BB&T 2015 Annual Report Download - page 245

Election Form of a Participant shall be irrevocable for the relevant Plan Year, subject to permitted adjustments resulting from a
Participant’s qualified plan elections consistent with Treasury Regulation Sections 1.409A-2(a)(9) and 1.409A-3(j)(5), or any
successors thereto, determined using the Participant's Salary Reduction Contribution rate under the Savings Plan in effect on
June 30 prior to the applicable Plan Year. The Salary Reduction Election Form will remain in effect for the Plan Year for
which it is first made and for all future Plan Years until it is revoked or changed by a new election submitted pursuant to the
rules of this Section 3.1 or the Participant ceases participation in the Plan. Any such election with respect to Covered
Compensation that is Performance-Based Compensation must be received by the Committee in accordance with procedures
established by the Committee; provided, however, that:
(i) the Committee does not receive such election later than a date that is six months prior to the end of
the applicable performance period;
(ii) the Participant has continuously performed services from the later of the beginning of the
performance period which is at least 12 consecutive months or the date the performance criteria are established
through the date on which the deferral election is made; and
(iii) in no event shall such election be made after such Incentive Compensation has become readily
ascertainable.
3.2 Company Matching Credits.
3.2.1 Amount of Company Matching Credits. The Committee shall credit to the Matching Account of each
Participant who elects to reduce his Covered Compensation under Section 3.1, with a Company Matching Credit, which shall
be an amount equal to (a) minus (b), where
(a) is the sum of the Salary Reduction Credits and the Salary Reduction Contributions under the Savings
Plan for the Plan Year, up to 6% of his Covered Compensation for the Plan Year; and
(b) is equal to the Matching Contributions provided under the Savings Plan during the Plan Year;
provided, however, that the Company Matching Credit of a Participant who is first eligible to participate during the Plan
Year beginning on an Entry Date other than January 1 as provided in Section 3.1.1 shall be limited to that portion of his
Covered Compensation to be earned for services to be performed subsequent to his submission of his Salary Reduction
Election Form and ending on December 31 of such Plan Year.
3.2.2 Crediting Company Matching Credits. The amount of Company Matching Credits to be credited to the
Matching Account of the Participant shall be credited by the Committee to the Participant's Matching Account as of the same
time and
9
Source: BB&T CORP, 10-K, February 25, 2016 Powered by Morningstar® Document Research℠
The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information,
except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.