Company: CMA
Filing Date: 2025-03-17
Form Type: DEF 14A
Source: 0000028412-25-000135
Chunk: 43

Company: COMERICA INC
Filing Date: 2025-03-17
Form: DEF 14A
Chunk 43
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 National Corp.   |     |                            |     |                                 |

FW Cook annually generates a compensation analysis for the Committee based on our peer group's proxy data. Recognizing that peers may be bigger or smaller than Comerica, and that officer positions listed in proxy statements vary from company to company, FW Cook's peer data is used only as a general indicator of compensation trends and pay levels and is not used to set specific compensation levels for the CEO or the other NEOs. The Committee reviews individual and Company performance, historical compensation, as well as the scope of each position, to determine total compensation for the NEOs. We generally strive to be at the median of the marketplace in compensation and expect variable compensation to increase or decrease relative to the median based on performance. The Committee compares compensation targets with the market data to ensure they are appropriate and competitive.

Additionally, on an annual basis, Comerica purchases several standard compensation surveys from compensation firms to evaluate compensation for our broader executive group and other employee positions.

| PROPOSAL 3: NON-BINDING, ADVISORY PROPOSAL APPROVING EXECUTIVE COMPENSATION |     | 47 |

#### Compensation Elements & 2024 Pay Actions

#### Pay Mix Allocation
Our pay mix allocation is heavily weighted towards variable compensation or “pay-for-performance.” Placing more emphasis on pay-for-performance helps to incentivize and reward long-term value creation, which aligns with shareholder interests. For example, 86% of our CEO’s 2024 total target direct compensation opportunity is variable or “at-risk.”

Our executives’ total compensation is comprised of three primary elements: base salary, a short-term AEI incentive and long- term incentives. The 2024 long-term incentives consist of performance units under the SELTPP ("SELTPP units"), RSUs and stock options. Our emphasis on variable compensation is illustrated below.

| CEO TARGET COMPENSATION MIX |

| Base Salary                |
| Short-Term Cash Incentives |
| Stock Options              |
| Restricted Stock Units     |
| SELTPP (Performance Units) |

#### Base Salary
Base salary is used to compete in the market for talent and forms the foundation for our other reward vehicles. We provide competitive base salaries to our NEOs in recognition of their responsibilities. In addition to benchmark data, we consider the NEO's performance, experience, time in the position, contribution and internal parity. In determining if an adjustment should be made during our annual merit cycle, the CEO (when considering the performance of NEOs