Company: FCNCB
Filing Date: 2025-03-18
Form Type: DEF 14A
Source: 0001193125-25-056659
Chunk: 48

Company: FIRST CITIZENS BANCSHARES INC /DE/
Filing Date: 2025-03-18
Form: DEF 14A
Chunk 48
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 |                     |             | 2024-2026 |           |     |                  |            | 250 |   % |   |                   |                                       |   718,750 |           |     | 1,437,500 |           |     | 2,156,250 |           |
|                       |                     |             | 2023-2025 |           |     |                  |            | 250 |   % |   |                   |                                       |   687,500 |           |     | 1,375,000 |           |     | 2,062,500 |           |

| (1) | Performance goals were set for awards for the 2023-2025, 2024-2026, and 2025-2027 Performance Periods at Threshold, Target and Stretch TBV+D Growth Rate levels of 12%, 30%, and 48%, respectively. |

| 48 |     | 2025 Annual Proxy Statement |

Compensation Discussion and Analysis Merger Performance Plan (“MPP”).Through the MPP, we motivate and reward associates who have significant involvement in and responsibility for post-acquisition processes by offering cash incentives that are dependent on the realization of benefits of mergers and acquisitions to our company and stockholders. Under the plan, eligible executives and other associates of FCB and its affiliates may be offered opportunities to earn awards payable in cash based upon attainment of performance objectives related to our mergers and acquisitions. The MPP helps reward and motivate associates based on merger and acquisition activity since the significant net positive effect on TBV from that activity may be eliminated from consideration in determining the realization of performance levels under the LTIP. The maximum amount that may be paid under the MPP to any one participant in any fiscal year may not exceed $5,000,000. In January 2024, the Committee approved two performance award opportunities for our NEOs for 2024 in specified “Target” amounts. The awards could be earned based on the attainment of performance objectives related to the CIT Merger and the SVB Acquisition. The performance objectives for the CIT awards included optimization of merger cost savings and synergies, risk management, individual performance, our overall results, and other related specific goals, and were intended to be challenging, but achievable with strong results at the “Target” level. For the SVB awards, performance objectives included timely integration achievement, risk management, individual performance, our overall results, and other related specific goals, and were intended to be challenging