BB&T 2015 Annual Report Download - page 130

TableofContents
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Preferred Stock
The following table presents a summary of the non-cumulative perpetual preferred stock as of December 31, 2015:

    
     

Series D 5/1/12 5/1/17 $ 575 $ 559 5.850 %
Series E 7/31/12 8/1/17 1,150 1,120 5.625
Series F 10/31/12 11/1/17 450 437 5.200
Series G 5/1/13 6/1/18 500 487 5.200
$ 2,675 $ 2,603
Dividends on the preferred stock, if declared, accrue and are payable quarterly, in arrears. For each issuance, BB&T issued depositary shares, each of which
represents a fractional ownership interest in a share of the Company’s preferred stock. The preferred stock has no stated maturity and redemption is solely at
the option of the Company in whole, but not in part, upon the occurrence of a regulatory capital treatment event, as defined. In addition, the preferred stock
may be redeemed in whole or in part, on any dividend payment date after five years from the date of issuance. Under current rules, any redemption of the
preferred stock is subject to prior approval of the FRB. The preferred stock is not subject to any sinking fund or other obligations of the Company.
Equity-Based Compensation Plans
At December 31, 2015, options, restricted shares and RSUs were outstanding from equity-based compensation plans that have been approved by
shareholders. Those plans are intended to assist the Company in recruiting and retaining employees, directors and independent contractors and to associate
the interests of eligible participants with those of BB&T and its shareholders.
The majority of outstanding awards and awards available to be issued relate to plans that allow for accelerated vesting of awards for holders who retire and
have met all retirement eligibility requirements or in connection with certain other events. Until vested, certain of these awards are subject to forfeiture under
specified circumstances.
The following table provides a summary of the equity-based compensation plans:
 
Shares available for future grants (in thousands) 22,016
Vesting period, awards granted prior to 2010 5.0 yrs
Vesting period, awards granted after 2009 1.0 to 5.0
Option term 10.0
The fair value of RSUs is based on the common stock price on the grant date less the present value of expected dividends that will be foregone during the
vesting period. The fair value of options is measured on the grant date using the Black-Scholes option-pricing model. Substantially all awards are granted in
February of each year. Grants to non-executive employees primarily consist of RSUs.
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Source: BB&T CORP, 10-K, February 25, 2016 Powered by Morningstar® Document Research℠
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