BB&T 2015 Annual Report Download - page 330

(ii) a reduction by Employer in Executive’s annual Base Salary as then in effect; or
(iii) the exclusion of Executive from participation in Employer’s employee benefit plans (in which Executive
meets the participation eligibility requirements) in effect as of, or adopted or implemented on or after, the
Effective Date, as the same may be improved or enhanced from time to time during the Term; or
(iv) any purported termination of the employment of Executive by Employer which is not effected in
accordance with this Agreement;
provided, however, that an event shall not constitute Good Reason unless, within ninety (90) days of the initial
existence of an event, Executive gives Employer at least thirty (30) days’ prior written notice of such event
setting forth a description of the circumstances constituting Good Reason and Employer fails to cure such within
the thirty- (30-) day period following Employer’s receipt of such written notice.
 . Termination pursuant to this Agreement shall be in limitation of and with prejudice to any
other right or remedy to which Executive may otherwise be entitled at law or in equity against Employer, its affiliates, and its agents,
shareholders, employees, officers and directors.
  A termination of Executive’s employment by Employer or Executive for any reason
other than death shall be communicated by a written notice to the other parties, which written notice shall specify the effective date of
termination.

 
. In the case of termination of Executive’s employment hereunder due to the expiration of the Term in accordance with Section
1.6(i) above, or Executive’s death in accordance with Section 1.6.1 above, or Executive’s Retirement in accordance with Section 1.6.2
above, or Executive’s Voluntary Termination of employment hereunder in accordance with Section 1.6.4 above, or a termination of
Executive’s employment hereunder for Just Cause in accordance with Section 1.6.5 above, (i) Executive shall not be entitled to receive
payment of, and Employer shall have no obligation to pay, any severance or similar compensation attributable to such termination
(including, without limitation, Termination Compensation), other than Base Salary earned but unpaid; any bonuses and incentive
compensation for the preceding year that was previously earned by Executive but unpaid on the Termination Date; accrued but unused
vacation to the extent allowed by BB&T’s vacation pay policy; vested benefits under any Employer sponsored employee benefit plan;
and any unreimbursed business expenses pursuant to Section 1.5 hereof incurred by Executive as of the Termination Date; (ii)
Employer’s other obligations under this Agreement shall immediately cease; and (iii) except for termination as a result of Executive’s
death, Executive agrees to
5
Source: BB&T CORP, 10-K, February 25, 2016 Powered by Morningstar® Document Research℠
The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information,
except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.