BB&T CORP
NON-EMPLOYEE DIRECTORS' DEFERRED COMP
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<TYPE>EX-10.(V)
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<DESCRIPTION>NON-EMPLOYEE DIRECTORS' DEFERRED COMP
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<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>Exhibit 10(v) </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>BB&amp;T
CORPORATION </B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>NON-EMPLOYEE DIRECTORS&#146; </B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>DEFERRED COMPENSATION AND STOCK OPTION PLAN
</B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>AMENDED AND RESTATED </B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>EFFECTIVE NOVEMBER 1, 2001
</B></FONT></DIV>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#CCEEFF" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>BB&amp;T CORPORATION </B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>NON-EMPLOYEE DIRECTORS&#146;
</B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>DEFERRED COMPENSATION AND STOCK OPTION PLAN </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="TOC"></A>TABLE OF CONTENTS </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">

<TR>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Page&nbsp;No.</B></FONT></DIV> <HR SIZE="2" NOSHADE COLOR="#000000"></TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">Section&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_1">Establishment and Purpose </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1.1&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_2">Establishment of Plan </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1.2&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_3">Purpose of Plan </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1.3&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_4">Federal Income Tax Considerations </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">6</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="8"> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">Section&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_5">Definitions and Construction </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">6</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.1&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_6">Accrued Benefit </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">6</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.2&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_7">Adjustment Date </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.3&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_8">Affiliate </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.4&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_9">Average Market Value </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.5&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_10">BB&amp;T </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.6&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_11">BB&amp;T Common Stock </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.7&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_12">Beneficiary </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.8&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_13">Board </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.9&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_14">Code </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.10&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_15">Committee </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">8</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.11&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_16">Company </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">8</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.12&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_17">Crediting Rate </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">8</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.13&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_18">Deferral Election Form </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">8</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.14&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_19">Deferred Compensation Account </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">8</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.15&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_20">Deferred Compensation Credits </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">8</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.16&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_21">Effective Date </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">8</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.17&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_22">Entry Date </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">8</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.18&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_23">Investment Fund </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">9</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.19&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_24">Investment Fund Credit </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">9</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.20&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_25">Meeting Fees </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">9</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.21&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_26">Non-Employee Director </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">9</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.22&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_27">Non-Employee BB&amp;T Director </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">9</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.23&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_28">Option </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">10</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.24&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_29">Option Participant </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">10</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.25&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_30">Option Price </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">10</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.26&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_31">Participant </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">10</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.27&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_32">Plan </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">10</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.28&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_33">Retainer Fee </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">10</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.29&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_34">Service </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">10</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.30&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_35">Stock Option Subplan </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">11</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="8"> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">Section&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_36">Deferred Compensation </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">11</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3.1&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_37">Election to Participate </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">11</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3.2&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_38">Vesting </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">11</FONT></DIV> </TD> </TR>
 </TABLE> </DIV>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#CCEEFF" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <DIV>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">

<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3.3&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_39">Payment of Deferred Compensation </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">11</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3.4&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_40">Unforeseeable Emergency Payments </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">14</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3.5&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_41">Deemed Investment in Investment Funds </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">15</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3.6&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_42">Adjustment of Fixed Rate Account </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">16</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3.7&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_43">Adjustment of Investment Fund Accounts </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">17</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3.8&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_44">Rules </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">17</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="8"> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">Section&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_45">Stock Options </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">17</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4.1&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_46">Eligibility </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">17</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4.2&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_47">Shares Subject to the Stock Option Subplan </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">18</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4.3&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_48">Option Agreements </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">18</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4.4&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_49">Terms of the Options </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">19</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4.5&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_50">Option Exercise Price and Term </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">20</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4.6&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_51">Exercise of Options </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">21</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4.7&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_52">Transferability of Options </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">21</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4.8&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_53">Capital Adjustments Effecting Stock </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">22</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4.9&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_54">Effective Date, Term, and Approval </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">22</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="8"> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">Section&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_55">Administration by Committee </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">23</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5.1&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_56">Membership of Committee </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">23</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5.2&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_57">Committee Officers; Subcommittee</A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">23</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5.3&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_58">Committee Meetings </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">23</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5.4&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_59">Transaction of Business </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">24</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5.5&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_60">Committee Records </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">24</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5.6&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_61">Establishment of Rules </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">24</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5.7&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_62">Conflicts of Interest </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">24</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5.8&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_63">Correction of Errors </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">24</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5.9&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_64">Authority to Interpret Plan </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">25</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5.10&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_65">Third Party Advisors </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">25</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5.11&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_66">Compensation of Members </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">25</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5.12&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_67">Committee Expenses </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">26</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5.13&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_68">Indemnification of Committee </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">26</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="8"> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">Section&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_69">Funding </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">26</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="8"> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">Section&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_70">Allocation of Responsibilities </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">27</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7.1&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_71">Board </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">27</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7.2&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_72">Committee </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">27</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7.3&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_73">Plan Administrator </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">28</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="8"> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">Section&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_74">Benefits Not Assignable; Facility of Payments </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">28</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">8.1&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_75">Benefits Not Assignable </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">28</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">8.2&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_76">Payments to Minors and Others </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">28</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="8"> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">Section&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_77">Beneficiary </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">29</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="8"> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">Section&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_78">Amendment and Termination of Plan </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">29</FONT></DIV> </TD> </TR>
 </TABLE> </DIV> <P></P>
 <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">ii </FONT></DIV>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#CCEEFF" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <DIV ALIGN="center">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">

<TR>
<TD HEIGHT="8"> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">Section&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_79">Communication to Participants </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">30</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="8"> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">Section&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_80">Claims Procedure </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">31</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">12.1&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_81">Filing of a Claim for Benefits </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">31</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">12.2&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_82">Notification to Claimant of Decision </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">31</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">12.3&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_83">Procedure for Review </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">32</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">12.4&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_84">Decision on Review </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">32</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">12.5&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_85">Action by Authorized Representative of Claimant </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">32</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="8"> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">Section&nbsp;13.&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_86">Parties to the Plan </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">33</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">13.1&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_87">Single Plan </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">33</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">13.2&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_88">Service; Allocation of Costs </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">33</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">13.3&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_89">Committee </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">33</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">13.4&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_89">Authority to Amend and Terminate </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">33</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="8"> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">Section&nbsp;14.&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_91">Miscellaneous Provisions </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">33</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">14.1&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_92">Notices </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">33</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">14.2&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_93">Lost Distributees </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">34</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">14.3&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_94">Reliance on Data </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">34</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">14.4&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_95">Receipt and Release for Payments </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">34</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">14.5&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_96">Headings </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">34</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">14.6&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_97">Construction </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">34</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">14.7&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_98">Nonavailability of Company </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">35</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">14.8&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_99">Severability </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">35</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">14.9&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_100">Merger and Consolidation </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">35</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">14.10</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#ex10v633_101">Withholding Taxes </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">35</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="8"> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">EXHIBIT&nbsp;A:</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">CREDITING RATE AS OF NOVEMBER 1, 2001</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">A-1</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="8"> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">EXHIBIT&nbsp;B:</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">INVESTMENT FUNDS AS OF NOVEMBER 1, 2001</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">B-1</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="8"> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">EXHIBIT&nbsp;C:</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">OPTION PARTICIPANTS IN THE PLAN AS OF NOVEMBER 1, 2001</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">C-1</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="8"> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">EXHIBIT&nbsp;D:</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">PARTICIPANTS IN THE PLAN AS OF NOVEMBER 1, 2001</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">D-1</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="8"> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">EXHIBIT&nbsp;E:</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">DETERMINATION OF INVESTMENT FUND CREDITS AS OF NOVEMBER 1, 2001</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">E-1</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="8"> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="right" WIDTH="13%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">EXHIBIT&nbsp;F:</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="78%"> <DIV><FONT FACE="Times New Roman" SIZE="2">EMPLOYER-PARTIES AS OF NOVEMBER 1, 2001</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">F-1</FONT></DIV> </TD> </TR>
 </TABLE> </DIV> <P></P>
 <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">iii </FONT></DIV>


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<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>BB&amp;T CORPORATION </B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>NON-EMPLOYEE DIRECTORS&#146;
</B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>DEFERRED COMPENSATION AND STOCK OPTION PLAN </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV><FONT FACE="Times New Roman" SIZE="2"><B>Section
1.&nbsp;&nbsp;&nbsp;&nbsp;<U>
<A NAME="ex10v633_1"></A>Establishment and Purpose</U>: </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>1.1&nbsp;&nbsp;
<A NAME="ex10v633_2"></A>Establishment of Plan:</B>&nbsp;&nbsp;&nbsp;&nbsp;Effective as of January 1, 1997, BB&amp;T Corporation (&#147;BB&amp;T&#148;) (formerly, Southern National Corporation) adopted the &#147;Southern National Corporation
Non-Employee Directors&#146; Deferred Compensation and Stock Option Plan&#148; (the &#147;Prior Plan&#148;). As of May 16, 1997, the name of the Prior Plan was changed to the &#147;BB&amp;T Corporation Non-Employee Directors&#146; Deferred
Compensation and Stock Option Plan.&#148; The Prior Plan is hereby amended and restated, effective as of November 1, 2001, and shall be known as the BB&amp;T CORPORATION NON-EMPLOYEE DIRECTORS&#146; DEFERRED COMPENSATION AND STOCK OPTION PLAN (the
&#147;Plan&#148;). All benefits from this Plan shall be payable solely from the general assets of BB&amp;T and participating Affiliates. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman"
SIZE="2"><B>1.2&nbsp;&nbsp;
<A NAME="ex10v633_3"></A>Purpose of Plan:</B>&nbsp;&nbsp;&nbsp;&nbsp;The purpose of the Plan is to promote the interests of BB&amp;T and its Affiliates by affording an incentive to Non-Employee Directors to remain in Service with BB&amp;T and its
Affiliates and to use their best efforts on behalf of BB&amp;T and its Affiliates. The Plan accomplishes this purpose by providing Non-Employee Directors the opportunity to defer receipt of all or any part of their Board compensation received as a
Non-Employee Director to a future date pursuant to Section 3 of the Plan. In addition, the Plan provides Non-Employee BB&amp;T Directors the opportunity to acquire or increase their proprietary interest in BB&amp;T through the granting of Options to
purchase BB&amp;T Common Stock pursuant to the Stock Option Subplan. Such Options are not intended to qualify as incentive stock options within the meaning of Section 422 of the Code. </FONT></DIV> <P></P>
 <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">1 </FONT></DIV>


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 <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>1.3&nbsp;&nbsp;
<A NAME="ex10v633_4"></A>Federal Income Tax Considerations:</B>&nbsp;&nbsp;&nbsp;&nbsp;Consistent with the purpose of the Plan as recited herein, there are certain federal income tax considerations that will result by the election to defer
compensation or to receive Options under the Plan in lieu of Board compensation otherwise receivable by Participants. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:27px; text-indent:27px"><FONT FACE="Times New Roman"
SIZE="2">1.3.1&nbsp;&nbsp;Election to receive deferred compensation:&nbsp;&nbsp;&nbsp;&nbsp;Under current Treasury Regulations, the election by a Participant to defer cash compensation under the Plan will not result in the receipt of taxable income
by such Participant or the allowance of a deduction by BB&amp;T for federal income tax purposes. A Participant who defers compensation under the Plan will realize ordinary income, however, at the time such compensation is actually received by such
Participant. To the extent that any Participant realizes such ordinary income, BB&amp;T will be entitled to a corresponding deduction for federal income tax purposes. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV
STYLE="margin-left:27px; text-indent:27px"><FONT FACE="Times New Roman" SIZE="2">1.3.2&nbsp;&nbsp;Election to receive Options:&nbsp;&nbsp;&nbsp;&nbsp;Undercurrent Treasury Regulations, neither the election to receive Options in lieu of cash
compensation nor the actual grant of Options will result in the receipt of taxable income by an Option Participant or the allowance of a deduction by BB&amp;T for federal income tax purposes. However, Option Participants who receive Options in lieu
of cash compensation will realize ordinary income at the time of exercise of any Option in an amount measured by the excess of the market value of the shares subject to the Options on the date of exercise over the Option Price. To the extent that
any Option Participant realizes such ordinary income, BB&amp;T will be entitled to a corresponding deduction for federal income tax purposes. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV><FONT FACE="Times New Roman" SIZE="2"><B>Section
2.&nbsp;&nbsp;&nbsp;&nbsp;<U>
<A NAME="ex10v633_5"></A>Definitions and Construction</U>: </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2">Wherever appropriate, words used in the Plan in the singular may
include the plural, or the plural may be read as the singular. References to one gender shall include the other. Whenever used in this Plan, including Section 1 and this Section 2, the following capitalized terms shall have the meaning set forth
below (unless otherwise indicated by the context). </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>2.1&nbsp;&nbsp;&#147;
<A NAME="ex10v633_6"></A>Accrued Benefit&#148;</B> means with respect to each Participant the balance credited to his Deferred Compensation Account as of the applicable Adjustment Date following adjustment thereof as provided in Sections 3.6 and
3.7. </FONT></DIV> <P></P>
 <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">2 </FONT></DIV>


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 <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>2.2&nbsp;&nbsp;&#147;
<A NAME="ex10v633_7">Adjustment Date</A>&#148;</B> means each day securities are traded on the New York Stock Exchange, except regularly scheduled holidays of Branch Banking and Trust Company, a North Carolina corporation with its principal office
at Winston-Salem, North Carolina. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>2.3&nbsp;&nbsp;&#147;
<A NAME="ex10v633_8">Affiliate</A>&#148;</B> means any corporation which, with BB&amp;T, is a member of a controlled group of employers as defined in Section 414(b) of the Code. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV
STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>2.4&nbsp;&nbsp;&#147;
<A NAME="ex10v633_9">Average</A> Market Value&#148;</B> means the average of the closing prices of BB&amp;T Common Stock as reported by the New York Stock Exchange for the period of 30 consecutive full trading days of BB&amp;T Common Stock prior to
the actual date of grant. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>2.5&nbsp;&nbsp;&#147;
<A NAME="ex10v633_10">BB&amp;T</A>&#148;</B> means BB&amp;T Corporation, a North Carolina corporation with its principal office in Winston-Salem, North Carolina, or any successor thereto by merger, consolidation or otherwise. </FONT></DIV>
<DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>2.6&nbsp;&nbsp;&#147;
<A NAME="ex10v633_11">BB&amp;T Common Stock</A>&#148;</B> means BB&amp;T&#146;s $5 par value common stock. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman"
SIZE="2"><B>2.7&nbsp;&nbsp;&#147;
<A NAME="ex10v633_12">Beneficiary</A>&#148;</B> means the person, persons or entity designated or determined pursuant to the provisions of Section 9 of the Plan (i) to receive the balance of a Participant&#146;s Deferred Compensation Account, if
any, after his death, and (ii) to succeed to an Option Participant&#146;s right to exercise any Option, if any, by reason of such Option Participant&#146;s death. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV
STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>2.8&nbsp;&nbsp;&#147;
<A NAME="ex10v633_13">Board</A>&#148;</B> means the Board of Directors of BB&amp;T. For purposes of Section 2.20, Board shall also include the Board of Directors of each participating Affiliate. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>2.9&nbsp;&nbsp;&#147;
<A NAME="ex10v633_14">Code</A>&#148;</B> means the Internal Revenue Code of 1986, as amended, or as it may be amended from time to time. </FONT></DIV> <P></P>
 <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">3 </FONT></DIV>


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 <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>2.10&nbsp;&nbsp;&#147;
<A NAME="ex10v633_15">Committee</A>&#148;</B> means the Administrative Committee provided for in Section 5. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman"
SIZE="2"><B>2.11&nbsp;&nbsp;&#147;
<A NAME="ex10v633_16">Company</A>&#148;</B> means BB&amp;T and participating Affiliates. See Section 13 for special provisions concerning participating Affiliates. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV
STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>2.12&nbsp;&nbsp;&#147;
<A NAME="ex10v633_17">Crediting Rate</A>&#148;</B> means the rate in effect as of the first day of each Plan Year and utilized throughout the entire Plan Year in crediting interest to the balance in the Fixed Rate Accounts of each Participant. The
Crediting Rate shall be determined in the manner described in Exhibit A attached hereto, as the same may be amended from time to time by the Committee. Prior to the beginning of each Plan Year, the Committee shall notify the Participants in writing
of the Crediting Rate for such Plan Year. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>2.13&nbsp;&nbsp;&#147;
<A NAME="ex10v633_18">Deferral Election Form</A>&#148;</B> means the election form executed by the Participant pursuant to the provisions of Sections 3.1 or 4.4. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV
STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>2.14&nbsp;&nbsp;&#147;
<A NAME="ex10v633_19">Deferred Compensation Account</A>&#148;</B> means the separate bookkeeping account to be kept for each Participant to which Deferred Compensation Credits shall be credited. Separate sub-accounts shall be established and
maintained with respect to the separate bookkeeping account, which sub-accounts shall include a &#147;Fixed Rate Account&#148; and one or more &#147;Investment Fund Accounts.&#148; The Fixed Rate Account and the Investment Fund Accounts shall be
adjusted in the manner provided in Sections 3.6 and 3.7. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>2.15&nbsp;&nbsp;&#147;
<A NAME="ex10v633_20">Deferred Compensation Credits</A>&#148;</B> means the amounts credited to the Participant&#146;s Deferred Compensation Account by the Committee pursuant to the provisions of Section 3.6. </FONT></DIV> <DIV><FONT
SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>2.16&nbsp;&nbsp;&#147;
<A NAME="ex10v633_21">Effective Date</A>&#148;</B> means November 1, 2001. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>2.17&nbsp;&nbsp;&#147;
<A NAME="ex10v633_22">Entry Date</A>&#148;</B> means January 1 of each Plan Year. </FONT></DIV> <P></P>
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 <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>2.18&nbsp;&nbsp;&#147;
<A NAME="ex10v633_23">Investment Fund</A>&#148;</B> means the mutual funds described in Exhibit B attached hereto, as the same may be amended from time to time by the Committee. Prior to the beginning of each Plan Year, the Committee shall notify
the Participants in writing of the Investment Funds for such Plan Year. Each mutual fund described in Exhibit B is sometimes referred to herein as &#147;Investment Fund.&#148; </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV
STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>2.19&nbsp;&nbsp;&#147;
<A NAME="ex10v633_24">Investment Fund Credit</A>&#148;</B> means, with respect to each Investment Fund, a bookkeeping unit used for the purpose of crediting deemed shares of the Investment Fund to the corresponding Investment Fund Account of each
Participant. Each Investment Fund Credit shall be equal to one share of the Investment Fund. The value of each Investment Fund Credit shall be equivalent to the net value of a share of the Investment Fund as of the applicable Adjustment Date.
</FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>2.20&nbsp;&nbsp;&#147;
<A NAME="ex10v633_25">Meeting Fees</A>&#148;</B> means the sum of all Board and any Board committee meeting fees received by a Non-Employee Director as compensation for services as a Non-Employee Director. </FONT></DIV> <DIV><FONT
SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>2.21&nbsp;&nbsp;&#147;
<A NAME="ex10v633_26">Non-Employee Director</A>&#148;</B> means (i) any Non-Employee BB&amp;T Director, or (ii) any active member of the Board of Directors of an Affiliate of BB&amp;T who is not an employee of BB&amp;T or any of its Affiliates
thereof. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>2.22&nbsp;&nbsp;&#147;
<A NAME="ex10v633_27">Non-Employee BB&amp;T Director</A>&#148;</B> means (i) any active member of the Board of BB&amp;T who is not an employee of BB&amp;T or any of its Affiliates thereof, or (ii) any active member of the Board of Directors of a
bank subsidiary of BB&amp;T who was serving as an active member of the Board of Directors of BB&amp;T Financial Corporation or BB&amp;T on February 28, 1995 and who is not an employee of BB&amp;T or any of its Affiliates thereof. </FONT></DIV>
<P></P>
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 <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>2.23&nbsp;&nbsp;&#147;
<A NAME="ex10v633_28">Option</A>&#148;</B> means an Option Participant&#146;s right to purchase one or more shares of BB&amp;T Common Stock, as granted and determined in accordance with the provisions of Section 4. </FONT></DIV> <DIV><FONT
SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>2.24&nbsp;&nbsp;&#147;
<A NAME="ex10v633_29">Option Participant</A>&#148;</B> means any Participant who is eligible to receive Options in accordance with the Stock Option Subplan. The Option Participants are designated on Exhibit C attached hereto, as the same may be
amended from time to time by the Committee. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>2.25&nbsp;&nbsp;&#147;
<A NAME="ex10v633_30">Option Price</A>&#148;</B> means the amount to be paid by an Option Participant for the purchase of shares of BB&amp;T Common Stock pursuant to the exercise of an Option, as determined pursuant to Section 4.5. </FONT></DIV>
<DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>2.26&nbsp;&nbsp;&#147;
<A NAME="ex10v633_31">Participant</A>&#148;</B> means with respect to any Plan Year a Non-Employee Director who has entered the Plan and any former Non-Employee Director who has a vested Accrued Benefit under the Plan. A Non-Employee Director or
former Non-Employee Director on the Effective Date who was a participant in the Prior Plan immediately preceding the Effective Date shall be a Participant in this Plan on the Effective Date. A Non-Employee Director who has not otherwise entered the
Plan shall enter the Plan and become a Participant as of the Entry Date determined by the Committee. A Participant shall cease to be a Participant as of the date he ceases to be a Non-Employee Director. The Participants in the Plan are designated on
Exhibit D attached hereto, as the same may be amended from time to time by the Committee. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>2.27&nbsp;&nbsp;&#147;
<A NAME="ex10v633_32">Plan</A>&#148;</B> means the unfunded, non-qualified deferred compensation and stock option plan as herein set out or as duly amended. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT
FACE="Times New Roman" SIZE="2"><B>2.28&nbsp;&nbsp;&#147;
<A NAME="ex10v633_33">Retainer Fee</A>&#148;</B> means the annual retainer received by a Non-Employee Director as compensation for services as a Non-Employee Director. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV
STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>2.29&nbsp;&nbsp;&#147;
<A NAME="ex10v633_34">Service</A>&#148;</B> means service to the Company as a Non-Employee Director. </FONT></DIV> <P></P>
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 <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>2.30&nbsp;&nbsp;&#147;
<A NAME="ex10v633_35">Stock Option Subplan</A>&#148;</B> means the portion of the Plan providing for the grant and exercise of Options. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV><FONT FACE="Times New Roman" SIZE="2"><B>Section
3.&nbsp;&nbsp;
<A NAME="ex10v633_36"></A><U>Deferred Compensation:</U> </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>3.1&nbsp;&nbsp;
<A NAME="ex10v633_37">Election to Participate:</A></B> </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:27px; text-indent:27px"><FONT FACE="Times New Roman" SIZE="2">3.1.1&nbsp;&nbsp;Deferred Compensation Election: A
Participant may elect, by executing a Deferral Election Form, to defer receipt of an amount equal to 0%, 50% or 100% of the Retainer Fee and 0%, 50% or 100% of the Meeting Fees otherwise payable to him during a Plan Year. An amount equal to the
amount deferred shall be credited by the Committee as a Deferred Compensation Credit to the Deferred Compensation Account of the Participant. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:27px; text-indent:27px"><FONT
FACE="Times New Roman" SIZE="2">3.1.2&nbsp;&nbsp;Time for Crediting Deferred Compensation Credits: The amount of Deferred Compensation Credits to be credited to the Deferred Compensation Account of the Participant shall be credited by the Committee
to the Participant&#146;s Deferred Compensation Account as of the date on which the applicable Retainer Fee or Meeting Fee would have otherwise been paid to the Participant. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV
STYLE="margin-left:27px; text-indent:27px"><FONT FACE="Times New Roman" SIZE="2">3.1.3&nbsp;&nbsp;Administrative Rules Governing Deferred Compensation Credits: An election by a Participant to defer his Retainer Fee or Meeting Fees pursuant to
Section 3.1.1 shall be made by executing and delivering to the Committee a Deferral Election Form at a time determined by the Committee and shall be irrevocable when made. In establishing the time of election, the Committee shall select a date that
will not result in the constructive receipt of income to the Participant. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>3.2&nbsp;&nbsp;
<A NAME="ex10v633_38">Vesting:</A></B>&nbsp;&nbsp;&nbsp;&nbsp;The interest of a Participant in his Deferred Compensation Account shall be fully vested (<U>i.e.</U>, nonforfeitable) at all times. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>3.3&nbsp;&nbsp;
<A NAME="ex10v633_39">Payment of Deferred Compensation: </A> </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:27px; text-indent:27px"><FONT FACE="Times New Roman" SIZE="2">3.3.1&nbsp;&nbsp;Distribution: Except as
otherwise provided in Section 3.4, the vested Accrued Benefit of a Participant shall be distributed to or with respect to a Participant only upon termination of the Participant&#146;s Service with the Company (including all Affiliates thereof).
Payment of benefits on account of a non-death termination of Service shall be made in accordance with Section 3.3.2. Payment of benefits on account of the death of the Participant shall be made in accordance with Section 3.3.3. </FONT></DIV>
<DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:27px; text-indent:27px"><FONT FACE="Times New Roman" SIZE="2">3.3.2&nbsp;&nbsp;Payment of Benefits for Reasons Other Than Death: </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<DIV STYLE="margin-left:54px; text-indent:27px"><FONT FACE="Times New Roman" SIZE="2">(a)&nbsp;&nbsp;Form of Distribution: The vested Accrued Benefit of a Participant who has terminated Service for any reason other than death shall be paid to the
Participant or applied for his benefit under one of the following options, as elected by the Participant: </FONT></DIV> <P></P>
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 <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:81px; text-indent:27px"><FONT FACE="Times New Roman" SIZE="2">(i)&nbsp;&nbsp;Term Certain Option: Payment of his vested Accrued Benefit to
him in approximately equal monthly installments over a term certain not to exceed 180 months. If the term certain selected by the Participant pursuant to this Section 3.3.2 would result in payments of less than $100.00 per month, payments shall be
made at the rate of $100.00 per month until the Participant&#146;s vested Accrued Benefit is paid in full. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:81px; text-indent:27px"><FONT FACE="Times New Roman"
SIZE="2">(ii)&nbsp;&nbsp;Lump Sum Option: Payment of his vested Accrued Benefit to him in a lump sum. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:27px"><FONT FACE="Times New Roman" SIZE="2">The election of the form
of distribution (the &#147;Form Election&#148;) shall be made by the Participant on a form approved by the Committee and filed with the Committee as provided in Section 3.3.2(c). If the Participant fails to elect a distribution option, his vested
Accrued Benefit shall be paid to him under the Lump Sum Option. The amount of a Participant&#146;s vested Accrued Benefit for purposes of any distribution made pursuant to this Section 3.3.2 shall be determined as of the Adjustment Date such
distribution is actually processed by the Committee or its designee. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:54px; text-indent:27px"><FONT FACE="Times New Roman" SIZE="2">(b)&nbsp;&nbsp;Commencement and Timing
of Distribution: Except as otherwise provided in Section 3.4, no benefit payments will be made to the Participant from the Plan under this Section 3.3.2 until the Service of the Participant is terminated. Payment of his vested Accrued Benefit shall
commence within one of the following periods, as elected by the Participant: </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<TABLE CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="054"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="070" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="2">Option&nbsp;(1)</FONT></DIV></TD>
<TD WIDTH="006" VALIGN="top"><DIV>&nbsp;</DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2">Distribution shall commence within the 60-day period next following the date the Service of the Participant terminates. </FONT></DIV> </TD></TR></TABLE> <DIV><FONT
SIZE="1">&nbsp;</FONT></DIV>
<TABLE CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="054"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="070" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="2">Option&nbsp;(2)</FONT></DIV></TD>
<TD WIDTH="006" VALIGN="top"><DIV>&nbsp;</DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2">Distribution shall commence within the period beginning on the first day of January of the Plan Year which next follows the Plan Year in which the Service of the Participant
terminated and ending on the last day of February of such Plan Year. </FONT></DIV> </TD></TR></TABLE> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<TABLE CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="054"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="070" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="2">Option&nbsp;(3)</FONT></DIV></TD>
<TD WIDTH="006" VALIGN="top"><DIV>&nbsp;</DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2">Distribution shall commence within the 60-day period next following the date the Participant attains age 65. </FONT></DIV> </TD></TR></TABLE> <DIV><FONT
SIZE="1">&nbsp;</FONT></DIV>
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<TR>
<TD WIDTH="054"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="070" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="2">Option&nbsp;(4)</FONT></DIV></TD>
<TD WIDTH="006" VALIGN="top"><DIV>&nbsp;</DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2">Distribution shall commence within the period beginning on the first day of January of the Plan Year which next follows the Plan Year in which the Participant attains age 65
and ending on the last day of February of such Plan Year. </FONT></DIV> </TD></TR></TABLE> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:27px"><FONT FACE="Times New Roman" SIZE="2">The election of the date as of which distribution
shall commence (the &#147;Timing Election&#148;) shall be made on a form approved by the Committee and filed with the
 </FONT></DIV> <P></P>
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 <DIV STYLE="margin-left:27px"><FONT FACE="Times New Roman" SIZE="2">
Committee as provided in Section 3.3.2(c). If the Participant fails to elect one of these options, Option (1) will be deemed to have been elected by the Participant. </FONT></DIV> <DIV><FONT
SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:54px; text-indent:27px"><FONT FACE="Times New Roman" SIZE="2">(c)&nbsp;&nbsp;Timing of Election:&nbsp;&nbsp;&nbsp;&nbsp;The Form Election and Timing Election shall be made by the Participant on or
before the Entry Date the Participant enters the Plan. The Participant&#146;s election may be revoked at any time by the Participant during the &#147;Election Period.&#148; The Election Period begins as of the Entry Date the Participant enters the
Plan and ends on the earlier to occur of (i) the date the Participant terminates Service; or (ii) the date which precedes the date payment of his benefit is to commence by twelve (12) calendar months. The Form Election and Timing Election in effect
as of the close of the Election Period shall be irrevocable. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:54px; text-indent:27px"><FONT FACE="Times New Roman" SIZE="2">(d)&nbsp;&nbsp;Medium of
Distribution:&nbsp;&nbsp;&nbsp;&nbsp;Distribution of a Participant&#146;s vested Accrued Benefit shall be made in cash. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:54px; text-indent:27px"><FONT
FACE="Times New Roman" SIZE="2">(e)&nbsp;&nbsp;Installment Payments:&nbsp;&nbsp;&nbsp;&nbsp;If the Participant&#146;s vested Accrued Benefit is to be distributed in installments pursuant to the Term Certain Option, the amount of each monthly
installment shall initially be equal to the value of the Deferred Compensation Account as of the date benefit payments are to commence multiplied by a fraction, the numerator of which shall be one and the denominator of which shall be the total
number of installments to be paid. As of each February 1 (the &#147;Annual Valuation Date&#148;), the amount of the monthly installment payment shall be adjusted so that for the twelve consecutive month period beginning on such Annual Valuation Date
the amount of each monthly installment payment shall be equal to the value of the Deferred Compensation Account on such Annual Valuation Date multiplied by a fraction, the numerator of which shall be one and the denominator of which shall be the
number of installments remaining to be paid. The Deferred Compensation Account shall continue to be adjusted as provided in Section 3.6 until the entire balance credited to the Deferred Compensation Account has been paid. </FONT></DIV> <DIV><FONT
SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:27px; text-indent:27px"><FONT FACE="Times New Roman" SIZE="2">3.3.3&nbsp;&nbsp;Payment of Death Benefit:&nbsp;&nbsp;&nbsp;&nbsp;On the death of a Participant, his vested Accrued Benefit shall be
paid to his Beneficiary in accordance with the following special provisions: </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:54px; text-indent:27px"><FONT FACE="Times New Roman" SIZE="2">(a)&nbsp;&nbsp;Death Before
Payments Begin:&nbsp;&nbsp;&nbsp;&nbsp;If the Participant dies before payment of his vested Accrued Benefit begins under Section 3.3.2, payment of his vested Accrued Benefit to his Beneficiary shall commence as soon as practicable following the date
of the Participant&#146;s death but in no event earlier than the sixtieth day next following the date of the Participant&#146;s death. The amount of the Participant&#146;s vested Accrued Benefit for purposes of any distribution made pursuant to this
Section 3.3.3 shall be determined as of the Adjustment Date such distribution is actually processed by the Committee or its designee. The vested Accrued Benefit of the Participant shall be paid to the Beneficiary in cash under the Lump Sum Option
described in Section 3.3.2(a)(ii). </FONT></DIV> <P></P>
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 <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:54px; text-indent:27px"><FONT FACE="Times New Roman" SIZE="2">(b)&nbsp;&nbsp;Death After Payments Begin:&nbsp;&nbsp;&nbsp;&nbsp;If the
Participant dies on or after payment of his vested Accrued Benefit commences under Section 3.3.2, the remaining payments (if any) that would have been made to the Participant had he not died shall be made to the Participant&#146;s Beneficiary in the
same manner as they would have been paid to the Participant had he lived. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:27px; text-indent:27px"><FONT FACE="Times New Roman"
SIZE="2">3.3.4&nbsp;&nbsp;Rules:&nbsp;&nbsp;&nbsp;&nbsp;The Committee may from time to time adopt additional policies or rules governing the manner in which distributions will be made from the Plan so that the Plan may be conveniently administered.
</FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>3.4&nbsp;&nbsp;
<A NAME="ex10v633_40">Unforeseeable Emergency Payments: </A> </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:27px; text-indent:27px"><FONT FACE="Times New Roman" SIZE="2">3.4.1&nbsp;&nbsp;Conditions for
Request:&nbsp;&nbsp;&nbsp;&nbsp;A Participant may, at any time prior to his termination of Service, make application to the Committee to receive a cash payment in a lump sum of all or a portion of the total amount credited to his Deferred
Compensation Account by reason of an unforeseeable emergency. The amount of a payment on account of an unforeseeable emergency shall not exceed the amount required to meet the financial hardship created by the unforeseeable emergency and not
otherwise reasonably available from other resources of the Participant. An unforeseeable emergency is a severe financial hardship to the Participant resulting from a sudden and unexpected illness or accident of the Participant or of a dependent of
the Participant, loss of a Participant&#146;s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant. The determination of whether an unforeseeable
emergency exists within the scope of this Section 3.4.1 shall be made by the Committee in its sole and absolute discretion, and its decision to grant or deny a payment on account of an unforeseeable emergency shall be final. The Committee shall
apply uniform and nondiscriminatory standards in making its decision. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:27px; text-indent:27px"><FONT FACE="Times New Roman" SIZE="2">3.4.2&nbsp;&nbsp;Written
Request:&nbsp;&nbsp;&nbsp;&nbsp;The Participant&#146;s request for a payment on account of an unforeseeable emergency must be made in writing to the Committee. The request must specify the nature of the financial hardship, the total amount to be
paid from his Deferred Compensation Account, and the total amount of the actual expense incurred or to be incurred on account of hardship. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:27px; text-indent:27px"><FONT
FACE="Times New Roman" SIZE="2">3.4.3&nbsp;&nbsp;Processing of Request:&nbsp;&nbsp;&nbsp;&nbsp;If a payment under this Section 3.4 is approved, such payment shall be made as soon thereafter as practicable. The processing of the request shall be
completed as soon as practicable from the date on which the Committee receives the properly completed written request for a payment on account of an unforeseeable emergency. If a Participant terminates Service after a request is approved in
accordance with this Section 3.4 but prior to payment of the full amount approved, the approval of his request shall be automatically void and the benefits he is entitled to receive under the Plan shall be paid in accordance with the applicable
payment provisions of the Plan. Only one payment because of an unforeseeable emergency shall be made within any Plan Year. A hardship withdrawal made under this Section 3.4 shall be charged to the Fixed Rate Account and the Investment Fund Accounts
with respect to the Participant&#146;s Deferred Compensation Account on a pro rata basis. </FONT></DIV> <P></P>
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 <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:27px; text-indent:27px"><FONT FACE="Times New Roman" SIZE="2">3.4.4&nbsp;&nbsp;Rules:&nbsp;&nbsp;&nbsp;&nbsp;The Committee may from time to
time adopt additional policies or rules governing the manner in which such payments because of an unforeseeable emergency may be made so that the Plan may be conveniently administered. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV
STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>3.5&nbsp;&nbsp;
<A NAME="ex10v633_41">Deemed Investment in Investment Funds:</A></B>&nbsp;&nbsp;&nbsp;&nbsp;The Committee shall establish and maintain in behalf of each Participant a Deferred Compensation Account. The Committee shall also establish and maintain
with respect to each Participant&#146;s Deferred Compensation Account a sub-account entitled the &#147;Fixed Rate Account.&#148; If the Participant elects to have all or a portion of the amount credited to his Deferred Compensation Account deemed
invested in one or more of the Investment Funds as provided in this Section 3.5, the Committee shall establish a sub-account entitled &#147;Investment Fund Account&#148; with respect to the amount deemed invested in each Investment Fund. In
accordance with procedures adopted by the Committee, a Participant may elect to have all or a portion (in whole percentages of 1%) of the amount credited to his Deferred Compensation Account deemed invested in one or more of the Investment Funds. An
election to invest in the Investment Funds shall be made by the Participant in accordance with such rules and procedures as are adopted by the Committee from time to time. Any amounts credited to the Participant&#146;s Deferred Compensation Account
which are not deemed to be invested in the Investment Funds shall be credited to the Fixed Rate Account and shall be credited with earnings as described in Section 3.6. Unless modified or revoked by the Participant, an election to invest in the
Investment Funds shall continue in effect until such time as the distribution of the Participant&#146;s vested Accrued Benefit is processed by the Committee or its designee in accordance with the provisions of Section 3.3. A Participant unilaterally
may modify or revoke his election as of any Adjustment Date by providing advance notice to the Committee in accordance with such rules and procedures as are adopted by the Committee from time to time. Any amount the Participant has elected to be
deemed invested in an Investment Fund shall be converted into Investment Fund Credits with respect to that </FONT></DIV> <P></P>
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Investment Fund in the manner and as of the Adjustment Date described in Exhibit E attached hereto, as the same may be amended from time to time by the Committee. The value of any Investment Fund
Credits the Participant has elected to be deemed sold from an Investment Fund Account and credited to another Investment Fund Account or to his Fixed Rate Account shall be determined in the manner and as of the Adjustment Date described in Exhibit E
attached hereto, as the same may be amended from time to time by the Committee. All deemed dividends, capital gains or other income distributions payable with respect to the Investment Fund Credits allocated to an Investment Fund Account shall be
converted into Investment Fund Credits in the manner and as of the Adjustment Date described in Exhibit E attached hereto, as the same may be amended from time to time by the Committee. In the event the Committee shall change the manner in which
amounts are to be converted to Investment Fund Credits or the manner in which Investment Fund Credits are to be deemed sold, it shall communicate such change to Participants in writing in advance of the date such change is to be effective.
Fractional shares shall be accounted for as such. The Investment Fund Accounts shall be adjusted as provided in Section 3.7. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman"
SIZE="2"><B>3.6&nbsp;&nbsp;
<A NAME="ex10v633_42">Adjustment of Fixed Rate Account:</A></B>&nbsp;&nbsp;&nbsp;&nbsp;Except as provided in Section 3.7 with respect to the adjustment of the Investment Fund Accounts, as of the close of business of BB&amp;T on each Adjustment Date,
the Fixed Rate Account with respect to the Deferred Compensation Account of each Participant shall be adjusted in this order: </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:27px; text-indent:27px"><FONT
FACE="Times New Roman" SIZE="2">3.6.1&nbsp;&nbsp;There shall be debited (i) the total amount of any payments deemed made from such Fixed Rate Account since the next preceding Adjustment Date, and (ii) the total amount deemed applied since the next
preceding Adjustment Date to the deemed purchase of Investment Fund Credits for the Investment Fund Accounts of the Participant (which accounts function as sub-accounts of the Deferred Compensation Account). </FONT></DIV> <DIV><FONT
SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:27px; text-indent:27px"><FONT FACE="Times New Roman" SIZE="2">3.6.2&nbsp;&nbsp;There shall be credited the total amount of any Deferred Compensation Credits made to such account with respect to
the Participant since the last preceding Adjustment Date. </FONT></DIV> <P></P>
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 <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:27px; text-indent:27px"><FONT FACE="Times New Roman" SIZE="2">3.6.3&nbsp;&nbsp;There shall be credited the cash proceeds from the deemed
sale of any Investment Fund Credits then allocated to the Investment Fund Accounts of the Participant which the Participant has elected to be credited to his Fixed Rate Account. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV
STYLE="margin-left:27px; text-indent:27px"><FONT FACE="Times New Roman" SIZE="2">3.6.4&nbsp;&nbsp;There shall be credited an amount equal to the product of (A) and (B), where (A) is the balance credited to the Fixed Rate Account as of such
Adjustment Date (after adjustment for any distributions as of such Adjustment Date but prior to adjustment for credits as of such date), and (B) is the Crediting Rate. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV
STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>3.7&nbsp;&nbsp;
<A NAME="ex10v633_43">Adjustment of Investment Fund Accounts:</A></B>&nbsp;&nbsp;&nbsp;&nbsp;The provisions of this Section 3.7 shall apply separately to each Investment Fund Account of the Participant. As of the close of business of BB&amp;T on
each Adjustment Date, the number of Investment Fund Credits allocated to the Investment Fund Account of each Participant shall be adjusted in the following order: </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV
STYLE="margin-left:27px; text-indent:27px"><FONT FACE="Times New Roman" SIZE="2">3.7.1 There shall be debited any Investment Fund Credits deemed sold from the Investment Fund Account since the next preceding Adjustment Date. </FONT></DIV> <DIV><FONT
SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:27px; text-indent:27px"><FONT FACE="Times New Roman" SIZE="2">3.7.2 There shall be credited (i) any shares of the Investment Fund deemed purchased with amounts converted into Investment Fund
Credits, and (ii) any additional shares of Investment Fund Credits deemed purchased as a result of any deemed dividends, capital gains or other income distributions payable since the next preceding Adjustment Date with respect to Investment Fund
Credits allocated to the Participant&#146;s Investment Fund Account. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>3.8&nbsp;&nbsp;
<A NAME="ex10v633_44">Rules:</A></B>&nbsp;&nbsp;&nbsp;&nbsp;The Committee may establish any rules or regulations necessary to implement the provisions of this Section 3. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV><FONT
FACE="Times New Roman" SIZE="2"><B>Section 4.&nbsp;&nbsp;
<A NAME="ex10v633_45">Stock Options:</A> </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>4.1&nbsp;&nbsp;
<A NAME="ex10v633_46">Eligibility:</A></B>&nbsp;&nbsp;&nbsp;&nbsp;A Participant who is a Non-Employee BB&amp;T Director (an &#147;Option Participant&#148;) shall be eligible to receive Options under the Stock Option Subplan. At such time as the
Service of an Option Participant terminates for any reason whatsoever, then the Option Participant (or his Beneficiary, if applicable) shall have the right to exercise any Option granted to the Option Participant for a time period ending on the
expiration date of the term of the Option(s) as provided in the applicable Option Agreement. Nothing contained in the Stock
</FONT></DIV> <P></P>
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Option Subplan shall be construed to limit the right of BB&amp;T to grant Options otherwise than under the Stock Option Subplan for any proper and lawful corporate purpose, including but not
limited to Options granted to employee directors or Non-Employee Directors. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>4.2&nbsp;&nbsp;
<A NAME="ex10v633_47">Shares Subject to the Stock Option Subplan: </A> </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:27px; text-indent:27px"><FONT FACE="Times New Roman" SIZE="2">4.2.1&nbsp;&nbsp;Delivery of
Shares:&nbsp;&nbsp;&nbsp;&nbsp;The shares of BB&amp;T Common Stock to be delivered upon exercise of Options granted under the Stock Option Subplan shall be made available, at the discretion of the Board, from the authorized, unissued and registered
shares of BB&amp;T Common Stock or from open market purchases of BB&amp;T Common Stock or both. Further, the Board shall have the authority to take any action (or delegate that such action be taken) with respect to the Stock Option Subplan which may
be required in connection with the listing of such shares of BB&amp;T Common Stock on the New York Stock Exchange and the registration (or determination that an exemption from registration is available) of such shares under any applicable state
securities laws. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:27px; text-indent:27px"><FONT FACE="Times New Roman" SIZE="2">4.2.2&nbsp;&nbsp;Aggregate Number of Shares Available:&nbsp;&nbsp;&nbsp;&nbsp;Subject to (i)
adjustments made pursuant to provisions of Section 4.8, and (ii) shareholder approval, to the extent such approval is required for the issuance of shares of BB&amp;T Common Stock, the aggregate number of shares which may be issued upon exercise of
all Options which may be granted under the Stock Option Subplan shall not exceed 900,000 shares of BB&amp;T Common Stock. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:27px; text-indent:27px"><FONT
FACE="Times New Roman" SIZE="2">4.2.3&nbsp;&nbsp;Expiration or Termination of Option:&nbsp;&nbsp;&nbsp;&nbsp;In the event that any Option granted under the Stock Option Subplan expires or terminates for any reason whatsoever without having been
exercised in full, the shares subject to, but not delivered under, such Option shall become available for other Options to the same Option Participant or other Option Participants without decreasing the aggregate number of shares which may be
granted under the Stock Option Subplan or shall be available for any other lawful corporate purpose. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:27px; text-indent:27px"><FONT FACE="Times New Roman"
SIZE="2">4.2.4&nbsp;&nbsp;Restrictions:&nbsp;&nbsp;&nbsp;&nbsp;All Options shall be granted on the condition that the Option Participant shall not resell any BB&amp;T Common Stock purchased by the exercise of an Option except in compliance with all
applicable state and federal securities laws and regulations. Each Option Participant shall, prior to any transfer of the BB&amp;T Common Stock purchased through the exercise of an Option, advise BB&amp;T of the proposed transfer and demonstrate to
the satisfaction of the Board (or its delegate) that such transfer is in compliance with such laws and regulations. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman"
SIZE="2"><B>4.3&nbsp;&nbsp;
<A NAME="ex10v633_48">Option Agreements: </A> </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:27px; text-indent:27px"><FONT FACE="Times New Roman" SIZE="2">4.3.1&nbsp;&nbsp;Option
Agreement:&nbsp;&nbsp;&nbsp;&nbsp;Each Option granted under the Stock Option Subplan shall be evidenced by an Option Agreement (an &#147;Option Agreement&#148;) which shall be signed (manually or by facsimile) by a duly authorized officer of
BB&amp;T and by the </FONT></DIV> <P></P>
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Option Participant, and which shall contain such provisions as may be approved by the Board or the Committee. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV
STYLE="margin-left:27px; text-indent:27px"><FONT FACE="Times New Roman" SIZE="2">4.3.2&nbsp;&nbsp;Binding Contract:&nbsp;&nbsp;&nbsp;&nbsp;An Option Agreement shall constitute a binding contract between BB&amp;T and the Option Participant, and upon
acceptance of any such Option Agreement, each party shall be bound by the terms and restrictions of the Stock Option Subplan and the Option Agreement. Any Option Agreement utilized for the purpose of granting Options to Option Participants under the
Stock Option Subplan shall specify that such Options are non-qualified stock options and that they are not intended to qualify as incentive stock options within the meaning of Section 422 of the Code. </FONT></DIV> <DIV><FONT
SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:27px; text-indent:27px"><FONT FACE="Times New Roman" SIZE="2">4.3.3&nbsp;&nbsp;Terms of Option Agreement:&nbsp;&nbsp;&nbsp;&nbsp;The terms of an Option Agreement shall be in accordance with the
Stock Option Subplan, but may include additional provisions and restrictions, provided that they are not inconsistent with the Stock Option Subplan. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT
FACE="Times New Roman" SIZE="2"><B>4.4&nbsp;&nbsp;
<A NAME="ex10v633_49">Terms of the Options:</A> </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:27px; text-indent:27px"><FONT FACE="Times New Roman" SIZE="2">4.4.1&nbsp;&nbsp;Deferred compensation election:
</FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:54px; text-indent:27px"><FONT FACE="Times New Roman" SIZE="2">(a)&nbsp;&nbsp;Retainer Fee:&nbsp;&nbsp;&nbsp;&nbsp;If an Option Participant has not elected to defer any
portion of his Retainer Fee pursuant to Section 3.1.1, such Option Participant may elect, by executing a Deferral Election Form, to defer receipt of an amount equal to 0%, 50% or 100% of the Retainer Fee for the application of that amount toward the
grant of Options. If an Option Participant has elected to defer 50% of his Retainer Fee pursuant to Section 3.1.1, such Option Participant may elect, by executing a Deferral Election Form, to defer receipt of an amount equal to 50% of the Retainer
Fee for the application of that amount toward the grant of Options. If an Option Participant has elected to defer 100% of his Retainer Fee pursuant to Section 3.1.1, such Option Participant may not defer any of his Retainer Fee under this Section
4.4.1(a). </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:54px; text-indent:27px"><FONT FACE="Times New Roman" SIZE="2">(b)&nbsp;&nbsp;Meeting Fees:&nbsp;&nbsp;&nbsp;&nbsp;If an Option Participant has not elected to
defer any portion of his Meeting Fees pursuant to Section 3.1.1, such Option Participant may elect, by executing a Deferral Election Form, to defer receipt of an amount equal to 0%, 50% or 100% of the Meeting Fees for the application of that amount
toward the grant of Options. If an Option Participant has elected to defer 50% of his Meeting Fees pursuant to Section 3.1.1, such Option Participant may elect, by executing a Deferral Election Form, to defer receipt of an amount equal to 50% of the
Meeting Fees for the application of that amount toward the grant of Options. If an Option Participant has elected to defer 100% of his Meeting Fees pursuant to Section 3.1.1, such Option Participant may not defer any of his Meeting Fees under this
Section 4.4.1(b). Notwithstanding the foregoing, in no event shall any Non-Employee BB&amp;T Director described in subparagraph (ii) of Section 2.22 be entitled to defer any of his Meeting Fees under this Section 4.4.1(b). </FONT></DIV> <DIV><FONT
SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:27px; text-indent:27px"><FONT FACE="Times New Roman" SIZE="2">4.4.2&nbsp;&nbsp;Form of Election:&nbsp;&nbsp;&nbsp;&nbsp;Each Participant shall make an irrevocable election in writing on a Deferral
Election Form to receive Options in lieu of all or a designated
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percentage of his Retainer Fee or Meeting Fees, or both, on or before December 31 of the year preceding the Plan Year for which the Retainer Fee and Meeting Fees apply. </FONT></DIV> <DIV><FONT
SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:27px; text-indent:27px"><FONT FACE="Times New Roman" SIZE="2">4.4.3&nbsp;&nbsp;Grant of Options:&nbsp;&nbsp;&nbsp;&nbsp;On July 1 following the beginning of the Plan Year for which an election has
been made pursuant to this Section 4.4, Options shall be granted to any Option Participant for the elected portion of his Retainer Fee for that Plan Year. On that same date, Options shall be granted to any Option Participant who has so elected, for
the elected portion of the Meeting Fees actually earned by the Option Participant in the first six-month period of the applicable Plan Year. For the second six (6) months of the applicable Plan Year, Options shall be granted to Option Participants
for the elected portion of the Meeting Fees for the second six months on December 31 of the applicable Plan Year. For purposes of this Section 4.4.3, the following rules shall apply in making the above calculations: </FONT></DIV> <DIV><FONT
SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:54px; text-indent:27px"><FONT FACE="Times New Roman" SIZE="2">(a)&nbsp;&nbsp;The elected portion of the Meeting Fees earned in the first six (6) months of the Plan Year shall be defined as the
fraction of the Meeting Fees that the Option Participant elected to defer, multiplied by the cash attendance fee for each Board and committee meeting, multiplied by the number of such meetings actually attended by the Option Participant in the first
six (6) months of the applicable Plan Year; and </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:54px; text-indent:27px"><FONT FACE="Times New Roman" SIZE="2">(b)&nbsp;&nbsp;The elected portion of the Meeting Fees earned
in the second six (6) months of the Plan Year shall be defined as the fraction of the Meeting Fees that the Option Participant elected to defer, multiplied by the cash attendance fee for each Board and committee meeting, multiplied by the number of
such meetings actually attended by the Option Participant in the second six (6) months of the applicable Plan Year. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:27px; text-indent:27px"><FONT FACE="Times New Roman"
SIZE="2">4.4.4&nbsp;&nbsp;Shares Subject to Options:&nbsp;&nbsp;&nbsp;&nbsp;For purposes of determining the number of shares to be the subject of Options granted in accordance with the Stock Option Subplan, the number of shares shall be equal to the
elected portion of the Option Participant&#146;s Retainer Fee, the elected portion of the Meeting Fees earned in the first six (6) months of the Plan Year and the elected portion of the Meeting Fees earned in the second six (6) months of the Plan
Year, divided by 25 percent of the Average Market Value of BB&amp;T Common Stock on the date of each grant. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:27px; text-indent:27px"><FONT FACE="Times New Roman"
SIZE="2">4.4.5&nbsp;&nbsp;Fractional Shares:&nbsp;&nbsp;&nbsp;&nbsp;Fractional shares of BB&amp;T Common Stock shall not be granted under the Plan, and any remaining amount of the elected Retainer Fee and Meeting Fees will be paid to each Option
Participant in cash on the date or dates Option grants are made in accordance with the Stock Option Subplan. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>4.5
<A NAME="ex10v633_50">Option Exercise Price and Term: </A> </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:27px; text-indent:27px"><FONT FACE="Times New Roman" SIZE="2">4.5.1&nbsp;&nbsp;Exercise
Price:&nbsp;&nbsp;&nbsp;&nbsp;The price at which shares of BB&amp;T Common Stock may be purchased under an Option granted pursuant to the Stock Option Subplan shall be equal to 75% of the Average Market Value of BB&amp;T Common Stock on the date of
the grant. </FONT></DIV> <P></P>
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 <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:27px; text-indent:27px"><FONT FACE="Times New Roman" SIZE="2">4.5.2&nbsp;&nbsp;Term of Options:&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise
provided in Section 4.1, Options granted in accordance with this Stock Option Subplan may be exercised during the period commencing on a date six (6) months from the date of grant and ending on the date ten (10) years from the date of the grant.
</FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>4.6&nbsp;&nbsp;
<A NAME="ex10v633_51">Exercise of Options: </A> </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:27px; text-indent:27px"><FONT FACE="Times New Roman" SIZE="2">4.6.1&nbsp;&nbsp;Delivery of
Shares:&nbsp;&nbsp;&nbsp;&nbsp;No shares shall be delivered pursuant to the exercise of any Option until the requirements of such laws and regulations as may be deemed by the Committee to be applicable to them are satisfied and until payment in full
in cash or in BB&amp;T Common Stock as provided in Section 4.6.2, of the Option Price for such Options is received by BB&amp;T. No Option Participant, or legal representative or distributee of an Option Participant, shall be deemed to be a holder of
any shares subject to any Option unless and until the certificate or certificates for such shares have been issued and delivered. An Option Participant&#146;s right to exercise any Option is further subject to the terms and conditions of the Option
Agreement to be entered into by and between BB&amp;T and the Option Participant. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:27px; text-indent:27px"><FONT FACE="Times New Roman" SIZE="2">4.6.2&nbsp;&nbsp;Payment of
Option Price:&nbsp;&nbsp;&nbsp;&nbsp;An Option may be exercised by payment of the Option Price in full (i) in cash, (ii) by surrender or withholding of shares of BB&amp;T Common Stock having a fair market value as of the date of exercise equal to
the Option Price of the BB&amp;T Common Stock to be purchased (determined in accordance with Section 4.5.1) or (iii) a combination of cash and BB&amp;T Common Stock; provided, however, that no payment of the Option Price by withholding of shares of
BB&amp;T Common Stock shall be permitted before October 31, 1997. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:27px; text-indent:27px"><FONT FACE="Times New Roman" SIZE="2">4.6.3&nbsp;&nbsp;Change in
Control:&nbsp;&nbsp;&nbsp;&nbsp;In the event there is a Change in Control of BB&amp;T during the term of the Plan or during the term of Options granted pursuant to the Stock Option Subplan, all outstanding Options granted under the Stock Option
Subplan shall become immediately exercisable in full. For the purposes herein, the term &#147;Change in Control&#148; shall have the meaning ascribed to the term in the form option agreement adopted by BB&amp;T for use in connection with options
granted to participants under the BB&amp;T Corporation 1995 Omnibus Stock Incentive Plan, as such term may be hereafter amended in such form agreement. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT
FACE="Times New Roman" SIZE="2"><B>4.7&nbsp;&nbsp;
<A NAME="ex10v633_52">Transferability of Options:</A></B>&nbsp;&nbsp;&nbsp;&nbsp;Options granted under the Plan shall not be transferable other than by will or the laws of intestate succession, except as may be permitted by the Committee in its sole
discretion in a manner consistent with the registration provisions of the Securities Act of 1933, as amended. Except as otherwise permitted by the preceding sentence, each Option shall be exercisable, during the Participant&#146;s lifetime, only by
the Participant or, if permissible under applicable law, by the Participant&#146;s guardian or legal representative. </FONT></DIV> <P></P>
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Notwithstanding the foregoing, a Participant may designate a beneficiary to exercise any Option granted to him under the Plan upon his death, provided that such designation is in accordance with
Committee procedures. The designation of a beneficiary in accordance with this Section 4.5 does not constitute a transfer. Except with respect to Options transferred in accordance with the provisions of this Section 4.7, during the Option
Participant&#146;s lifetime an Option may be exercised only by such Option Participant or the Option Participant&#146;s legal representative. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT
FACE="Times New Roman" SIZE="2"><B>4.8&nbsp;&nbsp;
<A NAME="ex10v633_53">Capital Adjustments Effecting Stock:</A></B>&nbsp;&nbsp;&nbsp;&nbsp;The aggregate number of shares of BB&amp;T Common Stock subject to the Stock Option Subplan and the number of shares subject to an Option shall be
appropriately adjusted for any increase or decrease in the number of shares of issued BB&amp;T Common Stock resulting from a subdivision or consolidation of shares, whether through reorganization, recapitalization, stock split-up, stock distribution
or combination of shares or the payment of a share dividend or other increase or decrease in the number of shares outstanding effected without receipt of consideration by BB&amp;T. The Option Price of any share subject to an Option shall be adjusted
so that there will be no change in the aggregate purchase price payable upon exercise of any such Option. The grant of an Option pursuant to the Stock Option Subplan shall not affect in any way the right or power of BB&amp;T to make adjustments,
reorganizations, reclassification, or changes of its capital or business structure or to merge, consolidate, dissolve, liquidate, or sell or transfer all or any part of its business or assets. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>4.9&nbsp;&nbsp;
<A NAME="ex10v633_54">Effective Date, Term, and Approval: </A> </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:27px; text-indent:27px"><FONT FACE="Times New Roman" SIZE="2">4.9.1&nbsp;&nbsp;Effective Date and Term
of Options:&nbsp;&nbsp;&nbsp;&nbsp;The Stock Option Subplan was adopted effective December 19, 1991, amended and restated effective October 22, 1996 and further amended and restated effective January 1, 1997. No Options may be granted under the
Stock Option Subplan after December 18, 2001 unless an earlier termination date is fixed by action of the Board; provided, however, that any Option granted prior thereto may be exercised in accordance with its terms. </FONT></DIV> <DIV><FONT
SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:27px; text-indent:27px"><FONT FACE="Times New Roman" SIZE="2">4.9.2&nbsp;&nbsp;Approval:&nbsp;&nbsp;&nbsp;&nbsp;The Stock Option Subplan and all Options granted pursuant to it are subject to all
laws, approvals, requirements and regulations of any governmental
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authority which may be applicable to stock option plans and, notwithstanding any revisions of the Stock Option Subplan or any Option Agreement, the holder of an Option shall not be entitled to
exercise his Option nor shall BB&amp;T be obligated to issue any shares to the holder if such exercise or issuance shall constitute a violation by the holder or BB&amp;T of any provisions of any such requirements, laws or regulations. </FONT></DIV>
<DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV><FONT FACE="Times New Roman" SIZE="2"><B>Section 5.
<A NAME="ex10v633_55"></A>&nbsp;&nbsp;<U>Administration by Committee:</U> </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>5.1&nbsp;&nbsp;
<A NAME="ex10v633_56">Membership of Committee:</A></B>&nbsp;&nbsp;&nbsp;&nbsp;The Committee consist of not less than three nor more than seven individuals who shall be appointed by the Board to serve at the pleasure of the Board. Any member of the
Committee may resign, and his successor, if any, shall be appointed by the Board. The Committee shall be responsible for the general administration and interpretation of the Plan and for carrying out its provisions, except to the extent all or any
of such obligations are specifically imposed on the Board. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>5.2&nbsp;&nbsp;
<A NAME="ex10v633_57">Committee Officers; Subcommittee:</A></B>&nbsp;&nbsp;&nbsp;&nbsp;The members of the Committee shall elect a Chairman and may elect an acting Chairman. They shall also elect a Secretary and may elect an acting Secretary, either
of whom may be but need not be a member of the Committee. The Committee may appoint from its membership such subcommittees with such powers as the Committee shall determine, and may authorize one or more of its members or any agent to execute or
deliver any instruments or to make any payment in behalf of the Committee. The Chairman of the Committee shall constitute the Plan Administrator and shall be agent for service of legal process on the Plan. In addition, notwithstanding any provision
herein, any subcommittee established by the Committee or any Board committee or subcommittee may be granted such authority, and be comprised of such members, as is necessary to comply with the conditions imposed by Rule 16b-3, promulgated under
Section 16 of the Securities Exchange Act of 1934, as amended (the &#147;1934 Act&#148;). </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>5.3&nbsp;&nbsp;
<A NAME="ex10v633_58">Committee Meetings:</A></B>&nbsp;&nbsp;&nbsp;&nbsp;The Committee shall hold such meetings upon such notice, at such places and at such intervals as it may from time to time determine. Notice of </FONT></DIV> <P></P>
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meetings shall not be required if notice is waived in writing by all the members of the Committee at the time in office, or if all such members are present at the meeting. </FONT></DIV>
<DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>5.4&nbsp;&nbsp;
<A NAME="ex10v633_59">Transaction of Business:</A></B>&nbsp;&nbsp;&nbsp;&nbsp;A majority of the members of the Committee at the time in office shall constitute a quorum for the transaction of business. All resolutions or other actions taken by the
Committee at .any meeting shall be by vote of a majority of those present at any such meeting and entitled to vote. Resolutions may be adopted or other action taken without a meeting upon written consent thereto signed by all of the members of the
Committee. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>5.5&nbsp;&nbsp;
<A NAME="ex10v633_60">Committee Records:</A></B>&nbsp;&nbsp;&nbsp;&nbsp;The Committee shall maintain full and complete records of its deliberations and decisions. The minutes of its proceedings shall be conclusive proof of the facts of the operation
of the Plan. The records of the Committee shall contain all relevant data pertaining to individual Participants and their rights under the Plan. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT
FACE="Times New Roman" SIZE="2"><B>5.6&nbsp;&nbsp;
<A NAME="ex10v633_61">Establishment of Rules:</A></B>&nbsp;&nbsp;&nbsp;&nbsp;Subject to the limitations of the Plan, the Committee may from time to time establish rules or by-laws for the administration of the Plan and the transaction of its
business. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>5.7&nbsp;&nbsp;
<A NAME="ex10v633_62">Conflicts of Interest:</A></B>&nbsp;&nbsp;&nbsp;&nbsp;No individual member of the Committee shall have any right to vote or decide upon any matter relating solely to himself or to any of his rights or benefits under the Plan
(except that such member may sign unanimous written consent to resolutions adopted or other action taken without a meeting). </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman"
SIZE="2"><B>5.8&nbsp;&nbsp;
<A NAME="ex10v633_63">Correction of Errors:</A></B>&nbsp;&nbsp;&nbsp;&nbsp;The Committee may correct errors and, so far as practicable, may adjust any benefit or credit or payment accordingly. The Committee may in its discretion waive any notice
requirements in the Plan; provided, that a waiver of notice in one or more cases shall not be deemed to constitute a waiver of notice in any other case. With respect </FONT></DIV> <P></P>
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to any power or authority which the Committee has discretion to exercise under the Plan, such discretion shall be exercised in a nondiscriminatory manner. </FONT></DIV> <DIV><FONT
SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>5.9&nbsp;&nbsp;
<A NAME="ex10v633_64">Authority to Interpret Plan:</A></B>&nbsp;&nbsp;&nbsp;&nbsp;Subject to the claims procedure set forth in Section 12, the Committee and the Plan Administrator shall have the duty and discretionary authority to interpret and
construe the provisions of the Plan and decide any dispute which may arise regarding the rights of Participants hereunder, including the discretionary authority to interpret the Plan and to make determinations as to eligibility for participation and
benefits under the Plan. Further, subject to the terms of the Stock Option Subplan, the Committee shall have exclusive jurisdiction to establish such terms of an Option, Agreement as the Committee may deem necessary or desirable. Interpretations and
determinations by the Committee and the Plan Administrator shall apply uniformly to all persons similarly situated and shall be binding and conclusive on all interested persons. Such interpretations and determinations shall only be set aside if the
Committee and the Plan Administrator are found to have acted arbitrarily and capriciously in interpreting and construing the provisions of the Plan. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT
FACE="Times New Roman" SIZE="2"><B>5.10&nbsp;&nbsp;
<A NAME="ex10v633_65">Third Party Advisors:</A></B>&nbsp;&nbsp;&nbsp;&nbsp;The Committee may engage an attorney, accountant or any other technical advisor on matters regarding the operation of the Plan and to perform such other duties as shall be
required in connection therewith, and may employ such clerical and related personnel as the Committee shall deem requisite or desirable in carrying out the provisions of the Plan. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV
STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>5.11&nbsp;&nbsp;
<A NAME="ex10v633_66">Compensation of Members:</A></B>&nbsp;&nbsp;&nbsp;&nbsp;No fee or compensation shall be paid to any member of the Committee for his service as such. </FONT></DIV> <P></P>
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 <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>5.12&nbsp;&nbsp;
<A NAME="ex10v633_67">Committee Expenses:</A></B>&nbsp;&nbsp;&nbsp;&nbsp;The Committee shall be entitled to reimbursement by BB&amp;T for its reasonable expenses properly and actually incurred in the performance of its duties in the administration
of the Plan. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>5.13&nbsp;&nbsp;
<A NAME="ex10v633_68">Indemnification of Committee:</A></B>&nbsp;&nbsp;&nbsp;&nbsp;No member of the Committee shall be personally liable by reason of any contract or other instrument executed by him or on his behalf as a member of the Committee nor
for any mistake of judgment made in good faith, and BB&amp;T shall indemnify and hold harmless, directly from its own assets (including the proceeds of any insurance policy the premiums for which are paid from BB&amp;T&#146;s own assets), each
member of the Committee and each other officer, Employee, or director of BB&amp;T to whom any duty or power relating to the administration or interpretation of the Plan may be delegated or allocated, against any unreimbursed or uninsured cost or
expense (including any sum paid in settlement of a claim with the prior written approval of the Board) arising out of any act or omission to act in connection with the Plan unless arising out of such person&#146;s own fraud, bad faith, willful
misconduct or gross negligence. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV><FONT FACE="Times New Roman" SIZE="2"><B>Section 6.&nbsp;&nbsp;<U>Funding:</U>
<A NAME="ex10v633_69"></A> </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2">The obligation of the Company to make payments pursuant to Section 3 shall constitute a general
unsecured obligation of the Company to the Participant. Notwithstanding the foregoing, BB&amp;T shall establish and maintain a special separate fund as provided for in the document entitled &#147;BB&amp;T Corporation Non-Qualified Deferred
Compensation Trust.&#148; The Company shall make contributions to the trust from time to time in accordance with Section 5 thereof. Notwithstanding the foregoing, no Participant or his Beneficiary shall have any legal or equitable rights, interest
or claims in any particular asset of the trust or the Company by reason of the Company&#146;s obligation under Section 3, and nothing contained herein shall create or be </FONT></DIV> <P></P>
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construed as creating any other fiduciary relationship between the Company and a Participant or any other person. To the extent that any person acquires a right to receive payments from the trust
or the Company pursuant to Section 3, such right shall be no greater than the right of an unsecured creditor of the Company. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV><FONT FACE="Times New Roman" SIZE="2"><B>Section 7.&nbsp;&nbsp;
<A NAME="ex10v633_70"></A><U>Allocation of Responsibilities:</U> </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2">The persons responsible for the Plan and the duties and
responsibilities allocated to each, which shall be carried out in accordance with the other applicable terms and provisions of the Plan, shall be as follows: </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT
FACE="Times New Roman" SIZE="2"><B>7.1&nbsp;&nbsp;
<A NAME="ex10v633_71">Board: </A> </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:27px; text-indent:27px"><FONT FACE="Times New Roman" SIZE="2">(i)&nbsp;&nbsp;To amend the Plan (other than the Exhibits);
</FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:27px; text-indent:27px"><FONT FACE="Times New Roman" SIZE="2">(ii)&nbsp;&nbsp;To appoint and remove members of the Committee; </FONT></DIV> <DIV><FONT
SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:27px; text-indent:27px"><FONT FACE="Times New Roman" SIZE="2">(iii)&nbsp;&nbsp;To terminate the Plan; and </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV
STYLE="margin-left:27px; text-indent:27px"><FONT FACE="Times New Roman" SIZE="2">(iv)&nbsp;&nbsp;To take any actions required to comply with federal and state securities laws (except to the extent that the Committee or a committee or subcommittee
established pursuant to Section 5.2 is authorized to do so). </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>7.2&nbsp;&nbsp;
<A NAME="ex10v633_72">Committee: </A> </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:27px; text-indent:27px"><FONT FACE="Times New Roman" SIZE="2">(i)&nbsp;&nbsp;To interpret the provisions of the Plan and to
determine the rights of the Participants under the Plan, except to the extent otherwise provided in Section 12 relating to claims procedure; </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:27px; text-indent:27px"><FONT
FACE="Times New Roman" SIZE="2">(ii)&nbsp;&nbsp;To administer the Plan in accordance with its terms, except to the extent powers to administer the Plan are specifically delegated to another person or persons as provided in the Plan; </FONT></DIV>
<DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:27px; text-indent:27px"><FONT FACE="Times New Roman" SIZE="2">(iii)&nbsp;&nbsp;To account for the Accrued Benefits of Participants; </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<DIV STYLE="margin-left:27px; text-indent:27px"><FONT FACE="Times New Roman" SIZE="2">(iv)&nbsp;&nbsp;To direct the Company in the payment of benefits; </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV
STYLE="margin-left:27px; text-indent:27px"><FONT FACE="Times New Roman" SIZE="2">(v)&nbsp;&nbsp;To establish the terms of the Option Agreements; and </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV
STYLE="margin-left:27px; text-indent:27px"><FONT FACE="Times New Roman" SIZE="2">(vi)&nbsp;&nbsp;To the extent necessary or advisable, to amend the Exhibits attached hereto. </FONT></DIV> <P></P>
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 <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>7.3&nbsp;&nbsp;
<A NAME="ex10v633_73">Plan Administrator: </A> </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:27px; text-indent:27px"><FONT FACE="Times New Roman" SIZE="2">(i)&nbsp;&nbsp;To file such reports with government
agencies to which reports may be required to be submitted from time to time; </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:27px; text-indent:27px"><FONT FACE="Times New Roman" SIZE="2">(ii)&nbsp;&nbsp;To provide for
disclosure of Plan provisions and other information relating to the Plan to Participants and other interested parties; and </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:27px; text-indent:27px"><FONT
FACE="Times New Roman" SIZE="2">(iii)&nbsp;&nbsp;To administer the claims procedure to the extent provided in Section 12. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV><FONT FACE="Times New Roman" SIZE="2"><B>Section
8.&nbsp;&nbsp;<U>Benefits Not Assignable; Facility of Payments:</U>
<A NAME="ex10v633_74"></A> </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>8.1&nbsp;&nbsp;
<A NAME="ex10v633_75">Benefits Not Assignable:</A></B>&nbsp;&nbsp;&nbsp;&nbsp;Except as provided in Section 4.7, no portion of any benefit held or paid under the Plan with respect to any Participant shall be subject in any manner to anticipation,
alienation, sale, transfer, assignment, pledge, encumbrance or charge, and any attempt so to anticipate, alienate, sell, transfer, assign, pledge, encumber or charge the same shall be void, nor shall any portion of such benefit be in any manner
payable to any assignee, receiver or any one trustee, or be liable for his debts, contracts, liabilities, engagements or torts, or be subject to any legal process to levy upon or attach. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV
STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>8.2&nbsp;&nbsp;
<A NAME="ex10v633_76">Payments to Minors and Others:</A></B>&nbsp;&nbsp;&nbsp;&nbsp;If any individual entitled to receive a payment under the Plan shall be physically, mentally or legally incapable of receiving or acknowledging receipt of such
payment, the Committee, upon the receipt of satisfactory evidence of his incapacity and satisfactory evidence that another person or institution is maintaining him and that no guardian or committee has been appointed for him, may cause any payment
otherwise payable to him to be made to such person or institution so maintaining him. Payment to such person or institution shall be in full satisfaction of all claims by or through the Participant to the extent of the amount thereof. </FONT></DIV>
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 <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV><FONT FACE="Times New Roman" SIZE="2"><B>Section 9.&nbsp;&nbsp;
<A NAME="ex10v633_77"></A><U>Beneficiary:</U> </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2">The Participant&#146;s Beneficiary shall be the person or persons designated
by the Participant on the beneficiary designation form provided by and filed with the Committee or its designee. If the Participant does not designate a Beneficiary, the Beneficiary shall be his Surviving Spouse. If the Participant does not
designate a Beneficiary and has no Surviving Spouse, the Beneficiary shall be the Participant&#146;s estate. The designation of a Beneficiary may be changed or revoked only by filing a new beneficiary designation form with the Committee or its
designee. If a Beneficiary (the &#147;Primary Beneficiary&#148;) is receiving or is entitled to receive payments under the Plan and dies before receiving all of the payments due him, the balance to which he is entitled shall be paid to the
Contingent Beneficiary, if any, named in the Participant&#146;s current beneficiary designation form. If there is no Contingent Beneficiary, the balance shall be paid to the estate of the Primary Beneficiary. Any Beneficiary may disclaim all or any
part of any benefit to which such Beneficiary shall be entitled hereunder by filing a written disclaimer with the Committee before payment of such benefit is to be made. Such a disclaimer shall be made in form satisfactory to the Committee and shall
be irrevocable when filed. Any benefit disclaimed shall be payable from the Plan in the same manner as if the Beneficiary who filed the disclaimer had died on the date of such filing. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV><FONT
FACE="Times New Roman" SIZE="2"><B>Section 10.&nbsp;&nbsp;<U>
<A NAME="ex10v633_78"></A>Amendment and Termination of Plan:</U> </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2">The Board may amend or terminate the Plan at any time;
provided, that in no event shall such amendment or termination reduce any Participant&#146;s Accrued Benefit as of the date of such amendment or termination, nor shall any such amendment affect the terms of the Plan relating to the payment of such
Accrued Benefit, nor shall any such amendment adversely affect outstanding Options or any unexercised rights thereunder or in any way impair the rights </FONT></DIV> <P></P>
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of an Option Participant with respect to his Options, without the Participant&#146;s (or Option Participant&#146;s) prior written consent to such amendment. Any such amendment or termination
shall be made pursuant to a resolution of the Board and shall be effective as of the date specified in such resolution. Notwithstanding the foregoing, and until otherwise decided by the Board, the officer of the Company specifically designated in
resolutions adopted by the Board shall have the authority to amend the Plan to provide for the merger or consolidation of another directors&#146; deferred compensation and/or stock option plan into this Plan, and in connection therewith, to set
forth any special provisions that may apply to the participants in such other plan as an Exhibit attached hereto. Upon termination of the Plan, distribution of the Accrued Benefit of a Participant shall be made to the Participant or his Beneficiary
in the manner and at the time described in Section 3 of the Plan. No additional credits of Deferred Compensation Credits shall be made to the Deferred Compensation Account of a Participant following termination of the Plan, but the Deferred
Compensation Account of each Participant shall continue to be adjusted as provided in Section 3 until the balance of the Deferred Compensation Account of the Participant has been fully distributed to him or his Beneficiary. No additional Options
shall be granted to an Option Participant following termination of the Plan, but in no event shall the termination of the Plan adversely affect outstanding Options or any unexercised rights hereunder or in any way impair the rights of any Option
holder without his consent. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV><FONT FACE="Times New Roman" SIZE="2"><B>Section 11.&nbsp;&nbsp;
<A NAME="ex10v633_79"></A><U>Communication to Participants:</U> </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2">BB&amp;T shall communicate the principal terms of the Plan
to the Participants. BB&amp;T shall make a copy of the Plan available for inspection by Participants and their Beneficiaries during reasonable hours, at the principal office of BB&amp;T. </FONT></DIV> <P></P>
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 <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV><FONT FACE="Times New Roman" SIZE="2"><B>Section 12.&nbsp;&nbsp;<U>
<A NAME="ex10v633_80">Claims Procedure</A></U><U>
<A NAME="ex10v633_80">: </A> </U></B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2">The following claims procedure shall apply with respect to the Plan: </FONT></DIV>
<DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>12.1&nbsp;&nbsp;
<A NAME="ex10v633_81">Filing of a Claim for Benefits:</A></B>&nbsp;&nbsp;&nbsp;&nbsp;If a Participant or Beneficiary (the &#147;Claimant&#148;) believes that he is entitled to benefits under the Plan which are not being paid or provided to him or
which are not being accrued for his benefit, he shall file a written claim therefor with the Plan Administrator. In the event the Plan Administrator shall be the Claimant, all actions which are required to be taken by the Plan Administrator pursuant
to this Section 12 shall be taken instead by another member of the Committee designated by the Committee. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>12.2&nbsp;&nbsp;
<A NAME="ex10v633_82">Notification to Claimant of Decision:</A></B>&nbsp;&nbsp;&nbsp;&nbsp;Within 90 days after receipt of a claim by the Plan Administrator (or within 180 days if special circumstances require an extension of time) the Plan
Administrator shall notify the Claimant of his decision with regard to the claim. In the event of such special circumstances requiring an extension of time, there shall be furnished to the Claimant prior to expiration of the initial 90-day period
written notice of the extension, which notice shall set forth the special circumstances and the date by which the decision shall be furnished. If such claim shall be wholly or partially denied, notice thereof shall be in writing and worded in a
manner calculated to be understood by the Claimant, and shall set forth: (i) the specific reason or reasons for the denial; (ii) specific reference to pertinent provisions of the Plan on which the denial is based; (iii) a description of any
additional material or information necessary for the Claimant to perfect the claim and an explanation of why such material or information is necessary; and (iv) an explanation of the procedure for review of the denial. If the Plan Administrator
fails to notify the Claimant of the decision in timely manner, the claim shall be deemed denied as of the close of the initial 90-day period (or the close of the extension period, if applicable). </FONT></DIV> <P></P>
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 <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>12.3&nbsp;&nbsp;
<A NAME="ex10v633_83">Procedure for Review:</A></B>&nbsp;&nbsp;&nbsp;&nbsp;Within 60 days following receipt by the Claimant of notice denying his claim, in whole or in part, or, if such notice shall not be given, within 60 days following the latest
date on which such notice could have been timely given, the Claimant shall appeal denial of the claim by filing a written application for review with the Committee. Following such request for review, the Committee shall fully and fairly review the
decision denying the claim. Prior to the decision of the Committee, the Claimant shall be given an opportunity to review pertinent documents and to submit issues and comments in writing. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV
STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>12.4&nbsp;&nbsp;
<A NAME="ex10v633_84">Decision on Review:</A></B>&nbsp;&nbsp;&nbsp;&nbsp;The decision on review of a claim denied in whole or in part by the Plan Administrator shall be made in the following manner: </FONT></DIV> <DIV><FONT
SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:27px; text-indent:27px"><FONT FACE="Times New Roman" SIZE="2">12.4.1&nbsp;&nbsp;Within 60 days following receipt by the Committee of the request for review (or within 120 days if special
circumstances require an extension of time), the Committee shall notify the Claimant in writing of its decision with regard to the claim. In the event of such special circumstances requiring an extension of time, written notice of the extension
shall be furnished to the Claimant prior to the commencement of the extension. If the decision on review is not furnished in a timely manner, the claim shall be deemed denied as of the close of the initial 60-day period (or the close of the
extension period, if applicable). </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:27px; text-indent:27px"><FONT FACE="Times New Roman" SIZE="2">12.4.2&nbsp;&nbsp;With respect to a claim that is denied in whole or in
part, the decision on review shall set forth specific reasons for the decision, shall be written in a manner calculated to be understood by the Claimant, and shall cite specific references to the pertinent Plan provisions on which the decision is
based. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:27px; text-indent:27px"><FONT FACE="Times New Roman" SIZE="2">12.4.3&nbsp;&nbsp;The decision of the Committee shall be final and conclusive. </FONT></DIV>
<DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>12.5&nbsp;&nbsp;
<A NAME="ex10v633_85">Action by Authorized Representative of Claimant:</A></B>&nbsp;&nbsp;&nbsp;&nbsp;All actions set forth in this Section 12 to be taken by the Claimant may likewise be taken by a representative of the Claimant duly authorized by
him to act in his behalf on such matters. The Plan Administrator and the Committee may require such evidence as either may reasonably deem necessary or advisable of the authority to act of any such representative. </FONT></DIV> <P></P>
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 <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV><FONT FACE="Times New Roman" SIZE="2"><B>Section 13.&nbsp;&nbsp;<U>
<A NAME="ex10v633_86">Parties to the Plan</A></U><U>
<A NAME="ex10v633_86">: </A> </U></B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2">Subject to the approval of the Board, an Affiliate may adopt this Plan and become an
employer-party to this Plan by resolutions approved by its Board of Directors. The Affiliates which are employer-parties to this Plan are listed on Exhibit F attached hereto, as the same may be amended from time to time by the Committee. The
following special provisions shall apply to all employer-parties to the Plan: </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>13.1&nbsp;&nbsp;
<A NAME="ex10v633_87">Single Plan:</A></B>&nbsp;&nbsp;&nbsp;&nbsp;The Plan shall apply as a single plan with respect to all parties as if there were only one employer-party. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV
STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>13.2&nbsp;&nbsp;
<A NAME="ex10v633_88">Service; Allocation of Costs:</A></B>&nbsp;&nbsp;&nbsp;&nbsp;Service for purposes of the Plan shall be interchangeable among employer-parties to the Plan and shall not be deemed interrupted or terminated by the transfer at any
time of a Participant from the Service of one employer-party to the Service of another employer-party. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>13.3&nbsp;&nbsp;
<A NAME="ex10v633_89">Committee:</A></B>&nbsp;&nbsp;&nbsp;&nbsp;The Committee which administers the Plan as applied to BB&amp;T shall also be the Committee as applied to each other employer-party to the Plan. </FONT></DIV> <DIV><FONT
SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>13.4&nbsp;&nbsp;
<A NAME="ex10v633_90">Authority to Amend and Terminate:</A></B>&nbsp;&nbsp;&nbsp;&nbsp;The Board of BB&amp;T shall have the power to amend or terminate the Plan as applied to each employer-party. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<DIV><FONT FACE="Times New Roman" SIZE="2"><B>Section 14.&nbsp;&nbsp;<U>
<A NAME="ex10v633_91">Miscellaneous Provisions</A></U><U>
<A NAME="ex10v633_91">: </A> </U></B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>14.1&nbsp;&nbsp;
<A NAME="ex10v633_92">Notices:</A></B>&nbsp;&nbsp;&nbsp;&nbsp;Each Participant who is not in Service and each Beneficiary shall be responsible for furnishing the Plan Administrator with his current address for the mailing of notices, reports, and
benefit payments. Any notice required or permitted to be given to such Participant or Beneficiary shall be deemed given if directed to such address and mailed by regular United States mail, first class, postage prepaid. If any check mailed to such
address is returned as undeliverable to the addressee, mailing of checks will be suspended until the </FONT></DIV> <P></P>
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 <DIV><FONT FACE="Times New Roman" SIZE="2">
Participant or Beneficiary furnishes the proper address. This provision shall not be construed as requiring the mailing of any notice or notification otherwise permitted to be given by posting or
by other publication. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>14.2&nbsp;&nbsp;
<A NAME="ex10v633_93">Lost Distributees:</A></B>&nbsp;&nbsp;&nbsp;&nbsp;A benefit shall be deemed forfeited if the Plan Administrator is unable after a reasonable period of time to locate the Participant or Beneficiary to whom payment is due;
provided, however, that such benefit shall be reinstated if a valid claim is made by or on behalf of the Participant or Beneficiary for the forfeited benefit. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT
FACE="Times New Roman" SIZE="2"><B>14.3&nbsp;&nbsp;
<A NAME="ex10v633_94">Reliance on Data:</A></B>&nbsp;&nbsp;&nbsp;&nbsp;The Company, the Committee and the Plan Administrator shall have the right to rely on any data provided by the Participant or by any Beneficiary. Representations of such data
shall be binding upon any party seeking to claim a benefit through a Participant, and the Company, the Committee and the Plan Administrator shall have no obligation to inquire into the accuracy of any representation made at any time by a Participant
or Beneficiary. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>14.4&nbsp;&nbsp;
<A NAME="ex10v633_94">Receipt and Release for Payments:</A></B>&nbsp;&nbsp;&nbsp;&nbsp;Any payment made from the Plan to or with respect to any Participant or Beneficiary, or pursuant to a disclaimer by a Beneficiary, shall, to the extent thereof,
be in full satisfaction of all claims hereunder against the Plan and the Company with respect to the Plan. The recipient of any payment from the Plan may be required by the Committee, as a condition precedent to such payment, to execute a receipt
and release with respect thereto in such form as shall be acceptable to the Committee. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>14.5&nbsp;&nbsp;
<A NAME="ex10v633_96">Headings:</A></B>&nbsp;&nbsp;&nbsp;&nbsp;The headings and subheadings of the Plan have been inserted for convenience of reference and are to be ignored in any construction of the provisions hereof. </FONT></DIV> <DIV><FONT
SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>14.6&nbsp;&nbsp;
<A NAME="ex10v633_97">Construction:</A></B>&nbsp;&nbsp;&nbsp;&nbsp;The provisions of the Plan shall be construed and enforced according to the laws of the State of North Carolina. </FONT></DIV> <P></P>
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 <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>14.7&nbsp;&nbsp;
<A NAME="ex10v633_98">Nonavailability of Company:</A></B>&nbsp;&nbsp;&nbsp;&nbsp;The Company does not guarantee the Participants, former Participants or Beneficiaries against loss of or depreciation in value of any right or benefit that any of them
may acquire under the terms of the Plan, nor does the Company guarantee to any of them that the assets of the Company will be sufficient to provide any or all benefits payable under the Plan at any time, including any time that the Plan may be
terminated or partially terminated. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>14.8&nbsp;&nbsp;
<A NAME="ex10v633_99">Severability:</A></B>&nbsp;&nbsp;&nbsp;&nbsp;All provisions contained in this Plan shall be severable, and in the event that any one or more of them shall be held to be invalid by any competent court, this Plan shall be
interpreted as if such invalid provisions were not contained herein. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>14.9&nbsp;&nbsp;
<A NAME="ex10v633_100">Merger and Consolidation:</A></B>&nbsp;&nbsp;&nbsp;&nbsp;The Company shall not consolidate or merge into or with another corporation or entity, or transfer all or substantially all of its assets to another corporation,
partnership, trust or other entities (a &#147;Successor Entity&#148;) unless such Successor Entity shall assume the rights, obligations and liabilities of the Company under the Plan and upon such assumption, the Successor Entity shall become
obligated to perform the terms and conditions of the Plan. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>14.10&nbsp;&nbsp;
<A NAME="ex10v633_101">Withholding Taxes:</A></B>&nbsp;&nbsp;&nbsp;&nbsp;The Company shall satisfy all federal, state and local withholding tax requirements prior to making any benefit payment under the Plan. Whenever under the Plan payments are to
be made by the Company in cash, such payments shall be net of any amounts sufficient to satisfy all federal, state and local withholding tax requirements. Whenever payments shall be made in BB&amp;T Common Stock, the Company shall have the right to
require the Participant (or Beneficiary) to remit to the Company an amount sufficient to satisfy all federal, state and local withholding tax requirements as a condition to the registration of the transfer of such BB&amp;T Common Stock on the books
of BB&amp;T. </FONT></DIV> <P></P>
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 <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2">IN WITNESS WHEREOF, this non-qualified, deferred compensation and stock option plan is executed
in behalf of BB&amp;T on the 8</FONT><FONT FACE="Times New Roman" SIZE="1"><SUP>th</SUP></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><SUP></SUP> day of December, 2001, to be effective as of November 1, 2001. </FONT></DIV> <DIV><FONT
SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0">

<TR>
<TD HEIGHT="16"> </TD> </TR>
<TR>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="43%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">BB&amp;T C<SMALL>ORPORATION</SMALL></FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="16"> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="center" WIDTH="3%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">By:</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" WIDTH="43%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">/s/&nbsp;&nbsp;&nbsp;&nbsp;R<SMALL>OBERT</SMALL> E. G<SMALL>REENE&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</SMALL></FONT></DIV> <HR NOSHADE
COLOR="#000000" ALIGN="left"></TD> </TR>
<TR>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" WIDTH="43%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>President</B></FONT></DIV> </TD> </TR>
 </TABLE> </DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV>
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<TR>
<TD VALIGN="bottom" WIDTH="47%"> <DIV><FONT FACE="Times New Roman" SIZE="2">Attest:</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="center" WIDTH="47%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">/s/&nbsp;&nbsp;&nbsp;&nbsp;J<SMALL>ERONE</SMALL> C. H<SMALL>ERRING&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</SMALL></FONT></DIV> <HR
NOSHADE COLOR="#000000" ALIGN="left"></TD> </TR>
<TR>
<TD VALIGN="top" ALIGN="center" WIDTH="47%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Secretary</B></FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="47%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">[Corporate Seal]</FONT></DIV> </TD> </TR>
 </TABLE> </DIV> <P></P>
 <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">32 </FONT></DIV>

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