Document:

Exhibit

Exhibit 10.2
BB&T CORPORATION 
2012 INCENTIVE PLAN
Performance Unit Award Agreement 
(Senior Executive)

	
		
	Grant Date:
	February 20, 2018

	Performance Period:
	January 1, 2018 through December 31, 2020

THIS AGREEMENT (the “Agreement”), made effective as of February 20, 2018 (the “Grant Date”), between BB&T CORPORATION, a North Carolina corporation (“BB&T”), for itself and its Affiliates, and the Employee (the “Participant”) specified in the above Notice of Grant and Agreement (the “Notice of Grant”), is made pursuant to and subject to the provisions of the BB&T Corporation 2012 Incentive Plan, as it may be amended and/or restated (the “Plan”).
RECITALS:
BB&T desires to carry out the purposes of the Plan by affording the Participant an opportunity to acquire shares of BB&T Common Stock, $5.00 par value per share (the “Common Stock”), as hereinafter provided.
In consideration of the foregoing, of the mutual promises set forth below and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows:
1.Incorporation of Notice of Grant and Plan.  The Notice of Grant is part of this Agreement and incorporated herein.  The rights and duties of BB&T and the Participant under this Agreement shall in all respects be subject to and governed by the provisions of the Plan, the terms of which are incorporated herein by reference.  In the event of any conflict between the provisions in the Agreement and those of the Plan, the provisions of the Plan shall govern.  Unless otherwise provided herein, capitalized terms in this Agreement shall have the same definitions as set forth in the Plan. Notwithstanding the foregoing, as a result of changes to Section 162(m) of the Tax Cut and Jobs Act of 2017, the performance-based compensation provisions of Section 162(m) are inapplicable to this Agreement.
2.    Grant of Performance Units.  Subject to the terms of this Agreement and the Plan, BB&T hereby grants the Participant an Award of Performance Units (the “Award”) for the number of whole shares of Common Stock at the Target Level of Achievement (the “Shares”) specified in the Notice of Grant and in accordance with the following provisions:
(a)    Performance Period.  The performance period (“Performance Period”) for the Award shall be January 1, 2018 through December 31, 2020.
(b)    Partial Performance Period.  
		
	(i)
	(1)  Death or Disability.  If the Participant ceases to be a Participant in the Plan during the Performance Period due to the Participant’s termination of employment due to death or Disability, the Participant’s Award for the 

Performance Period shall be payable in accordance with this Agreement, based upon the attainment of the Absolute Performance Goal and at least the Threshold Level of Achievement and the application of the TSR Modifier as provided in Section 2(c) and Exhibit A herein; provided that, for the avoidance of doubt, in the case of a Change of Control, the Performance Period shall end as of the date of the Change of Control and payment shall be made (for Participants who are not Employees on the date of the Change of Control), within two and one-half (2 1⁄2) months following a Change of Control as provided in Section 5(b) herein, calculated as provided in Section 2(b)(i)(3) below.  For the avoidance of doubt, the phrase “termination of employment” means a Separation from Service.
(2)    Involuntary Termination Without Cause and Retirement.  If the Participant ceases to be a Participant in the Plan during the Performance Period due to the Participant’s termination of employment (A) involuntarily by the Company and/or its Affiliates without Cause, or (B) due to Retirement, the Participant’s Award for the Performance Period shall be payable in accordance with this Agreement, based upon the attainment of the Absolute Performance Goal and at least the Threshold Level of Achievement and the application of the TSR Modifier as provided in Section 2(c) and Exhibit A herein; provided that, for the avoidance of doubt, in the case of a Change of Control, the Performance Period shall end as of the date of the Change of Control and payment shall be made (for Participants who are not Employees on the date of the Change of Control), within two and one-half (2 1⁄2) months following a Change of Control as provided in Section 5(b) herein, calculated as provided in Section 2(b)(i)(3) below.  A termination shall be for “Cause” if the termination of the Participant’s employment by the Company and/or its Affiliates is on account of the Participant’s (x) dishonesty, theft or embezzlement; (y) refusal or failure to perform the Participant’s assigned duties for BB&T or an Affiliate in a satisfactory manner; or (z) engaging in any conduct that could be materially damaging to BB&T or its Affiliates without a reasonable good faith belief that such conduct was in the best interest of BB&T or any of its Affiliates.  The determination of whether termination is for Cause shall be made by the Administrator (or its designee, to the extent permitted under the Plan), and its determination shall be final and conclusive.  For the avoidance of doubt, the phrase “termination of employment” means a Separation from Service. 

(3)    Change of Control.  If, while the Participant is an Employee, there is a Change of Control during the Performance Period, the Performance Period shall, notwithstanding anything to the contrary elsewhere in this Agreement, end upon the date of the Change of Control and the Participant’s Award shall be paid within two and one-half (2 1⁄2) months following a Change of Control as provided in Section 5(b) herein, calculated as follows:  provided that the Absolute Performance Goal of Section 2(c)(i)(aa) is met for the completed calendar year(s) during such shortened Performance Period (and if there are no completed calendar years during such shortened Performance Period, the Absolute Performance Goal of Section 2(c)(i)(aa) shall be deemed to be met), Participant’s Award shall be the sum of (1) and (2) as follows (and payable in 

accordance with Section 5(b) of this Agreement):  (1) for completed calendar year(s) during the shortened Performance Period, an Award amount shall be calculated by multiplying the Shares by a fraction, the numerator of which is the number of completed year(s) and the denominator of which is 3, and then by determining the actual Level of Achievement attained during such completed calendar year(s) adjusted by the TSR Modifier (and subject to the Maximum Award payment of 125% of the Shares) as provided in Section 2(c)(i)(cc) and Exhibit A, applied thereto for the completed calendar year(s) of the Performance Period; and (2) for the remaining uncompleted calendar year(s) in the Performance Period, an Award amount calculated by multiplying the Shares by a fraction, the numerator of which is the number of uncompleted calendar year(s) and the denominator of which is 3, and then multiplying the product thereof by the Target Level of Achievement for the Relative Performance Goal in Exhibit A.

		
	(ii)
	(1)     For purposes of Section 2(b)(i)(3) above, a “Change of Control” will be deemed to have occurred on the earliest of the following dates:  (A) the date any person or group of persons (as defined in Section 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), together with its affiliates, excluding employee benefit plans of BB&T and its Affiliates, is or becomes, directly or indirectly, the “beneficial owner” (as defined in Rule 13d-3 promulgated under the Exchange Act) of securities of BB&T representing thirty percent (30%) or more of the combined voting power of BB&T’s then outstanding securities; or (B) the date when, as a result of a tender offer or exchange offer for the purchase of securities of BB&T (other than such an offer by BB&T for its own securities), or as a result of a proxy contest, merger, consolidation or sale of assets, or as a result of any combination of the foregoing, individuals who at the beginning of any consecutive twelve- (12-) month period during the Performance Period of the Award constituted BB&T’s Board, plus new directors whose election or nomination for election by BB&T’s shareholders is approved by a vote of at least two-thirds of the directors still in office who were directors at the beginning of such twelve- (12-) month period (collectively, the “Continuing Directors”), cease for any reason during such twelve- (12-) month period to constitute at least two-thirds of the members of such board of directors; (C) the date the shareholders of BB&T approve an agreement for the sale or disposition by BB&T of all or substantially all of BB&T’s assets within the meaning of Section 409A; or (D) the date that any one person, or more than one person acting as a group, acquires ownership of stock of BB&T that, together with stock held by such person or group constitutes more than fifty percent (50%) of the total fair market value or total voting power of the stock of BB&T within the meaning of Section 409A.

(2)    Notwithstanding Section 2(b)(i)(3) and (ii)(1) above, the term “Change of Control” shall not include any event that is a “Merger of Equals.”  For purposes of the Plan and this Agreement, the term “Merger of Equals” means any event that would otherwise qualify as a Change of Control if the event (including, if applicable, the terms and conditions of the related agreements, exhibits, annexes, and similar documents) satisfies all of the following 

conditions as of the date of such event:  (A) the Board of BB&T or, if applicable, a majority of the Continuing Directors has, prior to the change in control event, approved the event; (B) at least fifty percent (50%) of the common stock of the surviving corporation outstanding immediately after consummation of the event, together with at least fifty percent (50%) of the voting securities representing at least fifty percent (50%) of the combined voting power of all voting securities of the surviving corporation outstanding immediately after the event shall be owned, directly or indirectly, by the persons who were the owners, directly or indirectly, of the common stock and voting securities of BB&T immediately before the consummation of such event in substantially the same proportions as their respective direct or indirect ownership immediately before such event of the common stock and voting securities of BB&T, respectively; (C) at least fifty percent (50%) of the directors of the surviving corporation immediately after the event shall be composed of directors who were Directors or Continuing Directors immediately before the event; and (D) the person who was the Chief Executive Officer (“CEO”) of BB&T immediately before the event shall be the CEO of the surviving corporation immediately after the event.  If a transaction constitutes a Merger of Equals, then, notwithstanding the provisions of Section 2(b)(i)(3) and (ii)(1) above, the vesting of the Award will not be accelerated due to the Merger of Equals, but the Award shall instead continue to vest, if at all, in accordance with the provisions of Sections 2, 3 and 4 herein.
(c)    Performance Measures for Award.  The pre-established three- (3-) year Performance Period’s Performance Measures (as defined in Section 2(c)(i) below) applicable to the Award and Levels of Achievement are as follows:
		
	(i)
	Performance Measures and Relative TSR/TSR Modifier:

(aa)     Absolute Performance Goal:  The average return on shareholders’ common equity for BB&T during the Performance Period determined in accordance with United States generally accepted accounting principles, as adjusted by BB&T (“BB&T Adjusted GAAP ROCE”), must be at least three percent (3%), and if less than three percent (3%) there will not be an Award payout. 
(bb)     Relative Performance Goal:  If the Absolute Performance Goal is achieved, the next Performance Measure shall be BB&T Adjusted GAAP ROCE relative to the average, by company, return on shareholders’ common equity, determined in accordance with United States generally accepted accounting principles, achieved by each company, as adjusted by BB&T, of the Peer Group during the Performance Period (“Peer Group Adjusted GAAP ROCE”).  
(cc)    Relative TSR/TSR Modifier:  After the Level of Achievement of the Relative Performance Goal is determined by the Administrator as provided in this Agreement, the Relative TSR and TSR Modifier shall be determined and applied in accordance with the TSR Modifier chart in Exhibit A attached hereto and made a part hereof.  As used in this Agreement, “Relative Total Shareholder Return” and “Relative TSR” means BB&T’s total Common 

Stock shareholder return performance rank defined as a percentile for the Performance Period relative to the range of the Peer Group members’ total common stock shareholder return for the Performance Period.  Total shareholder return for BB&T and each Peer Group member shall be calculated based upon BB&T’s Common Stock and the Peer Group members’ common stock appreciation during the Performance Period plus the value of dividends on the ex-dividend dates during the Performance Period on such stock (which dividends shall be deemed to have been reinvested in such underlying stock) and using a trailing twenty (20) trading day average stock price to determine both the Performance Period beginning stock price and the Performance Period ending stock price.  
		
	(ii)
	For purposes of the Relative Performance Goal of the Award, there shall be levels of achievement (“Levels of Achievement”), including, threshold (“Threshold”), target (“Target”), and maximum (“Maximum”).  The Threshold Level of Achievement shall be a BB&T Adjusted GAAP ROCE of the twenty-fifth (25th) percentile of the Peer Group Adjusted GAAP ROCE; the Target Level of Achievement shall be a BB&T Adjusted GAAP ROCE of the fiftieth (50th) percentile of the Peer Group Adjusted GAAP ROCE; and the Maximum Level of Achievement shall be a BB&T Adjusted GAAP ROCE of the sixty-second and a half (62.5) percentile of the Peer Group Adjusted GAAP ROCE.  The Levels of Achievement range from the Threshold Level of Achievement to the Maximum Level of Achievement as illustrated in the Level of Achievement Chart attached hereto as Exhibit A and made a part hereof.  

		
	(iii)
	For avoidance of doubt in the interpretation of the Exhibit A Level of Achievement Chart, there will not be an Award payout if the Threshold Level of Achievement is not attained for the Performance Period.  If the Threshold Level of Achievement is attained for the Performance Period, the Award payout to the Participant will, subject to the TSR Modifier of Exhibit A, be fifty percent (50%) of the Shares.  If the Target Level of Achievement is attained for the Performance Period, the Award payout to the Participant will, subject to the TSR Modifier of Exhibit A, be one hundred percent (100%) of the Shares.  If the Maximum Level of Achievement is attained for the Performance Period, the Award payout to the Participant will, subject to the TSR Modifier of Exhibit A, be one hundred twenty-five percent (125%) of the Shares.  

		
	(iv)
	For purposes hereof, the term “Peer Group” means Comerica Incorporated; Fifth-Third Bancorp; Huntington Bancshares, Incorporated; KeyCorp; M&T Bank Corporation; PNC Financial Services Group, Inc.; Regions Financial Corporation; SunTrust Banks, Inc.; U.S. Bancorp; Zions Bancorporation; Wells Fargo & Company; and Citizens Financial Group, Inc.

3.    Vesting of Award.  Subject to the terms of the Plan and the Agreement (including but not limited to the provisions of Sections 2, 4 and 5 herein), the Award shall be 100% vested and, to the extent any Award payout is determined by the Administrator, earned on March 15, 2021, following the December 31, 2020 expiration of the Performance Period, provided that the Administrator has not determined that all or any part of the Award shall be cancelled or forfeited as a result of either (i) a significant, negative risk outcome as a result of a corporate or individual action, or (ii) BB&T incurring an aggregate operating loss 

for the Performance Period.  The Administrator has sole authority to determine whether and to what degree the Award has vested and is payable and to interpret the terms and conditions of this Agreement and the Plan.
4.    Forfeiture of Award.  Except as may be otherwise provided in the Plan or in this Agreement (including, without limitation, the provisions of Section 2(b) herein), in the event that the employment of the Participant with BB&T or an Affiliate terminates for any reason and the Award has not vested pursuant to Section 3, then the Award, to the extent not vested as of the Participant’s termination of employment date, shall be forfeited immediately upon such termination, and the Participant shall have no further rights with respect to the Award.  The Administrator (or its designee, to the extent permitted under the Plan) shall have sole discretion to determine if a Participant’s rights have terminated pursuant to the Plan and this Agreement, including but not limited to the authority to determine the basis for the Participant’s termination of employment.  The Participant expressly acknowledges and agrees that, except as otherwise provided in this Agreement, the termination of the Participant’s employment shall result in forfeiture of the Award and any underlying payout to the extent the Award has not vested as of the Participant’s termination of employment date.
5.    Award Payout.
(a)    The amount of the Award payout, if any, shall be determined by the Administrator following the end of the Performance Period in accordance with the terms of this Agreement and the Plan including, without limitation, all applicable adjustments to the calculation of the Performance Goals.
(b)    The Award payout determined pursuant to Section 5(a) shall be payable, and paid, in shares of Common Stock.
(c)    Award payout shall, upon vesting of the Award, be made to the Participant (or in the event of the Participant’s death, to the Participant’s beneficiary or beneficiaries) in a lump sum within two and one-half (2 1⁄2) months following the end of the Performance Period; or if a Change of Control occurs during the Performance Period, payment shall be made in a lump sum within two and one-half (2 1⁄2) months following the Change of Control (provided that if such two and one-half (2 1⁄2) month period begins in one calendar year and ends in another, the Participant (or the Participant’s beneficiary or beneficiaries) shall not have the right to designate the calendar year of payment).  Notwithstanding the foregoing, if the Participant is or may be a Specified Employee, a distribution due to Separation from Service may not be made until within the thirty- (30-) day period commencing with the first day of the seventh month following the month of Separation from Service, or, if earlier, the date of death of the Participant (with all such payments that otherwise would have been made during such six- (6-) month period to be made during the seventh month following Separation from Service), in each case except as may be otherwise permitted under Section 409A.
6.    No Right to Continued Employment or Service.  Neither the Plan, the grant of the Award, nor any other action related to the Plan shall confer upon the Participant any right to continue in the employment or service of BB&T or an Affiliate or affect in any way with the right of BB&T or an Affiliate to terminate the Participant’s employment or service at any time.  Except as otherwise expressly provided in the Plan or this Agreement or as determined by the Administrator, all rights of the Participant with respect to the Award shall terminate upon termination of the employment or service of the Participant with BB&T or an Affiliate.  The grant of the Award does not create any obligation on the part of BB&T or an Affiliate to grant any further awards.  So long as the Participant shall continue to be an Employee of BB&T or an Affiliate, the Award shall not be affected by any change in the duties or position of the Participant.

7.    Nontransferability of Award and Shares.  The Award, and any Award payout, shall not be transferable (including by sale, assignment, pledge or hypothecation) other than by will or the laws of intestate succession.  The designation of a beneficiary in accordance with Plan procedures does not constitute a transfer; provided, however, that unless disclaimer provisions are specifically included in a beneficiary designation form accepted by the Administrator, no beneficiary of the Participant may disclaim the Award.
8.    Superseding Agreement; Binding Effect.  This Agreement supersedes any statements, representations or agreements of BB&T with respect to the grant of the Award or any related rights, and the Participant hereby waives any rights or claims related to any such statements, representations or agreements.  This Agreement does not supersede or amend any existing confidentiality agreement, nonsolicitation agreement, noncompetition agreement, employment agreement or any other similar agreement between the Participant and BB&T or an Affiliate, including, but not limited to, any restrictive covenants contained in such agreements.
9.    Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of North Carolina, without regard to the principles of conflicts of law, and in accordance with applicable United States federal laws.
10.    Amendment and Termination; Waiver.  Subject to the terms of the Plan, this Agreement may be amended or terminated only by the written agreement of the parties hereto.  The waiver by BB&T of a breach of any provision of the Agreement by the Participant shall not operate or be construed as a waiver of any subsequent breach by the Participant.  Notwithstanding the foregoing, the Administrator shall have unilateral authority to amend the Plan and this Agreement (without Participant consent) to the extent necessary to comply with applicable law or changes to applicable law (including but in no way limited to Section 409A and federal securities laws), and the Participant hereby consents to any such amendments to the Plan and this Agreement.
11.    Issuance of Shares; Rights as Shareholder.  The Participant and the Participant’s legal representatives, legatees or distributees shall not be deemed to be the holder of any Shares subject to the Award and shall not have any voting rights, dividend rights or other rights of a shareholder unless and until such Shares have been issued to the Participant or them.  No Shares subject to the Award shall be issued at the time of grant of the Award.  Shares subject to the Award shall be issued in the name of the Participant (or, if the Participant is deceased, in the name of the Participant’s beneficiary or beneficiaries) as soon as practicable after, and only to the extent that, the Award has vested and if such distribution is otherwise permitted under the terms of Section 5 herein.  Neither dividends nor dividend equivalent rights shall be granted in connection with the Award, and the Award shall not be adjusted to reflect the distribution of any dividends on the Common Stock (except as may be otherwise provided under the Plan).  No dividends on the Shares shall be payable prior to both (i) the vesting of the Award and (ii) the issuance and distribution of Shares to the Participant.
12.    Withholding; Tax Matters.
(a)    BB&T or an Affiliate shall report all income and withhold all required local, state, federal, foreign income and other taxes and any other amounts required to be withheld by any governmental authority or law from any amount payable in cash with respect to the Award.  Prior to the delivery or transfer of any shares of Common Stock or any other benefit conferred under the Plan, BB&T shall require the Participant to pay to BB&T in cash the amount of any tax or other amount required by any governmental authority to be withheld and paid over by BB&T or an Affiliate to such authority for the account of such recipient.  Notwithstanding the foregoing, the Administrator may establish procedures to permit a recipient to satisfy such obligation in whole or in part, and any local, state, federal, foreign or other income, employment 

and other tax obligations relating to the Award, by electing (the “election”) to have BB&T withhold shares of Common Stock from any shares of Common Stock to which the recipient is entitled.  The number of shares of Common Stock to be withheld shall have a Fair Market Value as of the date that the amount of tax to be withheld is determined as nearly equal as possible to the amount of such obligations being satisfied.  Each election must be made in writing to the Administrator in accordance with election procedures established by the Administrator, including, without limitation, procedures established by the Administrator after BB&T’s adoption of ASU 2016-09, Compensation – Stock Compensation (Topic 718) dated March, 2016.  
(b)    BB&T has made no warranties or representations to the Participant with respect to the tax consequences (including but not limited to income tax consequences) related to the Award or the payout, if any, pursuant to the Award, and the Participant is in no manner relying on BB&T or its representatives for an assessment of such tax consequences.  The Participant acknowledges that there may be adverse tax consequences with respect to the Award and that the Participant should consult a tax advisor.  The Participant acknowledges that the Participant has been advised that the Participant should consult with the Participant’s own attorney, accountant, and/or tax advisor regarding the decision to enter into this Agreement and the consequences thereof.  The Participant also acknowledges that BB&T has no responsibility to take or refrain from taking any actions in order to achieve a certain tax result for the Participant.  
13.    Administration.  The authority to construe and interpret this Agreement and the Plan, and to administer all aspects of the Plan, shall be vested in the Administrator, and the Administrator shall have all powers with respect to this Agreement as are provided in the Plan.  Any interpretation of the Agreement by the Administrator and any decision made by it with respect to the Agreement are final and binding on the parties hereto.
14.    Notices.  Any and all notices under this Agreement shall be in writing and sent by hand delivery or by certified or registered mail (return receipt requested and first-class postage prepaid), in the case of BB&T, to its Human Systems Division, 200 West Second Street (27101), PO Box 1215, Winston-Salem, NC  27102, attention:  Human Systems Division Manager, and in the case of the Participant, to the last known address of the Participant as reflected in BB&T’s records.
15.    Severability.  The provisions of this Agreement are severable; and if any one or more provisions may be determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable.
16.    Compliance with Laws; Restrictions on Award and Shares of Common Stock.  BB&T may impose such restrictions on the Award and any shares of Common Stock relating to the payout of the Award as it may deem advisable, including without limitation restrictions under the federal securities laws, federal tax laws, the requirements of any stock exchange or similar organization and any blue sky, state or foreign securities laws applicable to such Award or shares of Common Stock.  Notwithstanding any other provision in the Plan or this Agreement to the contrary, BB&T shall not be obligated to issue, deliver or transfer any shares of Common Stock, make any other distribution of benefits under the Plan, or take any other action, unless such delivery, distribution or action is in compliance with all applicable laws, rules and regulations (including but not limited to the requirements of the Securities Act).  BB&T may cause a restrictive legend or legends to be placed on any certificate for shares of Common Stock issued pursuant to the Award in such form as may be prescribed from time to time by applicable laws and regulations or as may be advised by legal counsel.
17.    Successors and Assigns.  Subject to the limitations stated herein and in the Plan, this Agreement shall be binding upon and inure to the benefit of the Participant and the Participant’s executors, administrators and permitted transferees and beneficiaries and BB&T and its successors and assigns.

18.    Counterparts, Further Instruments.  This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.  The parties hereto agree to execute such further instruments and to take such further action as may be reasonably necessary to carry out the purposes and intent of this Agreement.
19.    Right of Offset.  Notwithstanding any other provision of the Plan or this Agreement, subject to any applicable laws to the contrary, BB&T may reduce the amount of any benefit or payment otherwise payable to or on behalf of the Participant by the amount of any obligation of the Participant to BB&T or an Affiliate that is or becomes due and payable, and the Participant shall be deemed to have consented to such reduction; provided, however, that to the extent Section 409A is applicable, such offset shall not exceed the greater of Five Thousand Dollars ($5,000) or the maximum offset amount then permitted under Section 409A.
20.    Adjustment of Award.  
(a)    The Administrator shall have authority to make adjustments to the terms and conditions of the Award in recognition of unusual or nonrecurring events affecting BB&T or any Affiliate, or the financial statements of BB&T or any Affiliate, or of changes in applicable laws, regulations or accounting principles, if the Administrator determines that such adjustments are appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan or necessary or appropriate to comply with applicable laws, rules or regulations.
(b)    Notwithstanding anything contained in the Plan or elsewhere in this Agreement to the contrary, (i) the Administrator, in order to comply with applicable law (including, without limitation, the Dodd-Frank Wall Street Reform and Consumer Protection Act) and any risk management requirements and/or policies adopted by BB&T, retains the right at all times to decrease or terminate the Award and payments under the Plan, and any and all amounts payable under the Plan or paid under the Plan shall be subject to clawback, forfeiture, and reduction to the extent determined by the Administrator as necessary to comply with applicable law and/or policies adopted by BB&T; and (ii) in the event any legislation, regulation(s), or formal or informal guidance require(s) any compensation payable under the Plan (including, without limitation, the Award) to be deferred, reduced, eliminated, or subjected to vesting, the Award shall be deferred, reduced, eliminated, paid in a different form or subjected to vesting or other restrictions as, and solely to the extent, required by such legislation, regulation(s), or formal or informal guidance.
21.    Award Conditions.  
(a)    Notwithstanding anything in the Plan or this Agreement to the contrary, to the extent that either (i) the Administrator or the Board of Governors of the Federal Reserve System determines that any change to the Plan and/or this Agreement is required, necessary, advisable, or deemed appropriate to improve the risk sensitivity of the Award, whether by (a) adjusting the Award quantitatively or judgmentally based on the risk the Participant’s activities pose to BB&T or an Affiliate; (b) extending the Performance Period for determining the Award; (c) extending the Performance Period and adjusting for actual losses or other performance issues; or (d) otherwise as required by the Administrator or the Federal Reserve System; or (ii) the Administrator or the United States government (including, without limiting any agency thereof) determines that any change to the Plan and/or this Agreement is required, necessary, advisable, or deemed appropriate to comply with any applicable law, regulation, or requirement; then this Agreement and/or the Award shall be automatically amended to incorporate such change, without further action of the Participant, and the Administrator shall provide the Participant notice thereof.

(b)    Notwithstanding anything contained in the Plan or this Agreement to the contrary, to the extent that either the Administrator or the United States government (including, without limitation, any agency thereof) determines that the Award granted to the Participant pursuant to this Agreement is prohibited or substantially restricted by, or subjects BB&T or an Affiliate to any adverse tax consequences that BB&T or an Affiliate is not otherwise subject to on the Grant Date because of, any current or future United States law, any rule, regulation, or other authority, then this Agreement shall automatically terminate effective as of the Grant Date and the Award shall automatically be cancelled as of the Grant Date without further action on the part of the Administrator or the Participant and without any compensation to the Participant for such termination and cancellation.  The Administrator agrees to provide notice to the Participant of any such termination and cancellation.
IN WITNESS WHEREOF, BB&T and the Participant have entered into this Agreement effective as of the Grant Date.  Should the Participant fail to acknowledge his or her electronic acceptance of this Agreement, this Agreement may become null and void as of the Grant Date, and the Participant may forfeit any and all rights hereunder at the discretion of the Administrator.  
* * *

EXHIBIT A
TO
BB&T CORPORATION
2012 INCENTIVE PLAN
Performance Unit Award Agreement
(Senior Executive)

(January 1, 2018 through December 31, 2020 Performance Period - 2021 Payout)

1.    Absolute Performance Goal:  The Absolute Performance Goal is an average BB&T Adjusted GAAP ROCE of three percent (3%) for the Performance Period.

2.    Relative Performance Goal:  If the Absolute Performance Goal is achieved, the Award payout for the Performance Period will then be evaluated by the Administrator against the Peer Group based upon BB&T Adjusted GAAP ROCE relative to Peer Group Adjusted GAAP ROCE pursuant to the following:

	
			
	Level of Achievement
	Percentile Performance
(BB&T Adjusted GAAP ROCE Relative to Peer Group Adjusted GAAP ROCE)
	Payout Percent of 
Participant’s Shares

	 
	 
	 

	Threshold
	25th
	50%

	 
	30th
	60%

	 
	35th
	70%

	 
	40th
	80%

	 
	45th
	90%

	Target
	50th
	100%

	 
	55th
	110%

	 
	60th
	120%

	Maximum
	62.5 or greater
	125%

Straight line interpolation will be used to calculate payout percentages not specifically listed in the “Payout Percent of Participant’s Shares” column above.  For performance that is less than the 25th percentile, the payout percentage is 0%.

3.    Relative Total Shareholder Return (“TSR”) Modifier:

	
		
	Relative TSR (Percentile Performance of BB&T TSR Relative to Peer Group TSR)
	TSR Modifier

	 
	 

	Less than 25th
	20%  Reduction in Award payout

	50th
	0%  Reduction or increase in Award payout

	75th or greater
	20%   Increase in Award payout, provided that the maximum Award payout shall be 125% of the Participant’s Shares

Straight line interpolation will be used to calculate TSR Modifier percentage reductions or increases not specifically listed in the  “TSR Modifier” column above.

4.    Discretionary Decreases:  The Administrator has the discretion to decrease Award payouts based on business factors, including but not limited to, industry conditions, performance relative to peers, regulatory developments, and changes in capital requirements.Exhibit 4.41

 

Drama Series "Here to Heart" Joint
Production Agreement

 

 

 

Domestic Drama Series "Here to Heart"
Joint Production Agreement

Supplementary agreement

 

Party A: Jumei Media Wuxi Co., Ltd.

Address: No. 2009 Lihu Avenue, Wuxi City

Telephone: +86-510-85175517

 

Party B: Khorgos Guanda Media Co., Ltd.

Address: No. 109 Yandang Road, Fuxing Plaza
Room 409, Shanghai

Telephone: 021-63233329

 

After friendly negotiation, Party A and
Party B reached the following unanimous agreement on the "Jointly Produced Agreement for Domestic Drama Series "Here
to Heart" (temporary name):

 

I. Cooperation Project

 

1. Drama Name: "Here to Heart"(hereinafter
referred to as the Drama). Change of the Drama’s name will not affect the contents and validity of this agreement.

2. Length of the Drama: The Drama consists
of 36 episodes (SARFT license shall prevail final length). The actual length of each episode shall not be less than 45 minutes,
including 3 to 4 minutes of titles and credits;

3. Date of production: The Drama shall
start preparation in April 2016 and begin shooting no later than March 2017. Shooting period is 100 days and it will broadcast
no later than the end of July 2017;

4. If the Drama is unable to start or complete
shooting within the aforementioned time due to force majeure, such as weather, natural disasters and government actions, Party
A and Party B shall negotiate and determine the alternative completion time minimize losses.

 

II. Script

 

1. Script Copyright: Party A ensures that
it has legally acquired the novel, Here to Heart’s (Author: An Ning) adaptation right. Party A’s Adaptation Right
Acquisition Agreement shall be included in this Agreement’s appendix. Both parties agree to adapt the script in accordance
with the novel Here to Heart and Party B shall be responsible for adaption monitoring and script creation. In the event that Party
A does not violate this Agreement and Party A has obtained the adaptation right, Party A agrees that Party B shall be entitled
the right to adapt the Drama after signing this Agreement and Party A shall not authorize any third-party other than Party B for
adaption. Party B shall not re-authorize the adaption right to any third-party without Party A's written consent.

2. Party A has paid RMB500,000 to obtain
the adaption right of the novel Here to Heart and both parties agree to include the fee in production costs of the Drama.

3. Both parties agree that all fees relating
to the script, including but not limited to script writing fees and travel costs shall be included in production costs of the Drama.

4. Both parties agree that after Party
B completes the adaptation and creation of the script, the script’s copyright belongs to both Party A and Party B
within the scope of transferable by law.

 

     

     

    

 

Drama Series "Here to Heart" Joint
Production Agreement

 

 

 

III. Shooting and Production

1. Shooting

(1) Party A and Party B agree
that unless otherwise agreed in this agreement, Party B shall be solely responsible for the management of the project, such as
obtaining approval and licenses and related matters in shooting, production, post-production, distribution, etc. Related costs
shall be included in production costs.

(2) Both parties agree that Party
A has the right to make relevant suggestions about the Drama (including but not limited to budgeting, selection of director and
main actors, distribution and promotion, etc.). After Party A proposes relevant suggestions, both parties shall negotiate and confirm
in written format. Party B shall implement the suggestions after both parties confirm in writing.

(3) Party B is obligated to complete
the production of the drama with the production costs agreed in this agreement. Party B is responsible for the specific implementation
of the budget once both parties confirmed. Party A has the right to entrust a person as a financial personnel to participate in
supervision of the proprietary account. Both parties agree that all fees and costs related to the Drama shall be approved by the
final reviewer. Both parties agree that the aforementioned final reviewer is Chief Producer.

(4) Party B is fully responsible
for the production and management of the Drama. Party B shall be responsible for the production and artistic quality of the Drama.

(5) Party B shall be responsible
for signing employment contracts with all staff members (including but not limited to producers, directors, and actors, etc.).
The remuneration of the producers, directors, and main actors shall be included in production costs. Party A shall not assume any
responsibility for the resulting labor contract dispute.

(6) Party B shall promptly inform
Party A about shooting, production and distribution of the Drama. Party A has the right to ask Party B for relevant information
concerning the Drama.

(7) Both parties shall complete
shooting budget 30 days before the shooting takes place. Party B shall report to Party A about the shooting and use of the funds
in written format every two weeks (subject to postponement in case of statutory holidays) to ensure completion of the shooting

(8) Party B shall not perform
irrelevant business activities in the name of the filming team during shooting. Party A shall not bear the related costs and responsibilities.
If Party A incurs any loss, Party B shall be liable for compensation.

(9) Party B shall take necessary
and reasonable measures to ensure safety of crew members and property safety in the shooting process. If Party B fails to carry
out the aforementioned safety responsibility and causes any personal injury or property damage, Party B shall bear all costs and
liabilities arising therefrom.

(10) Party B shall provide Party
A with an audit report issued by a third-party auditing institution and a cost split sheet of the Drama after the shooting is completed.
Meanwhile, Party B shall issue corresponding invoices to Party A based on the proportion of investment for costs incurred in preparation,
shooting, production and distribution of the Drama.

2. Post-production

Party B shall be
responsible for converting the high-definition master tape into 2 sets of untitled tracks that conform to the
broadcasting/distribution standards. (Enclosed a seized dialogue computer disk, a complete music list, 90 seconds of opening
and ending song respectively, credits, scripts, posters and a stills disk, etc. Each party keeps a set.

 

     

     

    

 

Drama Series "Here to Heart" Joint
Production Agreement

 

 

 

3. Promotion

(1) Both parties are responsible
to fully invest in the formulation and implementation of the overall promotion plan for the Drama.

(2) Promotion contents of the
Drama must be jointly confirmed by both parties in advance, including but not limited to promotional contents and promotion rhythm,
etc. related to the Drama.

(3) Both parties agree that Party
B shall be responsible for managing and operating the Drama’s official distribution channels such as Weibo and WeChat (if
any). Party B shall interact with Party A's promotional resources in real time.

 

IV. Production Costs, Investment and Investment
Date

1. Production Costs:

(1) Both parties confirm that
the total production budget is approximately RMB100 million (RMB100,000,000). A detailed budget shall be submitted by Party B 30
days before the shooting, and final production costs shall refer to the total production expenses in the settlement report provided
by Party B.

(2) Party B shall strictly implement
the shooting and production budget. If special circumstances lead to the total cost exceeding the total amount of budget specified
in item (1) above, it shall be reviewed and confirmed by both parties in written format. The additional costs that have been confirmed
by both parties will be included in the total production costs of the Drama. In order to ensure the smooth shooting of the Drama,
if one party does not recognize the additional cost, the other party can make it up. The proportion of investment and income distribution
shall be calculated in accordance with the proportion of the actual capital contribution.

2. The Proportion of Investment:

(1) Both parties agree that Party
A and Party B’s proportion of investment shall be 40%: 60% unless otherwise agreed in this agreement. Both parties agree
that without prejudice to the rights and interests of the other party to the contract agreed in this agreement, one party may transfer
its share of investment to other partner units and sign a joint production agreement in the name of Party A or B, with the consent
of the other party. The new joint production agreement does not affect the ordering of the parties in this agreement. The rights
of the new partner unit shall not exceed the scope of the rights of Party A and Party B stated in this agreement, otherwise the
transferor shall be liable to all legal consequences. In the event of the aforementioned share transfer, the shares transferred
by Party A or B shall not exceed 50% of the respective investment shares stipulated in this agreement, unless otherwise agreed
by both parties.

(2) Both parties agree that Party
B shall be responsible for opening an independent proprietary account for the Drama in the name of the filming team. The proprietary
account shall be managed by Party B and jointly supervised by both parties. Party B shall provide Party A with a USB Key to access
the account.

3. Both parties agree that the payment time,
payment method and phased payment proportion of the investment shall be determined by both parties in a supplementary agreement.

 

     

     

    

 

Drama Series "Here to Heart" Joint
Production Agreement

 

 

 

4. In order to ensure smooth shooting of
the Drama, if one party does not make payments on time, the other party has the right to subsidize or introduce new investors.
The income distribution between investors shall be based on the proportion of actual investment.

 

V. Distribution and Income Distribution

1. The copyright of the Drama is jointly
owned by both parties in accordance with their respective investment proportions. Copyright includes but not limited to TV broadcasting
rights in People's Republic of China (including Hong Kong, Macao and Taiwan) and all regions overseas (including but wireless,
cable and satellite channels, etc.), high-definition copyright, online broadcasting rights (including but not limited to Internet,
digital TV, mobile phone TV, mobile TV, IPTV, VOD and other new media broadcasting and distribution rights) and distribution rights
of audio-visual products(including but not limited to VHS, VCD, DVD, books, games, and other derivative products).

2. Distribution of investment income: Both
parties agree that all proceeds of the Drama are allocated based on the proportion of investment. Proceeds=project income (including
total distribution, embedded advertising and sponsorship) - project costs (including costs of embedding advertisement) - distribution
costs - embedded advertisement or sponsorship agency fee. Revenue distribution of the Drama validates for 10 years since the day
of license issuance. Party A and Party B will renegotiate income distribution after 10 years.

3. Distribution rights: Party B shall be
responsible for maximization of distribution interests and issues related to the Drama’s domestic and international distribution
via new media. Party B shall provide a distribution plan and confirm with Party A in advance and all copies of distribution contracts
must be submitted to Party A. If there is disagreement between the two parties on the distribution plan, Party A shall respect
Party B's professional choice.

4. Distribution costs: Distribution costs
include distribution fee and promotion fees from shooting to broadcasting. Distribution fee shall be 15% of total distribution
costs.

5. Embedded advertisement and sponsorship:
Both parties may engage in the placement of advertisements or other forms of sponsorship on the basis of not affecting the overall
interests of the project, but the filming team must confirm before contract signing and execution. 30% of the advertising or sponsorship
income shall be used for business expenses of the soliciting party and no more than 10% of the advertising or sponsorship income
shall be used for filming. The remaining balance shall be allocated to Party A and Party B according to the proportion of income
distribution.

6. Taxes: Each party bears its own taxes
including VAT and income tax based on project income. Party A shall cooperate with Party B and issue proprietary invoices for value-added
tax in the process of receiving the distributed income.

7. If a force majeure occurs during filming
and distribution of the Drama and the cause is recognized by both parties and it is no party’s fault, each party shall bear
the losses incurred based on the proportion of investment.

8. Repayments: Party B guarantees that
after obtaining the distribution license, both parties will reconcile their earnings from the previous natural month on the fifth
working day of each natural month. Party B shall remit Party A’s income from the previous natural month to the following
account within 3 working days after the reconciliation.

 

Account Information:

Account Name: Jumei Media Wuxi Co., Ltd.

Bank: China Construction Bank Wuxi Xuelang
Branch

Account Number: 32001617148052504017

 

     

     

    

 

Drama Series "Here to Heart" Joint
Production Agreement

 

 

 

9. The prizes and honors won by the Drama
are shared by both parties. Cash rewards or other awards are enjoyed by both parties in proportion to the actual investment. The
expenses incurred due to participation of competition shall be determined by the two parties through consultation. Neither of the
two parties shall participate in the competition without consent from the other party.

 

VI. Theme Songs, Music and Acoustic Recordings

1. Both parties agree to have Party B responsible
for signing cooperation agreements with suppliers after all theme songs of the Drama (including opening song, ending song and episode,
etc.) and background music is jointly confirmed by Party A and Party B in written format. Relevant costs are included in production
costs of the Drama.

2. The copyright of theme songs and background
music created for the Drama is jointly owned by Party A and Party B. Party B shall be responsible for business operations of licensing
the music copyright and all proceeds shall be distributed according to the proportion of investment.

 

VII. Right of Authorship:

1. Both Parties agree that in both the
master tape and broadcasts, the subtitles in the beginning and end of the Drama will include the names of all the staff members,
producers, camera crews and co-producers confirmed by Party A and Party B

2. The ranking of producers: Party A is
at the front, other producers’ information shall be determined by Party B. The ranking of main creation personnel: Party
A is at the front, other personnel’s information shall be determined by Party B. Party B has the right to add a list of project
staff and supervisors to facilitate distribution, but other authorships and rankings do not affect the aforementioned ranking order
of Party A and Party B.

 

VIII. Force Majeure

1. The party subject to force majeure should
inform the other party by telephone immediately after becoming aware of the occurrence of force majeure, notify the other party
in written format within seven working days after the telephone notification, and deliver it along with supportive evidence of
the incident by express mail or registered mail within 15 days after the occurrence of the force majeure. The party has the responsibility
to eliminate or mitigate the force majeure effects.

2. Either party unable to perform or partially
unable to perform or delay execution of the agreement due to force majeure will not constitute a breach of contract.

3. If the Drama fails to obtain distribution
license or permission to broadcast during the prime time due to the content, all losses shall be shared by both parties in accordance
with the proportions stipulated in this agreement and shall not affect distribution of the Drama overseas.

 

IX. Insurance

Party B promises to take all
necessary protective measures and purchase all necessary insurance to ensure that all personnel involved in the Drama
(including but not limited to directors, actors and other staff, etc.) fully compensated for accident related injury, death
and property damage etc. in the filming process. Relevant insurance expenses shall be paid directly by Party B using
production fees. Staff members who are unable to be insured at work but need compensation from producers, the expenses shall
be shared by Party A and Party B according to the proportion of investment.

 

     

     

    

 

Drama Series "Here to Heart" Joint
Production Agreement

 

 

 

X. Breach of Contract

1. Either party violates any of the provisions
of this agreement and does not correct the breach within 7 days after receiving the written notice from the observant party, the
default party shall pay RMB2 million (RMB2,000,000) to the observant party for delinquency.

2. If the liquidated damages as stipulated
in 1 is insufficient to make up the losses, compensation or damages (including losses, interests, liquidated damages and fines,
etc.) caused by the default party, the default party shall be responsible for the compensation in addition to breach of contract.

 

XI. Termination of Agreement

1. Unless otherwise agreed in this agreement,
if any party to this agreement violates the terms or warranties of this agreement, the observant party has the right to require
the default party to correct or remedy the breach in written format. If the default party does not correct or the violation is
unable to be remedied within 30 days after receiving the written notice, the observant party has the right to terminate the agreement
unilaterally.

2. If any party to this agreement fails
to pay production costs or other related expenses in time as stipulated in this agreement and does not pay within 10 working days
after receiving the written notice, the observant party shall have the right to terminate the agreement before the date of expiration.

 

XII. Confidentiality Terms

Both parties agree that this agreement
and any data or information exchanged or acquired by Party A and Party B as a result of the conclusion and performance of this
Agreement is confidential. Both parties ensure that such data is kept strictly confidential and will not disclose to any third-party
company unless obtained written consent from the other party or required by applicable laws, valid rulings of judicial authorities
or decisions of administrative authorities.

 

XIII. Applicable Law and Dispute Resolution.

1. The conclusion, validity, performance
and interpretation of this agreement shall be governed by current laws and regulations of People's Republic of China (only serves
for the purpose of this agreement, excluding Hong Kong, Macao and Taiwan)

2. As a result of all disputes arising
from the conclusion, validity, interpretation and implementation of this agreement, both parties shall consult and resolve the
matter on the basis of mutual understanding and friendly consultation. If no settlement can be reached through negotiation, both
parties may file a lawsuit with the people’s court in the place where the party filing the lawsuit is located.

 

XIV. Others

1. This agreement is in two originals.
Each party keeps one original and both originals have the same legal effect.

2. This Agreement shall commence
on the day both parties sign and seal.

3. This agreement was signed by both parties
in Chaoyang District, Beijing.

(No content below)

 

	Party A: Jumei Media
    Wuxi Co., Ltd. /Stamp/	Party B: Khorgos Guanda Media Co., Ltd.
	 	 
	Representative:	Representative:
	 	 
	2016	2016

 

     

     

    

 

Domestic Drama Series "Here to Heart"
Joint Production Agreement

Supplementary agreement

 

Party A: Jumei Media Wuxi Co., Ltd.

Address: No. 2009 Lihu Avenue, Wuxi City

Telephone: +86-510-85175517

 

Party B: Khorgos Guanda Media Co., Ltd.

Address: No. 109 Yandang Road, Fuxing Plaza
Room 409, Shanghai

Telephone: 021-63233329

 

After friendly negotiation, Party A and Party
B reached the following unanimous agreement on the "Jointly Produced Agreement for Domestic Drama Series "Here to Heart"
(hereinafter referred to as the original agreement) signed by both parties:

 

1. Both parties agree that paragraph 2 of
Article I. of the original agreement was amended to read:

I. 2, Length of the Drama: The total
length of the Drama shall be 40 episodes (ultimate SARFT issuance license shall prevail). The actual length of each episode shall
not be less than 45 minutes, and the length of titles and credits shall be 3 to 4 minutes;

 

2. Both parties agree that the original agreement
IV. 1 (1) was amended to:

IV. 1 (1) Both Party A and Party
B confirmed that the total production costs budget for the Drama shall be approximately RMB 240 million (RMB 240,000,000). Party
A invests 40%, that is, RMB96 million (RMB96,000,000). Party B invests 60%, that is, RMB 144 million (RMB144,000,000). A detailed
budget shall be submitted by Party B 15 days before shooting. Final production costs shall be based on the total production costs
in the settlement report provided by Party B. If the total production costs in the settlement report exceeds the budget, it shall
be executed in accordance with IV. 1 and (2).

 

3. According to IV. 3 of the original Agreement,
Party A and Party B shall determine the payment time, payment method and phased payment proportion of investment for the Drama
as follows:

1) Both parties shall pay 30% of
their total investments within 3 days after Party B submits the detailed budget and gets approved by Party A. Party A invests 40%
of the total investment, that is, RMB28.8 million (RMB28,800,000). Party B invests 60% of the total investment, that is, RMB43.2
million (RMB43,200,000). The detailed budget submitted by Party B was sealed by both parties and each party keeps a copy.

2) Both parties shall pay 30% of
their total investment within 3 days before shooting or no later than July 18, 2017 (the sooner the better). Party A invests 40%
of the total investment, that is, RMB28.8 million (RMB28,800,000). Party B invests 60% of the total investment, that is, RMB43.2
million (RMB43,200,000).

3) Both parties shall pay 20% of
their total investment when half of the shooting is done or no later than August 25, 2017 (the sooner the better). Party A invests
40% of the total investment, that is, RMB19.2 million (RMB19,200,000). Party B invests 60% of the total investment, that is, RMB28.8
million (RMB28,800,000).

 

     

     

    

 

4) Both parties shall pay their remaining
balance within 7 days prior to the date of fixing or no later than October 5, 2017 (the sooner the better). Party A invests 40%
of the total investment, that is, RMB19.2 million (RMB19,200,000). Party B invests 60% of the total investment, that is, RMB28.8
million (RMB28,800,000).

5) The above investment
is calculated on a RMB240 million basis.

6) Party B shall issue receipts to
Party A within 3 working days after receiving investment funds from Party A. Both parties agree that all proceeds actually received
from the project shall be distributed according to the original agreement, and the project shall be confirmed through dual methods.
After confirming the project income does not breach the risk of compensation, the remaining balance of total proceeds shall be
distributed according to the proportion of investment within 45 days after being broadcasted. After the distribution amount is
confirmed in written format by Party A, Party B will remit the aforementioned amount to Party A’s account in the original
Agreement.

7) The fees paid by both parties
prior to signing this Agreement, including but not limited to the script adaptation rights expenses and cast expenses will be paid
out to the paying party from the co-managed account in accordance with the procedures agreed in this agreement after the payment
party provides the corresponding payment vouchers.

 

4. Both parties agreed that the above investment
and all proceeds generated from the project will be remitted to the proprietary account set up by Party B for the Drama. The details
are as follows:

Party B account name:
Khorgos Guanda Media Co., Ltd.

Bank: Shanghai Pudong
Development Bank Silver Tower Branch

Account Number: 98760154800001045

 

1) Each transaction in the proprietary
co-managed account shall be confirmed in the following manner: (1) Party A shall be responsible for approving transaction (vouching)
initiated by Party B via online banking. (2) Both parties need to seal on the receipts if a transaction is initiated in a banking
center (both parties have to use the same seal used when opening the co-managed account) and Party B shall provide a periodic report
on the use of project funds to Party A. If the above transaction is within budget, Party A shall complete approval within 6 hours
after Party B initiates the transaction (vouching). Transactions that cannot be completed on the same day due to bank’s payment
time will be completed in the next trading day. For expenses beyond the budget or exceeding the original budget, Party B shall
submit a written notice to Party A at least three days prior to the payment. Payments will be made if both parties agree to pay,
otherwise, the agreement shall be executed in accordance with the original agreement IV. 1 (2).

2) Both parties agree to set up a
backup reserve account, which will be paid by the co-managed account, totaling RMB1 million. The backup reserve account is managed
by Party B and Party A has the right to check the account at any time. The backup reserve is used to pay for miscellaneous expenses
and disburse related transactions prior to approval. Both parties will execute in accordance with the attached backup reserve utilization
specification.

3) If the total amount paid by the
co-managed account exceeds the total amount of the investment as stipulated in this agreement, execute in accordance with the original
agreement Article IV. 1 (2).

 

     

     

    

 

Both parties agree to amend the contents of
V. 2 of the original agreement:

V. 2. Distribution of investment
income: Both parties agree that 10% of all proceeds from the Drama will be distributed to third-parties in accordance with the
agreement between Party B and the third-parties (the agreements are valid attachments to this agreement), and the remaining 90%
will be allocated based on both parties’ actual investment, that is, if Party A actually invests 40%, it shall get 36% of
all proceeds and so on. "Proceeds" = income before Value Added Tax (total distribution amount and embedded advertising
or sponsorship) - project costs (including costs for embedding advertisement, etc.) - distribution costs - costs of embedded advertising
or sponsorship agency fees;

 

The rest of V. 2 of the original
Agreement remains unchanged.

 

6. Both parties agree that either party signing
revenue-related contracts with third-parties (including but not limited to drama release and copyright license) must submit a copy
of the contract to the other party unless otherwise agreed by Party A and Party B. The proprietary account stipulated in this agreement
must be the only receiving account used to sign contracts with third-parties.

 

7. Either party fails to remit any project
proceeds to the proprietary account is the party in fault. If the party in fault fails to remediate within 15 days after receiving
the reminder from the innocent party, the party in fault shall pay liquidated damages equal to 2 times the unremitted amount.

 

8. If there is any inconsistency between the
original agreement and this agreement, this agreement shall prevail.

 

9. This agreement is in two originals. Each
party keeps one original and both originals shall have the same legal effect.

 

10. This agreement shall commence on the day
sealed by both parties.

 

Party A: Jumei Media Wuxi Co., Ltd.

 

Stamp: /Stamp/ Jumei Media Wuxi Co., Ltd.

 

Party B: Khorgos Guanda Media Co., Ltd.

 

Stamp Date: June 15, 2017

 

     

     

    

 

Appendix

 

Backup Reserve Usage Specification

 

1. The backup reserve under this agreement
is RMB1 million (RMB 1,000,000.00) and it should be paid/supplied by co-managed account. The backup reserve is used to pay for
miscellaneous fees and make advance payments when relevant transaction’s approval is not completed in time.

 

2. Miscellaneous fees paid with the backup
reserve includes but not limited to temporary venue rental and vehicle rental, fuel costs, temporary food and beverage expenses,
drama fees(including office supplies, etc.), emergency medical insurance advance payment and reimbursement of other unforeseeable
emergency expenses. Party B shall provide supportive evidence of the expenses to Party A within a week and before the backup reserve
is refilled. Supportive evidence includes but not limited to contracts, invoices, miscellaneous fees tables, and internal written
approval.

 

3. If Party A's fails to complete the approval
process in time and Party B decides to use the backup reserve to pay for expenses, Party B shall recall the application in the
banking system and inform Party A with written notice at the same time to avoid double payment. If the backup reserve is insufficient
for the payment, Party B shall make advance payment for the remaining balance and get repaid using the co-managed account in accordance
with the co-managed account’s transaction flow procedure.

 

4. The balance in the backup reserve account
shall not be less than RMB1 million. If the balance is less than RMB1 million, Party B shall initiate an application to let the
co-managed account make up the balance in accordance with the co-managed account’s transaction flow procedure.

 

5. Party B shall only pay for expenses within
budget with the backup reserve. Party B shall submit a written application to Party A at least 3 days before making payments for
expenses exceeding budget and both parties have to agree to the payment. If there is objection, execute in accordance with the
Supplementary Agreement.

 

6. The appendix serves as part of the supplementary
agreement and has the same legal effect.

 

     

     

    

 

Domestic
TV series Here to Heart Joint Production Agreement

Supplementary
Agreement (II)

 

Party A: Jumei Media Wuxi Co., Ltd.

Address: No. 2009 Lihu Road, Wuxi City

Phone: +86-510-85175517

 

Party B: Horgos Guanda Television Culture
Communication Co., Ltd.

Address: Room 409, Fuxing Plaza, 109 Yandang
Road, Shanghai

Tel: 021-63233329

 

After friendly negotiation, both parties
reached an agreement on the "Jointly Production Agreement for the Domestic TV Drama "The Here to Heart" and the
Supplemental Agreement for the Joint Production of the Chinese TV Drama "The Here to Heart" (hereinafter referred to
as the original agreement) signed by both parties. For compliance by all parties:

 

I. Both parties agree that the original
agreement, article IV, 1, (1) was revised to:

IV, 1, (1) Both Party A and Party B confirm
that the total budget for the production of the drama is approximately RMB 210 million (RMB210,000,000). Party A invests 40%, that
is RMB84 million (RMB84,000,000). Party B invests 60%, that is, RMB126 million (RMB126,000,000). A detailed budget shall be submitted
by Party B 15 days before the start-up, and the final production cost shall be based on the total production cost in the settlement
report provided by Party B. If the total production cost in the settlement report exceeds the total amount of the budget, it shall
be executed in accordance with Article IV 1, (2).

 

2. The two parties agreed that the boot
time was changed to August 10, 2017. The payment time was changed according to the original agreement and the payment proportion
remained unchanged. The two parties shall determine the payment time, payment method and phased payment ratio of the investment
funds of the brush as follows:

 

l) After Party B submits detailed budget
and confirmed by Party A, the two parties shall pay 30% of the total amount of investment that they should bear within 3 days.
Party A shall account for 40% of the total investment and shall pay RMB25.2 million (RMB25,200,000) for the entire investment.
The total investment of Party B accounts for 60% of the total investment. The total amount paid by the Party B shall be paid in
RMB37.8 million (RMB37,800,000). The detailed budget submitted by Party B shall be sealed by Party A and Party B, and the two parties
shall each keep one copy for record.

 

2) Within 3 days before start-up or on
August 6, 2017 (early morning), both parties will pay 30% of the total amount of investment they should bear. Party A's 40% of
the total investment will be paid to RMB25.2 million (RMB25,200,000); Party B accounted for 60% of the total investment in the
RMB37.8 million (RMB37,800,000);

 

     

     

    

 

3) More than half of the shooting time
or no later than September 25, 2017 (refer to the earlier one), each party should bear 20% of the total amount of investment. Based
on investment proportion, Party A accounts for 40% of the total investment to RMB16.8 million (RMB16,800,000), Party B accounts
for 60% of the total investment to RMB25.2 million (RMB25,200,000).

 

4) 7 days prior to the fixing date or no
later than November 3, 2017 (refer to the earlier one), the two parties should pay for the remaining investment of the total amount,
Party A accounts for 40% of the total investment to RMB16.8 million (RMB16,800,000), Party B accounts for 60% of the total investment
to RMB25.2 million (RMB25,200,000).

 

III, 4.5. The two parties agreed to make
the following changes to the contents of Article V.2 of the original agreement:

 

V. 2. Allocation of investment income:
Party A and Party B agree that all proceeds of the show are distributed according to actual investment income of the parties: Party
A and Party B agree that all proceeds of the show are allocated according to the actual investment proportion of the parties, ie
if Party A’s actual investment proportion is 40% If Party A should allocate 40% of all proceeds of the show and Party B actually
invests 60%, Party B shall allocate 60% of all proceeds of the show, and so on. "Return" = income without VAT tax items
(total issue amount and placement of advertisements or sponsorships) - project cost (including costs for placement production,
etc.) - issuance fee - implanted advertisement or fee-based agency fee

 

Except for the above amendments, the rest
of Article V.2 of the original agreement remains unchanged.

 

IV. If the original agreement is inconsistent
with this Supplementary Agreement (1), the Supplementary Agreement (1) shall prevail.

 

V. This Supplementary Agreement (1) shall
be in duplicate and shall be held by both parties with the same legal effect.

 

VI. This Supplemental Agreement (B) takes
effect on the date of the seal of the parties.

 

Party A: Jumei Media Wuxi Co., Ltd.

Stamp: /Stamp/ Jumei Media Wuxi Co., Ltd.

     /s/ Chen Ou

 

Party B: Horgos Guanda Television Culture
Communication Co., Ltd.

Stamp: Horgos Guanda Television Culture
Communication Co., Ltd.

     /s/ Signatory

date of the seal: July 28, 2017

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00282-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00282-of-00352.parquet"}]]