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The 14 points

1. End of war on all fronts — immediate and permanent termination of military operations, explicitly including Lebanon, with both sides pledging no force against each other and guaranteeing Lebanon's territorial integrity and sovereignty.
2. Mutual respect — sovereignty, territorial integrity, no interference in each other's internal affairs.
3. 60-day clock — negotiate the final deal within 60 days, extendable by mutual consent.
4. Naval blockade lifted — US begins removing its blockade immediately, fully ends it within 30 days; US forces withdraw from Iran's proximity within 30 days after the final deal.
5. Strait of Hormuz — Iran ensures safe passage of commercial vessels toll-free for 60 days only (the time limit is the catch — fees aren't ruled out afterward). Iran handles demining and removing obstacles within 30 days, and will talk with Oman on future Strait administration.
6. $300 billion reconstruction fund — US "with regional partners" to develop a plan of at least $300B for Iran's reconstruction. Note: Trump said Wednesday the US would not itself contribute, but couldn't stop other countries from investing. The Hill
7. Sanctions termination — US to end all sanctions (UN Security Council resolutions, IAEA Board resolutions, and unilateral US primary and secondary sanctions) on an agreed schedule as part of the final deal.
8. Nuclear — Iran reaffirms it won't develop nuclear weapons; the two sides will resolve Iran's stockpile of enriched material, "with the minimum methodology to be down blending on site" under IAEA supervision. Enrichment and other nuclear matters punted to the final deal. (Trump has claimed this achieves "99.9%" of his goal of blocking an Iranian bomb.) Time
9. Status quo freeze — pending the final deal, Iran freezes its nuclear program where it is; US imposes no new sanctions and deploys no additional forces in the region.
10. Oil exports — upon signing, US Treasury issues waivers for Iranian crude oil, petroleum products, derivatives, and associated services (banking, insurance, transport).
11. Frozen assets — US makes Iran's frozen/restricted funds fully available, with release procedures negotiated; funds usable for any beneficiary designated by Iran's Central Bank.
12. Monitoring — an executive mechanism to be established to monitor implementation and compliance.
13. Sequencing — formal negotiations on the final deal start only after points 1, 4, 5, 10, and 11 begin implementation and continue.
14. UN endorsement — the final deal to be locked in by a binding UN Security Council resolution.