North Carolina | 56-0939887 |
(State or other jurisdiction of incorporation) | (I.R.S. Employer Identification No.) |
200 West Second Street | |
Winston-Salem, North Carolina | 27101 |
(Address of principal executive offices) | (Zip Code) |
ITEM 5.02 | Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers |
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: |
Percentile Performance of BB&T TSR Relative to Peer Group TSR | Percent Reduction in Payout |
< 25th | 20% reduction |
≥ 25th and < 40th | 10% reduction |
≥ 40th | no reduction |
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). |
BB&T CORPORATION | |
(Registrant) | |
By: /s/ Cynthia B. Powell | |
Cynthia B. Powell | |
Executive Vice President and Corporate Controller | |
(Principal Accounting Officer) |