Document:

2004 STOCK INCENTIVE PLAN-RESTRICTED STOCK UNIT AGREEMENT-PERFORMANCE VESTING

 Exhibit 10.13 
 BB&T CORPORATION 
 2004 STOCK INCENTIVE PLAN 
 Restricted Stock Unit Agreement 
 (Performance Vesting Component) 
  

			
	 Name of Participant:
	 	  

	 Grant Date:
	 	  

	 Number of Shares Subject to Award:
	 	  

	 Date Vested:
	 	  

 THIS AGREEMENT (the “Agreement”), made effective as of
                    , 20         (the “Grant Date”), between BB&T
CORPORATION, a North Carolina corporation (“BB&T”), and                     , an Employee of BB&T or an
Affiliate (the “Participant”); 
 RECITALS: 
 BB&T desires to carry out the purposes of the BB&T Corporation 2004 Stock Incentive Plan, as it may be amended and/or restated (the
“Plan”), by affording the Participant an opportunity to acquire shares of BB&T Common Stock, $5.00 par value per share (the “Common Stock”), as hereinafter provided. 
 In consideration of the foregoing, of the mutual promises set forth below and of other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows: 
 1. Incorporation of
Plan. The rights and duties of BB&T and the Participant under this Agreement shall in all respects be subject to and governed by the provisions of the Plan, the terms of which are incorporated herein by reference. In the event of any
conflict between the provisions in the Agreement and those of the Plan, the provisions of the Plan shall govern. Unless otherwise provided herein, capitalized terms in this Agreement shall have the same definitions as set forth in the Plan.

 2. Grant of Restricted Stock Unit. Subject to the terms of this Agreement and the Plan, BB&T hereby grants the
Participant a Restricted Stock Unit (the “Award”) for                      whole shares of Common Stock (the
“Shares”). The “Restriction Period” is the period beginning on the Grant Date and ending on such date or dates and satisfaction of such conditions as described in Section 3 and Section 4 herein. For the
purposes herein, the Shares subject to the Award are units that will be reflected in a book account maintained by BB&T and that will be settled in whole shares of Common Stock, if and to the extent permitted pursuant to this Agreement and the
Plan. Prior to distribution of the Shares upon vesting of the Award, the Award shall represent an unsecured obligation of BB&T, payable (if at all) only from BB&T’s general assets. 

 3. Vesting of Award. Subject to the terms of the Plan and the Agreement (including
but not limited to the provisions of Section 4 and Section 5 herein), the Award shall be deemed vested and earned only if the conditions of both Section 3(a) and Section 3(b) are met. 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. 
 (a) Performance-Based Vesting Component: In order for the Award to vest as provided in Section 3(b) herein, the Award must satisfy an initial performance-based vesting component, as follows: During the period from
January 1, 20         through December 31, 20         (the “Performance Period”), BB&T must meet a minimum average cash
return on equity target of              percent (            %). 
 (b) Service-Based Vesting Component: If and only if the performance-based vesting component stated in Section 3(a), above, is met for
the Performance Period, then the Award shall be fully (i.e., 100%) vested and earned on the fifth year anniversary of the Grant Date, provided that the Participant is still an Employee as of the fifth year anniversary of the Grant Date (and except
as may be otherwise provided in Section 4 herein). 
 4. Termination of Employment; Forfeiture of Award; Effect of Change of
Control. 
 (a) Except as may be otherwise provided in the Plan or Section 4(b) of the 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 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 herein the termination of the Participant’s employment shall result in forfeiture of the Award and the underlying Shares to the extent the Award has not vested as
of the Participant’s termination of employment date. 
 (b) Notwithstanding the provisions of Section 3 and
Section 4(a), the following provisions shall apply: 
  

	 	(i)	 Involuntary Termination Without Cause. In the event that the Participant’s employment with BB&T or an Affiliate is involuntarily terminated for
reasons other than Cause (as defined herein), the Award shall become fully vested if and only if the performance-based vesting criteria stated in Section 3(a) are met (and without regard to the vesting schedule set forth in Section 3(b)
herein). In such event, vesting shall occur as of the later of the date the Administrator determines that the performance-based vesting criteria stated in Section 3(a) have been met or the date of the Participant’s termination of
employment due to an involuntary 

  

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termination without Cause. For purposes of this Agreement, a termination shall be for “Cause” if the termination is on account of the
Participant’s (a) dishonesty, theft or embezzlement; (b) refusal or failure to perform his assigned duties for BB&T or an Affiliate in a satisfactory manner; or (c) engaging in any conduct that could be materially damaging to
BB&T or its Affiliates without a reasonable good faith belief that such conduct was in the best interest of BB&T or any of its Affiliates. The determination of whether termination is for Cause shall be made by the Administrator (or its
designee to the extent permitted under the Plan), and its determination shall be final and conclusive. 

  

	 	(ii)	Death. In the event that the Participant remains in the continuous employ of BB&T or an Affiliate from the Grant Date until the Participant’s death, the Award shall
become fully vested if and only if the performance-based vesting criteria stated in Section 3(a) are met (and without regard to the vesting schedule set forth in Section 3(b) herein). In such event, vesting shall occur as of the later of
the date the Administrator determines that the performance-based vesting criteria stated in Section 3(a) have been met or the date of the Participant’s termination of employment due to death. 

  

	 	(iii)	Disability. In the event that the Participant remains in the continuous employ of BB&T or an Affiliate from the Grant Date until the date of the Participant’s
Disability (as determined by the Administrator or its designee in accordance with the Plan and, if applicable, Code Section 409A, related regulations and other guidance), the Award shall become fully vested if and only if the performance-based
vesting criteria stated in Section 3(a) are met (and without regard to the vesting schedule set forth in Section 3(b) herein). In such event, vesting shall occur as of the later of the date the Administrator determines that the
performance-based vesting criteria stated in Section 3(a) have been met or the date of the Participant’s termination of employment due to Disability. 

  

	 	(iv)	Change of Control. 

  

	 	(A)	In the event that there is “Change of Control,” as defined in Section 4(b)(iv)(B), of BB&T subsequent to the date hereof, the Award shall (subject to
Section 4(b)(iv)(C) herein) become fully vested as of the effective date of such event without regard to the vesting schedule set forth in Section 3 herein. 

  

	 	(B)	 For purposes of this Section 4(b)(iv), a “Change of Control” will be deemed to have occurred on the earliest of the following dates:
(i) the date any person or group of persons (as 

  

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defined in Section 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), together with its affiliates,
excluding employee benefit plans of BB&T and its Affiliates, is or becomes, directly or indirectly, the “beneficial owner” (as defined in Rule 13d-3 promulgated under the Exchange Act) of securities of BB&T representing twenty
percent (20%) or more of the combined voting power of BB&T’s then outstanding securities; or (ii) the date when, as a result of a tender offer or exchange offer for the purchase of securities of BB&T (other than such an offer
by BB&T for its own securities), or as a result of a proxy contest, merger, consolidation or sale of assets, or as a result of any combination of the foregoing, individuals who at the beginning of any consecutive two-year period during the
Restriction Period of the Award constituted BB&T’s Board of Directors, plus new directors whose election or nomination for election of BB&T’s shareholders is approved by a vote of at least two-thirds of the directors still in
office who were directors at the beginning of such two-year period (collectively, the “Continuing Directors”), cease for any reason during such two-year period to constitute at least two-thirds of the members of such Board of
Directors; or (iii) the date the shareholders of BB&T approve a merger or consolidation of BB&T with any other corporation or entity regardless of which entity is the survivor other than a merger or consolidation which would result in
the voting securities of BB&T or such surviving entity outstanding immediately prior thereto continuing to represent (either by remaining outstanding or being converted into voting securities of the surviving entity) at least sixty percent
(60%) of the combined voting power of the voting securities of BB&T or such surviving entity outstanding immediately after such merger, consolidation or reorganization (provided, however, that if consummation of such merger, consolidation
or reorganization is subject to the approval of federal, state or other regulatory authorities, then, unless the Administrator determines otherwise, a “Change of Control” shall not be deemed to occur until the later of the date of
shareholder approval of such merger or other event or the date of final regulatory approval of such merger or other event); or (iv) the date the shareholders of BB&T approve a plan of complete liquidation or winding-up of BB&T or an
agreement for the sale or disposition by BB&T of all or substantially all of BB&T’s assets; or (v) any event occurs that the Board of Directors of BB&T determines should constitute a change of control.

  

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	 	(C)	Notwithstanding Section 4(b)(iv)(A) and Section 4(b)(iv)(B) herein, the term “Change of Control” shall not include any event which the Board of Directors
of BB&T (or, if the event described in Section 4(b)(iv)(B)(ii) above has occurred, a majority of the Continuing Directors), prior to the occurrence of such event, specifically determines, for the purpose of the Plan and/or this Agreement,
is a “merger of equals” (regardless of the form of the transaction), unless such determination is revoked within one year after the occurrence of the event that otherwise would constitute a Change of Control by a majority of the directors
of BB&T if BB&T is a surviving corporation, or by a majority of the directors of the surviving corporation if BB&T is not the surviving corporation, who in either case were Continuing Directors immediately prior to the effective time of
such event or were elected or nominated for election as directors of the surviving corporation by a vote of at least two-thirds of the directors who were Continuing Directors immediately prior to such effective time. Any determination concerning
whether a transaction is a “merger of equals” shall be solely within the discretion of the Board of Directors of BB&T or a majority of the Continuing Directors, as the case may be. In the event that the Board of Directors of BB&T
or the Continuing Directors, as the case may be, determine that a transaction does constitute a merger of equals, then, notwithstanding the provisions of Section 4(b)(iv)(A) and Section 4(b)(iv)(B) herein, the vesting of the Award will not
be accelerated due to the merger of equals, but the Award shall instead continue to vest, if at all, in accordance with the provisions of Section 3 and Section 4 herein. 

  

	 	(v)	Retirement. In the event that the Participant remains in the continuous employ of BB&T or an Affiliate from the Grant Date until the
Participant’s termination of employment due to Retirement, the Award shall become fully vested if and only if the performance-based vesting criteria stated in Section 3(a) are met (and without regard to the vesting schedule set forth in
Section 3(b) herein). In such event, vesting shall occur as of the later of the date the Administrator determines that the performance-based vesting criteria stated in Section 3(a) have been met or the date of the Participant’s
termination of employment due to Retirement. 

 5. Settlement of Award and Distribution of Shares. 
 (a) The Award shall be payable in whole shares of Common Stock. Fractional shares shall not be issuable hereunder, and unless the Administrator
determines otherwise, any such fractional Share shall be disregarded. 
  

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 (b) Shares of Common Stock subject to the
Award shall, upon vesting of the Award, be issued and distributed to the Participant (or in the event of the Participant’s death, the Participant’s beneficiary or beneficiaries) no later than the later of (a) the 15th day of the third month following the Participant’s first taxable year in which the amount is no longer subject to a
substantial risk of forfeiture, or (b) the 15th day of the third month following the end of BB&T’s
first taxable year in which the amount is no longer subject to a substantial risk of forfeiture, or otherwise in accordance with Code Section 409A, related regulations and other guidance. Notwithstanding the foregoing, if the Participant is or
may be a “specified employee” (as defined in Code Section 409A, related regulations or other guidance), a distribution due to separation from service may not be made before the date that is six months after the date of separation from
service, or, if earlier, the date of death of the Participant (with all such payments that otherwise would have been made during such six month period to be made during the seventh month following separation from service), in each case except as may
be otherwise permitted under Code Section 409A, related regulations or other guidance. 
 6. No Right to Continued
Employment or Service. Neither the Plan, the grant of the Award, nor any other action related to the Plan shall confer upon the Participant any right to continue in the employment or service of BB&T or an Affiliate or affect in any way
with the right of BB&T or an Affiliate to terminate the Participant’s employment or service at any time. Except as otherwise expressly provided in the Plan or this Agreement or as determined by the Administrator, all rights of the
Participant with respect to the Award shall terminate upon termination of the employment or service of the Participant with BB&T or an Affiliate. The grant of the Award does not create any obligation on the part of BB&T or an Affiliate to
grant any further awards. So long as the Participant shall continue to be an Employee of BB&T or an Affiliate, the Award shall not be affected by any change in the duties or position of the Participant. 
 7. Nontransferability of Award and Shares. The Award 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. The Participant shall not sell, transfer, assign, pledge or otherwise encumber
the Shares subject to the Award until the Restriction Period has expired and all conditions to vesting and distribution have been met. 
 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. 

  

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The waiver by BB&T of a breach of any provision of the Agreement by the Participant shall not operate or be construed as a waiver of any subsequent
breach by the Participant. Notwithstanding the foregoing, the Administrator shall have unilateral authority to amend the Plan and this Agreement (without Participant consent) to the extent necessary to comply with applicable law or changes to
applicable law (including but in no way limited to Code Section 409A and related regulations or other guidance and federal securities laws), and the Participant hereby consents to any such amendments to the Plan and this Agreement. 

11. Certificates for Shares; Rights as Shareholder. The Participant and the Participant’s legal representatives, legatees or
distributees shall not be deemed to be the holder of any Shares subject to the Award and shall not have any voting rights, dividend rights or other rights of a shareholder unless and until certificates for such Shares have been issued to him or her
or them. No certificate or certificates for Shares subject to the Award shall be issued at the time of grant of the Award. A certificate or certificates for Shares subject to the Award shall be issued in the name of the Participant (or if the
Participant is deceased, the Participant’s beneficiary or beneficiaries) as soon as practicable after, and only to the extent that, the Award has vested and if such distribution is otherwise permitted under the terms of Section 5 herein.
Neither dividends nor dividend equivalent rights shall be granted in connection with the Award, and the Award shall not be adjusted to reflect the distribution of any dividends on the Common Stock (except as may otherwise be provided under the
Plan). No dividends on the Shares shall be payable prior to both (i) the vesting of the Award and (ii) the issuance and distribution of Shares to the Participant. 
 12. 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 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 to which the recipient is entitled. The number of shares to
be withheld shall have a Fair Market Value as of the date that the amount of tax to be withheld is determined as nearly equal as possible to (but not exceeding) the amount of such obligations being satisfied. Each election must be made in writing to
the Administrator in accordance with election procedures established by the Administrator. 
 (b) BB&T has made no warranties or
representations to the Participant with respect to the tax consequences (including but not limited to income tax consequences) related to the Award or issuance, transfer or disposition of Shares (or any other benefit) 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 (including but not limited to the
acquisition or disposition of the Shares subject to the Award) and that the Participant should consult a tax advisor prior to 

  

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such acquisition or disposition. The Participant acknowledges that the Participant has been advised that the Participant should consult with the
Participant’s own attorney, accountant, and/or tax advisor regarding the decision to enter into this Agreement and the consequences thereof. The Participant also acknowledges that BB&T has no responsibility to take or refrain from taking
any actions in order to achieve a certain tax result for the Participant. 
 13. Administration. The authority to
construe and interpret this Agreement and the Plan, and to administer all aspects of the Plan, shall be vested in the Administrator, and the Administrator shall have all powers with respect to this Agreement as are provided in the Plan. Any
interpretation of the Agreement by the Administrator and any decision made by it with respect to the Agreement is final and binding on the parties hereto. 
 14. 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. 
 15. 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. 
 16. Compliance with Laws; Restrictions on Award and Shares. BB&T may impose such restrictions on the Award and the Shares or
other benefits underlying 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. 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 the Securities Act).
BB&T may cause a restrictive legend or legends to be placed on any certificate for Shares 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.

 17. 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. 
 18. 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. 
  

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 19. 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. 
 20. 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] 
  

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 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:
	 	  

		 	 John A. Allison

		 	 Chairman and CEO

	
	PARTICIPANT
	
	  

  

 - 10 -BB&T AMENDED AND RESTATED 1996 SHORT-TERM INCENTIVE PLAN

 Exhibit 10.14 
 BB&T CORPORATION 
 AMENDED AND RESTATED 
 1996 SHORT-TERM INCENTIVE PLAN 
  

	1.	The Plan. The purpose of the BB&T Corporation Amended and Restated 1996 Short-Term Incentive Plan (formerly, the 1996 Amended and Restated Southern National
Corporation Short-Term Incentive Plan) (the “Plan”) is to provide select key executives of BB&T Corporation or an affiliate thereof (collectively, the “Company” unless the context otherwise requires) with cash awards (the
“Awards”) based upon attainment of preestablished, objective performance goals, thereby promoting a closer identification of the participating employees’ interests with the interests of the Company and its shareholders, and further
stimulating such employees’ efforts to enhance the efficiency, profitability, growth and value of the Company. 

  

	2.	Plan Administration. The Plan shall be administered by the Compensation Committee of the Board of Directors of the Company or a subcommittee thereof (the
“Committee”). To the extent required by Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”), each member of the Committee (or subcommittee of the Committee) shall be an “outside director”
as defined in Section 162(m) and related regulations. The Committee shall have full authority to interpret and administer the Plan and establish rules and regulations for the administration of the Plan. Any actions of the Committee may be taken
by a written instrument signed by all of the members of the Committee and 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. The decisions and
determinations of the Committee in all matters regarding the Plan shall be in its sole discretion. Any decision made, or action taken, by the Committee in connection with the administration of the Plan shall be final, binding and conclusive. No
member of the Committee shall be liable for any action, determination or decision made in good faith with respect to the Plan or any Award paid under it. Notwithstanding the foregoing, the Committee may delegate the administration of the Plan to one
or more of its designees, but only with respect to matters regarding participants who are not in the executive management class. The “executive management class” shall include such members of executive management of the Company who are
otherwise eligible to participate in the Plan and are approved from time to time by the Committee as members of such class. All matters regarding the participants in the executive management class shall be the sole responsibility of the Committee.

  

	3.	Eligibility. The participants in the Plan (collectively, the “Participants” or individually, a “Participant”) shall be those key executives
of the Company who are designated each year as Participants by the Committee. With respect to members of the executive management class, such designation shall be made during the first 90 days of each calendar year and before 25% of relevant
performance period has passed. Participation in the Plan in any one calendar year does not guarantee that a key executive will be selected to participate in the Plan in any following calendar year. 

  

	4.	 Size of Awards. Each calendar year, the Committee shall establish a target award (the “Target Award”) for each Participant in the
Plan, which shall be expressed as a percentage of 

	 	 
his “Base Compensation.” For this purpose, “Base Compensation” means the base compensation (including salary and all other regular base
pay, but excluding incentive compensation, bonuses, and other similar compensation actually paid to the Participant during the calendar year; provided, however, that the Base Compensation of a Participant who is in the executive management class
shall not exceed the limit established by the Committee (the “Base Compensation Limit”). If and to the extent the performance goals established for the Participant by the Committee pursuant to Section 5 are met, the Participant’s
Award shall range from the amount of his “Threshold Award” to the amount of his “Superior Award.” A Participant’s “Threshold Award” shall be equal to 25 percent of his Target Award, his Target Award shall be equal
to no more than 125% of his Base Compensation and his Superior Award shall be equal to a maximum percentage (the “Maximum Percentage”) not to exceed 225% of his Target Award. The Target Award of each Participant or class of Participants
(e.g., the executive management class), the Maximum Percentage and the Base Compensation Limit shall be established in writing by the Committee during the first 90 days of each calendar year while the outcome is substantially uncertain and before
25% of the relevant performance period has passed. 

  

	5.	Establishment of Performance Goals. A Participant’s Award, if any, shall be earned based on the attainment of written performance objectives approved by
the Committee. In the case of the executive management class, such performance objectives shall be established by the Committee (i) while the outcome for the performance period is substantially uncertain and (ii) no more than 90 days after the
commencement of the performance period to which the performance objective relates, or if less than 90 days, no more than the number of days which is equal to 25% of the relevant performance period. The performance goals established for each
Participant or class of Participants (e.g., the executive management class) may be attached hereto as an Exhibit following establishment thereof. The following rules and guidelines shall apply in establishing performance goals:

  

	 	a.	Types of performance. The performance goals established by the Committee shall be based on one or more performance measures that apply to the Participant alone
(“Individual Performance”), the Participant’s business unit/function performance (“Business Unit/Function Performance”), the Company as a whole (“Corporate Performance”), or any combination of Individual
Performance, Business Unit/Function Performance or Corporate Performance. If a Participant’s performance goals are based on a combination of Individual Performance, Business Unit/Function Performance or Corporate Performance, the Committee
shall weight the importance of each type of performance that applies to such Participant by assigning a percentage to it (the “Weighted Percentage”). In no event shall the aggregate Weighted Percentages exceed 100 percent.

  

	 	b.	Performance measures. The Committee shall establish the performance measures that apply to Individual Performance, Business Unit/Function Performance and Corporate
Performance. 

  

	 	(i)	 Individual Performance. The performance measures for Individual Performance shall be established separately for each Participant whose performance goals are
based in whole or in part on Individual Performance. 

  

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Such performance measures shall be based on such business criteria as process improvement, sales, loan growth, deposit growth and expense management.

  

	 	(ii)	Business Unit/Function Performance. The performance measures for Business Unit/Function Performance shall be established separately for each Participant whose performance
goals are based in whole or in part on Business Unit/Function Performance. Such performance measures shall be based on such business criteria as achievement of financial or non-financial goals, growth and market share. 

  

	 	(iii)	Corporate Performance. The performance measures for Corporate Performance shall be established based on such factors as stock price, market share, sales, earnings per share,
return on equity, return on average assets or expense management. 

 If more than one business criteria is used as a performance
measure for a type of performance (e.g., Corporate Performance), the Committee shall weight the importance of each business criteria by assigning a percentage to it. In no event shall the aggregate percentages exceed 100 percent. 

 

	 	c.	Levels of performance. The Committee shall establish a threshold, target and superior level of performance with respect to each measure of performance. A Performance Value
shall be assigned to each such level of performance as follows: 

  

			
	 Level of Performance
	  	 Performance Value

	 Threshold Performance
	  	25% of Target Award
	 Target Performance
	  	No more than 125% of Target Award
	 Superior Performance
	  	No more than 225% of Target Award

 Interpolation shall be used to determine the Performance Value associated with performance between
the threshold, target and superior performance levels. Performance below the threshold level shall have a 0 value and performance at or above the superior level shall have a value not to exceed the Maximum Percentage. 
  

	6.	Determination and Payment of Awards. The determination of the Award (if any) payable to a Participant shall be made as soon as practicable after the end of each
calendar year by the Committee. The amount of the Award shall be determined in accordance with the following formula: 

 (AxBxC) + (AxDxE) + (AxFxG) = Award 
 where: 
  

	 	(A)	is the Participant’s Target Award; 

  

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	 	(B)	is the Participant’s Weighted Percentage (if any) for Individual Performance; 

  

	 	(C)	is the Performance Value assigned to the level of performance attained by the Participant for Individual Performance; 

  

	 	(D)	is the Participant’s Weighted Percentage (if any) for Business Unit/Function Performance; 

  

	 	(E)	is the Performance Value assigned to the level of performance attained by the Participant for Business Unit/Function Performance; 

  

	 	(F)	is the Participant’s Weighted Percentage (if any) for Corporate Performance; and 

  

	 	(G)	is the Performance Value assigned to the level of performance attained by the Participant for Corporate Performance. 

 Notwithstanding the foregoing formula, however, in no event may the amount of a Participant’s Award for any calendar year exceed 2.8125 times the
Participant’s Base Compensation for the calendar year. 
 The Award, if any, earned by a Participant with respect to a calendar year
shall be paid to him in cash as soon as practicable following the determination of the amount of the Award and the Committee’s written certification that the Participant achieved his performance goals. The Award may be paid in lump sum or in
installments or on a deferred basis, in the Committee’s discretion. The Committee shall not have any discretion to increase the amount of an Award otherwise earned and payable pursuant to the terms of the Plan to a Participant who is a member
of the executive management class. The Committee shall have the discretion to reduce or eliminate the amount of an Award otherwise earned and payable pursuant to the terms of the Plan to any Participant. No Award shall be paid to a Participant if
his performance is below the threshold level of performance established by the Committee. 
  

	7.	Termination For Reasons Other Than Death, Disability or Retirement. If a Participant’s employment with the Company is terminated for any reason other than
death, disability or retirement during a calendar year, he shall forfeit his right to receive any Award under this Plan, except that the Committee may elect, in its sole and absolute discretion, to pay an Award to such Participant based on his
performance and Base Compensation for that portion of the calendar year during which he was employed. 

  

	8.	 Termination Due to Death, Disability or Retirement. If a Participant’s employment with the Company is terminated during a calendar year by
reason of death, disability or retirement, and the Participant has been actively employed by the Company for a minimum of six (6) calendar months during such calendar year, he shall be eligible for an Award based on his performance and Base
Compensation for that portion of the calendar year in which he was employed. The determination and payment of such Award shall be made by the Committee at the end of such calendar year in the manner described in Section 6. If a Participant
shall terminate employment during the calendar year for any such reason with 

  

 4 

	 	 
less than six (6) calendar months of employment, he shall forfeit his right to receive any Award under this Plan, except that the Committee may elect,
in its sole and absolute discretion, to pay an Award to such Participant based on his performance and Base Compensation for that portion of the calendar year during which he was employed. 

  

	9.	Change of Control. 

  

	 	a.	Notwithstanding any other provision in the Plan to the contrary, in the event of a Change of Control (as defined in Section 9(b)), the Committee in its sole discretion and
without liability to any person may take such actions, if any, as it deems necessary or advisable with respect to any Award, including, without limitation, (i) the acceleration of payment of an Award, (ii) the payment of a cash amount in
exchange for the cancellation of an Award and/or (iii) the requiring of the issuance of substitute Awards that will substantially preserve the value, rights and benefits of any affected Awards previously granted hereunder; provided, however,
that the Committee may not exercise any discretion under the Plan to reduce the amount payable in respect of any Award relating to a calendar year which ended prior to the date of such Change of Control but which Award had not been paid out at the
time of the Change of Control and such Awards shall be paid out entirely in cash as promptly as practicable following the Change of Control, unless this right has been waived by the Participant. 

  

	 	b.	 For purposes of this Section 9, a “Change of Control” will be deemed to have occurred if (i) any person or group of persons (as defined in
Section 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended) together with its affiliates, excluding employee benefit plans of the Company and its affiliates, is or becomes, directly or indirectly, the “beneficial
owner” (as defined in Rule 13d-3 promulgated under the Securities Exchange Act of 1934) of securities of the Company representing 20% or more of the combined voting power of the Company’s then outstanding securities; or (ii) as a
result of a tender offer or exchange offer for the purchase of securities of the Company (other than such an offer by the Company for its own securities), or as a result of a proxy contest, merger, consolidation or sale of assets, or as a result of
any combination of the foregoing, individuals who at the beginning of any two-year period during the term of the Plan constituted the Company’s Board of Directors, plus new directors whose election or nomination for election of the
Company’s shareholders is approved by a vote of at least two-thirds of the directors still in office who were directors at the beginning of such two-year period, cease for any reason during such two-year period to constitute at least two-thirds
of the members of such Board of Directors; or (iii) the shareholders of the Company approve a merger or consolidation of the Company with any other corporation or entity regardless of which entity is the survivor other than a merger or
consolidation which would result in the voting securities of the Company or such surviving entity outstanding immediately prior thereto continuing to represent (either by remaining outstanding or being converted into voting securities of the
surviving entity) at least 60% of the combined voting power of the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation; or (iv) the shareholders of the Company approve a plan of
complete 

  

 5 

	 	 
liquidation or winding up of the Company or an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets;
or (v) any event occurs which the Company’s Board of Directors determines should constitute a Change of Control. 

  

	10.	No Right to Employment. Nothing contained in this Plan or any action taken pursuant to the Plan shall be construed as conferring upon any Participant the right or
imposing upon him the obligation to continue in the employment of the Company, nor shall it be construed as imposing upon the Company the obligation to continue to employ the Participant. 

  

	11.	Amendments. The Board of Directors of the Company may amend, discontinue or terminate the Plan in whole or in part at any time; provided, that no such action
shall adversely affect any Award earned and payable under the Plan as of the date of such amendment or termination without the Participant’s consent; provided, further, however, that the Board may amend the Plan in such manner as it deems
necessary to permit the granting of Awards meeting the requirements of Section 162(m) of the Code or other applicable laws. 

  

	12.	Effective Date. The Plan, as amended and restated, shall become effective on February 27, 2001, subject to the approval by the shareholders of the Company
of certain performance criteria as required by Section 162(m) and related regulations. 

  

	13.	Miscellaneous. 

  

	 	a.	Taxes: Offset. Any tax required to be withheld by any government authority shall be deducted from each Award. The Committee, in its sole discretion (but subject to applicable
law), may apply any amounts payable to any Participant hereunder as a setoff to satisfy any liabilities owed to the Company by the Participant. 

  

	 	b.	Nonassignability. Awards and any other rights under the Plan shall not be subject to anticipation, alienation, pledge, transfer or assignment by any person entitled thereto,
except by designation of a beneficiary or by will or the laws of descent and distribution. 

  

	 	c.	No Trust; Unfunded Plan. The obligation of the Company to make payments hereunder shall constitute a liability of the Company to the Participants. Such payments shall be made
from the general funds of the Company, and the Company shall not be required to establish or maintain any special or separate fund, or otherwise to segregate assets to assure that such payments shall be made, and neither the Participants nor their
beneficiaries shall have any interest in any particular assets of the Company by reason of its obligations hereunder. Nothing contained in this Plan shall create or be construed as creating a trust of any kind or any other fiduciary relationship
between the Company and the Participants or any other person. To the extent that any person acquires a right to receive payments from the Company hereunder, such right shall be no greater than the right of an unsecured creditor of the Company.

  

 6 

	 	d.	Facility of Payments. If a Participant or any other person entitled to receive an Award under this Plan (the “recipient”) shall, at the time payment of any such
amount is due, be incapacitated so that such recipient cannot legally receive or acknowledge receipt of the payment, then the Committee, in its sole and absolute discretion, may direct that the payment be made to the legal guardian, attorney-in-fact
or person with whom such recipient is residing, and such payment shall be in full satisfaction of the Company’s obligation under the Plan with respect to such amount. 

  

	 	e.	Beneficiary Designation. Each Participant may designate a beneficiary hereunder. Such designation shall be in writing, shall be made in the form and manner prescribed by the
Committee, and shall be effective only if filed with the Committee prior to the Participant’s death. A Participant may, at any time prior to his death, and without the consent of his beneficiary, change his designation of beneficiary by filing
a written notice of such change with the Committee in the form and manner prescribed by the Committee. In the absence of a designated beneficiary, or if the designated beneficiary and any designated contingent beneficiary predecease the Participant,
the beneficiary shall be the Participant’s surviving spouse, or if the Participant has no surviving spouse, the Participant’s estate. 

  

	 	f.	Governing Law. The Plan shall be construed and its provisions enforced and administered in accordance with the laws of the State of North Carolina, without regard to the
principles of conflicts of laws. 

  

	 	g.	Compliance with Code Section 162(m). The Company intends that compensation under the Plan to covered employees (as such term is defined in Section 162(m) and
related regulations) will constitute qualified “performance-based compensation” within the meaning of Section 162(m) and related regulations, unless otherwise determined by the Committee. Accordingly, the provisions of the Plan shall
be administered and interpreted in a manner consistent with Section 162(m) and related regulations. If any provision of the Plan or any Award that is granted to a covered employee does not comply or is inconsistent with the requirements of
Section 162(m) or related regulations, such provision shall be construed or deemed amended to the extent necessary to conform to such requirements, and no provision shall be deemed to confer upon the Committee or any other person discretion to
increase the amount of compensation otherwise payable to a covered employee in connection with any such Participant’s Award upon attainment of the applicable performance objectives. 

  

	 	h.	 Adjustments. The Committee is authorized at any time during or after the completion of a calendar year, in its sole discretion, to adjust or modify the terms
of Awards or performance objectives, or specify new Awards, (i) in the event of any large, special and non-recurring dividend or distribution, recapitalization, reorganization, merger, consolidation, spin-off, combination, repurchase, share
exchange, forward or reverse split, stock dividend, liquidation, dissolution or other similar corporate transaction, (ii) in recognition of any other unusual or nonrecurring event affecting the Company or the financial statements of the Company
(including events described in (i) above as well as acquisitions and dispositions of businesses and assets and extraordinary items determined under generally accepted accounting principles), or in response to 

  

 7 

	 	 
changes in applicable laws and regulations, accounting principles, and tax rates (and interpretations thereof) or changes in business conditions or the
Committee’s assessment of the business strategy of the Company. Unless the Committee determines otherwise, no such adjustment shall be authorized or made if and to the extent that the existence of such authority or the making of such adjustment
would cause Awards granted under the Plan to covered employees whose compensation is intended to qualify as “performance-based compensation” under Section 162(m) and related regulations to fail to so qualify.

 This BB&T Corporation Amended and Restated 1996 Short-Term Incentive Plan has
been executed in behalf of the Company effective as of the 27th day of February, 2001. 
  

			
	BB&T CORPORATION
		
	By:	 	  

		 	    President

  

	
	Attest:
	
	  

	Secretary/Asst. Secretary
	
	[Corporate Seal]

  

 8

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