Company: RNST
Filing Date: 2025-03-12
Form Type: DEF 14A
Source: 0000715072-25-000085
Chunk: 48

Company: RENASANT CORP
Filing Date: 2025-03-12
Form: DEF 14A
Chunk 48
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 in interest rates. Guidance and forecasts from independent investment analysts who follow our performance are used to assist the board and management. If necessary, the budget is adjusted as appropriate.

In some years our budgeted earnings, profitability or operational efficiency may fall below the prior year’s actual results. Nevertheless, the compensation committee and the board may conclude that, because the upcoming year’s operating environment (in light of the internal and external factors noted above) is expected to be more challenging as compared to the prior year’s circumstances, achieving such budgeted amounts will nevertheless represent successful performance by our executive management and Renasant, perhaps even more successful than compared to the prior year’s performance. As a result, from one year to the next, the target level of performance under one or more PBRP performance measures may remain static or even decrease, or the outcomes for achieving performance objectives may remain static, or even increase, although our earnings or profitability metrics decline in comparison to the prior year.

The information below under the headings “Annual Performance-Based Cash Awards” and “Equity Awards – Equity Awards Made in 2024” includes a detailed discussion of the compensation committee’s decisions with respect to the performance measures specific to PBRP and LTIP incentives for 2024.

#### 2024 Compensation Decisions
This section of the CD&A describes the specific decisions the compensation committee made with respect to 2024 NEO compensation, including base salaries, performance measures and payouts for cash and equity awards that vested at the end of 2024 and equity awards made in 2024 that will vest or be settled in later years.

General. As 2023 closed, although the liquidity crisis that followed the March 2023 bank failures had largely abated, financial institutions continued to maintain high levels of on-and off-balance sheet liquidity. At the same time, analysts generally believed that the Federal Reserve had largely completed its aggressive interest rate-raising efforts to combat inflation and was more likely to begin lowering interest rates in 2024. A predominant concern among analysts was whether the Federal Reserve could lower interest rates in a manner that resulted in a “soft landing,” and thereby avoid an economic recession. Analysts generally projected that, due to these concerns about an economic recession occurring at some point during the year, borrowers would exhibit caution in 2024.

These circumstances presented challenges to managing funding costs and growing net interest income effectively. Due to competitive pressures, interest rates on deposits and other sources of funding typically react to changes in market interest rates more slowly than yields on loans and other earning