Document:

Exhibit 10.AE

 EXHIBIT 10(ae) 
  
 EMPLOYMENT AGREEMENT 
  
 THIS EMPLOYMENT AGREEMENT (the or this “Agreement”) is executed as of January 20, 2003, by and between BRANCH BANKING AND TRUST COMPANY OF VIRGINIA
(“Employer”), a bank organized under the laws of the State of Virginia having its principal office at Richmond, Virginia, and Barry J. Fitzpatrick, an individual resident of Virginia (the “Employee”); 
  
 WITNESSETH THAT: 
  
 WHEREAS, Employee has been a key executive of First Virginia Banks, Inc. (“First Virginia”) or of one of its subsidiary banks, and
by Agreement and Plan of Reorganization dated January 20, 2003 (the “Merger Agreement”), First Virginia has agreed to be merged into BB&T Corporation (“BB&T”), a North Carolina corporation (the “Merger”), and
Employer is a wholly-owned subsidiary of BB&T; 
  
 WHEREAS, the parties have
agreed to enter into this Employment Agreement to provide for the employment of Employee by Employer following the Merger; 
  
 WHEREAS, Employer considers the availability of Employee’s services to be important to the management and conduct of Employer’s business and desires to secure
the continued availability of Employee’s services; and 
  
 WHEREAS, Employee
is willing to make his services available to Employer on the terms and subject to the conditions set forth herein; 
  
 NOW, THEREFORE, in consideration of the mutual covenants contained herein, the parties hereto agree as follows: 
  
 Employment. Effective as of the date of consummation of the Merger
(the “Effective Date”) and until the end of the Employment Term (as defined in Section 2), Employee shall be employed by Employer as the Chief Executive Officer of Virginia Operations of Employer and shall report directly to and be subject
to the supervision and direction of the President of BB&T. Employee hereby accepts and agrees to such employment. Employee shall perform such duties as are customarily performed by one holding the position of Chief Executive Officer and shall
additionally render such other services and duties as may be reasonably assigned to him from time to time by Employer or the President of BB&T, consistent with his position and shall have such authority, duties and responsibilities consistent
with such position; provided, that in no event shall the duties assigned to Employee hereunder require the involuntary relocation of his primary place of work more than ten miles from his primary place of work on the date hereof. Provided that
Employee is an employee of or consultant to BB&T or its Affiliates, Employee 

 shall also serve on the Board of Directors and the Executive Committee of the Board of Directors of BB&T until the
fifth anniversary of the Effective Date. All services hereunder shall be rendered by Employee to the best of his ability in a competent, efficient and businesslike manner. Notwithstanding the foregoing, Employee’s employment title may
additionally include his employment title immediately preceding the Merger until a date selected by BB&T no later than the effective time of the merger of the last of the First Virginia Subsidiaries (as defined in the Merger Agreement) which is
a bank into BB&T or one of its subsidiaries (the “Subsidiary Merger Date”). During the Employment Term, it shall not be a violation of this Agreement for Employee to, consistent with and subject to the policies applicable to members of
the Board of Directors of BB&T (a) serve on corporate, civic or charitable boards or committees, (b) deliver lectures, fulfill speaking engagements or teach at educational institutions and (c) manage personal investments, so long as such
activities do not significantly interfere with the performance of Employee’s responsibilities as an employee of Employer in accordance with this Agreement. It is expressly understood and agreed that to the extent that any such activities have
been conducted by Employee prior to the Effective Date, the continued conduct of such activities (or the conduct of activities similar in nature and scope thereto) subsequent to the Effective Date shall not thereafter be deemed to interfere with the
performance of Employee’s responsibilities to Employer. 
  
 Term of Employment. The term of employment under this Agreement (the “Employment Term”) shall commence on the Effective Date and shall terminate on the earlier of: (i) the commencement of the Consulting Period as described
in Section 11(a), or (ii) the day next preceding the 5th anniversary of the Effective Date. 
  
 Compensation. 
  
 For all services rendered by Employee to Employer under this Agreement
during the Employment Term, Employer shall pay to Employee a minimum annual salary (“Base Salary”) of not less than $780,000, payable in accordance with the payroll practices of Employer applicable to officers. Following the Effective
Date, the Base Salary of Employee shall be reviewed annually (subject to the minimum Base Salary above) in accordance with Employer’s compensation policies and procedures. Notwithstanding the foregoing, Employee shall not receive Base Salary in
any period following the commencement of the Consulting Period described in Section 11 (but shall receive the compensation provided in Section 11(c)). 
  
 During the Employment Term, but commencing with a date selected by Employer anticipated to occur in reasonable proximity to the Subsidiary Merger Date,
Employee shall participate in the BB&T Amended and Restated Short Term Incentive Plan (“BB&T Incentive Plan”) on the same basis as similarly situated officers of Employer. The amount earned by Employee under the BB&T Incentive
Plan for each calendar year, if any, shall be payable by Employer to Employee at the time BB&T would normally make payments to participants under the BB&T Incentive Plan for such calendar year, and in accordance with the terms of the
BB&T Incentive Plan. Prior to inclusion of Employee in the BB&T Incentive Plan, Employer shall continue in effect for Employee the cash bonus program which First Virginia had in effect for certain executives, including Employee, immediately
prior to the Merger. If Employee earns amounts under both the First Virginia cash bonus program and the BB&T Incentive Plan for any 

 calendar year, Employer shall make appropriate adjustments in the amount earned under either or both such programs to
avoid duplication of amounts earned and so that the amount earned by Employee in each such program will be prorated for the portion of the year in which Employee participated in such program. Notwithstanding the foregoing, Employee shall only be
eligible to earn a pro rata bonus under the BB&T Incentive Plan for any calendar year if the Consulting Period (as defined in Section 11) shall commence or be continuing during such year. 
  
 Employee shall be granted options under the BB&T Amended and Restated
1995 Omnibus Stock Incentive Plan or any successor plan thereto (the “BB&T Option Plan”) for each calendar year during the Employment Term on the same basis as similarly situated officers of Employer; provided that the number of
options granted to Employee on the first grant date as of which he shall be eligible to receive a grant of options under the BB&T Option Plan shall be adjusted by BB&T in a manner that it deems equitable, and in accordance with its policies,
to avoid duplication of such options with options, if any, to acquire First Virginia shares granted to Employee by First Virginia prior to the Merger and during the twelve calendar-month period ending with such first grant date. Notwithstanding the
foregoing, Employee shall not be eligible to receive options under the BB&T Option Plan for any calendar year if the Consulting Period (as defined in Section 11) shall commence or be continuing during such year. 
  
 Except as otherwise specifically provided herein, for as long as Employee is
employed by Employer during the Employment Term, Employee also shall be entitled to receive, on the same basis as other similarly situated officers of Employer, employee pension (both qualified and non-qualified) and welfare benefits and group
employee benefits such as sick leave, vacation, group disability and health, life, and accident insurance and similar indirect compensation which Employer may from time to time extend to its similarly situated officers; provided, that
Employee’s participation in each such plan shall not commence until a date selected with respect to each by Employer not later than January 1 following the Subsidiary Merger Date. With respect to any First Virginia plan which, provides benefits
of the same type or class as a corresponding BB&T plan, Employer shall continue such First Virginia plan in effect for the benefit of Employee until he shall become eligible to become a participant in the corresponding BB&T plan.
Notwithstanding the foregoing, the following additional limitations shall apply: 
  
 In no event shall Employee be eligible to earn additional benefits under any of the above employee pension and welfare benefit plans or
programs after commencement of the Consulting Period (as defined in Section 11); 
  
 Notwithstanding the provisions of (i) above, if and to the extent Employee and his spouse are eligible for retiree medical benefits under
the First Virginia retiree medical benefits program on or after the date Employee terminates his employment with Employer hereunder (determined as if such program had continued in effect through his termination date), Employee and his spouse shall
be entitled to receive retiree medical benefits on terms which are no less favorable than the terms which were in effect under the First Virginia retiree medical benefits program as of the Effective Date (the “Medical Benefits”); and

 Should the amount of the defined benefit pension benefits (including for this purpose any
survivor benefits) payable to Employee (or Employee’s beneficiary) under Employer’s qualified and non-qualified defined benefit pension plans (“Employer Plans”) be less than the amount of the pension benefits that would otherwise
have been payable to Employee (or Employee’s beneficiary) under First Virginia’s plans (including by way of illustration and not limitation, the Supplemental Compensation Agreement between First Virginia and Employee) had such plans
continued in effect, Employer shall pay directly to Employee (or Employee’s beneficiary) an amount equal to the excess of the amount to which Employee would have been entitled to receive under the First Virginia’s plans (had such plans
continued in effect) over the amount actually payable to him under the Employer Plans (such excess together with the other defined benefit pension benefits referred to in Section 3(d) being the “Retirement Benefits”). The amount of any
such excess shall be determined by the actuaries under Employer Plans utilizing the actuarial and other assumptions under the Employer Plans and assuming that the amount to which Employee would have been entitled to receive under the First Virginia
plans is payable in the same manner and at the same time as Employee’s benefits under the Employer Plans on an actuarially equivalent basis. 
  
 All amounts payable hereunder shall be subject to such deductions and withholdings as shall be required by law. 
  
 On the Effective Date, Employer shall pay to Employee in a lump sum the
amount of $525,000, in partial payment for the Employee Covenants described in Section 11(b). 
  
 (a) On or prior to the Effective Date, First Virginia or Employer shall make sufficient payments to Employee to enable him on an after-tax basis to pay-up in full his existing split-dollar life insurance policies so
as to provide him with life insurance through age 90. 
  
 Covenants of Employee. 
  
 Employee acknowledges
(i) that he has been a key executive of First Virginia, and as such Employee has knowledge of First Virginia’s Confidential Information (as defined in Section 4(e)) which will belong to BB&T following the Merger; (ii) that such Confidential
Information is a valuable asset of First Virginia and is among the assets of its business for which BB&T bargained in agreeing to consummate the Merger; and (iii) that the value of the corporate opportunity to be acquired by BB&T in the
Merger could be materially reduced if Employee were to enter into business in an executive capacity competitive with the business of First Virginia to be operated by BB&T and its Affiliates following the Merger. In order to preserve the full
value of the corporate opportunity for which BB&T negotiated and is to acquire in the Merger, and as additional consideration to Employer for entering into this Agreement, Employee consents and agrees that, to the extent and subject to the
limitations provided in the following subsections of this Section 4 (whichever may be applicable), upon termination of Employee’s employment, Employee will not (A) directly or indirectly render services as an employee, director, agent, advisor,
volunteer, consultant or independent contractor for an entity or group conducting a Competitive Business (as defined in this Section 4(a)) or organizing to conduct a 

 Competitive Business anywhere in the area comprised of the States of Virginia and Maryland, any county contiguous to the
State of Virginia, the District of Columbia, and the counties in Tennessee in which Johnson City, Bristol and Kingsport are located, and any counties contiguous to those counties (such area being referred to herein as the “Noncompetition
Area”), it being understood that the prohibited services shall be limited to services that (x) are associated with an executive position, (y) are similar to those provided by Employee for First Virginia or Employer, irrespective of
Employee’s title, and (z) are related to such entity’s conduct of the Competitive Business within the Noncompetition Area; or (B) except as permitted in Section 7, engage as a principal, stockholder, partner, member, sole proprietor or
other owner of any business entity conducting a Competitive Business anywhere in the Noncompetition Area. Employer and Employee agree that rendering services as a consultant to directors or officers of a Competitive Business related to management or
organization are associated with an executive position and are similar to those provided by Employee for First Virginia (and to be provided to Employer), and that such services are intended to be within the prohibitions of this Section 4(a). As used
in this Agreement, the term “Competitive Business” means the commercial banking, retail banking, sales finance lending, mortgage banking, trust, investment management, investment advisory and savings and loan businesses; the term
“Affiliate” means with respect to any Person, any other Person, who directly or indirectly, through one or more intermediaries, controls, or is controlled by, or is under common control with, such Person and without limiting the generality
of the foregoing, includes any executive officer or director of such person and any Affiliate of such executive officer or director, and the term “Person” means any individual, partnership, corporation, limited liability company, joint
venture, trust, association, unincorporated organization, agency, other entity or group of entities, or governmental body. 
  
 If Employee voluntarily terminates employment with Employer at any time during the Employment Term other than pursuant to Section 11 or his employment is
terminated by Employer for Just Cause (as defined in Section 6(b)), and if Section 4(d) shall not be applicable, Employee will be subject to the provisions of Section 4(a) until the later of (i) the second anniversary of the date of Employee’s
termination; or (ii) the date the Employment Term would otherwise have expired pursuant to Section 2. 
  
 If Employee’s employment is terminated as a result of a Disability Notice (as defined in Section 5) during the Employment Term, Employee will be
subject to the provisions of Section 4(a) until the second anniversary of the date of Employee’s termination. 
  
 If Employee’s employment hereunder is terminated during the Employment Term for any reason entitling him to receive payments pursuant to Section
6(a)(ii) (the “Termination Compensation”) Employee will be subject to the provisions of Section 4(a) until the date as of which Employee ceases to receive Termination Compensation as provided in Section 6(a)(ii). See Section 10 for special
provisions for cessation of Termination Compensation if Employee violates Section 4(a). 
  
 During the Employment Term and for two years thereafter, and except as required by any court, supervisory authority or administrative agency or as may be otherwise required by applicable law, Employee shall not,
without the written consent of the Board of Directors of Employer or a person authorized thereby, disclose to any person (other than his personal attorney, 

 or an employee of Employer or of an Affiliate of Employer, or a person to whom disclosure is reasonably necessary or
appropriate in connection with the performance by Employee of his duties as an employee of Employer) or utilize in conducting a business, any Confidential Information obtained by him while in the employ of First Virginia or of Employer or any
Affiliate of either, unless such information has become a matter of public knowledge at the time of such disclosure. As used in this Agreement, “Confidential Information” means all information concerning the business of First Virginia,
Employer or any Affiliate of either that is confidential, proprietary or otherwise not generally available to the public. By way of example, Confidential Information includes, without limitation, all trade secrets, processes, specifications, data,
files, computer programs and related codes, improvements, inventions, techniques, business plans, marketing plans, strategies, forecasts, information related to suppliers, methods, manner of operations, information relating to past, present and
prospective customers, pricing and cost information, other financial information, employee lists, personnel policies, contracts, digital intellectual property and information with respect to internal affairs. The parties expressly agree that
Confidential Information does not exist in written form only. Notwithstanding the foregoing, “Confidential Information” does not include information that (i) is or becomes generally available to the public other than as a result of a
disclosure by Employee in violation of this Agreement, or (ii) is received by Employee from another party that did not receive such information directly or indirectly from First Virginia, Employer or any Affiliate of either under an obligation of
confidentiality. Nothing in this Section 4(e) shall be deemed to waive or diminish Employer’s rights under statutory or common law regarding protection of trade secrets. 
  
 The covenants contained in this Section 4 (the “Covenants”) shall be construed and interpreted in any judicial
proceeding to permit their enforcement to the maximum extent permitted by law and each of the Covenants is severable and independently enforceable without reference to the enforceability of any other Covenants. Employee agrees that the restraints
imposed herein are necessary for the reasonable and proper protection of Employer and its Affiliates, and that each and every one of the restraints is reasonable in respect to activities restricted, length of time, geographic area and the effect
thereof on Employee and the general public. Employee acknowledges that strict enforcement of the terms of Section 4 will cause no hardship to either Employee or his family. This Section 4 is made ancillary to the sale of a business and shall be
interpreted accordingly. Employee further acknowledges that violation of any one or more of the Covenants would immeasurably and irreparably damage Employer and its Affiliates, and, accordingly, Employee agrees that for any violation or threatened
violation of any of such Covenants, Employer shall, in addition to any other rights and remedies available to it, at law or otherwise (including, without limitation, the recovery of damages from Employee), be entitled to specific performance and an
injunction to be issued by any court of competent jurisdiction enjoining and restraining Employee from committing any violation or threatened violation of the Covenants. Employee hereby consents to the issuance of such injunction and agrees to
submit to the equitable jurisdiction of any court of competent jurisdiction at the time such injunction is sought or entered. 
  
 Termination 
  
 Disability. If, by reason of physical or mental disability during the Employment Term, Employee is unable to carry out the essential functions of
his employment hereunder for six 

 consecutive months, his services hereunder may be terminated by action of the Board of Directors of Employer upon one
month’s notice (the “Disability Notice”) to be effective at any time after the period of six continuous months of disability and while such disability continues. If, prior to the effective time of the Disability Notice, Employee shall
recover from such disability and return to the full-time active discharge of his duties, then the Disability Notice shall be of no further force and effect and Employee’s employment shall continue as if the same had been uninterrupted. If
Employee shall not so recover from his disability and return to his duties, then his services shall terminate at the effective time of the Disability Notice with the same force and effect as if that date had been the end of the Employment Term
originally provided for hereunder. Prior to the effective time of the Disability Notice (the “Disability Effective Date”), Employee shall continue to earn all compensation to which Employee would have been entitled as if he had not been
disabled, such compensation to be paid at the time, in the amounts, and in the manner provided in Section 3(a), inclusive of any compensation received pursuant to any applicable disability insurance plan of Employer. In the event a dispute arises
between Employee and Employer concerning Employee’s physical or mental ability to continue or return to the performance of his duties as aforesaid, Employee shall submit to examination by a competent physician mutually agreeable to the parties,
and the physician’s opinion as to Employee’s capability to so perform will be final and binding. 
  
 Death. If Employee shall die during the period of his employment hereunder, this Agreement and the employment relationship hereunder will
automatically terminate on the date of death, which date shall be the last day of the Employment Term.. 
  
 Just Cause. Employer shall have the right to terminate Employee’s employment under this Agreement at any time for Just Cause as set forth
below. For purposes of this Agreement, “Just Cause” shall mean: 
  
 the willful and continued failure of Employee to perform substantially Employee’s duties with Employer or one of its Affiliates (other than any such failure resulting from incapacity due to physical or mental
illness), after a written demand for substantial performance is delivered to Employee by the Board which specifically identifies the manner in which the Board of Directors of BB&T (the “Board”) believes that Employee has not
substantially performed the Employee’s duties; or 
  
 the willful engaging by Employee in gross misconduct which is materially and demonstrably injurious to Employer; or 
  
 commission of felony or guilty or nolo contendere plea by Employee with respect thereto (other than any such commission or plea relating
to traffic violation); or 
  
 a material breach
of the Employee Covenants (as defined in Section 11(b)). 
  
 For purposes of this
provision, no act or failure to act, on the part of Employee, shall be considered “willful” unless it is done, or omitted to be done, by Employee in bad faith or without reasonable belief that Employee’s action or omission was in the
best interest of Employee. Any 

 act, or failure to act, based upon authority given pursuant to a resolution duly adopted by the Board or upon the
instructions of a senior officer of BB&T or based upon the advice of counsel for Employer or its Affiliates shall be conclusively presumed to be done, or omitted to be done by Employee in good faith and in the best interests of Employer. The
cessation of employment of Employee shall not be deemed to be for Just Cause unless and until there shall have been delivered to Employee a copy of a resolution duly adopted by the affirmative vote of not less than two-thirds of the entire
membership of the Board at a meeting of the Board called and held for such purpose (after reasonable notice is provided to Employee and Employee is given an opportunity, together with counsel, to be heard before the Board) finding that, in the good
faith opinion of the Board, Employee is guilty of the conduct described in subparagraph (i), (ii), (iii) or (iv) above, and specifying the particulars thereof in detail. 
  
 Good Reason. Employee’s employment may be terminated by Employee with or without Good Reason. For purposes of
this Agreement, “Good Reason” shall mean in the absence of a written consent of Employee: 
  
 The assignment to Employee of any duties inconsistent in any material respect with Employee’s position (including status, offices,
titles and reporting requirements), authority, duties or responsibilities as contemplated by this Agreement, or any other action by Employer which results in a material diminution in such position, authority, duties or responsibilities, including,
without limitation a failure to nominate or appoint Employee to the Board of Directors of BB&T or the Executive Committee thereof, excluding for this purpose an isolated, insubstantial and inadvertent action not taken in bad faith and which is
remedied by Employer promptly after receipt of notice thereof given by Employee. 
  
 a material breach of the terms of this Agreement, including, with out limitation, any failure by Employer to comply with any of the
provisions of Section 3 of this Agreement; or 
  
 Employer’s requiring the principal work location of Employee to be located other than as provided in Section 1 hereof. 
  
 Employee’s mental or physical incapacity following the occurrence of an event described above in clauses (i) through (iii) shall not affect Employee’s ability
to terminate employment for Good Reason. 
  
 Notice.
Employer may terminate Employee’s employment, other than for “Just Cause” as described in subparagraph (b) above or by a Disability Notice as provided in Section 5, at any time during the Employment Term upon written notice to
Employee, which termination shall be effective immediately and shall constitute the end of the Employment Term. 

 Obligations of Employer upon Termination. 
  
 Termination for Good Reason Or Other Than For Just Cause. If
Employee’s employment is terminated by Employer for any reason other than for Just Cause, death or Disability, or Employee shall terminate his employment for Good Reason, the following special provisions shall apply, subject to the provisions
of Section 10: 
 Employee shall be entitled to receive his annual Base Salary through the last day of the calendar month in
which the date of his termination of employment occurs. In addition, Employee shall be entitled to receive a bonus equal to the product of (i) and (ii), where (i) is the highest bonus payable to Employee during any of the three calendar years
immediately preceding the Effective Date (the “Recent Bonus”), and (ii) is a fraction, the numerator of which is the number of days in the calendar year in which the date of his termination of employment occurs during which he was employed
pursuant to the terms of this Agreement, and the denominator of which is 365. The amounts Employee is entitled to receive pursuant to this subparagraph (i) shall be hereinafter referred to as the “Accrued Obligations.” The Accrued
Obligations shall be payable to Employee in a single lump sum payment within 30 days of the date of his termination of employment. 
  
 In addition to the compensation provided for in subparagraph (i), Employee shall be entitled to receive each calendar month during the
period commencing on the first day of the calendar month following his termination of employment and ending on the 5th anniversary of the Effective Date (the “Payment Period”), an amount equal to 1/12th of
the sum of the Recent Bonus (as defined in subparagraph (i) above) and his annual rate of Base Salary in effect as of the date of his termination of employment (the “Termination Compensation”). Each monthly payment of Termination
Compensation shall be paid to Employee at the same time as salary payments are made to other salaried employees of Employer. If Employee shall die during the Payment Period, the lump sum present value of the remaining monthly Termination
Compensation payments shall be paid to his beneficiary within 30 days of the date of his death. For this purpose, lump sum present value shall be determined using the interest rate set forth in Section 1274(b)(2)(B) of the Internal Revenue Code of
1986, as amended (the “Code”). Employee shall designate his beneficiary on a form provided by Employer. If Employee shall fail to designate a beneficiary, then his beneficiary shall be his surviving spouse or, if he shall leave no
surviving souse, then his beneficiary shall be his estate. 
  
 Notwithstanding any provision in an award agreement to the contrary, effective as of the date of the termination of Employee’s employment, each and every stock option, restricted stock award, restricted stock
unit award and other equity-based award and performance award or any cash equivalents thereof that was previously awarded to Employee and is outstanding as of the date of his termination of employment, shall immediately vest and become exercisable
(the “Equity Benefits”). 
  
 Employee
shall be entitled to receive the Medical Benefits. 
  
 To the extent not theretofore paid or provided, Employee shall be entitled to receive any other amounts or benefits required to be paid or provided, or which 

 Employee is eligible to receive under any plan, program, policy, practice, contract or agreement of
Employer and its Affiliates as a result of his termination of employment (such other amounts and benefits shall be hereinafter referred to as the “Other Benefits”). 
  
 Death. If Employee’s employment is terminated by reason of Employee’s death during the Employment Term,
this Agreement shall terminate without further obligations to Employee’s legal representatives under this Agreement, other than for payment of Accrued Obligations, and the timely payment or provision of Other Benefits. In addition, Employee
shall receive the Equity Benefits, Accrued Obligations and the Retirement Benefits which, in the case of the Accrued Obligations, shall be paid to Employee’s estate or beneficiary, as applicable, in a lump sum in cash within 30 days of the date
of termination. With respect to the provision of Other Benefits, the term Other Benefits as utilized in this Section 6(b) shall include death benefits as in effect on the date of Employee’s death with respect to similarly situated officers of
Employer and his beneficiaries and the provision of the Medical Benefits to Employee’s spouse to the extent provided under the Steeplechase Plan. 
  
 Disability. If Employee’s employment is terminated by reason of Employee’s Disability during the Employment Term, this Agreement shall
terminate without further obligations to Employee, other than for payment of Accrued Obligations, the Retirement Benefits and the timely payment or provision of Other Benefits. In addition, Employee shall receive the Equity Benefits. Accrued
Obligations shall be paid to Employee in a lump sum in cash within 30 days of the date of termination. With respect to the provision of Other Benefits the term Other Benefits as utilized in this Section 6(c) shall include, and Employee shall be
entitled after the Disability Effective Date to receive, disability and other benefits as in effect at any time thereafter generally with respect to similarly situated officers of Employer and the provision of the Medical Benefits to Employee and
his spouse to the extent provided under the First Virginia Plan. 
  
 Termination For Just Cause Or Other Than For Good Reason. If Employee’s employment shall be terminated for Just Cause or Employee terminates his employment without Good Reason (other than pursuant to Section 11) during the
Employment Term, this Agreement shall terminate without further obligations to Employee other than the obligation to pay or provide to Employee (i) the annual Base Salary through the date of termination, (ii) the Retirement Benefits, (iii) the
Medical Benefits, and (iv) the Other Benefits, in each case to the extent theretofore unpaid. 
  
 Other Employment. During the Employment Term, Employee shall devote all of his business time, attention, knowledge and skills solely to the business and interest of Employer, BB&T and their Affiliates, and
Employer, BB&T and their Affiliates shall be entitled to the loyalty of Employee and to all of the benefits, profits and other emoluments arising from or incident to all work, services and advice of Employee. During the period of his employment
hereunder or during the Consulting Period (described in Section 11), Employee shall not without the prior written consent of Employer become interested directly or indirectly, in any manner, as partner, officer, director, stockholder, advisor,
employee or in any other capacity in any other business substantially similar to or competitive with Employer’s business or in the planning for or organization of any other such business; provided, however, that nothing herein contained

 (including without limitation the provisions of Sections 4(a) and 10) shall be deemed to prevent or limit the right of
Employee to invest in a business substantially similar to or competitive with Employer’s business or the business of its Affiliates if such investment is limited to less than one percent of the capital stock or other securities of any
corporation or similar organization whose stock or securities are regularly traded on any national securities exchange or Nasdaq. 
  
 Customer and Depositor Non-Solicitation. During the period beginning with the date hereof and ending two years following the date of
Employee’s termination of employment with Employer, Employee will not directly or indirectly, acting personally or in any representative capacity or through any other Person, contact or solicit by any means any depositor or customer of Employer
or any Affiliate of Employer to make deposits in, borrow money from or become a customer of any other financial institution, limited to such depositors or customers with whom Employee has had material contact during the Employment Term or while he
was employed by First Virginia or an Affiliate of First Virginia prior to the Effective Date. 
  
 Employee Non-Solicitation. During the period beginning with the date hereof and ending two years following the date of Employee’s termination of employment with Employer, Employee will not directly or
indirectly, acting personally or in any representative capacity or through any other Person, contact or solicit by any means whatsoever (including in response to a contact not initiated by Employee) any employee of Employer or any Affiliate of
Employer for the purpose of offering or providing employment to such employee in behalf of any other employer, or otherwise inducing any such employee to discontinue his or her employment or work relationship with Employer or any Affiliate of
Employer. 
  
 Payments and Benefits Discontinuance.
Employee agrees and acknowledges that the consideration for Employer’s promises to provide post-termination payments or benefits continuance under this Agreement includes Employee’s agreement to refrain from disloyal and competitive
conduct both during and following employment. Accordingly, in the event Employee shall be terminated as an employee of Employer, and following such termination shall be entitled to receive payments under Section 6(a), other than the Retirement
Benefits or Medical Benefits, Employee shall forfeit all rights to all such payments other than the Retirement Benefits and Medical Benefits, if Employee shall engage directly or indirectly as an employee, director, agent, advisor, volunteer,
consultant or independent contractor, or as a principal, stockholder, partner, member, sole proprietor or other owner (except to the extent permitted in Section 7), in a Competitive Business (as defined in Section 4(a)) or in the planning for or
organization of any Competitive Business intended to operate anywhere in the States of Virginia and Maryland, the District of Columbia, or in any state contiguous to the States of Virginia and Maryland or the District of Columbia. The forfeiture of
such payments shall be effective as of the date that this Section 10 becomes applicable because Employee commences engaging in such Competitive Business, and Employer shall be entitled to reimbursement of any such payments that Employer might have
made for periods following such date. Employee acknowledges that the provisions of this Section 10 are reasonable and do not prevent him from engaging in a Competitive Business as defined in Section 4(a), but merely eliminate the possibility that
Employer would be required to provide compensation to Employee during a period in which Employee is injuring the business of Employer by engaging in or taking steps to engage in a Competitive Business within the expanded geographic area described in
this Section 10 or in the planning for or organization thereof. 

 Consulting Status. Notwithstanding any other provisions of this Agreement, at any time on or after
the first anniversary of the Effective Date, Employee shall have the option upon sixty days’ notice to Employer to end the Employment Term by relinquishing his responsibilities and executive titles herein and becoming an independent consultant
to Employer. As an independent consultant, Employee shall render services as an independent contractor (and not as an employee) in the nature of customer and community relations, business development, employee relations and general advice and
assistance relating to Employer’s customers and employees and to the growth and development in the Northern Virginia area of the business of Employer. Such services shall be rendered at such times and on such schedule as shall be determined by
Employee, and as shall be reasonably convenient to both Employer and Employee. Employee shall not be required to maintain records of hours worked or to work in accordance with any fixed schedule during the period that he renders consulting services.
During such period, the following provisions shall be applicable: 
  
 The period that Employee renders the consulting services hereunder (the “Consulting Period”) shall commence on the day following the end of the Employment Term and shall terminate at the close of business on the day preceding the
5th anniversary of the Effective Date. 
  
 Employee acknowledges that the amounts payable to him during the Consulting Period are in substantial part (and are in
addition to the amounts payable in Section 3(f)) in exchange for the covenant not to engage in a Competitive Business set forth in Section 4, and the covenants set forth in Sections 7, 8, 9 and 10, and consequently Employee agrees that the
provisions of Sections 4, 7, 8, 9 and 10 (herein, the “Employee Covenants”) shall apply with respect to him during the Consulting Period. In applying Section 4 during the Consulting Period, the period provided in Section 4(b), (c) or (d)
shall be interpreted with reference to termination of the Consulting Period rather than termination of employment, and the reference to Termination Compensation in Section 4(d) shall be deemed to mean the payments described in Section 11(c). In
addition, the provisions of Section 4(e) and Section 4(f) shall continue to be applicable during the Consulting Period (for this purpose, references in Section 4(e) to the Employment Term shall be deemed to mean the Consulting Period, and Section
4(f) shall be interpreted as if this Section 11(b) were contained in Section 4). In applying Employee Covenants in Sections 8, 9 and 10 during the Consulting Period, references to a termination of employment shall mean a termination of the
Consulting Period, and references to Termination Compensation and benefits continuance shall be deemed to mean the payments described in Section 11(c). 
  
 Employee shall receive during the Consulting Period, as compensation for the consulting services and for the Employee Covenants, an annual amount equal to
his annual Base Salary rate in effect immediately preceding the start of the Consulting Period, payable in substantially equal monthly installments. In addition, during the Consulting Period Employee shall (i) be provided health insurance and life
insurance benefits comparable to the group employee benefits which Employer may from time to time extend to its officers, at a cost to Employee no greater than the cost to such officers, (ii) continue to serve as a member of the Board of Directors
and Executive Committee of BB&T; and (iii) be entitled to commence immediately payment of the Retirement Benefits and Employer’s 401(k) plan (subject to the provisions of such plans). 

 In the event Employee shall terminate his consulting services hereunder during the Consulting Period on
account of a breach of this Agreement by Employer which is not remedied within thirty days following receipt by Employer of notice of such breach (in which event the Consulting Period shall terminate), Employee shall nevertheless be entitled to
receive the payments and benefits set forth in Section 11(c) for the remainder of the Consulting Period as defined in Section 11(a) (without reference to its termination pursuant to this sentence), subject to his continuing compliance with all of
Employee Covenants, as applicable. Payments during the Consulting Period pursuant to Section 11(c), or this Section 11(d) shall cease and Employee shall have no further rights hereunder in the event that (i) Employee shall violate any one of
Employee Covenants, or (ii) Employee shall fail or refuse to render consulting services as requested hereunder by Employer (and there has not been a termination described in this Section 11(d)) and shall not remedy such failure within thirty days
following the receipt by Employee of notice of such failure; or (iii) Employee shall suffer a Disability, or (iv) Employee shall die. 
  
 Employee acknowledges that he will be an independent contractor and not an employee of Employer during the Consulting Period. As an independent
contractor, Employee shall not be entitled to participate in any employee benefit plans or programs which Employer maintains for the benefit of its employees. Employer shall not withhold or pay any payroll taxes or income taxes with respect to
Employee, and Employee hereby acknowledges his responsibility therefor and agrees to pay all such taxes when due. 
  
 Miscellaneous. 
  
 The parties intend that this Agreement and the performance hereunder and all suits and special proceedings hereunder shall be governed by and construed in
accordance with and under and pursuant to the laws of the State of North Carolina without regard to conflicts of law principles thereof and that in any action, special proceeding or other proceeding that may be brought arising out of, in connection
with, or by reason of this Agreement, the laws of the State of North Carolina shall be applicable and shall govern to the exclusion of the law of any other forum. Any action, special proceeding or other proceeding with respect to this Agreement
shall be brought exclusively in the federal or state courts of the State of North Carolina, and by execution and delivery of this Agreement, Employee and Employer irrevocably consent to the exclusive jurisdiction of those courts and Employee hereby
submits to personal jurisdiction in the State of North Carolina. Employee and Employer irrevocably waive any objection, including any objection based on lack of jurisdiction, improper venue or forum non convenient, which either may now or hereafter
have to the bringing of any action or proceeding in such jurisdiction in respect to this Agreement or any transaction related hereto. Employee and Employer acknowledge and agree that any service of legal process by mail in the manner provided for
notices under this Agreement constitutes proper legal service of process under applicable law in any action or proceeding under or in respect to this Agreement. 
  

This Agreement constitutes the entire Agreement between Employee and Employer with respect to the subject matter hereof and, as of the Effective Date,
shall supersede in their entirety 

 any and all prior oral or written agreements, understandings or arrangements between Employee and Employer, First
Virginia or any of their respective Affiliates relating to the terms of Employee’s employment, including without limitation the Employment Agreement between First Virginia Banks, Inc. and Employee dated as of the 31st day of December 1996. All such agreements, understandings and arrangements are terminated and are of no force and effect as of
the Effective Date. Employee hereby expressly disclaims any rights under any prior agreements, understandings and arrangements. This Agreement may not be amended or terminated except by an agreement in writing signed by both parties. 
  
 This Agreement may be executed in one or more counterparts, all of which,
taken together, shall constitute one and the same instrument. 
  
 Any notice or other communication required or permitted under this Agreement shall be effective only if it is in writing and delivered in person or by nationally recognized overnight courier service or deposited in the mails, postage
prepaid, return receipt requested, addressed as follows: 
  
 To Employer or BB&T: 
  
 BB&T Corporation 200 
 West Second Street 
 Winston-Salem, NC 27101 
 Attention: General Counsel 
  
 To Employee: 
  
 At the most recent address on file with Employer 
  
 Notices given in
person or by overnight courier service shall be deemed given when delivered in person or when delivered to the courier addressed to the address required by this Section 12(d), and notices given by mail shall be deemed given three days after deposit
in the mails. Any party hereto may designate by written notice to the other party in accordance herewith any other address to which notices addressed to him shall be sent. 
  
 The provisions of this Agreement shall be deemed severable, and the invalidity or unenforceability of any provision shall
not affect the validity or enforceability of the other provisions hereof. It is understood and agreed that no failure or delay by Employer, BB&T or Employee in exercising any right, power or privilege under this Agreement shall operate as a
waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege hereunder. 
  
 This Agreement may not be assigned by Employee without the written consent of Employer. This Agreement shall be binding on
any successors or assigns of either party hereto. 
  
 Employee
acknowledges and agrees that the existence of any claim or cause of action against Employer (including but not limited to any claim against Employer for alleged breach of this Agreement) shall not constitute a defense to the enforcement by Employer
of Employee’s covenants in Sections 4(a), 8 and 9, or of Employer’s rights under Sections 7 and 10. 

 For purposes of this Agreement, employment of Employee by any Affiliate of BB&T shall be deemed to be
employment by Employer hereunder, and a transfer of employment of Employee from one such Affiliate to another shall not be deemed to be a termination of employment of Employee by Employer or a cessation of the Employment Term, subject to the other
terms of this Agreement, it being the intention of the parties hereto that employment of Employee by any Affiliate of BB&T shall be treated as employment by Employer and that the provisions of this Agreement shall continue to be fully applicable
following any such transfer. References herein to the “Employer” shall mean any such Affiliate which employs Employee or for which Employee renders consulting services as provided in Section 11. 
  
 In the event any dispute shall arise between Employee and Employer as to the
terms or interpretations of this Agreement, whether instituted by formal legal proceedings or otherwise, including any action taken by Employee to enforce the terms of this Agreement or in defending against any action taken by Employer, Employer
shall reimburse Employee for all reasonable costs and expenses, including reasonable attorneys’ fees, arising from such dispute, proceeding or action, if Employee shall have acted reasonably and in good faith in defending or initiating any
action. Such reimbursement shall be paid within ten days of Employee furnishing to Employer written evidence, which may be in the form, among other things, of a cancelled check or receipt, of any costs or expenses incurred by Employee. Any such
request for reimbursement by Employee shall be made no more frequently than at 60-day intervals. 
  
 In no event shall Employee be required to seek other employment or take any other action by way of mitigation of the amounts payable to him under any of
the provisions of this Agreement and, such amounts shall not be reduced whether or not Employee obtains other employment but Employee shall be subject to Section 10. 
  
 Notwithstanding any other provision of this Agreement to the contrary, for any taxable year(s) in which Employee shall be
liable for the payment of an excise tax under Section 4999 of the Code (or any successor provision thereto) (the “Excise Tax”) with respect to any payment or benefit in the nature of compensation made or provided hereunder, under the
Special Pay Agreement between Employee and First Virginia, dated as of the date hereof, or otherwise (as permitted by the Merger Agreement and the Disclosure Schedules thereto or as provided for in any Disclosed (as defined in the Merger Agreement)
agreement between First Virginia and Employee or any employee plan or program maintained by First Virginia or its Affiliates in which Employee is a participant) by First Virginia, BB&T or Employer or any other Affiliate of BB&T, Employer
shall pay to Employee an additional amount (the “Reimbursement Payment”) such that the net amount of the payments retained by Employee after deduction of (i) any Excise Tax imposed on Employee and any interest charges or penalties in
respect of the imposition of the Excise Tax (but not any other federal, state or local tax) on the payments or benefits received by Employee and amounts payable under the second paragraph of this Section 12(k) (the “Excise Tax Amount”) and
(ii) any federal, state, and local tax and Excise Tax imposed on the Excise Tax Amount, is equal, on an after-tax basis, to the amount that Employee would have retained if the Excise Tax had not been imposed. The Reimbursement Payment shall be made
to Employee 

 not later than five days after presentation to Employer of evidence that Employee has been determined to be liable for
the Excise Tax. For purposes of determining the Reimbursement Payment, Employee shall be deemed to pay federal income taxes at the highest marginal rate (taking into account any phase-out of otherwise available deductions or exemptions) in the
calendar year in which the Reimbursement Payment is to be made and the highest marginal rate in the state and locality of Employee’s domicile for income tax purposes on the date the Reimbursement Payment is to be made, net of the maximum
reduction of federal income taxes that may be obtained from the deduction of state and local income taxes. 
  
 In addition to the foregoing, Employer (or its successors) shall indemnify and hold Employee harmless from any and all losses, costs and expenses
(including without limitation, reasonable attorney’s fees, reasonable accountant’s fees, interest, fines and penalties of any kind) which Employee incurs as a result of any administrative or judicial review of Employee’s liability for
the Excise Tax by the Internal Revenue Service or any comparable state agency through and including a final judicial determination or final administrative settlement of any dispute arising out of Employee’s liability for the Excise Tax or
otherwise relating to the classification for purposes of Section 280G of the Code of any payment or benefit in the nature of compensation described in the preceding paragraph. Employee shall promptly notify Employer in writing whenever Employee
receives notice of the commencement of any judicial or administrative proceeding, formal or informal, in which the federal tax treatment under Section 4999 of the Code of any amount paid or payable to Employee is being reviewed or is in dispute
(including a notice of audit or other inquiry concerning the reporting of Employee’s liability for the Excise Tax). Employer may assume control at its expense over all legal and accounting matters pertaining to such federal or state tax
treatment (except to the extent necessary or appropriate for Employee to resolve any such proceeding with respect to any matter unrelated to the matters described in this Section 12(k)) and Employee shall cooperate fully with Employer in any such
proceeding. Employee shall not enter into any compromise or settlement or otherwise prejudice any rights Employer may have in connection therewith without prior consent of Employer. In the event that Employer does not assume control over such
matters, Employer shall promptly reimburse Employee for all reasonable expenses related thereto as and when incurred upon presentation of appropriate documentation relating thereto. 
  
 It is intended by the parties to this Agreement that this Section 12(k) shall survive the expiration of the Employment Term
or the Consulting Period. 
  
 The recitals to this Agreement shall
form a part of this Agreement. 
  
 The headings of sections and
paragraphs herein are included solely for convenience of reference and shall not control the meaning or interpretation of any of the provisions of this Agreement. 
  
 Employee’s or Employer’s failure to insist upon strict compliance with any provision of this Agreement or the
failure to assert any right Employee or Employer may have hereunder, including without limitation the right of Employee to terminate employment for Good Reason, shall not be deemed to be waiver of such provision or right or any other provision or
right of this Agreement. 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.

  

			
	 BRANCH BANKING AND TRUST COMPANY

		
	 By:
	 	 /s/ John A. Allison, IV

	 Name:
	 	 John A. Allison, IV

	 Title:
	 	 Chairman and Chief Executive Officer

	
	 EMPLOYEE:

	
	 /s/ Barry J. Fitzpatrick

	 Barry J. FitzpatrickExhibit 10.AF

 EXHIBIT 10(af) 
  
 EMPLOYMENT AGREEMENT 
  
 THIS EMPLOYMENT AGREEMENT (the or this “Agreement”), dated as of the 10th day of November, 2003, to be effective as of the 1st day of December, 2003, by and among BB&T CORPORATION, a North Carolina corporation (“BB&T”), BRANCH BANKING AND TRUST COMPANY, a North Carolina chartered commercial
bank (the “Employer”), and BARBARA F. DUCK (the “Employee”). 
  
 R E C I T A L S: 
  
 BB&T, the Employer and its Affiliates (as defined in Section 2a) are engaged in the banking and financial services business. The Employee is
experienced in, and knowledgeable concerning, the material aspects of such business. The Employee heretofore has been employed as an Executive Vice President of the Employer. BB&T and the Employer desire to employ the Employee as a Senior
Executive Vice President of both BB&T and the Employer and the Employee desires to be employed by BB&T and the Employer in each such capacity. Furthermore, BB&T and the Employer desire to provide the Employee certain disability,
severance and supplemental retirement benefits in addition to those provided by the employee benefit plans of BB&T and the Employer. BB&T, the Employer and the Employee desire to provide for the employment of the Employee as a Senior
Executive Vice President of both BB&T and the Employer pursuant to the terms of this Agreement. 
  
 NOW, THEREFORE, in consideration of the mutual covenants and obligations contained herein and the compensation BB&T and the Employer agree
herein to pay the Employee, and of other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, BB&T, the Employer and the Employee agree as follows: 
  
 1. Effect of Prior Agreements. This Agreement expresses the
whole and entire agreement between the parties with reference to the employment and service of the Employee and supersedes and replaces any prior employment agreements, understandings or arrangements (whether written or oral) among BB&T, the
Employer and the Employee. Without limiting the foregoing, the Employee agrees that this Agreement satisfies any rights she may have had under any prior agreement or understanding with the Employer and BB&T with respect to her employment by the
Employer and BB&T. 
  
 2. Definitions. Wherever
used in this Agreement, including, but not limited to, the Recitals, Sections 1 and 2, the following terms shall have the meanings set forth below (unless otherwise indicated by the context) and such meanings shall be applicable to both the singular
and plural form (except where otherwise expressly indicated): 
  
 a. “Affiliate” means a Person that directly or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, another Person. 

 b. “Change of Control” means 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) together with its Affiliates, excluding employee benefit plans of the Employer or BB&T, is or becomes, directly or indirectly, the “beneficial owner” (as defined in Rule
13d-3 promulgated under the Securities Exchange Act of 1934) of securities of the Employer or BB&T representing twenty percent (20%) or more of the combined voting power of the Employer’s or BB&T’s then outstanding voting
securities (excluding the acquisition of securities of the Employer by an entity at least eighty percent (80%) of the outstanding voting securities of which are, directly or indirectly, beneficially owned by BB&T); 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, share exchange, 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 constitute BB&T’s Board of Directors, 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 two-year period (“Continuing Directors”), cease for any reason during such two-year period to constitute at least two-thirds (2/3) of the
members of such Board of Directors; or 
  
 (iii)
the date the shareholders of BB&T approve a merger, share exchange or consolidation of BB&T with any other corporation or entity regardless of which entity is the survivor, other than a merger, share exchange or consolidation which would
result in the voting securities of BB&T outstanding immediately prior thereto continuing to represent (either by remaining outstanding or being converted into voting securities of the surviving or acquiring entity) at least sixty percent (60%)
of the combined voting power of the voting securities of BB&T or such surviving or acquiring entity outstanding immediately after such merger or consolidation; 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) the date of any event (other than a “merger of equals” as hereinafter described in this subparagraph b) which
BB&T’s Board of Directors determines should constitute a Change of Control. 

 Notwithstanding the foregoing, the term “Change of Control” shall not include any event which the Board of
Directors of BB&T (or, if the event described in clause (ii) above has occurred, a majority of the Continuing Directors), prior to the occurrence of such event, specifically determines, for the purpose of this Agreement or employment agreements
with other executives that contain substantially similar provisions, is a “merger of equals” (regardless of the form of the transaction), unless a majority of the Continuing Directors revokes such specific determination within one year
after occurrence of the event that otherwise would constitute a Change in Control (a “MOE Revocation”). The parties to this Agreement agree that 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. 
  
 c. “Code” means the Internal Revenue Code of 1986, as amended, and rules and regulations issued thereunder. 
  
 d. “Commencement Month” means the first day of the calendar
month next following the month in which falls the Employee’s Termination Date. 
  
 e. “Compensation Continuance Period” means the period of time over which the Employee is receiving Termination Compensation pursuant to the provisions of Section 8. 
  
 f. “Computation Period” means the twelve (12) consecutive
month period beginning with the Commencement Month and each anniversary of the Commencement Month. 
  
 g. “Confidential Information” means all non-public information that has been created, discovered, developed or otherwise become known to
the Employer, BB&T or their Affiliates other than through public sources, including, but not limited to, all inventions, processes, data, computer programs, software, digital intellectual property, marketing plans, customer lists, depositor
lists, budgets, projections, new products, information covered by the Trade Secrets Protection Act, N.C. Gen. Stat., Chapter 66, §§152 to 162, and other information owned by the Employer, BB&T or their Affiliates which is not public
information. 
  
 h. “Excise Tax” means the excise
tax on excess parachute payments under Section 4999 of the Code (or any successor or similar provision thereof), including any interest or penalties with respect to such excise tax. 
  
 i. “Good Reason” means the occurrence of any of the following events without the Employee’s express
written consent: 
  
 (i) the assignment to the
Employee of duties inconsistent with the position and status of the offices and positions of the Employer and/or BB&T held by the Employee as of December 1, 2003; or 

 (ii) a reduction by the Employer or BB&T in the Employee’s pay grade or annual
base salary as then in effect; or 
  
 (iii) the
exclusion of the Employee from participation in the Employer’s or BB&T’s employee benefit plans in effect as of, or adopted or implemented on or after, December 1, 2003, as the same may be improved or enhanced from time to time during
the Term; or 
  
 (iv) any purported termination
of the employment of the Employee by the Employer or BB&T which is not effected in accordance with this Agreement. 
  
 j. “Just Cause” means one or more of the following: the Employee’s personal dishonesty; gross incompetence; willful misconduct;
breach of a fiduciary duty involving personal profit; intentional failure to perform stated duties; willful violation of any law, rule or regulation (other than traffic violations or similar offenses) or final cease-and-desist order; conviction of a
felony or of a misdemeanor involving moral turpitude; unethical business practices in connection with the Employer’s or BB&T’s business; misappropriation of the Employer’s or BB&T’s assets (determined on a reasonable
basis) or those of their Affiliates; or material breach of any other provision of this Agreement; provided, that the Employee has received written notice from the Employer or BB&T of such material breach and such breach remains uncured for a
period of thirty (30) days after the delivery of such notice. For purposes of this provision, no act or failure to act, on the part of the Employee, shall be considered “willful” unless it is done, or omitted to be done, by the Employee in
bad faith or without a reasonable belief that the Employee’s action or omission was in the best interests of the Employer and BB&T. 
  
 k. “Pension Plan” means the BB&T Corporation Pension Plan, a tax qualified defined benefit pension plan, as the same may be amended
from time to time. 
  
 l. “Person” means any
individual, person, partnership, limited liability company, joint venture, corporation, company, firm, group or other entity. 
  
 m. “Term” means the term of the Employee’s employment under this Agreement as provided in Section 4. 
  
 n. “Termination Compensation” means a monthly amount equal
to one-twelfth (1/12th) of the highest amount of the annual cash compensation (including cash bonuses and other
cash-based benefits, including for these purposes amounts earned or payable whether or not deferred) received by the Employee during any one of the five (5) calendar years immediately preceding the calendar year in which falls her Termination Date;
provided, that if the cash compensation received by the Employee during the Termination Year exceeds the highest amount of the annual cash compensation received by her during any one of the immediately preceding five (5) calendar years, the cash
compensation received by the Employee during the Termination Year shall be deemed to be her highest amount of annual cash compensation. 

 o. “Termination Date” means the date the Employee’s employment is terminated.

  
 p. “Termination Year” means the calendar year
in which falls the Employee’s Termination Date. 
  
 3.
Employment. During the Term (as defined in subparagraph m of Section 2 and Section 4), the Employee shall be employed as a Senior Executive Vice President of both BB&T and the Employer. The Employee shall have such duties and
responsibilities as are commensurate with each such position. The Employee shall also serve on such committees and task forces of BB&T and the Employer, including, without limitation, the Executive Management Committee of BB&T, as she may be
appointed from time to time by BB&T, the Employer or their Boards of Directors. Notwithstanding the foregoing, in no event shall the failure to appoint or reappoint the Employee to any committee or task force of BB&T or the Employer be
treated as a breach of this Agreement by BB&T or the Employer, or as a termination of the employment of the Employee. The Employee hereby accepts and agrees to such employment, subject to the general supervision and pursuant to the orders,
advice, and direction of the Employer, BB&T and their Boards of Directors. The Employee shall perform such duties as are customarily performed by one holding such positions in other same or similar businesses or enterprises as that engaged in by
the Employer and BB&T, and shall also additionally render such other services and duties as may be reasonably assigned to her from time to time by the Employer or BB&T, consistent with her positions. 
  
 4. Term of Employment. The Term shall commence as of December
1, 2003, and shall terminate on November 30, 2008, unless extended or shortened as provided in this Agreement. As of the first day of each calendar month commencing January 1, 2004, the Term shall be automatically extended, without any further
action by BB&T, the Employer or the Employee, for an additional calendar month; provided, however, that on any one month anniversary date BB&T, the Employer or the Employee may serve notice to the other parties to fix the Term to a definite
five-year period from the date of such notice and no further automatic extensions shall occur. Notwithstanding the foregoing, the Term shall not be extended beyond the first day of the calendar month next following the date on which the Employee
attains age sixty-five (65). The Term, as it may be extended pursuant to this Section 4, or, as it may be shortened in accordance with Section 7 or 8, is hereinafter referred to as the “Term.” 
  
 5. Compensation. 
  
 a. For all services rendered by the Employee to the Employer and BB&T
under this Agreement, the Employer or BB&T shall pay to the Employee, during the Term, a minimum annual base salary at a rate not less than $230,000, payable in accordance with the standard payroll practices and procedures of the Employer or
BB&T applicable to all officers. Any salary increase payable to the Employee shall be determined in accordance with the Employer’s or BB&T’s annual salary plan, and shall be based on the Employer’s and/or BB&T’s
performance and the performance of the Employee. 

 b. The Employee shall continue to participate in any bonus or incentive plans, whether any such plan
provides for awards in cash or securities, made available to officers similarly situated to the Employee, as such plan or plans may be modified from time to time, or such other similar plans for which the Employee may become eligible and designated
a participant. 
  
 c. Except as otherwise specifically provided in
this Agreement, for as long as the Employee is employed by the Employer and BB&T, the Employee also shall be entitled to receive, on the same basis as other similarly situated officers of the Employer or BB&T, employee pension and welfare
benefits and group employee benefits such as sick leave, vacation, group disability and health, life, and accident insurance and similar indirect compensation which the Employer or BB&T may from time to time extend to its officers. 

 
 d. If, during the Term, the Employee becomes eligible for benefits under
the Pension Plan and retires, the Employee shall be eligible to participate in the same retiree health care program provided to other retiring employees at the time. During the Compensation Continuance Period, the Employee shall be deemed to be an
“active employee” of the Employer for purposes of participating in the Employer’s or BB&T’s health care plan and for purposes of satisfying any age and service requirements under the Employer’s or BB&T’s retiree
health care program. Thus, if the Employee has not satisfied either the age or service requirement (or both) under the Employer’s or BB&T’s retiree health care program at the time payment of her Termination Compensation begins, but
satisfies the age or service requirement (or both) at the time such Termination Compensation payments end, she shall be deemed to have satisfied the age or service requirement (or both) for purposes of the Employer’s or BB&T’s retiree
health care program as of the date her Termination Compensation payments end. For purposes of satisfying any service requirement under the Employer’s or BB&T’s retiree health care program, the Employee shall be credited with one year
of service for each Computation Period which begins and ends during the Compensation Continuance Period. 
  
 6. Covenants of the Employee. 
  
 a. To the extent and subject to the limitations provided in the following subsections of this Section 6 (whichever subsection may be applicable), upon
termination of the Employee’s employment for any reason, including but not limited to the expiration of the Term, the Employee shall not directly or indirectly, either as a principal, agent, employee, employer, stockholder, co-partner or in any
other individual or representative capacity whatsoever, engage in the banking and financial services business, which includes, but it is not limited to, consumer, savings, commercial banking and the insurance and trust businesses, or the savings and
loan or mortgage banking business, or any other business in which the Employer, BB&T or their Affiliates are engaged, anywhere in the States of North Carolina and South Carolina and in any county outside of North Carolina and South Carolina
contiguous to North Carolina or South Carolina, nor shall the Employee solicit, or assist any other Person in so soliciting, any depositors or customers of the Employer, BB&T or their Affiliates, or induce any then or former employees to
terminate their employment with the Employer, BB&T or their Affiliates, except that this Section 6a shall not be read to prohibit the investment described in the last sentence of Section 9. 

 b. If the Employee terminates her employment with the Employer or BB&T for Good Reason at any time,
the Employee shall be subject to the non-competition and non-solicitation provisions of Section 6a until the earlier of: (i) the first anniversary of the Employee’s Termination Date; or (ii) the date as of which the Employee ceases to
receive any further Termination Compensation because of her breach of the non-competition or non-solicitation provisions of Section 6a. However, if the Employee terminates her employment with the Employer or BB&T for Good Reason within twelve
(12) months after a Change of Control or, if later, within ninety (90) days after a MOE Revocation (as defined in Section 2b), subparagraph c below shall apply, not this subparagraph b. 
  
 c. If the Employee terminates her employment with the Employer or BB&T for any reason within twelve (12) months after a
Change of Control, or, if later, within ninety (90) days after a MOE Revocation, the Employee shall not be subject to the non-competition and non-solicitation provisions of Section 6a. 
  
 d. If the Employee terminates her employment with the Employer or BB&T
for any reason other than Good Reason at any time (except within twelve (12) months after a Change of Control, or, if later, within ninety (90) days after a MOE Revocation), the Employee shall be subject to the non-competition and
non-solicitation provisions of Section 6a. 
  
 e. If the
employment of the Employee is terminated by the Employer or BB&T at any time for Just Cause, the Employee shall not be subject to the non-competition and non-solicitation provisions of Section 6a. 
  
 f. If the employment of the Employee is terminated by the Employer or
BB&T for any reason other than Just Cause at any time (except within twelve (12) months after a Change of Control, or, if later, within ninety (90) days after a MOE Revocation), the Employee shall be subject to the non-competition and
non-solicitation provisions of Section 6a until the earlier of: (i) the first anniversary of the Employee’s Termination Date; or (ii) the date as of which the Employee ceases to receive any further Termination Compensation because of her breach
of the non-competition or non solicitation provisions of Section 6a. If the employment of the Employee is terminated by the Employer or BB&T for any reason other than Just Cause within twelve (12) months after a Change of Control, or, if later,
within ninety (90) days after a MOE Revocation), the Employee shall not be subject to the non-competition and non-solicitation provisions of Section 6a. 
  

g. During the Term and at any time thereafter, and except as required by any court, supervisory authority or administrative agency or as may be
otherwise required by applicable law, the Employee shall not, without the written consent of the Boards of Directors of the Employer and BB&T, or a person authorized thereby, disclose to any person, other than an employee of the Employer,
BB&T or an Affiliate thereof, or a person to whom disclosure is reasonably necessary or appropriate in connection with the performance by the Employee of her 

 duties as an employee of the Employer or BB&T, any Confidential Information obtained by her while in the employ of
the Employer or BB&T, unless such information has become a matter of public knowledge at the time of such disclosure. 
  
 h. The covenants contained in this Section 6 shall be construed and interpreted in any judicial proceeding to permit their enforcement to the maximum
extent permitted by law. The Employee agrees that the restraints imposed in this Section 6 are necessary for the reasonable and proper protection of the Employer, BB&T and their Affiliates and that each and every one of the restraints is
reasonable in respect to such matter, length of time and the area. The Employee further acknowledges that damages at law would not be a measurable or adequate remedy for breach of the covenants contained in this Section 6 and, accordingly, the
Employee agrees to submit to the equitable jurisdiction of any court of competent jurisdiction in connection with any action to enjoin the Employee from violating any such covenants. 
  
 7. Disability. If, by reason of a physical or mental disability during the Term, the Employee is unable to
carry out the essential functions of her employment pursuant to this Agreement for twelve (12) consecutive months, her employment hereunder may be terminated by action of the Board of Directors of the Employer or BB&T determining to do so upon
one month’s notice to be given to the Employee at any time after the period of twelve (12) consecutive months of disability and while such disability continues. If, prior to the expiration of the one-month period after the giving of such
notice, the Employee shall recover from such disability and return to the full-time active discharge of her duties hereunder, then such notice shall be of no further force and effect and the Employee’s employment shall continue as if the same
had been uninterrupted. If the Employee shall not so recover from her disability and return to her duties, then her employment shall terminate on the date which coincides with the expiration of such one month’s notice. During the first twelve
(12) consecutive months of the period of the Employee’s disability, the Employee shall continue to earn all compensation (including bonuses and incentive compensation) to which the Employee would have been entitled as if she had not been
disabled, such compensation to be paid at the time, in the amounts, and in the manner provided in Section 5a, inclusive of any compensation received pursuant to any applicable disability insurance plan of the Employer or BB&T. Thereafter, the
Employee shall receive compensation to which she is entitled under any applicable disability insurance plan of the Employer or BB&T. In the event a dispute arises between the Employee and the Employer or BB&T concerning the Employee’s
physical or mental disability or ability to continue or return to the performance of her duties as aforesaid, the Employee shall submit, at the expense of the Employer and BB&T, to examination by a competent physician mutually agreeable to the
parties, and her opinion as to the Employee’s capability to so perform shall be final and binding. Upon termination of the Employee’s employment by reason of disability, the Term shall end. 

 8. Termination; Termination Compensation and Other Post Termination Benefits. 

 
 a. If the Employee shall die during the Term, this Agreement and the
employment relationship hereunder shall automatically terminate on the date of death, which date shall be her Termination Date, and, thus, the last day of the Term. 
  
 b. The Employer or BB&T shall have the right to terminate the Employee’s employment under this Agreement at any
time for Just Cause upon written notice to the Employee as provided in subparagraph i below. In the event the employment of the Employee is terminated by the Employer or BB&T for Just Cause, the Employee shall have no right to receive
compensation (such as Termination Compensation) or other benefits (including the special SERP enhancement benefits described in Section 8f) under this Agreement for any period after such termination. 
  
 c. The Employer or BB&T may terminate the Employee’s employment
under this Agreement other than for Just Cause at any time upon written notice to the Employee as provided in subparagraph i below. In the event the Employer or BB&T terminates the employment of the Employee under this Agreement pursuant to this
subparagraph c, the Employee shall be entitled to the following compensation and benefits: 
  
 (i) The Employee shall receive Termination Compensation each month during the period described in subparagraph (ii) below, subject,
however, to the Employee’s compliance with the non-competition and non-solicitation provisions of Section 6a for a one-year period following the Employee’s Termination Date. 
  
 (ii) Termination Compensation shall be paid to the Employee each month until the end of the Term [that is,
Termination Compensation shall be paid to the Employee each month during the period commencing with the Commencement Month and ending on the earlier of (1) or (2), where (1) is the first day of the month next following the month in which the
Employee attains age sixty-five (65), and (2) is the date that coincides with the expiration of the sixty-month period which began with the Commencement Month], such Termination Compensation to be payable at the time compensation would have been
paid to the Employee in accordance with Section 5a. 
  
 (iii) The Employer and BB&T shall use their best efforts to accelerate vesting of any unvested benefits of the Employee under any employee stock-based or other benefit plan or arrangement to the extent permitted by the terms of such
plan or arrangement. 
  
 (iv) The Employer shall
make available to the Employee, at the Employer’s cost, outplacement services by such entity or person as shall be designated by the Employer, with the cost to the Employer of such outplacement services not to exceed $20,000. 

 (v) The Employee shall continue to participate (treating the Employee as an “active
employee” of the Employer for this purpose) in the same group hospitalization plan, health care plan, dental care plan, life or other insurance or death benefit plan, and any other present or future similar group employee benefit plan or
program for which officers of the Employer generally are eligible, on the same terms as were in effect prior to the Employee’s Termination Date, either under the Employer’s or BB&T’s plans or comparable plans or coverage, for the
Compensation Continuance Period. 
  
 (vi) The
Employee shall be entitled to the special enhanced SERP benefits described in subparagraph f below. 
  
 The Termination Compensation and other benefits provided for in this subparagraph c shall be paid by the Employer or BB&T in accordance with the standard payroll practices and procedures in effect prior to the
Employee’s Termination Date. If the Employee breaches any of the covenants set forth in Section 6a of this Agreement prior to the first anniversary of her Termination Date, the Employee shall not be entitled to receive any further Termination
Compensation or benefits pursuant to this Section 8c from and after the date of such breach. 
  
 d. If (i) the employment of the Employee is terminated for any reason other than Just Cause or the Employee’s death, regardless of whether the Employer or BB&T or the Employee initiates such termination,
within twelve (12) months after a Change of Control (or, if later, within ninety (90) days after a MOE Revocation), or (ii) the Employee terminates her employment at any time for Good Reason, the Employee shall be entitled to the following
compensation and benefits: 
  
 (i) Termination
Compensation shall be paid to the Employee each month until the end of the Term [that is, Termination Compensation shall be paid to the Employee each month during the period commencing with the Commencement Month and ending on the earlier of (1) or
(2), where (1) is the first day of the month next following the month in which the Employee attains age sixty-five (65), and (2) is the date that coincides with the expiration of the sixty-month period which began with the Commencement Month], such
Termination Compensation to be payable at the time such compensation would have been paid to the Employee in accordance with Section 5a. 
  
 (ii) The Employer and BB&T shall use their best efforts to accelerate vesting of any unvested benefits of the Employee under any
employee stock-based or other benefit plan or arrangement to the extent permitted by the terms of such plan or arrangement. 
  
 (iii) The Employer shall make available to the Employee, at the Employer’s cost, outplacement services by such entity or person as
shall be designated by the Employer, with the cost to the Employer of such outplacement services not to exceed $20,000. 

 (iv) The Employee shall continue to participate (treating the Employee as an “active
employee” of the Employer for this purpose) in the same group hospitalization plan, health care plan, dental care plan, life or other insurance or death benefit plan, and any other present or future similar group employee benefit plan or
program for which officers of the Employer generally are eligible, either under the Employer’s or BB&T’s plans or comparable plans or coverage, for the Compensation Continuance Period, on the same terms as were in effect either (A) at
her Termination Date, or (B) if such plans and programs in effect prior to the Change of Control or prior to the MOE Revocation were, considered together as a whole, materially more generous to the officers of the Employer, than at the date of the
Change of Control or at the date of the MOE Revocation, as the case may be. 
  
 (v) The Employee shall be entitled to the special enhanced SERP benefits described in subparagraph f below. 
  
 The Termination Compensation and other benefits provided for in this subparagraph d shall be paid by the Employer or BB&T in accordance with the standard payroll
practices and procedures in effect prior to the Employee’s Termination Date, a Change of Control or MOE Revocation, as appropriate. In accordance with Section 6b, if the Employee terminates her employment at any time for Good Reason (except
within twelve (12) months after a Change of Control, or, if later, within ninety (90) days after a MOE Revocation), the Employee shall be subject to the covenants set forth in Section 6a for the one-year period following her Termination Date. If the
Employee breaches Section 6a of this Agreement prior to the first anniversary of her Termination Date, the Employee shall not be entitled to receive any further Termination Compensation or benefits pursuant to this Section 8d from and after the date
of such breach. 
  
 Should the circumstances of the termination of the employment
of the Employee result in application of both subparagraphs c and d, subparagraph d shall be deemed to apply and control. 
  
 e. If the Employee terminates her employment for any reason other than Good Reason and such termination does not occur within twelve (12) months after a
Change of Control (or, if later, within ninety (90) days after a MOE Revocation), she shall not be entitled to compensation (such as Termination Compensation) or other benefits (including the special SERP enhancement benefits described in Section
8f) under this Agreement for any period after such termination. 
  
 f. The Employee is a participant in the BB&T Corporation Non-Qualified Defined Benefit Plan (the “SERP”). The SERP was formerly known as the Branch Banking and Trust Company Supplemental Executive Retirement Plan. The SERP is
a non-qualified, unfunded supplemental retirement plan which provides benefits to or on behalf of selected key management employees. The benefits provided under the SERP supplement the retirement and survivor benefits payable from the Pension Plan.
Except in the event the employment of the Employee is terminated by the Employer or BB&T for Just Cause and except in the event the 

 Employee terminates her employment for any reason other than Good Reason and such termination does not occur within
twelve (12) months after a Change of Control (or, if later, within ninety (90) days after a MOE Revocation), the following special provisions shall apply for purposes of this Agreement: 
  
 (i) The provisions of the SERP shall be and hereby are incorporated in this Agreement. The SERP, as applied
to the Employee, may not be terminated, modified or amended without the express written consent of the Employee. Thus, any amendment or modification to the SERP or the termination of the SERP shall be ineffective as to the Employee unless the
Employee consents in writing to such termination, modification or amendment. The Supplemental Pension Benefit (as defined in the SERP) of the Employee shall not be adversely affected because of any modification, amendment or termination of the SERP.
In the event of any conflict between the terms of this subparagraph f and the SERP, the provisions of this subparagraph f shall prevail. 
  
 (ii) The SERP, as applied to the Employee, shall be and hereby is amended by the following special provisions: 
  
 (A) In determining the Employee’s Years of Service (as defined in the
Pension Plan), the Compensation Continuance Period shall be taken into account. The Employee shall be credited with one Year of Service for each Computation Period which begins and ends during the Compensation Continuance Period. The 35 Years of
Service limitation specified in the Pension Plan shall, however, apply. 
  
 (B) The Average Compensation (as defined in the Pension Plan) of the Employee shall be the greater of (1) or (2), where (1) is her Average Compensation as determined under the Pension Plan as of her Termination Date
and (2) is the annual amount of her Termination Compensation. 
  
 Attached to this
Agreement as Exhibit A are several SERP calculations. The purpose of these calculations is to illustrate the application and effect of this subparagraph f. 
  
 g. In receiving any payments pursuant to this Section 8, the Employee shall not be obligated to seek other employment or
take any other action by way of mitigation of the amounts payable to the Employee hereunder and such amounts shall not be reduced or terminated whether or not the Employee attains other employment. 
  
 h. In the event that any amount paid or distributed to the Employee pursuant
to this Agreement shall constitute a parachute payment within the meaning of Section 280G of the Code, and the aggregate of such parachute payments and any other amounts paid or distributed to the Employee from any other plans or arrangements
maintained by the Employer, 

 BB&T, or their Affiliates shall cause the Employee to be subject to the Excise Tax, the Employer shall pay to the
Employee an additional amount (the “Gross-Up Payment”) such that the net amount the Employee shall receive after the payment of any Excise Tax shall equal the amount which she would have received if the Excise Tax had not been imposed. The
Gross-Up Payment shall be determined by BB&T’s regular independent auditors and shall equal the sum of the following: 
  
 (1) The rate of the Excise Tax multiplied by the amount of the excess parachute payments; 
  
 (2) Any federal income tax, social security tax,
unemployment tax or Excise Tax imposed upon the Employee as a result of the Gross-Up Payment required to be made under this subparagraph h.; and 
  
 (3) Any state income or other tax imposed upon the Employee as a result of the Gross-Up Payment required to be made under this
subparagraph h. 
  
 For purposes of determining the amount of the Gross-Up
Payment, the Employee shall be deemed to pay federal income taxes at the highest marginal rate of federal income taxation for individuals in the calendar year in which the Excise Tax is required to be paid. In addition, the Employee shall be deemed
to pay state income taxes at a rate determined in accordance with the following formula: 
  
 ( 1 - (highest marginal rate of federal income taxation for individuals)) x (highest marginal rate of North Carolina income taxes for individuals in the calendar year in which the Excise Tax is required to be paid).

  
 In the event the Employee is subject to the provisions of Section 68 of the
Code, the combined federal and state income tax rate determined above shall be adjusted to reflect any loss in the federal deduction for state income taxes on the Gross-Up Payment. 
  
 The Gross-Up Payment shall be paid to the Employee by the Employer or BB&T on or before the date that the Employee is required to pay
the Excise Tax; provided, however, that if the amount of such payment cannot be finally determined on or before such day, the Employer or BB&T shall pay to the Employee on such day an estimate, as determined in good faith by BB&T’s
regular independent auditors, of the minimum amount of such payment and shall pay the remainder of such payment (together with interest at the rate provided under Section 1274(b)(2)(B) of the Code) as soon as the amount can be determined but no
later than the thirtieth (30th) day after the date the Employee becomes subject to the payment of the Excise Tax. In the event that the Excise Tax is subsequently determined to be less than the amount taken into account hereunder at the time the
Gross-Up Payment is made, the Employee shall repay to the Employer or BB&T, as applicable, at the time that the amount of such reduction in Excise Tax is finally determined, the portion of the Gross-Up Payment attributable to such reduction
(plus the portion of the Gross-Up Payment attributable to the Excise Tax, federal and 

 state taxes imposed on the Gross-Up Payment being repaid by the Employee, if such repayment results in a reduction in
Excise Tax and/or a federal or state tax deduction) plus interest on the amount of such repayment at the rate provided in Section 1274(b)(2)(B) of the Code. In the event that the Excise Tax is determined to exceed the amount taken into account
hereunder at the time the Gross-Up Payment is made (including by reason of any payment the existence or amount of which cannot be determined at the time of the Gross-Up Payment), the Employer or BB&T shall make an additional Gross-Up Payment in
respect of such excess (plus any interest payable with respect to such excess) at the time that the amount of such excess is finally determined. The parties agree that the intent of this subparagraph h is that the Employee shall be reimbursed for
the Excise Tax on her excess parachute payments and all taxes on that reimbursement. The intended goal is to place the Employee in the same economic position as if no Excise Tax had been imposed. 
  
 i. A termination of the Employee’s employment by BB&T, the Employer
or the Employee for any reason other than death shall be communicated by Notice of Termination to the other parties hereto. For this purpose, a Notice of Termination means a written notice which specifies the effective date of termination.

  
 9. Other Employment. The Employee shall devote
all of her business time, attention, knowledge and skills solely to the business and interests of the Employer, BB&T and their Affiliates. The Employer, BB&T and their Affiliates shall be entitled to all of the benefits, profits and other
emoluments arising from or incident to all work, services and advice of the Employee, and the Employee shall not, during the Term, become interested, directly or indirectly, in any manner, as a partner, officer, director, stockholder, advisor,
consultant, employee or in any other capacity in any other business similar to the business of the Employer, BB&T and their Affiliates. Nothing contained in this Section 9 shall be deemed, however, to prevent or limit the right of the Employee
to invest in a business similar to the business of the Employer, BB&T and their Affiliates if such investment is limited to less than one (1) percent of the capital stock or other securities of any corporation or similar organization whose stock
or securities are publicly owned or are regularly traded on any public exchange. 
  
 10. Severability. All agreements and covenants contained in this Agreement are severable, and in the event any of them shall be held to be invalid by any competent court, this Agreement shall be
interpreted as if such invalid agreements or covenants were not contained herein. 
  
 11. Assignment Prohibited. This Agreement is personal to each of the parties hereto, and none of the parties may assign or delegate any of her or its rights or obligations hereunder without first
obtaining the written consent of the other parties; provided, however, that nothing in this Section 11 shall preclude the Employee from designating a beneficiary to receive any benefit payable under this Agreement upon her death. 
  
 12. No Attachment. Except as otherwise provided in this
Agreement or required by applicable law, no right to receive payments under this Agreement shall be subject to anticipation, commutation, alienation, sale, assignment, encumbrance, charge, pledge or 

 hypothecation or to execution, attachment, levy, or similar process or assignment by operation of law, and any attempt,
voluntary or involuntary, to effect any such action shall be null, void and of no effect. 
  
 13. Headings. The headings of paragraphs and sections herein are included solely for convenience of reference and shall not control the meaning or interpretation of any of the provisions of this
Agreement. 
  
 14. Governing Law. The parties intend
that this Agreement and the performance hereunder and all suits and special proceedings hereunder shall be construed in accordance with and under and pursuant to the laws of the State of North Carolina without regard to conflicts of law principles
thereof and that in any action, special proceeding or other proceeding that may be brought arising out of, in connection with, or by reason of this Agreement, the laws of the State of North Carolina shall be applicable and shall govern to the
exclusion of the law of any other forum, without regard to the jurisdiction in which any action or special proceeding may be instituted. 
  
 15. Binding Effect. This Agreement shall be binding upon, and inure to the benefit of, the Employee and her heirs, executors, administrators
and legal representatives and BB&T, the Employer and their permitted successors and assigns. 
  
 16. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original but all of which
together shall constitute one and the same instrument. 
  
 17.
Notices. All notices, requests, demands and other communications to any party under this Agreement shall be in writing (including telefacsimile transmission or similar writing) and shall be given to such party at her or its address or
telefacsimile number set forth below or at such other address or telefacsimile number as such party may hereafter specify for the purpose of giving notice to the other party: 
  
 (a) If to the Employee: 
  
 Barbara F. Duck 
 2004 McRae Road

 Wilson, NC 27896 
  
 (b) If to BB&T or the Employer: 
  
 BB&T Corporation 
 200 West Second
Street 
 Winston-Salem, NC 27101 
 Fax: (336) 733-2058 
 Attention: Chief Operating Officer 

 Each such notice, request, demand or other communication shall be effective (i) if given by mail, 72 hours after such
communication is deposited in the mails with first class postage prepaid, addressed as aforesaid or (ii) if given by any other means, when delivered at the address specified in this Section 17. Delivery of any notice, request, demand or other
communication by telefacsimile shall be effective when received if received during normal business hours on a business day. If received after normal business hours, the notice, request, demand or other communication will be effective at 10:00 a.m.
on the next business day. 
  
 18. Modification Of
Agreement. No waiver or modification of this Agreement or of any covenant, condition, or limitation herein contained shall be valid unless in writing and duly executed by the party to be charged therewith. No evidence of any waiver or
modification shall be offered or received in evidence at any proceeding, arbitration, or litigation between the parties hereto arising out of or affecting this Agreement, or the rights or obligations of the parties hereunder, unless such waiver or
modification is in writing, duly executed as aforesaid. The parties further agree that the provisions of this Section 18 may not be waived except as herein set forth. 
  
 19. Taxes. To the extent required by applicable law, the Employer or BB&T shall deduct and withhold all
necessary federal, state, local and employment taxes and any other similar sums required by law to be withheld from any payments made pursuant to the terms of this Agreement. 
  
 20. Attorneys’ Fees. In the event any dispute shall arise between the Employee, the Employer and BB&T
as to the terms or interpretations of this Agreement, whether instituted by formal legal proceedings or otherwise, including any action taken by the Employee to enforce the terms of this Agreement or in defending against any action taken by the
Employer or BB&T, the Employer or BB&T shall reimburse the Employee for all reasonable costs and expenses, including reasonable attorneys’ fees, arising from such dispute, proceeding or action, if the Employee shall prevail in any
action initiated by the Employee or shall have acted reasonably and in good faith in defending against any action initiated by the Employer or BB&T. Such reimbursement shall be paid within ten (10) days of the Employee furnishing to the Employer
written evidence, which may be in the form, among other things, of a cancelled check or receipt, of any costs or expenses incurred by the Employee. Any such request for reimbursement by the Employee shall be made no more frequently than at 60-day
intervals. 
  
 21. Joint and Several Obligations. To
the extent permitted by applicable law, all obligations of the Employer or BB&T under this Agreement shall be joint and several. 
  
 22. Recitals. The recitals to this Agreement shall form a part of this Agreement. 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date and year first
above written. 
  

			
	BB&T CORPORATION
		
	 By:
	 	 /s/ Robert E. Greene

	 Name:
	 	 Robert E. Greene

	 Title:
	 	 Sr. Exec. Vice President

	
	BRANCH BANKING AND TRUST COMPANY
		
	 By:
	 	 /s/ Robert E. Greene

	 Name:
	 	 Robert E. Greene

	 Title:
	 	 President

	
	 EMPLOYEE:

	
	 Barbara F. Duck

	 BARBARA F. DUCK

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