Company: TFC
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0000092230-25-000020
Chunk: 425

Company: TRUIST FINANCIAL CORP
Filing Date: 2025-02-25
Form: 10-K
Item: Item 7A
Chunk 425
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 compensation for full-time teammates who are 21 years of age or older with one year or more of service and may provide an additional limited discretionary matching contribution. Prior to January 1, 2024, Truist made matching contributions of up to 6% of the employee’s compensation. The Company’s contribution expense for the 401(k) Savings Plan and nonqualified defined contribution plans totaled $190 million, $206 million and $207 million for the years ended December 31, 2024, 2023 and 2022, respectively. Certain teammates of subsidiaries participate in the 401(k) Savings Plan with different matching formulas.

138   Truist Financial Corporation

Equity-Based Compensation PlansAt December 31, 2024, RSAs, RSUs, and PSUs were outstanding from equity-based compensation plans that have been approved by shareholders and plans assumed from acquired entities. Those plans are intended to assist the Company in recruiting and retaining teammates, directors, and independent contractors and to align the interests of eligible participants with those of Truist and its shareholders.The majority of outstanding awards and awards available to be issued relate to plans that allow for accelerated vesting of awards for holders who retire and have met all retirement eligibility requirements or in connection with certain other events. Until vested, certain of these awards are subject to forfeiture under specified circumstances. The fair value of RSUs and PSUs is based on the common stock price on the grant date less the present value of expected dividends that will be foregone during the vesting period. Substantially all awards are granted in February of each year. Grants to non-executive teammates primarily consist of RSUs.The following table provides a summary of the equity-based compensation plans and typical range of vesting periods for teammates:(Shares in thousands)Dec 31, 2024Shares available for future grants23,021 Vesting period, minimum1.0 yearVesting period, maximum6.0 yearsThe following table presents a summary of selected data related to equity-based compensation costs:As of / For the Year Ended December 31,(Dollars in millions)202420232022Equity-based compensation expense$292 $298 $261 Income tax benefit from equity-based compensation expense69 70 61 Intrinsic value of options exercised, and RSUs and PSUs that vested during the year169 170 286 Grant date fair value of equity-based awards that vested during the year260 258 239 Unrecognized compensation cost related to equity-based awards