Document:

Exhibit 10.2

Exhibit 10.2

2006 AMENDED AND RESTATED

EMPLOYMENT AGREEMENT

   
       This
2006 AMENDED AND RESTATED EMPLOYMENT AGREEMENT (“Agreement”) is made and
entered into as of December 12, 2006, to be effective as of the 31st day of December,
2006 (the “Effective Date”), by and among BB&T CORPORATION, a North Carolina
corporation (“BB&T”), BRANCH BANKING AND TRUST COMPANY, a North Carolina chartered
commercial bank (“BBTC”), and KELLY S. KING, an individual (“Executive”).
BB&T and BBTC are collectively referred to as the “Employer”.

RECITALS

   
       WHEREAS,
Employer and their Affiliates are engaged in the banking and financial services business;
and 

  
        WHEREAS,
Executive is experienced in, and knowledgeable concerning, the material aspects of such
business; and

  
        WHEREAS,
Executive is presently employed as the Chief Operating Officer of BB&T and BBTC pursuant
to the terms of an employment agreement dated as of April 25, 2002, effective as of
January 1, 2002, as subsequently amended (the “Predecessor Agreement”); and 

  
        WHEREAS,
BB&T, BBTC and Executive have determined that it is in their respective best interest to
enter into this Agreement on the terms and conditions as set forth herein.

  
        NOW,
THEREFORE, in consideration of the premises and the mutual covenants and promises
contained herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

AGREEMENT

1.       EMPLOYMENT
TERMS AND DUTIES.

  
        1.1       EMPLOYMENT.
Employer hereby employs Executive, and Executive hereby accepts employment by Employer
commencing on the Effective Date, upon the terms and conditions set forth in this
Agreement.  Executive agrees to serve as (i) an employee of Employer and as an employee
of one or more of Employer’s Affiliates; (ii) on such committees and task forces of
the Employer (including, without limitation, BB&T’s Executive Management Committee), as
Executive may be appointed from time to time; and (iii) as a member of the Board of
Directors of BB&T and/or BBTC as Executive may be appointed from time to time.
Notwithstanding the foregoing, in no event shall the failure to appoint or reappoint
Executive to any committee or task force or Board of Directors be considered or treated
either as a breach of this Agreement by the Employer or as a termination of Executive’s
employment.

  
        1.2       DUTIES.
Executive shall serve as Chief Operating Officer of BB&T and BBTC, and shall report to
the Chief Executive Officer of Employer.  Executive shall have the authority, and perform
the duties customarily associated with Executive’s title together with such
additional duties of an executive nature as may from time to time be reasonably assigned
by the Chief Executive Officer of Employer or Employer’s Boards of Directors.
Executive shall devote all of Executive’s business time, attention, knowledge and
skills solely to the business and interests of Employer and their Affiliates and shall
not be otherwise employed.  Executive shall at all times comply with and be subject to
such policies and procedures as Employer may establish from time to time including,
without limitation, conflict of interest policies.  Employer and their Affiliates shall
be entitled to all of the benefits, profits and other emoluments arising from or incident
to all work, services and advice of Executive, and Executive  shall not, during the Term,
become interested, directly or indirectly, in any manner, as a partner, officer,
director, stockholder, advisor, employee or in any other capacity in any other business
similar to the business of Employer and their Affiliates.  Nothing contained herein shall
be deemed, however, to prevent or limit the right of Executive to invest in a business
similar to the business of Employer and their Affiliates if such investment is limited to
less than one (1) percent of the capital stock or other securities of any corporation or
similar organization whose stock or securities are publicly owned or are regularly traded
on any public exchange. 

  
        1.3       TERM.
Subject to the provisions of Section 1.6 below, unless extended or shortened as provided
in this Agreement, the term of employment of Executive under this Agreement shall
commence on the Effective Date, and shall continue until the expiration of a period of
thirty-six (36) consecutive months immediately following the Effective Date (the “Term”).
As of the first day of each calendar month commencing February 1, 2007, this Agreement
and Executive’s employment hereunder, shall be automatically extended (without any
further action of or by Employer or Executive) for an additional successive calendar
month; provided, however, that on any one month anniversary date, either Employer or
Executive may serve notice to the other parties to fix the Term to a definite thirty-six
(36) month period from the date of such notice and no further automatic extensions shall
occur.  Notwithstanding the foregoing, the Term shall not be extended beyond the first
day of the calendar month next following the date on  which Executive attains age
sixty-five (65).  The Term as it may be extended pursuant to this Section 1.3, or, as it
may be shortened in accordance with Section 1.6, is hereinafter referred to as the “Term”.

  
        1.4.       COMPENSATION
AND BENEFITS.

  
              
    1.4.1       Base
Salary.  In consideration of all of (i) the services rendered to Employer and Employer’s
Affiliates hereunder by Executive, and (ii) Executive’s covenants hereunder,
Employer shall, during the Term, pay Executive a salary at the annual rate of Six Hundred
Twenty-Four Thousand Dollars ($624,000) (the “Base Salary”), payable in equal
installments in accordance with Employer’s regular payroll practices, but no less
frequently than monthly.  The $624,000 annual Base Salary may be increased, but not
decreased without the written consent of Executive, from time to time in the sole
discretion of Employer and any such increased “Base Salary” shall thereafter
constitute “Base Salary” for purposes of this Agreement, and may not thereafter
be reduced without the written consent of Executive. 

   
               
  1.4.2       Incentive
Compensation.  During the Term, Executive shall continue to participate in any bonus or
incentive plans of Employer, whether any such plan provides for awards in cash or
securities, made available to other executives of Employer similarly situated to
Executive, as such plan or plans may be modified from time to time, or such other similar
plans for which Executive may become eligible and designated a participant.

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    1.4.3       Employee
Benefits.  Executive shall be eligible to participate in such employee benefits plans and
programs of Employer  (such as retirement, sick leave, vacation, group disability,
health, life, and accident insurance) as may be in effect from time to time (and subject
to the terms thereof) during the Term as are afforded to other similarly situated
executives of BB&T.

   
               
    If,
during the Term, Executive becomes eligible for benefits under the Pension Plan and
retires, Executive shall be eligible to participate in the same retiree health care
program provided to other retiring employees of BB&T who are also retiring at the same
time.  During the Compensation Continuance Period, Executive shall be deemed to be an
“active employee” of Employer for purposes of participating in BB&T’s health
care plan and for purposes of satisfying any age and service requirements under BB&T’s retiree
health care program.  Thus, if Executive has not satisfied either the age or service
requirement (or both) under BB&T’s retiree health care program at the time payment of his
Termination Compensation begins, but satisfies the age or service requirement (or both)
at the time such Termination Compensation payments end, he shall be deemed to have
satisfied the age or service requirement (or both) for purposes of BB&T’s retiree health
care program as of the date his Termination Compensation payments  end.  For purposes of
satisfying any service requirement under BB&T’s retiree health care program, Executive
shall be credited with one year of service for each Computation Period which begins and
ends during the Compensation Continuance Period.

   
       1.5       BUSINESS
EXPENSES.  Employer shall, upon receipt from Executive of supporting receipts to the
extent required by applicable income tax regulations and Employer’s reimbursement
policies, reimburse Executive for all out-of-pocket business expenses reasonably incurred
by Executive in connection with Executive’s employment hereunder.

   
       1.6       TERMINATION.
Executive’s employment and this Agreement (except as otherwise provided hereunder)
shall terminate upon a date (the “Termination Date”) that is the earlier of (i)
the expiration (as provided in Section 1.3) of the Term, or (ii) the occurrence of any of
the following at the time set forth therefor: 

  
              
    1.6.1       Death.
Executive’s employment and this Agreement shall automatically terminate upon
Executive’s death.

  
              
    1.6.2       Retirement.
Executive’s employment shall terminate automatically upon Executive’s
Retirement.

  
              
    1.6.3       Disability.
Immediately upon the reasonable determination by Employer that Executive shall have been
unable to substantially perform the essential functions of his duties by reason of a
physical or mental disability, with or without reasonable accommodation, for a period of
twelve (12) consecutive months (“Disability”); provided that prior to any such
termination for Disability, the Boards of Directors of Employer shall have given
Executive at least thirty (30) days’ advance written notice of Employer’s
intent to terminate Executive due to Disability, and Executive shall not have returned to
full-time employment by the thirtieth (30th) day after such notice (termination pursuant
to this Section 1.6.3 being referred to herein as termination for Disability).

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    1.6.4       Voluntary
Termination.  Immediately upon the date specified in Executive’s written notice to
Employer’s Boards of Directors of Executive’s voluntary termination of
employment; provided, however,  that Employer may accelerate the effective date of such
termination (and the Termination Date) (termination pursuant to this Section 1.6.4 being
referred to herein as “Voluntary Termination”).

  
              
    1.6.5       Termination
for Just Cause.  Immediately following notice of termination for “Just Cause” (as
defined below), specifying such Just Cause, given by Employer’s Boards of Directors
(termination pursuant to this Section 1.6.5 being referred to herein as termination for
“Just Cause”).  “Just Cause” shall mean and be limited to any one or
more of the following:  Executive’s personal dishonesty; gross incompetence; willful
misconduct; breach of a fiduciary duty involving personal profit; intentional failure to
perform stated duties; willful violation of any law, rule or regulation (other than
traffic violations or similar offenses) or final cease-and-desist order; conviction of a
felony or of a misdemeanor involving moral turpitude; unethical business practices in
connection with Employer’s business; misappropriation of Employer’s or their
Affiliates’ assets (determined on a reasonable basis) or material breach of any
other provision of this Agreement; provided, that Executive has received written notice
from Employer of such material breach and such breach remains uncured for a period of
thirty (30) days after the delivery of such notice.  For purposes of this provision, no
act or failure to act, on the part of Executive, shall be considered “willful” unless
it is done, or omitted to be done, by Executive in bad faith or without a reasonable
belief that Executive’s action or omission was in the best interests of Employer.

  
              
    1.6.6       Termination
Without Just Cause.  Immediately upon the date specified in a written notice of
termination without Just Cause from Employer’s Boards of Directors to Executive
(termination pursuant to this Section 1.6.6 being referred to herein as termination “Without
Just Cause”).

  
              
    1.6.7       Good
Reason Termination.  Thirty (30) days following the written notice by Executive to
Employer’s Boards of Directors described in this Section 1.6.7; provided, however,
that during any such thirty (30) day period, Employer may suspend, with no reduction in
pay or benefits, Executive from his duties as set forth herein (including, without
limitation, Executive’s position as a representative and agent of Employer and
Employer’s Affiliates) (termination pursuant to this Section 1.6.7 being referred to
herein as “Good Reason Termination”).  For purposes of this Section 1.6.7, a
Good Reason Termination shall occur when Executive provides written notice to Employer’s
Boards of Directors of termination for “Good Reason” (and such “Good Reason” is
uncured by Employer within the thirty (30) day period following Employer’s receipt
of such notice), which, as used herein, shall mean the occurrence of any of the following
events without Executive’s express written consent:

	(i) 	 	 the
assignment to Executive of duties inconsistent with the position and status of the
offices and positions of Employer held by Executive as of the Effective Date; or 

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	(ii) 	 	 a
reduction by Employer in Executive’s pay grade (if applicable) or annual Base Salary
as then in effect; or 

	(iii) 	 	 the
exclusion of Executive from participation in Employer’s employee benefit plans (in
which Executive meets the participation eligibility requirements) in effect as of, or
adopted or implemented on or after, the Effective Date, as the same may be improved or
enhanced from time to time during the Term; or 

	(iv) 	 	 any
purported termination of the employment of Executive by Employer which is not effected in
accordance with this Agreement; 

		in
each case without Executive’s consent and continuing uncured for more than thirty
(30) days following Employer’s receipt of written notice from Executive identifying
the basis of the alleged termination for Good Reason.

   
               
  1.6.8       No
Other Remedies.  Termination pursuant to this Agreement shall be in limitation of and
with prejudice to any other right or remedy to which Executive may otherwise be entitled
at law or in equity against Employer, its affiliates, and its agents, shareholders,
employees, officers and directors.

   
               
  1.6.9       Notice
of Termination.  A termination of Executive’s employment by Employer or Executive
for any reason other than death shall be communicated by a written notice to the other
parties, which written notice shall specify the effective date of termination.

  
        1.7       TERMINATION
COMPENSATION AND POST-TERMINATION BENEFITS.

   
               
  1.7.1       Expiration
of Term, Retirement, Voluntary Termination, Termination for Just Cause, or Termination
for Death.  In the case of termination of Executive’s employment hereunder due to
the expiration of the Term in accordance with Section 1.6(i) above, or Executive’s
death in accordance with Section 1.6.1 above, or Executive’s Retirement in
accordance with Section 1.6.2 above, or Executive’s Voluntary Termination of
employment hereunder in accordance with Section 1.6.4 above, or a termination of Executive’s
employment hereunder for Just Cause in accordance with Section 1.6.5 above, (i) Executive
shall not be entitled to receive payment of, and Employer shall have no obligation to
pay, any severance or similar compensation attributable to such termination, other than
Base Salary earned but unpaid; any bonuses and incentive compensation for the preceding
year that was previously earned by Executive but unpaid on the Termination Date; accrued
but unused vacation to the extent allowed by BB&T’s vacation  pay policy; vested benefits
under any Employer sponsored employee benefit plan; and any unreimbursed business
expenses pursuant to Section 1.5 hereof incurred by Executive as of the Termination Date;
and (ii) Employer’s other obligations under this Agreement shall immediately cease.

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    1.7.2       Termination
for Disability.  In the case of a termination of Executive’s employment hereunder
for Disability in accordance with Section 1.6.3 above, during the first twelve (12)
consecutive months of the period of Executive’s Disability, Executive shall continue
to earn all compensation (including bonuses and incentive compensation) to which
Executive would have been entitled if he had not been disabled, such compensation to be
paid at the time, in the amount, and in the manner provided in Section 1.4, inclusive of
any compensation received pursuant to any applicable disability insurance plan of
Employer.  Thereafter, Executive shall receive only compensation to which he is entitled
under any applicable disability insurance plan of Employer.  In the event a dispute
arises between Executive and Employer concerning Executive’s Disability or ability
to continue or return to the performance of his duties as aforesaid, Executive shall
submit, at the expense of Employer, to examination of a competent  physician mutually
agreeable to the parties, and such physician’s opinion as to Executive’s
capability to so perform shall be final and binding upon Employer and Executive.

   
              
   1.7.3       Termination
Without Just Cause.  In the case of a termination of Executive’s employment
hereunder Without Just Cause in accordance with Section 1.6.6, Executive shall be
entitled to the following in lieu of any other compensation or benefits (under Section
1.4 of this Agreement or otherwise) from Employer:

	(i) 	 	 Executive
shall receive Termination Compensation each month during the Compensation Continuance
Period described in Section 1.7.3(ii) below, subject, however, to Executive’s
compliance with his Section 2 covenants (including, without limitation, compliance with
the noncompetition and nonsolicitation covenants of Section 2) for a one (1) year period
following Executive’s Termination Date. 

	(ii) 	 	 Termination
Compensation shall be paid to Executive each month during the period (i.e., the
Compensation Continuance Period) commencing with the Commencement Month and ending on the
earlier of (1) or (2), where (1) is the first day of the month next following the month
in which Executive attains age sixty-five (65), and (2) is the date that coincides with
the expiration of the thirty-six (36) month period which began with the Commencement
Month. 

	(iii) 	 	 Employer
shall use their best efforts to accelerate vesting of any unvested benefits of Executive
under any employee stock-based or other benefit plan or arrangement to the extent
permitted by Code Section 409A or other applicable law and the terms of such plan or
arrangement. 

	(iv) 	 	 Employer
shall make available to Executive, at Employer’s cost, outplacement services by such
entity or person as shall be designated by Employer, with the cost to Employer of such
outplacement services not to exceed Twenty Thousand Dollars ($20,000). 

	(v) 	 	 During
the Compensation Continuance Period, Executive shall either continue to participate
(treating Executive as an “active employee” of Employer for this purpose) in
the same group hospitalization plan, health care plan, dental care plan, life or other
insurance or death benefit plan, and any other present or future similar group employee
benefit plan or program for which officers of Employer generally are eligible, on the
same terms as were in effect prior to Executive’s Termination Date, or, to the
extent such participation is not permitted by any group plan insurer, under comparable
individual plans and coverage (to the extent commercially available). 

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    The
Termination Compensation and other benefits provided for in this Section 1.7.3 shall be
paid by Employer in accordance with the standard payroll practices and procedures in
effect prior to Executive’s Termination  Date.  If Executive breaches Executive’s
obligations under Section 1.7.3 or Section 2 of this Agreement, Executive shall not be
entitled to receive any further Termination Compensation or benefits pursuant to this
Section 1.7.3 from and after the date of such breach.

  
              
    1.7.4       Good
Reason Termination.  A Good Reason Termination under Section 1.6.7 shall entitle
Executive to the following in lieu of any other compensation or benefits (under Section
1.4 of this Agreement or otherwise) from Employer:

	(i) 	 	 Executive
shall receive Termination Compensation each month during the Compensation Continuance
Period described in Section 1.7.4(ii) below, subject, however, to Executive’s
compliance with his Section 2 covenants (including, without limitation, compliance with
the noncompetition and nonsolicitation provisions of Section 2) for a one (1) year period
following Executive’s Termination Date. 

	(ii) 	 	 Termination
Compensation shall be paid to Executive each month during the period (i.e., the
Compensation Continuance Period) commencing with the Commencement Month and ending on the
earlier of (1) or (2), where (1) is the first day of the month next following the month
in which Executive attains age sixty-five (65), and (2) is the date that coincides with
the expiration of the thirty-six (36) month period which began with the Commencement
Month. 

	(iii) 	 	 Employer
shall use their best efforts to accelerate vesting of any unvested benefits of Executive
under any employee stock-based or other benefit plan or arrangement to the extent
permitted by Code Section 409A or other applicable law and the terms of such plan or
arrangement. 

	(iv) 	 	 Employer
shall make available to Executive, at Employer’s cost, outplacement services by such
entity or person as shall be designated by Employer, with the cost to Employer of such
outplacement services not to exceed Twenty Thousand Dollars ($20,000). 

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	(v) 	 	 During
the Compensation Continuance Period, Executive shall either continue to participate
(treating Executive as an “active employee” of Employer for this purpose) in
the same group hospitalization plan, health care plan, dental care plan, life or other
insurance or death benefit plan, and any other present or future similar group employee
benefit plan or program for which officers of Employer generally are eligible, on the
same terms as were in effect prior to Executive’s Termination Date, or, to the
extent such participation is not permitted by any group plan insurer, under comparable
individual plans and coverage (to the extent commercially available). 

   
               
    The
Termination Compensation and other benefits provided for in this Section 1.7.4 shall be
paid by Employer in accordance with the standard payroll practices and procedures in
effect prior to Executive’s Termination Date.  If Executive breaches Executive’s
obligations under Section 1.7.4 or Section 2 of this Agreement, Executive shall not be
entitled to receive any further  Termination Compensation or benefits pursuant to this
Section 1.7.4 from and after the date of such breach. 

   
               
  1.7.5       Change
of Control.  If the employment of Executive is terminated for any reason other than Just
Cause or on account of Executive’s death, regardless of whether Employer or
Executive initiates such termination, within twelve (12) months after a Change of Control
(or, if later, within ninety (90) days after a MOE Revocation), Executive shall be
entitled to the following Termination Compensation and benefits in lieu of any other
compensation or benefits (under Section 1.4 of this Agreement or otherwise) from Employer:

	(i) 	 	 Executive
shall receive the lump sum value of his Termination Compensation.  The lump sum value of
his Termination Compensation shall be equal to the amount determined by multiplying the
number of months in the Compensation Continuance Period by his Termination Compensation
and shall be paid to him in a single lump sum payment within thirty (30) days of his
Termination Date. 

	(ii) 	 	 Employer
shall use their best efforts to accelerate vesting of any unvested benefits of Executive
under any employee stock-based or other benefit plan or arrangement to the extent
permitted by Code Section 409A or other applicable law and the term of such plan or
arrangement. 

	(iii) 	 	 Employer
shall make available to Executive, at Employer’s cost, outplacement services by such
entity or person as shall be designated by Employer, with the cost to Employer of such
outplacement services not to exceed Twenty Thousand Dollars ($20,000). 

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	(iv) 	 	 During
the Compensation Continuance Period, Executive shall either continue to participate
(treating Executive as an “active employee” of Employer for this purpose) in
the same group hospitalization plan, health care plan, dental care plan, life or other
insurance or death benefit plan, and any other present or future similar group employee
benefit plan or program for which officers of Employer generally are eligible on the same
terms as were in effect either (A) at his Termination Date, or (B) if such plans and
programs in effect prior to the Change of Control or prior to the MOE Revocation were,
considered together as a whole, materially more generous to the officers of Employer,
than at the date of the Change of Control or at the date of the MOE Revocation, as the
case may be; or, to the extent such participation is not permitted by any group plan
insurer, under comparable individual plans and coverage (to the extent commercially
available). 

   
               
    The
Termination Compensation and other benefits provided for in this Section 1.7.5 shall be
paid by Employer in accordance with the standard payroll practices and procedures in
effect prior to Executive’s Termination Date, a Change of Control or MOE Revocation,
as appropriate.  If Executive incurs a termination of employment pursuant to this Section
1.7.5, Executive shall be subject to all of the provisions of Section 2 other than the
noncompetition and nonsolicitation provisions thereof.  If Executive breaches Executive’s
obligations under Section 2 of this Agreement, exclusive of the noncompetition and
nonsolicitation provisions thereof, Executive shall not be entitled to receive any
further Termination Compensation or benefits pursuant to this Section 1.7.5 from and
after the date of such breach. 

        
    Should
the circumstances of the termination of the employment of Executive result in application
of both Section 1.7.3 or Section 1.7.4 and this Section 1.7.5, this Section 1.7.5 shall
be deemed to apply and control.

   
               
  1.7.6       No
Termination of Continuing Obligations.  Termination of Executive’s employment
relationship with Employer in accordance with the applicable provisions of this Agreement
does not terminate those obligations imposed by this Agreement which are continuing
obligations, including, without limitation, Executive’s obligations under Section 2.
Any provision of this Agreement which by its terms obligates Employer to make payments
subsequent to termination of Executive’s Employment Term shall survive any such
termination.

   
          
       1.7.7       SERP.
Executive is a participant in the BB&T Corporation Non-Qualified Defined Benefit Plan
(the “SERP”).  The SERP was formerly known as the Branch Banking and Trust
Company Supplemental Executive Retirement Plan.  The SERP is a non-qualified, unfunded
supplemental retirement plan which provides benefits to or on behalf of selected key
management employees.  The benefits provided under the SERP supplement the retirement and
survivor benefits payable from the Pension Plan.  Except in the event the employment of
Executive is terminated by the Employer or BB&T for Just Cause and except in the event
Executive terminates his employment for any reason other than Good Reason and such
termination does not occur within twelve (12) months after a Change of Control (or, if
later, within ninety (90) days after a MOE Revocation), the following special provisions
shall apply for purposes of this Agreement:

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	(i) 	 	 The
provisions of the SERP shall be and hereby are incorporated in this Agreement.  The SERP,
as applied to Executive, may not be terminated, modified or amended without the express
written consent of Executive.  Thus, any amendment or modification to the SERP or the
termination of the SERP shall be ineffective as to Executive unless Executive consents in
writing to such termination, modification or amendment.  The Supplemental Pension Benefit
(as defined in the SERP) of Executive shall not be adversely affected because of any
modification, amendment or termination of the SERP.  In the event of any conflict between
the terms of this Section 1.7.7(i) and the SERP, the provisions of this Section 1.7.7(i)
shall prevail. 

2.       ADDITIONAL
COVENANTS OF EXECUTIVE. 

   
       2.1       NONCOMPETITION.
Executive acknowledges and agrees that the duties and responsibilities to be performed by
him under this Agreement are of a special and unusual character which have a unique value
to Employer and their Affiliates, the loss of which cannot be adequately compensated by
damages in any action in law.  As a consequence of his unique position as Chief Operating
Officer of Employer, Executive also acknowledges and agrees that he will have broad
access to Confidential Information, that Confidential Information will in fact be
developed by him in the course of performing his duties and responsibilities under this
Agreement, and that the Confidential Information furnishes a competitive advantage in
many situations and constitutes, separately and in the aggregate, valuable, special and
unique assets of Employer and their Affiliates.  Executive further acknowledges and
agrees that the unique and proprietary knowledge and information possessed by, or which
will be disclosed to, or developed by,  Executive in the course of his employment will be
such that his breach of the covenants contained in this Section 2.1 would immeasurably
and irreparably damage Employer and their Affiliates regardless of where in the
Restricted Area the activities constituting such breach were to occur.  Thus, Executive
acknowledges and agrees that it is both reasonable and necessary for the covenants in
this Section 2.1 to apply to Executive’s activities throughout the Restricted Area.
In recognition of the special and unusual character of the duties and responsibilities of
Executive under this Agreement and as a material inducement to Employer to continue to
employ Executive in this special and unique capacity, Executive covenants and agrees
that, to the extent and subject to the limitations provided in this Section 2 (whichever
portion may be applicable), including the limitation on the duration of the covenants
therein contained, during the Term and upon termination of Executive’s employment
for any reason, or  upon the expiration of the Term, Executive shall not, on his own
account or as an employee, associate, consultant, partner, agent, principal, contractor,
owner, officer, director, member, manager or stockholder of any other Person who is
engaged in the Business (collectively, the “Restricted Persons”), directly or
indirectly, alone, for, or in combination with any one or more Restricted Persons, in one
or a series of transactions:

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        (i)  
     serve
in any capacity of any Person who is engaged in the Business in any state in the
Restricted Area and who is a direct competitor of Employer or of any Affiliate of
Employer who is also engaged in the Business;

		  
        (ii)  
     provide
consultative services to any Person who is engaged in the Business in any state in the
Restricted Area and who is a direct competitor of Employer or of any Affiliate of
Employer who is also engaged in the Business;

		  
        (iii)  
     call
upon any of the depositors, customers or clients of Employer (or of any Affiliate who is
also engaged in the Business) who were such at any time during the twelve-month period
ending on the Termination Date whose needs Executive gained information about during his
employment with Employer for the purpose of soliciting or providing any product or
service similar to that provided by Employer or their Affiliates;

		  
        (iv)  
     solicit,
divert, or take away, or attempt to solicit, divert or take away any of the depositors,
customers or clients of Employer (or of any  Affiliate who is also engaged in the
Business) who were such at any time during the twelve-month period ending on the
Termination Date whose needs Executive  gained information about during his employment
with Employer; or

		  
        (v)  
     induce
or attempt to induce any employee of Employer or their Affiliates to terminate employment
with Employer or their Affiliates.

Nothing in this
Section 2.1 shall be read to prohibit an investment described in the last sentence of
Section 1.2.

  
        2.2       NON-DISCLOSURE
OF CONFIDENTIAL INFORMATION; NON-DISPARAGEMENT.  During the Term and at any time
thereafter, and except as required by any court, supervisory authority or administrative
agency or as may be otherwise required by applicable law, Executive shall not, without
the written consent of the Boards of Directors of Employer, or a person authorized
thereby, communicate, furnish, divulge or disclose to any Person, other than an employee
of Employer or an Affiliate thereof, or a Person to whom communication or disclosure is
reasonably necessary or appropriate in connection with the performance by Executive of
his duties as an employee of Employer, any Confidential Information obtained by him while
in the employ of Employer or any Affiliate, unless and until such information has become
a matter of public knowledge at the time of such disclosure.  Executive shall use his
best efforts to prevent the removal of any Confidential Information from the premises of
Employer or any of their Affiliates,  except as required in connection with the
performance of his duties as an employee of Employer.  Executive acknowledges and agrees
that (i) all Confidential Information (whether now or hereafter existing) conceived,
discovered or developed by him during the Term belongs exclusively to Employer and not to
him; (ii) that Confidential Information is intended to provide rights to Employer in
addition to, not in lieu of, those rights Employer and their Affiliates have under the
common law and applicable statutes for the protection of trade secrets and confidential
information; and (iii) that Confidential Information includes information and materials
that may not be explicitly identified or marked as confidential or proprietary.  In
addition, during the Term and at any time thereafter, Executive shall not make any
disparaging remarks, or any remarks that could reasonably be construed as disparaging,
regarding Employer or any of their Affiliates, or their officers, directors, employees,
partners, or agents.  Executive shall not take any action or provide information or issue
statements, to the media or otherwise, or cause anyone else to take any action or provide
information or issue statements, to the media or otherwise, regarding Employer or any of
their Affiliates or their officers, directors, employees, partners, or agents.

- 11 -

   
       2.3       USE
OF UNAUTHORIZED SOFTWARE.  During the Term, Executive shall not knowingly load any
unauthorized software into Executive’s computer (whether personal or owned by
Employer).  Executive may request that Employer purchase, register and install certain
software or other digital intellectual property, but Executive may not copy or install
such software or intellectual property himself.  Executive acknowledges that certain
software and digital intellectual property is Confidential Information of Employer and
Executive agrees, in accordance with Section 2.2, to keep such software and intellectual
property confidential and not to use it except in furtherance of Employer’s Business
or the operations of Employer or its Affiliates.

   
       2.4       REMOVAL
OF MATERIALS.  During the Term and at any time thereafter, and except as may be required
or deemed necessary or appropriate in connection with the performance by Executive of his
duties as an employee of Employer, Executive shall not copy, dispose of or remove from
Employer or their Affiliates any depositor, customer or client lists, software, computer
programs or other digital intellectual property, books, records, forms, data, manuals,
handbooks or any other papers or writings relating to the Business or the operations of
Employer or their Affiliates.

   
       2.5       WORK
PRODUCT.  Employer alone shall be entitled to all benefits, profits and results arising
from or incidental to Executive’s Work Product (as defined in this section 2.5).  To
the greatest extent possible, any work product, property, data, documentation, inventions
or information or materials prepared, conceived, discovered, developed or created by
Executive in connection with performing his responsibilities during the Term (“Work
Product”) shall be deemed to be “work made for hire” as defined in the
Copyright Act, 17 U.S.C.A.§ 101 et seq., as amended, and owned exclusively by
Employer.  Executive hereby unconditionally and irrevocably transfers and assigns to
Employer all intellectual property or other rights, title and interest Executive may
currently have (or in the future may have) by operation of law or otherwise in or to any
Work Product.  Executive agrees to execute and deliver to Employer any transfers,
assignments, documents or other instruments which may reasonably be necessary or
appropriate to vest complete title and ownership of any Work Product and all associated
rights exclusively in Employer.  Employer shall have the right to adapt, change, revise,
delete from, add to and/or rearrange the Work Product or any part thereof written or
created by Executive, and to combine the same with other works to any extent, and to
change or substitute the title thereof, and in this connection Executive hereby waives
the “moral rights” of authors as that term is commonly understood throughout
the world including, without limitation, any similar rights or principles of law which
Executive may now or later have by virtue of the law of any locality, state, nation,
treaty, convention or other source.  Unless otherwise specifically agreed, Executive
shall not be entitled to any compensation in addition to that provided for in this
Agreement for any exercise by Employer of its rights set forth in this Section 2.5.  In
the event any Work Product qualifies for protection under the United States Patent  Act,
35 U.S.C. § 1 et. seq., as amended, and Executive agrees to bear the cost of seeking
a patent from the U.S. Patent Office, Employer agrees, upon the issuance of such patent
and upon receipt from Executive of reimbursement of all costs and expenses related to
obtaining such patent, to assign the patent to Executive.  Executive hereby grants to
Employer a royalty-free, perpetual, irrevocable license to any such patent obtained by
Executive in accordance with the preceding sentence.

- 12 -

   
       2.6       INTERPRETATION;
REMEDIES.  Consistent with Section 3.8 of this Agreement, the covenants contained in this
Section 2 (the “Covenants”) shall be construed and interpreted in any judicial
proceeding to permit their enforcement to the maximum extent permitted by law and each of
the Covenants is severable and independently enforceable without reference to the
enforceability of any other Covenants.  Further, if any provision of the Covenants or of
this Section 2 is held by a court of competent jurisdiction to be overbroad as written,
Executive specifically agrees that the court should modify such provision in order to
make it enforceable, and that a court should view each such provision as severable and
enforce those severable provisions deemed reasonable by such court.  Executive agrees
that the restraints imposed by this Section 2 are fair and necessary to prevent Executive
from unfairly taking advantage of contacts established, nurtured, serviced, enhanced or
promoted and knowledge gained during  Executive’s employment with Employer and their
Affiliates, and are necessary for the reasonable and proper protection of Employer and
their Affiliates and that each and every one of the restraints is reasonable with respect
to the activities prohibited, the duration thereof, the Restricted Area, the scope
thereof, and the effect thereof on Executive and the general public.  Executive
acknowledges that the Covenants will not cause an undue burden on Executive.  Executive
further acknowledges that violation of any one or more of the Covenants would
immeasurably and irreparably damage Employer and their Affiliates, and, accordingly,
Executive agrees that for any violation or threatened violation of any of such Covenants,
Employer shall, in addition to any other rights and remedies available to it, at law or
otherwise (including, without limitation, the recovery of damages from Executive), be
entitled to specific performance and an injunction  to be issued by any court of
competent jurisdiction enjoining and  restraining Executive from committing any violation
or threatened violation of the Covenants.  Executive hereby consents to the issuance of
such injunction and agrees to submit to the equitable jurisdiction of any court of
competent jurisdiction, without reference to whether Executive resides or does business
in that jurisdiction at the time such injunction is sought or entered.

   
       2.7       NOTICE
OF COVENANTS.  Executive agrees that prior to accepting employment with any other Person
during the Term or during the two-year period following the termination of his employment
with Employer, Executive shall provide Employer with written notice of his intent to
accept such employment, which notice shall include the name of the prospective employer,
the business engaged in or to be engaged in by the prospective employer, and the position
Executive intends to accept with the prospective employer.  In addition,  Executive shall
provide such prospective employer with written notice of the existence of this Agreement
and the Covenants.

3.
     MISCELLANEOUS.

  
        3.1       NOTICES.
All notices, requests, and other communications to any party under this Agreement must be
in writing (including telefacsimile transmission or similar writing) and shall be given
to such party at his or its address or telefacsimile number set forth below or at such
other address or telefacsimile number as such party may hereafter specify for the purpose
of giving notice to the other party:

- 13 -

          If
to the Executive, to:

		Kelly
S. King
   Facsimile:  (336) 733-2279

          If
to the Employer, to:

		BB&T
Corporation
  Branch Banking and Trust Company
  200 West Second Street
  Winston-Salem, NC
27101
  Facsimile:  (336) 733-2189
  Attention:  General Counsel

Each such notice,
request, demand or other communication shall be effective (i) if given by mail, 72 hours
after such communication is deposited in the mails with first class postage prepaid,
addressed as aforesaid or (ii) if given by any other means, when delivered at the address
specified in this Section 3.1.  Delivery of any notice, request, demand or other
communication by telefacsimile shall be effective when received if received during normal
business hours on a business day.  If received after normal business hours, the notice,
request, demand or other communication will be effective at 10:00 a.m. on the next
business day.

   
       3.2       ENTIRE
AGREEMENT.  This Agreement expresses the whole and entire agreement between the parties
with reference to the employment and service of Executive and supersedes and replaces any
prior employment agreements (including, without limitation, the Predecessor Agreement),
understandings or arrangements (whether written or oral) among Employer and Executive.
Without limiting the foregoing, Executive agrees that this Agreement satisfies any rights
he may have had under any prior agreement or understanding (including, without
limitation, the Predecessor Agreement) with Employer with respect to his employment by
Employer.

   
       3.3       WAIVER;
MODIFICATION.  No waiver or modification of this Agreement or of any covenant, condition,
or limitation herein contained shall be valid unless in writing and duly executed by the
party to be charged therewith.  No evidence of any waiver or modification shall be
offered or received in evidence at any proceeding, arbitration, or litigation between the
parties hereto arising out of or affecting this Agreement, or the rights or obligations
of the parties hereunder, unless such waiver or modification is in writing, duly executed
as aforesaid.  The parties further agree that the provisions of this Section 3.3 may not
be waived except as herein set forth.

- 14 -

  
        3.4
     AMENDMENT. This
Agreement may be amended, supplemented, or modified only by a written instrument  duly
executed by or on behalf of each party hereto.

  
        3.5
     NO
THIRD PARTY BENEFICIARY. The terms and provisions of this Agreement are intended solely
for the benefit of each party hereto and Employer’s successors or assigns, and it is
not the intention of the parties to confer third-party beneficiary rights upon any other
Person.

  
        3.6
     NO
ASSIGNMENT; BINDING EFFECT; NO ATTACHMENT. This Agreement and the obligations undertaken
herein shall be binding upon and shall inure to the benefit of any successors or assigns
of Employer, and shall be binding upon and inure to the benefit of Executive’s
heirs, executors, administrators, and legal representatives.  Executive shall not be
entitled to assign or delegate any of Executive’s obligations or rights under this
Agreement; provided, however, that nothing in this Section 3.6 shall preclude Executive
from designating a beneficiary to receive any benefit payable under this Agreement upon
his death.  Except as otherwise provided in this Agreement or required by applicable law,
no right to receive payments under this Agreement shall be subject to anticipation,
commutation, alienation, sale, assignment, encumbrance, charge, pledge or hypothecation
or to execution, attachment, levy, or similar process or assignment by operation of law,
and any attempt, voluntary or involuntary, to effect any  such action shall be null, void
and of no effect.

  
        3.7
     HEADINGS. The
headings of paragraphs and sections herein are included solely for convenience of
reference and shall not control the meaning or interpretation of any of the provisions of
this Agreement.

  
        3.8
     SEVERABILITY. Employer
and Executive intend all provisions of this Agreement to be enforced to the  fullest
extent permitted by law.  Accordingly, if a court of competent jurisdiction  determines
that the scope and/or operation of any provision of this Agreement is too  broad to be
enforced as written, Employer and Executive intend that the court should  reform such
provision to such narrower scope and/or operation as it determines to be  enforceable.
If, however, any provision of this Agreement is held to be illegal,  invalid, or
unenforceable under present or future law, and not subject to reformation,  then (i) such
provision shall be fully severable, (ii) this Agreement shall be construed  and enforced
as if such provision was never a part of this Agreement, and (iii) the  remaining
provisions of this Agreement shall remain in full force and effect and shall  not be
affected by illegal, invalid, or unenforceable provisions or by their severance.

  
        3.9
     GOVERNING
LAW. The parties intend that this Agreement and the performance hereunder and all suits
and special proceedings hereunder shall be governed by and construed in accordance with
and under and pursuant to the laws of the State of North Carolina without regard to
conflicts of law principles thereof and that in any action, special proceeding or other
proceeding that may be brought arising out of, in connection with, or by reason of this
Agreement, the laws of the State of North Carolina shall be applicable and shall govern
to the exclusion of the law of any other forum.  Any action, special proceeding or other
proceeding with respect to this Agreement shall be brought exclusively in the federal or
state courts of the State of North Carolina, and by execution and delivery of this
Agreement, Executive and Employer irrevocably consent to the exclusive jurisdiction of
those courts and Executive hereby submits to personal jurisdiction in the State of North
Carolina.  Executive and Employer  irrevocably waive any objection, including any
objection based on lack of jurisdiction, improper venue or forum non conveniens, which
either may now or hereafter have to the bringing of any action or proceeding in such
jurisdiction in respect to this Agreement or any transaction related hereto.  Executive
and Employer acknowledge and agree that any service of legal process by mail in the
manner provided for notices under this Agreement constitutes proper legal service of
process under applicable law in any action or proceeding under or in respect to this
Agreement.

- 15 -

  
        3.10
      COUNTERPARTS.
This Agreement may be executed in one or more counterparts, each of which will be deemed
an original, but all of which together will constitute one and the same instrument.

  
        3.11
      WITHHOLDING.
Employer shall deduct and withhold all federal, state, local and employment taxes and any
other similar sums required by applicable law, or in accordance with the applicable
provisions of Employer’s employee benefit plans, to be withheld from any payments
made pursuant to the terms of this Agreement.

  
        3.12
      DEFINITIONS.
Wherever used in this Agreement, including, but not limited to, the Recitals, the
following terms shall have the meanings set forth below (unless otherwise indicated by
the context) and such meanings shall be applicable to both the singular and plural form
(except where otherwise expressly indicated):

  
              
    a.       “Affiliate” means
a Person or person that directly or indirectly through one or more intermediaries,
controls, or is controlled by, or is under common control with, another Person or person.

  
              
    b.       “Business” means
the banking business, which business includes, but is not limited to, the consumer,
savings, and commercial banking business; the trust business; the savings and loan
business; and the mortgage banking business.

  
              
    c.       “Change
of Control” the earliest of the following dates:

	(i) 	 	 the
date any person or group of persons (as defined in Section 13(d) and 14(d) of the
Securities Exchange Act of 1934) together with its Affiliates, excluding employee benefit
plans of Employer, 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 BB&T representing twenty percent (20%) or more of the combined voting power
of BB&T’s then outstanding voting securities (excluding the acquisition of securities of
BB&T by an entity at least eighty percent (80%) of the outstanding voting securities of
which are, directly or indirectly, beneficially owned by BB&T); or 

	(ii) 	 	 the
date when, as a result of a tender offer or exchange offer for the purchase of securities
of BB&T (other than such an offer by BB&T for its own securities), or as a result of a
proxy contest, merger, share exchange, consolidation or sale of assets, or as a result of
any combination of the foregoing, individuals who at the beginning of any two-year period
during the Term constitute BB&T’s Board of Directors, plus new directors whose election
or nomination for election by BB&T’s shareholders is approved by a vote of at least
two-thirds of the directors still in office who were directors at the beginning of such
two-year period (“Continuing Directors”), cease for any reason during such
two-year period to constitute at least two-thirds (2/3) of the members of such Board of
Directors; or 

- 16 -

	(iii) 	 	 the
date the shareholders of BB&T approve a merger, share exchange or consolidation of BB&T with
any other corporation or entity regardless of which entity is the survivor, other than a
merger, share exchange or consolidation which would result in the voting securities of BB&T outstanding
immediately prior thereto continuing to represent (either by remaining outstanding or
being converted into voting securities of the surviving or acquiring entity) at least
sixty percent (60%) of the combined voting power of the voting securities of BB&T or such
surviving or acquiring entity outstanding immediately after such merger or consolidation;
or 

	(iv) 	 	 the
date the shareholders of BB&T approve a plan of complete liquidation or winding-up of BB&T or
an agreement for the sale or disposition by BB&T of all or substantially all of BB&T’s assets;
or 

	(v) 	 	 the
date of any event (other than a “merger of equals” as hereinafter described in
this Section 3.12.b) which BB&T’s Board of Directors determines should constitute a
Change of Control. 

   
               
    Notwithstanding
the foregoing, the term “Change of Control” shall not include any event which
the Board of Directors of BB&T (or, if the event described in clause (ii) above has
occurred, a majority of the Continuing Directors), prior to the occurrence of such event,
specifically determines, for the purpose of this Agreement or employment agreements with
other executives that contain substantially similar provisions, is a “merger of
equals” (regardless of the form of the transaction), unless a majority of the
Continuing Directors revokes such specific determination within one year after occurrence
of the event that otherwise would constitute a Change in Control (a “MOE Revocation”).
The parties to this Agreement agree that any determination concerning whether a
transaction is a “merger of equals” shall be solely within the discretion of
the Board of Directors of BB&T or a majority of the Continuing Directors, as the case may
be.

- 17 -

  
              
    d.       “Code” means
the Internal Revenue Code of 1986, as amended, and rules and regulations issued
thereunder.

  
              
    e.       “Commencement
Month” means the first day of the calendar month next following the month in which
Executive’s Termination Date occurs.

  
              
    f.       “Compensation
Continuance Period” means the period of time over which Executive is receiving
Termination Compensation.

  
              
    g.       “Computation
Period” means the twelve (12) consecutive month period beginning with the
Commencement Month and, thereafter, beginning with each annual anniversary of the
Commencement Month.

  
              
    h.       “Confidential
Information” means all non-public information that has been created, discovered,
obtained, developed or otherwise become known to Employer or their Affiliates other than
through public sources, including, but not limited to, all competitively-sensitive
information, all inventions, processes, data, computer programs, software, databases,
know-how, digital intellectual property, marketing plans, business and sales plans and
strategies, training programs and procedures, acquisition prospects, customer lists,
diagrams and charts and similar items, depositor lists, clients lists, credit
information, budgets, projections, new products, information covered by the Trade Secrets
Protection Act, N.C. Gen. Stat., Chapter 66, §§152 to 162, and other
information owned by the Employer or their Affiliates which is not public information.

  
              
    i.       “Excise
Tax” means the excise tax on excess parachute payments under Section 4999 of the
Code (or any successor or similar provision thereof), including any interest or penalties
with respect to such excise tax.

  
              
    j.       “Pension
Plan” means the BB&T Corporation Pension Plan, a tax qualified defined benefit
pension plan, as the same may either be amended from time to time or terminated

  
              
    k.       “Person” means
any individual, person, partnership, limited liability company, joint venture,
corporation, company, firm, group or other entity.

  
              
    l.       “Restricted
Area” means the continental United States.

  
              
    m.       “Retirement” and
“retires” means voluntary termination by Executive of Executive’s
employment with Employer upon satisfaction of the requirements for early retirement or
normal retirement under the Pension Plan.

  
              
    n.       “Termination
Compensation” means a monthly amount equal to one-twelfth (1/12th) of the highest
amount of the annual cash compensation (including cash bonuses and other cash-based
compensation, including for these purposes amounts earned or payable whether or not
deferred) received by Executive during any one of the three (3) calendar years
immediately preceding the calendar year in which Executive’s Termination Date
occurs; provided, that if the cash compensation received by Executive during the
Termination Year exceeds the highest amount of the annual cash compensation received by
Executive during any one of the immediately preceding three (3) consecutive calendar
years, the cash compensation received by Executive during the Termination Year shall be
deemed to be Executive’s highest amount of annual cash compensation.  In no event
shall Executive’s Termination Compensation include equity-based compensation (e.g.,
income realized as a result of Executive’s exercise of non-qualified stock options
or  other stock based benefits).

- 18 -

  
              
    o.       “Termination
Date” means the date Executive’s employment with Employer is terminated.

  
              
    p.       “Termination
Year” means the calendar year in which falls Executive’s Termination Date

  
        3.13       CODE
SECTION 409A.  To the extent applicable, the parties hereto intend that this Agreement
comply with Section 409A of the Code and all regulations, guidance, or other
interpretative authority thereunder (“Section 409A”).  The parties hereby agree
that this Agreement shall be construed in a manner to comply with Section 409A and that
should any provision be found not in compliance with Section 409A, the parties are hereby
contractually obligated to execute any and all amendments to this Agreement deemed
necessary and required by legal counsel for Employer to achieve compliance with Section
409A.  By execution and delivery of this Agreement, Executive irrevocably waives any
objections he may have to the amendments required by Section 409A.  The parties also
agree that in no event shall any payment required to be made pursuant to this Agreement
that is considered deferred compensation within the meaning of Section 409A be made to
Executive unless he has incurred a separation from service (as defined  in Section 409A).
In the event Executive is a key employee (as defined in Section 416(i) of the Code
without regard to paragraph (5) thereof) so that payments cannot commence under Section
409A until the lapse of six (6) months after a separation from service, then any such
payments of deferred compensation that are required to be paid in a single lump sum may
not be made until the date which is six (6) months after Executive’s separation from
service.  Furthermore, the first six (6) months of any such payments of deferred
compensation that are required to be paid in installments shall be paid at the beginning
of the seventh month following Executive’s separation from service.  All remaining
installment payments shall be made as would ordinarily have been made under the
provisions of this Agreement.

  
        3.14       ATTORNEYS’ FEES.
In the event any dispute shall arise between Executive and Employer as to the terms or
interpretations of this Agreement, whether instituted by formal legal proceedings or
otherwise, including any action taken by Executive to enforce the terms of this Agreement
or in defending against any action taken by Employer, Employer shall reimburse Executive
for all reasonable costs and expenses, including reasonable attorneys’ fees, arising
from such dispute, proceeding or action, if Executive shall prevail in any action
initiated by Executive or shall have acted reasonably and in good faith in defending
against any action initiated by Employer.  Such reimbursement shall be paid within ten
(10) days of Executive’s furnishing to Employer written evidence, which may be in
the form, among other things, of a cancelled check or receipt, of any costs or expenses
incurred by Executive.  Any such request for reimbursement by Executive shall be made no
more frequently than at sixty (60) day  intervals.

- 19 -

  
        3.15       JOINT
AND SEVERAL OBLIGATIONS.  To the extent permitted by applicable law, all obligations of
the Employer under this Agreement shall be joint and several.

  
        3.16       EXCISE
TAX.  Anything in this Agreement to the contrary notwithstanding, if it shall be
determined that any payment, distribution or benefit provided (including, without
limitation, the acceleration of exercisability of any stock option) to Executive or for
his benefit (whether paid or payable or distributed or distributable) pursuant to the
terms of this Agreement or otherwise would be subject, in whole or in part, to the Excise
Tax, then the amounts payable to Executive shall be either (A) the full payment subject
to the Excise Tax or (B) such lesser amount subject to the Excise Tax, or (C) such lesser
amount that would result in no portion of the payment being subject to the Excise Tax,
whichever of the foregoing amounts (taking into account the applicable Federal, state and
local employment taxes, income taxes, and the Excise Tax) results in the receipt by
Executive, on an after-tax basis, of the greatest amount of the payment notwithstanding
that all or some portion of the payment may be  taxable under Section 4999 of the Code.
All determinations required to be made under this Section 3.16 shall be made by any
nationally recognized accounting firm which is BB&T’s outside auditor immediately prior
to the event triggering the payment(s) that is (are) subject to the Excise Tax (the “Accounting
Firm”).  BB&T shall cause the Accounting Firm to provide detailed supporting
calculations of its determinations to BB&T and Executive.  All fees and expenses of the
Accounting Firm shall be borne solely by BB&T. All Excise Tax liability shall be borne
solely by Executive without reimbursement from Employer.

  
        3.17       RECITALS.
The Recitals to this Agreement are a part of this Agreement.

[The balance of this page is intentionally left blank.]

- 20 -

  
        IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the
first date first written above, but on the actual dates indicated below.

		
	BB&T CORPORATION	 	BRANCH BANKING AND TRUST COMPANY	 
	 	 	 	 
	 	 	 	 
	By: __________________________	 	By: __________________________	 
	 	 	 	 
	Name: _______________________	 	Name: _______________________	 
	 	 	 	 
	Title: _________________________	 	Title: ________________________	 
	 	 	 	 
	Date: ________________________	 	Date: ________________________	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	KELLY S. KING	 
	 	 	 	 
	 	 	 	 
	 	 	______________________________	 
	 	 	                     Signature	 
	 	 	 	 
	 	 	Date: _________________________	 

- 21 -Exhibit 10.3

Exhibit 10.3

2006 AMENDED AND RESTATED

EMPLOYMENT AGREEMENT

  
        This
2006 AMENDED AND RESTATED EMPLOYMENT AGREEMENT (“Agreement”) is made and
entered into as of December 12, 2006, to be effective as of the 31st day of December,
2006 (the “Effective Date”), by and among BB&T CORPORATION, a North Carolina
corporation (“BB&T”), BRANCH BANKING AND TRUST COMPANY, a North Carolina chartered
commercial bank (“BBTC”), and W. KENDALL CHALK, an individual (“Executive”).
BB&T and BBTC are collectively referred to as the “Employer”.

RECITALS

  
        WHEREAS,
Employer and their Affiliates are engaged in the banking and financial services business;
and 

  
        WHEREAS,
Executive is experienced in, and knowledgeable concerning, the material aspects of such
business; and

  
        WHEREAS,
Executive is presently employed as the Senior Executive Vice President and Chief Credit
Officer of BB&T and BBTC pursuant to the terms of an employment agreement dated as of
April 25, 2002, effective as of January 1, 2002 (the “Predecessor Agreement”);
and 

  
        WHEREAS,
BB&T, BBTC and Executive have determined that it is in their respective best interest to
enter into this Agreement on the terms and conditions as set forth herein.

  
        NOW,
THEREFORE, in consideration of the premises and the mutual covenants and promises
contained herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

AGREEMENT

1.       EMPLOYMENT
TERMS AND DUTIES.

  
        1.1       EMPLOYMENT.
Employer hereby employs Executive, and Executive hereby accepts employment by Employer
commencing on the Effective Date, upon the terms and conditions set forth in this
Agreement.  Executive agrees to serve as (i) an employee of Employer and as an employee
of one or more of Employer’s Affiliates; (ii) on such committees and task forces of
the Employer (including, without limitation, BB&T’s Executive Management Committee), as
Executive may be appointed from time to time; and (iii) as a member of the Board of
Directors of BB&T and/or BBTC as Executive may be appointed from time to time.
Notwithstanding the foregoing, in no event shall the failure to appoint or reappoint
Executive to any committee or task force or Board of Directors be considered or treated
either as a breach of this Agreement by the Employer or as a termination of Executive’s
employment.

  
        1.2       DUTIES.
Executive shall serve as Senior Executive Vice President and Chief Credit Officer of BB&T and
BBTC, and shall report to the Chief Executive Officer of Employer.  Executive shall have
the authority, and perform the duties customarily associated with Executive’s title
together with such additional duties of an executive nature as may from time to time be
reasonably assigned by the Chief Executive Officer of Employer or Employer’s Boards
of Directors.  Executive shall devote all of Executive’s business time, attention,
knowledge and skills solely to the business and interests of Employer and their
Affiliates and shall not be otherwise employed.  Executive shall at all times comply with
and be subject to such policies and procedures as Employer may establish from time to
time including, without limitation, conflict of interest policies.  Employer and their
Affiliates shall be entitled to all of the benefits, profits and other emoluments arising
from or incident to all work, services and advice  of Executive, and Executive shall not,
during the Term, become interested, directly or indirectly, in any manner, as a partner,
officer, director, stockholder, advisor, employee or in any other capacity in any other
business similar to the business of Employer and their Affiliates.  Nothing contained
herein shall be deemed, however, to prevent or limit the right of Executive to invest in
a business similar to the business of Employer and their Affiliates if such investment is
limited to less than one (1) percent of the capital stock or other securities of any
corporation or similar organization whose stock or securities are publicly owned or are
regularly traded on any public exchange. 

  
        1.3       TERM.
Subject to the provisions of Section 1.6 below, unless extended or shortened as provided
in this Agreement, the term of employment of Executive under this Agreement shall
commence on the Effective Date, and shall continue until the expiration of a period of
thirty-six (36) consecutive months immediately following the Effective Date (the “Term”).
As of the first day of each calendar month commencing February 1, 2007, this Agreement
and Executive’s employment hereunder, shall be automatically extended (without any
further action of or by Employer or Executive) for an additional successive calendar
month; provided, however, that on any one month anniversary date, either Employer or
Executive may serve notice to the other parties to fix the Term to a definite thirty-six
(36) month period from the date of such notice and no further automatic extensions shall
occur.  Notwithstanding the foregoing, the Term shall not be extended beyond the first
day of the calendar month next following the date on  which Executive attains age
sixty-five (65).  The Term as it may be extended pursuant to this Section 1.3, or, as it
may be shortened in accordance with Section 1.6, is hereinafter referred to as the “Term”.

  
        1.4.       COMPENSATION
AND BENEFITS.

  
              
    1.4.1       Base
Salary.  In consideration of all of (i) the services rendered to Employer and Employer’s
Affiliates hereunder by Executive, and (ii) Executive’s covenants hereunder,
Employer shall, during the Term, pay Executive a salary at the annual rate of Four
Hundred Forty-Two Thousand Dollars ($442,000) (the “Base Salary”), payable in
equal installments in accordance with Employer’s regular payroll practices, but no
less frequently than monthly.  The $442,000 annual Base Salary may be increased, but not
decreased without the written consent of Executive, from time to time in the sole
discretion of Employer and any such increased “Base Salary” shall thereafter
constitute “Base Salary” for purposes of this Agreement, and may not thereafter
be reduced without the written consent of Executive. 

- 2 -

  
              
    1.4.2       Incentive
Compensation.  During the Term, Executive shall continue to participate in any bonus or
incentive plans of Employer, whether any such plan provides for awards in cash or
securities, made available to other executives of Employer similarly situated to
Executive, as such plan or plans may be modified from time to time, or such other similar
plans for which Executive may become eligible and designated a participant.

  
              
    1.4.3       Employee
Benefits.  Executive shall be eligible to participate in such employee benefits plans and
programs of Employer  (such as retirement, sick leave, vacation, group disability,
health, life, and accident insurance) as may be in effect from time to time (and subject
to the terms thereof) during the Term as are afforded to other similarly situated
executives of BB&T.

  
              
      If,
during the Term, Executive becomes eligible for benefits under the Pension Plan and
retires, Executive shall be eligible to participate in the same retiree health care
program provided to other retiring employees of BB&T who are also retiring at the same
time.  During the Compensation Continuance Period, Executive shall be deemed to be an
“active employee” of Employer for purposes of participating in BB&T’s health
care plan and for purposes of satisfying any age and service requirements under BB&T’s retiree
health care program.  Thus, if Executive has not satisfied either the age or service
requirement (or both) under BB&T’s retiree health care program at the time payment of his
Termination Compensation begins, but satisfies the age or service requirement (or both)
at the time such Termination Compensation payments end, he shall be deemed to have
satisfied the age or service requirement (or both) for purposes of BB&T’s retiree health
care program as of the date his Termination Compensation payments  end.  For purposes of
satisfying any service requirement under BB&T’s retiree health care program, Executive
shall be credited with one year of service for each Computation Period which begins and
ends during the Compensation Continuance Period.

  
        1.5       BUSINESS
EXPENSES.  Employer shall, upon receipt from Executive of supporting receipts to the
extent required by applicable income tax regulations and Employer’s reimbursement
policies, reimburse Executive for all out-of-pocket business expenses reasonably incurred
by Executive in connection with Executive’s employment hereunder.

  
        1.6       TERMINATION.
Executive’s employment and this Agreement (except as otherwise provided hereunder)
shall terminate upon a date (the “Termination Date”) that is the earlier of (i)
the expiration (as provided in Section 1.3) of the Term, or (ii) the occurrence of any of
the following at the time set forth therefor: 

  
              
    1.6.1       Death.
Executive’s employment and this Agreement shall automatically terminate upon
Executive’s death.

  
              
    1.6.2       Retirement.
Executive’s employment shall terminate automatically upon Executive’s
Retirement.

- 3 -

  
              
    1.6.3       Disability.
Immediately upon the reasonable determination by Employer that Executive shall have been
unable to substantially perform the essential functions of his duties by reason of a
physical or mental disability, with or without reasonable accommodation, for a period of
twelve (12) consecutive months (“Disability”); provided that prior to any such
termination for Disability, the Boards of Directors of Employer shall have given
Executive at least thirty (30) days’ advance written notice of Employer’s
intent to terminate Executive due to Disability, and Executive shall not have returned to
full-time employment by the thirtieth (30th) day after such notice (termination pursuant
to this Section 1.6.3 being referred to herein as termination for Disability).

  
              
    1.6.4       Voluntary
Termination.  Immediately upon the date specified in Executive’s written notice to
Employer’s Boards of Directors of Executive’s voluntary termination of
employment; provided, however,  that Employer may accelerate the effective date of such
termination (and the Termination Date) (termination pursuant to this Section 1.6.4 being
referred to herein as “Voluntary Termination”).

  
              
    1.6.5       Termination
for Just Cause.  Immediately following notice of termination for “Just Cause” (as
defined below), specifying such Just Cause, given by Employer’s Boards of Directors
(termination pursuant to this Section 1.6.5 being referred to herein as termination for
“Just Cause”).  “Just Cause” shall mean and be limited to any one or
more of the following:  Executive’s personal dishonesty; gross incompetence; willful
misconduct; breach of a fiduciary duty involving personal profit; intentional failure to
perform stated duties; willful violation of any law, rule or regulation (other than
traffic violations or similar offenses) or final cease-and-desist order; conviction of a
felony or of a misdemeanor involving moral turpitude; unethical business practices in
connection with Employer’s business; misappropriation of Employer’s or their
Affiliates’ assets (determined on a reasonable basis) or material breach of any
other provision of this Agreement; provided, that Executive has received written notice
from Employer of such material breach and such breach remains uncured for a period of
thirty (30) days after the delivery of such notice.  For purposes of this provision, no
act or failure to act, on the part of Executive, shall be considered “willful” unless
it is done, or omitted to be done, by Executive in bad faith or without a reasonable
belief that Executive’s action or omission was in the best interests of Employer.

  
              
    1.6.6       Termination
Without Just Cause.  Immediately upon the date specified in a written notice of
termination without Just Cause from Employer’s Boards of Directors to Executive
(termination pursuant to this Section 1.6.6 being referred to herein as termination “Without
Just Cause”).

  
              
    1.6.7       Good
Reason Termination.  Thirty (30) days following the written notice by Executive to
Employer’s Boards of Directors described in this Section 1.6.7; provided, however,
that during any such thirty (30) day period, Employer may suspend, with no reduction in
pay or benefits, Executive from his duties as set forth herein (including, without
limitation, Executive’s position as a representative and agent of Employer and
Employer’s Affiliates) (termination pursuant to this Section 1.6.7 being referred to
herein as “Good Reason Termination”).  For purposes of this Section 1.6.7, a
Good Reason Termination shall occur when Executive provides written notice to Employer’s
Boards of Directors of termination for “Good Reason” (and such “Good Reason” is
uncured by Employer within the thirty (30) day period following Employer’s receipt
of such notice), which, as used herein, shall mean the occurrence of any of the following
events without Executive’s express written consent:

- 4 -

	(i) 	 	 the
assignment to Executive of duties inconsistent with the position and status of the
offices and positions of Employer held by Executive as of the Effective Date; or 

	(ii) 	 	 a
reduction by Employer in Executive’s pay grade (if applicable) or annual Base Salary
as then in effect; or 

	(iii) 	 	 the
exclusion of Executive from participation in Employer’s employee benefit plans (in
which Executive meets the participation eligibility requirements) in effect as of, or
adopted or implemented on or after, the Effective Date, as the same may be improved or
enhanced from time to time during the Term; or 

	(iv) 	 	 any
purported termination of the employment of Executive by Employer which is not effected in
accordance with this Agreement; 

		in
each case without Executive’s consent and continuing uncured for more than thirty
(30) days following Employer’s receipt of written notice from Executive identifying
the basis of the alleged termination for Good Reason.

  
              
    1.6.8       No
Other Remedies.  Termination pursuant to this Agreement shall be in limitation of and
with prejudice to any other right or remedy to which Executive may otherwise be entitled
at law or in equity against Employer, its affiliates, and its agents, shareholders,
employees, officers and directors.

  
              
    1.6.9       Notice
of Termination.  A termination of Executive’s employment by Employer or Executive
for any reason other than death shall be communicated by a written notice to the other
parties, which written notice shall specify the effective date of termination.

  
        1.7       TERMINATION
COMPENSATION AND POST-TERMINATION BENEFITS.

  
              
    1.7.1       Expiration
of Term, Retirement, Voluntary Termination, Termination for Just Cause, or Termination
for Death.  In the case of termination of Executive’s employment hereunder due to
the expiration of the Term in accordance with Section 1.6(i) above, or Executive’s
death in accordance with Section 1.6.1 above, or Executive’s Retirement in
accordance with Section 1.6.2 above, or Executive’s Voluntary Termination of
employment hereunder in accordance with Section 1.6.4 above, or a termination of Executive’s
employment hereunder for Just Cause in accordance with Section 1.6.5 above, (i) Executive
shall not be entitled to receive payment of, and Employer shall have no obligation to
pay, any severance or similar compensation attributable to such termination, other than
Base Salary earned but unpaid; any bonuses and incentive compensation for the preceding
year that was previously earned by Executive but unpaid on the Termination Date; accrued
but unused vacation to the extent allowed by BB&T’s vacation  pay policy; vested benefits
under any Employer sponsored employee benefit plan; and any unreimbursed business
expenses pursuant to Section 1.5 hereof incurred by Executive as of the Termination Date;
and (ii) Employer’s other obligations under this Agreement shall immediately cease.

- 5 -

  
              
    1.7.2       Termination
for Disability.  In the case of a termination of Executive’s employment hereunder
for Disability in accordance with Section 1.6.3 above, during the first twelve (12)
consecutive months of the period of Executive’s Disability, Executive shall continue
to earn all compensation (including bonuses and incentive compensation) to which
Executive would have been entitled if he had not been disabled, such compensation to be
paid at the time, in the amount, and in the manner provided in Section 1.4, inclusive of
any compensation received pursuant to any applicable disability insurance plan of
Employer.  Thereafter, Executive shall receive only compensation to which he is entitled
under any applicable disability insurance plan of Employer.  In the event a dispute
arises between Executive and Employer concerning Executive’s Disability or ability
to continue or return to the performance of his duties as aforesaid, Executive shall
submit, at the expense of Employer, to examination of a  competent physician mutually
agreeable to the parties, and such physician’s opinion as to Executive’s
capability to so perform shall be final and binding upon Employer and Executive.

  
              
    1.7.3       Termination
Without Just Cause.  In the case of a termination of Executive’s employment
hereunder Without Just Cause in accordance with Section 1.6.6, Executive shall be
entitled to the following in lieu of any other compensation or benefits (under Section
1.4 of this Agreement or otherwise) from Employer:

	(i) 	 	 Executive
shall receive Termination Compensation each month during the Compensation Continuance
Period described in Section 1.7.3(ii) below, subject, however, to Executive’s
compliance with his Section 2 covenants (including, without limitation, compliance with
the noncompetition and nonsolicitation covenants of Section 2) for a one (1) year period
following Executive’s Termination Date. 

	(ii) 	 	 Termination
Compensation shall be paid to Executive each month during the period (i.e., the
Compensation Continuance Period) commencing with the Commencement Month and ending on the
earlier of (1) or (2), where (1) is the first day of the month next following the month
in which Executive attains age sixty-five (65), and (2) is the date that coincides with
the expiration of the thirty-six (36) month period which began with the Commencement
Month. 

	(iii) 	 	 Employer
shall use their best efforts to accelerate vesting of any unvested benefits of Executive
under any employee stock-based or other benefit plan or arrangement to the extent
permitted by Code Section 409A or other applicable law and the terms of such plan or
arrangement. 

	(iv) 	 	 Employer
shall make available to Executive, at Employer’s cost, outplacement services by such
entity or person as shall be designated by Employer, with the cost to Employer of such
outplacement services not to exceed Twenty Thousand Dollars ($20,000). 

- 6 -

	(v) 	 	 During
the Compensation Continuance Period, Executive shall either continue to participate
(treating Executive as an “active employee” of Employer for this purpose) in
the same group hospitalization plan, health care plan, dental care plan, life or other
insurance or death benefit plan, and any other present or future similar group employee
benefit plan or program for which officers of Employer generally are eligible, on the
same terms as were in effect prior to Executive’s Termination Date, or, to the
extent such participation is not permitted by any group plan insurer, under comparable
individual plans and coverage (to the extent commercially available). 

  
              
      The
Termination Compensation and other benefits provided for in this Section 1.7.3 shall be
paid by Employer in accordance with the standard payroll practices and procedures in
effect prior to Executive’s Termination  Date.  If Executive breaches Executive’s
obligations under Section 1.7.3 or Section 2 of this Agreement, Executive shall not be
entitled to receive any further Termination Compensation or benefits pursuant to this
Section 1.7.3 from and after the date of such breach.

  
              
    1.7.4       Good
Reason Termination.  A Good Reason Termination under Section 1.6.7 shall entitle
Executive to the following in lieu of any other compensation or benefits (under Section
1.4 of this Agreement or otherwise) from Employer:

	(i) 	 	 Executive
shall receive Termination Compensation each month during the Compensation Continuance
Period described in Section 1.7.4(ii) below, subject, however, to Executive’s
compliance with his Section 2 covenants (including, without limitation, compliance with
the noncompetition and nonsolicitation provisions of Section 2) for a one (1) year period
following Executive’s Termination Date. 

	(ii) 	 	 Termination
Compensation shall be paid to Executive each month during the period (i.e., the
Compensation Continuance Period) commencing with the Commencement Month and ending on the
earlier of (1) or (2), where (1) is the first day of the month next following the month
in which Executive attains age sixty-five (65), and (2) is the date that coincides with
the expiration of the thirty-six (36) month period which began with the Commencement
Month. 

	(iii) 	 	 Employer
shall use their best efforts to accelerate vesting of any unvested benefits of Executive
under any employee stock-based or other benefit plan or arrangement to the extent
permitted by Code Section 409A or other applicable law and the terms of such plan or
arrangement. 

- 7 -

	(iv) 	 	 Employer
shall make available to Executive, at Employer’s cost, outplacement services by such
entity or person as shall be designated by Employer, with the cost to Employer of such
outplacement services not to exceed Twenty Thousand Dollars ($20,000). 

	(v) 	 	 During
the Compensation Continuance Period, Executive shall either continue to participate
(treating Executive as an “active employee” of Employer for this purpose) in
the same group hospitalization plan, health care plan, dental care plan, life or other
insurance or death benefit plan, and any other present or future similar group employee
benefit plan or program for which officers of Employer generally are eligible, on the
same terms as were in effect prior to Executive’s Termination Date, or, to the
extent such participation is not permitted by any group plan insurer, under comparable
individual plans and coverage (to the extent commercially available). 

  
              
      The
Termination Compensation and other benefits provided for in this Section 1.7.4 shall be
paid by Employer in accordance with the standard payroll practices and procedures in
effect prior to Executive’s Termination Date.  If Executive breaches Executive’s
obligations under Section 1.7.4 or Section 2 of this Agreement, Executive shall not be
entitled to receive any further  Termination Compensation or benefits pursuant to this
Section 1.7.4 from and after the date of such breach. 

  
              
    1.7.5       Change
of Control.  If the employment of Executive is terminated for any reason other than Just
Cause or on account of Executive’s death, regardless of whether Employer or
Executive initiates such termination, within twelve (12) months after a Change of Control
(or, if later, within ninety (90) days after a MOE Revocation), Executive shall be
entitled to the following Termination Compensation and benefits in lieu of any other
compensation or benefits (under Section 1.4 of this Agreement or otherwise) from Employer:

	(i) 	 	 Executive
shall receive the lump sum value of his Termination Compensation.  The lump sum value of
his Termination Compensation shall be equal to the amount determined by multiplying the
number of months in the Compensation Continuance Period by his Termination Compensation
and shall be paid to him in a single lump sum payment within thirty (30) days of his
Termination Date. 

	(ii) 	 	 Employer
shall use their best efforts to accelerate vesting of any unvested benefits of Executive
under any employee stock-based or other benefit plan or arrangement to the extent
permitted by Code Section 409A or other applicable law and the term of such plan or
arrangement. 

- 8 -

	(iii) 	 	 Employer
shall make available to Executive, at Employer’s cost, outplacement services by such
entity or person as shall be designated by Employer, with the cost to Employer of such
outplacement services not to exceed Twenty Thousand Dollars ($20,000). 

	(iv) 	 	 During
the Compensation Continuance Period, Executive shall either continue to participate
(treating Executive as an “active employee” of Employer for this purpose) in
the same group hospitalization plan, health care plan, dental care plan, life or other
insurance or death benefit plan, and any other present or future similar group employee
benefit plan or program for which officers of Employer generally are eligible on the same
terms as were in effect either (A) at his Termination Date, or (B) if such plans and
programs in effect prior to the Change of Control or prior to the MOE Revocation were,
considered together as a whole, materially more generous to the officers of Employer,
than at the date of the Change of Control or at the date of the MOE Revocation, as the
case may be; or, to the extent such participation is not permitted by any group plan
insurer, under comparable individual plans and coverage (to the extent commercially
available). 

  
              
      The
Termination Compensation and other benefits provided for in this Section 1.7.5 shall be
paid by Employer in accordance with the standard payroll practices and procedures in
effect prior to Executive’s Termination Date, a Change of Control or MOE Revocation,
as appropriate.  If Executive incurs a termination of employment pursuant to this Section
1.7.5, Executive shall be subject to all of the provisions of Section 2 other than the
noncompetition and nonsolicitation provisions thereof.  If Executive breaches Executive’s
obligations under Section 2 of this Agreement, exclusive of the noncompetition and
nonsolicitation provisions thereof, Executive shall not be entitled to receive any
further Termination Compensation or benefits pursuant to this Section 1.7.5 from and
after the date of such breach. 

  
        Should
the circumstances of the termination of the employment of Executive result in application
of both Section 1.7.3 or Section 1.7.4 and this Section 1.7.5, this Section 1.7.5 shall
be deemed to apply and control.

  
              
    1.7.6       No
Termination of Continuing Obligations.  Termination of Executive’s employment
relationship with Employer in accordance with the applicable provisions of this Agreement
does not terminate those obligations imposed by this Agreement which are continuing
obligations, including, without limitation, Executive’s obligations under Section 2.
Any provision of this Agreement which by its terms obligates Employer to make payments
subsequent to termination of Executive’s Employment Term shall survive any such
termination.

  
              
    1.7.7       SERP.
Executive is a participant in the BB&T Corporation Non-Qualified Defined Benefit Plan
(the “SERP”).  The SERP was formerly known as the Branch Banking and Trust
Company Supplemental Executive Retirement Plan.  The SERP is a non-qualified, unfunded
supplemental retirement plan which provides benefits to or on behalf of selected key
management employees.  The benefits provided under the SERP supplement the retirement and
survivor benefits payable from the Pension Plan.  Except in the event the employment of
Executive is terminated by the Employer or BB&T for Just Cause and except in the event
Executive terminates his employment for any reason other than Good Reason and such
termination does not occur within twelve (12) months after a Change of Control (or, if
later, within ninety (90) days after a MOE Revocation), the following special provisions
shall apply for purposes of this Agreement:

- 9 -

	(i) 	 	 The
provisions of the SERP shall be and hereby are incorporated in this Agreement.  The SERP,
as applied to Executive, may not be terminated, modified or amended without the express
written consent of Executive.  Thus, any amendment or modification to the SERP or the
termination of the SERP shall be ineffective as to Executive unless Executive consents in
writing to such termination, modification or amendment.  The Supplemental Pension Benefit
(as defined in the SERP) of Executive shall not be adversely affected because of any
modification, amendment or termination of the SERP.  In the event of any conflict between
the terms of this Section 1.7.7(i) and the SERP, the provisions of this Section 1.7.7(i)
shall prevail. 

2.       ADDITIONAL
COVENANTS OF EXECUTIVE. 

  
        2.1       NONCOMPETITION.
Executive acknowledges and agrees that the duties and responsibilities to be performed by
him under this Agreement are of a special and unusual character which have a unique value
to Employer and their Affiliates, the loss of which cannot be adequately compensated by
damages in any action in law.  As a consequence of his unique position as Senior
Executive Vice President and Chief Credit Officer of BB&T and BBTC, Executive also
acknowledges and agrees that he will have broad access to Confidential Information, that
Confidential Information will in fact be developed by him in the course of performing his
duties and responsibilities under this Agreement, and that the Confidential Information
furnishes a competitive advantage in many situations and constitutes, separately and in
the aggregate, valuable, special and unique assets of Employer and their Affiliates.
Executive further acknowledges and agrees that the unique and proprietary knowledge and
information possessed by, or which  will be disclosed to, or developed by, Executive in
the course of his employment will be such that his breach of the covenants contained in
this Section 2.1 would immeasurably and irreparably damage Employer and their Affiliates
regardless of where in the Restricted Area the activities constituting such breach were
to occur.  Thus, Executive acknowledges and agrees that it is both reasonable and
necessary for the covenants in this Section 2.1 to apply to Executive’s activities
throughout the Restricted Area.  In recognition of the special and unusual character of
the duties and responsibilities of Executive under this Agreement and as a material
inducement to Employer to continue to employ Executive in this special and unique
capacity, Executive covenants and agrees that, to the extent and subject to the
limitations provided in this Section 2 (whichever portion may be applicable), including
the limitation on the duration of the covenants therein contained, during the Term and
upon termination of  Executive’s employment for any reason, or upon the expiration
of the Term, Executive shall not, on his own account or as an employee, associate,
consultant, partner, agent, principal, contractor, owner, officer, director, member,
manager or stockholder of any other Person who is engaged in the Business (collectively,
the “Restricted Persons”), directly or indirectly, alone, for, or in
combination with any one or more Restricted Persons, in one or a series of transactions:

- 10 -

		  
        (i)       serve
in any capacity of any Person who is engaged in the Business in any state in the
Restricted Area and who is a direct competitor of Employer or of any Affiliate of
Employer who is also engaged in the Business;

		  
        (ii)       provide
consultative services to any Person who is engaged in the Business in any state in the
Restricted Area and who is a direct competitor of Employer or of any Affiliate of
Employer who is also engaged in the Business;

		  
        (iii)       call
upon any of the depositors, customers or clients of Employer (or of any Affiliate who is
also engaged in the Business) who were such at any time during the twelve-month period
ending on the Termination Date whose needs Executive gained information about during his
employment with Employer for the purpose of soliciting or providing any product or
service similar to that provided by Employer or their Affiliates;

		  
        (iv)       solicit,
divert, or take away, or attempt to solicit, divert or take away any of the depositors,
customers or clients of Employer (or of any  Affiliate who is also engaged in the
Business) who were such at any time during the twelve-month period ending on the
Termination Date whose needs Executive  gained information about during his employment
with Employer; or

		  
        (v)       induce
or attempt to induce any employee of Employer or their Affiliates to terminate employment
with Employer or their Affiliates.

Nothing in this
Section 2.1 shall be read to prohibit an investment described in the last sentence of
Section 1.2.

  
        2.2       NON-DISCLOSURE
OF CONFIDENTIAL INFORMATION; NON-DISPARAGEMENT.  During the Term and at any time
thereafter, and except as required by any court, supervisory authority or administrative
agency or as may be otherwise required by applicable law, Executive shall not, without
the written consent of the Boards of Directors of Employer, or a person authorized
thereby, communicate, furnish, divulge or disclose to any Person, other than an employee
of Employer or an Affiliate thereof, or a Person to whom communication or disclosure is
reasonably necessary or appropriate in connection with the performance by Executive of
his duties as an employee of Employer, any Confidential Information obtained by him while
in the employ of Employer or any Affiliate, unless and until such information has become
a matter of public knowledge at the time of such disclosure.  Executive shall use his
best efforts to prevent the removal of any Confidential Information from the premises of
Employer or any of their Affiliates,  except as required in connection with the
performance of his duties as an employee of Employer.  Executive acknowledges and agrees
that (i) all Confidential Information (whether now or hereafter existing) conceived,
discovered or developed by him during the Term belongs exclusively to Employer and not to
him; (ii) that Confidential Information is intended to provide rights to Employer in
addition to, not in lieu of, those rights Employer and their Affiliates have under the
common law and applicable statutes for the protection of trade secrets and confidential
information; and (iii) that Confidential Information includes information and materials
that may not be explicitly identified or marked as confidential or proprietary.  In
addition, during the Term and at any time thereafter, Executive shall not make any
disparaging remarks, or any remarks that could reasonably be construed as disparaging,
regarding Employer or any of their Affiliates, or their officers, directors, employees,
partners, or agents.  Executive shall not take any action or provide information or issue
statements, to the media or otherwise, or cause anyone else to take any action or provide
information or issue statements, to the media or otherwise, regarding Employer or any of
their Affiliates or their officers, directors, employees, partners, or agents.

- 11 -

  
        2.3       USE
OF UNAUTHORIZED SOFTWARE.  During the Term, Executive shall not knowingly load any
unauthorized software into Executive’s computer (whether personal or owned by
Employer).  Executive may request that Employer purchase, register and install certain
software or other digital intellectual property, but Executive may not copy or install
such software or intellectual property himself.  Executive acknowledges that certain
software and digital intellectual property is Confidential Information of Employer and
Executive agrees, in accordance with Section 2.2, to keep such software and intellectual
property confidential and not to use it except in furtherance of Employer’s Business
or the operations of Employer or its Affiliates.

  
        2.4       REMOVAL
OF MATERIALS.  During the Term and at any time thereafter, and except as may be required
or deemed necessary or appropriate in connection with the performance by Executive of his
duties as an employee of Employer, Executive shall not copy, dispose of or remove from
Employer or their Affiliates any depositor, customer or client lists, software, computer
programs or other digital intellectual property, books, records, forms, data, manuals,
handbooks or any other papers or writings relating to the Business or the operations of
Employer or their Affiliates.

  
        2.5       WORK
PRODUCT.  Employer alone shall be entitled to all benefits, profits and results arising
from or incidental to Executive’s Work Product (as defined in this section 2.5).  To
the greatest extent possible, any work product, property, data, documentation, inventions
or information or materials prepared, conceived, discovered, developed or created by
Executive in connection with performing his responsibilities during the Term (“Work
Product”) shall be deemed to be “work made for hire” as defined in the
Copyright Act, 17 U.S.C.A.§ 101 et seq., as amended, and owned exclusively by
Employer.  Executive hereby unconditionally and irrevocably transfers and assigns to
Employer all intellectual property or other rights, title and interest Executive may
currently have (or in the future may have) by operation of law or otherwise in or to any
Work Product.  Executive agrees to execute and deliver to Employer any transfers,
assignments, documents or other instruments which may reasonably be necessary or
appropriate to vest complete title and ownership of any Work Product and all associated
rights exclusively in Employer.  Employer shall have the right to adapt, change, revise,
delete from, add to and/or rearrange the Work Product or any part thereof written or
created by Executive, and to combine the same with other works to any extent, and to
change or substitute the title thereof, and in this connection Executive hereby waives
the “moral rights” of authors as that term is commonly understood throughout
the world including, without limitation, any similar rights or principles of law which
Executive may now or later have by virtue of the law of any locality, state, nation,
treaty, convention or other source.  Unless otherwise specifically agreed, Executive
shall not be entitled to any compensation in addition to that provided for in this
Agreement for any exercise by Employer of its rights set forth in this Section 2.5.  In
the event any Work Product qualifies for protection under the United States Patent  Act,
35 U.S.C. § 1 et. seq., as amended, and Executive agrees to bear the cost of seeking
a patent from the U.S. Patent Office, Employer agrees, upon the issuance of such patent
and upon receipt from Executive of reimbursement of all costs and expenses related to
obtaining such patent, to assign the patent to Executive.  Executive hereby grants to
Employer a royalty-free, perpetual, irrevocable license to any such patent obtained by
Executive in accordance with the preceding sentence.

- 12 -

  
        2.6       INTERPRETATION;
REMEDIES.  Consistent with Section 3.8 of this Agreement, the covenants contained in this
Section 2 (the “Covenants”) shall be construed and interpreted in any judicial
proceeding to permit their enforcement to the maximum extent permitted by law and each of
the Covenants is severable and independently enforceable without reference to the
enforceability of any other Covenants.  Further, if any provision of the Covenants or of
this Section 2 is held by a court of competent jurisdiction to be overbroad as written,
Executive specifically agrees that the court should modify such provision in order to
make it enforceable, and that a court should view each such provision as severable and
enforce those severable provisions deemed reasonable by such court.  Executive agrees
that the restraints imposed by this Section 2 are fair and necessary to prevent Executive
from unfairly taking advantage of contacts established, nurtured, serviced, enhanced or
promoted and knowledge gained during  Executive’s employment with Employer and their
Affiliates, and are necessary for the reasonable and proper protection of Employer and
their Affiliates and that each and every one of the restraints is reasonable with respect
to the activities prohibited, the duration thereof, the Restricted Area, the scope
thereof, and the effect thereof on Executive and the general public.  Executive
acknowledges that the Covenants will not cause an undue burden on Executive.  Executive
further acknowledges that violation of any one or more of the Covenants would
immeasurably and irreparably damage Employer and their Affiliates, and, accordingly,
Executive agrees that for any violation or threatened violation of any of such Covenants,
Employer shall, in addition to any other rights and remedies available to it, at law or
otherwise (including, without limitation, the recovery of damages from Executive), be
entitled to specific performance and an injunction  to be issued by any court of
competent jurisdiction enjoining  and restraining Executive from committing any violation
or threatened violation of the Covenants.  Executive hereby consents to the issuance of
such injunction and agrees to submit to the equitable jurisdiction of any court of
competent jurisdiction, without reference to whether Executive resides or does business
in that jurisdiction at the time such injunction is sought or entered.

  
        2.7       NOTICE
OF COVENANTS.  Executive agrees that prior to accepting employment with any other Person
during the Term or during the two-year period following the termination of his employment
with Employer, Executive shall provide Employer with written notice of his intent to
accept such employment, which notice shall include the name of the prospective employer,
the business engaged in or to be engaged in by the prospective employer, and the position
Executive intends to accept with the prospective employer.  In addition,  Executive shall
provide such prospective employer with written notice of the existence of this Agreement
and the Covenants.

- 13 -

3.   
    MISCELLANEOUS.

  
        3.1       NOTICES.
All notices, requests, and other communications to any party under this Agreement must be
in writing (including telefacsimile transmission or similar writing) and shall be given
to such party at his or its address or telefacsimile number set forth below or at such
other address or telefacsimile number as such party may hereafter specify for the purpose
of giving notice to the other party:

          If
to the Executive, to:

		W.
Kendall Chalk
  Facsimile:  (336) 733-2279

          If
to the Employer, to:

		BB&T
Corporation
  Branch Banking and Trust Company
  200 West Second Street
  Winston-Salem, NC
27101
  Facsimile:  (336) 733-2189
  Attention:  General Counsel

Each such notice,
request, demand or other communication shall be effective (i) if given by mail, 72 hours
after such communication is deposited in the mails with first class postage prepaid,
addressed as aforesaid or (ii) if given by any other means, when delivered at the address
specified in this Section 3.1.  Delivery of any notice, request, demand or other
communication by telefacsimile shall be effective when received if received during normal
business hours on a business day.  If received after normal business hours, the notice,
request, demand or other communication will be effective at 10:00 a.m. on the next
business day.

  
        3.2       ENTIRE
AGREEMENT.  This Agreement expresses the whole and entire agreement between the parties
with reference to the employment and service of Executive and supersedes and replaces any
prior employment agreements (including, without limitation, the Predecessor Agreement),
understandings or arrangements (whether written or oral) among Employer and Executive.
Without limiting the foregoing, Executive agrees that this Agreement satisfies any rights
he may have had under any prior agreement or understanding (including, without
limitation, the Predecessor Agreement) with Employer with respect to his employment by
Employer.

  
        3.3       WAIVER;
MODIFICATION.  No waiver or modification of this Agreement or of any covenant, condition,
or limitation herein contained shall be valid unless in writing and duly executed by the
party to be charged therewith.  No evidence of any waiver or modification shall be
offered or received in evidence at any proceeding, arbitration, or litigation between the
parties hereto arising out of or affecting this Agreement, or the rights or obligations
of the parties hereunder, unless such waiver or modification is in writing, duly executed
as aforesaid.  The parties further agree that the provisions of this Section 3.3 may not
be waived except as herein set forth.

- 14 -

  
        3.4       AMENDMENT.
This Agreement may be amended, supplemented, or modified only by a written instrument
duly executed by or on behalf of each party hereto.

  
        3.5       NO
THIRD PARTY BENEFICIARY.  The terms and provisions of this Agreement are intended solely
for the benefit of each party hereto and Employer’s successors or assigns, and it is
not the intention of the parties to confer third-party beneficiary rights upon any other
Person.

  
        3.6       NO
ASSIGNMENT; BINDING EFFECT; NO ATTACHMENT.  This Agreement and the obligations undertaken
herein shall be binding upon and shall inure to the benefit of any successors or assigns
of Employer, and shall be binding upon and inure to the benefit of Executive’s
heirs, executors, administrators, and legal representatives.  Executive shall not be
entitled to assign or delegate any of Executive’s obligations or rights under this
Agreement; provided, however, that nothing in this Section 3.6 shall preclude Executive
from designating a beneficiary to receive any benefit payable under this Agreement upon
his death.  Except as otherwise provided in this Agreement or required by applicable law,
no right to receive payments under this Agreement shall be subject to anticipation,
commutation, alienation, sale, assignment, encumbrance, charge, pledge or hypothecation
or to execution, attachment, levy, or similar process or assignment by operation of law,
and any attempt, voluntary or involuntary, to effect any  such action shall be null, void
and of no effect.

  
        3.7       HEADINGS.
The headings of paragraphs and sections herein are included solely for convenience of
reference and shall not control the meaning or interpretation of any of the provisions of
this Agreement.

  
        3.8       SEVERABILITY.
Employer and Executive intend all provisions of this Agreement to be enforced to the
fullest extent permitted by law.  Accordingly, if a court of competent jurisdiction
determines that the scope and/or operation of any provision of this Agreement is too
broad to be enforced as written, Employer and Executive intend that the court should
reform such provision to such narrower scope and/or operation as it determines to be
enforceable.  If, however, any provision of this Agreement is held to be illegal,
invalid, or unenforceable under present or future law, and not subject to reformation,
then (i) such provision shall be fully severable, (ii) this Agreement shall be construed
and enforced as if such provision was never a part of this Agreement, and (iii) the
remaining provisions of this Agreement shall remain in full force and effect and shall
not be affected by illegal, invalid, or unenforceable provisions or by their severance.

- 15 -

  
        3.9       GOVERNING
LAW.  The parties intend that this Agreement and the performance hereunder and all suits
and special proceedings hereunder shall be governed by and construed in accordance with
and under and pursuant to the laws of the State of North Carolina without regard to
conflicts of law principles thereof and that in any action, special proceeding or other
proceeding that may be brought arising out of, in connection with, or by reason of this
Agreement, the laws of the State of North Carolina shall be applicable and shall govern
to the exclusion of the law of any other forum.  Any action, special proceeding or other
proceeding with respect to this Agreement shall be brought exclusively in the federal or
state courts of the State of North Carolina, and by execution and delivery of this
Agreement, Executive and Employer irrevocably consent to the exclusive jurisdiction of
those courts and Executive hereby submits to personal jurisdiction in the State of North
Carolina.  Executive and Employer  irrevocably waive any objection, including any
objection based on lack of jurisdiction, improper venue or forum non conveniens, which
either may now or hereafter have to the bringing of any action or proceeding in such
jurisdiction in respect to this Agreement or any transaction related hereto.  Executive
and Employer acknowledge and agree that any service of legal process by mail in the
manner provided for notices under this Agreement constitutes proper legal service of
process under applicable law in any action or proceeding under or in respect to this
Agreement.

  
        3.10       COUNTERPARTS.
This Agreement may be executed in one or more counterparts, each of which will be deemed
an original, but all of which together will constitute one and the same instrument.

  
        3.11       WITHHOLDING.
Employer shall deduct and withhold all federal, state, local and employment taxes and any
other similar sums required by applicable law, or in accordance with the applicable
provisions of Employer’s employee benefit plans, to be withheld from any payments
made pursuant to the terms of this Agreement.

  
        3.12       DEFINITIONS.
Wherever used in this Agreement, including, but not limited to, the Recitals, the
following terms shall have the meanings set forth below (unless otherwise indicated by
the context) and such meanings shall be applicable to both the singular and plural form
(except where otherwise expressly indicated):

  
              
    a.       “Affiliate” means
a Person or person that directly or indirectly through one or more intermediaries,
controls, or is controlled by, or is under common control with, another Person or person.

  
              
    b.       “Business” means
the banking business, which business includes, but is not limited to, the consumer,
savings, and commercial banking business; the trust business; the savings and loan
business; and the mortgage banking business.

  
              
    c.       “Change
of Control” the earliest of the following dates:

	(i) 	 	 the
date any person or group of persons (as defined in Section 13(d) and 14(d) of the
Securities Exchange Act of 1934) together with its Affiliates, excluding employee benefit
plans of Employer, 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 BB&T representing twenty percent (20%) or more of the combined voting power
of BB&T’s then outstanding voting securities (excluding the acquisition of securities of
BB&T by an entity at least eighty percent (80%) of the outstanding voting securities of
which are, directly or indirectly, beneficially owned by BB&T); or 

- 16 -

	(ii) 	 	 the
date when, as a result of a tender offer or exchange offer for the purchase of securities
of BB&T (other than such an offer by BB&T for its own securities), or as a result of a
proxy contest, merger, share exchange, consolidation or sale of assets, or as a result of
any combination of the foregoing, individuals who at the beginning of any two-year period
during the Term constitute BB&T’s Board of Directors, plus new directors whose election
or nomination for election by BB&T’s shareholders is approved by a vote of at least
two-thirds of the directors still in office who were directors at the beginning of such
two-year period (“Continuing Directors”), cease for any reason during such
two-year period to constitute at least two-thirds (2/3) of the members of such Board of
Directors; or 

	(iii) 	 	 the
date the shareholders of BB&T approve a merger, share exchange or consolidation of BB&T with
any other corporation or entity regardless of which entity is the survivor, other than a
merger, share exchange or consolidation which would result in the voting securities of BB&T outstanding
immediately prior thereto continuing to represent (either by remaining outstanding or
being converted into voting securities of the surviving or acquiring entity) at least
sixty percent (60%) of the combined voting power of the voting securities of BB&T or such
surviving or acquiring entity outstanding immediately after such merger or consolidation;
or 

	(iv) 	 	 the
date the shareholders of BB&T approve a plan of complete liquidation or winding-up of BB&T or
an agreement for the sale or disposition by BB&T of all or substantially all of BB&T’s assets;
or 

	(v) 	 	 the
date of any event (other than a “merger of equals” as hereinafter described in
this Section 3.12.b) which BB&T’s Board of Directors determines should constitute a
Change of Control. 

  
              
      Notwithstanding
the foregoing, the term “Change of Control” shall not include any event which
the Board of Directors of BB&T (or, if the event described in clause (ii) above has
occurred, a majority of the Continuing Directors), prior to the occurrence of such event,
specifically determines, for the purpose of this Agreement or employment agreements with
other executives that contain substantially similar provisions, is a “merger of
equals” (regardless of the form of the transaction), unless a majority of the
Continuing Directors revokes such specific determination within one year after occurrence
of the event that otherwise would constitute a Change in Control (a “MOE Revocation”).
The parties to this Agreement agree that any determination concerning whether a
transaction is a “merger of equals” shall be solely within the discretion of
the Board of Directors of BB&T or a majority of the Continuing Directors, as the case may
be.

- 17 -

  
              
    d.       “Code” means
the Internal Revenue Code of 1986, as amended, and rules and regulations issued
thereunder.

  
              
    e.       “Commencement
Month” means the first day of the calendar month next following the month in which
Executive’s Termination Date occurs.

  
              
    f.       “Compensation
Continuance Period” means the period of time over which Executive is receiving
Termination Compensation.

  
              
    g.       “Computation
Period” means the twelve (12) consecutive month period beginning with the
Commencement Month and, thereafter, beginning with each annual anniversary of the
Commencement Month.

  
              
    h.       “Confidential
Information” means all non-public information that has been created, discovered,
obtained, developed or otherwise become known to Employer or their Affiliates other than
through public sources, including, but not limited to, all competitively-sensitive
information, all inventions, processes, data, computer programs, software, databases,
know-how, digital intellectual property, marketing plans, business and sales plans and
strategies, training programs and procedures, acquisition prospects, customer lists,
diagrams and charts and similar items, depositor lists, clients lists, credit
information, budgets, projections, new products, information covered by the Trade Secrets
Protection Act, N.C. Gen. Stat., Chapter 66, §§152 to 162, and other
information owned by the Employer or their Affiliates which is not public information.

  
              
    i.       “Excise
Tax” means the excise tax on excess parachute payments under Section 4999 of the
Code (or any successor or similar provision thereof), including any interest or penalties
with respect to such excise tax.

  
              
    j.       “Pension
Plan” means the BB&T Corporation Pension Plan, a tax qualified defined benefit
pension plan, as the same may either be amended from time to time or terminated

  
              
    k.       “Person” means
any individual, person, partnership, limited liability company, joint venture,
corporation, company, firm, group or other entity.

  
              
    l.       “Restricted
Area” means the continental United States.

  
              
    m.       “Retirement” and
“retires” means voluntary termination by Executive of Executive’s
employment with Employer upon satisfaction of the requirements for early retirement or
normal retirement under the Pension Plan.

- 18 -

  
              
    n.       “Termination
Compensation” means a monthly amount equal to one-twelfth (1/12th) of the highest
amount of the annual cash compensation (including cash bonuses and other cash-based
compensation, including for these purposes amounts earned or payable whether or not
deferred) received by Executive during any one of the three (3) calendar years
immediately preceding the calendar year in which Executive’s Termination Date
occurs; provided, that if the cash compensation received by Executive during the
Termination Year exceeds the highest amount of the annual cash compensation received by
Executive during any one of the immediately preceding three (3) consecutive calendar
years, the cash compensation received by Executive during the Termination Year shall be
deemed to be Executive’s highest amount of annual cash compensation.  In no event
shall Executive’s Termination Compensation include equity-based compensation (e.g.,
income realized as a result of Executive’s exercise of non-qualified stock options
or  other stock based benefits).

  
              
    o.       “Termination
Date” means the date Executive’s employment with Employer is terminated.

  
              
    p.       “Termination
Year” means the calendar year in which falls Executive’s Termination Date

  
        3.13       CODE
SECTION 409A.  To the extent applicable, the parties hereto intend that this Agreement
comply with Section 409A of the Code and all regulations, guidance, or other
interpretative authority thereunder (“Section 409A”).  The parties hereby agree
that this Agreement shall be construed in a manner to comply with Section 409A and that
should any provision be found not in compliance with Section 409A, the parties are hereby
contractually obligated to execute any and all amendments to this Agreement deemed
necessary and required by legal counsel for Employer to achieve compliance with Section
409A.  By execution and delivery of this Agreement, Executive irrevocably waives any
objections he may have to the amendments required by Section 409A.  The parties also
agree that in no event shall any payment required to be made pursuant to this Agreement
that is considered deferred compensation within the meaning of Section 409A be made to
Executive unless he has incurred a separation from service (as defined  in Section 409A).
In the event Executive is a key employee (as defined in Section 416(i) of the Code
without regard to paragraph (5) thereof) so that payments cannot commence under Section
409A until the lapse of six (6) months after a separation from service, then any such
payments of deferred compensation that are required to be paid in a single lump sum may
not be made until the date which is six (6) months after Executive’s separation from
service.  Furthermore, the first six (6) months of any such payments of deferred
compensation that are required to be paid in installments shall be paid at the beginning
of the seventh month following Executive’s separation from service.  All remaining
installment payments shall be made as would ordinarily have been made under the
provisions of this Agreement.

  
        3.14       ATTORNEYS’ FEES.
In the event any dispute shall arise between Executive and Employer as to the terms or
interpretations of this Agreement, whether instituted by formal legal proceedings or
otherwise, including any action taken by Executive to enforce the terms of this Agreement
or in defending against any action taken by Employer, Employer shall reimburse Executive
for all reasonable costs and expenses, including reasonable attorneys’ fees, arising
from such dispute, proceeding or action, if Executive shall prevail in any action
initiated by Executive or shall have acted reasonably and in good faith in defending
against any action initiated by Employer.  Such reimbursement shall be paid within ten
(10) days of Executive’s furnishing to Employer written evidence, which may be in
the form, among other things, of a cancelled check or receipt, of any costs or expenses
incurred by Executive.  Any such request for reimbursement by Executive shall be made no
more frequently than at sixty (60) day  intervals.

- 19 -

  
        3.15       JOINT
AND SEVERAL OBLIGATIONS.  To the extent permitted by applicable law, all obligations of
the Employer under this Agreement shall be joint and several.

  
        3.16       EXCISE
TAX.  Anything in this Agreement to the contrary notwithstanding, if it shall be
determined that any payment, distribution or benefit provided (including, without
limitation, the acceleration of exercisability of any stock option) to Executive or for
his benefit (whether paid or payable or distributed or distributable) pursuant to the
terms of this Agreement or otherwise would be subject, in whole or in part, to the Excise
Tax, then the amounts payable to Executive shall be either (A) the full payment subject
to the Excise Tax or (B) such lesser amount subject to the Excise Tax, or (C) such lesser
amount that would result in no portion of the payment being subject to the Excise Tax,
whichever of the foregoing amounts (taking into account the applicable Federal, state and
local employment taxes, income taxes, and the Excise Tax) results in the receipt by
Executive, on an after-tax basis, of the greatest amount of the payment notwithstanding
that all or some portion of the payment may be  taxable under Section 4999 of the Code.
All determinations required to be made under this Section 3.16 shall be made by any
nationally recognized accounting firm which is BB&T’s outside auditor immediately prior
to the event triggering the payment(s) that is (are) subject to the Excise Tax (the “Accounting
Firm”).  BB&T shall cause the Accounting Firm to provide detailed supporting
calculations of its determinations to BB&T and Executive.  All fees and expenses of the
Accounting Firm shall be borne solely by BB&T. All Excise Tax liability shall be borne
solely by Executive without reimbursement from Employer.

  
        3.17       RECITALS.
The Recitals to this Agreement are a part of this Agreement.

[The balance of this page is intentionally left blank.]

- 20 -

  
        IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the
first date first written above, but on the actual dates indicated below.

		
	BB&T CORPORATION	 	BRANCH BANKING AND TRUST COMPANY	 
	 	 	 	 
	 	 	 	 
	By: __________________________	 	By: __________________________	 
	 	 	 	 
	Name: _______________________	 	Name: _______________________	 
	 	 	 	 
	Title: _________________________	 	Title: ________________________	 
	 	 	 	 
	Date: ________________________	 	Date: ________________________	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	W. KENDALL CHALK	 
	 	 	 	 
	 	 	 	 
	 	 	______________________________	 
	 	 	                     Signature	 
	 	 	 	 
	 	 	Date: _________________________	 

- 21 -

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