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Exhibit 10.11
THIRD AMENDMENT
TO THE
BB&T NON-QUALIFIED DEFINED BENEFIT PLAN
(January 1, 2012 Restatement)

WHEREAS, the BB&T Non-Qualified Defined Benefit Plan (the “Plan”), which was established as of January 1, 1988, and which was originally known as the Branch Banking and Trust Company Supplemental Executive Retirement Plan, is currently maintained by BB&T Corporation (the “Company”) under a January 1, 2012 restated plan document; and;
WHEREAS, as of February 7, 2019, BB&T Corporation (“BB&T”) and SunTrust Banks, Inc. (“SunTrust”) entered into an Agreement and Plan of Merger (the “Merger Agreement”) whereby BB&T and SunTrust will merge (the “Merger”), and BB&T will be the surviving entity.
WHEREAS, BB&T wishes to amend the Plan to implement certain changes, as described in the Merger Agreement.
NOW, THEREFORE, effective as of the closing date of the Merger, and contingent on the closing of the Merger, the Plan is hereby amended in the respects hereinafter set forth:
1.    The definition of “Company” provided in Section 2.1(9) of the Plan is amended to refer to Truist Financial Corporation, the sponsor of the Plan following the Merger, and all references to the Plan’s sponsoring entity shall be updated to refer to Truist Financial Corporation.
2.    The definition of “Plan” provided in Section 2.1(23) of the Plan is amended to refer to the Truist Financial Corporation Non-Qualified Defined Benefit Plan, and all references to the BB&T Non-Qualified Defined Benefit Plan (the former name) shall be updated throughout the entire Plan consistent with this name change.
3.    A new Section 2.1(33A) is added to the Plan to read as follows:
(33A)        “SunTrust Merger Date” means the closing date of the merger between BB&T Corporation and SunTrust Banks, Inc., as provided in the Agreement and Plan of Merger document dated February 7, 2019.
4.    Article XIII is amended to add the heading “13.1    Generally.” before the current text in Article XIII, and to add the following new Section 13.2 at the end thereof:

13.2    Amendments Impacting Participants from BB&T Predecessor Plan.  

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13.2.1    General Restriction on Amendment or Termination.  Notwithstanding anything in this Article XIII to the contrary, for participants who were eligible employees immediately prior to the SunTrust Merger Date (“BB&T Predecessor Participants”), the Plan shall not be terminated or amended so as to adversely impact any such participant, or the benefit of such participant, including any future benefit accruals, or the vesting or entitlement to such benefit accruals (including any rights or features of such accruals).

13.2.2    Lump Sum Cashouts Restricted.  For purposes of this Section 13.2 and subject to the requirements of Section 409A of the Code, any amendment to offer an immediate lump sum distribution of a BB&T Predecessor Participant’s entire accrued benefit shall be deemed to adversely impact such participant’s benefit, except to the extent that such amendment is deemed necessary to meet the requirements of Section 13.2.3.  

13.2.3    Required Amendments.  Further, for purposes of this Section 13.2, any amendment that is necessary to (i) comply with changes in laws or government rules or regulations applicable to the Plan, or (ii) otherwise maintain the tax status of the Plan, shall be deemed to not adversely impact a BB&T Predecessor Participant’s benefit.  However, any such amendment should provide for the least amount of negative impact on the benefits of BB&T Predecessor Participants that is available while still complying with clause (i) or (ii) in the preceding sentence, and additional changes, including but not limited to the offer of a lump sum distribution, may be made by the amendment as deemed necessary to mitigate any such negative impact.

13.2.4    Rehired BB&T Predecessor Participants.  For any BB&T Predecessor Participant who terminates service with the Company and all participating employers after the SunTrust Merger Date, and is rehired as an eligible employee by the Company at a later date, such person will only be considered a BB&T Predecessor Participant with respect to the benefits accrued under the Plan as of his or her first termination of service on or after the SunTrust Merger Date.

13.2.5    Change in Legal Status.  In the event that the applicable Federal law governing the Plan is changed, such that the Plan cannot provide the Supplemental Pension Benefit on a deferred income tax basis after such law becomes effective, the Plan may be terminated and shall not be deemed to adversely impact a BB&T Predecessor Participant’s benefit under the Plan.  Such termination shall be implemented in a manner that carries the least amount of negative impact on the benefits of BB&T Predecessor Participants, and any changes to the Plan in connection with such termination shall be made only as deemed necessary to mitigate any such negative impact.

IN WITNESS WHEREOF, this Third Amendment to the BB&T Non-Qualified Defined Benefit Plan (January 1, 2012 Restatement) is executed on behalf of the Company on this 28th day of June, 2019.

BB&T CORPORATION

By: /s/ Christopher L. Henson
President and Chief Operating Officer
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Exhibit 10.12
FOURTH AMENDMENT TO THE
TRUIST FINANCIAL CORPORATION NON-QUALIFIED DEFINED BENEFIT PLAN
(January 1, 2012 Restatement)

WHEREAS, the Truist Financial Corporation Non-Qualified Defined Benefit Plan (the “Plan”), which was established as of January 1, 1988, and which was originally known as the Branch Banking and Trust Company Supplemental Executive Retirement Plan, and also previously known as the BB&T Non- Qualified Defined Benefit Plan is currently maintained by Truist Financial Corporation (“Truist”) under a January 1, 2012 restated plan document; and

WHEREAS, as of February 7, 2019, BB&T Corporation (“BB&T”) and SunTrust Banks, Inc. (“SunTrust”) entered into an Agreement and Plan of Merger whereby BB&T and SunTrust merged (the “Merger”); and

WHEREAS, Truist has the authority to amend the Plan by action of its Board of Directors (the “Board”) pursuant to Article XIII thereof; and

WHEREAS, the Plan was previously amended by the Third Amendment to the January 1, 2012 restatement to change the Plan name to the Truist Financial Corporation Non-Qualified Defined Benefit Plan, and to make other changes related to the Merger; and

WHEREAS, the Board desires to amend the Plan to (i) revise certain cross-references, and (ii) clarify certain administrative duties and responsibilities thereunder.

NOW, THEREFORE, effective as of the closing date of the Merger, the Plan is hereby amended in the manner hereinafter set forth:

1.Section 1.2 of the Plan is hereby amended to replace the term “BB&T Pension Plan” with the term “Truist Financial Corporation Pension Plan” where it occurs therein.

2.Section 2.1(11) of the Plan is hereby amended to replace the term “BB&T Corporation Disability Plan” with the term “Truist Financial Corporation Disability Plan” where it occurs therein.

3.Section 2.1(12) of the Plan is hereby amended to replace the term “BB&T Target Pension Plan” with the term “Truist Financial Corporation Target Pension Plan” where it occurs therein.

4.Section 2.1(18) of the Plan is hereby amended and restated so as to read in its entirety as follows:

The term “Non-Qualified Deferrals” shall mean any elective deferrals made by a Participant under the Truist Financial Corporation Non-Qualified Defined Contribution Plan.

5.Section 2.1(26) is hereby amended and restated so as to read in its entirety as follows:

The term “Qualified Pension Plan” shall mean the Truist Financial Corporation Pension Plan.

6.Article IX of the Plan is hereby amended to replace the term “BB&T Corporation Non-Qualified Deferred Compensation Trust” with the term “Truist Financial Corporation Non-Qualified Defined Benefit Trust” where it occurs therein.

7.Article X of the Plan is hereby amended and restated so as to read in its entirety as follows:

ARTICLE X ALLOCATION OF RESPONSIBILITIES
The persons responsible for the Plan and the duties and responsibilities allocated to each, which shall be carried out in accordance with the other applicable terms and provisions of the Plan, shall be as follows:

10.1Board.

(i)To amend the Plan (other than the Appendices);

(ii)To appoint and remove members of the Committee;

(iii)To terminate the Plan; and

(iv)To take any actions required to comply with federal and state securities laws (except to the extent that the Committee or a committee or subcommittee established pursuant to Section 8.2 is authorized to do so).

10.2Compensation Committee.

(i)To determine the Employees eligible to participate in the Plan.

(ii)In carrying out its duties and responsibilities, the provisions of Sections 8.2, 8.3, 8.4, 8.5, 8.10, 8.11, 8.12, and 8.13 shall apply equally to the Compensation Committee.

10.3Executive Manager.

(i)To amend the Plan to the extent provided in Article XIII.

10.4Committee.

(i)To interpret the provisions of the Plan and to determine the rights of the Participants under the Plan, except to the extent otherwise provided in Article XV relating to the claims procedure;

(ii)To administer the Plan in accordance with its terms, except to the extent powers to administer the Plan are specifically delegated to another person or persons as provided in the Plan;

(iii)To determine the Plan benefits of Participants;

(iv)To direct the Employer in the payment of benefits; and

(v)To the extent necessary or advisable, to amend, or maintain, as the case may be, the Appendices attached hereto.

10.5Plan Administrator.

(i)To file such reports as may be required with the United States Department of Labor, the Internal Revenue Service and any other government agencies to which reports may be required to be submitted from time to time;

(ii)To provide for disclosure of Plan provisions and other information relating to the Plan to Participants and other interested parties; and

(iii)To administer the claims procedure to the extent provided in Article XV.

8.Section 13.1 of the Plan is hereby amended and restated so as to read in its entirety as follows:

13.1 Generally. The Board may amend or terminate the Plan at any time; provided, that in no event shall such amendment or termination reduce any Participant's Plan benefits as of the date  of such amendment or termination, nor shall any such amendment affect the terms of the Plan relating to the payment of such Plan benefits without the Participant's prior written consent to such amendment. Any such amendment or termination shall be made pursuant to a resolution of the Board and shall be effective as of the date specified in such resolution. Notwithstanding the foregoing and subject to the same limitations set forth above regarding the amount and payment of a Participant’s benefits and compliance with Section 409A, an officer who is an Executive Manager of the Company shall have the authority to amend the Plan to (i) provide for the merger or consolidation of another non-qualified defined benefit plan into the Plan, and in connection therewith, to set forth any special provisions that may apply to the participants in such other plan, and (ii) to make any other amendment provided that the financial impact on the Company of  such amendment is below the Sarbanes-Oxley materiality threshold as determined by the Company’s Chief Financial Officer (or officer with similar authority) as of the time of such amendment. Upon termination of the Plan, distribution of the Plan benefits of a Participant shall be made to the Participant or his Beneficiary, if applicable, in the manner and at the time described in Article IV, V or VI of the Plan, as the case may be, and in accordance with Section 409A. No additional benefits shall accrue following termination of the Plan.

IN WITNESS WHEREOF, this Fourth Amendment to the Truist Financial Corporation Non-Qualified Defined Benefit Plan (January 1, 2012 Restatement) is executed on behalf of the Board as of the 7th day of
December, 2019.

TRUIST FINANCIAL CORPORATION

By:   /s/ Ellen M. Fitzsimmons    

Title: Chief Legal Officer

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