Company: TFC
Filing Date: 2025-03-17
Form Type: DEF 14A
Source: 0001193125-25-055156
Chunk: 88

Company: TRUIST FINANCIAL CORP
Filing Date: 2025-03-17
Form: DEF 14A
Chunk 88
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 affiliate, if the NEO suffers from any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than six months, where such impairment causes the individual to be unable to perform the duties of employment or any substantially similar position of employment and the NEO incurs a “separation from service,” within the meaning of Internal Revenue Code Section 409A, from Truist and its affiliates, and (iii) with respect to any incentive option, the “permanent and total disability” of the NEO as defined in Section 22(e)(3) of the Internal Revenue Code.Hugh S. Cummins IIIMr. Cummins’ resignation resulted from material changes to his responsibilities by Truist following completion of several strategic initiatives in which Mr. Cummins played a key role, including the sale of TIH and the development of Truist’s strategic direction after that transaction. As a result, Mr. Cummins was entitled to the benefits of a resignation for Good Reason under the Severance Plan and received separation pay in the gross amount of $6,174,701.92 (including welfare benefits). Mr. Cummins also remained eligible for his full AIP award for 2024 and is receiving outplacement benefits from Truist. Mr. Cummins’ unvested PSU, LTIP, and RSU awards remain subject to the terms and conditions of the incentive plans and award agreements under which they were granted. As a result of a resignation for Good Reason, PSU and LTIP awards continue to vest based on the Company’s actual performance, and RSU awards continue to vest on the original schedule, except that the remaining outstanding RSU awards granted to Mr. Cummins on September 1, 2021 were forfeited as they were conditioned on employment without continued vesting for retirement or resignation for Good Reason.2025 Proxy Statement |75
Pay Ratio Disclosure SEC rules require us to disclose the ratio of the annual total compensation of our CEO to the median employee’s (teammate’s) annual total compensation. For 2024, Mr. Roger’s annual total compensation was $13,968,666, and the median teammate’s annual total compensation was $93,785. These amounts include the value of certain non-discriminatorybenefits. Based upon this information, the ratio of the annual total compensation of our CEO to the median teammate was 149 to 1. The CEO pay ratio rules allow us to use the