Document:

Exhibit 10.11

 Exhibit 10.11 
 BB&T CORPORATION 
 SHORT-TERM INCENTIVE PLAN 
 (January 1, 2009 Restatement) 
  

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

  

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

  

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

  

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

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

  

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

  

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

  

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

  

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

  

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

  

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

  

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

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

 

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

  

			
	 Level of Performance
	  	 Performance Value

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

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

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

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

	 	(A)	is the Participant’s Target Award; 

  

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

  

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

  

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

  

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

  

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

  

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

 Notwithstanding the foregoing formula, however, in no event may the amount of a Participant’s Award for any calendar year exceed 2.8125 times the
Participant’s Base Compensation for the calendar year. 
 The Award, if any, earned by a Participant with respect to a calendar year
shall be paid to him in cash as soon as practicable following the determination of the amount of the Award and the Committee’s written certification that the Participant achieved his performance goals, but in no event later than March 15
of the following calendar year. The Award may be paid in lump sum or in installments, in the Committee’s discretion. The Committee shall not have any discretion to increase the amount of an Award otherwise earned and payable pursuant to the
terms of the Plan to a Participant who is a member of the executive management class. The Committee shall have the discretion to reduce or eliminate the amount of an Award otherwise earned and payable pursuant to the terms of the Plan to any
Participant. No Award shall be paid to a Participant if his performance is below the threshold level of performance established by the Committee. 
  

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

  

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

  

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

  

	9.	Change of Control. 

  

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

  

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

  

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

  

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

  

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

  

	12.	Effective Date. As of the date of execution of this Plan document, effective January 1, 2009, and subject to the approval by the shareholders of the Company of
certain performance criteria as required by Section 162(m) and related regulations, the Plan is hereby amended and restated for compliance with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and the
guidance issued thereunder by the United States Department of Treasury and/or the Internal Revenue Service (collectively, “Section 409A”). Notwithstanding the foregoing, on and after January 1, 2005 through December 31, 2008, the
Plan has been operated, to the extent applicable, in good faith compliance with Section 409A. Moreover, to the extent applicable, the Company intends that the Plan comply with Section 409A and the Plan shall be construed consistently with
such intent. 

  

	13.	Miscellaneous. 

  

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

  

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

  

	 	c.	 No Trust; Unfunded Plan. The obligation of the Company to make payments hereunder shall constitute a liability of the Company to the Participants. Such
payments shall be made from the general funds of the Company, and the Company shall not be required to establish or maintain any special or separate fund, or otherwise to segregate assets to assure that such payments shall be made, and neither the
Participants nor their beneficiaries shall have any interest in any particular assets 

  

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of the Company by reason of its obligations hereunder. Nothing contained in this Plan shall create or be construed as creating a trust of any kind or any
other fiduciary relationship between the Company and the Participants or any other person. To the extent that any person acquires a right to receive payments from the Company hereunder, such right shall be no greater than the right of an unsecured
creditor of the Company. 

  

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

  

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

  

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

  

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

  

	 	h.	 Adjustments. The Committee is authorized at any time during or after the completion of a calendar year, in its sole discretion, to adjust or modify the terms
of Awards or performance objectives, or specify new Awards, (i) in the event of any large, special 

  

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and non-recurring dividend or distribution, recapitalization, reorganization, merger, consolidation, spin-off, combination, repurchase, share exchange,
forward or reverse split, stock dividend, liquidation, dissolution or other similar corporate transaction, (ii) in recognition of any other unusual or nonrecurring event affecting the Company or the financial statements of the Company
(including events described in (i) above as well as acquisitions and dispositions of businesses and assets and extraordinary items determined under generally accepted accounting principles), or in response to changes in applicable laws and
regulations, accounting principles, and tax rates (and interpretations thereof) or changes in business conditions or the Committee’s assessment of the business strategy of the Company. Unless the Committee determines otherwise, no such
adjustment shall be authorized or made if and to the extent that the existence of such authority or the making of such adjustment would cause Awards granted under the Plan to covered employees whose compensation is intended to qualify as
“performance-based compensation” under Section 162(m) and related regulations to fail to so qualify. 

 This BB&T Corporation Short-Term Incentive Plan has been executed on behalf of the Company
this 23rd day of December, 2008. 
  

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

		 	Senior Executive Vice President

  

	
	Attest:
	
	 /s/    Frances B. Jones

	Secretary/Asst. Secretary
	
	[Corporate Seal]

  

 8Exhibit 10.13

 Exhibit 10.13 
 BB&T CORPORATION TARGET PENSION PLAN 
 (January 1, 2009 Restatement) 

 BB&T CORPORATION TARGET PENSION PLAN 
 (January 1, 2009 Restatement) 
 TABLE OF CONTENTS 
  

					
	 Section
	  	Page
			
		  	ARTICLE I	  	
		  	ESTABLISHMENT AND PURPOSE	  	
			
	1.1	  	Establishment of Plan	  	1
	1.2	  	Purpose of Plan	  	1
			
		  	ARTICLE II	  	
		  	DEFINITIONS	  	
			
	2.1	  	Definitions	  	2
	2.2	  	Construction	  	7
			
		  	ARTICLE III	  	
		  	ELIGIBILITY AND PARTICIPATION	  	8
			
		  	ARTICLE IV	  	
		  	RETIREMENT BENEFITS	  	
			
	4.1	  	Retirement Benefit	  	9
	4.2	  	Commencement of Benefits	  	9
	4.3	  	Actuarial Reduction for Certain Eligible Spouses	  	10
	4.4	  	Reemployment of Retired Participant	  	10
			
		  	ARTICLE V	  	
		  	PRE-RETIREMENT SURVIVOR BENEFITS	  	
			
	5.1	  	Death Benefit Prior to Age 65	  	11
	5.2	  	Death Benefit After Age 65	  	11
	5.3	  	No Other Survivor Benefit for Death Before Payment Date	  	11
			
		  	ARTICLE VI	  	
		  	POST-DISABILITY RETIREMENT BENEFITS	  	
			
	6.1	  	Eligibility for Post-Disability Retirement Benefit	  	12
	6.2	  	Post-Disability Retirement Benefit	  	12
	6.3	  	Commencement of Payments	  	12
			
		  	ARTICLE VII	  	
		  	SEVERANCE BENEFITS	  	13
			
		  	ARTICLE VIII	  	
		  	NONCOMPETITION	  	14

  

 i 

					
	 Section
	  	Page

					
			
		  	ARTICLE IX	  	
		  	ADMINISTRATION BY COMMITTEE	  	
			
	9.1	  	Membership of Committee	  	16
	9.2	  	Committee officers; Subcommittee	  	16
	9.3	  	Committee Meetings	  	16
	9.4	  	Transaction of Business	  	16
	9.5	  	Committee Records	  	17
	9.6	  	Establishment of Rules	  	17
	9.7	  	Conflicts of Interest	  	17
	9.8	  	Correction of Errors	  	17
	9.9	  	Authority to Interpret Plan	  	17
	9.10	  	Third Party Advisors	  	18
	9.11	  	Compensation of Members	  	18
	9.12	  	Committee Expenses	  	18
	9.13	  	Indemnification of Committee	  	18
			
		  	ARTICLE X	  	
		  	AMENDMENT AND TERMINATION	  	
			
	10.1	  	Filing a Claim for Benefits	  	19
	10.2	  	Notification to Claimant of Decision	  	19
	10.3	  	Procedure for Review	  	20
	10.4	  	Decision on Review	  	20
	10.5	  	Action by Authorized Representative of Claimant	  	20
	10.6	  	Overpayments	  	21
			
		  	ARTICLE XI	  	
		  	ALLOCATION OF RESPONSIBILITIES	  	
			
	11.1	  	Board	  	22
	11.2	  	Committee	  	22
	11.3	  	Plan Administrator	  	22
	11.4	  	Compensation Committee	  	23
			
		  	ARTICLE XII	  	
		  	FUNDING	  	24
			
		  	ARTICLE XIII	  	
		  	AMENDMENT AND TERMINATION	  	
			
	13.1	  	Right to Amend or Terminate Plan	  	25
	13.2	  	Certain Participant Benefits Not Affected	  	25
	13.3	  	Benefit Accrual for Certain Other Participants	  	25

  

 ii 

					
	 Section
	  	Page

					
			
		  	ARTICLE XIV	  	
		  	COMMUNICATION TO PARTICIPANTS	  	27
			
		  	ARTICLE XV	  	
		  	BENEFITS NOT ASSIGNABLE; FACILITY OF PAYMENTS	  	
			
	15.1	  	Benefits Not Assignable	  	28
	15.2	  	Payments to Minors and Others	  	28
			
		  	ARTICLE XVI	  	
		  	MISCELLANEOUS PROVISIONS	  	
			
	16.1	  	Notices	  	29
	16.2	  	Lost Distributees	  	29
	16.3	  	Reliance on Data	  	29
	16.4	  	Receipt and Release for Payments	  	30
	16.5	  	Headings	  	30
	16.6	  	Continuation of Employment	  	30
	16.7	  	Construction	  	30
	16.8	  	Nonliability of Employer	  	30
	16.9	  	Severability	  	31
	16.10	  	Merger and Consolidation	  	31
	16.11	  	Tax Reporting and Withholding	  	31
	16.12	  	Binding Effect	  	31
	16.13	  	Compliance with Section 409A	  	32
		
	Appendix A Payment Commencement Date for Post-Disability Retirement Benefits	  	A-1
	Appendix B Actuarial Assumptions	  	B-1

  

 iii 

 ARTICLE I 
 ESTABLISHMENT AND PURPOSE 
 1.1 Establishment of Plan. Effective as of
January 1, 1989, Southern National Corporation established the Southern National Corporation Supplemental Executive Retirement Plan (the “Plan”). On February 28, 1995, Southern National Corporation merged with BB&T Financial
Corporation to form a multi-bank holding company known as Southern National Corporation which in 1997 was renamed BB&T Corporation (the “Company”). On March 25, 1997, the Plan was renamed the Southern National Target Pension Plan
and participation was limited to certain designated individuals, who were former Southern National Bank executives. As of the date of execution of this Plan document, which is effective as of January 1, 2009, the Plan is hereby amended and
restated to comply with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and the regulations and other guidance issued thereunder by the Department of the Treasury and/or the Internal Revenue Service
(collectively, “Section 409A”). Prior to its amendment, on and after January 1, 2005, through December 31, 2008, the Plan has been operated, to the extent applicable, in good faith compliance with Section 409A. Moreover, to
the extent applicable, the Company intends that the Plan comply with Section 409A and the Plan shall be construed consistently with such intent. 
 1.2 Purpose of Plan. The Plan provides benefits to, or on behalf of, selected key management employees to supplement retirement and survivor benefits payable from the BB&T Corporation Pension Plan
(formerly known as the Southern National Corporation Pension Plan) which was formed due to the merger on January 1, 1996, of the Southern National Retirement Plan and Retirement Plan for Employees of Branch Banking and Trust Company.

 ARTICLE II 
 DEFINITIONS 
 2.1 Definitions. When used in this Plan document, the following
capitalized terms shall have the meanings set forth below, unless the context clearly requires otherwise. 
 (1) The term
“Actuarial Assumptions” shall mean the assumptions to be used for Plan purposes to determine Actuarial Equivalents, as set forth in Appendix B. 
 (2) The term “Actuarial Equivalent” or “Actuarially Equivalent” shall mean a form of benefit differing
in time, period, or manner of payment from a specified benefit, determined as of a given date by application of the Plan’s Actuarial Assumptions. 
 (3) The term “Affiliate” shall mean any employer which, with the Company, would be considered to be a single employer under Sections 414(b) and 414(c) of the Code, using 50%, rather than 80%, as the
percentage of ownership required with respect to such Code sections. The status of an entity as an Affiliate relates only to the period of time during which the entity is so affiliated with the Company. 
 (4) The term “Board” shall mean the Board of Directors of the Company. 
 (5) The term “Change in Control” shall mean and shall be deemed to have occurred upon the earliest of the following
dates: 
 (a) the date any person or group of persons (as defined in Section 13(d) and 14(d) of the Securities Exchange
Act of 1934) together with its affiliates, excluding employee benefit plans of the Company, is or becomes during a 12-month period, directly or indirectly, the “beneficial owner” (as defined in Rule 13d-3 promulgated under the Securities
Exchange Act of 1934) of securities of the Company representing 30% or more of the combined voting power of the Company’s then outstanding voting securities; or 
 (b) the date that any one person, or more than one person acting as a group, acquires ownership of stock of the Company that, together
with stock held by such person or group constitutes more than 50% of the total fair market value or total voting power of the stock of the Company within the meaning of Section 409A; or 
 (c) the date of the sale (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 the Company; or 
 (d) the date when, for any reason, during any period of twelve
consecutive months, the individuals who at the beginning of such 12-month period constituted the entire Board and any new directors whose 

  

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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, fail to constitute a majority of the members of the Board.

 (6) The term “Code” shall mean the Internal Revenue Code of 1986, as amended, and as it may be amended
from time to time. 
 (7) The term “Committee” shall mean the Employee Benefits Plan Committee, which shall
have the powers, duties, and responsibilities set forth in Article IX. 
 (8) The term “Company” shall
mean BB&T Corporation, a North Carolina corporation with its principal office at Winston-Salem, North Carolina, or any successor thereto by merger, consolidation, or otherwise. 
 (9) The term “Compensation Committee” shall mean the Compensation Committee of the Board or its delegate. 
 (10) The term “Credited Service” shall mean the credited service that the Pension Plan ascribes to such term; provided,
however, that for purposes of the Plan a Participant shall also be credited with Credited Service for any period he is Disabled. 
 (11) The term “Designated Beneficiary” shall mean one or more beneficiaries, as designated by a Participant in writing delivered to the Committee, to whom certain Pre-Retirement Death Benefits shall be paid pursuant to the
provisions of Article V. In the event no such written designation is made by the Participant or such beneficiary shall not be living or in existence at the time payments are to commence, the Participant shall be deemed to have designated his estate
as such beneficiary. 
 (12) The term “Disabled” or “Disability” shall mean a condition for
which a Participant is entitled to disability benefits under the group disability plan maintained by the Employer. 
 (13) The
term “Early Payment Reduction Percentage” shall mean the sum of (a) and (b) where (a) is the product of .1667% multiplied by the number of such whole calendar months, not in excess of 60, by which the date of the
first monthly payment of a Participant’s Retirement Benefit precedes the month of his attainment of age 65, and where (b) is the product of .50% multiplied by the number of whole calendar months, in excess of 60, by which the date of the
first monthly payment of the Participant’s Retirement Benefit precedes the month of his attainment of age 65. 
 (14) The
term “Early Retirement Eligibility Date” shall mean the first day of the month coincident with or next following the date on which a Participant attains age 55 and completes 15 Years of Credited Service in the employ of the Employer
prior to attainment of age 65. 
  

 3 

 (15) The term “Eligible Employee” shall mean any Employee who was
participating in the Plan on January 1, 1997. An Employee shall cease to be an Eligible Employee immediately upon his Separation from Service. 
 (16) The term “Eligible Spouse” shall mean the person, if any, who is legally married to the Participant on the Participant’s date of death; provided, however, that such term shall not include a
spouse who on the date of death is legally separated from the Participant pursuant to a court order or written agreement between the Participant and spouse. Notwithstanding the foregoing, a same-gender spouse shall not be deemed to be the Spouse or
Surviving Spouse of a Participant for any purpose under the Plan. 
 (17) The term “Employee” shall mean any
person on the payroll of the Employer who is subject to withholding for purposes of Federal income taxes and for purposes of the Federal Insurance Contributions Act. 
 (18) The term “Employer” shall mean the Company (prior to February 28, 1995, Southern National Corporation) and its
participating Affiliates. 
 (19) The term “ERISA” shall mean the Employee Retirement Income Security Act of
1974, as amended, and as it may be amended from time to time. 
 (20) The term “ERISA Excess Benefit” shall
mean (a) minus (b), where: 
 (a) is a Participant’s Pension Plan Benefit, but computed as if such benefit were
determined without giving effect to the compensation and annual benefit limitations as set forth in Sections 401(a)(17) and 415 of the Code and corresponding provisions of the Pension Plan; and 
 (b) is the Participant’s Pension Plan Benefit. 
 (21) The term “Final Average Earnings” shall mean a Participant’s average Monthly Earnings (as defined in
Section 2.1(22)) for the 60 calendar months during which his Monthly Earnings were the highest (which 60 months may or may not be consecutive) within the 120 calendar months (or, if less, the total number of calendar months during which he was
employed with the Employer) immediately preceding the earlier to occur of his Payment Date or date of death. 
 (22) The term
“Monthly Earnings” shall mean, for any calendar month, the quotient obtained by dividing by 12 the total earnings paid to a Participant by the Employer during the calendar year in which the calendar month falls. For purposes of the
preceding sentence, “total earnings paid to a Participant by the Employer during the calendar year” shall mean the total earnings paid by the Employer to the Participant reported or reportable for that calendar year on U.S. Treasury
Department Wage and Tax Statement Form W-2 or similar form required for such purpose, increased by (i) any deferrals under the BB&T Corporation 401(k) Savings Plan, as amended from time to time, and (ii) any reductions in compensation
resulting from participation in any deferred compensation plan or cafeteria plan to the extent that such deferrals and reductions are excluded from reporting on Form W-2 or other similar form required for such purpose. 

  

 4 

 
For purposes of the preceding sentence, non-cash items, including company car income and income from stock options, and benefits paid under the Plan or any
other employee benefit plan of the Employer shall be excluded from “total earnings paid to a Participant by the Employer during the calendar year.” 
 (23) The term “Normal Retirement Date” shall mean the first day of the month coincident with or next following the month
in which the Participant attains 65. 
 (24) The term “Participant” shall mean an Eligible Employee who
continues to accrue benefits under the Plan, an Eligible Employee with a Disability who has not yet incurred a Payment Date, or a former Eligible Employee eligible to receive or receiving payments under the Plan. The Committee shall maintain a list
of Participants. 
 (25) The term “Payment Date” shall mean, with respect to a Participant who is not
Disabled, the date he incurs a Separation from Service on or after his Early Retirement Eligibility Date or his Normal Retirement Date, as the case may be, and with respect to a Participant who is Disabled, the date that a Post-Disability Pension
Benefit is payable to an eligible Participant pursuant to Article VI and Appendix A. 
 (26) The term “Pension
Plan” shall mean the BB&T Corporation Pension Plan, as it may be amended from time to time. 
 (27) The term
“Pension Plan Benefit” shall mean 1/12th of the annual amount of the benefit which would be payable to a Participant under the Pension Plan if the Participant’s vested accrued benefit in the Pension Plan were paid as follows:

 (a) In the case of a married Participant, in the form of a joint and 75% survivor annuity which is Actuarially Equivalent
to his vested accrued benefit in the Pension Plan commencing when his Retirement Benefit commences; 
 (b) In the case of an
unmarried Participant, in the form of a level life and ten-year certain annuity which is Actuarially Equivalent to his vested accrued benefit in the Pension Plan commencing when his Retirement Benefit commences. 
 The foregoing payment assumptions are made solely for purposes of the Plan, and such assumptions shall apply without regard for the form in which or the
time at which a Participant’s vested accrued benefit under the Pension Plan is actually paid or authorized to be paid. 
 For purposes
of this Section 2.1(27), (i) a “joint and 75% survivor annuity” means an annuity providing a monthly benefit for the life of the Participant with a monthly benefit payable to the Participant’s Eligible Spouse, if any, for
the remainder of the Eligible Spouse’s life in an amount equal to 75% of the monthly benefit payable to the Participant during the Participant’s lifetime; and (ii) a “level life and ten-year certain annuity” means an annuity
providing a monthly benefit payable for a minimum of 120 months and, if longer, for the life of the Participant. 
  

 5 

 (28) The term “Plan” shall mean the BB&T Corporation Target Pension
Plan, an unfunded, non-qualified deferred compensation plan as herein restated effective January 1, 2009, or as duly amended from time to time. 
 (29) The term “Plan Administrator” shall mean the plan administrator as provided in Section 9.2. 
 (30) The term “Plan Year” shall mean the 12-month period beginning on January 1 and ending on December 31 of each calendar year. 
 (31) The term “Post-Disability Retirement Benefit” shall mean the benefit payable to the Participant pursuant to Article
VI and Appendix A of the Plan. 
 (32) The term “Retirement Benefit” shall mean the retirement benefit
payable to a Participant pursuant to Section 4.1. 
 (33) The term “Section 409A” shall mean
Section 409A of the Code and the regulations and other guidance issued thereunder by the Department of the Treasury and/or the Internal Revenue Service. 
 (34) The term “Separation from Service” shall mean a termination of employment with the Company and all Affiliates that
is a “separation from service” within the meaning of Section 409A. 
 (35) The term “Social Security
Benefit” shall mean an amount equal to the annual Primary Old Age Insurance benefit to which the Participant would be entitled to receive commencing on his Normal Retirement Date (assuming that he will have no earnings after such date that
would cause a reduction in such benefit) under the Federal Social Security Act, as such Act is in effect on the Participant’s Payment Date, divided by 12. The Social Security Benefit shall be calculated on the basis of the Participant’s
estimated earnings history, constructed as follows: 
 (a) If the Participant has not attained age 65 on his Payment Date, it
shall be assumed that he will receive no additional compensation during the period between his Payment Date and his attainment of age 65; 
 (b) The Participant’s Monthly Earnings shall be used for the 120 calendar month period (or for the Participant’s total months of employment, if shorter) that is considered in the determination of Final
Average Earnings; and 
 (c) For years beginning on and after the later of 1951, or the calendar year in which the Participant
attained age 22, and ending with the year immediately preceding the period described in (b) above, the Participant’s wages for purposes of the Federal Social Security Act shall be calculated by projecting backwards, using a salary scale of
6% per annum, his Monthly Earnings for the earliest calendar year in the period described in (b) above. 
  

 6 

 Notwithstanding the foregoing, a Participant shall have the right to have his Social Security Benefit
recomputed on the basis of his actual Social Security earnings history by providing appropriate documentation to the Committee. For a Participant whose Social Security full-benefit retirement age is later than age 65, the Social Security Benefit
shall be determined at age 65, subject to applicable Social Security reduction for months before his full-benefit retirement age. 
 (36) The term “Specified Employee” shall mean a “specified employee” within the meaning of Section 409A and the Specified Employee identification policy of the Company. 
 (37) The term “Target Retirement Benefit” shall mean an amount equal to 55% of the Participant’s Final Average
Earnings. 
 2.2 Construction. Wherever appropriate, words used in the Plan in the singular may include the plural, or the
plural may be read as the singular. References to one gender shall include the other. 
  

 7 

 ARTICLE III 
 ELIGIBILITY AND PARTICIPATION 
 On January 1, 1997, participation in the Plan was closed,
and no additional Eligible Employees shall become Participants in the Plan on and after said date. 
  

 8 

 ARTICLE IV 
 RETIREMENT BENEFITS 
 4.1 Retirement Benefit 
 (a) Amount. Subject to the provisions of Section 409A and Section 4.3, the Retirement Benefit of a Participant who
is not Disabled shall be the greater of (i) or (ii), where: 
 (i) is the product of (A) multiplied by (B), where:

 (A) is the Participant’s Target Retirement Benefit less; 
 (1) his Pension Plan Benefit and 
 (2) 50% of his Social Security Benefit 
 (B) is the difference between 100% and the
applicable Early Payment Reduction Percentage; and 
 (ii) is the Participant’s ERISA Excess Benefit. 
 (b) Form of Payment 
 (i) The Retirement Benefit of a married Participant shall be paid in the form of a joint and 75% survivor annuity. 
 (ii) The Retirement Benefit of an unmarried Participant shall be paid in the form of a level life and ten-year certain annuity. 
 4.2 Commencement of Benefits 
 (a) Benefit Payable to Participant

 (i) Non-Specified Employees. Retirement Benefits payable under Section 4.1 of a Participant who is not a Specified
Employee shall commence on the first day of the month immediately following the month of the Participant’s Payment Date and shall continue for each month thereafter until and including the month of his death. 
 (ii) Specified Employees. In the event, however, that a Participant is a Specified Employee at the time of his Separation from Service, to
the extent his Retirement Benefit under Section 4.1 constitutes “nonqualified deferred compensation” within the meaning of Section 409A, such Retirement Benefit shall not begin to be paid until within the 30-day period commencing
with the first day of the seventh month following the 

  

 9 

 
month of the Participant’s Separation from Service; provided, however, that if such 30-day period begins in one calendar year and ends in another, the
Participant shall have no right to designate the calendar year of payment. The first six months of annuity payments that would otherwise be payable but for Section 409A shall be accumulated without interest and paid on a date within the 30-day
period specified above. All remaining annuity payments shall be paid as they would have been but for the six-month delay. 
 (b) Benefit Payable to Eligible Spouse. Benefits are payable to an Eligible Spouse under this Article IV only if a Participant dies while receiving Retirement Benefits. Monthly payments, if any, to the Participant’s
Eligible Spouse shall commence the first day of the month next following the month of the Participant’s death and shall continue for each month thereafter until and including the month of the Eligible Spouse’s death. Each monthly payment
shall equal 75% of the monthly amount of the deceased Participant’s Retirement Benefit. 
 4.3 Actuarial Reduction for Certain
Eligible Spouses. Notwithstanding the provisions of Section 4.1, in the event an Eligible Spouse is more than ten years younger than the Participant, the monthly amount of the Participant’s Retirement Benefit (as otherwise
calculated under Section 4.1(a) above) and, consequently, the surviving spouse benefit under Section 4.2(b), shall be reduced so that the Participant’s Retirement Benefit and the surviving benefit, when considered together, are the
Actuarial Equivalent of the benefits that would be payable to the Participant and the Eligible Spouse if the Eligible Spouse were only ten years younger than the Participant. 
 4.4 Reemployment of Retired Participant. A retired Participant receiving or eligible to receive Retirement Benefits under the Plan who is
reemployed by the Employer or an Affiliate shall not be entitled to any increased benefits by reason of accumulating additional years of Credited Service or Monthly Earnings if he is subsequently reemployed. 
  

 10 

 ARTICLE V 
 PRE-RETIREMENT SURVIVOR BENEFITS 
 5.1 Death Benefit Prior to Age 65. In the
event that a Participant who has not attained age 65 dies during employment with the Employer prior to his Payment Date, the Employer shall pay to the Participant’s Eligible Spouse or, if none, his Designated Beneficiary a monthly benefit for
180 consecutive months. The amount of the monthly benefit shall equal 20% of the Participant’s Final Average Earnings. The benefits shall commence within 60 days of the Participant’s death; provided, however, that if such 60-day period
begins in one calendar year and ends in another, the Eligible Spouse (or Designated Beneficiary) shall not have a right to designate the calendar year of payment. 
 5.2 Death Benefit After Age 65. In the event that a Participant who has attained age 65 dies, prior to his Payment Date, he shall be considered to have retired on the day before his death, and the
Employer shall pay to his Eligible Spouse, if any, the spousal survivor benefit set forth in Section 4.2(b). 
 5.3 No Other
Survivor Benefit for Death Before Payment Date. Except as set forth in this Article V, no survivor benefit is payable under the Plan in the event of the death of a Participant prior to his Payment Date. 
  

 11 

 ARTICLE VI 
 POST-DISABILITY RETIREMENT BENEFITS 
 6.1 Eligibility for Post-Disability Retirement
Benefit. Any Participant who becomes Disabled prior to his Early Retirement Eligibility Date or his Normal Retirement Date and who is Disabled immediately prior to his Payment Date shall be eligible to receive a Post-Disability Retirement
Benefit. 
 6.2 Post-Disability Retirement Benefit. The amount and form of payment of Post-Disability Retirement
Benefits of an eligible Disabled Participant shall be determined like the Retirement Benefit under Sections 4.1 and 4.3. 
 6.3
Commencement of Payments. Payment of the Post-Disability Retirement Benefit to an eligible Disabled Participant shall commence on his Payment Date determined in accordance with the schedule set forth on Appendix A. 
  

 12 

 ARTICLE VII 
 SEVERANCE BENEFITS 
 No severance benefits shall be provided under the Plan. 
  

 13 

 ARTICLE VIII 
 NONCOMPETITION 
 Notwithstanding any provision of the Plan to the contrary but subject to the
proviso below, if any Participant Separates from Service with the Employer for any reason and accepts employment with, or assumes any other position with, any national bank, state bank, savings and loan association, or any other similar financial
institution with one or more offices in a state in which an Affiliate has a banking office, the Participant shall forfeit all rights to all retirement and survivor benefits to which he, his Eligible Spouse, or his Designated Beneficiary is or may
become entitled to under the Plan; provided, however, that no such forfeiture shall occur if, within two years following a Change in Control, either the Employer terminates the Participant’s employment other than for cause or the Participant
quits or resigns for good reason. Termination by the Company or an Affiliate 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 personal enrichment for the Participant at the expense of the Company or an Affiliate or (ii) willful and continued failure by the Participant to substantially perform his duties with the
Company or an Affiliate, 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 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 or an Affiliate. “Good reason” shall mean: (i) the assignment to the 

  

 14 

 
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 or an Affiliate 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 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
or an Affiliate 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 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 or an Affiliate’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 or an Affiliate’s business to an extent consistent with the Participant’s business travel
obligations immediately prior to the Change in Control; or (v) Disability. 
  

 15 

 ARTICLE IX 
 ADMINISTRATION BY COMMITTEE 
 9.1 Membership of Committee. The Committee shall
consist of individuals who shall be appointed by the Board to serve at the pleasure of the Board. Any member of the Committee may resign, and his successor, if any, shall be appointed by the Board. The Committee shall be responsible for the general
administration and interpretation of the Plan and for carrying out its provisions, except to the extent all or any of such obligations are specifically imposed on the Board. 
 9.2 Committee Officers; Subcommittee. The members of the Committee shall elect a Chairman and may elect an acting Chairman. They shall also
elect a Secretary and may elect an acting Secretary, either of whom may be but need not be a member of the Committee. The Committee may appoint from its membership such subcommittees with such powers as the Committee shall determine, and may
authorize one or more of its members or any agent to execute or deliver any instruments or to make any payment in behalf of the Committee. The Chairman of the Committee shall constitute the Plan Administrator and shall be agent for service of legal
process on the Plan. 
 9.3 Committee Meetings. The Committee shall hold such meetings upon such notice, at such places and at
such intervals as it may from time to time determine. Notice of meetings shall not be required if notice is waived in writing by all the members of the Committee at the time in office, or if all such members are present at the meeting. 

9.4 Transaction of Business. A majority of the members of the Committee at the time in office shall constitute a quorum for the
transaction of business. All resolutions or other actions taken by the Committee at any meeting shall be by vote of a majority of those present at any such meeting and entitled to vote. Resolutions may be adopted or other action taken without a
meeting upon written consent thereto signed by all of the members of the Committee. 
  

 16 

 9.5 Committee Records. The Committee shall maintain full and complete records of its
deliberations and decisions. The minutes of its proceedings shall be conclusive proof of the facts of the operation of the Plan. The records of the Committee shall contain all relevant data pertaining to individual Participants and their rights
under the Plan. 
 9.6 Establishment of Rules. Subject to the limitations of the Plan, the Committee may from time to time
establish rules or by-laws for the administration of the Plan and the transaction of its business. 
 9.7 Conflicts of
Interest. No individual member of the Committee shall have any right to vote or decide upon any matter relating solely to himself or to any of his rights or benefits under the Plan (except that such member may sign unanimous written consent
to resolutions adopted or other action taken without a meeting). 
 9.8 Correction of Errors. The Committee may correct errors
and, so far as practicable, may adjust any benefit or credit or payment accordingly. The Committee may in its discretion waive any notice requirements in the Plan; provided that a waiver of notice in one or more cases shall not be deemed to
constitute a waiver of notice in any other case. With respect to any power or authority which the Committee has discretion to exercise under the Plan, such discretion shall be exercised in a nondiscriminatory manner. 
 9.9 Authority to Interpret Plan. Subject to the claims procedure set forth in Article X, the Committee and the Plan Administrator
shall have the duty and discretionary authority to interpret and construe the provisions of the Plan, make factual determinations, and decide any dispute which may arise regarding the rights of Participants hereunder, including the 

  

 17 

 
discretionary authority to interpret the Plan and to make determinations as to eligibility for participation and benefits under the Plan. Interpretations and
determinations by the Committee and the Plan Administrator shall apply uniformly to all persons similarly situated and shall be binding and conclusive on all interested persons. 
 9.10 Third Party Advisors. The Committee may engage an actuary, attorney, accountant or any other technical advisor on matters regarding
the operation of the Plan and to perform such other duties as shall be required in connection therewith, and may employ such clerical and related personnel as the Committee shall deem requisite or desirable in carrying out the provisions of the
Plan. 
 9.11 Compensation of Members. No fee or compensation shall be paid to any member of the Committee for his service as
such. 
 9.12 Committee Expenses. The Committee shall be entitled to reimbursement by the Company for its reasonable expenses
properly and actually incurred in the performance of its duties in the administration of the Plan. 
 9.13 Indemnification of
Committee. No member of the Committee shall be personally liable by reason of any contract or other instrument executed by him or on his behalf as a member of the Committee nor for any mistake of judgment made in good faith, and the Company
shall indemnify and hold harmless, directly from its own assets (including the proceeds of any insurance policy the premiums for which are paid from the Company’s own assets), each member of the Committee and each other officer, employee, or
director of the Company to whom any duty or power relating to the administration or interpretation of the Plan may be delegated or allocated, against any unreimbursed or uninsured cost or expense (including any sum paid in settlement of a claim with
the prior written approval of the Board) arising out of any act or omission to act in connection with the Plan unless arising out of such person’s own fraud, bad faith, willful misconduct or gross negligence. 
  

 18 

 ARTICLE X 
 CLAIM PROCEDURES 
 10.1 Filing a Claim for Benefits. If a Participant or
Designated Beneficiary (the “Claimant”) believes that he is entitled to benefits under the Plan which are not being paid to him or which are not being accrued for his benefit, he shall file a written claim therefore with the Plan
Administrator. In the event the Plan Administrator shall be the Claimant, all actions which are required to be taken by the Plan Administrator pursuant to this Article X shall be taken instead by another member of the Committee designated by the
Committee. 
 10.2 Notification to Claimant of Decision. Within 90 days after receipt of proof of claim by the Plan
Administrator (or within 180 days if special circumstances require an extension of time), the Plan Administrator shall notify the Claimant of the decision with regard to the claim. In the event of special circumstances requiring an extension of
time, written notice of extension shall be furnished to the Claimant prior to the expiration of the initial 90-day period, setting forth the special circumstances and the date by which notice of decision with respect to the claim shall be furnished.
If such claim shall be wholly or partially denied, such notice shall be in writing worded in a manner calculated to be understood by the Claimant and shall set forth: 
 (i) the specific reason or reasons for the denial; 
 (ii) specific reference to pertinent provisions of the Plan on which the denial is based; 
 (iii) a description of any additional material or information necessary for the Claimant to perfect the claim and an explanation of why
such material or information is necessary; and 
 (iv) an explanation of the procedure for review of the denied claim and a
statement of the Claimant’s right to bring a civil action under Section 502(a) of ERISA. 
  

 19 

 If the Plan Administrator fails to notify the Claimant of the decision in a timely manner, the claim
shall be deemed denied as of the close of the initial 90-day period (or the close of the extension period, if applicable). 
 10.3
Procedure for Review. The Claimant may appeal denial of the claim by filing a written application for review with the Committee. The appeal shall be filed within 60 days following receipt by the Claimant of notice denying his claim, in
whole or in part, or, if such notice shall not be given, within 60 days following the latest date on which such notice could have been timely given. Following such request for review, the Committee shall fully and fairly review the decision denying
the claim. Prior to the decision of the Committee, the Claimant shall be given an opportunity to review pertinent documents and receive copies of them, free of charge, and submit issues and comments in writing. 
 10.4 Decision on Review. The decision on review of a claim denied in whole or in part by the Plan Administrator shall be made in the
following manner: 
 (a) Within 60 days following receipt by the Committee of the request for review, unless special
circumstances require an extension of time, the Committee shall notify the Claimant in writing of its decision with regard to the claim. In the event of such special circumstances requiring an extension of time, written notice of the extension shall
be furnished to the Claimant prior to the commencement of the extension. The extension of time will not exceed 60 days. 
 (b)
With respect to a claim that is denied in whole or in part, the decision on review shall set forth specific reasons for the decision, shall be written in a manner calculated to be understood by the Claimant, and shall cite specific references to the
pertinent Plan provisions on which the decision is based. 
 (c) The decision of the Committee shall be final and conclusive
to the extent allowed by applicable law. 
 10.5 Action by Authorized Representative of Claimant. All actions set forth in this
Article X to be taken by the Claimant may likewise be taken by a representative of the Claimant duly authorized by him to act in his behalf on such matters. The Plan Administrator and the Committee may require such evidence as either may reasonably
deem necessary or advisable of the authority to act of any such representative. 
  

 20 

 10.6 Overpayments. If it is determined that any benefit paid to or with respect to a
Participant under the Plan should not have been paid, or should have been paid in a lesser amount, written notice thereof will be given to the payee of such amount. The payee will repay the amount of the overpayment in a single lump sum payment. If
the payee does not repay such overpayment reasonably promptly, to the extent permitted under Section 409A, the overpayment will be repaid through one or more deductions from future benefit payments from the Plan, or suspension of future benefit
payments from the Plan, until the amount of the overpayment is repaid. 
  

 21 

 ARTICLE XI 
 ALLOCATION OF RESPONSIBILITIES 
 The persons responsible for the Plan and the duties and
responsibilities allocated to each, which shall be carried out in accordance with the applicable terms and provisions of the Plan, shall be as follows: 
 11.1 Board 
  

	 	(1)	To amend the Plan (other than the Appendices); 

  

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

  

	 	(3)	To terminate the Plan. 

 11.2 Committee

  

	 	(1)	To interpret the provisions of the Plan and to determine the rights of the Participants under the Plan, except to the extent otherwise provided in Article X relating to claims
procedures; 

  

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

  

	 	(3)	To determine the benefits of Participants; 

  

	 	(4)	To direct the Employer in the payment of benefits; and 

  

	 	(5)	To the extent necessary or advisable, to amend the Appendices attached hereto. 

 11.3 Plan Administrator 
  

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

  

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

  

	 	(3)	To administer the claims procedure to the extent provided in Article X. 

  

 22 

 11.4 Compensation Committee. To determine the Employees eligible to participate in the Plan
except to the extent otherwise provided. In carrying out its duties and responsibilities, the provisions of Sections 9.2, 9.3, 9.4, 9.5, 9.10, 9.11, 9.12 and 9.13 shall apply equally to the Compensation Committee. 
  

 23 

 ARTICLE XII 
 FUNDING 
 The Plan is intended to be an unfunded plan of deferred compensation maintained for
a select group of highly compensated or management employees. The obligation of the Employer to make payments hereunder may constitute a general unsecured obligation of the Employer to the Participant. Notwithstanding the foregoing, the Company has
established the Southern National Executive Compensation Trust and may establish any other fund or trust to which the Employer may make contributions from time to time to provide a source of funds to pay Plan benefits. Notwithstanding the foregoing,
no Participant, Eligible Spouse, or Designated Beneficiary shall have any legal or equitable rights, interest, or claims in any particular asset of the trust by reason of the Employer’s obligation hereunder, and nothing contained herein shall
create or be construed as creating any other fiduciary relationship between the Employer and a Participant or any other person. To the extent that any person acquires a right to receive payments from the trust or the Employer hereunder, such right
shall be no greater than the right of an unsecured creditor of the Employer. 
  

 24 

 ARTICLE XIII 
 AMENDMENT AND TERMINATION 
 13.1 Right to Amend or Terminate Plan. The Company
reserves the right, at any time and from time to time, by action of its Board, to amend or terminate the Plan, and each participating Affiliate reserves the right by action of its board of directors to terminate the Plan with respect to it and the
Participants employed by it. Any such amendment or termination shall be made pursuant to a resolution of the Board or the participating Affiliate’s board of directors and shall be effective as of the date specified in such resolution.

 13.2 Certain Participant Benefits Not Affected. Notwithstanding Section 13.1, no amendment or termination of the Plan
shall reduce or eliminate the benefits (including survivor benefits) of a Participant (or Eligible Spouse or Designated Beneficiary) to whom payments under the Plan have commenced or who is then eligible under Article IV to retire and begin
receiving benefits under the Plan. Upon termination of the Plan, distribution of a Participant’s benefits shall be made to the Participant or his Designated Beneficiary, if applicable, in the manner and at the time described in Article IV, V,
or VI of the Plan, as the case may be, and in accordance with Section 409A. No additional benefits shall accrue following termination of the Plan. 
 13.3 Benefit Accrual for Certain Other Participants. Notwithstanding Section 13.2, each other Participant in the Plan on the date of an amendment or termination shall be entitled to benefits
(including survivor benefits) under the Plan, at such times as such benefits would have been paid absent such amendment or termination, in an amount not less than the amount that would have been paid absent such amendment or termination multiplied
by an “accrual fraction” (which may not exceed 1.0) the numerator of which is equal to the number of his years of Credited Service at the time of such amendment or termination and the denominator of which is 

  

 25 

 
equal to the lesser of 15 or the number of years of Credited Service he would have had if the Plan had not been amended or terminated and if he had continued
in the employ of the Company until the date he attained age 60; provided, however, that upon and after a Change in Control, each Participant’s accrual fraction shall be 1.0. 
  

 26 

 ARTICLE XIV 
 COMMUNICATION TO PARTICIPANTS 
 The Company shall communicate the principal terms of the Plan
to the Participants. The Company shall make a copy of the Plan available for inspection by Participants, Eligible Spouses, and Designated Beneficiaries during reasonable hours, at the principal office of the Company. 
  

 27 

 ARTICLE XV 
 BENEFITS NOT ASSIGNABLE; FACILITY OF PAYMENTS 
 15.1 Benefits Not Assignable. No
portion of any benefit held or paid under the Plan with respect to any Participant, Eligible Spouse, or Designated Beneficiary shall be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance or charge; and
any attempt to anticipate, alienate, sell, transfer, assign, pledge, encumber or charge the same shall be void. No portion of such benefit shall be payable in any manner to any assignee, receiver or any one trustee, or be liable for a
Participant’s debts, contracts, liabilities, engagements or torts, or be subject to any legal process to levy upon or attach. 
 15.2
Payments to Minors and Others. If any individual entitled to receive a payment under the Plan shall be physically, mentally or legally incapable of receiving or acknowledging receipt of such payment, the Committee, upon the receipt of
satisfactory evidence of his incapacity and satisfactory evidence that another person or institution is maintaining him and that no guardian or committee has been appointed for him, may cause any payment otherwise payable to him to be made to such
person or institution so maintaining him. Payment to such person or institution shall be in full satisfaction of all claims by or through the Participant to the extent of the amount thereof. 
  

 28 

 ARTICLE XVI 
 MISCELLANEOUS PROVISIONS 
 16.1 Notices. Each Participant who is not in active
employment, Eligible Spouse, and Designated Beneficiary shall be responsible for furnishing the Plan Administrator with his current address for the mailing of notices, reports, and benefit payments; provided, however, that the Plan Administrator may
use the last address on file with it as a valid address. Any notice required or permitted to be given to any such Participant, Eligible Spouse, or Designated Beneficiary shall be deemed given if directed to such address and mailed by regular United
States mail, first class, postage prepaid. If any check mailed to such address is returned as undeliverable to the addressee, mailing of checks will be suspended until the Participant, Eligible Spouse, or Designated Beneficiary furnishes the proper
address (and the Participant, Eligible Spouse, or Designated Beneficiary may incur additional taxes and penalties under Section 409A). This provision shall not be construed as requiring the mailing of any notice or notification otherwise
permitted to be given by posting or by other publication. 
 16.2 Lost Distributees. A benefit shall be deemed forfeited if the
Plan Administrator is unable after a reasonable period of time to locate the Participant, Eligible Spouse, or Designated Beneficiary to whom payment is due. Such benefit shall be reinstated if a valid claim is made by or on behalf of the
Participant, Eligible Spouse, or Designated Beneficiary for the forfeited benefit, although the benefits may be subject to additional taxes and penalties under Section 409A. 
 16.3 Reliance on Data. The Employer, the Committee, and the Plan Administrator shall have the right to rely on any data provided by the
Participant, Eligible Spouse, or by any Designated Beneficiary. Representations of such data shall be binding upon any party seeking to claim a benefit through a Participant; and the Employer, the Committee, and the Plan Administrator shall have no
obligation to inquire into the accuracy of any representation made at any time by a Participant, Eligible Spouse, or Designated Beneficiary. 
  

 29 

 16.4 Receipt and Release for Payments. Any payment made from the Plan to or with respect to
any Participant, Eligible Spouse, or Designated Beneficiary, or pursuant to a disclaimer by an Eligible Spouse or Designated Beneficiary, shall, to the extent thereof, be in full satisfaction of all claims hereunder against the Plan and the Employer
with respect to the Plan. The recipient of any payment from the Plan may be required by the Committee, as a condition precedent to such payment, to execute a receipt and release with respect thereto in such form as shall be acceptable to the
Committee. 
 16.5 Headings. The headings and subheadings of the Plan have been inserted for convenience of reference and are
to be ignored in any construction of the provisions hereof. 
 16.6 Continuation of Employment. The establishment of the Plan
shall not be construed as conferring any legal or other rights upon any Employee or any persons for continuation of employment, nor shall it interfere with the right of the Employer to discharge any Employee or to deal with him without regard to the
effect thereof under the Plan. 
 16.7 Construction. The provisions of the Plan shall be construed and enforced according to
the laws of the State of North Carolina, without giving effect to its conflict of laws provisions. 
 16.8 Nonliability of
Employer. The Employer does not guarantee the Participants, Eligible Spouse, or Beneficiaries against loss of or depreciation in value of any right or benefit that any of them may acquire under the terms of the Plan, nor does the Employer
guarantee to any of them that the assets of the Employer will be sufficient to provide any or all benefits payable under the Plan at any time, including any time that the Plan may be terminated or partially terminated. 
  

 30 

 16.9 Severability. All provisions contained in the Plan shall be severable, and in the
event that any one or more of them shall be held to be invalid by any competent court, the Plan shall be interpreted as if such invalid provisions were not contained herein. 
 16.10 Merger and Consolidation. The Company shall not consolidate or merge into or with another corporation or entity, or transfer all or
substantially all of its assets to another corporation, partnership, trust or other entities (a “Successor Entity”) unless such Successor Entity shall assume the rights, obligations and liabilities of the Company under the Plan and upon
such assumption, the Successor Entity shall become obligated to perform the terms and conditions of the Plan. 
 16.11 Tax Reporting
and Withholding. The Employer shall satisfy all federal, state, local, and other tax reporting and withholding tax requirements prior to making any benefit payment under the Plan. Whenever under the Plan payments are to be made by the
Employer in cash, such payments shall be net of any amounts sufficient to satisfy all federal, state, local, and other withholding tax requirements. If withholding is required, in the sole discretion of the Employer, to be made prior to any payment
from the Plan, the Employer shall withhold applicable taxes from other compensation of the Participant. 
 16.12 Binding
Effect. The Company and participating Affiliates shall be jointly and severally liable with respect to the obligations incurred pursuant to the Plan and such obligations shall be binding upon and inure to the benefit of their successors and
assigns, and the Participant and his Eligible Spouse and Designated Beneficiary. 
  

 31 

 16.13 Compliance with Section 409A. Notwithstanding any other provision in the Plan or
any agreement to the contrary, if and to the extent that Section 409A is deemed to apply to the Plan, it is the intention of Company that the Plan shall comply with Section 409A, and the Plan shall, to the extent practicable, be construed
in accordance therewith. Without in any way limiting the effect of the foregoing, in the event that the provisions of Section 409A require that any special terms, provisions, or conditions be included in the Plan, then such terms, provisions
and conditions shall, to the extent practicable, be deemed to be made a part of the Plan. Notwithstanding the foregoing, the Company, any Affiliate, the Board, the Committee, Compensation Committee, the Plan Administrator or their designees or
agents shall not be liable for any taxes, penalties, interest or other monetary amount that may be owed by any Participant, Beneficiary or any other person as a result of the deferral or payment of any amounts under the Plan or as a result of the
administration of amounts subject to the Plan. 
 IN WITNESS WHEREOF, the
BB&T Corporation Target Pension Plan (January 1, 2009 Restatement) is executed on behalf of the Company on this 1st day of December, 2008.

  

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

	Title:	 	 Senior Executive Vice President

  

	
	Attest:
	
	 /s/    Frances B. Jones

	Secretary
	[Corporate Seal]

  

 32 

 EXHIBIT A 
 Payment Commencement Date for Post-Disability Retirement Benefits 
 Subject to the provisions of
Article VI, the Post-Disability Retirement Benefit payable to an eligible Disabled Participant under the provisions of Article VI shall commence to be paid on the Payment Date listed below that corresponds to the Disability Age of such Participant.

  

			
	 Disability Age*
	  	 Payment Date

	Prior to Age 63	  	 The greater of: Social Security Normal Retirement Date**or Disability Age plus 42 months

	Age 63	  	Disability Age plus 36 months
	Age 64	  	Disability Age plus 30 months
	Age 65	  	Disability Age plus 24 months
	Age 66	  	Disability Age plus 21 months
	Age 67	  	Disability Age plus 18 months
	Age 68	  	Disability Age plus 15 months
	Age 69 and over	  	Disability Age plus 12 months

  

	*	Disability Age for purposes of this Appendix A shall be the age at which such Participant initially becomes Disabled. 

	**	Social Security Normal Retirement Age for purposes of this Appendix A shall mean as follows: 

  

			
	 Year of Birth
	  	 Social Security Normal Retirement Age

	1937 or before	  	65
	1938	  	65 + 2 months
	1939	  	65 + 4 months
	1940	  	65 + 6 months
	1941	  	65 + 8 months
	1942	  	65 + 10 months
	1943 through 1954	  	66
	1955	  	66 + 2 months
	1956	  	66 + 4 months
	1957	  	66 + 6 months
	1958	  	66 + 8 months
	1959	  	66 + 10 months
	1960 or after	  	67

  

 A-1 

 APPENDIX B 
 ACTUARIAL ASSUMPTIONS 
 Until revised by the Committee, the actuarial assumptions to be used for
computing Actuarially Equivalent benefits under the Plan shall be the same assumptions used under the Pension Plan. 
  

 B-1

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