Company: TFC
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0000092230-25-000020
Chunk: 271

Company: TRUIST FINANCIAL CORP
Filing Date: 2025-02-25
Form: 10-K
Item: Item 2
Chunk 271
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 from acquired entities. Those plans are intended to assist the Company in recruiting and retaining teammates, directors, and independent contractors and to align the interests of eligible participants with those of Truist and its shareholders.The majority of outstanding awards and awards available to be issued relate to plans that allow for accelerated vesting of awards for holders who retire and have met all retirement eligibility requirements or in connection with certain other events. Until vested, certain of these awards are subject to forfeiture under specified circumstances. The fair value of RSUs and PSUs is based on the common stock price on the grant date less the present value of expected dividends that will be foregone during the vesting period. Substantially all awards are granted in February of each year. Grants to non-executive teammates primarily consist of RSUs.The following table provides a summary of the equity-based compensation plans and typical range of vesting periods for teammates:(Shares in thousands)Dec 31, 2024Shares available for future grants23,021 Vesting period, minimum1.0 yearVesting period, maximum6.0 yearsThe following table presents a summary of selected data related to equity-based compensation costs:As of / For the Year Ended December 31,(Dollars in millions)202420232022Equity-based compensation expense$292 $298 $261 Income tax benefit from equity-based compensation expense69 70 61 Intrinsic value of options exercised, and RSUs and PSUs that vested during the year169 170 286 Grant date fair value of equity-based awards that vested during the year260 258 239 Unrecognized compensation cost related to equity-based awards258 240 249 Weighted-average life over which compensation cost is expected to be recognized2.5 years2.5 years2.7 yearsThe following table presents the activity related to awards of RSUs, PSUs, and restricted shares:(Shares in thousands)Units/SharesWtd. Avg. Grant Date Fair ValueNonvested at January 1, 202416,640 $48.36 Granted12,082 31.05 Vested(4,949)52.49 Forfeited(1,410)38.23 Nonvested at December 31, 202422,363 38.87 Other BenefitsThere are various other employment-related contracts, deferred compensation arrangements, and non-compete covenants with selected members of management and certain retirees as well as an employee stock purchase plan. These plans and