Document:

Exhibit 10.5

 

2014 

EMPLOYMENT AGREEMENT

 

This 2014 EMPLOYMENT
AGREEMENT (“Agreement”) is made and entered into effective as of the 1st day of January, 2014, (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 ROBERT J. JOHNSON, JR., 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, amended effective September 1, 2010, and further
amended effective December 1, 2010 (as amended, the “Predecessor Agreement”), Executive was previously
employed as a Executive Vice President and Secretary of BBTC; and

WHEREAS,
effective January 1, 2014, Executive became employed as a Senior Executive Vice President and General Counsel of BB&T; and

WHEREAS,
effective January 1, 2014, Executive became employed as a Senior Executive Vice President and General Counsel of 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.

1.1             
Employment. 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 as (i) 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 of Directors be
considered or treated either as a breach of this Agreement by the Employer or as a termination of Executive’s
employment.

1.2             
Duties. Executive shall serve as a Senior Executive Vice President and
General Counsel of BB&T and BBTC, and shall report to a designated Senior Executive Vice President of BB&T and President
of BBTC (currently, Robert E. Greene) of Employer through March 31, 2014, and effective April 1, 2014 to the Chief Operating Officer
of BB&T and BBTC (currently Christopher L. Henson).  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 designated Senior Executive Vice President 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.

1.3             
Term. 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 February 1, 2014, 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”.

1.4             
Compensation and Benefits.

1.4.1       
Base Salary. In consideration of all of (i) the services rendered to Employer and Employer’s Affiliates
hereunder by Executive, and (ii) Executive’s covenants hereunder, Employer shall, during the Term, pay Executive a salary
at the annual rate of Three Hundred Eighty Thousand Dollars ($380,000) (the “Base Salary”), payable in equal
cash

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installments in accordance with Employer’s
regular payroll practices, but no less frequently than monthly. The annual Base Salary may be increased, but not decreased without
the written consent of Executive, from time to time in the sole discretion of Employer and any such increased “Base Salary”
shall thereafter constitute “Base Salary” for purposes of this Agreement, and may not thereafter be reduced without
the written consent of Executive.

1.4.2       
Incentive Compensation. During the 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.

1.5             
Business Expenses. Employer shall, upon receipt from Executive
of supporting receipts to the extent required by applicable income tax regulations and Employer’s reimbursement policies,
reimburse Executive for all out-of-pocket business expenses reasonably incurred by Executive in connection with Executive’s
employment hereunder.

1.6             
Termination. Executive’s employment and this Agreement (except
as otherwise provided hereunder) shall terminate upon a date (the “Termination Date”) that is the 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:

1.6.1       
Death. Executive’s employment and this Agreement shall automatically terminate upon Executive’s death.

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1.6.2       
 Retirement. Executive’s employment shall terminate automatically upon Executive’s Retirement.

1.6.3       
Disability. 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).

1.6.4       
Voluntary 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”).

1.6.5       
Termination 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.

1.6.6       
Termination 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”).

1.6.7       
Good 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 

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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 and General Counsel 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.

1.6.8       
No 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.

1.6.9       
Notice of Termination. A termination of Executive’s employment by Employer or Executive for any reason
other than death shall be communicated by a written notice to the other parties, which written notice shall specify the effective
date of termination.

1.7             
Termination Compensation and Post-Termination Benefits.

1.7.1       
Expiration 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

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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 nonsolicitation
covenant of Section 2) for a one (1) year period following Executive’s Termination Date.

1.7.2       
Termination for Disability. In the case of a termination of Executive’s employment hereunder for Disability
in accordance with Section 1.6.3 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 physician’s opinion as to
Executive’s capability to so perform shall be final and binding upon Employer and Executive.

1.7.3       
Termination Without Just Cause. In the case of a termination of Executive’s employment hereunder Without
Just Cause in accordance with Section 1.6.6, 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 nonsolicitation covenant 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 

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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
this 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.

1.7.4       
Good 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 Executive’s Section 2 covenants (including, without limitation,
compliance with the 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).

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		(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
this 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.

1.7.5       
Change 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 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 

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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 nonsolicitation provisions thereof. If Executive breaches Executive’s obligations under Section
2 of this Agreement, exclusive of the 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.

1.7.6       
No Termination of Continuing Obligations. Termination of Executive’s employment relationship with Employer
in accordance with the applicable provisions of this Agreement does not terminate those obligations imposed by this Agreement which
are continuing obligations, including, without limitation, Executive’s obligations under Section 2; provided, however, that
the 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.

1.7.7       
SERP. 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:

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		(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.

2.1             
Nonsolicitation. 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 and General Counsel of Employer,
Executive also acknowledges and agrees that Executive will have broad access to Confidential Information, that Confidential Information
will in fact be developed by Executive in the course of performing Executive’s duties and responsibilities under this Agreement,
and that the Confidential Information furnishes a competitive advantage in many situations and constitutes, separately and in the
aggregate, valuable, special and unique assets of Employer and their Affiliates. Executive further acknowledges and agrees that
the unique and proprietary knowledge and information possessed by, or which will be disclosed to, or developed by, Executive in
the course of Executive’s employment will be such that Executive’s breach of the covenants contained in this Section
2.1 would immeasurably and irreparably damage Employer and their Affiliates regardless of where in the Restricted Area the activities
constituting such breach were to occur. Thus, Executive acknowledges and agrees that it is both reasonable and necessary for the
covenants in this Section 2.1 to apply to Executive’s activities throughout the Restricted Area. In recognition of the special
and unusual character of the duties and responsibilities of Executive under this Agreement and as a material inducement to Employer
to continue to employ Executive in this 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:

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		(i)	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;

		(ii)	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

		(iii)	induce or attempt to induce any employee of Employer or their Affiliates to terminate employment
with Employer or their Affiliates.

Nothing in this Section 2.1 shall be read
to prohibit an investment described in the last sentence of Section 1.2.

2.2             
Non-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 

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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.

2.3              Use
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.

2.4             
Removal 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 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.

2.5             
Work Product. Employer alone shall be entitled to all benefits, profits
and results arising from or incidental to Executive’s Work Product (as defined in this section 2.5). To the greatest extent
possible, any work product, property, data, documentation, inventions or information or materials prepared, conceived, discovered,
developed or created by Executive in connection with performing Executive’s responsibilities during the 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 

    	- 12 -

    	 

    

Executive. Executive hereby grants
to Employer a royalty-free, perpetual, irrevocable license to any such patent obtained by Executive in accordance with the preceding
sentence.

2.6              Interpretation;
Remedies. Consistent with Section 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 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.

2.7             
Notice 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.

2.8             
Duties as a Lawyer. Notwithstanding any other provision in this Agreement
to the contrary, this Agreement does not apply to duties or actions of Executive, during the Term or thereafter, to the extent
that Executive’s duties or actions are undertaken as a lawyer and to the extent that such duties or actions are subject to
the law and rules governing lawyers, including, without limitation, the Rules of Professional Conduct of The North Carolina State
Bar. By way of illustration and not of limitation, such law and rules include a lawyer’s duty not to reveal information acquired
during the professional relationship with a client even if that duty is (i) more broad or of greater duration than any confidentiality
requirement in this Agreement and/or 

    	- 13 -

    	 

    

(ii) subject to exceptions in the law of professional ethics, such as those in Rule 1.6 of
the Rules of Professional Conduct of The North Carolina State Bar (for example, disclosure “to respond to allegations in
any proceeding concerning the lawyer’s representation of the client”). By way of further illustration and not of limitation,
this Agreement will apply to Executive’s solicitation of employment that would include Executive’s provision of advice
or work on banking or business or other nonlegal services, but would not apply to Executive seeking retention as a lawyer providing
legal services. Executive shall not be required to comply with any request, instruction, order, or requirement by, or of, Employer
that (i) either would result, or in the reasonable opinion of Executive could result, in a violation by Executive of the Rules
of Professional Conduct of The North Carolina State Bar (whether or
not Executive is a member of the North Carolina State Bar) or the rules of professional conduct of any other state bar applicable
to Executive; or (ii) would prevent, or in the reasonable opinion of Executive could prevent, Executive from complying with obligations
(including, without limitation, applicable reporting obligations of violations) of rules of professional conduct applicable to
attorneys.

3.                 
MISCELLANEOUS.

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

If to the Executive, to:

 

 

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: Chief Operating Officer

 

 

Each such notice, request, demand or other
communication shall be effective (i) if given by mail, seventy-two (72) hours after such communication is deposited in the mails
with first class postage prepaid, addressed as aforesaid or (ii) if given by any other means, when delivered at the address specified
in this Section 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.

3.2             
Entire 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 

    	- 14 -

    	 

    

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. 

3.3             
Waiver; Modification. No waiver or modification of this Agreement or
of any covenant, condition, or limitation herein contained shall be valid unless in writing and duly executed by the party to
be charged therewith. No evidence of any waiver or modification shall be offered or received in evidence at any proceeding, arbitration,
or litigation between the parties hereto arising out of or affecting this Agreement, or the rights or obligations of the parties
hereunder, unless such waiver or modification is in writing, duly executed as aforesaid. The parties further agree that the provisions
of this Section 3.3 may not be waived except as herein set forth.

3.4             
Amendment. This Agreement may be amended, supplemented, or modified only
by a written instrument duly executed by or on behalf of each party hereto.

3.5             
No 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.

3.6             
No Assignment; Binding Effect; No Attachment. This Agreement and the obligations
undertaken herein shall be binding upon and shall inure to the benefit of any successors or assigns of Employer, and shall be binding
upon and inure to the benefit of Executive’s heirs, executors, administrators, and legal representatives. Executive shall
not be entitled to assign or delegate any of Executive’s obligations or rights under this Agreement; provided, however, that
nothing in this Section 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.

3.7             
Headings. The headings of paragraphs and sections herein are included
solely for convenience of reference and shall not control the meaning or interpretation of any of the provisions of this Agreement.

3.8             
Severability. Employer and Executive intend all provisions of this Agreement
to be enforced to the fullest extent permitted by law. Accordingly, if a court of competent jurisdiction determines that the scope
and/or operation of any provision of this Agreement is too broad to be enforced as written, Employer and Executive intend that
the court should reform such provision to such narrower scope and/or operation as it determines to be enforceable. If, however,
any provision of this Agreement is held to be illegal, invalid, or unenforceable under present or future law, and not subject to
reformation, then (i) such provision shall be fully severable, (ii) this Agreement shall be construed and enforced as if such provision
was never a 

    	- 15 -

    	 

    

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.

 3.9             
Governing Law. The parties intend that this Agreement and the performance
hereunder and all suits and special proceedings hereunder shall be governed by and construed in accordance with and under and
pursuant to the laws of the State of North Carolina without regard to conflicts of law principles thereof and that in any action,
special proceeding or other proceeding that may be brought arising out of, in connection with, or by reason of this Agreement,
the laws of the State of North Carolina shall be applicable and shall govern to the 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.

3.10         
Counterparts. This Agreement may be executed in one or more counterparts,
each of which will be deemed an original, but all of which together will constitute one and the same instrument.

3.11         
Withholding. Employer shall deduct and withhold all federal, state, local
and employment taxes and any other similar sums required by applicable law, or in accordance with the applicable provisions of
Employer’s employee benefit plans, to be withheld from any payments made pursuant to the terms of this Agreement.

3.12         
Definitions. Wherever used in this Agreement, including, but not limited
to, the Recitals, the following terms shall have the meanings set forth below (unless otherwise indicated by the context) and such
meanings shall be applicable to both the singular and plural form (except where otherwise expressly indicated):

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 

    	- 16 -

    	 

    

with its Affiliates,
excluding employee benefit plans of Employer, is or 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

    	- 17 -

    	 

    

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 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.

    	- 18 -

    	 

    

 

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.

3.13         
Code Section 409A.

3.13.1         
In General. To the extent applicable, the parties hereto intend that this Agreement comply with Section 409A
of the Code and all regulations, guidance, or other interpretative authority thereunder (“Section 409A”) or
an exemption or exclusion therefrom. The parties hereby agree that this Agreement shall be construed in a manner to comply with
Section 409A and that should any provision be found not in compliance with Section 409A, the 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.

3.13.2         
Specified Employee. Notwithstanding anything contained in this Agreement to the contrary, if at the time of Executive’s
“separation from service” (as defined in Section 409A) Executive is a “specified employee” (within the
meaning of Section 409A and the 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 

    	- 19 -

    	 

    

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.

3.13.3         
Reimbursements and In-Kind Benefits. Notwithstanding any other provision of the applicable plans and programs,
all reimbursements and in-kind benefits provided under this Agreement shall be made or provided in accordance with the requirements
of Section 409A, including, where applicable, the requirement that (i) the amount of expenses eligible for reimbursement and the
provision of benefits in kind during a calendar year shall not affect the expenses eligible for reimbursement or the provision
of in-kind benefits in any other calendar year; (ii) the reimbursement for an eligible expense will be made on or before the last
day of the calendar year following the calendar year in which the expense is incurred; (iii) the right to reimbursement or right
to in-kind benefit is not subject to liquidation or exchange for another benefit; and (iv) each reimbursement payment or provision
of in-kind benefit shall be one of a series of separate payments (and each shall be construed as a separate identified payment)
for purposes of Section 409A.

3.13.4         
Miscellaneous Section 409A Compliance. All payments to be made to Executive upon a termination of employment
may only be made upon a “separation from service” (within the meaning of Section 409A) of Executive; and phrases in
this Agreement such as “termination of employment,” “Executive’s termination,” “terminated,”
and similar phrases shall mean a “separation from service” within the meaning of Section 409A. For purposes of Section
409A, (i) each payment made under this Agreement shall be treated as a separate payment; (ii) Executive may not, directly or indirectly,
designate the calendar year of payment; and (iii) no acceleration of the time and form of payment of any nonqualified deferred
compensation to Executive, or any portion thereof, shall be permitted.

3.14         
Attorneys’ Fees. In the event any dispute shall arise between Executive
and Employer as to the terms or interpretations of this Agreement, whether instituted by formal legal proceedings or otherwise,
including any action taken by Executive to enforce the terms of this 

    	- 20 -

    	 

    

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. 

3.15         
 Joint and Several Obligations. To
the extent permitted by applicable law, all obligations of the Employer under this Agreement shall be joint and several.

3.16         
No Excise Tax. Anything in this Agreement to the contrary notwithstanding,
Executive and Employer agree that in no event shall the present value of all payments, distributions and benefits
provided (including, without limitation, the acceleration of exercisability of any stock option) to Executive or for Executive’s
benefit (whether paid or payable or distributed or distributable) pursuant to the terms of this Agreement or otherwise 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 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, 

    	- 21 -

    	 

    

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.

 

3.17         
Recitals. The Recitals to this Agreement are a part of this Agreement.

 

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:	 	 	By:	 
	 	 	 	 	 
	Name	 	 	Name:	 
	 	 	 	 	 
	Title	 	 	Title	 
	 	 	 	 	 
	Date:	 	 	Date:	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	ROBERT J. JOHNSON, JR.
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 
	 	 	 	Signature
	 	 	 	 	 
	 	 	 	Date:	 
	 	 	 	 	 

 

 

 

 

 

 

 

 

 

- 22 -AMGN-EX10.3_2014.3.31-Q1

Exhibit 10.3

Form of Award Notice

[The information set forth in this Award Notice will be contained on the related pages on Merrill Lynch Benefits Website (or the website of any successor company to Merrill Lynch Bank & Trust Co., FSB).  This Award Notice shall be replaced by the equivalent pages on such website.  References to Award Notice in this Agreement shall then refer to the equivalent pages on such website ] 

This notice of Award (the “Award Notice”) sets forth certain details relating to the grant by the Company to you of the Award identified below, pursuant to the Plan.  The terms of this Award Notice are incorporated into the Agreement that accompanies this Award Notice and made part of the Agreement.  Capitalized terms used in this Award Notice that are not otherwise defined in this Award Notice have the meanings given to such terms in the Agreement. 
    
Employee:        
Employee ID:            
Address:            
Award Type:            
Grant ID:        
		
	Plan:
	Amgen Inc. 2009 Equity Incentive Plan, as amended and/or restated from time to time

Grant Date:            
		
	Grant Price: 
	$________

Number of Shares:
Number of Units
		
	Vesting Date:
	Means the vesting date indicated in the Vesting Schedule

		
	Vesting Schedule:
	Means the schedule of vesting set forth under Vesting Details 

		
	Vesting Details:
	Means the presentation (tabular or otherwise) of the Vesting Date and the quantity of Shares vesting.

IMPORTANT NOTICE REGARDING ACCEPTANCE OF THE AWARD1:  

RESIDENTS OF THE U.S. AND PUERTO RICO:  Please read this Award Notice, the Plan and the Agreement (collectively, the “Grant Documents”) carefully.  If you, as a resident of the U.S. or Puerto Rico, do not wish to receive this Award and/or you do not consent and agree to the terms and conditions on which this Award is offered, as set forth in the Grant Documents, then you must reject the Award by contacting the Merrill Lynch call center (800) 97AMGEN (800-972-6436) within the U.S., Puerto Rico and Canada or +1 (609) 818-8910 from all other countries (Merrill Lynch will accept the charges for your call) no later than the forty-fifth calendar day following the day on which this Award Notice is made available to you, in which case the Award will be cancelled.  For the purpose of determining the forty-five calendar days, Day 1 will be the day immediately following the day on which this Award Notice is made available to you. Your failure to notify the Company of your rejection of the Award within this specified period will constitute your acceptance of the Award and your agreement with all terms and conditions of the Award, as set forth in the Grant Documents.
_________________________
1This provision is only for use on the form of grant used for the U.S. and Puerto Rico.

RESTRICTED STOCK UNIT AGREEMENT

THE SPECIFIC TERMS OF YOUR GRANT OF RESTRICTED STOCK UNITS ARE FOUND IN THE PAGES RELATING TO THE GRANT OF RESTRICTED STOCK UNITS FOUND ON MERRILL LYNCH BENEFITS WEBSITE (OR THE WEBSITE OF ANY SUCCESSOR COMPANY TO MERRILL LYNCH BANK & TRUST CO., FSB) (THE “AWARD NOTICE”) WHICH ACCOMPANIES THIS DOCUMENT.  THE TERMS OF THE AWARD NOTICE ARE INCORPORATED INTO THIS RESTRICTED STOCK UNIT AGREEMENT.

On the Grant Date specified in the Award Notice, Amgen Inc., a Delaware corporation (the “Company”), has granted to you, the grantee named in the Award Notice, under the plan specified in the Award Notice (the “Plan”), the Number of Units with respect to the number of shares of the $0.0001 par value common stock of the Company (the “Shares”) specified in the Award Notice, on the terms and conditions set forth in this Restricted Stock Unit Agreement, any special terms and conditions for your country set forth in the attached Appendix A and the Award Notice (together, the “Agreement”).  The Units shall constitute Restricted Stock Units under Section 9.5 of the Plan, which is incorporated herein by reference.  Capitalized terms not defined herein shall have the meanings assigned to such terms in the Plan.  

I.Vesting Schedule and Termination of Units.  

		
	a.
	General.  Subject to the terms and conditions of this Agreement, on each Vesting Date, the Number of Units indicated on the Vesting Schedule shall vest, provided that you have remained continuously and actively employed with the Company or an Affiliate (as defined in the Plan) through each applicable Vesting Date, unless (i) [your employment has terminated due to your Voluntary Termination (as defined in paragraph (d) of this Section I below) ]*2, [(ii)] you experience a Qualified Termination (as defined below), or (iii)[(ii)] as otherwise determined by the Company in the exercise of its discretion as provided in paragraph (f) of this Section I.  The Units represent an unfunded, unsecured promise by the Company to deliver Shares.  Only whole Shares shall be issued upon vesting of the Units, and the Company shall be under no obligation to issue any fractional Shares to you.  If your employment with the Company or an Affiliate is terminated for any reason or for no reason, including if your active employment is terminated by the Company or an Affiliate without Cause (as defined below), or in the event of any other termination of your active employment caused directly or indirectly by the Company or an Affiliate, except as otherwise provided in paragraphs (b), (c), [(d), ]*(1) (e) or (f) of this Section I below, your unvested Units shall automatically expire and terminate on the date of termination of your active employment.  Notwithstanding anything herein to the contrary, the Vesting Schedule may be accelerated (by notice in writing) by the Company in its sole discretion at any time during the term of the Units.  In addition, if not prohibited by local law, vesting may be suspended by the Company in its sole discretion during a leave of absence as provided from time to time according to Company policies and practices.

_____________________________
2 Paragraph (d) of Section I of this Agreement is not applicable to awards identified by the Administrator as new hire, retention or promotion grants and the provisions of such paragraph shall be reserved and references thereto identified by an asterisk (*) shall be omitted from the agreements evidencing such grants.

		
	b.
	Permanent and Total Disability.  Notwithstanding the provisions in paragraph (a) above, if your employment with the Company or an Affiliate terminates due to your Permanent and Total Disability (as defined below), then the vesting of Units granted under this Agreement shall be accelerated, subject to your execution of a general release and waiver in a form provided by the Company, to vest as of the day immediately preceding such termination of your employment with respect to all Units granted hereunder, except that if the Units were granted in the calendar year in which such termination occurs, the Units shall be accelerated to vest with respect to a number of Units equal to the number of Units subject to this Agreement multiplied by a fraction, the numerator of which is the number of complete months you remained continuously and actively employed during such calendar year, and the denominator of which is twelve (12).

		
	c.
	Death.  Notwithstanding the provisions in paragraph (a) above, if your employment with the Company or an Affiliate terminates due to your death, then the vesting of Units granted under this Agreement shall be accelerated to vest as of the day immediately preceding your death with respect to all Units granted hereunder, except that if the Units were granted in the calendar year in which your death occurs the Units shall be accelerated to vest with respect to a number of Units equal to the number of Units subject to this Agreement multiplied by a fraction, the numerator of which is the number of complete months you remained continuously and actively employed during such calendar year, and the denominator of which is twelve (12).  

		
	d.
	[Retirement.  Notwithstanding the provisions in paragraph (a) above, if you terminate your employment with the Company or an Affiliate due to your voluntary termination (and such voluntary termination is not the result of Permanent and Total Disability (as defined below)) after you are at least sixty-five (65) years of age, or after you are at least fifty-five (55) years of age and have been an employee of the Company and/or an Affiliate for at least ten (10) years in the aggregate as determined by the Company in its sole discretion according to Company policies and practices as in effect from time to time (“Voluntary Termination”), then the Units will vest pursuant to the Vesting Schedule without regard to the termination of employment prior to the Vesting Date, subject to your execution of a general release and waiver in a form provided by the Company, with respect to all Units granted hereunder; provided, however, that if the Units were granted in the calendar year in which the Voluntary Termination occurs, the Units will vest pursuant to the Vesting Schedule provided in the Award Notice only with respect to a number of Units equal to the number of Units subject to this Agreement multiplied by a fraction, the numerator of which is the number of complete months you remained continuously and actively employed during such calendar year, and the denominator of which is twelve (12); notwithstanding the definition of Voluntary Termination set forth above, if the Company receives an opinion of counsel that there has been a legal judgment and/or legal development in your jurisdiction that would likely result in the favorable treatment upon Voluntary Termination described above being deemed unlawful and/or discriminatory, then the Committee will not apply the favorable treatment described above.][Reserved]*3 

_____________________________
3 Paragraph( d) of Section I of this Agreement is not applicable to awards identified by the Administrator as new hire, retention or promotion grants and the provisions of such paragraph shall be reserved and references thereto identified by an asterisk (*) shall be omitted from the agreements evidencing such grants.

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	e.
	Qualified Termination after a Change of Control.  Notwithstanding the provisions in paragraph (a) above, in the event of a Qualified Termination (as defined below), then, to the extent permitted by applicable law, the vesting of Units granted under this Agreement shall be accelerated to vest as of the day immediately prior to the Qualified Termination.  

		
	f.
	Continued Vesting.  Notwithstanding the provisions in paragraph (a) above, the Company may in its sole discretion at any time during the term of this Agreement, in writing, otherwise provide that the Units will vest pursuant to the Vesting Schedule without regard to the termination of employment prior to the Vesting Date, subject to any terms and conditions that the Company may determine.

For purposes of this Agreement: 

(i)  “termination of your active employment” shall mean the last date that you are either an active employee of the Company or an Affiliate or actively engaged as a Consultant or Director of the Company or an Affiliate; in the event of termination of your employment (whether or not later found to be invalid or in breach of employment laws in the jurisdiction where you are working or the terms of your employment agreement, if any), your right to receive Units and vest under the Plan, if any, will terminate effective as of the date that you are no longer actively providing services and will not be extended by any notice period mandated under local law (e.g., active employment would not include any period of “garden leave” or similar period mandated under employment laws in the jurisdiction where you are employed or the terms of your employment agreement, if any).  The Company shall have exclusive discretion to determine when you are no longer actively providing services for purposes of the Units (including whether you may still be considered to be providing services while on a leave of absence); 

(ii)  “Cause” shall mean (i) your conviction of a felony, or (ii) your engaging in conduct that constitutes willful gross neglect or willful gross misconduct in carrying out your duties, resulting, in either case, in material economic harm to the Company, unless you believed in good faith that such conduct was in, or not contrary to, the best interests of the Company.  For purposes of clause (ii) above, no act, or failure to act, on your part shall be deemed “willful” unless done, or omitted to be done, by you not in good faith;

(iii)  “Permanent and Total Disability” shall have the meaning ascribed to such term under Section 22(e)(3) of the Code and with such permanent and total disability being certified prior to termination of your employment by (i) the U.S. Social Security Administration, (ii) the comparable governmental authority applicable to an Affiliate, (iii) such other body having the relevant decision-making power applicable to an Affiliate, or (iv) an independent medical advisor appointed by the Company in its sole discretion, as applicable, in any such case;

(iv)  “Qualified Termination” shall mean 

		
	(a)
	if you are an employee who participates in the Change of Control Plan (as defined below), your termination of employment within two (2) years following a Change of Control (i) by the Company other than for Cause, Disability (as defined below), or as a result of your death or (ii) by you for Good Reason (as defined in the Change of Control Plan); or

		
	(b)
	if you are an employee who does not participate in the Change of Control Plan or the Change of Control Plan is no longer in effect, your termination of employment within 

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two (2) years following a Change of Control by the Company other than for Cause, Disability (as defined below), or as a result of your death;

(v)  “Change of Control” shall mean the occurrence of any of the following:
(A)     the acquisition (other than from the Company) by any person, entity or “group,” within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act (excluding, for this purpose, the Company or any of its Affiliates, or any employee benefit plan of the Company or any of its Affiliates which acquires beneficial ownership of voting securities of the Company), of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of fifty percent (50%) or more of either the then-outstanding Shares or the combined voting power of the Company’s then-outstanding voting securities entitled to vote generally in the election of directors; or
(B) individuals who, as of April 2, 1991, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board, provided that any person becoming a director subsequent to April 2, 1991, whose election, or nomination for election by the Company’s stockholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board (other than an election or nomination of an individual whose initial assumption of office is in connection with an actual or threatened election contest relating to the election of the Directors of the Company, as such terms are used in Rule 14a-11 of Regulation 14A promulgated under the Exchange Act) shall be, for purposes of the Plan, considered as though such person were a member of the Incumbent Board; or
(C)     the consummation by the Company of a reorganization, merger, consolidation, (in each case, with respect to which persons who were the stockholders of the Company immediately prior to such reorganization, merger or consolidation do not, immediately thereafter, own more than fifty percent (50%) of the combined voting power entitled to vote generally in the election of directors of the reorganized, merged or consolidated company’s then-outstanding voting securities) or a liquidation or dissolution of the Company or of the sale of all or substantially all of the assets of the Company.
Notwithstanding anything herein or in the Agreement to the contrary, if a Change of Control constitutes a payment event with respect to any Unit that is subject to United States income tax and which provides for a deferral of compensation that is subject to Section 409A of the Code, the transaction or event described in subsection (A), (B), (C) or (D) above must also constitute a “change in control event,” as defined in U.S. Treasury Regulation § 1.409A-3(i)(5), in order to constitute a Change of Control for purposes of payment of such Unit.

(vi)    “Change of Control Plan” shall mean the Company’s change of control and severance plan, including the Amgen Inc. Change of Control Severance Plan, as amended and restated, effective as of December 9, 2010 (and any subsequent amendments thereto), or equivalent plan governing the provision of benefits to eligible employees upon the occurrence of a Change of Control (including resulting from a termination of employment that occurs within a specified time period following a Change of Control), as in effect immediately prior to a Change of Control; and
(vii)    “Disability” shall be determined in accordance with the Company’s long-term disability plan as in effect immediately prior to a Change of Control.
II.Form and Timing of Payment.  Subject to satisfaction of tax or similar obligations as provided for in Section III, any vested Units shall be paid by the Company in Shares (on a one-to-one basis) on, or as soon as practicable after, and in any event within 90 days after the applicable Vesting Date, which for purposes of this Section II, includes the date of any accelerated vesting, if any (the “Settlement Period”).  [(For the 

4

avoidance of doubt, in the event that any Units continue to vest following a Voluntary Termination in accordance with Section 1(d) above, the Vesting Date(s) for purposes of payments pursuant to this Section II shall be the regularly scheduled Vesting Dates following such termination.]*4 Notwithstanding anything to the contrary in the foregoing, in the event that (i) the vesting and settlement of Units is conditioned on your execution and delivery of a release and (ii) the Settlement Period commences in one calendar year and ends in the next calendar year, the Units will be paid in the second calendar year.  Shares issued in respect of a Unit shall be deemed to be issued in consideration of past services actually rendered by you to the Company or an Affiliate or for its benefit for which you have not previously been compensated or for future services to be rendered, as the case may be, which the Company deems to have a value at least equal to the aggregate par value thereof.

III.Tax Withholding; Issuance of Certificates.  Regardless of any action the Company or your actual employer (the “Employer”) takes with respect to any or all income tax (including federal, state and local taxes), social insurance, payroll tax, payment on account or other tax-related items related to your participation in the Plan and legally applicable to you (“Tax Obligations”), you acknowledge that the ultimate liability for all Tax Obligations is and remains your responsibility and may exceed the amount actually withheld by the Company and/or your Employer.  You further acknowledge that the Company and/or your Employer (i) make no representations or undertakings regarding the treatment of any Tax Obligations in connection with any aspect of the Units, including the grant of the Units, the vesting of Units, the conversion of the Units into Shares or the receipt of an equivalent cash payment, the subsequent sale of any Shares acquired at vesting and the receipt of any dividends, and (ii) do not commit to and are under no obligation to structure the terms of the grant or any aspect of the Units to reduce or eliminate your liability for Tax Obligations or achieve any particular tax result.  Furthermore, if you become subject to tax in more than one jurisdiction between the Grant Date and the date of any relevant taxable event, you acknowledge that the Company and/or your Employer (or former employer, as applicable) may be required to withhold or account for Tax Obligations in more than one jurisdiction.

Prior to any relevant taxable or tax withholding event, as applicable, you shall pay, or make adequate arrangements satisfactory to the Company or to your Employer (in their sole discretion) to satisfy all Tax Obligations.  In this regard, you authorize the Company and/or your Employer or their respective agents, at their discretion, to satisfy all applicable Tax Obligations by one or a combination of the following:

(a)    withholding from your wages or other cash compensation paid to you by the Company and/or your Employer; or

(b)    withholding from proceeds of the sale of Shares acquired upon vesting or payment of the Units either through a voluntary sale or through a mandatory sale arranged by the Company (on your behalf pursuant to this authorization); or 

(c)    withholding in Shares to be issued upon vesting or payment of the Units, provided that the Company and your Employer shall only withhold an amount of Shares with a fair market value equal to the Tax Obligations.

_____________________________
4 Paragraph (d) of Section I of this Agreement is not applicable to awards identified by the Administrator as new hire, retention or promotion grants and the provisions of such paragraph shall be reserved and references thereto identified by an asterisk (*) shall be omitted from the agreements evidencing such grants.

5

To avoid adverse accounting treatment, the Company may withhold or account for Tax Obligations not to exceed the applicable minimum statutory withholding rates or other applicable withholding rates.  If the Tax Obligations are satisfied by withholding in Shares, for tax purposes, you are deemed to have been issued the full number of Shares subject to the vested Units, notwithstanding that a number of the Shares is held back solely for the purpose of paying the Tax Obligations due as a result of any aspect of your participation in the Plan (any Shares withheld by the Company hereunder shall not be deemed to have been issued by the Company for any purpose under the Plan and shall remain available for issuance thereunder). 

Finally, you shall pay to the Company or your Employer any amount of Tax Obligations that the Company or your Employer may be required to withhold or account for as a result of your participation in the Plan that cannot be satisfied by the means previously described.  You agree to take any further actions and execute any additional documents as may be necessary to effectuate the provisions of this Section III.  Notwithstanding Section II above, the Company may refuse to issue or deliver the Shares or the proceeds of the sale of Shares if you fail to comply with your obligations in connection with the Tax Obligations.

IV.Dividend Equivalents

(a)    Crediting and Payment of Dividend Equivalents.  Subject to this Section IV, Dividend Equivalents shall be credited on each Unit granted to you under this Agreement in the manner set forth in the remainder of this Section IV.  If the Company declares one or more dividends or distributions (each, a “Dividend”) on its Common Stock with a record date which occurs during the period commencing on the Grant Date through and including the day immediately preceding the day the shares of Common Stock subject to the Units are issued to you, whether in the form of cash, Common Stock or other property, then on the date such Dividend is paid to the Company’s stockholders you shall be credited with an amount equal to the amount or fair market value of such Dividend which would have been payable to you if you held a number of shares of Common Stock equal to the number of your Units as of the record date for such Dividend, unless the Units have been forfeited between the record date and payment date for such Dividend.  Any such Dividend Equivalents shall be credited and deemed reinvested in the Common Stock as of the Dividend payment date.  Dividend Equivalents shall be payable in full shares of Common Stock, unless the Administrator determines, at any time prior to payment and in its discretion, that they shall be payable in cash.  Dividend Equivalents payable with respect to fractional shares of Common Stock shall be paid in cash.

(b)    Treatment of Dividend Equivalents.  Except as otherwise expressly provided in this Section IV, any Dividend Equivalents credited to you shall be subject to all of the provisions of this Agreement which apply to the Units with respect to which they have been credited and shall be payable, if at all, at the time and to the extent that the underlying Unit becomes payable.  Dividend Equivalents shall not be payable on any Units that do not vest, or are forfeited, pursuant to the terms of this Agreement.

V.Transferability.  No benefit payable under, or interest in, this Agreement or in the Shares that are scheduled to be issued to you hereunder shall be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance or charge and any such attempted action shall be void and no such benefit or interest shall be, in any manner, liable for, or subject to, your or your beneficiary’s debts, contracts, liabilities or torts; provided, however, nothing in this Section V shall prevent transfer (i) by will or (ii) by applicable laws of descent and distribution.

VI.Notices.  Any notices provided for in this Agreement or the Plan shall be given in writing or electronically and shall be deemed effectively given upon receipt or, in the case of notices delivered by the Company to you, five (5) days after deposit in the United States mail, postage prepaid, addressed to you at such address as is currently maintained in the Company’s records or at such other address as you hereafter 

6

designate by written notice to the Company Stock Administrator.  Such notices may be given using any automated system for the documentation, granting or exercise of Awards, such as a system using an internet website or interactive voice response, as approved by the Company.

VII.Plan.  This Agreement is subject to all the provisions of the Plan, which provisions are hereby made a part of this Agreement, including without limitation the provisions of Section 9.5 of the Plan relating to Restricted Stock Units, and is further subject to all interpretations, amendments, rules and regulations which may from time to time be promulgated and adopted pursuant to the Plan.  In the event of any conflict between the provisions of this Agreement and those of the Plan, the provisions of the Plan shall control.

VIII.Governing Law.  The terms of this Agreement shall be governed by the laws of the State of Delaware without giving effect to principles of conflicts of laws.  For purposes of litigating any dispute that arises hereunder, the parties hereby submit to and consent to the jurisdiction of the State of Delaware, and agree that such litigation shall be conducted in the courts of the State of Delaware, or the federal courts for the United States for the federal district located in the State of Delaware, and no other courts, where this Agreement is made and/or to be performed.

IX.Code Section 409A.  The time and form of payment of the Units is intended to comply with the requirements of Code Section 409A and this Agreement shall be interpreted in accordance with Code Section 409A and U.S. Department of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the Grant Date.  Accordingly, no acceleration or deferral of any payment shall be permitted if it would cause the payment of the Units to violate Code Section 409A.  In addition, notwithstanding any provision herein to the contrary, in the event that following the Grant Date, the Committee (as defined in the Plan) determines that it may be necessary or appropriate to do so, the Committee may adopt such amendments to the Plan and/or this Agreement or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, that the Committee determines are necessary or appropriate to (a) exempt the Plan and/or the Units from the application of Code Section 409A and/or preserve the intended tax treatment of the benefits provided with respect to this Award, or (b) comply with the requirements of Code Section 409A; provided, however, that this paragraph shall not create an obligation on the part of the Committee to adopt any such amendment, policy or procedure or take any such other action.  For purposes of Code Section 409A, the right to receive payment of Units at each Vesting Date shall be treated as a right to receive separate and distinct payments.

X.Acknowledgement.  By electing to accept this Agreement, you acknowledge receipt of this Agreement and hereby confirm your understanding that the terms set forth in this Agreement constitute, subject to the terms of the Plan, which terms shall control in the event of any conflict between the Plan and this Agreement, the entire agreement and understanding of the parties with respect to the matters contained herein and supersede any and all prior agreements, arrangements and understandings, both oral and written, between the parties concerning the subject matter of this Agreement.  The Company may, in its sole discretion, decide to deliver any documents related to current or future participation in the Plan by electronic means.  You hereby consent to receive such documents by electronic delivery and agree to participate in the Plan through an on-line or electronic system established and maintained by the Company or a third party designated by the Company. 

XI.Acknowledgment of Nature of Plan and Units.  In accepting this Agreement, you acknowledge that: 

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(a)    the Plan is established voluntarily by the Company, is discretionary in nature and may be modified, amended, suspended or terminated by the Company at any time, as provided in the Plan; 

(b)    the grant of the Units is voluntary and occasional and does not create any contractual or other right to receive future awards of Units, or benefits in lieu of Units even if Units have been awarded repeatedly in the past; 

(c)    all decisions with respect to future awards, if any, will be at the sole discretion of the Company; 

(d)    your participation in the Plan shall not create a right to further employment with the Employer and shall not interfere with the ability of the Employer to terminate your employment or service relationship (if any) at any time;

(e)    your participation in the Plan is voluntary; 

(f)    the grant of Units and the Shares subject to the Units are not intended to replace any pension rights or compensation;

(g)    neither the grant of Units nor any provision of this Agreement, the Plan or the policies adopted pursuant to the Plan confer upon you any right with respect to employment or continuation of current employment and shall not be interpreted to form an employment contract or relationship with the Company or any Affiliate; 

(h)    the future value of the underlying Shares is unknown and cannot be predicted with certainty; 

(i)    in consideration of the grant of Units hereunder, no claim or entitlement to compensation or damages arises from termination of Units, and no claim or entitlement to compensation or damages shall arise from forfeiture of the Units resulting from termination of your employment by the Company or an Affiliate (for any reason whatsoever and whether or not in breach of local labor laws) and you irrevocably release the Company and your Employer from any such claim that may arise; if, notwithstanding the foregoing, any such claim is found by a court of competent jurisdiction to have arisen, you shall be deemed irrevocably to have waived your entitlement to pursue such claim; 

(j)    except as otherwise provided in this Agreement or the Plan, the Units and the benefits evidenced by this Agreement do not create any entitlement to have the Units or any such benefits transferred to, or assumed by, another company nor to be exchanged, cashed out or substituted for, in connection with any corporate transaction affecting the shares of the Company; 
(k)    the following provisions apply only if you are providing services outside the United States:
(i)  for employment law purposes outside the United States, the Units and Shares subject to the Units are not part of normal or expected compensation or salary for any purpose, including but not limited to for purposes of calculating any severance, resignation, termination, redundancy, dismissal, end of service payments, bonuses, holiday pay, long-service awards, pension or retirement benefits or similar payments; and

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(ii)  you acknowledge and agree that neither the Company, the Employer nor any Affiliate of the Company shall be liable for any foreign exchange rate fluctuation between your local currency and the United States Dollar that may affect the value of the Units or of any amounts due to you pursuant to the settlement of the Units or the subsequent sale of any Shares acquired upon settlement.
XII.No Advice Regarding Award.  The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding your participation in the Plan, or your acquisition or sale of the underlying Shares.  You are hereby advised to consult with your own personal tax, legal and financial advisors regarding your participation in the Plan before taking any action related to the Plan.

XIII.Compliance with Laws.  Notwithstanding any provision of this Agreement to the contrary, if you are employed by the Company or an Affiliate in any of the countries identified in the attached Appendix A (which constitutes a part of this Agreement), are subject to the laws of any foreign jurisdiction, or relocate to one of the countries included in the attached Appendix A, the Units granted hereunder shall be subject to any special terms and conditions for your country set forth in Appendix A and to the following additional terms and conditions:

		
	a.
	the terms and conditions of this Agreement, including Appendix A, are deemed modified to the extent necessary or advisable to comply with applicable foreign laws or facilitate the administration of the Plan; 

		
	b.
	if applicable, the effectiveness of your award of Units is conditioned upon its compliance with any applicable foreign laws, regulations, rules or local governmental regulatory exemption and subject to receipt of any required foreign regulatory approvals;

		
	c.
	to the extent necessary to comply with applicable foreign laws, the payment of any earned Units shall be made in cash or Common Stock, at the Company’s election; and

		
	d.
	the Company may take any other action, before or after an award of Units is made, that it deems advisable to obtain approval or comply with any necessary local governmental regulatory exemptions or approvals.

Notwithstanding anything to the contrary contained herein, the Company shall not take any actions hereunder, that would violate the Securities Act, the Exchange Act, the Code, or any other securities or tax or other applicable law or regulation, or the rules of any Securities Exchange.  Notwithstanding anything to the contrary contained herein, the Shares issuable upon vesting of the Unit shall not be issued unless such Shares are then registered under the Securities Act, or, if such Shares are not then so registered, the Company has determined that such vesting and issuance would be exempt from the registration requirements of the Securities Act, and that the issuance satisfied all other applicable legal requirements.
XIV.Data Privacy and Notice of Consent.  You hereby explicitly and unambiguously consent to the collection, use and transfer, in electronic or other form, of your personal data as described in this Agreement by and among, as applicable, your Employer, the Company, and Affiliates of the Company for the exclusive purpose of implementing, administering and managing your participation in the Plan.

You understand that the Company and your Employer may hold certain personal information about you, including, but not limited to, your name, home address and telephone number, date of birth, social insurance number (to the extent permitted under applicable local law) or other identification number, salary, nationality, job title, residency status, any shares of stock or directorships held in the Company, details of all equity compensation or any other entitlement to Shares awarded, canceled, vested, 

9

unvested or outstanding in your favor, for the purposes of implementing, administering and managing the Plan (“Data”).  
You understand that Data may be transferred to Merrill Lynch Bank & Trust Co., FSB, or any successor thereto, or any third parties assisting in the implementation, administration and management of the Plan, that these recipients may be located in your country or elsewhere, including outside the European Economic Area and that the recipient’s country (e.g., the United States) may have different data privacy laws and protections than your country.  You understand that if you reside outside the United States, you may request a list with the names and addresses of any potential recipients of the Data by contacting your local human resources representative.  You authorize your Employer, the Company, Affiliates of the Company, Merrill Lynch Bank & Trust Co., FSB, or any successor thereto, and any other possible recipients which may assist the Company (presently or in the future) with implementing, administering and managing your participation in the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the purpose of implementing, administering and managing your participation in the Plan, including any requisite transfer of such Data as may be required to any other broker, escrow agent or other third party with whom the Shares received upon vesting of the Units may be deposited.  You understand that Data will be held only as long as is necessary to implement, administer and manage your participation in the Plan.  You understand that if you reside outside the United States, you may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing your local human resources representative.  Further, you understand that you are providing the consents herein on a purely voluntary basis.  If you do not consent, or if you later seek to revoke your consent, your employment status or service and career with the Employer will not be adversely affected; the only adverse consequence of refusing or withdrawing your consent is that the Company would not be able to grant you Units or other equity awards or administer or maintain such awards.  Therefore, you understand that refusing or withdrawing your consent may affect your ability to participate in the Plan.  For more information on the consequences of your refusal to consent or withdrawal of consent, you understand that you may contact your local human resources representative.
XV.Severability.  If one or more of the provisions of this Agreement shall be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby and the invalid, illegal or unenforceable provisions shall be deemed null and void; however, to the extent permissible by law, any provisions which could be deemed null and void shall first be construed, interpreted or revised retroactively to permit this Agreement to be construed so as to foster the intent of this Agreement and the Plan.

XVI.Language.  If you have received this Agreement or any other document related to the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control.

XVII.Imposition of Other Requirements.  The Company reserves the right to impose other requirements on your participation in the Plan, on the Units and on any Shares acquired under the Plan, to the extent the Company determines it is necessary or advisable for legal or administrative reasons, and to require you to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.

XVIII.Compensation Subject to Recovery. The Units subject to this Award and all compensation payable with respect to them shall be subject to recovery by the Company pursuant to any and all of the 

10

Company’s policies with respect to the recovery of compensation, as they shall be in effect and may be amended from time to time, to the maximum extent permitted by applicable law.

XIX.Waiver.  You acknowledge that a waiver by the Company of breach of any provision of this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach by you or any other grantee.

Very truly yours,
AMGEN INC.

By:_____________________
Name: 
Title:

11

APPENDIX A

ADDITIONAL TERMS AND CONDITIONS OF THE
AMGEN INC. 2009 EQUITY INCENTIVE PLAN AS AMENDED AND/OR RESTATED 
FROM TIME TO TIME

GRANT OF RESTRICTED STOCK UNITS 
(BY COUNTRY)

TERMS AND CONDITIONS

This Appendix includes additional terms and conditions that govern any Units granted under the Plan if, under applicable law, you are a resident of, or are deemed to be a resident of one of the countries listed below.  Furthermore, the additional terms and conditions that govern any Units granted hereunder may apply to you if you relocate to one of the countries listed below and the Company shall, in its discretion, determine to what extent the terms and conditions contained herein shall apply to you.  Certain capitalized terms used but not defined in this Appendix A shall have the meanings set forth in the Plan and/or the Agreement to which this Appendix is attached.

NOTIFICATIONS

This Appendix also includes notifications relating to exchange control and other issues of which you should be aware with respect to your participation in the Plan.  The information is based on the exchange control, securities and other laws in effect in the countries to which this Appendix refers as of January 2014.  Such laws are often complex and change frequently.  As a result, the Company strongly recommends that you not rely on the notifications herein as the only source of information relating to the consequences of your participation in the Plan because the information may be outdated when you vest in the Units and acquire Shares under the Plan, or when you subsequently sell Shares acquired under the Plan.

In addition, the notifications are general in nature and may not apply to your particular situation, and the Company is not in a position to assure you of any particular result.  Accordingly, you are advised to seek appropriate professional advice as to how the relevant laws in your country may apply to your situation.  Finally, if you are a citizen or resident of a country other than the one in which you are currently working or are considered a resident of another country for local law purposes, the information contained herein may not be applicable to you or you may be subject to the provisions of one or more jurisdictions.

ALL NON-U.S. JURISDICTIONS

NOTIFICATIONS

Insider Trading Restrictions/Market Abuse Laws.  You acknowledge that, depending on your country of residence, you may be subject to insider trading restrictions and/or market abuse laws, which may affect your ability to acquire or sell Shares or rights to Shares (e.g., Units) under the Plan during such times as you are considered to have “inside information” regarding the Company (as defined by the laws in your country).  Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any applicable Company insider trading policy.  You are responsible for ensuring your compliance with any applicable restrictions and are advised to speak with your personal legal advisor on this matter.

ALGERIA

Appendix A-1

NOTIFICATIONS

Exchange Control Information.  Proceeds from the sale of Shares and any cash dividends must be repatriated to Algeria.

AUSTRALIA

NOTIFICATIONS

Exchange Control Information.  Exchange control reporting is required for cash transactions exceeding AUD10,000 and for international fund transfers.  If an Australian bank is assisting with the transaction, the bank will file the report on your behalf.  

Securities Law Information.  If you acquire Shares under the Plan and offer the Shares for sale to a person or entity resident in Australia, the offer may be subject to disclosure requirements under Australian law.  You should consult with your own legal advisor before making any such offer in Australia.  

AUSTRIA

NOTIFICATIONS

Exchange Control Information.  If you hold Shares acquired under the Plan outside of Austria, you must submit a report to the Austrian National Bank.  An exemption applies if the value of the shares as of any given quarter does not meet or exceed €30,000,000 or if the value of the shares in any given year as of December 31 does not meet or exceed €5,000,000.  If the former threshold is exceeded, quarterly obligations are imposed, whereas if the latter threshold is exceeded, annual reports must be given.  The quarterly reporting date is as of the last day of the respective quarter and the deadline for filing the quarterly report is the 15th day of the month following the end of the respective quarter.  The annual reporting date is December 31 and the deadline for filing the annual report is January 31 of the following year.
    
A separate reporting requirement applies when you sell Shares acquired under the Plan. In that case, there may be exchange control obligations if the cash proceeds are held outside of Austria.  If the transaction volume of all accounts abroad exceeds €3,000,000, the movements and balances of all accounts must be reported monthly, as of the last day of the month, on or before the 15th day of the following month, on the prescribed form (Meldungen SI-Forderungen und/oder SI-Verpflichtungen).

BELGIUM

NOTIFICATIONS

Tax Reporting.  You are required to report any taxable income attributable to the Units granted hereunder on your annual tax return.  You are also required to report any security and bank accounts opened and maintained outside Belgium on your annual tax return.

BRAZIL

TERMS AND CONDITIONS

Compliance with Law.  By accepting the Units, you acknowledge that you agree to comply with applicable Brazilian laws and pay any and all applicable taxes associated with the vesting of the Units and the sale of Shares acquired under the Plan.  

Appendix A-2

NOTIFICATIONS

Exchange Control Information.  If you are resident or domiciled in Brazil, you will be required to submit annually a declaration of assets and rights held outside of Brazil to the Central Bank of Brazil if the aggregate value of such assets and rights equals or exceeds US$100,000.  Assets and rights that must be reported include the following: (i) bank deposits; (ii) loans; (iii) financing transactions; (iv) leases; (v) direct investments; (vi) portfolio investments, including Shares acquired under the Plan; (vii) financial derivatives investments; and (viii) other investments, including real estate and other assets.  Please note that foreign individuals holding Brazilian visas are considered Brazilian residents for purposes of this reporting requirement and must declare at least the assets held abroad that were acquired subsequent to the date of admittance as a resident of Brazil.  Individuals holding assets and rights outside Brazil valued at less than US$100,000 are not required to submit a declaration. 

BULGARIA

There are no country-specific provisions.

CANADA

TERMS AND CONDITIONS 

Termination of Employment.  Section I(i) of the Agreement is amended to read as follows:

(i) “termination of your active employment” shall mean the last date that you are either an active employee of the Company or an Affiliate or actively engaged as a Consultant or Director of the Company or an Affiliate; in the event of involuntary termination of your employment (whether or not in breach of local labor laws), your right to receive any Units and vest under the Plan, if any, will terminate effective as of the date that is the earlier of: (1) the date you receive notice of termination of employment from the Company or your Employer, or (2) the date you are no longer actively employed by the Company or your Employer regardless of any notice period or period of pay in lieu of such notice required under local law (including, but not limited to statutory law, regulatory law and/or common law).  Your right, if any, to acquire Shares pursuant to the Units after termination of employment will be measured by the date of termination of your active employment and will not be extended by any notice period mandated under local law. 

Form of Settlement- Units Payable Only in Shares.  Notwithstanding any discretion in the Plan or anything to the contrary in the Agreement, the Units do not provide any right for you, as a resident of Canada, to receive a cash payment and shall be paid in Shares only.

The following provisions will apply to you if you are a resident of Quebec:

Language Consent.  The parties acknowledge that it is their express wish that the Agreement, as well as all documents, notices, and legal proceedings entered into, given or instituted pursuant hereto or relating directly or indirectly hereto, be drawn up in English.

Les parties reconnaissent avoir exigé la rédaction en anglais de cette convention (“Agreement”), ainsi que de tous documents exécutés, avis donnés et procédures judiciaries intentées, directement ou indirectement, relativement à ou suite à la présente convention.

Data Privacy Notice and Consent.  This provision supplements Section XIV of the Agreement:  

Appendix A-3

You hereby authorize the Company and the Company’s representative to discuss with and obtain all relevant information from all personnel (professional or not) involved in the administration and operation of the Plan.  You further authorize the Company and your Employer to disclose and discuss your participation in the Plan with their advisors.  You also authorize the Company and your Employer to record such information and keep it in your employee file.

NOTIFICATIONS

Securities Law Information.  You are permitted to sell Shares acquired through the Plan through the designated broker appointed under the Plan, if any, provided that the resale of such Shares takes place outside of Canada through the facilities of a stock exchange on which the Shares are listed (i.e., the NASDAQ Global Select Market).  

Foreign Asset/Account Reporting Information.  You are required to report any foreign property (including Shares acquired under the Plan) on form T1135 (Foreign Income Verification Statement) if the total value of the foreign property exceeds C$100,000 at any time in the year.  The form must be filed by April 30 of the following year.  

CHILE

NOTIFICATIONS

Securities Law Information.  Pursuant to Ruling No. 99 of 2001 issued by the Chilean Superintendence of Securities (“CSS”), neither the Units nor any Shares acquired under the Plan will be registered under the Registry of Securities held by the CSS nor are they under the control or supervision of the CSS.

Tax Reporting and Registration Information.  You must file Tax Form 1851 in relation to any Shares acquired under the Plan that are held abroad and to any taxes paid abroad (if you will be seeking a credit against Chilean income tax owed) with the Chilean Internal Revenue Service (the “CIRS”),  The form must be submitted through the CIRS web page at www.sii.cl before March 15 of each year.  

Investments abroad must also be registered with the CIRS for you to be entitled to a foreign tax credit for any tax withheld on dividends abroad, if applicable, and such registration also provides evidence of the acquisition price of the Shares (which will be zero) which you will need when the Shares are sold.  You are advised to consult with your personal legal advisor regarding how to register with the CIRS.

CHINA

TERMS AND CONDITIONS

The following terms apply only to nationals of the People’s Republic of China (the “PRC”) residing in the PRC, unless otherwise determined by the Company or required by the State Administration of Foreign Exchange:

Vesting of the Units.  Notwithstanding anything to the contrary in the Form of Award Notice or Award Agreement, the Units shall not vest until all necessary exchange control and other approvals from the PRC State Administration of Foreign Exchange or its local counterpart (“SAFE”) have been received for Units granted under the Plan.  Once SAFE approval has been received and provided you are then employed by the Company or an Affiliate, you will receive vesting credit for that portion of the Units that would have vested prior to obtaining SAFE approval, if applicable, and the remaining portion of the Units will vest in accordance with the Vesting Schedule in the Form of Award Notice.  If you terminate employment with the Company 

Appendix A-4

and its Affiliates prior to the receipt of SAFE approval, your unvested Units will be forfeited. 
Further, notwithstanding anything to the contrary in Section I(d) of the Agreement, if your employment with the Company or an Affiliate terminates due to your Voluntary Termination, as defined in Section I(d), then the vesting of Units granted under this Agreement shall be accelerated to vest as of the day immediately preceding such Voluntary Termination with respect to all Units granted hereunder. 
Sale Requirement.  Notwithstanding anything to the contrary in the Agreement, due to exchange control laws in the PRC, you agree that the Company reserves the right to require the immediate sale of any Shares issued upon settlement of the Units.  You understand and agree that any such immediate sale of Shares will occur as soon as is practical following settlement of the Units.  Alternatively, if the Shares are not immediately sold upon settlement of the Units, the Company will require the sale of any Shares you may then hold within six (6) months (or such other period as may be required under applicable legal or exchange control requirements) following the termination of your employment with the Company including its Affiliates.  

You agree that the Company is authorized to instruct Merrill Lynch Bank and Trust Co., FSB or such other designated broker as may be selected by the Company to assist with the sale of the Shares on your behalf pursuant to this authorization, and you expressly authorize such broker to complete the sale of such Shares.  You also agree to sign any agreements, forms and/or consents that may be reasonably requested by the Company (or the Company’s designated broker) to effectuate the sale of the Shares (including, without limitation, as to the transfers of the proceeds and other exchange control matters noted below) and to otherwise cooperate with the Company with respect to such matters, provided that you shall not be permitted to exercise any influence over how, when or whether the sales occur.  Upon the sale of the Shares, you will receive the cash proceeds from the sale, less any applicable Tax Obligations, brokerage fees or commissions, in accordance with applicable exchange control laws and regulations.

You acknowledge that Merrill Lynch Bank and Trust Co., FSB or such other designated broker as may be selected by the Company is under no obligation to arrange for the sale of the Shares at any particular price.  Due to fluctuations in the Share price and/or applicable exchange rates between the settlement date and (if later) the date on which the Shares are sold, the amount of proceeds ultimately distributed to you may be more or less than the market value of the Shares on the settlement date (which is the amount relevant to determining your liability for Tax Obligations).  You understand and agree that the Company is not responsible for the amount of any loss that you may incur and that the Company assumes no liability for any fluctuations in the Share price and/or any applicable exchange rate.    

Designated Broker Account.  If Shares issued upon the settlement of the Units are not immediately sold, you acknowledge that you are required to maintain the Shares in an account with Merrill Lynch Bank and Trust Co., FSB or such other designated broker as may be selected by the Company until the Shares are sold through such Company-designated broker.

Exchange Control Requirements.  You understand and agree that, pursuant to local exchange control requirements, you will be required to repatriate the cash proceeds from the sale of the Shares issued to you upon settlement of the Units to China.  You further understand that, under applicable laws, such repatriation of your cash proceeds will need to be effectuated through a special exchange control account established by the Company or any Affiliate, including the Employer, and you hereby consent and agree that any proceeds from the sale of the Shares may be transferred to such special account prior to being delivered to you.  You also understand that the Company will deliver the proceeds to you as soon as possible, but that there may be delays in distributing the funds to you due to exchange control requirements in China.  Proceeds may be paid to you in U.S. dollars or local currency at the Company's discretion.  If the proceeds are paid to you in U.S. dollars, you will be required to set up a U.S. dollar bank account in China so that the proceeds may be 

Appendix A-5

deposited into this account.  If the proceeds are paid to you in local currency, the Company is under no obligation to secure any particular currency conversion rate and the Company may face delays in converting the proceeds to local currency due to exchange control restrictions.  You further agree to comply with any other requirements that may be imposed by the Company in the future in order to facilitate compliance with exchange control requirements in China.

NOTIFICATIONS

Foreign Asset/Account Reporting Information.  Effective January 1, 2014, PRC residents are required to report to SAFE details of their foreign financial assets and liabilities, as well as details of any economic transactions conducted with non-PRC residents, either directly or through financial institutions.  Shares or Units acquired under the Plan and Plan-related transactions may be subject to reporting under these new rules.  It is your responsibility to comply with this reporting obligation and you should consult your personal tax advisor in this regard.

COLOMBIA
NOTIFICATIONS
Exchange Control Information.  Investment in assets located abroad (such as Shares acquired under the Plan) does not require prior approval from the Central Bank (Banco de la República).  However, if the value of your aggregate investments held abroad (including Shares) equals or exceeds US$500,000 as of December 31 of the applicable calendar year, these investments must be registered with the Central Bank.  Upon sale or other disposition of investments (including Shares) which have been registered with the Central Bank, the registration with the Central Bank must be cancelled no later than March 31 of the year following the year of the sale or disposition (or a fine of up to 200% of the value of the infringing payment will apply).  

CROATIA
NOTIFICATIONS
Exchange Control Information.  Croatian residents must report any foreign investments (including Shares acquired under the Plan) to the Croatian National Bank for statistical purposes and obtain prior approval of the Croatian National Bank for bank accounts opened abroad.  You should be aware that exchange control regulations in Croatia are subject to frequent change and you are solely responsible for ensuring your continued compliance with current Croatian exchange control laws.

CZECH REPUBLIC

NOTIFICATIONS

Exchange Control Information.  Proceeds from the sale of Shares may be held in a cash account abroad and you are no longer required to report the opening and maintenance of a foreign account to the Czech National Bank (the “CNB”), unless the CNB notifies you specifically that such reporting is required.  Upon request of the CNB, you may need to file a notification within 15 days of the end of the calendar quarter in which you acquire Shares.

DENMARK

TERMS AND CONDITIONS

Appendix A-6

Danish Stock Option Act.  In accepting the Units, you acknowledge that you have received an Employer Statement translated into Danish, which is being provided to comply with the Danish Stock Option Act.  To the extent more favorable to you and required to comply with the Stock Option Act, the terms set forth in the Employer Statement will apply to your participation in the Plan.

NOTIFICATIONS 

Exchange Control Information.  If you establish an account holding Shares or an account holding cash outside Denmark, you must report the account to the Danish Tax Administration.  The form which should be used in this respect can be obtained from a local bank.  (These obligations are separate from and in addition to the obligations described below.)

Securities/Tax Reporting Information.  If you hold Shares acquired under the Plan in a brokerage account with a broker or bank outside Denmark, you are required to inform the Danish Tax Administration about the account.  For this purpose, you must sign and file a Form V (Erklaering V) with the Danish Tax Administration.  In the event that the applicable broker or bank with which the account is held does not also sign the Form V, you acknowledge that you are solely responsible for providing certain details regarding the foreign brokerage or bank account and any Shares acquired under the Plan and held in such account to the Danish Tax Administration as part of your annual income tax return.  By signing the Form V, you authorize the Danish Tax Administration to examine the account. 

In addition, if you open a brokerage account (or a deposit account with a U.S. bank) for the purpose of holding cash outside Denmark, you are also required to inform the Danish Tax Administration about this account.  To do so, you must file a Form K (Erklaering K) with the Danish Tax Administration.  The Form K must be signed both by you and by the applicable broker or bank where the account is held, unless an exemption from the broker/bank signature requirement is obtained from the Danish Tax Administration (which exemption may be sought on the Form K itself).  By signing the Form K, you (and the broker/bank to the extent the exemption is not obtained) undertake an obligation, without further request each year, to forward information to the Danish Tax Administration concerning the content of the account.  By signing the Form K, you authorize the Danish Tax Administration to examine the account.  

EGYPT

NOTIFICATIONS 

Exchange Control Information.  If you transfer funds into Egypt in connection with the Units, you are required to transfer the funds through a registered bank in Egypt.

FRANCE

TERMS AND CONDITIONS

Language Consent.  By accepting the grant, you confirm having read and understood the Plan and Agreement which were provided in the English language.  You accept the terms of those documents accordingly.

En acceptant l’attribution, vous confirmez avoir lu et compris le Plan et le Contrat, qui ont été communiqués en langue anglaise. vous accepte les termes de ces documents en connaissance de cause.

NOTIFICATIONS

Appendix A-7

Exchange Control Information.  If you import or export cash with a value equal to or exceeding €10,000 and you do not use a financial institution to do so, you must submit a report to the customs and excise authorities.  Further, if you hold Shares outside of France or maintain a foreign bank account, you are required to report such to the French tax authorities when filing your annual tax return.  Failure to comply could trigger significant penalties.

GERMANY

NOTIFICATIONS 

Exchange Control Information.  Cross-border payments in excess of €12,500 must be reported monthly to the German Federal Bank (Bundesbank).  In case of payments in connection with securities (including proceeds realized upon the sale of Shares), the report must be made by the 5th day of the month following the month in which the payment was received and must be filed electronically.  The form of report (Allgemeine Meldeportal Statistik) can be accessed via the Bundesbank’s website (www.bundesbank.de) and is available in both German and English. You are responsible for satisfying the reporting obligation.

GREECE

There are no country-specific provisions.

HONG KONG

TERMS AND CONDITIONS

SECURITIES WARNING:  The Units and any Shares issued in respect of the Units do not constitute a public offering of securities under Hong Kong law and are available only to members of the Board, Employees and Consultants.  The Agreement, including this Appendix, the Plan and other incidental communication materials have not been prepared in accordance with and are not intended to constitute a “prospectus” for a public offering of securities under the applicable securities legislation in Hong Kong, nor have the documents been reviewed by any regulatory authority in Hong Kong.  The Units and any documentation related thereto are intended solely for the personal use of each member of the Board, Employee and/or Consultant and may not be distributed to any other person.  If you are in doubt about any of the contents of the Agreement, including this Appendix, or the Plan, you should obtain independent professional advice.

Units Payable Only in Shares.  Notwithstanding any discretion in the Plan or anything to the contrary in the Agreement, the Units do not provide any right for you to receive a cash payment and shall be paid in Shares only.

Sale of Shares.  In the event that Shares are issued in respect of the Units within six (6) months of the Grant Date, you agree that you will not dispose of the Shares prior to the six (6)-month anniversary of the Grant Date.

NOTIFICATIONS

Nature of Scheme.  The Company specifically intends that the Plan will not be an occupational retirement scheme for purposes of the Occupational Retirement Schemes Ordinance.
HUNGARY

There are no country-specific provisions.

Appendix A-8

ICELAND

NOTIFICATIONS

Exchange Control Information.  You should consult with your personal advisor to ensure compliance with applicable exchange control regulations in Iceland as such regulations are subject to frequent change.  You are responsible for ensuring compliance with all exchange control laws in Iceland.  

INDIA

NOTIFICATIONS

Exchange Control Information.  You understand that you must repatriate any cash dividends paid on Shares acquired under the Plan and any proceeds from the sale of Shares acquired under the Plan to India within 90 days of receipt.  You will receive a foreign inward remittance certificate (“FIRC”) from the bank where you deposit the foreign currency, and you must maintain the FIRC as proof of repatriation of funds in the event that the Reserve Bank of India or the Employer requests proof of repatriation.  It is your responsibility to comply with these requirements.

Foreign Asset/Account Reporting Information.  You are required to declare foreign bank accounts and any foreign financial assets (including Shares held outside India) in your annual tax return.  It is your responsibility to comply with this reporting obligation and you should consult your personal tax advisor in this regard.

IRELAND

TERMS AND CONDITIONS

Nature of Agreement.  This provision supplements Section XI of the Agreement:

In accepting any Units granted hereunder, you understand and agree that the benefits received under the Plan will not be taken into account for any redundancy or unfair dismissal claim.

NOTIFICATIONS

Director Notification Requirements.  If you are a director, shadow director or secretary of an Irish Affiliate, you must notify the Irish Affiliate in writing within five (5) business days of receiving or disposing of an interest in the Company (e.g., the Units or Shares), or within five (5) business days of becoming aware of the event giving rise to the notification requirement, or within five (5) business days of becoming a director or secretary if such an interest exists at the time.  This notification requirement also applies with respect to the interests of a spouse or minor children (whose interests, if any, will be attributed to the director, shadow director or secretary).

ITALY 

TERMS AND CONDITIONS

Data Privacy Notice.  The following provision replaces Section XIV of the Agreement:

You understand that the Employer, the Company and any Affiliate may hold certain personal information about you, including, but not limited to, your name, home address and telephone number, date of birth, 

Appendix A-9

social insurance (to the extent permitted under Italian law) or other identification number, salary, nationality, job title, any shares or directorships held in the Company or any Affiliate, details of all Awards granted, or any other entitlement to Shares awarded, canceled, exercised, vested, unvested or outstanding in your favor, for the exclusive purpose of implementing, managing and administering the Plan (“Data”). 

You also understand that providing the Company with Data is necessary for the performance of the Plan and that your refusal to provide such Data would make it impossible for the Company to perform its contractual obligations and may affect your ability to participate in the Plan.  The Controller of personal data processing is Amgen Inc., with registered offices at One Amgen Center Drive, Thousand Oaks, California 91320, U.S.A., and, pursuant to Legislative Decree no. 196/2003, its Representative in Italy for privacy purposes is Amgen Dompe S.p.A., with registered offices at Via Tazzoli, 6 - 20154 Milan, Italy.

You understand that Data will not be publicized, but it may be transferred to banks, other financial institutions, or brokers involved in the management and administration of the Plan.  You understand that Data may also be transferred to the independent registered public accounting firm engaged by the Company.  You further understand that the Company and/or any Affiliate will transfer Data among themselves as necessary for the purposes of implementing, administering and managing your participation in the Plan, and that the Company and/or any Affiliate may each further transfer Data to third parties assisting the Company in the implementation, administration, and management of the Plan, including any requisite transfer of Data to a broker or other third party with whom you may elect to deposit any Shares acquired at vesting of the Units.  Such recipients may receive, possess, use, retain, and transfer Data in electronic or other form, for the purposes of implementing, administering, and managing your participation in the Plan.  You understand that these recipients may be located in or outside the European Economic Area, such as in the United States or elsewhere.  Should the Company exercise its discretion in suspending all necessary legal obligations connected with the management and administration of the Plan, it will delete Data as soon as it has completed all the necessary legal obligations connected with the management and administration of the Plan.

You understand that Data processing related to the purposes specified above shall take place under automated or non-automated conditions, anonymously when possible, that comply with the purposes for which Data is collected and with confidentiality and security provisions, as set forth by applicable laws and regulations, with specific reference to Legislative Decree no. 196/2003.

The processing activity, including communication, the transfer of Data abroad, including outside of the European Economic Area, as herein specified and pursuant to applicable laws and regulations, does not require your consent thereto, as the processing is necessary to performance of contractual obligations related to implementation, administration, and management of the Plan.  You understand that, pursuant to Section 7 of the Legislative Decree no. 196/2003, you have the right to, including but not limited to, access, delete, update, correct, or terminate, for legitimate reason, the Data processing.  

Furthermore, you are aware that Data will not be used for direct-marketing purposes.  In addition, Data provided can be reviewed and questions or complaints can be addressed by contacting your local human resources representative.

Acknowledgement of Nature of Agreement.  By accepting any Units granted hereunder, you acknowledge that (1) you have received a copy of the Plan, the Agreement and this Appendix; (2) you have reviewed the applicable documents in their entirety and fully understand the contents thereof; and (3) you accept all provisions of the Plan, the Agreement and this Appendix.  

Appendix A-10

For any Units granted, you further acknowledge that you have read and specifically and explicitly approve, without limitation, the following sections of the Agreement: Section I; Section II; Section III; Section VIII; Section X; Section XI; Section XIV (as replaced by the above consent); Section XVI; and Section XVII.

NOTIFICATIONS

Foreign Asset/Account Reporting Information.  Italian residents who, at any time during the fiscal year, hold foreign financial assets (including cash and Shares) which may generate income taxable in Italy  are required to report these assets on their annual tax returns (UNICO Form, RW Schedule) for the year during which the assets are held, or on a special form if no tax return is due.  These reporting obligations will also apply to Italian residents who are the beneficial owners of foreign financial assets under Italian money laundering provisions.

Foreign Financial Assets Tax.  The fair market value of any Shares held outside of Italy is subject to a foreign assets tax.  The fair market value is considered to be the value of the Shares on the NASDAQ Global Select Market on December 31 of each year or on the last day in the applicable year on which you held the Shares (or when the Shares are acquired during the course of the year, the tax is levied in proportion to the actual days of holding over the calendar year).  You should consult with your personal tax advisor about the foreign financial assets tax.

JAPAN

NOTIFICATIONS

Foreign Asset/Account Reporting Information.  You will be required to report to the Japanese tax authorities details of any assets held outside of Japan as of December 31st (including any Shares acquired under the Plan) to the extent such assets have a total net fair market value exceeding ¥50,000,000.  Such report will be due by March 15 each year.  You should consult with your personal tax advisor as to whether the reporting obligation applies to you and whether you will be required to include in the report details of any Shares or cash that you hold.

JORDAN

There are no country-specific provisions.

LEBANON

There are no country-specific provisions.

LITHUANIA

There are no country-specific provisions.

MEXICO

TERMS AND CONDITIONS

Acknowledgement of the Agreement.  In accepting the Award granted hereunder, you acknowledge that you have received a copy of the Plan, have reviewed the Plan and the Agreement, including this Appendix, in their entirety and fully understand and accept all provisions of the Plan and the Agreement, including this 

Appendix A-11

Appendix.  You further acknowledge that you have read and specifically and expressly approve the terms and conditions of Section XI of the Agreement, in which the following is clearly described and established:
 
		
	(1)
	Your participation in the Plan does not constitute an acquired right. 

		
	(2)
	The Plan and your participation in the Plan are offered by Amgen Inc. on a wholly discretionary basis. 

		
	(3)
	Your participation in the Plan is voluntary. 

		
	(4)
	Amgen Inc. and its Affiliates are not responsible for any decrease in the value of the Units granted and/or Shares issued under the Plan.

Labor Law Acknowledgement and Policy Statement.  In accepting any Award granted hereunder, you expressly recognize that Amgen Inc., with registered offices at One Amgen Center Drive, Thousand Oaks, California 91320, U.S.A., is solely responsible for the administration of the Plan and that your participation in the Plan and acquisition of Shares do not constitute an employment relationship between you and Amgen Inc. since you are participating in the Plan on a wholly commercial basis and your sole employer is Amgen Latin America Services, S.A. de C.V. (“Amgen-Mexico”).  Based on the foregoing, you expressly recognize that the Plan and the benefits that you may derive from participation in the Plan do not establish any rights between you and your employer, Amgen-Mexico, and do not form part of the employment conditions and/or benefits provided by Amgen-Mexico and any modification of the Plan or its termination shall not constitute a change or impairment of the terms and conditions of your employment.

You further understand that your participation in the Plan is as a result of a unilateral and discretionary decision of Amgen Inc.; therefore, Amgen Inc. reserves the absolute right to amend and/or discontinue your participation in the Plan at any time without any liability to you.

Finally, you hereby declare that you do not reserve to yourself any action or right to bring any claim against Amgen Inc. for any compensation or damages regarding any provision of the Plan or the benefits derived under the Plan, and you therefore grant a full and broad release to Amgen Inc., its Affiliates, shareholders, officers, agents or legal representatives with respect to any claim that may arise. 

Spanish Translation

Reconocimiento del Otorgamiento.  Al aceptar cualquier Otorgamiento bajo el presente documento, usted reconoce que ha recibido una copia del Plan, que ha revisado el mismo en su totalidad, así como también el Acuerdo de Opción, el Acuerdo, incluyendo este Apéndice, además que comprende y está de acuerdo con todas las disposiciones tanto del Plan y del Otorgamiento, incluyendo este Apéndice.  Asimismo, usted reconoce que ha leído y manifiesta específicamente y expresamente la conformidad con los términos y condiciones establecidos en la Sección X del Acuerdo, en los que se establece y describe claramente que: 

		
	(1)
	Su participación en el Plan de ninguna manera constituye un derecho adquirido. 

		
	(2)
	El Plan y su participación en el mismo son ofrecidos por Amgen Inc. de forma completamente discrecional. 

		
	(3)
	Su participación en el Plan es voluntaria. 

		
	(4)
	Amgen Inc. y sus Afiliados no son responsables de ninguna disminución en el valor de Unidades o de las Acciones Comunes emitidas mediante el Plan. 

Appendix A-12

Reconocimiento de la Ley Laboral y Declaración de Política.  Al aceptar cualquier Otorgamiento de Acciones bajo el presente, usted reconoce expresamente que Amgen Inc., con oficinas registradas localizadas en One Amgen Center Drive, Thousand Oaks, California 91320, U.S.A., es la única responsable de la administración del Plan y que su participación en el mismo y la adquisición de Acciones Comunes no constituyen de ninguna manera una relación laboral entre usted y Amgen Inc., debido a que su participación en el Plan es únicamente una relación comercial y que su único empleador es Amgen Latin America Services, S.A. de C.V. (“Amgen-México”).  Derivado de lo anterior, usted reconoce expresamente que el Plan y los beneficios a su favor que pudieran derivar de la participación en el mismo, no establecen ningún derecho entre usted y su empleador, Amgen - México, y no forman parte de las condiciones laborales y/o los beneficios otorgados por Amgen - México, y cualquier modificación del Plan o la terminación del mismo no constituirá un cambio o desmejora de los términos y condiciones de su trabajo.

Asimismo, usted entiende que su participación en el Plan es resultado de la decisión unilateral y discrecional de Amgen Inc., por lo tanto, Amgen Inc. se reserva el derecho absoluto de modificar y/o descontinuar su participación en el Plan en cualquier momento y sin ninguna responsabilidad para usted.

Finalmente, usted manifiesta que no se reserva ninguna acción o derecho que origine una demanda en contra de Amgen Inc., por cualquier compensación o daños y perjuicios, en relación con cualquier disposición del Plan o de los beneficios derivados del mismo, y en consecuencia usted exime amplia y completamente a Amgen Inc. de toda responsabilidad, como así también a sus Afiliadas, accionistas, directores, agentes o representantes legales con respecto a cualquier demanda que pudiera surgir.

MOROCCO

TERMS AND CONDITIONS

Sale Requirement.  Notwithstanding anything to the contrary in the Agreement, due to exchange control laws in Morocco, you agree that the Company reserves the right to require the immediate sale of Any Shares acquired upon settlement of the Units.  Alternatively, if the Shares are not immediately sold upon settlement of the Units, the Company may require the sale of any Shares at a later date, including upon termination of your employment.

You agree that the Company is authorized to instruct Merrill Lynch Bank and Trust Co., FSB or such other designated broker as may be selected by the Company to assist with the sale of the Shares on your behalf pursuant to this authorization, and you expressly authorize such broker to complete the sale of such Shares.  You also agree to sign any agreements, forms and/or consents that may be reasonably requested by the Company (or the Company's designated broker) to effectuate the sale of the shares (including, without limitation, as to the transfers of the proceeds and other exchange control matters noted below) and to otherwise cooperate with the Company with respect to such matters, provided that you shall not be permitted to exercise any influence over how, when or whether the sales occur.  Upon the sale of the Shares, you will receive the cash proceeds from the sale, less any applicable Tax Obligations, brokerage fees or commissions, in accordance with applicable exchange control laws and regulations.

You acknowledge that Merrill Lynch Bank and Trust Co., FSB or such other designated broker as may be selected by the Company is under no obligation to arrange for the sale of the Shares at any particular price.  Due to fluctuations in the Share price and/or applicable exchange rates between the settlement date and (if later) the date on which the Shares are sold, the amount of proceeds ultimately distributed to you may be more or less than the market value of the Shares on the settlement date (which is the amount relevant to determining your liability for Tax Obligations).  You understand and agree that the Company is not responsible 

Appendix A-13

for the amount of any loss that you may incur and that the Company assumes no liability for any fluctuations in the Share price and/or any applicable exchange rate.    

Designated Broker Account.  If Shares issued upon the settlement of the Performance Units are not immediately sold, you acknowledge that you are required to maintain the Shares in an account with Merrill Lynch Bank and Trust Co., FSB or such other designated broker as may be selected by the Company until the Shares are sold through such Company-designated broker.

Exchange Control Requirements.  You understand and agree that, pursuant to local exchange control requirements, you will be required to repatriate the cash proceeds from the sale of the Shares issued upon settlement of the Performance Units to Morocco.  You further understand that such repatriation of your cash proceeds may be effectuated through a bank account established by the Company or any Affiliate, including the Employer, and you hereby consent and agree that any proceeds from the sale of the Shares may be transferred to such bank account prior to being delivered to you.  If repatriation of your cash proceeds is not effectuated through a bank account established by the Company or any Affiliate, including the Employer, you hereby agree to maintain your own records proving repatriation and to provide copies of these records upon request by the Company or any Affiliate, including the Employer, or the Moroccan Exchange Control Office (Office des Changes).  Further, you acknowledge and understand that the net proceeds that you realize from your participation in the Plan must be converted from U.S. dollars to Dirham, and that neither the Company nor any Affiliate, including the Employer, have any obligation to, but may nonetheless, convert the net proceeds on your behalf using any exchange rate chosen by the Company; if funds are so converted, they will be converted as soon as practicable after sale, which may not be immediately after the sale date.  Further, if such currency conversion occurs, you will bear the risk of any fluctuation in the U.S. dollar/Dirham exchange rate between the date you realize U.S. dollar proceeds from your participation in the Plan and the date that you receive cash proceeds converted to Dirham.  You further agree to comply with any other requirements that may be imposed by the Company in the future in order to facilitate compliance with exchange control requirements in Morocco.

NETHERLANDS

There are no country-specific provisions.

NEW ZEALAND

There are no country-specific provisions.

NORWAY

There are no country-specific provisions.

PERU

NOTIFICATIONS

Securities Law Information.  The grant of Units is considered a private offering in Peru; therefore, it is not subject to registration.

POLAND

NOTIFICATIONS

Appendix A-14

Exchange Control Information.  Polish residents holding foreign securities (including Shares) and maintaining accounts abroad must report information to the National Bank of Poland. Specifically, if the aggregate value of shares and cash held in such foreign accounts exceeds PLN 7 million, Polish residents must file reports on the transactions and balances of the accounts on a quarterly basis.  If required, the reports are due on a quarterly basis by the 20th day following the end of each quarter and must be filed on special forms available on the website of the National Bank of Poland.  In addition, Polish residents are required to transfer funds through a bank account in Poland if the transferred amount in any single transaction exceeds a specified threshold (currently €15,000).  You must store all documents connected with any foreign exchange transactions you engage in for a period of five years.

PORTUGAL

TERMS AND CONDITIONS
Consent to Receive Information in English.  You hereby expressly declare that you have full knowledge of the English language and have read, understood and fully accepted and agreed with the terms and conditions established in the Plan and Agreement.

Conhecimento da Lingua.  Por meio do presente, eu declaro expressamente que tem pleno conhecimento da língua inglesa e que li, compreendi e livremente aceitei e concordei com os termos e condições estabelecidas no Plano e no Acordo. 

NOTIFICATIONS

Exchange Control Information.  If you do not hold the Shares acquired under the Plan with a Portuguese financial intermediary, you will need to file a report with the Portuguese Central Bank.  If the Shares are held by a Portuguese financial intermediary, it will file the report for you.

PUERTO RICO

There are no country-specific provisions.

ROMANIA

NOTIFICATIONS

Exchange Control Information.  If you deposit proceeds from the sale of Shares in a bank account in Romania, you may be required to provide the Romanian bank assisting with the transaction with appropriate documentation explaining the source of the income.  You should consult with a legal advisor to determine whether you will be required to submit such documentation to the Romanian bank.

RUSSIA

TERMS AND CONDITIONS

Settlement of Units.  Depending on developments in Russian securities regulations, the Company reserves the right, in its sole discretion, to force the immediate sale of any Shares to be issued upon vesting of the Units.  You agree that, if applicable, the Company is authorized to instruct Merrill Lynch Bank & Trust Co., FSB (or such other broker as may be designated by the Company) to assist with the mandatory sale of such Shares (on your behalf pursuant to this authorization) and you expressly authorize Merrill Lynch Bank & 

Appendix A-15

Trust Co., FSB (or such other broker as may be designated by the Company) to complete the sale of such Shares.  You acknowledge that Merrill Lynch Bank & Trust Co., FSB (or such other broker as may be designated by the Company) is under no obligation to arrange for the sale of the Shares at any particular trading price.  Upon the sale of Shares, you will receive the cash proceeds from the sale of Shares, less any brokerage fees or commissions and subject to your obligations in connection with the Tax Obligations.

Securities Law Requirements.  Any Units granted hereunder, the Agreement, including this Appendix, the Plan and all other materials you may receive regarding your participation in the Plan or any Units granted hereunder do not constitute advertising or an offering of securities in Russia.  The issuance of Shares under the Plan has not and will not be registered in Russia; therefore, Shares may not be offered or placed in public circulation in Russia.  

In no event will Shares acquired under the Plan be delivered to you in Russia; all Shares will be maintained on your behalf in the United States.

You are not permitted to sell any Shares acquired under the Plan directly to a Russian legal entity or resident.

Labor Law Information.  You acknowledge that if you continue to hold Shares acquired under the Plan after an involuntary termination of your employment, you will not be eligible to receive
unemployment benefits in Russia.

Data Privacy Notice.  The following provision supplements Section XIV of the Agreement:

You understand and agree that you must complete and return a Consent to Processing of Personal Data (the “Consent”) form to the Company.  Further, you understand and agree that if you do not complete and return a Consent form to the Company, the Company will not be able to administer or maintain the Units.  Therefore, you understand that refusing to complete a Consent form or withdrawing your consent may affect your ability to participate in the Plan.

NOTIFICATIONS

Exchange Control Information.  Under current exchange control regulations, within a reasonably short time after sale of the Shares acquired under the Plan or receipt of dividends on such Shares, you must repatriate the cash proceeds to Russia.  Such proceeds must be initially credited to you through a foreign currency account opened in your name at an authorized bank in Russia.  After the funds are initially received in Russia, they may be further remitted to a foreign bank subject to the following limitations: (i) the foreign account may be opened only for individuals; (ii) the foreign account may not be used for business activities; (iii) the Russian tax authorities must be given notice about the opening/closing of each foreign account within one month of the account opening/closing; and (iv) the Russian tax authorities must be given notice of the account balances of such foreign accounts as of the beginning of each calendar year.  You are encouraged to contact your personal advisor before remitting your proceeds from participation in the Plan to Russia as exchange control requirements may change.

SAUDI ARABIA

NOTIFICATIONS

Securities Law Information.  This document may not be distributed in the Kingdom of Saudi Arabia except to such persons as are permitted under the Offers of Securities Regulations issued by the Capital Market Authority.

Appendix A-16

The Capital Market Authority does not make any representation as to the accuracy or completeness of this document, and expressly disclaims any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this document.  You are hereby advised to conduct your own due diligence on the accuracy of the information relating to the Shares.  If you do not understand the contents of this document, you should consult an authorized financial adviser.

SINGAPORE

NOTIFICATIONS

Securities Law Information.  The grant of the Units is being made pursuant to the “Qualifying Person” exemption under section 273(1)(f) of the Securities and Futures Act (Chapter 289, 2006 Ed.) (“SFA”) and is not made with a view to the Units being subsequently offered for sale to any other party.  The Plan has not been lodged or registered as a prospectus with the Monetary Authority of Singapore.  You should note that the Units are subject to section 257 of the SFA and you will not be able to make (i) any subsequent sale of Shares in Singapore or (ii) any offer of such subsequent sale of Shares subject to the Units in Singapore, unless such sale or offer in is made pursuant to the exemptions under Part XIII Division (1) Subdivision (4) (other than section 280) of the SFA (Chapter 289, 2006 Ed.).

Director Notification Requirement.  Directors, associate directors and shadow directors of a Singapore Affiliate are subject to certain notification requirements under the Singapore Companies Act.  Directors, associate directors and shadow directors must notify the Singapore Affiliate in writing of an interest (e.g., Units, Shares, etc.) in the Company or any related company within two (2) business days of (i) its acquisition or disposal, (ii) any change in a previously disclosed interest (e.g., when the Shares are sold), or (iii) becoming a director, associate director or shadow director.  

SLOVAK REPUBLIC

Foreign Asset/Account Reporting Information. If you permanently reside in the Slovak Republic and, apart from being employed, carry on business activities as an independent entrepreneur (in Slovakian, podnikatel), you will be obligated to report your foreign assets (including any foreign securities such as the Shares) to the National Bank of Slovakia (provided that the value of the foreign assets exceeds an amount of €2,000,000).  These reports must be submitted on a monthly basis by the 15th day of the respective calendar month, as well as on a quarterly basis by the 15th day of the calendar month following the respective calendar quarter, using notification form DEV (NBS) 1-12, which may be found at the National Bank of Slovakia’s website at www.nbs.sk.

SLOVENIA

There are no country-specific provisions.

SOUTH AFRICA

TERMS AND CONDITIONS

Responsibility for Taxes.  The following provision supplements Section III of the Agreement:
By accepting the Units, you agree that, immediately upon vesting and settlement of the Units, you will notify your Employer of the amount of any gain realized.  If you fail to advise your Employer of the gain realized upon vesting and settlement, you may be liable for a fine.  You will be solely responsible for paying any difference between your actual tax liability and the amount withheld by your Employer.

Appendix A-17

NOTIFICATIONS

Exchange Control Information.  Because no transfer of funds from South Africa is required under the Units, no filing or reporting requirements should apply when the Units are granted or when Shares are issued upon vesting and settlement of the Units.  However, because the exchange control regulations are subject to change, you should consult your personal advisor prior to vesting and settlement of the Units to ensure compliance with current regulations.  You are responsible for ensuring compliance with all exchange control laws in South Africa.

SPAIN

TERMS AND CONDITIONS

Labor Law Acknowledgement.  The following provision supplements Section XI of the Agreement: 
 
By accepting the Units granted hereunder, you consent to participation in the Plan and acknowledge that you have received a copy of the Plan.

You understand that the Company has unilaterally, gratuitously and in its sole discretion decided to grant any Units under the Plan to individuals who may be members of the Board, Employees or Consultants of the Company or its Affiliates throughout the world.  The decision is a limited decision, which is entered into upon the express assumption and condition that any Units granted will not economically or otherwise bind the Company or any of its Affiliates on an ongoing basis, other than as expressly set forth in the Agreement, including this Appendix.  Consequently, you understand that the Units granted hereunder are given on the assumption and condition that they shall not become a part of any employment contract (either with the Company or any of its Affiliates) and shall not be considered a mandatory benefit, salary for any purposes (including severance compensation) or any other right whatsoever.  Further, you understand and freely accept that there is no guarantee that any benefit whatsoever shall arise from any gratuitous and discretionary grant of Units since the future value of the Units and the underlying Shares is unknown and unpredictable.  In addition, you understand that any Units granted hereunder would not be made but for the assumptions and conditions referred to above; thus, you understand, acknowledge and freely accept that, should any or all of the assumptions be mistaken or should any of the conditions not be met for any reason, then any grant of Units or right to Units shall be null and void.

Further, the vesting of the Units is expressly conditioned on your continued and active rendering of service, such that if your employment terminates for any reason whatsoever, the Units may cease vesting immediately, in whole or in part, effective on the date of your termination of employment (unless otherwise specifically provided in Section I of the Agreement).  This will be the case, for example, even if (1) you are considered to be unfairly dismissed without good cause; (2) you are dismissed for disciplinary or objective reasons or due to a collective dismissal; (3) you terminate service due to a change of work location, duties or any other employment or contractual condition; (4) you terminate service due to a unilateral breach of contract by the Company or an Affiliate; or (5) your employment terminates for any other reason whatsoever.  Consequently, upon termination of your employment for any of the above reasons, you may automatically lose any rights to Units that were not vested on the date of your termination of employment, as described in the Plan and the Agreement.
You acknowledge that you have read and specifically accept the conditions referred to in Section I of the Agreement.

Appendix A-18

NOTIFICATIONS

Securities Law Information. No “offer of securities to the public,” as defined under Spanish law, has taken place or will take place in the Spanish territory. The Agreement (including this Appendix) has not been nor will it be registered with the Comisión Nacional del Mercado de Valores, and does not constitute a public offering prospectus. 

Exchange Control Information.  If you acquire Shares under the Plan, you must declare the acquisition to the Direccion General de Comercio e Inversiones (the “DGCI”).  If you acquire the Shares through the use of a Spanish financial institution, that institution will automatically make the declaration to the DGCI for you; otherwise, you will be required to make the declaration by filing a D-6 form.  You must declare ownership of any shares with the DGCI each January while the Shares are owned and must also report, in January, any sale of Shares that occurred in the previous year for which the report is being made, unless the sale proceeds exceed the applicable threshold, in which case the report is due within one month of the sale.

Foreign Asset/Account Reporting Information.  You are required to declare electronically to the Bank of Spain any securities accounts (including brokerage accounts held abroad), as well as the Shares held in such accounts if the value of the transactions during the prior tax year or the balances in such accounts as of December 31 of the prior tax year exceed €1,000,000.
Further, effective January 1, 2013, to the extent that you hold Shares and/or have bank accounts outside Spain with a value in excess of €50,000 (for each type of asset) as of December 31 each year, you will be required to report information on such assets in your tax return (tax form 720) for such year.  After such Shares and/or accounts are initially reported, the reporting obligation will apply for subsequent years only if the value of any previously-reported Shares or accounts increases by more than €20,000.

SWEDEN

There are no country-specific provisions.

SWITZERLAND

NOTIFICATIONS

Securities Law Notification.  The Units offered hereunder are considered a private offering in Switzerland and are, therefore, not subject to registration in Switzerland.

TAIWAN
NOTIFICATIONS
Exchange Control Information.   You  may acquire and remit foreign currency (including proceeds from the sale of Shares) up to US$5,000,000 per year without justification.  If the transaction amount is TWD500,000 or more in a single transaction, you must submit a Foreign Exchange Transaction Form.  If the transaction amount is US$500,000 or more in a single transaction, you must also provide supporting documentation to the satisfaction of the remitting bank.

Appendix A-19

THAILAND
NOTIFICATIONS
Exchange Control Information.  If proceeds from the sale of Shares or the receipt of any dividends exceed US$50,000, you must (i) immediately repatriate such funds to Thailand and (ii) report the inward remittance to the Bank of Thailand on a Foreign Exchange Transaction Form.  In addition, within 360 days of repatriation, you must either convert any funds repatriated to Thailand to Thai Baht or deposit the funds in a foreign exchange account with a Thai bank.

TUNISIA

NOTIFICATIONS

Exchange Control Information.  If you hold assets (including Shares acquired under the Plan) outside Tunisia and the value of such assets exceeds a certain threshold (currently TDN 500), you must declare the assets to the Central Bank of Tunisia within six (6) months of their acquisition.  In addition, if you sell the Shares acquired under the Plan, you are required to repatriate the proceeds from the sale to Tunisia.  You are solely responsible for complying with all exchange control laws in Tunisia and are advised to consult with your personal legal advisor in this regard.

TURKEY

NOTIFICATIONS

Securities Law Information.  Under Turkish law, you are not permitted to sell Shares acquired under the Plan in Turkey.  You must sell the Shares acquired under the Plan outside of Turkey.  The Shares are currently traded on the NASDAQ in the U.S. under the ticker symbol “AMGN” and Shares may be sold on this exchange, which is located outside of Turkey. 

Exchange Control Information.  Pursuant to Decree No. 32 on the Protection of the Value of the Turkish Currency ("Decree 32") and Communique No. 2008-32/34 on Decree 32, any activity related to investments in foreign securities (e.g., the sale of Shares under the Plan) must be conducted through a bank or financial intermediary institution licensed by the Turkish Capital Markets Board and should be reported to the Turkish Capital Markets Board.  You are advised to contact a personal legal advisor for further information regarding these requirements.
UNITED ARAB EMIRATES

NOTIFICATIONS

Securities Law Notice.  Units under the Plan are granted only to select Board members, Employees and Consultants of the Company and its Affiliates and are for the purpose of providing equity incentives.  The Plan and the Agreement are intended for distribution only to such Board members, Employees and Consultants and must not be delivered to, or relied on by, any other person.  You should conduct your own due diligence on the Units offered pursuant to this Agreement.  If you do not understand the contents of the Plan and/or the Agreement, you should consult an authorized financial adviser.  The Emirates Securities and Commodities Authority and the Dubai Financial Services Authority have no responsibility for reviewing or verifying any documents in connection with the Plan.  Further, the Ministry of the Economy and the Dubai Department of 

Appendix A-20

Economic Development have not approved the Plan or the Agreement nor taken steps to verify the information set out therein, and have no responsibility for such documents.

UNITED KINGDOM

TERMS AND CONDITIONS

Tax Withholding.  This provision supplements Section III of the Agreement:

You agree that if you do not pay or your Employer or the Company does not withhold from you the full amount of income tax that you owe at issuance of Shares in respect of the Units, or the release or assignment of the Units for consideration, or the receipt of any other benefit in connection with the Units (the “Taxable Event”) within 90 days after the Taxable Event, or such other period specified in Section 222(1)(c) of the U.K. Income Tax (Earnings and Pensions) Act 2003, then the amount that should have been withheld and/or paid shall constitute a loan owed by you to your Employer, effective 90 days after the Taxable Event.  You agree that the loan will bear interest at the official rate of HM Revenue and Customs (“HMRC”) and will be immediately due and repayable by you, and the Company and/or your Employer may recover it at any time thereafter (subject to Section III of the Agreement) by withholding the funds from salary, bonus or any other funds due to you by your Employer, by withholding in Shares issued in respect of the Units or from the cash proceeds from the sale of Shares or by demanding cash or a check from you.  You also authorize the Company to delay the issuance of any Shares to you unless and until the loan is repaid in full.  

Notwithstanding the foregoing, if you are an officer or executive director within the meaning of Section 13(k) of the Exchange Act, as amended from time to time, the terms of the immediately foregoing provision will not apply.  In the event that you are an officer or executive director and income tax is not collected from you within 90 days of the Taxable Event, the amount of any uncollected income tax may constitute a benefit to you on which additional income tax and national insurance contributions (“NICs”) may be payable.  You acknowledge that you are responsible for reporting and paying any income tax due on this additional benefit directly to HMRC under the self-assessment regime and for reimbursing your Employer for the value of any NICs due on this additional benefit, which the Company or your Employer may recover from you by any of the means set forth in Section III of the Agreement.

Joint Election.  As a condition of the Units granted hereunder, you agree to accept any liability for secondary Class 1 National Insurance Contributions (the “Employer NICs”), which may be payable by the Company or your Employer with respect to the Units and/or payment of the Units and issuance of Shares pursuant to the Units, the assignment or release of the Units for consideration, or the receipt of any other benefit in connection with the Units.  

Without limitation to the foregoing, you agree to make an election (the “Election”), in the form specified and/or approved for such election by HMRC, that the liability for your Employer NICs payments on any such gains shall be transferred to you to the fullest extent permitted by law. You further agree to execute such other elections as may be required between you and any successor to the Company and/or your Employer. You hereby authorize the Company and your Employer to withhold such Employer NICs by any of the means set forth in Section III of the Agreement. 

Failure by you to enter into an Election, withdrawal of approval of the Election by HMRC or a joint revocation of the Election by you and the Company or your Employer, as applicable, shall be grounds for the forfeiture and cancellation of the Units, without any liability to the Company or your Employer.

UNITED STATES

Appendix A-21

TERMS AND CONDITIONS

Termination of Employment.  The following provision replaces Section I(i) of the Agreement:

(i)    “termination of your active employment” shall mean the last date that you are either an active employee of the Company or an Affiliate or actively engaged as a Consultant or Director of the Company or an Affiliate; in the event of termination of your employment (whether or not in breach of local labor laws), your right to receive Units and vest under the Plan, if any, will terminate effective as of the date that you are no longer actively employed; provided, however, that such right will be extended by any notice period mandated by law (e.g. the Worker Adjustment and Retraining Notification Act (“WARN Act”) notice period or similar periods pursuant to local law) and any paid administrative leave (as applicable), unless the Company shall provide you with written notice otherwise before the commencement of such notice period or leave; provided further, that in no event shall payment of the Units be made after the close of your taxable year which includes the applicable Vesting Date or, if later, after the 15th day of the third calendar month following the applicable Vesting Date.

VENEZUELA

TERMS AND CONDITIONS

Form of Settlement- Units Payable Only in Shares.  Notwithstanding any discretion in the Plan or anything to the contrary in the Agreement, the Units do not provide any right for you, as a resident of Venezuela, to receive a cash payment and shall be paid in Shares only.

NOTIFICATIONS

Exchange Control Information.  Any Shares acquired under the Plan are intended to be a personal investment and are not granted for the purposes of reselling the Shares and converting the proceeds into foreign currency.  You are advised to consult with your personal legal advisor prior to vesting and settlement of the Units to ensure compliance with the applicable exchange control regulations in Venezuela, as such regulations change frequently.  You are solely responsible for ensuring compliance with all exchange control laws in Venezuela.

Securities Law Information.  The Units granted under the Plan and the Shares issued under the Plan are offered as a personal, private, exclusive transaction and do not constitute a public offering under local law.

Appendix A-22

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