Company: TFC
Filing Date: 2025-03-17
Form Type: DEF 14A
Source: 0001193125-25-055156
Chunk: 60

Company: TRUIST FINANCIAL CORP
Filing Date: 2025-03-17
Form: DEF 14A
Chunk 60
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 participate in both plans on the same basis as other similarly situated teammates. The plans provide retirement benefits based on length of service and cash compensation level prior to retirement, with benefits generally increasing substantially as a participant approaches retirement. As we are among the few remaining companies that offer a traditional pension plan for our teammates, we believe this benefit provides a competitive advantage for attracting and retaining talent. We believe the retirement benefits provided by the Pension Plan are meaningful to all teammates, but especially to those who have devoted substantial service to Truist. For additional information regarding the benefits provided to our named executives under the Pension Plan and the Non-QualifiedDefined Benefit Plan, see the 2024 Pension Benefits Table and the accompanying narrative. SEVERANCE The Company maintains the Amended and Restated Management Change of Control, Severance and Noncompetition Plan (the “Severance Plan”), which covers executive officers, including each of the named executives. For information regarding the benefits provided to our named executives under the Severance Plan, see the Potential Payments Upon Termination or Change of Control Table and the accompanying narrative.

| 2025 Proxy Statement | |     | 57 |

Compensation Discussion and Analysis Section 6—Process Who Makes Executive-Compensation Decisions ROLE OF COMPENSATION AND HUMAN CAPITAL COMMITTEE The Committee administers Truist’s compensation program for named executives in a manner consistent with our Purpose, Mission, Values, and compensation philosophy. The Committee’s authority and responsibilities are set forth in its charter and include:

| • | reviewing and approving the compensation for executive officers, including the named executives |

| • | selecting and approving performance metrics and goals for the executive-compensation program and evaluating performance at the end of each performance period |

| • | approving award opportunities for our AIP, PSU, LTIP, and RSU awards |

| • | overseeing the risk management of the Company’s incentive compensation arrangements |

| • | conducting an annual review of director compensation |

In making compensation decisions, the Committee uses several resources and tools, including the services of a compensation consultant. The Committee engaged Meridian Compensation Partners, LLC as the Committee’s independent compensation advisor through October 31, 2024, and engaged and appointed Farient Advisors LLC as the Committee’s independent compensation advisor beginning on November 1, 2024 (each, for the relevant periods, the “compensation consultant”). The Committee also considers summary analyses of total compensation delineating each compensation element (sometimes referred to as “tally sheets”), an assessment of executive risk outcomes