BB&T 2015 Annual Report Download - page 252

installment payment would be represented by a fractional share, such portion shall be paid in cash. The Company Stock
Account shall continue to be adjusted as provided in Article VII until the entire balance credited to the Company Stock
Account has been distributed.
5.2.5 Installment Payments. Except as otherwise provided in Section 5.2.4, if the Participant's vested Accrued
Benefit is to be distributed in installments pursuant to the Term Certain Option, the amount of each monthly installment shall
initially be equal to the value of the Account as of the date benefit payments are to commence multiplied 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. As of each
Annual Valuation Date, the amount of the monthly installment payment shall be adjusted so that for the twelve-consecutive
month period beginning on such Annual Valuation Date the amount of each monthly installment payment shall be equal to the
value of the Account on such Annual Valuation Date multiplied 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. The Account shall continue to be adjusted as
provided in Article VII until the entire balance credited to the Account has been paid. Any final earnings shall be paid with the
last installment.
5.3 Payment of Death Benefit. On the death of a Participant, the vested Accrued Benefit of such Participant shall be
paid to his Beneficiary in accordance with the following special provisions hereafter set forth:
5.3.1 Death Before Payments Begin. In the event that a Participant dies before payment of his vested Accrued
Benefit commences under Section 5.2, payment shall be made to the Beneficiary in cash under the Lump Sum Option
described in Section 5.2.1. Payment shall be made within the 90-day period that begins the 60th day next following the date of
the Participant's death; provided, however, that if such 90-day period begins in one calendar year and ends in another, the
Beneficiary shall not have a right to designate the calendar year of payment. The amount of the Participant's vested Accrued
Benefit for purposes of any distribution made pursuant to this Section 5.3.1 shall be determined as of the Adjustment Date
such distribution is actually processed by the Committee or its designee. Notwithstanding the foregoing and subject to the
provisions of Article XVII, prior to the distribution processing date the Beneficiary may advise the Committee in writing that
he desires to have the Participant's vested Company Stock Accounts, if any, paid to him in shares of Company Stock rather
than in cash. The number of shares of Company Stock distributable to the Beneficiary shall be determined as of the
Adjustment Date that the death benefit 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.
5.3.2 Death After Payments Begin. In the event that a Participant dies on or after payment of his vested Accrued
Benefit commences under Section 5.2, the remaining payments (if any) that would have been made to the Participant had he
not died shall be
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Source: BB&T CORP, 10-K, February 25, 2016 Powered by Morningstar® Document Research℠
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