Document:

exhibit10_2.htm

    
      

      

    

     

    
 

    EXHIBIT
10.2

    

    FIRST
AMENDMENT

    

    This
FIRST AMENDMENT, dated as of April 15, 2009 (this “Amendment”), amends
that certain AMENDED AND RESTATED CREDIT AGREEMENT, dated as of July 6, 2006
(the “Credit
Agreement”), among PACIFICORP, an Oregon corporation (“Borrower”), the banks
listed on the signature pages thereto (the “Banks”), JPMORGAN
CHASE BANK, N.A., as administrative agent for the Banks (in such capacity, the
“Administrative
Agent”) and as issuing bank and THE ROYAL BANK OF SCOTLAND PLC, as
Syndication Agent.  Capitalized terms used but not otherwise defined
herein have the respective meanings given to them in the Credit
Agreement.

    

    WHEREAS,
the parties hereto have agreed to amend the Credit Agreement in certain respects
as more fully set forth below;

    

    NOW,
THEREFORE, the parties hereto hereby agree as follows:

    

    Section
1                         AMENDMENTS.  Subject
to satisfaction of the conditions in Section 2, the Credit Agreement is amended
as follows:

    

    Section
1.1                      Addition of
Definitions.  Section 1.01 is amended by adding the following
definitions in proper alphabetical order:

    

    “Designated Bank” means a
Defaulting Bank or a Downgraded Bank.

    

    “Defaulting Bank” means any
Bank that (a) has not made available to the Administrative Agent such Bank’s
ratable portion of a requested borrowing or has not reimbursed an Issuing Bank
for such Bank’s pro
rata share of the amount of a payment made by such Issuing Bank under a
Letter of Credit, in each case within three Domestic Business Days after the
date due therefor in accordance with Section 2.04 or Section 2.17, as
applicable; (b) has notified the Borrower or the Administrative Agent that it
does not intend to comply with its obligations under Section 2.04 or Section
2.17; or (c) is the subject of a bankruptcy, insolvency or similar
proceeding.  A Bank shall not be a Defaulting Bank solely by virtue of
the ownership or acquisition of an equity interest in such Bank or its parent
company by a governmental authority or instrumentality thereof.

    

    “Downgraded Bank” means any
Bank that (a) has a non-investment grade rating from Moody’s, S&P or another
nationally recognized rating agency or (b) is a Subsidiary of a Person that is
the subject of a bankruptcy, insolvency or similar proceeding.

    

    Section
1.2                      Amendment to Section
2.17(a).  Section 2.17(a) is hereby amended by deleting the
phrase “provided that,
immediately after each Letter of Credit is issued (i) the Total Outstanding
Amount shall not exceed the Total Commitment and (ii) the aggregate amount of
the Letter of Credit Liabilities shall not exceed $200,000,000” in its entirety
and substituting therefor the new phrase “provided that no Defaulting
Bank shall then exist (unless such Defaulting Bank’s pro rata share (based on the
ratio of such Defaulting Bank’s Commitment to the Total Commitment) of the
Letter of Credit Liabilities has been cash collateralized by the Borrower
(pursuant to documentation satisfactory to the Issuing Banks, the Administrative
Agent and the Borrower)); and provided further that, immediately
after each Letter of Credit is issued (i) the Total Outstanding Amount shall not
exceed the Total Commitment and (ii) the aggregate amount of the Letter of
Credit Liabilities shall not exceed $200,000,000”.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Section
1.3                      Amendment to Section
2.17(b).  The following subsection (v) is added to Section
2.17(b):

    

    (v)           If
a Bank at any time becomes a Defaulting Bank and there are outstanding Letter of
Credit Liabilities at such time, then the Borrower shall promptly (and in any
event within three Domestic Business Days of request therefor from any Issuing
Bank) provide cash collateral to the Administrative Agent in an amount equal to
the aggregate amount of such Defaulting Bank’s participation in such Letter of
Credit Liabilities pursuant to documentation satisfactory to the Administrative
Agent, the Issuing Banks and the Borrower, which cash collateral shall secure
such Defaulting Bank’s contingent obligations to the Issuing Banks in respect of
such Letter of Credit Liabilities.  If the circumstances giving rise
to the requirement that the Borrower provide cash collateral pursuant to this
Section 2.17(b)(v) cease to exist, then the Administrative Agent shall promptly
return such cash collateral to Borrower.

    

    Section
1.4                      Amendment to Section
8.06.      Section 8.06 is hereby amended
by adding “(a)” before the existing text.

    

    Section
8.06 is hereby further amended by adding the following subsection
(b):

    

    (b)           At
any time a Bank is a Designated Bank, the Borrower may terminate in full the
Commitment of such Designated Bank by giving notice to such Designated Bank and
the Administrative Agent (which notice shall specify the effective date of such
termination); provided,
that (i) at the time of such termination, no Event of Default exists; (ii)
concurrently with such termination, the Borrower shall prepay all outstanding
Loans of such Designated Bank together with accrued interest thereon and accrued
fees and any other amounts payable for the account of such Designated Bank
hereunder; and (iii) if, on the effective date of such termination, any Letter
of Credit is outstanding, the conditions specified in Section 3.02 would be
satisfied (after giving effect to such termination) were each such Letter of
Credit issued on such date.  Upon satisfaction of the conditions
specified in the foregoing clauses (i), (ii) and (iii), the Commitment of such
Designated Bank shall terminate on the effective date specified in such notice,
its participation in the Letter of Credit Liabilities shall terminate on such
effective date and the participations of the other Banks in the Letter of Credit
Liabilities shall be redetermined as of such termination date as if the
outstanding Letters of Credit had been issued and the Reimbursement Obligation
had been paid or satisfied on such termination date.  The termination
of the Commitment of a Designated Bank pursuant to this Section 8.06(b) shall
not be deemed to be a waiver of any right that the Borrower, the Administrative
Agent, any Issuing Bank or any other Bank may have against such Designated
Bank.

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    Section
2                        
CONDITION
PRECEDENT.      This Amendment shall become
effective as of the date hereof when the Administrative Agent has received
counterparts hereof signed by itself, the Borrower, the Issuing Banks and the
Required Banks.

    

    Section
3                        
REPRESENTATIONS AND
WARRANTIES OF THE BORROWER.  The Borrower represents and
warrants as follows:

     

    Section
3.1                      Corporate Authority; No
Conflict.      The execution and delivery
by the Borrower of this Amendment, and the performance by the Borrower of this
Amendment and the Credit Agreement as amended by this Amendment (the “Amended Credit Agreement”),
are within the Borrower’s corporate powers and have been duly authorized by all
necessary corporate and, if required, stockholder action, and do not and will
not (i) violate (A) the articles of incorporation or by-laws (or comparable
documents) of the Borrower or any of its Consolidated Subsidiaries, (B) any
applicable Law or (C) any provision of any material contract, agreement,
indenture or instrument to which the Borrower or any of its Consolidated
Subsidiaries is a party or by which any of its or their respective properties is
bound, (ii) be in conflict with, or result in a breach of or constitute a
default under, any contract, agreement, indenture or instrument referred to in
the preceding subclause (i)(C), (iii) result in the creation or imposition of
any Lien on the property of the Borrower or any of its Consolidated Subsidiaries
not permitted under Section 5.06, or (iv) give to any Person rights to cancel,
terminate or suspend performance of its obligations to the Borrower or any of
its Consolidated Subsidiaries under, or accelerate payment of amounts owed by
the Borrower or any of its Consolidated Subsidiaries to others under, any of the
foregoing, in the case of any of the foregoing subclauses other than subclause
(i)(A), that would reasonably be expected to have a material adverse effect on
the ability of the Borrower to meet its commitments hereunder.  This
Amendment has been duly executed and delivered by the Borrower.

     

    Section
3.2                      Regulatory
Approval.      The execution and delivery
by the Borrower of this Amendment, and the performance by the Borrower of this
Amendment and the Amended Credit Agreement, do not and will not require any
registration with, consent or approval of, notice to, or other action to, with
or by, any governmental authority, regulatory body or any other Person, except
for (i) such filings as may be required by federal or state securities laws
(which filings (to the extent so required) have been made and true and complete
copies of which have been delivered to the Administrative Agent) and (ii) other
filings, authorizations, consents and approvals, all of which have been made or
obtained or the absence of which would not reasonably be expected to have a
material adverse effect on the ability of the Borrower to meet its commitments
hereunder.

     

    Section
3.3                      Enforceable
Agreement.       Each of this
Amendment and the Amended Credit Agreement constitutes a legal, valid and
binding agreement of the Borrower, enforceable against the Borrower in
accordance with its terms, except for bankruptcy and similar laws affecting the
enforcement of creditors’ rights generally and for the application of general
equitable principles.

     

    Section
3.4                      Material Adverse Effect;
Event of Default.       (i) There has
since December 31, 2008, been no change in the business, financial position or
results of operations of the Borrower which would materially adversely affect
the ability of the Borrower to meet its commitments under the Credit Agreement,
as amended, and (ii) no Default or Event of Default has occurred and is
continuing.

    

    
      
        3

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Section
4                         MISCELLANEOUS.

    

    Section
4.1                      Continuing
Effectiveness.        Except as
expressly set forth herein, the Credit Agreement shall remain in full force and
effect and is ratified, approved and confirmed in all respects.  The
execution, delivery and effectiveness of this Amendment shall not, except as
expressly provided herein, operate as a waiver of any right, power or remedy of
the Banks, the Administrative Agent or the Issuing Banks under the Credit
Agreement, nor constitute a waiver of any provision of the Credit
Agreement.

    

    Section
4.2                      Reference to and Effect on
the Credit Agreement.     Upon the effectiveness of
this Amendment: (a) each reference in the Credit Agreement to “this Agreement”,
“hereunder”, “hereof” or words of like import referring to the Credit Agreement
shall mean and be a reference to the Credit Agreement as amended by this
Amendment.

    

    Section
4.3                      Execution in
Counterparts.    This Amendment may be executed in as
many counterparts as may be deemed necessary or convenient, and by the different
parties hereto on separate counterparts, each of which, when so executed, shall
be deemed an original but all such counterparts shall constitute but one and the
same agreement.  Delivery of an executed counterpart of a signature
page to this Amendment by telecopier or other electronic transmission (including
by “PDF”) shall be effective as delivery of a manually executed counterpart of
this Amendment.

    

    Section
4.4                      Governing
Law.      THIS AMENDMENT SHALL BE GOVERNED
BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW
YORK.

    

    Section
4.5                      Successors and
Assigns.      This Amendment shall be binding
upon and shall inure to the benefit of the parties hereto and their respective
successors and assigns.

    

    [Signature
pages follow.]

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by
their respective officers thereunto duly authorized, as of the date first above
written.

     

    PACIFICORP,

    as
Borrower

     

    By:     ___________________________________________                                                           

               Name:

               Title:

    

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    JPMORGAN
CHASE BANK, N.A.,

    as
Administrative Agent, as Issuing Bank and as a Bank

     

    

     

    By:     ___________________________________________                                                           

               Name:

               Title:

     

    

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    THE ROYAL
BANK OF SCOTLAND PLC,

                                    as a
Bank

     

    

     

    By:     ___________________________________________                                                           

               Name:

               Title:

     

    

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    UNION
BANK, N.A., (formerly known as Union Bank of California, N.A.),

    as a
Bank

    
      	
               
      

            	
               

            

    

     

    By:     ___________________________________________                                                           

               Name:

               Title:

    

    

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    BARCLAYS
BANK PLC,

                                    as a
Bank

     

    

     

    By:          _________________________________________                                                      

    Name:

    Title:

     

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    THE BANK
OF NOVA SCOTIA,

                                    as a
Bank

     

    

     

    By:          _________________________________________                                                      

    Name:

    Title:

     

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    ABN AMRO
BANK N.V.,

    as a
Bank

     

    

     

    By:          _________________________________________                                                      

    Name:

    Title:

     

    

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    BNP
PARIBAS,

    as a
Bank

    

     

    By:          _________________________________________                                                      

    Name:

    Title:

    

    By:          _________________________________________                                                      

    Name:

    Title:

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

    CREDIT
SUISSE, CAYMAN ISLANDS BRANCH,

    as a
Bank

     

    

     

    By:          _________________________________________                                                      

    Name:

    Title:

     

     

    By:          _________________________________________                                                      

    Name:

    Title:

     

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

    DEUTSCHE
BANK AG,

    as a
Bank

     

    

     

    By:         _________________________________________                                                       

    Name:

    Title:

     

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

    WACHOVIA
BANK, N.A.,

    as a
Bank

     

    

     

    By:          _________________________________________                                                    

    Name:

    Title:

     

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

    CALYON
NEW YORK BRANCH,

    as a
Bank

    

     

    By:          _________________________________________                                                      

    Name:

    Title:

     

     

    By:                                                                

    Name:

    Title:

     

    

    
      
         

      

      
        16

        
          

        

      

      
         

      

    

    LEHMAN
BROTHERS BANK, FSB,

    as a
Bank

     

    

     

    By:          _________________________________________                                                      

    Name:

    Title:

     

    

     

    
      
         

      

      
        17

        
          

        

      

      
         

      

    

    US
BANK,

    as a
Bank

     

    

     

    By:          _________________________________________                                                      

    Name:

    Title:

     

    
      
         

      

      
        18

        
          

        

      

      
         

      

    

    WELLS
FARGO BANK, N.A.,

    as a
Bank

     

    

     

    By:          _________________________________________                                                      

    Name:

    Title:

     

    
      
         

      

      
        19

        
          

        

      

      
         

      

    

    WILLIAM
STREET COMMITMENT CORPORATION,

    as a
Bank

     

    

     

    By:          _________________________________________                                                      

    Name:

    Title:

     

    

    
      
         

      

      
        20exhibit101.htm - BB&T

 

Exhibit 10.1

BB&T CORPORATION

AMENDED AND RESTATED 2004 STOCK INCENTIVE PLAN

Restricted Stock Unit Agreement

(Employee)

			
	Name of Participant: 	<<First Name>> <<MI>> <<Last Name>>	 
	Grant Date: 	____________, 20___ 	
	Number of Shares Subject to Award: 	<<Number of RSUs>>	 
	Date Vested: 	____________, 20___	 

     THIS AGREEMENT (the “Agreement”), made effective as of ____________, 20___ (the “Grant Date”), between BB&T CORPORATION, a North Carolina corporation (“BB&T”), and <<First Name>> <<MI>> <<Last Name>>, an Employee (the “Participant”).

RECITALS:

     BB&T desires to carry out the purposes of the BB&T Corporation Amended and Restated 2004 Stock Incentive Plan, as it may be amended and/or restated (the “Plan”), by affording the Participant an opportunity to acquire shares of BB&T Common Stock, $5.00 par value per share (the “Common Stock”), as hereinafter provided.

     In consideration of the foregoing, of the mutual promises set forth below and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows:

     1. Incorporation of Plan. The rights and duties of BB&T and the Participant under this Agreement shall in all respects be subject to and governed by the provisions of the Plan, the terms of which are incorporated herein by reference. In the event of any conflict between the provisions in the Agreement and those of the Plan, the provisions of the Plan shall govern. Unless otherwise provided herein, capitalized terms in this Agreement shall have the same definitions as set forth in the Plan.

     2. Grant of Restricted Stock Unit. Subject to the terms of this Agreement and the Plan, BB&T hereby grants the Participant a Restricted Stock Unit (the “Award”) for <<Number of RSUs>> whole shares of Common Stock (the “Shares”). The “Restriction Period” is the period beginning on the Grant Date and ending on such date or dates, and satisfaction of such conditions, as described in Section 3 and Section 4 herein. For the purposes herein, the Shares subject to the Award are units that will be reflected in a book account maintained by BB&T and that will be settled in whole shares of Common Stock, if and to the extent permitted pursuant to this Agreement and the Plan. Prior to distribution of the Shares upon vesting of the Award, the Award shall represent an unsecured obligation of BB&T, payable (if at all) only from BB&T’s general assets.

     3. Vesting of Award. Subject to the terms of the Plan and the Agreement (including but not limited to the provisions of Section 4 and Section 5 herein), the Award shall be deemed 100% vested and earned on the fifth-year anniversary of the Grant Date. The Administrator has

sole authority to determine whether and to what degree the Award has vested and is payable and to interpret the terms and conditions of this Agreement and the Plan.

     4. Termination of Employment; Forfeiture of Award; Effect of Change of Control.

     (a) Except as may be otherwise provided in the Plan or Section 4(b) of the Agreement, in the event that the employment of the Participant with BB&T or an Affiliate terminates for any reason and the Award has not vested pursuant to Section 3, then the Award, to the extent not vested as of the Participant’s termination of employment date, shall be forfeited immediately upon such termination, and the Participant shall have no further rights with respect to the Award or the Shares underlying the Award. The Administrator (or its designee, to the extent permitted under the Plan) shall have sole discretion to determine if a Participant’s rights have terminated pursuant to the Plan and this Agreement, including but not limited to the authority to determine the basis for the Participant’s termination of employment. The Participant expressly acknowledges and agrees that, except as otherwise provided herein, the termination of the Participant’s employment shall result in forfeiture of the Award and the underlying Shares to the extent the Award has not vested as of the Participant’s termination of employment date. For the avoidance of doubt, the phrase “termination of employment” means a Separation from Service.

     (b) Notwithstanding the provisions of Section 3 and Section 4(a), the following provisions shall apply if any of the following shall occur prior to the fifth-year anniversary of the Grant Date:

	(i) 	Involuntary Termination Without Cause. In the event that the Participant’s employment with BB&T or an Affiliate is involuntarily terminated for reasons other than Cause (as defined herein), the Award shall become fully vested as of the Participant’s termination of employment date without regard to the vesting schedule set forth in Section 3 herein. For purposes of this Agreement, a termination shall be for “Cause” if the termination is on account of the Participant’s (a) dishonesty, theft or embezzlement; (b) refusal or failure to perform the Participant’s assigned duties for BB&T or an Affiliate in a satisfactory manner; or (c) engaging in any conduct that could be materially damaging to BB&T or its Affiliates without a reasonable good faith belief that such conduct was in the best interest of BB&T or any of its Affiliates. The determination of whether termination is for Cause shall be made by the Administrator (or its designee, to the extent permitted under the Plan), and its determination shall be final and conclusive.

	(ii)	 Death. In the event that the Participant remains in the continuous employ of BB&T or an Affiliate from the Grant Date until the Participant’s death, the Award shall become fully vested as of the date of death without regard to the vesting schedule set forth in Section 3 herein.

- 2 -

 

 

				
		(iii) 	Disability. In the event that the Participant remains in the 
		 	continuous employ of BB&T or an Affiliate from the Grant Date 
		 	until the date of the Participant’s Disability (as determined by the 
		 	Administrator or its designee in accordance with the Plan and, if 
		 	applicable, Section 409A) the Award shall become fully vested as of 
		 	the Participant’s Separation from Service on account of Disability 
		 	without regard to the vesting schedule set forth in Section 3 herein. 
		 
		(iv) 	Change of Control. 
		 
		 	(A) 	In the event that there is “Change of Control,” as defined in 
		 	 	Section 4(b)(iv)(B), of BB&T subsequent to the date hereof, 
		 	 	the Award shall be payable in accordance with this 
		 	 	Agreement and (subject to Section 4(b)(iv)(C) herein) 
		 	 	become fully vested as of the effective date of such event 
		 	 	without regard to the vesting schedule set forth in Section 3 
		 	 	herein. 
		 
		 	(B) 	For purposes of this Section 4(b)(iv), a “Change of 
		 	 	Control” will be deemed to have occurred on the earliest of 
		 	 	the following dates: (i) the date any person or group of 
		 	 	persons (as defined in Section 13(d) and 14(d) of the 
		 	 	Securities Exchange Act of 1934, as amended (the 
		 	 	“Exchange Act”)), together with its affiliates, excluding 
		 	 	employee benefit plans of BB&T and its Affiliates, is or 
		 	 	becomes, directly or indirectly, the “beneficial owner” (as 
		 	 	defined in Rule 13d-3 promulgated under the Exchange Act) 
		 	 	of securities of BB&T representing thirty percent (30%) or 
		 	 	more of the combined voting power of BB&T’s then 
		 	 	outstanding securities; or (ii) the date when, as a result of a 
		 	 	tender offer or exchange offer for the purchase of securities 
		 	 	of BB&T (other than such an offer by BB&T for its own 
		 	 	securities), or as a result of a proxy contest, merger, 
		 	 	consolidation or sale of assets, or as a result of any 
		 	 	combination of the foregoing, individuals who at the 
		 	 	beginning of any consecutive twelve- (12-) month period 
		 	 	during the Restriction Period of the Award constituted 
		 	 	BB&T’s Board, plus new directors whose election or 
		 	 	nomination for election by BB&T’s shareholders is 
		 	 	approved by a vote of at least two-thirds of the directors still 
		 	 	in office who were directors at the beginning of such twelve- 
		 	 	(12-) month period (collectively, the “Continuing 
		 	 	Directors”), cease for any reason during such twelve- (12-) 
		 	 	month period to constitute at least two-thirds of the members 
		 	 	of such board of directors; (iii) the date the shareholders of 
		 	 	BB&T approve an agreement for the sale or disposition by 
		 	 	BB&T of all or substantially all of BB&T’s assets within the 

 

- 3 -

 

			
	 	 	meaning of Section 409A; or (iv) the date that any one 
	 	 	person, or more than one person acting as a group, acquires 
	 	 	ownership of stock of BB&T that, together with stock held 
	 	 	by such person or group constitutes more than fifty percent 
	 	 	(50%) of the total fair market value or total voting power of 
	 	 	the stock of BB&T within the meaning of Section 409A. 
	 
	 	(C) 	Notwithstanding Section 4(b)(iv)(B) above, the term 
	 	 	“Change of Control” shall not include any event that is a 
	 	 	“Merger of Equals.” For purposes of the Plan and this 
	 	 	Agreement, the term “Merger of Equals” means any event 
	 	 	that would otherwise qualify as a Change of Control if the 
	 	 	event (including, if applicable, the terms and conditions of 
	 	 	the related agreements, exhibits, annexes, and similar 
	 	 	documents) satisfies all of the following conditions as of the 
	 	 	date of such event: (i) the Board of BB&T or, if applicable, 
	 	 	a majority of the Continuing Directors has, prior to the 
	 	 	change in control event, approved the event; (ii) at least fifty 
	 	 	percent (50%) of the common stock of the surviving 
	 	 	corporation outstanding immediately after consummation of 
	 	 	the event, together with at least fifty percent (50%) of the 
	 	 	voting securities representing at least fifty percent (50%) of 
	 	 	the combined voting power of all voting securities of the 
	 	 	surviving corporation outstanding immediately after the 
	 	 	event shall be owned, directly or indirectly, by the persons 
	 	 	who were the owners, directly or indirectly, of the common 
	 	 	stock and voting securities of BB&T immediately before the 
	 	 	consummation of such event in substantially the same 
	 	 	proportions as their respective direct or indirect ownership 
	 	 	immediately before such event of the common stock and 
	 	 	voting securities of BB&T, respectively; (iii) at least fifty 
	 	 	percent (50%) of the directors of the surviving corporation 
	 	 	immediately after the event shall be composed of directors 
	 	 	who were Directors or Continuing Directors immediately 
	 	 	before the event; and (iv) the person who was the Chief 
	 	 	Executive Officer (“CEO”) of BB&T immediately before 
	 	 	the event shall be the CEO of the surviving corporation 
	 	 	immediately after the event. If a transaction constitutes a 
	 	 	Merger of Equals, then, notwithstanding the provisions of 
	 	 	Section 4(b)(iv)(B) above, the vesting of the Award will not 
	 	 	be accelerated due to the Merger of Equals, but the Award 
	 	 	shall instead continue to vest, if at all, in accordance with the 
		 	provisions of Section 3 and Section 4 herein. 
	 
	(v)         	Retirement. In the event that the Participant remains in the 
	 	continuous employ of BB&T or an Affiliate from the Grant Date 
	 	until the Participant’s termination of employment due to Retirement, 

 

- 4 -

 

		
		the Award shall become fully vested as of the date of the 
		Participant’s termination of employment due to Retirement without 
		regard to the vesting schedule set forth in Section 3 herein if, and 
		only if, the Participant has completed at least six (6) calendar 
		months of continuous employment after the Grant Date (beginning 
		with the first day of the calendar month following the Grant Date); 
		provided, however, if the last working day of the sixth (6th) 
		calendar month is on a day prior to the last day of the sixth (6th) 
		calendar month, the foregoing six (6) calendar month requirement 
		will be deemed satisfied. 

          5.      Settlement of Award and Distribution of Shares.

                    (a)      The Award shall be payable in whole shares of Common Stock. Fractional shares shall not be issuable hereunder, and unless the Administrator determines otherwise, any such fractional Share shall be disregarded.

                    (b)      Shares of Common Stock subject to the Award shall, upon vesting of the Award, be issued and distributed to the Participant (or in the event of the Participant’s death, to the Participant’s beneficiary or beneficiaries) in a lump sum within ninety (90) calendar days after the end of the Restriction Period (provided that if such 90-day period begins in one calendar year and ends in another, the Participant (or the Participant’s beneficiary or beneficiaries) shall not have the right to designate the calendar year of payment). Notwithstanding the foregoing, if the Participant is or may be a Specified Employee, a distribution due to Separation from Service may not be made until within the thirty- (30-) day period commencing with the first day of the seventh month following the month of Separation from Service, or, if earlier, the date of death of the Participant (with all such payments that otherwise would have been made during such six-month period to be made during the seventh month following Separation from Service), in each case except as may be otherwise permitted under Section 409A.

         6.      No Right to Continued Employment or Service. Neither the Plan, the grant of the Award, nor any other action related to the Plan shall confer upon the Participant any right to continue in the employment or service of BB&T or an Affiliate or affect in any way with the right of BB&T or an Affiliate to terminate the Participant’s employment or service at any time. Except as otherwise expressly provided in the Plan or this Agreement or as determined by the Administrator, all rights of the Participant with respect to the Award shall terminate upon termination of the employment or service of the Participant with BB&T or an Affiliate. The grant of the Award does not create any obligation on the part of BB&T or an Affiliate to grant any further awards. So long as the Participant shall continue to be an Employee of BB&T or an Affiliate, the Award shall not be affected by any change in the duties or position of the Participant.

          7.      Nontransferability of Award and Shares. The Award shall not be transferable (including by sale, assignment, pledge or hypothecation) other than by will or the laws of intestate succession. The designation of a beneficiary in accordance with Plan procedures does not constitute a transfer. The Participant shall not sell, transfer, assign, pledge or otherwise encumber the Shares subject to the Award until the Restriction Period has expired and all conditions to vesting and distribution have been met.

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          8.      Superseding Agreement: Binding Effect. This Agreement supersedes any statements, representations or agreements of BB&T with respect to the grant of the Award or any related rights, and the Participant hereby waives any rights or claims related to any such statements, representations or agreements. This Agreement does not supersede or amend any existing confidentiality agreement, nonsolicitation agreement, noncompetition agreement, employment agreement or any other similar agreement between the Participant and BB&T, including, but not limited to, any restrictive covenants contained in such agreements.

          9.      Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of North Carolina, without regard to the principles of conflicts of law, and in accordance with applicable United States federal laws.

          10.      Amendment and Termination, Waiver. Subject to the terms of the Plan, this Agreement may be amended or terminated only by the written agreement of the parties hereto. The waiver by BB&T of a breach of any provision of the Agreement by the Participant shall not operate or be construed as a waiver of any subsequent breach by the Participant. Notwithstanding the foregoing, the Administrator shall have unilateral authority to amend the Plan and this Agreement (without Participant consent) to the extent necessary to comply with applicable law or changes to applicable law (including but in no way limited to Section 409A and federal securities laws), and the Participant hereby consents to any such amendments to the Plan and this Agreement.

          11.      Certificates for Shares; Rights as Shareholder. The Participant and the Participant’s legal representatives, legatees or distributees shall not be deemed to be the holder of any Shares subject to the Award and shall not have any voting rights, dividend rights or other rights of a shareholder unless and until certificates for such Shares have been issued to him or her or them. No certificate or certificates for Shares subject to the Award shall be issued at the time of grant of the Award. A certificate or certificates for Shares subject to the Award shall be issued in the name of the Participant (or in the event of the Participant’s death, the Participant’s beneficiary or beneficiaries) as soon as practicable after, and only to the extent that, the Award has vested and if such distribution is otherwise permitted under the terms of Section 5 herein. Neither dividends nor dividend equivalent rights shall be granted in connection with the Award, and the Award shall not be adjusted to reflect the distribution of any dividends on the Common Stock (except as may be otherwise provided under the Plan). No dividends on the Shares shall be payable prior to both (i) the vesting of the Award and (ii) the issuance and distribution of Shares to the Participant.

          12.      Withholding; Tax Matters.

                    (a)      BB&T shall withhold all required local, state, federal, foreign and other taxes and any other amount required to be withheld by any governmental authority or law from any amount payable in cash with respect to the Award. Prior to the delivery or transfer of any certificate for Shares or any other benefit conferred under the Plan, BB&T shall require the Participant to pay to BB&T in cash the amount of any tax or other amount required by any governmental authority to be withheld and paid over by BB&T to such authority for the account of such recipient. Notwithstanding the foregoing, the Administrator may establish procedures to permit a recipient to satisfy such obligation in whole or in part, and any local, state, federal, foreign

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or other income tax obligations relating to the Award, by electing (the “election”) to have BB&T withhold shares of Common Stock from the Shares to which the recipient is entitled. The number of shares to be withheld shall have a Fair Market Value as of the date that the amount of tax to be withheld is determined as nearly equal as possible to (but not exceeding) the amount of such obligations being satisfied. Each election must be made in writing to the Administrator in accordance with election procedures established by the Administrator.

               (b)      BB&T has made no warranties or representations to the Participant with respect to the tax consequences (including but not limited to income tax consequences) related to the Award or issuance, transfer or disposition of Shares (or any other benefit) pursuant to the Award, and the Participant is in no manner relying on BB&T or its representatives for an assessment of such tax consequences. The Participant acknowledges that there may be adverse tax consequences with respect to the Award (including but not limited to the acquisition or disposition of the Shares subject to the Award) and that the Participant should consult a tax advisor prior to such acquisition or disposition. The Participant acknowledges that the Participant has been advised that the Participant should consult with the Participant’s own attorney, accountant, and/or tax advisor regarding the decision to enter into this Agreement and the consequences thereof. The Participant also acknowledges that BB&T has no responsibility to take or refrain from taking any actions in order to achieve a certain tax result for the Participant.

          13.      Administration. The authority to construe and interpret this Agreement and the Plan, and to administer all aspects of the Plan, shall be vested in the Administrator, and the Administrator shall have all powers with respect to this Agreement as are provided in the Plan. Any interpretation of the Agreement by the Administrator and any decision made by it with respect to the Agreement is final and binding on the parties hereto.

          14.      Notices. Any and all notices under this Agreement shall be in writing and sent by hand delivery or by certified or registered mail (return receipt requested and first-class postage prepaid), in the case of BB&T, to its Human Systems Division, 200 West Second Street (27101), PO Box 1215, Winston-Salem, NC 27102, attention: Human Systems Division Manager, and in the case of the Participant, to the last known address of the Participant as reflected in BB&T’s records.

          15.      Severability. The provisions of this Agreement are severable and if any one or more provisions may be determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable.

           16.      Compliance with Laws, Restrictions on Award and Shares. BB&T may impose such restrictions on the Award and the Shares or other benefits underlying the Award as it may deem advisable, including without limitation restrictions under the federal securities laws, federal tax laws, the requirements of any stock exchange or similar organization and any blue sky, state or foreign securities laws applicable to such Award or Shares. Notwithstanding any other provision in the Plan or the Agreement to the contrary, BB&T shall not be obligated to issue, deliver or transfer any Shares of Common Stock, make any other distribution of benefits under the Plan, or take any other action, unless such delivery, distribution or action is in compliance with all applicable laws, rules and regulations (including but not limited to the requirements of the Securities Act). BB&T may cause a restrictive legend or legends to be placed on any certificate for

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Shares issued pursuant to the Award in such form as may be prescribed from time to time by applicable laws and regulations or as may be advised by legal counsel.

          17.      Successors and Assigns. Subject to the limitations stated herein and in the Plan, this Agreement shall be binding upon and inure to the benefit of the Participant and the Participant’s executors, administrators and permitted transferees and beneficiaries and BB&T and its successors and assigns.

          18.      Counterparts, Further Instruments. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. The parties hereto agree to execute such further instruments and to take such further action as may be reasonably necessary to carry out the purposes and intent of this Agreement.

          19.      Right of Offset. Notwithstanding any other provision of the Plan or the Agreement, BB&T may reduce the amount of any benefit or payment otherwise payable to or on behalf of the Participant by the amount of any obligation of the Participant to BB&T or an Affiliate that is or becomes due and payable, and the Participant shall be deemed to have consented to such reduction; provided, however, that to the extent Section 409A is applicable, such offset shall not exceed the greater of Five Thousand Dollars ($5,000) or the maximum offset amount then permitted under Section 409A.

          20.      Adjustment of Awards upon Occurrence of Certain Unusual or Nonrecurring Events. The Administrator shall have authority to make adjustments to the terms and conditions of the Award in recognition of unusual or nonrecurring events affecting BB&T or any Affiliate, or the financial statements of BB&T or any Affiliate, or of changes in applicable laws, regulations or accounting principles, if the Administrator determines that such adjustments are appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan or necessary or appropriate to comply with applicable laws, rules or regulations.

          21.      American Recovery and Reinvestment Act of 2009. Notwithstanding anything contained in the Plan or the Agreement to the contrary, (a) to the extent that either the Administrator or the United States government (including, without limitation, any agency thereof) determines that the Award granted to the Participant pursuant to this Agreement is prohibited by the American Recovery and Reinvestment Act of 2009, as the same may be amended from time to time (“ARRA”), any rules or regulations promulgated thereunder, and/or the ARRA standards for executive compensation and corporate governance established by the Secretary of the Treasury, then this Agreement shall automatically terminate effective as of the Grant Date and the Award shall automatically be cancelled as of the Grant Date without further action of the Administrator or the Participant and without any compensation to the Participant for such cancellation; and (b) to the extent that any payment relating to the Award constitutes a “golden parachute payment” within the meaning of ARRA, such payment shall not be made until the calendar year following the calendar year in which ARRA no longer applies to BB&T and its Affiliates.

[Signature Page to Follow]

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          IN WITNESS WHEREOF, this Agreement has been executed in behalf of BB&T and by the Participant effective as of the day and year first above written.

 

 

 

 

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