Company: TFC
Filing Date: 2025-03-17
Form Type: DEF 14A
Source: 0001193125-25-055156
Chunk: 82

Company: TRUIST FINANCIAL CORP
Filing Date: 2025-03-17
Form: DEF 14A
Chunk 82
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 due to the application of certain IRS benefit and compensation limitations. During 2024, eligible teammates were permitted to defer up to 50% of their cash compensation under the Non-QualifiedDefined Contribution Plan, with certain participants, including each NEO, eligible to receive a matching contribution up to 6% of their compensation. Matching contributions were reduced to 4% of eligible participants’ cash compensation beginning January 1, 2025. All cash compensation is eligible for deferral unless prohibited under Internal Revenue Code Section 409A. Plan participants may select deemed investment funds under the Non-QualifiedDefined Contribution Plan that are identical to the investment funds offered under the 401(k) Plan with the exception that no deemed investments in Truist common stock are permitted. Participants make an election upon entering the Non-QualifiedDefined Contribution Plan regarding the timing of plan distributions. The two allowable distribution elections are distribution upon termination or distribution based on a selected age following termination not to exceed age 65. The Non-QualifiedDefined Contribution Plan also allows for an in-servicehardship withdrawal based on facts and circumstances that meet IRS guidelines. The Non-QualifiedDefined Contribution Plan also provides participants in our incentive compensation plans with an effective means of electing to defer, on a pre-taxbasis, a portion of the payments that they are entitled to receive under such plans.

| 2025 Proxy Statement | |     | 71 |

Compensation of Executive Officers Potential Payments Upon Termination or Change of Control The potential payments to the NEOs, with the exception of Mr. Cummins, pursuant to existing plans and arrangements in the event of their termination or a change of control at December 31, 2024 are shown in the table below. As discussed earlier in the proxy statement, Mr. Cummins resigned as our Vice Chair and Chief Operating Officer as a result of material changes to his responsibilities, effective January 13, 2025. The disclosure in the table below reflects the actual severance amounts payable to Mr. Cummins in connection with such resignation. Truist maintains the Severance Plan, which covers certain executive officers, including each of the NEOs. Several of the important provisions of the Severance Plan are discussed below, including the non-competitionand non-solicitationconditions, which generally are a prerequisite to receiving termination payments under the Severance Plan.

|                                 |     | Voluntary / 
 Retirement  
 ($)         |            |     | For        
 Cause  ($) |   |     | Death /         
 Disability