Company: TFC
Filing Date: 2025-03-17
Form Type: DEF 14A
Source: 0001193125-25-055156
Chunk: 58

Company: TRUIST FINANCIAL CORP
Filing Date: 2025-03-17
Form: DEF 14A
Chunk 58
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 repositioning the balance sheet, significant work from the Investor Relations team to manage Truist’s engagement with the investor community, the establishment of a new Capital Adequacy and Resolution Planning team, and significant progress to strengthen financial risk management. Under Mr. Wilson’s leadership, the Consumer and Small Business Banking team exceeded 2024 expectations in several categories including deposits, loans, non-interestincome, PPNR, and client engagement and satisfaction scores. In particular, the team grew net new checking accounts by 103,700, and the number of digital banking transactions surpassed 323 million in 2024. Given the career progression and marketability of Messrs. Maguire and Wilson, the Leadership Awards are intended to reinforce their commitment to our organization. Messrs. Rogers and Cummins did not receive the Leadership Awards because they are at later stages in their careers, with Mr. Rogers bringing long-standing stability to Truist and Mr. Cummins subsequently resigning as a result of material changes to his responsibilities, effective January 13, 2025. Meanwhile, Ms. Lesher was recently hired, and her negotiated compensation package already includes tailored incentives appropriate for her role. In determining the size of the Leadership Award for each of Messrs. Maguire and Wilson, the Committee took into account the executive’s expected contribution to the success of the Company, the holding power of the executive’s outstanding equity awards in an increasingly competitive environment, the executive’s total target direct compensation, and the executive’s skill set and attractiveness in the market for talent.

| Name               |     | Performance 
 Share Units |     |         |     | Grant Date   
 Fair         
 Value ($)(1) |     |           |
| Michael B. Maguire |     |             |     | 101,763 |     |              |     | 4,500,000 |
| Dontá L. Wilson    |     |             |     | 101,763 |     |              |     | 4,500,000 |

| (1) | The grant date fair values listed above are calculated in accordance with FASB ASC Topic 718. |

Other Compensation Benefits and Elements LIMITED PERQUISITES Our named executives receive limited perquisites and other personal benefits that the Committee believes are reasonable and consistent with our overall executive-compensation program. Such perquisites may include residential security services, executive physical wellness examinations, occasional use of sports tickets, spousal participation in certain corporate events, and limited personal use of the company aircraft and driver. For additional