Document:

2004 STOCK INCENTIVE PLAN  NONQUALIFIED STOCK OPTION AGREEMENT-EMPLOYEE

 Exhibit 10.11 
 BB&T CORPORATION 
 2004 STOCK INCENTIVE PLAN 
 Nonqualified Stock Option Agreement 
 (Employee) 
  

			
	Name of Participant:	 	  

	Grant Date:	 	  

	Number of Shares Subject to Option:	 	  

	Type of Option:	 	Nonqualified Option
	Date Vesting Begins:	 	  

	Expiration date:	 	  

 THIS AGREEMENT (the “Agreement”), dated effective as of
                         , 20    , between BB&T CORPORATION, a North Carolina
corporation (“BB&T”) for itself and its Affiliates, and
                                        
        , an Employee (the “Participant”), is made pursuant to and subject to the provisions of the BB&T Corporation 2004 Stock Incentive Plan, and it may be amended and/or restated
(the “Plan”). 
 BB&T desires to carry out the purposes of the Plan by affording the Participant an opportunity to
purchase shares of BB&T’s 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 Option. Pursuant to the Plan, effective as of                          ,
20     (the “Grant Date”), BB&T grants to the Participant, subject to the terms and conditions of the Plan and the terms and conditions herein, the right and option (the “Option”) to
purchase from BB&T all or any part of an aggregate of                      shares (the “Shares”) of Common Stock at a
purchase price (the “Option Price”) of $             per share, such Option Price being the Fair Market Value per share of Common Stock on the Grant Date. This
Option is designated as a Nonqualified Option and, as such, is not intended to be an incentive stock option under Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”). Such Option will be vested and
exercisable as hereinafter provided. 
 3. Terms and Conditions. The Option is subject to the following terms and
conditions: 
 (a) Expiration Date. Unless the Option terminates earlier pursuant to the terms of the Plan or this Agreement,
the Option shall expire on                          , 20     (the “Expiration
Date”) (such term commencing with the Grant Date and ending on the Expiration Date being referred to as the “Option Period”). 

 (b) Exercise of Option. Except as provided in Sections 4, 5, 6, 7,8 and 10 and subject to
the authority of the Administrator to accelerate the exercisability of this Option, this Option shall become vested and exercisable with respect to twenty percent (20%) of the Shares subject to the Option on the first year anniversary of the
Grant Date and with respect to an additional twenty percent (20%) of the Shares subject to the Option on each annual anniversary of the Grant Date over the following four years, so that the Option shall be fully vested and fully exercisable on
the fifth year anniversary of the Grant Date. To the extent the Option has become vested and exercisable in accordance with the preceding sentence, it shall continue to be vested and exercisable until the earlier of the termination of the
Participant’s rights hereunder pursuant to Sections 4, 5, 6, 7, 8 and 10, or until the Expiration Date. The Option may be exercised with respect to any number of whole shares less than the full number for which the Option could be exercised. A
partial exercise of the Option shall not affect the Participant’s right to exercise the Option with respect to the remaining Shares, subject to the conditions of the Plan and this Agreement. The Option may not be exercised at any time unless
the Participant shall have been in the continuous service as an Employee from the date hereof to the Exercise Date of the Option, subject to the provisions of Sections 4, 5, 6, 7,8 and 10. 
 (c) Method of Exercising and Payment for Shares. The Option shall be exercised by written notice (the “Notice of Exercise”)
accompanied by payment of the Option Price, delivered to the attention of the Human Systems Division at the office of BB&T Corporation, P.O. Box 1215, 200 West Second Street, Winston-Salem, North Carolina 27102, or at such other location
selected by BB&T. The Exercise Date shall be the date on which BB&T has received both the Notice of Exercise and payment of the Option Price (except as may be otherwise permitted for option exercises made pursuant to Section 6.05(c) of
the Plan). Payment of the Option Price may be made (i) in cash or by cash equivalent, and, if permitted under applicable law, payment may also be made (ii) by delivery of shares of Common Stock owned by the Participant at the time of
exercise for a period of at least six months (or such other time period necessary to avoid variable accounting or other accounting consequences deemed unacceptable to the Administrator); (iii) by delivery of written Notice of Exercise to
BB&T and delivery to a broker of written notice of exercise and irrevocable instructions to promptly deliver to BB&T the amount of sale or loan proceeds to pay the Option Price; or (iv) by any combination of the foregoing methods.
Shares delivered in payment of the Option Price shall be valued at their Fair Market Value on the Exercise Date, as determined in accordance with the Plan. Upon the exercise of an Option in whole or in part, payment of the Option Price in accordance
with the provisions of the Plan and this Agreement, and satisfaction of such other conditions as may be established by the Administrator, BB&T shall promptly deliver to the Participant a certificate or certificates for the Shares purchased.

 In the event that the Option shall be exercised pursuant to this Section 3 by any person other than the Participant, the Notice of
Exercise shall be accompanied by appropriate proof of the right of such person to exercise the Option. 
  

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 (d) Shareholder Rights. The Participant and his legal representative, legatees or
distributees shall not be deemed to be the holder of any Shares subject to the Option and shall not have any rights of a shareholder unless and until certificates for such Shares have been issued and delivered to him or them under the Plan. The
Option shall not provide dividend or dividend equivalent rights and the Participant shall have no dividend rights unless and until Shares have been issued to him pursuant to the exercise of the Option. A certificate or certificates for Shares of
Common Stock acquired upon exercise of the Option shall be issued in the name of the Participant (or if the Participant is deceased, his or her beneficiary or beneficiaries) and distributed to the Participant (or if the Participant is deceased, his
or her beneficiary or beneficiaries) as soon as practicable following receipt of Notice of Exercise and payment of the Option Price (except as may otherwise be determined by BB&T in the event of payment of the Option Price pursuant to
Section 6.05(c) of the Plan). 
 (e) Nontransferability of Option. The Option shall not be transferable (including by sale,
assignment, pledge or hypothecation) other than by will or the laws of intestate succession, except as may be permitted by the Administrator in its sole discretion (and in a manner consistent with the registration provisions of the Securities Act).
Except as may be permitted by the preceding sentence, (i) during the lifetime of the Participant, the Option may be exercised only by the Participant; and (ii) no right or interest of a Participant in the Option shall be liable for, or
subject to, any lien, obligation or liability of such Participant. The designation of a beneficiary in accordance with the Plan shall not constitute a transfer. 
 4. Termination of Employment. Except as provided in Sections 5, 6, 7 and 8 (and unless otherwise determined by the Administrator), in the event that the employment of the Participant with BB&T
or an Affiliate terminates for any reason, other than the Participant’s termination of employment due to involuntary termination without Just Cause, Retirement, death or Disability, the Participant may exercise the Option only with
respect to those Shares of Common Stock as to which the Option has become vested and exercisable pursuant to Section 3(b) as of the date of his termination of employment (the “Termination Date”). The Participant may exercise
the Option with respect to such Shares no more than thirty (30) days after the date of the Participant’s Termination Date (but in any event prior to the Expiration Date), and the Option shall terminate at the end of such 30-day period.

 5. Involuntary Termination Without Just Cause. In the event that the Participant’s employment with BB&T or
its Affiliates is involuntarily terminated by BB&T without Just Cause, the Option shall become fully vested and fully exercisable as of his Termination Date without regard to the installment exercise limitations set forth in Section 3(b).
For purposes of this Agreement, the involuntary termination of the Participant by BB&T shall be without Just Cause unless 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 its Affiliates 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 Just Cause shall be made by the Administrator or its designee and its determination shall be final and conclusive. The Participant may exercise the Option
following an involuntary termination without Just Cause until the Expiration Date. 
  

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 6. Exercise After Termination of Employment Due to Retirement. In the event that the
Participant remains in the continuous employ of BB&T or its Affiliates from the Grant Date until the Participant’s termination of employment due to Retirement, the Option shall become fully vested and fully exercisable as of the date of his
Retirement without regard to the installment exercise limitations set forth in Section 3(b). The Participant may exercise the Option following the Participant’s termination of employment due to Retirement until the Expiration Date.

 7. Exercise in the Event of Death. In the event that the Participant remains in the continuous employ of BB&T or
its Affiliates from the Grant Date until his death, the Option shall become fully vested and fully exercisable as of the date of death without regard to the installment exercise limitations set forth in Section 3(b). The Option shall be
exercisable by such person or persons who are designated as the Participant’s beneficiary in accordance with the terms of the Plan and this Agreement, or, if no such valid beneficiary designation exists, then by the Participant’s estate or
by such person or persons as shall have acquired the right to exercise the Option by will or the laws of descent and distribution. The person or persons entitled to exercise the Option following the Participant’s death may exercise the Option
until the Expiration Date. 
 8. Exercise in the Event of Disability. In the event that the Participant remains in the
continuous employ of BB&T or its Affiliates from the Grant Date until the date of his Disability (as determined in accordance with the Plan), the Option shall become fully vested and fully exercisable as of the date of his termination of
employment on account of his Disability without regard to the installment exercise limitations set forth in Section 3(b). The Participant may exercise the Option following such termination of employment until the Expiration Date. 
 9. Fractional Share. A fractional share shall not be issuable hereunder, and when any provision hereof may entitle the Participant to a
fractional share, such fraction shall (unless the Administrator determines otherwise) be disregarded. 
 10. Change of Corporate
Control. 
 (a) Notwithstanding Sections 3, 4, 5, 6, 7 and 8, and in the event that there is “Change of Control” as
defined in this Section 10, of BB&T subsequent to the date hereof, the Option shall (subject to the terms of Section 10(c) herein) become fully vested and fully exercisable as of the effective date of such event without regard to the
installment exercise limitations set forth in Section 3(b). 
 (b) For purposes of this Section 10, a “Change of
Control” will be deemed to have occurred on the earliest of the following dates: (1) 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 twenty percent (20%) or more of the combined voting power of BB&T’s then outstanding securities; or (ii) the date when, as a result of a tender offer or exchange offer for the
purchase of securities of BB&T (other than such an offer by BB&T for its own securities), or as a result of a proxy contest, merger, consolidation or sale of assets, or as a result of any combination of the foregoing, individuals who at the
beginning of any two-year period during the term of the Option constituted BB&T’s Board 

  

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of Directors, plus new directors whose election or nomination for election of BB&T’s shareholders is approved by a vote of at least two-thirds of
the directors still in office who were directors at the beginning of such two-year period (collectively, the “Continuing Directors”), cease for any reason during such two-year period to constitute at least two-thirds of the members
of such Board of Directors; or (iii) the date the shareholders of BB&T approve a merger or consolidation of BB&T with any other corporation or entity regardless of which entity is the survivor other than a merger or consolidation which
would result in the voting securities of BB&T or such surviving entity outstanding immediately prior thereto continuing to represent (either by remaining outstanding or being converted into voting securities of the surviving entity) at least
sixty percent (60%) of the combined voting power of the voting securities of BB&T or such surviving entity outstanding immediately after such merger or consolidation (provided, however, that if consummation of such merger, consolidation or
reorganization is subject to the approval of regulatory authorities, then, unless the Administrator determines otherwise, a “Change of Control” shall not be deemed to occur until the later of the date of approval of such merger or other
event by the shareholders or the date of final regulatory approval of such merger or other event); or (iv) the date the shareholders of BB&T approve a plan of complete liquidation or winding-up of BB&T or an agreement for the sale or
disposition by BB&T of all or substantially all of BB&T’s assets; or (v) any event occurs that the Board of Directors determines should constitute a change of control. 
 (c) Notwithstanding Section 10(a) and Section 10(b) herein, the term “Change of Control” shall not include any event which the
Board of Directors of BB&T (or, if the event described in Section 10(b)(ii) above has occurred, a majority of the Continuing Directors), prior to the occurrence of such event, specifically determines, for the purpose of the Plan and/or this
Agreement, is a “merger of equals” (regardless of the form of the transaction), unless such determination is revoked within one year after the occurrence of the event that otherwise would constitute a Change of Control by a majority of the
directors of BB&T if BB&T is a surviving corporation, or by a majority of the directors of the surviving corporation if BB&T is not the surviving corporation, who in either case were Continuing Directors immediately prior to the
effective time of such event or were elected or nominated for election as directors of the surviving corporation by a vote of at least two-thirds of the directors who were Continuing Directors immediately prior to such effective time. Any
determination concerning whether a transaction is a “merger of equals” shall be solely within the discretion of the Board of Directors of BB&T or a majority of the Continuing Directors, as the case may be. In the event that the Board
of Directors or the Continuing Directors, as the case may be, determine that a transaction does constitute a merger of equals, then, notwithstanding the provisions of Section 10(a) and Section 10(b) herein, the vesting and exercisability
of the Option will not be accelerated due to the merger of equals, but the Option shall instead continue to vest and become exercisable, if at all, in accordance with the provisions of Sections 3, 4, 5, 6, 7, 8 and 10 herein. 
 11. No Right to Continued Employment; Forfeiture of Award. Neither the Plan, the grant of the Option 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 to terminate an individual’s employment or service at any time. Except as
otherwise expressly provided in the Plan or this Agreement, all rights of the Participant under the Plan with respect to the Option shall terminate upon termination of the employment of the Participant to BB&T. The grant of the Option 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, the Option shall not be affected by any change in the duties or position of the Participant.

  

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 12. Superseding Agreement. This Agreement supersedes any statements, representations
or agreements of BB&T with respect to the grant of the Option 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. 
 13. Amendment and Termination; Waiver. Subject to the terms of the Plan, this Agreement may be
modified or amended 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 Code Section 409A and related regulations or other guidance and federal securities laws), and the Participant hereby consents to any such amendments to the Plan and this Agreement. 
 14. 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 Option
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 Option, 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 Option or issuance, transfer or disposition of Shares following exercise of the
Option, and the Participant is in no manner relying on BB&T or its representatives for an assessment of such tax consequences. The Participant acknowledges that there may be adverse tax consequences related to the grant of the Option or the
acquisition or disposition of the Shares subject to the Option and that the Participant should consult a tax advisor prior to such grant, acquisition or disposition. The Participant acknowledges that he has been advised that he should consult with
his 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. 
  

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 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. 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. 
 17. Counterparts; Further Instruments. This Agreement may be executed in two or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same instrument. The parties hereto agree to execute such further instruments and to take such further action as may be reasonably necessary to carry out the purposes and intent of
this Agreement. 
 18. Notices. Any and all notices under the Option 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 to the attention of the 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. 
 19. 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. 
 20. 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 his executors, administrators and permitted transferees and beneficiaries and BB&T and its successors and assigns. 
 21. Compliance with Laws; Restrictions on Option and Shares. BB&T may impose such restrictions on the Option and Shares or any other benefits underlying the Option 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 securities.
Notwithstanding any other provision in the Plan or this Agreement to the contrary, BB&T shall not be obligated to issue, deliver or transfer Shares of Common Stock under the Plan, make any other distribution of benefits under the Plan, or take
any other action, unless such delivery, distribution or action is in compliance with all applicable laws, rules and regulations (including but not limited to the requirements of the Securities Act). BB&T may cause a restrictive legend to be
placed on any certificate for Shares issued pursuant to the Option in such form as may be prescribed from time to time by applicable laws and regulations or as may be advised by legal counsel. 
 22. Adjustment of Awards upon the Occurrence of Certain Unusual or Nonrecurring Events. The Administrator shall have authority to
make adjustments to the terms 

  

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and conditions of the Option 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. 
 23. Cash
Settlement. Notwithstanding any provision of the Plan or the Agreement to the contrary, the Administrator may cause the Option or portion thereof to be canceled in consideration of an alternative award or cash payment of an equivalent cash
value, as determined by the Administrator, made to the holder of such canceled Award. 
 [Signature Page to Follow] 
  

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 IN WITNESS WHEREOF, BB&T has caused this Agreement to be signed by a duly authorized officer, and the
Participant has affixed his signature hereto. 
  

			
	BB&T CORPORATION
		
	 By:
	 	  

	
	PARTICIPANT
		
		 	  

  

 - 9 -2004 STOCK INCENTIVE PLAN-RESTRICTED STOCK UNIT AGREEMENT

 Exhibit 10.12 
 BB&T CORPORATION 
 2004 STOCK INCENTIVE PLAN 
 Restricted Stock Unit Agreement 
  

			
	 Name of Participant:
	 	  

	 Grant Date:
	 	  

	 Number of Shares Subject to Award:
	 	  

	 Date Vested:
	 	  

 THIS AGREEMENT (the “Agreement”), made effective as of
                    , 20         (the “Grant Date”), between BB&T
CORPORATION, a North Carolina corporation (“BB&T”), and                     , an Employee (the
“Participant”); 
 RECITALS: 
 BB&T desires to carry out the purposes of the BB&T Corporation 2004 Stock Incentive Plan, as it may be amended and/or restated (the “Plan”), by affording the Participant an opportunity to
acquire shares of BB&T Common Stock, $5.00 par value per share (the “Common Stock”), as hereinafter provided. 
 In
consideration of the foregoing, of the mutual promises set forth below and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows:

 1. Incorporation of Plan. The rights and duties of BB&T and the Participant under this Agreement shall in all
respects be subject to and governed by the provisions of the Plan, the terms of which are incorporated herein by reference. In the event of any conflict between the provisions in the Agreement and those of the Plan, the provisions of the Plan shall
govern. Unless otherwise provided herein, capitalized terms in this Agreement shall have the same definitions as set forth in the Plan. 
 2. Grant of Restricted Stock Unit. Subject to the terms of this Agreement and the Plan, BB&T hereby grants the Participant a Restricted Stock Unit (the “Award”) for
                     whole shares of Common Stock (the “Shares”). The “Restriction Period” is the
period beginning on the Grant Date and ending on such date or dates and satisfaction of such conditions as described in Section 3 and Section 4 herein. For the purposes herein, the Shares subject to the Award are units that will be
reflected in a book account maintained by BB&T and that will be settled in whole shares of Common Stock, if and to the extent permitted pursuant to this Agreement and the Plan. Prior to distribution of the Shares upon vesting of the Award, the
Award shall represent an unsecured obligation of BB&T, payable (if at all) only from BB&T’s general assets. 
 3.
Vesting of Award. Subject to the terms of the Plan and the Agreement (including but not limited to the provisions of Section 4 and Section 5 herein), the Award shall be deemed 100% vested and earned on the fifth year
anniversary of the Grant Date. The Administrator has sole authority to determine whether and to what degree the Award has vested and is payable and to interpret the terms and conditions of this Agreement and the Plan. 

 4. Termination of Employment; Forfeiture of Award; Effect of Change of Control. 

(a) Except as may be otherwise provided in the Plan or Section 4(b) of the Agreement, in the event that the employment of the Participant
with BB&T or an Affiliate terminates for any reason and the Award has not vested pursuant to Section 3, then the Award, to the extent not vested as of the Participant’s termination of employment date, shall be forfeited immediately
upon such termination, and the Participant shall have no further rights with respect to the Award or the Shares underlying the Award. The Administrator (or its designee, to the extent permitted under the Plan) shall have sole discretion to determine
if a Participant’s rights have terminated pursuant to the Plan and this Agreement, including but not limited to the authority to determine the basis for the Participant’s termination of employment. The Participant expressly acknowledges
and agrees that, except as otherwise provided herein, the termination of the Participant’s employment shall result in forfeiture of the Award and the underlying Shares to the extent the Award has not vested as of the Participant’s
termination of employment date. 
 (b) Notwithstanding the provisions of Section 3 and Section 4(a), the following
provisions shall apply: 
  

	 	(i)	Involuntary Termination Without Cause. In the event that the Participant’s employment with BB&T or an Affiliate is involuntarily terminated for reasons other than
Cause (as defined herein), the Award shall become fully vested as of the Participant’s termination of employment date without regard to the vesting schedule set forth in Section 3 herein. 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 the Participant’s 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 as of the date of death without regard to the vesting schedule set forth in Section 3 herein. 

  

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	 	(iii)	Disability. In the event that the Participant remains in the continuous employ of BB&T or an Affiliate from the Grant Date until the date of the Participant’s
Disability (as determined by the Administrator or its designee in accordance with the Plan and, if applicable, Code Section 409A, related regulations and other guidance), the Award shall become fully vested as of the Participant’s
termination of employment date on account of Disability without regard to the vesting schedule set forth in Section 3 herein. 

  

	 	(iv)	Change of Control. 

  

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

  

	 	(B)	 For purposes of this Section 4(b)(iv), a “Change of Control” will be deemed to have occurred on the earliest of the following dates: (1) 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 twenty percent (20%) or more of the combined voting
power of BB&T’s then outstanding securities; or (ii) the date when, as a result of a tender offer or exchange offer for the purchase of securities of BB&T (other than such an offer by BB&T for its own securities), or as a
result of a proxy contest, merger, consolidation or sale of assets, or as a result of any combination of the foregoing, individuals who at the beginning of any consecutive two-year period during the Restriction Period of the Award constituted
BB&T’s Board of Directors, plus new directors whose election or nomination for election of BB&T’s shareholders is approved by a vote of at least two-thirds of the directors still in office who were directors at the beginning of
such two-year period (collectively, the “Continuing Directors”), cease for any reason during such two-year period to constitute at least two-thirds of the members of such Board of Directors; or (iii) the date the shareholders
of BB&T approve a merger or consolidation of BB&T with any other corporation or entity regardless of 

  

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which entity is the survivor other than a merger or consolidation which would result in the voting securities of BB&T or such surviving entity
outstanding immediately prior thereto continuing to represent (either by remaining outstanding or being converted into voting securities of the surviving entity) at least sixty percent (60%) of the combined voting power of the voting securities
of BB&T or such surviving entity outstanding immediately after such merger, consolidation or reorganization (provided, however, that if consummation of such merger, consolidation or reorganization is subject to the approval of federal, state or
other regulatory authorities, then, unless the Administrator determines otherwise, a “Change of Control” shall not be deemed to occur until the later of the date of shareholder approval of such merger or other event or the date of final
regulatory approval of such merger or other event); or (iv) the date the shareholders of BB&T approve a plan of complete liquidation or winding-up of BB&T or an agreement for the sale or disposition by BB&T of all or substantially
all of BB&T’s assets; or (v) any event occurs that the Board of Directors of BB&T determines should constitute a change of control. 

  

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

  

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transaction does constitute a merger of equals, then, notwithstanding the provisions of Section 4(b)(iv)(A) and Section 4(b)(iv)(B) herein, the
vesting of the Award will not be accelerated due to the merger of equals, but the Award shall instead continue to vest, if at all, in accordance with the provisions of Section 3 and Section 4 herein. 

  

	 	(v)	Retirement. In the event that the Participant remains in the continuous employ of BB&T or an Affiliate from the Grant Date until the Participant’s termination
of employment due to Retirement, the Award shall become fully vested as of the date of the Participant’s termination of employment due to Retirement without regard to the vesting schedule set forth in Section 3 herein.

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

  

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 7. Nontransferability of Award and Shares. The Award shall not be transferable
(including by sale, assignment, pledge or hypothecation) other than by will or the laws of intestate succession. The designation of a beneficiary in accordance with Plan procedures does not constitute a transfer. The Participant shall not sell,
transfer, assign, pledge or otherwise encumber the Shares subject to the Award until the Restriction Period has expired and all conditions to vesting and distribution have been met. 
 8. Superseding Agreement: Binding Effect. This Agreement supersedes any statements, representations or agreements of BB&T with
respect to the grant of the Award or any related rights, and the Participant hereby waives any rights or claims related to any such statements, representations or agreements. This Agreement does not supersede or amend any existing confidentiality
agreement, nonsolicitation agreement, noncompetition agreement, employment agreement or any other similar agreement between the Participant and BB&T, including, but not limited to, any restrictive covenants contained in such agreements.

 9. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of North
Carolina, without regard to the principles of conflicts of law, and in accordance with applicable United States federal laws. 
 10.
Amendment and Termination, Waiver. Subject to the terms of the Plan, this Agreement may be amended or terminated only by the written agreement of the parties hereto. The waiver by BB&T of a breach of any provision of the Agreement
by the Participant shall not operate or be construed as a waiver of any subsequent breach by the Participant. Notwithstanding the foregoing, the Administrator shall have unilateral authority to amend the Plan and this Agreement (without Participant
consent) to the extent necessary to comply with applicable law or changes to applicable law (including but in no way limited to Code Section 409A and related regulations or other guidance and federal securities laws), and the Participant hereby
consents to any such amendments to the Plan and this Agreement. 
 11. Certificates for Shares; Rights as Shareholder.
The Participant and the Participant’s legal representatives, legatees or distributees shall not be deemed to be the holder of any Shares subject to the Award and shall not have any voting rights, dividend rights or other rights of a shareholder
unless and until certificates for such Shares have been issued to him or her or them. No certificate or certificates for Shares subject to the Award shall be issued at the time of grant of the Award. A certificate or certificates for Shares subject
to the Award shall be issued in the name of the Participant (or in the event of the Participant’s death, 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 be otherwise 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. 
  

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 12. Withholding; Tax Matters. 
 (a) BB&T shall withhold all required local, state, federal, foreign and other taxes and any other amount required to be withheld by any
governmental authority or law from any amount payable in cash with respect to the Award. Prior to the delivery or transfer of any certificate for Shares or any other benefit conferred under the Plan, BB&T shall require the Participant to pay to
BB&T in cash the amount of any tax or other amount required by any governmental authority to be withheld and paid over by BB&T to such authority for the account of such recipient. Notwithstanding the foregoing, the Administrator may
establish procedures to permit a recipient to satisfy such obligation in whole or in part, and any local, state, federal, foreign or other income tax obligations relating to the Award, by electing (the “election”) to have BB&T
withhold shares of Common Stock from the Shares to which the recipient is entitled. The number of shares to be withheld shall have a Fair Market Value as of the date that the amount of tax to be withheld is determined as nearly equal as possible to
(but not exceeding) the amount of such obligations being satisfied. Each election must be made in writing to the Administrator in accordance with election procedures established by the Administrator. 
 (b) BB&T has made no warranties or representations to the Participant with respect to the tax consequences (including but not limited to income
tax consequences) related to the Award or issuance, transfer or disposition of Shares (or any other benefit) pursuant to the Award, and the Participant is in no manner relying on BB&T or its representatives for an assessment of such tax
consequences. The Participant acknowledges that there may be adverse tax consequences with respect to the Award (including but not limited to the acquisition or disposition of the Shares subject to the Award) and that the Participant should consult
a tax advisor prior to 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. 
  

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 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. 
 19. Right of Offset. Notwithstanding any other provision of the Plan or the Agreement,
BB&T may reduce the amount of any benefit or payment otherwise payable to or on behalf of the Participant by the amount of any obligation of the Participant to BB&T or an Affiliate that is or becomes due and payable, and the Participant
shall be deemed to have consented to such reduction. 
 20. Adjustment of Awards upon Occurrence of Certain Unusual or
Nonrecurring Events. The Administrator shall have authority to make adjustments to the terms and conditions of the Award in recognition of unusual or nonrecurring events affecting BB&T or any Affiliate, or the financial statements of
BB&T or any Affiliate, or of changes in applicable laws, regulations or accounting principles, if the Administrator determines that such adjustments are appropriate in order to prevent dilution or enlargement of the benefits or potential
benefits intended to be made available under the Plan or necessary or appropriate to comply with applicable laws, rules or regulations. 
 [Signature Page to Follow] 
  

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

					
	BB&T CORPORATION	 	
			
	By:	 	  
	 	
		
	PARTICIPANT	 	
		
	  
	 	

  

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