BB&T 2015 Annual Report Download - page 327

 Executive shall serve as a Senior Executive Vice President of BB&T and BBTC, and shall report to the Chief
Operating Officer of Employer. Executive shall have the authority, and perform the duties customarily associated with Executive’s title
together with such additional duties of an executive nature as may from time to time be reasonably assigned by the Chief Operating
Officer of Employer or Employer’s Boards of Directors. Executive shall devote all of Executive’s business time, attention, knowledge
and skills solely to the business and interests of Employer and their Affiliates and shall not be otherwise employed. Executive shall at
all times comply with and be subject to such policies and procedures as Employer may establish from time to time including, without
limitation, conflict of interest policies. Employer and their Affiliates shall be entitled to all of the benefits, profits and other emoluments
arising from or incident to all work, services and advice of Executive, and Executive shall not, during the Term, become interested,
directly or indirectly, in any manner, as a partner, officer, director, stockholder, advisor, employee or in any other capacity in any other
business similar to the business of Employer and their Affiliates. Nothing contained herein shall be deemed, however, to prevent or
limit the right of Executive to invest in a business similar to the business of Employer and their Affiliates if such investment is limited to
less than one (1) percent of the capital stock or other securities of any corporation or similar organization whose stock or securities are
publicly owned or are regularly traded on any public exchange.
 Subject to the provisions of Section 1.6 below, unless extended or shortened as provided in this Agreement, the
term of employment of Executive under this Agreement shall commence on the Effective Date, and shall continue until the expiration
of a period of thirty-six (36) consecutive months immediately following the Effective Date (the “”). As of the first day of each
calendar month commencing February 1, 2016, this Agreement and Executive’s employment hereunder, shall be automatically
extended (without any further action of or by Employer or Executive) for an additional successive calendar month; provided, however,
that on any one month anniversary date, either Employer or Executive may serve notice to the other parties to fix the Term to a definite
thirty-six (36) month period from the date of such notice and no further automatic extensions shall occur. Notwithstanding the
foregoing, the Term shall not be extended beyond the first day of the calendar month next following the date on which Executive
attains age sixty-five (65). The Term as it may be extended pursuant to this Section 1.3, or, as it may be shortened in accordance with
Section 1.6, is hereinafter referred to as the “”.

In consideration of all of (i) the services rendered to Employer and Employer’s Affiliates hereunder
by Executive, and (ii) Executive’s covenants hereunder, Employer shall, during the Term, pay Executive a salary at the annual rate of
Four Hundred Thousand Dollars ($400,000) (the “”), payable in equal cash installments in accordance with Employer’s
regular payroll practices, but no less frequently than monthly. The $400,000 annual Base Salary may be increased, but not decreased
without the written consent of Executive, from time to time in the sole discretion of Employer and any such increased “Base Salary”
shall thereafter constitute “Base Salary” for purposes of this Agreement, and may not thereafter be reduced without the written consent
of Executive.
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Source: BB&T CORP, 10-K, February 25, 2016 Powered by Morningstar® Document Research℠
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