SEC Contract Filing

Filing Date: 2022-02-23

Document Content:
<DOCUMENT>
<TYPE>EX-10.11
<SEQUENCE>3
<FILENAME>ex1011nqdbpamendment.htm
<DESCRIPTION>EX-10.11
<TEXT>
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<title>Document</title></head><body><div id="i05a5bac3a40540399bad3faecc65f989_1"></div><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:133%">Exhibit 10.11</font></div><div style="margin-bottom:0.1pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:133%">THIRD AMENDMENT</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:133%">TO THE</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:133%">BB&#38;T NON-QUALIFIED DEFINED BENEFIT PLAN</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:133%">(January 1, 2012 Restatement)</font></div><div style="text-align:center"><font><br></font></div><div style="margin-bottom:10pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:133%">WHEREAS</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:133%">, the BB&#38;T Non-Qualified Defined Benefit Plan (the &#8220;Plan&#8221;), which was established as of January 1, 1988, and which was originally known as the Branch Banking and Trust Company Supplemental Executive Retirement Plan, is currently maintained by BB&#38;T Corporation (the &#8220;Company&#8221;) under a January 1, 2012 restated plan document&#59; and&#59;</font></div><div style="margin-bottom:10pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:133%">WHEREAS</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:133%">, as of February 7, 2019, BB&#38;T Corporation (&#8220;BB&#38;T&#8221;) and SunTrust Banks, Inc. (&#8220;SunTrust&#8221;) entered into an Agreement and Plan of Merger (the &#8220;Merger Agreement&#8221;) whereby BB&#38;T and SunTrust will merge (the &#8220;Merger&#8221;), and BB&#38;T will be the surviving entity.</font></div><div style="margin-bottom:10pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:133%">WHEREAS</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:133%">, BB&#38;T wishes to amend the Plan to implement certain changes, as described in the Merger Agreement.</font></div><div style="margin-bottom:10pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:133%">NOW, THEREFORE</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:133%">, effective as of the closing date of the Merger, and contingent on the closing of the Merger, the Plan is hereby amended in the respects hereinafter set forth&#58;</font></div><div style="margin-bottom:10pt;padding-left:36pt;text-indent:-36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:133%">1.&#160;&#160;&#160;&#160;The definition of &#8220;Company&#8221; provided in Section 2.1(9) of the Plan is amended to refer to Truist Financial Corporation, the sponsor of the Plan following the Merger, and all references to the Plan&#8217;s sponsoring entity shall be updated to refer to Truist Financial Corporation.</font></div><div style="margin-bottom:10pt;padding-left:36pt;text-indent:-36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:133%">2.&#160;&#160;&#160;&#160;The definition of &#8220;Plan&#8221; provided in Section 2.1(23) of the Plan is amended to refer to the Truist Financial Corporation Non-Qualified Defined Benefit Plan, and all references to the BB&#38;T Non-Qualified Defined Benefit Plan (the former name) shall be updated throughout the entire Plan consistent with this name change.</font></div><div style="margin-bottom:10pt;padding-left:36pt;text-indent:-36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:133%">3.&#160;&#160;&#160;&#160;A new Section 2.1(33A) is added to the Plan to read as follows&#58;</font></div><div style="margin-bottom:10pt;padding-left:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:133%">(33A)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:133%">&#8220;SunTrust Merger Date&#8221;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:133%"> means the closing date of the merger between BB&#38;T Corporation and SunTrust Banks, Inc., as provided in the Agreement and Plan of Merger document dated February 7, 2019.</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:133%">4.&#160;&#160;&#160;&#160;Article XIII is amended to add the heading &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height: