Document:

EXHIBIT 10.6

                              Employment AGREEMENT

         This EMPLOYMENT Agreement (this "Agreement") is made and entered into
this 18th day of July, 2000 by and among Centura Banks, Inc., a North Carolina
corporation ("Centura"), and William H. Wilkerson (hereinafter, "Executive"), to
be effective as of the Effective Date, as defined in Section 1.

                                   BACKGROUND

         Executive currently serves as an executive officer of Centura. Centura
and Executive desire to memorialize the terms of such employment in accordance
with the terms of this Agreement.

         NOW THEREFORE, in consideration of the foregoing and of the mutual
covenants and agreements set forth herein, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto agree as follows:

         1. Effective Date. The effective date of this Agreement is July 12,
2000 (the "Effective Date").

         2. Position. Executive is hereby employed as an executive officer of
Centura. Executive's responsibilities under this Agreement shall be in
accordance with the policies and objectives established by the Board of
Directors, and shall be consistent with the responsibilities of similarly
situated executives of comparable bank holding companies. In each such capacity,
Executive will report directly to the Chief Executive Officer of Centura.

         3. Employment Period. Unless earlier terminated herein in accordance
with Section 7 hereof, Executive's employment shall be for a term (the
"Employment Period") beginning on the Effective Date and extending through the
90th day following the Executive's 58th birthday (the "Expiration Date").

         4. Extent of Service. During the Employment Period, and excluding any
periods of vacation and sick leave to which Executive is entitled, Executive
agrees to devote reasonable business time and attention during normal business
hours to the performance of his duties hereunder; provided, however, that it
shall not be a violation of this Agreement for Executive to (i) devote
reasonable periods of time to charitable and community activities and, with the
approval of Centura, industry or professional activities, and/or (ii) manage
personal business interests and investments, so long as such activities do not
materially interfere with the performance of Executive's responsibilities under
this Agreement.

         5.       Compensation and Benefits.

                  (a) Base Salary. During the Employment Period, Centura will
pay to Executive base salary at the rate of U.S. $310,000 per year ("Base
Salary"), less normal withholdings, payable in equal monthly or more frequent
installments as are customary under Centura's payroll practices from time to
time. The Compensation Committee of the Board of Directors of Centura shall
review Executive's Base Salary annually and in its sole discretion, may increase
Executive's Base Salary from year to year. The annual review of Executive's
salary by the Committee will consider, among other things, Executive's own
performance and Centura's performance.

                  (b) Incentive, Savings and Retirement Plans. During the
Employment Period, Executive shall be entitled to participate in all bonus,
incentive (including but not limited to stock options, other stock-based awards
and performance awards), savings and retirement plans, practices, policies and
programs applicable generally to senior executive officers of Centura ("Peer
Executives"). Without limiting the foregoing, during the Employment Period,
Executive shall be a participant in a Supplemental Executive Retirement
Agreement with Centura (the "Centura SERP") having substantially the same terms
as that certain Supplemental Executive Retirement Agreement between Centura and
Cecil W. Sewell, Jr., dated as of May 14, 1996, as amended on October 2, 1996
and December 24, 1998, or, if more favorable, any subsequent supplemental
executive retirement plan or agreement between Centura and Peer Executives.

                                       76
<PAGE>

                  (c) Welfare Benefit Plans. During the Employment Period,
Executive and Executive's family shall be eligible for participation in, and
shall receive all benefits under, the welfare benefit plans, practices, policies
and programs provided by Centura and its affiliated companies (including,
without limitation, medical, prescription, dental, disability, employee life,
group life, accidental death and travel accident insurance plans and programs)
("Welfare Plans") to the extent applicable to Peer Executives.

                  (d) Expenses. During the Employment Period, Executive shall be
entitled to receive prompt reimbursement for all reasonable expenses incurred by
Executive in accordance with the policies, practices and procedures of Centura
and its affiliated companies in effect for Peer Executives.

                  (e) Fringe Benefits. During the Employment Period, Executive
shall be entitled to fringe benefits in accordance with the plans, practices,
programs and policies of Centura and its affiliated companies in effect for Peer
Executives. In all events, Executive shall be entitled to fringe benefits at
least as favorable as those he was receiving immediately prior to the Effective
Date.

                  (f) Vacation. During the Employment Period, Executive will be
entitled to six weeks of paid vacation.

         6. Change of Control. Upon the occurrence of a Change in Control, all
of Executive's outstanding stock options and other incentive awards from Centura
in the nature of rights that may be exercised shall become fully exercisable and
all restrictions on Executive's outstanding awards shall lapse. For the purposes
of this Agreement, a "Change of Control" shall mean the occurrence of any of the
following events:

                  (a) individuals who, at the Effective Date, constitute the
Board of Directors of Centura (the "Incumbent Directors") cease for any reason
to constitute at least a majority of such Board, provided that any person
becoming a director after the Effective Date and whose election or nomination
for election was approved by a vote of at least a majority of the Incumbent
Directors then on the Board (either by a specific vote or by approval of the
proxy statement of Centura in which such person is named as a nominee for
director, without written objection to such nomination) shall be an Incumbent
Director; provided, however, that no individual initially elected or nominated
as a director of Centura as a result of an actual or threatened election contest
(as described in Rule 14a-11 under the 1934 Act ("Election Contest") or other
actual or threatened solicitation of proxies or consents by or on behalf of any
"person" (as such term is defined in Section 3(a)(9) of the 1934 Act and as used
in Section 13(d)(3) and 14(d)(2) of the 1934 Act) other than the Board ("Proxy
Contest"), including by reason of any agreement intended to avoid or settle any
Election Contest or Proxy Contest, shall be deemed an Incumbent Director;

                  (b) any person is or becomes a "beneficial owner" (as defined
in Rule 13d-3 under the 1934 Act), directly or indirectly, of securities of
Centura representing 25% or more of the combined voting power of Centura's then
outstanding securities eligible to vote for the election of the Board (the
"Company Voting Securities"); provided, however, that the event described in
this paragraph (b) shall not be deemed to be a Change in Control of Centura by
virtue of any of the following acquisitions: (A) any acquisition by a person who
is on the Effective Date the beneficial owner of 25% or more of the outstanding
Company Voting Securities, (B) an acquisition by Centura which reduces the
number of Company Voting Securities outstanding and thereby results in any
person acquiring beneficial ownership of more than 25% of the outstanding
Company Voting Securities; provided, that if after such acquisition by Centura
such person becomes the beneficial owner of additional Company Voting Securities
that increases the percentage of outstanding Company Voting Securities
beneficially owned by such person, a Change in Control of Centura shall then
occur, (C) an acquisition by any employee benefit plan (or related trust)
sponsored or maintained by Centura or any Parent or Subsidiary, (C) an
acquisition by an underwriter temporarily holding securities pursuant to an
offering of such securities, (D) an acquisition pursuant to a Non-Qualifying
Transaction (as defined in paragraph (c) below), or (E) a transaction (other
than the one described in paragraph (c) below) in which Company Voting
Securities are acquired from Centura, if a majority of the Incumbent Directors
approve a resolution providing expressly that the acquisition pursuant to this
clause (E) does not constitute a Change in Control of Centura under this
paragraph (b);

                  (c) the consummation of a reorganization, merger,
consolidation, statutory share exchange or similar form of corporate transaction
involving Centura that requires the approval of Centura's stockholders, whether
for such transaction or the issuance of securities in the transaction (a
"Reorganization"), or the sale or other

                                       77
<PAGE>

disposition of all or substantially all of Centura's assets to an entity that is
not an affiliate of Centura (a "Sale"), unless immediately following such
Reorganization or Sale: (A) more than 50% of the total voting power of (x) the
corporation resulting from such Reorganization or the corporation which has
acquired all or substantially all of the assets of Centura (in either case, the
"Surviving Corporation"), or (y) if applicable, the ultimate parent corporation
that directly or indirectly has beneficial ownership of 100% of the voting
securities eligible to elect directors of the Surviving Corporation (the "Parent
Corporation"), is represented by Centura Voting Securities that were outstanding
immediately prior to such Reorganization or Sale (or, if applicable, is
represented by shares into which such Company Voting Securities were converted
pursuant to such Reorganization or Sale), and such voting power among the
holders thereof is in substantially the same proportion as the voting power of
such Company Voting Securities among the holders thereof immediately prior to
the Reorganization or Sale, (B) no person (other than (x) Centura, (y) any
employee benefit plan (or related trust) sponsored or maintained by the
Surviving Corporation or the Parent Corporation, or (z) a person who immediately
prior to the Reorganization or Sale was the beneficial owner of 25% or more of
the outstanding Company Voting Securities) is the beneficial owner, directly or
indirectly, of 25% or more of the total voting power of the outstanding voting
securities eligible to elect directors of the Parent Corporation (or, if there
is no Parent Corporation, the Surviving Corporation), and (C) at least a
majority of the members of the board of directors of the Parent Corporation (or,
if there is no Parent Corporation, the Surviving Corporation) following the
consummation of the Reorganization or Sale were Incumbent Directors at the time
of the Board's approval of the execution of the initial agreement providing for
such Reorganization or Sale (any Reorganization or Sale which satisfies all of
the criteria specified in (A), (B) and (C) above shall be deemed to be a
"Non-Qualifying Transaction"); or

                  (d) approval by the stockholders of Centura of a complete
liquidation or dissolution of Centura.

         7. Termination of Employment.

                  (a) Death or Disability. Executive's employment shall
terminate automatically upon Executive's death during the Employment Period. If
Centura determines in good faith that the Disability of Executive has occurred
during the Employment Period (pursuant to the definition of Disability set forth
below), it may give to Executive written notice of its intention to terminate
Executive's employment. In such event, Executive's employment with Centura shall
terminate effective on the 30th day after receipt of such written notice by
Executive (the "Disability Effective Date"), provided that, within the 30 days
after such receipt, Executive shall not have returned to full-time performance
of Executive's duties. For purposes of this Agreement, "Disability" shall have
the meaning assigned such term in the Centura SERP. In all events, the
determination of Disability shall be made by a physician selected by Executive
and reasonably acceptable to Centura.

                  (b) Termination by Centura. Centura may terminate Executive's
employment during the Employment Period with or without Cause. For purposes of
this Agreement, "Cause" shall mean:

                           (i) the willful and continued failure of Executive to
perform substantially Executive's duties with Centura (other than any such
failure resulting from incapacity due to physical or mental illness, and
specifically excluding any failure by Executive, after reasonable efforts, to
meet performance expectations), after a written demand for substantial
performance is delivered to Executive by the Chief Executive Officer or the
Board of Directors of Centura, which specifically identifies the manner in which
the Chief Executive Officer or the Board believes that Executive has not
substantially performed Executive's duties, or

                           (ii) the willful engaging by Executive in illegal
conduct or gross misconduct which is materially and demonstrably injurious to
Centura.

         For purposes of this provision, 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 and without reasonable belief that Executive's
action or omission was in the best interests of Centura. Any act, or failure to
act, based upon authority given pursuant to a resolution duly adopted by the
applicable Board of Directors or based upon the advice of counsel for Centura
shall be conclusively presumed to be done, or omitted to be done, by Executive
in good faith and in the best interests of Centura. The cessation of employment
of Executive shall not be deemed to be for Cause unless and until there shall
have been delivered to Executive a copy of a resolution duly adopted by the
affirmative

                                       78
<PAGE>

vote of not less than two-thirds of the entire membership of the applicable
Board of Directors (excluding Executive) at a meeting of such Board called and
held for such purpose (after reasonable notice is provided to Executive and
Executive is given an opportunity, together with counsel, to be heard before
such Board), finding that, in the good faith opinion of such Board, Executive is
guilty of the conduct described in subparagraph (i) or (ii) above, and
specifying the particulars thereof in detail.

                  (c)  Termination by Executive. Executive's employment may be
terminated by Executive for Good Reason or no reason. For purposes of this
Agreement, "Good Reason" shall mean:

                           (i) without the written consent of Executive, the
assignment to Executive of any duties inconsistent in any material respect with
Executive's position (including status and reporting requirements), authority,
duties or responsibilities as in effect on the Effective Date, or any other
action by Centura which results in a diminution in such position, authority,
duties or responsibilities, excluding for this purpose an isolated,
insubstantial and inadvertent action not taken in bad faith and which is
remedied by Centura promptly after receipt of notice thereof given by Executive;

                           (ii) without the written consent of Executive,
Centura requiring Executive to be based at a location that is more than 35 miles
from Rocky Mount, North Carolina;

                           (iii) a reduction in Executive's Base Salary and
benefits as in effect on the Effective Date or as the same may be increased from
time to time;

                           (iv) the failure by Centura (a) to continue in effect
any compensation plan in which Executive participates as of the Effective Date
that is material to Executive's total compensation, unless an equitable
arrangement (embodied in an ongoing substitute or alternative plan) has been
made with respect to such plan, or (b) to continue Executive's participation
therein (or in such substitute or alternative plan) on a basis not materially
less favorable, both in terms of the amount of benefits provided and the level
of Executive's participation relative to other participants; or

                           (v) the material breach of this Agreement by Centura;
or

                           (vi) the occurrence of a Change in Control.

                  (d) Notice of Termination. Any termination by Centura for
Cause, or by Executive for Good Reason, shall be communicated by Notice of
Termination to the other party hereto given in accordance with this Agreement.
For purposes of this Agreement, a "Notice of Termination" means a written notice
which (i) indicates the specific termination provision in this Agreement relied
upon, (ii) to the extent applicable, sets forth in reasonable detail the facts
and circumstances claimed to provide a basis for termination of Executive's
employment under the provision so indicated and (iii) specifies the termination
date (which date shall be not less than 60 days after the giving of such
notice). If a dispute exists concerning the provisions of this Agreement that
apply to Executive's termination of employment, the parties shall pursue the
resolution of such dispute with reasonable diligence. Within five (5) days of
such a resolution, any party owing any payments pursuant to the provisions of
this Agreement shall make all such payments together with interest accrued
thereon at the rate provided in Section 1274(b)(2)(B) of the Internal Revenue
Code of 1986, as amended (the "Code"). The failure by either party to set forth
in the Notice of Termination any fact or circumstance which contributes to a
showing of Good Reason or Cause shall not waive any right of such party
hereunder or preclude such party from asserting such fact or circumstance in
enforcing such party's rights hereunder.

                  (e) Date of Termination. "Date of Termination" means (i) if
Executive's employment is terminated other than by reason of death or
Disability, the date of receipt of the Notice of Termination, or any later date
specified therein, or (ii) if Executive's employment is terminated by reason of
death or Disability, the Date of Termination will be the date of death or the
Disability Effective Date, as the case may be.

                  (f) Board Resignations. Termination of Executive's employment
for any reason whatsoever shall constitute Executive's resignation from the
Board of Directors of Centura.

                                       79
<PAGE>

         8. Obligations of Centura upon Termination.

                  (a) Termination by Executive for Good Reason; Disability;
Termination by Centura Other Than for Cause. If, during the Employment Period,
Centura shall terminate Executive's employment other than for Cause, Executive
shall terminate employment for Good Reason, or Executive's employment shall
terminate by reason of Disability:

                           (i) Centura shall pay to Executive in a lump sum in
cash within 30 days after the Date of Termination the sum of (1) Executive's
Base Salary through the Date of Termination to the extent not theretofore paid,
(2) the product of (x) Executive's highest annual bonus from Centura, including
any bonus or portion thereof which has been earned but deferred, for any of the
last three full fiscal years prior to the Date of Termination (such amount being
referred to as the "Highest Annual Bonus") and (y) a fraction, the numerator of
which is the number of days in the current fiscal year through the Date of
Termination, and the denominator of which is 365, (3) any accrued vacation pay
to the extent not theretofore paid, and (4) unless Executive has elected a
different payout date in a prior deferral election, any compensation previously
deferred by Executive (together with any accrued interest or earnings thereon)
to the extent not theretofore paid (the sum of the amounts described in clauses
(1), (2), (3) and (4) shall be hereinafter referred to as the "Accrued
Obligations"); and

                           (ii) beginning on the last day of the month in which
the Date of Termination occurs and ending on the last day of the month in which
the Expiration Date occurs, Centura shall pay Executive a monthly amount equal
to the sum of (i) his monthly Base Salary as in effect on the Date of
Termination, and (ii) one-twelfth of the Highest Annual Bonus; provided,
however, that in the case of Executive's termination of employment due to
Disability, amounts paid under this Section 8(a)(ii) shall be offset by the
amount of disability benefits paid pursuant to the disability policy maintained
for Executive; and

                           (iii) from the Date of Termination through the
Expiration Date, or such longer period as may be provided by the terms of the
appropriate plan, program, practice or policy, Centura shall continue benefits
to Executive and/or Executive's family that are at least equal, on an after-tax
basis, to those which would have been provided to them in accordance with the
Welfare Plans described in Section 5(c) of this Agreement if Executive's
employment had not been terminated; provided, however, that if Executive becomes
re-employed with another employer and is eligible to receive medical or other
welfare benefits under another employer provided plan, the medical and other
welfare benefits described herein shall be secondary to those provided under
such other plan during such applicable period of eligibility;

                           (iv) to the extent not theretofore paid or provided,
Centura shall timely pay or provide to Executive any other amounts or benefits
required to be paid or provided or which Executive is eligible to receive under
any plan, program, policy or practice or contract or agreement of Centura and
its affiliated companies (such other amounts and benefits shall be hereinafter
referred to as the "Other Benefits"); and

                           (v) all stock options and any other stock-based
awards outstanding immediately prior to the Date of Termination shall remain
outstanding and shall be treated for all purposes (except that in the event of
Executive's death, his estate or other beneficiary or successor shall be
entitled to exercise Executive's rights) as if Executive continued to be
employed by Centura until the Expiration Date; and

                           (vi) for purposes of the Centura SERP (and unless the
termination of employment was due to Executive's death), Executive shall be
deemed to continue to be employed and receive his Base Salary (as in effect
immediately prior to his Termination Date) and his Highest Annual Bonus
(calculated as of the day before the Termination Date) for each year until the
Expiration Date.

                  (b) Death. If Executive's employment is terminated by reason
of Executive's death during the Employment Period, this Agreement shall
terminate without further obligations to Executive's legal representatives under
this Agreement, other than for payment of Accrued Obligations and the timely
payment or provision of Other Benefits. Accrued Obligations shall be paid to
Executive's estate or beneficiary, as applicable, in a lump sum in cash within
30 days of the Date of Termination. With respect to the provision of Other
Benefits, the term Other Benefits as used in this Section 8(b) shall include,
without limitation, and Executive's estate and/or beneficiaries

                                       80
<PAGE>

shall be entitled to receive, benefits under such plans, programs, practices and
policies relating to death benefits, if any, as are applicable to Executive on
the date of his death.

                  (c) Cause or Voluntary Termination without Good Reason. If
Executive's employment shall be terminated for Cause during the Employment
Period, or if Executive voluntarily terminates employment during the Employment
Period without Good Reason, this Agreement shall terminate without further
obligations to Executive, other than for payment of Accrued Obligations
(excluding the pro-rata bonus described in clause 2 of Section 8(a)(i)) and the
timely payment or provision of Other Benefits.

                  (d) Expiration of Employment Period. If Executive's employment
shall be terminated due to the normal expiration of the Employment Period, this
Agreement shall terminate without further obligations to Executive, other than
for payment of Accrued Obligations and the timely payment or provision of Other
Benefits.

                  (e) Board Resignations. Termination of Executive's employment
for any reason whatsoever shall constitute Executive's resignation from the
Board of Directors of Centura.

         9. Non-exclusivity of Rights. Nothing in this Agreement shall prevent
or limit Executive's continuing or future participation in any plan, program,
policy or practice provided by Centura or its affiliated companies and for which
Executive may qualify, nor, subject to Section 15(d), shall anything herein
limit or otherwise affect such rights as Executive may have under any contract
or agreement with Centura or its affiliated companies. Amounts which are vested
benefits or which Executive is otherwise entitled to receive under any plan,
policy, practice or program of or any contract or agreement with Centura or any
of its affiliated companies at or subsequent to the Date of Termination shall be
payable in accordance with such plan, policy, practice or program or contract or
agreement except as explicitly modified by this Agreement.

         10.      Gross-Up Payment.

                  (a) Anything in this Agreement to the contrary notwithstanding
and except as set forth below in this Section 10, in the event it shall be
determined that any payment or distribution by Centura to or for the benefit of
Executive (whether paid or payable or distributed or distributable pursuant to
the terms of this Agreement or otherwise, but determined without regard to any
additional payments required under this Section 10) (a "Payment") would be
subject to the excise tax imposed by Section 4999 of the Code or any interest or
penalties are incurred by Executive with respect to such excise tax (such excise
tax, together with any such interest and penalties, are hereinafter collectively
referred to as the "Excise Tax"), then Executive shall be entitled to receive an
additional payment (a "Gross-Up Payment") in an amount such that after payment
by Executive of all taxes (including any interest or penalties imposed with
respect to such taxes), including, without limitation, any income taxes (and any
interest and penalties imposed with respect thereto) and Excise Tax imposed upon
the Gross-Up Payment, Executive retains an amount of the Gross-Up Payment equal
to the Excise Tax imposed upon the Payments.

                  (b) Subject to the provisions of Section 10(c), all
determinations required to be made under this Section 10, including whether and
when a Gross-Up Payment is required and the amount of such Gross-Up Payment and
the assumptions to be utilized in arriving at such determination, shall be made
by a certified public accounting firm selected by Executive and reasonably
acceptable to Centura as may be designated by Executive (the "Accounting Firm")
which shall provide detailed supporting calculations both to Centura and
Executive within 15 business days of the receipt of notice from Executive that
there has been a Payment, or such earlier time as is reasonably requested by
Centura. All fees and expenses of the Accounting Firm shall be borne solely by
Centura. Any Gross-Up Payment, as determined pursuant to this Section 10, shall
be paid by Centura to Executive within five days of the receipt of the
Accounting Firm's determination. Any determination by the Accounting Firm shall
be binding upon Centura and Executive. As a result of the uncertainty in the
application of Section 4999 of the Code at the time of the initial determination
by the Accounting Firm hereunder, it is possible that Gross-Up Payments will not
have been made by Centura that should have been made ("Underpayment"),
consistent with the calculations required to be made hereunder. In the event
that Centura exhausts its remedies pursuant to Section 10(c) and Executive
thereafter is required to make a payment of any Excise Tax, the Accounting Firm
shall determine the amount of the Underpayment that has occurred and any such
Underpayment shall be promptly paid by Centura to or for the benefit of
Executive.

                                       81
<PAGE>

                  (c) The Executive shall notify Centura in writing of any claim
by the Internal Revenue Service that, if successful, would require the payment
by Centura of a Gross-Up Payment (or an additional Gross-Up Payment). Such
notification shall be given as soon as practicable but no later than ten
business days after Executive is informed in writing of such claim and shall
apprise Centura of the nature of such claim and the date on which such claim is
requested to be paid. The Executive shall not pay such claim prior to the
expiration of the 30-day period following the date on which it gives such notice
to Centura (or such shorter period ending on the date that any payment of taxes
with respect to such claim is due). If Centura notifies Executive in writing
prior to the expiration of such period that it desires to contest such claim,
Executive shall:

                           (i) give Centura any information reasonably requested
by Centura relating to such claim,

                           (ii) take such action in connection with contesting
such claim as Centura shall reasonably request in writing from time to time,
including, without limitation, accepting legal representation with respect to
such claim by an attorney reasonably selected by Centura and reasonably
acceptable to Executive,

                           (iii) cooperate with Centura in good faith in order
effectively to contest such claim, and

                           (iv) permit Centura to participate in any proceedings
relating to such claim;

provided, however, that Centura shall bear and pay directly all costs and
expenses (including additional interest and penalties) incurred in connection
with such contest and shall indemnify and hold Executive harmless, on an
after-tax basis, for any Excise Tax or income tax (including interest and
penalties with respect thereto) imposed as a result of such representation and
payment of costs and expenses. Without limitation of the foregoing provisions of
this Section 10(c), Centura shall control all proceedings (to the extent
applicable to the Excise tax and Gross-Up Payment) taken in connection with such
contest and, at its sole option, may pursue or forgo any and all administrative
appeals, proceedings, hearings and conferences with the taxing authority in
respect of such claim and may, at its sole option, either direct Executive to
pay the tax claimed and sue for a refund or contest the claim in any permissible
manner, and Executive agrees to prosecute such contest to a determination before
any administrative tribunal, in a court of initial jurisdiction and in one or
more appellate courts, as Centura shall reasonably determine; provided, however,
that if Centura directs Executive to pay such claim and sue for a refund,
Centura shall advance the amount of such payment to Executive, on an
interest-free basis and shall indemnify and hold Executive harmless, on an
after-tax basis, from any Excise Tax or income tax (including interest or
penalties with respect thereto) imposed with respect to such advance or with
respect to any imputed income with respect to such advance; and further provided
that any extension of the statute of limitations relating to payment of taxes
for the taxable year of Executive with respect to which such contested amount is
claimed to be due is limited solely to such contested amount. Furthermore,
Centura's control of the contest shall be limited to issues with respect to
which a Gross-Up Payment would be payable hereunder and Executive shall be
entitled to settle or contest, as the case may be, any other issue raised by the
Internal Revenue Service or any other taxing authority.

                  (d) If, after the receipt by Executive of an amount advanced
by Centura pursuant to Section 10(c), Executive becomes entitled to receive any
refund with respect to such claim, Executive shall (subject to Centura's
complying with the requirements of Section 10(c)) promptly pay to Centura the
amount of such refund (together with any interest paid or credited thereon after
taxes applicable thereto). If, after the receipt by Executive of an amount
advanced by Centura pursuant to Section 10(c), a determination is made that
Executive shall not be entitled to any refund with respect to such claim and
Centura does not notify Executive in writing of its intent to contest such
denial of refund prior to the expiration of 30 days after such determination,
then such advance shall be forgiven and shall not be required to be repaid and
the amount of such advance shall offset, to the extent thereof, the amount of
Gross-Up Payment required to be paid.

         11. Costs of Enforcement. In any action taken in good faith relating to
the enforcement of this Agreement or any provision herein, Executive shall be
entitled to be paid any and all costs and expenses incurred by him in enforcing
or establishing his rights thereunder, including, without limitation, reasonable
attorneys' fees, whether suit be brought or not, and whether or not incurred in
trial, bankruptcy or appellate proceedings. Executive shall also be entitled to
be paid all reasonable legal fees and expenses, if any, incurred in connection
with any tax audit or proceeding to the extent attributable to the application
of Section 4999 of the Internal Revenue Code to any payment or benefit
hereunder. Such payments shall be made within five (5) business days after
delivery of

                                       82
<PAGE>

Executive's respective written requests for payment accompanied with such
evidence of fees and expenses incurred as Centura reasonably may require.

         12. Representations and Warranties. Executive hereby represents and
warrants to Centura that Executive is not a party to, or otherwise subject to,
any covenant not to compete with any person or entity, and Executive's execution
of this Agreement and performance of his obligations hereunder will not violate
the terms or conditions of any contract or obligation, written or oral, between
Executive and any other person or entity.

         13. Confidential Information. Executive shall hold in a fiduciary
capacity for the benefit of Centura all secret or confidential information,
knowledge or data relating to Centura or any of its affiliated companies, and
their respective businesses, which shall have been obtained by Executive during
Executive's employment by Centura or any of its affiliated companies and which
shall not be or become public knowledge (other than by acts by Executive or
representatives of Executive in violation of this Agreement). After termination
of Executive's employment with Centura or such affiliated companies, Executive
shall not, without the prior written consent of Centura or as may otherwise be
required by law or legal process, communicate or divulge any such information,
knowledge or data to anyone other than Centura and those designated by it.

         14.      Assignment and Successors.
                  -------------------------

                  (a) This Agreement is personal to the Executive and without
the prior written consent of Centura shall not be assignable by the Executive
otherwise than by will or the laws of descent and distribution. This Agreement
shall inure to the benefit of and be enforceable by the Executive's legal
representatives.

                  (b) This Agreement shall inure to the benefit of and be
binding upon Centura and its successors and assigns.

                  (c) Centura will require any successor (whether direct or
indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business and/or assets of Centura to assume expressly
and agree to perform this Agreement in the same manner and to the same extent
that Centura would be required to perform it if no such succession had taken
place. As used in this Agreement, "Centura" shall mean Centura as hereinbefore
defined and any successor to its business and/or assets as aforesaid which
assumes and agrees to perform this Agreement by operation of law, or otherwise.

         15.      Miscellaneous.

                  (a) Waiver. Failure of either party to insist, in one or more
instances, on performance by the other in strict accordance with the terms and
conditions of this Agreement shall not be deemed a waiver or relinquishment of
any right granted in this Agreement or of the future performance of any such
term or condition or of any other term or condition of this Agreement, unless
such waiver is contained in a writing signed by the party making the waiver.

                  (b) Severability. If any provision or covenant, or any part
thereof, of this Agreement should be held by any court to be invalid, illegal or
unenforceable, either in whole or in part, such invalidity, illegality or
unenforceability shall not affect the validity, legality or enforceability of
the remaining provisions or covenants, or any part thereof, of this Agreement,
all of which shall remain in full force and effect.

                  (c) Other Agents. Nothing in this Agreement is to be
interpreted as limiting Centura from employing other personnel on such terms and
conditions as may be satisfactory to it.

                  (d) Entire Agreement. Except as provided herein, this
Agreement contains the entire agreement between Centura and Executive with
respect to the subject matter hereof and, from and after the Effective Date,
this Agreement shall supersede any other agreement between or among the parties
with respect to the subject matter hereof.

                                       83
<PAGE>

                  (e) Governing Law. Except to the extent preempted by federal
law, and without regard to conflict of laws principles, the laws of the State of
North Carolina shall govern this Agreement in all respects, whether as to its
validity, construction, capacity, performance or otherwise.

                  (f) Notices. All notices, requests, demands and other
communications required or permitted hereunder shall be in writing and shall be
deemed to have been duly given if delivered or three days after mailing if
mailed, first class, certified mail, postage prepaid:

<TABLE>
<CAPTION>
<S>                                                  <C>
                  To Centura:                        Centura Banks, Inc.
                                                              134 North Church Street
                                                              Rocky Mount, North Carolina 27804
                                                              Attention: Chief Executive Officer

                  To Executive:                      William H. Wilkerson
                                                              ----------------
                                                              ----------------
                                                              ----------------
</TABLE>

Any party may change the address to which notices, requests, demands and other
communications shall be delivered or mailed by giving notice thereof to the
other party in the same manner provided herein.

                  (g) Amendments and Modifications. This Agreement may be
amended or modified only by a writing signed by both parties hereto, which makes
specific reference to this Agreement.

                         (signatures on following page)

                                       84
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have duly executed and delivered
this Employment Agreement as of the date first above written.

                                  CENTURA BANKS, INC.

                                  By:  /s/ Cecil W. Sewell, Jr.
                                  Title:  Chief Executive Officer

                                  EXECUTIVE:

                                  /s/ William H. Wilkerson
                                  William H. WilkersonDate:                              17 July 2000

To:                                Trimeris, Inc. ("Party B")

Attention:                         Robert Bonczek

From:                              _________________ ("Party A")

Re:                                Equity Option Confirmation
                                   Reference Number:
--------------------------------------------------------------------------------

The purpose of this communication is to confirm the terms and conditions of the
capped call option (the "Transaction") entered into between us on the Trade Date
specified below. This communication constitutes a "Confirmation" as referred to
in the Master Agreement specified below.

The definitions and provisions contained in the 1996 ISDA Equity Derivatives
Definitions (the "Equity Definitions"), as published by the International Swaps
and Derivatives Association, Inc. ("ISDA") are incorporated into this
Confirmation. In the event of any inconsistency between those definitions and
provisions and this Confirmation, this Confirmation will govern.

This Confirmation evidences a complete binding agreement between you and us as
to the terms of the Transaction to which this Confirmation relates. In addition,
you and we agree to use all reasonable efforts promptly to negotiate, execute
and deliver an agreement in the form of the ISDA Master Agreement
(Multicurrency-Cross Border) (the "ISDA Form"), with such modifications as you
and we will in good faith agree. Until such time as we execute and deliver the
ISDA Form, this Confirmation, together with all other documents referring to the
ISDA Form (each a "Confirmation"), shall supplement, form a part of, and be
subject to an agreement in the form of the ISDA Form as if we had executed an
agreement in such form (but without any Schedule) on the Trade Date of the first
such Transaction between us. In the event of any inconsistency between the
provisions of the ISDA Form and this Confirmation, this Confirmation will
prevail for the purpose of this Transaction. Upon the execution by you and us of
an agreement in the form of the ISDA Form, this Confirmation will supplement,
form a part of, and be subject to that agreement. All provisions contained or
incorporated by reference in that agreement upon its execution will govern this
Confirmation except as expressly modified below.

The terms of the Transaction to which this Confirmation relates are as follows:

Trade Date:

Option Style:                      European

Option Type:                       Capped Call

Seller:

Buyer:

Shares:                            Common stock of Trimeris Inc.  (Symbol: TRMS)

Number of Options:

Option Entitlement:

Strike Price:
<PAGE>

Cap Price:

Premium:

Premium
Payment Date:                      Not applicable (the Premium with respect to
                                   this Transaction shall be netted against the
                                   premium with respect to transaction reference
                                   1310668)

Exchange:                          Nasdaq National Market

Related Exchange(s):               Any exchange or quotation system on which the
                                   Shares or options or futures on the Shares
                                   are listed or quoted.

Clearance System:                  The Depository Trust Company

Calculation Agent:                 Party A

Procedure for Exercise

Expiration Time:                   At the 4:00p.m. close of trading on the
                                   Exchange; without regard to any extended or
                                   after hours trading.

Expiration Date:

Automatic Exercise:                Applicable

Seller's Contact
Details for Notice:

Reference Price:                   The last reported sale price of a Share on
                                   the Exchange at the Expiration Time on the
                                   Expiration Date.

Settlement Terms

Settlement:                        The Transaction shall be Physically Settled,
                                   provided, however, that Party B may elect
                                   that Cash Settlement or Net Share Settlement
                                   be applicable to the Transaction by giving
                                   notice to Party A of such election on a day
                                   (the "Election Date") no later than (in the
                                   case of Cash Settlement) five Exchange
                                   Business Days, or (in the case of Net Share
                                   Settlement) twenty Exchange Business Days,
                                   before the Expiration Date.

Physical Settlement:               If the Transaction is to be physically
                                   settled, on the Settlement Date the Seller
                                   shall deliver to the Buyer the number of
                                   Shares equal to the number of Options
                                   exercised against payment by the Buyer to the
                                   Seller of an amount equal to the product of
                                   (a) the Strike Price, adjusted as hereinafter
                                   provided, multiplied by (b) the number of
                                   Options exercised. If the Closing Value
                                   exceeds the Cap Price, the Strike Price shall
                                   be increased by the amount by which the
                                   Closing Value exceeds the Cap Price; if the
                                   Closing Value is equal to or less than the
                                   Cap Price, no adjustment will be made to the
                                   Strike Price. Such payment and such delivery
                                   will be made through the Clearance System at
                                   the accounts specified below, on a delivery
                                   versus payment basis.

Cash Settlement:                   If the Transaction is to be cash settled, on
                                   the Settlement Date Party A shall pay

                                       2
<PAGE>
                                   to Party B the Cash Settlement Amount, if
                                   any. The "Cash Settlement Amount" shall be
                                   the greater of (a) zero and (b) an amount
                                   calculated by the Calculation Agent equal to
                                   (i) the number of Options exercised
                                   multiplied by (ii) the Price Differential.
                                   "Price Differential" means (x) if the
                                   Settlement Price exceeds the Cap Price, the
                                   result of subtracting the Strike Price from
                                   the Cap Price, and (y) if the Settlement
                                   Price is equal to or less than the Cap Price,
                                   the result of subtracting the Strike Price
                                   from the Settlement Price.

Net Share Settlement:              If Party B elects Net Share Settlement, the
                                   Seller shall deliver to the Buyer the number
                                   of whole Shares (the "Settlement Shares")
                                   equal to (i) the Cash Settlement Amount (if
                                   any) divided by (ii) the Closing Value, plus
                                   cash in lieu of any fractional Share. At any
                                   time following an election of Net Share
                                   Settlement by Party B (as the settlement
                                   method applicable to the exercise of the
                                   Transaction on the Expiration Date) but no
                                   later than five Exchange Business Days before
                                   the Expiration Date, Party B may elect Cash
                                   Settlement or Physical Settlement.

Condition Precedent:               It shall be a condition precedent
                                   to the obligation of Party A to make a
                                   payment or delivery to Party B in settlement
                                   of the Transaction that Party B shall have
                                   made any payment or delivery to Party A that
                                   is then due under the Related Transactions.

Net Settlement:                    If on any date amounts would otherwise be
                                   payable (i) in the same currency or in
                                   Shares, as the case may be, and (ii) in
                                   respect of this Transaction, or any Related
                                   Transaction by each party to the other, then,
                                   on such date, each party's obligation to make
                                   payment of such amount will be automatically
                                   satisfied and discharged and, if the
                                   aggregate amount that would otherwise have
                                   been payable by one party exceeds the
                                   aggregate amount that would otherwise have
                                   been payable by the other party, replaced by
                                   an obligation upon the party by whom the
                                   larger aggregate amount would have been
                                   payable to pay to the other party the excess
                                   of the larger aggregate amount over the
                                   smaller aggregate amount.

Related Transactions:              The call options issued by Party B to Party
                                   A, in respect of Shares and having the same
                                   Trade Date and Expiration Date as the
                                   Transaction.

Settlement Price:                  If Net Share Settlement or Cash Settlement is
                                   applicable, the Settlement Price shall be the
                                   price determined in accordance with Section
                                   4.4(b)(i) of the Equity Definitions.

Closing Value:                     The closing price of a Share on the Exchange
                                   Business Day immediately preceding the
                                   Settlement Date, as reported by the Exchange.

Settlement Date:                   If Physical Settlement is applicable,
                                   the Settlement Date shall be the date
                                   determined in accordance with Section 6.2 of
                                   the Equity Definitions. If Cash Settlement or
                                   Net Share Settlement is applicable, the
                                   Settlement Date shall be three Exchange
                                   Business Days after the Valuation Date.

Valuation for Cash Settlement
-----------------------------

Valuation Date:                    As defined in Section 4.2 of the Equity
                                   Definitions

Valuation Time:                    At the 4:00pm close of trading on the
                                   Exchange, without regard to any after-hours
                                   trading.

                                       3
<PAGE>
Relevant Price:                    The last reported sale price on the Exchange
                                   as of the Valuation Time on the Valuation
                                   Date

Averaging Dates:                   The Valuation Date and each of the four
                                   Exchange Business Days preceding the
                                   Valuation Date

Averaging Date
Market Disruption:                 Modified Postponement

Adjustment Events
-----------------

Method of
Adjustment:                        Calculation Agent Adjustment

Extraordinary Events
--------------------

Consequences of Merger Events:

(a)    Share-for-Share:            Cancellation and Payment

(b)    Share-for-Other:            Cancellation and Payment

(c)    Share-for-Combined:         Cancellation and Payment

Nationalization or Insolvency:     Cancellation and Payment

Miscellaneous
-------------

Conditions on Net
Share Settlement:                  If Party B elects Net Share Settlement
                                   pursuant to Settlement on Extraordinary Event
                                   or paragraph 5 of this Confirmation, the
                                   following conditions must be met: (i) Party B
                                   will enter into a Registration Rights
                                   Agreement with Party A in form and substance
                                   reasonably acceptable to Party A not later
                                   than the Election Date, which agreement will
                                   contain, among other things, the
                                   representations and warranties,
                                   indemnification and contribution provisions
                                   and the obligation of Party B to deliver
                                   customary opinions of counsel and
                                   accountant's comfort letters and officers'
                                   certificates, in each case, consistent with
                                   those that Party A would require in the case
                                   of a primary issuance of common stock, and
                                   obligations of Party A and Party B relating
                                   to the registration of the Settlement Shares
                                   and the Make-Whole Shares (the "Registered
                                   Shares"); (ii) the Shelf Registration (as
                                   hereinafter defined) shall have been declared
                                   effective by the Securities and Exchange
                                   Commission not less than five Exchange
                                   Business Days prior to the Expiration Date;
                                   and (iii) Party B shall maintain the
                                   effectiveness of the Shelf Registration and a
                                   prospectus covering the Registered Shares
                                   available for use by Party A until all
                                   Registered Shares have been sold by Party
                                   A."Shelf Registration" means a registration
                                   statement in form and substance reasonably
                                   acceptable to Party A for an offering to be
                                   made on a continuous basis pursuant to Rule
                                   415 under the Securities Act of 1933, as
                                   amended, registering Party A's resale in the
                                   manner or manners designated by Party A of
                                   all the Settlement Shares, plus any
                                   Make-whole Shares, in the manner(s)
                                   designated by Party A.

Make-Whole
Provision:                         If Party B delivers Settlement Shares to
                                   Party A pursuant to Net Share Settlement of
                                   the Transaction and within ten Exchange
                                   Business Days after the

                                       4
<PAGE>
                                   Settlement Date, Party A resells all or any
                                   portion of the Settlement Shares and the net
                                   proceeds received by Party A upon resale of
                                   such Shares exceed the Cash Settlement Amount
                                   (or if less than all of the Shares are
                                   resold, the applicable pro rata portion of
                                   the Cash Settlement Amount), Party A shall
                                   promptly refund in cash such difference to
                                   Party B. In the event that such net proceeds
                                   are less than the Cash Settlement Amount (or
                                   if less than all of the Settlement Shares are
                                   resold, the applicable pro rata portion of
                                   the Cash Settlement Amount), Party B shall
                                   pay in cash or additional Shares such
                                   difference (the "Make-whole Amount") to Party
                                   A promptly after receipt of notice thereof.
                                   In the event that Party B elects to pay the
                                   Make-whole Amount in additional Shares, the
                                   requirements set forth above with respect to
                                   payment of the Cash Settlement Amount in
                                   Shares, including Make-whole requirements,
                                   shall apply, such that Party A shall pay to
                                   Party B any such excess and Party B shall pay
                                   to Party A in cash or additional Make-whole
                                   Shares any additional Make-whole Amount. In
                                   calculating the net proceeds from the resale
                                   of any Settlement Shares there shall be
                                   deducted from such proceeds any amount equal
                                   to the customary underwriting discount or
                                   commission determined by the Calculation
                                   Agent multiplied by the total number of
                                   Shares sold pursuant to a Shelf Registration
                                   or (in the case of restricted Shares), the
                                   total number of Shares delivered by Party B
                                   to Party A pursuant to Net Share Settlement.

Title to Shares:                   If the Transaction is to be physically
                                   settled or net share settled, the party
                                   obligated to deliver Shares (if not the
                                   issuer of the Shares) represents, warrants
                                   and agrees that (a) it is the legal and
                                   beneficial owner of the Shares it is required
                                   to deliver; (b) it has the right to transfer
                                   those Shares; and (c) it will convey good
                                   title to the Shares it is required to
                                   deliver, free from all liens, charges,
                                   equities, rights of pre-emption or other
                                   security interests or encumbrances
                                   whatsoever.

                                   If the Transaction is Net-Share Settled,
                                   Party B represents to Party A that all
                                   Settlement Shares and Make-whole Shares
                                   delivered to Party A will, at the time of
                                   delivery, be duly authorized, validly issued
                                   and fully paid and non-assessable.

Transfer:                          Neither party may transfer any rights nor
                                   delegate any obligations in respect of the
                                   Transaction, in whole or in part, directly or
                                   indirectly, without the prior written consent
                                   of the non-transferring party.

Special Provisions
------------------

1.  Governing Law and Consent to Jurisdiction:

The Transaction will be governed by and construed in accordance with the laws of
New York (without reference to choice of law doctrine). Solely as between the
parties hereto, and relating solely to matters arising concerning this
Transaction, each party irrevocably submits to the non-exclusive jurisdiction of
the courts of the state of New York and the United States District Court located
in the Borough of Manhattan in the City of New York, and waives any objection
which it may have at any time to the laying of venue of any proceedings
concerning this transaction brought in such court, waives any claim that such
proceedings have been brought in an inconvenient forum and further waives the
right to object that such court does not have jurisdiction over any party.
Notwithstanding the foregoing, nothing in this Confirmation precludes either
party from bringing proceedings in any other jurisdiction nor will the bringing
of proceedings in any one or more jurisdictions preclude the brining of
proceedings in another jurisdiction.

2.  Representations and Warranties:

Party A and Party B each hereby represents, warrants and agrees as follows: (i)
it is duly organized and validly existing under the laws of the jurisdiction of
its organization or incorporation and, if relevant under such laws, in

                                       5
<PAGE>
good standing; (ii) it has the corporate power to execute and deliver this
Confirmation and to perform its obligations under this Confirmation and the
Transaction evidenced hereby; (iii) such execution, delivery and performance do
not violate or conflict with any law applicable to it, any provision of its
constitutional documents, any order or judgement of any court or other agency of
government binding upon it or any material contract binding on or affecting it
or any of its assets; (iv) all governmental and other consents that are required
to have been obtained by it with respect to this Confirmation and the
Transaction evidenced hereby have been obtained and are in full force and effect
and all material conditions of any such consents have been complied with; (v)
its obligations under this Confirmation and the Transaction evidenced hereby
constitute its legal, valid and binding obligations, enforceable in accordance
with their respective terms (subject to applicable bankruptcy, reorganization,
insolvency, moratorium or similar laws affecting creditors' rights generally and
subject, as to enforceability, to equitable principles of general application
(regardless of whether enforcement is sought in a proceeding in equity or at
law)); (vi) it is not required by any applicable law, as modified by the
practice of any relevant governmental revenue authority, of any relevant
jurisdiction to make any deduction or withholding for or on account of any tax
from any payment to be made by it to the other party under this Confirmation and
the Transaction evidenced hereby; (vii) its payment obligations hereunder rank
and will rank at all times at least pari passu in all respects with all of its
other unsecured obligations (except for those which are preferred by operation
of law); and (viii) it is entering into this Confirmation and the Transaction
evidenced hereby as principal (and not as agent or in any other capacity,
fiduciary or otherwise); and (ix) (a) it is an "accredited investor," as such
term is defined in Regulation D promulgated under the Securities Act of 1933,
(b) it has had access to such information regarding the Transaction and the
other party as it requested, (c) it has knowledge and experience in financial
and business matters and is capable of evaluating the merits and risks of the
Transaction and is able to bear the economic risk of its investment, including
without limitation the risk of complete loss on the investment, and (d) it
acquired its interest herein and in the Transaction evidenced hereby for its own
account for investment and not with a view to, or in connection with, any
distribution of such interests.

Representations and warranties set forth in section (ix) above will be correct
and complied with in all respects at all times so long as the parties continue
to have obligations and duties to each other hereunder as if repeated then, by
reference to then existing circumstances.

3.       Elections and Modifications Under the ISDA Form
--------------------------------------------------------

For purposes of the Transaction evidenced by this Confirmation, Party A and
Party B have made the following elections and modifications to the ISDA Form:

(a)      "Specified Entity" means in relation to Party A for the purpose of:

         Section 5(a)(v),                              Any Affiliate of Party A
         Section 5(a)(vi),                             NONE
         Section 5(a)(vii),                            NONE
         Section 5(b)(iv),                             NONE

         and in relation to Party B for the purpose of:

         Section 5(a)(v),                            Any Affiliate of  Party B
         Section 5(a)(vi),                           Any Affiliate of  Party B
         Section 5(a)(vii),                          Any Affiliate of  Party B
         Section 5(b)(iv),                           Any Affiliate of  Party B

(b) The "Cross Default" provisions of Section 5(a)(vi) of the ISDA Form, as
modified below, will apply to Party A and to Party B. Section 5(a)(vi) of ISDA
Form is hereby amended by the addition of the following at the end thereof:

              "provided, however, that notwithstanding the foregoing, an Event
of Default shall not occur under either (1) or (2) above if, as demonstrated to
the reasonable satisfaction of the other party, (a) the event or condition
referred to in (1) or the failure to pay referred to in (2) is a failure to pay
caused by an error or omission of an administrative or operational nature; and
(b) funds were available to such party to enable it to make the relevant payment
when due; and (c) such relevant payment is made within three Business Days
following receipt of written notice from an interested

                                       6
<PAGE>
party of such failure to pay."

         "Specified Indebtedness" means any obligation (whether present or
future, contingent or otherwise, as principal or surety or otherwise) for the
payment or repayment of any money.

         "Threshold Amount" means, with respect to Party B or any Specified
Entity USD10,000,000 or, if lower, the amount in US Dollars of debt which the
failure of Party B to pay will constitute on default or event of default under
Party B's principal credit agreement with banks or other lending institutions
and, with respect to Party A, shall mean 2% of the shareholder's equity
(howsoever described) of Party A as shown on the most recent annual audited
financial statements of Party A.

 (c) "Payments on Early Termination". For the purpose of Section 6(e) of this
Agreement:

     (i)      Loss will apply.
     (ii)     The Second Method will apply.

4.     Settlement on Extraordinary Event:
       ---------------------------------

a. If payment is required of Party B pursuant to Section 9.3 or 9.7 of the
Equity Definitions, Party B shall have the right, in its sole discretion, to
elect (the "Extraordinary Transaction Election") to satisfy any such payment
obligation by Net Share Settlement of this Transaction. Party B shall make any
election to Net Share Settle the Transaction within two Exchange Business Days
of the Announcement Date but in any event not less than twenty Exchange Business
Days prior to the effective date of such Merger or Nationalization .

b. For purposes of any such Net Share Settlement : (i) the "Shares" to be
registered and delivered to Party A shall be the Shares, (ii) the Cash
Settlement Amount shall be the amount determined in accordance with Section 9.7
of the Equity Definitions, provided that, for the purposes of this Confirmation
the second and third lines of Section 9.7(b) of the Equity Definitions are
deleted and replaced with, "promptly by the parties after the Extraordinary
Transaction Election, failing which it will be determined by the Calculation
Agent and based on", (iii) the Settlement Date shall be the tenth Clearance
System Business Day following the Announcement Date, but in any event not later
than eight Exchange Business Days before the Merger Date or the date the
Nationalization occurs (as applicable), and (iv) the entity surviving, resulting
from, or acquiring Party B in connection with the Merger Event shall comply with
all of the Conditions on Net Share Settlement set forth in this confirmation.

5.     Calculations and Payment on Early Termination:
       ---------------------------------------------

a. The obligations of Party B to make payments pursuant to Section 6(d) and (e)
of the ISDA Form are modified as follows: Party B shall have the right to make
any payment required pursuant to Section 6(e) of the ISDA Form following the
occurrence of an Early Termination Date in respect of this Transaction and any
other Transaction between the parties referenced to the Shares and to which this
modification of the ISDA Form is expressly made applicable and to which Party B
is required to make a payment pursuant to Section 6(d) or (e) of the ISDA Form
("Share Eligible Transactions") by electing to Net Share Settle the Share
Eligible Transactions in accordance with the terms and conditions for Net Share
Settlement herein and in any other Share Eligible Transaction. Party B shall
elect to Net Share Settle the Share Eligible Transactions by giving notice to
Party A of such election (i) if Party B is the Defaulting or Affected Party,
within one Exchange Business Day after the notice fixing an Early Termination
Date is received by Party B or (ii) if Party A is the Defaulting or Affected
Party, in the notice fixing an Early Termination Date. If Party B elects Net
Share Settlement:

         (i)      The relevant parties shall determine pursuant to Section 6(e)
                  of the ISDA Form the Loss applicable to Share Eligible
                  Transactions and to Transactions that are not Share Eligible
                  Transactions ("Other Transactions") (for the avoidance of
                  doubt, Other Transactions includes Transactions referenced to
                  the Shares in respect of which Party A has a payment
                  obligation to Party B under Section 6(d) or (e) of the ISDA
                  Form) and the Cash Settlement Amount for purposes of Net Share
                  Settlement of Share Eligible Transactions shall be the amount,
                  if any, payable by Party B to Party A as the Loss in respect
                  of Share Eligible Transactions. In consideration of the
                  parties continuing obligations under this Transaction, Party A
                  and Party B amend the ISDA Form as of the Trade Date as
                  follows:

                                       7
<PAGE>
                  (A) Party A's obligation to make any payment pursuant to
                      Section 6(e) of the ISDA Form (the "Section 6(e) Payment")
                      is subject to the precondition that all amounts payable
                      and securities deliverable by Party B to Party A in
                      connection with all Share Eligible Transactions have been
                      received by Party A in full (the "Receipt"); and
                  (B) The time provided in the ISDA Form within which Party A
                      must make the Section 6(e) Payment shall be extended until
                      such Receipt.
                  The last sentence of the first paragraph of Section 6(e) of
                  the ISDA Form shall not apply with respect to Share Eligible
                  Transactions. Nothing in the immediately preceding sentence
                  shall affect the obligations of the parties to pay the amount
                  determined in accordance with Section 6(e) in respect of Other
                  Transactions in cash in accordance with Section 6 of the ISDA
                  Form.
         (ii)     The Settlement Date for Net Share Settlement shall be the
                  later of:
                  (A) the payment date determined pursuant to Section 6(d)(ii)
                      of the ISDA Form; and
                  (B) the earlier of (x) the second Exchange Business Day
                      following the date the Registration Statement is declared
                      effective by the Securities and Exchange Commission
                      ("SEC"); and (y) the date determined pursuant to subclause
                      (vi)(A)(4).
         (iii)    If Party B is the Defaulting Party or the sole Affected Party,
                  the Closing Value of the Shares shall be 75% of the amount
                  determined under Closing Value.
         (iv)     Party B shall comply with all of the Conditions on Net Share
                  Settlement applicable to Share Eligible Transactions, except
                  that the Registration Statement must be declared effective by
                  the Securities and Exchange Commission ("SEC") not later than
                  the close of business on the second Exchange Business Day
                  following the notice fixing an Early Termination Date.
         (v)      Interest from (and including) the relevant Early Termination
                  Date to (but excluding) the Settlement Date shall accrue on,
                  and be added to, the Cash Settlement Amount, in the
                  Termination Currency, at the rate determined by the
                  Calculation Agent in its absolute discretion. Such interest
                  will be calculated on the basis of daily compounding and the
                  actual number of days elapsed.
         (vi)     If the Registration Statement is not declared effective by the
                  SEC within the time set out in paragraph 5(a)(iv) (or, where
                  Party A has previously made the election set out in paragraph
                  5(a)(vi)(B), within the time designated pursuant to paragraph
                  5(a)(vi)(B)), Party A, in its absolute discretion, may elect
                  to:
                  (A) receive the relevant number of Shares from Party B in
                      which case:
                            (1)    the day on which Party A makes such an
                                   election to receive such Shares from Party B
                                   is the "Party A Election Date", and
                            (2)    Party B shall withdraw any Registration
                                   Statement filed with the SEC in connection
                                   with the Shares, and
                            (3)    Party B will enter into a Private Placement
                                   Purchase Agreement with Party A in form and
                                   substance acceptable to Party A no later than
                                   the next Exchange Business Day following the
                                   Party A Election Date, and
                            (4)    Party B shall deliver to Party A such Shares
                                   on the Settlement Date which, for the
                                   purposes of this paragraph 5(a)(vi)(A)(4),
                                   shall be the third Exchange Business Day
                                   following the Party A Election Date, and
                            (5)    in addition to any Make-whole Amount payable
                                   by Party B pursuant to the Make-Whole
                                   Provision herein, Party B shall deliver to
                                   Party A such additional Shares until Party A
                                   has realized actual net proceeds upon resale
                                   of such Shares equal to Party A's Loss. At
                                   its election, Party A may by a written notice
                                   to Party B retain a number of Shares
                                   delivered by Party B pursuant to this
                                   subclause (vi). If Party A so elects, Party A
                                   shall be deemed to have sold each such
                                   retained Share for an amount equal to the
                                   price per Share obtained by Party A in the
                                   last Share sold by Party A prior to sending
                                   written notice of its intention to retain
                                   Shares to Party B. In no event will Party A
                                   be obligated to exercise its right to retain
                                   Shares; or
                  (B) extend the period within which the Registration Statement
                      is to be declared effective by the SEC for a further
                      period specified in writing by Party A at the time of such
                      extension.

Party B intends that this Transaction shall be accounted for as "permanent
equity" within the meaning of and for the purposes of EITF 00-7. This section
entitled Calculations and Payment on Early Termination shall be applicable only

                                       8
<PAGE>
to the extent and only for as long as necessary for Party B to account for this
Transaction as "permanent equity" within the meaning and for the purposes of
EITF 00-7 or any successor financial statement guidance. In the event there is a
change in interpretation of EITF 00-7 that would cause this Transaction not to
be accounted for as "permanent equity" thereunder, the parties agree to use
reasonable efforts to agree upon amendments to the Transaction acceptable to
both parties to permit the Transaction to continue to be accounted for as
"permanent equity."

Account Details
---------------

Party A:     Cash Payments for Physical Settlement
             -------------------------------------

             Cash Settlement Payments or USD Premium Payments
             ------------------------------------------------

             Delivery of Shares for Physical Settlement and Net Share Settlement
             -------------------------------------------------------------------

Party B:                           (please advise)

6.  Relationship Between Parties
    ----------------------------

Each party will be deemed to represent to the other party on the date on which
it enters into a Transaction that (absent a written agreement between the
parties that expressly imposes affirmative obligations to the contrary for that
Transaction):

(a) Non-Reliance. It is acting for its own account, and it has made its own
independent decisions to enter into that Transaction and as to whether that
Transaction is appropriate or proper for it based upon its own judgement and
upon advice from such advisers as it has deemed necessary. It is not relying on
any communication (written or oral) of the other party as investment advice or
as a recommendation to enter into that Transaction; it being understood that
information and explanations related to the terms and conditions of a
Transaction shall not be considered investment advice or a recommendation to
enter into that Transaction. No communication (written or oral) received from
the other party shall be deemed to be an assurance or guarantee as to the
expected results of that Transaction.

(b) Assessment and Understanding. It is capable of assessing the merits of and
understanding (on its own behalf or through independent professional advice),
and understands and accepts the terms, conditions and risks of that Transaction.
It is also capable of assuming, and assumes, the risks of that Transaction.

(c) Status of Parties. The other party is not acting as a fiduciary for or an
adviser to it in respect of that Transaction.

Please confirm that the foregoing correctly sets forth the terms of our
agreement by executing the copy of this Confirmation enclosed for that purpose
and returning it to us at your earliest convenience.

Yours sincerely,

By: ______________________                  By: _____________________
Name:                                       Name:

                                       9
<PAGE>
Title:                                               Title:

Confirmed as of the ___ day
of ____________, ____

TRIMERIS INC..

By: ______________________
Name:
Title:

                                       10

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00013-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00013-of-00352.parquet"}]]