Company: TFC
Filing Date: 2025-03-17
Form Type: DEF 14A
Source: 0001193125-25-055156
Chunk: 84

Company: TRUIST FINANCIAL CORP
Filing Date: 2025-03-17
Form: DEF 14A
Chunk 84
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4. |

| (4) | Amounts include life, medical, and disability benefits to be paid under the applicable plan. |

| (5) | The amount reflects the reduction to the NEO’s payments in the event of a qualifying termination following a change of control such that the payments are not deemed to be “excess parachute payments” under Internal Revenue Code Section 280G. For NEOs who are retirement eligible, amounts related to LTIP awards, PSUs, and RSUs are not included in the calculation of excess parachute payments. |

| (6) | As permitted by SEC rules, amounts reflect Mr. Cummins’ actual benefits owed in connection with his resignation for Good Reason effective January 13, 2025, which include: (i) his fiscal year 2024 actual AIP award, (ii) separation pay pursuant to the Severance Plan in the gross amount of $6,174,701.92 (including welfare benefits), (iii) PSU and LTIP awards vesting based on the Company’s actual performance, and (iv) RSU awards vesting on the original schedule, except that the remaining outstanding RSU awards granted to Mr. Cummins on September 1, 2021 were forfeited as they were conditioned on employment without continued vesting for retirement or resignation for Good Reason. Amounts for PSU and LTIP awards have been calculated as described in footnote 2 above for a termination due to Good Reason. |

Narrative to Potential Payments Upon Termination or Change of Control Table Amounts shown in the table above and in the discussion below assume the NEO, with the exception of Mr. Cummins, terminated employment on December 31, 2024 and are estimates of the amounts such NEOs would receive upon termination pursuant to the Severance Plan, the BB&T Corporation 2012 Incentive Plan (the “2012 Incentive Plan”), the 2022 Incentive Plan, and the award agreements applicable to the NEO as in effect on December 31, 2024. The actual amounts to be paid can only be determined at the time of a NEO’s termination of employment. The amounts reported above do not include amounts that would be provided to the NEOs under plans and arrangements that are generally available to all salaried teammates or amounts reported in the “2024 Pension Benefits” and “2024 Non-QualifiedDeferred Compensation” tables. The amounts reported above for Mr. Cummins reflect the actual amounts that he is entitled to receive as a result