Current Report Filing (8-k)
June 29 2016 - 4:57PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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Form 8-K
Current Report
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Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
June 28, 2016
Date of Report (Date of earliest event reported)
BB&T Corporation
(Exact name of registrant as specified in its charter)
Commission File Number: 1-10853
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North Carolina
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56-0939887
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(State or other jurisdiction of incorporation)
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(I.R.S. Employer Identification No.)
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200 West Second Street
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Winston-Salem, North Carolina
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27101
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(Address of principal executive offices)
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(Zip Code)
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(336) 733-2000
(Registrant's telephone number, including area code)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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ITEM 5.02
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Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers
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On June 28, 2016, the Compensation Committee (the “Compensation Committee”) of the Board of Directors of BB&T Corporation (“BB&T” or the “Company”) approved a change to the Company’s 2016-2018 Long-Term Incentive Performance Award (“LTIP”) originally granted on February 23, 2016. As modified, payments under the 2016-2018 LTIP are subject to reduction based on BB&T’s total shareholder return (“TSR”) percentile performance relative to the Company’s peer group TSR for the three-year performance period. The 2016-2018 LTIP will continue to measure and reward BB&T’s return on common equity performance relative to the Company’s peer group over the three-year performance period. Payments are subject to reduction as follows:
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Percentile Performance of BB&T TSR Relative to Peer Group TSR
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Percent Reduction in Payout
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< 25th
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20% reduction
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≥ 25th and < 40th
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10% reduction
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≥ 40th
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no reduction
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In addition, the Nominating and Corporate Governance Committee of the BB&T Board of Directors increased the Company’s stock ownership guidelines for its Chief Executive Officer, Kelly S. King, to 6x his base salary (up from 5x base salary).
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S I G N A T U R E
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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BB&T CORPORATION
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(Registrant)
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By:
/s/ Cynthia B. Powell
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Cynthia B. Powell
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Executive Vice President and Corporate Controller
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(Principal Accounting Officer)
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Date: June 29, 2016
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