Company: RNST
Filing Date: 2025-03-12
Form Type: DEF 14A
Source: 0000715072-25-000085
Chunk: 49

Company: RENASANT CORP
Filing Date: 2025-03-12
Form: DEF 14A
Chunk 49
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 assets. Renasant’s 2024 annual budget attempted to account for this dynamic - the decision to maintain elevated levels of on-balance sheet liquidity in a declining interest rate environment - by budgeting earnings, profitability and operational efficiency that, although in line with the consensus estimates of investment analysts, were below (which, for the efficiency ratio, means a higher percentage) Renasant’s 2023 results (after adjustment to

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exclude one-time and nonrecurring items). For example, Renasant’s budgeted efficiency ratio for 2024 was approximately 406 basis points higher than our 2023 efficiency ratio.

When the compensation committee met in late 2023 and early 2024 to consider the 2024 executive compensation program, it took into account the expectations about the 2024 operating environment for financial institutions, as reflected in Renasant’s 2024 budget and analysts’ consensus estimates. As illustrated below, the compensation committee continued to structure our executive compensation program to emphasize the generation of stable, long-term growth, the alignment of executives’ financial interests with those of our shareholders, and the retention of key talent. Improving our operational efficiency, even in light of the expected headwinds for growing net interest income, remained a strategic goal in 2024. With respect to the performance measures for the short-term cash incentive, the compensation committee concluded that, because the 2024 operating environment (in light of the factors noted above) was expected to be challenging, achieving budgeted amounts with respect to earnings, profitability and efficiency would represent successful performance by our executive management and Renasant. As a result, and consistent with past practice, the compensation committee set target performance measures in line with budgeted amounts, notwithstanding that budgeted amounts were lower than 2023’s results.

#### Base Salary
There were no increases in NEO base salaries from 2023 to 2024, representing the third time in the past four years that NEO base salaries did not increase on a year-over-year basis (other than raises for Mr. Perry in 2021 and for Mr. Chapman in 2023 for the reasons explained in our past proxy statements discussing our 2021 and 2023 executive compensation programs, respectively). Mr. Waycaster recommended that base salaries remain unchanged, because one of Renasant’s primary objectives for 2024 was controlling noninterest expense. The compensation committee, concurring with Mr. Waycaster’s recommendation, did not adjust NEO base salaries for 2024. Reflecting