Compensation Plans

3 Months Ended

Feb. 28, 2025

Note 15. Compensation Plans

For a description of Restricted Stock, Restricted Stock Units, the

Senior Executive Compensation Plan and other compensation

plans refer to Note 15. Compensation Plans in our consolidated

financial statements included in Part II, Item 8 of our Annual

Report on Form 10-K for the year ended November 30, 2024.

At February 28, 2025, there were approximately 2.3 million shares

of restricted stock outstanding with future service required,

4.4 million RSUs outstanding with future service required

(including target RSUs that may be issued under the senior

executive compensation plan), 9.6 million RSUs outstanding with

no future service required, and 5.1 million stock options

outstanding. The maximum potential increase to common shares

outstanding resulting from these outstanding awards is

19.1 million at February 28, 2025.

In December 2024, the Compensation Committee of our Board of

Directors granted RSUs and performance stock units (“PSUs”) to

each of our senior executives as follows:


$ in millions	Grant Terms
RSUs
Aggregate grant date fair value ......................................	$18.0
Vesting period ...................................................................	3-year cliff
PSUs
Aggregate target fair value ..............................................	$18.0
Service period ....................................................................	3 years
Performance period ..........................................................	Fiscal 2024 to Fiscal 2026
Performance target (1) ....................................................	10% ROTE
Performance range (2) .....................................................	7.5% - 15% ROTE

(1)ROTE is defined as return on tangible equity measured over three years.

(2)Performance below an ROTE of 7.5% results in forfeiture of all PSUs. An ROTE

of 15% or greater results in earning 150% of target PSUs and between 7.5% to

15%, the level of earning PSUs is linearly interpolated.

In addition, we sponsor non-share-based compensation plans.

Non-share-based compensation plans sponsored by us include a

profit sharing plan and other forms of restricted cash awards.

Restricted cash awards are subject to ratable vesting terms with

service requirements. These awards are amortized as

compensation expense over the relevant service period, which is

generally considered to start at the beginning of the annual

compensation year.

Components of total compensation cost associated with certain

of our compensation plans:

(1)Total compensation cost associated with restricted stock and RSUs includes

the amortization of sign-on, retention and senior executive awards, less

forfeitures and clawbacks.

Remaining unamortized amounts related to certain

compensation plans at February 28, 2025:


$ in millions	Remaining Unamortized Amounts	Weighted Average Vesting Period (in Years)
Non-vested share-based awards ..............	$139.5	2.9
Restricted cash awards (1) ........................	1,166.9	3.0
Total ..............................................................	$1,306.4

(1)The remaining unamortized amount is included within Other assets.