Company: TFC
Filing Date: 2025-03-17
Form Type: DEF 14A
Source: 0001193125-25-055156
Chunk: 85

Company: TRUIST FINANCIAL CORP
Filing Date: 2025-03-17
Form: DEF 14A
Chunk 85
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 of his resignation due to material changes to his responsibilities, effective January 13, 2025, as described in more detail below. Named Executive Officers Under the Severance Plan, each of the NEOs, who undergoes a qualifying termination (i) other than for Cause, or (ii) for Good Reason, including in the case of such a termination of employment that occurs within 24 months after a Change of Control, will receive, subject to the NEO’s execution of a general release of claims:

| (i) | A lump sum payment equal to two times the sum of (a) the NEO’s annual base salary (annualized), as most recently increased, plus (b) the annual cash bonus the NEO would have received for the year of termination assuming target performance, offset by the extent to which the NEO receives base salary or annual cash bonus payments during the garden leave period described below; and |

| 2025 Proxy Statement | |     | 73 |

Compensation of Executive Officers

| (ii) | To the extent the NEO has been participating in the medical, dental, or vision plans of Truist or an affiliate as of the date of termination, Truist will pay to the NEO a lump sum payment in cash equal to the product of (a) 24 multiplied by (b) the monthly COBRA premium as of the date of termination for the medical, dental, and vision coverage the NEO had immediately prior to the date of termination minus the monthly dollar amount the NEO would have paid to Truist for such coverage, offset by the extent to which the NEO participates in such benefit plans during the garden leave period described below. |

All outstanding PSUs, RSUs, and LTIP awards as of the termination date will either be forfeited or vest under the terms and conditions of the incentive plans and award agreements under which they were granted depending on the circumstances of the termination and the retirement eligibility of the NEO. In the event of the death or disability of any NEO, the Company and Truist Bank will use their best efforts to accelerate vesting of any unvested benefits to which the NEO may be entitled under any stock-based or other benefit plan or arrangement to the extent permitted by the terms of such plans. The Severance Plan also includes a non-competitionobligation applicable to participants who have been designated by the Board as “officers” within the meaning of Rule 16a-1(f)promulgated under the Exchange Act (“Section 16 Officers”),