Document:

Exhibit 10.5

 Exhibit 10.5 
 BB&T CORPORATION 
 Nonqualified Stock Option Agreement

 THIS AGREEMENT dated as of
                         , 20    , between BB&T Corporation, a North Carolina
corporation (“BB&T”), for itself and its Subsidiaries, and «First_Name» «Middle» «Last_Name» «Name_Suffix» (the “Participant”) is made pursuant and subject to the
provisions of the BB&T Corporation 1995 Omnibus Stock Incentive Plan, as amended (the “Plan”), a copy of which is available to the Participant. All terms that are defined in the Plan and not otherwise defined herein have the meanings
given them in the Plan. 
 BB&T desires to carry out the purposes of the Plan by affording the Participant an opportunity to
purchase BB&T Common Stock, $5.00 par value per share, 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.	Grant of Option. Pursuant to the Plan, effective as of
                         , 20     (the “Date of Grant”), BB&T grants to
the Participant, subject to the terms and conditions of the Plan and subject further to the terms and conditions herein, the right and option (the “Option”) to purchase from BB&T all or any part of an aggregate of
«Number_of_Options_» shares of BB&T Common Stock at an Option Price of $             per share, being not less than the Fair Market Value per share of BB&T
Common Stock on the Date of Grant. This Option is designated as a nonqualified stock 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. 

  

	2.	Terms and Conditions. The Option is subject to the following terms and conditions: 

 

	 	(a)	Expiration Date. The Option shall expire on
                         , 20     (the “Expiration Date”).

  

	 	(b)	Exercise of Option. Except as provided in paragraphs 3, 4, 5, 6, 7 and 9 and subject to the authority of the Committee to accelerate the exercisability of this
Option, this Option shall be vested and exercisable with respect to twenty percent (20%) of the shares subject to the Option on the first anniversary of the Date of Grant and with respect to an additional twenty percent (20%) of the shares
subject to the Option on each anniversary of the Date of Grant over the following four years so that the Option shall be fully vested and fully exercisable on the fifth anniversary of the Date of Grant. 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 termination of the Participant’s rights hereunder pursuant to paragraphs 3, 4, 5, 6, 7 and 9, 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 employment of BB&T or one or more of its Subsidiaries from
the date hereof to the Date of Exercise of the Option, subject to the provisions of paragraphs 3, 4, 5, 6, and 7. 

	 	(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 Date of
Exercise shall be the date the full payment of the Option Price is received by BB&T. The Option Price may be paid in cash or by the surrender of shares of BB&T Common Stock with an aggregate Fair Market Value (determined as of the day
preceding the Date of Exercise) which is not less than the Option Price, or a combination of cash and BB&T Common Stock. BB&T shall deliver or cause to have delivered a certificate or certificates representing such shares of BB&T Common
Stock as soon as practicable after the Date of Exercise. 

 The certificate or certificates for the shares of
BB&T Common Stock as to which the Option shall have been so exercised shall be registered in the name of the person or persons designated in the Notice of Exercise and shall be delivered as provided above to or upon the written order of the
person exercising the Option. 
 In the event that the Option shall be exercised pursuant to this paragraph 2 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. The exercise of the Option and the issuance of shares of BB&T Common Stock thereby shall be subject to
compliance with all applicable federal and state laws and regulations, including but not limited to compliance with the requirements of the Securities Act of 1933, as amended (the “Securities Act”), and other applicable federal and state
securities laws. 
  

	 	(d)	Shareholder Rights. The Participant shall not have any of the rights of a shareholder with respect to the shares of BB&T Common Stock covered by the Option
until a certificate or certificates for the shares acquired upon Option exercise have been issued to the Participant following proper exercise of the Option and full payment for the shares covered thereby. 

 

	 	(e)	Nontransferability; Exercisability by Beneficiary. The Option shall not be transferable (including by pledge or hypothecation) other than by will or by the laws
of descent and distribution, except as may be permitted by the Committee in its sole discretion in a manner consistent with the registration provisions of the Securities Act. Except as may be permitted by the preceding sentence, during the
Participant’s lifetime, the Option may be exercised only by the Participant, and no right or interest of the Participant in this Option shall be liable for, or subject to, any lien, obligation or liability of the Participant. The designation of
a beneficiary in accordance with procedures established by the Committee to exercise the Option upon the death of Participant shall not constitute a transfer. 

 

	3.	Termination of Employment. Except as provided in paragraphs 4, 5, 6, and 7, in the event that the employment of the Participant with BB&T or its Subsidiaries
is terminated for any reason other than involuntary termination without just cause, Retirement, death or Legal Disability, the participant may exercise the Option only with respect to those shares of BB&T Common Stock as to which it has become
vested and exercisable pursuant to paragraph 2(b) as of the date of his termination. 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 of
employment (but in any event prior to the Expiration Date). 

	4.	Involuntary Termination Without Just Cause. In the event that the Participant’s employment with BB&T or its Subsidiaries is involuntarily terminated by
BB&T without just cause, the option shall become fully vested and fully exercisable as of the date of his termination of employment without regard to the installment exercise limitations set forth in paragraph 2(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 Subsidiaries in a satisfactory manner; or (c) engaging in any conduct that could be materially damaging to BB&T or its Subsidiaries without a reasonable good faith belief that such conduct was in the best
interest of BB&T or any of its Subsidiaries. The determination of just cause shall be made by the Committee 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. 

  

	5.	Exercise After Retirement. In the event that the Participant remains in the continuous employ of BB&T or a Subsidiary from the Date of Grant until the
Participant’s Retirement (as determined by the Committee), 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 paragraph 2(b). The
Participant may exercise the Option following his Retirement until the Expiration Date. 

  

	6.	Exercise in the Event of Death. In the event that the Participant remains in the continuous employ of BB&T or a Subsidiary from the Date of Grant 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 paragraph 2(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.

  

	7.	Exercise in the Event of Legal Disability. In the event that the Participant remains in the continuous employ of BB&T or a Subsidiary from the Date of Grant
until the date of his Legal Disability (as determined by the Committee), the Option shall become fully vested and fully exercisable as of the date of his termination of employment on account of his Legal Disability without regard to the installment
exercise limitations set forth in paragraph 2(b). The Participant may exercise the Option following such termination of employment until the Expiration Date. 

 

	8.	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 be disregarded. 

  

	9.	Change of Corporate Control. 

  

	 	(a)	Subject to paragraphs 3, 4, 5, 6, and 7, and in the event that there is “Change of Control,” as defined in this paragraph 9, of BB&T subsequent to the
date hereof, the Option shall (subject to the terms of paragraph 9(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 paragraph 2(b).

  

	 	(b)	 For purposes of this paragraph 9, a “Change of Control” will be deemed to have occurred if (i) any person or group of persons (as
defined in Section 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (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) during the term of this Option 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 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 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; or (iv) 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 BB&T’s Board of Directors determines should constitute a change of control.

  

	 	(c)	Notwithstanding paragraph 9(a) and paragraph 9(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 paragraph 9(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 paragraph 9(a) and paragraph 9(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 paragraphs 3, 4, 5, 6, 7 and 9 herein. 

 

	10.	No Right to Continued Employment. So long as the Participant shall continue to be an employee of BB&T or one of its Subsidiaries, the Option shall not be
affected by any change in the duties or position of the Participant. This Agreement does not confer upon the Participant any right to continue as an employee of BB&T or a Subsidiary, nor shall it interfere in any way with the right of BB&T
or a Subsidiary to terminate his employment at any time. 

	11.	Change in Capital Structure. The terms of the Option shall be adjusted as the Committee determines is equitably required in the event that (a) BB&T
(i) effects one or more stock dividends, stock split-ups, subdivisions or consolidation of shares, or (ii) engages in a transaction to which Code Section 424 applies; or (b) there occurs any other event which, in the
Committee’s judgment, necessitates such action. 

  

	12.	Reservation of Shares. BB&T shall, at all times during the terms of the Option, reserve and keep available such number of shares of BB&T Common Stock as
will be sufficient to satisfy the requirements of the Option, and shall pay all original issue and transfer taxes with respect to the issuance and transfer of BB&T Common Stock pursuant hereto and all other fees and expenses necessarily incurred
by BB&T in connection therewith. 

  

	13.	Resale and Transfer Restrictions. In the event that the Participant is deemed to be an Affiliate of BB&T, as defined in Rule 405 promulgated under the
Securities Act, any resale or transfer of the shares of BB&T Common Stock acquired pursuant to the Option shall, under existing law, require either (a) the further registration under the Securities Act of the shares of BB&T Common Stock
to be transferred, (b) compliance with Rule 144 promulgated under the Securities Act, or (c) the availability of another exemption from registration. The Participant acknowledges that the stock certificate or certificates to be delivered
to him upon the exercise of the Option shall reflect these limitations in the form of stock transfer restrictions. 

  

	14.	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. 

  

	15.	Governing Law. This Agreement shall be governed by the laws of the State of North Carolina, without regard to the principles of conflicts of law.

  

	16.	Conflicts. In the event of any conflict between the provisions of the Plan as in effect on the date hereof and the provisions of this Agreement, the provisions
of the Plan shall govern. All references herein to the Plan shall mean the Plan as in effect on the date hereof. 

  

	17.	Participant Bound by Plan. The Participant hereby acknowledges receipt of a copy of the Plan and agrees to be bound by all the terms and provisions thereof.

  

	18.	Binding Effect. Subject to the limitations stated above and in the Plan, this Agreement shall be binding upon and inure to the benefit of the legatees,
distributees, and personal representatives of the Participant and the successors of BB&T. 

  

	19.	 Taxes. 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 the issuance 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 any such tax consequences. The Participant
acknowledges that there may be adverse tax consequences upon acquisition or disposition of the shares subject to the Option and that the Participant should consult a tax advisor prior to such exercise 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 acknowledge 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. In accordance with procedures established by the Committee, BB&T may withhold from BB&T Common Stock delivered to the Participant, sufficient shares of BB&T Common
Stock (valued as the Date of Exercise) to satisfy withholding and employment taxes, or the Participant shall pay to BB&T in cash or BB&T Common Stock (valued as of the Date of Exercise) sufficient amounts of shares to satisfy such
obligations. 

  

	20.	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). 

 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
			
		 		 	BB&T Corporation
			
		 	By:	 	/s/ John A. Allison            
		 		 	Chairman and CEOExhibit 10.21

 Exhibit 10.21 
 DEFERRED COMPENSATION PLAN FOR KEY EXECUTIVES 
 SOUTHERN NATIONAL

 DEFERRED COMPENSATION PLAN 
 FOR 
 KEY EXECUTIVES 

Effective January 1, 1989 

 TABLE OF CONTENTS  
  

							
	 	  	 	  	PAGE	 
			
	 ARTICLE I
	  	STATEMENT OF PURPOSE	  	 	1	  
			
	 ARTICLE II
	  	DEFINITIONS	  	 	2	  
			
	 ARTICLE III
	  	ELIGIBILITY, PARTICIPATION AND DEFERRALS	  	 	8	  
			
	 ARTICLE IV
	  	SEVERANCE BENEFITS	  	 	13	  
			
	 ARTICLE V
	  	SURVIVOR BENEFITS	  	 	15	  
			
	 ARTICLE VI
	  	NONCOMPETITION	  	 	17	  
			
	 ARTICLE VII
	  	ADMINISTRATIVE COMMITTEE	  	 	20	  
			
	 ARTICLE VIII
	  	AMENDMENT AND TERMINATION	  	 	21	  
			
	 ARTICLE IX
	  	MISCELLANEOUS	  	 	22	  
			
	 ARTICLE X
	  	CONSTRUCTION	  	 	28	  

  
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 ARTICLE I 

STATEMENT OF PURPOSE 
 This Plan provides retirement and survivor benefits to or on behalf of certain key executives of Southern National Corporation and its Participating Subsidiaries, and thereby helps Southern National
attract and retain superior key management employees and gives such employees additional incentive to work to make Southern National more profitable. 
 For executives who participate in the Southern National Employee Stock Ownership Plan (the “ESOP”), a qualified stock bonus plan with a qualified 401(k) cash or deferred arrangement feature, the
Plan restores benefits lost or denied because of certain limitations imposed by the rules governing qualified retirement plans. 

 ARTICLE II 

DEFINITIONS 
 When used herein and capitalized, the following terms shall have the meanings denoted, unless the context clearly requires otherwise. 

2.01 Actuarial Equivalent and Actuarially Equivalent. A form of benefit differing in time, period or manner of payment from a
specified benefit provided by this Plan or provided by the Pension Plan, but having the same value when computed using the same assumptions used for computing actuarial equivalence under the Pension Plan. 

2.02 Change in Control. A Change in Control shall be deemed to have occurred upon the happening of any of the following:

 (a) the adoption of a plan of merger or consolidation of Southern National Corporation with any other corporation or
association as a result of which the holders of the voting capital stock of Southern National Corporation would receive less than 50% of the voting capital stock of the surviving or resulting corporation; 

(b) the occurrence of any event (including, without limitation, any merger or consolidation) as a result of which Southern National
Corporation is not the owner beneficially and of record of 50% or more of the voting power of the capital stock of Southern National Bank of North Carolina, N.A. (the “Bank”); 

  
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 (c) the sale, lease, exchange or other transfer (in one transaction or a series of
transactions contemplated or arranged by any party as a single plan) of all or substantially all of the assets of Southern National Corporation or the Bank (other than as security for the obligations of Southern National Corporation or the Bank);

 (d) the approval by the shareholders of Southern National Corporation or the Bank of any plan or proposal for the liquidation
or dissolution of Southern National Corporation or the Bank; 
 (e) the acquisition by any person (as such term is used in
Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended, (the “Exchange Act”)), other than any Trustee under any employee benefit plan of Southern National Corporation or the Bank, and persons (as such term is so used)
who are then affiliates and associates (as defined on January 1, 1989 in Rule 12b-2 under the Exchange Act) of such person, or any one of them, after the date this Plan is executed, directly or indirectly, of beneficial ownership (as defined on
January 1, 1989 in Rules 13d-3 and 13d-5 under the Exchange Act) of securities of Southern National Corporation representing in the aggregate 20% or more of the voting power of all then outstanding securities of Southern National Corporation
having the right under ordinary circumstances to vote in an election of the Board of Directors of Southern National Corporation (without limitation, any securities having such voting power that any such

  
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person has the right to acquire pursuant to any agreement, or upon exercise of conversion of rights, warrants or options, or otherwise, shall be deemed beneficially owned by such person); or

 (f) the failure, for any reason, during any period of two consecutive years, of the individuals who at the beginning of such
period constitute the entire Board of Directors of Southern National Corporation (the “Board”) and any new directors whose election by the Board, or whose nomination for election by the shareholders, shall have been approved by a vote of
at least two-thirds (2/3) of the directors of the Board then still in office who either were directors at the beginning of the period or whose election or nomination for election shall previously have been so approved, to constitute a majority
of the members of the Board. 
 2.03 Code. The Internal Revenue Code of 1986, as amended, and as it may be amended from
time to time. 
 2.04 Committee. The committee which administers the Plan and which is more particularly described in
Article VIII below. The Committee shall be made up of the individuals who hold the following offices of Southern National Bank of North Carolina, N.A.: Chairman of the Board of Directors, President, Director of Human Resources, and Chief Financial
Officer. 
 2.05 Company. Southern National Corporation, Participating Subsidiaries, and any successor by merger,
acquisition or otherwise. All references to “Company” shall be 

  
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“Compensation,” as that definition is amended from time to time, such definition being expressly incorporated herein by reference. 

7. Deferral Election. An irrevocable election by a Participant to defer a portion of his Compensation for a calendar year, such
election to be made in the manner prescribed by Article III, Section 3 of this Plan. Amounts so deferred are “elective deferrals.” 
 8. Designated Beneficiary. One or more beneficiaries, as designated in a writing filed with the Committee, to whom payments otherwise due to or for the benefit of the Participant hereunder shall be
made in the event of his death prior to the complete payment of such benefit. In the event no such written designation is made by the Participant or if such beneficiary shall not be in existence at the Participant’s death or if such beneficiary
predeceases the Participant, the Participant shall be deemed to have designated his estate as such beneficiary. 
 9.
Employee. A person who is employed the Company. 
 10. ERISA. The Employee Retirement Income Security Act of 1974,
as amended, and as it may be further amended from time to time. 
 11. ESOP. The Southern National Employee Stock
Ownership Plan, as amended and restated effective July 1, 1987, as it may be further amended from time to time. 
 12.
ESOP Excess Plan. The Southern National ESOP Excess Plan, effective January 1, 1989, and as it may be amended from time to time. 

  
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 13. Insurable. Insurable shall mean that at the time of the Participant’s
election to defer Compensation pursuant to this Plan the life of the Participant is insurable by an insurance company approved by the Committee and at premium rates acceptable to the Committee in the exercise of its sole and absolute discretion.

 14. Participant. An Employee who has been notified pursuant to Article III, Section 1 that he is eligible to
participate in the Plan and who has made a Deferral Election. 
 15. Participating Subsidiaries. Each subsidiary of
Southern National Corporation which, pursuant to action duly adopted by its board of directors, has adopted this Plan. “Subsidiary” means a corporation over 50% of the voting stock of which is owned by Southern National Corporation, by
another subsidiary or other subsidiaries of Southern National Corporation. The foregoing notwithstanding, the Board of Directors of Southern National Corporation may designate any company affiliated with Southern National Corporation as a
“subsidiary” for purposes of this Plan. 
 16. Plan. The Southern National Deferred Compensation Plan for Key
Executives as contained herein, and as it may be amended from time to time. 
 17. Pre-Tax Employee Contributions.
Amounts contributed to the ESOP on behalf of a Participant pursuant to the Participant’s election to have his Compensation for a calendar year reduced and contributed to the ESOP in accordance with Section 401(k)

  
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(or any successor section) of the Code and corresponding provisions of the ESOP. 
 18. Severance Date. The date the Participant’s employment with the Company terminates for any reason other than death; provided, however, that if the Participant’s employment ceases
because of Total Disability, his Severance Date shall be the earlier of (i) the first date he is no longer under a Total Disability and does not return to active employment with the Company or (ii) his sixty-fifth (65th) birthday.

 19. Total Disability. Total Disability shall have the same meaning as is ascribed to such term by the long-term
disability benefits plan sponsored by the Company and in which the Participant participates. If the Participant does not participate in such plan or if the Company does not sponsor such a plan, then the Participant shall be under a Total Disability
if by reason of sickness or injury he cannot perform each of the material duties of his regular occupation; provided, however, that after the first twenty-four (24) months he shall be under a Total Disability if he cannot perform each of the
material duties of any gainful occupation for which he is reasonably fitted by training, education or experience. 

  
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 ARTICLE III 

ELIGIBILITY, PARTICIPATION AND DEFERRALS 
 1. Eligibility. The Committee shall have the sole discretion to determine the Employees who are eligible to become Participants; provided, however, that no Employee who is not a member of the
“select group of management or highly compensated employees,” as defined in Sections 201(2), 301(a)(3) and 401(a) of ERISA shall be eligible to become a Participant in the Plan. An Employee shall become eligible upon being notified by the
Committee that he is eligible. 
 2. Participation. An Employee who is eligible to participate shall become a Participant
by making a Deferral Election. 
 3. Elective Deferrals. 

(a) For each calendar year, each eligible Employee is entitled to make a Deferral Election in such manner and form as the
Committee prescribes to defer Compensation for the calendar year which, by reason of the application of Sections 401(k), 402(g) and 415 of the Code and the corresponding provisions of the ESOP, the Employee is prohibited from deferring and having
contributed to the ESOP as Pre-Tax Employee Contributions. 
 (b) Deferral Elections shall be made as follows:

 (i) Within thirty (30) days following the adoption of this Plan to defer Compensation to be earned in the
remainder of such calendar year; 

  
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 (ii) Within thirty (30) days following the date on which an Employee
first becomes eligible to participate in this Plan to defer Compensation to be earned in the remainder of such calendar year; or 
 (iii) In all other cases on or before December 31 to defer Compensation to be earned in succeeding calendar years. 
 4. Limitations on Elective Deferrals. 
 (a) The maximum
amount by which an eligible Employee or Participant may reduce his Compensation for a calendar year pursuant to a Deferral Election under Article III, Section 3 shall be the difference between (i) fifteen percent (15%) of his
Compensation for the calendar year and (ii) his maximum permissible amount of Pre-Tax Employee Contributions for the calendar year. The eligible Employee’s or Participant’s “maximum permissible amount of Pre-Tax Employee
Contributions for the calendar year” is (i) the annual $7,000 limitation—set forth in Code Section 402(g) and any corresponding provisions of the ESOP, as amended and adjusted for inflation, on elective deferrals to certain
qualified retirement plans or, if less, (ii) the maximum amount of Pre-Tax Employee Contributions permitted to be made by the eligible Employee or Participant for such calendar year by reason of the application of the actual deferral percentage
nondiscrimination test and annual addition limitation set forth in Sections 401(k) and 415 of the Code and in any corresponding provisions of the ESOP. 

  
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 (b) Anything to the contrary herein notwithstanding, a Participant’s
elective deferrals of Compensation for a calendar year shall not be permitted under this Plan unless the Participant has made the maximum permissible amount of Pre-Tax Employee Contributions for the calendar year. 

5. Deemed Deferrals. In addition to any elective deferrals pursuant to a Deferral Election in accordance with Sections 3 and 4 of
this Article III, for each calendar year for which a Participant has made a Deferral Election, the Participant shall receive credit for “deemed deferrals” equal to the difference between (A) and (B) where (A) is the amount
of Company Matching Contributions which would have been credited to the Participant’s account in the ESOP (i) had the ESOP permitted the amount of the elective deferrals the Participant made pursuant to a Deferral Election under this Plan
for the calendar year to have been contributed as Pre-Tax Employee Contributions, and (ii) had there not been given effect the compensation, elective deferral, nondiscrimination and annual addition limitations set forth in Sections 401(a)(17),
402(g), 401(k), 401(m), and 415 of the Code and in any corresponding provisions of the ESOP, and where (B) is the amount of Company Matching Contributions actually credited to the Participant’s account in the ESOP. 

6. No ESOP Excess Plan Deferrals. Anything to the contrary herein notwithstanding, any eligible Employee or Participant who has
elected to make deferrals of compensation under the ESOP Excess Plan for a calendar year (hereafter called 

  
 10 

 
“ESOP Excess Deferrals”) shall be ineligible to make a Deferral Election under this Plan for such calendar year. The foregoing notwithstanding, any eligible Employee who has elected to
make ESOP Excess Deferrals for the 1989 calendar year shall be permitted to make a Deferral Election to defer Compensation under this Plan for the calendar year 1989; provided, however (i) such Deferral Election shall supersede his deferral
election under the ESOP Excess Plan, (ii) no additional ESOP Excess Deferrals for the calendar year 1989 shall be made after the making of such Deferral Election, (iii) any ESOP Excess Deferrals for the calendar year 1989 which were made
prior to such Deferral Election shall be transferred to this Plan and treated for all purposes as elective deferrals made under such Deferral Election and subject to Sections 3 and 4 of this Article III, and (iv) such Deferral Election shall
not be honored unless the eligible Employee has properly executed a release of liability in a form acceptable to the Committee with respect to deferred compensation benefits which would have been payable under the ESOP Excess Plan with respect to
ESOP Excess Deferrals for the 1989 calendar year. 
 7. Benefits. The total amount of deferred compensation or other
benefits payable under this Plan to a Participant or his Designated Beneficiary pursuant to Articles IV or V shall be the sum of the amounts payable with respect to each individual calendar year for which the Participant has a deferral amount
(whether elective or deemed) for such calendar year. The amount of deferred compensation or other benefits payable with respect 

  
 11 

 
to deferrals (elective or deemed) for any calendar year shall be determined in accordance with the appropriate column in the schedule of benefits attached as an exhibit to the Deferral Election
for the calendar year. 

  
 12 

 ARTICLE IV 

SEVERANCE BENEFITS 
 1. Benefits. After the Severance Date of a Participant, the Company shall pay the Participant a level fifteen (15) year annuity payable in equal monthly installments. The amount of the monthly
payments are determined in accordance with the appropriate column on the schedule of benefits provided for in Article III, Section 7. Payment of the benefit shall commence on the first January 1st following the Severance Date; provided,
however, that if the Severance Date occurs after the Participant attains age sixty (60) but before he attains age sixty-five (65), payment shall commence on the first January 1st following the Participant’s sixty-fifth
(65th) birthday unless the Participant files a written election with the Committee no later than the later of the date of the making of his last Deferral Election or the date two (2) years prior to his Severance Date, to have his benefits
commence on the first January 1st following his Severance Date. Payment shall continue on the first day of each month thereafter until one hundred eighty (180) monthly payments have been made. 

2. Payments to Beneficiary. In the event a Participant dies prior to full payment of his benefits under this Article IV, all
remaining payments due hereunder shall be made to such Participant’s Designated Beneficiary, provided such Designated Beneficiary is living at the time of the Participant’s death. In

  
 13 

 
the event the Designated Beneficiary is not living at the time of the Participant’s death, all remaining payments due hereunder shall be paid to the Participant’s estate. In the event
the Designated Beneficiary survives the Participant but dies prior to full payment of all remaining payments due hereunder, all payments then remaining due hereunder shall be paid to the Designated Beneficiary’s estate. 

  
 14 

 ARTICLE V 

SURVIVOR BENEFITS 
 1. Benefits. Upon the death of the Participant prior to his Severance Date the Company shall pay to the Participant’s Designated Beneficiary a level fifteen (15) year annuity payable in
equal monthly installments. Payment of the benefit shall commence on the first January 1st following the Participant’s death and shall continue on the first day of each month thereafter until one hundred eighty (180) monthly payments
have been made. The amount of the monthly payments shall be the sum of (A) and (B) below: 
 (A) With
respect to elective and deemed deferrals made in calendar years in which the Participant was deemed Insurable, the amount determined with reference to the appropriate column in the schedule of benefits for calculating survivor benefits attached to
the Participant’s Deferral Elections for those calendar years. 
 (B) With respect to elective and deemed
deferrals made in calendar years in which the Participant was deemed not Insurable, the amount determined in accordance with the appropriate column on the schedule of benefits attached to the Participant’s Deferral Elections for those calendar
years on the basis of the assumption that the Participant terminated employment with the Company on the day immediately preceding his death. 

  
 15 

 2. Payments to Beneficiary. In the event that a Designated Beneficiary dies prior to
full payment of his survivor benefits under this Article V, all remaining payments due hereunder shall be made to such Designated Beneficiary’s estate. In the event the Designated Beneficiary is not living at the time of the Participant’s
death, the survivor benefits shall be paid to the Participant’s estate. 

  
 16 

 ARTICLE VI 

NONCOMPETITION 
 Notwithstanding any provision of this Plan to the contrary but subject to the proviso below, if any Participant terminates employment with the Company for any reason and later accepts employment with, or
assumes any other position with, any national bank, state bank, savings and loan association, or any other similar financial institution which has one or more offices in a state in which a subsidiary of Southern National Corporation has a banking
office, the Company may at its discretion and in full and complete discharge of its obligations to the Participant under this Plan and his Deferral Elections, make a lump sum payment to the Participant equal to the present value (calculated using
the “Present Value Monthly Discount Rate” stated on the schedule of benefits attached to the Participant’s various Deferral Elections) of the remaining benefit payments due to or on behalf of the Participant; provided, however, that
the Company shall have no right to make such lump sum payment if, within two (2) years following a Change in Control, either the Company terminates the Participant’s employment other than for cause or the Participant quits or resigns for
good reason. Termination by the Company of the Participant’s employment for “cause” shall mean termination due to (i) an act or acts of dishonesty by the Participant constituting a felony and resulting or intended to result in
substantial gain or 

  
 17 

 
personal enrichment for the Participant at the expense of the Company or (ii) willful and continued failure by the Participant to substantially perform his duties with the Company, other
than for incapacity due to mental or physical illness, after a written demand for substantial performance is delivered to the Participant by the Chairman of the Board of Directors of the Company which specifies how the Participant has failed to
substantially perform his duties; provided, however, in no event shall the Participant’s termination by the Company be considered to have been for cause if such termination shall have been the result of (i) the Participant’s bad
judgment or negligence, (ii) any act or omission without intent of gaining a profit to which the Participant was not legally entitled, or (iii) any act or omission believed by the Participant in good faith to have been in, or not opposed
to, the interests of the Company. “Good reason” shall mean: (i) the assignment to the Participant of any duties inconsistent with his duties immediately prior to the Change in Control or any removal of the Participant from or any
failure to reelect or reappoint the Participant to his positions, except in connection with promotions to higher office; (ii) a reduction by the Company in the Participant’s base salary as in effect immediately prior to the Change in
Control; (iii) the failure by the Company to maintain, and to continue the Participant’s participation in, the Company’s benefit or compensation plans as in effect immediately prior to the Change in Control (including but not limited
to bonus and incentive 

  
 18 

 
compensation plans, stock option, bonus, award and purchase plans, life insurance, medical, health and accident insurance, disability plans and deferred compensation plans); or the taking of any
action by the Company which would adversely affect the Participant’s participation in or reduce the Participant’s benefits under any of such plans or deprive the Participant of any fringe benefit he enjoyed immediately prior to the Change
in Control; or the failure to provide the Participant with the number of paid vacation days to which he was entitled under the Company’s normal vacation policy in effect immediately prior to the Change in Control; (iv) the relocation of
the Participant’s office to anywhere other than a location within 25 miles of the Participant’s office immediately prior to the Change in Control or the Company’s requiring the Participant to be based anywhere other than within 25
miles of the Participant’s office immediately prior to the Change in Control, except for required travel on the Company’s business to an extent consistent with the Participant’s business travel obligations immediately prior to the
Change in Control; or (v) Total Disability. 

  
 19 

 ARTICLE VII 

ADMINISTRATIVE COMMITTEE 
 1. This Plan shall be administered by the Committee. The Committee shall have all powers necessary to enable it to carry out its duties in the administration of the Plan. Not in limitation, but in
application of the foregoing, the Committee shall have the duty and power to determine all questions that may arise hereunder as to the status and rights of Participants. 
 2. The Committee shall act by a majority of the number then constituting the Committee, and such action may be taken either by a vote at a meeting or in writing without a meeting. 

3. The Committee shall keep a complete record of all its proceedings and all data relating to the administration of the Plan. 

4. The Committee shall select one of its members as a Chairman. The Committee shall appoint a Secretary to keep minutes of its meetings
and the Secretary may or may not be a member of the Committee. The Committee shall make such rules and regulations for the conduct of its business as it shall deem advisable. 
 5. No member of the Committee shall be personally liable for any actions taken by the Committee unless the member’s action involves willful misconduct. 

  
 20 

 ARTICLE VIII 

AMENDMENT AND TERMINATION 
 Southern National Corporation reserves the right, at any time or from time to time, by action of its Board of Directors, to amend in whole or in part any or all provisions of the Plan. In addition,
Southern National Corporation reserves the right by action of its Board of Directors to terminate the Plan in whole or in part, and each Participating Subsidiary reserves the right by action of its Board of Directors to terminate the Plan with
respect to such Participants employed by it. Anything to the contrary herein notwithstanding, any such amendment or termination shall not adversely affect any benefits attributable to elective or deemed deferrals made in the calendar year in which
the amendment or termination is adopted or in any prior calendar years. 

  
 21 

 ARTICLE IX 

MISCELLANEOUS 
 1. Early Death or Suicide. Notwithstanding any provision in this Plan to the contrary, in the event (i) the Participant dies prior to the first May 1 following the making of a Deferral
Election pursuant to Section 3(b)(iii) of Article III, (ii) the Participant dies within one hundred twenty (120) days after making a Deferral Election pursuant to Section 3(b)(i) or (ii) of Article III, or (iii) the
Participant dies as a result of suicide within twenty-eight (28) months after making a Deferral Election, then in lieu of all other benefits to which the Designated Beneficiary would otherwise be entitled pursuant to such Deferral Election(s),
the Company shall pay to the Designated Beneficiary, within sixty (60) days of receipt of written proof of the Participant’s death, a lump sum equal to the Participant’s actual deferrals pursuant to such Deferral Election(s) plus
interest thereon from the date of deferral at the rate of nine percent (9%) per annum compounded annually. The payment of such lump sum shall fully and completely discharge the Company’s obligations under such Deferral Election(s) and
shall fully and completely satisfy all the Participant’s and his Designated Beneficiary’s rights thereunder. 
 2.
Nonalienation of Benefits. No right or benefit under the Plan shall be subject to anticipation, alienation, sale, assignment, pledge, encumbrance, or charge, and any attempt to 

  
 22 

 
anticipate, alienate, sell, assign, pledge, encumber, or charge any right or benefit under this Plan shall be void. No right or benefit hereunder shall in any manner be liable for or subject to
the debts, contracts, liabilities or torts of the person entitled to such benefits. If the Participant or any beneficiary hereunder shall become bankrupt, or attempt to anticipate, alienate, sell, assign, pledge, encumber, or charge any right
hereunder, then such right or benefit shall, in the discretion of the Committee, cease and terminate, and in such event, the Committee may hold or apply the same or any part thereof for the benefit of the Participant or his beneficiary, spouse,
children, or other dependents, or any of them in such manner and in such amounts and proportions as the Committee may deem proper. 
 3. No Trust Created. The obligations of Southern National Corporation and Participating Subsidiaries to make payments hereunder shall constitute a liability of Southern National Corporation and
Participating Subsidiaries to a Participant. Such payments shall be made from the general funds of Southern National Corporation and its Participating Subsidiaries, and no such Company shall be required to establish or maintain any special or
separate fund, or purchase or acquire life insurance on a Participant’s life, or otherwise to segregate assets to assure that such payment shall be made, and neither a Participant, his estate nor Designated Beneficiary shall have any interest
in any particular asset of either Southern National Corporation or its Participating Subsidiaries by reason of its 

  
 23 

 
obligations hereunder. Nothing contained in the Plan shall create or be construed as creating a trust of any kind or any other fiduciary relationship between the Company and a Participant or any
other person. 
 4. No Employment Agreement. Neither the execution of this Plan nor any action taken by the Company
pursuant to this Plan shall be held or construed to confer on a Participant any legal right to be continued as an Employee of the Company in an executive position or in any other capacity whatsoever. This Plan shall not be deemed to constitute a
contract of employment between the Company and a Participant, nor shall any provision herein restrict the right of the Company to discharge any Participant or restrict the right of any Participant to terminate his employment with the Company.

 5. Designation of Beneficiary. Participants shall file with the Company a notice in writing designating one or more
Designated Beneficiaries to whom payments otherwise due to or for the benefit of the Participant hereunder shall be made in the event of his death prior to the complete payment of such benefit. Participants shall have the right to change the
beneficiary or beneficiaries so designated from time to time; provided, however, that any change shall not become effective until received in writing by the Committee. 
 6. Payment to Incompetents. The Committee shall make payment provided herein directly to a Participant or such Designated Beneficiary entitled thereto, or if such Participant or 

  
 24 

 
such Designated Beneficiary has been determined by a court of competent jurisdiction to be mentally or physically incompetent, then payment shall be made to the duly appointed guardian, committee
or other authorized representative of such Participant or such Designated Beneficiary and his estate. The Company shall have the right to make payment directly to a Participant or such Designated Beneficiary or until it has received actual notice of
the physical or mental incapacity of such Participant or such Designated Beneficiary, and notice of the appointment of a duly authorized representative of his estate. Any such payment for the benefit of the Participant or such Designated Beneficiary
or to such representative for his benefit, shall be a complete discharge of all liability of the Company therefor. The Company is authorized to interpret and administer this Section in accordance with the laws of the State of North Carolina.

 7. Claims for Benefits. Each Participant or beneficiary must claim any benefit to which he is entitled under this Plan
by a written notification to the Committee. If a claim is denied, it must be denied within a reasonable period of time, and be contained in a written notice stating the following: 

 

	 	A.	The specific reason for the denial. 

  

	 	B.	Specific reference to the Plan provision on which the denial is based. 

  

	 	C.	Description of additional information necessary for the claimant to present his claim, if any, and an explanation of why such material is necessary.

  
 25 

	 	D.	An explanation of the Plan’s claims review procedure. 

 The claimant will have 60 days to request a review of the denial by the Committee, which will provide a full and fair review. The request for review must be in writing delivered to the Committee. The
claimant may review pertinent documents, and he may submit issues and comments in writing. 
 The decision by the Committee with
respect to the review must be given within 60 days after receipt of the request, unless special circumstances require an extension (such as for a hearing). In no event shall the decision be delayed beyond 120 days after receipt of the request for
review. The decision shall be written in a manner calculated to be understood by the claimant, and it shall include specific reasons and refer to specific Plan provisions as to its effect. 

8. Binding Effect. Southern National Corporation shall be jointly and severally liable with respect to obligations incurred by a
Participating Subsidiary under this Plan. Obligations incurred by the Company pursuant to this Plan shall be binding upon and inure to the benefit of the Company, its successors and assigns, and the Participant and the beneficiary or beneficiaries
designated pursuant to Article IX, Section 5 hereinabove. 
 9. Entire Plan. This document and any amendments
contains all the terms and provisions of the Plan and shall constitute the entire Plan, any other alleged terms or provisions being of no effect. 

  
 26 

 10. Merger or Consolidation. In the event of a merger or a consolidation by the
Company with another corporation, or the acquisition of substantially all of the assets or outstanding stock of the Company by another corporation, then and in such event the obligations and responsibilities of the Company under this Plan shall be
assumed by any such successor or acquiring corporation, and all of the rights, privileges and benefits of the Participants hereunder shall continue. 
 11. Participant Transfers. In the event a Participant is transferred between Southern National Corporation and a Participating Subsidiary, or between Participating Subsidiaries, the Company to
which the Participant is transferred (i) shall assume, to the extent it is executory at the time of the transfer, any obligation under a Deferral Election to defer Compensation of the Participant, and (ii) shall become jointly liable with
the transferring Company to pay any benefits due the Participant under such Deferral Election. 

  
 27 

 DECLARATION OF AMENDMENT TO 

SOUTHERN NATIONAL DEFERRED COMPENSATION PLAN 
 FOR KEY EXECUTIVES 
 THIS DECLARATION OF AMENDMENT,
made the 25th day of March, 1997, by SOUTHERN NATIONAL
CORPORATION (the “Company”), as sponsor of the Southern National Deferred Compensation Plan for Key Executives (the “Plan”). 
 R E C I T A L S: 
 Effective January 1, 1989, Southern National Bank of North Carolina established the Plan for the benefit of selected key employees. The purpose of the Plan was to restore to employees certain
benefits (the “Restoration Benefits”) that would have been provided under the Southern National Employee Stock Ownership Plan (which has subsequently been merged into the Southern National Corporation 401 (k) Savings Plan) except for
the limitations imposed by Sections 401(a)(17), 401(k), 401(m), 402(g) and 415 of the Internal Revenue Code of 1986, as amended. Branch Banking and Trust Company (“BB&T”) established a similar plan (the “BB&T Plan”)
effective as of January 1, 1988, for the benefit of its selected key employees. The BB&T Plan was entitled the Branch Banking and Trust Company Supplemental Executive Retirement Plan. On February 28, 1995, the Company and BB&T
Financial Corporation, the former parent corporation of BB&T, were merged. As a result of the merger, the Company became the parent corporation of BB&T and the Company became the sponsor of the Plan. Effective as of January 1, 1996, the
Company assumed the sponsorship of the BB&T Plan and the name of the BB&T Plan was changed to the Southern National Corporation Supplemental Executive Retirement Plan. Since the Restoration Benefits were also provided under the BB&T
Plan, the BB&T Plan eliminated the need for the Plan. Accordingly, the Plan was frozen as of December 31, 1995. Effective as of January 

 
1, 1997, the BB&T Plan was amended and restated and the name of the BB&T Plan was changed to the Southern National Corporation Non-Qualified Defined Contribution Plan. It is deemed
advisable for the Company to amend the Plan to reflect the Plan’s frozen status. 
 NOW, THEREFORE, it is declared that the
Plan shall be and hereby is amended as follows: 
 1. Effective as of January 1,1996, Article III of the Plan shall be
amended by adding the following new material to the end of Section 2: 
 “Effective as of December 31, 1995, no
new Employees of the Company shall become Participants in the Plan. The Participants in the Plan as of such date are designated in Exhibit A attached hereto.” 
 2. Effective as of January 1, 1996, Article III of the Plan shall be further amended by adding the following new material to the end of Section 3(a): 

“Effective as of December 31, 1995, no additional Deferral Elections shall be made by Participants under the Plan.”

 IN WITNESS WHEREOF, this Amendment has been executed by the Company on the day and year first above stated. 

 

			
	SOUTHERN NATIONAL CORPORATION
		
	 By:
	 	 /s/ Robert E. Greene

		 	Authorized Officer

 Attest: 
  

	
	 /s/ Jerone C. Herring

	(Assistant) Secretary
	
	 [Corporate Seal]

  
 2

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