Company: TFC
Filing Date: 2025-03-17
Form Type: DEF 14A
Source: 0001193125-25-055156
Chunk: 95

Company: TRUIST FINANCIAL CORP
Filing Date: 2025-03-17
Form: DEF 14A
Chunk 95
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 amount of compensation actually paid to the Company’s NEOs as a group (excluding Messrs. King and/or Rogers, as applicable) is generally aligned with the Company’s EPS over the five years presented in the PvP table, although EPS remained flat in 2024 while compensation actually paid increased as discussed below. For purposes of our incentive compensation plans, EPS is defined as the Company’s net income available to common shareholders for the applicable year, adjusted for certain unexpected or non-coreperformance items as determined by the Compensation and Human Capital Committee, divided by the average number of fully diluted common shares outstanding during the year.EPS for purposes of our incentive compensation plans is a non-GAAPfinancial measure. See Annex Afor a reconciliation of GAAP earnings per share to EPS as used in our incentive compensation plans for 2024 and 2023. While the Company uses numerous financial and non-financialperformance measures for the purpose of evaluating performance for the Company’s compensation programs, the Company has determined that EPS is the financial performance measure that, in the Company’s assessment, represents the most important performance measure (that is not otherwise required to be disclosed in the PvP table) used by the Company to link compensation actually paid to the Company’s NEOs, for the most recently completed fiscal year, to Company performance. The Compensation and Human Capital Committee has chosen EPS as a primary financial measure in the Company’s AIP award program. In 2024, the Compensation and Human Capital Committee determined to use EPS (both absolute EPS and EPS growth relative to peers) as the primary performance metrics for the 2024–2026 PSU and LTIP awards. As described in more detail in the CD&A, as of December 31, 2024, approximately 24% of the value of total target compensation awarded to the CEO and 26% of the value of total target compensation awarded to the other NEOs consists of amounts determined under the Company’s AIP awards, and approximately 44% of the value of total target compensation awarded to the CEO and 40% of the value of total target compensation awarded to the other NEOs consists of PSU and LTIP awards. Although EPS as adjusted for incentive compensation purposes remained flat in 2024, compensation actually paid increased for the year because of a number of factors, including Truist outperforming the Original Plan, the Final Plan, and most peers in EPS due, in part, to the successful completion of the TIH sale, the related securities portfolio repositioning, and an expense reduction program as well