Company: FITBI
Filing Date: 2025-03-04
Form Type: DEF 14A
Source: 0001193125-25-045653
Chunk: 45

Company: FIFTH THIRD BANCORP
Filing Date: 2025-03-04
Form: DEF 14A
Chunk 45
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 2024 Incentive Compensation Plan. Determination of Long-term, Equity-based Incentive Awards. The chief executive officer recommends the award levels for each Named Executive Officer except for himself, and the Committee makes the final award determination for all Named Executive Officers, including the chief executive officer. The award considerations are not based on a formula. Rather, the Committee may choose to make the actual award higher or lower than the target award based on the qualitative assessment of performance against stated objectives as well as the individual’s risk assessment results. The Committee believes that, by including a performance element as part of the up-front grant process, the Company is able to further reinforce the pay-for-performance objective of the Company’s compensation structure. When making the final determination to grant long-term, equity-based incentive compensation awards in February 2024, the Committee considered information relating to market median compensation levels, Company financial performance during 2023, the qualitative performance assessment, and individual risk performance assessments. After reviewing this information for 2023, the Committee granted a 2024 long-term equity incentive compensation award of 100-182% of target for all Named Executive Officers. Additional Executive Long-term Awards As previously disclosed, the Board granted additional awards to select NEOs in February of 2024. The purpose of these awards was to recognize new or expanded responsibilities and to support the continuity of key leadership roles. The CEO did not receive any additional compensation. The awards were made in the form of Restricted Stock Units (RSUs), under the Bancorp’s 2021 Incentive Compensation Plan, to Messrs. Leonard, Shaffer, and Lavender in the amount of $2,000,000 each, based on the closing price of the Bancorp’s common stock on February 27, 2024. These RSUs will vest three years from the date of grant contingent upon continued employment and satisfactory performance. In the event the recipient’s employment is terminated due to death or disability, any unvested RSUs will become immediately vested. In the event the recipient’s employment is terminated for any other reason, the unvested RSUs will be forfeited. In addition, if the Bancorp’s return on average tangible common equity for the fiscal year ending immediately prior to a vesting date (i.e., 2024, 2025 and 2026) does not meet or exceed 2%, one-third of the RSUs may be forfeited at the discretion of the Committee. As a condition of receiving the award, recipients must accept any