BB&T 2015 Annual Report Download - page 333

participation is not permitted by any group plan insurer, under comparable individual plans and coverage
(to the extent commercially available).
The Termination Compensation and other benefits provided for in this Section 1.7.4 shall be paid by Employer in
accordance with the standard payroll practices and procedures in effect prior to Executive’s Termination Date. If Executive breaches
Executive’s obligations under Section 1.7.4 or Section 2 of this Agreement, Executive shall not be entitled to receive any further
Termination Compensation or benefits pursuant to this Section 1.7.4 from and after the date of such breach.
  If the employment of Executive is terminated for any reason other than Just Cause or on
account of Executive’s death, regardless of whether Employer or Executive initiates such termination, within twelve (12) months after
a Change of Control (or, if later, within ninety (90) days after a MOE Revocation), Executive shall be entitled to the following
Termination Compensation and benefits in lieu of any other compensation or benefits (under Section 1.4 of this Agreement or
otherwise) from Employer:
(i) Executive shall receive Termination Compensation each month during the Compensation Continuance
Period.
(ii) Employer shall use their best efforts to accelerate vesting of any unvested benefits of Executive under
any employee stock-based or other benefit plan or arrangement to the extent permitted by Code Section
409A or other applicable law and the term of such plan or arrangement.
(iii) Employer shall make available to Executive, at Employer’s cost, outplacement services by such entity or
person as shall be designated by Employer, with the cost to Employer of such outplacement services not
to exceed Twenty Thousand Dollars ($20,000).
(iv) During the Compensation Continuance Period, Executive shall either continue to participate (treating
Executive as an “active employee” of Employer for this purpose) in the same group hospitalization plan,
health care plan, dental care plan, life or other insurance or death benefit plan, and any other present or
future similar group employee benefit plan or program for which officers of Employer generally are
eligible on the same terms as were in effect either (A) at his Termination Date, or (B) if such plans and
programs in effect prior to the Change of Control or prior to the MOE Revocation were, considered
together as a whole, materially more generous to the officers of Employer, than at the date of the Change
of Control or at the date of the MOE Revocation, as the case may be; or, to the extent such participation
is not permitted by
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Source: BB&T CORP, 10-K, February 25, 2016 Powered by Morningstar® Document Research℠
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