diff --git a/.changes/unreleased/Fixes-20220726-113636.yaml b/.changes/unreleased/Fixes-20220726-113636.yaml
new file mode 100644
index 00000000000..abd9da36d01
--- /dev/null
+++ b/.changes/unreleased/Fixes-20220726-113636.yaml
@@ -0,0 +1,7 @@
+kind: Fixes
+body: Fix handling of top-level exceptions
+time: 2022-07-26T11:36:36.824979-04:00
+custom:
+  Author: gshank
+  Issue: "5564"
+  PR: "5560"
diff --git a/core/dbt/events/base_types.py b/core/dbt/events/base_types.py
index bc48c06396a..ce33b4955c4 100644
--- a/core/dbt/events/base_types.py
+++ b/core/dbt/events/base_types.py
@@ -105,6 +105,8 @@ def level_tag(self) -> str:
 
 
 # prevents an event from going to the file
+# This should rarely be used in core code. It is currently
+# only used in integration tests and for the 'clean' command.
 class NoFile:
     pass
 
diff --git a/core/dbt/events/functions.py b/core/dbt/events/functions.py
index a77ab6d4079..62d86ecf0ce 100644
--- a/core/dbt/events/functions.py
+++ b/core/dbt/events/functions.py
@@ -218,7 +218,7 @@ def create_log_line(e: T_Event, file_output=False) -> Optional[str]:
         return create_info_text_log_line(e)  # console output
 
 
-# allows for resuse of this obnoxious if else tree.
+# allows for reuse of this obnoxious if else tree.
 # do not use for exceptions, it doesn't pass along exc_info, stack_info, or extra
 def send_to_logger(l: Union[Logger, logbook.Logger], level_tag: str, log_line: str):
     if not log_line:
diff --git a/core/dbt/events/test_types.py b/core/dbt/events/test_types.py
index f9573ed399f..291c9493a51 100644
--- a/core/dbt/events/test_types.py
+++ b/core/dbt/events/test_types.py
@@ -1,5 +1,6 @@
 from dataclasses import dataclass
-from .types import InfoLevel, DebugLevel, WarnLevel, ErrorLevel, ShowException, NoFile
+from dbt.events.types import InfoLevel, DebugLevel, WarnLevel, ErrorLevel, ShowException
+from dbt.events.base_types import NoFile
 
 
 # Keeping log messages for testing separate since they are used for debugging.
diff --git a/core/dbt/events/types.py b/core/dbt/events/types.py
index 25bdea84f78..06faf151eee 100644
--- a/core/dbt/events/types.py
+++ b/core/dbt/events/types.py
@@ -94,7 +94,7 @@ class AdapterEventError(ErrorLevel, AdapterEventBase, ShowException):
 
 
 @dataclass
-class MainKeyboardInterrupt(InfoLevel, NoFile):
+class MainKeyboardInterrupt(InfoLevel):
     code: str = "Z001"
 
     def message(self) -> str:
@@ -102,7 +102,7 @@ def message(self) -> str:
 
 
 @dataclass
-class MainEncounteredError(ErrorLevel, NoFile):
+class MainEncounteredError(ErrorLevel):
     e: BaseException
     code: str = "Z002"
 
@@ -111,7 +111,7 @@ def message(self) -> str:
 
 
 @dataclass
-class MainStackTrace(DebugLevel, NoFile):
+class MainStackTrace(ErrorLevel):
     stack_trace: str
     code: str = "Z003"
 
@@ -1353,6 +1353,8 @@ def message(self) -> str:
         return "Error releasing connection for node {}: {!s}".format(self.node_name, self.exc)
 
 
+# We don't write "clean" events to the log, because the clean command
+# may have removed the log directory.
 @dataclass
 class CheckCleanPath(InfoLevel, NoFile):
     path: str
@@ -2382,7 +2384,7 @@ def message(self) -> str:
 
 
 @dataclass
-class FlushEvents(DebugLevel, NoFile):
+class FlushEvents(DebugLevel):
     code: str = "Z042"
 
     def message(self) -> str:
@@ -2390,7 +2392,7 @@ def message(self) -> str:
 
 
 @dataclass
-class FlushEventsFailure(DebugLevel, NoFile):
+class FlushEventsFailure(DebugLevel):
     code: str = "Z043"
 
     def message(self) -> str:
diff --git a/core/dbt/main.py b/core/dbt/main.py
index c187591185e..561c8c1353a 100644
--- a/core/dbt/main.py
+++ b/core/dbt/main.py
@@ -142,7 +142,6 @@ def main(args=None):
             exit_code = e.code
 
         except BaseException as e:
-            traceback.print_exc()
             fire_event(MainEncounteredError(e=str(e)))
             fire_event(MainStackTrace(stack_trace=traceback.format_exc()))
             exit_code = ExitCodes.UnhandledError.value