Document:

Exhibit 10.4

 EXHIBIT 10.4 
 BB&T CORPORATION 
 AMENDED AND RESTATED 
 2004 STOCK INCENTIVE PLAN 
  

	 	•	 	 Effective April 27, 2004 

  

	 	•	 	 Amended and Restated Effective as of January 1, 2005 

 TABLE OF CONTENTS 
  

					
	 	  	ARTICLE I	  	 
	1.01	  	 Administrator
	  	1
	1.02	  	 Affiliate
	  	1
	1.03	  	 Agreement
	  	1
	1.04	  	 Award
	  	1
	1.05	  	 BB&T
	  	1
	1.06	  	 Board
	  	1
	1.07	  	 Code
	  	1
	1.08	  	 Committee
	  	1
	1.09	  	 Common Stock
	  	2
	1.10	  	 Covered Employee
	  	2
	1.11	  	 Director
	  	2
	1.12	  	 Disability or Disabled
	  	2
	1.13	  	 Displacement
	  	2
	1.14	  	 Employee
	  	2
	1.15	  	 Exchange Act
	  	2
	1.16	  	 Fair Market Value
	  	2
	1.17	  	 Freestanding SAR
	  	2
	1.18	  	 Incentive Option
	  	3
	1.19	  	 Independent Contractor
	  	3
	1.20	  	 Nonqualified Option
	  	3
	1.21	  	 Option
	  	3
	1.22	  	 Participant
	  	3
	1.23	  	 Performance Award
	  	3
	1.24	  	 Performance Measures
	  	3
	1.25	  	 Performance Share
	  	3
	1.26	  	 Performance Unit
	  	3
	1.27	  	 Phantom Stock Award
	  	3
	1.28	  	 Plan
	  	3
	1.29	  	 Related SAR
	  	3
	1.30	  	 Restricted Award
	  	4
	1.31	  	 Restricted Stock Award
	  	4
	1.32	  	 Restricted Stock Unit
	  	4
	1.33	  	 Retirement
	  	4
	1.34	  	 SAR
	  	4
	1.35	  	 Section 409A
	  	4
	1.36	  	 Securities Act
	  	4
	1.37	  	 Separation from Service
	  	4
	1.38    	  	 Specified Employee
	  	4

  

 (i) 

					
		  	 ARTICLE II
 PURPOSES
	  	4
			
		  	 ARTICLE III
 ADMINISTRATION
	  	
			
	3.01	  	 General
	  	5
	3.02	  	 Authority of Administrator
	  	5
	3.03	  	 Delegation of Authority
	  	6
			
		  	 ARTICLE IV
 PARTICIPATION
	  	
			
	4.01	  	 General
	  	7
	4.02	  	 Grants; Award Agreements
	  	7
			
		  	 ARTICLE V
 SHARES SUBJECT TO PLAN AND AWARD LIMITATIONS
	  	
			
	5.01	  	 Shares Available for Awards
	  	7
	5.02	  	 Shares Not Subject to Limitations
	  	8
	5.03	  	 Adjustments
	  	8
			
		  	 ARTICLE VI
 OPTIONS
	  	
			
	6.01	  	 Grant of Options
	  	9
	6.02	  	 Date of Grant
	  	9
	6.03	  	 Option Price
	  	9
	6.04	  	 Option Period; Exercise of Options
	  	9
	6.05	  	 No Deferral Feature
	  	10
	6.06	  	 Exercise of Options
	  	10
	6.07	  	 Payment
	  	10
	6.08	  	 Nontransferability
	  	11
	6.09	  	 Disqualifying Dispositions
	  	11
			
		  	 ARTICLE VII
 STOCK APPRECIATION RIGHTS
	  	
			
	7.01	  	 Grant of SARs
	  	11
	7.02	  	 Related SARs
	  	11
	7.03	  	 Freestanding SARs
	  	11
	7.04	  	 Date of Grant
	  	12
	7.05	  	 No Deferral Feature
	  	12
	7.06	  	 Exercise of SARs
	  	12
	7.07	  	 Payment Upon Exercise
	  	12
	7.08	  	 Nontransferability
	  	12
			
		  	 ARTICLE VIII
 RESTRICTED AWARDS
	  	
			
	8.01	  	 Grant of Restricted Awards
	  	13
	8.02	  	 Vesting of Restricted Awards
	  	13
	8.03	  	 Forfeiture of Restricted Awards
	  	13
	8.04    	  	 Shareholder Rights; Share Certificates
	  	13

  

 (ii) 

					
	8.05	  	 Time and Form of Payment
	  	13
	8.06	  	 Payments to Specified Employees
	  	14
	8.07	  	 No Acceleration
	  	14
	8.08	  	 Nontransferability
	  	14
			
		  	 ARTICLE IX
 PERFORMANCE AWARDS
	  	
			
	9.01	  	 Grant of Performance Awards
	  	14
	9.02	  	 Performance Awards
	  	15
	9.03	  	 Vesting of Performance Awards
	  	15
	9.04	  	 Time and Form of Payment
	  	15
	9.05	  	 Payments to Specified Employees
	  	15
	9.06	  	 No Acceleration
	  	15
	9.07	  	 Forfeiture of Performance Awards
	  	15
	9.08	  	 Nontransferability
	  	16
			
		  	 ARTICLE X
 PHANTOM STOCK AWARDS
	  	
			
	10.01	  	 Grant of Phantom Stock Awards
	  	16
	10.02	  	 Phantom Stock Award
	  	16
	10.03	  	 Vesting of Phantom Stock Awards
	  	16
	10.04	  	 Amount of Payment
	  	16
	10.05	  	 Time and Form of Payment
	  	16
	10.06	  	 Payments to Specified Employees
	  	16
	10.07	  	 No Acceleration
	  	17
	10.08	  	 Nontransferability
	  	17
			
		  	 ARTICLE XI
 DIVIDENDS AND DIVIDEND EQUIVALENTS
	  	17
			
		  	 ARTICLE XII
 EFFECT OF TERMINATION
	  	17
			
		  	 ARTICLE XIII
 COMPLIANCE WITH LAWS; RESTRICTIONS ON AWARDS AND SHARES
	  	17
			
		  	 ARTICLE XIV
 AMENDMENT AND TERMINATION OF THE PLAN
	  	
			
	14.01	  	 General
	  	18
	14.02	  	 Adjustment of Awards upon the Occurrence of Certain Unusual
 or Nonrecurring Events
	  	18
	14.03    	  	 Cash Settlement
	  	18
			
		  	 ARTICLE XV
 EFFECTIVE DATE; TERM
	  	19

  

 (iii) 

					
		  	 ARTICLE XVI
 GENERAL PROVISIONS
	  	
			
	16.01	  	 Shareholder Rights
	  	19
	16.02	  	 Withholding
	  	19
	16.03	  	 Section 16(b) Compliance
	  	20
	16.04	  	 Code Section 162(m) Performance-Based Compensation
	  	20
	16.05	  	 Section 409 A
	  	21
	16.06	  	 No Right or Obligation of Continued Employment or Service
	  	21
	16.07	  	 Unfunded Plan; No Effect on Other Plans
	  	21
	16.08	  	 Applicable Law
	  	22
	16.09	  	 Deferrals
	  	22
	16.10	  	 Beneficiary Designation
	  	22
	16.11	  	 Gender and Number
	  	22
	16.12	  	 Severability
	  	22
	16.13	  	 Rules of Construction
	  	22
	16.14    	  	 Successors and Assigns
	  	23

  

 (iv) 

 BB&T CORPORATION 
 AMENDED AND RESTATED 
 2004 STOCK INCENTIVE PLAN 
 ARTICLE I 
 DEFINITIONS 

 In addition to other terms defined herein, the following terms shall have the meanings given below: 
 1.01 Administrator shall mean the Board, and, upon its delegation of all or part of its authority to administer the Plan to the Committee,
the Committee. 
 1.02 Affiliate means any employer with which BB&T would be considered a single employer under
Section 414(b) and (c) of the Code, applied using 50% as the percentage of ownership required under such Code sections; provided, however, that the term “Affiliate” shall be construed in a manner in accordance with the
registration provisions of applicable federal securities laws. 
 1.03 Agreement means an agreement (which may be in written or
electronic form, in the Administrator’s discretion and which includes, as permitted under Section 409A, any amendment or supplement thereto) between BB&T and a Participant specifying the terms, conditions, and restrictions of an Award
granted to the Participant in accordance with the Plan. An Agreement may also state such other terms, conditions, and restrictions, including but not limited to terms, conditions, and restrictions applicable to shares subject to an Award, as may be
established by the Administrator in accordance with the Plan. 
 1.04 Award means, individually or collectively, a grant under
the Plan of an Option (including an Incentive Option or a Nonqualified Option), a Stock Appreciation Right (including a Related SAR or a Freestanding SAR), a Restricted Award (including a Restricted Stock Award or a Restricted Unit Award), a
Performance Award (including a Performance Share Award or a Performance Unit Award), a Phantom Stock Award, or any other award granted under the Plan. 
 1.05 BB&T means BB&T Corporation, a North Carolina corporation, or any successor thereto. 
 1.06 Board means the Board of Directors of BB&T. 
 1.07 Code means the Internal Revenue Code of
1986, as amended. 
 1.08 Committee means the Compensation Committee of the Board appointed to administer the Plan. 

 

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 1.09 Common Stock means the common stock of BB&T Corporation, $5.00 par value.

 1.10 Covered Employee shall have the meaning given the term in Section 162(m) of the Code and related regulations.

 1.11 Director means a member of the Board of Directors of BB&T or an Affiliate. 
 1.12 Disability or Disabled means: 
 (i) If the Participant is not covered under a disability insurance program of the Company or an Affiliate, a Participant shall be
deemed to be Disabled if such Participant is determined to be totally disabled by the United States Social Security Administration and incurs a Separation from Service; or 
 (ii) If the Participant is covered by a disability insurance program of the Company or an Affiliate, that the Participant incurs a
Separation from Service. 
 1.13 Displacement shall have the meaning ascribed to the term in any employment agreement,
consulting agreement, or other similar agreement, if any, to which the Participant is a party; provided that any reference to “termination of employment” or “termination of service” or “severance” shall mean a
Separation from Service as defined herein; or, if no such agreement applies, “displacement” shall mean the Participant’s Separation from Service due to the elimination of the Participant’s job or position without fault on the
part of the Participant (as determined by the Administrator). 
 1.14 Employee means any person who is an employee of BB&T
or any Affiliate (including entities which become Affiliates after the Effective Date of the Plan); provided, however, that with respect to Incentive Options, “Employee” means any person who is considered an employee of BB&T or any
Affiliate for purposes of Treas. Reg. Section 1.421- l(h) (or any successor provision related thereto). 
 1.15 Exchange
Act means the Securities Exchange Act of 1934, as amended. 
 1.16 Fair Market Value per share of the Common Stock
shall be, to the extent applicable to an Award, the closing sales price per share on the New York Stock Exchange or the American Stock Exchange (as applicable) on the date an Award is granted (provided, however, that for certain 2005 Awards as
determined by the Administrator, and for all 2006 Awards, such closing sales price per share shall be on the nearest trading day preceding the date the Award is granted) or other determination is made (each, a “valuation date”), or,
if there is no transaction on such date, then on the trading date nearest preceding the valuation date for which closing sales price information is available. In the absence of any such markets for the Common Stock, the Fair Market Value shall be
determined by the Board in good faith in accordance with Section 409 A. 
 1.17 Freestanding SAR means an SAR that is
granted without relation to an Option, as provided in Article VII. 
  

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 1.18 Incentive Option means an Option that is designated by the Administrator as an
Incentive Option and intended to meet the requirements of incentive stock options under Code Section 422 and related regulations. 
 1.19 Independent Contractor means an independent contractor, consultant, or advisor providing services to BB&T or an Affiliate. 
 1.20 Nonqualified Option means an Option that is not intended to qualify as an incentive stock option under Code Section 422 and related regulations. 
 1.21 Option means a stock option granted under Article VI. 
 1.22 Participant means an individual employed by, or providing services to, BB&T or an Affiliate who satisfies the requirements of Article IV and is selected by the Administrator to receive an Award
under the Plan. 
 1.23 Performance Award means a Performance Share Award and/or a Performance Unit Award, as provided in
Article IX. 
 1.24 Performance Measures mean one or more performance factors which may be established by the Administrator
with respect to an Award. Performance factors may be based on such corporate, business unit or division and/or individual performance factors and criteria as the Administrator in its discretion may deem appropriate; provided, however, that, such
performance factors shall be limited to one or more of the following: (i) consolidated earnings before or after taxes (including earnings before interest, taxes, depreciation, and amortization); (ii) net income; (iii) operating
income; (iv) earnings per share; (v) book value per share; (vi) return on shareholders’ equity; (vii) return on investment; (viii) return on capital; (ix) improvements in capital structure; (x) expense
management; (xi) profitability of an identifiable business unit or product; (xii) maintenance or improvement of profit margins; (xiii) stock price or total shareholder return; (xiv) market share; (xv) revenues or sales;
(xvi) costs; (xvii) cash flow; (xviii) working capital; (xix) return on assets; (xx) economic wealth created; (xxi) strategic business criteria; and (xxii) efficiency ratio(s). Such performance factors may include
or exclude extraordinary items, as determined by the Administrator. 
 1.25 Performance Share means an Award granted under
Article IX. 
 1.26 Performance Unit means an Award granted under Article IX. 
 1.27 Phantom Stock Award means an Award granted under Article X. 
 1.28 Plan means the BB&T Corporation Amended and Restated 2004 Stock Incentive Plan, as it may be hereafter amended and/or restated.

 1.29 Related SAR means an SAR granted under Article VII that is granted in relation to a particular Option and that can be
exercised only upon the surrender to BB&T, unexercised, of that portion of the Option to which the SAR relates. 
  

 - 3 - 

 1.30 Restricted Award means a Restricted Stock Award and/or a Restricted Stock Unit Award,
as provided in Article VIII. 
 1.31 Restricted Stock Award means shares of Common Stock awarded to a Participant under Article
VIII. 
 1.32 Restricted Stock Unit means a Restricted Award granted to a Participant pursuant to Article VIII. 
 1.33 Retirement means that a Participant has incurred a Separation from Service on or after his earliest early retirement date established
under a tax-qualified retirement plan maintained by BB&T or an Affiliate in which he participates. 
 1.34 SAR means a
stock appreciation right granted under Article VII. References to “SARs” include both Related SARs and Freestanding SARs, unless the context requires otherwise. 
 1.35 Section 409A means Section 409A of the Code and the guidance issued thereunder by the United States Department of the Treasury and/or Internal Revenue Service. 
 1.36 Securities Act means the Securities Act of 1933, as amended. 
 1.37 Separation from Service means a termination of employment with BB&T and all Affiliates that is a “separation from
service” within the meaning of Section 409A. 
 1.38 Specified Employee means a “specified employee” within the
meaning of Section 409A and any “specified employee” identification policy of BB&T. 
 ARTICLE II 
 PURPOSES 
 The Plan is intended
to assist BB&T in recruiting and retaining Employees, Directors, and Independent Contractors of BB&T and its Affiliates with ability and initiative by enabling eligible individuals to contribute to and participate in BB&T’s future
success and to associate their interests with those of BB&T and its shareholders. In furtherance of this purpose, the Plan authorizes the grant of Awards, including Options (including Incentive Options and Nonqualified Options), SARs (including
Related SARs and Freestanding SARs), Restricted Awards (including Restricted Stock Awards and Restricted Stock Units), Performance Awards (including Performance Share Awards and Performance Unit Awards), and Phantom Stock Awards, to selected
eligible individuals. The proceeds received by BB&T from the sale of Common Stock pursuant to this Plan shall be used for general corporate purposes. 
  

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 ARTICLE III 
 ADMINISTRATION 
 3.01 General. The Plan shall be administered by the
Board of BB&T or, upon its delegation, by the Committee. Unless the Board determines otherwise, the Committee shall be comprised solely of two or more “non-employee directors,” as such term is defined in Rule 16b- 3 under the
Exchange Act, or as may otherwise be permitted under Rule 16b-3. Further, to the extent required by Section 162(m) of the Code or related regulations, the Plan shall be administered by a committee comprised of two or more “outside
directors” (as such term is defined in Section 162(m) or related regulations) or as may otherwise be permitted under Section 162(m) and related regulations. For the purposes herein, the term “Administrator” shall
refer to the Board and, upon its delegation to the Committee of all or part of its authority to administer the Plan, to the Committee. Notwithstanding the foregoing, the Board shall have sole authority to grant Awards to Directors who are not
Employees of BB&T or its Affiliates. 
 3.02 Authority of Administrator. Subject to the provisions of the Plan, the
Administrator shall have full and final authority in its discretion to take any action with respect to the Plan including, without limitation, the authority: 
 (a) to determine all matters relating to Awards, including selection of individuals to be granted Awards, the types of Awards, the number of shares of the Common Stock, if any, subject to an Award, and all
terms, conditions, restrictions, and limitations of an Award; 
 (b) to prescribe the form or forms of the Agreements evidencing any
Awards granted under the Plan; 
 (c) to establish, amend, and rescind rules and regulations for the administration of the Plan; and

 (d) to construe and interpret the Plan, Awards, and Agreements made under the Plan, to interpret rules and regulations for
administering the Plan, and to make all other determinations deemed necessary or advisable for administering the Plan. 
 The express grant
in the Plan of any specific power to the Administrator shall not be construed as limiting any power or authority of the Administrator. Any decision made, or action taken, by the Administrator in connection with the administration of this Plan shall
be final and conclusive. 
 The Administrator shall also have authority, in its sole discretion (except to the extent precluded by
Section 409A): 
 (i) to accelerate the date on which any Award which was not otherwise exercisable, vested, or
earned shall become exercisable, vested, or earned in whole or in part without any obligation to accelerate such date with respect to any other Award granted to any recipient; 
  

 - 5 - 

 (ii) to modify or extend the terms and conditions for exercise, vesting, or
earning of an Award. 
 (iii) to specify in an Agreement that a Participant’s rights, payments, and/or benefits
with respect to an Award (including but not limited to any shares issued or issuable and/or cash paid or payable with respect to an Award) shall be subject to reduction, cancellation, forfeiture, or recoupment upon the occurrence of certain
specified events, in addition to any otherwise applicable vesting or performance conditions of an Award. Such events may include, but shall not be limited to, Separation from Service for cause; violation of BB&T or Affiliate policies; breach of
non-solicitation, noncompetition, confidentiality or other restrictive covenants that may apply to the Participant; or other conduct by the Participant that is determined by the Administrator to be detrimental to the business or reputation of
BB&T or any Affiliate. 
 (iv) to establish terms and conditions of Awards (including but not limited to the
establishment of subplans) as the Administrator determines to be necessary or appropriate to conform to the applicable requirements or practices of jurisdictions outside of the United States. 
 In addition to action taken by meeting in accordance with applicable laws, any action of the Administrator with respect to the Plan may be taken by a
written instrument signed by all of the members of the Board or Committee, as appropriate, and any such action so taken by written consent shall be as fully effective as if it had been taken by a majority of the members at a meeting duly held and
called. No member of the Board or Committee, as applicable, shall be liable for any action or determination made in good faith with respect to the Plan, an Award, or an Agreement. The members of the Board or Committee, as applicable, shall be
entitled to indemnification and reimbursement in the manner provided in BB&T’s articles of incorporation or bylaws or pursuant to applicable law. All expenses of administering this Plan shall be borne by BB&T. 
 3.03 Delegation of Authority. Notwithstanding the other provisions of Article III, the Administrator may delegate to a subcommittee of the
Committee or one or more senior executive officers of BB&T the authority to grant Awards, and to make any or all of the determinations reserved for the Administrator in the Plan and summarized in Section 3.02 herein with respect to such
Awards (subject to any restrictions imposed by applicable laws, rules, and regulations and such terms and conditions as may be established by the Administrator in accordance with the Plan); provided, however, that, to the extent required by
Section 16 of the Exchange Act or Section 162(m) of the Code, the Participant, at the time of said grant or other determination, (i) is not deemed to be an officer or director of BB&T within the meaning of Section 16 of the
Exchange Act; and (ii) is not deemed to be a Covered Employee. To the extent that the Administrator has delegated authority to grant Awards pursuant to this Section 3.03 to a subcommittee of the Committee or to one or more senior executive
officers of BB&T, references to the Administrator shall include references to such subcommittee or such senior executive officer or officers, subject, however, to the requirements of the Plan, Rule 16b-3, Section 162(m) of the Code and
other applicable laws, rules, and regulations. The Administrator may revoke or amend the terms of a delegation at any time but such action shall not invalidate any prior actions of the Administrator’s delegate or delegates that were consistent
with the terms of the Plan. 
  

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 ARTICLE IV 
 PARTICIPATION 
 4.01 General. An Award may be granted only to an individual who
satisfies all of the following eligibility requirements on the date the Award is granted: 
 (a) The individual is either (i) an
Employee of BB&T or an Affiliate, (ii) a Director of BB&T or an Affiliate, or (iii) an independent contractor providing services to BB&T or an Affiliate. 
 (b) With respect to the grant of Incentive Options, the individual is otherwise eligible to participate under Article IV herein, is an Employee of
BB&T or an Affiliate and does not own, immediately before the time that the Incentive Option is granted, stock possessing more than 10% of the total combined voting power of all classes of stock of BB&T or an Affiliate. Notwithstanding the
foregoing, an Employee who owns more than 10% of the total combined voting power of BB&T or an Affiliate may be granted an Incentive Option if the Option Price is at least 110% of the Fair Market Value of the Common Stock, and the Option Period
(as defined in Section 6.03 herein) does not exceed five (5) years. For this purpose, an individual will be deemed to own stock which is attributable to him under Section 424(d) of the Code. 
 (c) With respect to the grant of substitute awards or assumption of awards in connection with a merger, consolidation, acquisition,
reorganization, or other transaction involving BB&T or an Affiliate, the Administrator may grant Awards to non-employees upon such terms and conditions as it determines to be appropriate; provided that the recipient is otherwise eligible to
receive the Award and the terms of the Award are consistent with the Plan and applicable laws, rules, and regulations (including, to the extent necessary, the federal securities laws registration provisions and Sections 409 A and 424(a) of the
Code). 
 (d) The individual, being otherwise eligible under this Section 4.01, is selected by the Administrator as a Participant
in the Plan. 
 4.02 Grants; Award Agreements. The Administrator will designate individuals to whom Awards are to be made and
will specify the number of shares of Common Stock, if any, subject to each Award and the other terms and conditions of Awards. Each Award granted under the Plan shall be evidenced by an Agreement which shall contain such terms, conditions, and
restrictions as may be determined by the Administrator, subject to the terms of the Plan. 
 ARTICLE V 
 SHARES SUBJECT TO PLAN AND AWARD LIMITATIONS 
 5.01 Shares Available for Awards. Subject to adjustments as provided in Section 5.03, the aggregate number of shares of Common Stock that may be issued pursuant to Awards granted under the Plan
shall not exceed 35,000,000 (25,000,000 prior to April 24, 2007) shares of Common Stock. Shares delivered under the Plan shall be authorized but unissued shares or shares purchased on the open market or by private purchase. BB&T hereby
reserves sufficient 

  

 - 7 - 

 
authorized shares of Common Stock to meet the grant of Awards hereunder. Notwithstanding any provision herein to the contrary, each of the following
limitations shall apply to Awards granted under the Plan, in each case subject to adjustments pursuant to Section 5.03: 
 (a)
The maximum number of shares of Common Stock that may be issued under the Plan pursuant to the grant of Incentive Options shall not exceed 35,000,000 (25,000,000 prior to April 24, 2007) shares; 
 (b) The maximum number of shares of Common Stock that may be issued under the Plan pursuant to Restricted Awards shall be 15,000,000 (5,000,000
prior to April 24, 2007) shares; 
 (c) In any calendar year, no Participant may be granted Options and SARs that are not related
to an Option for more than 500,000 shares of Common Stock; 
 (d) In any calendar year, no Participant may receive shares of Common
Stock pursuant to the grant of any Awards made under the Plan for more than a total of 500,000 shares of Common Stock; and 
 (e) In
any calendar year, no Participant may receive Awards under the Plan paid in cash having an aggregate dollar value in excess of $5,000,000. 
 (For purposes of Section 5.01(c) and (d), an Option and Related SAR shall be treated as a single Award.) 
 5.02 Shares
Not Subject to Limitations. The following will not be applied to the share limitations of Section 5.01 above: 
 (a)
Dividends, including dividends paid in shares, or dividend equivalents paid in cash in connection with outstanding Awards; 
 (b)
Awards which are settled in cash rather than the issuance of shares; 
 (c) Any shares subject to an Award under the Plan which Award
is forfeited, cancelled, terminated, expires or lapses for any reason without the issuance of shares underlying the Award; and 
 (d)
Any shares surrendered by a Participant or withheld by BB&T to pay the option or purchase price for an Award or used to satisfy any tax withholding requirement in connection with the exercise, vesting, or earning of an Award if, in accordance
with the terms of the Plan, a Participant pays such option or purchase price or satisfies such tax withholding by either tendering previously owned shares or having BB&T withhold shares. 
 5.03 Adjustments. If there is any change in the outstanding shares of Common Stock because of a merger, consolidation, reorganization,
recapitalization, stock dividend, stock split, reverse stock split, combination or reclassification of the Common Stock, or if there is a similar change in the capital stock structure of BB&T affecting the Common Stock, the number of shares of
Common Stock reserved for issuance under the Plan shall be correspondingly adjusted, 

  

 - 8 - 

 
and the Administrator shall make such adjustments to the terms of Awards and to any provisions of this Plan as the Administrator deems equitable to prevent
dilution or enlargement of Awards or as may otherwise be advisable. Notwithstanding the foregoing, unless the Administrator determines otherwise, the issuance by BB&T of shares of stock of any class, or securities convertible into shares of
stock of any class, for cash or property, or for labor or services, either upon direct sale or upon the exercise of rights or warrants to subscribe therefor, or upon conversion of shares or obligations of BB&T convertible into such shares or
other securities, shall not affect, and no adjustment by reason thereof shall be made with respect to, outstanding Awards. 
 ARTICLE VI

 OPTIONS 
 6.01 Grant of Options. Subject to the terms of the Plan, the Administrator may in its sole and absolute discretion grant Options to such eligible individuals in such numbers, subject to such terms and conditions, and at such
times as the Administrator shall determine. Both Incentive Options and Nonqualified Options may be granted under the Plan, as determined by the Administrator; provided, however, that Incentive Options may only be granted to Employees of BB&T or
an Affiliate. To the extent that an Option is designated as an Incentive Option but does not qualify as such under Section 422 of the Code, the Option (or portion thereof) shall be treated as a Nonqualified Option. An Option may be granted with
or without a Related SAR. 
 6.02 Date of Grant. References to the “date of grant,” “the date on which
the Option is granted,” and the like shall mean the date the Administrator has fixed, for each Option, the identity of the Participant to receive an Option, the maximum number of shares subject to the Option, and the minimum Option Price of the
Option; provided that there is no unreasonable delay in giving notice of the grant to the Participant. 
 6.03 Option
Price. The price per share at which an Option may be exercised (the “Option Price”) shall be established by the Administrator and stated in the Agreement evidencing the grant of the Option; provided, that (i) the Option
Price of an Option shall be no less than the Fair Market Value per share of the Common Stock on the date the Option is granted (or 110% of the Fair Market Value with respect to Incentive Options granted to an Employee who owns stock possessing more
than 10% of the total voting power of all classes of stock of BB&T or an Affiliate, as provided in Section 4.01(b) herein); and (ii) in no event shall the Option Price per share of any Option be less than the par value per share of the
Common Stock. 
 6.04 Option Period; Exercise of Options. The term of an Option (the “Option Period”) shall be
determined by the Administrator at the time the Option is granted, shall be stated in the Agreement, and shall not extend more than 10 years from the date on which the Option is granted (or five years with respect to Incentive Options granted to an
Employee who owns stock possessing more than 10% of the total combined voting power of all classes of stock of BB&T or an Affiliate, as provided in Section 4.01 (b) herein). Any Option or portion thereof not exercised before expiration
of the Option Period shall terminate. 
  

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 6.05 No Deferral Feature. No Option shall have any feature that would allow for the
deferral of compensation (within the meaning of Section 409A) other than the deferral of recognition of income until the later of the exercise or disposition of the Option or the time the shares acquired subject to the exercise of the Option
first become substantially vested (as defined in Treasury Regulation Section 1.83-3(b)). 
 6.06 Exercise of
Options. 
 (a) The period or periods during which, and conditions pursuant to which, an Option may become exercisable shall
be determined by the Administrator in its discretion, subject to the terms of the Plan. An Option granted under this Plan that is exercisable may be exercised with respect to any number of whole shares less than the full number of whole shares for
which the Option could be exercised. A partial exercise of an Option shall not affect the right to exercise the Option from time to time in accordance with this Plan and the applicable Agreement with respect to remaining shares subject to the Option
or Related SAR. 
 (b) An Option that is exercisable may be exercised by giving written notice to BB&T in form acceptable to the
Administrator at such place and subject to such conditions as may be established by the Administrator or its designee. Such notice shall specify the number of shares to be purchased pursuant to the Option and the aggregate purchase price to be paid
therefor and shall be accompanied by payment of such purchase price. The date of exercise shall be the date on which BB&T has received both the notice of exercise and payment of the purchase price (except as may be otherwise determined by the
Administrator for option exercises made pursuant to Section 6.07(c)). 
 (c) To the extent required under Section 422 of the
Code, in no event shall there first become exercisable by an Employee in any one calendar year Incentive Options granted by BB&T or Affiliate with respect to shares having an aggregate Fair Market Value (determined at the time an Incentive
Option is granted) greater than $100,000. 
 6.07 Payment. Unless an Agreement provides otherwise, payment upon exercise of an
Option shall be in the form of cash or cash equivalent; provided that, where permitted by the Administrator and applicable laws, rules, and regulations, payment may also be made: 
 (a) By delivery (by either actual delivery or attestation) of shares of Common Stock owned by the Participant for a time period determined by the
Administrator and otherwise acceptable to the Administrator; 
 (b) By shares of Common Stock withheld upon exercise; 
 (c) By delivery of written notice of exercise to BB&T and delivery to a broker of written notice of exercise and irrevocable instructions to
promptly deliver to BB&T the amount of sale or loan proceeds to pay the Option Price; 
 (d) By such other payment methods as may
be approved by the Administrator and which are acceptable under applicable law; or 
 (e) By any combination of the foregoing methods.

  

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 Shares tendered or withheld in payment on the exercise of an Option shall be valued at their Fair Market Value on the
date of exercise, as determined by the Administrator. 
 6.08 Nontransferability. Incentive Options shall not be transferable
(including by sale, assignment, pledge, or hypothecation) except by will or the laws of intestate succession or, in the Administrator’s discretion, as may otherwise be permitted in accordance with Section 422 of the Code and related
regulations and as specified in the Agreement. Nonqualified Options shall not be transferable (including by sale, assignment, pledge, or hypothecation) other than by will or the laws of intestate succession, except as may be permitted by the
Administrator in its sole discretion (in accordance with applicable law, including the Code and registration provisions of the Securities Act) as specified in the Agreement. Except as may be permitted by the preceding sentence with respect to the
transfer of Nonqualified Options, (i) during the lifetime of a Participant to whom an Option is granted, the Option may be exercised only by the Participant; and (ii) no right or interest of a Participant in any Option shall be liable for,
or subject to, any lien, obligation, or liability of such Participant. The designation of a beneficiary in accordance with Section 16.10 shall not constitute a transfer. 
 6.09 Disqualifying Dispositions. If shares of Common Stock acquired upon exercise of an Incentive Option are disposed of within two years
following the date of grant or one year following the transfer of such shares to a Participant upon exercise, the Participant shall, promptly following such disposition, notify BB&T in writing of the date and terms of such disposition and
provide such other information regarding the disposition as the Administrator may reasonably require. 
 ARTICLE VII 
 STOCK APPRECIATION RIGHTS 
 7.01 Grant of SARs. Subject to the terms of the Plan, the Administrator may in its discretion grant SARs to Participants, in such numbers, upon such terms, and at such times as the Administrator shall determine. SARs may be
granted with respect to all or a portion of the shares of Common Stock subject to an Option (a “Related SAR”) or may be granted separately and independently of an Option (a “Freestanding SAR”). The base price per
share of an SAR shall never be less than 100% of the Fair Market Value per share of the Common Stock on the date the SAR is granted. 
 7.02 Related SARs. A Related SAR shall be granted concurrently with the grant of the related Option. Related SARs shall be exercisable only at the time and to the extent that the related Option is exercisable, and in no event
after the complete termination or full exercise of the related Option. Upon the exercise of a Related SAR, the Option shall be canceled to the extent of the number of shares as to which the Related SAR is exercised, and upon the exercise of a
related Option, the Related SAR shall be canceled to the extent of the number of shares as to which the related Option is exercised or surrendered. 
 7.03 Freestanding SARs. An SAR may be granted without relationship to an Option (as defined above, a “Freestanding SAR”) and, in such case, will be exercisable upon such terms and subject to
such conditions as may be determined by the Administrator, subject to the terms of the Plan. 
  

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 7.04 Date of Grant. References to the “date of grant,” “the date on which
the SAR is granted,” and the like shall mean the date the Administrator has fixed, for each SAR, the identity of the Participant to receive a SAR, the maximum number of shares subject to the SAR, and the minimum base price of the SAR; provided
that there is no unreasonable delay in giving notice of the grant to the Participant. 
 7.05 No Deferral Feature. No
SAR shall have any feature that would allow for the deferral of compensation (within the meaning of Section 409A) other than the deferral of recognition of income until the exercise of the SAR. 
 7.06 Exercise of SARs. 
 (a) Subject to the terms of the Plan, SARs shall be exercisable in whole or in part upon such terms and conditions as may be established by the Administrator and stated in the applicable Agreement. The period during which an SAR may
be exercisable shall not exceed 10 years from the date of grant or, in the case of Related SARs, such shorter Option Period as may apply to the related Option. Any SAR or portion thereof not exercised before expiration of the period established by
the Administrator shall terminate. 
 (b) SARs may be exercised by giving written notice to BB&T in form acceptable to the
Administrator at such place and subject to such terms and conditions as may be established by the Administrator or its designee. Unless the Administrator determines otherwise in the Agreement, the date of exercise of an SAR shall mean the date on
which BB&T shall have received proper notice from the Participant of the exercise of such SAR. 
 7.07 Payment Upon Exercise.
Subject to the limitations of the Plan, upon the exercise of an SAR, a Participant shall be entitled to receive payment from BB&T in an amount determined by multiplying (i) the difference between the Fair Market Value of a share of
Common Stock on the date of exercise of the SAR over the base price of the SAR by (ii) the number of shares of Common Stock with respect to which the SAR is being exercised. Such consideration shall be paid in cash, shares of Common Stock
(valued at Fair Market Value on the date of exercise of the SAR), or a combination of cash and shares of Common Stock, as determined by the Administrator. Cash payments shall be made within 15 business days of exercise; provided that if such 15-day
period begins in one calendar year and ends in another calendar year, the Participant shall have no right to designate the calendar year of payment. Shares shall be issued in accordance with Section 16.01. No fractional shares of Common Stock
will be issuable upon exercise of the SAR and, unless otherwise provided in the applicable Agreement, the Participant will receive cash in lieu of fractional shares. 
 7.08 Nontransferability. Unless the Administrator determines otherwise in accordance with applicable law, including the Code (i) SARs
shall not be transferable (including by sale, assignment, pledge, or hypothecation) other than by will or the laws of intestate succession, and (ii) SARs may be exercised during the Participant’s lifetime only by him or by his guardian or
legal representative. The designation of a beneficiary in accordance with Section 16.10 shall not constitute a transfer. 
  

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 ARTICLE VIII 
 RESTRICTED AWARDS 
 8.01 Grant of Restricted Awards. Subject to the terms of the
Plan, the Administrator may in its discretion grant Restricted Awards to Participants in such numbers, upon such terms and conditions and at such times as the Administrator shall determine. Such Restricted Awards may be in the form of Restricted
Stock Awards and/or Restricted Stock Units that are subject to certain conditions, which conditions must be met in order for the Restricted Award to vest or be earned (in whole or in part) and no longer subject to forfeiture. The Administrator shall
determine the nature, length, and starting date of the period during which a Restricted Award may be earned (the “Restriction Period”), and shall determine the conditions which must be met in order for a Restricted Award to be
granted or to vest or be earned (in whole or in part), which conditions may include, but are not limited to, payment of a stipulated purchase price for the Restricted Award, attainment of performance objectives, continued service or employment for a
certain period of time (or a combination of attainment of performance objectives and continued service), Retirement, Displacement, Disability, death, or any combination of such conditions. In the case of Restricted Awards based upon performance
criteria, or a combination of performance criteria and continued service, the Administrator shall determine the Performance Measures applicable to such Restricted Awards (subject to Section 1.24 herein). 
 8.02 Vesting of Restricted Awards. Subject to the terms of the Plan and Section 409A, the Administrator shall have sole authority to
determine whether and to what degree Restricted Awards have vested or have been earned and are payable and to establish and interpret the terms and conditions of Restricted Awards. 
 8.03 Forfeiture of Restricted Awards. Unless the Administrator determines otherwise in the Agreement (taking into account applicable law,
including Section 409A), if the employment or service of a Participant shall terminate for any reason and all or any part of a Restricted Award has not vested or been earned pursuant to the terms of the Plan and the individual Agreement, such
Award, to the extent not then vested or earned, shall be forfeited immediately upon such termination and the Participant shall have no further rights with respect thereto. 
 8.04 Shareholder Rights; Share Certificates. The Administrator shall have sole discretion to determine whether a Participant shall have
dividend rights, voting rights, or other rights as a shareholder with respect to shares subject to a Restricted Stock Award which has not vested or has not been earned. The Administrator shall have the right to retain custody of certificates
evidencing the shares subject to a Restricted Stock Award and to require the Participant to deliver to BB&T a stock power, endorsed in blank, with respect to such Award, until such time as the Restricted Award vests or is forfeited. 

 

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 8.05 Time and Form of Payment. Restricted Stock Awards shall be payable in shares of Common
Stock. Restricted Stock Units shall be payable in cash or whole shares of Common Stock, or partly in cash and partly in whole shares of Common Stock, in accordance with the terms of the Plan and in the discretion of the Administrator. Subject to
Section 8.06, in the absence of other payment arrangements in the Agreement in accordance with Section 409A, payments related to Restricted Stock Units shall be made in a lump sum within 90 calendar days of the end of the Restriction
Period; provided that if such 90-day period begins in one calendar year and ends in another calendar year, the Participant shall have no right to designate the calendar year of payment; and issuance of shares shall be made in accordance with
Section 16.01. 
 8.06 Payments to Specified Employees. Notwithstanding anything to the contrary in
Section 8.05 or Section 16.01, Restricted Stock Units payable upon a Separation from Service of a Specified Employee during the 6-month period following such Separation from Service, to the extent they constitute nonqualified deferred
compensation subject to Section 409A, shall not be paid or issued until within the 30-day period commencing with the first day of the seventh month following the month of the Specified Employee’s Separation from Service (provided that if
such 30-day period begins in one calendar year and ends in another calendar year, the Participant shall have no right to designate the calendar year of payment). 
 8.07 No Acceleration. Except as permitted under Section 409 A, no acceleration of the time or form of payment of a Restricted Award shall be permitted. 
 8.08 Nontransferability. Unless the Administrator determines otherwise in accordance with applicable law, including the Code,
(i) Restricted Awards shall not be transferable (including by sale, assignment, pledge, or hypothecation) other than by will or the laws of intestate succession, and (ii) shares of Common Stock subject to a Restricted Award may not be
sold, transferred, assigned, pledged, or otherwise encumbered until all restrictions related to the Award have lapsed and all conditions to vesting have been met. The designation of a beneficiary in accordance with Section 16.10 shall not
constitute a transfer. 
 ARTICLE IX 
 PERFORMANCE AWARDS 
 9.01 Grant of Performance Awards. Subject to the terms of
the Plan, the Administrator may in its discretion grant Performance Awards to such eligible individuals in such amounts, upon such terms and conditions and at such times as the Administrator shall determine. Subject to Section 5.01, above, the
Administrator shall have complete discretion in determining the number of Performance Units and/or Performance Shares granted to any Participant. The Administrator shall determine the nature, length, and starting date of the period during which a
Performance Award may be earned (the “Performance Period”), and shall determine the conditions which must be met in order for a Performance Award to be granted or to vest or be earned (in whole or in part), which conditions may
include but are not limited to specified performance objectives, continued service or employment for a certain period of time, or a combination of such conditions. Subject to Section 1.24 herein, the Administrator shall determine the
Performance Measures to be used in valuing Performance Awards. 
  

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 9.02 Performance Awards. Performance Awards may be in the form of Performance Shares and/or
Performance Units. As specified in an Agreement, (i) an Award of a Performance Share is a grant of a right to receive shares of Common Stock, the cash value thereof, or a combination thereof, which is contingent upon the achievement of
performance or other objectives during a specified period and which has a value on the date of grant equal to the Fair Market Value of a share of Common Stock; and (ii) an Award of a Performance Unit is a grant of a right to receive shares of
Common Stock or cash value thereof, or a combination thereof, which is contingent upon the achievement of performance or other objectives during a specified period, and which has an initial value determined in a dollar amount established by the
Administrator at the time of grant. 
 9.03 Vesting of Performance Awards. Subject to the terms of the Plan, the Administrator
shall have sole authority to determine whether and to what degree Performance Awards have been earned and are payable and to interpret the terms and conditions of Performance Awards. 
 9.04 Time and Form of Payment. Payment of the amount to which a Participant shall be entitled upon earning a Performance Award shall be
made in cash, shares of Common Stock, or a combination of cash and shares of Common Stock, as determined by the Administrator in its sole discretion. Subject to Section 9.05, in the absence of other payment arrangements in the Agreement in
accordance with Section 409A, payments related to Performance Awards shall be made in a lump sum within 90 calendar days of the end of the Performance Period; provided that if such 90-day period begins in one calendar year and ends in another
calendar year, the Participant shall have no right to designate the calendar year of payment; and any issuance of shares shall be made in accordance with Section 16.01. 
 9.05 Payments to Specified Employees. Notwithstanding anything to the contrary in Section 9.04 or Section 16.01, Performance
Awards payable upon a Separation from Service of a Specified Employee during the 6-month period following such Separation from Service, to the extent they constitute nonqualified deferred compensation subject to Section 409A, shall not be paid
or issued until within the 30-day period commencing with the first day of the seventh month following the month of the Specified Employee’s Separation from Service (provided that if such 30-day period begins in one calendar year and ends in
another calendar year, the Participant shall have no right to designate the calendar year of payment). 
 9.06 No
Acceleration. Except as permitted under Section 409A, no acceleration of the time or form of payment of a Performance Award shall be permitted. 
 9.07 Forfeiture of Performance Awards. Unless the Administrator determines otherwise in the Agreement (taking into account applicable law, including Section 409A), if the employment or service of a
Participant shall terminate for any reason and the Participant has not earned all or part of a Performance Award pursuant to the terms of the Plan and individual Agreement, such Award, to the extent not then earned, shall be forfeited immediately
upon such termination of employment or service and the Participant shall have no further rights with respect thereto. 
  

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 9.08 Nontransferability. Unless the Administrator determines otherwise in accordance with
applicable law, including the Code, (i) Performance Awards which have not been earned shall not be transferable (including by sale, assignment, pledge, or hypothecation) other than by will or the laws of intestate succession, and
(ii) shares of Common Stock subject to a Performance Award may not be sold, transferred, assigned, pledged, or otherwise encumbered until the Performance Period has expired and all conditions to earning the Award have been met. The designation
of a beneficiary in accordance with Section 16.10 shall not constitute a transfer. 
 ARTICLE X 
 PHANTOM STOCK AWARDS 
 10.01
Grant of Phantom Stock Awards. Subject to the terms of the Plan, the Administrator may in its discretion grant Phantom Stock Awards to Participants, in such numbers, upon such terms and at such times as the Administrator shall
determine. 
 10.02 Phantom Stock Award. A Phantom Stock Award is an Award to a Participant of a number of hypothetical
share units with respect to shares of Common Stock, with a value based on the Fair Market Value of a share of Common Stock. 
 10.03 Vesting of Phantom Stock Awards. Subject to the terms of the Plan, the Administrator shall have sole authority to determine whether and to what degree Phantom Stock Awards have vested and are payable and to interpret the
terms and conditions of Phantom Stock Awards. 
 10.04 Amount of Payment. Upon vesting of all or a part of a Phantom
Stock Award and satisfaction of such other terms and conditions as may be established by the Administrator, the Participant shall be entitled to a payment of an amount equal to the Fair Market Value of one share of Common Stock with respect to each
such Phantom Stock unit which has vested. The Administrator may, however, establish a limitation on the amount payable in respect of each share of Phantom Stock. 
 10.05 Time and Form of Payment. Payment may be made, in the discretion of the Administrator, in cash or in shares of Common Stock (or in a combination thereof) valued at their Fair Market Value on the
applicable vesting date or dates (or other date or dates) set forth in the Agreement. Subject to Section 10.06, payment may be made in a lump sum or in installments upon such terms as may be established by the Administrator in the Agreement in
accordance with Section 409A. 
 10.06 Payments to Specified Employees. Notwithstanding anything to the contrary in
Section 10.05 or Section 16.01, Phantom Stock Awards payable upon a Separation from Service of a Specified Employee during the 6-month period following such Separation from Service, to the extent they constitute nonqualified deferred
compensation subject to Section 409A, shall not be paid or issued until within the 30-day period commencing with the first day of the seventh month following the month of the Specified Employee’s Separation from Service (provided that if
such 30-day period begins in one calendar year and ends in another calendar year, the Participant shall have no right to designate the calendar year of payment). 
  

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 10.07 No Acceleration. Except as permitted under Section 409 A, no acceleration of the
time or form of payment of a Phantom Stock Award shall be permitted. 
 10.08 Nontransferability. Unless the
Administrator determines otherwise in accordance with applicable law, including the Code, (i) Phantom Stock Awards shall not be transferable (including by sale, assignment, pledge, or hypothecation) other than by will or the laws of intestate
succession, (ii) Phantom Stock Awards may be exercised during the Participant’s lifetime only by him or by his guardian or legal representative, and (iii) shares of Common Stock (if any) subject to a Phantom Stock Award may not be
sold, transferred, assigned, pledged, or otherwise encumbered until the Phantom Stock Award has vested and all other conditions established by the Administrator have been met. The designation of a beneficiary in accordance with Section 16.10
shall not constitute a transfer. 
 ARTICLE XI 
 DIVIDENDS AND DIVIDEND EQUIVALENTS 
 Except with regard to Options and SARs, the Administrator
may, in its sole discretion, provide that Awards granted under the Plan earn dividends or dividend equivalents. No dividends or dividend equivalents shall be granted with respect to Option or SARs. Such dividends or dividend equivalents may be paid
currently or may be credited to a Participant’s account. Any crediting of dividends or dividend equivalents may be subject to such restrictions and conditions as the Administrator may establish, including reinvestment in additional shares of
Common Stock or share equivalents. 
 ARTICLE XII 
 EFFECT OF TERMINATION 
 The Administrator shall determine the extent, if any, to which a
Participant shall have any rights with respect to an Award (including but not limited to the right to exercise all or part of an Option or SAR or for all or part of a Restricted Award, Performance Award, or Phantom Stock Award to vest or be earned)
following the Participant’s Separation from Service with BB&T or an Affiliate. Such provisions will be determined in the sole discretion of the Administrator, shall be included in the Agreement relating to such Award, need not be uniform
among all Awards issued under the Plan, and may reflect distinctions based on the reasons for Separation from Service. The Administrator also may decide, in accordance with Section 409A, to what extent leaves of absence for governmental or
military service, illness, temporary disability or other reasons shall not be deemed Separations from Service. 
 ARTICLE XIII

 COMPLIANCE WITH LAWS; RESTRICTIONS ON AWARDS AND SHARES 
 BB&T may impose such restrictions on Awards and shares or any other benefits underlying Awards hereunder as it may deem advisable, including without
limitation restrictions 

  

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under the Code and federal securities laws, the requirements of any stock exchange or similar organization, and any blue sky, state, or foreign securities
laws applicable to such securities. Notwithstanding any other Plan provision to the contrary, BB&T shall not be obligated to issue, deliver, or transfer shares of Common Stock under the Plan, make any other distribution of benefits under the
Plan, or take any other action, unless such delivery, distribution, or action is in compliance with all applicable laws, rules, and regulations (including but not limited to the requirements of the Code and the Securities Act). BB&T may cause a
restrictive legend to be placed on any certificate for shares issued pursuant to an Award hereunder in such form as may be prescribed from time to time by applicable laws and regulations or as may be advised by legal counsel. 
 ARTICLE XIV 
 AMENDMENT AND
TERMINATION OF THE PLAN 
 14.01 General. 
 (a) The Plan may be amended, altered, or terminated at any time by the Board; provided, that (i) approval of an amendment to the Plan by the
shareholders of BB&T shall be required to the extent, if any, that shareholder approval of such amendment is required by applicable law, rule, or regulation; and (ii) except for adjustments made pursuant to Section 5.03, the Option
Price for any outstanding Option or base price of any outstanding SAR granted under the Plan may not be decreased after the date of grant, nor may any outstanding Option or SAR granted under the Plan be surrendered to BB&T as consideration for
the grant of a new Option or SAR with a lower Option Price or base price than the original Option or SAR, as the case may be, without shareholder approval of any such action. 
 (b) Subject to Section 409A, the Administrator may amend, alter, or terminate any Award granted under the Plan, prospectively or
retroactively, but such amendment, alteration, or termination of an Award shall not, without the consent of the recipient of an outstanding Award, materially adversely affect the rights of the recipient with respect to the Award. 
 14.02 Adjustment of Awards upon the Occurrence of Certain Unusual or Nonrecurring Events. The Administrator shall have authority to make
adjustments to the terms and conditions of Awards in recognition of unusual or nonrecurring events affecting BB&T or any Affiliate, or the financial statements of BB&T or any Affiliate, or of changes in applicable laws, regulations, or
accounting principles, if the Administrator determines that such adjustments are appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan or necessary or appropriate
to comply with applicable laws, rules, or regulations. 
 14.03 Cash Settlement. Notwithstanding any provision of the
Plan, an Award or an Agreement to the contrary, the Administrator may cause any Award granted under the Plan to be canceled in consideration of an alternative award or cash payment of an equivalent cash value, as determined by the Administrator,
made to the holder of such canceled Award; provided that the Administrator shall consider the effect of Section 409A. 
  

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 ARTICLE XV 
 EFFECTIVE DATE; TERM 
 The original effective date of the Plan is April 27, 2004. No
Awards will be granted after April 26, 2014. Awards which are outstanding on April 26, 2014 (or such earlier termination date as may be established by the Board pursuant to Section 14.01 herein) shall continue in accordance with their
terms, unless otherwise provided in the Plan or an Agreement. The effective date of the Plan, as amended and restated for Section 409 A, is January 1, 2005. 
 ARTICLE XVI 
 GENERAL PROVISIONS 
 16.01 Shareholder Rights. Except as otherwise determined by the Administrator (and subject to the provisions of Section 8.04 regarding
Restricted Awards), a Participant and his legal representative, legatees, or distributees shall not be deemed to be the holder of any shares subject to an Award and shall not have any rights of a shareholder unless and until certificates for such
shares have been issued and delivered to him or them under the Plan. A certificate or certificates for shares of Common Stock acquired upon exercise of an Option or SAR shall be issued in the name of the Participant (or his beneficiary) and
distributed to the Participant (or his beneficiary) as soon as practicable following receipt of notice of exercise and, with respect to Options, payment of the purchase price (except as may otherwise be determined by BB&T in the event of payment
of the Option Price pursuant to Section 6.07(c) herein); provided that such certificate(s) for shares shall be issued within 30 business days of notice of exercise (and if such 30-day period begins in one calendar year and ends in another, the
Participant shall have no right to designate the calendar year of issuance). Except as otherwise provided in Section 8.04 regarding Restricted Stock Awards or in an Agreement in accordance with Section 409A, a certificate or certificates
for any shares of Common Stock issuable pursuant to a Restricted Award, Performance Award, or Phantom Stock Award shall be issued in the name of the Participant (or his beneficiary) and distributed to the Participant (or his beneficiary) after the
Award (or portion thereof) has vested; provided that such certificate(s) for shares shall be issued within the time required for payment pursuant to Sections 8.05, 8.06, 9.04, 9.05, 10.05, and 10.06. 
 16.02 Withholding. BB&T shall withhold all required local, state, federal, foreign, and other taxes and any other amount required to be
withheld by any governmental authority or law from any amount payable in cash with respect to an Award. Prior to the delivery or transfer of any certificate for shares or any other benefit conferred under the Plan, BB&T shall require any
recipient of an Award to pay to BB&T in cash the amount of any tax or other amount required by any governmental authority to be withheld and paid over by BB&T to such authority for the account of such recipient. Notwithstanding the
foregoing, the Administrator may establish procedures to permit a recipient to satisfy such obligation in whole or in part, and any local, state, federal, foreign, or other income tax obligations relating to such an Award, by electing (the
“election”) to have BB&T withhold shares of Common Stock from the shares to which the 

  

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recipient is entitled. The number of shares to be withheld shall have a Fair Market Value as of the date that the amount of tax to be withheld is determined
as nearly equal as possible to (but not exceeding) the amount of such obligations being satisfied. Each election must be made in writing to the Administrator in accordance with election procedures established by the Administrator. 
 16.03 Section 16(b) Compliance. To the extent that any Participants in the Plan are subject to Section 16(b) of the Exchange Act,
it is the general intention of BB&T that transactions under the Plan shall comply with Rule 16b-3 under the Exchange Act and that the Plan shall be construed in favor of such Plan transactions meeting the requirements of Rule 16b- 3 or any
successor rules thereto. Notwithstanding anything in the Plan to the contrary, the Administrator, in its sole and absolute discretion, may bifurcate the Plan so as to restrict, limit, or condition the use of any provision of the Plan to Participants
who are officers or directors subject to Section 16 of the Exchange Act without so restricting, limiting, or conditioning the Plan with respect to other Participants. 
 16.04 Code Section 162(m) Performance-Based Compensation. 
 (a) To the extent to which Section 162(m) of the Code is applicable, BB&T intends that compensation paid under the Plan to Covered
Employees will, to the extent practicable, constitute “qualified performance-based compensation” within the meaning of Section 162(m) and related regulations, unless otherwise determined by the Administrator. Accordingly, Awards
granted to Covered Employees which are intended to qualify for the performance-based exception under Code Section 162(m) and related regulations shall be deemed to include any such additional terms, conditions, limitations and provisions as are
necessary to comply with the performance-based compensation exemption of Section 162(m), unless the Administrator, in its discretion, determines otherwise. 
 (b) If the Administrator reasonably anticipates that the deduction with respect to a
payment would not be permitted solely due to the application of Section 162(m) of the Code, the Administrator may defer that amount of the payment to the extent deemed necessary to ensure deductibility; provided, however, that
(i) the deduction limitation of Section 162(m) of the Code shall be applied to all payments to similarly situated Participants on a reasonably consistent basis; (ii) the payment must be made by the earliest of (x) during
BB&T’s (or the Affiliate’s) first taxable year in which BB&T (or the Affiliate) reasonably anticipates, or should reasonably anticipate, that if the payment is made during such year, the deduction of such payment will not be barred
by application of Section 162(m) of the Code or (y) during the period beginning with the date of the Participant’s Separation from Service and ending on the later of the last day of the taxable year of BB&T (or the Affiliate) in
which the Participant incurs a Separation from Service or the 15th day of the third month following the Participant’s Separation from Service;
(iii) where any payment to a particular Participant is delayed because of Section 162(m), the delay in payment will be treated as a subsequent deferral election unless all scheduled payments to such Participant that could be delayed are
also delayed; (iv) where a payment is delayed to a date on or after the Participant’s Separation from Service, the payment will be considered a payment upon a Separation from Service for purposes of the Section 409A 6- month delay for
Specified Employees; and (v) no election may be provided to a Participant with respect to the timing of payment hereunder. 
  

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 16.05 Section 409A. To the extent applicable, BB&T intends that the Plan
comply with Section 409A, and the Plan shall be construed in a manner to comply with Section 409A. Should any provision be found not in compliance with Section 409A, Participants shall be contractually obligated to execute any and all
amendments to Awards deemed necessary and required by legal counsel for BB&T to achieve compliance with Section 409A. By acceptance of an Award, Participants irrevocably waive any objections they may have to the amendments required by
Section 409A. Participants also agree that in no event shall any payment required to be made pursuant to this Plan that is considered “nonqualified deferred compensation” within the meaning of Section 409A be accelerated in
violation of Section 409A. In the event a Participant is a Specified Employee, and payments that are nonqualified deferred compensation cannot commence until the lapse of 6 months after a Separation from Service, then any such payments that are
required to be paid during such 6-month period in a single lump sum shall be made on the date that is within the 30-day period commencing with the first day of the seventh month after the month of the Participant’s Separation from Service
(provided that if such 30-day period begins in one calendar year and ends in another calendar year, the Participant shall have no right to designate the calendar year of payment). Furthermore, the first 6 months of any such payments of nonqualified
deferred compensation that are required to be paid in installments shall be paid within the 30-day period commencing with the first day of the seventh month following the month of the Participant’s Separation from Service (provided that if such
30-day period begins in one calendar year and ends in another calendar year, the Participant shall have no right to designate the calendar year of payment). All remaining installment payments shall be made or provided as they would ordinarily have
been under the provisions of the Agreement. Notwithstanding any other provision of the Plan, the tax treatment of Awards under the Plan shall not be, and is not, warranted or guaranteed. Neither BB&T, any Affiliate, the Board, the Committee,
Administrator, nor any of their delegatees shall be held liable for any taxes, penalties, or other monetary amounts owed by a Participant, his beneficiary, or other person as a result of the grant, modification, or amendment of an Award or the
adoption, modification, amendment, or administration of the Plan. 
 16.06 No Right or Obligation of Continued Employment or
Service. Neither the Plan, the grant of an Award, nor any other action related to the Plan shall confer upon any individual any right to continue in the service of BB&T or an Affiliate as an Employee, Director, or Independent Contractor
or affect in any way with the right of BB&T or an Affiliate to terminate an individual’s employment or service at any time. 
 16.07 Unfunded Plan; No Effect on Other Plans. 
 (a) The Plan shall be unfunded, and BB&T shall not be
required to create a trust or segregate any assets that may at any time be represented by Awards under the Plan. The Plan shall not establish any fiduciary relationship between BB&T or any Affiliate and any Participant or other person. Neither a
Participant nor any other person shall, by reason of the Plan, acquire any right in or title to any assets, funds, or property of BB&T or any Affiliate, including, without limitation, any specific funds, assets, or other property which BB&T
or any Affiliate, in their discretion, may set aside in anticipation of a liability under the Plan. A Participant shall have only a contractual right to the Common Stock or other amounts, if any, payable under the Plan, unsecured by any assets of
BB&T or any Affiliate. Nothing contained in the Plan shall constitute a guarantee that the assets of such entities shall be sufficient to pay any benefits to any person. 
  

 - 21 - 

 (b) The amount of any compensation deemed to be received by a Participant pursuant to an Award
shall not constitute compensation with respect to which any other employee benefits of such Participant are determined, including, without limitation, benefits under any bonus, pension, profit sharing, life insurance, or salary continuation plan,
except as otherwise specifically provided by the terms of such plan or as may be determined by the Administrator. 
 (c) The adoption
of the Plan shall not affect any other stock incentive or other compensation plans in effect for BB&T or any Affiliate, nor shall the Plan preclude BB&T from establishing any other forms of stock incentive or other compensation for employees
or service providers of BB&T or any Affiliate. 
 16.08 Applicable Law. The Plan shall be governed by and construed in
accordance with the laws of the State of North Carolina, without regard to the conflict of laws provisions of any state, and in accordance with applicable United States federal laws. 
 16.09 Deferrals. The Administrator may permit or require, at the time an Award is granted, a Participant to defer receipt of the
delivery of shares of Common Stock, the payment of cash, or the provision of any other benefit that would otherwise be due pursuant to the exercise, vesting, or earning of an Award. If any such deferral is required or permitted, the Administrator
shall, in its discretion, establish rules and procedures in writing for such deferrals in accordance with Section 409A. 
 16.10
Beneficiary Designation. The Administrator may permit a Participant to designate in writing a person or persons as beneficiary, which beneficiary shall be entitled to receive settlement of Awards (if any) to which the Participant is
otherwise entitled in the event of death. In the absence of such designation by a Participant, and in the event of the Participant’s death, the estate of the Participant shall be treated as beneficiary for purposes of the Plan, unless the
Administrator determines otherwise. The Administrator shall have sole discretion to approve and interpret the form or forms of such beneficiary designation. 
 16.11 Gender and Number. Except where otherwise indicated by the context, words in any gender shall include any other gender, words in the singular shall include the plural and the plural shall include
the singular. 
 16.12 Severability. If any provision of the Plan shall be held illegal or invalid for any reason, such
illegality or invalidity shall not affect the remaining parts of the Plan, and the Plan shall be construed and enforced as if the illegal or invalid provision had not been included. 
 16.13 Rules of Construction. Headings are given to the articles and sections of this Plan solely as a convenience to facilitate reference.
The reference to any statute, regulation or other provision of law shall be construed to refer to any amendment to or successor of such provision of law. 
  

 - 22 - 

 16.14 Successors and Assigns. The Plan shall be binding upon BB&T, its successors and
assigns, and Participants, their executors, administrators, permitted transferees, and beneficiaries. 
 REST OF PAGE INTENTIONALLY LEFT BLANK

  

 - 23 - 

 IN WITNESS WHEREOF, this BB&T Corporation
Amended and Restated 2004 Stock Incentive Plan, is, by the authority of the Board of Directors of BB&T, executed on behalf of BB&T, the 23rd
day of October, 2007. 
  

			
	BB&T Corporation
		
	By:	 	/s/ Kelly S. King
	Name:	 	Kelly S. King
	Title:	 	Chief Operating Officer

  

			
	ATTEST:
		
	By:	 	/s/ M. Patricia Oliver
	Name:	 	M. Patricia Oliver
	Title:	 	Secretary

 [Corporate Seal] 
  

 - 24 -Exhibit 10.5

 EXHIBIT 10.5 
 2008 
 BB&T CORPORATION 
 AMENDED AND RESTATED 2004 STOCK INCENTIVE PLAN 
 Performance Unit Award
Agreement 
  

			
	Name of Participant:	  	<<First Name>> <<MI>> <<Last Name>>
	Grant Date:	  	______________, 2008
	Performance Period:	  	January 1, 2008 through December 31, 2010

 THIS AGREEMENT (the “Agreement”), made effective as of ___________, 2008
(the “Grant Date”), between BB&T CORPORATION, a North Carolina corporation (“BB&T”), and <<First Name>> <<MI>> <<Last Name>>, an Employee (the
“Participant”); 
 RECITALS: 
 BB&T desires to carry out the purposes of the BB&T Corporation Amended and Restated 2004 Stock Incentive Plan, as it may be amended and/or restated (the “Plan”), by affording the Participant a
long-term incentive compensation opportunity as hereinafter provided. 
 In consideration of the foregoing, of the mutual promises set forth
below and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows: 
 1. Incorporation of Plan. The rights and duties of BB&T and the Participant under this Agreement shall in all respects be subject to
and governed by the provisions of the Plan, the terms of which are incorporated herein by reference. In the event of any conflict between the provisions in the Agreement and those of the Plan, the provisions of the Plan shall govern. Unless
otherwise provided herein, capitalized terms in this Agreement shall have the same definitions as set forth in the Plan. 
 2.
Performance Award. Subject to the terms of this Agreement and the Plan, BB&T hereby grants the Participant a long-term incentive compensation opportunity relating to Performance Units (the “Award”) in accordance with
the following provisions: 
 (a) Performance Period. The performance period (“Performance Period”) for
the Award shall be January 1, 2008 through December 31, 2010. 
 (b) Partial Performance Period. 

 

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

 2008 
  

	 	 
attainment of at least the Threshold Level of Performance as provided in Section 2(c) herein, and prorated to reflect such Participant’s actual
number of full months of employment during the Performance Period. A termination shall be for “Cause” if the termination of the Participant’s employment by the Company and its Affiliates is on account of the Participant’s
(x) dishonesty, theft or embezzlement; (y) refusal or failure to perform the Participant’s assigned duties for BB&T or an Affiliate in a satisfactory manner; or (z) engaging in any conduct that could be materially damaging to
BB&T or its Affiliates without a reasonable good faith belief that such conduct was in the best interest of BB&T or any of its Affiliates. The determination of whether termination is for Cause shall be made by the Administrator (or its
designee, to the extent permitted under the Plan), and its determination shall be final and conclusive. 

  

	 	(ii)	Change of Control. If, while the Participant is an Employee, there is a Change of Control during the Performance Period, the Participant’s Award for the Performance
Period shall be payable in accordance with this Agreement at one hundred percent (100%) of the Participant’s Target with the Target Level of Achievement being deemed attained for the Performance Period as of the Change of Control and
prorated to reflect such Participant’s actual number of full months of participation during the Performance Period through the date of the Change of Control. 

  

	 	(iii)	 (1) For purposes of Section 2(b)(ii) above, a “Change of Control” will be deemed to have occurred on the earliest of the following dates:
(A) the date any person or group of persons (as defined in Section 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), together with its affiliates, excluding employee benefit plans of
BB&T and its Affiliates, is or becomes, directly or indirectly, the “beneficial owner” (as defined in Rule 13d-3 promulgated under the Exchange Act) of securities of BB&T representing thirty percent (30%) or more of the
combined voting power of BB&T’s then outstanding securities; or (B) the date when, as a result of a tender offer or exchange offer for the purchase of securities of BB&T (other than such an offer by BB&T for its own
securities), or as a result of a proxy contest, merger, consolidation or sale of assets, or as a result of any combination of the foregoing, individuals who at the beginning of any consecutive twelve- (12-) month period during the Performance Period
of the Award constituted BB&T’s Board, plus new directors whose election or nomination for election by BB&T’s shareholders is approved by a vote of at least two-thirds of the directors still in office who were directors at the
beginning of such twelve- (12-) month period (collectively, the “Continuing  

  

 - 2 - 

 2008 
  

	 	 
Directors”), cease for any reason during such twelve- (12-) month period to constitute at least two-thirds of the members of such board of
directors; (C) the date the shareholders of BB&T approve an agreement for the sale or disposition by BB&T of all or substantially all of BB&T’s assets within the meaning of Section 409A; or (D) the date that any one
person, or more than one person acting as a group, acquires ownership of stock of BB&T that, together with stock held by such person or group constitutes more than fifty percent (50%) of the total fair market value or total voting power of
the stock of BB&T within the meaning of Section 409A. 

 (2) Notwithstanding Section 2(b)(iii)(1) above, the
term “Change of Control” shall not include any event that is a “Merger of Equals.” For purposes of the Plan and this Agreement, the term “Merger of Equals” means any event that would otherwise qualify as a Change
of Control if the event (including, if applicable, the terms and conditions of the related agreements, exhibits, annexes, and similar documents) satisfies all of the following conditions as of the date of such event: (A) the Board of BB&T
or, if applicable, a majority of the Continuing Directors has, prior to the change in control event, approved the event; (B) at least fifty percent (50%) of the common stock of the surviving corporation outstanding immediately after
consummation of the event, together with at least fifty percent (50%) of the voting securities representing at least fifty percent (50%) of the combined voting power of all voting securities of the surviving corporation outstanding
immediately after the event shall be owned, directly or indirectly, by the persons who were the owners, directly or indirectly, of the common stock and voting securities of BB&T immediately before the consummation of such event in substantially
the same proportions as their respective direct or indirect ownership immediately before such event of the common stock and voting securities of BB&T, respectively; (C) at least fifty percent (50%) of the directors of the surviving
corporation immediately after the event shall be composed of directors who were Directors or Continuing Directors immediately before the event; and (D) the person who was the Chief Executive Officer (“CEO”) of BB&T
immediately before the event shall be the CEO of the surviving corporation immediately after the event. If a transaction constitutes a Merger of Equals, then, notwithstanding the provisions of Section 2(b)(iii)(1) above, the vesting of the
Award will not be accelerated due to the Merger of Equals, but the Award shall instead continue to vest, if at all, in accordance with the provisions of Sections 2, 3 and 4 herein. 
  

 - 3 - 

 2008 
  

 (c) Performance Measures for Award. The pre-established three- (3-) year
Performance Period’s Performance Measure shall be applicable to the Award, and the Participant’s targeted percentage (“Target %”) and potential projected cash payout to the Participant, based upon the Level of Achievement,
are as follows: 
  

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

  

	 	(ii)	For purposes of the Award, there shall be levels of achievement (“Levels of Achievement”), including, threshold (“Threshold”), target
(“Target”), and maximum (“Maximum”) (the Threshold Level of Achievement shall be a ROE of 16.26% for the Performance Period; the Target Level of Achievement shall be a ROE 19.10% for the Performance Period; and the
Maximum Level of Achievement shall be a ROE of 25.12% for the Performance Period). The Levels of Achievement range from the Threshold Level of Achievement to the Maximum Level of Achievement as illustrated in the Level of Achievement Chart attached
hereto as Exhibit A and made a part hereof. Levels of Achievement between a ROE of 16.26% and a ROE of 25.12% that are not listed on the Level of Achievement Chart, are interpolated by the Administrator in .01% increments.

  

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

  

 - 4 - 

 2008 
  

	 	(iv)	The projected Award payout to the Participant, if either the Target Level of Achievement or if the Maximum Level of Achievement is attained for the Performance Period, is summarized
in the following chart (with certain assumptions concerning the Participant’s base salary for 2008, 2009, and 2010): 

  

																				
	 2008 Base
Salary1
	  	2009 Base
Salary1	  	2010 Base
Salary1	  	Target %	 	 	Target Payout
(if Target Level
of Achievement
Attained)2	 	  	Maximum Payout (if
Maximum
Level of Achievement
is Attained)2	 	  	Performance
Units3
	$________	  	$	________	  	$	________	  	_______	%	 	$	____________	4	  	$	____________	4	  	__________

 3. Vesting of Award. Subject to the terms of the Plan and the Agreement (including
but not limited to the provisions of Sections 2, 4 and 5 herein), the Award shall be 100% vested and earned on January 1, 2011, following the December 31, 2010 expiration of the Performance Period. The Administrator has sole authority to
determine whether and to what degree the Award has vested and is payable and to interpret the terms and conditions of this Agreement and the Plan. 
 4. Forfeiture of Award. Except as may be otherwise provided in the Plan or in this Agreement, in the event that the employment of the Participant with BB&T or an Affiliate terminates for any reason and the Award has not
vested pursuant to Section 3, then the Award, to the extent not vested as of the Participant’s termination of employment date, shall be forfeited immediately upon such termination, and the Participant shall have no further rights with
respect to the Award or the shares of Common Stock underlying the Award. The Administrator (or its designee, to the extent permitted under the Plan) shall have sole discretion to determine if a Participant’s rights have terminated pursuant to
the Plan and this Agreement, including but not limited to the authority to determine the basis for the Participant’s termination of employment. The Participant expressly acknowledges and agrees that, except as otherwise provided in this
Agreement, the termination of the Participant’s employment shall result in forfeiture of the Award and any underlying payout to the extent the Award has not vested as of the Participant’s termination of employment date. 
 5. Award Payout. 
 (a) The Award and the number of Performance Units that the Award represents shall, if at least the Threshold Level of Performance is met, be payable, and paid, in cash, shares of Common Stock, or a combination of cash and shares of
Common Stock, as determined by the Administrator in its sole discretion. 
 (b) Award payout shall, upon vesting of the
Award, be made to the Participant (or in the event of the Participant’s death, to the Participant’s beneficiary or beneficiaries) in a lump sum within ninety (90) calendar days after the end of the Performance Period or, if a Change
of Control occurs during the Performance Period, payment shall be made in a lump sum within ninety (90) calendar days following a Change of Control. Notwithstanding the foregoing, if the Participant is or may be a Specified Employee, a
distribution due to Separation from Service may not be made until within the thirty- (30-) day period commencing with the first day 
  
  

	 1
	 Solely for illustration purposes, projections assume certain salary increases on April 1st of each year. 

  

	 2
	 The projected payouts will change based upon the Participant’s actual base salary for 2008, 2009, and 2010.

  

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

  

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

  

 - 5 - 

 2008 
  

 of the seventh month following the month of Separation from Service, or, if earlier, the date of death of the
Participant (with all such payments that otherwise would have been made during such six-month period to be made during the seventh month following Separation from Service), in each case except as may be otherwise permitted under Section 409A.

 6. No Right to Continued Employment or Service. Neither the Plan, the grant of the Award, nor any other action related to
the Plan shall confer upon the Participant any right to continue in the employment or service of BB&T or an Affiliate or affect in any way with the right of BB&T or an Affiliate to terminate the Participant’s employment or service at
any time. Except as otherwise expressly provided in the Plan or this Agreement or as determined by the Administrator, all rights of the Participant with respect to the Award shall terminate upon termination of the employment or service of the
Participant with BB&T or an Affiliate. The grant of the Award does not create any obligation on the part of BB&T or an Affiliate to grant any further awards. So long as the Participant shall continue to be an Employee of BB&T or an
Affiliate, the Award shall not be affected by any change in the duties or position of the Participant. 
 7. Nontransferability of
Award and Shares. The Award, and any Award payout, shall not be transferable (including by sale, assignment, pledge or hypothecation) other than by will or the laws of intestate succession. The designation of a beneficiary in accordance with
Plan procedures does not constitute a transfer. 
 8. Superseding Agreement: Binding Effect. This Agreement supersedes any
statements, representations or agreements of BB&T with respect to the grant of the Award or any related rights, and the Participant hereby waives any rights or claims related to any such statements, representations or agreements. This Agreement
does not supersede or amend any existing confidentiality agreement, nonsolicitation agreement, noncompetition agreement, employment agreement or any other similar agreement between the Participant and BB&T, including, but not limited to, any
restrictive covenants contained in such agreements. 
 9. Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of North Carolina, without regard to the principles of conflicts of law, and in accordance with applicable United States federal laws. 
 10. Amendment and Termination, Waiver. Subject to the terms of the Plan, this Agreement may be amended or terminated only by the written
agreement of the parties hereto. The waiver by BB&T of a breach of any provision of the Agreement by the Participant shall not operate or be construed as a waiver of any subsequent breach by the Participant. Notwithstanding the foregoing, the
Administrator shall have unilateral authority to amend the Plan and this Agreement (without Participant consent) to the extent necessary to comply with applicable law or changes to applicable law (including but in no way limited to Section 409A
and federal securities laws), and the Participant hereby consents to any such amendments to the Plan and this Agreement. 
  

 - 6 - 

 2008 
  

 11. Withholding; Tax Matters. 
 (a) BB&T shall withhold all required local, state, federal, foreign and other taxes and any other amount required to be
withheld by any governmental authority or law from any amount payable in cash with respect to the Award. Prior to the delivery or transfer of any certificate for shares of Common Stock or any other benefit conferred under the Plan, BB&T shall
require the Participant to pay to BB&T in cash the amount of any tax or other amount required by any governmental authority to be withheld and paid over by BB&T to such authority for the account of such recipient. Notwithstanding the
foregoing, the Administrator may establish procedures to permit a recipient to satisfy such obligation in whole or in part, and any local, state, federal, foreign or other income tax obligations relating to the Award, by electing (the
“election”) to have BB&T withhold shares of Common Stock from the shares of Common Stock to which the recipient is entitled. The number of shares of Common Stock to be withheld shall have a Fair Market Value as of the date that
the amount of tax to be withheld is determined as nearly equal as possible to (but not exceeding) the amount of such obligations being satisfied. Each election must be made in writing to the Administrator in accordance with election procedures
established by the Administrator. 
 (b) BB&T has made no warranties or representations to the Participant with
respect to the tax consequences (including but not limited to income tax consequences) related to the Award or the payout, if any, pursuant to the Award, and the Participant is in no manner relying on BB&T or its representatives for an
assessment of such tax consequences. The Participant acknowledges that there may be adverse tax consequences with respect to the Award and that the Participant should consult a tax advisor. The Participant acknowledges that the Participant has been
advised that the Participant should consult with the Participant’s own attorney, accountant, and/or tax advisor regarding the decision to enter into this Agreement and the consequences thereof. The Participant also acknowledges that BB&T
has no responsibility to take or refrain from taking any actions in order to achieve a certain tax result for the Participant. 
 12.
Administration. The authority to construe and interpret this Agreement and the Plan, and to administer all aspects of the Plan, shall be vested in the Administrator, and the Administrator shall have all powers with respect to this
Agreement as are provided in the Plan. Any interpretation of the Agreement by the Administrator and any decision made by it with respect to the Agreement are final and binding on the parties hereto. 
 13. Notices. Any and all notices under this Agreement shall be in writing and sent by hand delivery or by certified or registered mail
(return receipt requested and first-class postage prepaid), in the case of BB&T, to its Human Systems Division, 200 West Second Street (27101), PO Box 1215, Winston-Salem, NC 27102, attention: Human Systems Division Manager, and in the case of
the Participant, to the last known address of the Participant as reflected in BB&T’s records. 
 14. Severability. The
provisions of this Agreement are severable and if any one or more provisions may be determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable. 
  

 - 7 - 

 2008 
  

 15. Compliance with Laws, Restrictions on Award and Shares of Common Stock. BB&T
may impose such restrictions on the Award and the shares of Common Stock or other benefits underlying the Award or relating to the payout of the Award as it may deem advisable, including without limitation restrictions under the federal securities
laws, federal tax laws, the requirements of any stock exchange or similar organization and any blue sky, state or foreign securities laws applicable to such Award or shares of Common Stock. Notwithstanding any other provision in the Plan or the
Agreement to the contrary, BB&T shall not be obligated to issue, deliver or transfer any shares of Common Stock, make any other distribution of benefits under the Plan, or take any other action, unless such delivery, distribution or action is in
compliance with all applicable laws, rules and regulations (including but not limited to the requirements of Securities Act). BB&T may cause a restrictive legend or legends to be placed on any certificate for shares of Common Stock issued
pursuant to the Award in such form as may be prescribed from time to time by applicable laws and regulations or as may be advised by legal counsel. 
 16. Successors and Assigns. Subject to the limitations stated herein and in the Plan, this Agreement shall be binding upon and inure to the benefit of the Participant and the Participant’s executors, administrators and
permitted transferees and beneficiaries and BB&T and its successors and assigns. 
 17. Counterparts, Further Instruments.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. The parties hereto agree to execute such further instruments and to take
such further action as may be reasonably necessary to carry out the purposes and intent of this Agreement. 
 18. Right of
Offset. Notwithstanding any other provision of the Plan or the Agreement, BB&T may reduce the amount of any benefit or payment otherwise payable to or on behalf of the Participant by the amount of any obligation of the Participant to
BB&T or an Affiliate that is or becomes due and payable, and the Participant shall be deemed to have consented to such reduction; provided, however, that to the extent Section 409A is applicable, such offset shall not exceed the greater of
Five Thousand Dollars ($5,000) or the maximum offset amount then permitted under Section 409A. 
 19. Adjustment of Awards upon
Occurrence of Certain Unusual or Nonrecurring Events. The Administrator shall have authority to make adjustments to the terms and conditions of the Award in recognition of unusual or nonrecurring events affecting BB&T or any Affiliate,
or the financial statements of BB&T or any Affiliate, or of changes in applicable laws, regulations or accounting principles, if the Administrator determines that such adjustments are appropriate in order to prevent dilution or enlargement of
the benefits or potential benefits intended to be made available under the Plan or necessary or appropriate to comply with applicable laws, rules or regulations. 
 [Signature Page to Follow] 
  

 - 8 - 

 2008 
  

 IN WITNESS WHEREOF, this Agreement has been executed in behalf of BB&T and by the Participant
effective as of the day and year first above written. 
  

			
	BB&T CORPORATION
		
	By:	 	 

  

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

  

 - 9 -

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