Company: FITBI
Filing Date: 2025-03-04
Form Type: DEF 14A
Source: 0001193125-25-045653
Chunk: 65

Company: FIFTH THIRD BANCORP
Filing Date: 2025-03-04
Form: DEF 14A
Chunk 65
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, we have not granted any awards that provide for “single-trigger” vesting upon a change in control to our executives. Instead, as defined in our incentive compensation plans, any outstanding long-term, equity-based award (stock options, SARs, RSUs, and restricted stock awards) would vest immediately only if there is a change in control and a subsequent qualifying termination of employment (“double-trigger” vesting). Performance share awards would be deemed earned and paid out based on the greater of (1) the extent to which applicable performance goals have been met through

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COMPENSATION OF NAMED EXECUTIVE OFFICERS and including the effective date of the change in control or (2) the value on the date of the change in control of the number of target shares, in each case prorated based on the portion of the performance period elapsed at the time of the change in control. The value of performance share awards would be calculated based on the current market value of the Company’s stock on the date of the change in control times the earned number of shares. The table below reflects an assumed payout each Named Executive Officer would be eligible to receive if the Company achieved 100% of its performance goals for each outstanding performance share award and paid out effective December 31, 2024. The treatment of equity awards applies to all long-term, equity-based award recipients eligible for change in control benefits, not just for the Company’s Named Executive Officers. Upon a triggering event under the CIC Severance Plan, Messrs. Spence, Preston, and Leonard would receive three, and Messrs. Shaffer and Lavender would receive two, additional years credit under the qualified and nonqualified defined contribution plans; as well as medical, dental, and life insurance benefits. These benefits are reflected in the Other Benefits category below. The NEO’s termination would not result in enhanced retirement benefits. Eligibility for these benefits, as well as any other benefits in a change in control scenario, is determined in a manner consistent with all eligible participants, not just the Company’s Named Executive Officers. Material differences in circumstances relate to retirement eligibility, as described above. As of December 31, 2024, Messrs. Leonard, Shaffer and Lavender meet all retirement eligibility criteria under outstanding long-term, equity-based compensation award agreements. Each has met the criteria to retain all vested and unvested awards except in a termination for cause scenario, or as otherwise provided for in the award agreements. The tables below contain the total payments each Named