BB&T 2015 Annual Report Download - page 251

(c) Subsequent Elections. Notwithstanding any provision of the Plan to the contrary, a Participant may change any
Form Election or Timing Election made under Section 5.2.3(a) or (b) above only if the following conditions are met:
(i) The time and form of payment is permitted under the terms of the Plan and if the time and form of
payment is changed, the time and form of all previous Form Elections and Timing Elections is changed
to a consistent time and form of payment; and
(ii) Any such subsequent election shall not take effect until at least 12 months after the date on which the
election is made; and
(iii) The payment with respect to which any such subsequent election is made is deferred for a period of not
less than five years from the date such payment would otherwise be made (for this purpose, payments
under the Term Certain Option shall be treated as a single payment); and
(iv) Any subsequent election shall not be made less than 12 months prior to the date of the first scheduled
payment; and
(v) The election shall be irrevocable as of the last date it can be made.
Further, any subsequent election made by a Participant must be made prior to the Participant attaining the age of 60.
5.2.4 Medium of Distribution. Subject to the provisions of Article XVII, distributions from the Plan shall be made in
cash unless prior to the distribution processing date the Participant advises the Committee in writing that he desires to receive
payment of his vested Company Stock Accounts, if any, in Company Stock. The number of shares of Company Stock
distributable to the Participant shall be determined as of the Adjustment Date the Participant's distribution from the Plan is
actually processed by the Committee or its designee. Any portion of a payment that would be represented by a fractional share
shall be paid in cash. Notwithstanding the foregoing, if a Participant's vested Company Stock Accounts, which are
grandfathered from Section 409A, are paid to him in annual installments pursuant to Section 5.2.1, the number of shares of
Company Stock initially distributed to the Participant shall be determined by multiplying the value of the Participant's
Company Stock Accounts as of the date benefit payments are to commence by a fraction, the numerator of which shall be one
and the denominator of which shall be the total number of installments to be paid. If a portion of the initial payment would be
represented by a fractional share, such portion shall be paid in cash. As of each February 1 after the first annual installment
payment (the “Annual Valuation Date”), the number of shares of Company Stock distributed to the Participant shall be
determined by multiplying the value of the Participant's Company Stock Accounts as of the Annual Valuation Date by a
fraction, the numerator of which shall be one and the denominator of which shall be the number of installments remaining to
be paid. If a portion of any subsequent
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Source: BB&T CORP, 10-K, February 25, 2016 Powered by Morningstar® Document Research℠
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