2001 Amendment to BB&T Corporation Non-Employee Directors’ Deferred Compensation and Stock Option Plan

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

BB&T Corporation has amended its Non-Employee Directors’ Deferred Compensation and Stock Option Plan as of December 18, 2001. The amendment extends the term of the Stock Option Subplan, allowing eligible non-employee directors to continue receiving stock options and purchase shares of BB&T common stock. The plan will remain in effect until all authorized shares are issued or the plan is terminated by the Board. Any options granted before termination can still be exercised according to their terms.

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EX-10.(Y) 7 dex10y.htm NON-EMPLOYEE DIRECTORS' DEFERRED COMP Prepared by R.R. Donnelley Financial -- NON-EMPLOYEE DIRECTORS' DEFERRED COMP
Exhibit 10(y)
 
2001 DECLARATION OF AMENDMENT TO
BB&T CORPORATION
NON-EMPLOYEE DIRECTORS’ DEFERRED COMPENSATION AND STOCK
OPTION PLAN
 
THIS DECLARATION OF AMENDMENT is made this 18th day of December, 2001, by BB&T CORPORATION (the “Corporation”) to the BB&T Corporation Non-Employee Directors’ Deferred Compensation and Stock Option Plan, as amended effective November 1, 2001 (the “Plan”).
 
R E C I T A L S:
 
It is deemed advisable to amend the Plan to extend the term of the Stock Option Subplan, a component of the Plan, in order to continue to effectuate the purpose of the Plan by providing eligible participants with the opportunity to acquire or increase their proprietary interest in the Corporation through the grant of stock options and purchase of shares of the Corporation’s common stock thereunder.
 
NOW, THEREFORE, IT IS DECLARED that, effective as of December 18, 2001, the Plan shall be amended by deleting Section 4.9.1 (“Effective Date and Term of Options” ) in its entirety and inserting the following in lieu thereof:
 
“Effective Date and Term of Stock Option Subplan: The Stock Option Subplan was adopted effective December 19, 1991, and amended and restated effective October 22, 1996, January 1, 1997 and November 1, 2001. Options may be granted under the Plan on and after the effective date and until all shares of BB&T Common Stock authorized for issuance under the Stock Option Subplan have been issued or until the earlier termination of the Plan by the Board; provided, however, that any Option granted prior to the termination of the Plan may be exercised in accordance with its terms.”

 
IN WITNESS WHEREOF, this Declaration of Amendment is executed on behalf of BB&T Corporation on the day and year first above written.
 
BB&T CORPORATION
By:
  
/s/    KELLY S. KING
   
President
 
ATTEST:
 
/s/    JERONE C. HERRING
Secretary
 
[Corporate Seal]
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