Company: RNST
Filing Date: 2025-03-12
Form Type: DEF 14A
Source: 0000715072-25-000085
Chunk: 9

Company: RENASANT CORP
Filing Date: 2025-03-12
Form: DEF 14A
Chunk 9
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 an annual focus                                                  |
| Total shareholder return (TSR)   |     | Total realized compensation, which includes base salary and an annual cash award, which is performance-based, and the value of equity compensation, a portion of which is performance-based |     | •TSR measures the delivery of shareholder value over a longer period                                         
 •Total compensation, including equity compensation, includes payments that provide value over longer periods |

The following tables illustrate the relationship between executive pay and our performance over the five-year period ending December 31, 2024. Due to the sale of our insurance agency business, our stock offering and the merger and conversion expenses associated with the FBMS merger, we have used adjusted earnings per share (non-GAAP) in the comparison of executive pay to our earnings per share. Please see Appendix A, Non-GAAP Financial Measures , for a reconciliation of adjusted earnings per share to its most comparable GAAP measure. The tables below supplement our pay versus performance disclosures that are required pursuant to SEC rules. The SEC-required disclosures can be found below in the Other Compensation Related Disclosures section under the heading “Pay Vs. Performance.”

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The compensation provided to Mr. Waycaster and our other named executive officers correlates to our budgeted goals with respect to earnings and profitability on a core basis (that is, excluding nonrecurring and/or unusual income and expense). In setting our annual budget, the board of directors and executive management consider the impact the internal and external factors described above are expected to have on our earnings and profitability, based on their own judgment as well as independent investment analysts’ projections. In any year, we may budget earnings or profit metrics below the prior year’s results due to these factors, yet achieving, or surpassing, such budgeted amounts will nevertheless represent successful performance for the Company – perhaps even more success than in the prior year – in light of internal factors and prevailing economic conditions. As a result, executive compensation may increase year-over-year even though our earnings or profitability metrics may decline on a year-over-year basis.

For 2024, our expectations regarding the general economic climate were incorporated into our budgeted goals for earnings and profitability. After a series of aggressive rate hikes that began in 2022 and continued into 2023, we expected the federal funds rate to stabilize in 2024 and then decline moderately in the second half of the year. This rate forecast would result in a decline of net interest income and net interest margin compression, as the increase in deposit costs