Company: CMA
Filing Date: 2025-08-05
Form Type: 424B5
Source: 0001193125-25-173600
Chunk: 21

Company: COMERICA INC
Filing Date: 2025-08-05
Form: 424B5
Chunk 21
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future. Our debt may restrict the payment of dividends on the Series B Preferred Stock. The Series B Preferred Stock places no restrictions on our business or operations or on our ability to incur indebtedness or engage in any transactions, subject
only to the limited voting rights referred to in this prospectus supplement under “Description of the Series B Preferred Stock—Voting Rights.”

S-12

Dividends on the Series B Preferred Stock are discretionary and non-cumulative.If we do not declare dividends on the Series B Preferred Stock, holders of depositary shares will not be entitled to receive related distributions on their depositary shares.

Dividends on the Series B Preferred Stock will be discretionary and will not be cumulative. If our board of directors or a duly authorized
committee of our board of directors does not declare a dividend on the Series B Preferred Stock in respect of a dividend period, then no dividend will be deemed to have accrued for such dividend period, be payable on the applicable dividend payment
date or be cumulative, and we will have no obligation to pay any dividend for that dividend period to the holders of Series B Preferred Stock, including the holders of the depositary shares, and no related distribution will be made on the depositary
shares, whether or not our board of directors or a duly authorized committee of our board of directors declares a dividend on the Series B Preferred Stock for any future dividend period.

Additionally, dividends on the Series B Preferred Stock will be subject to the satisfaction of conditions set forth in the capital adequacy
guidelines or regulations of the Federal Reserve (or any successor bank regulatory authority that may become our applicable federal banking agency) applicable to dividends on the Series B Preferred Stock, if any. Under the Federal Reserve’s
capital rules, dividends on the Series B Preferred Stock may only be paid out of our net income, retained earnings or surplus related to other additional Tier 1 capital instruments.

Additionally, when dividends are not paid in full on the shares of Series B Preferred Stock and any parity stock, all dividends declared on
shares of Series B Preferred Stock and any parity stock will be declared on a proportional basis so that the amount of dividends declared per share will bear to each other the same ratio that accrued dividends for the then-current dividend period
per share on Series B Preferred Stock, and accrued dividends, including any accumulations, on any parity stock, bear to each other. Therefore, if we are not paying full dividends on any outstanding parity stock, we will not be able to pay full
dividends on the