Document:

Exhibit

Exhibit 10.3
2016 
EMPLOYMENT AGREEMENT

This 2016 EMPLOYMENT AGREEMENT (“Agreement”) is made and entered into effective as of the 1st day of August, 2016, (the “Effective Date”), by and among BB&T CORPORATION, a North Carolina corporation (“BB&T”), BRANCH BANKING AND TRUST COMPANY, a North Carolina chartered commercial bank (“BBTC”), and DONTÁ L. WILSON, an individual (“Executive”).  BB&T and BBTC are collectively referred to as the “Employer”.

RECITALS

WHEREAS, Employer and their Affiliates are engaged in the banking and financial services business; and 
WHEREAS, Executive is experienced in, and knowledgeable concerning, the material aspects of such business; and
WHEREAS, Pursuant to the terms of an employment agreement effective as of January 1, 2010 (the “Predecessor Agreement”), Executive was previously employed as a Regional President of BBTC; and 
WHEREAS, effective August 1, 2016, Executive became employed as a Senior Executive Vice President of BB&T and BBTC; and
WHEREAS, BB&T, BBTC and Executive have determined that it is in their respective best interest to enter into this Agreement on the terms and conditions as set forth herein.
NOW, THEREFORE, in consideration of the premises and the mutual covenants and promises contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:
AGREEMENT
		
	1.
	EMPLOYMENT TERMS AND DUTIES.

1.1EMPLOYMENT.  Employer hereby employs Executive, and Executive hereby accepts employment by Employer commencing on the Effective Date, upon the terms and conditions set forth in this Agreement.  Executive agrees to serve (i) as an employee of Employer and as an employee of one or more of Employer’s Affiliates; (ii) on such committees and task forces of the Employer (including, without limitation, BB&T’s Executive Management Team), as Executive may be appointed from time to time; and (iii) as a member of the Board of Directors of BB&T and/or BBTC as Executive may be appointed from time to time.  Notwithstanding the foregoing, in no event shall the failure to appoint or reappoint Executive to any committee or task force or Board 

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of Directors be considered or treated either as a breach of this Agreement by the Employer or as a termination of Executive’s employment.
1.2DUTIES.  Executive shall serve as a Senior Executive Vice President of BB&T and BBTC, and shall report to the Senior Executive Vice President, General Counsel and Corporate Secretary of Employer.  Executive shall have the authority, and perform the duties customarily associated with Executive’s title together with such additional duties of an executive nature as may from time to time be reasonably assigned by the Senior Executive Vice President, General Counsel and Corporate Secretary of Employer or Employer’s Boards of Directors.  Executive shall devote all of Executive’s business time, attention, knowledge and skills solely to the business and interests of Employer and their Affiliates and shall not be otherwise employed.  Executive shall at all times comply with and be subject to such policies and procedures as Employer may establish from time to time including, without limitation, conflict of interest policies.  Employer and their Affiliates shall be entitled to all of the benefits, profits and other emoluments arising from or incident to all work, services and advice of Executive, and Executive shall not, during the Term, become interested, directly or indirectly, in any manner, as a partner, officer, director, stockholder, advisor, employee or in any other capacity in any other business similar to the business of Employer and their Affiliates.  Nothing contained herein shall be deemed, however, to prevent or limit the right of Executive to invest in a business similar to the business of Employer and their Affiliates if such investment is limited to less than one (1) percent of the capital stock or other securities of any corporation or similar organization whose stock or securities are publicly owned or are regularly traded on any public exchange. 
1.3TERM.  Subject to the provisions of Section 1.6 below, unless extended or shortened as provided in this Agreement, the term of employment of Executive under this Agreement shall commence on the Effective Date, and shall continue until the expiration of a period of thirty-six (36) consecutive months immediately following the Effective Date (the “Term”).  As of the first day of each calendar month commencing September 1, 2016, this Agreement and Executive’s employment hereunder, shall be automatically extended (without any further action of or by Employer or Executive) for an additional successive calendar month; provided, however, that on any one month anniversary date, either Employer or Executive may serve notice to the other parties to fix the Term to a definite thirty-six (36) month period from the date of such notice and no further automatic extensions shall occur.  Notwithstanding the foregoing, the Term shall not be extended beyond the first day of the calendar month next following the date on which Executive attains age sixty-five (65).  The Term as it may be extended pursuant to this Section 1.3, or, as it may be shortened in accordance with Section 1.6, is hereinafter referred to as the “Term”.

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1.4COMPENSATION AND BENEFITS.
1.4.1    Base Salary.  In consideration of all of (i) the services rendered to Employer and Employer’s Affiliates hereunder by Executive, and (ii) Executive’s covenants hereunder, Employer shall, during the Term, pay Executive a salary at the annual rate of Four Hundred Thousand Dollars ($400,000) (the “Base Salary”), payable in equal cash installments in accordance with Employer’s regular payroll practices, but no less frequently than monthly.  The $400,000 annual Base Salary may be increased, but not decreased without the written consent of Executive, from time to time in the sole discretion of Employer and any such increased “Base Salary” shall thereafter constitute “Base Salary” for purposes of this Agreement, and may not thereafter be reduced without the written consent of Executive.  
1.4.2    Incentive Compensation.  During the Term, Executive shall continue to participate in any bonus or incentive plans of Employer, whether any such plan provides for awards in cash or securities, made available to other executives of Employer similarly situated to Executive, as such plan or plans may be modified from time to time, or such other similar plans for which Executive may become eligible and designated a participant.
1.4.3    Employee Benefits.  Executive shall be eligible to participate in such employee benefits plans and programs of Employer  (such as retirement, sick leave, vacation, group disability, health, life, and accident insurance) as may be in effect from time to time (and subject to the terms thereof) during the Term as are afforded to other similarly situated executives of BB&T.
If, during the Term, Executive becomes eligible for benefits under the Pension Plan and retires, Executive shall be eligible to participate in the same retiree health care program provided to other retiring employees of BB&T who are also retiring at the same time.  During the Compensation Continuance Period, Executive shall be deemed to be an “active employee” of Employer for purposes of participating in BB&T’s health care plan and for purposes of satisfying any age and service requirements under BB&T’s retiree health care program.  Thus, if Executive has not satisfied either the age or service requirement (or both) under BB&T’s retiree health care program at the time payment of Executive’s Termination Compensation begins, but satisfies the age or service requirement (or both) at the time such Termination Compensation payments end, Executive shall be deemed to have satisfied the age or service requirement (or both) for purposes of BB&T’s retiree health care program as of the date Executive’s Termination Compensation payments end.  For purposes of satisfying any service requirement under BB&T’s retiree health care program, Executive shall be credited with one year of service for each Computation Period which begins and ends during the Compensation Continuance Period.
1.5BUSINESS EXPENSES.  Employer shall, upon receipt from Executive of supporting receipts to the extent required by applicable income tax regulations and Employer’s reimbursement policies, reimburse Executive for all out-of-pocket business expenses reasonably incurred by Executive in connection with Executive’s employment hereunder.
1.6TERMINATION.  Executive’s employment and this Agreement (except as otherwise provided hereunder) shall terminate upon a date (the “Termination Date”) that is the 

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earlier of (i) the expiration (as provided in Section 1.3) of the Term, or (ii) the occurrence of any of the following at the time set forth therefor: 
1.6.1Death.  Executive’s employment and this Agreement shall automatically terminate upon Executive’s death.
1.6.2Retirement.  Executive’s employment shall terminate automatically upon Executive’s Retirement.
1.6.3Disability.  Immediately upon the reasonable determination by Employer that Executive shall have been unable to substantially perform the essential functions of Executive’s duties by reason of a physical or mental disability, with or without reasonable accommodation, for a period of twelve (12) consecutive months (“Disability”); provided that prior to any such termination for Disability, the Boards of Directors of Employer shall have given Executive at least thirty (30) days’ advance written notice of Employer’s intent to terminate Executive due to Disability, and Executive shall not have returned to full-time employment by the thirtieth (30th) day after such notice (termination pursuant to this Section 1.6.3 being referred to herein as termination for Disability).
1.6.4Voluntary Termination.  Immediately upon the date specified in Executive’s written notice to Employer’s Boards of Directors of Executive’s voluntary termination of employment; provided, however,  that Employer may accelerate the effective date of such termination (and the Termination Date) (termination pursuant to this Section 1.6.4 being referred to herein as “Voluntary Termination”).
1.6.5Termination for Just Cause.  Immediately following notice of termination for “Just Cause” (as defined below), specifying such Just Cause, given by Employer’s Boards of Directors (termination pursuant to this Section 1.6.5 being referred to herein as termination for “Just Cause”).  “Just Cause” shall mean and be limited to any one or more of the following:  Executive’s personal dishonesty; gross incompetence; willful misconduct; breach of a fiduciary duty involving personal profit; intentional failure to perform stated duties; willful violation of any law, rule or regulation (other than traffic violations or similar offenses) or final cease-and-desist order; conviction of a felony or of a misdemeanor involving moral turpitude; unethical business practices in connection with Employer’s business; misappropriation of Employer’s or their Affiliates’ assets (determined on a reasonable basis) or material breach of any other provision of this Agreement; provided, that Executive has received written notice from Employer of such material breach and such breach remains uncured for a period of thirty (30) days after the delivery of such notice.  For purposes of this 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 or without a reasonable belief that Executive’s action or omission was in the best interests of Employer.

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1.6.6Termination Without Just Cause.  Immediately upon the date specified in a written notice of termination without Just Cause from Employer’s Boards of Directors to Executive (termination pursuant to this Section 1.6.6 being referred to herein as termination “Without Just Cause”).
1.6.7Good Reason Termination.  Subject to the following, thirty (30) days following the written notice by Executive to Employer’s Boards of Directors described in this Section 1.6.7; provided, however, that during any such thirty (30) day period, Employer may suspend, with no reduction in pay or benefits, Executive from Executive’s duties as set forth herein (including, without limitation, Executive’s position as a representative and agent of Employer and Employer’s Affiliates) (termination pursuant to this Section 1.6.7 being referred to herein as “Good Reason Termination”).  For purposes of this Section 1.6.7, a Good Reason Termination shall occur when Executive provides written notice to Employer’s Boards of Directors of termination for “Good Reason”, which, as used herein, shall mean the occurrence of any of the following events without Executive’s express written consent:
		
	(i)
	the assignment to Executive of duties inconsistent with the position and status of a Senior Executive Vice President of Employer; or

		
	(ii) 
	a reduction by Employer in Executive’s annual Base Salary as then in effect; or

		
	(iii) 
	the exclusion of Executive from participation in Employer’s employee benefit plans (in which Executive meets the participation eligibility requirements) in effect as of, or adopted or implemented on or after, the Effective Date, as the same may be improved or enhanced from time to time during the Term; or

		
	(iv)
	any purported termination of the employment of Executive by Employer which is not effected in accordance with this Agreement;

provided, however, that an event shall not constitute Good Reason unless, within ninety (90) days of the initial existence of an event, Executive gives Employer at least thirty (30) days’ prior written notice of such event setting forth a description of the circumstances constituting Good Reason and Employer fails to cure such within the thirty- (30-) day period following Employer’s receipt of such written notice.
1.6.8No Other Remedies.  Termination pursuant to this Agreement shall be in limitation of and with prejudice to any other right or remedy to which Executive may otherwise be entitled at law or in equity against Employer, its affiliates, and its agents, shareholders, employees, officers and directors.

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1.6.9Notice of Termination.  A termination of Executive’s employment by Employer or Executive for any reason other than death shall be communicated by a written notice to the other parties, which written notice shall specify the effective date of termination.
1.7TERMINATION COMPENSATION AND POST-TERMINATION BENEFITS.
1.7.1Expiration of Term, Retirement, Voluntary Termination, Termination for Just Cause, or Termination for Death.  In the case of termination of Executive’s employment hereunder due to the expiration of the Term in accordance with Section 1.6(i) above, or Executive’s death in accordance with Section 1.6.1 above, or Executive’s Retirement in accordance with Section 1.6.2 above, or Executive’s Voluntary Termination of employment hereunder in accordance with Section 1.6.4 above, or a termination of Executive’s employment hereunder for Just Cause in accordance with Section 1.6.5 above, (i) Executive shall not be entitled to receive payment of, and Employer shall have no obligation to pay, any severance or similar compensation attributable to such termination (including, without limitation, Termination Compensation), other than Base Salary earned but unpaid; any bonuses and incentive compensation for the preceding year that was previously earned by Executive but unpaid on the Termination Date; accrued but unused vacation to the extent allowed by BB&T’s vacation pay policy; vested benefits under any Employer sponsored employee benefit plan; and any unreimbursed business expenses pursuant to Section 1.5 hereof incurred by Executive as of the Termination Date; (ii) Employer’s other obligations under this Agreement shall immediately cease; and (iii) except for termination as a result of Executive’s death, Executive agrees to comply with Executive’s Section 2 covenants (including, without limitation, compliance with the noncompetition and nonsolicitation covenants of Section 2) for a one (1) year period following Executive’s Termination Date.
1.7.2Termination for Disability.  In the case of a termination of Executive’s employment hereunder for Disability in accordance with Section 1.6.3 above, during the first twelve (12) consecutive months of the period of Executive’s Disability, Executive shall continue to earn all compensation (including bonuses and incentive compensation) to which Executive would have been entitled if Executive had not been disabled, such compensation to be paid at the time, in the amount, and in the manner provided in Section 1.4, inclusive of any compensation received pursuant to any applicable disability insurance plan of Employer.  Thereafter, Executive shall receive only compensation to which Executive is entitled under any applicable disability insurance plan of Employer; and Executive shall have no right to receive any other compensation (such as Termination Compensation) or other benefits upon or after Executive’s Termination Date.  In the event a dispute arises between Executive and Employer concerning Executive’s Disability or ability to continue or return to the performance of his duties as aforesaid, Executive shall submit, at the expense of Employer, to examination of a competent physician mutually agreeable to the parties, and such 

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physician’s opinion as to Executive’s capability to so perform shall be final and binding upon Employer and Executive.
1.7.3Termination Without Just Cause.  In the case of a termination of Executive’s employment hereunder Without Just Cause in accordance with Section 1.6.6, Executive shall be entitled to the following in lieu of any other compensation or benefits (under Section 1.4 of this Agreement or otherwise) from Employer:
		
	(i)
	Executive shall receive Termination Compensation each month during the Compensation Continuance Period, subject, however, to Executive’s compliance with Executive’s Section 2 covenants (including, without limitation, compliance with the noncompetition and nonsolicitation covenants of Section 2) for a one (1) year period following Executive’s Termination Date.

		
	(ii)
	Employer shall use their best efforts to accelerate vesting of any unvested benefits of Executive under any employee stock-based or other benefit plan or arrangement to the extent permitted by Code Section 409A or other applicable law and the terms of such plan or arrangement.

		
	(iii)
	Employer shall make available to Executive, at Employer’s cost, outplacement services by such entity or person as shall be designated by Employer, with the cost to Employer of such outplacement services not to exceed Twenty Thousand Dollars ($20,000).

		
	(iv)
	During the Compensation Continuance Period, Executive shall either continue to participate (treating Executive as an “active employee” of Employer for this purpose) in the same group hospitalization plan, health care plan, dental care plan, life or other insurance or death benefit plan, and any other present or future similar group employee benefit plan or program for which officers of Employer generally are eligible, on the same terms as were in effect prior to Executive’s Termination Date, or, to the extent such participation is not permitted by any group plan insurer, under comparable individual plans and coverage (to the extent commercially available).

The Termination Compensation and other benefits provided for in this Section 1.7.3 shall be paid by Employer in accordance with the standard payroll practices and procedures in effect prior to Executive’s Termination  Date.  If Executive breaches Executive’s obligations under Section 1.7.3 or Section 2 of this Agreement, Executive shall not be entitled to receive any further Termination Compensation or benefits pursuant to this Section 1.7.3 from and after the date of such breach.

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1.7.4Good Reason Termination.  A Good Reason Termination under Section 1.6.7 shall entitle Executive to the following in lieu of any other compensation or benefits (under Section 1.4 of this Agreement or otherwise) from Employer:
		
	(i)
	Executive shall receive Termination Compensation each month during the Compensation Continuance Period, subject, however, to Executive’s compliance with his Section 2 covenants (including, without limitation, compliance with the noncompetition and nonsolicitation provisions of Section 2) for a one (1) year period following Executive’s Termination Date.

		
	(ii)
	Employer shall use their best efforts to accelerate vesting of any unvested benefits of Executive under any employee stock-based or other benefit plan or arrangement to the extent permitted by Code Section 409A or other applicable law and the terms of such plan or arrangement.

		
	(iii)
	Employer shall make available to Executive, at Employer’s cost, outplacement services by such entity or person as shall be designated by Employer, with the cost to Employer of such outplacement services not to exceed Twenty Thousand Dollars ($20,000).

		
	(iv)
	During the Compensation Continuance Period, Executive shall either continue to participate (treating Executive as an “active employee” of Employer for this purpose) in the same group hospitalization plan, health care plan, dental care plan, life or other insurance or death benefit plan, and any other present or future similar group employee benefit plan or program for which officers of Employer generally are eligible, on the same terms as were in effect prior to Executive’s Termination Date, or, to the extent such participation is not permitted by any group plan insurer, under comparable individual plans and coverage (to the extent commercially available).

The Termination Compensation and other benefits provided for in this Section 1.7.4 shall be paid by Employer in accordance with the standard payroll practices and procedures in effect prior to Executive’s Termination Date.  If Executive breaches Executive’s obligations under Section 1.7.4 or Section 2 of this Agreement, Executive shall not be entitled to receive any further  Termination Compensation or benefits pursuant to this Section 1.7.4 from and after the date of such breach.  
1.7.5Change of Control.  If the employment of Executive is terminated for any reason other than Just Cause or on account of Executive’s death, regardless of whether Employer or Executive initiates such termination, within twelve (12) months after a Change of Control (or, if later, within ninety (90) days after a MOE Revocation), Executive shall be entitled to the following 

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Termination Compensation and benefits in lieu of any other compensation or benefits (under Section 1.4 of this Agreement or otherwise) from Employer:
		
	(i)
	Executive shall receive Termination Compensation each month during the Compensation Continuance Period.

		
	(ii)
	Employer shall use their best efforts to accelerate vesting of any unvested benefits of Executive under any employee stock-based or other benefit plan or arrangement to the extent permitted by Code Section 409A or other applicable law and the term of such plan or arrangement.

		
	(iii)
	Employer shall make available to Executive, at Employer’s cost, outplacement services by such entity or person as shall be designated by Employer, with the cost to Employer of such outplacement services not to exceed Twenty Thousand Dollars ($20,000).

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

The Termination Compensation and other benefits provided for in this Section 1.7.5 shall be paid by Employer in accordance with the standard payroll practices and procedures in effect prior to Executive’s Termination Date, a Change of Control or MOE Revocation, as appropriate.  If Executive incurs a termination of employment pursuant to this Section 1.7.5, Executive shall be subject to all of the provisions of Section 2 other than the noncompetition and nonsolicitation provisions thereof.  If Executive breaches Executive’s obligations under Section 2 of this Agreement, exclusive of the noncompetition and nonsolicitation provisions thereof, Executive shall not be entitled to receive any further Termination Compensation or benefits pursuant to this Section 1.7.5 from and after the date of such breach.  
Should the circumstances of the termination of the employment of Executive result in application of both Section 1.7.3 or Section 1.7.4 and this Section 1.7.5, this Section 1.7.5 shall be deemed to apply and control.

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1.7.6No Termination of Continuing Obligations.  Termination of Executive’s employment relationship with Employer in accordance with the applicable provisions of this Agreement does not terminate those obligations imposed by this Agreement which are continuing obligations, including, without limitation, Executive’s obligations under Section 2; provided, however, that the noncompetition and nonsolicitation provisions of Section 2.1 shall be inapplicable upon Executive’s Termination Date if Executive’s employment is terminated pursuant to Section 1.7.5.  Any provision of this Agreement which by its terms obligates Employer to make payments subsequent to termination of Executive’s Employment Term shall survive any such termination.
1.7.7SERP.  Executive is a participant in the BB&T Corporation Non-Qualified Defined Benefit Plan (the “SERP”).  The SERP was formerly known as the Branch Banking and Trust Company Supplemental Executive Retirement Plan.  The SERP is a non-qualified, unfunded supplemental retirement plan which provides benefits to or on behalf of selected key management employees.  The benefits provided under the SERP supplement the retirement and survivor benefits payable from the Pension Plan.  Except in the event the employment of Executive is terminated by the Employer or BB&T for Just Cause and except in the event Executive terminates Executive’s employment for any reason other than Good Reason and such termination does not occur within twelve (12) months after a Change of Control (or, if later, within ninety (90) days after a MOE Revocation), the following special provisions shall apply for purposes of this Agreement:
		
	(i)
	The provisions of the SERP shall be and hereby are incorporated in this Agreement.  The SERP, as applied to Executive, may not be terminated, modified or amended without the express written consent of Executive.  Thus, any amendment or modification to the SERP or the termination of the SERP shall be ineffective as to Executive unless Executive consents in writing to such termination, modification or amendment.  The Supplemental Pension Benefit (as defined in the SERP) of Executive shall not be adversely affected because of any modification, amendment or termination of the SERP.  In the event of any conflict between the terms of this Section 1.7.7(i) and the SERP, the provisions of this Section 1.7.7(i) shall prevail.  Executive hereby agrees and consents to Employer’s amendment of the SERP to comply with Section 409A.

		
	2.
	ADDITIONAL COVENANTS OF EXECUTIVE. 

2.1NONCOMPETITION.  Executive acknowledges and agrees that the duties and responsibilities to be performed by Executive under this Agreement are of a special and unusual character which have a unique value to Employer and their Affiliates, the loss of which cannot be adequately compensated by damages in any action in law.  As a consequence of his unique position as Senior Executive Vice President of Employer, Executive also acknowledges and agrees that Executive will have broad access to Confidential Information, that Confidential Information will in fact be developed by Executive in the course of performing Executive’s duties and responsibilities 

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under this Agreement, and that the Confidential Information furnishes a competitive advantage in many situations and constitutes, separately and in the aggregate, valuable, special and unique assets of Employer and their Affiliates.  Executive further acknowledges and agrees that the unique and proprietary knowledge and information possessed by, or which will be disclosed to, or developed by, Executive in the course of Executive’s employment will be such that Executive’s breach of the covenants contained in this Section 2.1 would immeasurably and irreparably damage Employer and their Affiliates regardless of where in the Restricted Area the activities constituting such breach were to occur.  Thus, Executive acknowledges and agrees that it is both reasonable and necessary for the covenants in this Section 2.1 to apply to Executive’s activities throughout the Restricted Area.  In recognition of the special and unusual character of the duties and responsibilities of Executive under this Agreement and as a material inducement to Employer to continue to employ Executive in this special and unique capacity, Executive covenants and agrees that, to the extent and subject to the limitations provided in this Section 2 (whichever portion may be applicable), including the limitation on the duration of the covenants therein contained, during the Term and upon termination of Executive’s employment for any reason, or upon the expiration of the Term, Executive shall not, on Executive’s own account or as an employee, associate, consultant, partner, agent, principal, contractor, owner, officer, director, member, manager or stockholder of any other Person who is engaged in the Business (collectively, the “Restricted Persons”), directly or indirectly, alone, for, or in combination with any one or more Restricted Persons, in one or a series of transactions:
(i)    serve in any capacity of any Person who is engaged in the Business in any state in the Restricted Area and who is a direct competitor of Employer or of any Affiliate of Employer who is also engaged in the Business;
(ii)    provide consultative services to any Person who is engaged in the Business in any state in the Restricted Area and who is a direct competitor of Employer or of any Affiliate of Employer who is also engaged in the Business;
(iii)    call upon any of the depositors, customers or clients of Employer (or of any Affiliate who is also engaged in the Business) who were such at any time during the twelve-month period ending on the Termination Date whose needs Executive gained information about during Executive’s employment with Employer for the purpose of soliciting or providing any product or service similar to that provided by Employer or their Affiliates;
(iv)    solicit, divert, or take away, or attempt to solicit, divert or take away any of the depositors, customers or clients of Employer (or of any  Affiliate who is also engaged in the Business) who were such at any time during the twelve-month period ending on the Termination Date whose needs Executive  gained information about during Executive’s employment with Employer; or
(v)    induce or attempt to induce any employee of Employer or their Affiliates to terminate employment with Employer or their Affiliates.

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Nothing in this Section 2.1 shall be read to prohibit an investment described in the last sentence of Section 1.2.
2.2NON-DISCLOSURE OF CONFIDENTIAL INFORMATION; NON-DISPARAGEMENT.  During the Term and at any time thereafter, and except as required by any court, supervisory authority or administrative agency or as may be otherwise required by applicable law, Executive shall not, without the written consent of the Boards of Directors of Employer, or a person authorized thereby, communicate, furnish, divulge or disclose to any Person, other than an employee of Employer or an Affiliate thereof, or a Person to whom communication or disclosure is reasonably necessary or appropriate in connection with the performance by Executive of Executive’s duties as an employee of Employer, any Confidential Information obtained by Executive while in the employ of Employer or any Affiliate, unless and until such information has become a matter of public knowledge at the time of such disclosure.  Executive shall use Executive’s best efforts to prevent the removal of any Confidential Information from the premises of Employer or any of their Affiliates, except as required in connection with the performance of Executive’s duties as an employee of Employer.  Executive acknowledges and agrees that (i) all Confidential Information (whether now or hereafter existing) conceived, discovered or developed by Executive during the Term belongs exclusively to Employer and not to him; (ii) that Confidential Information is intended to provide rights to Employer in addition to, not in lieu of, those rights Employer and their Affiliates have under the common law and applicable statutes for the protection of trade secrets and confidential information; and (iii) that Confidential Information includes information and materials that may not be explicitly identified or marked as confidential or proprietary.  In addition, during the Term and at any time thereafter, Executive shall not make any disparaging remarks, or any remarks that could reasonably be construed as disparaging, regarding Employer or any of their Affiliates, or their officers, directors, employees, partners, or agents.  Executive shall not take any action or provide information or issue statements, to the media or otherwise, or cause anyone else to take any action or provide information or issue statements, to the media or otherwise, regarding Employer or any of their Affiliates or their officers, directors, employees, partners, or agents.
2.3USE OF UNAUTHORIZED SOFTWARE.  During the Term, Executive shall not knowingly load any unauthorized software into Executive’s computer (whether personal or owned by Employer).  Executive may request that Employer purchase, register and install certain software or other digital intellectual property, but Executive may not copy or install such software or intellectual property himself.  Executive acknowledges that certain software and digital intellectual property is Confidential Information of Employer and Executive agrees, in accordance with Section 2.2, to keep such software and intellectual property confidential and not to use it except in furtherance of Employer’s Business or the operations of Employer or its Affiliates.
2.4REMOVAL OF MATERIALS.  During the Term and at any time thereafter, and except as may be required or deemed necessary or appropriate in connection with the performance 

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by Executive of Executive’s duties as an employee of Employer, Executive shall not copy, dispose of or remove from Employer or their Affiliates any depositor, customer or client lists, software, computer programs or other digital intellectual property, books, records, forms, data, manuals, handbooks or any other papers or writings relating to the Business or the operations of Employer or their Affiliates.
2.5WORK PRODUCT.  Employer alone shall be entitled to all benefits, profits and results arising from or incidental to Executive’s Work Product (as defined in this section 2.5).  To the greatest extent possible, any work product, property, data, documentation, inventions or information or materials prepared, conceived, discovered, developed or created by Executive in connection with performing Executive’s responsibilities during the Term (“Work Product”) shall be deemed to be “work made for hire” as defined in the Copyright Act, 17 U.S.C.A.§ 101 et seq., as amended, and owned exclusively by Employer.  Executive hereby unconditionally and irrevocably transfers and assigns to Employer all intellectual property or other rights, title and interest Executive may currently have (or in the future may have) by operation of law or otherwise in or to any Work Product.  Executive agrees to execute and deliver to Employer any transfers, assignments, documents or other instruments which may reasonably be necessary or appropriate to vest complete title and ownership of any Work Product and all associated rights exclusively in Employer.  Employer shall have the right to adapt, change, revise, delete from, add to and/or rearrange the Work Product or any part thereof written or created by Executive, and to combine the same with other works to any extent, and to change or substitute the title thereof, and in this connection Executive hereby waives the “moral rights” of authors as that term is commonly understood throughout the world including, without limitation, any similar rights or principles of law which Executive may now or later have by virtue of the law of any locality, state, nation, treaty, convention or other source.  Unless otherwise specifically agreed, Executive shall not be entitled to any compensation in addition to that provided for in this Agreement for any exercise by Employer of its rights set forth in this Section 2.5.  In the event any Work Product qualifies for protection under the United States Patent Act, 35 U.S.C. § 1 et. seq., as amended, and Executive agrees to bear the cost of seeking a patent from the U.S. Patent Office, Employer agrees, upon the issuance of such patent and upon receipt from Executive of reimbursement of all costs and expenses related to obtaining such patent, to assign the patent to Executive.  Executive hereby grants to Employer a royalty-free, perpetual, irrevocable license to any such patent obtained by Executive in accordance with the preceding sentence.
2.6INTERPRETATION; REMEDIES.  Consistent with Section 3.8 of this Agreement, the covenants contained in this Section 2 (the “Covenants”) shall be construed and interpreted in any judicial proceeding to permit their enforcement to the maximum extent permitted by law and each of the Covenants is severable and independently enforceable without reference to the enforceability of any other Covenants.  Further, if any provision of the Covenants or of this Section 2 is held by a court of competent jurisdiction to be overbroad as written, Executive 

Wilson 7.15.1    13

specifically agrees that the court should modify such provision in order to make it enforceable, and that a court should view each such provision as severable and enforce those severable provisions deemed reasonable by such court.  Executive agrees that the restraints imposed by this Section 2 are fair and necessary to prevent Executive from unfairly taking advantage of contacts established, nurtured, serviced, enhanced or promoted and knowledge gained during Executive’s employment with Employer and their Affiliates, and are necessary for the reasonable and proper protection of Employer and their Affiliates and that each and every one of the restraints is reasonable with respect to the activities prohibited, the duration thereof, the Restricted Area, the scope thereof, and the effect thereof on Executive and the general public.  Executive acknowledges that the Covenants will not cause an undue burden on Executive.  Executive further acknowledges that violation of any one or more of the Covenants would immeasurably and irreparably damage Employer and their Affiliates, and, accordingly, Executive agrees that for any violation or threatened violation of any of such Covenants, Employer shall, in addition to any other rights and remedies available to it, at law or otherwise (including, without limitation, the recovery of damages from Executive), be entitled to specific performance and an injunction  to be issued by any court of competent jurisdiction enjoining and restraining Executive from committing any violation or threatened violation of the Covenants.  Executive hereby consents to the issuance of such injunction and agrees to submit to the equitable jurisdiction of any court of competent jurisdiction, without reference to whether Executive resides or does business in that jurisdiction at the time such injunction is sought or entered.
2.7NOTICE OF COVENANTS.  Executive agrees that prior to accepting employment with any other Person during the Term or during the two-year period following the termination of his employment with Employer, Executive shall provide Employer with written notice of his intent to accept such employment, which notice shall include the name of the prospective employer, the business engaged in or to be engaged in by the prospective employer, and the position Executive intends to accept with the prospective employer.  In addition,  Executive shall provide such prospective employer with written notice of the existence of this Agreement and the Covenants.
		
	3.
	MISCELLANEOUS.

3.1NOTICES.  All notices, requests, and other communications to any party under this Agreement must be in writing (including telefacsimile transmission or similar writing) and shall be given to such party at his, her or its address or telefacsimile number set forth below or at such other address or telefacsimile number as such party may hereafter specify for the purpose of giving notice to the other party:

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If to the Executive, to:

DONTÁ L. WILSON
_____________________
_____________________
    
If to the Employer, to:

BB&T Corporation
Branch Banking and Trust Company
200 West Second Street
Winston-Salem, NC  27101
Facsimile:      (336) 733-2189
Attention:  General Counsel

Each such notice, request, demand or other communication shall be effective (i) if given by mail, 72 hours after such communication is deposited in the mails with first class postage prepaid, addressed as aforesaid or (ii) if given by any other means, when delivered at the address specified in this Section 3.1.  Delivery of any notice, request, demand or other communication by telefacsimile shall be effective when received if received during normal business hours on a business day.  If received after normal business hours, the notice, request, demand or other communication will be effective at 10:00 a.m. on the next business day.
3.2ENTIRE AGREEMENT.  This Agreement expresses the whole and entire agreement between the parties with reference to the employment and service of Executive and supersedes and replaces any prior employment agreements (including, without limitation, the Predecessor Agreement), understandings or arrangements (whether written or oral) among Employer and Executive.  Without limiting the foregoing, Executive agrees that this Agreement satisfies any rights Executive may have had under any prior agreement or understanding (including, without limitation, the Predecessor Agreement) with Employer with respect to Executive’s employment by Employer.
3.3WAIVER; MODIFICATION.  No waiver or modification of this Agreement or of any covenant, condition, or limitation herein contained shall be valid unless in writing and duly executed by the party to be charged therewith.  No evidence of any waiver or modification shall be offered or received in evidence at any proceeding, arbitration, or litigation between the parties hereto arising out of or affecting this Agreement, or the rights or obligations of the parties hereunder, unless such waiver or modification is in writing, duly executed as aforesaid.  The parties further agree that the provisions of this Section 3.3 may not be waived except as herein set forth.

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3.4AMENDMENT.  This Agreement may be amended, supplemented, or modified only by a written instrument duly executed by or on behalf of each party hereto.
3.5NO THIRD PARTY BENEFICIARY.  The terms and provisions of this Agreement are intended solely for the benefit of each party hereto and Employer’s successors or assigns, and it is not the intention of the parties to confer third-party beneficiary rights upon any other Person.
3.6NO ASSIGNMENT; BINDING EFFECT; NO ATTACHMENT.  This Agreement and the obligations undertaken herein shall be binding upon and shall inure to the benefit of any successors or assigns of Employer, and shall be binding upon and inure to the benefit of Executive’s heirs, executors, administrators, and legal representatives.  Executive shall not be entitled to assign or delegate any of Executive’s obligations or rights under this Agreement; provided, however, that nothing in this Section 3.6 shall preclude Executive from designating a beneficiary to receive any benefit payable under this Agreement upon Executive’s death.  Except as otherwise provided in this Agreement or required by applicable law, no right to receive payments under this Agreement shall be subject to anticipation, commutation, alienation, sale, assignment, encumbrance, charge, pledge or hypothecation or to execution, attachment, levy, or similar process or assignment by operation of law, and any attempt, voluntary or involuntary, to effect any such action shall be null, void and of no effect.
3.7HEADINGS.  The headings of paragraphs and sections herein are included solely for convenience of reference and shall not control the meaning or interpretation of any of the provisions of this Agreement.
3.8SEVERABILITY.  Employer and Executive intend all provisions of this Agreement to be enforced to the fullest extent permitted by law.  Accordingly, if a court of competent jurisdiction determines that the scope and/or operation of any provision of this Agreement is too broad to be enforced as written, Employer and Executive intend that the court should reform such provision to such narrower scope and/or operation as it determines to be enforceable.  If, however, any provision of this Agreement is held to be illegal, invalid, or unenforceable under present or future law, and not subject to reformation, then (i) such provision shall be fully severable, (ii) this Agreement shall be construed and enforced as if such provision was never a part of this Agreement, and (iii) the remaining provisions of this Agreement shall remain in full force and effect and shall not be affected by illegal, invalid, or unenforceable provisions or by their severance.
3.9GOVERNING LAW.  The parties intend that this Agreement and the performance hereunder and all suits and special proceedings hereunder shall be governed by and construed in accordance with and under and pursuant to the laws of the State of North Carolina without regard to conflicts of law principles thereof and that in any action, special proceeding or other proceeding 

Wilson 7.15.1    16

that may be brought arising out of, in connection with, or by reason of this Agreement, the laws of the State of North Carolina shall be applicable and shall govern to the exclusion of the law of any other forum.  Any action, special proceeding or other proceeding with respect to this Agreement shall be brought exclusively in the federal or state courts of the State of North Carolina, and by execution and delivery of this Agreement, Executive and Employer irrevocably consent to the exclusive jurisdiction of those courts and Executive hereby submits to personal jurisdiction in the State of North Carolina.  Executive and Employer irrevocably waive any objection, including any objection based on lack of jurisdiction, improper venue or forum non conveniens, which either may now or hereafter have to the bringing of any action or proceeding in such jurisdiction in respect to this Agreement or any transaction related hereto.  Executive and Employer acknowledge and agree that any service of legal process by mail in the manner provided for notices under this Agreement constitutes proper legal service of process under applicable law in any action or proceeding under or in respect to this Agreement.
3.10COUNTERPARTS.  This Agreement may be executed in one or more counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument.
3.11WITHHOLDING.  Employer shall deduct and withhold all federal, state, local and employment taxes and any other similar sums required by applicable law, or in accordance with the applicable provisions of Employer’s employee benefit plans, to be withheld from any payments made pursuant to the terms of this Agreement.
3.12DEFINITIONS.  Wherever used in this Agreement, including, but not limited to, the Recitals, the following terms shall have the meanings set forth below (unless otherwise indicated by the context) and such meanings shall be applicable to both the singular and plural form (except where otherwise expressly indicated):
a.“Affiliate” means a Person or person that directly or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, another Person or person.
b.“Business” means the banking business, which business includes, but is not limited to, the consumer, savings, and commercial banking business; the trust business; the savings and loan business; and the mortgage banking business.
c.“Change of Control” the earliest of the following dates:
		
	(i) 
	the date any person or group of persons (as defined in Section 13(d) and 14(d) of the Securities Exchange Act of 1934) together with its Affiliates, excluding employee benefit plans of Employer, is or 

Wilson 7.15.1    17

becomes, directly or indirectly, the “beneficial owner” (as defined in Rule 13d-3 promulgated under the Securities Exchange Act of 1934) of securities of BB&T representing twenty percent (20%) or more of the combined voting power of BB&T’s then outstanding voting securities (excluding the acquisition of securities of BB&T by an entity at least eighty percent (80%) of the outstanding voting securities of which are, directly or indirectly, beneficially owned by BB&T); or
		
	(ii) 
	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, share exchange, consolidation or sale of assets, or as a result of any combination of the foregoing, individuals who at the beginning of any two-year period during the Term constitute BB&T’s Board of Directors, 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 two-year period (“Continuing Directors”), cease for any reason during such two-year period to constitute at least two-thirds (2/3) of the members of such Board of Directors; or

		
	(iii) 
	the date the shareholders of BB&T approve a merger, share exchange or consolidation of BB&T with any other corporation or entity regardless of which entity is the survivor, other than a merger, share exchange or consolidation which would result in the voting securities of BB&T outstanding immediately prior thereto continuing to represent (either by remaining outstanding or being converted into voting securities of the surviving or acquiring entity) at least sixty percent (60%) of the combined voting power of the voting securities of BB&T or such surviving or acquiring entity outstanding immediately after such merger or consolidation; or

		
	(iv)
	the date the shareholders of BB&T approve a plan of complete liquidation or winding-up of BB&T or an agreement for the sale or disposition by BB&T of all or substantially all of BB&T’s assets; or

		
	(v)
	the date of any event (other than a “merger of equals” as hereinafter described in this Section 3.12.c) which BB&T’s Board of Directors determines should constitute a Change of Control.

Notwithstanding the foregoing, the term “Change of Control” shall not include any event which the Board of Directors of BB&T (or, if the event described in clause (ii) above has occurred, a majority of the Continuing Directors), prior to the occurrence of such event, specifically determines, for the purpose of this Agreement or employment agreements with other executives that contain substantially similar provisions, is a “merger of equals” (regardless of the form of the 

Wilson 7.15.1    18

transaction), unless a majority of the Continuing Directors revokes such specific determination within one year after occurrence of the event that otherwise would constitute a Change in Control (a “MOE Revocation”).  The parties to this Agreement agree that any determination concerning whether a transaction is a “merger of equals” shall be solely within the discretion of the Board of Directors of BB&T or a majority of the Continuing Directors, as the case may be.
d.“Code” means the Internal Revenue Code of 1986, as amended, and rules and regulations issued thereunder.
e.“Commencement Month” means the first day of the calendar month next following the month in which Executive’s Termination Date occurs.
f.“Compensation Continuance Period” means the time period commencing with the Commencement Month and ending on the earlier of (1) or (2), where (1) is the first day of the month in which the Employee attains age sixty-five (65), and (2) is the date that coincides with the expiration of the thirty-six (36) consecutive month period which began with the Commencement Month or, if the Term had previously been fixed by the Employee to a definite three- (3-) year period, the expiration of the remaining period in such fixed Term.
g.“Computation Period” means the twelve (12) consecutive month period beginning with the Commencement Month and, thereafter, beginning with each annual anniversary of the Commencement Month.
h.“Confidential Information” means all non-public information that has been created, discovered, obtained, developed or otherwise become known to Employer or their Affiliates other than through public sources, including, but not limited to, all competitively-sensitive information, all inventions, processes, data, computer programs, software, databases, know-how, digital intellectual property, marketing plans, business and sales plans and strategies, training programs and procedures, acquisition prospects, customer lists, diagrams and charts and similar items, depositor lists, clients lists, credit information, budgets, projections, new products, information covered by the Trade Secrets Protection Act, N.C. Gen. Stat., Chapter 66, §§152 to 162, and other information owned by the Employer or their Affiliates which is not public information.
i.“Excise Tax” means the excise tax on excess parachute payments under Section 4999 of the Code (or any successor or similar provision thereof), including any interest or penalties with respect to such excise tax.
j.“Pension Plan” means the BB&T Corporation Pension Plan, a tax qualified defined benefit pension plan, as the same may either be amended from time to time or terminated
k.“Person” means any individual, person, partnership, limited liability company, joint venture, corporation, company, firm, group or other entity.

Wilson 7.15.1    19

l.“Restricted Area” means the continental United States.
m.“Retirement” and “retires” means voluntary termination by Executive of Executive’s employment with Employer upon satisfaction of the requirements for early retirement or normal retirement under the Pension Plan.
n.“Termination Compensation” means a monthly cash amount equal to one-twelfth (1/12th) of the highest amount of the annual cash compensation (including cash bonuses and other cash-based compensation, including for these purposes amounts earned or payable whether or not deferred) received by Executive during any one of the three (3) calendar years immediately preceding the calendar year in which Executive’s Termination Date occurs; provided, that if the cash compensation received by Executive during the Termination Year exceeds the highest amount of the annual cash compensation received by Executive during any one of the immediately preceding three (3) consecutive calendar years, the cash compensation received by Executive during the Termination Year shall be deemed to be Executive’s highest amount of annual cash compensation.  In no event shall Executive’s Termination Compensation include equity-based compensation (e.g., income realized as a result of Executive’s exercise of non-qualified stock options or other stock based benefits).
o.“Termination Date” means the date Executive’s employment with Employer is terminated, and which termination is a “separation from service” within the meaning of Section 409A.
p.“Termination Year” means the calendar year in which Executive’s Termination Date occurs.
3.13CODE SECTION 409A.  
3.13.1In General.  To the extent applicable, the parties hereto intend that this Agreement comply with Section 409A of the Code and all regulations, guidance, or other interpretative authority thereunder (“Section 409A”) or an exemption or exclusion therefrom.  The parties hereby agree that this Agreement shall be construed in a manner to comply with Section 409A and that should any provision be found not in compliance with Section 409A, the parties are hereby contractually obligated to execute any and all amendments to this Agreement deemed necessary and required by legal counsel for Employer to achieve compliance with Section 409A.  By execution and delivery of this Agreement, Executive irrevocably waives any objections Executive may have to the amendments required by Section 409A.  
3.13.2Specified Employee.  Notwithstanding anything contained in this Agreement to the contrary, if at the time of Executive’s “separation from service” (as defined in Section 409A) Executive is a “specified employee” (within the meaning of Section 409A and the 

Wilson 7.15.1    20

Company’s specified employee identification policy) and if any payment, reimbursement and/or in-kind benefit that constitutes nonqualified deferred compensation (within the meaning of Section 409A) is deemed to be triggered by Executive’s separation from service, then, to the extent one or more exceptions to Section 409A are inapplicable (including, without limitation, the exception under Treasury Regulation Section 1.409A-1(b)(9)(iii) relating to separation pay due to an involuntary separation from service and its requirement that installments must be paid no later than the last day of the second taxable year following the taxable year in which such an employee incurs the involuntary separation from service), all payments, reimbursements, and in-kind benefits that constitute nonqualified deferred compensation (within the meaning of Section 409A) to Executive shall not be paid or provided to Executive during the six- (6-) month period following Executive’s separation from service, and (i) such postponed payment and/or reimbursement/in-kind amounts shall be paid to Executive in a lump sum within thirty (30) days after the date that is six (6) months following Executive’s separation from service; (ii) any amounts payable to Executive after the expiration of such six- (6-) month period shall continue to be paid to Executive in accordance with the terms of the Employment Agreement; and (iii) to the extent that any group hospitalization plan, health care plan, dental care plan, life or other insurance or death benefit plan, and any other present or future similar group executive benefit plan or program or any lump sum cash out thereof is nonqualified deferred compensation (within the meaning of Section 409A), Executive shall pay for such benefits from his Termination Date until the first day of the seventh month following the month of Executive’s separation from service, at which time the Company shall reimburse Executive for such payments.  If Executive dies during such six- (6-) month period and prior to the payment of such postponed amounts of nonqualified deferred compensation, only the amount of nonqualified deferred compensation equal to the number of whole months that Executive lived shall be paid in a lump sum to Executive’s estate or, if applicable, to Executive’s designated beneficiary within thirty (30) days after the date of Executive’s death.  
3.13.3Reimbursements and In-Kind Benefits.  Notwithstanding any other provision of the applicable plans and programs, all reimbursements and in-kind benefits provided under this Agreement shall be made or provided in accordance with the requirements of Section 409A, including, where applicable, the requirement that (i) the amount of expenses eligible for reimbursement and the provision of benefits in kind during a calendar year shall not affect the expenses eligible for reimbursement or the provision of in-kind benefits in any other calendar year; (ii) the reimbursement for an eligible expense will be made on or before the last day of the calendar year following the calendar year in which the expense is incurred; (iii) the right to reimbursement or right to in-kind benefit is not subject to liquidation or exchange for another benefit; and (iv) each reimbursement payment or provision of in-kind benefit shall be one of a series of separate payments (and each shall be construed as a separate identified payment) for purposes of Section 409A. 
3.13.4Miscellaneous Section 409A Compliance.  All payments to be made to Executive upon a termination of employment may only be made upon a “separation from 

Wilson 7.15.1    21

service” (within the meaning of Section 409A) of Executive; and phrases in this Agreement such as “termination of employment,” “Executive’s termination,” “terminated,” and similar phrases shall mean a “separation from service” within the meaning of Section 409A.  For purposes of Section 409A, (i) each payment made under this Agreement shall be treated as a separate payment; (ii) Executive may not, directly or indirectly, designate the calendar year of payment; and (iii) no acceleration of the time and form of payment of any nonqualified deferred compensation to Executive, or any portion thereof, shall be permitted.
3.14ATTORNEYS’ FEES.  In the event any dispute shall arise between Executive and Employer as to the terms or interpretations of this Agreement, whether instituted by formal legal proceedings or otherwise, including any action taken by Executive to enforce the terms of this Agreement or in defending against any action taken by Employer, Employer shall reimburse Executive for all reasonable costs and expenses, including reasonable attorneys’ fees, arising from such dispute, proceeding or action, if Executive shall prevail in any action initiated by Executive or shall have acted reasonably and in good faith in defending against any action initiated by Employer.  Such reimbursement shall be paid within ten (10) days of Executive’s furnishing to Employer written evidence, which may be in the form, among other things, of a cancelled check or receipt, of any costs or expenses incurred by Executive.  Any such request for reimbursement by Executive shall be made no more frequently than at sixty (60) day intervals.
3.15JOINT AND SEVERAL OBLIGATIONS.  To the extent permitted by applicable law, all obligations of the Employer under this Agreement shall be joint and several.
3.16NO EXCISE TAX.  Anything in this Agreement to the contrary notwithstanding, Executive and Employer agree that in no event shall the present value of all payments, distributions and benefits provided (including, without limitation, the acceleration of exercisability of any stock option) to Executive or for Executive’s benefit (whether paid or payable or distributed or distributable) pursuant to the terms of this Agreement or otherwise which constitute a “parachute payment” when aggregated with other payments, distributions, and benefits which constitute “parachute payments,” exceed two hundred ninety-nine percent (299%) of Executive’s “base amount.”  As used herein, “parachute payment” has the meaning ascribed to it in Section 280G(b)(2) of the Code, without regard to Code Section 280G(b)(2)(A)(ii); and “base amount” has the meaning ascribed to it in Code Section 280G and the regulations thereunder as modified by the Emergency Economic Stabilization Act of 2008 (“EESA”) and Treasury guidance under Section 111 of EESA such that references to “change in ownership or control” are treated as references to an “applicable severance from employment.”  If the “present value”, as defined in Code Sections 280G(d)(4) and 1274(b)(2), of such aggregate “parachute payments” exceeds the 299% limitation set forth herein, such payments, distributions and benefits shall be reduced by Employer in accordance with the order of priority set forth below so that such reduced amount will result in no portion of the payments, distributions and benefits being subject to Excise Tax.  All calculations 

Wilson 7.15.1    22

required to be made under this Section 3.16 shall be made by any nationally recognized accounting firm which is BB&T’s outside auditor immediately prior to the event triggering the payment(s), distribution(s) and benefit(s) described above (the “Accounting Firm”).  BB&T shall cause the Accounting Firm to provide detailed supporting calculations to BB&T and Executive.  All fees and expenses of the Accounting Firm shall be borne solely by BB&T.  Such payments, distributions and benefits will be reduced by Employer in accordance with the following order of priority:  (i) first, “Full Credit Payments” (as defined below) will be reduced in reverse chronological order such that the payment owed on the latest date following the occurrence of the event triggering the reduction will be the first payment to be reduced until such payment is reduced to zero, and then the payment owed on the next latest date following occurrence of the event triggering the reduction will be the second payment to be reduced until such payment is equal to zero, and so forth, until all such Full Credit Payments have been reduced to zero, and (ii) second, “Partial Credit Payments” (as defined below) will be reduced in reverse chronological order in the same manner as “Full Credit Payments” are reduced.  “Full Credit Payment” means a payment, distribution or benefit, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise, that if reduced in value by one dollar ($1.00) reduces the amount of a “parachute payment” by one dollar ($1.00).  “Partial Credit Payment” means a payment, distribution or benefit, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise, that if reduced in value by one dollar ($1.00) reduces the amount of a parachute payment by an amount that is less than one dollar ($1.00).  For clarification purposes only, a “Partial Credit Payment” would include a stock option as to which vesting is accelerated upon an event that triggers the reduction, where the in the money value of the option exceeds the value of the option acceleration that is added to the parachute payment.
3.17RECITALS.  The Recitals to this Agreement are a part of this Agreement.

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

Wilson 7.15.1    23

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the Effective Date, but on the actual dates indicated below.

	
					
	BB&T CORPORATION
	 
	BRANCH BANKING AND TRUST COMPANY

	 
	 
	 
	 
	 

	By:
	/s/ Robert J. Johnson
	 
	By:
	/s/ Robert J. Johnson

	 
	 
	 
	 
	 

	Name:
	Robert J. Johnson
	 
	Name:
	Robert J. Johnson

	 
	 
	 
	 
	 

	Title:
	Senior Executive Vice President, General Counsel
	 
	Title:
	Senior Executive Vice President, General Counsel

	 
	 
	 
	 
	 

	Date:
	August 17, 2016
	 
	Date:
	August 17, 2016

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	DONTÁ L. WILSON

	 
	 
	 
	 
	 

	 
	 
	 
	/s/ Dontá L. Wilson

	 
	 
	 
	Signature

	 
	 
	 
	 
	 

	 
	 
	 
	Date:
	August 8, 2016

Wilson 7.15.1    24Exhibit

Exhibit 10.1
Execution Version

THIRD AMENDMENT 
TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT
This THIRD AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) is dated as of October 21, 2016 and is entered into by and among ACCO Brands Corporation, a Delaware corporation (“Holdings”), ACCO Brands Australia Holding Pty. (the “Australian Borrower”), Bank of America, N.A., as administrative agent (in such capacity, the “Administrative Agent”) acting with the consent of each of the Required Lenders (as defined in the Credit Agreement referenced below, the “Required Lenders”) and each of the Consenting Lenders (as defined below), the Required Lenders and Consenting Lenders that are delivering Lender Consents (as defined below) and the Guarantors listed on the signature pages hereto, and is made with reference to that certain Second Amended and Restated Credit Agreement, dated as of April 28, 2015 (as amended by the First Amendment to Second Amended and Restated Credit Agreement, dated July 7, 2015, as further amended by that Second Amendment and Additional Borrower Consent, dated May 1, 2016, and as further amended, amended and restated, supplemented or otherwise modified prior to the date hereof, the “Credit Agreement”), by and among Holdings, certain Subsidiaries of Holdings from time to time party thereto, the lenders from time to time party thereto (the “Existing Lenders”) and the Administrative Agent.  Unless otherwise stated, capitalized terms used herein without definition shall have the same meanings herein as set forth in the Third Amended and Restated Credit Agreement (as defined below).
RECITALS
WHEREAS, pursuant to and in accordance with Section 11.01(a) of the Credit Agreement, the Required Lenders (as defined in the Credit Agreement) and the other parties hereto have agreed to amend and restate the Credit Agreement in its entirety to read as set forth in the Third Amended and Restated Credit Agreement and to, among other things, (i) repay, in full, the US Dollar tranche of Term A Loans (as defined in the Credit Agreement) (the “Existing USD Term A Loans”), (ii) repay, in part, and otherwise continue, the Australian Dollar tranche of Australian Dollar Term A Loans (as defined in the Credit Agreement) in an aggregate principal amount of AUD $80,000,000, (iii) establish a new Euro tranche of Euro Term A Loans in an aggregate principal amount of €300,000,000 and (iv) increase the aggregate commitments under the Revolving Credit Facility by $100,000,000 such that, after giving effect to such increase on the Third Restatement Date, there exist $400,000,000 in aggregate amount of Revolving Credit Commitments under the Revolving Credit Facility;
WHEREAS, each Existing Lender holding Series AUD Incremental Term A Loans (as defined in the Credit Agreement immediately prior to the Third Restatement Date, the “Existing AUD Term A Loans”) (collectively, the “Existing AUD Term A Lenders”) that executes and delivers a consent to this Amendment in the form of the “AUD Term A Lender Consent” attached hereto as Annex I (an “AUD Term A Lender Consent”) and makes the appropriate election thereunder (collectively, the “Continuing AUD Term A Lenders”) will, by the fact of such execution and delivery, be deemed (i) to have consented to the terms of this Amendment and (ii) to have agreed to continue all of its Existing AUD Term A Loans as Term A Loans on the terms set forth in the Third Amended and Restated Credit Agreement in a principal amount equal to the principal amount of its Existing AUD Term A Loan (or such lesser amount as determined by the Administrative Agent in its sole discretion and in consultation with Holdings), as further set forth in this Amendment;
WHEREAS, each Existing AUD Term A Lender that executes and delivers an AUD Term A Lender Consent and makes the appropriate election thereunder consents to this Amendment but does not consent to continue its Existing AUD Term A Loans on the terms set forth in the Third Amended and Restated Credit 

US-DOCS\70473267.13

Agreement and shall execute, or shall be deemed to have executed, a counterpart of the Master Assignment and Acceptance Agreement substantially in the form attached hereto as Annex IV (a “Master Assignment”) and shall in accordance therewith sell all of its Existing AUD Term A Loans at 100% of par as specified in the applicable Master Assignment, as further set forth in this Amendment;  
WHEREAS, if an Existing AUD Term A Lender fails to execute and return an AUD Term A Lender Consent by 5:00 p.m. (New York City time), on September 27, 2016, such Existing AUD Term A Lender shall be deemed a Non-Continuing AUD Term A Lender (as defined below) and, in accordance with Section 11.13 of the Credit Agreement, shall assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, Section 11.06 of the Credit Agreement), all of its interests, rights and obligations under the Credit Agreement and the related Loan Documents in respect of its Existing AUD Term A Loans to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment) at 100% of par as specified in the applicable Master Assignment, as further set forth in this Amendment;
WHEREAS, each Existing Lender holding Revolving Credit Loans (as defined in the Credit Agreement immediately prior to the Third Restatement Date, the “Existing Revolving Credit Loans”) or unused Revolving Credit Commitments (as defined in the Credit Agreement immediately prior to the Third Restatement Date, the “Existing Revolving Credit Commitments” and, such Existing Lenders holding such Existing Revolving Credit Loans or Existing Revolving Credit Commitments, the “Existing Revolving Credit Lenders”) that executes and delivers a consent to this Amendment in the form of the “Revolving Credit Lender Consent” attached hereto as Annex II (a “Revolving Credit Lender Consent”, and the Revolving Credit Lender Consents together with the AUD Term A Lender Consents and the USD Term A Lender Consents (as defined below), the “Lender Consents”) and makes the appropriate election thereunder (collectively, the “Continuing Revolving Credit Lenders” and, together with the Continuing AUD Term A Lenders, the “Consenting Lenders”) will, by the fact of such execution and delivery, be deemed (i) to have consented to the terms of this Amendment and (ii) to have agreed to continue (as further described in its Revolving Credit Lender Consent) all of its Existing Revolving Credit Commitments and Existing Revolving Credit Loans as Revolving Credit Commitments and Revolving Credit Loans, respectively, on the terms set forth in the Third Amended and Restated Credit Agreement  in a principal amount equal to its Existing Revolving Credit Commitments and Existing Revolving Credit Loans, respectively (or such lesser amount as determined by the Administrative Agent in its sole discretion and in consultation with Holdings), as further set forth in this Amendment;
WHEREAS, each Existing Revolving Credit Lender that executes and delivers a Revolving Credit Lender Consent and makes the appropriate election thereunder consents to this Amendment but does not consent to the continuation of any of its Existing Revolving Credit Commitments as Revolving Credit Commitments on the terms set forth in the Third Amended and Restated Credit Agreement and shall execute, or shall be deemed to have executed, a counterpart of the applicable Master Assignment and shall in accordance therewith sell all of its Existing Revolving Credit Commitments at 100% of par as specified in the applicable Master Assignment, as further set forth in this Amendment;  
WHEREAS, if an Existing Revolving Credit Lender fails to execute and return a Revolving Credit Lender Consent by 5:00 p.m. (New York City time), on September 27, 2016, such Existing Revolving Credit Lender shall be deemed a Non-Continuing Revolving Credit Lender (as defined below) and, in accordance with Section 11.13 of the Credit Agreement, shall assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, Section 11.06 of the Credit Agreement), all of its interests, rights and obligations under the Credit Agreement and the related Loan Documents in respect of its Existing Revolving Credit Commitments and Existing Revolving Credit Loans to an assignee 

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that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment) at 100% of par as specified in the applicable Master Assignment, as further set forth in this Amendment; and
WHEREAS, each Existing Lender holding Existing USD Term A Loans (collectively, the “Existing USD Term A Lenders”) that executes and delivers a consent to this Amendment in the form of the “USD Term A Lender Consent” attached hereto as Annex III (a “USD Term A Lender Consent”) will, by the fact of such execution and delivery, be deemed to have consented to the terms of this Amendment.
WHEREAS, the Administrative Agent, the L/C Issuers, the Swingline Lender, the Required Lenders, the Additional Lenders (as defined below), the Replacement Lender (as defined below), the Consenting Lenders and the Loan Parties are willing, on the terms and subject to the conditions set forth herein, to consent to the amendment and restatement of the Credit Agreement as the Third Amended and Restated Credit Agreement.
NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein contained, the parties hereto agree as follows:
SECTION I.     AMENDMENTS TO LOAN DOCUMENTS
		
	1.1
	Third Amendment and Restatement of Credit Agreement.

(a)    The Borrowers, the Required Lenders, the Consenting Lenders, the Administrative Agent and the other parties hereto agree that on the Third Restatement Date, the Credit Agreement shall be amended and restated in the form of the Third Amended and Restated Credit Agreement attached hereto as Exhibit A (the “Third Amended and Restated Credit Agreement”) and any term or provision of the Credit Agreement which is different from that set forth in the Third Amended and Restated Credit Agreement shall be replaced and superseded in all respects by the terms and provisions of the Third Amended and Restated Credit Agreement.
(b)    On the Third Restatement Date, the Term Loans (as defined in the Credit Agreement) constituting Australian Dollar Term A Loans (as defined in the Third Amended and Restated Credit Agreement, the “AUD Term A Loans”) shall be prepaid in part, and shall otherwise be continued on the terms set forth in the Third Amended and Restated Credit Agreement and such AUD Term A Loans shall constitute AUD Term A Loans for purposes of this Amendment and Australian Dollar Term A Loans for the purposes of the Third Amended and Restated Credit Agreement as more fully set forth herein and therein.
(c)    On the Third Restatement Date, the Lenders set forth on Schedule I hereto under the heading “Third Restatement Date Euro Term A Loan Commitment” (the “Euro Term A Lenders”) severally and not jointly agree to extend credit to Holdings in the form of Term Loans constituting Euro Term A Loans (the “Euro Term A Loans”) in an aggregate principal amount not to exceed their Euro Term A Commitments as of the Third Restatement Date as set forth on Schedule 1 hereto, which Euro Term A Loans shall not exceed €300,000,000 in the aggregate, and the parties hereto hereby agree to such extension of credit and agree that the Euro Term A Loans shall constitute Euro Term A Loans for purposes of this Amendment and the Third Amended and Restated Credit Agreement as more fully set forth herein and therein.
(d)    On the Third Restatement Date, the Lenders set forth on Schedule I hereto under the heading “Third Restatement Date Additional Revolving Credit Commitments” (the “Additional Revolving Credit Lender” and, together with the AUD Term A Lenders and the Euro Term A Lenders, the “Additional Lenders”) severally and not jointly agree to extend credit to the Borrowers in the form of Revolving Credit 

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Commitments in an aggregate principal amount not to exceed their Revolving Credit Commitments as of the Third Restatement Date as set forth on Schedule 1 hereto, which Revolving Credit Commitments shall not exceed $100,000,000 in the aggregate, and the parties hereto hereby agree to such extension of credit and agree that such Revolving Credit Commitments and any Revolving Credit Loans extended pursuant thereto shall constitute Revolving Credit Commitments and Revolving Credit Loans, respectively, for purposes of this Amendment and the Third Amended and Restated Credit Agreement, as more fully set forth herein and therein.

		
	1.2
	Acknowledgement.

On and after the Third Restatement Date, unless the context shall otherwise require, each reference in the Third Amended and Restated Credit Agreement or any other Loan Document to (a) “Term A Loans” shall be deemed a reference to the Term A Loans, (b) “Revolving Credit Loans” shall be deemed a reference to the Revolving Credit Loans, (c) “Term A Lenders” shall be deemed a reference to the Term A Lenders, (d) “Revolving Credit Lenders” shall be deemed a reference to the Revolving Credit Lenders and (e) “Revolving Credit Commitments” shall be deemed a reference to the Revolving Credit Commitments, in each case under as and defined in the Third Amended and Restated Credit Agreement.  As of the Third Restatement Date, after giving effect to this Amendment, the making of the additional Term A Loans contemplated by Section 1.1(b) above and the making available of the additional Revolving Credit Commitments contemplated by Section 1.1(d) above, (i) the aggregate outstanding principal amount of “AUD Term A Loans” is AUD80,000,000, (ii) the aggregate outstanding principal amount of “Euro Term A Loans” is €300,000,000 and (iii) the aggregate principal amount of “Revolving Credit Commitments” is $400,000,000.
SECTION II.     CONTINUATION OF EXISTING AUD TERM A LOANS AND EXISTING REVOLVING CREDIT COMMITMENTS; OTHER TERMS AND AGREEMENTS.  Each Existing AUD Term A Lender and each Existing Revolving Credit Lender executing this Amendment shall select one of the options on the AUD Term A Lender Consent and Revolving Credit Lender Consent hereto, respectively, and deliver such signature page to the Administrative Agent by 5:00 p.m. (New York City time), on September 27, 2016.  Pursuant to the procedures set forth in Section III of this Amendment:
		
	2.1
	Continuation of Existing AUD Term A Loans by Continuing AUD Term A Lenders (Option A). Each AUD Term A Lender selecting Option A on the AUD Term A Lender Consent hereto consents and agrees to (1) this Amendment, (2) sell the entire aggregate principal amount of its Existing AUD Term A Loans via an assignment (at 100% of par) on the Third Restatement Date pursuant to a Master Assignment, which Existing AUD Term A Loans shall be continued as Australian Dollar Term A Loans upon such sale and (3) as of a date selected by the Administrative Agent (which date shall be the Third Restatement Date), purchase via an assignment AUD Term A Loans in an aggregate principal amount equal to (x) the entire aggregate principal amount of its Existing AUD Term A Loans so sold via assignment pursuant to clause (2) minus (y) such amount as may be determined by the Administrative Agent in its sole discretion and in consultation with Holdings (such amount referred to in this clause (y) with respect to any Lender, a “Decreased Amount” with respect to such Lender) applicable to such AUD Term A Lender on the Third Restatement Date (it being understood and agreed that such AUD Term A Lender’s signature to the Term A Lender Consent shall be deemed to be such Term A Lender’s written consent to the assignments described in the foregoing clauses (2) and (3), on the terms set forth in the assignment agreements posted to the Lenders on September 23, 2016).  Such assignment shall be made at 100% of par.

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	2.2
	Non-Continuation of Existing AUD Term A Loans by Non-Continuing AUD Term A Lenders (Option B). Each AUD Term A Lender selecting Option B on the AUD Term A Lender Consent hereto (together with each other Lender, to the extent set forth in the immediately following Section 2.3, each “Non-Continuing AUD Term A Lender”) consents to this Amendment but does not consent to the continuation of its Existing AUD Term A Loans into AUD Term A Loans (under and as defined in the Third Amended and Restated Credit Agreement) and shall execute, or shall be deemed to have executed, a counterpart of the applicable Master Assignment and shall in accordance therewith sell such portion of its Existing AUD Term A Loans at 100% of par as specified in the applicable Master Assignment (it being understood and agreed that such AUD Term A Lender’s signature to the Term A Lender Consent shall be deemed to be such Term A Lender’s written consent to the assignment described in this Section 2.2).  For the avoidance of doubt, prepayments of the Existing AUD Term A Loans held by Term A Lenders (including any assignee thereof in connection with a Master Assignment) on the Third Restatement Date shall be permitted notwithstanding anything to the contrary set forth in any of the Loan Documents (including, but not limited to, Sections 2.12 and 2.13 of the Credit Agreement) to the extent consistent with the final allocations provided by the Administrative Agent to Holdings on August 16, 2016.

		
	2.3
	Each AUD Term A Lender failing to execute and return an AUD Term A Lender Consent hereto by 5:00 p.m. (New York City time), on September 27, 2016, shall be deemed a Non-Continuing AUD Term A Lender and, in accordance with Section 11.13 of the Credit Agreement, shall execute or be deemed to have executed a counterpart of the applicable Master Assignment and shall in accordance therewith sell such portion of its Existing AUD Term A Loans at 100% of par as specified in the applicable Master Assignment.

		
	2.4
	Continuation of Existing Revolving Credit Loans and Existing Revolving Credit Commitments by Continuing Revolving Credit Lenders (Option A). Each Existing Revolving Credit Lender selecting Option A on the Revolving Credit Lender Consent hereto consents and agrees to (1) this Amendment, (2) sell the entire aggregate principal amount of its Existing Revolving Credit Loans and Existing Revolving Credit Commitments via an assignment (at 100% of par) on the Third Restatement Date pursuant to a Master Assignment and (3) as of a date selected by the Administrative Agent (which date shall be the Third Restatement Date), purchase via an assignment Revolving Credit Loans and Revolving Credit Commitments in an aggregate principal amount equal to (x) the entire aggregate principal amount of its Existing Revolving Credit Loans and Existing Revolving Credit Commitments so sold via assignment pursuant to clause (2) minus (y) the Decreased Amount (if any) applicable to such Revolving Credit Lender (it being understood and agreed that such Revolving Credit Lender’s signature to the Revolving Credit Lender Consent shall be deemed to be such Revolving Credit Lender’s written consent to the assignments described in the foregoing clauses (2) and (3), on the terms set forth in the assignment agreements posted to the Lenders on September 23, 2016).  Such assignment shall be made at 100% of par.

		
	2.5
	Non-Continuation of Existing Revolving Credit Loans and Existing Revolving Credit Commitments by Non-Continuing Revolving Credit Lenders (Option B). Each Revolving Credit Lender selecting Option B on the Revolving Credit Lender Consent hereto (together with each other Lender, to the extent set forth in the immediately following Section 2.6, each, a “Non-Continuing Revolving Credit Lender” and, together with the Non-Continuing AUD Term A Lenders, the “Non-Continuing Lenders”) consents to this Amendment but does not consent to the continuation of its Existing Revolving Credit Loans and Existing Revolving Credit Commitments into Revolving Credit Loans and Revolving Credit Commitments (each under and as defined in the Third Amended and Restated Credit Agreement), respectively, and shall execute, or shall be deemed to have executed, 

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a counterpart of the applicable Master Assignment and shall in accordance therewith sell such portion of its Existing Revolving Credit Loans and Existing Revolving Credit Commitments at 100% of par as specified in the applicable Master Assignment (it being understood and agreed that such Revolving Credit Lender’s signature to the Revolving Credit Lender Consent shall be deemed to be such Revolving Credit Lender’s written consent to the assignment described in this Section 2.5).
		
	2.6
	Each Revolving Credit Lender failing to execute and return a Revolving Credit Lender Consent hereto by 5:00 p.m. (New York City time), on September 27, 2016, shall be deemed a Non-Continuing Revolving Credit Lender and, in accordance with Section 11.13 of the Credit Agreement, shall execute or be deemed to have executed a counterpart of the applicable Master Assignment and shall in accordance therewith sell its Existing Revolving Credit Loans and Existing Revolving Credit Commitments at 100% of par as specified in the applicable Master Assignment.

		
	2.7
	Consent to Amendment by Existing USD Term A Lenders. Each Existing USD Term A Lender executing a USD Term A Lender Consent in the form attached hereto consents and agrees to this Amendment.

SECTION III.     THE MASTER ASSIGNMENT AGREEMENTS.

		
	3.1
	Pursuant to the Master Assignment entered into or deemed entered into by each Non-Continuing Lender in accordance with Section II, each Non-Continuing Lender shall sell and assign the principal amount of its Existing AUD Term A Loans or Existing Revolving Credit Loans and Existing Revolving Credit Commitments as set forth in Schedule I to such Master Assignment, as such Schedule is completed by the Administrative Agent on or prior to the Third Restatement Date, to Bank of America, N.A., as assignee (in such capacity, the “Replacement Lender”) under such Master Assignment.  Each Lender’s signature page to its Revolving Credit Lender Consent or AUD Term A Lender Consent, respectively, shall be deemed to be its signature page to the applicable Master Assignment. 

		
	3.2
	At the election of the Administrative Agent (in its sole discretion), the Master Assignments (and Schedule I to each Master Assignment) may be completed and executed as one or more separate agreements, each with a separate Schedule I, each of which shall be applicable as to one or more Non-Continuing Lenders, and, to the extent the Administrative Agent so deems advisable for administrative purposes in consummating the intended allocations and assignments to be made pursuant to Section 3.1, the Administrative Agent may modify and update the headings of, and the information in, the columns in Schedule I to, and may complete and update the information required by, one or more of the Master Assignments.

		
	3.3
	After giving effect to the transactions contemplated by this Amendment, the amounts of the “Term A Loans”, “Revolving Credit Loans” and “ Revolving Credit Commitments” shall be as determined by the Administrative Agent and set forth in the Third Amended and Restated Credit Agreement. The Administrative Agent’s determination of such amounts shall be conclusive evidence thereof absent manifest error.  For the avoidance of doubt, the provisions of Article IX and Section 11.04 of the Third Amended and Restated Credit Agreement shall apply to any such determination made by the Administrative Agent pursuant hereto.

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SECTION IV.     CONDITIONS TO SIGNING DATE AND EFFECTIVENESS
		
	4.1
	Conditions to Signing Date.

This Amendment (other than Section I hereof) shall become effective as of the date hereof only upon the satisfaction of the following conditions precedent (the date of satisfaction of such conditions being referred to herein as the “Signing Date”):
(a)    This Amendment shall have been duly executed by Holdings, the Australian Borrower, each other Loan Party, the Administrative Agent, the Required Lenders, the L/C Issuers, the Swingline Lender, the Additional Lenders, the Replacement Lender and the Consenting Lenders (whether pursuant to the execution and delivery of a Lender Consent or counterpart to this Amendment, as applicable) and, in each case, duly executed counterparts thereof shall have been delivered to the Administrative Agent, such that upon such execution and delivery thereof and the occurrence of the Third Restatement Date, and the making of the additional AUD Term A Loans and the making of Euro Term A Loans contemplated by Section 1.1(b) and (c) hereto above and the making available of the additional Revolving Credit Commitments contemplated by Section 1.1(d) hereto, (i) the aggregate principal amount of the Term A Loans shall be equal to (x) AUD80,000,000 in the case of the AUD Term A Loans, (y) €300,000,000 in the case of the Euro Term A Loans and (ii) the aggregate principal amount of the Revolving Credit Commitments shall be equal to $400,000,000.
(b)    The Administrative Agent shall have received from Holdings payment in immediately available funds of (x) all accrued costs and expenses (including reasonable expenses and other charges of counsel) owing to the Administrative Agent pursuant to Section 11.04 of the Credit Agreement in connection with this Amendment and (y) all other compensation required to be paid to the Administrative Agent and its Affiliates pursuant to the Third Restatement Engagement Letter as reasonably documented in writing by Agent.
		
	4.2
	Conditions to Third Restatement Date.

The occurrence of the Third Restatement Date shall be subject to the occurrence of the Signing Date and the satisfaction of all of the following conditions precedent on or prior to the earliest to occur of (a) June 30, 2017, (b) the date of closing of the acquisition (the “Acquisition”) by Holdings or one or more of its wholly-owned subsidiaries (the “Buyer”) of 100% of the equity interests of Esselte Group Holdings AB, a company incorporated and registered in Sweden (the “Target”) and (c) the Outside Date (or similar term) (as defined in the Acquisition Agreement):
(a)    The Administrative Agent’s receipt of the following, each of which shall be originals, facsimiles or “pdf” or similar electronic format (in each such case, followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer of the signing Loan Party and each in form and substance reasonably satisfactory to the Administrative Agent and its legal counsel:
(i)    (x) an Australian Dollar Term A Note executed by the Australian Borrower and any other Australian Dollar Term A Borrower in favor of each AUD Term A Lender that has requested an Australian Dollar Term A Note, (y) a Euro Term A Note executed by Holdings in favor of each Euro Term A Lender that has requested a Euro Term A Note and (z) a Revolving Note executed by Holdings and the Australian Borrower in favor of each Revolving Credit Lender that has requested a Revolving Note; 
(ii)    each document necessary to satisfy the Collateral and Guaranty Requirements 

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with respect to the Loan Parties and assets thereof in existence as of the Third Restatement Date (including those documents set forth on Schedule 2 hereto (which Schedule may be updated on or prior to the Third Restatement Date from time to time with the consent of Holdings and the Administrative Agent), but excluding those documents set forth on Schedule 3 hereto (which Schedule may be updated on or prior to the Third Restatement Date from time to time with the consent of Holdings and the Administrative Agent)), together with any other documents and instruments as may be necessary or advisable in the reasonable opinion of the Administrative Agent to vest in the Administrative Agent valid and subsisting first priority perfected Liens (subject as to priority to Permitted Liens (other than with respect to Equity Interests pledged pursuant to any Pledge Agreement)) on the properties purported to be subject to the Collateral Documents as of the Third Restatement Date, enforceable against all third parties in accordance with their terms; 
(iii)    a certificate of a Responsible Officer of each Loan Party certifying as to the Organization Documents thereof together with copies of the Organization Documents of such Loan Party annexed thereto;
(iv)    such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of each Loan Party as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Amendment and the other Loan Documents to which such Loan Party is a party;
(v)    an opinion from (A) Vedder Price P.C., special New York counsel to the Loans Parties, (B) Emmel & Klegerman PC, special Nevada counsel to the Loan Parties, (C) Bird & Bird, special Australian counsel to the Loan Parties, (D) Latham & Watkins LLP, special UK counsel to the Administrative Agent and (E) Borden Ladner Gervais LLP, special Canadian counsel to the Loan Parties, in each case, dated as of the Third Restatement Date, in form and substance reasonably satisfactory to the Administrative Agent and the Lenders;
(vi)    a certificate attesting to the Solvency of Holdings and its Subsidiaries (taken as a whole) on the Third Restatement Date after giving effect to the Third Restatement Date Transactions, from the chief financial officer of Holdings;
(vii)    a certificate attesting to the compliance with clauses (e), (h), (i), (k), (l), (m) and (o) of this Section 4.2 on the Third Restatement Date from a Responsible Officer of Holdings; 
(viii)    a Committed Loan Notice pursuant to Section 2.02 of the Third Amended and Restated Credit Agreement; and
(ix)    (i) a counterpart of the U.S. Perfection Certificate (as defined in the U.S. Security Agreement), executed by Holdings and each other U.S. Loan Party party thereto and (ii) a counterpart of the Australian Perfection Certificate, executed by the Australian Borrower and each other Australian Loan Party party thereto.
(b)    The Administrative Agent shall have received the Annual Financial Statements and the Quarterly Financial Statements and, with respect to the Target and its Subsidiaries,  consolidated balance sheets and the consolidated statements of operations, stockholders’ equity and cash flows for the fiscal year ended December 31, 2016 in the event the Third Restatement Date has not occurred on or prior to March 31, 2017, which financial statements shall be audited to the extent available.

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(c)    At least thirty (30) days prior to the Third Restatement Date, the Administrative Agent shall have received financial projections of Holdings and its Subsidiaries through the fifth Fiscal Year following the Third Restatement Date, which will be prepared on a pro forma basis to give effect to the Third Restatement Date Transactions.
(d)    The Administrative Agent and the Lenders  shall have received at least one (1) day prior to the Third Restatement Date all documentation and other information reasonably requested in writing by them at least two (2) days prior to the Third Restatement Date in order to allow the Administrative Agent and the Lenders to comply with applicable “know your customer” and anti-money laundering rules and regulations, including the Act.
(e)    All approvals, consents, exemptions, authorizations, or other actions by, or notices to, or filings with, any Governmental Authority or any other Person necessary or required for the consummation of the Third Restatement Date Transactions shall have been received.
(f)    The Administrative Agent shall have received a certificate from Holdings’ insurance broker or other evidence satisfactory to it that all insurance required to be maintained pursuant to Section 6.06 of the Third Amended and Restated Credit Agreement is in full force and effect, together with endorsements naming the Administrative Agent, for the benefit of Secured Parties, as additional insured and loss payee thereunder to the extent required under Section 6.06 of the Third Amended and Restated Credit Agreement.
(g)    (i) The Administrative Agent shall have received from Holdings payment in immediately available funds of (x) all accrued costs, fees and expenses (including reasonable fees, expenses and other charges of counsel) owing to the Administrative Agent pursuant to Section 11.04 of the Credit Agreement and Section 11.04 of the Third Amended and Restated Credit Agreement, as applicable, in connection with this Amendment and the Third Restatement Date Transactions, (y) all other compensation required to be paid on or prior to the Third Restatement Date to the Administrative Agent and its Affiliates pursuant to the Third Restatement Engagement Letter and Third Restatement Fee Letter and (z) for the account of each Lender, upfront fees in an amount equal to (i) 0.05% of the stated principal amount of such Lender’s loans under the Term A Facilities and such Lender’s funded and unfunded commitment under the Revolving Credit Facility (which will include the face amount of any issued but undrawn Letter of Credit) up to the stated principal amount of such Lender’s loans and commitments under the Second Amended and Restated Credit Agreement immediately prior to the Third Restatement Date and (ii) 0.25% of the stated principal amount of such Lender’s loans and unfunded commitments under the Facilities in excess of the amount thereof subject to upfront fees pursuant to clause (i) above, in each case payable to such Lender out of the proceeds of the Loans as and when funded on the Third Restatement Date.  
(ii)    Concurrently with the continuation of the Existing AUD Term A Loans as Term A Loans, the continuation of the Existing Revolving Credit Loans and Existing Revolving Credit Commitments as Revolving Credit Loans and Revolving Credit Commitments, respectively, the making of the additional Term A Loans pursuant to Section 1.1(c) hereof and the making available of additional Revolving Credit Commitments on the Restatement Date pursuant to Section 1.1(d) hereof, Holdings shall have paid to each Existing USD Term Loan A Lender, each Non-Continuing AUD Term A Lender and each Non-Continuing Revolving Credit Lender all indemnities, cost reimbursements and other Obligations, if any, then due and owing to such Non-Continuing AUD Term A Lenders and Non-Continuing Revolving Credit Lenders under the Loan Documents (prior to the effectiveness of this Amendment) to the extent Holdings has been notified thereof prior to the Third Restatement Date.

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(iii)    With respect to any Loans and Commitments (each under and as defined in the Third Amended and Restated Credit Agreement) outstanding on the Third Restatement Date, Holdings shall have paid all interest and fees accrued pursuant to the Loan Documents through the Third Restatement Date, whether or not otherwise due as of such date.
(h)    Substantially concurrently with the Credit Extensions on the Third Restatement Date, the Third Restatement Date Transactions shall have been consummated in full.
(i)    After giving effect to consummation of the Third Restatement Date Transactions on the Third Restatement Date, (x) Holdings and its Subsidiaries shall have outstanding no Indebtedness or preferred Equity Interests other than (i) the Loans and L/C Obligations, (ii) Qualified Preferred Stock, (iii) the SpinCo Notes and (iv) Indebtedness permitted by Section 7.03 of the Third Amended and Restated Credit Agreement and (y) the outstanding loans shall have been repaid and the outstanding commitments terminated under that certain Senior Term and Revolving Facilities Agreement, dated as of June 7, 2010, by and among Esselte Sverige AB, Esselte AB, Citibank International Plc and Citibank, N.A., London Branch, as amended and restated on October 16, 2014 and as further amended and restated from time to time, and all security interests related thereto shall have been terminated and released (it being understood that documentation necessary to terminate and release such liens of record may be executed and delivered after the Third Restatement Date, but in no event later than the date that is ninety (90) days after the Third Restatement Date (or such later date as the Administrative Agent may agree)).
(j)    The Acquisition shall be consummated substantially concurrently with the funding of the Loans on the Third Restatement Date in accordance with the Acquisition Agreement, which shall be in form and substance reasonably acceptable to the Administrative Agent (it being acknowledged that the draft of the Acquisition Agreement delivered to the Administrative Agent at 3:07 p..m. on October 21, 2016 is reasonably acceptable to the Administrative Agent) and without giving effect to any waiver or amendment of any provision thereof or any consent thereunder or any condition to the obligations of the parties thereto to consummate the Acquisition (other than any such waivers or amendments as are not materially adverse to the interests of the Lenders) unless consented to by the Arrangers (it being acknowledged and agreed that decreases or increases in cash consideration of 10% or more to the purchase price for the Acquisition shall be deemed materially adverse to the interests of the Lenders).  After giving effect to the Acquisition, the Target shall be a direct or indirect wholly-owned Subsidiary of Holdings.
(k)    The representations and warranties contained in Article 5 of the Third Amended and Restated Credit Agreement shall be true and correct in all material respects, except to the extent such representations and warranties specifically relate to an earlier date, in which case they were true and correct in all material respects on and as of such earlier date; provided that any such representations and warranties that is qualified as to “materiality”, “Material Adverse Effect” or similar language shall be true and correct (after giving effect to any qualification therein) in all respects.
(l)    There shall not exist any action, suit, investigation, litigation, proceeding, hearing or other legal or regulatory developments, pending or threatened in any court or before any arbitrator or Governmental Authority that, in the reasonable opinion of the Administrative Agent, singly or in the aggregate, materially impairs the Third Restatement Date Transactions, the financing thereof or any of the other transactions contemplated by the Loan Documents, or that could reasonably be expected to have a Material Adverse Effect.
(m)    There has been no change, occurrence or development since December 31, 2015 that could reasonably be expected to have a Material Adverse Effect.  There has been no change, occurrence or 

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development since December 31, 2015 that could reasonably be expected to have a Company Material Adverse Effect (as defined in the Acquisition Agreement).
(n)    With respect to the Loan Parties and their assets in existence as of the Third Restatement Date, the Loan Parties shall have taken all actions required by the Collateral and Guaranty Requirements.
(o)    No Default or Event of Default shall exist or be continuing after giving effect to the Third Restatement Date Transactions.
(p)    On and immediately prior to the Third Restatement Date, no Swing Line Loan (as defined in the Credit Agreement) shall be then outstanding.
(q)    The Administrative Agent shall have received updated Schedules 1.01A, 5.08(c), 5.08(d)(i), 5.08(d)(ii) and 5.13 to the Credit Agreement (if any) to replace the corresponding Schedules attached thereto as of the Signing Date in form and substance reasonably satisfactory to the Administrative Agent and the Lenders, provided that the Lenders agree that such updated Schedules shall be deemed to be satisfactory if such updated Schedules (1) do not differ from the corresponding Schedules attached thereto as of the Signing Date in a manner that is material and adverse to the Lenders or (2) are otherwise satisfactory to the Required Lenders (and any references to any such Schedules in this Amendment shall thereafter refer to such Schedules as the same may have been updated pursuant to this Section 4.2(q)).
(r)    The Administrative Agent shall have received a completed standard “life of loan” flood hazard determination form for each property encumbered by a Mortgage, and if the property is located in an area designated by the U.S. Federal Emergency Management Agency (or any successor agency) as having special flood or mud slide hazards, (i) a notification to Holdings (“Borrower Notice”) that flood insurance coverage under the National Flood Insurance Program (“NFIP”) created by the U.S. Congress pursuant to the National Flood Insurance Act of 1968, the Flood Disaster Protection Act of 1973, the National Flood Insurance Reform Act of 1994 and the Flood Insurance Reform Act of 2004 is not available because the applicable community does not participate in the NFIP, (ii) documentation evidencing Holdings’ receipt of the Borrower Notice (e.g., countersigned Borrower Notice, return receipt of certified U.S. Mail, or overnight delivery), and (iii) if Borrower Notice is required to be given and flood insurance is available in the community in which the property is located, a copy of one of the following: the flood insurance policy, Holdings’ application for a flood insurance policy plus proof of premium payment, a declaration page confirming that flood insurance has been issued, or such other evidence of flood insurance reasonably satisfactory to the Administrative Agent.

Notwithstanding anything herein to the contrary, for purposes of determining compliance with the conditions specified in this Section IV, each Required Lender and Consenting Lender shall be deemed satisfied with each document and each other matter required to be reasonably satisfactory to such Required Lender or Consenting Lender unless, prior to the Third Restatement Date, the Administrative Agent receives notice from such Required Lender or Consenting Lender specifying such Required Lender’s or Consenting Lender’s objections.

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SECTION V.     REPRESENTATIONS AND WARRANTIES
In order to induce the Administrative Agent, the L/C Issuers, the Swing Line Lender, the Replacement Lender, each Additional Lender and each of the Required Lenders and Consenting Lenders to enter into this Amendment and to amend and restate the Credit Agreement in the manner provided herein, each Loan Party, in each case other than with respect to those Subsidiaries of Holdings listed on Schedule 6.11 to the Third Amended and Restated Credit Agreement, represents and warrants on and as of the Signing Date and on and as of the Third Restatement Date to each of the Administrative Agent, the L/C Issuers, the Swing Line Lender and each of the Required Lenders and Consenting Lenders as follows:
		
	5.1
	Existence, Qualification and Power.  Each Loan Party (a) is duly organized or formed, validly existing and, as applicable, in good standing under the Laws of the jurisdiction of its incorporation or organization and (b) has all requisite power and authority and all requisite governmental licenses, authorizations, consents and approvals to execute, deliver and perform its obligations under, this Amendment and the Third Amended and Restated Credit Agreement and the other Loan Documents, as applicable.

		
	5.2
	Authorization; No Contravention.  The execution, delivery and performance by each Loan Party of this Amendment and the Third Amended and Restated Credit Agreement has been duly authorized by all necessary corporate or other organizational action, and does not and will not (a) contravene the terms of any of such Person’s Organization Documents; (b) conflict with or result in any breach or contravention of, or the creation of any Lien under, or require any payment to be made under (i) any Material Contract to which such Person is a party or affecting such Person or the properties of such Person or any of its Subsidiaries or (ii) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Person or its property is subject; or (c) violate any Law.

		
	5.3
	Governmental Authorization; Other Consents.  No approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required, except as have been obtained or made and are in full force and effect, in connection with the execution, delivery or performance by, or enforcement against, any Loan Party of this Amendment, the Third Amended and Restated Credit Agreement or any other Loan Document to which such Loan Party is a party.

		
	5.4
	Binding Effect.  This Amendment and the Third Amended and Restated Credit Agreement have been duly executed and delivered by each of the Loan Parties party thereto.  Each of this Amendment and the Third Amended and Restated Credit Agreement constitute a legal, valid and binding obligation of each Loan Party, enforceable against such Loan Party in accordance with its terms, except to the extent that the enforceability thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws generally affecting creditors’ rights and by equitable principles (regardless of whether enforcement is sought in equity or at law).

		
	5.5
	Incorporation of Representations and Warranties from Credit Agreement. The representations and warranties contained in Article 5 of the Second Amended and Restated Credit Agreement are and will be true and correct in all material respects on and as of the Signing Date and the representations and warranties contained in Article 5 of the Third Amended and Restated Credit Agreement are and will be true and correct in all material respects on and as of the Third Restatement Date to the same extent as though made on and as of each such date, except to the extent such representations and warranties specifically relate to an earlier date, in which case they were true and 

12

US-DOCS\70473267.13

correct in all material respects on and as of such earlier date; provided that any such representations and warranties that is qualified as to “materiality”, “Material Adverse Effect” or similar language shall be true and correct (after giving effect to any qualification therein) in all respects.
		
	5.6
	Absence of Default.  No event has occurred and is continuing or will result from the consummation of the transactions contemplated by this Amendment that would constitute an Event of Default or a Default.

SECTION VI.     POST-EFFECTIVENESS COLLATERAL MATTERS
Each Loan Party warrants, covenants and agrees with the Administrative Agent, the L/C Issuers, the Swing Line Lender and each Lender that each Loan Party will execute and deliver the documents and complete the actions set forth on Schedule 3 hereto (which Schedule may be updated on or prior to the Third Restatement Date from time to time with the consent of Holdings and the Administrative Agent), in each case, within the time limits specified on such Schedule or as extended by the Administrative Agent in its reasonable discretion.

SECTION VII.     ACKNOWLEDGMENT AND CONSENT; REAFFIRMATION
Each Loan Party hereby confirms its pledges, grants of security interests and other obligations, as applicable, under and subject to the terms of each of the Loan Documents to which it is party, and agrees that, notwithstanding the effectiveness of this Amendment or any of the transactions contemplated thereby, such pledges, grants of security interests and other obligations, and the terms of each of the Loan Documents to which it is a party, as supplemented, amended, amended and restated or otherwise modified in connection with this Amendment and the transactions contemplated hereby, are not impaired or affected in any manner whatsoever and shall continue to be in full force and effect and shall continue to secure all the Obligations.  
Each Guarantor hereby acknowledges that it has reviewed the terms and provisions of the Third Amended and Restated Credit Agreement, the Collateral Documents to which it is a party, the U.S. Obligations Guaranty, the Foreign Obligations Guaranty and this Amendment and consents to the amendment and restatement of the Credit Agreement and the other Loan Documents effected pursuant to this Amendment.  Each Guarantor hereby confirms that each Loan Document to which it is a party or otherwise bound and all Collateral encumbered thereby will continue to guarantee or secure, as the case may be, to the fullest extent possible in accordance with the Loan Documents the payment and performance of all “Obligations” under each of the Loan Documents to which it is a party (in each case, as such terms are defined in the applicable Loan Document as the same may be amended as contemplated hereby).
Each Guarantor acknowledges and agrees that each of the Loan Documents as the same may be amended as contemplated hereby to which it is a party or otherwise bound shall continue in full force and effect and that all of its obligations thereunder shall be valid and enforceable and shall not be impaired or limited by the execution or effectiveness of this Amendment. 
Each Guarantor acknowledges and agrees that (i) notwithstanding the conditions to the Signing Date and the Third Restatement Date set forth in this Amendment, such Guarantor is not required by the terms of the Credit Agreement or any other Loan Document to consent to the amendments to the Credit Agreement and the other Loan Documents to which it is not a party effected pursuant to this Amendment and (ii) nothing in the Credit Agreement, this Amendment, the Third Amended and Restated Credit Agreement or any other Loan Document shall be deemed to require the consent of such Guarantor to any future amendments to the Third Amended and Restated Credit Agreement.

13

US-DOCS\70473267.13

SECTION VIII.     MISCELLANEOUS
		
	8.1
	Reference to and Effect on the Credit Agreement and the Other Loan Documents. 

(i)     On and after the Third Restatement Date, each reference in the Third Amended and Restated Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to the “Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit Agreement shall mean and be a reference to the Third Amended and Restated Credit Agreement. 
(ii)     Except as specifically amended by this Amendment, the Second Amended and Restated Credit Agreement and the other Loan Documents shall remain in full force and effect and are hereby ratified and confirmed.
(iii)     The execution, delivery and performance of this Amendment shall not constitute a waiver of any provision of, or operate as a waiver of any right, power or remedy of any Agent or Lender under, the Second Amended and Restated Credit Agreement or any of the other Loan Documents.
		
	8.2
	Headings.  Section headings herein and in the other Loan Documents are included for convenience of reference only and shall not affect the interpretation of this Amendment or any other Loan Document.

		
	8.3
	Loan Document.  This Amendment shall constitute a “Loan Document” under the terms of the Second Amended and Restated Credit Agreement and, upon the Third Restatement Date, the Third Amended and Restated Credit Agreement.

		
	8.4
	Applicable Law; Miscellaneous. THIS AMENDMENT AND ALL CLAIMS OR CAUSES OF ACTION (WHETHER IN CONTRACT, TORT OR OTHERWISE) THAT MAY BE BASED UPON, ARISE OUT OF OR RELATE IN ANY WAY HERETO OR THE NEGOTIATION, EXECUTION OR PERFORMANCE HEREOF OR THE TRANSACTIONS CONTEMPLATED HEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER THAN THE LAW OF THE STATE OF NEW YORK.  The provisions of Section 11.14 and Section 11.15 of the Second Amended and Restated Credit Agreement and, upon the Third Restatement Date, the Third Amended and Restated Credit Agreement are incorporated by reference herein and made a part hereof.

		
	8.5
	Counterparts.  This Amendment may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  Delivery of an executed counterpart of a signature page of this Amendment by facsimile or other electronic imaging means shall be effective as delivery of a manually executed counterpart of this Amendment.

		
	8.6
	Further Assurances.  Each of the Loan Parties shall execute and deliver such additional documents and take such additional actions as may be reasonably requested by the Administrative Agent to effectuate the purposes of this Amendment.  

14

US-DOCS\70473267.13

		
	8.7
	No Novation.  Each of the parties hereto acknowledges and agrees that the terms of this Amendment do not constitute a novation but, rather, an amendment of the terms of a pre-existing Indebtedness and related agreement, as evidenced by the Second Amended and Restated Credit Agreement.

		
	8.8
	Administrative Agent Authorization.  Holdings, the Required Lenders and the Consenting Lenders hereby authorize the Administrative Agent, in consultation with Holdings, to (i) determine all amounts, percentages and other information with respect to the Commitments and Loans of each Continuing AUD Term A Lender and each Continuing Revolving Credit Lender and (ii) enter and complete all such amounts, percentages and other information in the Register maintained pursuant to Section 11.06(c) of the Third Amended and Restated Credit Agreement, as appropriate.  The Administrative Agent’s determination and entry and completion shall be conclusive and shall be conclusive evidence of the existence, amounts, percentages and other information with respect to the obligations of the Borrowers under the Third Amended and Restated Credit Agreement, in each case, absent manifest error.  For the avoidance of doubt, the provisions of Article 9 and Section 11.06 of each of the Credit Agreement and the Third Amended and Restated Credit Agreement shall apply to any determination, entry or completion made by the Administrative Agent pursuant to this Section 8.8. 

		
	8.9
	No Assignment.  Notwithstanding anything to the contrary contained in any Loan Document, from and including the Signing Date and on or prior to the occurrence of the earlier of the Third Restatement Date and any of the events described in the first paragraph of Section 4.2, no Loans or Commitments shall be assigned under the Revolving Credit Facility or the Australian Dollar Term A Facility without the prior written consent of the Administrative Agent (not to be unreasonably withheld).

 [Remainder of this page intentionally left blank.]

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US-DOCS\70473267.13

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered by their respective officers thereunto duly authorized as of the date first written above.

		
	HOLDINGS AND U.S. BORROWER:
	ACCO BRANDS CORPORATION

By:  /s/ Neal V. Fenwick
Name: Neal V. Fenwick
Title:   Executive Vice President and Chief 
Financial Officer 

AUSTRALIAN BORROWER:    

Executed by ACCO BRANDS AUSTRALIA
HOLDING PTY. LTD. in accordance with
Section 127 of the Corporations Act 2001

	
		
	/s/ Neal V. Fenwick 
Signature of director

Name: Neal V. Fenwick 

	/s/ Pamela R. Schneider
Signature of director

Name:  Pamela R. Schneider 

 

US-DOCS\70473267.13

GUARANTORS:     ACCO BRANDS CORPORATION 

By: /s/ Neal V. Fenwick 
Name: Neal V. Fenwick
Title: Executive Vice President and Chief Financial Officer 
ACCO BRANDS USA LLC 

By: /s/ Neal V. Fenwick 
Name: Neal V. Fenwick
Title: Executive Vice President and Chief Financial Officer
GENERAL BINDING LLC 

By: /s/ Neal V. Fenwick 
Name: Neal V. Fenwick
Title: Vice President
ACCO BRANDS INTERNATIONAL, INC. 

By: /s/ Neal V. Fenwick
Name: Neal V. Fenwick
Title: Vice President
ACCO EUROPE FINANCE HOLDINGS, LLC 

By: /s/ Neal V. Fenwick
Name: Neal V. Fenwick 
Title: Vice President 

US-DOCS\70473267.13

ACCO EUROPE INTERNATIONAL HOLDINGS, LLC 

By: /s/ Neal V. Fenwick  
Name: Neal V. Fenwick 
Title: Vice President
GBC INTERNATIONAL, INC. 

By: /s/ Neal V. Fenwick 
Name: Neal V. Fenwick 
Title: Vice President and Treasurer
ACCO INTERNATIONAL HOLDINGS, INC. 

By: /s/ Neal V. Fenwick 
Name: Neal V. Fenwick
Title: Vice President 
NESCHEN GBC GRAPHIC FILMS, LLC 

By: /s/ Neal V. Fenwick 
Name: Neal V. Fenwick
Title: Supervisory Director 
ACCO BRANDS AUSTRALIA HOLDING PTY. LTD. 

	
	
	/s/ Neal V. Fenwick 
Signature of director

Name:  Neal V. Fenwick

    
 /s/ Pamela R. Schneider 
Signature of director

Name: Pamela R. Schneider

US-DOCS\70473267.13

:
ACCO AUSTRALIA PTY. LTD. 

	
	
	/s/ Neal V. Fenwick 
Signature of director

Name:  Neal V. Fenwick

    
 /s/ Pamela R. Schneider 
Signature of director

Name:  Pamela R. Schneider 

US-DOCS\70473267.13

BANK OF AMERICA, N.A.,
as Administrative Agent, AUD Term A Lender, Euro Term A Lender, Additional Revolving Credit Lender, Replacement Lender, Swing Line Lender and L/C Issuer

By:  Jon Phillips 
Authorized Signatory
                    

                    

                    

US-DOCS\70473267.13

ANNEX I

AUD TERM A LENDER CONSENT TO THIRD AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT

[NAME OF AUD TERM A LENDER], as a Term A Lender

By    ______________________________ 
Name:
Title:

[[For AUD Term A Lenders requiring a second signature block]

By    ______________________________ 
Name:
Title:]

PROCEDURE FOR AUD TERM A LENDERS:

The above-named AUD Term A Lender elects to:

OPTION A  – CONSENT TO AMENDMENT AND CONTINUATION OF EXISTING AUD TERM A LOANS :  Consent and agree to (1) this Amendment, (2) sell the entire aggregate principal amount of its Existing AUD Term A Loans via an assignment (at 100% of par) on the Third Restatement Date pursuant to a Master Assignment and (3) as of a date selected by the Administrative Agent (which date shall not be before the Third Restatement Date, purchase via an assignment AUD Term A Loans (under and as defined in the Third Amended and Restated Credit Agreement) in an aggregate principal amount equal to (x) the entire aggregate principal amount of its Existing AUD Term A Loans so sold via assignment pursuant to clause (2) minus (y) the Decreased Amount (if any) applicable to such AUD Term A Lender.  Such assignment shall be made at 100% of par.
OPTION B – CONSENT TO AMENDMENT ONLY:  Consent to the Amendment but does not consent to the continuation of any of its Existing AUD Term A Loans as AUD Term A Loans (as defined under the Third Amended and Restated Credit Agreement).

Annex I

US-DOCS\70473267.13

ANNEX II

REVOLVING CREDIT LENDER CONSENT TO THIRD AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT

[NAME OF REVOLVING CREDIT LENDER], as a Revolving Credit Lender

By    ______________________________ 
Name:
Title:

[[For Revolving Credit Lender requiring a second signature block]

By    ______________________________ 
Name:
Title:]

PROCEDURE FOR REVOLVING CREDIT LENDERS: 

The above-named Revolving Credit Lender elects to:

OPTION A – CONSENT TO AMENDMENT AND CONTINUATION OF EXISTING REVOLVING CREDIT LOANS AND EXISTING REVOLVING CREDIT COMMITMENTS:  Consent and agree to (1) this Amendment, (2) sell the entire aggregate principal amount of its Existing Revolving Credit Loans and Existing Revolving Credit Commitments via an assignment (at 100% of par) on the Third Restatement Date pursuant to a Master Assignment and (3) as of a date selected by the Administrative Agent (which date shall not be before the Third Restatement Date), purchase via an assignment Revolving Credit Loans and Revolving Credit Commitments, respectively (each under and as defined in the Third Amended and Restated Credit Agreement) in an aggregate principal amount equal to (x) the entire aggregate principal amount of its Existing Revolving Credit Loans and Existing Revolving Credit Commitments so sold via assignment pursuant to clause (2) minus (y) the Decreased Amount (if any) applicable to such Revolving Credit Lender.  Such assignment shall be made at 100% of par. 
OPTION B – CONSENT TO AMENDMENT ONLY:  Consent to the Amendment but does not consent to the continuing any of its Existing Revolving Credit Loans or Existing Revolving Credit Commitments as Revolving Credit Loans and Revolving Credit Commitments, respectively (each as defined under the Third Amended and Restated Credit Agreement).

Annex II

US-DOCS\70473267.13

ANNEX III

USD TERM A LENDER CONSENT TO THIRD AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT

The undersigned US Dollar tranche Term A Lender hereby elects to consent and agree to the Amendment.

[NAME OF US DOLLAR TRANCHE TERM A LENDER], as a Term A Lender

By    ______________________________ 
Name:
Title:

[[For US Dollar tranche Term A Lender requiring a second signature block]

By    ______________________________ 
Name:
Title:]

Annex III

US-DOCS\70473267.13

ANNEX IV

FORM OF MASTER ASSIGNMENT AND ASSUMPTION AGREEMENT
FOR ACCO BRANDS CORPORATION 
THIRD AMENDED AND RESTATED CREDIT AGREEMENT

This Master Assignment and Assumption Agreement (this “Master Assignment and Assumption”) is dated as of the Effective Date set forth below (the “Effective Date”) and is entered into by and between each Assignor identified in item 1 below (each, an “Assignor”) and the Assignee identified in item 2 below (the “Assignee”).  It is understood and agreed that the rights and obligations of each of the Assignors hereunder are several and not joint.  Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement identified below, receipt of a copy of which is hereby acknowledged by the Assignee.  The standard terms and conditions set forth in Annex 1 attached hereto (the “Standard Terms and Conditions”) are hereby agreed to and incorporated herein by reference and made a part of this Master Assignment and Assumption as if set forth herein in full.  

For an agreed consideration, each Assignor hereby irrevocably sells and assigns to the Assignee as described below, and the Assignee hereby irrevocably purchases and assumes from the applicable Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date, (i) all of the applicable Assignor’s rights and obligations in its capacity as an AUD Term A Lender and/or Revolving Credit Lender under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the principal amount of AUD Term A Loans and/or Revolving Credit Commitments and Revolving Credit Loans identified opposite such Lender’s name on Schedule I hereto under the caption “AUD Term A Loans held immediately prior to the Effective Date” and/or “Revolving Credit Commitments/Revolving Credit Loans held immediately prior to the Effective Date”, as applicable, and (ii) to the extent permitted to be assigned under applicable Law, all claims, suits, causes of action and any other right of the applicable Assignor (in its capacity as an AUD Term A Lender and/or Revolving Credit Lender under the Credit Agreement) against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned pursuant to clauses (i) and (ii) above being referred to as an “Assigned Interest”).  Each such sale and assignment is without recourse to any Assignor and, except as expressly provided in this Master Assignment and Assumption, without representation or warranty by any Assignor.

By purchasing the Assigned Interest, the Assignee agrees that, for purposes of that certain Third Amendment to Second Amended and Restated Credit Agreement dated as of October 21, 2016 (the “Third Amendment”), by and among Holdings, the Australian Borrower, certain subsidiaries of Holdings, the Required Lenders and Consenting Lenders referred to therein, the Administrative Agent, the L/C Issuers and the Swing Line Lender, to the Credit Agreement (as defined below), it shall be deemed to have consented and agreed to (1) the Third Amendment and (2) the amendment and restatement of the Credit Agreement (in the form of the Third Amended and Restated Credit Agreement attached to the Amendment).  

Annex IV - 1
US-DOCS\70473267.13

	
				
	1.
	Assignor:
	Each person identified on Schedule I hereto
	 

	2.
	Assignee:
	Bank of America, N.A.

	3.
	Borrowers:
	ACCO Brands Corporation, ACCO Brands Australian Holding Pty.

	4.
	Administrative Agent:
	Bank of America, N.A., as the Administrative Agent under the Credit Agreement

	5.
	Credit Agreement:
	The Third Amended and Restated Credit Agreement dated as of [______] among ACCO BRANDS CORPORATION, ACCO Brands Australian Holding Pty., certain Subsidiaries to Holdings party thereto, the Lenders parties thereto, BANK OF AMERICA, N.A., as Administrative Agent, and the other agents parties thereto (as previously amended by the First Amendment to Second Amended and Restated Credit Agreement, dated July 7, 2015, as further amended by that Second Amendment and Additional Borrower Consent, dated May 1, 2016, as further amended by that Third Amendment to Second Amended and Restated Credit Agreement, dated as of October 21, 2016, and as it may be amended, restated, supplemented or otherwise modified from time to time,  the “Credit Agreement”).

	6.
	Assigned Interest[s]:    As indicated on Schedule I hereto.

Effective Date:  [__________]

[Remainder of page intentionally left blank]

Annex IV - 2
US-DOCS\70473267.13

BANK OF AMERICA, N.A.,
as Assignee

By:_________________________________
Title:

Consented to and Accepted:
BANK OF AMERICA, N.A., as
  Administrative Agent, L/C Issuer and 
  Swing Line Lender

By:_________________________________
Title:

Consented to and Accepted:
ACCO BRANDS CORPORATION
 

By:_________________________________
Title:

Signature Page to Master Assignment and Assumption Agreement
US-DOCS\70473267.13

ANNEX 1

STANDARD TERMS AND CONDITIONS FOR
MASTER ASSIGNMENT AND ASSUMPTION AGREEMENT 

1.  Representations and Warranties.  

1.1.  Assignors.  Each Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest transferred by it hereunder, (ii) such Assigned Interest transferred by it hereunder is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Master Assignment and Assumption (or, if it fails to so execute and deliver this Master Assignment and Assumption Agreement, it acknowledges that it will be deemed to have done so pursuant to Section 11.13 of the Credit Agreement) and to consummate the transactions by it contemplated hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial condition of Holdings or any of its respective Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance or observance by Holdings or any of its respective Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Loan Document.

1.2.  Assignee.  The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Master Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it meets all the requirements to be an assignee under Sections 11.06(b)(iii), (v) and (vi) of the Credit Agreement (subject to such consents, if any, as may be required under Section 11.06(b)(iii) of the Credit Agreement), (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement (as such Credit Agreement may be further amended, amended and restated or supplemented from time to time) as a Lender thereunder and, to the extent of the applicable Assigned Interests acquired by it hereunder, shall have the obligations of a Lender thereunder, (iv) it is sophisticated with respect to decisions to acquire assets of the type represented by the Assigned Interest and either it, or the Person exercising discretion in making its decision to acquire the Assigned Interest, is experienced in acquiring assets of such type, (v) it has received a copy of the Credit Agreement, and has received or has been afforded the opportunity to receive copies of the most recent financial statements delivered pursuant to Section 6.01 thereof, as applicable, and such other documents and information as it deems appropriate to make its own credit analysis and decision to enter into this Master Assignment and Assumption and to purchase such Assigned Interests acquired by it hereunder, independently and without reliance upon the Administrative Agent or any other Lender or the L/C Issuer and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Master Assignment and Assumption and to purchase the Assigned Interest and (vi) if it is a Foreign Lender, attached hereto is any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by such Assignee; and (b) agrees that (x) it will, independently and without reliance upon the Administrative Agent, any Assignor or any other Lender or the L/C Issuer, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and (y) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender. 

2.  Payments.  From and after the Effective Date, the Administrative Agent shall make all payments in respect of each Assigned Interest (including payments of principal, interest, fees and other amounts) to the applicable Assignors for amounts which have accrued to but excluding the Effective Date and to the Assignee for amounts which have accrued from and after the Effective Date.

Annex 1 - 1

US-DOCS\70473267.13

3.  General Provisions.  This Master Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns permitted under the Credit Agreement.  This Master Assignment and Assumption may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single instrument.  Delivery of an executed counterpart of a signature page of this Master Assignment and Assumption by facsimile or other electronic imaging means shall be effective as delivery of a manually executed counterpart of this Master Assignment and Assumption.  This Master Assignment and Assumption shall be governed by, and construed in accordance with, the law of the State of New York without regard to principles of conflicts of law that would result in the application of any law other than the law of the State of New York.

Annex 1 - 2

US-DOCS\70473267.13

SCHEDULE I
AUD Term A Loans 
	
			
	ASSIGNOR
	AUD Term A Loans held immediately prior to the Effective Date
	AUD Term A Loans held immediately following the Effective Date

	 
	$ [ _]
	$-

	 
	$ [ _]
	$-

Revolving Credit Commitments/Revolving Credit Loans

	
			
	ASSIGNOR
	Revolving Credit Commitments/Revolving Credit Loans held immediately prior to the Effective Date
	Revolving Credit Commitments/ Revolving Credit Loans held immediately following the Effective Date

	 
	$ [ _]
	$-

	 
	$ [ _]
	$-

[Additional pages shall be attached hereto at the discretion of the Administrative Agent, to the extent deemed necessary or advisable by Administrative Agent to reflect calculation of amounts and percentages of assignments] 

US-DOCS\70473267.13

Schedule 1

Third Restatement Date Commitments

1.    Third Restatement Date Euro Term A Loan Commitments

	
					
	Lender
	Commitment
	Applicable Percentage

	Bank of America, N.A.
	

	€84,658,627.48
	

	28.2195%

	Wells Fargo Bank, National Association
	

	€43,215,840.79
	

	14.4053%

	Barclays Bank PLC
	

	€34,128,468.00
	

	11.3762%

	Compass Bank
	

	€34,128,468.00
	

	11.3762%

	Bank of Montreal
	

	€34,128,468.00
	

	11.3762%

	PNC Bank, National Association
	

	€34,128,468.00
	

	11.3762%

	KeyBank National Association
	

	€18,728,119.16
	

	6.2427%

	Northern Trust Bank
	

	€9,384,764.03
	

	3.1283%

	The Private Bank
	

	€7,498,776.56
	

	2.4996%

	Total
	

	€300,000,000.00
	

	100%

2.    Third Restatement Date Additional Revolving Credit Commitments

	
					
	Lender
	Commitment
	Applicable Percentage

	Bank of America, N.A.
	

	$100,000,000.00
	

	100%

	Total
	

	$100,000,000.00
	

	100%

US-DOCS\70473267.13

SCHEDULE 2

Third Restatement Date Collateral Matters

		
	•
	None.

Schedule 2 

US-DOCS\70473267.13

SCHEDULE 3
 Post-Third Restatement Date Collateral Matters

		
	1.
	Holdings shall and shall cause each Guarantor to within fourteen (14) days after the Third Restatement Date (or such longer period as the Administrative Agent may determine):

		
	a.
	execute, deliver and file amendments to the Mortgages existing prior to the Third Restatement Date in a form acceptable to the Administrative Agent (which amendments shall, among other things, remove from the Obligations secured by the Mortgages those Obligations relating to agreements to provide card services consisting of services related to credit cards, including purchasing and commercial cards, and prepaid cards), together with such title endorsements as are reasonably required to give effect thereto in a form acceptable to the Administrative Agent, together with (x) such owner’s title affidavits as may be reasonably required by the title insurer in substantially the form previously accepted by the title insurer with respect to such Mortgages, including therein any so-called “no-change” survey affidavit and (y) any documents required in connection with the recording of such mortgage amendments and issuance of such endorsements.

Schedule 3

US-DOCS\70473267.13

EXHIBIT A

Third Amended and Restated Credit Agreement

[Separately attached]

US-DOCS\70473267.13

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