BB&T 2015 Annual Report Download - page 248

ARTICLE V
PAYMENT OF BENEFITS
5.1 Distributions
5.1.1 In General. Except as otherwise provided in Article VI relating to payments in the event of an Unforeseeable
Emergency, the vested Accrued Benefit of a Participant shall be distributed to or with respect to a Participant only upon the
Participant's Separation from Service or death. Payment of benefits on account of a Separation from Service shall be made in
accordance with Section 5.2. Payment of benefits on account of the death of a Participant shall be made in accordance with
Section 5.3.
5.1.2 No Acceleration. Except as otherwise provided below and in Article VI relating payments in the event of an
Unforeseeable Emergency, which are permitted under Section 409A, no acceleration of the time and form of payment of a
Participant’s Accrued Benefit, or any portion thereof, shall be permitted. Any portion of a Participant’s Account that is
includible in income under Section 409A shall be distributed immediately to the Participant. And a Participant’s Account shall
be distributed upon the sale of substantially all of the Company’s assets, as provided in Section 15.14 of the BB&T
Corporation Non-Qualified Deferred Compensation Trust and in accordance with Treas. Reg. Section 1.409A-3(j)(4)(ix)(B)
or any successor thereto.
5.2 Payment of Benefits upon Separation from Service.
5.2.1 Form of Distribution. Subject to the provisions of Article XVII, the vested Accrued Benefit of a Participant
who has incurred a Separation from Service shall be paid to the Participant or applied for his benefit under one of the
following options:
Option A Term Certain Option. Payment in approximately equal monthly installments over a term
certain not to exceed 180 months; or
Option B Lump Sum Option. Payment in a lump sum.
The election of the distribution option with respect to his vested Accrued Benefit ("Form Election") shall be made by the
Participant on a form approved by the Committee and filed with the Committee as provided in Section 5.2.3. Notwithstanding
the foregoing, all Form Elections are subject to the provisions of Section 5.2.2(b). In the event that a Participant fails to elect a
distribution option or fails to make a timely election, his vested Accrued Benefit shall be paid to him under the Lump Sum
Option. The amount of a Participant's vested Accrued Benefit for purposes of any distribution made pursuant to this Article V
shall be determined as of the Adjustment Date that such distribution is actually processed by the Committee or its designee.
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Source: BB&T CORP, 10-K, February 25, 2016 Powered by Morningstar® Document Research℠
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