Company: TFC
Filing Date: 2025-03-17
Form Type: DEF 14A
Source: 0001193125-25-055156
Chunk: 57

Company: TRUIST FINANCIAL CORP
Filing Date: 2025-03-17
Form: DEF 14A
Chunk 57
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 PSUs rather than RSUs to reflect that recipients must play a key role in Truist’s long-term success and to reinforce our commitment to a pay-for-performancephilosophy. The Committee’s rationale for granting the one-timeawards, as described more below, was based on Truist’s unique circumstances as it transforms its business. The Committee grants one-timeawards infrequently and believes that the limited and strategic use of targeted one-timeawards may be an effective tool in times of critical transformation. The Leadership Awards are subject to the general terms set forth in the below chart. Note that dividends are not paid on any unvested awards.

| (1) | Awards are subject to reduction or forfeiture if there is an aggregate operating loss for the performance period or the Committee determines that there has been a significant negative risk outcome as a result of a corporate or individual action. |

PERFORMANCE METRICS FOR ONE-TIMELEADERSHIP AWARDS Relative TSR Performance Payouts are based on our TSR relative to the performance of the KBW Nasdaq Bank Index (BKX) over the performance period. The Leadership Awards will pay out at 125% of target if Truist performs at or above the 75th percentile, at 100% of target if Truist performs at or above the 55th percentile, and at 75% of target if Truist performs at or below the 25th percentile. Straight line interpolation will be used to calculate payout percentages not specifically described in the preceding sentence.

| 2025 Proxy Statement | |     | 55 |

Compensation Discussion and Analysis Capital Requirement Truist must maintain a CET1 Capital Ratio above the minimum capital requirement, including the stress capital buffer, as of the last day of each fiscal year during the performance period. One-thirdof each Leadership Award will be forfeited for each fiscal year end at which this requirement is not met. INDIVIDUAL DETERMINATIONS The Committee determined to grant Leadership Awards to two named executives, Messrs. Maguire and Wilson, as a retention incentive to mitigate potential flight risk, as both are at mid-careerstages with significant tenure and expertise that are critical to Truist’s ongoing success. 2024 was an instrumental year for Truist’s Finance team under Mr. Maguire’s leadership. The Finance team successfully led many large-scale strategic initiatives that helped drive the new strategic direction of Truist and position the Company for long-term success, including the TIH sale,