8-KMaterial AgreementsExhibits & Filings

FIFTH THIRD BANCORP 8-K Report, Material Agreement (Jan 4, 2006)

Filed January 4, 2006For Securities:FITBFITBOFITBPFITB-PIFITB-PMFITB-PAFITBIFITB-PK

Summary

Fifth Third Bancorp (FITB) filed an 8-K report on January 4, 2006, primarily to disclose an amendment and restatement of its Nonqualified Deferred Compensation Plan, effective December 28, 2005. The key change introduced by this amendment is the immediate vesting of profit sharing and matching contributions for participants. Previously, these contributions would have vested over time, according to a prior amendment that was superseded by this new filing. This update to the compensation plan is significant for employees participating in the deferred compensation program. The immediate vesting provision means that participants will have full ownership of their employer contributions upon being credited to their accounts, rather than having to wait for a specified period. This change could enhance the attractiveness of the plan as a retention tool and provides immediate financial benefit to eligible employees.

Key Highlights

  • 1Fifth Third Bancorp amended and restated its Nonqualified Deferred Compensation Plan on December 28, 2005.
  • 2The primary change is the immediate vesting of profit sharing and matching contributions.
  • 3This amendment supersedes a previous amendment that would have phased in vesting over time.
  • 4The change impacts employees participating in the deferred compensation plan.
  • 5This filing is made to comply with SEC reporting requirements for material definitive agreements.
  • 6The amended plan document is filed as an exhibit to this 8-K report.

Frequently Asked Questions

The main purpose of this 8-K filing is to report the amendment and restatement of Fifth Third Bancorp's Nonqualified Deferred Compensation Plan, specifically detailing a change to the vesting schedule of employer contributions.

The most significant change is that profit sharing and matching contributions will now vest immediately for participants. Previously, under an earlier amendment, these contributions would have vested over a period of time.

This change primarily affects employees who participate in Fifth Third Bancorp's Nonqualified Deferred Compensation Plan, as it impacts the immediate ownership of employer contributions.

Immediate vesting means employees gain full ownership of the employer's profit sharing and matching contributions as soon as they are credited to their account. This provides immediate financial benefit and security, unlike a vesting schedule that requires a waiting period.