01—Abstract
Summary
Summary of the 8-K/A filed September 17, 2024. Cited figures are marked; the original filing is the authoritative source.
This 8-K/A filing from Fifth Third Bancorp (FITB) provides an update on the compensation package for its newly appointed Chief Accounting Officer, Jeffrey A.
Lopper. The amendment details the approved base salary, target annual incentive, and target long-term equity incentive for Mr. Lopper, effective October 6, 2024. This information is crucial for investors to understand the executive compensation structure and potential future dilution from equity awards.
The core of this amendment is the quantification of Mr. Lopper's compensation upon his effective promotion. His base salary will rise to $325,000,a with target variable compensation set at $195,000 and target long-term equity incentive at $250,000. While these are target amounts, actual payouts will depend on company performance and committee discretion, offering insight into performance-based compensation at the executive level.
02—Key points
Key Highlights
- Appointment of Jeffrey A. Lopper as Senior Vice President and Chief Accounting Officer confirmed, effective October 6, 2024.
- Amendment clarifies new compensation arrangements for Mr. Lopper in his role as Chief Accounting Officer.
- Base salary for Mr. Lopper to increase to $325,000 effective October 6, 2024.
- Target variable compensation (annual incentive) for 2024 increased to $195,000, subject to performance.
- Target long-term equity incentive award for 2024 increased to $250,000, to be awarded in 2025.
- Salary and variable compensation target will be prorated due to the October 6, 2024 effective date.
- Actual variable compensation and long-term equity awards will be determined by the Human Capital and Compensation Committee based on 2024 performance.
03—Questions
Frequently Asked Questions
When does the new compensation package for Jeffrey A. Lopper become effective?
The new compensation package for Mr. Lopper becomes effective on October 6, 2024, coinciding with his official start date as Senior Vice President and Chief Accounting Officer.
What are the specific compensation components for the new Chief Accounting Officer?
Mr. Lopper's new compensation includes a base salary of $325,000, a target annual incentive of $195,000, and a target long-term equity incentive of $250,000. These amounts are subject to proration and actual performance.
Will Mr. Lopper receive the full target compensation amounts immediately?
No, his base salary and target variable compensation will be prorated based on the October 6, 2024 effective date. Furthermore, the actual amounts of his variable compensation and long-term equity awards for 2024 will be determined by the Human Capital and Compensation Committee in 2025, taking into consideration the company's 2024 performance.
What is the purpose of this 8-K/A filing?
This 8-K/A filing is an amendment to a previous report to provide further details on the approved compensation for Jeffrey A. Lopper in his newly appointed role as Chief Accounting Officer, including specific salary and incentive targets.
04—Continue