Document:

Exhibit 10.16

 EXHIBIT 10.16 
 2005 DECLARATION OF AMENDMENT 
 TO BB&T CORPORATION SUPPLEMENTAL DEFINED 
 CONTRIBUTION PLAN FOR HIGHLY COMPENSATED EMPLOYEES 
 THIS DECLARATION OF AMENDMENT, made the 25th day of October, 2005, by BB&T Corporation (the “Company”) to the BB&T Corporation Supplemental Defined Contribution Plan for Highly Compensated
Employees (the “plan”). 
 R E C I T A L S : 
 It is deemed advisable to amend the plan to (i) designate the administrative committee under the plan as the Employee Benefits Plan Committee; and
(ii) designate the Compensation Committee of the Board of Directors of the Company as the committee responsible for selecting the key employees eligible to participate in the plan and the deemed investment funds under the plan. 
 NOW, THEREFORE, the plan shall be and hereby is amended, effective as of the date hereof, as follows: 
 1. Delete Section 2.8 of the plan in its entirety and substitute therefor the following: 
 “2.8 ‘Committee’ means the Employee Benefits Plan Committee provided for in Section 8.” 
 2. Delete 2.15 of the plan in its entirety and substitute therefor the following: 
 “2.15 ‘Eligible Employee’ means each Employee who is determined by the Compensation Committee of the Board (the ‘Compensation
Committee’) or its delegate to be a highly compensated employee and who is selected by the Compensation Committee or its delegate to participate in the Plan. In no event may an Employee whose annual compensation is less than the dollar amount
specified in Code Section 414(q)(l)(B)(i) be considered highly compensated for purposes of the Plan. An Employee shall cease to be an Eligible Employee immediately upon the first to occur of the following (i) the Employee’s
termination of Service; (ii) determination by the Compensation Committee or its delegate that the Employee is no longer a highly compensated employee; or (iii) determination by the Compensation Committee or its delegate in its sole
discretion that the Employee shall no longer be eligible to participate in the Plan. See Section 2.24 with respect to provisions governing participation in the Plan by an Eligible Employee. The Compensation Committee may delegate to an
authorized officer the authority to make the determinations required by this Section 2.15, including the selection of Employees as Eligible Employees.” 

 3. Delete the first sentence of Section 2.22 of the plan and substitute therefor the following:

 “‘Investment Funds’ means the mutual funds described in Exhibit C attached hereto. The Compensation Committee shall
determine from time to time the mutual funds to be described in Exhibit C and shall cause Exhibit C to be amended accordingly.” 
 4. In
the last sentence of Section 8.2 of the plan, insert the phrase “(including the Compensation Committee”) immediately after the words “Board committee.” 
 5. Delete Section 10.2(i) of the plan in its entirety and renumber the remaining subparagraphs accordingly. 
 6. Insert the following new Section 10.4 to the plan immediately after Section 10.3: 
 “10.4 Compensation Committee: 
 (i) To determine the Employees eligible to participate in the Plan except to the extent otherwise provided in Section 2.15; and 
 (ii) To determine from time to time the mutual funds to be described on Exhibit C. 
 In carrying out its duties and
responsibilities, the provisions of Sections 8.2, 8.3, 8.4, 8.5, 8.10, 8.11, 8.12 and 8.13 shall apply equally to the Compensation Committee.” 
 IN WITNESS WHEREOF, this Declaration of Amendment has been executed as of the day and year first above stated. 
  

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

  

	
	Attest:
	
	/s/ M. Patricia Oliver
	Secretary

 [Corporate Seal] 
  

 2 

 BB&T CORPORATION 
 SUPPLEMENTAL DEFINED CONTRIBUTION 
 PLAN FOR HIGHLY COMPENSATED EMPLOYEES 
 AMENDED AND RESTATED 
 EFFECTIVE
NOVEMBER 1, 2001 

 BB&T CORPORATION 
 SUPPLEMENTAL DEFINED CONTRIBUTION PLAN 
 FOR HIGHLY COMPENSATED EMPLOYEES 
 TABLE OF CONTENTS 
  

					
	  	  	 	  	Page
	 Section 1.
	  	 Establishment and Purpose
	  	1
	   1.1
	  	 Establishment of Plan
	  	1
	   1.2
	  	 Purpose of Plan
	  	1
	   1.3
	  	 Application of Plan
	  	2
			
	 Section 2.
	  	 Definitions and Construction
	  	2
	   2.1
	  	 Account
	  	2
	   2.2
	  	 Accrued Benefit
	  	3
	   2.3
	  	 Adjustment Date
	  	3
	   2.4
	  	 Affiliate
	  	3
	   2.5
	  	 Beneficiary
	  	3
	   2.6
	  	 Board
	  	3
	   2.7
	  	 Code
	  	3
	   2.8
	  	 Committee
	  	4
	   2.9
	  	 Company
	  	4
	   2.10
	  	 Company Discretionary Credits
	  	4
	   2.11
	  	 Covered Compensation
	  	4
	   2.12
	  	 Crediting Rate
	  	5
	   2.13
	  	 Deferral Election Form
	  	5
	   2.14
	  	 Effective Date
	  	5
	   2.15
	  	 Eligible Employee
	  	5
	   2.16
	  	 Employee
	  	5
	   2.17
	  	 Employer
	  	6
	   2.18
	  	 Entry Date
	  	6
	   2.19
	  	 ERISA
	  	6
	   2.20
	  	 Incentive Compensation Credits
	  	6
	   2.21
	  	 Incentive Compensation Plan
	  	6
	   2.22
	  	 Investment Fund
	  	6
	   2.23
	  	 Investment Fund Credit
	  	6
	   2.24
	  	 Participant
	  	7
	   2.25
	  	 Plan
	  	8
	   2.26
	  	 Plan Year
	  	8
	   2.27
	  	 Prior Plan
	  	8
	   2.28
	  	 Salary Reduction Election Form
	  	8
	   2.29
	  	 Salary Reduction Credits
	  	8
	   2.30
	  	 Savings Plan
	  	8

  

					
	   2.31
	  	 Service
	  	8
	   2.32
	  	 Spouse or Surviving Spouse
	  	8
			
	 Section 3.
	  	 Credits to Account
	  	9
	   3.1
	  	 Salary Reduction Credits
	  	9
	   3.2
	  	 Company Discretionary Credits
	  	10
	   3.3
	  	 Incentive Compensation Credits
	  	10
			
	 Section 4.
	  	 Vesting
	  	11
			
	 Section 5.
	  	 Payment of Benefits
	  	11
	   5.1
	  	 Distribution
	  	11
	   5.2
	  	 Payment of Benefits for Reasons Other Than Death
	  	11
	   5.3
	  	 Payment of Death Benefit
	  	13
			
	 Section 6.
	  	 Unforeseeable Emergency Payments
	  	14
	   6.1
	  	 Conditions for Request
	  	14
	   6.2
	  	 Written Request
	  	14
	   6.3
	  	 Processing of Request
	  	14
	   6.4
	  	 Rules
	  	15
			
	 Section 7.
	  	 Deemed Investments and Adjustment of Accounts
	  	15
	   7.1
	  	 Deemed Investment of Accounts in Investment Funds
	  	16
	   7.2
	  	 Adjustment of Fixed Rate Account
	  	17
	   7.3
	  	 Adjustment of Investment Fund Accounts
	  	20
	   7.4
	  	 Rules
	  	21
			
	 Section 8.
	  	 Administration by Committee
	  	21
	   8.1
	  	 Membership of Committee
	  	21
	   8.2
	  	 Committee Officers; Subcommittee
	  	21
	   8.3
	  	 Committee Meetings
	  	22
	   8.4
	  	 Transaction of Business
	  	22
	   8.5
	  	 Committee Records
	  	22
	   8.6
	  	 Establishment of Rules
	  	22
	   8.7
	  	 Conflicts of Interest
	  	22
	   8.8
	  	 Correction of Errors
	  	23
	   8.9
	  	 Authority to Interpret Plan
	  	23
	   8.10
	  	 Third Party Advisors
	  	23
	   8.11
	  	 Compensation of Members
	  	23
	   8.12
	  	 Committee Expenses
	  	24
	   8.13
	  	 Indemnification of Committee
	  	24
			
	 Section 9.
	  	 Funding
	  	24
			
	 Section 10.
	  	 Allocation of Responsibilities
	  	25
	   10.1
	  	 Board
	  	25

  

 ii 

					
	   10.2
	  	 Committee
	  	25
	   10.3
	  	 Plan Administrator
	  	26
			
	 Section 11.
	  	 Benefits Not Assignable; Facility of Payments
	  	26
	   11.1
	  	 Benefits Not Assignable
	  	26
	   11.2
	  	 Payments to Minors and Others
	  	26
			
	 Section 12.
	  	 Beneficiary
	  	27
			
	 Section 13.
	  	 Amendment and Termination of Plan
	  	27
			
	 Section 14.
	  	 Communication to Participants
	  	28
			
	 Section 15.
	  	 Claims Procedure
	  	29
	   15.1
	  	 Filing of a Claim for Benefits
	  	29
	   15.2
	  	 Notification to Claimant of Decision
	  	29
	   15.3
	  	 Procedure for Review
	  	30
	   15.4
	  	 Decision on Review
	  	30
	   15.5
	  	 Action by Authorized Representative of Claimant
	  	30
			
	 Section 16.
	  	 Parties to the Plan
	  	31
	   16.1
	  	 Single Plan
	  	31
	   16.2
	  	 Service; Allocation of Costs
	  	31
	   16.3
	  	 Committee
	  	31
	   16.4
	  	 Authority to Amend and Terminate
	  	31
			
	 Section 17.
	  	 Compliance with Section 16 of the Securities Exchange Act of 1934 and Rule 16b-3 Trading Restrictions
	  	31
			
	 Section 18.
	  	 Special Provisions Relating to Scott & Stringfellow, Inc. and Scott & Stringfellow Financial, Inc. Deferral Plan
	  	32
	   18.1
	  	 Payment of Benefits Upon Termination of Service
	  	32
	   18.2
	  	 Payment of Benefits After Age 70
	  	33
			
	 Section 19.
	  	 Miscellaneous Provisions
	  	34
	   19.1
	  	 Notices
	  	34
	   19.2
	  	 Lost Distributees
	  	34
	   19.3
	  	 Reliance on Data
	  	34
	   19.4
	  	 Receipt and Release for Payments
	  	35
	   19.5
	  	 Headings
	  	35
	   19.6
	  	 Continuation of Employment
	  	35
	   19.7
	  	 Construction
	  	35
	   19.8
	  	 Nonliability of Employer
	  	35
	   19.9
	  	 Severability
	  	35
	   19.10
	  	 Merger and Consolidation
	  	36
	   19.11    
	  	 Withholding Taxes
	  	36

  

 iii 

					
	 EXHIBIT A:
	  	 CREDITING RATE AS OF NOVEMBER 1, 2001
	  	A-1
			
	 EXHIBIT B:
	  	 DESIGNATED INCENTIVE COMPENSATION PLANS
	  	B- l
			
	 EXHIBIT C:
	  	 INVESTMENT FUNDS AS OF NOVEMBER 1, 2001
	  	C- l
			
	 EXHIBIT D:
	  	 ELIGIBLE EMPLOYEES ELIGIBLE TO PARTICIPATE IN THE PLAN AS OF NOVEMBER 1, 2001
	  	D-1
			
	 EXHIBIT E:
	  	 DETERMINATION OF INVESTMENT FUND CREDITS AS OF NOVEMBER 1, 2001
	  	F-1
			
	 EXHIBIT F:
	  	 EMPLOYER-PARTIES AS OF NOVEMBER 1, 2001
	  	F-1

  

 iv 

 BB&T CORPORATION 
 SUPPLEMENTAL DEFINED CONTRIBUTION PLAN 
 FOR HIGHLY COMPENSATED EMPLOYEES 
  

	 	Section	1. Establishment and Purpose: 

 1.1
Establishment of Plan: Effective as of January 1, 1998, BB&T Corporation (the “Company”) adopted the “BB&T Corporation Supplemental Defined Contribution Plan for Highly Compensated Employees” (the “Prior
Plan”) for the benefit of certain eligible highly compensated employees of the Company and participating Affiliates. The Prior Plan is hereby amended and restated, effective as of November 1, 2001, and shall be known as the
BB&T CORPORATION SUPPLEMENTAL DEFINED CONTRIBUTION PLAN FOR HIGHLY COMPENSATED EMPLOYEES (the “Plan”). All benefits from the Plan shall be payable solely from the general assets of the Company and participating Affiliates.
The Plan is comprised of both an “excess benefit plan” within the meaning of Section 3(36) of ERISA and an unfunded plan maintained for the purposes of providing deferred compensation to a “select group of highly compensated
employees” within the meaning of Sections 201(2), 301(a)(3) and 401(a)(l) of ERISA. The Plan, therefore, is intended to be exempt from the participation, vesting, funding, and fiduciary requirements of Title I of ERISA. 
 1.2 Purpose of Plan: The primary purpose of the Plan is to supplement the benefits payable to certain participants under the qualified BB&T
Corporation 401(k) Savings Plan to the extent that such benefits are curtailed by the application of certain limits imposed by the Code. The Plan is also intended to provide certain participants in the Company’s executive incentive compensation
plans with an effective means of deferring on a pre-tax basis a portion of the payments they are entitled to receive under such plans. 

 1.3 Application of Plan: The terms of this Plan are applicable only to Participants who are in the
Service of the Company or a participating Affiliate on or after November 1,2001. 
 Section 2. Definitions and
Construction: 
 Wherever appropriate, words used in the Plan in the singular may include the plural, or the plural may be read as the
singular. References to one gender shall include the other. A capitalized term used, but not defined in the Plan, shall have the same meaning given in Section 1 of the Savings Plan, depending on the context in which the term is used. Whenever
used in this Plan, including Section 1 and this Section 2, the following capitalized terms shall have the meaning set forth below (unless otherwise indicated by the context) rather than any definition provided under the Savings Plan:

 2.1 “Account” means the aggregate of the unfunded, separate bookkeeping accounts established and maintained with respect
to each Participant pursuant to the provisions of Section 7. The separate bookkeeping accounts that may be established and maintained with respect to the Account shall include the following: 
 2.1.1 “Discretionary Account” means the separate bookkeeping account to be kept for each Participant to which Company
Discretionary Credits shall be credited. 
 2.1.2 “Incentive Compensation Account” means the separate
bookkeeping account to be kept for each Participant to which Incentive Compensation Credits under any designated Incentive Compensation Plan shall be credited. 
 2.1.3 “Prior Plan Account” means the separate bookkeeping account to be kept for each Participant to reflect that portion
of the Account (if any) attributable to an account maintained by an Employer on behalf of a Participant pursuant to any other unfunded nonqualified plan or contract of deferred compensation which was transferred to this Plan at the direction of the
Committee. 
  

 2 

 2.1.4 “Profit Sharing Account” means the separate bookkeeping account to
be kept for each Former S&S Participant (as defined in Section 18) which is attributable to the profit sharing credits made on behalf of the Former S&S Participant pursuant to the S&S Plan (as defined in Section 18).

 2.1.5 “Salary Reduction Account” means the separate bookkeeping account to be kept for each Participant to
which Salary Reduction Credits shall be credited. 
 Separate sub-accounts shall be established and maintained with respect to each separate
bookkeeping account, which sub-accounts shall include a “Fixed Rate Account” and one or more “Investment Fund Accounts.” The Fixed Rate Account and the Investment Fund Accounts shall be adjusted in the manner provided in
Section 7. 
 2.2 “Accrued Benefit” means with respect to each Participant the balance credited to his Account as of
the applicable Adjustment Date following adjustment thereof as provided in Section 7. 
 2.3 “Adjustment Date” means each
day securities are traded on the New York Stock Exchange, except regularly scheduled holidays of Branch Banking and Trust Company, a North Carolina corporation with its principal office at Winston-Salem, North Carolina. 
 2.4 “Affiliate” means any corporation which, with the Company, is a member of a controlled group of employers as defined in
Section 414(b) of the Code. 
 2.5 “Beneficiary” means the person, persons or entity designated or determined pursuant
to the provisions of Section 12 of the Plan to receive the balance of the Participant’s Account under this Plan, if any, after his death. 
 2.6 “Board” means the Board of Directors of the Company. 
 2.7 “Code” means the Internal Revenue
Code of 1986, as amended, and rules and regulations issued thereunder. 
  

 3 

 2.8 “Committee” means the Administrative Committee provided for in Section 8.

 2.9 “Company” means BB&T Corporation, a North Carolina corporation with its principal office at Winston-Salem, North
Carolina, or any successor thereto by merger, consolidation or otherwise. 
 2.10 “Company Discretionary Credits” means the
amounts credited to the Participant’s Discretionary Account by the Committee pursuant to the provisions of Section 3.2. 
 2.11
“Covered Compensation” means the wages within the meaning of Section 3401 (a) of the Code and all other payments of compensation to the Participant by the Employer (in the course of the Employer’s trade or business) for
which the Employer is required to furnish the Participant a written statement (as currently reportable on Form W-2) under Sections 6041(d); 6051(a)(3) and 6052 of the Code, but determined without regard to any rules that limit the remuneration
included in wages based on the nature or location of the employment or the services performed, subject to the following adjustments: 
 (a) There shall be excluded amounts paid or reimbursed by the Employer for moving expenses incurred by the Participant to the extent that at the time of payment it is reasonable to believe that these amounts are deductible by the
Participant under Section 217 of the Code; 
 (b) There shall be excluded any fringe benefits or welfare benefits;

 (c) There shall be included any amounts contributed by the Participant to an employee benefit plan maintained by the
Employer pursuant to a salary reduction agreement which are not includible in the gross income of the Participant under Sections 125, 132(f)(4), 402(e)(3), 402(h) or 403 (b) of the Code; 
 (d) There shall be included any compensation deferred pursuant to Sections 3.1 and 3.3 of this Plan; and 
  

 4 

 (e) There shall be included amounts in excess of the limitation described in
Section 401(a)(17) of the Code. 
 2.12 “Crediting Rate” means the rate in effect as of the first day of each Plan Year
and utilized throughout the entire Plan Year in crediting interest to the balance in the Fixed Rate Accounts of each Participant. The Crediting Rate shall be determined in the manner described in Exhibit A attached hereto, as the same may be amended
from time to time by the Committee. Prior to the beginning of each Plan Year, the Committee shall notify the Participants in writing of the Crediting Rate for such Plan Year. 
 2.13 “Deferral Election Form” means the election form executed by the Participant pursuant to the provisions of Section 3.3 of the
Plan. 
 2.14 “Effective Date” means November 1, 2001. 
 2.15 “Eligible Employee” means each Employee who is determined by the Committee to be a highly compensated employee and who is selected
by the Committee to participate in the Plan. In no event may an Employee whose annual compensation is less than the dollar amount specified in Code § 414(q)(l)(B)(i) be considered highly compensated for purposes of the Plan. An Employee shall
cease to be an Eligible Employee immediately upon the first to occur of the following: (i) the Employee’s termination of Service; (ii) determination by the Committee that the Employee is no longer a highly compensated employee; or
(iii) determination by the Committee in its sole discretion that the Employee shall no longer be eligible to participate in the Plan. See Section 2.24 with respect to provisions governing participation in the Plan by an Eligible Employee.

 2.16 “Employee” means an individual in the Service of the Employer if the relationship between him and the Employer is
the legal relationship of employer and employee. 
  

 5 

 2.17 “Employer” means the Company and participating Affiliates. See Section 16 for
special provisions concerning participating Affiliates. 
 2.18 “Entry Date” means the Effective Date and thereafter
January 1 of each Plan Year. Under special circumstances, such as the acquisition of an Affiliate, the Committee may designate a date other than January 1 of a Plan Year as an Entry Date. 
 2.19 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended (including amendments of the Code affected thereby)
and rules and regulations issued thereunder. 
 2.20 “Incentive Compensation Credits” means the amounts credited to the
Participant’s Incentive Compensation Account by the Committee pursuant to the provisions of Section 3.3. 
 2.21 “Incentive
Compensation Plan” means any executive incentive compensation plan maintained by the Company, as designated by the Committee on Exhibit B attached hereto as the same may be amended from time to time, under which a Participant is entitled to
receive an annual or long-term cash award based on the satisfaction of pre-established, objective performance goals. 
 2.22
“Investment Funds” means the mutual funds described in Exhibit C attached hereto, as the same may be amended from time to time by the Committee. Prior to the beginning of each Plan Year, the Committee shall notify the Participants in
writing of the Investment Funds for such Plan Year. Each mutual fund described in Exhibit C is sometimes referred to herein as “Investment Fund.” 
 2.23 “Investment Fund Credit” means, with respect to each Investment Fund, a bookkeeping unit used for the purpose of crediting deemed shares of the Investment Fund to 

  

 6 

 
the corresponding Investment Fund Account of each Participant. Each Investment Fund Credit shall be equal to one share of the Investment Fund. The value of
each Investment Fund Credit shall be equivalent to the net value of a share of the Investment Fund as of the applicable Adjustment Date. 
 2.24 “Participant” means with respect to any Plan Year an Eligible Employee who has entered the Plan and any former Employee who has an Accrued Benefit remaining under the Plan. An Eligible Employee or former Employee on
the Effective Date who was a participant in the Prior Plan immediately preceding the Effective Date shall be a Participant in this Plan on the Effective Date. An Eligible Employee who has not otherwise entered the Plan shall enter the Plan and
become a Participant as of the Entry Date determined by the Committee; provided, that an Eligible Employee shall not become a Participant in this Plan unless (i) the contributions to his Salary Reduction Contribution (Before-Tax) Account, his
Employer Basic Matching Contribution Account and his Employer Supplemental Matching Contribution Account under the Savings Plan are less than such contributions would otherwise be under the Savings Plan if such plan did not observe the limitations
described in Sections 401(a)(17), 401(k), 402(g) and 415 of the Code, or if such Plan included deferrals under Sections 3.1 and 3.3 of this Plan in its definition of Compensation; or (ii) he is eligible to participate in any Incentive
Compensation Plan. A Participant shall cease to be a Participant as of the date he ceases to be an Eligible Employee or ceases to be a participant in the Savings Plan and any Incentive Compensation Plan. A Participant who separates from Service with
the Employer and who later returns to Service will not be eligible to reenter this Plan and become a Participant except upon satisfaction of such terms and conditions as the Committee shall establish following the Participant’s return to
Service, whether or not the Participant shall have an Accrued Benefit remaining under the Plan 

  

 7 

 
on the date of his return to Service. The Eligible Employees eligible to participate in the Plan are designated on Exhibit D attached hereto, as it may be
amended from time to time by the Committee. 
 2.25 “Plan” means the unfunded, non-qualified deferred compensation plan as
herein set out or as duly amended. 
 2.26 “Plan Year” means the 12-calendar-month period ending on December 31 of each
year. 
 2.27 “Prior Plan” means the BB&T Corporation Supplemental Defined Contribution Plan for Highly Compensated
Employees as in effect prior to November 1, 2001. 
 2.28 “Salary Reduction Election Form” means the election form
executed by the Participant pursuant to the provisions of Section 3.1 of the Plan. 
 2.29 “Salary Reduction Credits”
means the amounts credited to the Participant’s Salary Reduction Account by the Committee pursuant to the provisions of Section 3.1 of the Plan. 
 2.30 “Savings Plan” means the BB&T Corporation 401(k) Savings Plan (as amended and restated as of January 1, 2000), as it may be amended from time to time. 
 2.31 “Service” means employment by the Employer as an Employee. 
 2.32 “Spouse” or “Surviving Spouse” means, except as otherwise provided in the Plan, the legally married or surviving
spouse of a Participant. 
  

 8 

 Section 3. Credits to Account: 
 3.1 Salary Reduction Credits: 
 3.1.1 Amount of Salary Reduction Credits: 
 (a) Each Participant who is a participant in the Savings Plan may elect,
by executing a Salary Reduction Election Form, to reduce on a pre-tax basis his Covered Compensation from the Employer for any Plan Year by an amount equal to the difference between (1) and (2), where: 
 (1) is a whole percentage of Covered Compensation equal to the same contribution percentage elected by the Participant under
Section 2.1 of the Savings Plan (as such Section may be hereafter amended); and 
 (2) is an amount equal to the maximum
Salary Reduction Contributions that has been, or will be, made to the Participant’s Salary Reduction Contribution (Before-Tax) Account under the Savings Plan (determined with respect to all Savings Plan provisions, and the limitations described
in Sections 401(a)(17), 401 (k), 401(m), 402(g) and 415 of the Code) for such Plan Year. 
 (b) An amount equal to the
Participant’s Salary Reduction Credits shall be credited by the Committee to the Salary Reduction Account maintained for the Participant pursuant to Section 7. 
 3.1.2 Time for Crediting Salary Reduction Credits: The amount of Salary Reduction Credits to be credited to the Salary Reduction Account
of a Participant shall be credited to the Participant’s Salary Reduction Account at the same time and in the same manner as Salary Reduction Contributions are credited to the Participant’s Salary Reduction Contribution (Before-Tax) Account
under the Savings Plan. 
 3.1.3 Administrative Rules Governing Salary Reduction Elections: A salary reduction election
pursuant to Section 3.1.1 shall be made by the Participant by executing and delivering to the Committee a Salary Reduction Election Form in accordance with such rules and procedures as are adopted by the Committee from time to time. The Salary
Reduction Election Form must be received by the Committee prior to the beginning of each Plan Year (or the date the Participant is first eligible to participate in the Savings Plan, if he becomes so eligible during the Plan Year) and shall be
irrevocable for the Plan Year (or remainder of the Plan Year), if applicable. 
  

 9 

 3.2 Company Discretionary Credits: 
 3.2.1 Amount of Company Discretionary Credits: At the discretion of the Company and pursuant to the directions of the Company, the
Committee shall credit to the Discretionary Account of a Participant a Company Discretionary Credit, which shall be an amount determined by the Company. The determination of which Participant or Participants shall be credited with a Company
Discretionary Credit and the amount of such credit shall be determined solely by the Company. 
 3.2.2 Time for Crediting
Company Discretionary Credits: The amount of Company Discretionary Credits to be credited to the Discretionary Account of the Participant shall be credited by the Committee to the Participant’s Discretionary Account at such time or times as the
Committee so designates. 
 3.3 Incentive Compensation Credits: 
 3.3.1 Amount of Incentive Compensation Credits: Each Participant who is a participant in any Incentive Compensation Plan may elect, by
executing a Deferral Election Form, to defer, on a pretax basis, an amount equal to either 10%, 20%, 30%, 40%, 50%, 60%, 70%, 80%, 90%, or 100% of the benefit otherwise payable to him under such Incentive Compensation Plan. An amount equal to the
amount deferred shall be credited by the Committee as an Incentive Compensation Credit to the Incentive Compensation Account of the Participant. 
 3.3.2 Time for Crediting Incentive Compensation Credits: The amount of Incentive Compensation Credits to be credited to the Incentive Compensation Account of the Participant shall be credited by the Committee to the
Participant’s Incentive Compensation Account as of that date certain which the benefits payable under the Incentive Compensation Plan would have otherwise been paid to the Participant. 
 3.3.3 Administrative Rules Governing Incentive Compensation Credits: An election by the Participant to defer benefits earned under an
Incentive Compensation Plan pursuant to Section 3.3.1 shall be made on a Deferral Election Form at a time determined by the Committee and shall be irrevocable when made. In establishing the time of election, the Committee shall select a date
that will not result in the constructive receipt of income to a Participant who elects to defer benefits earned under the Incentive Compensation Plan. 
  

 10 

 Section 4. Vesting: 
 The interest of a Participant in his Salary Reduction Account, Discretionary Account, Incentive Compensation Account and Prior Plan Account shall be fully
vested (i.e., nonforfeitable) at all times. 
 Section 5. Payment of Benefits: 
 5.1 Distribution: Except as otherwise provided in Section 6, the vested Accrued Benefit of a Participant shall be distributed to or with
respect to a Participant only upon termination of the Participant’s Service with the Employer (including all Affiliates thereof). Payment of benefits on account of a non-death termination of Service shall be made in accordance with
Section 5.2. Payment of benefits on account of the death of the Participant shall be made in accordance with Section 5.3. 
 5.2
Payment of Benefits for Reasons Other Than Death: 
 5.2.1 Form of Distribution: Subject to the provisions of
Section 17, the vested Accrued Benefit of a Participant who has terminated Service for any reason other than death shall be paid to the Participant or applied for his benefit under one of the following options, as elected by the Participant:

 (1) Term Certain Option: Payment of his vested Accrued Benefit to him in monthly installments over a term certain not to
exceed 180 months. If the term certain selected by the Participant pursuant to this Section 5.2.1 would result in payments of less than $100.00 per month, payments shall be made at the rate of $100.00 per month until the Participant’s
vested Accrued Benefit is paid in full. 
 (2) Lump Sum Option: Payment of his vested Accrued Benefit to him in a lump sum.

 The election of the form of distribution (the “Form Election”) shall be made by the Participant on a form approved by the
Committee and filed with the Committee as provided in Section 5.2.3. If the Participant fails to elect a distribution option, his vested Accrued Benefit shall be paid to him under the Lump Sum Option. The amount of a Participant’s vested
Accrued Benefit for purposes of any distribution made pursuant to this Section 5 shall be determined as of the Adjustment Date such distribution is actually processed by the Committee or its designee. 
  

 11 

 5.2.2 Commencement and Timing of Distribution: Except as otherwise provided in
Section 6 and subject to the provisions of Section 17, no benefit payments will be made to the Participant from the Plan under this Section 5.2 until the Service of the Participant is terminated. Payment of his vested Accrued Benefit
shall commence within one of the following periods, as elected by the Participant: 
  

			
	 Option (1)
	 	          Distribution shall commence within the 60-day
period next following the date the Service of the Participant terminates.
  

	 Option (2)
	 	          Distribution shall commence within the period
beginning on the first day of January of the Plan Year which next follows the Plan Year in which the Service of the Participant terminated and ending on the last day of February of such Plan Year.
  

	 Option (3)
	 	          Distribution shall commence within the 60-day
period next following the date the Participant attains age 65.
  

	 Option (4)
	 	          Distribution shall commence within the period beginning on the first day of January
of the Plan Year which next follows the Plan Year in which the Participant attains age 65 and ending on the last day of February of such Plan Year.

 The election of the date as of which distribution shall commence (the “Timing Election”)
shall be made on a form approved by the Committee and filed with the Committee as provided in Section 5.2.3. If the Participant fails to elect one of these options, Option (1) will be deemed to have been elected by the Participant.

 5.2.3 Timing of Election: The Form Election and Timing Election shall be made by the Participant on or before the Entry
Date the Participant enters the Plan. The Participant’s election may be revoked at any time by the Participant during the “Election Period.” The Election Period begins as of the Entry Date the Participant enters the Plan and ends on
the earlier to occur of (i) the date the Participant terminates Service; or (ii) the date which precedes the date payment of his benefit is to commence by twelve (12) calendar months. The Form Election and Timing Election in effect as
of the close of the Election Period shall be irrevocable. 
 5.2.4 Medium of Distribution: Distributions from the Plan shall
be made in cash. 
  

 12 

 5.2.5 Installment Payments: If the Participant’s vested Accrued Benefit is to be
distributed in installments pursuant to the Term Certain Option, the amount of each monthly installment shall initially be equal to the value of the Account as of the date benefit payments are to commence multiplied by a fraction, the numerator of
which shall be one and the denominator of which shall be the total number of installments to be paid. As of each February 1 (the “Annual Valuation Date”), the amount of the monthly installment payment shall be adjusted so that for the
twelve consecutive month period beginning on such Annual Valuation Date the amount of each monthly installment payment shall be equal to the value of the Account on such Annual Valuation Date multiplied by a fraction, the numerator of which shall be
one and the denominator of which shall be the number of installments remaining to be paid. The Account shall continue to be adjusted as provided in Section 7 until the entire balance credited to the Account has been paid. 
 5.3 Payment of Death Benefit: On the death of a Participant, his vested Accrued Benefit shall be paid to his Beneficiary in accordance with the
following special provisions: 
 5.3.1 Death Before Payments Begin: If the Participant dies before payment of his vested
Accrued Benefit begins under Section 5.2, payment of his vested Accrued Benefit to his Beneficiary shall commence as soon as practicable following the date of the Participant’s death but in no event earlier than the sixtieth day next
following the date of the Participant’s death. The amount of the Participant’s vested Accrued Benefit for purposes of any distribution made pursuant to this Section 5.3.1 shall be determined as of the Adjustment Date such distribution
is actually processed by the Committee or its designee. The vested Accrued Benefit of the Participant shall be paid to the Beneficiary in cash under the Lump Sum Option described in Section 5.2.1(2). 
 5.3.2 Death After Payments Begin: If the Participant dies on or after payment of his vested Accrued Benefit commences under
Section 5.2, the remaining payments (if any) that would have been made to the Participant had he not died shall be made to the Participant’s Beneficiary in the same manner as they would have been paid to the Participant had he lived.

 5.3.3 Rules: Subject to the provisions of Section 17, the Committee may from time to time adopt additional policies or
rules governing the manner in which distributions will be made from the Plan so that the Plan may be conveniently administered. 
  

 13 

 Section 6. Unforeseeable Emergency Payments: 
 6.1 Conditions for Request: Subject to the provisions of Section 17, a Participant may, at any time prior to his termination of Service, make
application to the Committee to receive a cash payment in a lump sum of all or a portion of the total amount credited to his Account (excluding for this purpose his Profit Sharing Account, if any) by reason of an unforeseeable emergency. The amount
of a payment on account of an unforeseeable emergency shall not exceed the amount required to meet the financial hardship created by the unforeseeable emergency and not otherwise reasonably available from other resources of the Participant
(including all amounts that may be withdrawn from the Savings Plan). An unforeseeable emergency is a severe financial hardship to the Participant resulting from a sudden and unexpected illness or accident of the Participant or of a dependent of the
Participant, loss of a Participant’s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant. The determination of whether an unforeseeable
emergency exists within the scope of this Section 6.1 shall be made by the Committee in its sole and absolute discretion, and its decision to grant or deny a payment on account of an unforeseeable emergency shall be final. The Committee shall
apply uniform and nondiscriminatory standards in making its decision. 
 6.2 Written Request: The Participant’s request for a
payment on account of an unforeseeable emergency must be made in writing to the Committee. The request must specify the nature of the financial hardship, the total amount to be paid from his Account, and the total amount of the actual expense
incurred or to be incurred on account of hardship. 
 6.3 Processing of Request: If a payment under this Section 6 is approved,
such payment shall be made as soon thereafter as practicable. The processing of the request shall 

  

 14 

 
be completed as soon as practicable from the date on which the Committee receives the properly completed written request for a payment on account of an
unforeseeable emergency. If a Participant terminates Service after a request is approved in accordance with this Section 6 but prior to payment of the full amount approved, the approval of his request shall be automatically void and the
benefits he is entitled to receive under the Plan shall be paid in accordance with the applicable payment provisions of the Plan. Only one payment because of an unforeseeable emergency shall be made within any Plan Year. A hardship withdrawal made
under this Section 6 shall be charged to the separate bookkeeping accounts which are available for a hardship withdrawal in the following order: (i) Incentive Compensation Account; (ii) Salary Reduction Account; (iii) Prior Plan
Account; and (iv) Discretionary Account. Subject to the provisions of Section 17, with respect to each such separate bookkeeping account, such hardship withdrawal shall be charged to the Fixed Rate Account and the Investment Fund Accounts
with respect to such separate bookkeeping account on a pro rata basis. 
 6.4 Rules: Subject to the provisions of Section 17, the
Committee may from time to time adopt additional policies or rules governing the manner in which such payments because of an unforeseeable emergency may be made so that the Plan may be conveniently administered. 
 Section 7. Deemed Investments and Adjustment of Accounts: 
 The Committee shall establish and maintain in behalf of each Participant the following four separate bookkeeping accounts with respect to his Account:
(1) Salary Reduction Account; (2) Discretionary Account; (3) Incentive Compensation Account; (4) Prior Plan Account; and (5) Profit Sharing Account. The Committee shall also establish and maintain with respect to each
separate bookkeeping account a sub-account entitled the “Fixed Rate Account.” 

  

 15 

 
If the Participant elects to have all or a portion of the amount credited to each separate bookkeeping account deemed invested in one or more of the
Investment Funds as provided in Section 7.1, the Committee shall establish a sub-account entitled “Investment Fund Account” with respect to the amount deemed invested in each Investment Fund. 
 7.1 Deemed Investment of Accounts in Investment Funds: In accordance with procedures adopted by the Committee, a Participant may elect to have all
or a portion (in whole percentages of 1%) of the amount credited to each separate bookkeeping account deemed invested in one or more of the Investment Funds. An election to invest in the Investment Funds shall be made by the Participant in
accordance with such rules and procedures as are adopted by the Committee from time to time. Subject to the provisions of Section 7.2, any amounts credited to each separate bookkeeping account of the Participant which are not deemed to be
invested in the Investment Funds shall be credited to the Fixed Rate Account (which functions as a sub- account of the applicable separate bookkeeping account) and shall be credited with earnings as described in Section 7.3. Unless modified or
revoked by the Participant, an election to invest in the Investment Funds shall continue in effect until such time as the distribution of the Participant’s vested Accrued Benefit is processed by the Committee or its designee in accordance with
the provisions of Section 5. A Participant unilaterally may modify or revoke his election as of any Adjustment Date by providing advance notice to the Committee in accordance with such rules and procedures as are adopted by the Committee from
time to time. Any amount the Participant has elected to be deemed invested in an Investment Fund shall be converted into Investment Fund Credits with respect to that Investment Fund in the manner and as of the Adjustment Date described in Exhibit E
attached hereto, as the same may be amended from time to time by the Committee. The value of any Investment Fund Credits the Participant has elected 

  

 16 

 
to be deemed sold from an Investment Fund Account and credited to another Investment Fund Account or his Fixed Rate Account shall be determined in the manner
and as of the Adjustment Date described in Exhibit E attached hereto, as the same may be amended from time to time by the Committee. All deemed dividends, capital gains or other income distributions payable with respect to the Investment Fund
Credits allocated to an Investment Fund Account shall be converted into Investment Fund Credits with respect to that Investment Fund in the manner and as of the Adjustment Date described in Exhibit E attached hereto, as the same may be amended from
time to time by the Committee. In the event the Committee shall change the manner in which amounts are to be converted to Investment Fund Credits or the manner in which Investment Fund Credits are to be deemed sold, it shall communicate such change
to Participants in writing in advance of the date such change is to be effective. Fractional shares shall be accounted for as such. The Investment Fund Accounts shall be adjusted as provided in Section 7.4. 
 7.2 Adjustment of Fixed Rate Account: Except as provided in Section 7.3 with respect to the adjustment of the Investment Fund Accounts, as of
the close of business of the Company on each Adjustment Date, each Fixed Rate Account with respect to each separate bookkeeping account shall be adjusted as follows: 
 7.2.1 Salary Reduction Fixed Rate Account: The Fixed Rate Account (which account functions as a sub-account of the Salary Reduction
Account) of each Participant shall be adjusted in this order: 
 (1) There shall be debited (i) the total amount of any
payments deemed made from such account since the next preceding Adjustment Date, and (ii) the total amount deemed applied since the next preceding Adjustment Date to the deemed purchase of Investment Fund Credits for the Investment Fund
Accounts of the Participant (which accounts function as sub-accounts of the Salary Reduction Account). 
  

 17 

 (2) There shall be credited the total amount of any Salary Reduction Credits made to such
account with respect to the Participant since the last preceding Adjustment Date. 
 (3) There shall be credited cash proceeds
from the deemed sale of any Investment Fund Credits then allocated to the Investment Fund Accounts of the Participant which the Participant has elected to be credited to his Fixed Rate Account. 
 (4) There shall be credited an amount equal to the product of (A) and (B), where (A) is the balance credited to the Fixed Rate
Account (which account functions as a sub-account of the Salary Reduction Account) as of such Adjustment Date (after adjustment for any distributions as of such Adjustment Date but prior to adjustment for credits as of such date), and (B) is
the Crediting Rate. 
 7.2.2 Discretionary Fixed Rate Account: The Fixed Rate Account (which account functions as a
sub-account of the Discretionary Account) of each Participant shall be adjusted in this order: 
 (1) There shall be debited
(i) the total amount of any payments deemed made from such account since the next preceding Adjustment Date, and (ii) the total amount applied since the next preceding Adjustment Date to the deemed purchase of Investment Fund Credits for
the Investment Fund Accounts of the Participant (which accounts function as sub-accounts of the Discretionary Account). 
 (2)
There shall be credited the total amount of any Company Discretionary Credits made to such account with respect to the Participant since the last preceding Adjustment Date. 
 (3) There shall be credited cash proceeds from the deemed sale of any Investment Fund Credits then allocated to the Investment Fund
Accounts of the Participant which the Participant has elected to be credited to his Fixed Rate Account. 
 (4) There shall be
credited an amount equal to the product of (A) and (B), where (A) is the balance credited to the Fixed Rate Account (which account functions as a sub-account of the Discretionary Account) as of such Adjustment Date (after adjustment for
any distributions as of such adjustment date but prior to adjustment for credits as of such date), and (B) is the Crediting Rate. 
 7.2.3 Incentive Compensation Fixed Rate Account: The Fixed Rate Account (which account functions as a sub-account of the Incentive Compensation Account) of each Participant shall be adjusted in this order: 

(1) There, shall be debited (i) the total amount of any payments deemed made from such account since the next preceding Adjustment
Date and (ii) the total amount deemed applied since the next preceding Adjustment Date to the purchase of Investment Fund Credits for the Investment Fund Accounts of the Participant (which accounts function as sub-accounts of the Incentive
Compensation Account). 
  

 18 

 (2) There shall be credited the total amount of any Incentive Compensation Credits made
to such account with respect to the Participant since the last preceding Adjustment Date. 
 (3) There shall be credited cash
proceeds from the deemed sale of any Investment Fund Credits then allocated to the Investment Fund Accounts of the Participant which the Participant has elected to be credited to his Fixed Rate Account. 
 (4) There shall be credited an amount equal to the product of (A) and (B), where (A) is the balance credited to the Fixed Rate
Account (which account functions as a sub-account of the Incentive Compensation Account) as of such Adjustment Date (after adjustment for any distributions as of such adjustment date but prior to adjustment for credits as of such date), and
(B) is the Crediting Rate. 
 7.2.4 Prior Plan Fixed Rate Account: The Fixed Rate Account (which account functions as a
sub-account of the Prior Plan Account) of each Participant shall be adjusted in this order: 
 (1) There shall be debited
(i) the total amount of any payments deemed made from such account since the next preceding Adjustment Date and (ii) the total amount deemed applied since the next preceding Adjustment Date to the purchase of Investment Fund Credits for
the Investment Fund Accounts of the Participant (which accounts function as sub-accounts of the Prior Plan Account). 
 (2)
There shall be credited the total amount of any Prior Plan Account Credits made to such account with respect to the Participant since the last preceding Adjustment Date. 
 (3) There shall be credited cash proceeds from the deemed sale of any Investment Fund Credits then allocated to the Investment Fund
Accounts of the Participant which the Participant has elected to be credited to his Fixed Rate Account. 
 (4) There shall be
credited an amount equal to the product of (A) and (B), where (A) is the balance credited to the Fixed Rate Account (which account functions as a sub-account of the Prior Plan Account) as of 

  

 19 

 
such Adjustment Date (after adjustment for any distributions as of such adjustment date but prior to adjustment for credits as of such date), and (B) is
the Crediting Rate. 
 7.2.5 Profit Sharing Fixed Rate Account: The Fixed Rate Account (which account functions as a
sub-account of the Profit Sharing Account) of each Participant shall be adjusted in this order: 
 (1) There shall be debited
(i) the total amount of any payments deemed made from such account since the next preceding Adjustment Date and (ii) the total amount deemed applied since the next preceding Adjustment Date to the purchase of Investment Fund Credits for
the Investment Fund Accounts of the Participant (which accounts function as sub-accounts of the Profit Sharing Account). 
 (2) There shall be credited the total amount of any Profit Sharing Account Credits made to such account with respect to the Participant since the last preceding Adjustment Date. 
 (3) There shall be credited cash proceeds from the deemed sale of any Investment Fund Credits then allocated to the Investment Fund
Accounts of the Participant which the Participant has elected to be credited to his Fixed Rate Account. 
 (4) There shall be
credited an amount equal to the product of (A) and (B), where (A) is the balance credited to the Fixed Rate Account (which account functions as a sub-account of the Profit Sharing Account) as of such Adjustment Date (after adjustment for
any distributions as of such adjustment date but prior to adjustment for credits as of such date), and (B) is the Crediting Rate. 
 7.3 Adjustment of Investment Fund Accounts: The provisions of this Section 7.3 shall apply separately to each Investment Fund Account of the Participant. As of the close of business of the Company on each Adjustment Date, the
number of Investment Fund Credits allocated to the Investment Fund Account of each Participant with respect to each separate bookkeeping account shall be adjusted in the following order: 
 7.3.1 There shall be debited any Investment Fund Credits deemed sold from the Investment Fund Account since the next preceding Adjustment
Date. 
 7.3.2 There shall be credited (i) any shares of the Investment Fund deemed purchased with amounts converted into
Investment Fund Credits, and 

  

 20 

 
(ii) any additional shares of Investment Fund Credits deemed purchased as a result of any deemed dividends, capital gains or other income distributions
payable since the next preceding Adjustment Date with respect to Investment Fund Credits allocated to the Participant’s Investment Fund Account. 
 7.4 Rules: Subject to the provisions of Section 17, the Committee may establish any rules or regulations necessary to implement the provisions of this Section 7. 
 Section 8. Administration by Committee: 
 8.1 Membership of Committee: The Committee shall consist of not less than three nor more than seven individuals who shall be appointed by the Board to serve at the pleasure of the Board. Any member of the
Committee may resign, and his successor, if any, shall be appointed by the Board. The Committee shall be responsible for the general administration and interpretation of the Plan and for carrying out its provisions, except to the extent all or any
of such obligations are specifically imposed on the Board. 
 8.2 Committee Officers; Subcommittee: The members of the Committee shall
elect a Chairman and may elect an acting Chairman. They shall also elect a Secretary and may elect an acting Secretary, either of whom may be but need not be a member of the Committee. The Committee may appoint from its membership such subcommittees
with such powers as the Committee shall determine, and may authorize one or more of its members or any agent to execute or deliver any instruments or to make any payment in behalf of the Committee. The Chairman of the Committee shall constitute the
Plan Administrator and shall be agent for service of legal process on the Plan. In addition, notwithstanding any provision herein, any subcommittee established by the Committee or any Board committee or subcommittee may be granted such authority,
and be comprised of such members, as is necessary to comply with the conditions imposed by Rule 16b-3, promulgated under Section 16 of the Securities Exchange Act of 1934, as amended (the “1934 Act”). 
  

 21 

 8.3 Committee Meetings: The Committee shall hold such meetings upon such notice, at such places
and at such intervals as it may from time to time determine. Notice of meetings shall not be required if notice is waived in writing by all the members of the Committee at the time in office, or if all such members are present at the meeting.

 8.4 Transaction of Business: A majority of the members of the Committee at the time in office shall constitute a quorum for the
transaction of business. All resolutions or other actions taken by the Committee at any meeting shall be by vote of a majority of those present at any such meeting and entitled to vote. Resolutions may be adopted or other action taken without a
meeting upon written consent thereto signed by all of the members of the Committee. 
 8.5 Committee Records: The Committee shall
maintain full and complete records of its deliberations and decisions. The minutes of its proceedings shall be conclusive proof of the facts of the operation of the Plan. The records of the Committee shall contain all relevant data pertaining to
individual Participants and their rights under the Plan. 
 8.6 Establishment of Rules: Subject to the limitations of the Plan, the
Committee may from time to time establish rules or by-laws for the administration of the Plan and the transaction of its business. 
 8.7
Conflicts of Interest: No individual member of the Committee shall have any right to vote or decide upon any matter relating solely to himself or to any of his rights or benefits under the Plan (except that such member may sign unanimous written
consent to resolutions adopted or other action taken without a meeting). 
  

 22 

 8.8 Correction of Errors: The Committee may correct errors and, so far as practicable, may adjust
any benefit or credit or payment accordingly. The Committee may in its discretion waive any notice requirements in the Plan; provided, that a waiver of notice in one or more cases shall not be deemed to constitute a waiver of notice in any other
case. With respect to any power or authority which the Committee has discretion to exercise under the Plan, such discretion shall be exercised in a nondiscriminatory manner. 
 8.9 Authority to Interpret Plan: Subject to the claims procedure set forth in Section 15, the Committee and the Plan Administrator shall have
the duty and discretionary authority to interpret and construe the provisions of the Plan and decide any dispute which may arise regarding the rights of Participants hereunder, including the discretionary authority to interpret the Plan and to make
determinations as to eligibility for participation and benefits under the Plan. Interpretations and determinations by the Committee and the Plan Administrator shall apply uniformly to all persons similarly situated and shall be binding and
conclusive on all interested persons. Such interpretations and determinations shall only be set aside if the Committee and the Plan Administrator are found to have acted arbitrarily and capriciously in interpreting and construing the provisions of
the Plan. 
 8.10 Third Party Advisors: The Committee may engage an attorney, accountant or any other technical advisor on matters
regarding the operation of the Plan and to perform such other duties as shall be required in connection therewith, and may employ such clerical and related personnel as the Committee shall deem requisite or desirable in carrying out the provisions
of the Plan. 
 8.11 Compensation of Members: No fee or compensation shall be paid to any member of the Committee for his service as
such. 
  

 23 

 8.12 Committee Expenses: The Committee shall be entitled to reimbursement by the- Company for its
reasonable expenses properly and actually incurred in the performance of its duties in the administration of the Plan. 
 8.13
Indemnification of Committee: No member of the Committee shall be personally liable by reason of any contract or other instrument executed by him or on his behalf as a member of the Committee nor for any mistake of judgment made in good faith,
and the Company shall indemnify and hold harmless, directly from its own assets (including the proceeds of any insurance policy the premiums for which are paid from the Company’s own assets), each member of the Committee and each other officer,
Employee, or director of the Company to whom any duty or power relating to the administration or interpretation of the Plan may be delegated or allocated, against any unreimbursed or uninsured cost or expense (including any sum paid in settlement of
a claim with the prior written approval of the Board) arising out of any act or omission to act in connection with the Plan unless arising out of such person’s own fraud, bad faith, willful misconduct or gross negligence. 
 Section 9. Funding: 
 The Plan is intended to be both an excess benefit plan and an unfunded plan of deferred compensation maintained for a select group of highly compensated employees. The obligation of the Employer to make payments hereunder shall constitute a
general unsecured obligation of the Employer to the Participant. Notwithstanding the foregoing, the Company shall establish and maintain a special separate fund as provided for in the document entitled “BB&T Corporation Non-Qualified
Deferred Compensation Trust” The Employer shall make contributions to the trust from time to time in accordance with Section 5 thereof. Notwithstanding the foregoing, no Participant or his Beneficiary shall have any legal or equitable

  

 24 

 
rights, interest or claims in any particular asset of the trust or the Employer by reason of the Employer’s obligation hereunder, and nothing contained
herein shall create or be construed as creating any other fiduciary relationship between the Employer and a Participant or any other person. To the extent that any person acquires a right to receive payments from the trust or the Employer hereunder,
such right shall be no greater than the right of an unsecured creditor of the Employer. 
 Section 10. Allocation of
Responsibilities: 
 The persons responsible for the Plan and the duties and responsibilities allocated to each, which shall be
carried out in accordance with the other applicable terms and provisions of the Plan, shall be as follows: 
 10.1 Board: 

(i) To amend the Plan (other than the Exhibits); 
 (ii) To appoint and remove members of the Committee; 
 (iii) To terminate the Plan; and 
 (iv) To take any actions required to comply with federal and state securities laws (except to the extent that the Committee or a committee or subcommittee established pursuant to Section 8.2 is authorized to do
so). 
 10.2 Committee: 
 (i) To determine the Employees eligible to participate in the Plan; 
 (ii) To interpret the
provisions of the Plan and to determine the rights of the Participants under the Plan, except to the extent otherwise provided in Section 15 relating to claims procedure; 
 (iii) To administer the Plan in accordance with its terms, except to the extent powers to administer the Plan are specifically delegated
to another person or persons as provided in the Plan; 
  

 25 

 (iv) To account for the Accrued Benefits of Participants; 
 (v) To direct the Employer in the payment of benefits, and 
 (vi) To the extent necessary or advisable, to amend the Exhibits attached hereto. 
 10.3 Plan Administrator: 
 (i) To file such reports as may be required with the United States Department of Labor, the Internal Revenue Service and any other government agencies to which reports may be required to be submitted from time to time; 
 (ii) To provide for disclosure of Plan provisions and other information relating to the Plan to Participants and other interested parties;
and 
 (iii) To administer the claims procedure to the extent provided in Section 15. 
 Section 11. Benefits Not Assignable; Facility of Payments: 
 11.1 Benefits Not Assignable: No portion of any benefit held or paid under the Plan with respect to any Participant shall be subject in any manner
to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance or charge, and any attempt so to anticipate, alienate, sell, transfer, assign, pledge, encumber or charge the same shall be void, nor shall any portion of such benefit be
in any manner payable to any assignee, receiver or any one trustee, or be liable for his debts, contracts, liabilities, engagements or torts, or be subject to any legal process to levy upon or attach. 
 11.2 Payments to Minors and Others: If any individual entitled to receive a payment under the Plan shall be physically, mentally or legally
incapable of receiving or acknowledging receipt of such payment, the Committee, upon the receipt of satisfactory evidence of his incapacity and satisfactory evidence that another person or institution is maintaining him and that no guardian or
committee has been appointed for him, may cause any payment 

  

 26 

 
otherwise payable to him to be made to such person or institution so maintaining him. Payment to such person or institution shall be in full satisfaction of
all claims by or through the Participant to the extent of the amount thereof. 
 Section 12. Beneficiary:

 The Participant’s Beneficiary shall be the person or persons designated by the Participant on the beneficiary designation form
provided by and filed with the Committee or its designee. If the Participant does not designate a Beneficiary, the Beneficiary shall be his Surviving Spouse. If the Participant does not designate a Beneficiary and has no Surviving Spouse, the
Beneficiary shall be the Participant’s estate. The designation of a Beneficiary may be changed or revoked only by filing a new beneficiary designation form with the Committee or its designee. If a Beneficiary (the “Primary
Beneficiary”) is receiving or is entitled to receive payments under the Plan and dies before receiving all of the payments due him, the balance to which he is entitled shall be paid to the Contingent Beneficiary, if any, named in the
Participant’s current beneficiary designation form. If there is no Contingent Beneficiary, the balance shall be paid to the estate of the Primary Beneficiary. Any Beneficiary may disclaim all or any part of any benefit to which such Beneficiary
shall be entitled hereunder by filing a written disclaimer with the Committee before payment of such benefit is to be made. Such a disclaimer shall be made in form satisfactory to the Committee and shall be irrevocable when filed. Any benefit
disclaimed shall be payable from the Plan in the same manner as if the Beneficiary who filed the disclaimer had died on the date of such filing. 
 Section 13. Amendment and Termination of Plan: 
 The Board may amend or terminate the Plan at any time;
provided, that in no event shall such amendment or termination reduce any Participant’s Accrued Benefit as of the 

  

 27 

 
date of such amendment or termination, nor shall any such amendment affect the terms of the Plan relating to the payment of such Accrued Benefit without the
Participant’s prior written consent to such amendment. Any such amendment or termination shall be made pursuant to a resolution of the Board and shall be effective as of the date specified in such resolution. Notwithstanding the foregoing, and
until otherwise decided by the Board, the officer of the Company specifically designated in resolutions adopted by the Board shall have the authority to amend the Plan to provide for the merger or consolidation of another non-qualified defined
contribution plan into this Plan, and in connection therewith, to set forth any special provisions that may apply to the participants in such other plan on an Exhibit attached hereto. Upon termination of the Plan, distribution of the Accrued Benefit
of a Participant shall be made to the Participant or his Beneficiary in the manner and at the time described in Section 5 of the Plan. No additional credits of Salary Reduction Credits, Company Discretionary Credits, or Incentive Compensation
Credits shall be made to the respective separate bookkeeping accounts of a Participant following termination of the Plan, but the Account of each Participant shall continue to be adjusted as provided in Section 7 until the balance of the
Account of the Participant has been fully distributed to him or his Beneficiary. 
 Section 14. Communication to
Participants: 
 The Company shall communicate the principal terms of the Plan to the Participants. The Company shall make a copy of
the Plan available for inspection by Participants and their Beneficiaries during reasonable hours, at the principal office of the Company. 
  

 28 

 Section 15. Claims Procedure: 
 The following claims procedure shall apply with respect to the Plan: 
 15.1 Filing of a Claim for Benefits: If a Participant or Beneficiary (the “Claimant”) believes that he is entitled to benefits under the Plan which are not being paid to him or which are not being
accrued for his benefit, he shall file a written claim therefor with the Plan Administrator. In the event the Plan Administrator shall be the Claimant, all actions which are required to be taken by the Plan Administrator pursuant to this
Section 15 shall be taken instead by another member of the Committee designated by the Committee. 
 15.2 Notification to Claimant of
Decision: Within 90 days after receipt of a claim by the Plan Administrator (or within 180 days if special circumstances require an extension of time) the Plan Administrator shall notify the Claimant of his decision with regard to the claim. In
the event of such special circumstances requiring an extension of time, there shall be furnished to the Claimant prior to expiration of the initial 90-day period written notice of the extension, which notice shall set forth the special circumstances
and the date by which the decision shall be furnished. If such claim shall be wholly or partially denied, notice thereof shall be in writing and worded in a manner calculated to be understood by the Claimant, and shall set forth: (i) the
specific reason or reasons for the denial; (ii) specific reference to pertinent provisions of the Plan on which the denial is based; (iii) a description of any additional material or information necessary for the Claimant to perfect the
claim and an explanation of why such material or information is necessary; and (iv) an explanation of the procedure for review of the denial. If the Plan Administrator fails to notify the Claimant of the decision in timely manner, the claim
shall be deemed denied as of the close of the initial 90-day period (or the close of the extension period, if applicable). 
  

 29 

 15.3 Procedure for Review: Within 60 days following receipt by the Claimant of notice denying his
claim, in whole or in part, or, if such notice shall not be given, within 60 days following the latest date on which such notice could have been timely given, the Claimant shall appeal denial of the claim by filing a written application for review
with the Committee. Following such request for review, the Committee shall fully and fairly review the decision denying the claim. Prior to the decision of the Committee, the Claimant shall be given an opportunity to review pertinent documents and
to submit issues and comments in writing. 
 15.4 Decision on Review: The decision on review of a claim denied in whole or in part by
the Plan Administrator shall be made in the following manner: 
 15.4.1 Within 60 days following receipt by the Committee of
the request for review (or within 120 days if special circumstances require an extension of time), the Committee shall notify the Claimant in writing of its decision with regard to the claim. In the event of such special circumstances requiring an
extension of time, written notice of the extension shall be furnished to the Claimant prior to the commencement of the extension. If the decision on review is not furnished in a timely manner, the claim shall be deemed denied as of the close of the
initial 60-day period (or the close of the extension period, if applicable). 
 15.4.2 With respect to a claim that is denied
in whole or in part, the decision on review shall set forth specific reasons for the decision, shall be written in a manner calculated to be understood by the Claimant, and shall cite specific references to the pertinent Plan provisions on which the
decision is based. 
 15.4.3 The decision of the Committee shall be final and conclusive. 
 15.5 Action by Authorized Representative of Claimant: All actions set forth in this Section 15 to be taken by the Claimant may likewise be
taken by a representative of the Claimant duly authorized by him to act in his behalf on such matters. The Plan Administrator and the Committee may require such evidence as either may reasonably deem necessary or advisable of the authority to act of
any such representative. 
  

 30 

 Section 16. Parties to the Plan: 
 Subject to the approval of the Board, an Affiliate that has adopted the Savings Plan may adopt this Plan and become an employer-party to this Plan by
resolutions approved by its Board of Directors. The Affiliates which are employer-parties to this Plan are listed on Exhibit F attached hereto, as the same may be amended from time to time by the Committee. The following special provisions shall
apply to all employer-parties to the Plan: 
 16.1 Single Plan: The Plan shall apply as a single plan with respect to all parties as if
there were only one employer-party. 
 16.2 Service; Allocation of Costs: Service for purposes of the Plan shall be interchangeable
among employer-parties to the Plan and shall not be deemed interrupted or terminated by the transfer at any time of a Participant from the Service of one employer-party to the Service of another employer-party. In determining the cost of providing
benefits under the Plan, each employer-party shall be responsible for the cost associated with the Employees of such employer-party who are Participants in the Plan. 
 16.3 Committee: The Committee which administers the Plan as applied to the Company shall also be the Committee as applied to each other employer-party to the Plan. 
 16.4 Authority to Amend and Terminate: The Board of the Company shall have the power to amend or terminate the Plan as applied to each
employer-party. 
 Section 17. Compliance with Section 16 of the Securities Exchange Act of 1934 and Rule 16b-3
Trading Restrictions: 
 The transactions under the Plan are intended to be structured in accordance with the 1934 Act, including but
not limited to the restrictions (if applicable) imposed by Rule 16b-3 adopted under the 1934 Act. In addition to the provisions contained in the Plan, transactions by 

  

 31 

 
persons subject to Section 16 shall be subject to such further conditions as may be required in order to comply with the terms of Rule 16b-3 and
Section 16(b). Without limiting the foregoing, persons subject to Section 16 shall be required to comply with such rules and procedures regarding Plan participation and transactions as may be established by the Committee or a committee or
subcommittee established pursuant to Section 8.2. 
 Section 18. Special Provisions Relating to Scott &
Stringfellow, Inc. and Scott & Stringfellow Financial, Inc. Deferral Plan 
 Prior to July 1, 2001, Scott &
Stringfellow, Inc. (“S&S”) sponsored and maintained the Scott & Stringfellow, Inc. and Scott & Stringfellow Financial, Inc. Deferral Plan (the “S&S Plan”). The purpose of the S&S Plan was to provide
selected key employees with the opportunity to defer compensation on a pre-tax basis and to restore certain benefits that would have been provided under the tax-qualified plan of S&S except for the limitations under the Code. Effective as of
July 1, 2001, the S&S Plan was merged into this Plan. All participants in the S&S Plan (the “Former S&S Participants”) on July 1, 2001 became Participants in this Plan on such date. Each Former S&S
Participant’s Deferral Account under the S&S Plan became his Salary Reduction Account under this Plan. Each Former S&S Participant’s Profit Sharing Account under the S&S Plan became his Profit Sharing Account under this Plan.
Notwithstanding the provisions of Section 5 of this Plan, a Former S&S Participant’s Profit Sharing Account shall be subject to the following special distribution rules: 
 18.1 Payment of Benefits Upon Termination of Service: 
 (a) If a Former S&S Participant terminates Service with the Employer after the S&S Participant’s Tenth Anniversary (as defined herein), the Former S&S Participant shall receive his Profit Sharing
Account in a single sum cash payment as soon as administratively practical after the date that is six months after his termination of Service. 
  

 32 

 (b) If a Former S&S Participant terminates Service with the Employer before the
Former S&S Participant’s Tenth Anniversary and the Former S&S Participant does not join a Competing Business (as defined herein) within six months after his termination of Service, the Former S&S Participant shall receive his Profit
Sharing Account in a single sum cash payment as soon as administratively practical after the date that is six months after his termination of employment. 
 (c) If a Former S&S Participant terminates Service before his Tenth Anniversary and the Former S&S Participant joins a Competing Business within six months after his termination of Service, the Former S&S
Participant shall forfeit the amount credited to his Profit Sharing Account. 
 (d) A Former S&S Participant’s Tenth
Anniversary shall be the date on which he completes ten years of continuous employment with the Employer after the date he first become a participant in the S&S Plan. 
 (e) A Competing Business is any business that is engaged in an activity competitive with the business of the Employer in the same
geographic area in which the Employer does business. A Former S&S Participant will be considered to have joined a Competing Business if, within six months after the Former S&S Participant’s termination of Service, the Former S&S
Participant, directly or indirectly, alone or as a member of a partnership or group, (i) owns greater than a 5% interest in a Competing Business or (ii) manages, operates, joins, controls, is employed by, is a director of, participates in,
advises, or engages in management, ownership, operation or control of any Competing Business. The Plan Administrator shall have sole discretion to determine whether a Participant has joined a Competing Business, and the determination of the Plan
Administrator shall be final and binding. 
 (f) If a Former S&S Participant dies while an Employee of the Employer and
before receiving payment of his Profit Sharing Account, the balance in his Profit Sharing Account shall be paid to his Beneficiary as soon as administratively practical after his death. If a Former S&S Participant dies within six months after
his termination of Service, any amount that would have been payable to the Participant had he not died shall be paid to his Beneficiary as soon as administratively practical after his death. 
 18.2 Payment of Benefits After Age 70: Notwithstanding the foregoing, if a Former S&S Participant continues in Service after age 70, the
Former S&S Participant’s Profit 

  

 33 

 
Sharing Account shall be paid in a single sum cash payment as soon as administratively practical after the later of (i)the Former S&S Participant’s
70th birthday or (ii)the Former S&S Participant’s Tenth Anniversary. 
 Section 19. Miscellaneous Provisions: 
 19.1 Notices: Each Participant who is not in Service and each Beneficiary shall be responsible for furnishing the Plan Administrator with his current address for the mailing of notices, reports, and benefit
payments. Any notice required or permitted to be given to such Participant or Beneficiary shall be deemed given if directed to such address and mailed by regular United States mail, first class, postage prepaid. If any check mailed to such address
is returned as undeliverable to the addressee, mailing of checks will be suspended until the Participant or Beneficiary furnishes the proper address. This provision shall not be construed as requiring the mailing of any notice or notification
otherwise permitted to be given by posting or by other publication. 
 19.2 Lost Distributees: A benefit shall be deemed forfeited if
the Plan Administrator is unable after a reasonable period of time to locate the Participant or Beneficiary to whom payment is due; provided, however, that such benefit shall be reinstated if a valid claim is made by or on behalf of the Participant
or Beneficiary for the forfeited benefit. 
 19.3 Reliance on Data: The Employer, the Committee and the Plan Administrator shall have
the right to rely on any data provided by the Participant or by any Beneficiary. Representations of such data shall be binding upon any party seeking to claim a benefit through a Participant, and the Employer, the Committee and the Plan
Administrator shall have no obligation to inquire into the accuracy of any representation made at any time by a Participant or Beneficiary. 
  

 34 

 19.4 Receipt and Release for Payments: Any payment made from the Plan to or with respect to any
Participant or Beneficiary, or pursuant to a disclaimer by a Beneficiary, shall, to the extent thereof, be in full satisfaction of all claims hereunder against the Plan and the Employer with respect to the Plan. The recipient of any payment from the
Plan may be required by the Committee, as a condition precedent to such payment, to execute a receipt and release with respect thereto in such form as shall be acceptable to the Committee. 
 19.5 Headings: The headings and subheadings of the Plan have been inserted for convenience of reference and are to be ignored in any construction
of the provisions hereof. 
 19.6 Continuation of Employment: The establishment of the Plan shall not be construed as conferring any
legal or other rights upon any Employee or any persons for continuation of employment, nor shall it interfere with the right of the Employer to discharge any Employee or to deal with him without regard to the effect thereof under the Plan.

 19.7 Construction: The provisions of the Plan shall be construed and enforced according to the laws of the State of North Carolina.

 19.8 Nonliability of Employer: The Employer does not guarantee the Participants, former Participants or Beneficiaries against loss
of or depreciation in value of any right or benefit that any of them may acquire under the terms of the Plan, nor does the Employer guarantee to any of them that the assets of the Employer will be sufficient to provide any or all benefits payable
under the Plan at any time, including any time that the Plan may be terminated or partially terminated. 
 19.9 Severability: All
provisions contained in this Plan shall be severable, and in the event that any one or more of them shall be held to be invalid by any competent court, this Plan shall be interpreted as if such invalid provisions were not contained herein.

  

 35 

 19.10 Merger and Consolidation: The Employer shall not consolidate or merge into or with another
corporation or entity, or transfer all or substantially all of its assets to another corporation, partnership, trust or other entities (a “Successor Entity”) unless such Successor Entity shall assume the rights, obligations and liabilities
of the Employer under the Plan and upon such assumption, the Successor Entity shall become obligated to perform the terms and conditions of the Plan. 
 19.11 Withholding Taxes: The Employer shall satisfy all federal, state and local withholding tax requirements prior to making any benefit payment under the Plan. Whenever under the Plan payments are to be made
by the Employer in cash, such payments shall be net of any amounts sufficient to satisfy all federal, state and local withholding tax requirements. 
 IN WITNESS WHEREOF, this non-qualified, deferred compensation plan is executed in behalf of
the Company as of the 8th day of November, 2001, to be effective as of November 1,2001. 
  

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

  

	
	Attest:
	
	/s/ Jerone C. Herring
	Secretary or Assistant Secretary

 [Corporate Seal] 
  

 36Exhibit 10.17

 Exhibit 10.17 
 AGREEMENT TO AMEND 
 BB&T CORPORATION NON-QUALIFIED 
 DEFERRED COMPENSATION TRUST 
 This Agreement, made as of the 25th day of October, 2005, by and between BB&T CORPORATION (the “Company”) and BRANCH BANKING AND TRUST COMPANY (the “Trustee”). 
 R E C I T A L S : 
 It is deemed advisable to amend the BB&T Corporation Non-Qualified Deferred Compensation Trust (the “Trust”) to designate the Compensation
Committee of the Board of Directors of the Company as the committee responsible for making investment decisions under the Trust. 
 NOW,
THEREFORE, the Trust shall be and hereby is amended, effective as of the date hereof, as follows: 
 1. In Section 3.1 of the Trust,
delete the word “Committee” each place that it appears and substitute therefor the words “Compensation Committee of the Board of Directors of BB&T Corporation (the ‘Compensation Committee’).” 
 2. In Section 3.3 of the Trust, insert the phrase “,Compensation Committee “immediately after the word “Company.” 
 3. In Section 15.3 of the Trust, insert the phrase “,Compensation Committee” immediately after the word “Company” each place
that it appears. 
 4. In Section 15.7 of the Trust, insert the phrase “,Compensation Committee” immediately after the word
“Company.” 
 IN WITNESS WHEREOF, this Agreement has been duly executed by the parties hereto as of the day and year first above
written. 
  

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

  

	
	Attest:
	
	/s/ M. Patricia Oliver
	Secretary or Assistant Secretary
	[Corporate Seal]

			
	BRANCH BANKING AND TRUST COMPANY
		
	By:	 	/s/ Suzanne G. Brooks
		 	Authorized Officer

  

	
	Attest:
	
	/s/ M. Patricia Oliver
	Secretary or Assistant Secretary
	[Corporate Seal]

  

 2 

 AGREEMENT TO AMEND 
 BB&T CORPORATION NON-QUALIFIED 
 DEFERRED COMPENSATION TRUST 
 This Agreement, made as of the 22nd day of October, 2002, by and between BB&T CORPORATION (the “Company”) and BRANCH BANKING AND TRUST COMPANY (the “Trustee”). 
 R E C I T A L S: 
 Effective as of January 1, 1997, the Company established the BB&T Corporation Non-Qualified Deferred Compensation Trust (the “Trust”).
The Trust was last amended and restated effective as of November 1, 2001. The purpose of the Trust is to assist the Company in meeting its obligations under the BB&T Corporation Non-Qualified Defined Contribution Plan, the BB&T
Corporation Non-Employee Directors’ Deferred Compensation and Stock Option Plan and the BB&T Corporation Supplemental Defined Contribution Plan for Highly Compensated Employees. It is deemed advisable to amend the Trust to (i) require
immediate and full funding upon the occurrence of a change of control; (ii) allow a participant to apply directly in writing to the Trustee for the payment of benefits following the occurrence of a change of control and upon becoming entitled
to receive payment of his benefits; and (iii) make such other changes as are deemed necessary or advisable to clarify the provisions of the Trust. 
 NOW, THEREFORE, the Trust shall be and hereby is amended, effective as of the date hereof, as follows: 
 1.
Delete the second sentence of Section 1.2 and substitute therefor the following: 
 “Subject to the provisions of
Section 5.1.1, contributions by the Company to the Trust shall be in amounts determined solely by the Company.” 
 2. Delete
Section 1.4 in its entirety and substitute therefor the following: 
 “1.4 Trust Irrevocable: The Trust hereby established
shall be irrevocable, and except as specifically provided in Sections 2, 6.8, 6.10, 11 and 12, the Trust Fund shall be held for the exclusive purpose of providing benefits to Participants and defraying expenses of the Trust in accordance with the
provisions hereof. Except as specifically provided in Sections 2, 6.8, 6.10, 11 and 12, no part of the income or corpus of the Trust Fund shall be recoverable by or for the benefit of the Company.” 

 3. Delete the third sentence of Section 3.1.1 and substitute therefor the following: 
 “Subject to the provisions of Section 5.1.1, the amount of each contribution by the Company to the Trust Fund shall be determined in the sole
discretion of the Company.” 
 4. Insert the following new material to the end of Section 5.1.1.: 
 “Notwithstanding any other provision of this Trust Agreement to the contrary, upon a Change of Control (as defined in Section 5.1.6), the
Company shall, as soon as possible, but in no event later than 15 days following the Change of Control, deliver to the Trustee Qualified Assets in an amount sufficient to cause the total value of Trust Fund assets, excluding the balance in the
Expense Account, to equal the Plan Benefits of all Participants under the Plans as of the date of the Change of Control. Thereafter, and notwithstanding any other provision of this Trust Agreement to the contrary, the Company shall deliver to the
Trustee Qualified Assets in an amount sufficient to cause the total value of Trust Fund assets, excluding the balance in the Expense Account, to at all times equal the Plan Benefits of all Participants under the Plans.” 
 5. Insert the following new Section 5.1.6 immediately after Section 5.1.5: 
 “5.1.6 For purposes of this Trust Agreement, ‘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 or their affiliates, excluding employee benefit plans of the Company or Branch Banking and Trust Company (‘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 Company or BB&T representing twenty percent (20%) or more of the combined voting power of the Company’s or BB&T’s then outstanding securities (excluding the
acquisition of securities of BB&T by an entity at least eighty percent (80%) of the outstanding voting securities of which are, directly or indirectly, beneficially owned by the Company); or 
 (ii) the date, when as a result of a tender offer or exchange offer for the purchase of securities of the Company (other than such an
offer by the Company 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 duration of this Trust Agreement constitute the Company’s Board of Directors, plus new directors whose election or nomination for election by the Company’s shareholders is approved by a vote of at least two-thirds of the
directors still in 

  

 2 

 
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
the Company approve a merger, share exchange or consolidation of the Company 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 the Company 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 the Company or such surviving or acquiring entity outstanding immediately after such merger or consolidation; or 
 (iv) the date the shareholders of the Company approve a plan of complete liquidation or winding-up of the Company or an agreement for the
sale or disposition by the Company of all or substantially all of the Company’s assets; or 
 (v) the date of any event
which the Company’s Board of Directors determines should constitute a Change of Control.” 
 6. Insert the following new
Section 6.6.4 immediately after Section 6.6.3: 
 “6.6.4 Notwithstanding any other provision of this Trust Agreement to the
contrary, subsequent to a Change of Control, a Participant, upon becoming entitled to receive payment of his Plan Benefits under the terms of the applicable Plan, may apply in writing directly to the Trustee for payment of Plan Benefits. Such
application shall advise the Trustee of the circumstances which entitle the Participant to such Plan Benefits, and the Participant shall include with such application copies of any election forms previously filed under the terms of the applicable
Plan. The Trustee shall make its own independent determination as to the Participant’s entitlement to Plan Benefits and if it determines that Plan Benefits are due and payable to the Participant under the terms of the applicable Plan, the
Trustee shall pay such Plan Benefits to the Participant without any direction or other authorization by the Committee. In making such determination, the Trustee shall make such inquiries and take such measures as it deems necessary to determine
whether Plan Benefits are due and payable under the terms of the applicable Plan and to verify the other information set forth in the written application for Plan Benefits, including, but not limited to, the obtaining of affidavits and the review of
Company records. The Trustee may also engage its own counsel and other experts to assist it in making its determination. The expense of retaining any such counsel or other experts shall be a Trust expense within the meaning of Section 7.2. The
Trustee shall determine whether Plan Benefits are due and payable under the terms of the applicable Plan as promptly as 

  

 3 

 
possible following receipt of the Participant’s written application for Plan Benefits. In no event shall the provisions of this Section 6.6.4 be
interpreted to authorize the payment of Plan Benefits to a Participant prior to the time that the Participant is entitled to receive such Plan Benefits under the terms of the applicable Plan.” 
 7. Insert the following new Section 15.16 immediately after Section 15.15: 
 “15.16 Third-Party Beneficiaries: The Company and the Trustee each hereby acknowledge and agree that the Participants in the Plans are
intended to be third- party beneficiaries of this Trust Agreement. As such, the Participants shall have the right to enforce the provisions of this Trust Agreement relating to their right to receive payment of their Plan Benefits from the Trust,
including, without limitation, Section 6.6.4. Nothing in this Section 15.16 shall in any way be interpreted or construed to limit or restrict any rights the Participants may have under North Carolina law as beneficiaries of the Trust,
subject at all times to their status as general, unsecured creditors of the Company.” 
 IN WITNESS WHEREOF, this Agreement has been
duly executed by the parties hereto as of the day and year first above written. 
  

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

 Attest: 
  

	
	
	/s/ Jerone C. Herring
	Secretary or Assistant Secretary

 [Corporate Seal] 
  

			
	BRANCH BANKING AND TRUST COMPANY
		
	By:	 	/s/ Suzanne G. Brooks
		 	Authorized Officer

 Attest: 
  

	
	
	/s/ Cindy C. Register
	Secretary or Assistant Secretary

 [Corporate Seal] 
  

 4 

 BB&T CORPORATION 
 NON-QUALIFIED DEFERRED COMPENSATION TRUST 
 AMENDED AND RESTATED 
 EFFECTIVE NOVEMBER 1, 2001 

 BB&T CORPORATION 
 NON-QUALIFIED DEFERRED COMPENSATION TRUST 
 TABLE OF CONTENTS 
  

					
	  	  	 	  	Page No.
	 Section 1.
	  	Establishment of Trust	  	2
	 1.1
	  	Trust	  	2
	 1.2
	  	Description of Trust	  	3
	 1.3
	  	Copies of the Plans	  	3
	 1.4
	  	Trust Irrevocable	  	3
	 1.5
	  	Acceptance	  	3
			
	 Section 2.
	  	Claims of Company’s Creditors	  	3
	 2.1
	  	No Security Interest	  	3
	 2.2
	  	Suspension of Payments	  	4
	 2.3
	  	Resumption of Payments	  	4
	 2.4
	  	Notice of Insolvency	  	5
	 2.5
	  	Insolvency	  	5
	 2.6
	  	Repayment of Amounts Paid to Creditors	  	6
			
	 Section 3.
	  	Powers of Trustee	  	6
	 3.1
	  	Investment of the Trust Fund	  	6
	 3.2
	  	Powers of Trustee	  	7
	 3.3
	  	Prudent Person Rule	  	8
	 3.4
	  	Restrictions on Powers	  	8
			
	 Section 4.
	  	Trust Obligation To Pay Benefits Under the Plans; Accounts	  	9
	 4.1
	  	Obligation of Trustee	  	9
	 4.2
	  	Participant Accounts	  	9
	 4.3
	  	Unallocated Account	  	9
	 4.4
	  	Expense Account	  	9
			
	 Section 5.
	  	Contributions	  	10
	 5.1
	  	Contributions	  	10
	 5.2
	  	Allocation of Contributions	  	11
	 5.3
	  	Expense Account	  	11
			
	 Section 6.
	  	Adjustment of Accounts; Payments by the Trustee	  	11
	 6.1
	  	Adjustment of Fixed Rate Accounts	  	11
	 6.2
	  	Adjustment of Company Stock Accounts	  	17
	 6.3
	  	Adjustment of Investment Fund Accounts	  	17
	 6.4
	  	Adjustment of Unallocated Account	  	18
	 6.5
	  	Trust Income, Gains and Losses	  	19

					
	 6.6
	  	Payment of Benefits	  	19
	 6.7
	  	Company Obligation	  	20
	 6.8
	  	Transfer of Overfunded Assets to the Company	  	20
	 6.9
	  	Valuation of Accounts	  	21
	 6.10
	  	Withholding Taxes; Employment Taxes	  	21
			
	 Section 7.
	  	Taxes, Expenses and Compensation	  	22
	 7.1
	  	Taxes	  	22
	 7.2
	  	Expenses and Compensation	  	22
			
	 Section 8.
	  	Administration and Records	  	23
	 8.1
	  	Records	  	23
	 8.2
	  	Settlement of Accounts	  	23
	 8.3
	  	Audit	  	24
	 8.4
	  	Judicial Settlement	  	24
	 8.5
	  	Delivery of Records to Successor	  	24
	 8.6
	  	Tax Filings	  	24
			
	 Section 9.
	  	Removal or Resignation of the Trustee and Designation of Successor Trustee	  	24
	 9.1
	  	Removal	  	24
	 9.2
	  	Resignation	  	24
	 9.3
	  	Successor Trustee	  	25
			
	 Section 10.
	  	Enforcement of Trust Agreement and Legal Proceedings	  	25
			
	 Section 11.
	  	Termination	  	26
			
	 Section 12.
	  	Amendment	  	26
	 12.1
	  	Consent Required	  	26
	 12.2
	  	Other Limitations on Amendment	  	26
	 12.3
	  	Compliance with ERISA and the Code	  	26
			
	 Section 13.
	  	Indemnification of Trustee	  	27
			
	 Section 14.
	  	Employer-Parties	  	27
	 14.1
	  	References to Company	  	27
	 14.2
	  	Insolvency	  	28
	 14.3
	  	Liability for Contributions	  	28
	 14.4
	  	Allocation of Reversion	  	28
			
	 Section 15.
	  	Miscellaneous	  	28
	 15.1
	  	Nonalienation	  	28
	 15.2
	  	Communications	  	29
	 15.3
	  	Authority to Act	  	29
	 15.4
	  	Authenticity of Instruments	  	29
	 15.5
	  	Binding Effect	  	29

  

 ii 

					
	 15.6
	  	Inquiry as to Authority	  	29
	 15.7
	  	Responsibility for Company or Committee Action	  	30
	 15.8
	  	Grantor Trust	  	30
	 15.9
	  	Titles Not to Control	  	30
	 15.10
	  	Severability	  	30
	 15.11
	  	Laws of North Carolina to Govern	  	30
	 15.12
	  	Reports	  	31
	 15.13
	  	Counterparts	  	31
	 15.14
	  	Sale of Assets	  	31
	 15.15
	  	Securities Laws	  	32

  

 iii 

 BB&T CORPORATION 
 NON-QUALIFIED DEFERRED COMPENSATION TRUST* 
 THIS TRUST AGREEMENT, made and entered into on the 30th day of November, 2001, to be effective as of November 1, 2001, by and
between BB&T CORPORATION (the “Company”), and BRANCH BANKING AND TRUST COMPANY 
 (the “Trustee”). 
 R E C I T A L S: 
 The Company has incurred and expects to continue to incur certain liabilities to or with respect to selected employees and non-employee directors of the
Company pursuant to the terms of the BB&T Corporation Non-Qualified Defined Contribution Plan, the BB&T Corporation Non-Employee Directors’ Deferred Compensation and Stock Option Plan, and the BB&T Corporation Supplemental Defined
Contribution Plan for Highly Compensated Employees (referred to herein individually as the “Plan” and collectively as the “Plans”). To assist the Company in meeting its obligations under the Plans, the Company wishes to establish
an irrevocable trust (the “Trust”) to hold assets of the Company as a reserve for the discharge of the Company’s liabilities under the Plans. The Trust is intended to be a grantor trust with the corpus and income of the Trust treated
as assets and income of the Company for federal income tax purposes pursuant to Sections 671 through 677 of the Internal Revenue Code of 1986, as amended (the “Code”). The Company intends that the existence of the Trust will not alter the
characteristics of either the BB&T Corporation Non-Qualified Defined Contribution Plan or the BB&T Corporation Supplemental Defined Contribution Plan for Highly Compensated Employees for purposes of the Employee Retirement Income Security
Act of 1974, as amended 
  

	*	Note: This Trust Agreement amends, restates and supersedes as of November 1, 2001, the BB&T Corporation Non-Qualified Deferred Compensation Trust dated January 1,
1997. 

  

 1 

 (“ERISA”), as an unfunded plan maintained primarily for the purpose of providing deferred compensation for a
select group of management or highly compensated employees. In addition, the Company intends that the existence of the Trust will not be construed to provide income for tax purposes to any Participant under the Plans prior to the actual payment of
benefits thereunder. The Company intends to make contributions to the Trust to provide itself with a source of funds to assist it in the meeting of its liabilities under the Plans. 
 NOW, THEREFORE, in consideration of the premises and the mutual and independent promises herein, the parties hereto covenant and agree as follows:

 Section 1. Establishment of Trust: 
 1.1 Trust: The Company hereby establishes the Trust with the Trustee, consisting of such Qualified Assets, as defined in Section 5.1.3, as may be contributed or delivered to the Trustee from time to time.
All such contributions, all investments and reinvestments made therewith or proceeds thereof, and all earnings and profits thereon, less all payments and charges as authorized herein, shall constitute the “Trust Fund.” The Trust Fund shall
be held by the Trustee in trust and shall be dealt with in accordance with the provisions of this Trust Agreement. The Company shall execute any and all instruments necessary to vest the Trustee with legal title to any assets so transferred to the
Trustee. The fiscal year of the Trust (the “Fiscal Year”) shall be the twelve-month period ending on each December 31. In accordance with the provisions of this Trust Agreement, amounts transferred to this Trust, as determined by the
Company from time to time in its sole discretion, and the earnings thereon, shall be used by the Trustee solely in satisfaction of liabilities of the Company with respect to the Participants in the Plans and for expenses incurred in the operation of
the Trust. Upon satisfaction of all liabilities of the Company with respect to all Participants and Beneficiaries 

  

 2 

 
under the Plans, the balance, if any, remaining in the Trust shall revert to the Company, subject to the terms of the Trust. References herein to
“Participants” shall include Beneficiaries of deceased Participants unless expressly stated to the contrary. 
 1.2 Description
of Trust: The Company represents and agrees that the Trust does not fund and is not intended to fund the Plans or any other employee benefit plan or program of the Company. Contributions by the Company to the Trust shall be in amounts determined
solely by the Company. 
 1.3 Copies of the Plans: Upon execution of the Trust, the Company shall provide the Trustee with copies of
the Plans and resolutions of the Board of Directors of the Company approving the Plans. Thereafter, any amendment to any of the Plans and resolutions of the Board of Directors of the Company approving any such amendment shall be delivered to the
Trustee as soon as practicable after adoption. 
 1.4 Trust Irrevocable: The Trust hereby established shall be irrevocable, except to
the extent of distributions from the Trust to the Company and of rights to amend this Trust specifically provided for herein. 
 1.5
Acceptance: The Trustee hereby agrees and consents to serve as Trustee of the Trust and accepts the Trust on the terms and subject to the provisions set forth herein and agrees to discharge and perform fully and faithfully all of the duties and
obligations imposed upon it under the Trust. 
 Section 2. Claims of Company’s Creditors: 
 2.1 No Security Interest: The parties hereto intend that the Trust Fund shall be subject to the claims of the Company’s general creditors in
the event the Company becomes Insolvent or Bankrupt, as defined in Section 2.5. Accordingly, the Company shall not create a 

  

 3 

 
security interest in the Trust Fund in favor of the Participants in the Plans or any creditor. The Trust shall not create any preferred claim over creditors
of the Company for any Participant under the Plans. All rights of a Participant created under the Plans against the Company shall remain unsecured contractual rights of the Participant. 
 2.2 Suspension of Payments: Notwithstanding any provisions in the Trust to the contrary but subject to the provisions of Section 14.2, if at
any time while the Trust is in existence the Company becomes Insolvent or Bankrupt, the Trustee shall, upon written notice thereof, suspend the payment of all benefits and other amounts from the Trust Fund and hold the Trust Fund for the benefit of
the Company’s general creditors, and deliver the entire amount of the Trust Fund only as a court of competent jurisdiction, or duly appointed receiver or other person authorized to act by such a court, may direct to make the Trust Fund
available to satisfy the claims of the Company’s general creditors. Unless the Trustee has actual knowledge of the Company’s Insolvency or Bankruptcy, the Trustee shall have no duty to inquire whether the Company is Insolvent or Bankrupt,
and the Trustee shall be protected in making distributions hereunder unless and until the Trustee shall have actual knowledge of such Insolvency or Bankruptcy. 
 2.3 Resumption of Payments: If the Trust shall have any assets following application of Section 2.2, the Trustee shall resume all its duties and responsibilities under the Trust, including payments to the
Participants under the Plans, within thirty days of the Trustee’s determination that the Company is not Insolvent or Bankrupt or is no longer Insolvent or Bankrupt. In making such determination, the Trustee may retain outside experts competent
to advise the Trustee as to whether the Company is in fact Insolvent or Bankrupt. The expense of retaining such outside experts shall be deemed a Trust expense within the meaning of 

  

 4 

 
Section 7.2. The first payment to a Participant upon such resumption shall include the aggregate amount of all payments that would have been made to the
Participant in accordance with the Plans during the period of discontinuance less the aggregate amount of payments under the Plans made to the Participant directly by the Company during any period of discontinuance. 
 2.4 Notice of Insolvency: The Company, by its approval and execution of this Trust Agreement, represents and agrees that the Board of Directors of
BB&T Corporation and the Committee under the BB&T Corporation Non-Qualified Defined Contribution Plan and the BB&T Corporation Supplemental Defined Contribution Plan for Highly Compensated Employees (the “Committee”) shall each
have the fiduciary duty and responsibility in behalf of the Company’s creditors to give to the Trustee prompt written notice of any event of the Company’s Insolvency or Bankruptcy. The Trustee shall be entitled to rely thereon to the
exclusion of all directions or claims to pay benefits thereafter made. 
 2.5 Insolvency: The Company shall be deemed to be Insolvent
or Bankrupt upon the occurrence of either of the following: 
 (a) The Company is unable to pay its debts as they fall due; or

 (b) The Company shall make an assignment for the benefit of creditors, file a petition in bankruptcy, petition or apply to
any tribunal for the appointment of a custodian, receiver, liquidator, sequestrator or any trustee for it or a substantial part of its assets, or shall commence any case under any bankruptcy, reorganization, arrangement, readjustment of debt,
dissolution or liquidation law or statute of any jurisdiction (federal or state), whether now or hereafter in effect; or there shall have been filed any such petition or application, or any such case shall have been commenced against it in which an
order for relief is entered or which remains undismissed; or the Company by any act or omission shall indicate its consent to, approval of or acquiescence in any such petition, application or case or order for relief or for the appointment of a
custodian, receiver or any trustee for the Company or any substantial part of any of the Company’s property, or shall suffer any such custodianship, receivership or trusteeship to continue undischarged. 
  

 5 

 2.6 Repayment of Amounts Paid to Creditors: In the event that amounts are paid from the Trust Fund
to the Company’s creditors (other than payments to Participants under the terms of the Trust), then as soon as practicable, or as soon as the Company is no longer insolvent or Bankrupt, the Company may deposit into the Trust Fund a sum equal to
the amount paid from the Trust Fund to such creditors. 
 Section 3. Powers of Trustee: 
 3.1 Investment of the Trust Fund: 
 3.1.1 The Trustee shall hold, manage, invest and otherwise administer the Trust Fund pursuant to the terms of this Trust Agreement. The Trustee shall be responsible only for contributions actually received by it
hereunder. The amount of each contribution by the Company to the Trust Fund shall be determined in the sole discretion of the Company. 
 3.1.2 The assets of the Trust Fund shall be invested by the Trustee at the direction of or in accordance with the investment guidelines provided from time to time by the Committee. If no such directions or guidelines
are received by the Trustee, the assets of the Trust Fund shall be invested in short and intermediate term obligations of the United States government or its agencies, savings certificates and certificates of deposit issued by federally-insured
financial institutions, cash equivalent deposits or accounts, life insurance policies and guaranteed investment contracts issued by quality insurance companies, mutual funds, and common or collective trust funds which reflect investments of the
nature described in this Section 3.1.2. 
 3.1.3 Notwithstanding any other provision of this Trust, the Committee shall
have the right and power at any time and from time to time to contribute shares of BB&T Corporation’s $5 par value common stock registered pursuant to the Securities Act of 1933 (“Company Stock”) to the Trust Fund and to direct
the Trustee to acquire Company Stock. (The term “Company Stock” shall also include shares of a common fund, the purpose of which is to invest primarily in Company Stock.) The Trustee shall hold such Company Stock as part of the Trust Fund
and shall not sell, transfer or encumber such Company Stock except as the Committee may direct; provided, however, if the Company fails to contribute liquid Qualified Assets as provided pursuant to Section 5.1.4, the Trustee may sell or
encumber Company Stock to the extent necessary to obtain cash to make distributions to Participants or to pay administrative expenses. Whenever directed to acquire Company Stock, the Trustee may acquire Company Stock from the Company or from any
other source, and such Company Stock so purchased may be outstanding, newly issued, or treasury shares. 
  

 6 

 3.2 Powers of Trustee: Except as otherwise provided in this Trust Agreement, including
Section 3.1, the Trustee shall have the following additional powers and authority with respect to all property constituting a part of the Trust Fund: 
 3.2.1 To receive all interest, issues, dividends, income, profits and properties of every nature due the Trust; 
 3.2.2 To retain the properties now or hereafter received by the Trust, or to dispose of them as and when deemed advisable by public or private sale or exchange or otherwise, for cash or upon credit, or partly upon
cash and partly upon credit, and upon such terms and conditions as shall be deemed proper; 
 3.2.3 To participate in any plan
of liquidation, reorganization, consolidation, merger, or other financial adjustment of any corporation or business in which the Trust is or shall be financially interested, and to exchange any property held in the Trust for property issued under
any such plan; 
 3.2.4 To invest or reinvest principal and income of the Trust Fund, without distinction, in (i) common
or preferred stocks, (ii) Company Stock, (iii) bonds, notes or other securities (including commercial paper and other short- term obligations), (iv) cash equivalent deposits or accounts (including such deposits or accounts issued by
the Trustee), (v) mutual funds, or any combination of (i) through (v) as shall from time to time be determined by the Trustee, or to hold any part of such principal and income in cash as may from time to time be determined by the
Trustee; 
 3.2.5 To hold any investment belonging to the trust in bearer form, or to register and hold the same in the name
of the Trustee or in the name of the Trustee’s duly authorized nominee; 
 3.2.6 To borrow for the benefit of the Trust
for such periods of time and upon such terms and conditions as may be deemed proper any sum or sums of money, and to secure such loans by pledge of any property belonging to the Trust, without personal liability therefor, 
 3.2.7 To compromise, arbitrate or otherwise adjust or settle claims in favor of or against the Trust; 
 3.2.8 To execute such contracts, bills of sale, notes, proxies and other instruments in writing as shall be deemed requisite or desirable
in the proper administration of the Trust; 
  

 7 

 3.2.9 To make distributions from the Trust to Participants under the Plans as provided in
this Trust Agreement; 
 3.2.10 To exercise the right to vote any securities held in the Trust, including Company Stock, or to
grant proxies to vote such securities; 
 3.2.11 Notwithstanding any other provision of this Trust, to cause any part or all
of the money or other property of this Trust to be commingled with the money or other property of trusts created by others by causing such assets to be invested as part of any one or more common or collective trust funds established and maintained
by the Trustee; and 
 3.2.12 To do all acts and to exercise any and all powers, although not specifically set forth in this
Trust Agreement, as the Trustee may deem are for and in the best interest of the Trust. 
 3.3 Prudent Person Rule: In acquiring,
investing, reinvesting, exchanging, retaining, selling and managing property pursuant to this Trust Agreement, the Trustee shall observe the standard of judgment and care under the circumstances then prevailing, which an ordinarily prudent person of
discretion and intelligence who is a fiduciary of the property of others would observe as such fiduciary; provided, however, that the Trustee shall incur no liability to any person for any action taken pursuant to a direction, request or approval
given by the Company or the Committee which is contemplated by, and in conformity with, the terms of the Plans or this Trust and is given in writing or by such other method acceptable to the Trustee. 
 3.4 Restrictions on Powers: Notwithstanding any powers granted to the Trustee pursuant to this Trust Agreement or by applicable law, the Trustee
shall not have any powers that could give this Trust the objective of carrying on a business, and dividing the gains therefrom, within the meaning of Section 301.7701-2 of the Procedure and Administrative Regulations promulgated pursuant to the
Code. 
  

 8 

 Section 4. Trust Obligation To Pay Benefits Under the Plans; Accounts;

 4.1 Obligation of Trustee: The Trustee shall pay benefits to Participants under the Plans pursuant to Section 6.6. 

4.2 Participant Accounts: For administrative convenience, the Trustee shall establish and maintain a Participant Account for each Participant,
which Account represents the aggregate of the separate accounts established and maintained for such Participant pursuant to this Section 4.2. The Trustee may establish and maintain in behalf of each Participant one or more of the following
seven separate accounts with respect to his Participant Account: (1) Salary Reduction Account; (2) Matching Account; (3) Discretionary Account; (4) Incentive Compensation Account; (5) Prior Plan Account; (6) Profit
Sharing Account; and (7) Deferred Compensation Account. The Trustee shall also establish and maintain with respect to each separate account maintained one or more of the following sub-accounts: (A) Fixed Rate Account; (B) Investment
Fund Account; and (C) Company Stock Account. 
 4.3 Unallocated Account: The Trustee shall establish an Unallocated Account to
hold any contribution made in excess of the Plan Benefits of all Participants under the Plans and any excess of the balance in a Participant Account over the Plan Benefits of the Participant. The Trustee shall also establish and maintain with
respect to the Unallocated Account one or more of the following three sub-accounts: (1) Fixed Rate Account; (2) Investment Fund Account; and (3) Company Stock Account. 
 4.4 Expense Account: The Trustee shall establish an Expense Account as provided in Section 5.3. 
  

 9 

 Section 5. Contributions: 
 5.1 Contributions: 
 5.1.1 The Company may deliver to the Trustee such Qualified Assets as the Company shall from time to time determine. 
 5.1.2 Notwithstanding the foregoing, the Trustee shall not be liable for any failure by the Company to provide contributions sufficient to pay all benefits under the Plans in full or to cause transfers of Qualified Assets to the Trust to be
made. 
 5.1.3 The term “Qualified Assets” shall refer to: (i) common or preferred stocks with a recognized
market; (ii) Company Stock; (iii) bonds, notes or other securities with a recognized market (including commercial paper and other short-term obligations); (iv) mutual fund shares; (v) cash, or cash equivalent deposits or
accounts; and (vi) such other assets the Trustee, in its sole discretion, agrees to accept. 
 5.1.4 At any time the
Trustee determines it is necessary either to sell or encumber Company Stock in order to generate cash to pay current or future benefits under the Plans, the Trustee shall notify the Company in writing stating its intention so to sell or encumber and
the amount thereof. Thereupon, the Company may in its discretion contribute additional Qualified Assets to the Trust in the amount stated in the Trustee’s written notification. If the Company makes such contribution within thirty days, the
Trustee shall refrain from such sale or encumbrance until such subsequent time, if any, that the Trustee again determines it is necessary either to sell or encumber Company Stock, whereupon the Trustee shall again give written notification of
intention to sell or encumber and the procedures herein shall reapply. 
 5.1.5 For purposes of this Trust Agreement,
“Plan Benefits” with respect to each Participant shall mean the present value of the sum of the benefits payable under the respective Plans with respect to the Participant, which benefits shall be estimated under the terms of the
respective Plans if not then determinable. The amounts of Plan Benefits shall be communicated by the Committee to the Trustee; provided, that if the Committee shall not communicate such amounts to the Trustee in a timely manner, or if the Trustee in
its discretion decides that it must make determinations of such amounts in order to fulfill its duties under this Trust Agreement, such determinations shall be made by the Trustee. The expense of retaining any actuaries, counsel, and other experts
deemed necessary by the Trustee to make such determinations shall be a Trust expense within the meaning of Section 7.2. 
  

 10 

 5.2 Allocation of Contributions: Contributions made by the Company to the Trust Fund shall be
allocated by the Trustee to the Participant Accounts established pursuant to Section 4.2 in the manner directed by the Committee. Notwithstanding any Committee directions to the contrary, no allocation shall be made to a Participant Account if
the balance in such Participant Account equals or exceeds the Plan Benefits of the Participant. Any contribution in excess of the Plan Benefits of all Participants shall be allocated to the Unallocated Account. 
 5.3 Expense Account: In addition to contributions made to the Trust pursuant to the preceding Sections of this Section 5, the Company shall
deliver to the Trustee such other amounts as the Company deems necessary or appropriate to provide for payment of expenses of the Trust. Such amounts shall be held by the Trustee in a special expense account (the “Expense Account”). Except
as provided in Section 2 and Section 11, amounts in the Expense Account shall be applied solely toward the payment of Trust expenses. 
 Section 6. Adjustment of Accounts; Payments by the Trustee: 
 6.1 Adjustment of Fixed Rate Accounts:
As of the close of business of the Trustee on each day securities are traded on the New York Stock Exchange, except regularly scheduled holidays of the Trustee (“Adjustment Date”), each Fixed Rate Account with respect to each separate
account of the Participant shall be adjusted as follows: 
 6.1.1 Salary Reduction Fixed Rate Account: The Fixed Rate Account
(which account functions as a sub-account of the Salary Reduction Account) of each Participant shall be adjusted in this order: 
 (1) There shall be debited (i) the total amount of any payments made from such account to the Participant since the next preceding Adjustment Date, (ii) the total amount applied since the next preceding Adjustment Date to purchase
mutual fund shares for the Investment Fund Accounts of the Participant (which accounts function as sub-accounts of 

  

 11 

 
the Salary Reduction Account), (iii) the total amount of any payments made from such account for the benefit of the Company’s general creditors
(other than payments to Participants under the terms of the Trust) since the next preceding Adjustment Date, and (iv) the total amount of any payments made from such account for Trust Fund expenses not paid from the Expense Account. 

(2) There shall be credited the total amount of any contributions made to such account with respect to the Participant since the last
preceding Adjustment Date as provided in Section 5.2. 
 (3) There shall be credited (i) any cash dividends payable
with respect to Company Stock then allocated to the Company Stock Account of the Participant which are to be credited to his Fixed Rate Account, (ii) cash proceeds from the sale of any Company Stock then allocated to the Company Stock Account
of the Participant which are to be credited to his Fixed Rate Account, and (iii) cash proceeds from the sale of any mutual fund shares then allocated to an Investment Fund Account of the Participant which are to be credited to his Fixed Rate
Account. 
 (4) There shall be credited an amount equal to the account’s allocable share of the income and gains of the
Trust Fund (excluding the portion of the Trust Fund invested in Company Stock and mutual funds) as provided in Section 6.5. 
 (5) There shall be debited the amount of the balance in such account in excess of the Plan Benefits attributable to such account as of such Adjustment Date. 
 6.1.2 Matching Fixed Rate Account: The Fixed Rate Account (which account functions as a sub-account of the Matching Account) of each
Participant shall be adjusted in this order: 
 (1) There shall be debited (i) the total amount of any payments made from
such account to the Participant since the next preceding Adjustment Date, (ii) the total amount applied since the next preceding Adjustment Date to the purchase of mutual fund shares for the Investment Fund Accounts of the Participant (which
accounts function as sub- accounts of the Matching Account), (iii) the total amount of any payments made from such account for the benefit of the Company’s general creditors (other than payments to Participants under the terms of the
Trust) since the next preceding Adjustment Date, and (iv) the total amount of any payments made from such account for Trust Fund expenses not paid from the Expense Account. 
  

 12 

 (2) There shall be credited the total amount of any contributions made to such account
with respect to the Participant since the last preceding Adjustment Date as provided in Section 5.2. 
 (3) There shall
be credited (i) any cash dividends payable with respect to Company Stock then allocated to the Company Stock Account of the Participant which are to be credited to his Fixed Rate Account, (ii) cash proceeds from the sale of any Company
Stock then allocated to the Company Stock Account of the Participant which are to be credited to his Fixed Rate Account, and (iii) cash proceeds from the sale of any mutual fund shares then allocated to an Investment Fund Account of the
Participant which are to be credited to his Fixed Rate Account. 
 (4) There shall be credited an amount equal to the
account’s allocable share of the income and gains of the Trust Fund (excluding the portion of the Trust Fund invested in Company Stock and mutual funds) as provided in Section 6.5. 
 (5) There shall be debited the amount of the balance in such account in excess of the Plan Benefits attributable to such account as of
such Adjustment Date. 
 6.1.3 Incentive Compensation Fixed Rate Account: The Fixed Rate Account (which account functions as a
sub-account of the Incentive Compensation Account) of each Participant shall be adjusted in this order: 
 (1) There shall be
debited (i) the total amount of any payments made from such account to the Participant since the next preceding Adjustment Date, (ii) the total amount applied since the next preceding Adjustment Date to the purchase of mutual fund shares
for the Investment Fund Accounts of the Participant (which accounts function as sub-accounts of the Incentive Compensation Account), (iii) the total amount of any payments made from such account for the benefit of the Company’s general
creditors (other than payments to Participants under the terms of the Trust) since the next preceding Adjustment Date, and (iv) the total amount of any payments made from such account for Trust Fund expenses not paid from the Expense Account.

 (2) There shall be credited the total amount of any contributions made to such account with respect to the Participant
since the last preceding Adjustment Date as provided in Section 5.2. 
 (3) There shall be credited cash proceeds from
the sale of any mutual fund shares then allocated to an Investment Fund Account of the Participant which are to be credited to his Fixed Rate Account. 
  

 13 

 (4) There shall be credited an amount equal to the account’s allocable share of the
income and gains of the Trust Fund (excluding the portion of the Trust Fund invested in Company Stock and mutual funds) as provided in Section 6.5. 
 (5) There shall be debited the amount of the balance in such account in excess of the Plan Benefits attributable to such account as of such Adjustment Date. 
 6.1.4 Prior Plan Fixed Rate Account: The Fixed Rate Account (which account functions as a sub-account of the Prior Plan Account) of each
Participant shall be adjusted in this order: 
 (1) There shall be debited (i) the total amount of any payments made from
such account to the Participant since the next preceding Adjustment Date, (ii) the total amount applied since the next preceding Adjustment Date to the purchase of mutual fund shares for the Investment Fund Accounts of the Participant (which
accounts function as sub-accounts of the Prior Plan Account), (iii) the total amount of any payments made from such account for the benefit of the Company’s general creditors (other than payments to Participants under the terms of the
Trust) since the next preceding Adjustment Date, and (iv) the total amount of any payments made from such account for Trust Fund expenses not paid from the Expense Account. 
 (2) There shall be credited the total amount of any contributions made to such account with respect to the Participant since the last
preceding Adjustment Date as provided in Section 5.2. 
 (3) There shall be credited cash proceeds from the sale of any
mutual fund shares then allocated to an Investment Fund Account of the Participant which are to be credited to his Fixed Rate Account. 
 (4) There shall be credited an amount equal to the allocable share of the income and gains of the Trust Fund (excluding the portion of the Trust Fund invested in Company Stock and mutual funds) as provided in
Section 6.5. 
 (5) There shall be debited the amount of the balance in such account in excess of the Plan Benefits
attributable to such account as of such Adjustment Date. 
  

 14 

 6.1.5 Deferred Compensation Fixed Rate Account: The Fixed Rate Account (which account
functions as a sub-account of the Deferred Compensation Account) of each Participant shall be adjusted in this order: 
 (1)
There shall be debited (i) the total amount of any payments made from such account to the Participant since the next preceding Adjustment Date, (ii) the total amount applied since the next preceding Adjustment Date to purchase mutual fund
shares for the Investment Fund Accounts of the Participant (which accounts function as sub-accounts of the Deferred Compensation Account), (iii) the total amount of any payments made from such account for the benefit of the Company’s
general creditors (other than payments to Participants under the terms of the Trust) since the next preceding Adjustment Date, and (iv) the total amount of any payments made from such account for Trust Fund expenses not paid from the Expense
Account. 
 (2) There shall be credited the total amount of any contributions made to such account with respect to the
Participant since the last preceding Adjustment Date as provided in Section 5.2. 
 (3) There shall be credited cash
proceeds from the sale of any mutual fund shares then allocated to an Investment Fund Account of the Participant which are to be credited to his Fixed Rate Account. 
 (4) There shall be credited an amount equal to the account’s allocable share of the income and gains of the Trust Fund (excluding the
portion of the Trust Fund invested in Company Stock and mutual funds) as provided in Section 6.5. 
 (5) There shall be
debited the amount of the balance in such account in excess of the Plan Benefits attributable to such account as of such Adjustment Date. 
 6.1.6 Discretionary Fixed Rate Account: The Fixed Rate Account (which account functions as a sub-account of the Discretionary Account) of each Participant shall be adjusted in this order: 
 (1) There shall be debited (i) the total amount of any payments made from such account since the next preceding Adjustment Date,
(ii) the total amount applied since the next preceding Adjustment Date to purchase mutual fund shares for the Investment Fund Accounts of the Participant (which accounts function as sub-accounts of the Discretionary Account), (iii) the
total amount of any payments made from such account for the benefit of the Company’s general creditors (other than payments to Participants under the terms of the Trust) since the next preceding Adjustment Date, and (iv) the total amount
of any payments made from such account for Trust Fund expenses not paid from the Expense Account. 
  

 15 

 (2) There shall be credited the total amount of any contributions made to such account
with respect to the Participant since the last preceding Adjustment Date as provided in Section 5.2. 
 (3) There shall
be credited cash proceeds from the sale of any mutual fund shares then allocated to an Investment Fund Account of the Participant which are to be credited to his Fixed Rate Account. 
 (4) There shall be credited an amount equal to the account’s allocable share of the income and gains of the Trust Fund (excluding the
portion of the Trust Fund invested in Company Stock and mutual funds) as provided in Section 6.5. 
 (5) There shall be
debited the amount of the balance in such account in excess of the Plan Benefits attributable to such account as of such Adjustment Date. 
 6.1.7 Profit Sharing Fixed Rate Account: The Fixed Rate Account (which account functions as a sub-account of the Profit Sharing Account) of each Participant shall be adjusted in this order: 
 (1) There shall be debited (i) the total amount of any payments made from such account since the next preceding Adjustment Date,
(ii) the total amount applied since the next preceding Adjustment Date to purchase mutual fund shares for the Investment Fund Accounts of the Participant (which accounts function as sub-accounts of the Profit Sharing Account), (iii) the
total amount of any payments made from such account for the benefit of the Company’s general creditors (other than payments to Participants under the terms of the Trust) since the next preceding Adjustment Date, and (iv) the total amount
of any payments made from such account for Trust Fund expenses not paid from the Expense Account. 
 (2) There shall be
credited the total amount of any contributions made to such account with respect to the Participant since the last preceding Adjustment Date as provided in Section 5.2. 
 (3) There shall be credited cash proceeds from the sale of any mutual fund shares then allocated to an Investment Fund Account of the
Participant which are to be credited to his Fixed Rate Account. 
 (4) There shall be credited an amount equal to the
account’s allocable share of the income and gains of the Trust Fund (excluding the portion of the Trust Fund invested in Company Stock and mutual funds) as provided in Section 6.5. 
  

 16 

 (5) There shall be debited the amount of the balance in such account in excess of the
Plan Benefits attributable to such account as of such Adjustment Date. 
 6.2 Adjustment of Company Stock Accounts: As of the close of
business of the Trustee on each Adjustment Date, each Company Stock Account, if any, with respect to each separate account of the Participant shall be adjusted in the following order: 
 6.2.1 There shall be debited any Company Stock distributed or sold from the Company Stock Account since the next preceding Adjustment
Date, including any distributions or sales for the benefit of the Company’s general creditors (other than payments to Participants under the terms of the Trust). 
 6.2.2 There shall be credited any additional shares of Company Stock issued in connection with a stock split or similar transaction since
the next preceding Adjustment Date with respect to Company Stock allocated to the Participant’s Company Stock Account. 
 6.2.3 There shall be debited any Company Stock with a value in excess of the Plan Benefits attributable to the Company Stock Account as of such Adjustment Date. 
 6.3 Adjustment of Investment Fund Accounts: As of the close of business of the Trustee on each Adjustment Date, each Investment Fund Account with respect to each separate account of the Participant shall be
adjusted in the following order: 
 6.3.1 There shall be debited any mutual fund shares sold from the Investment Fund Account
since the next preceding Adjustment Date, including any sales for the benefit of the Company’s general creditors (other than payments to Participants under the terms of the Trust). 
 6.3.2 There shall be credited (i) any mutual fund shares purchased with amounts from the Participant Account of the Participant, and
(ii) any additional mutual fund shares purchased as a result of any dividends, capital gains or other income distributions payable since the next preceding Adjustment Date with respect to mutual fund shares allocated to the Participant’s
Investment Fund Account. 
 6.3.3 There shall be debited any mutual fund shares with a value in excess of the Plan Benefits
attributable to the Investment Fund Account as of such Adjustment Date. 
  

 17 

 6.4 Adjustment of Unallocated Account: As of the close of business of the Trustee on each
Adjustment Date, the Unallocated Account shall be adjusted in the following order: 
 6.4.1 Unallocated Fixed Rate Account:
The Fixed Rate Account with respect to the Unallocated Account shall be adjusted in this order: 
 (1) There shall be debited
the total amount of any payments from such account since the next preceding Adjustment Date, including any payments for the benefit of the Company’s general creditors (other than payments to Participants under the terms of the Trust).

 (2) There shall be credited (i) cash dividends payable with respect to Company Stock then allocated to the Company
Stock Account which functions as a sub-account of the Unallocated Account and (ii) cash proceeds from the sale of Company Stock then allocated to such Company Stock Account. 
 (3) There shall be credited an amount equal to the account’s allocable share of the income and gains of the Trust Fund (excluding the
portion of the Trust Fund invested in Company Stock and mutual funds) as provided in Section 6.5. 
 (4) There shall be
credited (i) any excess cash Company contributions as provided in Section 5.2, and (ii) any excess account balance that is charged against the Fixed Rate Accounts of the Participants pursuant to the provisions of this Section 6
as of such Adjustment Date. 
 6.4.2 Unallocated Company Stock Account: The Company Stock Account with respect to the
Unallocated Account shall be adjusted in this order: 
 (1) There shall be debited any Company Stock distributed or sold from
the Company Stock Account since the next preceding Adjustment Date, including any distributions or sales for the benefit of the Company’s general creditors (other than payments to Participants under the terms of the Trust). 
 (2) There shall be credited any additional shares of Company Stock issued in connection with a stock split or similar transaction since
the next preceding Adjustment Date with respect to Company Stock allocated to the Unallocated Account. 
  

 18 

 (3) There shall be credited any excess account balance that is charged against the
Company Stock Accounts of the Participants pursuant to the provisions of this Section 6 as of such Adjustment Date. 
 6.4.3 Unallocated Investment Fund Account: Each Investment Fund Account with respect to the Unallocated Account shall be adjusted in this order: 
 (1) There shall be debited any mutual fund shares sold from the Investment Fund Account since the next preceding Adjustment Date, including any sales for the benefit of the Company’s general creditors (other than
payments to Participants under the terms of the Trust). 
 (2) There shall be credited any additional mutual fund shares
purchased as a result of any dividends, capital gains or other income distributions payable since the next preceding Adjustment Date with respect to mutual fund shares allocated to the Unallocated Account. 
 (3) There shall be credited any excess account balance that is charged against the Investment Fund Accounts of the Participants pursuant
to the provisions of this Section 6 as of such Adjustment Date. 
 6.5 Trust Income, Gains and Losses: Income and gains and
losses (whether or not actually realized) of the Trust Fund (excluding the portion of the Trust Fund invested in Company Stock), shall be allocated to or charged against the Participant Accounts and the Unallocated Account as of each Adjustment Date
in accordance with rules and regulations adopted by the Committee from time to time and approved by the Trustee. Expenses, if not paid pursuant to Section 7.2, shall be charged first to the Unallocated Account and, if any expenses remain, to
the Participant Accounts in accordance with rules and regulations adopted by the Committee from time to time and approved by the Trustee. 
 6.6 Payment of Benefits: 
 6.6.1 Benefits shall be paid from the Trust Fund by the Trustee as directed by the
Committee. A direction by the Committee to make a payment of benefits from the Trust Fund shall be made in writing and shall specify the amount and method of the payment or the number of shares of Company Stock to be distributed, the date such
payment is to be made or commence, the person to whom the payment is to be made and the address to which the payment is to be sent. The Trustee’s obligation to pay benefits to any Participant shall be limited to payment of amounts properly
credited to such Participant’s Participant Account. 
  

 19 

 6.6.2 The Trustee shall make payments to the persons entitled thereto under the Plans in
such number of shares of Company Stock and amounts of cash as the Committee shall direct in accordance with Section 6.6.1. Where payment is directed in Company Stock, the Trustee shall cause the Company, or its transfer agent, to issue to the
person entitled thereto an appropriate stock certificate. Payments to be made in cash shall be paid by the Trustee by its check payable to the order of the person entitled thereto. 
 6.6.3 Notwithstanding any other provision of the Trust, if any amount held in the Trust Fund is found in a determination, within the
meaning of Section 1313(a) of the Code, to be includible in gross income of a Participant prior to payment of such amount from the Trust Fund, or if the Internal Revenue Service proposes to assess income tax on such amount, and the Participant
agrees with the assessment of such tax (and the Company consents thereto), the Trustee shall as soon as practicable pay such amount to such Participant and charge his Participant Account accordingly. For purposes of this Section 6:6.3, the
Trustee shall be entitled but not required to rely on an affidavit by a Participant to the effect that such a determination or proposal and agreement has occurred. Notwithstanding the foregoing provisions of this Section 6.6.3, the Company
shall at its expense contest any proposed assessment of income tax against any Participant by the Internal Revenue Service or any other taxing authority with respect to amounts not paid from the Trust Fund, except for such amounts agreed by the
Participant and consented to by the Company. In the event of a determination or agreement (and consent) with respect to any assessment, the Company shall pay to the Participant the amount of interest and penalties, if any, paid by the Participant to
the taxing authority plus the amount of estimated income tax (determined on the assumption that the Participant is taxed at the highest applicable marginal rate) to the Participant resulting from such payment and from the payment of such estimated
tax. 
 6.7 Company Obligation: Notwithstanding any other provision of the Trust, the Company shall remain obligated to pay the
benefits under the Plans. Nothing in the Trust shall relieve the Company of its liabilities to pay benefits except to the extent such benefits are paid to a Participant from the Trust Fund. 
  

 20 

 6.8 Transfer of Overfunded Assets to the Company: 
 6.8.1 Subject to Section 6.8.2, at any time that the Committee can demonstrate to the satisfaction of the Trustee that the total
value of Trust Fund assets, excluding the balance in the Expense Account, exceeds the Plan Benefits of all Participants under the Plans, the Trustee shall distribute to the Company the lesser of (i) the amount of such excess, or (ii) the
total value of Trust Fund assets less the balance of the Expense Account. The selection of Trust Fund assets to distribute to the Company shall be made by the Trustee in the exercise of its sole judgment, except that the Trustee shall not distribute
Company Stock. A distribution to the Company pursuant to this Section 6.8.1 shall be charged to the Unallocated Account. 
 6.8.2 Notwithstanding the provisions contained in this Section 6.8, the Trustee shall be prohibited from transferring Trust Fund assets to the Company in the manner described therein if the Company is then Bankrupt or Insolvent.

 6.9 Valuation of Accounts: The Trustee shall hold the Participant Accounts as a single fund. The Trust Fund shall be revalued by
the Trustee as of each Adjustment Date at current market values as determined by the Trustee. Net investment gains and losses shall be allocated by the Trustee among the Participant Accounts and the Unallocated Account in accordance with Section
6.5. 
 6.10 Withholding Taxes; Employment Taxes: Any amounts required to be paid under this Section 6 in cash shall be
reduced by the amount of any income taxes and employment taxes required by law to be withheld, and the Trustee shall inform the Company of all amounts so withheld. The Trustee may either pay such taxes required to be withheld to the Company,
whereupon the Company shall have full responsibility for payment of all withholding taxes to the appropriate tax authorities, or pay such taxes directly for the benefit of the Company. Whenever any amounts required to be paid under this
Section 6 will be paid in Company Stock, the Company shall have the right to require the Participant to remit to the Company an amount sufficient to satisfy all income taxes and employment taxes required to be withheld as a condition to the
registration of the transfer of such Company Stock on the books of the Company. In any event, the Company shall timely furnish each Participant with the appropriate 

  

 21 

 
tax information form evidencing such payment and the amount thereof. The Company’s share of any employment taxes attributable to benefits paid by
the Trustee shall be the sole obligation of and paid by the Company. 
  

	 	Section	7. Taxes, Expenses and Compensation: 

 7.1 Taxes: The Company shall from time to time pay taxes of any and all kinds whatsoever which at any time are levied or assessed upon or become payable in respect of the Trust Fund, the income or any property forming a part thereof,
or any security transaction pertaining thereto. The Trustee shall, at Company expense, contest the validity of such taxes in any manner deemed appropriate by the Company or its counsel, but only if it has received an indemnity bond or other security
satisfactory to the Trustee to pay any expenses of such contest. Alternatively, the Company may contest the validity of any such taxes. 
 7.2 Expenses and Compensation: The Trustee shall be paid compensation in accordance with the Trustee’s regular schedule of fees for trust services and applicable investment management services, as in effect from time to time,
unless the Company and Trustee otherwise agree. To the extent there is a balance in the Expense Account established pursuant to Section 5.3, the Trustee shall utilize such Expense Account for payment of the Trustee’s fees and Trust
expenses. In the absence of such a balance, the Company shall pay all Trust expenses, including fees of the Trustee. Upon failure of the Company to pay such expenses, the Trustee may satisfy such obligations out of the assets of the Trust Fund and
charge the Unallocated Account and Participant Accounts as provided in Section 6.5. In that event, the Company shall deposit into the Trust Fund a sum equal to the amount paid from the Trust Fund (other than the amount charged to the
Unallocated Account) for such fees and expenses, and the Participant Accounts so charged shall be credited. 
  

 22 

	 	Section	8. Administration and Records: 

 8.1 Records: The Trustee shall keep or cause to be kept accurate and detailed accounts of any investments, receipts, disbursements and other transactions hereunder. All accounts, books and records relating thereto shall be open to
inspection and audit at all reasonable times by any person designated by the Company. 
 8.2 Settlement of Accounts: Within
sixty days after the close of each Fiscal Year, and within sixty days after the removal or resignation of the Trustee or the termination of the Trust, the Trustee shall file with the Company a written account setting forth all investments, receipts,
disbursements and other transactions effected by it during the preceding Fiscal Year, or during such period from the close of the prior Fiscal Year to the date of such removal, resignation or termination, including a description of all investments
and securities purchased and sold, with the cost or net proceeds of such purchases or sales, and showing all cash, securities and other property held at the end of such Fiscal Year or other period. If within ninety days after the filing of such
account the Company has not filed with the Trustee notice or any objection to any act or transaction of the Trustee, the initial account shall become final. If any objection has been filed, and if the Company is satisfied that the objection should
be withdrawn, the Company shall in writing filed with the Trustee signify its approval of the account, and it shall become final. If the account is adjusted following an objection thereto, the Trustee shall file with the Company the adjusted
account, and if within thirty days after such filing of an adjusted account the Company has not filed with the Trustee notice of any objection to the transactions as so adjusted, the adjusted account shall become final. Unless an account is
fraudulent when it becomes final, the Trustee shall, to the maximum extent permitted by applicable law, be forever released and discharged from all liability and accountability with respect to the propriety of its acts and transactions shown in such
account. 
  

 23 

 8.3 Audit: The Trustee shall from time to time permit an independent certified public accountant
selected by the Company to have access during ordinary business hours to such records as may be necessary to audit the Trustee’s accounts. 
 8.4 Judicial Settlement: Nothing contained in the Trust shall be construed as depriving the Trustee or the Company of the right to have a judicial settlement of the Trustee’s account. 
 8.5 Delivery of Records to Successor: In the event of removal or resignation of the Trustee, the Trustee shall deliver to the successor trustee
all records which shall be required by the successor trustee to enable it to carry out the provisions of the Trust. 
 8.6 Tax
Filings: In addition to any returns required of the Trustee by law, the Trustee shall prepare and file such tax reports and other returns as the Company and the Trustee may from time to time agree. 
  

	 	Section	9. Removal or Resignation of the Trustee and Designation of Successor Trustee: 

 9.1 Removal: The Company may remove the Trustee with or without cause upon at least ninety days’ notice in writing to the Trustee. Removal of
the Trustee shall not be effective until the Company has appointed, in writing, a successor trustee, and such successor has accepted the appointment in writing. 
 9.2 Resignation: Should the Trustee cease to exist or for any reason fail to act as Trustee, then the Company shall appoint a successor trustee. The Trustee may resign at any time upon at least ninety
days’ written notice to the Company, whereupon the Company shall appoint a successor trustee. 
  

 24 

 9.3 Successor Trustee: Each successor trustee shall be a bank or a trust company. During the
period that the successor trustee shall act as Trustee, such successor shall have the powers, duties and protections herein conferred upon the Trustee. The term “Trustee” wherever used herein, except where the context otherwise requires,
shall be deemed to include any successor trustee. Upon designation of a successor trustee in accordance with this Section 9, and acceptance in writing by the successor trustee of its appointment, the resigned or removed Trustee shall promptly
assign, transfer, deliver and pay over to the successor trustee, in conformity with the requirements of applicable law, the funds and properties in its control or possession then constituting the Trust Fund. 
  

	 	Section	10. Enforcement of Trust Agreement and Legal Proceedings: 

 The Company and the Trustee shall have the right to enforce any provision of the Trust. In any action or proceeding affecting the Trust, the only necessary parties shall be the Company, the Trustee and the
Participants and, except as otherwise required by applicable law, no other person shall be entitled to any notice or service of process. Any judgment entered in such an action or proceeding shall, to the maximum extent permitted by applicable law,
be binding and conclusive on all persons having or claiming to have any interest in the Trust. Time is of the essence of the Trust. In case any provision of the Trust is enforced by the Trustee or by any Participant by legal process or through an
attorney-at-law, or under advice therefrom, including but not limited to the collection of amounts due hereunder to either the Trustee or such Participant, or for the benefit of such Participant, then the Company shall pay all costs of such
enforcement or collection, including reasonable attorneys’ fees. 
  

 25 

	 	Section	11. Termination: 

 This Trust shall
continue until it terminates following the first to occur of (i) all payments required by Section 6 or other provisions of the Trust have been made, or (ii) the Trust Fund contains no assets and retains no claims to recover assets. If
the Trust terminates pursuant to this Section 11, the Trustee, after its final account has been settled as provided in Section 8.2, shall distribute to the Company the net balance of any assets remaining in the Trust Fund. Upon making
distribution of the Trust Fund, the Trustee shall be relieved from all further liability. The powers of the Trustee hereunder shall continue so long as any assets of the Trust Fund remain in its hands. 
  

	 	Section	12. Amendment: 

 12.1 Consent
Required: Subject to Section 12.2, this Trust may be amended by a written instrument executed by the Trustee and the Company. 
 12.2 Other Limitations on Amendment: Amendment of the Trust shall be subject to the following limitations: (i) no amendment shall cause the Trust, the Plans or the assets of the Trust Fund to be governed by or subject to part 2,
3 or 4 of title I of ERISA; (ii) no amendment shall cause the assets of the Trust Fund to be taxable to Participants prior to distribution therefrom; (iii) no amendment shall make the Trust revocable; and (iv) no amendment shall
adversely affect any benefits to Participants under the Plans accrued to the date of such amendment or the amount of assets of the Trust Fund allocable thereto. 
 12.3 Compliance with ERISA and the Code: Notwithstanding anything in this Section 12 to the contrary, the Trust and the Plans shall be amended from time to time (without the consent of any Participant) to
maintain the Plans as unfunded plans maintained primarily for the purpose of providing deferred compensation for a select group of management 

  

 26 

 
or highly compensated employees for purposes of ERISA, the Code and any other applicable law, to maintain the Trust as a grantor trust, to ensure that
contributions to the Trust by the Company will not constitute a taxable event and income and gains of the Trust Fund will not be taxable as income and gains to the Trust or Participants, and that benefits paid to Participants from the Trust Fund
will be deductible by the Company in the year of payment. 
  

	 	Section	13. Indemnification of Trustee: 

 To
the extent permitted by law, the Company shall indemnify and hold the Trustee harmless from and against any and all losses, damages, costs, expenses and liabilities (herein “Liabilities”), including reasonable attorneys’ fees and
other costs of litigation, to which the Trustee may become subject pursuant to, arising out of, occasioned by, incurred in connection with or in any way associated with the Trust, except for any act or omission constituting gross negligence or
willful misconduct of the Trustee. If one or more Liabilities arise, or if the Company fails to indemnify the Trustee as provided herein, or both, then the Trustee may engage counsel of the Trustee’s choice at the Company’s expense to
conduct the defense against such Liabilities. 
  

	 	Section	14. Employer-Parties: 

 The Board of
Directors of BB&T Corporation has, and may in the future, in accordance with the terms of each Plan, authorize its affiliates to become employer-parties to each such Plan. The following special provisions shall apply to all employer-parties to
the Plans: 
 14.1 References to Company: Subject to the provisions of this Section 14, and unless the context clearly provides
otherwise, all references herein to the “Company” shall include all employer-parties to the Plans. 
  

 27 

 14.2 Insolvency: Should any one employer-party to a Plan become Bankrupt or Insolvent, only that
portion of the Trust Fund with a value equal to the Plan Benefits of the Participants employed by the Bankrupt or Insolvent employer-party shall be subject to the suspension of payment rules set forth in Section 2.2. 
 14.3 Liability for Contributions: The employer-parties shall be jointly and severally liable with respect to the contribution obligations set
forth in Section 5. With respect to and at the time of each contribution to the Trust Fund, the Committee shall deliver to the Trustee a written certificate stating the amount or portion attributable to each employer-party. On the basis of such
certificate, the Trustee shall keep records of the amount contributed to the Trust Fund by each employer-party. 
 14.4 Allocation
of Reversion: If any Trust Fund assets are to be distributed to the Company pursuant to Section 6.8 or upon termination of the Trust, the amount to be distributed shall be allocated among the employer-parties to the Plans in the proportion
that each employer-party’s cumulative contributions bear to the total cumulative contributions made to the Trust Fund. 
  

	 	Section	15. Miscellaneous: 

 15.1
Nonalienation: No amount payable to or in respect of any Participant at any time under the Trust shall be subject in any manner to alienation, anticipation, sale, transfer, assignment, bankruptcy, pledge, attachment, charge or encumbrance of any
kind. Any attempt to alienate, anticipate, sell, transfer, assign, pledge, attach, charge or otherwise encumber any such amount shall be void, and the Trust Fund shall in no manner be liable for or subject to the debts or liabilities of any
Participant. Notwithstanding the foregoing, the Trust Fund shall at all times remain subject to the claims of creditors of the Company in the event the Company becomes Bankrupt or Insolvent. 
  

 28 

 15.2 Communications: 
 (a) Communications to the Company shall be addressed to the Company at 200 West Second Street, Winston-Salem, North Carolina 27101, or to
such other address as the Company may specify in writing. 
 (b) Communications to the Trustee shall be addressed to the
Trustee at 434 Fayetteville Street, Raleigh, North Carolina 27606, or to such other address as the Trustee may specify in writing. 
 (c) No communication shall be binding on the Trustee until it is received by the Trustee, and no communication shall be binding on the Company until it is received by the Company. 
 15.3 Authority to Act: The Secretary of the Company shall from time to time certify to the Trustee the person or persons authorized to act for the
Company and the Committee, and shall provide the Trustee with such information regarding the Company and the Committee as the Trustee may reasonably request. The Trustee may continue to rely on any such certification until notified to the
contrary. 
 15.4 Authenticity of Instruments: The Trustee shall be fully protected in acting upon any instrument, certificate
or paper believed by it to be genuine and to be signed or presented by the proper person or persons. The Trustee shall be under no duty to make any investigation or inquiry as to any statement contained in any such writing but may accept the same as
conclusive evidence of the truth and accuracy of the statements therein contained. 
 15.5 Binding Effect: The Trust shall be
binding upon the Company and the Trustee and their respective successors and assigns. 
 15.6 Inquiry as to Authority: A third
party dealing with the Trustee shall not be required to make inquiry as to the authority of the Trustee to take any action or be under any obligation to follow the proper application by the Trustee of the proceeds of sale of any property sold
by the Trustee or to inquire into the validity or propriety of any act of the Trustee. 
  

 29 

 15.7 Responsibility for Company or Committee Action: The Trustee assumes no obligation or
responsibility with respect to any action required by the Trust on the part of the Company or Committee. 
 15.8 Grantor Trust:
The Trust is intended to be a trust under which the grantor is treated as the owner for federal income tax purposes in accordance with the provisions of Sections 671 through 677 of the Code. If the Company or the Trustee deems it necessary or
advisable to undertake or refrain from undertaking any actions (including, but not limited to, making or refraining from making any elections or filings) in order to ensure that the Company is at all times treated as the owner of the Trust for
federal income tax purposes, the Company or the Trustee will undertake or refrain from undertaking (as the case may be) such actions. The Trustee shall be fully protected in acting or refraining from acting in accordance with the provisions of this
Section 15.8. 
 15.9 Titles Not to Control: Titles to the Articles and Sections of the Trust are included for convenience only
and shall not control the meaning or interpretation of any provision of the Trust. 
 15.10 Severability: Any provision of this
Trust prohibited by law shall be ineffective to the extent of any such prohibition without invalidating the remaining provisions hereof. 
 15.11 Laws of North Carolina to Govern: The Trust shall be governed by and construed, enforced and administered in accordance with the laws of the State of North Carolina. 
  

 30 

 15.12 Reports: The Trustee shall not be required to file any annual or other returns or
reports to any court, or to give any bond or to secure any order or consent of any court to carry out any of the powers conferred on the Trustee or to make any other reports to any court. 
 15.13 Counterparts: The Trust may be executed in any number of counterparts, each of which shall be deemed to be the original although the
others shall not be produced. 
 15.14 Sale of Assets: Notwithstanding any other provisions hereof, if the Company shall sell
or otherwise transfer substantially all of its operating assets to another entity (the “Transferee”), the Company’s rights and obligations hereunder shall be assigned by the Company to the Transferee as a part of the same transaction.
Following such assignment, and conditional on acceptance thereof by the Transferee, the Transferee shall be substituted for the Company hereunder. Except for such substitution, following such assignment this Trust Agreement shall continue in effect
in accordance with its terms. If the Company shall not effect such assignment, the Trustee shall, at the time of the closing of the sale or other transfer, distribute to each Participant in cash in a lump sum an amount equal to the sum of
(i) the Plan Benefits of the Participant, plus (ii) the estimated income tax liability of the Participant resulting from distribution of the amount in (i) and in this (ii), taking into account all federal, state and local income taxes
payable by the Participant as a result of the distribution and determined on the assumption that such Participant is taxed at the highest marginal income tax rate under each taxing jurisdiction. If such sum with respect to all Participants shall
exceed the amount then in the Trust, the Trustee shall allocate the sum among all Participants in the proportion that the Plan Benefits of each bears to the Plan Benefits of all, and the Company shall pay to each Participant the sum of the above
amounts with respect to the Participant less the amount paid to each by the Trustee. Such payment shall be made by the Company in cash in a lump sum at the time of the sale or other transfer. 
  

 31 

 15.15 Securities Laws: The Company and the Trustee shall take all necessary steps to comply with
the applicable registration or other requirements of federal or state securities laws from which no exemption is available. 
 IN WITNESS
WHEREOF, the Trust has been duly executed by the parties hereto as of the day and year first above written. 
  

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

  

	
	ATTEST:
	
	/s/ Jerone C. Herring
	Secretary
	
	[Corporate Seal]

  

			
	 BRANCH BANKING AND TRUST COMPANY
 Trustee

		
	By:	 	/s/ Suzanne G. Brooks
		 	Vice President

  

	
	ATTEST:
	
	/s/ Cindy C. Register
	Assistant Secretary
	
	[Corporate Seal]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00137-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00137-of-00352.parquet"}]]