Company: CMA
Filing Date: 2025-03-17
Form Type: DEF 14A
Source: 0000028412-25-000135
Chunk: 54

Company: COMERICA INC
Filing Date: 2025-03-17
Form: DEF 14A
Chunk 54
---
 focus on maximizing shareholder value without regard to interests in continued employment.

If a change of control of Comerica occurs, each NEO will have a right to continued employment for a period of 30 months from the date of the change of control (the “Employment Period”).

If the executive dies or becomes disabled during the Employment Period, the executive or their beneficiary will receive accrued obligations, including salary, pro rata bonus, deferred compensation, vacation pay and death or disability benefits.

If Comerica terminates the executive’s employment for a reason other than cause or disability or the executive terminates for good reason during the Employment Period, the agreement provides the following severance benefits (“Change of Control Benefits”):

• any unpaid base salary through the date of termination;

• a proportionate bonus based upon the highest annual bonus earned during any of the last three fiscal years prior to the change of control or during the most recently completed fiscal year following the change of control (“highest annual bonus”);

• an amount equal to three times the sum of the executive’s annual base salary plus the executive’s highest annual bonus;

• a payment equal to the excess of: (i) the retirement benefits the executive would receive under Comerica’s pension and excess defined benefit plans, as applicable, if the executive continued to be employed for three years after the date their employment was terminated, over (ii) the retirement benefits the executive actually accrued under the plans as of the date of termination;

• provision of health, accident, disability and life insurance benefits for three years after the executive’s employment terminates, unless executive becomes eligible to receive comparable benefits during the three-year period; and

#### •

#### outplacement services.
These amounts would be paid in a lump sum with the exception of the health, accident, disability and life insurance benefits and the payment of outplacement services, which would be paid as the expenses were incurred. All payments would be made by Comerica or the surviving entity.

Change of control agreements entered into in 2008 and before included an excise tax benefit and a window period feature. Accordingly, Mr. Farmer would also receive the Change of Control Benefits if he resigned for any reason within the 30 days after the one-year anniversary of the change of control. Additionally, if any payment or benefit to Mr. Farmer under the agreement or otherwise were subject to the excise tax under Section 4999 of the Internal Revenue Code, he would receive an additional payment in an amount sufficient to make him whole for any such excise tax. However, if