Document:

2004 STOCK INCENTIVE PLAN  PERFORMANCE UNIT AWARD AGREEMENT

 Exhibit 10.6 
 BB&T CORPORATION 
 2004 STOCK INCENTIVE PLAN 
 Performance Unit Award Agreement 
  

			
	Name of Participant:	 	  

	Grant Date:	 	February     , 2007
	Performance Period:	 	January 1, 2007 through December 31, 2009

 THIS AGREEMENT (the “Agreement”), made effective as of February
    , 2007 (the “Grant Date”), between BB&T CORPORATION, a North Carolina corporation (“BB&T”), and
                                        
         an Employee (the “Participant”); 
 RECITALS: 

BB&T desires to carry out the purposes of the BB&T Corporation 2004 Stock Incentive Plan, as it may be amended and/or restated (the
“Plan”), by affording the Participant a long-term incentive compensation opportunity 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.
Performance Award. Subject to the terms of this Agreement and the Plan, BB&T hereby grants the Participant a long-term incentive compensation opportunity relating to Performance Units (the “Award”) in accordance with
the following provisions: 
 (a) Performance Period. The performance period (“Performance Period”) for the Award shall
be January 1, 2007 through December 31, 2009. 
 (b) Partial Performance Period. 
  

	 	(i)	 Involuntary Termination Without Cause, Death, Disability and Retirement. If the Participant ceases to be a Participant in the Plan during the Performance
Period, the Participant’s Award for such Performance Period due to the Participant’s termination of employment (i) involuntarily by the Company and its Affiliates without Cause, or (ii) due to death, or Disability, or Retirement,
the Participant’s Award for the Performance Period shall be payable in 

	 	 
accordance with this Agreement, and prorated to reflect such Participant’s actual number of full months of employment during the Performance Period. A
termination shall be for “Cause” if the termination of the Participant’s employment by the Company and its Affiliates 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)	Change of Control. If, while the Participant is an Employee, there is a Change of Control during the Performance Period, the Participant’s Award for the Performance
Period shall be one hundred percent (100%) of the Participant’s Target with the Target Level of Achievement being deemed attained for the Performance Period as of the Change of Control prorated to reflect such Participant’s actual
number of full months of participation during the Performance Period through the date of the Change of Control. 

  

	 	(iii)	 (1) For purposes of Section 2(b)(ii) above, a “Change of Control” will be deemed to have occurred on the earliest of the following dates:
(1) 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 twenty percent (20%) 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 two-year period during the term of the Award constituted
BB&T’s Board of Directors, plus new directors whose election or nomination for election of 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 two-year period (collectively, the “Continuing Directors”), cease for any reason during such two-year period to constitute at least two-thirds of the members of such Board of Directors; or (iii) the 

  

 - 2 - 

	 	 
date the shareholders of BB&T approve a merger or consolidation of BB&T with any other corporation or entity regardless of which entity is the
survivor other than a merger or consolidation which would result in the voting securities of BB&T or such surviving entity outstanding immediately prior thereto continuing to represent (either by remaining outstanding or being converted into
voting securities of the surviving entity) at least sixty percent (60%) of the combined voting power of the voting securities of BB&T or such surviving entity outstanding immediately after such merger, consolidation or reorganization
(provided, however, that if consummation of such merger, consolidation or reorganization is subject to the approval of federal, state or other regulatory authorities, then, unless the Administrator determines otherwise, a “Change of
Control” shall not be deemed to occur until the later of the date of shareholder approval of such merger or other event or the date of final regulatory approval of such merger or other event); or (iv) the date the shareholders of BB&T
approve a plan of complete liquidation or winding-up of BB&T or an agreement for the sale or disposition by BB&T of all or substantially all of BB&T’s assets; or (v) any event occurs that the Board of Directors of BB&T
determines should constitute a change of control. 

 (2) Notwithstanding Section 2(b)(iii)(1) herein above, the term
“Change of Control” shall not include any event which the Board of Directors of BB&T (or, if the event described in Section 2(b)(iii)(1)(ii) above has occurred, a majority of the Continuing Directors), prior to the occurrence of
such event, specifically determines, for the purpose of the Plan and/or this Agreement, is a “merger of equals” (regardless of the form of the transaction), unless such determination is revoked within one year after the occurrence of the
event that otherwise would constitute a Change of Control by a majority of the directors of BB&T if BB&T is a surviving corporation, or by a majority of the directors of the surviving corporation if BB&T is not the surviving corporation,
who in either case were Continuing Directors immediately prior to the effective time of such event or were elected or nominated for election as directors of the surviving corporation by a vote of at least two-thirds of the directors who were
Continuing Directors immediately prior to such effective time. Any determination concerning whether a transaction is a “merger of equals” shall be solely within the discretion of the Board of Directors of BB&T or a majority of the
Continuing Directors, as the case may be. In the event that the Board of Directors of BB&T or the Continuing Directors, as the case may be, determine that a transaction does constitute a merger of equals, then, notwithstanding the provisions of
Section 2(b)(iii)(1) herein 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. 
  

 - 3 - 

 (c) Performance Measures for Award. The pre-established three year Performance Period’s
Performance Measure shall be applicable to the Award, and the Participant’s targeted percentage (“Target %”) and potential projected cash payout to the Participant, based upon the Level of Achievement, are as follows:

  

	 	(i)	Performance Measure: cash basis return on shareholders’ equity (“ROE”). 

  

	 	(ii)	For purposes of the Award, there shall be levels of achievement (“Levels of Achievement”), including, threshold (“Threshold”), target
(“Target”), and maximum (“Maximum”) (the Threshold Level of Achievement shall be a ROE of             % for the Performance Period; the Target Level
of Achievement shall be a ROE             % for the Performance Period; and the Maximum Level of Achievement shall be a ROE of
            % for the Performance Period). The Levels of Achievement range from the Threshold Level of Achievement to the Maximum Level of Achievement as illustrated in the Level of
Achievement Chart attached hereto as Exhibit A and made a part hereof. Levels of Achievement between a ROE of             % and a ROE of
            % that are not listed on the Level of Achievement Chart, are interpolated by the Administrator in .01% increments. 

  

	 	(iii)	For avoidance of doubt in the interpretation of the Level of Achievement Chart, there will not be an Award payout if the Threshold Level of Achievement is not attained for the
Performance Period. If the Threshold Level of Achievement is attained for the Performance Period, the Award payout to the Participant will be one-fourth (i.e., 25 percent) of the amount of the Award payout that would have been made to the
Participant if the Target Level of Achievement had been attained. If the Maximum Level of Achievement is attained for the Performance Period, the Award payout to the Participant will be two (2) times (i.e., 200 percent) the amount of the Award
payout that would have been made to the Participant if only the Target Level of Achievement had been attained. 

  

	 	(iv)	The projected Award payout to the Participant, if either the Target Level of Achievement or if the Maximum Level of Achievement is attained for the Performance Period, is summarized
in the following chart (with certain assumptions concerning the Participant’s base salary for 2007, 2008, and 2009): 

  

 - 4 - 

																				
	 2007 Base
 Salary1
	 	2008 Base
Salary1	 	2009 Base
Salary1	 	Target
%	 	 	 Target Payout
 (if Target Level
 of Achievement
Attained)2
	 	 	 Maximum Payout
(if Maximum
Level of
 Achievement is
Attained)2
	 	 	Performance
Units3
	$            	 	$	            	 	$	            	 	            	%	 	$	             	 4	 	$	             	 4	 	  

 3. Vesting of Award. Subject to the terms of the Plan and the Agreement (including
but not limited to the provisions of Sections 2, 4 and 5 herein), the Award shall be 100% vested and earned on January 1, 2010, following the December 31, 2009 expiration of the Performance Period. 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. Forfeiture of Award. Except as may be otherwise provided in the Plan or in this 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 of Common Stock 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 in this
Agreement, the termination of the Participant’s employment shall result in forfeiture of the Award and any underlying payout to the extent the Award has not vested as of the Participant’s termination of employment date. 
 5. Award Payout. 
 (a)
The Award and the number of Performance Units that the Award represents shall, if at least the Threshold Level of Performance is met, be payable, and paid, in cash, shares of Common Stock, or a combination of cash and shares of Common Stock, as
determined by the Administrator in its sole discretion. 
 (b) Award payout
shall, upon vesting of the Award, be made to the Participant (or in the event of the Participant’s death, the Participant’s beneficiary or beneficiaries) no later than either (a) the 15th day of the third month following the December 31, 2009 end of the Performance Period, or, if a Change of Control occurs during the Performance Period,
(b) the 15th day of the third month following the calendar year in which a Change of Control occurs, or
otherwise in accordance with Code Section 409A, related regulations and other guidance. 

	 1
	 Solely for illustration purposes, projections assume a salary increase on April 1, 2007, based upon
Mercer Consulting’s 2006 report, and assume a 4 percent increase for 2008 and 2009. 

	 2
	 The projected payouts will change based upon the Participant’s actual base salary for 2007, 2008,
and 2009. 

	 3
	 Performance Unit calculation is based upon a grant price of
$             for projected Award purposes only. 

	 4
	 Pursuant to the terms of the Plan, in the Administrator’s discretion Performance Awards may be
payable in cash, in shares of Common Stock, or in a combination of both. For projection purposes only, cash amounts are used. 

  

 - 5 - 

 
Notwithstanding the foregoing, if the Participant is or may be a “specified employee” (as defined in Code Section 409A, related regulations or
other guidance), a distribution due to separation from service may not be made before the date that is six months after the date 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 Code Section 409A, related regulations or other guidance.

 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, and any Award payout, 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. 
 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 Code
Section 409A and related regulations or other guidance and federal securities laws), and the Participant hereby consents to any such amendments to the Plan and this Agreement. 
  

 - 6 - 

 11. 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 of Common Stock 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 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 of Common Stock to which the recipient is entitled. The number of shares of Common Stock 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 the payout, if any, 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 and that the Participant should consult a tax advisor. 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. 
 12. 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. 
 13. 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. 
 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. 
  

 - 7 - 

 15. Compliance with Laws, Restrictions on Award and Shares of Common Stock. BB&T may
impose such restrictions on the Award and the shares of Common Stock or other benefits underlying the Award or relating to the payout of 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 of Common Stock. 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 Securities Act). BB&T may cause a restrictive legend or legends to be placed on any certificate for shares of Common Stock 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. 
 16. 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. 
 17. 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. 
 18. 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. 
 19. 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. 
  

 - 8 - 

 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
		
		 	  

  

 - 9 -2004 STOCK INCENTIVE PLAN  NONQUALIFIED STOCK OPTION AGREEMENT-NON EMP. DIRECTOR

 Exhibit 10.10 
 BB&T CORPORATION 2004 STOCK INCENTIVE PLAN 
 Nonqualified Stock Option Agreement

 (Non-Employee Directors) 
  

			
	 Name of Participant:
	  	  

	 Grant Date:
	  	  

	 Number of Shares Subject to Option:
	  	  

	 Type of Option:
	  	Nonqualified Option
	 Date Vesting Begins:
	  	  

	 Expiration date:
	  	  

 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
                                        
        , a Director (the “Participant”), is made pursuant to and subject to the provisions of the BB&T Corporation 2004 Stock Incentive Plan, and 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 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 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 percent (20%) of the Shares subject to the Option on the first year anniversary of the Grant Date and with respect to an additional twenty percent (20%) of the Shares subject to the Option on each
annual anniversary of the Grant Date over the following four years, so that the Option shall be fully vested and fully exercisable on the fifth 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 written notice (the “Notice of Exercise”) accompanied by payment of the Option Price, delivered to the attention of the Human Systems Division at the office of BB&T Corporation, P.O. Box 1215, 200 West
Second Street, Winston-Salem, North Carolina 27102, or at such other location selected by BB&T. The Exercise Date shall be the date on which BB&T has received both the Notice of Exercise and payment of the Option Price (except as may be
otherwise permitted for option exercises made pursuant to Section 6.05(c) of the Plan). 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 necessary to avoid variable accounting or other accounting consequences deemed
unacceptable to the Administrator); (iii) by delivery of written Notice of Exercise to BB&T and delivery to a broker of written notice of exercise and irrevocable instructions to promptly deliver to BB&T 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 a certificate or certificates for the Shares purchased. 
  

 - 2 - 

 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 certificates for 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. A certificate or certificates for 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, the Participant’s beneficiary or beneficiaries) and distributed to the Participant (or if the Participant is deceased, the Participant’s beneficiary or beneficiaries) as soon as practicable following receipt of
Notice of Exercise and payment of the Option Price (except as may otherwise be determined by BB&T in the event of payment of the Option Price pursuant to Section 6.05(c) of the Plan). 
 (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 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 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 (as determined in accordance with the
retirement policies 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 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 

  

 - 3 - 

 
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 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 twenty
percent (20%) 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 two-year period during the term of the
Option constituted BB&T’s Board of Directors, plus new directors whose election or nomination for election of 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 two-year period (collectively, the “Continuing Directors”), cease for any reason during such two-year period to constitute at least two-thirds of the members of such Board of Directors; or (iii) the date
the shareholders of BB&T approve a merger or consolidation of BB&T with any other corporation or entity regardless of which entity is the survivor other than a merger or consolidation which would result in the voting securities of BB&T
or such surviving entity outstanding immediately prior thereto continuing to represent (either by 

  

 - 4 - 

 
remaining outstanding or being converted into voting securities of the surviving entity) at least sixty percent (60%) of the combined voting power of
the voting securities of BB&T or such surviving entity outstanding immediately after such merger or consolidation (provided, however, that if consummation of such merger, consolidation or reorganization is subject to the approval of regulatory
authorities, then, unless the Administrator determines otherwise, a “Change of Control” shall not be deemed to occur until the later of the date of approval of such merger or other event by the shareholders or the date of final regulatory
approval of such merger or other event); or (iv) the date the shareholders of BB&T approve a plan of complete liquidation or winding-up of BB&T or an agreement for the sale or disposition by BB&T of all or substantially all of
BB&T’s assets; or (v) any event occurs that the Board of Directors of BB&T determines should constitute a change of control. 
 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 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 further 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, 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 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 Code
Section 409A and related regulations or other guidance and federal securities laws), and the Participant hereby consents to any such amendments to the Plan and this Agreement. 
 13. 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 Option
Prior to the delivery or transfer of any certificate for Shares or any other benefit conferred under the Plan, BB&T may 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 

  

 - 5 - 

 
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 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 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. 
 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 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. 
 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.

  

 - 6 - 

 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. 
 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 certificate for 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 the 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 Award. 
 [Signature Page to Follow] 
  

 - 7 - 

 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
		
		 	  

  

 - 8 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00117-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00117-of-00352.parquet"}]]