BB&T 2015 Annual Report Download - page 319

the Trustee may become subject pursuant to, arising out of, occasioned by, incurred in connection with or in any way associated with
the Trust, except for any act or omission constituting gross negligence or willful misconduct of the Trustee. If one or more Liabilities
arise, or if the Company fails to indemnify the Trustee as provided herein, or both, then the Trustee may engage counsel of the
Trustee’s choice at the Company’s expense to conduct the defense against such Liabilities.
Section 14. Employer-Parties:
The Board of Directors of BB&T Corporation has, and may in the future, in accordance with the terms of each Plan,
authorize its affiliates to become employer-parties to each such Plan. The following special provisions shall apply to all employer-
parties to the Plans:
14.1 References to Company: Subject to the provisions of this Section 14, and unless the context clearly provides
otherwise, all references herein to the “Company” shall include all employer-parties to the Plans.
14.2 Insolvency: Should anyone employer-party to a Plan become Bankrupt or Insolvent, only that portion of the Trust
Fund with a value equal to the Plan Benefits of the Participants employed by the Bankrupt or Insolvent employer-party shall be subject
to the suspension of payment rules set forth in Section 2.2.
14.3 Liability for Contributions: The employer-parties shall be jointly and severally liable with respect to the
contribution obligations set forth in Section 5. With respect to and at the time of each contribution to the Trust Fund, the Committee
shall deliver to the Trustee a written certificate stating the amount or portion attributable to each employer-party. On the basis of such
certificate, the Trustee shall keep records of the amount contributed to the Trust Fund by each employer-party.
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Source: BB&T CORP, 10-K, February 25, 2016 Powered by Morningstar® Document Research℠
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