BB&T 2015 Annual Report Download - page 312

6.6.4 Notwithstanding any other provision of this Trust Agreement to the contrary, subsequent to a Change of Control,
a Participant, upon becoming entitled to receive payment of his Plan Benefits under the terms of the applicable Plan, may apply
in writing directly to the Trustee for payment of Plan Benefits. Such application shall advise the Trustee of the circumstances
which entitle the Participant to such Plan Benefits, and the Participant shall include with such application copies of any election
forms previously filed under the terms of the applicable Plan. The Trustee shall make its own independent determination as to
the Participant’s entitlement to Plan Benefits and if it determines that Plan Benefits are due and payable to the Participant under
the terms of the applicable Plan, the Trustee shall pay such Plan Benefits to the Participant without any direction or other
authorization by the Committee. In making such determination, the Trustee shall make such inquiries and take such measures as
it deems necessary to determine whether Plan Benefits are due and payable under the terms of the applicable Plan and to verify
the other information set forth in the written application for Plan Benefits, including, but not limited to, the obtaining of
affidavits and the review of Company records. The Trustee may also engage its own counsel and other experts to assist it in
making its determination. The expense of retaining any such counsel or other experts shall be a Trust expense within the
meaning of Section 7.2. The Trustee shall determine whether Plan Benefits are due and payable under the terms of the
applicable Plan as promptly as possible following receipt of the Participant’s written application for Plan Benefits. In no event
shall the provisions of this Section 6.6.4 be interpreted to authorize the payment of Plan Benefits to a Participant prior to the
time that the Participant is entitled to receive such Plan Benefits under the terms of the applicable Plan.
6.7 Company Obligation: Notwithstanding any other provision of the Trust, the Company shall remain obligated to
pay the benefits under the Plans. Nothing in the Trust shall relieve the Company of its liabilities to pay benefits except to the extent
such benefits are paid to a Participant from the Trust Fund.
6.8 Transfer of Overfunded Assets to the Company:
6.8.1 Subject to Section 6.8.2, at any time that the Committee can demonstrate to the satisfaction of the Trustee that the
total value of Trust Fund assets, excluding the balance in the Expense Account, exceeds the Plan Benefits of all Participants
under the Plans, the Trustee shall distribute to the Company the lesser of (i) the amount of such excess, or (ii) the total value of
Trust Fund assets less the balance of the Expense Account. The selection of Trust Fund assets to distribute to the Company
shall be made by the Trustee in the exercise of its sole judgment, except that the Trustee shall not distribute Company Stock. A
distribution to the Company pursuant to this Section 6.8.1 shall be charged to the Unallocated Account.
6.8.2 Notwithstanding the provisions contained in this Section 6.8, the Trustee shall be prohibited from transferring
Trust Fund assets to the Company in the manner described therein if the Company is then Bankrupt or Insolvent.
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Source: BB&T CORP, 10-K, February 25, 2016 Powered by Morningstar® Document Research℠
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