Company: TFC
Filing Date: 2025-03-17
Form Type: DEF 14A
Source: 0001193125-25-055156
Chunk: 98

Company: TRUIST FINANCIAL CORP
Filing Date: 2025-03-17
Form: DEF 14A
Chunk 98
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220,735 shares of common stock as of December 31, 2024. |

| (8) | Based upon information contained in the Schedule 13G/A filed by Capital International Investors with the SEC on February 14, 2025, Capital International Investors beneficially owned 92,167,594 shares of common stock as of December 31, 2024, with sole voting power over 91,887,399 shares, shared voting power over none of such shares, sole dispositive power over 92,167,594 shares, and shared dispositive power over none of such shares. |

| (9) | Based upon information contained in the Form 13F-HR filed by Vanguard Group, Inc. (“Vanguard”) with the SEC on February 11, 2025, Vanguard (or its affiliated institutional investment managers) held investment discretion over 119,129,225 shares of common stock as of December 31, 2024. |

Director Phantom Shares Certain of our independent directors have deferred annual equity awards or cash fees payable to them pursuant to deferred compensation plans provided by Truist or a predecessor company. These deferred awards and fees are treated as if they were invested in shares of Truist common stock with payouts being made in shares or cash after the director’s retirement or other separation from the Board depending on the terms of the plan pursuant to which the awards or fees were deferred. These phantom shares are not deemed to be common stock beneficially owned as of January 31, 2025 under applicable SEC rules for purposes of the stock ownership table set forth above but achieve the same objectives of creating long-term alignment with shareholder interests. Accordingly, the table below sets forth the phantom shares accrued by Truist’s independent directors pursuant to these deferred compensation plans as of January 31, 2025. These phantom shares convert to Truist common stock or the cash equivalent value thereof on a one-for-onebasis.

| Name of Director      |     | Phantom Shares Settled in Cash |     |        |     | Phantom Shares Settled in Stock |     |        |
| Jennifer S. Banner    |     |                                |     |      — |     |                                 |     | 14,825 |
| K. David Boyer, Jr.   |     |                                |     |      — |     |                                 |     |      — |
| Agnes Bundy Scanlan   |     |                                |     |  3,660 |     |                                 |     |