BB&T 2015 Annual Report Download - page 254

ARTICLE VI
UNFORESEEABLE EMERGENCY PAYMENTS
6.1 Conditions for Request. Subject to the provisions of Article XVII, a Participant may, at any time prior to his
Separation from Service, make application to the Committee to receive a cash payment in a lump sum of all or a portion of the total
amount credited to his Account (other than the forfeitable portion of his Matching Account) by reason of an Unforeseeable
Emergency. The amount of a payment on account of an Unforeseeable Emergency shall not exceed the amount required to meet the
financial hardship created by the Unforeseeable Emergency, after taking into account the extent to which such emergency is or may
be relieved through reimbursement or compensation from insurance or otherwise, by liquidation of the Participant’s assets (to the
extent the liquidation would not itself cause severe financial hardship), or the cessation of deferrals under the Plan. For purposes of
this Article VI, an Unforeseeable Emergency shall mean a severe financial hardship of the Participant resulting from (i) an illness or
accident of the Participant, the Participant’s spouse, or the Participant’s dependent (as defined in Section 152 of the Code, without
regard to Sections 152(b)(1), (b)(2), and (d)(1)(B)); (ii) loss of the Participant’s property due to casualty (including the need to rebuild
a home following damage to the home by natural disaster not otherwise covered by insurance); or (iii) other similar or extraordinary
and unforeseeable circumstances arising as a result of events beyond the control of the Participant, all as determined in the sole
discretion of the Committee in accordance with Section 409A, and its decision to grant or deny a payment on account of an
Unforeseeable Emergency shall be final. The Committee shall apply uniform and nondiscriminatory standards in accordance with
Section 409A in making its decision.
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Source: BB&T CORP, 10-K, February 25, 2016 Powered by Morningstar® Document Research℠
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