Company: TFC
Filing Date: 2025-03-17
Form Type: DEF 14A
Source: 0001193125-25-055156
Chunk: 49

Company: TRUIST FINANCIAL CORP
Filing Date: 2025-03-17
Form: DEF 14A
Chunk 49
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     | No Employment Agreements: We don’t enter into employment agreements with our executive officers.                                                                                                                                                                         |

| 2025 Proxy Statement | |     | 45 |

Compensation Discussion and Analysis Section 5—Executive-Compensation Decisions Salary Base salaries provide the foundational component of executive pay and reflect each executive’s position, responsibilities, experience, performance, skills, and knowledge. The Committee approved the base salaries for our named executive officers after taking into account these factors as well as market pay practices for similar roles at peer institutions and at other financial-services firms with whom we compete for talent. INDIVIDUAL DETERMINATIONS Base salaries for 2024 for our named executive officers were set at the levels in the table below. Mr. Wilson received a merit increase to his base salary from $700,000 to $750,000 effective as of January 1, 2024, due to his promotion to Senior Executive Vice President and Chief Consumer and Small Business Banking Officer in November 2023. The salaries of the other named executive officers did not change.

| Name                   |     | Annual Base Salary ($) |           |
| William H. Rogers, Jr. |     |                        | 1,200,000 |
| Michael B. Maguire     |     |                        |   700,000 |
| Hugh S. Cummins IIII   |     |                        |   800,000 |
| Kristin Lesher         |     |                        |   750,000 |
| Dontá L. Wilson        |     |                        |   750,000 |

Annual Incentive Performance Awards The AIP award program creates a short-term incentive to reward annual corporate, business or function, and individual performance. As highlighted in the “Executive Summary,” senior management and the Board entered 2024 evaluating the potential for a transformative strategic move through the sale of our remaining interest in TIH and a balance sheet repositioning to replace TIH’s earnings after closing. With an implied enterprise valuation of $15.5 billion, this divestiture strengthened the balance sheet and created financial flexibility for Truist to decisively pivot to offense in its core wholesale- and consumer-banking businesses. Due to the significance of the TIH sale and balance sheet repositioning for Truist and in alignment with peer practices, the Committee adopted a structured scorecard for the AIP award program that emphasizes a comprehensive evaluation of performance across multiple categories. The structured scorecard is designed to align with the interests of shareholders