BB&T 2015 Annual Report Download - page 323

the sale or other transfer distribute to each Participant in cash in a lump sum an amount equal to the sum of (i) the Plan Benefits of the
Participant, plus (ii) the estimated income tax liability of the Participant resulting from distribution of the amount in (i) and in this (ii),
taking into account all federal, state and local income taxes payable by the Participant as a result of the distribution and determined on
the assumption that such Participant is taxed at the highest marginal income tax rate under each taxing jurisdiction. Such distribution
shall be made in compliance with the requirements under Code section 409A, and guidance thereunder (including Treasury Regulation
section 1.409A-3(j)(4)(ix)(B)). If such sum with respect to all Participants shall exceed the amount then in the Trust, the Trustee shall
allocate the sum among all Participants in the proportion that the Plan Benefits of each bears to the Plan Benefits of all, and the
Company shall pay to each Participant the sum of the above amounts with respect to the Participant less the amount paid to each by the
Trustee. Such payment shall be made by the Company in cash in a lump sum at the time of the sale or other transfer.
15.15 Securities Laws: The Company and the Trustee shall take all necessary steps to comply with the applicable
registration or other requirements of federal or state securities laws from which no exemption is available.
15.16 Third-Party Beneficiaries: The Company and the Trustee each hereby acknowledge and agree that the
Participants in the Plans are intended to be third party beneficiaries of this Trust Agreement. As such, the Participants shall have the
right to enforce the provisions of this Trust Agreement relating to their right to receive payment of their Plan Benefits from the Trust,
including, without limitation, Section 6.6.4. Nothing in this Section 15.16 shall in any way be interpreted or construed to limit or
restrict any rights the Participants
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Source: BB&T CORP, 10-K, February 25, 2016 Powered by Morningstar® Document Research℠
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