use analysts’ consensus estimates in our budgeting process as a means to provide validation that the assumptions about our performance made during the budget process are substantially in line with the views of analysts who closely follow Renasant and other financial institutions. Threshold and superior performance levels for EPS and ROTCE were set at 95% and 105%, respectively, of the target level. Threshold and superior performance levels for the efficiency ratio were derived from the comparable performance levels for EPS, with 50% of the change in EPS between the respective performance levels allocated to net revenue and the remaining 50% changes in EPS allocated to noninterest expense. The following table compares the target performance levels for 2024 to our actual results for 2023.

<div align='center'>38</div>

| Performance Measure                      |     |      Results for the Year Ended 
 December 31, 2023 (non-GAAP)(1) |     |  2024 Target Performance |     |               |
|                                          |     |                                 |     | Target Performance Level |     | Decrease from 
 2023 Outcome  |
| Diluted earnings per share               |     |                            3.15 |     |                    $2.59 |     | 17.8%         |
| Efficiency ratio                         |     |                          63.48% |     |                   67.57% |     | 6.4%          |
| Return on average tangible common equity |     |                           15.0% |     |                   11.25% |     | 25.1%         |

(1) Includes adjustments to each of diluted earnings per share, efficiency ratio and return on average tangible common equity described in