BB&T 2015 Annual Report Download - page 311

6.5 Trust Income, Gains and Losses: Income and gains and losses (whether or not actually realized) of the Trust
Fund (excluding the portion of the Trust Fund invested in Company Stock), shall be allocated to or charged against the Participant
Accounts and the Unallocated Account as of each Adjustment Date in accordance with rules and regulations adopted by the
Committee from time to time and approved by the Trustee. Expenses, if not paid pursuant to Section 7.2, shall be charged first to the
Unallocated Account and, if any expenses remain, to the Participant Accounts in accordance with rules and regulations adopted by the
Committee from time to time and approved by the Trustee.
6.6 Payment of Benefits:
6.6.1 Benefits shall be paid from the Trust Fund by the Trustee as directed by the Committee. A direction by the
Committee to make a payment of benefits from the Trust Fund shall be made in writing and shall specify the amount and
method of the payment or the number of shares of Company Stock to be distributed, the date such payment is to be made or
commence, the person to whom the payment is to be made and the address to which the payment is to be sent. The Trustee’s
obligation to pay benefits to any Participant shall be limited to payment of amounts properly credited to such Participant’s
Participant Account.
6.6.2 The Trustee shall make payments to the persons entitled thereto under the Plans in such number of shares of
Company Stock and amounts of cash as the Committee shall direct in accordance with Section 6.6.1. Where payment is
directed in Company Stock, the Trustee shall cause the Company, or its transfer agent, to issue to the person entitled thereto an
appropriate stock certificate. Payments to be made in cash shall be paid by the Trustee by its check payable to the order of the
person entitled thereto.
6.6.3 Notwithstanding any other provision of the Trust, if any amount held in the Trust Fund is includible in gross
income of a Participant under Code section 409A, the Trustee shall as soon as practicable pay such amount to such Participant
and charge his Participant Account accordingly. If an amount is determined to be includible in a Participant's gross income
under Code section 409A or otherwise, the Company shall pay to the Participant the amount of interest and penalties, if any,
paid by the Participant to the taxing authority plus the amount of estimated income tax (determined on the assumption that the
Participant is taxed at the highest applicable marginal rate) to the Participant resulting from such income inclusion and from the
payment of such estimated tax. Any such payment by the Company described above shall be made to the Participant on or
before the last day of the year following the year in which Participant pays the taxing authority.
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Source: BB&T CORP, 10-K, February 25, 2016 Powered by Morningstar® Document Research℠
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