AI English summary of an SEC filing — figures as filed

On August 26, 2024, the Compensation and Human Capital Committee (CHCC) of Truist Financial's board approved one-time equity awards, the Leadership Awards, to Michael B. Maguire, Senior Executive Vice President and Chief Financial Officer, and Dontá L. Wilson, Senior Executive Vice President and Chief Consumer and Small Business Banking Officer, the company said.

8-KDeparture or Appointment of Directors or Certain OfficersFiled Aug 30, 2024Period of report Aug 26, 2024Summary published (UTC) Oct 25, 2026

Key points

AI summary

On August 26, 2024, the Compensation and Human Capital Committee (CHCC) of Truist Financial's board approved one-time equity awards, the Leadership Awards, to Michael B. Maguire, Senior Executive Vice President and Chief Financial Officer, and Dontá L. Wilson, Senior Executive Vice President and Chief Consumer and Small Business Banking Officer, the company said.
The company said the CHCC approved Leadership Awards with grant date fair values of $4,500,000 each for Mr. Maguire and Mr. Wilson. It said the size of each award took into account the executive's expected contribution, the holding power of existing equity awards and total target direct compensation.
The company said the Leadership Awards are entirely performance share units, with payout subject to minimum capital requirements and a modifier based on total shareholder return relative to the KBW Nasdaq Bank Index over a performance period of September 1, 2024 through August 31, 2027. If the minimum capital requirements are met, the TSR modifier sets payouts at 75% to 125% of target. The CHCC also has discretion to reduce payouts.
The company said that on February 2024, the CHCC decided to move from its historical annual incentive (AIP) program to an evaluation that comprehensively reviews performance across multiple categories. It added that long-term PSU and LTIP awards starting in 2024 will blend absolute earnings per share with relative EPS growth and keep the relative TSR modifier.

Summary

AI-written

Analysis scope · Filing bodyWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

Leadership Awards Approval and Executives Covered

On August 26, 2024, the Compensation and Human Capital Committee (CHCC) of Truist Financial's board approved one-time equity awards, the Leadership Awards, to Michael B. Maguire, Senior Executive Vice President and Chief Financial Officer, and Dontá L. Wilson, Senior Executive Vice President and Chief Consumer and Small Business Banking Officer, the company said.

Source · Based on the filing body and exhibits

Grant Date Fair Value for Each $4,500,000

The company said the CHCC approved Leadership Awards with grant date fair values of $4,500,000 each for Mr. Maguire and Mr. Wilson. It said the size of each award took into account the executive's expected contribution, the holding power of existing equity awards and total target direct compensation.

Source · Based on the filing body and exhibits

Performance Period and Payout Terms

The company said the Leadership Awards are entirely performance share units, with payout subject to minimum capital requirements and a modifier based on total shareholder return relative to the KBW Nasdaq Bank Index over a performance period of September 1, 2024 through August 31, 2027. If the minimum capital requirements are met, the TSR modifier sets payouts at 75% to 125% of target. The CHCC also has discretion to reduce payouts.

Source · Based on the filing body and exhibits

Changes to 2024 Executive Compensation Program

The company said that on February 2024, the CHCC decided to move from its historical annual incentive (AIP) program to an evaluation that comprehensively reviews performance across multiple categories. It added that long-term PSU and LTIP awards starting in 2024 will blend absolute earnings per share with relative EPS growth and keep the relative TSR modifier.

Source · Based on the filing body and exhibits

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗

Unauthorized scraping, data storage and database creation prohibited

Without prior written consent, you must not crawl or scrape data compiled and organized by Chickstock or its analysis and summaries, or collect them repeatedly or in bulk for storage, ingestion or database creation. Repurposing, redistribution, sale and use to build other services are also prohibited.

Unauthorized use may result in access restrictions, demands to stop infringement and delete copies, and claims for damages. Violations of applicable law may also give rise to criminal liability.

Uses permitted by law, the Terms of Service or a separate agreement remain subject to their respective scope. Rights in individual source materials, including original filings, remain with their respective rights holders.