Document:

DEFERRED COMPENSATION PLAN

 Exhibit 10.10 

2011 Amendments 
  

 
 SUNTRUST BANKS, INC. 

DEFERRED COMPENSATION PLAN 
 AMENDED AND RESTATED EFFECTIVE AS OF 
 May 31, 2011 

 SUNTRUST BANKS, INC. 

DEFERRED COMPENSATION PLAN 
 TABLE OF CONTENTS 
  

									
	 	  	 	    	 	  	Page	 
			
	ARTICLE 1	  	ESTABLISHMENT AND PURPOSE	  	 	1	  
			
	ARTICLE 2	  	DEFINITIONS	  	 	2	  
				
		  	2.1	    	Account	  	 	2	  
				
		  	2.2	    	Affiliate	  	 	3	  
				
		  	2.3	    	Base Salary	  	 	3	  
				
		  	2.4	    	Beneficiary	  	 	3	  
				
		  	2.5	    	Board	  	 	3	  
				
		  	2.6	    	Cause	  	 	3	  
				
		  	2.7	    	Change in Control	  	 	4	  
				
		  	2.8	    	Code	  	 	5	  
				
		  	2.9	    	Committee	  	 	5	  
				
		  	2.10	    	Company Contribution	  	 	5	  
				
		  	2.11	    	Company Contribution Account	  	 	5	  
				
		  	2.12	    	Date of Hire	  	 	5	  
				
		  	2.13	    	Deferral Election Form	  	 	5	  
				
		  	2.14	    	Designated Distribution Date	  	 	5	  
				
		  	2.15	    	Disabled or Disability	  	 	5	  
				
		  	2.16	    	Eligible Employee	  	 	6	  
				
		  	2.17	    	Eligible Income	  	 	6	  
				
		  	2.18	    	Eligible Plans	  	 	6	  
				
		  	2.19	    	Employee	  	 	6	  
				
		  	2.20	    	ERISA	  	 	6	  
				
		  	2.21	    	Incentive Award	  	 	6	  
				
		  	2.22	    	Investment Fund	  	 	7	  
				
		  	2.23	    	Key Employee	  	 	7	  
				
		  	2.24	    	Mandatory Deferral	  	 	7	  
				
		  	2.25	    	MIP	  	 	7	  
				
		  	2.26	    	Newly Hired Eligible Employee	  	 	7	  
				
		  	2.27	    	Participant	  	 	7	  
				
		  	2.28	    	Plan	  	 	7	  
				
		  	2.29	    	Plan Administrator	  	 	7	  
				
		  	2.30	    	Plan Year	  	 	7	  
				
		  	2.31	    	Restoration Plan Participants	  	 	8	  

  
 -i- 

											
		  	2.32	    	Retirement	  	 	8	  
				
		  	2.33	    	Retirement Plan	  	 	8	  
				
		  	2.34	    	Separation from Service or Separate from Service	  	 	8	  
				
		  	2.35	    	SERP	  	 	8	  
				
		  	2.36	    	SERP Account	  	 	8	  
				
		  	2.37	    	SERP Benefit	  	 	8	  
				
		  	2.38	    	Specified Date	  	 	8	  
				
		  	2.39	    	SunTrust	  	 	8	  
				
		  	2.40	    	Tier 1 and Tier 2 SERP Participants	  	 	8	  
				
		  	2.41	    	True-Up Contribution	  	 	8	  
				
		  	2.42	    	Valuation Date	  	 	8	  
				
		  	2.43	    	Years of Vesting Service	  	 	9	  
			
	ARTICLE 3	  	PARTICIPATION AND CONTRIBUTIONS	  	 	9	  
				
		  	3.1	    	Participation	  	 	9	  
				
		  	3.2	    	Deferral Elections	  	 	9	  
					
		  		    	(a)	    	Base Salary	  	 	9	  
					
		  		    	(b)	    	Incentive Awards	  	 	9	  
				
		  	3.3	    	Time and Manner of Making Deferral Elections	  	 	9	  
					
		  		    	(a)	    	Newly Hired Eligible Employee	  	 	9	  
					
		  		    	(b)	    	No Commencement after Promotion or Rehire	  	 	10	  
				
		  	3.4	    	Mandatory Deferrals	  	 	10	  
				
		  	3.5	    	Company Contributions	  	 	10	  
				
		  	3.6	    	True-Up Contributions	  	 	11	  
				
		  	3.7	    	Cancellation of Deferral Election	  	 	11	  
				
		  	3.8	    	Transferred SERP Benefits	  	 	11	  
			
	ARTICLE 4	  	INVESTMENTS	  	 	12	  
				
		  	4.1	    	Generally	  	 	12	  
				
		  	4.2	    	Default Investment	  	 	12	  
				
		  	4.3	    	No Actual Investment Required	  	 	12	  
				
		  	4.4	    	Compliance with Securities Laws	  	 	12	  
			
	ARTICLE 5	  	ALLOCATION TO ACCOUNTS	  	 	12	  
				
		  	5.1	    	General	  	 	12	  
				
		  	5.2	    	Distributions and Forfeitures	  	 	13	  
				
		  	5.3	    	Earnings and Losses	  	 	13	  
			
	ARTICLE 6	  	VESTING	  	 	13	  
				
		  	6.1	    	Generally	  	 	13	  
				
		  	6.2	    	Mandatory Deferrals	  	 	13	  

  
 -ii- 

											
		  	6.3	    	Change in Control	  	 	14	  
				
		  	6.4	    	Exception	  	 	14	  
				
		  	6.5	    	Vesting of Company Contribution Account	  	 	14	  
			
	ARTICLE 7	  	DISTRIBUTIONS	  	 	14	  
				
		  	7.1	    	Normal Form of Payment and Commencement	  	 	14	  
				
		  	7.2	    	Alternate Form of Payment Election	  	 	15	  
					
		  		    	(a)	    	Procedure for Installment Election	  	 	15	  
					
		  		    	(b)	    	Cash-Out	  	 	15	  
				
		  	7.3	    	Key Employee Delay	  	 	15	  
				
		  	7.4	    	In-Service Distribution Election	  	 	15	  
					
		  		    	(a)	    	Earlier Separation from Service	  	 	16	  
					
		  		    	(b)	    	Sub-Account	  	 	16	  
					
		  		    	(c)	    	No Company Contributions	  	 	16	  
				
		  	7.5	    	Subsequent Deferral Election	  	 	16	  
				
		  	7.6	    	Payment of Death Benefit	  	 	16	  
				
		  	7.7	    	Disability	  	 	17	  
				
		  	7.8	    	Withdrawals for Unforeseeable Emergency	  	 	17	  
					
		  		    	(a)	    	Definition	  	 	17	  
					
		  		    	(b)	    	Participant Evidence	  	 	17	  
				
		  	7.9	    	Distribution of Mandatory Deferrals	  	 	17	  
				
		  	7.10	    	Effect of Taxation	  	 	18	  
				
		  	7.11	    	Permitted Delays	  	 	18	  
			
	ARTICLE 8	  	PLAN ADMINISTRATION	  	 	18	  
				
		  	8.1	    	General Administration	  	 	18	  
				
		  	8.2	    	Responsibility of Administrator	  	 	18	  
				
		  	8.3	    	Books, Records and Expenses	  	 	19	  
				
		  	8.4	    	Compensation	  	 	19	  
				
		  	8.5	    	Indemnification	  	 	19	  
				
		  	8.6	    	Claims	  	 	19	  
			
	ARTICLE 9	  	MISCELLANEOUS	  	 	20	  
				
		  	9.1	    	Construction	  	 	20	  
				
		  	9.2	    	Severability	  	 	20	  
				
		  	9.3	    	No Alienation or Assignment	  	 	20	  
				
		  	9.4	    	Incapacity of Recipient	  	 	20	  
				
		  	9.5	    	Unclaimed Benefits	  	 	20	  
				
		  	9.6	    	Not a Contract of Employment	  	 	20	  
				
		  	9.7	    	Unfunded Plan	  	 	21	  

  
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		  		    	(a)	    	Contractual Liability of SunTrust	  	 	21	  
					
		  		    	(b)	    	Rabbi Trust	  	 	21	  
				
		  	9.8	    	Right to Amend or Terminate Plan	  	 	21	  
					
		  		    	(a)	    	Distribution of Accounts	  	 	22	  
					
		  		    	(b)	    	Amendment Restrictions	  	 	22	  
				
		  	9.9	    	Taxes	  	 	22	  
				
		  	9.10	    	Binding Effect	  	 	22	  
				
		  	9.11	    	Governing Law	  	 	23	  
				
		  	9.12	    	Regulatory Requirements	  	 	23	  
			
	ADDENDUM A	  	Amounts Deferred Under 401(k) Excess Plan	  	 	A-1	  
			
	ADDENDUM B	  	Amounts Deferred Under the Prior Deferred Compensation Plan	  	 	B-1	  

  
 -iv- 

 SunTrust Banks, Inc. Deferred Compensation Plan 

Amended and Restated 
 Effective May 31, 2011 
 ARTICLE 1 

Establishment and Purpose 
 The SunTrust Banks, Inc. Deferred Compensation Plan is hereby amended and restated effective January 1, 2011 (the “Plan”), and except as otherwise specifically noted, continues to provide a
nonqualified and unfunded deferred compensation program to Eligible Employees pursuant to the terms and provisions set forth below, as subsequently amended from time to time. The Plan, as amended and restated in this document, reflects certain
design changes adopted in 2010. In addition, the Plan was previously amended and restated effective January 1, 2010 to reflect authorized design changes in connection with the December 31, 2009 merger of the SunTrust Banks, Inc. 401(k)
Excess Plan (the “401(k) Excess Plan”) and the prior SunTrust Banks, Inc. Deferred Compensation Plan (the “Prior Deferred Compensation Plan”), which were both previously amended and restated effective January 1, 2009 for
compliance with section 409A of the Internal Revenue Code (“Code”). 
 SunTrust Banks, Inc. (“SunTrust”)
originally established the Prior Deferred Compensation Plan effective October 1, 1999, by combining and restating the SunTrust Management Incentive Plan Deferred Compensation Plan Fund (the “MIP Fund”) and the SunTrust Performance
Unit Plan Deferred Compensation Plan (the “PUP Fund”). All accounts in the MIP Fund and PUP Fund existing as of September 30, 1999 became subject to the terms of the Prior Deferred Compensation Plan. The Prior Deferred Compensation
Plan was established to provide a single deferred compensation plan as the means whereby participants in the SunTrust Management Incentive Plan (“MIP”) and the SunTrust Performance Unit Plan (“PUP”) could defer receipt of all or
a portion of their MIP awards and PUP awards as well as future awards provided by certain select bonus and incentive programs. 

SunTrust established the 401(k) Excess Plan to provide benefits to certain highly compensated employees that were not otherwise allowed
under SunTrust’s qualified 401(k) plan due to the limitations of Code sections 401(a)(17), 402(g) and 415(c). Effective July 1, 1999, the Crestar Additional Nonqualified Executive Plan (the “ANEX Plan”), a deferral plan similar
to the 401(k) Excess Plan, was merged into the 401(k) Excess Plan and the existing account balances attributable to both the 401(k) Excess Plan and the ANEX Plan as of June 30, 1999, were frozen as to future contributions and renamed the
“Excess Plan Frozen Balance” and the “ANEX Frozen Balance,” respectively. 
 The terms of the Plan, as set
forth herein, shall govern the deferral and distribution of Eligible Income (as defined below) earned after 2009 with respect to services performed on and after January 1, 2010. In addition, the distribution of all amounts earned prior to 2010
and deferred under the 401(k) Excess Plan or the Prior Deferred Compensation Plan, including the benefits under the prior plans as described above, shall be made in accordance with the terms of the 401(k) Excess Plan and the Prior Deferred
Compensation Plan as in effect immediately prior to the merger of these two plans on December 31, 2009, including any “grandfathered amounts” that were earned and vested (within the meaning of Code section 409A and regulations
thereunder) under each plan prior to 2005 (and earnings thereon) (the “Grandfathered Amounts”). Benefits earned under the 401(k) Excess Plan and the Prior Deferred Compensation Plan prior to 2010 have been maintained in separate accounts.
As provided by the Plan Administrator, all amounts credited under the Plan, including amounts credited under the 401(k) Excess Plan and the Prior Deferred Compensation Plan prior to 2010, shall be subject to the

  
 A-5 

 
investment provisions set forth in Article 4. The relevant terms of the 401(k) Excess Plan and the Prior Deferred Compensation Plan, including the provisions relating to the Grandfathered
Amounts, on December 31, 2009 are summarized in Addenda A and B, respectively. 
 The Plan is intended (1) to comply with
Code section 409A and official guidance issued thereunder (except with respect to any Grandfathered Amounts), (2) to be “a plan which is unfunded and is maintained by an employer primarily for the purpose of providing deferred compensation
for a select group of management or highly compensated employees” within the meaning of sections 201(2), 301(a)(3) and 401(a)(1) of ERISA, and (3) to comply with certain other regulatory requirements imposed upon SunTrust and its
Affiliates, as described in Section 9.12. Notwithstanding any other provision of this Plan, this Plan shall be interpreted, operated and administered in a manner consistent with these intentions. 

ARTICLE 2 

Definitions 
 The following
capitalized terms will have the meanings set forth in this Article 2 whenever such capitalized terms are used throughout this Plan (except for Addenda A and B): 
  

	2.1	Account means the bookkeeping account established by SunTrust for each Participant electing to defer Eligible Income or being credited with Mandatory Deferrals
under the Plan. A Participant’s Account shall be utilized solely as a device for the determination and measurement of the amount of benefits to be paid to the Participant pursuant to this Plan. A Participant’s Account shall not constitute
or be treated as a trust fund of any kind and may be divided into one or more sub-accounts, depending on the source of contributions, the type of Investment Fund selected or the distribution timing and payment method. 

 

	2.2	Affiliate means any corporation or other entity that is treated as a single employer with SunTrust under Code sections 414(b) or (c). 

 

	2.3	Base Salary means the pre-tax amount of an Eligible Employee’s regular base salary from SunTrust and all Affiliates as in effect from time to time during a
Plan Year, disregarding any deferrals or withholdings from such base salary and including any compensation classified on the payroll as vacation pay or sick pay earned during that Plan Year. Base Salary shall not include any amount of an Eligible
Employee’s base salary payable in a form denominated by the Committee as “salary shares” or “salary units.” 

  

	2.4	Beneficiary means one or more persons or one or more entities entitled to receive any benefits payable under this Plan at the Participant’s death. A
Participant may name one or more primary Beneficiaries and one or more secondary Beneficiaries. A Participant may revoke a Beneficiary designation by filing a new beneficiary designation form or a written revocation with the Plan Administrator. If
the Plan Administrator is not in receipt of a properly completed beneficiary designation form at the Participant’s death, or if none of the Beneficiaries named by the Participant survives the Participant or is in existence at the date of the
Participant’s death, then the Participant’s Beneficiary shall be the Participant’s estate. 

  

	2.5	Board means the Board of Directors of SunTrust. 

  

	2.6	 Cause means for purposes of this Plan and as determined by the Plan Administrator, in its sole discretion, one or more of the following actions
that serves as the primary 

  
 A-6 

	 	
reason(s) for the termination of the Participant’s employment with SunTrust or an Affiliate: 

  

	 	(a)	the Participant’s willful and continued failure to perform his job duties in a satisfactory manner after written notice from SunTrust to Participant and a thirty
(30) day period in which to cure such failure; 

  

	 	(b)	the Participant’s conviction of a felony or engagement in a dishonest act, misappropriation of funds, embezzlement, criminal conduct or common law fraud;

  

	 	(c)	the Participant’s material violation of the Code of Business Conduct and Ethics of SunTrust or the Code of Conduct of an Affiliate; 

 

	 	(d)	the Participant’s engagement in an act that materially damages or materially prejudices SunTrust or an Affiliate or the Participant’s engagement in activities
materially damaging to the property, business or reputation of SunTrust or an Affiliate; or 

  

	 	(e)	the Participant’s failure and refusal to comply in any material respect with the current and any future amended policies, standards and regulations of SunTrust, any
Affiliate and their regulatory agencies, if such failure continues after written notice from SunTrust to the Participant and a thirty (30) day period in which to cure such failure, or the determination by any such governing agency that the
Participant may no longer serve as an officer of SunTrust or an Affiliate. 

 Notwithstanding anything herein to the
contrary, if a Participant is subject to the terms of a change in control agreement with SunTrust (the “Change in Control Agreement”) at the time of his termination of employment with SunTrust or an Affiliate, solely for purposes of such
Participant’s benefits under the Plan, “Cause” shall have the meaning provided in the Change in Control Agreement. 
  

	2.7	 Change in Control means a change in control of SunTrust of a nature that would be required to be reported in response to Item 6(e) of Schedule
14A of Regulation 14A promulgated under the Securities Exchange Act of 1934 as in effect at the time of such “change in control”, provided that such a change in control shall be deemed to have occurred at such time as (i) any
“person” (as that term is used in Sections 13(d) and 14(d)(2) of the Securities Exchange Act of 1934), is or becomes the beneficial owner (as defined in Rule 13d-3 under the Securities Exchange Act of 1934) directly or indirectly, of
securities representing 20% or more of the combined voting power for election of directors of the then outstanding securities of SunTrust or any successor of SunTrust; (ii) during any period of two (2) consecutive years or less,
individuals who at the beginning of such period constitute the Board of SunTrust cease, for any reason, to constitute at least a majority of such Board, unless the election or nomination for election of each new director was approved by a vote of at
least two-thirds of the directors then still in office who were directors at the beginning of the period; (iii) there is a consummation of any reorganization, merger, consolidation or share exchange as a result of which the common stock of
SunTrust shall be changed, converted or exchanged into or for securities of another corporation (other than a merger with a wholly-owned subsidiary of SunTrust) or any dissolution or liquidation of SunTrust or any sale or the disposition of 50% or
more of the assets or business of SunTrust; or (iv) there is a consummation of any reorganization, merger, consolidation or share exchange unless (A) the persons who were the beneficial owners of the outstanding shares of the common stock
of SunTrust immediately before the consummation of such transaction beneficially own more than 65% of the outstanding shares of the common stock of the successor or survivor corporation in such transaction immediately following the consummation of
such 

  
 A-7 

	 	
transaction and (B) the number of shares of the common stock of such successor or survivor of SunTrust beneficially owned by the persons described in Section 2.7(iv)(A) immediately
following the consummation of such transaction is beneficially owned by each such person in substantially the same proportion that each such person had beneficially owned shares of SunTrust’s common stock immediately before the consummation of
such transaction, provided (C) the percentage described in Section 2.7(iv)(A) of the beneficially owned shares of the successor or survivor corporation and the number described in Section 2.7(iv)(B) of the beneficially owned shares of
the successor or survivor corporation shall be determined exclusively by reference to the shares of the successor or survivor corporation which result from the beneficial ownership of shares of common stock of SunTrust by the persons described in
Section 2.7(iv)(A) immediately before the consummation of such transaction. 

  

	2.8	Code means the Internal Revenue Code of 1986, as amended. 

  

	2.9	Committee means the Compensation Committee of the Board. 

  

	2.10	Company Contribution means the amount credited to a Participant’s Company Contribution Account, as described in Section 3.5. 

 

	2.11	Company Contribution Account means a bookkeeping account established by SunTrust for each Participant credited with Company Contributions or True-Up Contributions.

  

	2.12	Date of Hire means the date of an Employee’s first day of active employment with SunTrust or an Affiliate. 

 

	2.13	Deferral Election Form means the form that a Participant uses to elect to defer receipt of all or a portion of his Eligible Income pursuant to this Plan.

  

	2.14	Designated Distribution Date means the date determined by the Plan Administrator within the first quarter of the calendar year selected by a Participant as the
Specified Date for payment of an in-service distribution pursuant to Section 7.4. 

  

	2.15	Disabled or Disability means a Participant is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can
be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering employees of the
Participant’s employer and, in addition, has begun to receive benefits under SunTrust’s Long-Term Disability Plan. 

  

	2.16	Eligible Employee means an Employee who is selected by the Plan Administrator as eligible to make a deferral election under this Plan and who belongs to a
“select group of management or highly compensated employees,” as such phrase is defined under ERISA. Generally, an Eligible Employee means an Employee participating in the MIP and in Grade 52 or higher, an Employee in Grade 53 or higher,
or an Employee otherwise designated by the Plan Administrator based on other eligibility criteria, such as a minimum compensation level or prior participation in the 401(k) Excess Plan or the Prior Deferred Compensation Plan. The Plan Administrator,
in its sole discretion, may: (a) change such requisite grade level and may determine other appropriate grade levels for elective deferrals to this Plan on an individual basis, (b) establish minimum compensation levels required for Eligible
Employees, and (c) determine whether an Eligible Employee may defer Base Salary. 

  

	2.17	Eligible Income means Base Salary and Incentive Awards. 

  
 A-8 

	2.18	Eligible Plans mean the MIP and the functional incentive plans sponsored by SunTrust or an Affiliate and approved by the Plan Administrator that provide for bonus,
incentive, commission or similar variable pay to Employees, which pay is approved as eligible for voluntary or mandatory deferral under this Plan. 

  

	2.19	Employee means an individual who is a regular, common-law employee on the U.S. payroll of SunTrust or an Affiliate. The term “Employee” shall not include
a person hired as an independent contractor, leased employee, consultant, or a person otherwise designated by SunTrust or an Affiliate as not eligible to participate in the Plan, even if such person is determined to be an “employee” of
SunTrust or an Affiliate by any governmental or judicial authority. 

  

	2.20	ERISA means the Employee Retirement Income Security Act of 1974, as amended. 

 

	2.21	Incentive Award means the pre-tax amount of an Eligible Employee’s bonus, incentive or commission, or similar variable pay, disregarding any deferrals,
offsets, or withholdings from such incentive award, which is earned under an Eligible Plan. Notwithstanding the foregoing, Incentive Awards shall exclude any bonus pay that is not earned under a pre-determined plan, such as any non-reoccurring
promotional program, referral, signing or spot bonuses, and any bonus pay that is payable on a monthly basis under an Eligible Plan. 

  

	2.22	Investment Fund means each investment vehicle that, for bookkeeping purposes, is used to determine the earnings that are credited and the losses that are charged to
each Participant’s Account and Company Contribution Account. The Plan Administrator shall be responsible for selecting the Investment Funds available and for adding or deleting Funds as the Plan Administrator deems appropriate from time to
time. 

  

	2.23	Key Employee means an employee treated as a “specified employee” as of his Separation from Service under Code section 409A(a)(2)(B)(i) (i.e., a key
employee (as defined in Code section 416(i) without regard to section (5) thereof)) if the common stock of SunTrust or an Affiliate is publicly traded on an established securities market or otherwise. Key Employees shall be determined in
accordance with Code section 409A using a December 31 identification date. A listing of Key Employees as of an identification date shall be effective for the twelve (12) month period beginning on the April 1 following the
identification date. 

  

	2.24	Mandatory Deferral means the amount defined in Section 3.4. 

  

	2.25	MIP means SunTrust Banks, Inc. Management Incentive Plan, as amended from time to time. 

 

	2.26	Newly Hired Eligible Employee means an individual who is hired by SunTrust or an Affiliate, who is not a current or former Employee and who meets the criteria for
an Eligible Employee on his first Date of Hire. 

  

	2.27	Participant means (a) an Eligible Employee who has made a deferral election in accordance with the terms of the Plan; (b) an Employee who has had
Mandatory Deferrals credited under the Plan; (c) an Employee who has a SERP Benefit credited under the Plan; or (d) an Employee or former Employee who continues to have a Plan benefit attributable to his participation in a prior plan that
has not been distributed in full. An individual ceases to be a Participant when his entire benefit under the Plan has been distributed or forfeited. 

  
 A-9 

	2.28	Plan means the SunTrust Banks, Inc. Deferred Compensation Plan as described in this document, including any Addenda attached, which are incorporated herein by
reference, as amended from time to time. 

  

	2.29	Plan Administrator means the party responsible for administering the Plan, as provided in Section 8.1. 

 

	2.30	Plan Year means the calendar year. 

  

	2.31	Restoration Plan Participants mean, for purposes of determining the Company Contribution and True-Up Contribution, if any, the participants accruing “pay
credits” in the SunTrust Banks, Inc. Restoration Plan, as amended and restated from time to time, for the applicable Plan Year. 

  

	2.32	Retirement means a Participant’s Separation from Service on or after attaining age fifty-five (55) and completing at least five (5) Years of Vesting
Service. 

  

	2.33	Retirement Plan means the SunTrust Banks, Inc. Retirement Plan, as amended and restated from time to time, and any successor plan. 

 

	2.34	Separation from Service or Separate from Service means a “separation from service” with SunTrust and its Affiliates within the meaning of Code
section 409A. 

  

	2.35	SERP means the SunTrust Banks, Inc. Supplemental Executive Retirement Plan, as amended and restated from time to time. 

 

	2.36	SERP Account means a bookkeeping account established by SunTrust for a Participant who changes from a position eligible to participate in the SERP to one that is
not eligible and credited with a SERP Benefit under Section 3.8. 

  

	2.37	SERP Benefit means the benefit amount determined under the SERP that is subject to Code section 409A (excluding any “Grandfathered Amounts,” (as defined
in the SERP)) and credited to a Participant’s SERP Account, as described in Section 3.8. 

  

	2.38	Specified Date means a time or a fixed schedule specified under the Plan in accordance with Treas. Reg. § 1.409A-3(a)(4). 

 

	2.39	SunTrust means SunTrust Banks, Inc. or any successor to SunTrust. 

  

	2.40	Tier 1 and Tier 2 SERP Participants mean, for purposes of determining the Company Contribution and True-Up Contribution, if any, the Tier 1 and Tier 2 participants
accruing benefits in the SERP for the applicable Plan Year. 

  

	2.41	True-Up Contribution means the amount credited to a Participant’s Company Contribution Account, as defined in Section 3.6. 

 

	2.42	Valuation Date means the last day of each Plan Year and such other dates as the Plan Administrator may determine from time to time. For purposes of benefit
distributions under the Plan, the Valuation Date for a distribution shall be the last date by which the Account (or sub-account) or Company Contribution Account must be valued in order to have the distribution of all or part of the Account (or
sub-account) or Company Contribution Account paid on the scheduled payment date. 

  

	2.43	Years of Vesting Service means “Years of Vesting Service,” as defined under the Retirement Plan. 

  
 A-10 

 ARTICLE 3 
 Participation and Contributions 
  

	3.1	Participation.  Participation in the Plan shall be limited to Eligible Employees and certain other Employees credited with Mandatory Deferrals or SERP
Benefits. The Plan Administrator shall notify any Employee of his status as an Eligible Employee at such time and in such manner as the Plan Administrator shall determine. An Employee shall become a Participant by making a deferral election as an
Eligible Employee under Section 3.2 or by being credited with a Mandatory Deferral under Section 3.4 or a SERP Benefit under Section 3.8. 

  

	3.2	Deferral Elections.  An Eligible Employee may make an irrevocable election to defer the following types of Eligible Income in five (5) percent
increments, as follows: 

  

	 	(a)	Base Salary.  Certain Eligible Employees, as determined by the Plan Administrator, may elect to defer a portion of Base Salary each payroll period from 5%
to 50%. 

  

	 	(b)	Incentive Awards.  All Eligible Employees may elect to defer a portion of an Incentive Award from 20% to 90%. 

Eligible Income deferred by a Participant under the Plan shall be credited to the Participant’s Account as soon as practicable after
the amounts would have otherwise been paid to the Participant. 
  

	3.3	Time and Manner of Making Deferral Elections.  In order to elect to defer Eligible Income earned during a Plan Year, an Eligible Employee shall file a
Deferral Election Form, written or electronic, with the Plan Administrator before the beginning of such Plan Year and in accordance with procedures established by the Plan Administrator. A deferral election under this Section 3.3 shall become
irrevocable once the deadline for filing such election has expired, except as provided in Section 3.7. 

  

	 	(a)	Newly Hired Eligible Employee.  Notwithstanding the foregoing, if an individual becomes a Newly Hired Eligible Employee after the beginning of a Plan
Year, the Plan Administrator has the sole discretion to determine whether such individual may submit a Deferral Election Form for that Plan Year. If allowed to participate, the Newly Hired Eligible Employee may make an election to defer Base Salary
in accordance with the procedures established by the Plan Administrator, provided such election is delivered to the Plan Administrator no later than thirty (30) days after the Employee’s Date of Hire. In the event of a deferral election
under this Section 3.3(a), the Deferral Election Form shall apply only to Base Salary earned for services performed on and after the first day of the month following the date the election is filed with the Plan Administrator.

  

	 	(b)	No Commencement after Promotion or Rehire.  If an employee becomes an Eligible Employee for purposes of this Plan after the beginning of a Plan Year, but
is not a Newly Hired Eligible Employee, he may not participate in this Plan until the beginning of the next Plan Year, assuming that he is still an Eligible Employee and that he appropriately files a Deferral Election Form with the Plan
Administrator. 

  

	3.4	 Mandatory Deferrals.  If any portion of an Incentive Award is subject to mandatory deferral as established prior to the beginning of the
Plan Year in which the Incentive 

  
 A-11 

	 	
Award is earned or as otherwise determined by the Plan Administrator in compliance with Treas. Reg. § 1.409A-2(a)(2) (as provided in the applicable Eligible Plan) (each, a “Mandatory
Deferral”), then each Mandatory Deferral shall be subject to the provisions of this Plan. With respect to each Mandatory Deferral, the terms of the Eligible Plan shall determine whether all or part of such Mandatory Deferral is subject to a
vesting schedule and if so, what the vesting schedule is; and whether such Mandatory Deferral is subject to any special investment restrictions. Each Mandatory Deferral shall be credited to the Participant’s Account as soon as practicable after
the amounts would have otherwise been paid and be paid in accordance with Section 7.9. 

  

	3.5	Company Contributions.  Each Plan Year beginning on and after January 1, 2010, for a Participant eligible to defer Base Salary, SunTrust shall credit
to the Participant’s Company Contribution Account an amount (the “Company Contribution”), if any, equal to his elective deferrals credited for such Plan Year under Section 3.2 up to a maximum of 5% of the difference between:

  

	 	(a)	An amount equal to the lesser of: (i) the Participant’s Eligible Income paid or deferred during the Plan Year, or (ii) two (2) times the annual
compensation limit under Code section 401(a)(17) for the Plan Year (i.e., $490,000 for 2010); provided, however, for Tier 1 and Tier 2 SERP Participants and Restoration Plan Participants, this amount shall be equal to the Participant’s Eligible
Income paid or deferred during the Plan Year; minus 

  

	 	(b)	The annual compensation limit under Code section 401(a)(17) for such Plan Year ($245,000 for 2010). 

Subject to the limitation above, each Participant’s Company Contribution Account shall be credited with Company Contributions as earned
on a pay period basis after the total of such Participant’s Eligible Income from SunTrust or an Affiliate reaches the annual compensation limit under Code section 401(a)(17) for the Plan Year. 

 

	3.6	True-Up Contributions.  As soon as practicable on or after the last payroll processing date of each Plan Year beginning on and after January 1, 2010,
for a Participant eligible to defer Base Salary, SunTrust shall credit to the Participant’s Company Contribution Account an amount (the “True-Up Contribution”), if any, equal to the difference between (a) the Company Contribution
for the Participant determined for such Plan Year under Section 3.5, regardless when the Participant reaches the annual compensation limit under Code section 401(a)(17), minus (b) the actual amount of any Company Contributions
credited during the Plan Year. In no event shall this True-Up Contribution exceed the Participant’s total elective deferrals under Section 3.2 for such Plan Year. 

 

	3.7	Cancellation of Deferral Election.  If a Participant becomes Disabled or obtains a distribution under Section 7.8 on account of an Unforeseeable
Emergency, his outstanding deferral elections under this Plan shall be cancelled and no further Eligible Income will be deferred under such elections. 

  

	3.8	 Transferred SERP Benefits.  In the event an Employee changes from a position eligible to participate in the SERP to one that is not
eligible for any reason, the Plan Administrator, or its delegate, shall determine, in its or his sole discretion, the SERP Benefit as of the date of such change and shall credit to the Participant’s SERP Account an amount equal to the present
value of the SERP Benefit as soon as practicable following such date. Such Participant shall continue to vest in the SERP Account during his continued service as an Employee. Solely for purposes of Articles 4 and 5, the SERP Account shall be treated
as a sub-account of the Participant’s Account. Notwithstanding anything herein to the contrary other than as specifically provided in the preceding sentence, the SERP Account shall be subject to the terms and conditions of the SERP.

  
 A-12 

	 	
To the extent that a Participant satisfies the SERP vesting requirements prior to termination, the SERP Account shall be paid to the Participant in accordance with the time and form of payment
established under the SERP. 

 ARTICLE 4 

Investments 
  

	4.1	Generally.  The Plan Administrator shall specify procedures to allow Participants to make elections among the Investment Funds as to the deemed investment
of amounts newly credited to their Accounts and Company Contribution Accounts, as well as the deemed investment of amounts previously credited to these accounts (i.e., reallocation). 

 

	4.2	Default Investment.  If a Participant fails to make an initial investment election pursuant to Section 4.1, his Account and Company Contribution
Account shall be deemed to be invested in one or more Investment Funds selected by the Plan Administrator as the default investment. The Plan Administrator shall have no responsibility to any Participant or anyone claiming a benefit through a
Participant if a Participant fails to make an investment election or to change any investment election. 

  

	4.3	No Actual Investment Required.  Notwithstanding the preceding sections of this Article 4 and any other provision of this document, this Plan shall remain
an unfunded plan and the description of Investment Funds in this Article 4, including any election rights of a Participant, shall not obligate SunTrust or any Affiliate to set aside any funds or to make any actual investments pursuant to this Plan.
The purpose of the selection of the Investment Funds is to provide a means for measuring the value of a Participant’s Account and the Company Contribution Account, if any, which determines the amount of his Plan benefit.

  

	4.4	Compliance with Securities Laws.  Notwithstanding the foregoing provisions of this Article 4, if a Participant is subject to Section 16 of the
Securities Exchange Act of 1934 (the “Exchange Act”), then such Participant’s investment elections shall be subject to such additional rules as may be established by the Plan Administrator as it deems necessary to ensure that
transactions by such Participant comply with Rule 16b-3 of the Exchange Act (or any successor rules). 

 ARTICLE 5

 Allocation to Accounts 
  

	5.1	General.  A Participant’s benefit under this Plan is equal to the vested balance of his Account (including applicable sub-accounts) and the Company
Contribution Account, if applicable. As of each Valuation Date, amounts shall be allocated to and charged against each Participant’s Account and Company Contribution Account in accordance with this Article 5. 

 

	5.2	Distributions and Forfeitures.  The balances of a Participant’s Account and Company Contribution Account will be reduced, as applicable, by the
amount of any distributions made under Article 7, by any forfeiture pursuant to Section 6.2, 6.4, or 6.5, and as required pursuant to Section 9.12. Any such distributions or forfeitures shall be deemed to reduce pro rata the deemed
investment in each Investment Fund in the Participant’s Account and Company Contribution Account. 

  
 A-13 

	5.3	Earnings and Losses.  As of each Valuation Date selected by the Plan Administrator, each Participant’s Account and Company Contribution Account will
be credited with earnings and gains or charged with losses occurring since the last Valuation Date, based on the results that would have been achieved had amounts credited to the Account and Company Contribution Account actually been invested in the
Investment Funds selected by the Participant (or in the default Investment Fund, absent a Participant’s election). Earnings, gains and losses will continue to be credited or charged to the Participant’s Account and Company Contribution
Account in accordance with this Section 5.3 until all amounts credited to such accounts are paid or forfeited. The amount of such deemed investment gain or loss shall be determined by the Plan Administrator and such determinations shall be
final and conclusive upon all concerned. 

 ARTICLE 6 

Vesting 
  

	6.1	Generally.  Except as provided in Sections 6.2, 6.4 and 6.5, a Participant’s interest in his benefit under this Plan is one hundred percent
(100%) vested and nonforfeitable at all times. 

  

	6.2	Mandatory Deferrals.  If a Participant’s Account has been credited with any Mandatory Deferral that is subject to a vesting period (as set forth in
the applicable Eligible Plan), and the Participant terminates employment with SunTrust and its Affiliates for any reason prior to meeting the vesting requirements for such Mandatory Deferral, then that portion of the Mandatory Deferral that is not
vested, and the earnings on such nonvested portion shall be forfeited and deducted from the Participant’s Account. Notwithstanding the foregoing, unless approved by the Plan Administrator and otherwise specified in the Eligible Plan, upon a
Participant’s death, Disability, Retirement or involuntary termination of employment resulting in the Participant’s eligibility to receive benefits under the SunTrust Banks, Inc. Severance Pay Plan (disregarding for purposes of determining
eligibility, the Participant’s eligibility to receive severance benefits under another severance plan or individual agreement maintained by SunTrust or an Affiliate), the Participant’s nonvested Account balance shall fully vest as of the
date such forfeiture would otherwise occur. 

  

	6.3	Change in Control.  Unless an Eligible Plan provides for some other treatment, if a Participant’s employment with SunTrust or any Affiliate or their
successors terminates for any reason, other than termination for Cause, within three (3) years following a Change in Control, any portion of the Participant’s Account or Company Contribution Account that was nonvested at the Change in
Control and has not yet vested shall become fully vested immediately prior to the effective time of the Participant’s termination of employment. A Participant’s voluntary termination of employment, including a Participant’s Retirement
or voluntary resignation, is not considered termination for Cause for purposes of vesting under this Section 6.3. 

  

	6.4	Exception.  Notwithstanding the foregoing, a Participant and his Beneficiary shall forfeit the balance credited to his Company Contribution Account (as
adjusted pursuant to Article 5) if the Participant is terminated for Cause by SunTrust or an Affiliate prior to a Change in Control. Forfeiture under this Section 6.4 shall be in addition to any other remedies which may be available to SunTrust
or an Affiliate at law or in equity. 

  

	6.5	Vesting of Company Contribution Account.  If a Participant’s Date of Hire occurs on or after January 1, 2011, and the Participant terminates
employment with SunTrust and its Affiliates for any reason prior to completing two (2) Years of Vesting Service, then his Company Contribution Account and the earnings thereon shall be forfeited. 

  
 A-14 

 Notwithstanding the foregoing, upon a Participant’s death, Disability, or involuntary
termination of employment resulting in the Participant’s eligibility to receive benefits under the SunTrust Banks, Inc. Severance Pay Plan (disregarding for purposes of determining eligibility, the Participant’s eligibility to receive
severance benefits under another severance plan or individual agreement maintained by SunTrust or an Affiliate), the Participant’s nonvested Company Contribution Account balance shall fully vest as of the date such forfeiture would otherwise
occur. 
 ARTICLE 7 
 Distributions 
  

	7.1	Normal Form of Payment and Commencement.  Except as otherwise provided in this Article 7, when a Participant Separates from Service for any reason, he
shall be paid the vested balances of his Account and his Company Contribution Account, if any, under this Plan in a single lump sum cash payment during the first quarter of the calendar year immediately following the year in which his Separation
from Service occurs. 

  

	7.2	Alternate Form of Payment Election.  A Participant who does not wish to have his benefit under this Plan paid in a lump sum pursuant to Section 7.1
may elect on the first Deferral Election Form filed with the Plan Administrator to have the vested balances of his Account and his Company Contribution Account, if any, distributed in five (5) annual installments, with the first payment
commencing in the first quarter of the calendar year immediately following the year in which the Participant Separates from Service. Each subsequent annual installment shall be paid during the first quarter of each of the subsequent four
(4) calendar years. 

  

	 	(a)	Procedure for Installment Election.  A Participant’s election to receive installment payments shall not be effective until received and approved by
the Plan Administrator in accordance with Section 3.3. 

  

	 	(b)	Cash-Out.  Notwithstanding any elections by a Participant, if the sum of a Participant’s total vested benefits under this Plan, including amounts
credited under the 401(k) Excess Plan, the Prior Deferred Compensation Plan and any other account balance plan required to be aggregated with the Plan, as described in Treas. Reg. § 1.409A-1(c)(2)(i), is less than the applicable dollar
amount under Code section 402(g)(1)(B) at the time payments commence under this Section 7.2, the vested balances of his Account and the Company Contribution Account shall be distributed in a lump sum payment during the first quarter of the
calendar year immediately following the year in which he Separates from Service. 

  

	7.3	Key Employee Delay.  Notwithstanding anything herein to the contrary, distributions may not be made to a Key Employee upon a Separation from Service
before the date which is six (6) months after the date of the Key Employee’s Separation from Service (or, if earlier, the date of death of the Key Employee). Any payments that would otherwise be made during this period of delay shall be
accumulated and paid in the seventh month following the Participant’s Separation from Service and shall continue to be credited or charged with earnings, gains or losses in accordance with Section 5.3 until such amounts are paid or
forfeited. 

  

	7.4	 In-Service Distribution Election.  Unless the Plan Administrator announces otherwise for a Plan Year, a Participant may elect on a
Deferral Election Form to have the portion of his Account related to amounts deferred under such Deferral Election Form (and earnings thereon) paid to the Participant as of a Specified Date permitted on the Deferral

  
 A-15 

	 	
Election Form. The deferred amount subject to this election will be paid in a lump sum on the Designated Distribution Date. 

 

	 	(a)	Earlier Separation from Service.  If a Participant should Separate from Service before his Specified Date(s), any portion of his Account subject to an
in-service distribution election pursuant to this Section 7.4 will be paid in a lump sum in accordance with Section 7.1 and will not be subject to an election, if any, under Section 7.2. 

 

	 	(b)	Sub-Account.  The portion of a Participant’s Account to which an in-service distribution election applies pursuant to this Section 7.4 shall be
maintained as a sub-account of the Participant’s Account unless all of the Participant’s elective deferrals under this Plan are subject to an in-service distribution election with the same Specified Date. 

 

	 	(c)	No Company Contributions.  In no event shall an in-service distribution election pursuant to this Section 7.4 for a Plan Year apply to any Company
Contributions or True-Up Contributions earned during such Plan Year. 

  

	7.5	Subsequent Deferral Election.  A Participant may make one or more subsequent elections to change the time or form of a distribution for a deferred amount
in accordance with the procedures and distribution rules established by the Plan Administrator. An election under this Section 7.5 shall become irrevocable on the date the election is filed with the Plan Administrator, and any election to
change the time or form of a distribution shall be effective only if the following conditions are satisfied: 

  

	 	(a)	The new election may not take effect until at least twelve (12) months after the date on which the new election is made; 

 

	 	(b)	In the case of an election to change the time or form of a distribution under Section 7.1, 7.2, or 7.4, a distribution may not be made earlier than at least five
(5) years from the date the distribution would have otherwise been made; and 

  

	 	(c)	In the case of an election to change the time of a distribution under Section 7.4, the election must be made at least twelve (12) months before the date the
distribution is scheduled to be paid. 

  

	7.6	Payment of Death Benefit.  Notwithstanding any elections by the Participant or provisions of the Plan to the contrary, if a Participant dies at any time
(including after his Separation from Service), the vested balances in the Account and the Company Contribution Account, if any, shall be distributed to the Beneficiary in a lump sum payment in the first quarter of the calendar year immediately
following the year of the Participant’s death (provided that any payment that would occur before such calendar quarter shall be paid as scheduled). 

  

	7.7	Disability.  Notwithstanding any elections by a Participant or provisions of the Plan to the contrary, if a Participant becomes Disabled at any time, then
his vested balances in the Account and the Company Contribution Account, if any, will be distributed to the Participant in a lump sum payment in the first quarter of the calendar year immediately following the year in which the Participant becomes
Disabled (provided that any payment that would occur before such calendar quarter shall be paid as scheduled). 

  

	7.8	 Withdrawals for Unforeseeable Emergency.  A Participant may withdraw all or any portion of the vested balances in his Account and Company
Contribution Account, if any, for an Unforeseeable Emergency. The amount distributed with respect to an Unforeseeable Emergency may not exceed the amount necessary to satisfy such

  
 A-16 

	 	
Unforeseeable Emergency plus the amount necessary to pay taxes reasonably anticipated as a result of the distribution, after taking into account the extent to which such hardship is or may be
relieved through reimbursement or compensation by insurance or otherwise or by liquidation of the Participant’s assets (to the extent the liquidation of such assets would not itself cause severe financial hardship) or by cessation of deferrals
under this Plan. 

  

	 	(a)	Definition.  “Unforeseeable Emergency” means, for this purpose, a severe financial hardship to a Participant resulting from an illness or
accident of the Participant, the Participant’s spouse, or a dependent (as defined in Code section 152(a)) of the Participant, loss of the Participant’s property due to casualty, or other similar extraordinary and unforeseeable
circumstances arising as a result of events beyond the control of the Participant. 

  

	 	(b)	Participant Evidence.  The Plan Administrator shall have the authority to require the Participant to provide such evidence as it deems necessary to
determine whether distribution is warranted pursuant to this Section 7.8. 

  

	7.9	Distribution of Mandatory Deferrals.  Notwithstanding any other provision of the Plan, the vested portion of an Account attributable to a Mandatory
Deferral (as adjusted pursuant to Article 5) shall be paid in a lump sum on the Specified Date for each Mandatory Deferral set forth in the Eligible Plan or, if earlier, upon the Participant’s death or Disability in accordance with
Section 7.6 or 7.7, respectively. In no event shall any Mandatory Deferrals be subject to an election under Section 7.2, 7.4 or 7.5, or to payment under Section 7.8. 

 

	7.10	Effect of Taxation.  If a portion of the Participant’s balance credited to the Account or the Company Contribution Account is includible in income
under Code section 409A, such portion shall be distributed immediately to the Participant. 

  

	7.11	Permitted Delays.  Notwithstanding the foregoing, any payment to a Participant under the Plan shall be delayed upon the Plan Administrator’s
reasonable anticipation that the making of the payment would violate Federal securities laws or other applicable law; provided that any payment delayed pursuant to this Section 7.11 shall be paid in accordance with Code section 409A on the
earliest date on which SunTrust reasonably anticipates that the making of the payment will not cause a violation of Federal securities laws or other applicable law. 

ARTICLE 8 

Plan Administration 
  

	8.1	General Administration.  SunTrust is the sponsor of the Plan, and the Committee is the Plan Administrator responsible for the operation and administration
of the Plan. 

  

	8.2	Responsibility of Administrator.  The Plan Administrator shall have sole discretionary authority for the operation, interpretation and administration of
the Plan. All determinations and actions of the Plan Administrator within its discretionary authority shall be final, conclusive and binding on all persons, except that the Plan Administrator may revoke or modify a determination or action it
determines was previously made in error. In addition to the implied powers and duties that may be needed to carry out the administration of the Plan, the Plan Administrator shall have the following specific powers and responsibilities:

  
 A-17 

	 	(a)	To establish, interpret, amend, revoke and enforce rules and regulations as required or desirable for the efficient administration of the Plan. 

 

	 	(b)	To review and interpret Plan provisions and to remedy provisions that are ambiguous or inconsistent or contain omissions. 

 

	 	(c)	To determine all questions relating to an individual’s eligibility to participate in the Plan, an individual’s right to defer Base Salary, and the validity of an
individual’s elections. 

  

	 	(d)	To revoke an individual’s status as an Eligible Employee at any time; provided however, in no event shall such revocation cancel an irrevocable deferral election
under the Plan or be applied retroactively to deprive an Employee of benefits accrued under this Plan before such revocation. 

  

	 	(e)	To determine a Participant’s or Beneficiary’s eligibility for benefits from the Plan and to authorize payment of benefits. 

 

	 	(f)	To delegate any of the Plan Administrator’s rights, powers and duties to one or more Employees or officers of SunTrust or to a third-party administrator. Such
delegation may include, without limitation, the power to execute any document on behalf of the Plan Administrator and to accept service of legal process for the Plan Administrator at the principal office of SunTrust. 

 

	 	(g)	To employ outside professionals and to enter into agreements on behalf of the Plan Administrator necessary or desirable for administration of the Plan.

  

	8.3	Books, Records and Expenses.  The Plan Administrator shall maintain books and records for purposes of this Plan, which shall be subject to the supervision
and control of the Plan Administrator. SunTrust shall pay the general expenses of administering this Plan. The Plan Administrator shall be entitled to rely conclusively upon all tables, valuations, certificates, opinions and reports furnished by any
actuary, accountant, controller, counsel or other person employed or engaged by SunTrust with respect to the Plan. 

  

	8.4	Compensation.  Neither the Plan Administrator nor any delegate who is an employee of SunTrust or an Affiliate shall receive any additional compensation
for his services as Plan Administrator or delegate. 

  

	8.5	Indemnification.  SunTrust (to the full extent permissible under law and consistent with its charters and bylaws) shall indemnify and hold harmless the
Plan Administrator, each individual member of the Plan Administrator and any Employee authorized to act on behalf of the Plan Administrator, the Plan Sponsor or any Affiliate under this Plan for any liability, loss, expense, assessment or other cost
of any kind or description whatsoever, including legal fees and expenses, which they actually incur for their acts and omissions, past, current or future, in the administration of the Plan. 

 

	8.6	Claims.  The Plan Administrator shall establish a reasonable claims procedure consistent with the requirements under the Department of Labor regulations
under section 503 of ERISA. 

  
 A-18 

 ARTICLE 9 
 Miscellaneous 
  

	9.1	Construction.  The headings and subheadings in this Plan have been set forth for convenience of reference only and have no substantive effect whatsoever.
Whenever any words in this document are used in the masculine, they shall be construed as though they were used in the feminine in all cases where they would so apply; and whenever any words in this document are used in the singular or in the
plural, they shall be construed as though they were used in the plural or in the singular, as the case may be, in all cases where they would so apply. 

  

	9.2	Severability.  In the event any provision of the Plan shall be held invalid or illegal for any reason, any illegality or invalidity shall not affect the
remaining parts of the Plan, but the Plan shall be construed and enforced as if the illegal or invalid provision had never been inserted. 

  

	9.3	No Alienation or Assignment.  A Participant, a spouse or a Beneficiary under this Plan shall have no right or power whatsoever to alienate, commute,
anticipate or otherwise assign at law or equity all or any portion of any benefit otherwise payable under this Plan, and SunTrust shall have the right, in the event of any such action, to terminate permanently the payment of benefits to, or on
behalf of, any Participant, spouse or beneficiary who attempts to do so. 

  

	9.4	Incapacity of Recipient.  If any person entitled to a distribution under the Plan is deemed by the Plan Administrator to be incapable of personally
receiving and giving a valid receipt for such payment, then, unless and until a claim for such payment shall have been made by a duly appointed guardian or other legal representative of such person, the Plan Administrator may provide for all or part
of such payment to be made to any other person or institution then contributing toward or providing for the care and maintenance of such person. Any such payment shall be a payment for the account of such person and a complete discharge of any
liability of SunTrust, its Affiliates and the Plan to the extent of such payment. 

  

	9.5	Unclaimed Benefits.  Each Participant shall keep the Plan Administrator informed of his current address and the current address of his designated
Beneficiary. The Plan Administrator shall not be obligated to search for the whereabouts of any person if the location of a person is not made known to the Plan Administrator. 

 

	9.6	Not a Contract of Employment.  Participation in this Plan does not grant to any individual the right to remain in the employ of SunTrust or any Affiliate
for any specific term of employment or in any specific capacity or at any specific rate of compensation. 

  

	9.7	Unfunded Plan. 

  

	 	(a)	Contractual Liability of SunTrust.  This Plan is an unfunded plan maintained primarily for a select group of management or highly compensated employees.
The obligation of SunTrust to provide any benefits under the Plan is a mere contractual liability, and SunTrust is not required to establish or maintain any special or separate fund or segregate any assets for the payment of benefits under this
Plan. Participants and their Beneficiaries shall not have any interest in any particular assets of SunTrust by reason of its obligation under the Plan and they are at all times unsecured creditors of SunTrust with respect to any claim for benefits
under the Plan. All amounts of compensation deferred under this Plan, all property and rights purchased with such amounts and any income attributable to such amounts, rights or property shall constitute general funds of SunTrust.

  

	 	(b)	 Rabbi Trust.  SunTrust may, but is not required to, establish any special or separate fund or segregate any assets for the payment of
benefits under this Plan. In the event SunTrust should establish a “rabbi” trust to assist in meeting 

  
 A-19 

	 	
SunTrust’s financial obligations under this Plan, the assets of such trust shall be subject to the claims of the general creditors of SunTrust in the event of SunTrust’s insolvency, as
defined in such trust agreement, and Participants in this Plan and their Beneficiaries shall have no preferred claim on, or any legal or equitable rights, claims or interest in any particular assets of such trust. To the extent payments of benefits
under this Plan are actually made from any such trust or from any other source, SunTrust’s obligation to make such payments is satisfied, but to the extent not so paid, payment of benefits under this Plan remains the obligation of, and shall be
paid by, SunTrust. 

  

	9.8	Right to Amend or Terminate Plan.  SunTrust expects to continue this Plan indefinitely, but reserves the right to amend or discontinue the Plan should it
deem such an amendment or discontinuance necessary or desirable. SunTrust hereby authorizes and empowers the Committee, as Plan Administrator, to amend this Plan in any manner that is consistent with the purpose of this Plan as set forth in this
document, without further approval of the Board, and to delegate authority to amend this Plan to one or more appropriate members of the Committee or officers of SunTrust, except as to any matter that the Committee determines may result in a material
increased cost to SunTrust or its Affiliates, in which case the consent of the Committee shall be required. No amendment or discontinuance of this Plan shall reduce the vested balances credited to any Participant’s Account (including applicable
sub-accounts) or Company Contribution Account, if applicable, as of the later of the date such amendment is adopted or the effective date of such amendment or discontinuance. 

 

	 	(a)	Distribution of Accounts.  If SunTrust terminates the Plan, distribution of balances in Accounts and Company Contribution Accounts shall be made to
Participants and Beneficiaries in the manner and at the time as provided in Article 7, unless SunTrust determines in its sole discretion that all such amounts shall be distributed upon termination of the Plan in accordance with the requirements
under Code section 409A. 

  

	 	(b)	Amendment Restrictions.  If there is a Change in Control, no amendment shall be made to this Plan thereafter which would adversely affect in any manner
whatsoever the benefits payable under this Plan to any Participant absent the express written consent of all Participants who might be adversely affected by such amendment. Any amendment, effective on or after a Change in Control, to merge this Plan
with or into another deferred compensation plan shall be deemed to adversely affect the benefits payable under this Plan. Notwithstanding the foregoing, on or after a Change in Control, SunTrust or the Committee may amend this Plan without
Participant consent to the extent such an amendment is required by law or is necessary or desirable to prevent adverse tax consequences to Participants or their Beneficiaries provided that SunTrust or the Committee obtains the written opinion of
outside counsel that such an amendment is required by law or is necessary or desirable to prevent adverse tax consequences to Participants or their Beneficiaries. 

 

	9.9	Taxes.  SunTrust or other payor may withhold from a benefit payment under the Plan or from a Participant’s wages in order to meet any federal, state,
or local tax withholding obligations with respect to Plan benefits. SunTrust or other payor may also accelerate and pay a portion of a Participant’s benefits in a lump sum equal to the Federal Insurance Contributions Act (“FICA”) tax
imposed and the income tax withholding related to such FICA amounts. SunTrust or other payor shall report Plan payments and other Plan-related information to the appropriate governmental agencies as required under applicable laws.

  
 A-20 

	9.10	Binding Effect.  This Plan shall be binding upon and inure to the benefit of any successor of SunTrust and any successor shall be deemed substituted for
SunTrust under this Plan and shall assume the rights, obligations and liabilities of SunTrust hereunder and be obligated to perform the terms and conditions of this Plan. As used in this Plan, the term “successor” shall include any person,
firm, corporation or other business entity or related group of such persons, firms, corporations or business entities which at any time, whether by merger, purchase, reorganization, liquidation or otherwise, or by means of a series of such
transactions, acquires all or substantially all of the assets or business of SunTrust. 

  

	9.11	Governing Law.  The Plan and all actions taken pursuant to the Plan shall be governed by the laws of the State of Georgia (excluding its
conflict-of-interest laws) except to the extent such laws are superseded by federal law. 

  

	9.12	Regulatory Requirements.  Regulatory agencies and federal laws and regulations may impose restrictions on SunTrust and its Affiliates with respect to the
payment of compensation and benefits to certain employees who may be Participants in this Plan. These restrictions may be in the form of absolute prohibitions or penalties, which may include tax penalties on SunTrust and its Affiliates or on certain
Participants. Notwithstanding any other provision of this Plan document, SunTrust may reduce, eliminate or delay the payment of a Participant’s benefits under this Plan or may take actions that subject such benefits to monetary or tax
penalties, as determined by SunTrust in its sole discretion to be required under federal laws or regulations applicable to SunTrust and its Affiliates. In such event, neither SunTrust nor its Affiliates shall have any liability for such reduction,
elimination, delay or penalty. Any delay in payment of a Participant’s benefits under this Plan will comply with Section 7.11. 

 Executed this 31st day of May, 2011. 
  

											
	Attest:	 	SUNTRUST BANKS, INC.	 	
						
	By:	 		 	  
	 	By:	 	  
	 	
		 		 		 		 	Donna D. Lange	 	
					
	Title:	 		 	  
	 		 	Title:                          
                                         
            

  
 A-21 

 SUNTRUST BANKS, INC. 

DEFERRED COMPENSATION PLAN 
 Amended and Restated Effective as of May 31, 2011 
 ADDENDUM A

 AMOUNTS DEFERRED UNDER 
 401(K) EXCESS PLAN 
 The following provisions in this Addendum A summarize
the distribution and certain other rules in effect during the stated periods under the SunTrust Banks, Inc. 401(k) Excess Plan, amended and restated effective as of January 1, 2009 (the “401(k) Excess Plan”). However, nothing in this
Addendum A shall change or alter the terms of the 401(k) Excess Plan in effect as of any date. All capitalized terms in this Addendum A shall be defined in accordance with the terms of the 401(k) Excess Plan as in effect immediately prior to the
plan merger with the SunTrust Banks, Inc. Deferred Compensation Plan (the “Prior Deferred Compensation Plan”) on December 31, 2009, and all Section references in this Addendum A shall refer to Sections in this Addendum A or the
Section of the 401(k) Excess Plan in effect as of a certain date. 
 Distribution of amounts deferred (and earnings thereon) under
the 401(k) Excess Plan that were earned and vested (within the meaning of Code section 409A) prior to 2005 and that are exempt from the requirements of Code section 409A (the “401(k) Excess Plan Grandfathered Amounts”) shall be made in
accordance with the terms of the 401(k) Excess Plan as in effect on October 3, 2004, and as summarized in Part A1 of this Addendum A. 
 Distribution of amounts deferred (and earnings thereon) under the 401(k) Excess Plan that were earned for services performed during the period from January 1, 2005 to December 31, 2009
(“401(k) Excess Plan 2005-2009 Amounts”) shall be made in accordance with the terms of the 401(k) Excess Plan as in effect immediately prior to the plan merger with the Prior Deferred Compensation Plan on December 31, 2009, and as
summarized in Part A2 of this Addendum A. 
 PART A1 
 401(K) EXCESS PLAN GRANDFATHERED AMOUNTS 
 Article 6 

Distributions 
  

	A1-6.1	Normal Form of Payment and Commencement.  Except as otherwise provided in this Section A1-6.1, when a Participant separates from service with the
Corporation and its Affiliates for any reason, he shall be paid his 401(k) Excess Plan benefit in a single lump-sum cash payment during the first quarter of the calendar year immediately following the year of his separation. The amount payable to
the Participant shall be equal to the balance of the Participant’s Account as of the Valuation Date immediately preceding the date of distribution, less withholding for applicable federal and state taxes. 

 

	A1-6.2	 Alternate Form of Payment Election.  A Participant may elect, in lieu of the lump-sum payment described in Section A1-6.1, to receive
payment of his total benefit under this 401(k) Excess Plan in five (5) substantially equal annual installments, payable in cash; provided that such election is effective, as set forth below, at least twelve (12) months before the scheduled
payment date following the Participant’s separation from service. The initial installment shall be paid during the first quarter of the calendar year immediately following the year of his separation. Each subsequent annual installment

  
 A-22 

	 	
shall be paid during the first quarter of each of the subsequent four calendar years. Each installment payment shall be determined based on the balance of the Participant’s Account as of the
Valuation Date immediately preceding the date of payment and shall be reduced by withholding for applicable federal and state taxes. A Participant’s election to receive installment payments of his 401(k) Excess Plan benefit pursuant to this
Section A1-6.2 shall be made in writing on such forms as may be provided by the Compensation Committee and shall not be effective until received and approved by the Compensation Committee. 

 

	A1-6.3	Death.  In the event of a Participant’s death, the Compensation Committee shall authorize payment to the Participant’s Beneficiary of any
benefits due hereunder but not paid to the Participant prior to his death. Payment shall be made at the same time as if the Participant had retired on the date of his death and in accordance with the Participant’s distribution election in
effect at his death. The Beneficiary may request a change in the form of payment by making a written request to the Compensation Committee prior to January 1 of the calendar year in which the benefit will be paid. The Compensation Committee has
sole discretion and authority to approve or deny the Beneficiary’s request, taking into account such factors as the Compensation Committee may deem appropriate. 

If a Participant dies after having received one or more installments but before all installment payments have been made, the remaining
annual installment payments shall be paid to his Beneficiary at the same time they would otherwise have been paid to the Participant. The Beneficiary may request an accelerated payment in the form of a lump-sum cash payment by making a written
request to the Compensation Committee prior to the January 1 of the calendar year in which the benefit will be paid. The Compensation Committee has sole discretion and authority to approve or deny the Beneficiary’s request. 

 

	A1-6.4	Disability.  A Participant shall be entitled to payment of his 401(k) Excess Plan benefit in the event of his Total Disability only if the conditions of
Subsections A1-6.4.1 and A1-6.4.2 are met. In such situation, payment of the Participant’s benefit shall commence pursuant to Sections A1-6.1 or A1-6.2 as if the Participant separated from service on the date all such conditions are met. A
Participant shall be considered to have a Total Disability only if: 

  

	 	A1-6.4.1	The Participant has incurred a “Total Disability” as such term is defined in the SunTrust Banks, Inc. Long-Term Disability Plan (or any successor plan), which
entitle the Participant to disability payments under such Plan; and 

  

	 	A1-6.4.2	The Compensation Committee determines, in its sole discretion, based upon medical evidence furnished by the Participant, that the disability is anticipated to be a
permanent disability. 

  

	A1-6.5	 Extreme Financial Hardship.  A Participant may request a distribution of all or part of his vested 401(k) Excess Plan benefit prior to
the date specified in Sections A1-6.1 through A1-6.4 due to an extreme financial hardship, by submitting a written request to the Compensation Committee with evidence satisfactory to the Compensation Committee to demonstrate the circumstances
constituting the extreme financial hardship. The Compensation Committee, in its sole discretion, shall determine whether an extreme financial hardship exists. An extreme financial hardship means an immediate, catastrophic financial need of the
Participant occasioned by (i) a tragic event, such as the death, total disability, serious injury or illness of a Participant or the Participant’s spouse, child or dependent; or (ii) an extreme financial reversal or other impending
catastrophic event which has resulted in, or will result in, harm to the 

  
 A-23 

	 	
Participant or the Participant’s spouse, child or dependent. A distribution for extreme financial hardship may not exceed the amount required to meet the hardship and may be made only if the
Compensation Committee finds the extreme financial hardship may not be alleviated from other resources reasonably available to the Participant, including without limitation, liquidation of investment assets or luxury assets, or loans from financial
institutions or other sources. The Compensation Committee shall have the authority to require the Participant to provide such evidence as the Committee deems necessary to determine whether distribution is warranted pursuant to this Section A1-6.5.
The Compensation Committee shall use uniform and nondiscriminatory standards in reviewing any requests for distributions to meet an extreme financial hardship. 

 

	 	A1-6.5.1	Form and Commencement.  A hardship distribution to a Participant pursuant to this Section A1-6.5 shall be made in a single lump-sum cash payment (less
withholding for applicable federal and state taxes) as soon as practicable after the Compensation Committee approves the hardship request. Amounts distributed for hardship shall be deemed to reduce pro rata the deemed investment in each Investment
Fund, including any Employer Stock, in the Participant’s Account. 

  

	 	A1-6.5.2	Accelerated Installment Payments.  A Participant who has commenced receiving installment payments pursuant to Section A1-6.2 may request acceleration of
such payments in the event of an extreme financial hardship. The Compensation Committee may permit accelerated payments to the extent such accelerated payment does not exceed the amount necessary to meet the extreme financial hardship.

  

	A1-6.6	Payment to Guardian, Legal Representative or Other.  If a benefit hereunder is payable to a minor or a person declared incompetent or to a person
incapable of handling the disposition of his property, the Compensation Committee may direct payment of such Plan benefit to the guardian, legal representative or person having the care and custody of such minor, incompetent or person. The
Compensation Committee may require proof of incompetency, minority, incapacity or guardianship as it may deem appropriate prior to distribution of the benefit. A payment pursuant to this Section A1-6.6 shall completely discharge the Compensation
Committee and the Corporation from all liability with respect to such benefit. 

 Article 9 

Miscellaneous 
  

	A1-9.8	Right to Amend or Terminate Plan.  The Corporation expects to continue this 401(k) Excess Plan indefinitely, but reserves the right to amend or
discontinue the 401(k) Excess Plan should it deem such an amendment or discontinuance necessary or desirable, subject to the restrictions on amendments after a Change in Control. The Corporation hereby authorizes and empowers the Compensation
Committee to amend this 401(k) Excess Plan in any manner that is consistent with the purpose of this 401(k) Excess Plan as set forth above, without further approval from the Board except as to any matter that the Compensation Committee determines
may result in a material increased cost to the Corporation. However, if the Corporation or Compensation Committee should amend or discontinue this 401(k) Excess Plan, the Corporation shall be liable for any contributions and earnings thereon that
have accrued and are vested as of the date of such action. 

 PART A2 

401(K) EXCESS PLAN 2005-2009 AMOUNTS 
 Article 5 

  
 A-24 

 Vesting 
  

	A2-5.1	Generally.  Except as provided in Section 4.3 with respect to excess matching contributions which are deemed a forfeiture and in Section A2-5.2, a
Participant’s interest in his benefit under the 401(k) Excess Plan is one hundred percent (100%) vested and nonforfeitable at all times. 

  

	A2-5.2	Exception.  A Participant and his Beneficiary shall completely forfeit that portion of his benefit under the 401(k) Excess Plan attributable to Employer
matching contributions pursuant to Sections 4.3 and 4.6 (whenever allocated) if the Participant is terminated for Cause by the Corporation or an Affiliate. Forfeiture under this Section A2-5.2 shall be in addition to any other remedies which may be
available to the Corporation or an Affiliate at law or in equity. This Section A2-5.2 shall not apply to any Participant to whom Article 7 applies or to any ANEX Plan Frozen Balance. 

Article 6 

Distributions 
  

	A2-6.1	Normal Form of Payment and Commencement.  Except as otherwise provided in this Article 6, when a Participant Separates from Service with the Corporation
and its Affiliates for any reason, he shall be paid his 401(k) Excess Plan benefit in a single lump-sum cash payment during the first quarter of the calendar year immediately following the year of his Separation from Service. The amount payable to
the Participant shall be equal to the balance of the Participant’s Account as of the Valuation Date immediately preceding the date of distribution, less any required withholding for applicable federal and state income taxes and employment taxes
in accordance with Section 9.9. 

  

	A2-6.2	Alternate Form of Payment Election.  A Participant who does not wish to have his benefit under this 401(k) Excess Plan paid in a lump sum pursuant to
Section A2-6.1 may elect on a Deferral Election Form to have the portion of his Account related to amounts deferred pursuant to the Deferral Election Form (and earnings thereon) distributed in five (5) annual installments, with the first
payment commencing in the first quarter of the calendar year immediately following the year in which the Participant’s Separation from Service occurs. Each subsequent annual installment shall be paid during the first quarter of each of the
subsequent four (4) calendar years. 

  

	 	A2-6.2.1	Procedure for Installment Election.  A Participant’s election to receive installment payments of the portion of his Account described above in
Section A2-6.2 shall be made on such forms, written or electronic, as may be provided by the Compensation Committee and shall not be effective until received and approved by the Compensation Committee by the relevant Election Date in accordance with
Section 2.1. Each installment payment shall be determined based on the vested balance of such portion of the Participant’s Account as of the Valuation Date immediately preceding the date of payment. 

 

	 	A2-6.2.2	Cash-Out.  Notwithstanding any elections by a Participant, effective on and after January 1, 2009, if the sum of a Participant’s vested Account
balance under this 401(k) Excess Plan and any other account balance plan, as described in Treas. Reg. § 1.409A-1(c)(2)(i), is less than the applicable dollar amount under Code section 402(g)(1)(B) at the time of payment, the full vested Account
balance shall be distributed in a lump sum payment during the first quarter of the calendar year immediately following the year in which his Separation from Service occurs, subject to the delay for Key Employee as set forth in Section A2-6.3.

  
 A-25 

	A2-6.3	Key Employee Delay.  Notwithstanding anything herein to the contrary, distributions may not be made to a Key Employee upon a Separation from Service
before the date which is six (6) months after the date of the Key Employee’s Separation from Service (or, if earlier, the date of death of the Key Employee). Any payments that would otherwise be made during this period of delay shall be
accumulated and paid in the seventh month following the Participant’s Separation from Service. 

  

	A2-6.4	Subsequent Deferral Election.  A Participant may make one or more subsequent elections to change the time or form of a distribution for a deferred amount
in accordance with the procedures and distribution rules established by the Compensation Committee, but any change in the election shall be effective only if the following conditions are satisfied: 

 

	 	A2-6.4.1	The new election may not take effect until at least twelve (12) months after the date on which the new election is made; 

 

	 	A2-6.4.2	In the case of an election to change the time or form of a distribution under Section A2-6.1 (lump sum payment after Separation from Service) or A2-6.2 (installments after
Separation from Service), a distribution may not be made earlier than at least five (5) years from the date the distribution would have otherwise been made; and 

 

	 	A2-6.4.3	The new election must be made at least twelve (12) months before the date the distribution is scheduled to be paid. 

 

	A2-6.5	Payment of Death Benefit.  Notwithstanding any elections by the Participant or provisions of the 401(k) Excess Plan to the contrary, if a Participant dies
at any time (including after his Separation from Service), the Compensation Committee shall authorize payment to the Participant’s Beneficiary of any vested benefits due under the 401(k) Excess Plan but not paid to the Participant prior to his
death. Payment of the Participant’s vested Account balance shall be distributed to the Beneficiary in a lump sum payment in the first quarter of the calendar year immediately following the year of the Participant’s death (provided that any
payment that would occur before such calendar quarter shall be paid as scheduled). 

  

	A2-6.6	Disability.  Notwithstanding any elections by a Participant or provisions of the 401(k) Excess Plan to the contrary, if a Participant becomes Disabled at
any time, then his vested Account balance will be distributed to the Participant in a lump sum payment in the first quarter of the calendar year immediately following the year in which the Participant becomes Disabled (provided that any payment that
would occur before such calendar quarter shall be paid as scheduled). 

  

	A2-6.7	Withdrawals for Unforeseeable Emergency.  A Participant may withdraw all or any portion of his vested Account balance for an Unforeseeable Emergency. The
amounts distributed with respect to an Unforeseeable Emergency may not exceed the amounts necessary to satisfy such Unforeseeable Emergency plus amounts necessary to pay taxes reasonably anticipated as a result of the distribution, after taking into
account the extent to which such hardship is or may be relieved through reimbursement or compensation by insurance or otherwise or by liquidation of the Participant’s assets (to the extent the liquidation of such assets would not itself cause
severe financial hardship) or by cessation of deferrals under this 401(k) Excess Plan. 

  

	 	A2-6.7.1	 Definition.  “Unforeseeable Emergency” means, for this purpose, a severe financial hardship to a Participant resulting from an
illness or accident of the Participant, the Participant’s spouse, or a dependent (as defined in Code section 152(a)) of the Participant, loss of the Participant’s property due to casualty, or other similar extraordinary and unforeseeable
circumstances arising as a result of events beyond the control of the 

  
 A-26 

	 	
Participant. 

  

	 	A2-6.7.2	Participant Evidence.  The Compensation Committee shall have the authority to require the Participant to provide such evidence as it deems necessary to
determine whether distribution is warranted pursuant to this Section A2-6.7. The Compensation Committee shall use uniform and nondiscriminatory standards in reviewing any requests for distributions to meet an Unforeseeable Emergency. Amounts
distributed under this Section A2-6.7 shall be deemed to reduce pro rata the deemed investment in each Investment Fund in the Participant’s Account. 

  

	 	A2-6.7.3	Accelerated Payments.  A Participant who has commenced receiving installment payments pursuant to Section A2-6.2 shall receive an accelerated payment of
such installments under this Section A2-6.7.3 to the extent such accelerated payment does not exceed the amount necessary to meet the Unforeseeable Emergency. 

 

	A2-6.8	Special One-Time Election.  Notwithstanding any prior elections or 401(k) Excess Plan provisions to the contrary, a Participant who was an employee of the
Corporation and its Affiliates (including on a paid leave of absence) may have made an election to receive all or a specified portion of his or her Account pursuant to Section A2-6.1 and A2-6.2. Any such election must have become irrevocable on or
before December 31, 2008 and must have been made in accordance with the procedures and distribution rules established by the Compensation Committee and the transition rules under Code section 409A. 

 

	A2-6.9	Pre-2005 Deferrals.  Notwithstanding the foregoing, Part A1 of this Addendum A governs the distribution of amounts that were earned and vested (within the
meaning of Code section 409A and regulations thereunder) under the 401(k) Excess Plan prior to 2005 (and earnings thereon) and are exempt from the requirements of Code section 409A. 

 

	A2-6.10	Effect of Taxation.  If a portion of the Participant’s Account balance is includible in income under Code section 409A, such portion shall be
distributed immediately to the Participant. 

  

	A2-6.11	Permitted Delays.  Notwithstanding the foregoing, any payment to a Participant under the 401(k) Excess Plan shall be delayed upon the Compensation
Committee’s reasonable anticipation that the making of the payment would violate Federal securities laws or other applicable law; provided that any payment delayed pursuant to this Section A2-6.11 shall be paid in accordance with Code section
409A on the earliest date on which the Corporation reasonably anticipates that the making of the payment will not cause a violation of Federal securities laws or other applicable law. 

Article 7 
 Change in
Control 
  

	A2-7.1	Purpose.  The purpose of this Article 7 is to provide protection for the benefits payable under this 401(k) Excess Plan to a Participant who is affected
by a Change in Control (as defined below). 

  

	A2-7.2	Definitions.  The following terms shall have the meanings set forth opposite such terms for purposes of this Article 7. 

 

	 	A2-7.2.1	Affiliate means as of any date any organization which is a member of a controlled group of corporations (within the meaning of Code section 414(b)) which includes
the Corporation or a controlled group of trades or businesses (within the meaning of Code section 414(c)) which includes the Corporation. 

  
 A-27 

	 	A2-7.2.2	Change in Control means a “change in control” of the Corporation of a nature that would be required to be reported in response to Item 6(e) of
Schedule 14A of Regulation 14A promulgated under the Securities Exchange Act of 1934 as amended and in effect at the time of such “change in control” (the “Exchange Act”), provided that such a change in control shall be deemed to
have occurred at such time as (i) any “person” (as that term is used in Sections 13(d) and 14(d)(2) of the Exchange Act), is or becomes the beneficial owner (as defined in Rule 13d-3 under the Exchange Act) directly or indirectly, of
securities representing 20% or more of the combined voting power for election of directors of the then outstanding securities of the Corporation or any successor of the Corporation; (ii) during any period of two (2) consecutive years or
less, individuals who at the beginning of such period constitute the Board cease, for any reason, to constitute a majority of the Board, unless the election or nomination for election of each new director was approved by a vote of at least
two-thirds of the directors then still in office who were directors at the beginning of the period; (iii) there is a consummation of any reorganization, merger, consolidation or share exchange as a result of which the common stock of the
Corporation shall be changed, converted or exchanged into or for securities of another corporation (other than a merger with a wholly-owned subsidiary of the Corporation) or any dissolution or liquidation of the Corporation or any sale or the
disposition of 50% or more of the assets or business of the Corporation; or (iv) there is a consummation of any reorganization, merger, consolidation or share exchange unless (A) the persons who were the beneficial owners of the
outstanding shares of the common stock of the Corporation immediately before the consummation of such transaction beneficially own more than 65% of the outstanding shares of the common stock of the successor or survivor corporation in such
transaction immediately following the consummation of such transaction and (B) the number of shares of the common stock of such successor or survivor corporation beneficially owned by the persons described in Section A2-7.2.2(iv)(A) immediately
following the consummation of such transaction is beneficially owned by each such person in substantially the same proportion that each such person had beneficially owned shares of the Corporation’s common stock immediately before the
consummation of such transaction, provided (C) the percentage described in Section A2-7.2.2(iv)(A) of the beneficially owned shares of the successor or survivor corporation and the number described in Section A2-7.2.2(iv)(B) of the beneficially
owned shares of the successor or survivor corporation shall be determined exclusively by reference to the shares of the successor or survivor corporation which result from the beneficial ownership of shares of common stock of the Corporation by the
persons described in Section A2-7.2.2(iv)(A) immediately before the consummation of such transaction. 

  

	A2-7.3	 Amendment Restrictions.  If there is a Change in Control, no amendment shall be made to this 401(k) Excess Plan thereafter which would
adversely affect in any manner whatsoever the benefit payable under this 401(k) Excess Plan to any Participant absent the express written consent of all Participants who might be adversely affected by such amendment if this Article 7 were, or could
become, applicable to such Participants, and the Corporation intends that each Participant rely on the protections which the Corporation intends to provide through this Article 7. Notwithstanding the foregoing, the Corporation may amend this 401(k)
Excess Plan without Participant consent to the extent such an amendment is required by law or is necessary or desirable to prevent adverse tax consequences to Participants or their Beneficiaries provided that the Corporation obtains the written
opinion of outside counsel that such an amendment is required by law or is necessary or desirable to prevent adverse tax consequences to 

  
 A-28 

	 	
Participants or their Beneficiaries. 

 Article 9 

Miscellaneous 
  

	A2-9.8	Right to Amend or Terminate Plan.  The Corporation expects to continue this 401(k) Excess Plan indefinitely, but reserves the right to amend or
discontinue the 401(k) Excess Plan should it deem such an amendment or discontinuance necessary or desirable. The Corporation hereby authorizes and empowers the Compensation Committee appointed to administer this 401(k) Excess Plan to amend this
401(k) Excess Plan in any manner that is consistent with the purpose of this 401(k) Excess Plan as set forth above, without further approval from the Board or the Compensation Committee except as to any matter that the Compensation Committee
determines may result in a material increased cost to the Corporation or its Affiliates. However, if the Corporation or Compensation Committee should amend or discontinue this 401(k) Excess Plan, the Corporation shall be liable for payment of any
amounts deferred under this 401(k) Excess Plan and earnings thereon that have accrued and are vested as of the date of such action. 

  

	 	A2-9.8.1	Distribution of Accounts.  If the Corporation terminates the 401(k) Excess Plan, distribution of balances in Accounts shall be made to Participants and
Beneficiaries in the manner and at the time as provided in Article 6, unless the Corporation determines in its sole discretion that all such amounts shall be distributed upon termination in accordance with the requirements under Code section 409A.

  

	 	A2-9.8.2	409A Requirements.  Notwithstanding the foregoing, no amendment of the 401(k) Excess Plan shall apply to amounts that were earned and vested (within the
meaning of Code section 409A and regulations thereunder) under the 401(k) Excess Plan prior to 2005, unless the amendment specifically provides that it applies to such amounts. The purpose of this restriction is to prevent an 401(k) Excess Plan
amendment from resulting in an inadvertent “material modification” to amounts that are “grandfathered” and exempt from the requirements of Code section 409A. 

  
 A-29 

 SUNTRUST BANKS, INC. 

DEFERRED COMPENSATION PLAN 
 Amended and Restated Effective as of May 31, 2011 
 ADDENDUM B

 AMOUNTS DEFERRED UNDER 
 THE PRIOR DEFERRED COMPENSATION PLAN 
 The following provisions in this
Addendum B summarize the distribution and certain other rules in effect during the stated periods under the SunTrust Banks, Inc. Deferred Compensation Plan, amended and restated effective January 1, 2009 (the “Prior Deferred Compensation
Plan”). However, nothing in this Addendum B shall change or alter the terms of the Prior Deferred Compensation Plan in effect as of any date. All capitalized terms in this Addendum B shall be defined in accordance with the terms of the Prior
Deferred Compensation Plan as in effect immediately prior to the plan merger with the SunTrust Banks, Inc. 401(k) Excess Plan (the “401(k) Excess Plan”) on December 31, 2009, and all Section references in this Addendum B shall refer
to Sections in this Addendum B or the Section of the Prior Deferred Compensation Plan in effect as of a certain date. 

Distribution of amounts deferred (and earnings thereon) under the Prior Deferred Compensation Plan that were earned and vested (within the
meaning of Code section 409A) prior to 2005 and that are exempt from the requirements of Code section 409A (the “Prior Deferred Compensation Plan Grandfathered Amounts”) shall be made in accordance with the terms of the Prior Deferred
Compensation Plan as in effect on October 3, 2004, and as summarized in Part B1 of this Addendum B. 
 Distribution of amounts
deferred (and earnings thereon) under the Prior Deferred Compensation Plan that were earned for services performed during the period from January 1, 2005 to December 31, 2009 or that were earned for services prior to 2005 and vested after
2004 (the “Prior Deferred Compensation Plan 2005-2009 Amounts”) shall be made in accordance with the terms of the Prior Deferred Compensation Plan as in effect immediately prior to the plan merger with the 401(k) Excess Plan on
December 31, 2009, and as summarized in Part B2 of this Addendum B. 
 PART B1 

PRIOR DEFERRED COMPENSATION PLAN GRANDFATHERED AMOUNTS 
 Article 6 
 Distributions 

 

	B1-6.1.	Normal Form of Payment and Commencement.  Except as otherwise provided in this Section B1-6.1, when the Participant separates from service with SunTrust
and its Affiliates for any reason, he shall be paid his vested benefit under this Plan in a single lump sum cash payment during the first quarter of the calendar year immediately following the year of his separation. The amount payable to the
Participant shall be equal to the vested balance of the Participant’s Account as of the Valuation Date immediately preceding the date of distribution, less withholding for applicable federal and state taxes. 

 

	B1-6.2	 Alternate Form of Payment Election.  A Participant may elect, in lieu of the lump-sum payment described in Section B1-6.1, to receive
payment of his total vested benefit under 

  
 B-1 

	 	
this Plan in five (5) substantially equal annual installments, payable in cash; provided that such election is effective, as set forth below, at least twelve (12) months before the
scheduled payment date following the Participant’s separation from service. The initial installment shall be paid during the first quarter of the calendar year immediately following the year of his separation. Each subsequent annual installment
shall be paid during the first quarter of each of the subsequent four (4) calendar years. Each installment payment shall be determined based on the balance of the Participant’s Account as of the Valuation Date immediately preceding the
date of payment and shall be reduced by withholding for applicable federal and state taxes. A Participant’s election to receive installment payments of his Plan benefit pursuant to this Section B1-6.2 shall be made in writing on such forms as
may be provided by the Committee and shall not be effective until received and approved by the Committee. 

  

	B1-6.3	In-Service Distribution Election without Reduction.  A Participant may file an election with the Committee for a future in-service distribution of his
deferred Award(s) for each Plan Year without incurring a penalty, provided the election is made no less than four (4) years and no more than fifteen (15) years prior to the Designated Distribution Date. A Participant’s election for an
in-service distribution pursuant to this Section B1-6.3 shall be a part of his Deferral Election Form and shall be filed with the Committee on or before the Election Date for the applicable Plan Year. 

A Participant’s Award to which an in-service distribution election applies pursuant to this Section B1-6.3 shall be maintained as a
sub-account of the Participant’s Account unless all of the Participant’s Awards deferred pursuant to this Plan are subject to an in-service distribution election with the same Designated Distribution Date. Awards deferred and not subject
to an in-service distribution election are distributed pursuant to Section B1-6.1 or B1-6.2. 
  

	 	B1-6.3.1	Form and Commencement.  An in-service distribution shall be paid in a single lump-sum cash payment during the first quarter of the calendar year in which
the Designated Distribution Date occurs, based on the value of the Participant’s vested sub-account which is to be distributed in that year, as of the Valuation Date immediately preceding the date of such distribution. The amount of an
in-service distribution shall be reduced by applicable withholding for federal and state taxes. 

  

	 	B1-6.3.2	Revoking In-Service Distribution Election.  A Participant may revoke an election for an in-service distribution by filing a written revocation with the
Committee at least one (1) year prior to the Designated Distribution Date. Upon such revocation, the provisions of Section B1-6.1 shall apply, unless the Participant makes a valid installment election payment pursuant to Section B1-6.2.

  

	 	B1-6.3.3	Effect of Termination or Death.  If a Participant should die or otherwise separate from service with SunTrust and its Affiliates before his Designated
Distribution Date(s), any and all outstanding in-service distribution elections shall be automatically revoked, and any portion of his Account subject to an in-service distribution election pursuant to this Section B1-6.3 shall be paid in accordance
with Section B1-6.1 or B1-6.2. 

  

	B1-6.4	 Death.  In the event of a Participant’s death, the Committee shall authorize payment to the Participant’s Beneficiary of any
vested benefits due hereunder but not paid to the Participant prior to his death. Payment shall be made at the same time as if the Participant had retired on the date of his death and shall be made in accordance with Section B1-6.1, or if the
Participant has a valid installment election in effect at his death, then in accordance with Section B1-6.2. The Beneficiary may request a change to the 

  
 B-2 

	 	
form of payment by making a written request to the Committee prior to the January 1 of the calendar year in which the benefit will be paid. The Committee has sole discretion and authority to
approve or deny the Beneficiary’s request, taking into account such factors as the Committee may deem appropriate. 

 If a Participant dies after having received one or more installment payments but before all installment payments have been made, the remaining annual installment payments shall be paid to his Beneficiary at
the same time they would otherwise have been paid to the Participant. The Beneficiary may request an accelerated payment in the form of a lump-sum cash payment by making a written request to the Committee prior to the January 1 of the calendar
year in which the benefit will be paid. The Committee has sole discretion and authority to approve or deny the Beneficiary’s request. 
  

	B1-6.5	Disability.  A Participant shall be entitled to payment of his Plan benefit in the event of his Total Disability only if the conditions of Sections
B1-6.5.1 and B1-6.5.2 are met. In such situation, payment of the Participant’s benefit shall commence pursuant to Section B1-6.1 or B1-6.2 as if the Participant separated from service on the date all such conditions are met. A Participant shall
be considered to have a Total Disability only if: 

  

	 	B1-6.5.1	The Participant has incurred a “Total Disability” as such term is defined in SunTrust Banks, Inc. Long-Term Disability Plan (or any successor plan), which
entitles the Participant to disability payments under such plan; and 

  

	 	B1-6.5.2	The Committee determines, in its sole discretion, based upon medical evidence furnished by the Participant, that the disability is anticipated to be a permanent
disability. 

  

	B1-6.6	Extreme Financial Hardship.  A Participant may request a distribution of all or part of his vested Plan benefit prior to the date specified in Sections
B1-6.1, B1-6.2, B1-6.3, and B1-6.5 due to an extreme financial hardship, by submitting a written request to the Committee with evidence satisfactory to the Committee to demonstrate the circumstances constituting the extreme financial hardship.
The Committee, in its sole discretion, shall determine whether an extreme financial hardship exists. An extreme financial hardship means an immediate, catastrophic financial need of the Participant occasioned by (i) a tragic event, such as
the death, total disability, serious injury or illness of a Participant or the Participant’s spouse, child or dependent; or (ii) an extreme financial reversal or other impending catastrophic event which has resulted in, or will result in,
harm to the Participant or the Participant’s spouse, child or dependent. A distribution for extreme financial hardship may not exceed the amount required to meet the hardship and may be made only if the Committee finds the extreme financial
hardship may not be alleviated from other resources reasonably available to the Participant, including without limitation, liquidation of investment assets or luxury assets, or loans from financial institutions or other sources. The Committee shall
have the authority to require the Participant to provide such evidence as the Committee deems necessary to determine whether distribution is warranted pursuant to this Section B1-6.6. The Committee shall use uniform and nondiscriminatory standards
in reviewing any requests for distributions to meet an extreme financial hardship. 

  

	 	B1-6.6.1	Form and Commencement.  A hardship distribution to a Participant pursuant to this Section B1-6.6 shall be made in a single lump-sum cash payment (less
withholding for applicable federal and state taxes) as soon as practicable after the Committee approves the hardship request. Amounts distributed for hardship shall be deemed to reduce pro rata the deemed investment in each Investment Fund in the
Participant’s Account. 

  

	 	B1-6.6.2	 Accelerated Installment Payments.  A Participant who has commenced

  
 B-3 

	 	
receiving installment payments pursuant to Section B1-6.2 may request acceleration of such payments in the event of an extreme financial hardship. The Committee may permit accelerated payments to
the extent such accelerated payment does not exceed the amount necessary to meet the extreme financial hardship. 

  

	B1-6.7	Early Withdrawal Election with 10% Reduction.  A Participant may file a written election with the Committee to receive an early withdrawal of any vested
portion of his Account, provided, however, that such early withdrawal payment shall be subject to a 10% forfeiture, which shall reduce the balance of the Participant’s Account. An early withdrawal payment shall be made in a single lump-sum cash
payment (less applicable withholding for federal and state taxes) as soon as practicable after the Committee receives and approves a written request for early withdrawal. Amounts withdrawn under this Section B1-6.7 shall be deemed to reduce pro rata
the deemed investment in each Investment Fund in the Participant’s Account. A Participant who receives an early withdrawal may not make an election under Section 3.2 of the Plan to defer his Award(s) for a one (1) year period
beginning on the first date at which the application of such cancellation would not violate Code section 409A. 

  

	B1-6.8	Payment to Guardian, Legal Representative or Other.  If a benefit hereunder is payable to a minor or a person declared incompetent or to a person
incapable of handling the disposition of his property, the Committee may direct payment of such Plan benefit to the guardian, legal representative or person having the care and custody of such minor, incompetent or person. The Committee may require
proof of incompetency, minority, incapacity or guardianship as it may deem appropriate prior to distribution of the Plan benefit. A payment pursuant to this Section B1-6.8 shall completely discharge the Committee and SunTrust from all liability with
respect to such benefit. 

 Article 8 
 Miscellaneous 
  

	B1-8.7	Right to Amend or Terminate Plan.  The amendment or termination of the Plan with respect to the Grandfathered Amounts shall be made in accordance with the
Plan terms as in effect on October 3, 2004 and as summarized in this Section B1-8.7. SunTrust expects to continue this Plan indefinitely, but reserves the right to amend or discontinue the Plan should it deem such an amendment or discontinuance
necessary or desirable. SunTrust hereby authorizes and empowers the Committee to amend this Plan in any manner that is consistent with the purpose of this Plan as set forth above, without further approval from the Board except as to any matter that
the Committee determines may result in a material increased cost to SunTrust. However, if SunTrust or Committee should amend or discontinue this Plan, SunTrust shall be liable for payment of any Awards deferred under this Plan and earnings thereon
that have accrued and are vested as of the date of such action. 

 PART B2 

PRIOR DEFERRED COMPENSATION PLAN 2005-2009 AMOUNTS 
 Article 6 
 Vesting 

 

	B2-6.1	Generally.  Except as provided in Section B2-6.2, a Participant’s interest in his benefit under this Plan is one hundred percent
(100%) vested and nonforfeitable at all times. 

  

	B2-6.2	 Exception.  If a Participant’s Account has been credited with an amount that is subject to

  
 B-4 

	 	
a vesting period (as defined in the Eligible Plan), and the Participant terminates employment with SunTrust and its Affiliates for any reason prior to meeting the vesting requirements for such
amount, then that portion of the amount that is not vested, and the earnings on such nonvested portion shall be forfeited and deducted from the Participant’s Account. Notwithstanding the foregoing: (1) an Eligible Plan may provide that the
nonvested portion of a Participant’s Account shall not be forfeited if the Participant is terminated without Cause within three (3) years following a Change in Control, and, in such case, the provisions of Section B2-6.3 of this Plan shall
control unless the Eligible Plan provides otherwise; and (2) upon a Participant’s death, Disability, Retirement or involuntary termination of employment resulting in the Participant’s eligibility to receive benefits under SunTrust
Banks, Inc. Severance Pay Plan (disregarding for purposes of determining eligibility, the Participant’s eligibility to receive severance benefits under another severance plan or individual agreement maintained by SunTrust or an Affiliate), the
Participant’s nonvested Account balance shall fully vest as of the date that forfeiture would otherwise occur. The second clause of the preceding sentence shall apply to any Mandatory Deferral credited under the Plan after June 30, 2007,
unless the Eligible Plan in connection with such Mandatory Deferral specifically provides one or all of the events described in the second clause shall not result in full vesting. 

 

	B2-6.3	Change in Control.  Unless an Eligible Plan provides for some other treatment, if a Participant’s employment with SunTrust or any Affiliate or their
successors is terminated without Cause within three (3) years of a Change in Control, any portion of the Participant’s Account that was nonvested at the Change in Control and has not yet vested shall become fully vested immediately prior
to the effective time of the Participant’s termination of employment. A Participant’s voluntary termination of employment, including a Participant’s Retirement or voluntary resignation, is not considered termination for Cause for
purposes of vesting under this Section B2-6.3. 

 Article 7 

Distributions 
  

	B2-7.1	Normal Form of Payment and Commencement.  Except as otherwise provided in this Article 7, when a Participant Separates from Service for any reason,
he shall be paid his vested benefit under this Plan in a single lump sum cash payment during the first quarter of the calendar year immediately following the year in which his Separation from Service occurs. The amount payable to the Participant
shall be equal to the vested balance of the Participant’s Account as of the Valuation Date immediately preceding the date of distribution. 

  

	B2-7.2	Alternate Form of Payment Election.  A Participant who does not wish to have his benefit under this Plan paid in a lump sum pursuant to Section B2-7.1 may
elect on a Deferral Election Form to have the portion of his Account related to amounts deferred pursuant to the Deferral Election Form (and earnings thereon) distributed in five (5) annual installments, with the first payment commencing in the
first quarter of the calendar year immediately following the year in which the Participant’s Separation from Service occurs. Each subsequent annual installment shall be paid during the first quarter of each of the subsequent four
(4) calendar years. 

  

	 	B2-7.2.1	 Procedure for Installment Election.  A Participant’s election to receive installment payments of the portion of his Account
described above in Section B2-7.2 shall be made on such forms, written or electronic, as may be provided by the Committee and shall not be effective until received and approved by the Committee by the relevant Election Date in accordance with
Section 3.2. Each installment payment shall be determined based on the vested balance of such portion of the Participant’s Account as of the Valuation Date immediately

  
 B-5 

	 	
preceding the date of payment. 

  

	 	B2-7.2.1	Cash-Out.  Notwithstanding any elections by a Participant, effective on and after January 1, 2009, if the sum of a Participant’s vested Account
balance under this Plan and any other account balance plan, as described in Treas. Reg. § 1.409A-1(c)(2)(i), is less than the applicable dollar amount under Code section 402(g)(1)(B) at the time of payment, the full vested Account balance
shall be distributed in a lump sum payment during the first quarter of the calendar year immediately following the year in which his Separation from Service occurs, subject to the delay for Key Employee as set forth in Section B2-7.3.

  

	B2-7.3	Key Employee Delay.  Notwithstanding anything herein to the contrary, distributions may not be made to a Key Employee upon a Separation from Service
before the date which is six (6) months after the date of the Key Employee’s Separation from Service (or, if earlier, the date of death of the Key Employee). Any payments that would otherwise be made during this period of delay shall be
accumulated and paid in the seventh month following the Participant’s Separation from Service. 

  

	B2-7.4	In-Service Distribution Election.  Unless the Committee announces otherwise for a Plan Year, a Participant may elect on a Deferral Election Form to have
the portion of his Account related to amounts deferred under such Deferral Election Form (and earnings thereon) paid to the Participant as of a Specified Date. The deferred amount subject to this election will be paid in a lump sum on the Designated
Distribution Date, based on the value of the Participant’s vested sub-account which is to be distributed, as of the Valuation Date immediately preceding the date of such distribution. 

 

	 	B2-7.4.1	Filing with Committee.  A Participant’s election for an in-service distribution pursuant to this Section B2-7.4 shall be a part of his Deferral
Election Form and shall be filed with the Committee on or before the Election Date for the applicable Plan Year in accordance with Section 3.2. If a Participant should Separate from Service with SunTrust and its Affiliates before his Designated
Distribution Date(s), any portion of his Account subject to an in-service distribution election pursuant to this Section B2-7.4 shall be paid in accordance with Sections B2-7.1 and B2-7.3. 

 

	 	B2-7.4.2	Sub-Account.  The portion of a Participant’s Account to which an in-service distribution election applies pursuant to this Section B2-7.4 shall be
maintained as a sub-account of the Participant’s Account unless all of the amounts deferred pursuant to this Plan are subject to an in-service distribution election with the same Designated Distribution Date. Amounts deferred and not subject to
an in-service distribution election shall be distributed pursuant to Section B2-7.1 or B2-7.2. 

  

	B2-7.5	Subsequent Deferral Election.  A Participant may make one or more subsequent elections to change the time or form of a distribution for a deferred amount
in accordance with the procedures and distribution rules established by the Committee, but any change in the election shall be effective only if the following conditions are satisfied: 

 

	 	B2-7.5.1	The new election may not take effect until at least twelve (12) months after the date on which the new election is made; 

 

	 	B2-7.5.2	 In the case of an election to change the time or form of a distribution under Section B2-7.1 (lump sum payment after Separation from Service), B2-7.2
(installments after Separation from Service), or B2-7.4 (in-service 

  
 B-6 

	 	
distribution), a distribution may not be made earlier than at least five (5) years from the date the distribution would have otherwise been made; and 

 

	 	B2-7.5.3	In the case of an election to change the time or form of an in-service distribution under Section B2-7.4, the election must be made at least twelve (12) months before
the date the distribution is scheduled to be paid. 

  

	B2-7.6	Payment of Death Benefit.  Notwithstanding any elections by the Participant or provisions of the Plan to the contrary, if a Participant dies at any time
(including after his Separation from Service), the Committee shall authorize payment to the Participant’s Beneficiary of any vested benefits due under the Plan but not paid to the Participant prior to his death. Payment of the
Participant’s vested Account balance shall be distributed to the Beneficiary in a lump sum payment in the first quarter of the calendar year immediately following the year of the Participant’s death (provided that any payment that would
occur before such calendar quarter shall be paid as scheduled). 

  

	B2-7.7	Disability.  Notwithstanding any elections by a Participant or provisions of the Plan to the contrary, if a Participant becomes Disabled at any time, then
his vested Account balance will be distributed to the Participant in a lump sum payment in the first quarter of the calendar year immediately following the year in which the Participant becomes Disabled (provided that any payment that would occur
before such calendar quarter shall be paid as scheduled). 

  

	B2-7.8	Withdrawals for Unforeseeable Emergency.  A Participant may withdraw all or any portion of his vested Account balance for an Unforeseeable Emergency. The
amounts distributed with respect to an Unforeseeable Emergency may not exceed the amounts necessary to satisfy such Unforeseeable Emergency plus amounts necessary to pay taxes reasonably anticipated as a result of the distribution, after taking into
account the extent to which such hardship is or may be relieved through reimbursement or compensation by insurance or otherwise or by liquidation of the Participant’s assets (to the extent the liquidation of such assets would not itself cause
severe financial hardship) or by cessation of deferrals under this Plan. 

  

	 	B2-7.8.1	Definition.  “Unforeseeable Emergency” means, for this purpose, a severe financial hardship to a Participant resulting from an illness or
accident of the Participant, the Participant’s spouse, or a dependent (as defined in Code section 152(a)) of the Participant, loss of the Participant’s property due to casualty, or other similar extraordinary and unforeseeable
circumstances arising as a result of events beyond the control of the Participant. 

  

	 	B2-7.8.2	Participant Evidence.  The Committee shall have the authority to require the Participant to provide such evidence as it deems necessary to determine
whether distribution is warranted pursuant to this Section B2-7.8. The Committee shall use uniform and nondiscriminatory standards in reviewing any requests for distributions to meet an Unforeseeable Emergency. Amounts distributed under this Section
B2-7.8 shall be deemed to reduce pro rata the deemed investment in each Investment Fund in the Participant’s Account. 

  

	 	B2-7.8.3	Accelerated Payments.  A Participant who has commenced receiving installment payments pursuant to Section B2-7.2 shall receive an accelerated payment of
such installments under this Section B2-7.8.3 to the extent such accelerated payment does not exceed the amount necessary to meet the Unforeseeable Emergency. 

 

	B2-7.9	 Distribution of Mandatory Deferrals.  Unless otherwise elected by a Participant in

  
 B-7 

	 	
accordance with Section 3.2 and the procedures and distribution rules established by the Committee, the vested portion of each Mandatory Deferral shall be paid in a lump sum upon the earlier
of: (a) the Specified Date for each Mandatory Deferral set forth in the Eligible Plan; or (b) the Participant’s Separation from Service. In the event the Participant’s Separation from Service occurs before any such Specified
Date, the lump sum payment shall be made in the first quarter of the calendar year immediately following the year of the Participant’s Separation from Service, subject to the delay in payment for Key Employees as set forth in Section B2-7.3.

  

	B2-7.10	Special One-Time Election.  Notwithstanding any prior elections or Plan provisions to the contrary, a Participant who was an employee of SunTrust and its
Affiliates (including on a paid leave of absence) may have made an election to receive all or a specified portion of his or her Account pursuant to Section B2-7.1, B2-7.2, or B2-7.4. Any such election must have become irrevocable on or before
December 31, 2008 and must have been made in accordance with the procedures and distribution rules established by the Committee and the transition rules under Code section 409A. 

 

	B2-7.11	Pre-2005 Deferrals.  Notwithstanding the foregoing, Part B1 of this Addendum B governs the distribution of amounts that were earned and vested (within the
meaning of Code section 409A and regulations thereunder) under the Plan prior to 2005 (and earnings thereon) and are exempt from the requirements of Code section 409A. 

 

	B2-7.12	Effect of Taxation.  If a portion of the Participant’s Account balance is includible in income under Code section 409A, such portion shall be
distributed immediately to the Participant. 

  

	B2-7.13	Permitted Delays.  Notwithstanding the foregoing, any payment to a Participant under the Plan shall be delayed upon the Committee’s reasonable
anticipation that the making of the payment would violate Federal securities laws or other applicable law; provided that any payment delayed pursuant to this Section B2-7.13 shall be paid in accordance with Code section 409A on the earliest date on
which SunTrust reasonably anticipates that the making of the payment will not cause a violation of Federal securities laws or other applicable law. 

 Article 9 
 Miscellaneous 

 

	B2-9.8	Right to Amend or Terminate Plan.  SunTrust expects to continue this Plan indefinitely, but reserves the right to amend or discontinue the Plan should it
deem such an amendment or discontinuance necessary or desirable. SunTrust hereby authorizes and empowers the Committee appointed to administer this Plan to amend this Plan in any manner that is consistent with the purpose of this Plan as set forth
above, without further approval from the Board of Directors or the Compensation Committee of SunTrust except as to any matter that the Committee determines may result in a material increased cost to SunTrust or its Affiliates. However, if SunTrust
or Committee should amend or discontinue this Plan, SunTrust shall be liable for payment of any amounts deferred under this Plan and earnings thereon that have accrued and are vested as of the date of such action. 

 

	 	B2-9.8.1	Distribution of Accounts.  If SunTrust terminates the Plan, distribution of balances in Accounts shall be made to Participants and Beneficiaries in the
manner and at the time as provided in Article 7, unless SunTrust determines in its sole discretion that all such amounts shall be distributed upon termination in accordance with the requirements under Code section 409A. 

 

	 	B2-9.8.2	 409A Requirements.  Notwithstanding the foregoing, no amendment of the Plan shall apply to amounts that were earned and vested (within
the meaning 

  
 B-8 

	 	
of Code section 409A and regulations thereunder) under the Plan prior to 2005, unless the amendment specifically provides that it applies to such amounts. The purpose of this restriction is to
prevent a Plan amendment from resulting in an inadvertent “material modification” to amounts that are “grandfathered” and exempt from the requirements of Code section 409A. 

  
 B-9CONSENT ORDER

 Exhibit 10.11 

 
  

UNITED STATES OF AMERICA 
 BEFORE THE 
 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 

WASHINGTON, D.C. 
  

							
	 			
	In the Matter of	 		  	Docket No.	  	11-021-B-HC
	 	 		  		  	11-021-B-SM
	SUNTRUST BANKS, INC.	 		  		  	11-021-B-DEO
	Atlanta, Georgia	 		  		  	
	 			
	SUNTRUST BANK	 		  		  	
	 Atlanta, Georgia

 
 and
	 		  		  	
	 			
	SUNTRUST MORTGAGE, INC.	 		  		  	
	 Richmond, Virginia

 
	 		  		  	

 CONSENT ORDER 
 WHEREAS, SunTrust Banks, Inc., Atlanta, Georgia (“SunTrust”), a registered bank holding company, owns and controls SunTrust Bank, Atlanta, Georgia (the “Bank”), a state-chartered bank
that is a member of the Federal Reserve System, and the Bank owns SunTrust Mortgage, Inc., Richmond, Virginia (“SunTrust Mortgage”); 
 WHEREAS, SunTrust Mortgage services residential mortgage loans that are held in the portfolios of (a) the Bank and SunTrust Mortgage; (b) the Federal National Mortgage Association, the Federal
Home Loan Mortgage Corporation, and the Government National Mortgage Association (collectively, the “GSEs”); and (c) various investors, including securitization trusts pursuant to Pooling and Servicing Agreements and similar
agreements (collectively, the “Servicing Portfolio”). SunTrust Mortgage has substantial responsibilities with respect to the Servicing Portfolio for the initiation and handling of foreclosure proceedings and

 
loss mitigation activities (“Loss Mitigation” or “Loss Mitigation Activities” include activities related to special forbearances, repayment plans, modifications, short
refinances, short sales, cash-for-keys, and deeds-in-lieu of foreclosure); 
 WHEREAS, SunTrust Mortgage is the eighth largest
servicer of residential mortgages in the United States and services a portfolio of more than 950,000 residential mortgage loans. During the recent financial crisis, a substantially larger number of residential mortgage loans became past due than in
earlier years. Many of past due mortgages have resulted in foreclosure actions. From January 1, 2009 to December 31, 2010, SunTrust Mortgage initiated 41,543 foreclosure actions; 

WHEREAS, in connection with the process leading to certain foreclosures involving the Servicing Portfolio, SunTrust Mortgage allegedly:

 (a)      Filed or caused to be filed in state courts and in connection with bankruptcy
proceedings in federal courts numerous affidavits executed by employees of SunTrust Mortgage or employees of third-party providers making various assertions, such as the ownership of the mortgage note and mortgage, the amount of principal and
interest due, and the fees and expenses chargeable to the borrower, in which the affiant represented that the assertions in the affidavit were made based on personal knowledge or based on a review by the affiant of the relevant books and records,
when, in many cases, they were not based on such knowledge or review; 
 (b)      Filed or caused
to be filed in courts in various states and in connection with bankruptcy proceedings in federal courts or in the local land record offices, numerous affidavits and other mortgage-related documents that were not properly notarized, including those
not signed or affirmed in the presence of a notary; 

  
 2 

 (c)      Litigated foreclosure and bankruptcy proceedings and
initiated non-judicial foreclosures without always confirming that documentation of ownership was in order at the appropriate time, including confirming that the promissory note and mortgage document were properly endorsed or assigned and, if
necessary, in the possession of the appropriate party; 
 (d)      Failed to respond in a
sufficient and timely manner to the increased level of foreclosures by increasing financial, staffing, and managerial resources to ensure that SunTrust Mortgage adequately handled the foreclosure process, and failed to respond in a sufficient and
timely manner to the increased level of Loss Mitigation Activities by increasing management and staffing levels to ensure timely, effective and efficient communication with borrowers with respect to Loss Mitigation Activities and foreclosure
activities and full exploration of Loss Mitigation options or programs prior to completion of foreclosure activities; and 

(e)      Failed to have adequate internal controls, policies and procedures, compliance risk management,
internal audit, training, and oversight of the foreclosure process, including sufficient oversight of outside counsel and other third-party providers handling foreclosure-related services with respect to the Servicing Portfolio. 

WHEREAS, the practices set forth above allegedly constitute unsafe or unsound banking practices; 

WHEREAS, as part of a horizontal review of various major residential mortgage servicers conducted by the Board of Governors, the Federal
Deposit Insurance Corporation (the “FDIC”), the Office of the Comptroller of the Currency, and the Office of Thrift Supervision, 

  
 3 

 
examiners from the Federal Reserve Bank of Atlanta (the “Reserve Bank”) have reviewed foreclosure-related processes at SunTrust Mortgage; 

WHEREAS, it is the common goal of the Board of Governors, the Reserve Bank, SunTrust, the Bank, and SunTrust Mortgage to ensure that
SunTrust Mortgage operates in a safe and sound manner and in compliance with the terms of mortgage loan documentation and related agreements with borrowers, all applicable state and federal laws (including the U.S. Bankruptcy Code and the
Servicemembers Civil Relief Act), rules, regulations, and court orders, as well as the Membership Rules of MERSCORP, Inc. and MERS, Inc. (collectively, “MERS”), servicing guides with GSEs or investors, and other contractual obligations
including those with the Federal Housing Administration and those required by the Home Affordable Modification Program (“HAMP”), and loss share agreements with the FDIC (collectively, “Legal Requirements”); 

WHEREAS, after the conduct set forth above became known, the Bank and SunTrust have been taking steps to remediate the filing of and
reliance on inaccurate affidavits in foreclosure and bankruptcy proceedings; 
 WHEREAS, the boards of directors of SunTrust,
the Bank, and SunTrust Mortgage, at duly constituted meetings, authorized and approved William H. Rogers, Jr., William H. Rogers, Jr., and Jerome T. Lienhard, II to enter into this Consent Order to Cease and Desist (the “Order”) on behalf
of SunTrust, the Bank, and SunTrust Mortgage, respectively, and consenting to compliance with each and every applicable provision of this Order by SunTrust, the Bank, and SunTrust Mortgage, and their institution-affiliated parties, as defined in
sections 3(u) and 8(b)(3) of the Federal Deposit Insurance Act, as amended (the “FDI Act”) (12 U.S.C. §§ 1813(u) and 1818(b)(3)), and waiving any and all rights that SunTrust, the Bank, and SunTrust Mortgage may have pursuant to
section 8 of the FDI Act (12 U.S.C. § 1818), including, but not 

  
 4 

 
limited to: (i) the issuance of a notice of charges; (ii) a hearing for the purpose of taking evidence on any matters set forth in this Order; (iii) judicial review of this Order;
(iv) contest the issuance of this Order by the Board of Governors; and (v) challenge or contest, in any manner, the basis, issuance, validity, terms, effectiveness or enforceability of this Order or any provision hereof. 

NOW, THEREFORE, before the filing of any notices, or taking of any testimony or adjudication of or finding on any issues of fact or law
herein, and without this Order constituting an admission by SunTrust, the Bank, or SunTrust Mortgage or their subsidiaries of any allegation made or implied by the Board of Governors in connection with this matter, and solely for the purpose of
settling this matter without a formal proceeding being filed and without the necessity for protracted or extended hearings or testimony, it is hereby ordered by the Board of Governors that, pursuant to sections 8(b)(1) and (3) of the FDI Act
(12 U.S.C. §§1818(b)(1)) and 1818(b)(3)), SunTrust, the Bank, SunTrust Mortgage, and their institution-affiliated parties shall cease and desist and take affirmative action as follows: 

Source of Strength 

1.      The board of directors of SunTrust shall take appropriate steps to fully utilize SunTrust’s
financial and managerial resources, pursuant to section 225.4(a) of Regulation Y of the Board of Governors (12 C.F.R. § 225.4(a)), to serve as a source of strength to the Bank, including, but not limited to, taking steps to ensure that the Bank
complies with the applicable provisions of this Order. 
 Board Oversight 

2.      Within 60 days of this Order, the boards of directors of SunTrust, the Bank, and SunTrust Mortgage
shall submit to the Reserve Bank an acceptable written plan to strengthen the 

  
 5 

 
boards’ oversight of SunTrust Mortgage, including the boards’ oversight of risk management, internal audit, and compliance programs concerning residential mortgage loan servicing, Loss
Mitigation, and foreclosure activities conducted by SunTrust Mortgage. The plan shall also describe the actions that the boards of directors will take to improve SunTrust Mortgage’s residential mortgage loan servicing, Loss Mitigation, and
foreclosure activities and operations, and a timeline for actions to be taken. The plan shall, at a minimum, address, consider, and include: 
 (a)      Policies to be adopted by the board of directors of SunTrust that are designed to ensure that SunTrust’s enterprise-wide risk management (“ERM”)
program provides proper risk management with respect to SunTrust Mortgage’s residential mortgage loan servicing, Loss Mitigation, and foreclosure activities particularly with respect to compliance with the Legal Requirements, and supervisory
standards and guidance of the Board of Governors as they develop; 
 (b)      policies and
procedures adopted by SunTrust to ensure that the ERM program provides proper risk management of independent contractors, consulting firms, law firms, or other third parties who are engaged to support residential mortgage loan servicing, Loss
Mitigation, or foreclosure activities or operations, including their compliance with the Legal Requirements and SunTrust’s, the Bank’s, and SunTrust Mortgage’s internal policies and procedures, consistent with supervisory guidance of
the Board of Governors; 
 (c)      steps to ensure that SunTrust’s ERM, audit, and
compliance programs have adequate levels and types of officers and staff dedicated to overseeing SunTrust Mortgage’s residential mortgage loan servicing, Loss Mitigation, and foreclosure activities, and that these

  
 6 

 
programs have officers and staff with the requisite qualifications, skills, and ability to comply with the requirements of this Order; 

(d)      steps to improve the information and reports that will be regularly reviewed by the boards of
directors of SunTrust and the Bank or authorized committees of the boards of directors regarding residential mortgage loan servicing, Loss Mitigation, and foreclosure activities and operations, including, compliance risk assessments, and the status
and results of measures taken, or to be taken, to remediate deficiencies in residential mortgage loan servicing, Loss Mitigation, and foreclosure activities, and to comply with this Order; 

(e)      funding for personnel, systems, and other resources as are needed to carry out SunTrust
Mortgage’s residential mortgage loan servicing, Loss Mitigation, and foreclosure activities and operations in full compliance with the Legal Requirements and the requirements of this Order, taking into consideration the current and expected
volume of past due loans; 
 (f)       funding for personnel, systems, and other resources
as are needed to operate risk management and compliance programs that are safe and sound and that are commensurate with the risk profile of SunTrust Mortgage; 
 (g)      steps to ensure that SunTrust Mortgage has adequate levels and types of officers and staff to carry out residential mortgage loan servicing, Loss Mitigation, and
foreclosure activities in compliance with Legal Requirements and the requirements of this Order, and taking into account the size and complexity of the Servicing Portfolio; that they have officers and staff with the requisite qualifications, skills,
and ability to comply with the requirements of this Order; and a timetable for hiring any necessary additional officers and staff. 
 (h)      periodic reviews of the adequacy of the levels and types of officers and staff to carry out residential mortgage servicing, Loss Mitigation, and foreclosure
activities in 

  
 7 

 
light of changes in the Servicing Portfolio or the Legal Requirements. To conduct this review, the plan shall establish metrics to measure and ensure the adequacy of staffing levels relative to
existing and future Loss Mitigation and foreclosure activities, such as limits for the number of loans assigned to a Loss Mitigation employee, including the single point of contact as hereinafter defined, and deadlines to review loan modification
documentation, make loan modification decisions, and provide responses to borrowers; 

(i)      steps to ensure that the risk management, audit, and compliance programs for SunTrust Mortgage
have adequate levels and types of officers and staff and that they have officers and staff with the requisite qualifications, skills, and ability to comply with the requirements of this Order, and a timetable for hiring any necessary additional
officers and staff; 
 (j)      workload reviews of residential mortgage loan servicing, Loss
Mitigation, and foreclosure personnel who are responsible for handling individual loan issues (including single point of contact personnel), including an initial review within 90 days of this Order, and then annual reviews thereafter. Such reviews,
at a minimum, shall assess whether the workload levels are appropriate to ensure compliance with the requirements of paragraphs 2(g) and 6 of this Order. Promptly following completion of such reviews, SunTrust Mortgage shall adjust workload levels
to ensure compliance with the requirements of paragraphs 2(g) and 6 of this Order; 
 (k)     policies
to ensure that the risk management, audit, and compliance programs have the requisite authorities and status within the organization to effectively operate the programs, and that there is adequate coordination with respect to these programs to
ensure that any problems or deficiencies that are identified in SunTrust Mortgage’s residential mortgage 

  
 8 

 
servicing, Loss Mitigation, and foreclosure activities and operations are comprehensively reviewed and remedied; and 
 (l)      steps to improve the information and reports that will be regularly reviewed by SunTrust’s, the Bank’s, and SunTrust Mortgage’s boards of directors to
assess the performance of mortgage servicing, Loss Mitigation, and foreclosure activities and operations, as well as the risk management and compliance programs and associated functions including, compliance risk assessments, and the status and
results of measures taken, or to be taken, to remediate mortgage servicing, Loss Mitigation, and foreclosure deficiencies, and to comply with this Order. 
 Foreclosure Review 

3.      (a)      Within 45 days of this Order, the Bank and SunTrust Mortgage
shall retain one or more independent consultant(s) acceptable to the Reserve Bank to conduct an independent review of certain residential foreclosure actions (including judicial and non-judicial foreclosures and related bankruptcy proceedings, and
other related litigation) regarding individual borrowers with respect to the Servicing Portfolio. The review shall include actions or proceedings (including foreclosures that were in process or completed) for loans serviced by SunTrust Mortgage,
whether brought in the name of the Bank, SunTrust Mortgage, the investor, or any agent for the mortgage note holder (including MERS) that have been pending at any time from January 1, 2009 to December 31, 2010, as well as residential
foreclosure sales that occurred during this time period (“Foreclosure Review”). The purpose of the Foreclosure Review shall be to determine, at a minimum: 
   (i)      whether, at the time the foreclosure action was initiated or the pleading or affidavit filed (including in bankruptcy proceedings and in defending suits
brought 

  
 9 

 
by borrowers), the foreclosing party or agent of the party had properly documented ownership of the promissory note and mortgage (or deed of trust) under relevant state law, or was otherwise a
proper party to the action as a result of agency or other similar status; 

  (ii)      whether the foreclosure was in accordance with applicable state and federal laws,
including but not limited to, the Servicemembers Civil Relief Act and the U.S. Bankruptcy Code; 

  (iii)     whether, with respect to non-judicial foreclosures, the procedures followed with respect
to the foreclosure sale (including the calculation of the default period, the amounts due, and compliance with notice periods) and post-sale confirmation were in accordance with the terms of the mortgage loan and state law requirements; 

  (iv)     whether a foreclosure sale occurred when the borrower had requested a loan modification or
other loss mitigation and the request was under consideration; when the loan was performing in accordance with a trial or permanent loan modification; or when the loan had not been in default for a sufficient period to authorize foreclosure pursuant
to terms of the mortgage loan documentation and related agreements; 

  (v)      whether any delinquent borrower’s account was charged fees or penalties that
were not permissible under the terms of the borrower’s loan documents, state or federal law, or were otherwise unreasonable. For purposes of this Order, a fee or penalty is “otherwise unreasonable” if it was assessed: (i) for the
purpose of protecting the secured party’s interest in the mortgaged property, and the fee or penalty was assessed at a frequency or rate, was of a type or amount, or was for a purpose that was in fact not needed to protect the secured
party’s interest; (ii) for services performed and the fee charged was substantially in excess of the fair market value of the service; (iii) for services performed, and the services were not actually

  
 10 

 
performed; or (iv) at an amount or rate that exceeds what is customarily charged in the market for such a fee or penalty, and the mortgage instruments or other documents executed by the
borrower did not disclose the amount or rate that the lender or servicer would charge for such a fee or penalty; 

  (vi)      whether Loss Mitigation Activities with respect to foreclosed loans were handled in
accordance with the requirements of HAMP, if applicable, and consistent with the policies and procedures applicable to SunTrust Mortgage’s proprietary loan modifications or other Loss Mitigation programs, such that each borrower had an adequate
opportunity to apply for a Loss Mitigation option or program, any such application was handled appropriately, and a final decision was made on a reasoned basis and was communicated to the borrower before the foreclosure sale; and 

  (vii)     whether any errors, misrepresentations, or other deficiencies identified in the
Foreclosure Review resulted in financial injury to the borrower or the owner of the mortgage loan. 

(b)      The independent consultant(s) shall prepare a written report detailing the findings of the
Foreclosure Review (the “Foreclosure Report”). The Bank and SunTrust Mortgage shall provide to the Reserve Bank a copy of the Foreclosure Report at the same time that the report is provided to them. 

(c)      Within 45 days of receipt of the Foreclosure Report, the Bank and SunTrust Mortgage shall submit
to the Reserve Bank an acceptable plan to: 
 (i)        remediate, as appropriate,
errors, misrepresentations, or other deficiencies in any foreclosure filing or other proceeding; 

  
 11 

 (ii)      reimburse or otherwise provide appropriate
remediation to the borrower for any impermissible or otherwise unreasonable penalties, fees or expenses, or for other financial injury identified in paragraph 3 of this Order; 

(iii)     make appropriate adjustments for the account of the Bank, the GSEs, or any investor; and 

(iv)     take appropriate steps to remediate any foreclosure sale where the foreclosure was not authorized as
described in paragraph 3. 
 (d)     Within 60 days after the Reserve Bank accepts the plan described
in paragraph 3(c), SunTrust Mortgage shall make all reimbursement and remediation payments and provide all credits required by such plan, and provide the Reserve Bank with a report detailing such payments and credits. 

4.      Within 5 days of the engagement of the independent consultant(s) described in paragraph 3 of this
Order, but prior to the commencement of the Foreclosure Review, the Bank, and SunTrust Mortgage shall submit to the Reserve Bank for approval an engagement letter that sets forth: 

(a)      The methodology for conducting the Foreclosure Review, including: (i) a description of the
information systems and documents to be reviewed, including the selection criteria for cases to be reviewed; (ii) the criteria for evaluating the reasonableness of fees and penalties under paragraph 3(a)(v); (iii) other procedures
necessary to make the required determinations (such as through interviews of employees and third parties and a process for the receipt and review of borrower claims and complaints); and (iv) any proposed sampling techniques. In setting the
scope and review methodology, the independent consultant may consider any work already done by SunTrust, the Bank, SunTrust Mortgage or other third-parties 

  
 12 

 
on behalf of SunTrust, the Bank, or SunTrust Mortgage. With respect to sampling techniques, the engagement letter shall contain a full description of the statistical basis for the sampling
methods chosen, as well as procedures to increase the size of the sample depending on the results of initial sampling; 

(b)      the expertise and resources to be dedicated to the Foreclosure Review; 

(c)      completion of the Foreclosure Review and the Foreclosure Report within 120 days of the start of
the engagement; and 
 (d)      a written commitment that any workpapers associated with the
Foreclosure Review will be made available to the Reserve Bank upon request. 
 5.      Within 60
days of receipt of the Foreclosure Report, the Bank and SunTrust Mortgage shall submit to the Reserve Bank acceptable written policies and procedures for residential foreclosure actions. The policies and procedures shall, address, consider, and
include: 
 (a)      Foreclosure procedures for portfolio loans and each category of serviced
loans; 
 (b)      detailed procedural guidance on all required steps in the foreclosure process;

 (c)      standardized desk procedures to ensure that employees involved in the foreclosure
processes have sufficient information and personal knowledge to complete assignments of mortgages, affidavits, or other legal documents required for foreclosure proceedings; and 

(d)      minimum qualifications for affidavit signers. 

  
 13 

 Single Point of Contact 
 6.      Within 60 days of this Order, the Bank and SunTrust Mortgage shall submit to the Reserve Bank an acceptable plan, along with a timeline for actions to be taken, for
strengthening coordination of communications between SunTrust Mortgage and borrowers, both oral and written, related to Loss Mitigation and foreclosure activities to ensure: (i) that communications are timely and effective, and are designed to
avoid confusion to borrowers; (ii) continuity in the handling of borrowers’ loan files during the Loss Mitigation and foreclosure processes by personnel knowledgeable about the borrower’s situation; and (iii) that decisions
concerning Loss Mitigation options or programs continue to be made and communicated in a timely fashion. Prior to submitting the plan, SunTrust Mortgage shall conduct a review to determine: (i) whether processes involving past due mortgage
loans or foreclosures overlap in such a way that they may impair or impede a borrower’s efforts to effectively pursue a Loss Mitigation option or program, and (ii) that employee incentive compensation practices do not discourage Loss
Mitigation. The plan shall, at a minimum, provide for: 
 (a)      Measures to ensure that staff
processing a borrower’s Loss Mitigation request routinely communicates and coordinates with staff processing the foreclosure on the borrower’s property; 
 (b)      appropriate deadlines for responses to borrower communications and requests for consideration of Loss Mitigation, including deadlines for decisionmaking on Loss
Mitigation Activities, with the metrics established not being less responsive than the timelines in HAMP; 

  
 14 

 (c)      establishment of an accessible and reliable single
point of contact for the borrower so that the borrower has access to an employee of SunTrust Mortgage to obtain information throughout the Loss Mitigation and foreclosure processes; 

(d)      a requirement that written communications with the borrower identify by name the primary single
point of contact along with one or more direct means of communication with the primary single point of contact, together with information about secondary points of contact in the event that the primary single point of contact is unavailable;

 (e)      measures to ensure that the single point of contact has access to current information
and personnel (in-house or third-party) sufficient to timely, accurately, and adequately inform the borrower of the current status of the Loss Mitigation and foreclosure activities; 

(f)      procedures and controls to ensure that a final decision regarding a borrower’s Loss
Mitigation request (whether on a trial or permanent basis) is made and communicated to the borrower in writing, including the reason(s) why the borrower did not qualify for the trial or permanent modification and, if applicable, the net present
value calculations utilized by SunTrust Mortgage, and that involve the single point of contact within a reasonable time before any foreclosure sale occurs; 
 (g)      procedures and controls to ensure that when the borrower’s loan has been approved for modification on a trial or permanent basis, (i) no foreclosure or
further legal action predicate to foreclosure occurs, unless the borrower is past due on two or more payments postdating the trial or permanent modification; and (ii) the single point of contact remains available to the borrower and continues
to be referenced on all written communications with the borrower; 

  
 15 

 (h)      policies and procedures to enable borrowers to make
complaints regarding the Loss Mitigation process, denial of Loss Mitigation requests, the foreclosure process, or foreclosure activities that prevent a borrower from pursuing Loss Mitigation options, and a process for making borrowers aware of the
complaint procedures; 
 (i)       procedures for the prompt review, escalation, and
resolution of borrower complaints, including a process to communicate the results of the review to the borrower on a timely basis; 
 (j)       policies and procedures to consider loan modification or other Loss Mitigation Activities with respect to junior lien owned by SunTrust, the Bank, or SunTrust
Mortgage where SunTrust Mortgage services the associated first lien mortgage and becomes aware that such first lien mortgage is delinquent or has been modified;  
 (k)      policies and procedures to ensure that timely information about Loss Mitigation options is sent to the borrower in the event of a delinquency or default, including
plain language notices about the pendency of loan modification and foreclosure proceedings; and 

(l)       policies and procedures to ensure that foreclosure and related documents provided to
borrowers and third parties are appropriately maintained and tracked, and that borrowers generally will not be required to resubmit the same documented information that has already been provided, and that borrowers are notified promptly of the need
for additional information. 
 Third Party Management 
 7.      Within 60 days of this Order, the Bank and SunTrust Mortgage shall submit to the Reserve Bank acceptable policies and procedures for the outsourcing of any
residential mortgage servicing, Loss Mitigation, or foreclosure functions, by SunTrust Mortgage to any independent 

  
 16 

 
contractor, consulting firm, law firm, property manager, or other third party (including any subsidiary or affiliate of SunTrust) (collectively, “Third-Party Providers”). Third-Party
Providers include local counsel in foreclosure or bankruptcy proceedings retained to represent the interests of owners of mortgages in the Servicing Portfolio (“Foreclosure Counsel”). The policies and procedures shall, at a minimum,
address, consider, and include: 
 (a)      Appropriate oversight of Third-Party Providers to
ensure that they comply with the Legal Requirements, supervisory guidance of the Board of Governors, and the Bank’s and SunTrust Mortgage’s policies and procedures; 
 (b)      processes to prepare contingency and business continuity plans that ensure the continuing availability of critical third-party services and business continuity of
SunTrust Mortgage, consistent with supervisory guidance of the Board of Governors, both to address short-term and long-term service disruptions and to ensure an orderly transition to new service providers should that become necessary; 

(c)      measures to ensure that all original records transferred by SunTrust Mortgage to Third-Party
Providers (including the originals of promissory notes and mortgage documents) remain within the custody and control of the Third-Party Provider (unless filed with the appropriate court or the loan is otherwise transferred to another party), and are
returned to SunTrust Mortgage or designated custodians at the conclusion of the performed service, along with all other documents necessary for SunTrust Mortgage’s files; 

(d)      measures to ensure the accuracy of all documents filed or otherwise utilized on behalf of
SunTrust Mortgage or the owners of mortgages in the Servicing Portfolio in any judicial or non-judicial foreclosure proceeding, related bankruptcy proceeding, or in other 

  
 17 

 
foreclosure-related litigation, including, but not limited to, documentation sufficient to establish ownership of the note and right to foreclose at the time the foreclosure action is commenced;

 (e)      processes to perform appropriate due diligence on potential and current Third-Party
Provider qualifications, expertise, capacity, reputation, complaints, information security, document custody practices, business continuity, and financial viability; and measures to ensure the adequacy of Third-Party Provider staffing levels,
training, work quality, and workload balance; 
 (f)      processes to ensure that contracts
provide for adequate oversight, including requiring Third-Party Provider adherence to SunTrust Mortgage foreclosure processing standards, measures to enforce Third-Party Provider contractual obligations, and processes to ensure timely action with
respect to Third-Party Provider performance failures; 
 (g)      processes to ensure periodic
reviews of Third-Party Provider work for timeliness, competence, completeness, and compliance with all applicable Legal Requirements, and SunTrust Mortgage’s contractual obligations to GSEs and investors, and to ensure that foreclosures are
conducted in a safe and sound manner; 
 (h)      processes to review customer complaints about
Third-Party Provider services; 
 (i)       a review of fee structures for Third-Party
Providers to ensure that the method of compensation considers the accuracy, completeness, and legal compliance of foreclosure filings and is not based solely on increased foreclosure volume or meeting processing timelines; and 

(j)       a periodic certification process for law firms (and recertification of existing law firm
providers) that provide residential mortgage foreclosure and bankruptcy 

  
 18 

 
services for the Mortgage Servicing Companies as qualified to serve as Third-Party Providers to SunTrust Mortgage, including that attorneys are licensed to practice in the relevant jurisdiction
and have the experience and competence necessary to perform the services requested. 
 Compliance Program 

8.      Within 60 days of this Order, SunTrust shall submit to the Reserve Bank an acceptable written plan
to enhance its enterprise-wide compliance program (“ECP”) with respect to its oversight of residential mortgage loan servicing, Loss Mitigation, and foreclosure activities and operations. The enhanced program shall be based on an
evaluation of the effectiveness of SunTrust’s current ECP in the areas of residential mortgage loan servicing, Loss Mitigation, and foreclosure activities and operations, and recommendations to strengthen the ECP in these areas. The plan shall,
at a minimum, be designed to: 
 (a)      Ensure that the fundamental elements of the ECP and any
enhancements or revisions thereto, including a comprehensive annual risk assessment, encompass residential mortgage loan servicing, Loss Mitigation, and foreclosure activities; 

(b)      ensure compliance with the Legal Requirements and supervisory guidance of the Board of Governors;
and 
 (c)      ensure that policies, procedures, and processes are updated on an ongoing basis
as necessary to incorporate new or changes to the Legal Requirements and supervisory guidance of the Board of Governors. 

9.      Within 60 days of this Order, the Bank and SunTrust Mortgage shall submit to the Reserve Bank an
acceptable compliance program and timeline for implementation to ensure that the operations of SunTrust Mortgage, including, but not limited to, residential mortgage servicing, Loss Mitigation, and foreclosure, comply with the Legal Requirements, as
well as 

  
 19 

 
SunTrust Mortgage’s internal policies, procedures, and processes and are conducted in a safe and sound manner. The program shall, at a minimum, address, consider, and include: 

(a)      The duties and responsibilities of line of business staff, other staff, and Third-Party Providers
regarding compliance; 
 (b)      policies for developing and communicating compliance-related
roles and responsibilities across SunTrust Mortgage’s organization and to Third-Party Providers; 

(c)      policies, procedures, and processes to ensure that SunTrust Mortgage has the ability to locate
and secure all documents, including original promissory notes, necessary to perform mortgage servicing, Loss Mitigation, and foreclosure functions and to comply with contractual obligations; 

(d)      compliance with supervisory guidance of the Board of Governors, including, but not limited to the
guidance entitled, “Compliance Risk Management Programs and Oversight at Large Banking Organizations with Complex Compliance Profiles,” dated October 16, 2008 (SR 08-08/CA 08-11); 

(e)       compliance with Legal Requirements, including: 

   (i)      processes to ensure that all factual assertions made in pleadings,
declarations, affidavits, or other sworn statements filed by or on behalf of SunTrust Mortgage are accurate, complete, and reliable; and that affidavits and declarations are based on personal knowledge or a review of SunTrust Mortgage’s books
and records when the affidavit or declaration so states; 
    (ii)     processes to
ensure that affidavits filed in foreclosure proceedings and other foreclosure-related documents are executed and notarized in accordance with applicable state legal requirements, including jurat requirements; 

  
 20 

   (iii)    processes to ensure that SunTrust Mortgage has
properly documented ownership of the promissory note and mortgage (or deed of trust) under applicable state law, or is otherwise a proper party to the action (as a result of agency or other similar status) at all stages of foreclosure and bankruptcy
litigation; and 
   (iv)    processes to ensure that a clear and auditable trail exists for all
factual information contained in each affidavit or declaration, in support of each of the charges that are listed, including whether the amount is chargeable to the borrower or claimable by the investor; 

(f)      policies and procedures to ensure that payments are credited in a prompt and timely manner; that
payments, including partial payments to the extent permissible under the terms of applicable legal instruments, are applied to scheduled principal, interest, and escrow before fees, and that any misapplication of borrower funds is corrected in a
prompt and timely manner; 
 (g)      compliance with contractual obligations to the owners of
the mortgages in the Servicing Portfolio; 
 (h)      compliance with the contractual limitations
in the underlying mortgage note, mortgage, or other customer authorization with respect to the imposition of fees, charges and expenses, and compliance with Legal Requirements concerning the imposition of fees, charges, and expenses; 

(i)       processes to ensure that foreclosure sales (including the calculation of the default
period, the amounts due, and compliance with notice requirements) and post-sale confirmation are in accordance with the terms of the mortgage loan and applicable state and federal law requirements; 

  
 21 

 (j)      procedures to ensure compliance with bankruptcy law
requirements, including a prohibition on collection of fees in violation of bankruptcy’s automatic stay (11 U.S.C. § 362), the discharge injunction (11 U.S.C. § 524), or any applicable court order; 

(k)     the scope and frequency of independent testing for compliance with the Legal Requirements, supervisory
guidance of the Board of Governors, and the requirements of SunTrust Mortgage’s internal policies, procedures, and processes by qualified parties with requisite knowledge and ability (which may include internal audit) who are independent of
SunTrust Mortgage’s business lines and compliance function; 
 (l)      measures to ensure
that policies, procedures, and processes are updated on an ongoing basis as necessary to incorporate new or changes to Legal Requirements and supervisory guidance of the Board of Governors; and 

(m)    the findings and conclusions of the independent consultants that were engaged by SunTrust, the Bank, or
SunTrust Mortgage under paragraph 3 to review SunTrust Mortgage’s foreclosure processes. 
 Mortgage Electronic Registration System

 10.   Within 60 days of this Order, the Bank and SunTrust Mortgage shall submit an acceptable plan to
ensure appropriate controls and oversight of SunTrust Mortgage’s activities with respect to the Mortgage Electronic Registration System and compliance with MERS’ membership rules, terms, and conditions (“MERS Requirements”)
(“MERS Plan”). The MERS Plan shall include, at a minimum: 
 (a)      Processes to
ensure that all mortgage assignments and endorsements with respect to mortgage loans serviced or owned by SunTrust Mortgage out of MERS’ name are executed only by a certifying officer authorized by MERS and approved by SunTrust Mortgage;

  
 22 

 (b)     processes to ensure that all other actions that may be
taken by MERS certifying officers (with respect to mortgage loans serviced or owned by SunTrust Mortgage) are executed by a certifying officer authorized by MERS and approved by SunTrust Mortgage; 

(c)      processes to ensure that SunTrust Mortgage maintain up-to-date corporate resolutions from MERS
for all SunTrust Mortgage employees and third-parties who are certifying officers authorized by MERS, and up-to-date lists of MERS certifying officers; 
 (d)      processes to ensure compliance with all MERS Requirements and with the requirements of the MERS Corporate Resolution Management System; 

(e)      processes to ensure the accuracy and reliability of data reported to MERS, including monthly
system-to-system reconciliations for all MERS mandatory reporting fields, and daily capture of all rejects/warnings reports associated with registrations, transfers, and status updates on open-item aging reports. Unresolved items must be maintained
on open-item aging reports and tracked until resolution. SunTrust Mortgage shall determine and report whether the foreclosures for loans serviced by SunTrust Mortgage that are currently pending in MERS’ name are accurate and how many are listed
in error, and describe how and by when the data on the MERS system will be corrected; 

(f)       an appropriate MERS quality assurance workplan, which clearly describes all tests, test
frequency, sampling methods, responsible parties, and the expected process for open-item follow-up, and includes an annual independent test of the control structure of the system-to-system reconciliation process, the reject/warning error correction
process, and adherence to the MERS Plan; and 

  
 23 

   (g)      inclusion of MERS in SunTrust
Mortgage’s third-party vendor management process, which shall include a detailed analysis of potential vulnerabilities, including information security, business continuity, and vendor viability assessments. 

Management Information Systems 
 11.     Within 60 days of this Order, the Bank and SunTrust Mortgage shall submit to the Reserve Bank an acceptable plan and timeline for the review and remediation, as necessary, of
SunTrust Mortgage’s management information systems (“MIS”) for their residential mortgage loan servicing, Loss Mitigation, and foreclosure activities to ensure the timely delivery of complete and accurate information to permit
effective decision-making. The plan shall, at a minimum, provide for: 
   (a)      A
description of the various MIS used or to be used by SunTrust Mortgage; 
   (b)      a
timetable for completion of the review; 
   (c)      a timetable for the remediation
of any identified deficiencies; and 
   (d)      new systems or enhancements to the
MIS to: 
     (i)      monitor compliance with the Legal Requirements,
supervisory guidance of the Board of Governors, and the requirements of this Order; 

    (ii)     ensure the ongoing accuracy of records for all serviced mortgages, including,
but not limited to, records necessary to establish ownership and the right to foreclose by the appropriate party for all serviced mortgages, outstanding balances, and fees assessed to the borrower; 

  
 24 

  (iii)    ensure that the Loss Mitigation and foreclosure staffs
have sufficient and timely access to information provided by the borrower regarding Loss Mitigation and foreclosure activities; and 
  (iv)    ensure that the single point of contact has sufficient and timely access to information provided by the borrower regarding Loss Mitigation and foreclosure activities; and

 (e)     testing the integrity and accuracy of the new or enhanced MIS to ensure that reports
generated by the system provide necessary information for adequate monitoring and quality controls. 
 Training 

12.     Within 60 days of this Order, the Bank and SunTrust Mortgage shall submit to the Reserve Bank an
acceptable written plan, and timeline for implementation, to improve the training of all appropriate officers and staff of SunTrust Mortgage regarding the Legal Requirements, supervisory guidance of the Board of Governors, and SunTrust
Mortgage’s internal policies and procedures regarding residential mortgage servicing, Loss Mitigation, and foreclosure, and the policies and procedures adopted regarding a single point of contact described in paragraph 6 of this Order. The plan
shall also include: 
   (a)      A requirement that training be conducted and
documented no less frequently than annually; and 
   (b)      procedures to timely
inform appropriate officers and staff of any new or changes to the Legal Requirements and supervisory guidance of the Board of Governors related to residential mortgage loan servicing, Loss Mitigation, or foreclosure. 

  
 25 

 Risk Assessment 
 13.     Within 10 days of this Order, the Bank and SunTrust Mortgage shall retain an independent consultant acceptable to the Reserve Bank to conduct a comprehensive assessment of
SunTrust Mortgage’s risks, including, but not limited to, operational, compliance, transaction, legal, and reputational risks particularly in the areas of residential mortgage loan servicing, Loss Mitigation, and foreclosure. The independent
consultant shall prepare a written risk assessment and provide it to SunTrust, the Bank, and SunTrust Mortgage within 90 days of this Order, and SunTrust, the Bank, and SunTrust Mortgage shall provide it to the Reserve Bank at the same time that it
is provided to SunTrust, the Bank, and SunTrust Mortgage. The risk assessment shall, at a minimum, address, consider, and include: 
   (a)      The scope and complexity of SunTrust Mortgage’s activities and operations regarding residential mortgage loan servicing, Loss Mitigation, and
foreclosure, including functions outsourced to Third-Party Providers; 
   (b)      an
evaluation of risk exposures, taking into account risks inherent in SunTrust Mortgage’s business activities and in outsourcing to Third-Party Providers; 
   (c)      an assessment of the effectiveness of established controls designed to mitigate each type of risk and identify residual risks; and 

  (d)      recommendations for improving risk management. 

14.     Within 5 days of the engagement of the independent consultant described in paragraph 13 of this Order, but
prior to the commencement of the comprehensive risk assessment, the Bank and SunTrust Mortgage shall submit to the Reserve Bank for approval an engagement letter that sets forth: 

  
 26 

   (a)      The scope and methodology for conducting
the risk assessment, including a detailed description of the areas to be reviewed; 

  (b)      the expertise and resources to be dedicated to the risk assessment; and 

  (c)      a commitment that any or workpapers associated with the risk assessment will be made
available to the Reserve Bank upon request. 
 Risk Management 
 15.     Within 60 days of submission of the comprehensive risk assessment conducted pursuant to paragraph 13 of this Order, SunTrust shall submit to the Reserve Bank an acceptable
written plan to enhance its ERM program with respect to its oversight of residential mortgage loan servicing, Loss Mitigation, and foreclosure activities and operations. The enhanced program shall be based on an evaluation of the effectiveness of
SunTrust’s current ERM program in the areas of residential mortgage loan servicing, Loss Mitigation, and foreclosure activities and operations, and recommendations to strengthen the risk management program in these areas. The plan shall, at a
minimum, be designed to: 
   (a)      Ensure that the fundamental elements of the risk
management program and any enhancements or revisions thereto, including a comprehensive annual risk assessment, encompass residential mortgage loan servicing, Loss Mitigation, and foreclosure activities; 

  (b)      ensure that the risk management program complies with supervisory guidance of the
Board of Governors, including, but not limited to, the Board of Governors’ guidance entitled, “Compliance Risk Management Programs and Oversight at Large Banking Organizations with Complex Compliance Profiles,” dated October 16,
2008 (SR 08-08/CA 08-11); and 

  
 27 

   (c)      establish limits for compliance, legal,
and reputational risks and provide for regular review of risk limits by appropriate senior management and the board of directors or an authorized committee of the board of directors. 

16.     Within 60 days of submission of the comprehensive risk assessment conducted pursuant to paragraph 13 of
this Order, the Bank and SunTrust Mortgage shall submit to the Reserve Bank an acceptable, comprehensive risk management program for SunTrust Mortgage. The program shall provide for the oversight by the Bank’s and SunTrust Mortgage’s
boards of directors and senior management, including the Bank’s and SunTrust Mortgage’s senior risk managers, of the development and implementation of formalized policies and mitigation processes for all identified risks to SunTrust
Mortgage. The program shall, at a minimum, address, consider, and include: 

  (a)      The structure and composition of the Bank’s and SunTrust Mortgage’s board
risk management committees and a determination of the optimum structure and composition needed to provide adequate oversight of SunTrust Mortgage’s firm-wide risk management; 

  (b)      a detailed description of the responsibilities of the line-of-business staff, legal
department, and internal audit department regarding risk assessment and management, including, but not limited to, compliance and legal risks; 
   (c)      written policies, procedures, and risk management standards; 
   (d)      processes to adequately identify risk levels and trends; 
   (e)      processes to adequately identify and control risks arising from incentive compensation programs; 

  (f)      processes to document, measure, assess, and report key risk indicators; 

  
 28 

   (g)     controls to mitigate risks; 

  (h)     procedures for the escalation of significant matters related to risks to appropriate senior
officers and board committees; 
   (i)      the scope and frequency of comprehensive
risk assessments; 
   (j)      a formal method to ensure effective communication of
established risk management policies, procedures, and standards to all appropriate business line and other staff; 

  (k)     periodic testing of the effectiveness of the risk management program; and 

  (l)      the findings and recommendations of the independent consultant described in paragraph
13 of this Order regarding risk management. 
 Audit 
 17.     Within 60 days of this Order, SunTrust shall submit to the Reserve Bank an acceptable written plan to enhance the internal audit program with respect to residential
mortgage loan servicing, Loss Mitigation, and foreclosure activities and operations. The enhanced plan shall be based on an evaluation of the effectiveness of SunTrust’s current internal audit program in the areas of residential mortgage loan
servicing, Loss Mitigation, and foreclosure activities and operations, and shall include recommendations to strengthen the internal audit program in these areas. The plan shall, at a minimum, be designed to: 

  (a)      Ensure that the internal audit program encompasses residential mortgage loan
servicing, Loss Mitigation, and foreclosure activities; 
   (b)      periodically
review the effectiveness of the ECP and ERM with respect to residential mortgage loan servicing, Loss Mitigation, and foreclosure activities, and compliance with the Legal Requirements and supervisory guidance of the Board of Governors; 

  
 29 

   (c)      ensure that adequate qualified staffing
of the audit function is provided for residential mortgage loan servicing, Loss Mitigation, and foreclosure activities; 

  (d)      ensure timely resolution of audit findings and follow-up reviews to ensure completion
and effectiveness of corrective measures; 
   (e)      ensure that comprehensive
documentation, tracking, and reporting of the status and resolution of audit findings are submitted to the audit committee; and 
   (f)      establish escalation procedures for resolving any differences of opinion between audit staff and management concerning audit exceptions and
recommendations, with any disputes to be resolved by the audit committee. 
 18.     Within 60 days of
this Order, the Bank and SunTrust Mortgage shall submit to the Reserve Bank an acceptable enhanced written internal audit program to periodically review compliance with applicable Legal Requirements and supervisory guidance of the Board of Governors
that shall, at a minimum, provide for: 
   (a)      An annual written, risk-based
audit plan approved by the boards of directors of the Bank and SunTrust Mortgage, or authorized committees of those boards, that encompasses all appropriate areas of audit coverage; 

  (b)      the scope and frequency of audits; 

  (c)      the independence of the internal auditor, audit staff, and audit committee;

   (d)      inclusion in the audit scope of reviews of internal controls, MIS, and
compliance with SunTrust Mortgage’s internal policies, procedures, and processes, including, but not limited to, the Loss Mitigation and foreclosure processes; 
   (e)      adequate testing and review of MIS used in servicing, Loss Mitigation, and foreclosure activities to ensure compliance with the Legal Requirements;

  
 30 

   (f)      controls to ensure that audits are
completed on a timely basis in accordance with the approved audit plan; 

  (g)      adequate staffing of the audit function by qualified staff; 

  (h)      timely resolution of audit findings and follow-up reviews to ensure completion and
effectiveness of corrective measures; 
   (i)      comprehensive documentation,
tracking, and reporting of the status and resolution of audit findings to the audit committee, at least quarterly; and 

  (j)      establishment of escalation procedures for resolving any differences of opinion
between audit staff and management concerning audit exceptions and recommendations, with any disputes to be resolved by the audit committee. 

Approval, Implementation, and Progress Reports 
 19.     (a)      SunTrust, the Bank, and SunTrust Mortgage, as applicable, shall submit written plans, programs, policies, procedures, and engagement
letters that are acceptable to the Reserve Bank within the applicable time periods set forth in paragraphs 2, 3(c), 4, 5, 6, 7, 8, 9, 10, 11, 12, 14, 15, 16, 17, and 18 of this Order. Independent consultants acceptable to the Reserve Bank shall be
retained by the Bank and SunTrust Mortgage within the applicable periods set forth in paragraphs 3(a) and 13 of this Order. 

  (b)     Within 10 days of approval by the Reserve Bank, SunTrust, the Bank, and SunTrust Mortgage,
as applicable, shall adopt the approved plans, programs, policies, and procedures. Upon adoption, SunTrust, the Bank, and SunTrust Mortgage, as applicable, shall implement the approved plans, programs, policies, and procedures, and thereafter fully
comply with them. 

  
 31 

   (c)      During the term of this Order, the
approved plans, programs, policies, procedures, and engagement letters shall not be amended or rescinded without the prior written approval of the Reserve Bank. 
   (d)      During the term of this Order, SunTrust, the Bank, and SunTrust Mortgage, as applicable, shall revise the approved plans, programs, policies, and
procedures as necessary to incorporate new or changes to the Legal Requirements and supervisory guidance of the Board of Governors. The revised plans, programs, policies, and procedures shall be submitted to the Reserve Bank for approval at the same
time as the progress reports described in paragraph 20 of this Order. 
 20.     Within 30 days after
the end of each calendar quarter following the date of this Order, SunTrust’s, the Bank’s, and SunTrust Mortgage’s boards of directors shall jointly submit to the Reserve Bank written progress reports detailing the form and manner of
all actions taken to secure compliance with the provisions of this Order and the results thereof. The Reserve Bank may, in writing, discontinue the requirement for progress reports or modify the reporting schedule. 

21.     Within 15 months after the date of this Order, SunTrust, the Bank, and SunTrust Mortgage shall submit a
validation report prepared by an independent third-party consultant with respect to compliance with the Order during the first year after the Order becomes effective. The independent third-party consultant shall be acceptable to the Reserve Bank,
and shall be engaged not more than nine months after the effective date of this Order. The engagement letter retaining the independent third-party consultant shall be subject to the Reserve Bank’s approval. At a minimum the validation report
shall include the results of a testing program acceptable to the 

  
 32 

 
Reserve Bank that, among other things, will evaluate the effectiveness of the various programs, policies and procedures implemented as a result of this Order. 

Notices 
  

	 	22.	  All communications regarding this Order shall be sent to: 

  

	 	  (a)	Richard B. Gilbert 

 Assistant
Vice President 
 Federal Reserve Bank of Atlanta 
 1000 Peachtree Street, N.E. 
 Atlanta, Georgia 30309-4470 

 

	 	  (b)	James M. Wells III 

 Chairman
and Chief Executive Officer 
 SunTrust Banks, Inc. and SunTrust Bank 

SunTrust Plaza 

303 Peachtree Street NE 
 30th Floor; MC 0645 
 Atlanta Georgia 30308 

 

	 	  (c)	Jerome T. Lienhard, II 

President and Chief Executive Officer 
 SunTrust Mortgage, Inc. 
 901 Semmes Avenue 

Richmond, Virginia 23224 

Miscellaneous 

23.     The provisions of this Order shall be binding on SunTrust, the Bank, and SunTrust Mortgage, and each of
their institution-affiliated parties in their capacities as such, and their successors and assigns. 

24.     Each provision of this Order shall remain effective and enforceable until stayed, modified, terminated,
or suspended in writing by the Reserve Bank. 
 25.     Notwithstanding any provision of this Order,
the Reserve Bank may, in its sole discretion, grant written extensions of time to SunTrust, the Bank, and SunTrust Mortgage to comply with any provision of this Order. 

  
 33 

 26.     If SunTrust, the Bank, or SunTrust Mortgage believes that
compliance with any provision of paragraphs 6, 7, 9, or 10 of this Order would not be legally permissible or would require it to breach any existing contractual obligation to an investor, SunTrust, the Bank, or SunTrust Mortgage, as applicable, may
make a written submission to the Board of Governors and the Reserve Bank. The written submission shall include the following: (1) specific identification of the legal requirement or contractual or obligation that would be breached, and the
likely consequences of any such breach; (2) a complete description of all good faith efforts undertaken by it to secure a modification of the contractual obligation or a waiver of its applicability in order to avoid any conflict between the
requirements of this Order and the contractual obligation; and (3) any alternative approaches to satisfying the intent of the provision of the Order involved that would not cause a breach of the legal requirement or contractual obligation. Any
such submission shall include a detailed opinion of experienced counsel with respect to the asserted conflict between compliance with this Order and the legal requirement or contractual obligation, a copy of the contract involved, and such other
information as is necessary to evaluate the submission. A submission pursuant to this paragraph shall be made no later than 30 days before the deadline for submitting an otherwise acceptable plan, policies and procedures, or program with respect to
the applicable paragraph. Such a submission in no way relieves SunTrust, the Bank, and SunTrust Mortgage from fully complying with this Order, including the applicable paragraph. Following review of the submission, the Board of Governors, in its
discretion, pursuant to authority delegated to the Director of the Division of Banking Supervision and Regulation, and the General Counsel, may modify this Order or may require that SunTrust, the Bank, or SunTrust Mortgage, as applicable, comply
with this Order. 

  
 34 

 27.     The provisions of this Order shall not bar, estop, or
otherwise prevent the Board of Governors, the Reserve Bank, or any other federal or state agency from taking any further or other action affecting SunTrust, the Bank, SunTrust Mortgage, or any of their current or former institution-affiliated
parties or their successors or assigns. 
 28.     Nothing in this Order, express or implied, shall
give to any person or entity, other than the parties hereto, and their successors hereunder, any benefit or any legal or equitable right, remedy, or claim under this Order. 
 By Order of the Board of Governors effective this 13th day of April, 2011. 
  

							
	SUNTRUST BANKS, INC.	 	BOARD OF GOVERNORS OF THE
		 		 	 FEDERAL RESERVE SYSTEM
				
	By:	 	/s/ William H. Rogers, Jr.        	 	By:	 	/s/ Jennifer J. Johnson        
		 	     William H. Rogers, Jr.	 		 	     Jennifer J. Johnson
		 	      President and Chief Operating Officer	 		 	     Secretary of the Board
			
	SUNTRUST BANK	 		 	
				
	By:	 	/s/ William H. Rogers, Jr.        	 		 	
		 	     William H. Rogers, Jr.	 		 	
		 	     President and Chief Operating Officer	 		 	
			
	SUNTRUST MORTGAGE, INC.	 		 	
				
	By:	 	/s/ Jerome T. Lienhard, II        	 		 	
		 	     Jerome T. Lienhard, II	 		 	
		 	     President and Chief Executive Officer	 		 	

  
 35

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