Company: FITBI
Filing Date: 2025-03-04
Form Type: DEF 14A
Source: 0001193125-25-045653
Chunk: 44

Company: FIFTH THIRD BANCORP
Filing Date: 2025-03-04
Form: DEF 14A
Chunk 44
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. Performance section. Performance share grants are eligible for dividend equivalents which accrue in cash and are paid when the award is earned and distributed. Payouts are interpolated for achievement between threshold (50%), target (100%) and maximum (150%) goals as outlined in the table above. A visual example of our performance share grant design is shown in the following graphic: Restricted Stock Units grants made in 2024 have a three-year graded vesting schedule. These grants do not have voting rights during the vesting period, but are eligible for dividend equivalent payments, which accrue in cash and are paid upon vesting and distribution of the underlying award. Stock Appreciation Rights are granted at the closing price of the Company’s common stock on the date of grant and have a 10-year term. Grants made in 2024 have a three-year graded vesting schedule. The Company does not grant discounted stock options or SARs, re-price previously granted stock options or SARs, or grant reload stock options. The Committee believes that the design of the long-term, equity-based incentive plan provides incentive for the creation of shareholder value since the full benefit of the grant to each Named Executive Officer can be realized only with an appreciation in the price of the Company’s common stock or by meeting goals based on relative ROACE, depending on the type of award.

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COMPENSATION DISCUSSION AND ANALYSIS Payout of 2022 Performance Share Awards. The 2022 performance share grant measured the Company’s performance on ROACE versus our compensation peer group over the three-year period beginning January 1, 2022 through December 31, 2024. In its February 2025 meeting, the Committee reviewed final ROACE results showing the Company ranked first among peers and the absolute metric thresholds for ROTCE and efficiency ratio were met. Accordingly, the Committee approved a 150% payout. The grant paid out in Company stock and the shares were distributed on February 19, 2025, the date of the Committee’s approval. Other Long-term, Equity-based Plan Provisions. The VCP and long-term, equity-based incentive compensation awards made in 2024 were issued under the Company’s 2021 Incentive Compensation Plan (the “Plan”), which was approved and adopted by the Company’s shareholders in 2021. Shareholders approved the 2024 Incentive Compensation Plan on April 16, 2024. Awards granted on or after April 16, 2024, will be governed under the new