Company: UMBFO
Filing Date: 2025-03-14
Form Type: DEF 14A
Source: 0001193125-25-054504
Chunk: 51

Company: UMB FINANCIAL CORP
Filing Date: 2025-03-14
Form: DEF 14A
Chunk 51
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 Compensation Committee to be relevant. Firms from the Company’s prior peer group were retained for consistency as reasonably appropriate. The resulting New Peer Group consists of the following 15 companies:

| BOK Financial Corporation (BOKF)    |     | Regions Financial Corporation (RF)    |
| Columbia Banking System Inc. (COLB) |     | SouthState Corporation (SSB)          |
| Comerica Inc. (CMA)                 |     | Synovus Financial Corporation (SNV)   |
| Cullen/Frost Bankers Inc. (CFR)     |     | Valley National Bancorp (VLY)         |
| First Horizon Corporation (FHN)     |     | Webster Financial Corporation (WBS)   |
| Huntington Bancshares Inc. (HBAN)   |     | Wintrust Financial Corporation (WTFC) |
| KeyCorp. (KEY)                      |     | Zions Bancorp. N.A. (ZION)            |
| Old National Bancorp (ONB)          |     |                                       |

Amendments to 2023 and 2024 PSU Awards Effective as of the acquisition of HTLF, the Compensation Committee approved certain amendments to the Performance Units granted to participants (including the NEOs) in 2023 and 2024 (the “ 2023 Performance Units” and “ 2024 Performance Units,” respectively). The 2023 Performance Units and 2024 Performance Units, as originally granted, were eligible to vest subject to achievement of certain earnings per share and average return on tangible common equity metrics measured using a three-year performance period. Following a review of the expected impact of the HTLF acquisition on such metrics, the Compensation Committee determined that the applicable performance metrics were no longer appropriate, given the inability to utilize the existing metrics due to the timing of the acquisition, and given further that the acquisition would impact the performance metrics in a manner not within the control of management. As a result, after discussions with Aon, the Compensation Committee waived the continued applicability of the performance-based vesting conditions for the 2023 Performance Units and 2024 Performance Units and converted such Performance Units into, effectively, awards of time-based Restricted Units (“ RSUs”) that vest at the same time as the service conditions that applied to such Performance Units. The 2023 Performance Units and 2024 Performance Units were converted to RSUs assuming performance at 100.00% and 194.67% of target, respectively, which reflected the greater of target