SEC Contract Filing

Filing Date: 2019-07-31

Document Content:
<DOCUMENT>
<TYPE>EX-10.10
<SEQUENCE>6
<FILENAME>ex1010-weaver.htm
<DESCRIPTION>EXHIBIT 10.10
<TEXT>
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<div><a name="sB4A3F4A3E41E5279BB9F25FD5526D7E8"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-bottom:16px;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Exhibit 10.10</font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">FIRST AMENDMENT TO</font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">2016 EMPLOYMENT AGREEMENT</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:11pt;">This First Amendment (this &#8220;</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Amendment</font><font style="font-family:inherit;font-size:11pt;">&#8221;) to the 2016 Employment Agreement, effective as of January 1, 2016 (the &#8220;</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Employment Agreement</font><font style="font-family:inherit;font-size:11pt;">&#8221;), by and among BB&amp;T Corporation (&#8220;</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">BB&amp;T</font><font style="font-family:inherit;font-size:11pt;">&#8221;), Branch Banking and Trust Company and David H. Weaver (&#8220;</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Executive</font><font style="font-family:inherit;font-size:11pt;">&#8221;), is entered into as of May __, 2019, and amends the Employment Agreement with effect upon, and subject to, the consummation of the transactions (the &#8220;</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Merger</font><font style="font-family:inherit;font-size:11pt;">&#8221;) contemplated by the Agreement and Plan of Merger, dated as of February&#160;7, 2019, by and between BB&amp;T and SunTrust Banks, Inc. (the &#8220;</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Merger Agreement</font><font style="font-family:inherit;font-size:11pt;">&#8221;). Capitalized terms used herein without definitions have the meanings ascribed to such terms in the Employment Agreement.</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:11pt;">WHEREAS, Executive is party to the Employment Agreement, which, pursuant to the Notice of Non-Extension of Term, dated as of March 1, 2019, will expire on March 1, 2022, unless earlier terminated in accordance with Section&#160;1.6 of the Employment Agreement;</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:11pt;">WHEREAS, in furtherance of the retention and integration planning associated with the Merger, the Compensation Committee of the Board of Directors of BB&amp;T has determined that it is in the best interests of BB&amp;T and its shareholders to amend the Employment Agreement to modify and clarify the intent of certain provisions; and</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:11pt;">WHEREAS, this Amendment shall be entered into as of the date first above written and be binding as of such date, but shall only become effective as of upon, and subject to, the consummation of the Merger, </font><font style="font-family:inherit;font-size:11pt;font-style:italic;">provided</font><font style="font-family:inherit;font-size:11pt;">&#32;that as of such date, Executive has remained in continuous employment with Employer.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:11pt;">NOW, THEREFORE, for good and valuable consideration, the parties hereto agree as follows:</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The parenthetical in </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Section 1.7.3(i)</font><font style="font-family:inherit;font-size:11pt;">&#32;of the Agreement is hereby amended in its entirety to read as follows:</font></div></td></tr></table><div style="line-height:120%;pad