Document:

Exhibit 10.2

 Exhibit 10.2 

BB&T CORPORATION 

AMENDED AND RESTATED 2004 STOCK INCENTIVE PLAN 

Restricted Stock Unit Agreement 

(Non-Employee Directors) 
  

			
	 Name of Participant:
	  	<<First Name>> <<MI>> <<Last Name>>
	 Grant Date:
	  	                    , 20    
	 Number of Shares Subject to Award:
	  	<<Number of RSUs>>
	 Date Vesting Begins:
	  	                    , 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>>, a Non-Employee Director (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 this 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 this Agreement (including but not limited to the provisions of Section 4 and Section 5 herein), the Award shall become vested and earned with respect to twenty-five percent (25%) of
the Award on the first- (1st-) year anniversary of the Grant Date, and with respect to an additional twenty-five percent (25%) of the Award on each annual anniversary of the Grant Date over the following three years, so that the Award shall be
fully vested and earned on the fourth- (4th-) 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 Service; Forfeiture of Award; Effect of Change of Control.

 (a) Except as may be otherwise provided in the Plan or Section 4(b) of this Agreement, in the
event that the service of the Participant as a Director 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 service date, shall be
forfeited immediately upon such termination of service, 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 service. The
Participant expressly 

 
acknowledges and agrees that, except as otherwise provided herein, the termination of the Participant’s service as a Director 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 service date. As used in this Agreement, the phrase “termination of service” means a “separation from service,” within the meaning of
Section 409A, as a Director. 
 (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 fourth- (4th-) year anniversary of the Grant Date: 
  

	 	(i)	Retirement. In the event that the Participant remains in the continuous service of BB&T or an Affiliate as a Director from the Grant Date until the
Participant’s termination of service as a Director due to the Participant’s Retirement, the Award shall become fully vested as of the date of the Participant’s termination of service as a Director due to Retirement without regard to
the vesting schedule set forth in Section 3 herein. 

  

	 	(ii)	Death. In the event that the Participant remains in the continuous service of BB&T or an Affiliate as a Director 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. 

 

	 	(iii)	Disability. In the event that the Participant remains in the continuous service of BB&T or an Affiliate as a Director 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 date of termination of
service as a Director 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 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 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. 

 5. Settlement of Award and Distribution of Shares. 

(a) Upon vesting, the Award shall be payable in a lump sum 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, if the Participant is deceased, 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 ninety- (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). 

 

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 6. No Right to Continued Service for Future Awards. 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 service of BB&T or an Affiliate as a Director or in any other capacity or affect in any way with the right of BB&T or
an Affiliate to terminate the Participant’s 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 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 to grant any further Awards. 

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. 

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, service agreement, or any other similar agreement between the Participant and BB&T or an Affiliate, 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 this 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. Issuance of 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 such Shares have been issued to the Participant or them.
No Shares subject to the Award shall be issued at the time of grant of the Award. Shares subject to the Award shall be issued in the name of the Participant (or, if the Participant is deceased, in the name of 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; Fees. 
 (a) BB&T shall report all income and prior to the
delivery or transfer of Shares or any other benefit conferred under the Plan, BB&T or its agent shall withhold all required local, state, federal, foreign and other income tax obligations and any other amount required to be withheld by any
governmental authority or law and paid over by BB&T to such authority for the account of such recipient. In accordance with procedures established by the Administrator, the Participant may arrange to pay all applicable taxes in cash. In the
event the Participant does not make such arrangements, such tax obligations shall be satisfied by the withholding of Shares to which the Participant 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 the amount of such obligations being satisfied. 

(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 

 

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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. 

(c) All third party fees relating to the release, delivery, or transfer of any Award or Shares shall be paid by the
Participant or other recipient. To the extent the Participant or other recipient is entitled to any cash payment from BB&T or any of its Affiliates, the Participant hereby authorizes the deduction of such fees from such payment(s) without
further action or authorization of the Participant or other recipient; and to the extent the Participant or other recipient is not entitled to any such payments, the Participant or other recipient shall pay BB&T or its designee an amount equal
to such fees immediately upon the third party’s charge of such fees. 
 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 this Agreement by the Administrator and any decision made by it with respect to this 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 this 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 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 this
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. 
  

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 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. 
 [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. 
  

			
	BB&T CORPORATION
		
	By:	 	  

	
	PARTICIPANT
	
	  

	<<First Name>> <<MI>> <<Last Name>>

 

 6Exhibit 10.3

 Exhibit 10.3 

BB&T CORPORATION 

AMENDED AND RESTATED 2004 STOCK INCENTIVE PLAN 

Nonqualified Stock Option Agreement 

(Non-Employee Directors) 
  

			
	Name of Participant:	  	<<First Name>> <<MI>> <<Last Name>>
	Grant Date:	  	                    , 20    
	Number of Shares Subject to Option:	  	<<number of shares>>
	Type of Option:	  	Nonqualified Option
	Date Vesting Begins:	  	                    , 20    
	Expiration date:	  	                    , 20    

THIS AGREEMENT (the “Agreement”), dated effective as of
                    , 20    , between BB&T CORPORATION, a North Carolina corporation (“BB&T”) for itself
and its Affiliates, and <<First Name>> <<MI>> <<Last Name>>, a Director (the “Participant”), is made pursuant to and subject to the provisions of the BB&T Corporation
Amended and Restated 2004 Stock Incentive Plan, as it may be amended and/or restated (the “Plan”). 
 BB&T
desires to carry out the purposes of the Plan by affording the Participant an opportunity to purchase shares of BB&T’s 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 this 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 Option. Pursuant to the Plan, effective as of
                    , 20     (the “Grant Date”), BB&T grants to the Participant, subject to the terms and
conditions of the Plan and related resolutions of the Board, and subject further to the terms and conditions herein, the right and option (the “Option”) to purchase from BB&T all or any part of an aggregate of <<number of
shares>> shares (the “Shares”) of Common Stock at a purchase price (the “Option Price”) of $             per Share, such Option Price being
the Fair Market Value per share of Common Stock on the Grant Date. This Option is designated as a Nonqualified Option and, as such, is not intended to be an incentive stock option under Section 422 of the Internal Revenue Code of 1986, as
amended (the “Code”). Such Option will be vested and exercisable as hereinafter provided. 
 3. Terms and
Conditions. The Option is subject to the following terms and conditions: 
 (a) Expiration
Date. Unless the Option terminates earlier pursuant to the terms of the Plan or this Agreement, the Option shall expire on                     ,
20     (the “Expiration Date”) (such term commencing with the Grant Date and ending on the Expiration Date being referred to as the “Option Period”). 

(b) Exercise of Option. Except as provided in Sections 4, 5, 6, 7 and 9 and subject to the authority of the
Administrator to accelerate the exercisability of this Option, this Option shall become vested and exercisable with respect to twenty-five percent (25%) of the Shares subject to the Option on the first year anniversary of the Grant Date and
with respect to an additional twenty-five percent (25%) of the Shares subject to the Option on each annual anniversary of the Grant Date over the following three years, so that the Option shall be fully vested and fully exercisable on the
fourth-year anniversary of the Grant Date. To the extent the Option has become vested and exercisable in accordance with the preceding sentence, it shall continue to be vested and exercisable until the earlier of the termination of the
Participant’s rights hereunder pursuant to Sections 4, 5, 6, 7 and 9, or until the Expiration Date. The Option may be exercised with respect to any number of whole Shares less than the full number for which the Option could be exercised. A
partial exercise of the Option shall not affect the Participant’s right to exercise the Option with respect to the remaining Shares, subject to the conditions of the Plan and this Agreement. The Option may not be exercised at any time unless
the Participant shall have been in the continuous service as a Director from the date hereof to the Exercise Date of the Option, subject to the provisions of Sections 4, 5, 6, 7 and 9. 

 (c) Method of Exercising and Payment for Shares. The Option
shall be exercised by delivering a written or electronic notice (the “Notice of Exercise”) to the attention of BB&T or its agent. The Exercise Date shall be the date on which BB&T or its agent receives a fully completed
Notice of Exercise; provided, however, that with respect to the exercise of an Option in which Shares relating to such Option are sold in the market, the Exercise Date is the date that the Shares relating to the Option are so sold and provided
further that in all other exercises where the Notice of Exercise is received after the market closes, the Exercise Date is the next trading day of the Common Stock. Payment of the Option Price may be made (i) in cash or by cash equivalent, and,
if permitted under applicable law, payment may also be made (ii) by delivery of shares of Common Stock owned by the Participant at the time of exercise for a period of at least six months (or such other time period deemed necessary by the
Administrator); (iii) by delivery of the Notice of Exercise to BB&T or its agent and delivery to a broker of written or electronic notice of exercise and irrevocable instructions to promptly deliver to BB&T or its agent the amount of
sale or loan proceeds to pay the Option Price; or (iv) by any combination of the foregoing methods. Shares delivered in payment of the Option Price shall be valued at their Fair Market Value on the Exercise Date, as determined in accordance
with the Plan. Upon the exercise of an Option in whole or in part, payment of the Option Price in accordance with the provisions of the Plan and this Agreement, and satisfaction of such other conditions as may be established by the Administrator,
BB&T shall promptly deliver to the Participant the Shares purchased. 
 In the event that the Option shall be
exercised pursuant to this Section 3 by any person other than the Participant, the Notice of Exercise shall be accompanied by appropriate proof of the right of such person to exercise the Option. 

(d) Shareholder Rights. The Participant and the Participant’s legal representative, legatees or
distributees shall not be deemed to be the holder of any Shares subject to the Option and shall not have any rights of a shareholder unless and until such Shares have been issued and delivered to him, her or them under the Plan. The Option shall not
provide dividend or dividend equivalent rights and the Participant shall have no dividend rights unless and until Shares have been issued to the Participant pursuant to the exercise of the Option. The Shares of Common Stock acquired upon exercise of
the Option shall be issued in the name of the Participant (or if the Participant is deceased, in the name of the Participant’s beneficiary or beneficiaries) and distributed to the Participant (or if the Participant is deceased, to the
Participant’s beneficiary or beneficiaries) as soon as practicable following receipt of Notice of Exercise, payment of the Option Price (except as may otherwise be determined by BB&T or its agent in the event of payment of the Option Price
pursuant to Section 6.07(c) of the Plan), and payment of applicable taxes. 
 (e)
Nontransferability of Option. The Option shall not be transferable (including by sale, assignment, pledge or hypothecation) other than by will or the laws of intestate succession, except as may be permitted by the Administrator in its
sole discretion (and in a manner consistent with the registration provisions of the Securities Act). Except as may be permitted by the preceding sentence, (i) during the lifetime of the Participant, the Option may be exercised only by the
Participant; and (ii) no right or interest of a Participant in the Option shall be liable for, or subject to, any lien, obligation or liability of such Participant. The designation of a beneficiary in accordance with the Plan shall not
constitute a transfer. 
 4. Termination of Service. Except as provided in Sections 5, 6 and 7 (and unless
otherwise determined by the Administrator in accordance with the terms of the Plan), in the event that the service of the Participant as a Director terminates for any reason other than Retirement, death or disability, the Participant may exercise
the Option only with respect to those Shares of Common Stock as to which the Option has become vested and exercisable pursuant to Section 3(b) as of the date of the Participant’s termination of service as a Director. The Participant may
exercise the Option with respect to such Shares no more than thirty (30) days after the date of the Participant’s termination of service as a Director (but in any event prior to the Expiration Date), and the Option shall terminate at the
end of such thirty- (30-) day period. 
 5. Exercise After Retirement. In the event that the Participant remains
in the continuous service as a Director from the Grant Date until the Participant’s termination of service as a Director due to the Participant’s Retirement, the Option shall become fully vested and fully exercisable as of the date of the
Participant’s termination of service as a Director due to Retirement without regard to the installment exercise limitations set forth in Section 3(b). The Participant may exercise the Option following the Participant’s termination of
service as a Director due to Retirement until the Expiration Date. 
 6. Exercise in the Event of Death. In the
event that the Participant remains in the continuous service as a Director from the Grant Date until the Participant’s death, the Option shall become fully vested and fully exercisable as of the date of death without regard to the installment
exercise limitations set forth in Section 3(b). The Option shall be exercisable by such person or persons who are designated as the Participant’s beneficiary or beneficiaries in accordance with the terms of the Plan and this Agreement, or,
if no such valid beneficiary designation exists, then by the Participant’s estate or by such person or 
  

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persons as shall have acquired the right to exercise the Option by will or the laws of descent and distribution. The person or persons entitled to exercise the Option following the
Participant’s death may exercise the Option until the Expiration Date. 
 7. Exercise in the Event of
Disability. In the event that the Participant remains in the continuous service as a Director from the Grant Date until the date of the Participant’s termination of service as a Director on account of disability (as determined in
accordance with the disability policies and procedures of BB&T applicable to Directors), the Option shall become fully vested and fully exercisable as of the date of the Participant’s termination of service as a Director on account of the
Participant’s disability without regard to the installment exercise limitations set forth in Section 3(b). The Participant may exercise the Option following such termination of service until the Expiration Date. 

8. Fractional Share. A fractional Share shall not be issuable hereunder, and when any provision hereof may entitle the
Participant to a fractional Share, such fraction shall (unless the Administrator determines otherwise) be disregarded. 
 9.
Change of Control. 
 (a) Notwithstanding Sections 3, 4, 5, 6 and 7, and in the event that
there is “Change of Control” as defined in this Section 9, of BB&T subsequent to the date hereof, the Option shall become fully vested and fully exercisable as of the effective date of such event without regard to the
installment exercise limitations set forth in Section 3(b). 
 (b) For purposes of this
Section 9, 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 Option Period 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 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. 

10. No Right to Continued Service or Future Options. Neither the Plan, the grant of the Option nor any other action related
to the Plan shall confer upon the Participant any right to continue in the service of BB&T or an Affiliate or affect in any way with the right of BB&T or an Affiliate to terminate an individual’s service at any time. Except as otherwise
expressly provided in the Plan or this Agreement, all rights of the Participant under the Plan with respect to the Option shall terminate upon termination of the service of the Participant as a Director. The grant of the Option does not create any
obligation on the part of BB&T to grant any additional options. 
 11. Superseding Agreement. This Agreement
supersedes any statements, representations or agreements of BB&T with respect to the grant of the Option 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, service agreement or any other similar agreement between the Participant and BB&T or an Affiliate, including,
but not limited to, any restrictive covenants contained in such agreements. 
 12. Amendment and Termination;
Waiver. Subject to the terms of the Plan, this Agreement may be modified or amended only by the written agreement of the parties hereto. The waiver by BB&T of a breach of any provision of this 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.

  

 3 

 13. Withholding; Tax Matters; Fees. 

(a) BB&T or an Affiliate shall report all income and withhold all required local, state, federal, foreign and
other income tax obligations and any other amounts required to be withheld by any governmental authority or law from any amount payable in cash with respect to the Option. If any withholding is required, prior to the delivery or transfer of any
Shares or any other benefit conferred under the Plan, BB&T or an Affiliate may, in its discretion, require the Participant or other recipient to pay to BB&T or an Affiliate in cash the amount of any tax or other amount required by any
governmental authority to be withheld and paid over by BB&T or an Affiliate to such authority for the account of such recipient. Notwithstanding the foregoing, the Administrator may establish procedures to permit a recipient to satisfy any such
obligation in whole or in part, and any local, state, federal, foreign or other income tax obligations relating to the Option, by electing (the “election”) to have BB&T withhold Shares 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 Exercise Date as nearly equal as possible to the amount of such obligations being satisfied. Each election must be made to the Administrator or its agent 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 Option or issuance, transfer or disposition of Shares following exercise of the Option, 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 related to the grant of the Option or the acquisition or
disposition of the Shares subject to the Option and that the Participant should consult a tax advisor prior to such grant, 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. 
 (c) All
third party fees relating to the exercise, delivery, or transfer of any Option or Shares shall be paid by the Participant or other recipient. To the extent the Participant or other recipient is entitled to any cash payment from BB&T or any of
its Affiliates, the Participant hereby authorizes the deduction of such fees from such payment(s) without further action or authorization of the Participant or other recipient; and to the extent the Participant or other recipient is not entitled to
any such payments, the Participant or other recipient shall pay BB&T or its designee an amount equal to such fees immediately upon the third party’s charge of such fees. 

14. 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. 

15. Right of Offset. Notwithstanding any other provision of the Plan or this 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. 
 16. 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. 
 17. Notices. Any and all notices under the
Option 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. 

18. 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. 

19. 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. 

 

 4 

 20. Compliance with Laws; Restrictions on Option and Shares. BB&T may
impose such restrictions on the Option and Shares or any other benefits underlying the Option 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 securities. Notwithstanding any other provision in the Plan or this Agreement to the contrary, BB&T shall not be obligated to issue, deliver
or transfer shares of Common Stock under the Plan, 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 to be placed on any Shares issued pursuant to the Option in such form as may be prescribed from time to time by applicable laws and
regulations or as may be advised by legal counsel. 
 21. Adjustment of Awards upon the Occurrence of Certain Unusual or
Nonrecurring Events. The Administrator shall have authority to make adjustments to the terms and conditions of the Option 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. 

22. Cash Settlement. Notwithstanding any provision of the Plan or this Agreement to the contrary, the Administrator may
cause the Option or portion thereof to be canceled in consideration of an alternative Award or cash payment of an equivalent cash value, as determined by the Administrator, made to the holder of such canceled Option. 

[Signature Page to Follow] 
  

 5 

 IN WITNESS WHEREOF, BB&T has caused this Agreement to be signed by a duly authorized
officer, and the Participant has affixed his or her signature hereto. 
  

			
	BB&T CORPORATION
		
	By:	 	  

	
	PARTICIPANT
	
	  

	<<First Name>> <<MI>> <<Last Name>>

 

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