BB&T 2015 Annual Report Download - page 301

Section 5. Contributions:
5.1 Contributions:
5.1.1 The Company may deliver to the Trustee such Qualified Assets as the Company shall from time to time
determine. Notwithstanding any other provision of this Trust Agreement to the contrary, upon a Change of Control (as defined
in Section 5.1.6), the Company shall, as soon as possible, but in no event later than 15 days following the Change of Control,
deliver to the Trustee Qualified Assets in an amount sufficient to cause the total value of Trust Fund assets, excluding the
balance in the Expense Account, to equal the Plan Benefits of all Participants under the Plans as of the date of the Change of
Control. Thereafter, and notwithstanding any other provision of this Trust Agreement to the contrary, the Company shall
deliver to the Trustee Qualified Assets in an amount sufficient to cause the total value of Trust Fund assets, excluding the
balance in the Expense Account, to at all times equal the Plan Benefits of all Participants under the Plans. Contributions shall
be made to the Trust Fund only to the extent that such contributions are not otherwise prohibited under Section 409A(b) of the
Code.
5.1.2 Notwithstanding the foregoing, the Trustee shall not be liable for any failure by the Company to provide
contributions sufficient to pay all benefits under the Plans in full or to cause transfers of Qualified Assets to the Trust to be
made.
5.1.3 The term “Qualified Assets” shall refer to: (i) common or preferred stocks with a recognized market; (ii) Company
Stock; (iii) bonds, notes or other securities with a recognized market (including commercial paper and other short-term
obligations); (iv) mutual fund shares; (v) cash, or cash equivalent deposits or accounts; and (vi) such other assets the Trustee, in
its sole discretion, agrees to accept.
5.1.4 At any time the Trustee determines it is necessary either to sell or encumber Company Stock in order to generate
cash to pay current or future benefits under the Plans, the Trustee shall notify the Company in writing stating its intention so to
sell or encumber and the amount thereof. Thereupon, the Company may in its discretion contribute additional Qualified Assets
to the Trust in the amount stated in the Trustee’s written notification. If the Company makes such contribution within thirty
days, the Trustee shall refrain from such sale or encumbrance until such subsequent time, if any, that the Trustee again
determines it is necessary either to sell or encumber Company Stock, whereupon the Trustee shall again give written
notification of intention to sell or encumber and the procedures herein shall reapply.
5.1.5 For purposes of this Trust Agreement, “Plan Benefits” with respect to each Participant shall mean the present
value of the sum of the benefits payable under the respective Plans with respect to the Participant, which benefits shall be
estimated under the terms of the respective Plans if not then determinable. The amounts of Plan Benefits shall be communicated
by the Committee to the Trustee; provided, that if the Committee shall not communicate such amounts to the Trustee in a timely
manner, or if the Trustee in its discretion decides that it must make determinations of such amounts in order to fulfill its duties
under this Trust Agreement, such determinations shall be made by the
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Source: BB&T CORP, 10-K, February 25, 2016 Powered by Morningstar® Document Research℠
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