8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

February 18, 2022 (February 17, 2022)

Date of Report

(Date of Earliest Event Reported)

Synovus Financial Corp.

(Exact Name of Registrant as Specified in its Charter)

Georgia	1-10312	58-1134883
(State of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

1111 Bay Avenue, Suite 500, Columbus, Georgia 31901

(Address of principal executive offices) (Zip Code)

(706) 641-6500

(Registrant’s telephone number, including area code)

________________________________________________

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

    ☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

    ☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

    ☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

    ☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, $1.00 Par Value	SNV	New York Stock Exchange
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D	SNV-PrD	New York Stock Exchange
Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E	SNV-PrE	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On February 17, 2022, the Compensation and Human Capital Committee of the Board of Directors (“Committee”) of Synovus Financial Corp. (“Synovus”) took several actions impacting the compensation arrangements of Synovus’ executive officers, including Synovus’ named executive officers last identified under Item 402(c) of Regulation S-K.

Base Salaries. The Committee approved the base salaries for the named executive officers as set forth in the table below, effective March 6, 2022:

Named Executive Officer	Title	Base Salary
Kevin S. Blair	President and Chief Executive Officer	$975,000
Andrew J. Gregory, Jr.	Executive Vice President and Chief Financial Officer	600,000
Mark G. Holladay	Executive Vice President and Chief Risk Officer	422,200
Robert W. Derrick	Executive Vice President and Chief Credit Officer	400,000

2022 Annual Incentive Plan. The Committee approved the executive annual incentive plan for 2022. For 2022, the approved formulaic annual performance goals are based 50% on adjusted earnings per share, 25% on adjusted return on average assets and 25% based upon a review of Synovus’ performance on strategic objectives for 2022. The primary strategic objectives approved by the Committee include quality of earnings and progress toward accomplishing the four core pillars of the new strategic plan: reposition for advantage, simplify and streamline, adopt high-tech meets high touch and enhance talent and culture. The Committee may also consider other factors including the impact of external factors (such as interest rates), regulatory compliance, risk management, total shareholder return and individual performance. The Committee also established the following individual award targets as a percentage of base salary for each named executive officer, respectively, for 2022:

Named Executive Officer	Title	2022 Award
Kevin S. Blair	President and Chief Executive Officer	125%
Andrew J. Gregory, Jr.	Executive Vice President and Chief Financial Officer	85%
Kessel D. Stelling	Executive Chairman of the Board	100%
Mark G. Holladay	Executive Vice President and Chief Risk Officer	70%
Robert W. Derrick	Executive Vice President and Chief Credit Officer	60%

The actual payout may range from 0% to 150% of the award target based upon Synovus’ performance results for 2022 compared to the performance goals and the Committee’s evaluation of the discretionary factors.

Long-Term Incentive Awards. The Committee also granted Synovus’ executive officers, including its named executive officers, long-term incentive awards (comprised of performance stock unit awards and restricted stock unit awards), effective February 17, 2022.

The performance stock unit awards (“PSUs”) granted to Synovus’ executive officers, including its named executive officers, include service and performance vesting components. Under the service-based vesting component, the PSUs vest 100% after three years of service. Under the performance-based vesting component, there are two performance measures (weighted average return on tangible common equity and relative total shareholder return) that are measured over a three-year performance period, with each measure impacting one-half of the PSUs awarded to each executive. The actual payout of the PSUs may range from 0% to 150% of the target amount based upon the results of the two performance measures during the performance period compared to the performance objectives approved by the Committee.

The PSUs are subject to a Risk-Based Modifier, which may reduce the payouts of outstanding awards if future results suggest that risk was not properly considered in achieving the results on which the number of units awarded were based. The Committee may consider whether payout reductions are warranted if any of the following occur during the vesting period: (1) Synovus or a line of business experiences a material loss, (2) Synovus or an individual executive fails to comply with risk policies or properly address risk concerns, or (3) regulatory capital falls below regulatory capital requirements.

The restricted stock unit awards (“RSUs”) vest one-third each year over a three-year period. Because each of the executives met the Company’s stock ownership guidelines on the date of grant, the executives received cash-settled RSUs.

The Committee granted the following awards to each of the named executive officers last identified under Item 402(c) of Regulation S-K, respectively:

Named Executive Officer	Number of PSUs	Number of RSUs
Kevin S. Blair	29,754	19,836
Andrew J. Gregory, Jr.	9,156	6,104
Kessel D. Stelling, Jr.	25,749	17,166
Mark G. Holladay	5,722	3,815
Robert W. Derrick	4,864	3,243

The foregoing PSUs and RSUs vest in the event of death, disability or retirement when such retirement occurs after age 65 with 10 or more years of service. Both the PSUs and the RSUs are subject to the Company’s clawback policy.

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, Synovus has caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	SYNOVUS FINANCIAL CORP.
Date: February 18, 2022	By: /s/ Allan E. Kamensky
	Name: Allan E. Kamensky
	Title: Executive Vice President and General Counsel

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Cover Page	Feb. 18, 2022
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Feb. 18, 2022
Entity Registrant Name	Synovus Financial Corp.
Entity Incorporation, State or Country Code	GA
Entity File Number	1-10312
Entity Tax Identification Number	58-1134883
Entity Address, Address Line One	1111 Bay Avenue
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	Columbus
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	31901
City Area Code	706
Local Phone Number	641-6500
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0000018349
Amendment Flag	false
Common Stock, $1.00 Par Value
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $1.00 Par Value
Trading Symbol	SNV
Security Exchange Name	NYSE
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D
Entity Information [Line Items]
Title of 12(b) Security	Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D
Trading Symbol	SNV-PrD
Security Exchange Name	NYSE
Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E
Entity Information [Line Items]
Title of 12(b) Security	Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E
Trading Symbol	SNV-PrE
Security Exchange Name	NYSE