COMERICA INC — Director's Dealing 2015

Feb 27, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMERICA INC /NEW/ (CMA)
CIK: 0000028412
Period of Report: 2015-02-24

Reporting Person: BILSTROM JON W (EVP & Secretary)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-02-24	Common Stock	A	1950	—	Acquired	87135	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	2000	Indirect
Common Stock	1500	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option (right to buy)	$54.99	2015-04-21	Common Stock (25000)	25000	Direct
Employee Stock Option (right to buy)	$56.47	2016-02-15	Common Stock (25000)	25000	Direct
Employee Stock Option (right to buy)	$58.98	2017-01-23	Common Stock (25000)	25000	Direct
Employee Stock Option (right to buy)	$17.32	2019-01-27	Common Stock (20300)	20300	Direct
Employee Stock Option (right to buy)	$39.16	2020-07-27	Common Stock (18500)	18500	Direct
Employee Stock Option (right to buy)	$39.10	2021-01-25	Common Stock (20000)	20000	Direct
Employee Stock Option (right to buy)	$29.60	2022-01-24	Common Stock (19000)	19000	Direct
Employee Stock Option (right to buy)	$33.79	2023-01-22	Common Stock (5000)	5000	Direct
Employee Stock Option (right to buy)	$49.51	2024-01-21	Common Stock (4303)	4303	Direct
Employee Stock Option (right to buy)	$42.32	2025-01-27	Common Stock (4960)	4960	Direct

Footnotes

F1: On January 22, 2013, a "target" award of 13,000 performance restricted stock units (PRSUs) was granted to the reporting person pursuant to Comerica Incorporated's long-term incentive plan. The PRSUs are settled in stock, with accrued dividend equivalents paid out annually in cash, and vest in one installment at the end of a 3-year performance period. If, during any year in such performance period, Comerica falls below the Tier 1 Capital Threshold defined by the Federal Reserve for well capitalized banks, 15% of the target award will be forfeited, with a maximum reduction of 45%. On February 25, 2014, Comerica's Governance, Compensation and Nominating Committee certified that performance was achieved for the 2013 fiscal year, and on February 24, 2015, the Committee certified that performance was achieved for the 2014 fiscal year. The number of PRSUs reported in this Form 4 represents the additional portion of the award that is not subject to reduction due to the achievement of the 2014 performance results.

F2: Includes shares acquired through employee stock plans, shares purchased with reinvested dividends and stock units held pursuant to a deferred compensaton plan as of February 24, 2015.

F3: The options vest in four equal annual installments (based on the original grant amount) beginning on the date indicated in this column.