Document:

Exhibit 10.10

 EXHIBIT 10.10 
 BB&T CORPORATION 
 AMENDED AND RESTATED 2004 STOCK INCENTIVE PLAN 
 Restricted Stock Unit Agreement 
 (Performance Vesting Component) 
  

			
	Name of Participant:	  	<<First Name>> <<MI>> <<Last Name>>
	Grant Date:	  	___________, 20___
	Number of Shares Subject to Award:	  	<<Number of RSUs>>
	Date Vested:	  	___________, 20___

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

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

 3. Vesting of Award. Subject to the terms of the Plan and the Agreement (including
but not limited to the provisions of Section 4 and Section 5 herein), the Award shall be deemed vested and earned only if the conditions of both Section 3(a) and Section 3(b) are met. The Administrator has sole authority to
determine whether and to what degree the Award has vested and is payable and to interpret the terms and conditions of this Agreement and the Plan. 
 (a) Performance-Based Vesting Component: In order for the Award to vest as provided in Section 3(b) herein, the Award must satisfy an initial performance-based vesting component, as follows:
During the period from January 1, 20___ through December 31, 20__ (the “Performance Period”), BB&T must meet a minimum average cash return on equity target of _________ percent (____%). 
 (b) Service-Based Vesting Component: If and only if the performance-based vesting component stated in
Section 3(a), above, is met for the Performance Period, then the Award shall be fully (i.e., 100%) vested and earned on the fifth-year anniversary of the Grant Date, provided that the Participant is still an Employee as of the fifth-year
anniversary of the Grant Date (and except as may be otherwise provided in Section 4 herein). 
 4. Termination of
Employment; Forfeiture of Award; Effect of Change of Control. 
 (a) Except as may be otherwise provided in the
Plan or Section 4(b) of the Agreement, in the event that the employment of the Participant with BB&T or an Affiliate terminates for any reason and the Award has not vested pursuant to Section 3, then the Award, to the extent not vested
as of the Participant’s termination of employment date, shall be forfeited immediately upon such termination, and the Participant shall have no further rights with respect to the Award or the Shares underlying the Award. The Administrator (or
its designee, to the extent permitted under the Plan) shall have sole discretion to determine if a Participant’s rights have terminated pursuant to the Plan and this Agreement, including but not limited to the authority to determine the basis
for the Participant’s termination of employment. The Participant expressly acknowledges and agrees that, except as otherwise provided herein, the termination of the Participant’s employment shall result in forfeiture of the Award and
the underlying Shares to the extent the Award has not vested as of the Participant’s termination of employment date. 
 (b) Notwithstanding the provisions of Section 3 and Section 4(a), the following provisions shall apply if any of the following shall occur prior to the fifth-year anniversary of the Grant Date: 
  

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

  

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Participant’s termination of employment due to an involuntary termination without Cause. It is the intention of BB&T and the Participant that no
payment under Section 5 hereof shall occur unless the performance-based vesting criteria stated in Section 3(a) above are met. For purposes of this Agreement, a termination shall be for “Cause” if the termination is on account of
the Participant’s (a) dishonesty, theft or embezzlement; (b) refusal or failure to perform his assigned duties for BB&T or an Affiliate in a satisfactory manner; or (c) engaging in any conduct that could be materially
damaging to BB&T or its Affiliates without a reasonable good faith belief that such conduct was in the best interest of BB&T or any of its Affiliates. The determination of whether termination is for Cause shall be made by the Administrator
(or its designee to the extent permitted under the Plan), and its determination shall be final and conclusive. 

  

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

  

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

  

	 	(iv)	Change of Control. 

  

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

  

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	 	(B)	For purposes of this Section 4(b)(iv), a “Change of Control” will be deemed to have occurred on the earliest of the following dates: (i) the date
any person or group of persons (as defined in Section 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), together with its affiliates, excluding employee benefit plans of BB&T and its
Affiliates, is or becomes, directly or indirectly, the “beneficial owner” (as defined in Rule 13d-3 promulgated under the Exchange Act) of securities of BB&T representing thirty percent (30%) or more of the combined voting power
of BB&T’s then outstanding securities; or (ii) the date when, as a result of a tender offer or exchange offer for the purchase of securities of BB&T (other than such an offer by BB&T for its own securities), or as a result of a
proxy contest, merger, consolidation or sale of assets, or as a result of any combination of the foregoing, individuals who at the beginning of any consecutive twelve- (12-) month period during the Restriction Period of the Award constituted
BB&T’s Board, plus new directors whose election or nomination for election by BB&T’s shareholders is approved by a vote of at least two-thirds of the directors still in office who were directors at the beginning of such twelve-
(12-) month period (collectively, the “Continuing Directors”), cease for any reason during such twelve- (12-) month period to constitute at least two-thirds of the members of such board of directors; (iii) the date the
shareholders of BB&T approve an agreement for the sale or disposition by BB&T of all or substantially all of BB&T’s assets within the meaning of Section 409A; or (iv) the date that any one person, or more than one person
acting as a group, acquires ownership of stock of BB&T that, together with stock held by such person or group constitutes more than fifty percent (50%) of the total fair market value or total voting power of the stock of BB&T within the
meaning of Section 409A. 

  

	 	(C)	 Notwithstanding Section 4(b)(iv)(B) above, the term “Change of Control” shall not include any event that is a “Merger of Equals.”
For purposes of the Plan and this Agreement, the term “Merger of Equals” means any event that would otherwise qualify as a Change of Control if the event (including, if applicable, the terms and conditions of the related agreements,
exhibits, annexes, and similar documents) satisfies all of the following conditions as of the date of such event: (i) the Board of BB&T or, if applicable, a majority of the Continuing Directors has, prior to the change in control event,
approved the event; (ii) at least fifty percent (50%) of the common stock of the surviving corporation outstanding 

  

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immediately after consummation of the event, together with at least fifty percent (50%) of the voting securities representing at least fifty percent
(50%) of the combined voting power of all voting securities of the surviving corporation outstanding immediately after the event shall be owned, directly or indirectly, by the persons who were the owners, directly or indirectly, of the common
stock and voting securities of BB&T immediately before the consummation of such event in substantially the same proportions as their respective direct or indirect ownership immediately before such event of the common stock and voting securities
of BB&T, respectively; (iii) at least fifty percent (50%) of the directors of the surviving corporation immediately after the event shall be composed of directors who were Directors or Continuing Directors immediately before the event;
and (iv) the person who was the Chief Executive Officer (“CEO”) of BB&T immediately before the event shall be the CEO of the surviving corporation immediately after the event. If a transaction constitutes a Merger of
Equals, then, notwithstanding the provisions of Section 4(b)(iv)(B) above, the vesting of the Award will not be accelerated due to the Merger of Equals, but the Award shall instead continue to vest, if at all, in accordance with the provisions
of Section 3 and Section 4 herein. 

  

	 	(v)	Retirement. In the event that the Participant remains in the continuous employ of BB&T or an Affiliate from the Grant Date until the Participant’s termination
of employment due to Retirement, the Award shall become fully vested if, and only if, (aa) the Participant has completed at least six (6) calendar months of continuous employment after the Grant Date (beginning with the first day of the
calendar month following the Grant Date); provided, however, if the last working day of the sixth (6th) calendar month is on a day prior to the last day of the sixth (6th) calendar month, the foregoing six (6) calendar month
requirement will be deemed satisfied; and (bb) the performance-based vesting criteria stated in Section 3(a) are met (and without regard to the vesting schedule set forth in Section 3(b) herein). Provided the above requirement of six
(6) calendar months of continuous employment after the Grant Date is satisfied, vesting shall occur as of the date the Administrator determines that the performance-based vesting criteria stated in Section 3(a) have been met.

  

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 5. Settlement of Award and Distribution of Shares. 
 (a) The Award shall be payable in whole shares of Common Stock. Fractional shares shall not be issuable hereunder, and unless the
Administrator determines otherwise, any such fractional Share shall be disregarded. 
 (b) Shares of Common Stock
subject to the Award shall, upon vesting of the Award, be issued and distributed to the Participant (or in the event of the Participant’s death, to the Participant’s beneficiary or beneficiaries) in a lump sum within ninety
(90) calendar days after the end of the Restriction Period. Notwithstanding the foregoing, if the Participant is or may be a Specified Employee, a distribution due to Separation from Service may not be made until within the thirty- (30-) day
period commencing with the first day of the seventh month following the month of Separation from Service, or, if earlier, the date of death of the Participant (with all such payments that otherwise would have been made during such six month period
to be made during the seventh month following Separation from Service), in each case except as may be otherwise permitted under Section 409A. 
 6. No Right to Continued Employment or Service. Neither the Plan, the grant of the Award, nor any other action related to the Plan shall confer upon the Participant any right to continue in the employment or service of
BB&T or an Affiliate or affect in any way with the right of BB&T or an Affiliate to terminate the Participant’s employment or service at any time. Except as otherwise expressly provided in the Plan or this Agreement or as determined by
the Administrator, all rights of the Participant with respect to the Award shall terminate upon termination of the employment or service of the Participant with BB&T or an Affiliate. The grant of the Award does not create any obligation on the
part of BB&T or an Affiliate to grant any further awards. So long as the Participant shall continue to be an Employee of BB&T or an Affiliate, the Award shall not be affected by any change in the duties or position of the Participant.

 7. Nontransferability of Award and Shares. The Award shall not be transferable (including by sale, assignment, pledge
or hypothecation) other than by will or the laws of intestate succession. The designation of a beneficiary in accordance with Plan procedures does not constitute a transfer. The Participant shall not sell, transfer, assign, pledge or otherwise
encumber the Shares subject to the Award until the Restriction Period has expired and all conditions to vesting and distribution have been met. 
 8. Superseding Agreement; Binding Effect. This Agreement supersedes any statements, representations or agreements of BB&T with respect to the grant of the Award or any related rights, and the Participant hereby
waives any rights or claims related to any such statements, representations or agreements. This Agreement does not supersede or amend any existing confidentiality agreement, nonsolicitation agreement, noncompetition agreement, employment agreement
or any other similar agreement between the Participant and BB&T, including, but not limited to, any restrictive covenants contained in such agreements. 
 9. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of North Carolina, without regard to the principles of conflicts of law, and in
accordance with applicable United States federal laws. 
  

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 10. Amendment and Termination; Waiver. Subject to the terms of the Plan, this
Agreement may be amended or terminated only by the written agreement of the parties hereto. The waiver by BB&T of a breach of any provision of the Agreement by the Participant shall not operate or be construed as a waiver of any subsequent
breach by the Participant. Notwithstanding the foregoing, the Administrator shall have unilateral authority to amend the Plan and this Agreement (without Participant consent) to the extent necessary to comply with applicable law or changes to
applicable law (including but in no way limited to Section 409A and federal securities laws), and the Participant hereby consents to any such amendments to the Plan and this Agreement. 
 11. Certificates for Shares; Rights as Shareholder. The Participant and the Participant’s legal representatives, legatees or
distributees shall not be deemed to be the holder of any Shares subject to the Award and shall not have any voting rights, dividend rights or other rights of a shareholder unless and until certificates for such Shares have been issued to him or her
or them. No certificate or certificates for Shares subject to the Award shall be issued at the time of grant of the Award. A certificate or certificates for Shares subject to the Award shall be issued in the name of the Participant (or if the
Participant is deceased, the Participant’s beneficiary or beneficiaries) as soon as practicable after, and only to the extent that, the Award has vested and if such distribution is otherwise permitted under the terms of Section 5 herein.
Neither dividends nor dividend equivalent rights shall be granted in connection with the Award, and the Award shall not be adjusted to reflect the distribution of any dividends on the Common Stock (except as may otherwise be provided under the
Plan). No dividends on the Shares shall be payable prior to both (i) the vesting of the Award and (ii) the issuance and distribution of Shares to the Participant. 
 12. Withholding; Tax Matters. 
 (a) BB&T shall withhold all required local, state, federal, foreign and other taxes and any other amount required to be withheld by any governmental authority or law from any amount payable in cash with respect to
the Award. Prior to the delivery or transfer of any certificate for Shares or any other benefit conferred under the Plan, BB&T shall require the Participant to pay to BB&T in cash the amount of any tax or other amount required by any
governmental authority to be withheld and paid over by BB&T to such authority for the account of such recipient. Notwithstanding the foregoing, the Administrator may establish procedures to permit a recipient to satisfy such obligation in whole
or in part, and any local, state, federal, foreign or other income tax obligations relating to the Award, by electing (the “election”) to have BB&T withhold shares of Common Stock from the Shares to which the recipient is
entitled. The number of shares to be withheld shall have a Fair Market Value as of the date that the amount of tax to be withheld is determined as nearly equal as possible to (but not exceeding) the amount of such obligations being satisfied. Each
election must be made in writing to the Administrator in accordance with election procedures established by the Administrator. 
 (b) BB&T has made no warranties or representations to the Participant with respect to the tax consequences (including but not limited to income tax consequences) related to the Award or issuance, transfer or disposition of Shares (or
any other benefit) pursuant to the Award, and the Participant is in no manner relying on BB&T or its representatives for an assessment of such tax consequences. The Participant acknowledges that there may be adverse tax 

  

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consequences with respect to the Award (including but not limited to the acquisition or disposition of the Shares subject to the Award) and that the
Participant should consult a tax advisor prior to such acquisition or disposition. The Participant acknowledges that the Participant has been advised that the Participant should consult with the Participant’s own attorney, accountant, and/or
tax advisor regarding the decision to enter into this Agreement and the consequences thereof. The Participant also acknowledges that BB&T has no responsibility to take or refrain from taking any actions in order to achieve a certain tax result
for the Participant. 
 13. Administration. The authority to construe and interpret this Agreement and the Plan, and to
administer all aspects of the Plan, shall be vested in the Administrator, and the Administrator shall have all powers with respect to this Agreement as are provided in the Plan. Any interpretation of the Agreement by the Administrator and any
decision made by it with respect to the Agreement is final and binding on the parties hereto. 
 14. Notices. Any and
all notices under this Agreement shall be in writing and sent by hand delivery or by certified or registered mail (return receipt requested and first-class postage prepaid), in the case of BB&T, to its Human Systems Division, 200 West Second
Street (27101), PO Box 1215, Winston-Salem, NC 27102, attention: Human Systems Division Manager, and in the case of the Participant, to the last known address of the Participant as reflected in BB&T’s records. 
 15. Severability. The provisions of this Agreement are severable and if any one or more provisions may be determined to be illegal
or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable. 
 16.
Compliance with Laws; Restrictions on Award and Shares. BB&T may impose such restrictions on the Award and the Shares or other benefits underlying the Award as it may deem advisable, including without limitation restrictions under
the federal securities laws, federal tax laws, the requirements of any stock exchange or similar organization and any blue sky, state or foreign securities laws applicable to such Award or Shares. Notwithstanding any other provision in the Plan or
the Agreement to the contrary, BB&T shall not be obligated to issue, deliver or transfer any Shares of Common Stock, make any other distribution of benefits under the Plan, or take any other action, unless such delivery, distribution or action
is in compliance with all applicable laws, rules and regulations (including but not limited to the requirements of the Securities Act). BB&T may cause a restrictive legend or legends to be placed on any certificate for Shares issued pursuant to
the Award in such form as may be prescribed from time to time by applicable laws and regulations or as may be advised by legal counsel. 
 17. Successors and Assigns. Subject to the limitations stated herein and in the Plan, this Agreement shall be binding upon and inure to the benefit of the Participant and the Participant’s executors, administrators
and permitted transferees and beneficiaries and BB&T and its successors and assigns. 
 18. Counterparts; Further
Instruments. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. The parties hereto agree to execute such further
instruments and to take such further action as may be reasonably necessary to carry out the purposes and intent of this Agreement. 
  

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 19. Right of Offset. Notwithstanding any other provision of the Plan or the
Agreement, BB&T may reduce the amount of any benefit or payment otherwise payable to or on behalf of the Participant by the amount of any obligation of the Participant to BB&T or an Affiliate that is or becomes due and payable, and the
Participant shall be deemed to have consented to such reduction; provided, however, that to the extent Section 409A is applicable, such offset shall not exceed the greater of Five Thousand Dollars ($5,000) or the maximum offset amount then
permitted under Section 409A. 
 20. Adjustment of Awards upon Occurrence of Certain Unusual or Nonrecurring
Events. The Administrator shall have authority to make adjustments to the terms and conditions of the Award in recognition of unusual or nonrecurring events affecting BB&T or any Affiliate, or the financial statements of BB&T or any
Affiliate, or of changes in applicable laws, regulations or accounting principles, if the Administrator determines that such adjustments are appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be
made available under the Plan or necessary or appropriate to comply with applicable laws, rules or regulations. 
 [Signature Page to
Follow] 
  

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

			
	BB&T CORPORATION
		
	By:	 	 
		 	John A. Allison
		 	Chairman and CEO

  

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

  

 - 10 -Exhibit 10.15

 EXHIBIT 10.15 
 2006 DECLARATION OF AMENDMENT 
 TO BB&T CORPORATION NON-QUALIFIED 
 DEFINED CONTRIBUTION PLAN 
 THIS
DECLARATION OF AMENDMENT, made the 27th day of June, 2006, by BB&T Corporation (the “Company”) to the BB&T Corporation Non-Qualified Defined Contribution Plan (the “plan”). 
 R E C I T A L S : 
 It is deemed advisable to amend the plan to provide that the Company may make Company discretionary credits on behalf of participants in the plan.

 NOW, THEREFORE, the plan shall be and hereby is amended, effective as of the date hereof, as follows: 
 1. Add the following new Section 3.4 immediately following Section 3.3: 
 “3.4 Company Discretionary Credits: 
 3.4.1 Amount of Company Discretionary Credits: At the discretion of the Company and pursuant to the directions of the Company, the Committee shall credit to the Matching Account of a Participant a Company
Discretionary Credit, which shall be an amount determined by the Company. The determination of which Participant or Participants shall be credited with a Company Discretionary Credit and the amount of such credit shall be determined solely by the
Company. 
 3.4.2 Time for Crediting Company Discretionary Credits: The amount of Company Discretionary Credits to be credited
to the Matching Account of the Participant shall be credited by the Committee to the Participant’s Matching Account at such time or times as the Committee so designates.” 
 2. Add the following new Section 2.10 immediately following Section 2.9 and renumber the remaining subsections of Section 2 accordingly:

 “2.10 ‘Company Discretionary Credits’ means the amounts credited to the Participant’s Matching
Account by the Committee pursuant to the provisions of Section 3.4.” 
 3. Delete the last sentence of Section 13 and
substitute therefor the following: 
 “No additional credits of Salary Reduction Credits, Company Matching Credits, Incentive
Compensation Credits or Company Discretionary Credits shall be made to the respective separate bookkeeping accounts of a Participant following termination of the Plan, but the Account of each Participant shall continue to be adjusted as provided in
Section 7 until the 

 
balance of the Account of the Participant has been fully distributed to him or his Beneficiary. 
 4. Delete the first sentence of Section 1 of Exhibit E in its entirety and substitute therefor the following: 
 “Pursuant to Section 7.1 of the Plan, any Salary Reduction Credits, Company Matching Credits, Incentive Compensation Credits, Company
Discretionary Credits and deemed cash dividends payable with respect to Company Stock Credits which the Participant has elected to be deemed invested in the Investment Fund and which have not previously been credited to the Participant’s Fixed
Rate Accounts shall be converted into Investment Fund Credits as of each Adjustment Date in the manner described in this Section 1.” 
 IN WITNESS WHEREOF, this Declaration of Amendment has been executed as of the day and year first above stated. 
  

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

	
	Attest:
	
	/s/ M. Patricia Oliver
	Secretary

 [Corporate Seal] 
  

 2 

 2005 DECLARATION OF AMENDMENT 
 TO BB&T CORPORATION NON-QUALIFIED 
 DEFINED CONTRIBUTION PLAN

 THIS DECLARATION OF AMENDMENT, made the 25th day of October, 2005, by BB&T Corporation (the “Company”) to the
BB&T Corporation Non-Qualified Defined Contribution Plan (the “plan”). 
 R E C I T A
L S: 
 It is deemed advisable to amend the plan to (i) designate the administrative committee under the plan as the
Employee Benefits Plan Committee; and (ii) designate the Compensation Committee of the Board of Directors of the Company as the committee responsible for selecting the key employees eligible to participate in the plan and the deemed investment
funds under the plan. 
 NOW, THEREFORE, the plan shall be and hereby is amended, effective as of the date hereof, as follows: 
 1. Delete Section 2.8 of the plan in its entirety and substitute therefor the following: 
 “2.8 ‘Committee’ means the Employee Benefits Plan Committee provided for in Section 8.” 
 2. Delete 2.17 of the plan in its entirety and substitute therefor the following: 
 “2.17 ‘Eligible Employee’ means each Employee who is determined by the Compensation Committee of the Board (the ‘Compensation
Committee’) or its delegate to be a highly compensated or management employee and who is selected by the Compensation Committee or its delegate to participate in the Plan. An Employee shall cease to be an Eligible Employee immediately upon the
first to occur of the following (i) the Employee’s termination of Service; (ii) determination by the Compensation Committee or its delegate that the Employee is no longer a highly compensated or management employee; or
(iii) determination by the Compensation Committee or its delegate in its sole discretion that the Employee shall no longer be eligible to participate in the Plan. See Section 2.26 with respect to provisions governing participation in the
Plan by an Eligible Employee. The Compensation Committee may delegate to an authorized officer the authority to make the determinations required by this Section 2.17, including the selection of Employees as Eligible Employees; provided,
however, that the authority to make any determinations with regard to Employees who are officers subject to Section 16 of the Security Exchange Act of 1934, a amended, shall at all times be retained by the Compensation Committee.”

 3. Delete the first sentence of Section 2.24 of the plan and substitute therefor the following:

 ‘“Investment Funds’ means the mutual funds described in Exhibit C attached hereto. The Compensation Committee shall
determine from time to time the mutual funds to be described in Exhibit C and shall cause Exhibit C to be amended accordingly.” 
 4. In
the last sentence of Section 8.2 of the plan, insert the phrase “(including the Compensation Committee”) immediately after the words “Board committee.” 
 5. Delete Section 10.2(i) of the plan in its entirety and renumber the remaining subparagraphs accordingly. 
 6. Insert the following new Section 10.4 to the plan immediately after Section 10.3: 
 “10.4 Compensation Committee: 
 (i) To determine the Employees eligible to participate in the Plan except to the extent otherwise provided in Section 2.17; and 
 (ii) To determine from time to time the mutual funds to be described on Exhibit C. 
 In carrying out its duties and
responsibilities, the provisions of Sections 8.2, 8.3, 8.4, 8.5, 8.10, 8.11, 8.12 and 8.13 shall apply equally to the Compensation Committee.” 
 IN WITNESS WHEREOF, this Declaration of Amendment has been executed as of the day and year first above stated. 
  

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

  

	
	Attest:
	
	/s/ M. Patricia Oliver
	Secretary

 [Corporate Seal] 
  

 2 

 2002 DECLARATION OF AMENDMENT 
 TO THE BB&T CORPORATION 
 NON-QUALIFIED DEFINED CONTRIBUTION PLAN

 THIS DECLARATION OF AMENDMENT, made the 22nd day of October, 2002, by BB&T Corporation (the “Company”), as sponsor of the BB&T Corporation Non- Qualified Defined Contribution Plan (the
“Plan”). 
 R E C I T A L S : 
 It is deemed advisable for the Company to amend the Plan to provide that if a participant elects for his vested Accrued Benefit to be paid to him under
the Term Certain Option as described in Section 5.2.1(1) of the Plan and desires to have his vested Company Stock Accounts, if any, paid to him in shares of Company Stock, his vested Company Stock Accounts will be paid to him under the Term
Certain Option, except that such Company Stock Accounts shall be paid in annual rather than monthly installments. 
 NOW, THEREFORE, it is
declared, that effective as of the date hereof, the Plan shall be and hereby is amended as follows: 
 1. Delete the fourth sentence of
Section 5.2.1 in its entirety and substitute therefor the following: 
 “Notwithstanding any election made by the Participant
pursuant to this Section 5.2.1, if prior to the distribution processing date the Participant advises the Committee in writing that he desires to have his vested Company Stock Accounts, if any, paid to him in shares of Company Stock (as provided
in Section 5.2.4), his vested Company Stock Accounts shall be paid to him in accordance with the distribution option elected by him pursuant to this Section 5.2.1; provided, however, that if the Participant elected the Term Certain Option,
payment of the Participant’s Company Stock Accounts shall be paid to him in approximately equal annual (rather than monthly) installments over the term certain selected by the Participant.” 

 2. Add the following material to the end of Section 5.2.4: 
 “Notwithstanding the foregoing, if a Participant’s vested Company Stock Accounts, if any, are paid to him in annual installments pursuant to
Section 5.2.1, the number of shares of Company Stock initially distributed to the Participant shall be determined by multiplying the value of the Participant’s Company Stock Accounts as of the date benefit payments are to commence by a
fraction, the numerator of which shall be one and the denominator of which shall be the total number of installments to be paid. If a portion of the initial payment would be represented by a fractional share, such portion of the initial payment
shall be paid in cash. As of each anniversary date of the first annual installment payment (the ‘Company Stock Anniversary Date’), the number of shares of Company Stock distributed to the Participant shall be determined by multiplying the
value of the Participant’s Company Stock Accounts as of the Company Stock Anniversary Date by a fraction, the numerator of which shall be one and the denominator of which shall be the number of installments remaining to be paid. If a portion of
any subsequent installment payment would be represented by a fractional share, such portion of the subsequent installment payment shall be paid in cash. The Company Stock Account shall continue to be adjusted as provided in Section 7 until the
entire balance credited to the Company Stock Account has been distributed.” 
 3. Delete the first word of the first sentence of
Section 5.2.5 and substitute therfor the phrase “Except as otherwise provided in Section 5.2.4, if”. 
 IN WITNESS
WHEREOF, this Amendment has been executed by the Company as of the day and year first above written. 
  

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

	
	Attest:
	
	/s/ Jerone C. Herring
	Secretary

 [Corporate Seal] 

 BB&T CORPORATION 
 NON-QUALIFIED DEFINED CONTRIBUTION PLAN 
 AMENDED AND RESTATED 
 EFFECTIVE NOVEMBER 1, 2001 

 BB&T CORPORATION 
 NON-QUALIFIED DEFINED CONTRIBUTION PLAN 
 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	 Section 1.
	  	Establishment and Purpose	  	1
	 1.1
	  	Establishment of Plan	  	1
	 1.2
	  	Purpose of Plan	  	1
	 1.3
	  	Application of Plan	  	2
			
	 Section 2.
	  	Definitions and Construction	  	2
	 2.1
	  	Account	  	2
	 2.2
	  	Accrued Benefit	  	3
	 2.3
	  	Adjustment Date	  	3
	 2.4
	  	Affiliate	  	3
	 2.5
	  	Beneficiary	  	3
	 2.6
	  	Board	  	3
	 2.7
	  	Code	  	3
	 2.8
	  	Committee	  	4
	 2.9
	  	Company	  	4
	 2.10
	  	Company Matching Credits	  	4
	 2.11
	  	Company Stock	  	4
	 2.12
	  	Company Stock Credit	  	4
	 2.13
	  	Covered Compensation	  	4
	 2.14
	  	Crediting Rate	  	5
	 2.15
	  	Deferral Election Form	  	5
	 2.16
	  	Effective Date	  	5
	 2.17
	  	Eligible Employee	  	5
	 2.18
	  	Employee	  	6
	 2.19
	  	Employer	  	6
	 2.20
	  	Entry Date	  	6
	 2.21
	  	ERISA	  	6
	 2.22
	  	Incentive Compensation Credits	  	6
	 2.23
	  	Incentive Compensation Plan	  	6
	 2.24
	  	Investment Funds	  	7
	 2.25
	  	Investment Fund Credit	  	7
	 2.26
	  	Participant	  	7
	 2.27
	  	Plan	  	8
	 2.28
	  	Plan Year	  	8
	 2.29
	  	Prior Plan	  	8
	 2.30
	  	Salary Reduction Election Form	  	8
	 2.31
	  	Salary Reduction Credits	  	8
	 2.32
	  	Savings Plan	  	8

					
	 2.33
	  	Service	  	9
	 2.34
	  	Spouse or Surviving Spouse	  	9
			
	 Section 3.
	  	Credits to Account	  	9
	 3.1
	  	Salary Reduction Credits	  	9
	 3.2
	  	Company Matching Credits	  	10
	 3.3
	  	Incentive Compensation Credits	  	10
			
	 Section 4.
	  	Vesting	  	11
			
	 Section 5.
	  	Payment of Benefits	  	11
	 5.1
	  	Distribution	  	11
	 5.2
	  	Payment of Benefits for Reasons Other Than Death	  	12
	 5.3
	  	Payment of Death Benefit	  	14
	 5.4
	  	Rules	  	14
			
	 Section 6.
	  	Unforeseeable Emergency Payments	  	15
	 6.1
	  	Conditions for Request	  	15
	 6.2
	  	Written Request	  	15
	 6.3
	  	Processing of Request	  	15
	 6.4
	  	Rules	  	16
			
	 Section 7.
	  	Deemed Investments and Adjustment of Accounts	  	16
	 7.1
	  	Deemed Investment of Accounts in Investment Funds	  	17
	 7.2
	  	Deemed Investment in Company Stock by Former Stock	  	
		  	Plan Participants	  	18
	 7.3
	  	Adjustment of Fixed Rate Account	  	20
	 7.4
	  	Adjustment of Investment Fund Accounts	  	23
	 7.5
	  	Adjustment of Company Stock Account	  	23
	 7.6
	  	Rules	  	24
			
	 Section 8.
	  	Administration by Committee	  	24
	 8.1
	  	Membership of Committee	  	24
	 8.2
	  	Committee Officers; Subcommittee	  	24
	 8.3
	  	Committee Meetings	  	25
	 8.4
	  	Transaction of Business	  	25
	 8.5
	  	Committee Records	  	25
	 8.6
	  	Establishment of Rules	  	26
	 8.7
	  	Conflicts of Interest	  	26
	 8.8
	  	Correction of Errors	  	26
	 8.9
	  	Authority to Interpret Plan	  	26
	 8.10
	  	Third Party Advisors	  	27
	 8.11
	  	Compensation of Members	  	27
	 8.12
	  	Committee Expenses	  	27
	 8.13    
	  	Indemnification of Committee	  	27
			
	 Section 9.
	  	Funding	  	28

  

 ii 

					
	 Section 10.
	  	Allocation of Responsibilities	  	28
	 10.1
	  	Board	  	28
	 10.2
	  	Committee	  	29
	 10.3
	  	Plan Administrator	  	29
			
	 Section 11.
	  	Benefits Not Assignable; Facility of Payments	  	29
	 11.1
	  	Benefits Not Assignable	  	29
	 11.2
	  	Payments to Minors and Others	  	30
			
	 Section 12.
	  	Beneficiary	  	30
			
	 Section 13.
	  	Amendment and Termination of Plan	  	31
			
	 Section 14.
	  	Communication to Participants	  	32
			
	 Section 15.
	  	Claims Procedure	  	32
	 15.1
	  	Filing of a Claim for Benefits	  	32
	 15.2
	  	Notification to Claimant of Decision	  	32
	 15.3
	  	Procedure for Review	  	33
	 15.4
	  	Decision on Review	  	33
	 15.5
	  	Action by Authorized Representative of Claimant	  	34
			
	 Section 16.
	  	Special Provisions Relating to Southern National ESOP Excess Plan	  	34
			
	 Section 17.
	  	 Special Provisions Relating to Capital Accumulation Plan
 for Eligible Key Employees of Southern National Corporation
	  	35
			
	 Section 18.
	  	 Special Provisions Relating to Supplemental
 Retirement Benefit of Prior Plan
	  	35
			
	 Section 19.
	  	Parties to the Plan	  	36
	 19.1
	  	Single Plan	  	36
	 19.2
	  	Service; Allocation of Costs	  	36
	 19.3
	  	Committee	  	36
	 19.4
	  	Authority to Amend and Terminate	  	37
			
	 Section 20.
	  	 Compliance with Section 16 of the Securities Exchange
 Act of 1934 and Rule 16b-3 Trading Restrictions
	  	37
			
	 Section 21.
	  	Miscellaneous Provisions	  	37
	 21.1
	  	Notices	  	37
	 21.2
	  	Lost Distributees	  	38
	 21.3
	  	Reliance on Data	  	38
	 21.4
	  	Receipt and Release for Payments	  	38
	 21.5
	  	Headings	  	38
	 21.6
	  	Continuation of Employment	  	38
	 21.7
	  	Construction	  	39
	 21.8
	  	Nonliability of Employer	  	39
	 21.9
	  	Severability	  	39
	 21.10
	  	Merger and Consolidation	  	39
	 21.11
	  	Withholding Taxes	  	39

  

 iii 

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

  

 iv 

 BB&T CORPORATION 
 NON-QUALIFIED DEFINED CONTRIBUTION PLAN 
 Section 1. Establishment and Purpose:

 1.1 Establishment of Plan: Effective as of January 1, 1997, BB&T Corporation (formerly, Southern National
Corporation) adopted the “Southern National Corporation Non-Qualified Defined Contribution Plan” (the “Prior Plan”). As of May 16, 1997, the name of the Prior Plan was changed to the “BB&T Corporation Non-Qualified
Defined Contribution Plan.” The Prior Plan is hereby amended and restated, effective as of November 1, 2001, and shall be known as the BB&T CORPORATION NON-QUALIFIED DEFINED CONTRIBUTION PLAN (the “Plan”). All benefits
from this Plan shall be payable solely from the general assets of the Company and participating Affiliates. The Plan is comprised of both an “excess benefit plan” within the meaning of Section 3(36) of ERISA and an unfunded plan
maintained for the purposes of providing deferred compensation to a “select group of management or highly compensated employees” within the meaning of Sections 201(2), 301(a)(3) and 401(a)(l) of ERISA. The Plan, therefore, is intended to
be exempt from the participation, vesting, funding, and fiduciary requirements of Title I of ERISA. 
 1.2 Purpose of Plan: The
primary purpose of the Plan is to supplement the benefits payable to certain participants under the qualified BB&T Corporation 401(k) Savings Plan to the extent that such benefits are curtailed by the application of certain limits imposed by the
Code. The Plan is also intended to provide certain participants in the Company’s executive incentive compensation plans with an effective means of deferring on a pre-tax basis a portion of the payments they are entitled to receive under such
plans. 

 1.3 Application of Plan: The terms of this Plan are applicable only to Participants who are
in the Service of the Company or a participating Affiliate on or after November 1, 2001. The benefits with respect to the Employees who terminated, retired, or died before this date shall be determined under the Prior Plan, except as explicitly
provided elsewhere in this Plan. 
 Section 2. Definitions and Construction: 
 Wherever appropriate, words used in the Plan in the singular may include the plural, or the plural may be read as the singular. References to one gender
shall include the other. A capitalized term used, but not defined in the Plan, shall have the same meaning given in Section 1 of the Savings Plan, depending on the context in which the term is used. Whenever used in this Plan, including
Section 1 and this Section 2, the following capitalized terms shall have the meaning set forth below (unless otherwise indicated by the context) rather than any definition provided under the Savings Plan: 
 2.1 “Account” means the aggregate of the unfunded, separate bookkeeping accounts established and maintained with respect to each
Participant pursuant to the provisions of Section 7. The separate bookkeeping accounts that maybe established and maintained with respect to the Account shall include the following: 
 2.1.1 “Incentive Compensation Account” means the separate bookkeeping account to be kept for each Participant to which
Incentive Compensation Credits under any designated Incentive Compensation Plan shall be credited. 
 2.1.2 “Matching
Account” means the separate bookkeeping account to be kept for each Participant to which Company Matching Credits shall be credited. 
 2.1.3 “Prior Plan Account” means the separate bookkeeping account to be kept for each Participant to reflect that portion of the Account (if any) attributable to an account maintained by an Employer
on behalf of a Participant pursuant to any other unfunded nonqualified plan or contract of deferred compensation which was transferred to this Plan at the direction of the Committee. 
  

 2 

 2.1.4 “Salary Reduction Account” means the separate bookkeeping account
to be kept for each Participant to which Salary Reduction Credits shall be credited. 
 Separate sub-accounts shall be established and maintained with
respect to each separate bookkeeping account, which sub-accounts shall include a “Fixed Rate Account,” one or more “Investment Fund Accounts” and a “Company Stock Account.” The Fixed Rate Account, the Investment Fund
Accounts and the Company Stock Account shall be adjusted in the manner provided in Section 7. 
 2.2 “Accrued Benefit”
means with respect to each Participant the balance credited to his Account as of the applicable Adjustment Date following adjustment thereof as provided in Section 7. 
 2.3 “Adjustment Date” means each day securities are traded on the New York Stock Exchange, except regularly scheduled holidays of Branch
Banking and Trust Company (“BB&T”), a North Carolina corporation with its principal office at Winston-Salem, North Carolina. 
 2.4 “Affiliate” means any corporation which, with the Company, is a member of a controlled group of employers as defined in Section 414(b) of the Code. 
 2.5 “Beneficiary” means the person, persons or entity designated or determined pursuant to the provisions of Section 12 of the Plan
to receive the balance of the Participant’s Account under this Plan, if any, after his death. 
 2.6 “Board”
means the Board of Directors of the Company. 
 2.7 “Code” means the Internal Revenue Code of 1986, as amended, and rules
and regulations issued thereunder. 
  

 3 

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

 2.9 “Company” means BB&T Corporation, a North Carolina corporation with its principal office at Winston-Salem, North
Carolina, or any successor thereto by merger, consolidation or otherwise. 
 2.10 “Company Matching Credits” means
the amounts credited to the Participant’s Matching Account by the Committee pursuant to the provisions of Section 3.2. 
 2.11
“Company Stock” means the Company’s $5 par value common stock. “Company Stock Fund” means the BB&T Corporation Common Stock Fund, which consists primarily of shares of Company Stock. 
 2.12 “Company Stock Credit” means a bookkeeping unit used for the purpose of crediting deemed shares of the Company Stock Fund to the
Company Stock Accounts of each Participant for whom a Company Stock Account is established pursuant to Section 7. Each Company Stock Credit shall be equal to one share of the Company Stock Fund. The value of each Company Stock Credit shall be
equivalent to the net value of a share of the Company Stock Fund as of the applicable Adjustment Date. 
 2.13 “Covered
Compensation” means the wages within the meaning of Section 3401 (a) of the Code and all other payments of compensation to the Participant by the Employer (in the course of the Employer’s trade or business) for which the
Employer is required to furnish the Participant a written statement (as currently reportable on Form W-2) under Sections 6041(d), 6051(a)(3) and 6052 of the Code, but determined without regard to any rules that limit the remuneration included in
wages based on the nature or location of the employment or the services performed, subject to the following adjustments: 
  

 4 

 (a) There shall be excluded amounts paid or reimbursed by the Employer for moving
expenses incurred by the Participant to the extent that at the time of payment it is reasonable to believe that these amounts are deductible by the Participant under Section 217 of the Code; 
 (b) There shall be excluded any fringe benefits or welfare benefits; 
 (c) There shall be included any amounts contributed by the Participant to an employee benefit plan maintained by the Employer pursuant to
a salary reduction agreement which are not includible in the gross income of the Participant under Sections 125, 132(f)(4), 402(e)(3), 402(h) or 403(b) of the Code; 
 (d) There shall be included any compensation deferred pursuant to Sections 3.1 and 3.3 of this Plan; and 
 (e) There shall be included amounts in excess of the limitation described in Section 401(a)(17) of the Code. 
 2.14 “Crediting Rate” means the rate in effect as of the first day of each Plan Year and utilized throughout the entire Plan Year in
crediting interest to the balance in the Fixed Rate Accounts of each Participant. The Crediting Rate shall be determined in the manner described in Exhibit A attached hereto, as the same may be amended from time to time by the Committee. Prior to
the beginning of each Plan Year, the Committee shall notify the Participants in writing of the Crediting Rate for such Plan Year. 
 2.15 “Deferral Election Form” means the election form executed by the Participant pursuant to the provisions of Section 3.3 of the Plan. 
 2.16 “Effective Date” means November 1, 2001. 
 2.17 “Eligible Employee” means each Employee who is determined by the Committee to be a highly compensated or management employee and who is selected by the Committee to participate in the Plan. An
Employee shall cease to be an Eligible Employee immediately upon the first to occur of the following: (i) the Employee’s termination of Service; 

  

 5 

 
(ii) determination by the Committee that the Employee is no longer a highly compensated or management employee; or (iii) determination by the Committee
in its sole discretion that the Employee shall no longer be eligible to participate in the Plan. See Section 2.26 with respect to provisions governing participation in the Plan by an Eligible Employee. 
 2.18 “Employee” means an individual in the Service of the Employer if the relationship between him and the Employer is the legal
relationship of employer and employee. 
 2.19 “Employer” means the Company and participating Affiliates. See
Section 19 for special provisions concerning participating Affiliates. 
 2.20 “Entry Date” means January 1
of each Plan Year. Under special circumstances, such as the acquisition of an Affiliate, the Committee may designate a date other than January 1 of a Plan Year as an Entry Date. 
 2.21 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended (including amendments of the Code affected thereby)
and rules and regulations issued thereunder. 
 2.22 “Incentive Compensation Credits” means the amounts credited to
the Participant’s Incentive Compensation Account by the Committee pursuant to the provisions of Section 3.3. 
 2.23
“Incentive Compensation Plan” means any executive incentive compensation plan maintained by the Company, as designated by the Committee on Exhibit B attached hereto as the same may be amended from time to time, under which a
Participant is entitled to receive an annual or long-term cash award based on the satisfaction of pre-established, objective performance goals. 
  

 6 

 2.24 “Investment Funds” means the mutual funds described in Exhibit C attached hereto,
as the same may be amended from time to time by the Committee. Prior to the beginning of each Plan Year, the Committee shall notify the Participants in writing of the Investment Funds for such Plan Year. Each mutual fund described in Exhibit C is
sometimes referred to herein as “Investment Fund.” 
 2.25 “Investment Fund Credit” means, with respect to
each Investment Fund, a bookkeeping unit used for the purpose of crediting deemed shares of the Investment Fund to the corresponding Investment Fund Account of each Participant. Each Investment Fund Credit shall be equal to one share of the
Investment Fund. The value of each Investment Fund Credit shall be equivalent to the net value of a share of the Investment Fund as of the applicable Adjustment Date. 
 2.26 “Participant” means with respect to any Plan Year an Eligible Employee who has entered the Plan and any former Employee who has an
Accrued Benefit remaining under the Plan. An Eligible Employee or former Employee on the Effective Date who was a participant in the Prior Plan immediately preceding the Effective Date, shall be a Participant in this Plan on the Effective Date. An
Eligible Employee who has not otherwise entered the Plan shall enter the Plan and become a Participant as of the Entry Date determined by the Committee; provided, that an Eligible Employee shall not become a Participant in this Plan unless
(i) the contributions to his Salary Reduction Contribution (Before-Tax) Account, his Employer Basic Matching Contribution Account and his Employer Supplemental Matching Contribution Account under the Savings Plan are less than such
contributions would otherwise be under the Savings Plan if such plan did not observe the limitations described in Sections 401(a)(17), 401(k), 401(m), 402(g) and 415 of the Code, or if such Plan included deferrals under Sections 3.1 and

  

 7 

 
3.3 of this Plan in its definition of Compensation; or (ii) he is eligible to participate in any Incentive Compensation Plan. A Participant shall cease
to be a Participant as of the date he ceases to be an Eligible Employee or ceases to be a participant in the Savings Plan and any Incentive Compensation Plan. A Participant who separates from Service with the Employer and who later returns to
Service will not be eligible to reenter this Plan and become a Participant except upon satisfaction of such terms and conditions as the Committee shall establish following the Participant’s return to Service, whether or not the Participant
shall have an Accrued Benefit remaining under the Plan on the date of his return to Service. The Eligible Employees eligible to participate in the Plan are designated on Exhibit D attached hereto, as it may be amended from time to time by the
Committee. 
 2.27 “Plan” means the unfunded, non-qualified deferred compensation plan as herein set out or as duly amended.

 2.28 “Plan Year” means the 12-calendar-month period ending on December 31 of each year. 
 2.29 “Prior Plan” means the BB&T Corporation Non-Qualified Defined Contribution Plan as in effect prior to November 1, 2001.

 2.30 “Salary Reduction Election Form” means the election form executed by the Participant pursuant to the provisions
of Section 3.1 of the Plan. 
 2.31 “Salary Reduction Credits” means the amounts credited to the
Participant’s Salary Reduction Account by the Committee pursuant to the provisions of Section 3.1 of the Plan. 
 2.32
“Savings Plan” means the BB&T Corporation 401(k) Savings Plan (as amended and restated as of January 1, 2000), as it may be amended from time to time. 
  

 8 

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

  

 9 

 
and delivering to the Committee a Salary Reduction Election Form in accordance with such rules and procedures as are adopted by the Committee from time to
time. The Salary Reduction Election Form must be received by the Committee prior to the beginning of each Plan Year (or the date the Participant is first eligible to participate in the Savings Plan, if he becomes so eligible during the Plan Year)
and shall be irrevocable for the Plan Year (or remainder of the Plan Year), if applicable. 
 3.2 Company Matching Credits:

 3.2.1 Amount of Company Matching Credits: With respect to each Participant who elects to reduce his Covered
Compensation under Section 3.1, the Committee shall credit to his Matching Account each month the Company Matching Credit, which shall be an amount equal to the difference between (a) and (b), where: 
 (a) is an amount equal to 100% of the first 6% of Covered Compensation elected by the Participant for salary reduction under
Section 2.1 of the Savings Plan (as such Section may be hereafter amended) (but not more than the amount described in Section 3.1.1(a)(2) of the Plan) and for salary reduction under Section 3.1.1(a)(l) of the Plan; and 
 (b) is an amount equal to the maximum Matching Contributions that has been, or will be, made to the Employer Basic Matching Contribution
Account and the Employer Supplemental Matching Contribution Account of the Participant under the Savings Plan (determined with regard to all Savings Plan provisions and the limitations described in Sections 401(a)(17), 401(k), 401(m), 402(g), and
415 of the Code) for such Plan Year. 
 3.2.2 Time for Crediting Company Matching Credits: The amount of Company Matching
Credits to be credited to the Matching Account of the Participant shall be credited by the Committee to the Participant’s Matching Account at the same time and in the same manner as Matching Contributions are credited to the Participant’s
Employer Basic Matching Contribution Account and Employer Supplemental Matching Contribution Account under the Savings Plan. 
 3.3
Incentive Compensation Credits: 
 3.3.1 Amount of Incentive Compensation Credits: Each Participant who is a participant
in any Incentive Compensation Plan may elect, by executing a Deferral Election Form, to defer, on a pretax basis, an amount equal to either 10%, 20%, 30%, 40%, 50%, 60%, 70%, 80%, 90%, or 100% of the benefit otherwise payable to him under such
Incentive Compensation Plan. An amount equal to the amount deferred shall be credited by the Committee as an Incentive Compensation Credit to the Incentive Compensation Account of the Participant. 
  

 10 

 3.3.2 Time for Crediting Incentive Compensation Credits: The amount of Incentive
Compensation Credits to be credited to the Incentive Compensation Account of the Participant shall be credited by the Committee to the Participant’s Incentive Compensation Account as of that date certain which the benefits payable under the
Incentive Compensation Plan would have otherwise been paid to the Participant. 
 3.3.3 Administrative Rules Governing
Incentive Compensation Credits: An election by the Participant to defer benefits earned under an Incentive Compensation Plan pursuant to Section 3.3.1 shall be made on a Deferral Election Form at a time determined by the Committee and shall be
irrevocable when made. In establishing the time of election, the Committee shall select a date that will not result in the constructive receipt of income to a Participant who elects to defer benefits earned under the Incentive Compensation Plan.

 Section 4. Vesting: 
 The interest of a Participant in his Salary Reduction Account, Incentive Compensation Account and Prior Plan Account shall be fully vested (i.e., nonforfeitable) at all times. The interest of a Participant in his
Matching Account (and in the Company Stock Account which is a sub-account with respect to his Matching Account) shall be contingent, except that such interest shall become vested at the same time and in the same manner as his interest in his
Employer Supplemental Matching Contribution Account becomes vested under the Savings Plan. A Participant who is not fully vested in his Company Matching Account shall forfeit the nonvested portion of such account in the same manner and at the same
time that forfeitures occur with respect to his Employer Supplemental Matching Contribution Account under the Savings Plan. 
 Section 5. Payment of Benefits: 
 5.1 Distribution: Except as otherwise provided in
Section 6, the vested Accrued Benefit of a Participant shall be distributed to or with respect to a Participant only upon termination of the Participant’s Service with the Employer (including all Affiliates thereof). Payment of benefits on
account of a non-death termination of Service shall be made in accordance with Section 5.2. Payment of benefits on account of the death of the Participant shall be made in accordance with Section 5.3. 
  

 11 

 5.2 Payment of Benefits for Reasons Other Than Death: 
 5.2.1 Form of Distribution: Subject to the provisions of Section 20, the vested Accrued Benefit of a Participant who has terminated
Service for any reason other than death shall be paid to the Participant or applied for his benefit under one of the following options, as elected by the Participant: 
 (1) Term Certain Option: Payment of his vested Accrued Benefit to him in approximately equal monthly installments over a term certain not
to exceed 180 months. If the term certain selected by the Participant pursuant to this Section 5.2.1 would result in payments of less than $100.00 per month, payments shall be made at the rate of $100.00 per month until the Participant’s
vested Accrued Benefit is paid in full. 
 (2) Lump Sum Option: Payment of his vested Accrued Benefit to him in a lump sum.

 The election of the form of distribution (the “Form Election”) shall be made by the Participant on a form approved by the
Committee and filed with the Committee as provided in Section 5.2.3. If the Participant fails to elect a distribution option, his vested Accrued Benefit shall be paid to him under the Lump Sum Option. Notwithstanding any election made by the
Participant pursuant to this Section 5.2.1, if prior to the distribution processing date the Participant advises the Committee in writing that he desires to have his vested Company Stock Accounts, if any, paid to him in shares of Company Stock
(as provided in Section 5.2.4), his vested Company Stock Accounts shall automatically be paid to him under the Lump Sum Option, and the balance of his vested Account shall be paid to him in accordance with the distribution option elected by him
pursuant to this Section 5.2.1. The amount of a Participant’s vested Accrued Benefit for purposes of any distribution made pursuant to this Section 5 shall be determined as of the Adjustment Date such distribution is actually
processed by the Committee or its designee. 
 5.2.2 Commencement and Timing of Distribution: Except as otherwise provided in
Section 6 and subject to the provisions of Section 20, no benefit payments will be made to the Participant from the Plan under this Section 5.2 until the Service of the Participant is terminated. Payment of his vested Accrued Benefit
shall commence within one of the following periods, as elected by the Participant: 
  

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

  

 12 

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

  

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

  

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

 The election of the date as of which distribution shall commence (the
“Timing Election”) shall be made on a form approved by the Committee and filed with the Committee as provided in Section 5.2.3. If the Participant fails to elect one of these options, Option (1) will be deemed to have been
elected by the Participant. 
 5.2.3 Timing of Election: The Form Election and Timing Election shall be made by the
Participant on or before the Entry Date the Participant enters the Plan. The Participant’s election may be revoked at any time by the Participant during the “Election Period.” The Election Period begins as of the Entry Date the
Participant enters the Plan and ends on the earlier to occur of (i) the date the Participant terminates Service; or (ii) the date which precedes the date payment of his benefit is to commence by twelve (12) calendar months. The Form
Election and Timing Election in effect as of the close of the Election Period shall be irrevocable. 
 5.2.4 Medium of
Distribution: Subject to the provisions of Section 20, distributions from the Plan shall be made in cash unless prior to the distribution processing date the Participant advises the Committee in writing that he desires to receive payment of his
vested Company Stock Accounts, if any, in Company Stock. The number of shares of Company Stock distributable to the Participant shall be determined as of the Adjustment Date the Participant’s distribution from the Plan is actually processed by
the Committee or its designee. Any portion of a payment that would be represented by a fractional share shall be paid in cash irrespective of the Participant’s desire to receive payment in the form of Company Stock. 
 5.2.5 Installment Payments: If the Participant’s vested Accrued Benefit is to be distributed in installments pursuant to the Term
Certain Option, the amount of each monthly installment shall initially be equal to the value of the Account as of the date benefit payments are to commence multiplied by a fraction, the numerator of which shall be one and the denominator of which
shall be the total number of installments to be paid. As of each February 1 (the “Annual Valuation Date”), the amount of the monthly installment payment shall be adjusted so that for the twelve consecutive month period 

  

 13 

 
beginning on such Annual Valuation Date the amount of each monthly installment payment shall be equal to the value of the Account on such Annual Valuation
Date multiplied by a fraction, the numerator of which shall be one and the denominator of which shall be the number of installments remaining to be paid. The Account shall continue to be adjusted as provided in Section 7 until the entire
balance credited to the Account has been paid. 
 5.3 Payment of Death Benefit: On the death of a Participant, his vested Accrued
Benefit shall be paid to his Beneficiary in accordance with the following special provisions: 
 5.3.1 Death Before Payments
Begin: If the Participant dies before payment of his vested Accrued Benefit begins under Section 5.2, payment of his vested Accrued Benefit to his Beneficiary shall commence as soon as practicable following the date of the Participant’s
death but in no event earlier than the sixtieth day next following the date of the Participant’s death. The amount of the Participant’s vested Accrued Benefit for purposes of any distribution made pursuant to this Section 5.3.1 shall
be determined as of the Adjustment Date such distribution is actually processed by the Committee or its designee. The vested Accrued Benefit of the Participant shall be paid to the Beneficiary in cash under the Lump Sum Option described in
Section 5.2.1(2). Notwithstanding the foregoing and subject to the provisions of Section 20, prior to the distribution processing date the Beneficiary may advise the Committee in writing that he desires to have the Participant’s
vested Company Stock Accounts, if any, paid to him in shares of Company Stock rather than in cash. The number of shares of Company Stock distributable to the Beneficiary shall be determined as of the Adjustment Date the death benefit from the Plan
is actually processed by the Committee or its designee. Any portion of a payment that would be represented by a fractional share shall be paid in cash irrespective of the Beneficiary’s desire to receive payment in the form of Company Stock.

 5.3.2 Death After Payments Begin: If the Participant dies on or after payment of his vested Accrued Benefit commences under
Section 5.2, the remaining payments (if any) that would have been made to the Participant had he not died shall be made to the Participant’s Beneficiary in the same manner as they would have been paid to the Participant had he lived.

 5.4 Rules: Subject to the provisions of Section 20, the Committee may from time to time adopt additional policies or rules
governing the manner in which distributions will be made from the Plan so that the Plan may be conveniently administered. 
  

 14 

 Section 6. Unforeseeable Emergency Payments: 
 6.1 Conditions for Request: Subject to the provisions of Section 20, a Participant may, at any time prior to his termination of Service, make
application to the Committee to receive a cash payment in a lump sum of all or a portion of the total amount credited to his Account (other than the nonvested portion of his Matching Account) by reason of an unforeseeable emergency. The amount of a
payment on account of an unforeseeable emergency shall not exceed the amount required to meet the financial hardship created by the unforeseeable emergency and not otherwise reasonably available from other resources of the Participant (including all
amounts that may be withdrawn from the Savings Plan). An unforeseeable emergency is a severe financial hardship to the Participant resulting from a sudden and unexpected illness or accident of the Participant or of a dependent of the Participant,
loss of a Participant’s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant. The determination of whether an unforeseeable emergency exists
within the scope of this Section 6.1 shall be made by the Committee in its sole and absolute discretion, and its decision to grant or deny a payment on account of an unforeseeable emergency shall be final. The Committee shall apply uniform and
nondiscriminatory standards in making its decision. 
 6.2 Written Request: The Participant’s request for a payment on
account of an unforeseeable emergency must be made in writing to the Committee. The request must specify the nature of the financial hardship, the total amount to be paid from his Account, and the total amount of the actual expense incurred or to be
incurred on account of hardship. 
 6.3 Processing of Request: If a payment under this Section 6 is approved, such payment
shall be made as soon thereafter as practicable. The processing of the request shall 

  

 15 

 
be completed as soon as practicable from the date on which the Committee receives the properly completed written request for a payment on account of an
unforeseeable emergency. If a Participant terminates Service after a request is approved in accordance with this Section 6 but prior to payment of the full amount approved, the approval of his request shall be automatically void and the
benefits he is entitled to receive under the Plan shall be paid in accordance with the applicable payment provisions of the Plan. Only one payment because of an unforeseeable emergency shall be made within any Plan Year. A hardship withdrawal made
under this Section 6 shall be charged to the separate bookkeeping accounts which comprise the Account in the following order: (i) Incentive Compensation Account; (ii) Salary Reduction Account; (iii) Prior Plan Account; and
(iv) Matching Account (but only to the extent of the vested portion of the Matching Account). Subject to the provisions of Section 20, with respect to each such separate bookkeeping account, such hardship withdrawal shall be charged to the
Fixed Rate Account, the Investment Fund Accounts and the Company Stock Account with respect to such separate bookkeeping account on a pro rata basis. 
 6.4 Rules: Subject to the provisions of Section 20, the Committee may from time to time adopt additional policies or rules governing the manner in which such payments because of an unforeseeable emergency
may be made so that the Plan may be conveniently administered. 
 Section 7. Deemed Investments and Adjustment of
Accounts: 
 The Committee shall establish and maintain in behalf of each Participant the following four separate bookkeeping accounts
with respect to his Account: (1) Salary Reduction Account; (2) Matching Account; (3) Incentive Compensation Account; and (4) Prior Plan Account. The Committee shall also establish and maintain with respect to each separate

  

 16 

 
bookkeeping account a sub-account entitled the “Fixed Rate Account.” If the Participant elects to have all or a portion of the amount credited to
each separate bookkeeping account deemed invested in one or more of the Investment Funds as provided in Section 7.1, the Committee shall establish a sub-account entitled “Investment Fund Account” with respect to the amount deemed
invested in each Investment Fund. With respect to each Participant who was a Participant in the SNC Excess Plan (as defined in Section 16) or any other nonqualified plan which was merged into or consolidated with this Plan and, at the time of
such merger or consolidation, allowed the participants’ accounts to be deemed invested in the Company Stock Fund (the “Former Stock Plans”), the Committee shall also establish and maintain with respect to his Salary Reduction Account
and his Matching Account a sub-account entitled “Company Stock Account.” Each Participant who has a Company Stock Account shall sometimes be referred to herein as a “Former Stock Plan Participant.” In no event shall the Committee
establish and maintain a Company Stock Account on behalf of a Participant other than a Former Stock Plan Participant. 
 7.1 Deemed
Investment of Accounts in Investment Funds: In accordance with procedures adopted by the Committee, a Participant may elect to have all or a portion (in whole percentages of 1%) of the amount credited to each separate bookkeeping account deemed
invested in one or more of the Investment Funds. An election to invest in the Investment Funds shall be made by the Participant in accordance with such rules and procedures as are adopted by the Committee from time to time. Subject to the provisions
of Section 7.2, any amounts credited to each separate bookkeeping account of the Participant which are not deemed to be invested in the Investment Funds shall be credited to the Fixed Rate Account (which functions as a sub-account of the
applicable separate bookkeeping account) and shall be credited with earnings as described in Section 7.3. Unless modified or revoked by the Participant, an election to invest 

  

 17 

 
in the Investment Funds shall continue in effect until such time as the distribution of the Participant’s vested Accrued Benefit is processed by the
Committee or its designee in accordance with the provisions of Section 5. A Participant unilaterally may modify or revoke his election as of any Adjustment Date by providing advance notice to the Committee in accordance with such rules and
procedures as are adopted by the Committee from time to time. Any amount the Participant has elected to be deemed invested in an Investment Fund shall be converted into Investment Fund Credits with respect to that Investment Fund in the manner and
as of the Adjustment Date described in Exhibit E attached hereto, as the same may be amended from time to time by the Committee. The value of any Investment Fund Credits the Participant has elected to be deemed sold from an Investment Fund Account
and credited to another Investment Fund Account or to his Fixed Rate Account shall be determined in the manner and as of the Adjustment Date described in Exhibit E attached hereto, as the same may be amended from time to time by the Committee. All
deemed dividends, capital gains or other income distributions payable with respect to the Investment Fund Credits allocated to an Investment Fund Account shall be converted into Investment Fund Credits in the manner and as of the Adjustment Date
described in Exhibit E attached hereto, as the same may be amended from time to time by the Committee. In the event the Committee shall change the manner in which amounts are to be converted to Investment Fund Credits or the manner in which
Investment Fund Credits are to be deemed sold, it shall communicate such change to Participants in writing in advance of the date such change is to be effective. Fractional shares shall be accounted for as such. The Investment Fund Accounts shall be
adjusted as provided in Section 7.4. 
 7.2 Deemed Investment in Company Stock by Former Stock Plan Participants: The amounts
transferred from the accounts under the Former Stock Plans which 

  

 18 

 
were deemed invested in the Company Stock Fund shall remain deemed invested in the Company Stock Fund. In no event shall any other amounts credited to
Accounts under the Plan he deemed invested in the Company Stock Fund. Notwithstanding the foregoing and in accordance with procedures adopted by the Committee, a Former Stock Plan Participant who was a participant in one of the nonqualified plans
described in Exhibit H (each such Participant sometimes being referred to herein as a “Qualifying Former Stock Plan Participant”) may elect as of any Adjustment Date to have all or a portion (in whole percentages of 1%) of his Company
Stock Credits credited to his Company Stock Accounts (which accounts function as sub-accounts of the Salary Reduction Account and the Matching Account) deemed sold and the deemed cash proceeds therefrom credited to his Fixed Rate Accounts (which
accounts function as sub-accounts of the Salary Reduction Account and the Matching Account) and his Investment Fund Accounts (which accounts function as sub-accounts of the Salary Reduction Account and the Matching Account) in accordance with the
most recent election made by the Participant pursuant to Section 7.1. An election to sell Company Stock Credits shall be made by the Qualifying Former Stock Plan Participant in accordance with such rules and procedures as are adopted by the
Committee from time to time and shall be irrevocable when made. The value of any Company Stock Credits the Qualifying Former Stock Plan Participant has elected to be deemed sold shall be determined in the manner and as of the Adjustment Date
described in Exhibit F attached hereto, as the same may be amended from time to time by the Committee. In the event the Committee shall change the manner in which the value of Company Stock Credits deemed sold from the Company Stock Accounts are
determined, it shall communicate such change to Qualifying Former Stock Plan Participants in writing in advance of the date such change is to be effective. All deemed cash dividends payable with respect to Company Stock 
  

 19 

 
Credits then allocated to the Participant’s Company Stock Accounts shall be credited to his Fixed Rate Accounts (which accounts function as sub-accounts
of the Salary Reduction Account and the Matching Account) and his Investment Fund Accounts (which accounts function as sub-accounts of the Salary Reduction Account and the Matching Account) in accordance with the most recent election made by the
Participant pursuant to Section 7.1. Company Stock Credits which have not been deemed sold shall remain in the Company Stock Accounts and such Accounts shall be adjusted as provided in Section 7.5. 
 7.3 Adjustment of Fixed Rate Account: Except as provided in Sections 7.4 and 7.5 with respect to the adjustment of the Investment Fund Accounts
and the Company Stock Accounts, as of the close of business of the Company on each Adjustment Date, each Fixed Rate Account with respect to each separate bookkeeping account shall be adjusted as follows: 
 7.3.1 Salary Reduction Fixed Rate Account: The Fixed Rate Account (which account functions as a sub-account of the Salary Reduction
Account) of each Participant shall be adjusted in this order: 
 (1) There shall be debited (i) the total amount of any
payments deemed made from such account since the next preceding Adjustment Date, and (ii) the total amount deemed applied since the next preceding Adjustment Date to the deemed purchase of Investment Fund Credits for the Investment Fund
Accounts of the Participant (which accounts function as sub-accounts of the Salary Reduction Account). 
 (2) There shall be
credited the total amount of any Salary Reduction Credits made to such account with respect to the Participant since the last preceding Adjustment Date. 
 (3) There shall be credited (i) deemed cash dividends payable with respect to Company Stock Credits then allocated to the Company Stock Account of the Participant which the Participant has elected to be credited
to his Fixed Rate Account, (ii) cash proceeds from the deemed sale of any Company Stock Credits then allocated to the Company Stock Account of the Participant which the Participant has elected to be credited to his Fixed Rate Account, and
(iii) cash proceeds from the deemed sale of any Investment Fund Credits then allocated to the Investment Fund Accounts of the Participant which the Participant has elected to be credited to his Fixed Rate Account. 
  

 20 

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

 21 

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

  

 22 

 (4) There shall be credited an amount equal to the product of (A) and (B), where
(A) is the balance credited to the Fixed Rate Account (which account functions as a sub-account of the Prior Plan Account) as of such Adjustment Date (after adjustment for any distributions as of such adjustment date but prior to adjustment for
credits as of such date), and (B) is the Crediting Rate. 
 7.4 Adjustment of Investment Fund Accounts: The provisions of this
Section 7.4 shall apply separately to each Investment Fund Account of the Participant. As of the close of business of the Company on each Adjustment Date, the number of Investment Fund Credits allocated to the Investment Fund Account of each
Participant with respect to each separate bookkeeping account shall be adjusted in the following order: 
 7.4.1 There shall
be debited any Investment Fund Credits deemed sold from the Investment Fund Account since the next preceding Adjustment Date. 
 7.4.2 There shall be credited (i) any shares of the Investment Fund deemed purchased with amounts converted into Investment Fund Credits, and (ii) any additional shares of Investment Fund Credits deemed purchased as a result of
any deemed dividends, capital gains or other income distributions payable since the next preceding Adjustment Date with respect to Investment Fund Credits allocated to the Participant’s Investment Fund Account. 
 7.4.3 There shall be debited any Investment Fund Credits forfeited with respect to the Investment Fund Account of the Matching Account
since the next preceding Adjustment Date. 
 7.5 Adjustment of Company Stock Account: As of the close of business of the Company on
each Adjustment Date, the number of Company Stock Credits allocated to the Company Stock Account of each Participant with respect to each separate bookkeeping account shall be adjusted in the following order: 
 7.5.1 There shall be debited any Company Stock Credits deemed distributed or deemed sold from the Company Stock Account since the next
preceding Adjustment Date. 
 7.5.2 There shall be credited any additional shares of Company Stock Credits deemed issued in
connection with any deemed dividends, a stock split or similar transaction since the next preceding Adjustment Date with respect to Company Stock Credits allocated to the Participant’s Company Stock Account. 
  

 23 

 7.5.3 There shall be debited any Company Stock Credits forfeited with respect to the
Company Stock Account of the Matching Account since the next preceding Adjustment Date. 
 The aggregate number of Company Stock Credits credited to the
Company Stock Account may be appropriately adjusted as the Committee may determine for any increase or decrease in the number of shares of issued Company Stock resulting from a subdivision or consolidation of shares, whether through reorganization,
recapitalization, stock split-up, stock distribution or combination of shares, or the payment of a share dividend or other increase or decrease in the number of such shares outstanding effected without receipt of consideration by the Company.
Adjustments under this Section 7.5 shall be made according, to the sole discretion of the Committee, and its decisions shall be binding and conclusive. 
 7.6 Rules: Subject to the provisions of Section 20, the Committee may establish any rules or regulations necessary to implement the provisions of this Section 7. 
 Section 8. Administration by Committee: 
 8.1 Membership of Committee: The Committee shall consist of not less than three nor more than seven individuals who shall be appointed by the Board to serve at the pleasure of the Board. Any member of the
Committee may resign, and his successor, if any, shall be appointed by the Board. The Committee shall be responsible for the general administration and interpretation of the Plan and for carrying out its provisions, except to the extent all or any
of such obligations are specifically imposed on the Board. 
 8.2 Committee Officers; Subcommittee: The members of the
Committee shall elect a Chairman and may elect an acting Chairman. They shall also elect a Secretary and 

  

 24 

 
may elect an acting Secretary, either of whom may be but need not be a member of the Committee. The Committee may appoint from its membership such
subcommittees with such powers as the Committee shall determine, and may authorize one or more of its members or any agent to execute or deliver any instruments or to make any payment in behalf of the Committee. The Chairman of the Committee shall
constitute the Plan Administrator and shall be agent for service of legal process on the Plan. In addition, notwithstanding any provision herein, any subcommittee established by the Committee or any Board committee or subcommittee may be granted
such authority, and be comprised of such members, as is necessary to comply with the conditions imposed by Rule 16b-3, promulgated under Section 16 of the Securities Exchange Act of 1934, as amended (the “1934 Act”). 
 8.3 Committee Meetings: The Committee shall hold such meetings upon such notice, at such places and at such intervals as it may from time to time
determine. Notice of meetings shall not be required if notice is waived in writing by all the members of the Committee at the time in office, or if all such members are present at the meeting. 
 8.4 Transaction of Business: A majority of the members of the Committee at the time in office shall constitute a quorum for the transaction of
business. All resolutions or other actions taken by the Committee at any meeting shall be by vote of a majority of those present at any such meeting and entitled to vote. Resolutions may be adopted or other action taken without a meeting upon
written consent thereto signed by all of the members of the Committee. 
 8.5 Committee Records: The Committee shall maintain full and
complete records of its deliberations and decisions. The minutes of its proceedings shall be conclusive 

  

 25 

 
proof of the facts of the operation of the Plan. The records of the Committee shall contain all relevant data pertaining to individual Participants and their
rights under the Plan. 
 8.6 Establishment of Rules: Subject to the limitations of the Plan, the Com- mittee may from time to time
establish rules or by-laws for the administration of the Plan and the transaction of its business. 
 8.7 Conflicts of Interest: No
individual member of the Committee shall have any right to vote or decide upon any matter relating solely to himself or to any of his rights or benefits under the Plan (except that such member may sign unanimous written consent to resolutions
adopted or other action taken without a meeting). 
 8.8 Correction of Errors: The Committee may correct errors and, so far as
practicable, may adjust any benefit or credit or payment accordingly. The Committee may in its discretion waive any notice requirements in the Plan; provided, that a waiver of notice in one or more cases shall not be deemed to constitute a waiver of
notice in any other case. With respect to any power or authority which the Committee has discretion to exercise under the Plan, such discretion shall be exercised in a nondiscriminatory manner. 
 8.9 Authority to Interpret Plan: Subject to the claims procedure set forth in Section 15, the Committee and the Plan Administrator shall have
the duty and discretionary authority to interpret and construe the provisions of the Plan and decide any dispute which may arise regarding the rights of Participants hereunder, including the discretionary authority to interpret the Plan and to make
determinations as to eligibility for participation and benefits under the Plan. Interpretations and determinations by the Committee and the Plan Administrator shall apply uniformly to all persons similarly situated and shall be binding and
conclusive on all interested persons. Such interpretations and determinations shall only be set aside if the 

  

 26 

 
Committee and the Plan Administrator are found to have acted arbitrarily and capriciously in interpreting and construing the provisions of the Plan.

 8.10 Third Party Advisors: The Committee may engage an attorney, accountant or any other technical advisor on matters regarding the
operation of the Plan and to perform such other duties as shall be required in connection therewith, and may employ such clerical and related personnel as the Committee shall deem requisite or desirable in carrying out the provisions of the Plan.

 8.11 Compensation of Members: No fee or compensation shall be paid to any member of the Committee for his service as such.

 8.12 Committee Expenses: The Committee shall be entitled to reimbursement by the Company for its reasonable expenses properly and
actually incurred in the performance of its duties in the administration of the Plan. 
 8.13 Indemnification of Committee: No member
of the Committee shall be personally liable by reason of any contract or other instrument executed by him or on his behalf as a member of the Committee nor for any mistake of judgment made in good faith, and the Company shall indemnify and hold
harmless, directly from its own assets (including the proceeds of any insurance policy the premiums for which are paid from the Company’s own assets), each member of the Committee and each other officer, Employee, or director of the Company to
whom any duty or power relating to the administration or interpretation of the Plan may be delegated or allocated, against any unreimbursed or uninsured cost or expense (including any sum paid in settlement of a claim with the prior written approval
of the Board) arising out of any act or omission to act in connection with the Plan unless arising out of such person’s own fraud, bad faith, willful misconduct or gross negligence. 
  

 27 

 Section 9. Funding: 
 The Plan is intended to be both an excess benefit plan and an unfunded plan of deferred compensation maintained for a select group of highly compensated
or management employees. The obligation of the Employer to make payments hereunder shall constitute a general unsecured obligation of the Employer to the Participant. Notwithstanding the foregoing, the Company shall establish and maintain a special
separate fund as provided for in the document entitled “BB&T Corporation Non-Qualified Deferred Compensation Trust.” The Employer shall make contributions to the trust from time to time in accordance with Section 5 thereof.
Notwithstanding the foregoing, no Participant or his Beneficiary shall have any legal or equitable rights, interest or claims in any particular asset of the trust or the Employer by reason of the Employer’s obligation hereunder, and nothing
contained herein shall create or be construed as creating any other fiduciary relationship between the Employer and a Participant or any other person. To the extent that any person acquires a right to receive payments from the trust or the Employer
hereunder, such right shall be no greater than the right of an unsecured creditor of the Employer. 
 Section 10.
Allocation of Responsibilities: 
 The persons responsible for the Plan and the duties and responsibilities allocated to each,
which shall be carried out in accordance with the other applicable terms and provisions of the Plan, shall be as follows: 
 10.1
Board: 
  

	 	(i)	To amend the Plan (other than the Exhibits); 

  

	 	(ii)	To appoint and remove members of the Committee; 

  

	 	(iii)	To terminate the Plan; and 

  

 28 

	 	(iv)	To take any actions required to comply with federal and state securities laws (except to the extent that the Committee or a committee or subcommittee established pursuant to
Section 8.2 is authorized to do so). 

 10.2 Committee: 
  

	 	(i)	To determine the Employees eligible to participate in the Plan; 

  

	 	(ii)	To interpret the provisions of the Plan and to determine the rights of the Participants under the Plan, except to the extent otherwise provided in Section 15 relating to claims
procedure; 

  

	 	(iii)	To administer the Plan in accordance with its terms, except to the extent powers to administer the Plan are specifically delegated to another person or persons as provided in the
Plan; 

  

	 	(iv)	To account for the Accrued Benefits of Participants; 

  

	 	(v)	To direct the Employer in the payment of benefits, and 

  

	 	(vi)	To the extent necessary or advisable, to amend the Exhibits attached hereto. 

 10.3 Plan Administrator: 
  

	 	(i)	To file such reports as may be required with the United States Department of Labor, the Internal Revenue Service and any other government agencies to which reports may be required
to be submitted from time to time; 

  

	 	(ii)	To provide for disclosure of Plan provisions and other information relating to the Plan to Participants and other interested parties; and 

  

	 	(iii)	To administer the claims procedure to the extent provided in Section 15. 

 Section 11. Benefits Not Assignable; Facility of Payments: 
 11.1 Benefits Not
Assignable: No portion of any benefit held or paid under the Plan with respect to any Participant shall be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance or charge, and any attempt so to
anticipate, alienate, sell, transfer, assign, pledge, encumber or charge the same shall be void, nor shall any 

  

 29 

 
portion of such benefit be in any manner payable to any assignee, receiver or any one trustee, or be liable for his debts, contracts, liabilities,
engagements or torts, or be subject to any legal process to levy upon or attach. 
 11.2 Payments to Minors and Others: If any
individual entitled to receive a payment under the Plan shall be physically, mentally or legally incapable of receiving or acknowledging receipt of such payment, the Committee, upon the receipt of satisfactory evidence of his incapacity and
satisfactory evidence that another person or institution is maintaining him and that no guardian or committee has been appointed for him, may cause any payment otherwise payable to him to be made to such person or institution so maintaining him.
Payment to such person or institution shall be in full satisfaction of all claims by or through the Participant to the extent of the amount thereof. 
 Section 12. Beneficiary: 
 The Participant’s Beneficiary shall be the person or
persons designated by the Participant on the beneficiary designation form provided by and filed with the Committee or its designee. If the Participant does not designate a Beneficiary, the Beneficiary shall be his Surviving Spouse. If the
Participant does not designate a Beneficiary and has no Surviving Spouse, the Beneficiary shall be the Participant’s estate. The designation of a Beneficiary may be changed or revoked only by filing a new beneficiary designation form with the
Committee or its designee. If a Beneficiary (the “Primary Beneficiary”) is receiving or is entitled to receive payments under the Plan and dies before receiving all of the payments due him, the balance to which he is entitled shall be paid
to the Contingent Beneficiary, if any, named in the Participant’s current beneficiary designation form. If there is no Contingent Beneficiary, the balance shall be paid to the estate of the Primary Beneficiary. Any Beneficiary may disclaim all
or any part of 

  

 30 

 
any benefit to which such Beneficiary shall be entitled hereunder by filing a written disclaimer with the Committee before payment of such benefit is to be
made. Such a disclaimer shall be made in form satisfactory to the Committee and shall be irrevocable when filed. Any benefit disclaimed shall be payable from the Plan in the same manner as if the Beneficiary who filed the disclaimer had died on the
date of such filing. 
 Section 13. Amendment and Termination of Plan: 
 The Board may amend or terminate the Plan at any time; provided, that in no event shall such amendment or termination reduce any Participant’s
Accrued Benefit as of the date of such amendment or termination, nor shall any such amendment affect the terms of the Plan relating to the payment of such Accrued Benefit without the Participant’s prior written consent to such amendment. Any
such amendment or termination shall be made pursuant to a resolution of the Board and shall be effective as of the date specified in such resolution. Notwithstanding the foregoing, and until otherwise decided by the Board, the officer of the Company
specifically designated in resolutions adopted by the Board shall have the authority to amend the Plan to provide for the merger or consolidation of another non-qualified defined contribution plan into this Plan, and in connection therewith, to set
forth any special provisions that may apply to the participants in such other plan on an Exhibit attached hereto. Upon termination of the Plan, distribution of the Accrued Benefit of a Participant shall be made to the Participant or his Beneficiary
in the manner and at the time described in Section 5 of the Plan. No additional credits of Salary Reduction Credits, Matching Credits, or Incentive Compensation Credits shall be made to the respective separate bookkeeping accounts of a
Participant following termination of the Plan, but the Account of each Participant shall continue to be adjusted as provided in Section 7 until the balance of the Account of the Participant has been fully distributed to him or his Beneficiary.

  

 31 

 Section 14. Communication to Participants: 
 The Company shall communicate the principal terms of the Plan to the Participants. The Company shall make a copy of the Plan available for inspection by
Participants and their Beneficiaries during reasonable hours, at the principal office of the Company. 
 Section 15. Claims
Procedure: 
 The following claims procedure shall apply with respect to the Plan: 
 15.1 Filing of a Claim for Benefits: If a Participant or Beneficiary (the “Claimant”) believes that he is entitled to benefits under the
Plan which are not being paid to him or which are not being accrued for his benefit, he shall file a written claim therefor with the Plan Administrator. In the event the Plan Administrator shall be the Claimant, all actions which are required to be
taken by the Plan Administrator pursuant to this Section 15 shall be taken instead by another member of the Committee designated by the Committee. 
 15.2 Notification to Claimant of Decision: Within 90 days after receipt of a claim by the Plan Administrator (or within 180 days if special circumstances require an extension of time) the Plan Administrator
shall notify the Claimant of his decision with regard to the claim. In the event of such special circumstances requiring an extension of time, there shall be furnished to the Claimant prior to expiration of the initial 90-day period written notice
of the extension, which notice shall set forth the special circumstances and the date by which the decision shall be furnished. If such claim shall be wholly or partially denied, notice thereof shall be in writing and worded in a manner calculated
to be understood by the Claimant, and shall set forth: (i) the 

  

 32 

 
specific reason or reasons for the denial; (ii) specific reference to pertinent provisions of the Plan on which the denial is based; (iii) a
description of any additional material or information necessary for the Claimant to perfect the claim and an explanation of why such material or information is necessary; and (iv) an explanation of the procedure for review of the denial. If the
Plan Administrator fails to notify the Claimant of the decision in timely manner, the claim shall be deemed denied as of the close of the initial 90-day period (or the close of the extension period, if applicable). 
 15.3 Procedure for Review: Within 60 days following receipt by the Claimant of notice denying his claim, in whole or in part, or, if such notice
shall not be given, within 60 days following the latest date on which such notice could have been timely given, the Claimant shall appeal denial of the claim by filing a written application for review with the Committee. Following such request for
review, the Committee shall fully and fairly review the decision denying the claim. Prior to the decision of the Committee, the Claimant shall be given an opportunity to review pertinent documents and to submit issues and comments in writing.

 15.4 Decision on Review: The decision on review of a claim denied in whole or in part by the Plan Administrator shall be made
in the following manner: 
 15.4.1 Within 60 days following receipt by the Committee of the request for review (or
within 120 days if special circumstances require an extension of time), the Committee shall notify the Claimant in writing of its decision with regard to the claim. In the event of such special circumstances requiring an extension of time, written
notice of the extension shall be furnished to the Claimant prior to the commencement of the extension. If the decision on review is not furnished in a timely manner, the claim shall be deemed denied as of the close of the initial 60-day period (or
the close of the extension period, if applicable). 
 15.4.2 With respect to a claim that is denied in whole or in part, the
decision on review shall set forth specific reasons for the decision, shall be written in a manner calculated to be understood by the Claimant, and shall cite specific references to the pertinent Plan provisions on which the decision is based.

 15.4.3 The decision of the Committee shall be final and conclusive. 
  

 33 

 15.5 Action by Authorized Representative of Claimant: All actions set forth in this
Section 15 to be taken by the Claimant may likewise be taken by a representative of the Claimant duly authorized by him to act in his behalf on such matters. The Plan Administrator and the Committee may require such evidence as either may
reasonably deem necessary or advisable of the authority to act of any such representative. 
 Section 16. Special
Provisions Relating to Southern National ESOP Excess Plan: 
 Prior to January 1, 1996, the Company sponsored and maintained the
Southern National ESOP Excess Plan (the “SNC Excess Plan”). The purpose of the SNC Excess Plan was to restore to employees certain benefits (“restoration benefits”) that would have been provided under the Southern National
Corporation 401(k) Savings Plan (formerly known as the “Southern National Employee Stock Ownership Plan”) except for the limitations imposed by Sections 401(k)(3) and 402(g)(l) of the Code. Since the restoration benefits provided by the
SNC Excess Plan are now provided pursuant to Sections 3.1 and 3.2 of this Plan (and which restoration benefits were also provided under the Prior Plan), this Plan eliminates the need for the SNC Excess Plan. Accordingly, the SNC Excess Plan was
frozen as of December 31, 1995. All employees who were participants in the SNC Excess Plan on December 31,1995, automatically became Participants in the Prior Plan on January 1, 1996. All participants’ accounts under the SNC
Excess Plan were combined with the separate bookkeeping accounts of similar character under this Plan as of January 1, 1997. Each Former SNC Excess Plan Participant’s Tax-Deferred Contribution Account (formerly known as his
“Employee’s Pre-Tax Account”) under the SNC Excess Plan became his Salary Reduction Account under this Plan. Each Former SNC Excess 

  

 34 

 
Plan Participant’s Matching Contributions Account (formerly known as his “Company’s Pre-Tax Account”) became his Matching Account under
this Plan. The balance in the accounts of each Former SNC Excess Plan Participant under the SNC Excess Plan were deemed invested in Company Stock. The amounts transferred from the accounts under the SNC Excess Plan to the separate bookkeeping
accounts of similar character under this Plan shall remain deemed invested in Company Stock until a Former SNC Excess Plan Participant elects not to have such amounts deemed invested in Company Stock as provided in Section 7.2. 
 Section 17. Special Provisions Relating to Capital Accumulation Plan for Eligible Key Employees of Southern National Corporation:

 Prior to January 1, 1996, the Company sponsored and maintained the Capital Accumulation Plan for Eligible Key Employees of
Southern National Corporation (the “SNC Cap Plan”). The purpose of the SNC Cap Plan was to provide selected eligible key employees with the opportunity to defer on a pre-tax basis certain cash awards under the Company’s annual and
long-term incentive compensation award plans. Since the pre-tax deferral opportunity is provided under Section 3.3 of this Plan (and was also provided under the Prior Plan), this Plan eliminates the need for the SNC Cap Plan. Accordingly, the
SNC Cap Plan was frozen as of December 31, 1995. All employees who were participants in the SNC Cap Plan automatically became Participants in the Prior Plan on January 1, 1996. Any deferrals credited to a Participant’s account under
the SNC Cap Plan were combined with the credits to his Incentive Compensation Account under this Plan effective as of January 1,1997. 
 Section 18. Special Provisions Relating to Supplemental Retirement Benefit of Prior Plan: 
 Prior to
January 1, 1997, Section 4.1 of the Prior Plan provided a special supplemental retirement benefit (the “Retirement Plan Supplement”) to supplement the benefits 

  

 35 

 
payable to Participants under the tax-qualified Southern National Corporation Pension Plan (the defined benefit plan sponsored by BB&T was formerly known
as the “Retirement Plan for the Employees of Branch Banking and Trust Company”). The provisions of the Prior Plan relating to the Retirement Plan Supplement have been incorporated into a new non-qualified supplemental retirement plan
effective as of January 1, 1997. The new non-qualified supplemental retirement plan is known as the BB&T Corporation Non-Qualified Defined Benefit Plan. 
 Section 19. Parties to the Plan: 
 Subject to the approval of the Board, an
Affiliate that has adopted the Savings Plan may adopt this Plan and become an employer-party to this Plan by resolutions approved by its Board of Directors. The Affiliates which are employer-parties to this Plan are listed on Exhibit G attached
hereto, as the same may be amended from time to time by the Committee. The following special provisions shall apply to all employer-parties to the Plan: 
 19.1 Single Plan: The Plan shall apply as a single plan with respect to all parties as if there were only one employer-party. 
 19.2 Service; Allocation of Costs: Service for purposes of the Plan shall be interchangeable among employer-parties to the Plan and shall not be deemed interrupted or terminated by the transfer at any time of a
Participant from the Service of one employer-party to the Service of another employer-party. In determining the cost of providing benefits under the Plan, each employer-party shall be responsible for the cost associated with the Employees of such
employer-party who are Participants in the Plan. 
 19.3 Committee: The Committee which administers the Plan as applied to the
Company shall also be the Committee as applied to each other employer-party to the Plan. 
  

 36 

 19.4 Authority to Amend and Terminate: The Board of the Company shall have the power to amend or
terminate the Plan as applied to each employer-party. 
 Section 20. Compliance with Section 16 of the Securities
Exchange Act of 1934 and Rule 16b-3 Trading Restrictions: 
 The transactions under the Plan are intended to be structured in
accordance with the 1934 Act, including but not limited to the restrictions imposed by Rule 16b-3 adopted under the 1934 Act. In addition to the provisions contained in the Plan, transactions by persons subject to Section 16 shall be subject to
such further conditions as may be required in order to comply with the terms of Rule 16b-3 and Section 16(b). Without limiting the foregoing, persons subject to Section 16 shall be required to comply with such rules and procedures
regarding Plan participation and transactions as may be established by the Committee or a committee or subcommittee established pursuant to Section 8.2. 
 Section 21. Miscellaneous Provisions: 
 21.1 Notices: Each Participant who
is not in Service and each Beneficiary shall be responsible for furnishing the Plan Administrator with his current address for the mailing of notices, reports, and benefit payments. Any notice required or permitted to be given to such Participant or
Beneficiary shall be deemed given if directed to such address and mailed by regular United States mail, first class, postage prepaid. If any check mailed to such address is returned as undeliverable to the addressee, mailing of checks will be
suspended until the Participant or Beneficiary furnishes the proper address. This provision shall not be construed as requiring the mailing of any notice or notification otherwise permitted to be given by posting or by other publication. 

 

 37 

 21.2 Lost Distributees: A benefit shall be deemed forfeited if the Plan Administrator is unable
after a reasonable period of time to locate the Participant or Beneficiary to whom payment is due; provided, however, that such benefit shall be reinstated if a valid claim is made by or on behalf of the Participant or Beneficiary for the forfeited
benefit. 
 21.3 Reliance on Data: The Employer, the Committee and the Plan Administrator shall have the right to rely on any
data provided by the Participant or by any Beneficiary. Representations of such data shall be binding upon any party seeking to claim a benefit through a Participant, and the Employer, the Committee and the Plan Administrator shall have no
obligation to inquire into the accuracy of any representation made at any time by a Participant or Beneficiary. 
 21.4 Receipt and
Release for Payments: Any payment made from the Plan to or with respect to any Participant or Beneficiary, or pursuant to a disclaimer by a Beneficiary, shall, to the extent thereof, be in full satisfaction of all claims hereunder against the
Plan and the Employer with respect to the Plan. The recipient of any payment from the Plan may be required by the Committee, as a condition precedent to such payment, to execute a receipt and release with respect thereto in such form as shall be
acceptable to the Committee. 
 21.5 Headings: The headings and subheadings of the Plan have been inserted for convenience of
reference and are to be ignored in any construction of the provisions hereof. 
 21.6 Continuation of Employment: The
establishment of the Plan shall not be construed as conferring any legal or other rights upon any Employee or any persons for continuation of employment, nor shall it interfere with the right of the Employer to discharge any Employee or to deal with
him without regard to the effect thereof under the Plan. 
  

 38 

 21.7 Construction: The provisions of the Plan shall be construed and enforced according to the
laws of the State of North Carolina. 
 21.8 Nonliability of Employer: The Employer does not guarantee the Participants, former
Participants or Beneficiaries against loss of or depreciation in value of any right or benefit that any of them may acquire under the terms of the Plan, nor does the Employer guarantee to any of them that the assets of the Employer will be
sufficient to provide any or all benefits payable under the Plan at any time, including any time that the Plan may be terminated or partially terminated. 
 21.9 Severability: All provisions contained in this Plan shall be severable, and in the event that any one or more of them shall be held to be invalid by any competent court, this Plan shall be interpreted as
if such invalid provisions were not contained herein. 
 21.10 Merger and Consolidation: The Employer shall not consolidate or
merge into or with another corporation or entity, or transfer all or substantially all of its assets to another corporation, partnership, trust or other entities (a “Successor Entity”) unless such Successor Entity shall assume the rights,
obligations and liabilities of the Employer under the Plan and upon such assumption, the Successor Entity shall become obligated to perform the terms and conditions of the Plan. 
 21.11 Withholding Taxes: The Employer shall satisfy all federal, state and local withholding tax requirements prior to making any benefit payment
under the Plan. Whenever under the Plan payments are to be made by the Employer in cash, such payments shall be net of any amounts sufficient to satisfy all federal, state and local withholding tax requirements. Whenever payments shall be made in
Company Stock, the Employer shall have the right to require the Participant (or Beneficiary) to remit to the Employer an amount sufficient 

  

 39 

 
to satisfy all federal, state and local withholding tax requirements as a condition to the registration of the transfer of such Company Stock on the books of
the Company. 
 IN WITNESS WHEREOF, this non-qualified, deferred compensation plan is
executed in behalf of the Company on the 8th day of November, 2001, to be effective as of November 1,2001. 
  

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

  

	
	Attest:
	
	/s/ Jerone C. Herring
	Secretary

 [Corporate Seal] 
  

 40

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