BB&T 2015 Annual Report Download - page 293

of 1974, as amended (“ERISA”), as an unfunded plan maintained primarily for the purpose of providing deferred compensation for a
select group of management or highly compensated employees. In addition, the Company intends that the existence of the Trust will
not be construed to provide income for tax purposes to any Participant under the Plans prior to the actual payment of benefits
thereunder. The Company intends to make contributions to the Trust to provide itself with a source of funds to assist it in the meeting
of its liabilities under the Plans.
NOW, THEREFORE, in consideration of the premises and the mutual and independent promises herein, the parties
hereto covenant and agree as follows:
Section 1. Establishment of Trust:
1.1 Trust: The Company hereby establishes the Trust with the Trustee, consisting of such Qualified Assets, as defined
in Section 5.1.3, as may be contributed or delivered to the Trustee from time to time. All such contributions, all investments and
reinvestments made therewith or proceeds thereof, and all earnings and profits thereon, less all payments and charges as authorized
herein, shall constitute the “Trust Fund.” The Trust Fund shall be held by the Trustee in trust and shall be dealt with in accordance with
the provisions of this Trust Agreement. The Company shall execute any and all instruments necessary to vest the Trustee with legal
title to any assets so transferred to the Trustee. The fiscal year of the Trust (the “Fiscal Year”) shall be the twelve-month period ending
on each December 31. In accordance with the provisions of this Trust Agreement, amounts transferred to this Trust, as determined by
the Company from time to time in its sole discretion, and the earnings thereon, shall be used by the Trustee solely in satisfaction of
liabilities of the Company with respect to the Participants in the Plans and for expenses incurred in the operation of the Trust. Upon
satisfaction of all liabilities of the Company with respect to all Participants and Beneficiaries
2
Source: BB&T CORP, 10-K, February 25, 2016 Powered by Morningstar® Document Research℠
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