Document:

EX-10.1

 Exhibit 10.1 

EMPLOYMENT AGREEMENT 

This EMPLOYMENT AGREEMENT (“Agreement”) is entered into as of this 11th
day of February, 2019 (the “Effective Date”), by and between LSB Industries, Inc., a Delaware corporation (together with its successors and assigns, the “Company”), and John H. Diesch, an individual (the
“Executive”). 
 WHEREAS, the Company and the Executive desire to enter into this Agreement to set out the terms and
conditions for the continuing employment relationship between the Executive and the Company. 
 NOW, THEREFORE, in consideration of the
mutual covenants and agreements set forth herein and for other good and valuable consideration, the receipt and sufficiency of which hereby are acknowledged, the parties hereto agree as follows: 

1.    Term. The Company agrees to employ the Executive pursuant to the terms of this Agreement, and the Executive
agrees to be so employed, for a term from the Effective Date to December 31, 2019 (the “Initial Term”) commencing as of the Effective Date. On December 31, 2019 and each subsequent anniversary of such date, the term of
this Agreement shall be automatically extended for successive one-year periods, provided, however, that either party hereto may elect not to extend this Agreement by giving written notice to the
other party at least ninety (90) days prior to December 31, 2019 or any subsequent anniversary of such date. Notwithstanding the foregoing, the Executive’s employment hereunder may be earlier terminated in accordance with
Section 9 hereof, subject to Section 10 hereof. Terms used herein with initial capitalization not otherwise defined are defined in Section 25. The period of time between the Effective Date and the termination of
the Executive’s employment hereunder shall be referred to as the “Employment Period.” 

2.    Position and Duties. During the Employment Period, the Executive shall serve as Executive Vice President
– Manufacturing (“EVP – Manufacturing”) of the Company and shall report directly to the Company’s Chief Executive Officer. In his capacity as EVP – Manufacturing, the Executive shall have the duties, responsibilities
and authorities customarily associated with the position of an executive vice president in a company the size and nature of the Company. The Executive shall devote the Executive’s reasonable best efforts and substantially all of the
Executive’s business time to the performance of the Executive’s duties hereunder and the advancement of the business and affairs of the Company and shall be subject to, and shall comply in all material respects with, the policies of the
Company applicable to the Executive; provided that the Executive shall be entitled (i) to serve as a member of the board of directors of a reasonable number of other companies, subject to the advance approval of the Company’s Board
of Directors (the “Board”), which approval shall not be unreasonably withheld, (ii) to serve on civic, charitable, educational, religious, public interest or public service boards, and (iii) to manage the Executive’s
personal and family investments, in each case, to the extent such activities do not materially interfere, as determined by the Board in good faith, with the performance of the Executive’s duties and responsibilities hereunder. 

 3.    Place of Performance. During the Employment Period, the
Executive shall be based primarily at the Company’s offices in Oklahoma City, Oklahoma. 
 4.    Compensation
and Benefits; Equity Awards. 
 (a)    Base Salary. During the Employment Period, the Company shall pay to the
Executive a base salary (the “Base Salary”) at the rate of no less than $350,000 per calendar year, less applicable deductions. The Base Salary shall be reviewed for increase by the Board no less frequently than annually and shall
be increased in the discretion of the Board and any such adjusted Base Salary shall constitute the “Base Salary” for purposes of this Agreement. The Base Salary shall be paid in substantially equal installments in accordance with the
Company’s regular payroll procedures. 
 (b)    Annual Bonus. During the Employment Period, the Executive
shall be paid an annual cash performance bonus (an “Annual Bonus”) under the Company’s annual bonus plan (as in effect from time to time for senior executives for each fiscal year that ends during the Employment Period, to the
extent earned based on performance against performance criteria. The performance criteria for any particular fiscal year shall be determined by the Compensation Committee of the Board (the “Committee”), in good faith, after
consultation with the Executive, no later than sixty (60) days after the commencement of the relevant bonus period. For fiscal year 2019 and thereafter throughout the Employment Period, the Executive’s annual bonus opportunity shall be no
less than 60% of the Executive’s Base Salary as of the beginning of the applicable bonus period (the “Target Bonus”), if target levels of performance for that year are achieved, up to a maximum of 120% of the Executive’s
Base Salary. The Executive’s Annual Bonus for a bonus period shall be determined by the Committee after the end of the applicable bonus period and shall be paid to the Executive when annual bonuses for that year are paid to other senior
executives of the Company generally, but in no event later than March 15 of the year following the year to which such Annual Bonus relates. The Target Bonus opportunity shall be reviewed for increase by the Board no less frequently than
annually and shall be increased in the discretion of the Board and any such adjusted Target Bonus shall constitute the “Target Bonus” for purposes of this Agreement. 

(c)    Equity Awards. During the Employment Period, the Executive shall be eligible to receive grants of
equity-based awards (each, an “Equity Award”) under the Company’s 2016 Long Term Incentive Plan (or successor plan). The terms and conditions applicable to any Equity Award shall be determined by the Committee in accordance with the
Company’s applicable long-term incentive plan. 
 (d)    Vacation; Benefits. During the Employment Period,
the Executive shall be entitled to four (4) weeks of paid vacation per calendar year (as prorated for partial years) in accordance with the applicable policies of the Company, which shall be accrued and used in accordance with such policies.
During the Employment Period, the Executive shall be entitled to participate in any employee benefit plan that the Company has adopted or may adopt, maintain or contribute to for the benefit of its employees generally, subject to satisfying the
applicable eligibility requirements, except to the extent such plans are duplicative of the benefits otherwise provided to the Executive hereunder. The Executive’s participation will be subject to the terms

  
 2 

 
of the applicable plan documents and generally applicable Company policies. The foregoing, however, shall not be construed to require the Company to establish any such plans or to prevent the
modification or termination of such plans once established. 
 5.    Expenses. The Company shall reimburse the
Executive promptly for all expenses reasonably incurred by the Executive in the performance of his duties in accordance with policies which may be adopted from time to time by the Company following presentation by the Executive of an itemized
account, including reasonable substantiation, of such expenses. 
 6.    Confidentiality and Non-Disclosure. The Company and the Executive acknowledge and agree that during the Executive’s employment with the Company, the Executive will have access to and may assist in developing Confidential
Information and will occupy a position of trust and confidence with respect to the affairs and business of the Company and the Company Affiliates. The Executive agrees that the following obligations are necessary to preserve the confidential and
proprietary nature of Confidential Information and to protect the Company and the Company Affiliates against misuse of such information: 

(a)    Non-Disclosure. After the Executive’s employment with the
Company ends, the Executive will not use, disclose, copy or transfer any Confidential Information unless authorized in writing by the Company. Anything herein to the contrary notwithstanding, the provisions of this Section 6(a) shall not
apply (i) when disclosure is required by law or by any court, arbitrator, mediator or administrative or legislative body (including any committee thereof) with actual or apparent jurisdiction to order the Executive to disclose or make
accessible any information, provided that prior to any such disclosure the Executive shall provide the Company with reasonable notice of the requirements to disclose and an opportunity to object to such disclosure and the Executive shall
cooperate with the Company in filing such objection; (ii) as to information that was in the public domain or is readily available to the public at the time of its disclosure by the Executive through means other than due to the Executive’s
violation of this Section 6(a); or (iii) to the extent necessary in connection with any disputes between the parties with respect to the interpretation and/or enforcement of this Agreement and any other agreements between the
parties. Nothing in this Agreement is intended to or will be used in any way to limit Executive’s rights to communicate with a government agency, as provided for, protected under or warranted by applicable law. 

(b)    Materials. The Executive will use Confidential Information only for normal and customary use in the
Company’s business, as determined reasonably and in good faith by the Executive. The Executive will return to the Company all Confidential Information and copies thereof and all other property of the Company or any Company Affiliate at any time
upon the request of the Company and in any event promptly after the Executive’s employment ends. The Executive agrees to identify and return to the Company any copies of any Confidential Information after the Executive ceases to be employed by
the Company. Anything to the contrary notwithstanding, nothing in this Section 6 shall prevent the Executive from retaining a home computer (provided all Confidential Information has been removed), papers and other materials of a
personal nature, including diaries, calendars and Rolodexes, information relating to his compensation or relating to reimbursement of expenses, information that may be needed for tax purposes, and copies of plans, programs and agreements relating to
his employment or termination thereof. 

  
 3 

7.    
Non-Solicitation/Non-Competition. 

(a)    During the Non-Compete Period, the Executive shall not (A) directly
solicit, or assist any person or entity in soliciting, any established customer for the purpose of a Competitive Enterprise providing and/or selling any products that are provided and/or sold by the Company or its subsidiaries to such established
customer, or performing any services that are performed by the Company or its subsidiaries for such established customer, (B) interfere with or damage (or attempt to interfere with or damage) any relationship and/or agreement between the
Company or its subsidiaries and any established customer; or (C) directly or indirectly solicit any employee of the Company or the Company Affiliates with a view toward inducing any such employee to go to work for another person or third party
or to cease or end their employment relationship. 
 (b)    During the
Non-Compete Period, the Executive shall not associate (including, but not limited to, association as a sole proprietor, owner, employer, partner, principal, investor, joint venturer, shareholder, associate,
employee, member, consultant, contractor, director or otherwise) with any Competitive Enterprise; provided, however, that Executive may own, as a passive investor, securities of any such entity that has outstanding publicly traded
securities so long as his direct holdings in any such entity shall not in the aggregate constitute more than one percent (1%) of the voting power of such entity. The Executive acknowledges that this covenant has a unique, very substantial and
immeasurable value to the Company, that the Executive has sufficient assets and skills to provide a livelihood for the Executive while such covenant remains in force and that, as a result of the foregoing, in the event that the Executive breaches
such covenant, monetary damages would be an insufficient remedy for the Company and equitable enforcement of the covenant would be proper. 

(c)    If the restrictions contained in Section 7 shall be determined by any court of competent jurisdiction
to be unenforceable, Section 7 shall be modified in order for it to be enforceable to maximum allowed by law. 

(d)    Conflicting Obligations and Rights. The Executive agrees to inform the Company of any apparent conflicts
between the Executive’s work for the Company and any obligations the Executive may have to preserve the confidentiality of another’s proprietary information or related materials before using the same on the Company’s behalf. The
Company shall receive such disclosures in confidence and consistent with the objectives of avoiding any conflict of obligations and rights or the appearance of any conflict of interest. 

(e)    Enforcement. The Executive acknowledges that in the event of any breach of this Section 7, the
business interests of the Company and the Company Affiliates will be irreparably injured, the full extent of the damages to the Company and the Company Affiliates will be impossible to ascertain, monetary damages will not be an adequate remedy for
the Company and the Company Affiliates, and the Company will be entitled to enforce this Agreement by a temporary, preliminary and/or permanent injunction or other equitable relief, 

  
 4 

 
without the necessity of posting bond or security, which the Executive expressly waives. The Executive understands that the Company may waive some of the requirements expressed in this Agreement,
but that such a waiver to be effective must be made in writing and should not in any way be deemed a waiver of the Company’s right to enforce any other requirements or provisions of this Agreement. The Executive agrees that each of the
Executive’s obligations specified in this Agreement is a separate and independent covenant and that the unenforceability of any of them shall not preclude the enforcement of any other covenants in this Agreement. 

(f)    No Other Restrictions. Except as otherwise provided herein or in the Confidentiality and Assignment
Agreement the Executive executed on January 8, 2016 (the “Confidentiality Agreement”), there are no other restrictions on the Executive’s employment following termination of his employment. 

8.    Cooperation. Following any termination of employment, the Executive agrees to reasonably cooperate (taking
into account his other business and personal commitments) with any investigation, suit or claim involving the Company and of which the Executive has knowledge, provided any such cooperation is not adverse to his legal interests. The Company agrees
to reimburse the Executive for any costs incurred by him in connection with such cooperation, including payment of separate counsel for the Executive if he reasonably determines such separate representation is warranted by the circumstances. 

9.    Termination of Employment. 

(a)    Permitted Terminations. The Executive’s employment hereunder may be terminated during the Employment
Period under the following circumstances: 
 (i)    Death. The Executive’s employment hereunder shall
terminate upon the Executive’s death. 
 (ii)    By the Company. The Company may terminate the
Executive’s employment: 
 (A)    Disability. For Disability; or 

(B)    With or Without Cause. For Cause or without Cause. 

(iii)    By the Executive. The Executive may terminate his employment for any reason or for no reason by giving
thirty (30) days advance Notice of Termination to the Company. 
 (b)    Termination. Any termination of the
Executive’s employment by the Company or the Executive (other than because of the Executive’s death) shall be communicated by written Notice of Termination to the other party hereto in accordance with Section 12 hereof. For
purposes of this Agreement, a “Notice of Termination” shall mean a notice which shall indicate the specific termination provision in this Agreement relied upon, if any, and shall set forth in reasonable detail the facts and
circumstances claimed to provide a basis for termination of the Executive’s employment under the provision so indicated. Termination of the Executive’s employment shall take effect on the Date of Termination. 

  
 5 

 (c)    Effect of Termination. Upon any termination of the
Executive’s employment with the Company, and its subsidiaries, the Executive shall resign from, and shall be considered to have simultaneously resigned from, all positions with the Company and all of its subsidiaries. 

10.    Compensation Upon Termination. 

(a)    Death. If the Executive’s employment is terminated during the Employment Period as a result of the
Executive’s death pursuant to Section 9(a)(i), the Employment Period shall terminate without further notice or any action required by the Company or the Executive’s legal representatives. Upon the Executive’s death, the
Company shall pay or provide to the Executive’s representative or estate (i) all Accrued Benefits, if any, to which the Executive is entitled, and (ii) a lump sum payment of an amount equal to a pro rata portion (based upon the number
of days the Executive was employed during the calendar year in which the Date of Termination occurs) of the Annual Bonus based on the achievement of the applicable performance criteria for the year in which Executive’s employment terminates,
payable at the time set forth in Section 4(b). Except as set forth herein or, if more favorable to the Executive, in the award agreements applicable to equity-based awards granted to Executive, including, without limitation, the Equity
Awards, the Company shall have no further compensation obligations to the Executive (or the Executive’s legal representatives or estate) under this Agreement. 

(b)    Disability. If the Company terminates the Executive’s employment during the Employment Period because
of the Executive’s Disability pursuant to Section 9(a)(ii)(A), the Company shall pay to the Executive (i) all Accrued Benefits, if any, to which the Executive is entitled, and (ii) a lump sum payment of an amount equal to
a pro rata portion (based upon the number of days the Executive was employed during the calendar year in which the Date of Termination occurs) of the Annual Bonus based on the achievement of the applicable performance criteria for the year in which
Executive’s employment terminates, payable at the time set forth in Section 4(b). Except as set forth herein or, if more favorable to the Executive, in the award agreements applicable to equity-based awards granted to Executive, including,
without limitation, the Equity Awards, the Company shall have no further compensation obligations to the Executive (or the Executive’s legal representatives) under this Agreement. 

(c)    Termination by the Company for Cause, or by the Executive without Good Reason. If, during the Employment
Period, the Company terminates the Executive’s employment for Cause pursuant to Section 9(a)(ii)(B), or the Executive terminates his employment without Good Reason, the Company shall pay to the Executive all Accrued Benefits, if
any, to which the Executive is entitled. Except as set forth herein or, if more favorable to the Executive, in the award agreements applicable to equity-based awards granted to Executive, including, without limitation, the Equity Awards, the Company
shall have no further compensation obligations to the Executive under this Agreement. 

  
 6 

 (d)    Certain Terminations Prior to or After a Change in
Control. If, prior to the occurrence of a Change in Control, or after the twenty-four (24) month protection period in Section 10(e) has expired (and Section 10(e) does not apply), the Company terminates the
Executive’s employment during the Employment Period other than for Cause, death or Disability or the Executive terminates his employment hereunder with Good Reason, the Employment Period shall terminate upon the Date of Termination and
(i) the Company shall pay or provide the Executive (or the Executive’s estate, if the Executive dies after such termination but before receiving such amount) (A) all Accrued Benefits, if any, to which the Executive is entitled;
(B) a lump sum payment of an amount equal to a pro rata portion (based upon the number of days the Executive was employed during the calendar year in which the Date of Termination occurs) of the Annual Bonus based on the achievement of the
applicable performance criteria for the year in which Executive’s employment terminates, payable as set forth in Section 4(b); and (C) an amount equal to the product of (x) one (1) and (y) the sum of the
Executive’s (I) Base Salary and (II) Target Bonus, payable in a lump sum on the first payroll date following the execution (and non-revocation) of the general release of claims described in
Section 10(g), subject to Section 10(h) and Section 24, and (ii) the Executive and his covered dependents shall be entitled to continued participation on the same terms and conditions as applicable
immediately prior to the Executive’s Date of Termination for the eighteen (18) month period following the Date of Termination in such medical, dental, and hospitalization insurance coverage in which the Executive and his eligible
dependents were participating immediately prior to the Date of Termination; provided the Company agrees to impute as taxable income to the Executive an amount equal to the full actuarial cost of such coverage, for each month during which such
coverage is in effect for the Executive and/or his eligible dependents but only if and to the extent such imputation is required for the Executive to avoid being subject to tax under Section 105(h) of the Internal Revenue Code of 1986, as
amended (the “Code”), with respect to any payment or reimbursement of expenses made to the Executive or for the Executive and/or any of his eligible dependent’s benefit under such health care coverage. 

(e)    Certain Terminations in Connection With a Change in Control. If the Company terminates the Executive’s
employment other than for Cause, Death or Disability or the Executive terminates his employment hereunder with Good Reason, the Employment Period shall terminate upon the Date of Termination and if such Date of Termination occurs (x) upon or
within twenty-four (24) months following the date of consummation of a Change in Control, or (y) either (a) within 90 days prior to the date a definitive agreement is executed which results in a Change in Control within 180 days after the
date such definitive agreement is executed or (b) on or within 180 days following the date a definitive agreement is executed which results in a Change in Control within 180 days after the date such definitive agreement is executed,
(i) the Company shall pay or provide the Executive (or the Executive’s estate, if the Executive dies after such termination but before receiving such amount) (A) all Accrued Benefits, if any, to which the Executive is entitled;
(B) a lump sum payment of an amount equal to a pro rata portion (based upon the number of days the Executive was employed during the calendar year in which the Date of Termination occurs) of the Annual Bonus based on the achievement of the
applicable performance criteria for the year in which Executive’s employment terminates, payable as set forth in Section 4(b); and (C) an amount equal to the product of (x) two (2) and (y) the sum of the
Executive’s (I) Base Salary and (II) Target Bonus, payable in a lump sum on 

  
 7 

 
the first payroll date following the execution (and non-revocation) of the general release of claims described in Section 10(g) (the
“Payment Date”), subject to Section 10(h) and Section 24; provided that in connection with a termination covered by clause (y), the payment of the additional one times Base Salary and Target
Bonus amount shall be paid, subject to Section 10(h) and Section 24, on the later of the Payment Date or the date of the Change in Control; and (ii) the Executive and her covered dependents shall be entitled to continued
participation on the same terms and conditions as applicable immediately prior to the Executive’s Date of Termination for the eighteen (18) month period following the Date of Termination in such medical, dental, and hospitalization
insurance coverage in which the Executive and his eligible dependents were participating immediately prior to the Date of Termination; provided the Company agrees to impute as taxable income to the Executive an amount equal to the full
actuarial cost of such coverage, for each month during which such coverage is in effect for the Executive and/or his eligible dependents but only if and to the extent such imputation is required for the Executive to avoid being subject to tax under
Section 105(h) of the Code, with respect to any payment or reimbursement of expenses made to the Executive or for the Executive and/or any of his eligible dependent’s benefit under such health care coverage. 

(f)    Termination of Employment Upon Expiration of the Term. Upon a notice of
non-renewal of the Initial Term or any subsequent Term (each, a “Term”) by either the Company or the Executive pursuant to Section 1 hereof, the Executive’s employment shall
terminate on the last day of the applicable Term. In addition, any notice of non-renewal of the Term by the Company pursuant to Section 1 (assuming the Executive was willing and able to
continue to be employed) shall be treated as a termination without Cause under this Agreement and the Executive shall be entitled to severance and other entitlements under the terms of either Sections 10(d) or 10(e) as applicable upon the
termination of the Executive’s employment on the last day of the applicable Term and such termination shall be treated as a termination without Cause for purposes of the Executive’s equity awards. 

(g)    Release. As a condition of receiving any and all amounts payable and benefits or additional rights provided
pursuant to this Agreement beyond the Accrued Benefits, the Executive must execute and deliver to the Company and not revoke a general release of claims in favor of the Company in substantially the form attached on Exhibit A hereto
(the “Release”). The Release must be executed and delivered (and no longer subject to revocation, if applicable) within sixty (60) days following the Executive’s Date of Termination. The Company shall deliver to the
Executive the Release for the Executive to execute within five (5) business days following the Date of Termination. 

(h)    Certain Payment Delays. Notwithstanding anything to the contrary set forth herein, to the extent that the
payment of any amount described in Sections 10(d) or 10(e) constitute “nonqualified deferred compensation” for purposes of Code Section 409A (as defined in Section 24 hereof), then, subject to
Section 24, any such payment scheduled to occur during the first sixty (60) days following the termination of employment shall not be paid until the first regularly scheduled pay period following the sixtieth (60th) day following
such termination and shall include payment of any amount that was otherwise scheduled to be paid prior thereto. 

  
 8 

 (i)    No Offset. In the event of termination of his employment,
the Executive shall be under no obligation to seek other employment and there shall be no offset against amounts due to him on account of any remuneration or benefits provided by any subsequent employment he may obtain. The Company’s obligation
to make any payment pursuant to, and otherwise to perform its obligations under, this Agreement shall not be affected by any offset, counterclaim or other right that the Company or the Company Affiliates may have against the Executive for any
reason. 
 (j)    280G Payments. In the event the Company determines in good faith that any payments,
entitlements or benefits (whether made or provided pursuant to this Agreement or otherwise, including by the person or entity affecting a change in control) provided to the Executive constitute “parachute payments” within the meaning of
Section 280G of the Code, and may be subject to an excise tax imposed pursuant to Section 4999 of the Code, then, if the Executive would be placed in a better after-tax position, the Executive’s
“parachute payments” will be reduced to an amount determined by the Company in good faith to be the maximum amount that may be provided to the Executive without resulting in any portion of such “parachute payment” being subject
to such excise tax. The payment reduction contemplated by the preceding sentence shall be implemented as follows: first, by reducing any payments to be made to the Executive under Sections 10(d)(i)(B) and (C) or Sections 10(e)(i)(B)
and (C), as applicable; second, by reducing any other cash payments to be made to the Executive but only if the value of such cash payments is not greater than the parachute value of such payments; third, by cancelling the acceleration of
vesting of any restricted stock or restricted stock unit awards solely with respect to the accelerated vesting upon a change in control such that such awards will continue to vest on their original schedules; fourth, by cancelling the acceleration
of vesting of any stock options or stock appreciation rights solely with respect accelerated vesting upon a change in control such that such awards will continue to vest on their original schedules, fifth, by eliminating the Company’s payment
of the cost of any post-termination continuation of medical and dental benefits for the Executive and his eligible dependents and sixth, by reducing any equity awards. In the case of the reductions to be made pursuant to each of the above-mentioned
clauses, the payment and/or benefit amounts to be reduced and the acceleration of vesting to be cancelled shall be reduced or cancelled in the inverse order of their originally scheduled dates of payment or vesting, as applicable, and shall be so
reduced (x) only to the extent that the payment and/or benefit otherwise to be paid or the vesting of the award that otherwise would be accelerated, would be treated as a “parachute payment” within the meaning of
Section 280(G)(b)(2)(A) of the Code, (y) only to the extent necessary to achieve the required reduction hereunder and (z) all amounts that are not subject to calculation under Treas. Reg.
§1.280G-1, Q&A-24(b) or (c) shall be reduced before any amounts that are subject to calculation under Treas. Reg.
§1.280G-1, Q&A-24(b) or (c). Any determinations that are made pursuant to this Section 10(j) shall be made by a nationally recognized certified
public accounting firm that shall be selected by the Company (and paid by the Company) prior to any transaction that is subject to Code Section 280G and reasonably acceptable to the Executive (the “Accountant”), which determination
shall be certified by the Accountant and set forth in a certificate delivered to the Executive setting forth in reasonable detail the basis of the Accountant’s determinations. In connection with this determination, the Accountant shall value
the non-compete and other restrictions on the Executive’s activities. 

  
 9 

 11.    Indemnification. The Executive shall be indemnified and
held harmless by the Company during the Employment Period and following any termination of his employment for any reason whatsoever in the same manner as would any other key management employee of the Company with respect to acts or omissions
occurring on or prior to the termination of employment of the Executive. In addition, during the Employment Period and for a period of three (3) years following the termination of Executive’s employment for any reason whatsoever, the
Executive shall be covered by a Company-held directors’ and officers’ liability insurance policy covering acts or omissions occurring on or prior to the termination of employment of the Executive. The Executive shall also remain entitled
to the protections of the indemnification agreement he has entered into with the Company dated as of August 1, 2016 (“Indemnification Agreement”). 

12.    Notices. All notices, demands, requests, or other communications which may be or are required to be given or
made by any party to any other party pursuant to this Agreement shall be in writing and shall be hand delivered, mailed by first-class registered or certified mail, return receipt requested, postage prepaid, delivered by overnight air courier
addressed as follows: 
 If to the Company: 

LSB Industries, Inc. 
 3503 NW
63rd Street, Suite 500 
 Oklahoma City, OK 73116 

Attention: Chief Executive Officer 

If to the Executive: 
 His
primary address last shown on the Company’s records. 
 Each party may designate by notice in writing a new address to which any notice,
demand, request or communication may thereafter be so given, served or sent. Each notice, demand, request, or communication that shall be given or made in the manner described above shall be deemed sufficiently given or made for all purposes at such
time as it is delivered to the addressee (with the return receipt, the delivery receipt, or the affidavit of messenger being deemed conclusive but not exclusive evidence of such delivery) or at such time as delivery is refused by the addressee upon
presentation. 
 13.    Severability. The invalidity or unenforceability of any one or more provisions of this
Agreement, including, without limitation, Sections 6 or 7, shall not affect the validity or enforceability of the other provisions of this Agreement, which shall remain in full force and effect. 

14.    Survival. It is the express intention and agreement of the parties hereto that the provisions of Sections
6, 7, 8, 10, 11, 12, 13, 15, 16, 17, 19, 20, 21, 23, 24 and 25 hereof and this Section 14 shall survive the termination of employment of the Executive or the termination or expiration of the Employment Period. In addition, all
obligations of the Company to make payments hereunder shall survive any expiration of the Employment Period on the terms and conditions set forth herein. 

  
 10 

 15.    Assignment. The rights and obligations of the parties to
this Agreement shall not be assignable or delegable, except that (i) in the event of the Executive’s death, the personal representative or legatees or distributees of the Executive’s estate, as the case may be, shall have the right to
receive any amount owing and unpaid to the Executive hereunder and (ii) the rights and obligations of the Company hereunder shall be assignable and delegable in connection with any subsequent merger, consolidation, sale of all or substantially
all of the assets or equity interests of the Company or similar transaction involving the Company or a successor corporation. Unless provided by applicable law, the Company shall require any successor to the Company to expressly assume and agree to
perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. 

16.    Binding Effect. Subject to any provisions hereof restricting assignment, this Agreement shall be binding
upon the parties hereto and shall inure to the benefit of the parties and their respective heirs, devisees, executors, administrators, legal representatives, successors and assigns. 

17.    Amendment; Waiver. This Agreement shall not be amended, altered or modified except by an instrument in
writing duly executed by the party against whom enforcement is sought. Neither the waiver by either of the parties hereto of a breach of or a default under any of the provisions of this Agreement, nor the failure of either of the parties, on one or
more occasions, to enforce any of the provisions of this Agreement or to exercise any right or privilege hereunder, shall thereafter be construed as a waiver of any subsequent breach or default of a similar nature, or as a waiver of any such
provisions, rights or privileges hereunder. 
 18.    Headings. Section and subsection headings contained in this
Agreement are inserted for convenience of reference only, shall not be deemed to be a part of this Agreement for any purpose, and shall not in any way define or affect the meaning, construction or scope of any of the provisions hereof. 

19.    Governing Law. This Agreement, the rights and obligations of the parties hereto, and any claims or disputes
relating thereto, shall be governed by and construed in accordance with the laws of the State of Oklahoma (but not including any choice of law rule thereof that would cause the laws of another jurisdiction to apply). 

20.    Dispute Resolution/Waiver of Jury Trial. Each of the parties agrees that any dispute between the parties
shall be resolved only in the courts of the State of Oklahoma or the United States District Court for the Western District of Oklahoma and the appellate courts having jurisdiction of appeals in such courts. In that context, and without limiting the
generality of the foregoing, each of the parties hereto irrevocably and unconditionally (a) submits in any proceeding relating to this Agreement or the Executive’s employment by the Company or any Company Affiliate, or the termination of
such employment, or for the recognition and enforcement of any judgment in respect thereof (a “Proceeding”), to the exclusive jurisdiction 

  
 11 

 
of the courts of the State of Oklahoma, located in Oklahoma County, the United States District Court for the Western District of Oklahoma, and appellate courts having jurisdiction of appeals from
any of the foregoing and agrees that all claims in respect of any such Proceeding shall be heard and determined in such Oklahoma State court or, to the extent permitted by law, in such federal court, (b) consents that any such Proceeding may
and shall be brought in such courts and waives any objection that the Executive or the Company may now or thereafter have to the venue or jurisdiction of any such Proceeding in any such court or that such Proceeding was brought in an inconvenient
court and agrees not to plead or claim the same, (c) waives all right to trial by jury in any Proceeding (whether based on contract, tort or otherwise) arising out of or relating to this Agreement or the Executive’s employment by the
Company or any Company Affiliate, or the termination of such employment, or the Executive’s or the Company’s performance under, or the enforcement of, this Agreement, (d) agrees that service of process in any such Proceeding may be
effected by mailing a copy of such process by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such party at the Executive’s or the Company’s address as provided in Section 12
hereof, and (e) agrees that nothing in this Agreement shall affect the right to effect service of process in any other manner permitted by the laws of the State of Oklahoma. In addition, if the Executive substantially prevails on any claim that
is the matter of such dispute, the Company shall promptly reimburse the Executive for his legal fees. 

21.    Entire Agreement; Other Agreements. Except as expressly provided herein, this Agreement constitutes the
entire agreement between the parties respecting the employment of the Executive, there being no representations, warranties or commitments except as set forth herein, and, as of the Effective Date, supersedes and replaces all other agreements
related to the subject matter hereof. Notwithstanding anything herein to the contrary, (a) any outstanding equity award agreements and any equity award agreements executed in connection with this Agreement shall continue in full force and
effect and(b) the Executive shall be entitled to (i) base salary due as of the Effective Date which remains unpaid as of the Effective Date, and (ii) reimbursement of the business expenses incurred by the Executive prior to the Effective
Date which are reimbursable and due and remain unpaid as of the Effective Date. In the event there is a conflict between any provision of this Agreement and any other agreement, plan, policy or arrangement of the Company or any Company Affiliate,
the provision most favorable to the Executive shall govern except that the Executive shall be subject to any written claw back policies of the Company (a) in effect from time to time adopted by the Board or the Committee prior to the
Executive’s Date of Termination or (b) adopted to conform to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and rules promulgated thereunder by the Securities Exchanges Commission or any other applicable laws
(whether or not the rights of the Executive may be adversely affected). Any claw back policy shall be applied to the Executive consistent with how such policy is applied to other senior executives of the Company with respect to the same subject
matter. Section 15 of the Confidentiality Agreement between the Company and the Executive is hereby deleted in its entirety and replaced with the following: 

“15. TERMINATION OF EMPLOYMENT. 

I understand and agree that I or the Company may terminate my employment pursuant to the terms of the Employment Agreement

  
 12 

 
dated February 11, 2019 between me and the Company (“Employment Agreement”) and that this Confidentiality Agreement shall in no way be construed or operate to change or modify the
Employment Agreement or to prevent the Company or me from dispensing with my services pursuant to the terms of the Employment Agreement.” 

22.    Counterparts. This Agreement may be executed in two counterparts, each of which shall be an original and all
of which shall be deemed to constitute one and the same instrument. 
 23.    Withholding. The Company may
withhold from any benefit payment under this Agreement all federal, state, city or other taxes as shall be required pursuant to any law or governmental regulation or ruling. 

24.    Section 409A. 

(a)    The intent of the parties is that payments and benefits under this Agreement comply with Section 409A of the
Code and the regulations and guidance promulgated thereunder (collectively “Code Section 409A”) or an exemption therefrom and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in
compliance therewith. If the Executive notifies the Company (with specificity as to the reason therefor) that the Executive believes that any provision of this Agreement (or of any award of compensation, including equity compensation or benefits)
would cause the Executive to incur any additional tax or interest under Code Section 409A and the Company concurs with such belief or the Company (without any obligation whatsoever to do so) independently makes such determination, the Company
shall, after consulting with the Executive, reform such provision to attempt to comply with Code Section 409A through good faith modifications to the minimum extent reasonably appropriate to conform with Code Section 409A. To the extent
that any provision hereof is modified in order to comply with Code Section 409A such modification shall be made in good faith and shall, to the maximum extent reasonably possible, maintain the original intent and economic benefit to the
Executive and the Company of the applicable provision without violating the provisions of Code Section 409A. 

(b)    A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement
providing for the payment of any amounts or benefits upon or following a termination of employment unless such termination is also a “separation from service” within the meaning of Code Section 409A and, for purposes of any such
provision of this Agreement, references to a “termination,” “termination of employment” or like terms shall mean “separation from service.” If the Executive is deemed on the date of termination to be a “specified
employee” within the meaning of that term under Code Section 409A(a)(2)(B), then with regard to any payment or the provision of any benefit that is considered deferred compensation under Code Section 409A payable on account of a
“separation from service,” such payment or benefit shall be made or provided at the date which is the earlier of (A) the expiration of the six (6)-month period measured from the date of such “separation from service” of the
Executive, and (B) the date of the Executive’s death, to the 

  
 13 

 
extent required under Code Section 409A. Upon the expiration of the foregoing delay period, all payments and benefits delayed pursuant to this Section 24(b) (whether they would
have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid or reimbursed to the Executive in a lump sum, and any remaining payments and benefits due under this Agreement shall be paid or provided in
accordance with the normal payment dates specified for them herein. 
 (c)    To the extent that reimbursements or other
in-kind benefits under this Agreement constitute “nonqualified deferred compensation” for purposes of Code Section 409A, (A) all expenses or other reimbursements hereunder shall be made on
or prior to the last day of the taxable year following the taxable year in which such expenses were incurred by the Executive, (B) any right to reimbursement or in-kind benefits shall not be subject to
liquidation or exchange for another benefit, and (C) no such reimbursement, expenses eligible for reimbursement, or in-kind benefits provided in any taxable year shall in any way affect the expenses
eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year. 

(d)    For purposes of Code Section 409A, the Executive’s right to receive any installment payments pursuant to
this Agreement shall be treated as a right to receive a series of separate and distinct payments. Whenever a payment under this Agreement specifies a payment period with reference to a number of days, (i) the actual date of payment within the
specified period shall be within the sole discretion of the Company and, (ii) if such payment qualifies as non-qualified deferred compensation under Section 409A and it can be paid in one of two
calendar years, it shall be paid in the second calendar year. 
 (e)    Notwithstanding any other provision of this
Agreement to the contrary, in no event shall any payment under this Agreement that constitutes “nonqualified deferred compensation” for purposes of Code Section 409A be subject to offset by any other amount unless otherwise permitted
by Code Section 409A. 
 25.    Definitions. 

(a)    “Accrued Benefits” means (i) any unpaid Base Salary through the Date of Termination;
(ii) any earned but unpaid Annual Bonus for a performance year that has ended on or prior to the Date of Termination; (iii) any accrued and unpaid vacation and/or sick days; (iv) any amounts or benefits owing to the Executive or to
the Executive’s beneficiaries under the then applicable benefit plans of the Company (excluding any severance plan, program, agreement or arrangement); (v) any rights or entitlements under any other agreements between the Executive and the
Company, including, without limitation, the Indemnification Agreement and any outstanding equity award agreements; and (vi) any amounts owing to the Executive for reimbursement of expenses properly incurred by the Executive prior to the Date of
Termination. Amounts payable (A) under clauses (i), (ii) and (iii) shall be paid promptly after the Date of Termination; (B) under clause (iv) shall be paid in accordance with the terms and conditions of the applicable plan,
program or arrangement; (C) under clause (v) shall be treated in accordance with the applicable agreement; and (D) under clause (vi) shall be paid in accordance with the terms of the applicable expense policy, as applicable. 

  
 14 

 (b)    “Cause” means (i) the Executive’s
conviction of, or plea of nolo contendere to, a felony (other than for a traffic violation); (ii) the Executive’s continued failure to substantially perform the Executive’s material duties hereunder (other than due to a mental or physical
impairment) after receipt of written notice from the Company that specifically identifies the manner in which the Executive has substantially failed to perform the Executive’s material duties and specifies the manner in which the Executive may
substantially perform his material duties in the future; (iii) an act of fraud or gross or willful material misconduct by the Executive; (iv) a willful and material violation of the material provisions of the Company’s Code of Conduct
or the Company’s Code of Ethics for CEO and Senior Financial Officers; or (v) the Executive’s material breach of Sections 7(a) and 7(b). Anything herein to the contrary notwithstanding, the Executive shall not be
terminated for “Cause” hereunder unless (A) written notice stating the basis for the termination is provided to the Executive, (B) as to clauses (ii), (iv) or (v) of this paragraph, he fails to cure such neglect or conduct
within thirty (30) days following receipt of such notice, (C) he has an opportunity (represented by counsel) to address a meeting of the Board, and (D) after such meeting (or if the Executive declines to meet), there is a 75% vote of
the Board (not counting the Executive) to terminate his employment for Cause. 
 (c)    “Change in
Control” means: 
 (i)    A “change in the ownership of the Company” which shall occur on the date
that any one person, or more than one person acting as a group, acquires ownership of stock in the Company that, together with stock held by such person or group, constitutes more than 50% of the total fair market value or total voting power of the
stock of the Company as of the Effective Date; however, if any one person or more than one person acting as a group is considered to own more than 50% of the total fair market value or total voting power of the stock of the Company, the acquisition
of additional stock by the same person or persons will not be considered a “change in the ownership of the Company” (or to cause a “change in the effective control of the Company” within the meaning of paragraph (ii) below)
and an increase of the effective percentage of stock owned by any one person, or persons acting as a group, as a result of a transaction in which the Company acquires its stock in exchange for property will be treated as an acquisition of stock for
purposes of this paragraph; provided, further, however, that for purposes of this paragraph (i), any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any entity controlled by the Company shall not
constitute a Change in Control. This paragraph (i) applies only when there is a transfer of the stock of the Company (or issuance of stock) and stock in the Company remains outstanding after the transaction; 

(ii)    A “change in the effective control of the Company” which shall occur on the date that either
(A) any one person, or more than one person acting as a group, acquires (or has acquired during the twelve month period ending on the date of the most recent acquisition by such person or persons) ownership of stock of the Company possessing
30% or more of the total voting power of the stock of the Company, except for any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any entity controlled by the Company; or (B) a majority of
the members of the Board are replaced during any twelve-month period by directors whose appointment or election is not endorsed by a 

  
 15 

 
majority of the members of the Board prior to the date of the appointment or election. For purposes of a “change in the effective control of the Company,” if any one person, or more
than one person acting as a group, is considered to effectively control the Company within the meaning of this paragraph (ii) after the Effective Date, the acquisition of additional control of the Company by the same person or persons is not
considered a “change in the effective control of the Company,” or to cause a “change in the ownership of the Company” within the meaning of paragraph (i) above; or 

(iii)    A “change in the ownership of a substantial portion of the Company’s assets” which shall occur on
the date that any one person, or more than one person acting as a group, acquires (or has acquired during the twelve month period ending on the date of the most recent acquisition by such person or persons) assets of the Company that have a total
gross fair market value equal to or more than 40% of the total gross fair market value of all the assets of the Company immediately prior to such acquisition or acquisitions. For this purpose, gross fair market value means the value of the assets of
the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets. Any transfer of assets to an entity that is controlled by the stockholders of the Company immediately after the
transfer, as provided in guidance issued pursuant to Code Section 409A, shall not constitute a Change in Control. 
 For purposes of the definition of
Change in Control, the provisions of Section 318(a) of the Code regarding the constructive ownership of stock will apply to determine stock ownership; provided, that, stock underlying unvested options (including options exercisable for stock
that is not substantially vested) will not be treated as owned by the individual who holds the option. 

(d)    “Company Affiliate” means any entity controlled by, in control of, or under common control with,
the Company. 
 (e)    “Competitive Enterprise” means (i) a business enterprise that engages in
nitrogen and climate control in competition with the Company or its subsidiaries (the “Company’s Business”) (a) in the United States of America, or (b) in any other country where the Company or its subsidiaries operates
facilities or sells such products. Notwithstanding the foregoing, in the event a business enterprise (including, without limitation, any entity, or private equity or hedge fund) has one or more lines of business that do not involve the
Company’s Business, the Executive shall be permitted to associate with such business enterprise if, and only if, the Executive does not participate in, or have supervisory authority with respect to, any line of business involving the
Company’s Business. 
 (f)    “Confidential Information” means all
non-public information concerning trade secrets, know-how, software, developments, inventions, processes, technology, designs, financial data, strategic business plans
or any proprietary or confidential information, documents or materials in any form or media, including any of the foregoing relating to research, operations, finances, current and proposed products and services, vendors, customers, advertising and
marketing, and other non-public, proprietary, and confidential information of the Company or the Company Affiliates. Notwithstanding anything to the contrary contained herein, the general skills, knowledge and
experience gained during the Executive’s employment 

  
 16 

 
with the Company, information publicly available or generally known within the industry or trade in which the Company competes and information or knowledge possessed by the Executive prior to his
employment by the Company, shall not be considered Confidential Information. 
 (g)    “Date of
Termination” means (i) if the Executive’s employment is terminated by the Executive’s death, the date of the Executive’s death; (ii) if the Executive’s employment is terminated because of the Executive’s
Disability pursuant to Section 9(a)(ii)(A), thirty (30) days after Notice of Termination, provided that the Executive shall not have returned to the performance of the Executive’s duties on a full-time basis during such
thirty (30)-day period; (iii) if the Executive’s employment is terminated during the Term by the Company pursuant to Section 9(a)(ii)(B) or by the Executive pursuant to
Section 9(a)(iii), the date specified in the Notice of Termination consistent with this Agreement; or (v) if the Executive’s employment is terminated upon the expiration of the Term pursuant to Section 1, the last
day of the applicable Term. 
 (h)    “Disability” means the inability of the Executive to perform the
Executive’s material duties hereunder due to a physical or mental injury, infirmity or incapacity, which is expected to exceed one hundred eighty (180) days (including weekends and holidays) in any three hundred sixty-five (365)-day period, as determined by the Executive’s treating physician in his reasonable discretion. 

(i)    “Good Reason” means (i) any material diminution in the Executive’s job duties,
authorities or responsibilities (including, without limitation, the removal of the Executive as EVP – Manufacturing of the Company, the Executive failing to be the EVP – Manufacturing of any surviving or successor entity, including the
ultimate parent, or the Company’s stock (or following a Change in Control, the surviving or successor entity’s stock) no longer being (or not being) publicly traded on the New York Stock Exchange or NASDAQ); (ii) a reduction in the
Executive’s Base Salary or Target Bonus as a percentage of Base Salary; (iii) the failure of the Executive to report solely and directly to the Chief Executive Officer of the Company (including any successor entity); (iv) the
assignment of duties substantially inconsistent with the Executive’s status as EVP – Manufacturing of the Company; (v) a relocation of the Executive’s primary place of employment to a location more than fifty (50) miles from
the current location of the Company’s offices in Oklahoma City, Oklahoma; (vi) any other material breach of this Agreement by the Company, (vii) the failure of the Company to obtain the assumption in writing of its obligations under
the Agreement by any successor to all or substantially all of the assets of the Company after a merger, consolidation, sale or similar transaction in which such Agreement is not assumed by operation of law or (viii) on or following a Change in
Control, the failure of the surviving or successor entity to provide the Executive with an Equity Award with terms no less favorable to the Executive, and with a grant date value equal to or greater than the aggregate grant date value of the equity
awards granted to the Executive by the Company during the 12-month period immediately prior to the Change in Control. In order to invoke a termination for Good Reason, (A) the Executive must provide
written notice to the Company within ninety (90) days of the later of the occurrence, or the Executive’s knowledge, of any event of “Good Reason,” (B) the Company must fail to cure such event within thirty (30) days of the
giving of such notice and (C) the Executive must provide a Notice of Termination within thirty (30) days following the expiration of the Company’s cure period. 

  
 17 

 (j)    “Non-Compete
Period” means the period commencing on the Effective Date and ending twenty four (24) months after the Executive’s Date of Termination. 

(k)    “Term” shall have the meaning ascribed to such term in Section 10(f) of this
Agreement. 

  
 18 

 IN WITNESS WHEREOF, the undersigned have duly executed and delivered this Agreement, or have
caused this Agreement to be duly executed and delivered on their behalf. 
  

			
	LSB INDUSTRIES, INC.
		
	By:	 	 /s/ Mark T. Behrman

	Name:	 	Mark T. Behrman
	Title:	 	President and Chief Executive Officer

  

			
	EXECUTIVE
	
	 /s/ John H. Diesch

	John H. Diesch

  
 19 

 Exhibit A 

(Form of Release) 

 EXHIBIT A 

GENERAL RELEASE 

I, John H. Diesch, in consideration of and subject to the performance by LSB Industries, Inc. (together with its affiliated companies and
subsidiaries and its successors and assigns, the “Company”), of its obligations under Section 10 of the Employment Agreement, dated as of February 11, 2019 (the “Agreement”), do hereby
release and forever discharge as of the date hereof the Company and its respective affiliates and subsidiaries and all present, former and future directors, officers, agents, representatives, employees, successors and assigns of the Company and/or
its respective affiliates and subsidiaries and direct or indirect owners (collectively, the “Released Parties”) to the extent provided herein (this “General Release”). Terms used herein but not otherwise defined
shall have the meanings given to them in the Agreement. 
 1.    I understand that, other than the Accrued Benefits, the
payments or benefits paid or granted to me under Section 10 of the Agreement represent, in part, consideration for signing this General Release and are not salary, wages or benefits to which I was already entitled. I understand and agree
that I will not receive the payments and benefits specified in Section 10 of the Agreement, other than the Accrued Benefits, unless I execute this General Release and do not revoke this General Release within the time period permitted
hereafter. Such payments and benefits will not be considered compensation for purposes of any employee benefit plan, program, policy or arrangement maintained or hereafter established by the Company or its affiliates. 

2.    Except as provided in paragraph 4 below and except for the provisions of the Agreement which expressly survive the
termination of my employment with the Company, I knowingly and voluntarily (for myself, my heirs, executors, administrators and assigns) release and forever discharge the Company and the other Released Parties from any and all claims, suits,
controversies, actions, causes of action, cross-claims, counter-claims, demands, debts, compensatory damages, liquidated damages, punitive or exemplary damages, other damages, claims for costs and attorneys’ fees, or liabilities of any nature
whatsoever in law and in equity, both past and present (through the date that this General Release becomes effective and enforceable) and whether known or unknown, suspected, or claimed against the Company and/or any of the Released Parties which I,
my spouse, or any of my heirs, executors, administrators or assigns, ever had, now have, or hereafter may have, by reason of any matter, cause, or thing whatsoever, from the beginning of my initial dealings with the Company to the date of this
General Release, and particularly, but without limitation of the foregoing general terms, any claims arising from or relating in any way to my employment relationship with Company, the terms and conditions of that employment relationship, and the
termination of that employment relationship (including, but not limited to, any allegation, claim or violation, arising under: Title VII of the Civil Rights Act of 1964, as amended; the Civil Rights Act of 1991; the Age Discrimination in Employment
Act of 1967, as amended (including the Older Workers Benefit Protection Act), the Equal Pay Act of 1963, as amended; the Americans with Disabilities Act of 1990; the Family and Medical Leave Act of 1993; the Worker Adjustment Retraining and
Notification Act; the Employee Retirement Income Security Act of 1974; any 

 
applicable Executive Order Programs; the Fair Labor Standards Act; or their state or local counterparts; or under any other federal, state or local civil or human rights law, or under any other
local, state, or federal law, regulation or ordinance; or under any public policy, contract or tort, or under common law; or arising under any policies, practices or procedures of the Company; or any claim for wrongful discharge, breach of contract,
infliction of emotional distress, defamation, or any claim for costs, fees, or other expenses, including attorneys’ fees incurred in these matters) (all of the foregoing collectively referred to herein as the “Claims”). I understand
and intend that this General Release constitutes a general release of all claims and that no reference herein to a specific form of claim, statute or type of relief is intended to limit the scope of this General Release. 

3.    I represent that I have made no assignment or transfer of any right, claim, demand, cause of action, or other matter
covered by paragraph 2 above. 
 4.    I agree that this General Release does not waive or release any rights or claims
that I may have under the Age Discrimination in Employment Act of 1967 which arise after the date I execute this General Release. I acknowledge and agree that my separation from employment with the Company in compliance with the terms of the
Agreement shall not serve as the basis for any claim or action (including, without limitation, any claim under the Age Discrimination in Employment Act of 1967). Notwithstanding anything herein to the contrary, I am not waiving any of the following
(and definition of “Claims” shall not include these claims or rights): (i) any claim or right to enforce the Agreement or this General Release; (ii) any claims which arise after the date of this General Release; (iii) my rights
as a shareholder of the Company; and (iv) my rights to be indemnified and/or defended and/or advanced expenses, including pursuant to the Company’s corporate governance documents or the Indemnification Agreement (as defined in the
Agreement) or, if greater, applicable law and my rights to be covered under any applicable directors’ and officers’ insurance liability policies. 

5.    I agree that I hereby waive all rights to sue or obtain equitable, remedial or punitive relief from any or all
Released Parties of any kind whatsoever with respect to claims released by me herein, including, without limitation, reinstatement, back pay, front pay, and any form of injunctive relief. Notwithstanding the foregoing, I acknowledge that I am not
waiving and am not being required to waive any right that cannot be waived under law, including the right to file an administrative charge or participate in an administrative investigation or proceeding; provided, however, that I disclaim and waive
any right to share or participate in any monetary award resulting from the prosecution of such charge or investigation or proceeding. 

6.    In signing this General Release, I acknowledge and intend that it shall be effective as a bar to each and every one
of the Claims hereinabove mentioned or implied. I expressly consent that this General Release shall be given full force and effect according to each and all of its express terms and provisions, including those relating to unknown and unsuspected
Claims (notwithstanding any state or local statute that expressly limits the effectiveness of a general release of unknown, unsuspected and unanticipated Claims), if any, as well as those relating to any other Claims hereinabove mentioned or
implied. I acknowledge and agree that this waiver is an essential and material term of this General Release and that 

 
without such waiver the Company would not have agreed to the terms of the Agreement. I further agree that in the event that I should bring a Claim seeking damages against the Company, or in the
event that I should seek to recover against the Company in any Claim brought by a governmental agency on my behalf, this General Release shall serve as a complete defense to such Claims to the maximum extent permitted by law. I further agree that I
am not aware of any pending Claim, or of any facts that could give rise to a Claim, of the type described in paragraph 2 as of the execution of this General Release. 

7.    I agree that neither this General Release, nor the furnishing of the consideration for this General Release, shall
be deemed or construed at any time to be an admission by the Company, any Released Party or myself of any improper or unlawful conduct. 

8.    I agree that I will forfeit all amounts payable by the Company pursuant to the Agreement if I challenge the validity
of this General Release. I also agree that if I violate this General Release by suing the Company or the other Released Parties with respect to Claims released by me herein, I will pay all costs and expenses of defending against the suit incurred by
the Released Parties, including reasonable attorneys’ fees, and return all payments received by me pursuant to the Agreement on or after the termination of my employment. I further agree that if I materially violate any of my post-employment
obligations under Sections 6 or 7 of the Agreement, I will also forfeit any cash severance amounts payable by the Company pursuant to either Section 10(d) or Section 10(e) of the Agreement, as applicable, other than the
Accrued Benefits, and will return any such sums already paid, on an after-tax basis, to the Company; provided that no such payments shall be subject to forfeiture and/or repayment unless the Company has
provided me with written notice of the events giving rise to such forfeiture and/or repayment and I have not ceased to engage in such activities within fifteen (15) days of my receipt of such written notice. 

9.    I agree that this General Release is confidential and agree not to disclose any information regarding the terms of
this General Release, except to my immediate family and any tax, legal or other counsel that I have consulted regarding the meaning or effect hereof (and I will instruct each of the foregoing not to disclose the same to anyone) or as required by law
or to the extent reasonably necessary in connection with any dispute between me and the Company regarding this General Release or the Agreement. 

10.    Any non-disclosure provision in this General Release does not prohibit or
restrict me (or my attorney) from responding to any inquiry about this General Release or its underlying facts and circumstances by the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), or any other
self-regulatory organization or governmental entity. 
 11.    I hereby acknowledge that Sections 6, 7, 8, 10, 11,
12, 13, 14, 15, 16, 17, 19, 20, 21, 23, 24 and 25 of the Agreement shall survive my execution of this General Release. 

 12.    I represent that I am not aware of any Claim by me, and I
acknowledge that I may hereafter discover Claims or facts in addition to or different than those which I now know or believe to exist with respect to the subject matter of the release set forth in paragraph 2 above and which, if known or suspected
at the time of entering into this General Release, may have materially affected this General Release and my decision to enter into it. 

13.    Notwithstanding anything in this General Release to the contrary, this General Release shall not relinquish,
diminish, or in any way affect any rights or claims arising out of any breach by the Company or by any Released Party of the Agreement after the date hereof. 

14.    Whenever possible, each provision of this General Release shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this General Release is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall
not affect any other provision or any other jurisdiction, but this General Release shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein. This General
Release constitutes the complete and entire agreement and understanding among the parties, and supersedes any and all prior or contemporaneous agreements, commitments, understandings or arrangements, whether written or oral, between or among any of
the parties, in each case concerning the subject matter hereof. 
 BY SIGNING THIS GENERAL RELEASE, I REPRESENT AND AGREE THAT: 

 

	 	(i)	 I HAVE READ IT CAREFULLY; 

 

	 	(ii)	 I UNDERSTAND ALL OF ITS TERMS AND KNOW THAT I AM GIVING UP IMPORTANT RIGHTS, INCLUDING BUT NOT LIMITED TO,
RIGHTS UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967, AS AMENDED, TITLE VII OF THE CIVIL RIGHTS ACT OF 1964, AS AMENDED, THE EQUAL PAY ACT OF 1963, THE AMERICANS WITH DISABILITIES ACT OF 1990 AND THE EMPLOYEE RETIREMENT INCOME SECURITY ACT
OF 1974, AS AMENDED; 

  

	 	(iii)	 I VOLUNTARILY CONSENT TO EVERYTHING IN IT; 

 

	 	(iv)	 I HAVE BEEN ADVISED TO CONSULT WITH AN ATTORNEY BEFORE EXECUTING IT AND I HAVE DONE SO OR AFTER CAREFUL READING
AND CONSIDERATION, I HAVE CHOSEN NOT TO DO SO OF MY OWN VOLITION, 

  

	 	(v)	 I HAVE HAD AT LEAST [21][45] DAYS FROM THE DATE OF MY RECEIPT OF THIS RELEASE TO CONSIDER IT AND THE CHANGES
MADE SINCE MY RECEIPT OF THIS RELEASE ARE NOT MATERIAL OR WERE MADE AT MY REQUEST AND WILL NOT RESTART THE REQUIRED [21][45]-DAY PERIOD; 

	 	(vi)	 I UNDERSTAND THAT I HAVE SEVEN (7) DAYS AFTER THE EXECUTION OF THIS RELEASE TO REVOKE IT AND THAT THIS
RELEASE SHALL NOT BECOME EFFECTIVE OR ENFORCEABLE UNTIL THE REVOCATION PERIOD HAS EXPIRED; AND 

  

	 	(vii)	 I HAVE SIGNED THIS GENERAL RELEASE KNOWINGLY AND VOLUNTARILY AND WITH THE ADVICE OF ANY COUNSEL RETAINED TO
ADVISE ME WITH RESPECT TO IT. 

  

									
	SIGNED:	 	  
	 		 	DATE:EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
 AMENDED AND
RESTATED 
 EMPLOYMENT AGREEMENT 

This AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered into as of February 7, 2019, by
and among BB&T CORPORATION, a North Carolina corporation (“BB&T”), BRANCH BANKING AND TRUST COMPANY, a North Carolina chartered commercial bank (“BBTC”), and KELLY S. KING, an individual
(“Executive”). BB&T and BBTC are collectively referred to as “Employer”. This Agreement shall be effective upon the Effective Time (as defined in that certain Agreement and Plan of Merger, dated as of the date
hereof (as amended, modified, or supplemented from time to time, the “Merger Agreement”), by and between BB&T and SunTrust Banks, Inc., a Georgia corporation) (the date on which the Effective Time occurs, the “Effective
Date”). If the Effective Time does not occur, this Agreement shall be null and void ab initio, and of no further force or effect. 

RECITALS 
 WHEREAS,
Employer and their Affiliates are engaged in the banking and financial services business; and 
 WHEREAS, Executive is experienced
in, and knowledgeable concerning, the material aspects of such business; and 
 WHEREAS, Executive is presently employed as the
Chairman and Chief Executive Officer of BB&T and BBTC pursuant to the terms of an Amended and Restated Employment Agreement, dated as of December 19, 2012 (the “Predecessor Agreement”); and 

WHEREAS, the Board of Directors of each of BB&T and BBTC desire to ensure the continued dedication of Executive following the
Merger (as defined in the Merger Agreement); and 
 WHEREAS, immediately prior to the execution and delivery of the Merger Agreement,
the Board of Directors of BB&T adopted a resolution providing for an amendment to BB&T’s bylaws (the “Bylaw Amendment”), to be effective as of the Effective Time; and 

WHEREAS, Employer and Executive desire to amend the Predecessor Agreement to set forth the terms and conditions of Executive’s
employment with and service to Employer following the Merger; and 
 WHEREAS, BB&T, BBTC, and Executive have determined that it
is in their respective best interests to enter into this Agreement on the terms and conditions as set forth herein. 
 NOW,
THEREFORE, in consideration of the premises and the mutual covenants and promises contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as
follows: 

 AGREEMENT 
  

	1.	 EMPLOYMENT TERMS AND DUTIES. 

1.1         EMPLOYMENT. Employer hereby employs Executive, and Executive hereby
accepts employment by Employer during the Employment Term (as defined below) upon the terms and conditions set forth in this Agreement. Executive agrees, during the Employment Term, to serve as (i) an employee of Employer and as an employee of
one (1) or more of Employer’s Affiliates; and (ii) on such committees and task forces of Employer (including, without limitation, BB&T’s Executive Management Team), as Executive may be appointed from time to time. During the
Employment Term, Executive’s principal place of employment shall be the corporate headquarters of BB&T in Charlotte, North Carolina, subject to reasonable business travel from time to time. 

1.2         DUTIES. 

1.2.1     Employment. From the Effective Date until September 12, 2021 (the “CEO
Succession Date”), Executive shall serve as Chairman and Chief Executive Officer of BB&T and BBTC; and from the CEO Succession Date until March 12, 2022 (the “Chairman Succession Date”), Executive shall serve as
Executive Chairman of the Boards of Directors of BB&T and BBTC. During the Employment Term, Executive shall report directly to the Boards of Directors of Employer. During the Employment Term, the Board of Directors of BB&T or BBTC, as
applicable, shall appoint Executive to such positions at the appropriate time as set forth above, and to the extent necessary, the Board of Directors of BB&T shall cause the Board of Directors of BBTC to so act. During the Employment Term,
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. During the Employment Term, (i) 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 (ii) Executive shall not 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 percent (1%) 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. 
 1.2.2     Board Service. 

(i)         From the Effective Time through December 31, 2023, Executive shall continue
to serve as a member of the Board of Directors of each of BB&T and BBTC (as the Chairman of such Boards of Directors through the Chairman Succession Date), and BB&T and BBTC, as applicable, shall appoint, nominate, and elect, as applicable,
Executive to so serve during such period. During the Employment Term, Executive shall serve on the Boards of Directors of Employer without additional compensation, and with respect to service on such

  
 -2- 

 
Boards of Directors following the Chairman Succession Date, Executive shall receive compensation on the same basis as other non-employee directors of the
Boards of Directors of BB&T and BBTC. 
 (ii)         Without limiting the obligation in
Section 1.2.2(i), the determination by BB&T to remove Executive from the Board of Directors of BBTC or to not reelect Executive to the Board of Directors of BBTC, and any determination not to nominate Executive as a director of BB&T or
BBTC, in each case, prior to December 31, 2023, shall each require the affirmative vote of at least seventy-five percent (75%) of the full Board of Directors of BB&T (or, if applicable, the board of directors (or equivalent governing body)
of the ultimate parent entity of BB&T or its successor) or BBTC (or its successor), as applicable. Through December 31, 2023, the Board of Directors of BB&T shall cause BBTC and the Board of Directors of BBTC, as applicable, to so act.

 1.3         EMPLOYMENT
TERM. Subject to the provisions of Section 1.6, unless 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 Chairman Succession Date (as it may be shortened in accordance with Section 1.6, the “Employment Term”). Upon expiration of the Employment Term on the Chairman Succession Date or an earlier
termination of the Employment Term pursuant to Section 1.6.2 (Retirement), the Consulting Term (as defined below) shall commence as described in Section 3.1. 

1.4     COMPENSATION AND BENEFITS. 

1.4.1     Base Salary. In consideration of all of (i) the services
rendered to Employer and Employer’s Affiliates hereunder by Executive during the Employment Term, and (ii) Executive’s covenants hereunder, Employer shall, during the Employment Term, pay Executive a salary at the annual rate of One
Million Ninety-Six Thousand and Five Hundred Dollars ($1,096,500) (or, if greater, Executive’s annual rate of salary as of immediately prior to the Effective Time) (the “Base Salary”),
payable in equal cash installments in accordance with Employer’s regular payroll practices, but no less frequently than monthly. The 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.

 1.4.2     Incentive Compensation. During the Employment Term, Executive
shall continue to participate in any bonus and incentive plans of Employer, whether any such plan provides for awards in cash or securities, made available to other senior executives of Employer similarly situated to Executive, and on terms and
conditions no less favorable than those that apply to the other senior executives of Employer. Executive’s annual short- and long-term incentive compensation opportunities with respect to each fiscal year of Employer shall be no less favorable
than the opportunities provided to Executive immediately prior to the Effective Time. For the avoidance of doubt, Executive shall be eligible to receive equity and/or long-term cash awards in the first quarter of 2022. The terms of any equity and/or
long-term cash awards granted to Executive under any incentive plans during the Employment Term shall include retirement terms and conditions that are no less favorable to Executive than the retirement terms

  
 -3- 

 
and conditions included in similar awards granted to Executive prior to the Effective Date; provided that, no minimum service rule shall apply with respect to any such awards granted in
2022 and, with respect to any long-term cash awards, Executive shall be deemed to have received payments of Base Salary through September 12, 2022 (unless his employment is terminated prior to the Chairman Succession Date due to his death,
Disability, Retirement, or termination for Just Cause). 
 1.4.3     Employee
Benefits. During the Employment Term, Executive shall be eligible to participate in such employee benefits and perquisite plans, policies, and programs of Employer (such as retirement, sick leave, vacation, group
disability, health, life, and accident insurance) that are, in each case, no less favorable than the employee benefit and perquisite plans, policies, and programs of Employer in which Executive participated as of immediately prior to the Effective
Time (or any more favorable employee benefit and perquisite plans, policies, and programs adopted by Employer following the Effective Time for similarly situated executives of BB&T (including, without limitation, any travel policies and
programs)). Executive shall be eligible to participate in any retiree health care program maintained by Employer and shall be credited with all prior service with Employer (and any predecessor and successor entities) for purposes of his
participation and the level of benefits. 
 1.5         BUSINESS
EXPENSES. Employer shall, upon receipt from Executive of supporting receipts to the extent required by applicable income tax regulations and Employer’s reimbursement policies, reimburse Executive
for all out-of-pocket business expenses reasonably incurred by Executive in connection with Executive’s employment or services hereunder, with such reimbursement
policies to be no less favorable than those applicable to Executive immediately prior to the Effective Time. 

1.6         TERMINATION. Executive’s employment shall terminate upon
the occurrence of any of the events set forth in Sections 1.6.1 through 1.6.6 at any time during the Employment Term, and the Employment Term shall automatically terminate immediately following any such termination of employment. 

1.6.1     Death. Executive’s employment shall terminate automatically upon
Executive’s death. 
 1.6.2     Retirement. Executive’s employment
shall terminate automatically upon Executive’s Retirement. For purposes of this Agreement, Executive’s voluntary termination of employment at any time after the Effective Time, including a termination of employment upon the expiration of
the Employment Term on the Chairman Succession Date, shall constitute a termination of employment due to Executive’s Retirement. 

1.6.3     Disability. Subject to Section 1.6.8, Executive’s employment shall
terminate immediately upon the reasonable determination by Employer that Executive shall have been unable to substantially perform the essential functions of Executive’s duties by reason of a physical or mental disability, with or without
reasonable accommodation, for a period of twelve (12) consecutive months (“Disability”); provided that, prior to any such termination for Disability, the Boards of Directors of Employer shall have given Executive at
least thirty (30) days’ advance written notice of Employer’s intent to terminate Executive due to Disability, and 

  
 -4- 

 
Executive shall not have returned to full-time employment by the thirtieth (30th) day after such notice (termination pursuant to this Section 1.6.3 being referred to herein as termination
for Disability). 
 1.6.4     Termination for Just Cause. Subject to Section 1.6.8,
Executive’s employment shall terminate immediately following notice of termination for “Just Cause” (as defined below), specifying the basis for the determination of such Just Cause, given by Employer’s Boards of Directors
(termination pursuant to this Section 1.6.4 being referred to herein as termination for “Just Cause”). “Just Cause” shall mean and be limited to (i) Executive’s willful misconduct or gross negligence
that causes material harm to Employer, (ii) Executive’s conviction of a felony, or (iii) Executive’s material breach of this Agreement or of a material provision of a material policy of Employer; provided that Executive
has received written notice from Employer of such material breach and such breach remains uncured for a period of thirty (30) days after the delivery of such notice. For purposes of this Section 1.6.4, no act or failure to act, on the part
of Executive, shall be considered “willful” unless it is done, or omitted to be done, by Executive in bad faith or without a reasonable belief that Executive’s action or omission was in the best interests of Employer. 

1.6.5     Termination Without Just Cause. Subject to Section 1.6.8, Executive’s
employment shall terminate immediately on the date specified in a written notice of termination without Just Cause from Employer’s Boards of Directors to Executive (termination pursuant to this Section 1.6.5 being referred to herein as
termination “Without Just Cause”). 
 1.6.6     Good Reason Termination.
Subject to the following, Executive’s employment shall terminate thirty (30) days following the written notice by Executive to Employer’s Boards of Directors described in this Section 1.6.6 (termination pursuant to this
Section 1.6.6 being referred to herein as “Good Reason Termination”). For purposes of this Section 1.6.6, a Good Reason Termination shall occur when Executive provides written notice to Employer’s Boards of Directors
of termination for “Good Reason”, which, as used herein, shall mean the occurrence of any of the following events without Executive’s express written consent: 

(i)     any change in Executive’s titles or positions from those contemplated by this Agreement or failure of
the Boards of Directors of Employer to appoint, nominate, or elect, as applicable, Executive to any such positions, as contemplated by Sections 1.2.1 and 1.2.2(i); 

(ii)     on or prior to the CEO Succession Date, the assignment to Executive of duties inconsistent with the
position and status of Chairman and Chief Executive Officer of Employer or, following the CEO Succession Date and prior to the Chairman Succession Date, the assignment to Executive of duties inconsistent with the position and status of Executive
Chairman of Employer; 
 (iii)     a reduction by Employer in Executive’s annual Base Salary as then in
effect; 
 (iv)     the exclusion of Executive from participation in Employer’s employee benefit plans (in
which Executive meets the participation eligibility requirements) in effect as of, 

  
 -5- 

 
or adopted or implemented on or after, the Effective Date, as the same may be improved or enhanced from time to time during the Employment Term; 

(v)     a reduction in Executive’s incentive compensation targets, including, without limitation,
equity-based incentive compensation targets; 
 (vi)     a relocation of Executive’s principal place of
employment from that set forth in this Agreement resulting in a material increase in Executive’s commute to and from Executive’s primary residence (for this purpose a one-way increase in
Executive’s commute by thirty-five (35) miles or more shall be deemed material); or 
 (vii)     any
purported termination of the employment of Executive by Employer that 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 event within the thirty- (30-) day period following Employer’s receipt of such written notice. 

1.6.7     Notice of Termination. 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. 

1.6.8     Procedural Requirements. Notwithstanding any provision of this Agreement to the contrary,
prior to the Chairman Succession Date, no purported termination of Executive’s employment by Employer for any reason shall be effective, and Executive’s employment shall not be terminated by Employer, unless and until there is delivered to
Executive a copy of a resolution effectuating such termination that is duly adopted by the affirmative vote of at least seventy-five percent (75%) of the full Board of Directors of BB&T (or, if applicable, the board of directors (or equivalent
governing body) of the ultimate parent entity of BB&T or its successor) at a meeting called and duly held for such purpose. 

1.7         TERMINATION COMPENSATION AND
POST-TERMINATION BENEFITS. 
 1.7.1     Retirement,
Termination for Just Cause, or Termination for Death. In the case of a termination of Executive’s employment hereunder due to Executive’s death in accordance with Section 1.6.1, a termination of Executive’s
employment due to Executive’s Retirement in accordance with Section 1.6.2, or a termination of Executive’s employment hereunder for Just Cause in accordance with Section 1.6.4, (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; any unreimbursed business expenses pursuant to Section 1.5 hereof incurred by Executive as of the Termination Date; and, in the case of a termination of Executive’s employment due to Executive’s
Retirement 

  
 -6- 

 
(including, without limitation, upon the Chairman Succession Date) or death, a prorated annual bonus in respect of the Termination Year equal to the product of the actual annual bonus that would
have been earned by the Executive in respect of the Termination Year had Executive’s employment not terminated and a fraction, the numerator of which is the number of days elapsed in the Termination Year through and including the Termination
Date and the denominator of which is the total number of days in the Termination Year (which prorated annual bonus shall be paid in accordance with the applicable bonus plan at the same time annual bonuses are paid to senior executives of Employer
generally, but in no event later than March 15 of the calendar year following the Termination Year); and (ii) except for termination as a result of Executive’s death, Executive agrees to comply with Executive’s Section 2
covenants (including, without limitation, compliance with the noncompetition and nonsolicitation covenants of Section 2). 

1.7.2     Termination for Disability. In the case of a termination of Executive’s
employment hereunder for Disability in accordance with Section 1.6.3, during the first twelve (12) consecutive months of the period of Executive’s Disability, Executive shall continue to earn all compensation (including bonuses and
incentive compensation) to which Executive would have been entitled if Executive had not been disabled, such compensation to be paid at the time, in the amount, and in the manner provided in Section 1.4, inclusive of any compensation received
pursuant to any applicable disability insurance plan of Employer. Thereafter, Executive shall receive his monthly compensation (as determined in accordance with Employer’s disability practices as in effect prior to the Effective Time), with
Employer to pay any portion that is not paid under the applicable disability insurance plan of Employer; and Executive shall have no right to receive any other compensation (such as Termination Compensation) or other benefits upon or after
Executive’s Termination Date. If a dispute arises between Executive and Employer concerning Executive’s Disability or ability to continue or return to the performance of his duties as aforesaid, Executive shall submit, at the expense of
Employer, to examination of a competent physician mutually agreeable to the parties, and such physician’s opinion as to Executive’s capability to so perform shall be final and binding upon Employer and Executive. If Executive incurs a
termination of employment pursuant to this Section 1.7.2, Executive shall be subject to all of the provisions of Section 2, including, without limitation, compliance with the noncompetition and nonsolicitation provisions thereof. 

1.7.3     Termination Without Just Cause. In the case of a termination of Executive’s
employment hereunder Without Just Cause in accordance with Section 1.6.5, Executive shall be entitled to the following from Employer: 

(i)         Executive shall receive Termination Compensation each month during the
Compensation Continuance Period. 
 (ii)         Any unvested benefits of Executive under
any employee stock-based or other benefit plan or arrangement shall become fully and immediately vested, and the payment or delivery of such awards or benefits shall be accelerated to the extent permitted by Section 409A or other applicable law
and the terms of such plan or arrangement. 
 (iii)         During the Compensation
Continuance Period, Executive shall either continue to participate (treating Executive as an “active employee” of Employer for this purpose) in the same group hospitalization plan, health care plan, dental care plan, life or other
insurance 

  
 -7- 

 
or death benefit plan, and any other present or future similar group welfare benefit plan or program for which officers of Employer generally are eligible, on the same terms as were in effect
(A) as of the Termination Date, or (B) if such plans and programs in effect prior to the Effective Date were, considered together as a whole, materially more generous to the officers of Employer, than as of the Effective Date; or, to the
extent such participation is not permitted by any group plan insurer, under comparable individual plans and coverage (to the extent commercially available) at the full cost of Employer. 

(iv)         Executive shall receive the Consulting Fee in accordance with Section 3.6.

 The Termination Compensation and other benefits provided for in this Section 1.7.3 (other than Section 1.7.3(iv)) shall be paid
by Employer in accordance with the standard payroll practices and procedures in effect prior to Executive’s Termination Date. If Executive incurs a termination of employment pursuant to this Section 1.7.3, Executive shall be subject to all
of the provisions of Section 2, including, without limitation, compliance with the noncompetition and nonsolicitation provisions thereof. If Executive breaches Executive’s obligations under Section 2, Executive shall not be entitled
to receive any further Termination Compensation or payments or benefits pursuant to this Section 1.7.3 from and after the date of such breach. 

1.7.4     Good Reason Termination. A Good Reason Termination under Section 1.6.6 shall
entitle Executive to the following from Employer: 
 (i)         Executive shall receive
Termination Compensation each month during the Compensation Continuance Period. 
 (ii)        
Any unvested benefits of Executive under any employee stock-based or other benefit plan or arrangement shall become fully and immediately vested, and the payment or delivery of such awards or benefits shall be accelerated to the extent permitted
by Section 409A or other applicable law and the terms of such plan or arrangement. 

(iii)         During the Compensation Continuance Period, Executive shall either continue to
participate (treating Executive as an “active employee” of Employer for this purpose) in the same group hospitalization plan, health care plan, dental care plan, life or other insurance or death benefit plan, and any other present or
future similar group welfare benefit plan or program for which officers of Employer generally are eligible, on the same terms as were in effect (A) as of the Termination Date, or (B) if such plans and programs in effect prior to the
Effective Date were, considered together as a whole, materially more generous to the officers of Employer, than as of the Effective Date; or, to the extent such participation is not permitted by any group plan insurer, under comparable individual
plans and coverage (to the extent commercially available) at the full cost of Employer. 

(iv)         Executive shall receive the Consulting Fee in accordance with Section 3.6.

 The Termination Compensation and other benefits provided for in this Section 1.7.4 (other than Section 1.7.4(iv)) shall be paid
by Employer in accordance with the standard payroll practices and procedures in effect prior to Executive’s Termination Date. If Executive incurs a termination of employment pursuant to this Section 1.7.4, Executive shall be subject to all
of the provisions of Section 2, including, without limitation, compliance with the noncompetition and 

  
 -8- 

 
nonsolicitation provisions thereof. If Executive breaches Executive’s obligations under Section 2, Executive shall not be entitled to receive any further Termination Compensation or
payments or benefits pursuant to this Section 1.7.4 from and after the date of such breach. 

1.7.5         No Termination of Continuing Obligations. Termination of
Executive’s employment relationship with Employer in accordance with the applicable provisions of this Agreement does not terminate those obligations imposed by this Agreement that are continuing obligations, including, without limitation,
Executive’s obligations under Section 2. Any provision of this Agreement that by its terms obligates Employer to make payments subsequent to termination of Executive’s employment shall survive any such termination. 

1.7.6         SERP. Executive is a participant in the BB&T Non-Qualified Defined Benefit Plan (the “SERP”). The SERP was formerly known as the Branch Banking and Trust Company Supplemental Executive Retirement Plan. The SERP is a non-qualified, unfunded supplemental retirement plan that provides benefits to or on behalf of selected key management employees. The benefits provided under the SERP supplement the retirement and survivor benefits
payable from the Pension Plan. The provisions of the SERP shall be and hereby are incorporated in this Agreement. The SERP, as applied to Executive, may not be terminated, modified, or amended without the express written consent of Executive. Thus,
any amendment or modification to the SERP or the termination of the SERP shall be ineffective as to Executive unless Executive consents in writing to such termination, modification, or amendment. The Supplemental Pension Benefit (as defined in the
SERP) of Executive shall not be adversely affected because of any modification, amendment, or termination of the SERP. In the event of any conflict between the terms of this Section 1.7.6 and the SERP, the provisions of this Section 1.7.6
shall prevail. 
  

	2.	 ADDITIONAL COVENANTS OF EXECUTIVE. 

2.1     NONCOMPETITION. Executive acknowledges and agrees that the duties and
responsibilities to be performed by Executive under this Agreement are of a special and unusual character that have a unique value to Employer and their Affiliates, the loss of which cannot be adequately compensated by damages in any action in law.
As a consequence of his unique position as Chairman and Chief Executive Officer of Employer, Executive also acknowledges and agrees that Executive will have broad access to Confidential Information, that Confidential Information will in fact be
developed by Executive in the course of performing Executive’s duties and responsibilities under this Agreement, and that the Confidential Information furnishes a competitive advantage in many situations and constitutes, separately and in the
aggregate, valuable, special, and unique assets of Employer and their Affiliates. Executive further acknowledges and agrees that the unique and proprietary knowledge and information possessed by, or which will be disclosed to, or developed by,
Executive in the course of Executive’s employment will be such that Executive’s breach of the covenants contained in this Section 2.1 would immeasurably and irreparably damage Employer and their Affiliates regardless of where in the
Restricted Area the activities constituting such breach were to occur. Thus, Executive acknowledges and agrees that it is both reasonable and necessary for the covenants in this Section 2.1 to apply to Executive’s activities throughout the
Restricted Area. In recognition of the special and unusual character of the duties and responsibilities of Executive under this Agreement and as a material inducement to Employer to continue to employ Executive in this

  
 -9- 

 
special and unique capacity, Executive covenants and agrees that, to the extent and subject to the limitations provided in this Section 2, while Executive is employed by Employer and for a
one (1) year period following the later of Executive’s Termination Date and the last day of the Consulting Term (to the extent Executive is providing consulting services pursuant to Section 3 hereof), Executive shall not, on
Executive’s own account or as an employee, associate, consultant, partner, agent, principal, contractor, owner, officer, director, member, manager, or stockholder of any other Person who is engaged in the Business (collectively, the
“Restricted Persons”), directly or indirectly, alone, for, or in combination with any one or more Restricted Persons, in one or a series of transactions: 

(i)         serve in any capacity of any Person who is engaged in the Business in any state in
the Restricted Area and who is a direct competitor of Employer or of any Affiliate of Employer who is also engaged in the Business; 

(ii)         provide consultative services to any Person who is engaged in the Business in any
state in the Restricted Area and who is a direct competitor of Employer or of any Affiliate of Employer who is also engaged in the Business; 

(iii)         call upon any of the depositors, customers or clients of Employer (or of any
Affiliate who is also engaged in the Business) who were such at any time during the twelve- (12-) month period ending on the Termination Date whose needs Executive gained information about during
Executive’s employment with Employer for the purpose of soliciting or providing any product or service similar to that provided by Employer or their Affiliates; 

(iv)         solicit, divert, or take away, or attempt to solicit, divert or take away any of
the depositors, customers or clients of Employer (or of any Affiliate who is also engaged in the Business) who were such at any time during the twelve- (12-) month period ending on the Termination Date whose
needs Executive gained information about during Executive’s employment with Employer; or 

(v)         induce or attempt to induce any employee of Employer or their Affiliates to
terminate employment with Employer or their Affiliates. 
 Nothing in this Section 2.1 shall be read to prohibit an investment
described in the last sentence of Section 1.2.1. 
 2.2         NON-DISCLOSURE OF CONFIDENTIAL INFORMATION; NON-DISPARAGEMENT. During the Employment
Term, the Consulting Term, and at any time thereafter, and except as required by any court, supervisory authority, or administrative agency or as may be otherwise required by applicable law, Executive shall not, without the written consent of the
Boards of Directors of Employer, or a person authorized thereby, communicate, furnish, divulge, or disclose to any Person, other than an employee of Employer or an Affiliate thereof, or a Person to whom communication or disclosure is reasonably
necessary or appropriate in connection with the performance by Executive of Executive’s duties as an employee or consultant of Employer, any Confidential Information obtained by Executive while in the employ of or while providing services to
Employer or any Affiliate, unless and until such information has become a matter of public knowledge at the time of such disclosure. Executive shall use Executive’s best efforts to 

  
 -10- 

 
prevent the removal of any Confidential Information from the premises of Employer or any of their Affiliates, except as required in connection with the performance of Executive’s duties as
an employee or consultant of Employer. Executive acknowledges and agrees that (i) all Confidential Information (whether now or hereafter existing) conceived, discovered, or developed by Executive during the Employment Term or the Consulting
Term belongs exclusively to Employer and not to him; (ii) that Confidential Information is intended to provide rights to Employer in addition to, not in lieu of, those rights Employer and their Affiliates have under the common law and
applicable statutes for the protection of trade secrets and confidential information; and (iii) that Confidential Information includes information and materials that may not be explicitly identified or marked as confidential or proprietary. In
addition, during the Employment Term, the Consulting Term, and at any time thereafter, Executive shall not make any disparaging remarks, or any remarks that would reasonably be construed as disparaging, regarding Employer or any of their Affiliates,
or their officers, directors, employees, partners, or agents. Executive shall not take any action or provide information or issue statements, to the media or otherwise, or cause anyone else to take any action or provide information or issue
statements, to the media or otherwise, regarding Employer or any of their Affiliates or their officers, directors, employees, partners, or agents. Notwithstanding the foregoing, the covenants set forth in this Section 2.2 are not intended to,
and shall be interpreted in a manner that does not, limit or restrict Executive from exercising any legally protected whistleblower rights (including pursuant to Rule 21F promulgated under the Securities Exchange Act of 1934, as amended). 

2.3         USE OF UNAUTHORIZED
SOFTWARE. During the Employment Term, Executive shall not knowingly load any unauthorized software into Executive’s computer (whether personal or owned by Employer). Executive may request that Employer purchase, register, and
install certain software or other digital intellectual property, but Executive may not copy or install such software or intellectual property himself. Executive acknowledges that certain software and digital intellectual property is Confidential
Information of Employer and Executive agrees, in accordance with Section 2.2, to keep such software and intellectual property confidential and not to use it except in furtherance of Employer’s Business or the operations of Employer or its
Affiliates. 
 2.4         REMOVAL OF MATERIALS.
During the Employment Term, the Consulting Term, and at any time thereafter, and except as may be required or deemed necessary or appropriate in connection with the performance by Executive of Executive’s duties as an employee of or consultant
to Employer, Executive shall not copy, dispose of, or remove from Employer or their Affiliates any depositor, customer, or client lists, software, computer programs, or other digital intellectual property, books, records, forms, data, manuals,
handbooks, or any other papers or writings relating to the Business or the operations of Employer or their Affiliates. 

2.5         WORK PRODUCT. Employer alone shall be entitled
to all benefits, profits, and results arising from or incidental to Executive’s Work Product (as defined in this Section 2.5). To the greatest extent possible, any work product, property, data, documentation, inventions, or information or
materials prepared, conceived, discovered, developed, or created by Executive in connection with performing Executive’s responsibilities during the Employment Term or the Consulting Term (“Work Product”) shall be deemed to be
“work made for hire” as defined in the Copyright Act, 17 U.S.C.A. § 101 et seq., as amended, and owned exclusively by Employer. Executive hereby unconditionally and irrevocably transfers and assigns to Employer all

  
 -11- 

 
intellectual property or other rights, title, and interest Executive may currently have (or in the future may have) by operation of law or otherwise in or to any Work Product. Executive agrees to
execute and deliver to Employer any transfers, assignments, documents, or other instruments that may reasonably be necessary or appropriate to vest complete title and ownership of any Work Product and all associated rights exclusively in Employer.
Employer shall have the right to adapt, change, revise, delete from, add to, and/or rearrange the Work Product or any part thereof written or created by Executive, and to combine the same with other works to any extent, and to change or substitute
the title thereof, and in this connection Executive hereby waives the “moral rights” of authors as that term is commonly understood throughout the world, including, without limitation, any similar rights or principles of law that Executive
may now or later have by virtue of the law of any locality, state, nation, treaty, convention, or other source. Unless otherwise specifically agreed, Executive shall not be entitled to any compensation in addition to that provided for in this
Agreement for any exercise by Employer of its rights set forth in this Section 2.5. In the event that any Work Product qualifies for protection under the United States Patent Act, 35 U.S.C. § 1 et seq., as amended, and
Executive agrees to bear the cost of seeking a patent from the U.S. Patent Office, Employer agrees, upon the issuance of such patent and upon receipt from Executive of reimbursement of all costs and expenses related to obtaining such patent, to
assign the patent to Executive. Executive hereby grants to Employer a royalty-free, perpetual, irrevocable license to any such patent obtained by Executive in accordance with the preceding sentence. 

2.6         INTERPRETATION; REMEDIES. Consistent with
Section 4.8, the covenants contained in this Section 2 (the “Covenants”) shall be construed and interpreted in any judicial proceeding to permit their enforcement to the maximum extent permitted by law and each of the
Covenants is severable and independently enforceable without reference to the enforceability of any other Covenants. Further, if any provision of the Covenants or of this Section 2 is held by a court of competent jurisdiction to be overbroad as
written, Executive specifically agrees that the court should modify such provision in order to make it enforceable, and that a court should view each such provision as severable and enforce those severable provisions deemed reasonable by such court.
Executive agrees that the restraints imposed by this Section 2 are fair and necessary to prevent Executive from unfairly taking advantage of contacts established, nurtured, serviced, enhanced, or promoted and knowledge gained during
Executive’s employment with or services to Employer and their Affiliates, and are necessary for the reasonable and proper protection of Employer and their Affiliates and that each and every one of the restraints is reasonable with respect to
the activities prohibited, the duration thereof, the Restricted Area, the scope thereof, and the effect thereof on Executive and the general public. Executive acknowledges that the Covenants will not cause an undue burden on Executive. Executive
further acknowledges that violation of any one or more of the Covenants would immeasurably and irreparably damage Employer and their Affiliates, and, accordingly, Executive agrees that for any violation or threatened violation of any of such
Covenants, Employer shall, in addition to any other rights and remedies available to it, at law or otherwise (including, without limitation, the recovery of damages from Executive), be entitled to specific performance and an injunction to be issued
by any court of competent jurisdiction enjoining and restraining Executive from committing any violation or threatened violation of the Covenants. Executive hereby consents to the issuance of such injunction and agrees to submit to the equitable
jurisdiction of any court of competent jurisdiction, without reference to whether Executive resides or does business in that jurisdiction at the time such injunction is sought or entered. 

  
 -12- 

 2.7     NOTICE OF
COVENANTS. Executive agrees that prior to accepting employment with any other Person during the Employment Term or during the two- (2-) year period
following the termination of his employment with Employer, Executive shall provide Employer with written notice of his intent to accept such employment, which notice shall include the name of the prospective employer, the business engaged in or to
be engaged in by the prospective employer, and the position Executive intends to accept with the prospective employer. In addition, Executive shall provide such prospective employer with written notice of the existence of this Agreement and the
Covenants. 
  

	3.	 CONSULTING TERMS AND DUTIES. 

3.1     CONSULTING TERM. The term of Executive’s consulting services
under this Agreement shall commence on the Chairman Succession Date or, if earlier, upon the termination of the Employment Term pursuant to Section 1.6.2 (Retirement), and shall continue until September 12, 2022 (the “Expiration
Date” and, such period, as it may be shortened in accordance with Section 3.5.1, the “Consulting Term”). If the Employment Term is terminated prior to the Chairman Succession Date pursuant to Section 1.6.1
(death), 1.6.3 (Disability), 1.6.4 (Just Cause), 1.6.5 (Without Just Cause), or 1.6.6 (Good Reason Termination), then the Consulting Term shall not commence and, in the case of such a termination pursuant to Section 1.6.5 (Without Just Cause)
or 1.6.6 (Good Reason Termination), Executive shall be entitled to the payments set forth in Section 3.6. 

3.2     CONSULTING SERVICES. During the Consulting Term,
Executive shall serve as a non-employee consultant to BB&T and BBTC and shall provide general advisory services as reasonably requested by the Board of Directors of BB&T and/or BBTC and the Chief
Executive Officer of BB&T and/or BBTC with respect to the business of Employer and shall be available to dedicate up to eight (8) hours a week as Executive and Employer mutually deem reasonable for the performance of the consulting
services; provided that, notwithstanding the foregoing, Employer and Executive shall use their reasonable best efforts to ensure that the level of Executive’s services during the Consulting Term is consistent with the intent that
Executive’s termination of employment constitutes a “separation from service” (within the meaning of Section 409A (as defined below)). Such services shall be performed at such locations as Executive reasonably deems appropriate.

 3.3     REMUNERATION. In consideration of the services rendered to Employer during the
Consulting Term, Executive shall be paid a monthly fee (prorated for any partial months) equal to (i) the sum of (A) Executive’s Base Salary as in effect immediately prior to the Chairman Succession Date (or, if earlier, as in effect
immediately prior to Executive’s Retirement), and (B) the amount of Executive’s target annual cash incentive award opportunity as in effect immediately prior to the Chairman Succession Date (or, if earlier, as in effect immediately
prior to Executive’s Retirement) (and, in no event less than that in effect for the most recently completed fiscal year of Employer prior to the Chairman Succession Date (or, if earlier, the date of Executive’s Retirement)), divided by
(ii) twelve (12) (the “Consulting Fee”), payable in arrears during the Consulting Term no later than the fifth (5th) business day of each month, with the first (1st) such payment to be made no later than April 7, 2022. In
addition, during the Consulting Term, the business expense reimbursement provisions of Section 1.5 shall continue to apply. The Consulting Fee shall be in addition to the compensation payable to

  
 -13- 

 
Executive for his service as a non-employee director of the Boards of Directors of BB&T and BBTC. 

3.4     STATUS AS NON-EMPLOYEE. Employer and
Executive acknowledge and agree that, in performing services during the Consulting Term, Executive shall be acting and shall act at all times as an independent contractor only and not as an employee, agent, partner, or joint venturer of or with
Employer or their respective affiliates. Executive acknowledges that Executive shall be solely responsible for the payment of all federal, state, local, and foreign taxes that are required by applicable laws or regulations to be paid with respect to
all compensation and benefits payable or provided pursuant to Section 3.3. 
 3.5     TERMINATION
OF CONSULTING TERM. 
 3.5.1
        Termination. Subject to Section 3.5.3, either Employer or Executive may terminate Executive’s consulting services and the Consulting Term at any time and for any reason (or
no reason) by providing the other party with thirty (30) days’ advance written notice of such termination, and Executive’s consulting services and the Consulting Term shall automatically terminate upon Executive’s death. 

3.5.2         Payments upon Termination. Upon termination of the Consulting Term
for any reason, Employer shall pay to Executive any earned but unpaid Consulting Fees for consulting services rendered prior to the date of the termination of the Consulting Term and shall reimburse Executive for any business expenses incurred prior
to such termination for which Executive would be entitled to reimbursement pursuant to Section 1.5. In addition, upon a termination of the Consulting Term by Employer for any reason other than Just Cause or due to Executive’s Disability,
Executive shall be entitled to a lump sum cash payment equal to the unpaid Consulting Fee for the period commencing on the date of such termination and ending on the Expiration Date. Any amounts payable upon termination of the Consulting Term shall
be paid within ten (10) business days following the date of such termination. 
 3.5.3
        Procedural Requirements. Notwithstanding any provision of this Agreement to the contrary, prior to the Expiration Date, (i) no purported termination of Executive’s
consulting services by Employer for any reason shall be effective, and Executive’s consulting services shall not be terminated by Employer, unless and until there is delivered to Executive a copy of a resolution effectuating such termination
that is duly adopted by the affirmative vote of at least seventy-five percent (75%) of the full Board of Directors of BB&T (or, if applicable, the board of directors (or equivalent governing body) of the ultimate parent entity of BB&T or its
successor) at a meeting called and duly held for such purpose. 
 3.6     PAYMENT
UPON FAILURE OF CONSULTING TERM TO COMMENCE. If the Employment Term is terminated prior to the Chairman Succession Date pursuant to
Section 1.6.5 (Without Just Cause) or 1.6.6 (Good Reason Termination), then Executive shall be entitled to a lump sum cash payment equal to the aggregate Consulting Fees that would have been payable during the Consulting Term, which amount
shall be paid within ten (10) business days following the date of such termination. 

  
 -14- 

	4.	 MISCELLANEOUS. 

4.1     NOTICES. All notices, requests, and other communications
to any party under this Agreement must be in writing (including telefacsimile transmission or similar writing) and shall be given to such party at his, her or its address or telefacsimile number set forth below or at such other address or
telefacsimile number as such party may hereafter specify for the purpose of giving notice to the other party: 
 If to the Executive: 

At the Executive’s most recent address on file at the Company. 

If to Employer, to: 
 BB&T
Corporation 
 Branch Banking and Trust Company 

West Second Street 

Winston-Salem, NC 27101 

Facsimile: (336) 733-2189 

Attention: General Counsel 
 Each such notice,
request, demand or other communication shall be effective (i) if given by mail, seventy-two (72) hours after such communication is deposited in the mails with first class postage prepaid, addressed
as aforesaid or (ii) if given by any other means, when delivered at the address specified in this Section 4.1. Delivery of any notice, request, demand or other communication by telefacsimile shall be effective when received if received
during normal business hours on a business day. If received after normal business hours, the notice, request, demand or other communication will be effective at 10:00 a.m. on the next business day. 

4.2     ENTIRE AGREEMENT. This Agreement expresses the whole and entire agreement
between the parties with reference to the employment and service of Executive and, effective as of and subject to the Effective Time, shall supersede and replace any prior employment agreements (including, without limitation, the Predecessor
Agreement), understandings, or arrangements (whether written or oral) among Employer and Executive. 
 4.3
    WAIVER; MODIFICATION. No waiver or modification of this Agreement or of any covenant, condition, or limitation herein contained shall be valid unless in
writing and duly executed by the party to be charged therewith. No evidence of any waiver or modification shall be offered or received in evidence at any proceeding, arbitration, or litigation between the parties hereto arising out of or affecting
this Agreement, or the rights or obligations of the parties hereunder, unless such waiver or modification is in writing, duly executed as aforesaid. The parties further agree that the provisions of this Section 4.3 may not be waived except as
herein set forth. 
 4.4     AMENDMENT. This Agreement may be amended, supplemented, or modified
only by a written instrument duly executed by or on behalf of each party hereto. In addition, consistent with the Bylaw Amendment, no such amendment, supplementation, or modification 

  
 -15- 

 
made prior to December 31, 2023 (with respect to the provisions of Section 1.2.2) or made prior to the third (3rd) anniversary of the Effective Date (with respect to any other
provisions of this Agreement) shall be valid unless such amendment, supplementation, or modification is approved by the affirmative vote of at least seventy-five percent (75%) of the full Board of Directors of BB&T (or, if applicable, the board
of directors (or equivalent governing body) of the ultimate parent entity of BB&T or its successor). 
 4.5
    NO THIRD-PARTY BENEFICIARY. The terms and provisions of this Agreement are intended solely for the benefit of each party hereto, Employer’s successors or
assigns, and Executive’s heirs, executors, administrators, and legal representatives, and it is not the intention of the parties to confer third-party beneficiary rights upon any other Person. 

4.6     NO ASSIGNMENT; BINDING EFFECT;
NO ATTACHMENT. This Agreement and the obligations undertaken herein shall be binding upon and shall inure to the benefit of any successors or assigns of Employer, and shall be binding
upon and inure to the benefit of Executive’s heirs, executors, administrators, and legal representatives. Executive shall not be entitled to assign or delegate any of Executive’s obligations or rights under this Agreement; provided,
however, that nothing in this Section 4.6 shall preclude Executive from designating a beneficiary to receive any benefit payable under this Agreement upon Executive’s death. Except as otherwise provided in this Agreement or required
by applicable law, no right to receive payments under this Agreement shall be subject to anticipation, commutation, alienation, sale, assignment, encumbrance, charge, pledge, or hypothecation, or to execution, attachment, levy, or similar process or
assignment by operation of law, and any attempt, voluntary or involuntary, to effect any such action shall be null, void, and of no effect. 

4.7     HEADINGS. The headings of paragraphs and sections herein are included solely for convenience
of reference and shall not control the meaning or interpretation of any of the provisions of this Agreement. 
 4.8
    SEVERABILITY. Employer and Executive intend all provisions of this Agreement to be enforced to the fullest extent permitted by law. Accordingly, if a court of competent
jurisdiction determines that the scope and/or operation of any provision of this Agreement is too broad to be enforced as written, Employer and Executive intend that the court should reform such provision to such narrower scope and/or operation as
it determines to be enforceable. If, however, any provision of this Agreement is held to be illegal, invalid, or unenforceable under present or future law, and not subject to reformation, then (i) such provision shall be fully severable,
(ii) this Agreement shall be construed and enforced as if such provision was never a part of this Agreement, and (iii) the remaining provisions of this Agreement shall remain in full force and effect and shall not be affected by illegal,
invalid, or unenforceable provisions or by their severance. 
 4.9     GOVERNING
LAW. The parties intend that this Agreement and the performance hereunder and all suits and special proceedings hereunder shall be governed by and construed in accordance with and under and pursuant to the laws of the State of
North Carolina without regard to conflicts of law principles thereof and that in any action, special proceeding, or other proceeding that may be brought arising out of, in connection with, or by reason of this Agreement, the laws of the State of
North Carolina shall be applicable and shall govern to the 

  
 -16- 

 
exclusion of the law of any other forum. Any action, special proceeding, or other proceeding with respect to this Agreement shall be brought exclusively in the federal or state courts of the
State of North Carolina, and by execution and delivery of this Agreement, Executive and Employer irrevocably consent to the exclusive jurisdiction of those courts and Executive hereby submits to personal jurisdiction in the State of North Carolina.
Executive and Employer irrevocably waive any objection, including any objection based on lack of jurisdiction, improper venue, or forum non conveniens, which either may now or hereafter have to the bringing of any action or proceeding in such
jurisdiction in respect to this Agreement or any transaction related hereto. Executive and Employer acknowledge and agree that any service of legal process by mail in the manner provided for notices under this Agreement constitutes proper legal
service of process under applicable law in any action or proceeding under or in respect to this Agreement. 
 4.10
    COUNTERPARTS. This Agreement may be executed in one or more counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument. 

4.11     WITHHOLDING. Employer shall deduct and withhold all federal, state, local, and employment
taxes and any other similar sums required by applicable law, or in accordance with the applicable provisions of Employer’s employee benefit plans, to be withheld from any payments made to Executive in respect of his employment pursuant to the
terms of this Agreement. 
 4.12     DEFINITIONS. Wherever used in this Agreement, including, but
not limited to, the Recitals, the following terms shall have the meanings set forth below (unless otherwise indicated by the context) and such meanings shall be applicable to both the singular and plural form (except where otherwise expressly
indicated): 
 (i)     “Affiliate” means a Person or person that directly or indirectly through
one or more intermediaries, controls, is controlled by, or is under common control with, another Person or person. 
 (ii)
    “Business” means the banking business, which business includes, but is not limited to, the consumer, savings, and commercial banking business; the trust business; the savings and loan business; and the
mortgage banking business. 
 (iii)     “Code” means the Internal Revenue Code of 1986, as
amended, and the rules and regulations issued thereunder. 
 (iv)     “Commencement Month”
means the first (1st) day of the calendar month next following the month in which Executive’s Termination Date occurs. 
 (v)
    “Compensation Continuance Period” means the time period commencing with the Commencement Month and ending on the date that coincides with the expiration of the
thirty-six (36) consecutive month period that began with the Commencement Month. 
 (vi)
    “Confidential Information” means all non-public information that has been created, discovered, obtained, developed, or otherwise become known to Employer or their

  
 -17- 

 
Affiliates other than through public sources, including, but not limited to, all competitively-sensitive information, all inventions, processes, data, computer programs, software, databases, know-how, digital intellectual property, marketing plans, business and sales plans and strategies, training programs and procedures, acquisition prospects, customer lists, diagrams and charts and similar items,
depositor lists, clients lists, credit information, budgets, projections, new products, information covered by the Trade Secrets Protection Act, N.C. Gen. Stat., Chapter 66, §§152 to 162, and other information owned by Employer or
their Affiliates that is not public information. 
 (vii)     “Excise Tax” means the excise tax
on excess parachute payments under Section 4999 of the Code (or any successor or similar provision thereof), including any interest or penalties with respect to such excise tax. 

(viii)     “Pension Plan” means the BB&T Corporation Pension Plan, a tax qualified defined
benefit pension plan. 
 (ix)     “Person” means any individual, person, partnership, limited
liability company, joint venture, corporation, company, firm, group, or other entity. 
 (x)
    “Restricted Area” means the continental United States. 
 (xi)
    “Retirement” and “retires” means voluntary termination by Executive of Executive’s employment with Employer on or after the Effective Time that satisfies the requirements for early
retirement or normal retirement under the Pension Plan. 
 (xii)     “Termination Compensation”
means a monthly cash amount equal to one-twelfth (1/12th) of the average annual cash compensation received (including cash bonuses and other cash-based compensation, including for these purposes amounts earned
or payable whether or not deferred) by Executive during the three (3) calendar years immediately preceding the calendar year in which Executive’s Termination Date occurs. In no event shall Executive’s Termination Compensation include
equity-based compensation (e.g., income realized as a result of Executive’s exercise of nonqualified stock options or other stock based benefits). 

(xiii)     “Termination Date” means the date Executive’s employment with Employer is
terminated, and which termination is a “separation from service” within the meaning of Section 409A. 
 (xiv)
    “Termination Year” means the calendar year in which Executive’s Termination Date occurs. 

(xv)     “Treasury” means the United States Department of the Treasury. 

4.13     CODE
SECTION 409A. 
 (i)
    In General. To the extent applicable, the parties hereto intend that this Agreement comply with Section 409A of the Code and all regulations, guidance, or other interpretative authority thereunder
(“Section 409A”) or an exemption or exclusion therefrom. The parties hereby agree that this Agreement shall be construed in a manner to comply with Section 409A and that should any provision be found not in
compliance with Section 409A, the 

  
 -18- 

 
parties are hereby contractually obligated to execute any and all amendments to this Agreement deemed necessary and required by legal counsel for Employer to achieve compliance with
Section 409A. 
 (ii)     Specified Employee. Notwithstanding anything contained in this Agreement to the
contrary, if at the time of Executive’s “separation from service” (as defined in Section 409A), Executive is a “specified employee” (within the meaning of Section 409A and Employer’s specified employee
identification policy) and if any payment, reimbursement, and/or in-kind benefit that constitutes nonqualified deferred compensation (within the meaning of Section 409A) is deemed to be triggered by
Executive’s separation from service, then, to the extent one or more exceptions to Section 409A are inapplicable (including, without limitation, the exception under Treasury Regulations
Section 1.409A-1(b)(9)(iii) relating to separation pay due to an involuntary separation from service and its requirement that installments must be paid no later than the last day of the second (2nd)
taxable year following the taxable year in which such an employee incurs the involuntary separation from service), all payments, reimbursements, and in-kind benefits that constitute nonqualified deferred
compensation (within the meaning of Section 409A) to Executive shall not be paid or provided to Executive during the six- (6-) month period following
Executive’s separation from service, and (i) such postponed payment and/or reimbursement/in-kind amounts shall be paid to Executive in a lump sum within thirty (30) days after the date that is
six (6) months following Executive’s separation from service; (ii) any amounts payable to Executive after the expiration of such six- (6-) month period
shall continue to be paid to Executive in accordance with the terms of the Employment Agreement; and (iii) to the extent that any group hospitalization plan, health care plan, dental care plan, life or other insurance or death benefit plan, and
any other present or future similar group executive benefit plan or program or any lump sum cash out thereof is nonqualified deferred compensation (within the meaning of Section 409A), Executive shall pay for such benefits from his Termination
Date until the first (1st) day of the seventh (7th) month following the month of Executive’s separation from service, at which time Employer shall reimburse Executive for such payments. If Executive dies during such six- (6-) month period and prior to the payment of such postponed amounts of nonqualified deferred compensation, any such postponed amounts shall be paid in a lump sum to
Executive’s estate or, if applicable, to Executive’s designated beneficiary within thirty (30) days after the date of Executive’s death. 

(iii)     Reimbursements and In-Kind Benefits. Notwithstanding any other
provision of the applicable plans and programs, all reimbursements and in-kind benefits provided under this Agreement shall be made or provided in accordance with the requirements of Section 409A,
including, where applicable, the requirement that (i) the amount of expenses eligible for reimbursement and the provision of benefits in kind during a calendar year shall not affect the expenses eligible for reimbursement or the provision of in-kind benefits in any other calendar year; (ii) the reimbursement for an eligible expense will be made on or before the last day of the calendar year following the calendar year in which the expense is
incurred; (iii) the right to reimbursement or right to in-kind benefit is not subject to liquidation or exchange for another benefit; and (iv) each reimbursement payment or provision of in-kind benefit shall be one of a series of separate payments (and each shall be construed as a separate identified payment) for purposes of Section 409A. 

  
 -19- 

 (iv)     Miscellaneous Section 409A
Compliance. All payments to be made to Executive upon a termination of employment may only be made upon a “separation from service” (within the meaning of Section 409A) of Executive; and phrases in this Agreement such as
“termination of employment,” “Executive’s termination,” “terminated,” and similar phrases shall mean a “separation from service” within the meaning of Section 409A. For purposes of Section 409A,
(i) each payment made under this Agreement shall be treated as a separate payment; (ii) Executive may not, directly or indirectly, designate the calendar year of payment; and (iii) no acceleration of the time and form of payment of
any nonqualified deferred compensation to Executive, or any portion thereof, shall be permitted. 
 4.14
    ATTORNEYS’ FEES. In the event any dispute shall arise between Executive and Employer as to the terms or interpretations of this Agreement, whether instituted by formal legal proceedings
or otherwise, including any action taken by Executive to enforce the terms of this Agreement or in defending against any action taken by Employer, Employer shall reimburse Executive for all reasonable costs and expenses, including reasonable
attorneys’ fees, arising from such dispute, proceeding, or action, if Executive shall prevail in any action initiated by Executive or shall have acted reasonably and in good faith in defending against any action initiated by Employer. Such
reimbursement shall be paid within ten (10) days of Executive’s furnishing to Employer written evidence, which may be in the form, among other things, of a cancelled check or receipt, of any costs or expenses incurred by Executive. Any
such request for reimbursement by Executive shall be made no more frequently than at sixty (60) day intervals. 
 4.15
    JOINT AND SEVERAL OBLIGATIONS. To the extent permitted by applicable law, all obligations of Employer under this Agreement shall be joint and several. 

4.16     NO EXCISE TAX. Anything
in this Agreement to the contrary notwithstanding, Executive and Employer agree that in no event shall the present value of all payments, distributions, and benefits provided (including, without limitation, the acceleration of exercisability of any
stock option) to Executive or for Executive’s benefit (whether paid or payable or distributed or distributable) pursuant to the terms of this Agreement or otherwise that constitute a “parachute payment” when aggregated with
other payments, distributions, and benefits that constitute “parachute payments,” exceed two hundred ninety-nine percent (299%) of Executive’s “base amount.” As used herein, “parachute payment” has the
meaning ascribed to it in Section 280G(b)(2) of the Code; and “base amount” has the meaning ascribed to it in Section 280G of the Code and the regulations promulgated thereunder. If the “present value”, as
defined in Sections 280G(d)(4) and 1274(b)(2) of the Code, of such aggregate “parachute payments” exceeds the two hundred ninety-nine percent (299%) limitation set forth herein, such payments, distributions, and benefits shall be
reduced by Employer in accordance with the order of priority set forth below so that such reduced amount will result in no portion of the payments, distributions, and benefits being subject to Excise Tax. All calculations required to be made under
this Section 4.16 shall be made by any nationally recognized accounting firm that is BB&T’s outside auditor immediately prior to the event triggering the payment(s), distribution(s), and benefit(s) described above (the
“Accounting Firm”). BB&T shall cause the Accounting Firm to provide detailed supporting calculations to BB&T and Executive. All fees and expenses of the Accounting Firm shall be borne solely by BB&T. Such payments,
distributions, and benefits will be reduced by Employer in accordance with the following order of priority: (i) first, “Full Credit Payments” (as defined below) will be reduced in reverse chronological order such

  
 -20- 

 
that the payment owed on the latest date following the occurrence of the event triggering the reduction will be the first (1st) payment to be reduced until such payment is reduced to zero, and
then the payment owed on the next latest date following the occurrence of the event triggering the reduction will be the second (2nd) payment to be reduced until such payment is equal to zero, and so forth, until all such Full Credit Payments have
been reduced to zero, and (ii) second, “Partial Credit Payments” (as defined below) will be reduced in reverse chronological order in the same manner as “Full Credit Payments” are reduced. “Full Credit
Payment” means a payment, distribution, or benefit, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise, that if reduced in value by one dollar ($1.00) reduces the amount of a
“parachute payment” by one dollar ($1.00). “Partial Credit Payment” means a payment, distribution, or benefit, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise,
that if reduced in value by one dollar ($1.00) reduces the amount of a parachute payment by an amount that is less than one dollar ($1.00). For clarification purposes only, a “Partial Credit Payment” would include a stock option as to
which vesting is accelerated upon an event that triggers the reduction, where the in-the-money value of the option exceeds the value of the option acceleration that is
added to the parachute payment. 
 4.17     SURVIVAL. Any provision of this
Agreement that by its terms continues after the expiration of the Employment Term, the Consulting Term, or the termination of Executive’s employment or service as a consultant shall survive in accordance with its terms. 

4.18     RECITALS. The Recitals to this Agreement are a part of this Agreement. 

[The balance of this page is intentionally left blank.] 

  
 -21- 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the
date hereof. 
  

			
	BB&T CORPORATION

 
			
		
	By:	 	 /s/ Daryl N. Bible

		 	Name: Daryl N. Bible
		 	 Title:   Senior Executive Vice President

            and Chief Financial
Officer

 
			
	
	BRANCH BANKING AND TRUST COMPANY

 
			
		
	By:	 	 /s/ Daryl N. Bible

		 	Name: Daryl N. Bible
		 	 Title:   Senior Executive Vice President

            and Chief Financial
Officer

 
			
	
	KELLY S. KING

	
	 /s/ Kelly S. King

	Kelly S. King

 [Signature Page to Amended and Restated Employment Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00291-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00291-of-00352.parquet"}]]