Company: TFC
Filing Date: 2025-03-17
Form Type: DEF 14A
Source: 0001193125-25-055156
Chunk: 53

Company: TRUIST FINANCIAL CORP
Filing Date: 2025-03-17
Form: DEF 14A
Chunk 53
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, which typically settle in cash. The PSU and LTIP awards use the same performance measures and weightings. The remaining 35% of the long-term incentive opportunity is granted as time-based RSU awards that do not start vesting until the end of the second year and then vest ratably over the next three years. Our 2024–2026 long-term incentive awards are subject to the general terms set forth in the below chart. Note that dividends are not paid on any unvested awards.

| Award Type        
 PSU Awards (40%)  
 LTIP Awards (25%) |     | Performance Period                                
 Three years (January 1, 2024 – December 31, 2026) 
 Three years (January 1, 2024 – December 31, 2026) |     | Vesting                                                                                       
 Three-year cliff vesting after performance is determined                                      
 Three-year cliff vesting after performance is determined                                      |     | Potential         
 Reduction or      
 Forfeiture on     
 Certain Events(1) |     | Yes 
 Yes |     | Payout               
 0% to 150% of target 
 0% to 150% of target |
|:------------------|:----|:--------------------------------------------------|:----|:----------------------------------------------------------------------------------------------|:----|:------------------|:----|:----|:----|:---------------------|
| RSU Awards (35%)  |     | Not applicable                                    |     | Four-year vesting of 0% after one year and one-third after each of years two, three, and four |     |                   |     | Yes |     | Not applicable       |

| (1) | Awards are subject to reduction or forfeiture if there is an aggregate operating loss for the performance period or the Committee determines that there has been a significant negative risk outcome as a result of a corporate or individual action. |

| 2025 Proxy Statement | |     | 51 |

Compensation Discussion and Analysis 2024–2026 LONG-TERM INCENTIVE PERFORMANCE METRICS For Truist’s 2024–2026 long-term incentive performance cycle, the Committee determined to use EPS as the primary performance metric for the PSU and LTIP awards (weighted at 75% for absolute EPS and 25% for relative EPS), given its correlation with TSR and its use as a primary financial income statement metric for banks and public companies. The Committee also provided that the ultimate payout for the PSU and LTIP awards is subject to a relative