BB&T Corp. has awarded restricted stock worth $11.6 million to five executives — with one notable catch.
The stock will vest only if the Winston-Salem, N.C., company posts a higher return on equity than the average of a 12-bank peer group over a three-year period, it said Friday in a filing with the Securities and Exchange Commission. The group includes Southeastern rivals Regions Financial Corp. and SunTrust Banks Inc., BB&T said. Recipients must also stay at BB&T for another two years after the three-year period ends.
BB&T's chairman and chief executive, Kelly King, received the biggest award, with nearly 170,000 shares valued at $4.9 million. Its chief operating officer, Christopher Henson, received roughly 74,000 shares valued at $2.1 million.