Company: FITBI
Filing Date: 2025-01-23
Form Type: 8-K
Source: 0000035527-25-000006
Chunk: 0

Company: FIFTH THIRD BANCORP
Filing Date: 2025-01-23
Form: 8-K
Item: Item 2.03
Chunk 0
---
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

On January 22, 2025, Fifth Third Bancorp (“ Fifth Third”) entered into a new share repurchase agreement with Royal Bank of Canada (“ RBC”) with RBC Capital Markets, LLC acting as agent, pursuant to which Fifth Third will purchase approximately $225 million of its outstanding common stock.

Fifth Third is repurchasing the shares of its common stock as part of its 100 million share repurchase program previously announced in a press release on June 18, 2019 and a current report on Form 8-K filed on June 20, 2019.

Under the Master Confirmation dated as of December 13, 2024, supplemented by a Supplemental Confirmation dated January 22, 2025 with a notional amount of $225 million (together, the “ Repurchase Agreement”), between Fifth Third and RBC, Fifth Third will pay an aggregate of $225 million to RBC on January 23, 2025, and expects to receive a substantial majority of the shares underlying the Repurchase Agreement by January 23, 2025. The actual number of shares of Fifth Third common stock to be delivered by RBC will be based generally on a discount to the average of the daily volume-weighted average NASDAQ prices of Fifth Third’s common stock during the term of the Repurchase Agreement. At

settlement, RBC may be obligated to deliver additional shares of Fifth Third’s common stock to Fifth Third, or Fifth Third may be obligated to make a delivery of common stock or a payment of cash to RBC at Fifth Third’s election. Fifth Third expects the settlement of the transaction to occur on or before March 28, 2025.

The Repurchase Agreement is subject to certain customary adjustments and termination provisions. In addition, upon the occurrence of certain extraordinary events, RBC is entitled to terminate the Repurchase Agreement, in which case Fifth Third may receive fewer shares of its common stock than expected.

The foregoing description of the Repurchase Agreement is a summary and is qualified in its entirety by the terms of the Repurchase Agreement, a copy of which will be filed as an exhibit to Fifth Third’s Form 10-Q for the fiscal quarter ending March 31, 2025.

RBC and certain of its affiliates have performed, and in the future may perform, various financial advisory and other services for Fifth Third and Fifth Third’s affiliates