BB&T 2015 Annual Report Download - page 356

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 1.7.5 shall be paid by Employer in
accordance with the standard payroll practices and procedures in effect prior to Executive’s Termination Date, a Change of Control or
MOE Revocation, as appropriate. If Executive incurs a termination of employment pursuant to this Section 1.7.5, Executive shall be
subject to all of the provisions of Section 2 other than the noncompetition and nonsolicitation provisions thereof. If Executive breaches
Executive’s obligations under Section 2 of this Agreement, exclusive of the noncompetition and nonsolicitation provisions thereof,
Executive shall not be entitled to receive any further Termination Compensation or benefits pursuant to this Section 1.7.5 from and
after the date of such breach.
Should the circumstances of the termination of the employment of Executive result in application of both Section 1.7.3 or
Section 1.7.4 and this Section 1.7.5, this Section 1.7.5 shall be deemed to apply and control.
     . Termination of Executive’s employment relationship with
Employer in accordance with the applicable provisions of this Agreement does not terminate those obligations imposed by this
Agreement which are continuing obligations, including, without limitation, Executive’s obligations under Section 2; provided,
however, that the noncompetition and nonsolicitation provisions of Section 2.1 shall be inapplicable upon Executive’s Termination
Date if Executive’s employment is terminated pursuant to Section 1.7.5. Any provision of this Agreement which by its terms obligates
Employer to make payments subsequent to termination of Executive’s Employment Term shall survive any such termination.
. Executive is a participant in the BB&T Corporation Non-Qualified Defined Benefit Plan (the “”).
The SERP was formerly known as the Branch Banking and Trust Company Supplemental Executive Retirement Plan. The SERP is a
non-qualified, unfunded supplemental retirement plan which provides benefits to or on behalf of selected key management employees.
The benefits provided under the SERP supplement the retirement and survivor benefits payable from the Pension Plan. Except in the
event the employment of Executive is terminated by the Employer or BB&T for Just Cause and except in the event Executive
terminates Executive’s employment for any reason other than Good Reason and such termination does not occur within twelve (12)
months after a Change of Control (or, if later, within ninety (90) days after a MOE Revocation), the following special provisions shall
apply for purposes of this Agreement:
(i) The provisions of the SERP shall be and hereby are incorporated in this Agreement. The SERP, as applied to
Executive, may not be terminated, modified or amended without the express written consent of Executive.
Thus, any amendment or modification to the SERP or the termination of the SERP shall be ineffective as to
Executive unless Executive consents in writing to such termination, modification or amendment. The
Supplemental Pension Benefit (as defined in the SERP) of Executive shall not be adversely affected because of
any modification, amendment or
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Source: BB&T CORP, 10-K, February 25, 2016 Powered by Morningstar® Document Research℠
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