Company: TFC
Filing Date: 2025-03-17
Form Type: DEF 14A
Source: 0001193125-25-055156
Chunk: 63

Company: TRUIST FINANCIAL CORP
Filing Date: 2025-03-17
Form: DEF 14A
Chunk 63
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  Review individual performance results of exective officers •  Review amounts that can be earned by each NEO under various performance scenarios •  Approve financial results and adjustments for incentive plans for the prior year •  Determine payments/vesting for incentive plans with performance periods completed the prior year (AIP, PSU, LTIP, and RSU awards) •  Set company financial targets and performance measures for the current year to determine AIP, PSU, and LTIP award terms •  Set target executive officer compensation for current year – base salary, short-term, and long-term incentive targets |
| Second Quarter |     | •  Review projected financial results with proposed adjustments for incentive plans •  Review and approve peer group for upcoming year                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| Third Quarter  |     | •  Conduct a mid-year review of current executive risk outcomes assessment •  Review projected financial results with proposed adjustments for incentive plans •  Review of competitive pay and market conditions •  Review executive officer compensation relative to the market                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| Fourth Quarter |     | •  Review projected financial results with proposed adjustments for incentive plans •  Review director compensation •  Outline incentive plan for upcoming year                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |

| 2025 Proxy Statement | |     | 59 |

Compensation Discussion and Analysis Key Considerations for Compensation Decisions PEER GROUP AND COMPETITIVE ANALYSES The Committee uses a peer group to perform competitive assessments of executive compensation as well as to measure performance under our short- and long-term incentive plans. The Committee approves a group of publicly-traded banks or financial services holding companies each year to serve as the peer group. The Committee evaluates its peer group on an annual basis. In evaluating the peer group, the Committee considers a number of factors, including industry and business mix, regulatory oversight, assets, revenues, and market capitalization. The Committee believes it is important for the peer group to focus on other banks for performance comparisons and as our primary market for executive talent. However, the Committee recognizes that there are currently only two regional banks similar to our size (i.e., within one-halfto two times our assets and revenues) and business mix. To create a reasonable sample size for pay and performance comparisons, the Committee determined it appropriate to include additional