Company: FITBI
Filing Date: 2025-03-04
Form Type: DEF 14A
Source: 0001193125-25-045653
Chunk: 38

Company: FIFTH THIRD BANCORP
Filing Date: 2025-03-04
Form: DEF 14A
Chunk 38
---
 regulatory considerations                                                  |

Salary increases, if any, are based on the Company’s overall performance, the executive’s attainment of individual objectives during the preceding year, and market-based considerations. After the annual review and evaluation at the beginning of 2024, base salary increases, excluding increases related to promotions, ranging from five percent to sixteen percent were recommended and approved by the Committee. In evaluating these proposed increases, the Committee considered individual performance and market data for each executive. The Committee believes the adjustments made for 2024 position executives well in relation to individual performance and market-based considerations. 2024 Variable Compensation Plan Design. The Variable Compensation Plan’s objective is to reward executives for strong corporate, business unit, and individual performance. The design of our 2024 Variable Compensation Plan (VCP) was structured as follows: It is the view of the Committee that this mix of Bancorp funding metrics provides executives with balanced incentives to increase the level of absolute earnings growth, to ensure that shareholder capital is used efficiently to generate competitive returns, and to assess the cost efficiency of the Company’s operations. The funding modifiers are useful as complementary metrics to add focus on best-in-class business processes. The Committee retains discretion to adjust pool funding upward or downward based on other factors, such as individual performance and risk assessment. The Company and the Committee review the VCP annually to determine if changes should be made to the plan for the next year. During the review in 2023 for the 2024 plan, there were no changes to either the core funding design or to the funding modifiers. Variable Compensation Plan Performance Goals. The financial plan approved by the Board of Directors includes specific target goals for the Company in each of the Bancorp funding metrics as detailed below. When determining the available funding pool for all VCP participants, including NEOs, the Committee first determines if the performance hurdle has been met, then considers actual performance against target goals, in addition to three funding modifiers.

| Fifth Third 2025 Proxy Statement |     | 49 |

COMPENSATION DISCUSSION AND ANALYSIS Bancorp Funding Metrics Actual awards are approved by the Committee from the pool. This pool of available compensation awards is allocated to each participant based on qualitative assessments of individual performance against a set of stated objectives and, additionally for executives, an individual risk assessment. Amounts realizable from prior compensation awards do not influence decisions relative to future awards. To determine the VCP funding pool, performance against each target Bancorp funding metric is reviewed to determine the performance level that was achieved, with results between