EXHIBIT 10.4

 

Fifth Amendment to the SunTrust Banks, Inc.

Supplemental Executive Retirement Plan

(Amended and Restated Effective January 1, 2001)

 

WHEREAS, SunTrust Banks, Inc. (the “Corporation”) has adopted and sponsors the
SunTrust Banks, Inc. Retirement Plan (the “SERP”); and

 

WHEREAS, § 11 of the SERP authorizes the Compensation Committee of the
Corporation’s Board (the “Committee”) to amend the SERP from time to time and §
3 provides that the Committee may designate key employees to participate in the
SERP; and

 

WHEREAS, on December 8, 2004, the Committee delegated authority to the Director
of Human Resources to amend or terminate employee benefit plans of the
Corporation and acquired entities in order to coordinate employee benefits,
without further approval of the Committee except as to any matter that counsel
to the Corporation considers to have a material adverse impact on the
Corporation; and

 

WHEREAS, on January 6, 2005, the Committee approved Thomas M. Garrott (“Mr.
Garrott”) as a new Tier II Participant in the SERP based on his employment
agreement with National Commerce Financial Corporation dated November 1, 2001
(as amended by the First Amendment dated February 18, 2002) (the “Employment
Agreement”); and

 

WHEREAS, on April 18, 2005, the Committee approved an amendment to the SERP to
provide a definition of annual pay as equal to $1,737,500 for purposes of the
calculation of Mr. Garrott’s SERP benefit for the period he is employed on a
part-time basis, pursuant to the terms of the Employment Agreement.

 

NOW, THEREFORE, IN WITNESS WHEREOF, as authorized by the Committee, the Human
Resources Director hereby adopts the following amendments to the SERP, effective
as of the dates set forth below:

 

  1. The definition of Retirement Plan in § 2.14 is amended by adding the
following language to the end of that section, effective as of October 1, 2004:

 

“Retirement Plan” also includes a pension plan in which a Participant
participates and which (a) provides a benefit based on a defined benefit type
formula (including, but not limited to, a cash balance plan or a pension equity
plan, such as the National Commerce Financial Corporation Retirement Plan),
(b) is intended to be a qualified plan pursuant to § 401(a) of the Code and
(c) is sponsored by SunTrust or an Affiliate as a result of a merger or purchase
or other corporate transaction involving another entity.

 

  2. Exhibit A to the SERP document (effective as of January 1, 2001) is amended
and restated as set forth on the attached Exhibit A and incorporated herein by
reference, effective as of October 1, 2004.

 

  3. Exhibit D to the SERP document (effective as of January 1, 2001) is amended
and restated as set forth on the attached Exhibit D and incorporated herein by
reference, effective as of September 1, 2005.

 

EXECUTED this 15th day of September, 2005.

 

SunTrust Banks, Inc.

     

Attest

By:  

/s/ Mary T. Steele

     

By:

       

Mary T. Steele

               

Human Resources Director

     

Title:

   

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Exhibit A

 

SUNTRUST BANKS, INC.

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

EFFECTIVE AS OF JANUARY 1, 2001

 

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§ 2.8, Other Retirement Arrangement

As Amended Effective October 1, 2004

 

Pursuant to § 2.8, Other Retirement Arrangement means any plan, program,
arrangement or agreement (a) that is maintained by SunTrust or an Affiliate,
(b) that provides a benefit calculated as a defined-benefit type benefit and
(c) in which a Participant also participates, including but not limited to those
plans set forth below:

 

  •   Crestar Financial Corporation Supplemental Executive Retirement Plan
(“Crestar SERP”)

 

  •   Crestar Financial Corporation Excess Benefit Plan (“Crestar Excess Plan”)
and Crestar Financial Corporation Additional Nonqualified Executive Plan
(“Crestar ANEX Plan”), but only to the extent of such Plan’s defined-benefit
type benefits and excluding any defined-contribution type benefits.

 

  •   National Commerce Financial Corporation Equity Investment Plan (including
any predecessor plan)

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Exhibit D

Page 1

 

SUNTRUST BANKS, INC.

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

EFFECTIVE AS OF JANUARY 1, 2001

 

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§§ 2.21 and 2.22, Tier 1 and Tier 2 Participants

Updated As of September 1, 2005

 

On November 14, 2000, the Committee designated the following executives as Tier
1 and Tier 2 Participants effective as of January 1, 2001:

 

Name

--------------------------------------------------------------------------------

  

Formula

--------------------------------------------------------------------------------

  

Participation
Date

--------------------------------------------------------------------------------

  

Benefit
Service
Start
Date

--------------------------------------------------------------------------------

  

Special Features

--------------------------------------------------------------------------------

John W. Clay, Jr.    Tier 1         Hire   

•      Special lump sum (PBGC)

                   

•      Special early retirement reduction (service prorate, 5% from age 60)

                   

•      100% vested on 2/1/2000, regardless of age and service

                   

•      Restricted Stock substituted for PUP in 2003 – 2005 cycle

                   

•      Effective 1/1/2005, PUP is limited to 2004 level (target, minimum,
maximum)

Theodore J. Hoepner    Tier 1         Hire   

•      Special lump sum (PBGC)

                   

•      Special early retirement reduction (service prorate, 5% from age 60)

                   

•      100% vested on 2/1/2000, regardless of age and service

                   

•      Restricted Stock substituted for PUP in 2003 – 2005 cycle

                   

•      Effective 1/1/2005, PUP is limited to 2004 level (target, minimum,
maximum)

Phillip L. Humann    Tier 1         Hire   

•      Special lump sum (PBGC)

                   

•      Special early retirement reduction (service prorate, 5% from age 60)

                   

•      100% vested on 2/1/2000, regardless of age and service

                   

•      Restricted Stock substituted for PUP in 2003 – 2005 cycle

                   

•      Effective 1/1/2005, PUP is limited to 2004 level (target, minimum,
maximum)

John W. Spiegel    Tier 1         Hire   

•      Special lump sum (PBGC)

                   

•      Special early retirement reduction (service prorate, 5% from age 60)

                   

•      100% vested on 2/1/2000, regardless of age and service

                   

•      Restricted Stock substituted for PUP in 2003 – 2005 cycle

                   

•      Effective 1/1/2005, PUP is limited to 2004 level (target, minimum,
maximum)

James M. Wells, III    Tier 1   

1/1/2001—

but only upon election of

Tier 1 formula and

waiver of Crestar

SERP benefit

   Hire   

•      Special lump sum (PBGC)

                 

•      Special early retirement reduction (service prorate, 5% from age 60)

                 

•      100% vested on 2/1/2000, regardless of age and service

                 

•      Restricted Stock substituted for PUP in 2003 – 2005 cycle

                 

•      Effective 1/1/2005, PUP is limited to 2004 level (target, minimum,
maximum)

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Exhibit D

Page 2

 

SUNTRUST BANKS, INC.

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

EFFECTIVE AS OF JANUARY 1, 2001

 

--------------------------------------------------------------------------------

 

§§ 2.21 and 2.22, Tier 1 and Tier 2 Participants

Updated As of September 1, 2005

 

Name

--------------------------------------------------------------------------------

  

Formula

--------------------------------------------------------------------------------

  

Participation
Date

--------------------------------------------------------------------------------

  

Benefit
Service
Start Date

--------------------------------------------------------------------------------

  

Special Features

--------------------------------------------------------------------------------

Robert H. Coords    Tier 2    1/1/2001    Hire      Donald S. Downing    Tier 2
   1/1/2001    Hire      Samuel O. Franklin, III    Tier 2    1/1/2001    Hire
     Charles T. Hill    Tier 2    1/1/2001    Hire    Benefit is the better of
Tier 2 or Crestar SERP. Craig Kelly    Tier 2    1/1/2001    Hire    Benefit is
the better of Tier 2 or Crestar SERP. George W. Koehn    Tier 2    1/1/2001   
Hire      Carl F. Mentzer    Tier 2    1/1/2001    Hire      Joy Welder Morgan
   Tier 2    1/1/2001    Hire      Dennis M. Patterson    Tier 2    1/1/2001   
Hire      William H. Rogers, Jr.    Tier 2    1/1/2001    Hire      Robert C.
Shufeldt    Tier 2    1/1/2001    Hire      Robert C. Whitehead    Tier 2   
1/1/2001    Hire      E. Jenner Wood, III    Tier 2    1/1/2001    Hire     

 

The following individuals were designated by the Committee as Tier 2
Participants on August 13, 2002:

 

Name

--------------------------------------------------------------------------------

  

Formula

--------------------------------------------------------------------------------

  

Participation
Date

--------------------------------------------------------------------------------

  

Benefit
Service
Start Date

--------------------------------------------------------------------------------

  

Special Features

--------------------------------------------------------------------------------

Sandra Winstead Jansky    Tier 2    4/15/2002    Hire      Sterling Edmunds, Jr.
   Tier 2    8/13/2002    Hire      Cecil Eugene Kirby    Tier 2    8/13/2002   
Hire      Mary T. Steele    Tier 2    8/13/2002    Hire     

 

The following individuals were designated by the Committee as Tier 2
Participants on November 8, 2004:

 

Name

--------------------------------------------------------------------------------

  

Formula

--------------------------------------------------------------------------------

  

Participation
Date

--------------------------------------------------------------------------------

  

Benefit
Service
Start Date

--------------------------------------------------------------------------------

  

Special Features

--------------------------------------------------------------------------------

Raymond D. Fortin    Tier 2    11/8/2004    Hire      David F. Dierker    Tier 2
   11/8/2004    Hire      Mark A. Chancy    Tier 2    11/8/2004    Hire     
Thomas G. Kuntz    Tier 2    11/8/2004    Hire     

 

The following individuals who were former key officers of National Commerce
Financial Corporation or its affiliates were designated by the Committee as Tier
2 Participants on November 8, 2004:

 

Name

--------------------------------------------------------------------------------

  

Formula

--------------------------------------------------------------------------------

  

Participation
Date

--------------------------------------------------------------------------------

  

Benefit
Service
Start Date

--------------------------------------------------------------------------------

  

Special Features

--------------------------------------------------------------------------------

William L. Reed, Jr.    Tier 2    1/1/2005    8/1/2001   

•      NCF SERP (before offsets) is a minimum to the Tier 2 SERP minus PIA
(before other offsets).

                   

•      Tier 2 SERP benefit is offset by NCF SERP benefit.

                   

•      NCF SERP earnings (base plus bonus paid) will be used for years prior to
2005.

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Exhibit D

Page 3

 

SUNTRUST BANKS, INC.

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

EFFECTIVE AS OF JANUARY 1, 2001

 

--------------------------------------------------------------------------------

 

§§ 2.21 and 2.22, Tier 1 and Tier 2 Participants

Updated As of September 1, 2005

 

                   

•      SunTrust SERP earnings (base plus bonus earned) will be used for years
after 2004.

                   

•      2005 is a transition year for earnings. Depending on which calculation
produces the larger FAE, either the 2004 or 2005 earnings will be adjusted as
follows:

                   

•      2004 earnings will be NCF SERP earnings (2004 base plus 2004 bonuses
paid) plus 2005 MIP paid, or

                   

•      2005 earnings will be SunTrust SERP earnings (2005 base plus 2005 MIP
earned) plus 2005 MIP paid.

David T. Popwell    Tier 2    1/1/2005    8/1/2001   

•      NCF SERP (before offsets) is a minimum to the Tier 2 SERP minus PIA
(before other offsets).

                   

•      Tier 2 SERP benefit is offset by NCF SERP benefit.

                   

•      NCF SERP earnings (base plus bonus paid) will be used for years prior to
2005.

                   

•      SunTrust SERP earnings (base plus bonus earned) will be used for years
after 2004.

                   

•      2005 is a transition year for earnings. Depending on which calculation
produces the larger FAE, either the 2004 or 2005 earnings will be adjusted as
follows:

                   

•      2004 earnings will be NCF SERP earnings (2004 base plus 2004 bonuses
paid) plus 2005 MIP paid, or

                   

•      2005 earnings will be SunTrust SERP earnings (2005 base plus 2005 MIP
earned) plus 2005 MIP paid.

James Scott Edwards    Tier 2    1/1/2005    Hire   

•      NCF SERP (before offsets) is a minimum to the Tier 2 SERP minus PIA
(before other offsets).

                   

•      Tier 2 SERP benefit is offset by NCF SERP benefit.

                   

•      NCF SERP earnings (base plus bonus paid) will be used for years prior to
2005.

                   

•      SunTrust SERP earnings (base plus bonus earned) will be used for years
after 2004.

                   

•      2005 is a transition year for earnings. Depending on which calculation
produces the larger FAE, either the 2004 or 2005 earnings will be adjusted as
follows:

                   

•      2004 earnings will be NCF SERP earnings (2004 base plus 2004 bonuses
paid) plus 2005 MIP paid, or

                   

•      2005 earnings will be SunTrust SERP earnings (2005 base plus 2005 MIP
earned) plus 2005 MIP paid.

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Exhibit D

Page 4

 

SUNTRUST BANKS, INC.

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

EFFECTIVE AS OF JANUARY 1, 2001

 

--------------------------------------------------------------------------------

 

§§ 2.21 and 2.22, Tier 1 and Tier 2 Participants

Updated As of September 1, 2005

 

Richard L. Furr    Tier 2    1/1/2005    Hire   

•      NCF SERP (before offsets) is a minimum to the Tier 2 SERP minus PIA
(before other offsets).

                   

•      Tier 2 SERP benefit is offset by NCF SERP benefit.

                   

•      NCF SERP earnings (base plus bonus paid) will be used for years prior to
2005.

                   

•      SunTrust SERP earnings (base plus bonus earned) will be used for years
after 2004.

                   

•      2005 is a transition year for earnings. Depending on which calculation
produces the larger FAE, either the 2004 or 2005 earnings will be adjusted as
follows:

                   

•      2004 earnings will be NCF SERP earnings (2004 base plus 2004 bonuses
paid) plus 2005 MIP paid, or

                   

•      2005 earnings will be SunTrust SERP earnings (2005 base plus 2005 MIP
earned) plus 2005 MIP paid.

John J. Mistretta    Tier 2    1/1/2005    Hire   

•      NCF SERP (before offsets) is a minimum to the Tier 2 SERP minus PIA
(before other offsets).

                   

•      Tier 2 SERP benefit is offset by NCF SERP benefit.

                   

•      NCF SERP earnings (base plus bonus paid) will be used for years prior to
2005.

                   

•      SunTrust SERP earnings (base plus bonus earned) will be used for years
after 2004.

                   

•      2005 is a transition year for earnings.

                   

•      Depending on which calculation produces the larger FAE, either the 2004
or 2005 earnings will be adjusted as follows:

                   

•      2004 earnings will be NCF SERP earnings (2004 base plus 2004 bonuses
paid) plus 2005 MIP paid, or

                   

•      2005 earnings will be SunTrust SERP earnings (2005 base plus 2005 MIP
earned) plus 2005 MIP paid.

Thomas M. Garrott    Tier 1         8/1/2001   

•      The annual amount of the SERP Compensation used to calculate the SERP
Benefit will be equal to $1,737,500 for the period during which Mr. Garrott is
employed on a part-time basis.

                   

•      NCF SERP (before offsets) is a minimum to the Tier 2 SERP minus PIA
(before other offsets).

                   

•      Tier 2 SERP benefit is offset by NCF SERP benefit.

                   

•      NCF SERP earnings (base plus bonus paid) will be used for years prior to
2005.

                   

•      SunTrust SERP earnings (base plus bonus earned) will be used for years
after 2004.

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Exhibit D

Page 5

 

SUNTRUST BANKS, INC.

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

EFFECTIVE AS OF JANUARY 1, 2001

 

--------------------------------------------------------------------------------

 

§§ 2.21 and 2.22, Tier 1 and Tier 2 Participants

Updated As of September 1, 2005

 

                   

•      2005 is a transition year for earnings. Depending on which calculation
produces the larger FAE, either the 2004 or 2005 earnings will be adjusted as
follows:

                   

•      2004 earnings will be NCF SERP earnings (2004 base plus 2004 bonuses
paid) plus 2005 MIP paid, or

                   

•      2005 earnings will be SunTrust SERP earnings (2005 base plus 2005 MIP
earned) plus 2005 MIP paid.