Document:

Great Lakes - Exhibit 4.3

EXHIBIT 4.3

                                                      
FORM OF
 REGISTRATION RIGHTS AGREEMENT

        This REGISTRATION
RIGHTS AGREEMENT (this "Agreement") is entered into as of May , 2003, by and between
Great Lakes Chemical Corporation, a Delaware corporation (the "Company"), and the
Investment Committee of the Company, in its capacity as duly appointed and acting
investment manager (the "Manager") of the assets held in the Great Lakes Chemical
Corporation Retirement Plan Supplemental Trust (the "Trust"), for the account and on
behalf of the Trust (which has consented to the terms of this Agreement and shall thereby
be deemed a party to this Agreement). Capitalized terms used and not otherwise defined
herein shall have the respective meanings set forth in Section 1. 

     
RECITALS:

        WHEREAS, the Company
intends to contribute 300,000 shares of its Common Stock to the Trust;

        WHEREAS, such shares
of Common Stock immediately following such contribution will be held in a single
segregated account in the Trust (the "Segregated Account");

        WHEREAS, the Manager
has been appointed as a "fiduciary" of the Great Lakes Chemical Corporation Retirement
Plan (the "Plan"), as defined in Section 3(21) of the Employee Retirement Income Security
Act of 1974, as amended ("ERISA"), with the authority to act on behalf of the Plan with
respect to all assets held in the Trust;

        WHEREAS, the Company
has agreed to grant the Manager certain registration rights with respect to the
Registrable Securities (as defined below) held in the Trust, on the terms and subject to
the conditions herein set forth; and

        WHEREAS, the Manager
has full power and authority to execute and deliver this Agreement for the account and on
behalf of the Trust and to bind the Trust.

        NOW, THEREFORE, in
consideration of the mutual covenants and obligations set forth in this Agreement, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:

AGREEMENT:

SECTION 1.        DEFINITIONS.

        In addition to those
terms that are defined elsewhere in this Agreement, the following terms shall have the
following meanings as used in this Agreement:

        "Affiliate" means with
respect to any Person, any other Person (i) who is controlling, controlled by or under
common control with such Person or (ii) who is a director, officer or employee or a
former director, officer or employee of such Person.

        "Blackout Period"
means (i) any holdback period during which Transfers are not permitted by operation of
Section 4(b) and (ii) the period of time during which Transfers are not permitted by
operation of Section 3(a).

        "Board of Directors"
means the Board of Directors of the Company and any authorized committee thereof.

        "Business Day" means
any day on which the New York Stock Exchange is open for trading.

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

        "Common Stock" means
the Company's common stock, par value $1.00 per share.

        "Exchange Act" means
the Securities Exchange Act of 1934, as amended, and any successor thereto, and the rules
and regulations promulgated thereunder.

        "Form S-3" means Form
S-3 as promulgated by the SEC or any successor form that is substantially similar thereto.

        "Person" means an
individual, partnership, corporation, trust or unincorporated organization, other
business entity or a government, or agency or political subdivision thereof.

        "Prospectus" means the
prospectus included in any Registration Statement, as amended or supplemented by any
prospectus supplement, with respect to the terms of the offering of any portion of the
Registrable Securities covered by such Registration Statement and all other amendments
and supplements to the Prospectus, including post-effective amendments and all material
incorporated by reference in such Prospectus.

        "Registrable
Securities" means all of the shares of Common Stock contributed to the Trust by the
Company as described in the recitals hereto, any other shares of Common Stock acquired
from time to time by the Trust from the Company by purchase, contribution or otherwise,
and any Common Stock of the Company issued in respect thereof or in exchange or
replacement for the Common Stock so purchased, contributed or otherwise acquired;
provided, however, that a security ceases to be a Registrable Security upon its Transfer
pursuant to Section 3 or Section 6 hereof.

        "Registration" means
the registration contemplated by Section 2 hereof, as the same may be delayed,
interrupted or resumed.

        "Registration
Statement" means any registration statement of the Company in a Registration which covers
any of the Registrable Securities pursuant to the provisions of Section 2 of this
Agreement, including the Prospectus, amendments and supplements to such Registration
Statement, post-effective amendments, all exhibits and all material incorporated by
reference in such Registration Statement.

— 1 —

        "Rule 144" means Rule
144 under the Securities Act, or any successor or similar rule.

        "Rule 415" means Rule
415 under the Securities Act, or any successor or similar rule.

        "SEC" means the United
States Securities and Exchange Commission.

        "Securities Act" means
the Securities Act of 1933, as amended, and any successor thereto, and the rules and
regulations promulgated thereunder.

        "Transfer" means any
sale, transfer or other disposition (including any pledge and any disposition upon the
foreclosure of any pledge) of the Registrable Securities or any agreement to do any of
the foregoing.

SECTION 2.        REQUIRED REGISTRATION.

        (a)        
Shelf Registration Rights. Subject to Section 4(b), as promptly as reasonably practicable after the date
hereof, the Company shall use reasonable efforts to effect the Registration of all of the
Registrable Securities on a continuous basis under Rule 415 by preparing and filing with
the SEC a Registration Statement on Form S-3 (the "Registration Statement"); provided,
however, that if, prior to the effective date of such Registration, circumstances arise
which would, after such date, constitute a Permitted Interruption (as defined below), the
Company shall be entitled to delay the Registration for the period of such Permitted
Interruption. The Company shall use reasonable efforts to remain eligible to register its
securities on Form S-3, including, without limitation, filing, in a timely fashion, any
required filings under the Exchange Act.

        (b)        Duration of
Registration. The Company shall use reasonable efforts (subject to any Permitted
Interruption) to cause the Registration to become effective as soon as practicable after
the date of this Agreement and to remain in effect for one (1) year from the later of (i)
the effective date of the Registration Statement, or (ii) the last date on or prior to
the first anniversary of such effective date that Registrable Securities are purchased,
contributed or otherwise acquired by the Trust from the Company (the "Registration
Period"). The Registration Period shall not be extended due to any Permitted Interruption
except as set forth in Section 2(c) below.

        (c)         Permitted
Interruptions. In the event that the Company is required to invoke the Permitted
Interruption under the circumstances set forth in Section 4(a)(i) for a period longer
than ninety (90) days, then after the expiration of such 90-day period, the Company shall
use its reasonable efforts to effect the Registration of the portion (but no less than
50% of the Registrable Securities outstanding on the date hereof, as adjusted to reflect
any recapitalization or stock split) of the Registrable Securities indicated in a request
from the Manager submitted at least ninety (90) days prior to the end of the Registration
Period. The Company shall use reasonable efforts to effect such registration within
thirty (30) days of receipt of such request and to maintain such Registration effective
for the period, not to exceed ninety (90) days, indicated in the plan of distribution.

— 3 —

SECTION 3.        LIMITATIONS ON TRANSFERS.

        (a)         The Trust shall
not make any Transfer of any Registrable Securities other than pursuant to (i) the
Registration Statement and in accordance with the plan of distribution described therein,
(ii) Rule 144, (iii) a Transfer to the Company or a wholly-owned direct or indirect
subsidiary of the Company pursuant to a self-tender offer or otherwise, (iv) a Transfer
in response to a tender offer permitted under Section 3(c) below, (v) a Negotiated
Transfer permitted under Section 6 below, or (vi) a Transfer pursuant to a merger or
consolidation in which the Company is a constituent corporation. All such Transfers
shall, in addition, be subject to the provisions of this Section 3 and all other
applicable provisions of this Agreement.

        (b)         The Manager shall
provide the Company with a notice of a proposed Transfer, which notice shall state (i)
the section of this Agreement pursuant to which the Trust proposes to Transfer any
Registrable Securities, (ii) the maximum number of Common Shares that the Trust proposes
to Transfer, and (iii) whether the Transfer or Transfers will occur on a date specified
in such notice or during a period of time specified in the notice. Each notice of a
proposed Transfer pursuant to this Section 3(b) shall be delivered a reasonable period of
time before such proposed Transfer and, in any event, as to (i) Transfers under the
Registration Statement or Rule 144, not less than two (2) Business Days before such
proposed Transfer, (ii) Transfers under Section 6, not less than ten (10) Business Days
before such proposed Transfer, and (iii) all other Transfers, not less than ten (10)
Business Days. The Manager shall establish, to the reasonable satisfaction of the
Company, that such proposed Transfer is in compliance with ERISA, federal and state
securities laws and regulations, and all other applicable laws and regulations.
Notwithstanding the foregoing, the Manager shall not effect any such Transfer (x) during
any period of time when officers, directors or other insiders of the Company are not
permitted to purchase or sell the Company's shares pursuant to the Company's insider
trading policy as in effect from time to time; or (y) if the Company's legal counsel
advises the Company and the Manager in writing that such Transfer would constitute a
"prohibited transaction" (within the meaning of Section 4975(c)(1) of the Code), unless
the Trust establishes to the reasonable satisfaction of the Company that an exemption
from Section 4975(c)(1) applies.

        (c)         Notwithstanding
the provisions of this Agreement to the contrary, but subject to the last sentence of
Section 3(b), the Manager may effect a Transfer by tendering all or any portion of the
Registrable Securities into a bona fide exchange offer, a tender offer or a request or
invitation for tenders (as such terms are used in Sections 14(d) or 14(e) of the Exchange
Act) for Common Stock.

        
(d)         No Transfer of
Registrable Securities in violation of this Agreement shall be made or recorded on the
books of the Company, and any such attempted Transfer shall be void and of no effect.
Subject to Section 3(e) below, each certificate representing the Registrable Securities
shall conspicuously bear legends in substantially the following form:

	 	
                  THE  SECURITIES  REPRESENTED  BY THIS  CERTIFICATE  HAVE NOT BEEN  REGISTERED  UNDER THE
                  SECURITIES ACT OF 1933, AS AMENDED (THE  "SECURITIES  ACT"), OR ANY STATE SECURITIES LAW
                  AND,  UNLESS SO REGISTERED,  MAY NOT BE OFFERED OR SOLD EXCEPT  PURSUANT TO AN EXEMPTION
                  FROM,  OR IN A  TRANSACTION  NOT  SUBJECT  TO,  THE  REGISTRATION  REQUIREMENTS  OF  THE
                  SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS.

— 4 —

	 	
                  THE SECURITIES  REPRESENTED  BY THIS  CERTIFICATE  ARE SUBJECT TO A REGISTRATION  RIGHTS
                  AGREEMENT,  DATED  AS OF  _______________,  2003  THAT  CONTAINS,  AMONG  OTHER  THINGS,
                  CERTAIN  RESTRICTIONS ON THE TRANSFER OF SUCH  SECURITIES.  A COPY OF SUCH  REGISTRATION
                  RIGHTS  AGREEMENT  WILL BE FURNISHED  WITHOUT CHARGE BY THE COMPANY TO THE HOLDER HEREOF
                  UPON WRITTEN REQUEST.

        (e)         The Company will
instruct its transfer agent that the legends set forth in Section 3(d) shall be removed
upon the Plan's Transfer of shares of Common Stock if such Transfer is made in accordance
with all applicable provisions of this Agreement; provided, however, that if such
Transfer is a Negotiated Transfer (as defined below) that is not registered under the
Securities Act, the first legend shall remain on the certificates representing such
shares until such time as the restrictions set forth in such legend cease to be
applicable.

SECTION 4.       INTERRUPTIONS OF CONTINUOUS REGISTRATION.

        (a)         Permitted
Interruptions. The Company shall be entitled, effective immediately upon notice given in
conformity with Section 9(d) (an "Interruption Notice"), to require the Plan to cease to
make any offers or sales of the Registrable Securities under any Registration Statement
then in effect in the event that:

	 	
        (i)
        
the Company is no longer entitled to maintain a Registration on Form S-3 under Rule 415; or

	 	
        (ii)
        
the Company determines, as evidenced by a certificate of two of the Company's
executive officers, in its good faith and reasonable judgment, that the offering
of any Registrable Securities would require disclosure of material, nonpublic
information not otherwise proposed to be disclosed; provided, however, that in
each such case the interruption shall not exceed ninety (90) days from the date
of the Interruption Notice.

        Each of the foregoing
events or any combination thereof shall be hereinafter referred to as a "Permitted
Interruption." In no event (other than pursuant to Section 4(a)(i)) shall the Manager be
required to cease offers and sales under the Registration Statement for more than an
aggregate of six months in any consecutive twelve-month period pursuant to Permitted
Interruptions.

        
(b)        Holdback
Agreements. In the event the managing underwriter in any registration effected by the
Company that gives rise to a Permitted Interruption so requests, the Manager will agree
not to effect any public sale or distribution of the shares of Registrable Securities
held by the Plan (including a sale pursuant to Rule 144) for a period up to 180 days
following the effective date of such registration that so gives rise to a Permitted
Interruption.

— 5 —

        (c)         Cessation Of
Offers. The Manager hereby agrees that, upon receipt of any notice (including any
Interruption Notice) from the Company of:

	 	
        (i)
        
      any Permitted Interruption;

	 	
        (ii)
        
     any request by the SEC for  amendments or  supplements  to a  Registration  Statement or Prospectus or for
         additional information;

	 	
        (iii)
        
    the issuance by the SEC of any stop order  suspending the  effectiveness  of a  Registration  Statement or
         the initiation of any proceedings for that purpose;

	 	
        (iv)
        
     the  representations  and  warranties of the Company made in any  underwriting  agreement  relating to the
         Registration ceasing to be true and correct in any material respect;

	 	
        (v)
        
     the receipt by the Company of any  notification  with respect to the  suspension of the  qualification  of
         any  Registrable  Securities  registered  in  such  Registration  for  sale  in  any  jurisdiction  or the
         initiation or  threatening  of any proceeding for such purpose (in which case the cessation of sales shall
         pertain only to the applicable jurisdiction);

	 	
        (vi)
        
     the happening of any event which makes any statement made in a Registration  Statement,  Prospectus or any
         document  incorporated  therein by reference  untrue in any material  respect or which requires the making
         of any changes in any such  Registration  Statement or Prospectus so that they will not contain any untrue
         statement  of a  material  fact or omit to state  any  material  fact  required  to be stated  therein  or
         necessary to make the statements therein not misleading; or

	 	
        (vii)
        
    the Company's reasonable  determination that a post-effective  amendment to a registration statement would
         be appropriate;

the Manager will
forthwith discontinue disposition of any Registrable Securities covered by such
Registration Statement until the Trust's receipt of any required supplemental or amended
materials or of advice in writing that use of the applicable Prospectus may be resumed.
In such event, the Company will use its reasonable efforts promptly to correct or
supplement the Registration Statement, to obtain the lifting of any stop order or
otherwise to remove the circumstances preventing the Manager from continuing to make
offers and sales under the Registration Statement, subject to the duration provided in
Section 4 of any Permitted Interruption.

SECTION 5.        REGISTRATION PROCEDURES.

        (a)         State Law
Compliance. The Company shall use reasonable efforts to cause the Registrable Securities
covered by such Registration to be registered in a reasonable number of United States
state jurisdictions as requested by the Manager, provided that the Company shall not be
obligated to file a general consent to service of process or to qualify to do business as
a foreign corporation or otherwise to subject itself to taxation in connection with any
such registration.

— 6 —

        (b)         Underwritten
Offering. If any of the Registrable Securities covered by the Registration are to be sold
in an underwritten offering, the investment bankers and managers that will administer the
offering will be selected by the Manager; provided, however, that such investment bankers
and managers must be approved in writing by the Company, such approval not to be
unreasonably withheld. The Company will enter into such agreements (including an
underwriting agreement) and take all such other actions reasonably necessary in
connection therewith in order to expedite or facilitate the disposition of such
Registrable Securities, and in such connection:

	 	
        (i)
        
      make  such  representations  and  warranties  to the  underwriters  in form,  substance  and  scope as are
         customarily  made by issuers to underwriters  in  underwritten  offerings and confirm the same if and when
         requested;

	 	
        (ii)
        
     obtain  opinions of counsel to the  Company and updates  thereof  (which  counsel and  opinions  (in form,
         scope  and  substance)  shall  be  approved  by  the  Manager  and  the  Trust,  such  approval  not to be
         unreasonably  withheld)  addressed  to the  Trust  and the  underwriters,  if any,  covering  the  matters
         customarily  covered in opinions  requested in  underwritten  offerings  and such other  matters as may be
         reasonably requested by the Plan and underwriters, if any;

	 	
        (iii)
        
    enter into an indemnity agreement in form, scope and substance as is customary in underwritten offerings;

	 	
        (iv)
        
     obtain  "cold  comfort"  letters  and  updates  thereof  as  appropriate  from the  Company's  independent
         certified public accountants  addressed to the underwriters,  if any, such letters to be in customary form
         and  covering  matters of the type  customarily  covered in "cold  comfort"  letters  to  underwriters  in
         connection  with  underwritten  offerings  (provided  that no more than one such cold comfort  letter (and
         updates  thereof)  shall be  required  to be  provided  at the  expense of the  Company  pursuant  to this
         Agreement); and

	 	
        (v)
        
     deliver such documents and  certificates as may be reasonably  requested by the Plan and the  underwriter,
         if any.

        (c)         Confidentiality.
Each of the parties to this Agreement will treat all notices of proposed Transfers and
all notices delivered pursuant to Section 4(c) received from the other party with the
strictest confidence and will not disclose or disseminate such information to any third
party without the prior consent of the other party, such consent not to be unreasonably
withheld. Nothing herein shall be construed to require the Company or any of its
Affiliates to make any public disclosure of information at any time.

        (d)        
 Information Regarding Plan. The Manager shall furnish to the Company such information regarding the
Trust's holdings of Common Stock and the proposed manner of distribution or Transfer
thereof and such other information as the Company may reasonably request and as shall be
required in connection with the Registration and with any qualification under state law
referred to in Section 5(a). The Company agrees that it will furnish to the Manager the
number of prospectuses, offering circulars or other documents, or any amendments or
supplements thereto, incident to such qualification under state law referred to in
Section 5(a) as the Manager from time to time may reasonably request.

— 7 —

SECTION 6.        NEGOTIATED TRANSFERS.

        (a)         The Manager shall
deliver to the Company a written notice that the Manager proposes to make a Transfer of
Registrable Securities pursuant to a negotiated transaction or series of related
transactions with one or more transferees (each such transaction or series of related
transactions, whether registered or not, being referred to herein collectively as a
"Negotiated Transfer"). Each notice of a Negotiated Transfer shall be delivered a
reasonable period of time before the Negotiated Transfer and, in any event, not less than
ten (10) Business Days before the proposed commencement of such Negotiated Transfer. Each
notice of a Negotiated Transfer shall specify the approximate number of Registrable
Securities proposed to be Transferred, the proposed timetable for the transaction,
whether the Negotiated Transfer will be made pursuant to the Registration Statement, and
the anticipated per share price for such Negotiated Transfer. If the Registrable
Securities subject to any Negotiated Transfer are not registered under the Securities
Act, the Trust shall, prior to effecting such Negotiated Transfer, cause each transferee
in such Negotiated Transfer to represent and warrant to the Trust and the Company, in
writing, that (i) such transferee is acquiring such Registrable Securities for its own
account, or for one or more accounts, as to each of which such transferee exercises sole
investment discretion, for investment purposes only and not with a view to, or for resale
in connection with, any distribution (within the meaning of the Securities Act), (ii)
such transferee has such knowledge and experience in financial and business matters as to
be capable of evaluating the merits and risks of an investment in the Registrable
Securities, and (iii) such transferee acknowledges that such Negotiated Transfer has not
been and will not be registered under the Securities Act or any state securities law and
such Registrable Securities may not be resold unless registered under the Securities Act
or unless such resale is exempt therefrom.

        (b)         The Company shall
make available members of the management of the Company and its Affiliates for such
assistance as is reasonably requested by the Manager and its counsel in selling efforts
relating to any Negotiated Transfer.

SECTION 7.        EXPENSES OF REGISTRATION.

        The Company will bear
all expenses of the Registration (other than underwriting discounts and commissions and
brokerage commissions and fees, if any), including, without limitation, registration fees
and legal and accounting fees (subject to Section 4 regarding audited financial
statements and Section 5 regarding comfort letters) incurred by the Company in connection
with any such Registration and amendments or supplements in connection therewith.

SECTION 8.        INDEMNIFICATION.

        (a)        
Indemnification by the Company. The Company agrees to indemnify and hold harmless, to the full extent
permitted by law, each of the Trust, the Manager and their agents (each a "Trust
Indemnified Party") against all losses, claims, damages, liabilities and expenses caused
by any untrue or alleged untrue statement of a material fact or any omission or alleged
omission of a material fact required to be stated in any Registration Statement or
Prospectus or preliminary prospectus or necessary to make the statements therein (in the
case of a Prospectus, in the light of the circumstances under which they were made) not
misleading, except insofar as the same are caused by or contained in any information
furnished in writing to the Company by any Trust Indemnified Party or any underwriter
thereof expressly for use therein. The Company will also agree to indemnify underwriters,
selling brokers, dealer managers and similar securities industry professionals
participating in the distribution, their officers and directors and each Person who
controls such Persons (within the meaning of the Securities Act) to the same extent as
provided above with respect to the indemnification of the Plan Indemnified Parties, if
requested. The Company shall be entitled to receive indemnities from underwriters,
selling brokers, dealer managers and similar securities industry professionals
participating in the distribution to the same extent as provided above with respect to
information so furnished in writing by such Persons specifically for inclusion in any
Prospectus or Registration Statement.

— 8 —

        (b)        
Indemnification by Holders of Registrable Securities. Each of the Plan
Indemnified Parties severally agrees to indemnify, to the full extent permitted
by law, the Company, its directors and officers and each Person who controls the
Company (within the meaning of the Securities Act) (each a "Company Indemnified
Party") against all losses, claims, damages, liabilities and expenses caused by
any untrue or alleged untrue statement of a material fact or any omission or
alleged omission of a material fact required to be stated in any Registration
Statement or Prospectus or preliminary prospectus or necessary to make the
statements therein (in the case of a Prospectus, in the light of the
circumstances under which they were made) not misleading, to the extent, but
only to the extent, that such untrue statement or omission is contained in any
information or affidavit so furnished in writing by any Trust Indemnified Party
specifically for inclusion in such Registration Statement or Prospectus. In no
event shall the liability of (i) the Trust hereunder be greater in amount than
the dollar amount of the proceeds received by the Trust upon the sale of the
Registrable Securities giving rise to such indemnification obligation or (ii)
the Manager hereunder be greater in amount than the aggregate fees received by
the Manager to date in connection with the Trust.

        (c)         Delivery of
Prospectus. The indemnification provisions in Sections 8(a) and (b) above are subject to
the condition that, insofar as they relate to any untrue statement (or alleged untrue
statement) or omission (or alleged omission) made in a preliminary prospectus or
Prospectus but are eliminated or remedied in the amended Prospectus on file with the SEC
at the time the Registration Statement becomes effective or in any amended Prospectus
filed with the SEC pursuant to Rule 424(b) or 424(c) of the Securities Act (the "Final
Prospectus"), such indemnity provisions shall not inure to the benefit of any
underwriter, the Trust, the Manager or its agents, if the Company has previously
delivered copies of such Final Prospectus to such underwriter, the Trust, the Manager or
its agents and if a copy of the Final Prospectus was not furnished by such underwriter,
the Trust, the Manager or its agents, as the case may be, to the Person asserting the
loss, liability, claim or damage prior to or concurrently with the sale of a Registrable
Security to such Person.

        
(d)         Conduct Of
Indemnification Proceedings. Any Person entitled to indemnification hereunder (each an
"Indemnified Party") will (i) give prompt notice to the party from whom it seeks
indemnification (each an "Indemnifying Party") of any claim with respect to which it
seeks indemnification and (ii) permit such Indemnifying Party to assume the defense of
such claim with counsel reasonably satisfactory to the Indemnified Party; provided,
however, that any Indemnified Party shall have the right to employ separate counsel and
to participate in the defense of such claim, but the fees and expenses of counsel shall
be at the expense of such Indemnified Party, unless (a) the Indemnifying Party has agreed
to pay such fees or expenses, (b) the Indemnifying Party shall have failed to assume the
defense of such claims and employ counsel reasonably satisfactory to the Indemnified
Party or (c) in the reasonable judgment of the Indemnified Party, based upon advice of
their counsel, a conflict of interest may exist between the Indemnified Party and the
Indemnifying Party with respect to such claims (in which case, if the Indemnified Party
notifies the Indemnifying Party in writing that the Indemnified Party elects to employ
separate counsel at the expense of the Indemnifying Party, the Indemnifying Party shall
not have the right to assume the defense of such claim on behalf of the Indemnified
Party). If such defense is not assumed by the Indemnifying Party, the Indemnifying Party
will not be subject to any liability for any settlement made without its consent (but
such consent will not be unreasonably withheld or delayed). No Indemnifying Party will
consent to entry of any judgment or enter into any settlement which does not include as
an unconditional term thereof the giving by the claimant or plaintiff to the Indemnified
Party of a release from all liability in respect to such claim or litigation. An
Indemnifying Party who is not entitled to, or elects not to, assume the defense of a
claim will not be obligated to pay the fees and expenses of more than one counsel for all
parties indemnified by such Indemnifying Party with respect to such claim, unless in the
opinion of counsel to the Indemnified Party a conflict of interest exists between the
Indemnified Party and another Indemnified Party with respect to such claim.

— 9 —

        (e)        
Contribution. If
the indemnification provided for in this Section 8 from the Indemnifying Party is
unavailable to an Indemnified Party hereunder in respect of any losses, claims, damages,
liabilities or expenses referred to therein, then the Indemnifying Party, in lieu of
indemnifying such Indemnified Party, shall contribute to the amount paid or payable by
such Indemnified Party as a result of such losses, claims, damages, liabilities or
expenses in such proportion as is appropriate to reflect the relative fault of the
Indemnifying Party and Indemnified Party in connection with the actions which resulted in
such losses, claims, damages, liabilities or expenses, as well as any other relevant
equitable considerations. The relative fault of such Indemnifying Party and Indemnified
Party shall be determined by reference to, among other things, whether any action in
question, including any untrue or alleged untrue statement of a material fact or omission
or alleged omission to state a material fact, has been made by, or relates to information
supplied by, such Indemnifying Party or Indemnified Party, and the parties' relative
intent, knowledge, access to information and opportunity to correct or prevent such
action. The amount paid or payable by a party as a result of the losses, claims, damages,
liabilities and expenses referred to above shall be deemed to include, subject to the
limitations set forth in Section 8(d) hereof, any legal or other fees or expenses
reasonably incurred by such party in connection with any investigation or proceeding.

        The parties hereto
agree that it would not be just and equitable if contribution pursuant to this Section
8(e) were determined by pro rata allocation or by any other method of allocation which
does not take into account the equitable considerations referred to in the immediately
preceding paragraph. Notwithstanding the provisions of this Section 8(e), in no event
shall (i) the Trust be required to contribute any amount in excess of the amount by which
the total price at which the Registrable Securities sold by the Trust and distributed to
the public were offered to the public exceeds the amount of damages which such holder has
otherwise been required to pay by reason of such untrue or alleged untrue statement or
omission or alleged omission, or (ii) the Manager hereunder be required to contribute any
amount in excess of the aggregate fees received to date by the Manager in connection with
the Trust. No person guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the Securities Act) shall be entitled to contribution or indemnification
from any Person who was not guilty of such fraudulent misrepresentation.

— 10 —

SECTION 9.        GENERAL PROVISIONS.

        (a)         Succession. In the
event that the Registrable Securities are to be converted into or exchanged for (or
become the right to receive) securities of an issuer other than the Company in connection
with any transaction to which the Company is a party, the Company shall cause the New
Issuer of such securities to agree, effective as of such conversion or exchange, that all
rights, obligations and restrictions of the Company set forth in this Agreement shall
continue to apply to such securities. As of the time of such conversion or exchange,
subject to any Blackout Period, such New Issuer shall be bound by this Agreement and
shall succeed to all rights, restrictions and obligations of the Company set forth in
this Agreement, all references to the Company herein shall thereafter be deemed to be
references to such New Issuer, and the Company shall be released from all obligations
under this Agreement except for any obligations under Section 8 with respect to any
registration of securities issued by the Company. To evidence the foregoing, prior to the
time of such conversion or exchange, the Issuer may execute, and cause such New Issuer to
execute, a Succession Agreement setting forth such New Issuer's obligations pursuant to
this Section 9. Upon request, the Manager shall acknowledge and agree to any such
Succession Agreement as set forth therein. To the extent required and permissible under
applicable law, as soon as reasonably practicable after such conversion or exchange, the
New Issuer shall file with the SEC an amendment to the Registration Statement, if any,
then in effect to ensure that such Registration Statement shall continue to apply to such
securities.

        (b)         Termination. All
rights, restrictions and obligations of the Company and the Trust, except with respect to
any rights and obligations under Section 8, shall terminate and this Agreement shall have
no further force or effect on the earlier of either the date set forth in Section 3(b) or
the date the Trust no longer holds any Registrable Securities.

        (c)        Amendments
And Waivers. Except as otherwise provided herein, the provisions of this Agreement may
not be amended, modified or supplemented except in writing signed by both the Company and
the Manager.

        (d)        Notice. Each notice
relating to this Agreement shall be in writing and shall be delivered in person, by
overnight air carrier, by registered or certified mail, by facsimile transmission or by
telex, to the parties at the following addresses (or at such other address for a party as
shall be specified by like notice, provided that notices of a change of address shall be
effective only upon receipt thereof):

— 11 —

	 	
If to the Company:

        Great Lakes Chemical Corporation

        500 East 96th Street, Suite 500

        Indianapolis, Indiana  46240

        Attention:  General Counsel

        Telecopy No.:  (317) 715-3040

	 	
         With a copy to:

        Ice Miller

        One American Square Box 82001

        Indianapolis, Indiana  46282

        Attention:  Stephen J. Hackman

        Telecopy No.:  (317) 236-2219

	 	
         If to the Manager:

        Great Lakes Chemical Corporation

        500 East 96th Street, Suite 500

        Indianapolis, Indiana  46240

        Attention:  Treasurer

        Telecopy No.:  (317) 715-3040

	 	
         With a copy to:

        Great Lakes Chemical Corporation

        500 East 96th Street, Suite 500

        Indianapolis, Indiana  46240

        Attention:  General Counsel

        Telecopy No.:  (317) 715-3040

        Unless otherwise
specifically provided in this Agreement, a notice shall be deemed to have been
effectively given if mailed by registered or certified mail to the proper address (with
such notice to be effective upon the earlier of actual receipt or five days after deposit
in the mail), if given in person or by overnight air carrier when delivered in person or
by overnight air carrier, if given by telex or telecopy upon receipt if confirmed by
return telecopy, telex or telephonic confirmation or otherwise; provided, however, that
no notice shall be deemed received on a day that is not a Business Day in the
jurisdiction in which notices are to be addressed to such party. Any such notice shall
not be effective until the next Business Day in such jurisdiction.

        (e)        
Governing Law. This Agreement shall be governed by, and construed and enforced in
accordance with, the internal law, and not the law pertaining to conflicts or choice of
law, of the State of Indiana.

— 12 —

        (f)        
Counterparts. This Agreement may be executed in two or more counterparts, each of which
shall be deemed an original, but all of which shall constitute one and the same
instrument.

        (g)        
Complete Agreement. This Agreement contains the entire agreement between the parties
hereto with respect to the transactions contemplated herein and supersedes all previous
oral and written and all contemporaneous oral negotiations, commitments and
understandings.

        (h)        
Headings; Interpretation. The headings contained in this Agreement are for reference
purposes only and shall not affect in any way the meaning or interpretation of this
Agreement. No party hereto, nor its respective counsel, shall be deemed the drafter of
this Agreement for purposes of construing the provisions hereof. The language in all
parts of this Agreement shall in all cases be construed according to its fair meaning,
and not strictly for or against any party hereto.

        (i)        
Gender and Number. In this Agreement, unless the context otherwise requires, the
masculine, feminine and neuter genders and the singular and the plural include one
another.

        (j)        
No Third Party-Beneficiaries. This Agreement shall be for the sole and exclusive benefit
of the Company, the Trust, the Manager and any other-investment manager or managers
acting on behalf of the Plan with respect to the Registrable Securities, and their
respective successors, and directors, trustees, officers, employees, agents and
controlling Persons indemnified hereunder. Nothing in this agreement shall be construed
to give any other Person any legal or equitable right, remedy or claim under this
Agreement.

        (k)        
Cooperation. Each party hereto shall take such further action, and execute such
additional documents, as may be reasonably required by any other party hereto in order to
carry out the purposes of this Agreement.

        (l)        
Binding Effect; Assignment. This Agreement shall be binding upon and shall inure to the
benefit of and be enforceable by each of the parties and their successors and the
directors, trustees (including, without limitation, any successor trustee for the Plan),
officers, employees, agents and controlling Persons of the parties. Except for an
assignment to a successor trustee or to an investment manager as stated herein, and
except as contemplated in Section 9(a), none of the rights or obligations under this
Agreement shall be assigned by the Trust without the consent of the Company.

— 13 —

        IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their
respective officers hereunto duly authorized, as of the date first above written.

	 	 	
GREAT LAKES CHEMICAL CORPORATION

By:  

Title:  

INVESTMENT COMMITTEE OF GREAT LAKES CHEMICAL CORPORATION, in
     its capacity as duly appointed and acting investment manager of the Great
Lakes Chemical Corporation Retirement Plan Supplemental Trust.

By:  

John Kunz, Authorized Signatory

	
Consented to this ___ day of

_________________, 2003

GREAT LAKES CHEMICAL CORPORATION

RETIREMENT PLAN SUPPLEMENTAL TRUST

By:  

John J. Gallagher III, Trustee

— 14 —Change in Control Agreement

 
Exhibit 10.1

 
CHANGE IN CONTROL AGREEMENT 
 
This Change in Control Agreement (“Agreement”) is
entered into by and between SunTrust Banks, Inc., a Georgia corporation (“SunTrust”), and Douglas S. Phillips (“Executive”). 
 
WHEREAS, Executive is employed by SunTrust or provides services directly or indirectly to SunTrust as a senior executive of SunTrust or
one, or more than one, SunTrust Affiliate; and 
 
WHEREAS, the Board and the Compensation and Governance Committee have decided that SunTrust should provide certain benefits to Executive in the event Executive’s employment is terminated without Cause or Executive resigns for
Good Reason following a Change in Control; and 
 
WHEREAS, this Agreement sets forth the benefits which the Board and the Compensation and Governance Committee have decided SunTrust shall provide under such circumstances and the terms and conditions under which the Board and the
Compensation and Governance Committee have decided that such benefits shall be provided; 
 
NOW, THEREFORE, in consideration of the mutual promises and agreements contained in this Agreement and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, SunTrust and Executive hereby agree as follows: 
 
§ 1. 
 
Definitions

 
1.1 Board. The term “Board” for
purposes of this Agreement shall mean the Board of Directors of SunTrust. 
 
1.2 Cause. The term “Cause” for purposes of this Agreement shall (subject to § 1.2(e)) mean: 
 
(a) The willful and continued failure by Executive to perform satisfactorily the duties of Executive’s job;

 
(b) Executive is convicted of a
felony or has engaged in a dishonest act, misappropriation of funds, embezzlement, criminal conduct or common law fraud; 
 
(c) Executive has engaged in a material violation of the SunTrust Code of Conduct; or 
 
(d) Executive has engaged in any willful act
that materially damages or materially prejudices SunTrust or a SunTrust Affiliate or has engaged in conduct or activities materially damaging to the property, business or reputation of SunTrust or a SunTrust Affiliate; provided, however,

 
(e) No such act, omission or
event shall be treated as “Cause” under this Agreement unless (i) Executive has been provided a detailed, written statement of the basis for SunTrust’s belief that such act, omission or event constitutes “Cause” and an
opportunity to meet with the Compensation and Governance Committee (together with Executive’s counsel if Executive chooses to have Executive’s counsel present at such meeting) after Executive has had a reasonable period in which to review
such statement and, if the allegation is under § 1.2(a), has 

had at least a thirty (30) day period to take corrective action and (ii) the Compensation
and Governance Committee after such meeting (if Executive meets with the Compensation and Governance Committee) and after the end of such thirty (30) day correction period (if applicable) determines reasonably and in good faith and by the
affirmative vote of at least two thirds of the members of the Compensation and Governance Committee then in office at a meeting called and held for such purpose that “Cause” does exist under this Agreement. 
 
1.3 Change in Control. The term “Change in
Control” for purposes of this Agreement shall mean 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 Exchange Act 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 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 SunTrust or
any successor of SunTrust; (ii) during any period of two consecutive years or less, individuals who at the beginning of such period constitute the Board cease, for any reason, to constitute at least 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) the shareholders of SunTrust approve 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) the shareholders of SunTrust approve 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 transaction and (B) the number of shares of the common stock of such successor or survivor corporation beneficially owned by the persons described in §
1.3(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 common stock immediately before the
consummation of such transaction, provided (C) the percentage described in § 1.3(iv)(A) of the beneficially owned shares of the successor or survivor corporation and the number described in § 1.3(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
§ 1.3(iv)(A) immediately before the consummation of such transaction. 
 
1.4 Change in Control Date. The term “Change in Control Date” for purposes of this Agreement shall mean the date which includes the “closing” of the transaction which results
from a Change in Control or, if there is no transaction which results from a Change in Control, the date such Change in Control is reported by SunTrust to the Securities and Exchange Commission. 
 
1.5 Code. The term “Code” for purposes of
this Agreement shall mean the Internal Revenue Code of 1986, as amended. 
 
1.6 Compensation and Governance Committee. The term “Compensation and Governance Committee” for purposes of this Agreement shall mean the Compensation and Governance Committee of the Board. 
 
1.7 Confidential or Proprietary Information. The term
“Confidential or Proprietary Information” for purposes of this Agreement shall mean any secret, confidential, or proprietary information of 

 
SunTrust or a SunTrust
Affiliate (not otherwise included in the definition of Trade Secret in § 1.23 of this Agreement) that has not become generally available to the public by the act of one who has the right to disclose such information without violating any right
of SunTrust or a SunTrust Affiliate. 
 
1.8
Current Compensation Package. The term “Current Compensation Package” for purposes of § 3(a)(2)(A) of this Agreement shall mean the sum of the amount described in § 1.8(a), in § 1.8(b) and, if applicable, in §
1.8(c) as follows: 
 
(a) Base
Salary. Executive’s highest annual base salary from SunTrust and any SunTrust Affiliate which (but for any salary deferral election) is in effect at any time during the 1 year period which ends on the date Executive’s employment with
SunTrust or a SunTrust Affiliate terminates under the circumstances described in § 3(a) or § 3(f). 
 
(b) MIP or MIP Alternative. 
 
(1) General Rule. If Executive participates in the MIP or in an alternative,
functional incentive plan, the amount described in this § 1.8(b) shall (subject to § 1.8(b)(2)) be the greater of (i) Executive’s target annual bonus under the MIP or such alternative plan for the calendar year in which
Executive’s employment with SunTrust or a SunTrust Affiliate terminates under the circumstances described in § 3(a) or § 3(f) or (ii) the greater of (A) the average of the annual bonus which was paid to Executive (or, if greater,
which would have been paid to Executive but for any bonus deferral election) for the 3 full calendar years in which Executive has participated in the MIP or such alternative plan (or, if less, the number of full calendar years in which Executive has
participated in the MIP or such alternative plan) which immediately precedes the calendar year in which Executive’s employment so terminates or, if Executive was not eligible to participate in the MIP or in a functional incentive plan in the
calendar year which immediately precedes the calendar year in which Executive’s employment so terminates, (B) the greater of (1) the average annual bonus described in §1.8(b)(1)(ii)(A) or (2) the last annual bonus which was paid to
Executive (or, if greater, which would have been paid to Executive but for any bonus deferral election); or 
 
(2) Exceptions to General Rule. 
 
(a) No MIP. If Executive participates in a functional incentive plan and in the PUP
but not in the MIP, the amount described in this § 1.8(b) shall not exceed the amount which would have been described in § 1.8(b)(1) if Executive instead had been a participant in the MIP. 
 
(b) No MIP and No PUP. If Executive
participates in a functional incentive plan but does not participate in either the MIP or the PUP, the amount described in this § 1.8(b) shall not exceed the amount which would have been described in § 1.8(b)(1) if Executive instead had
been a participant in the MIP plus the amount which would have been described in § 1.8(c) if Executive had been a participant in the PUP. 
 
(c) Determination Rules. SunTrust shall determine the amount which would have been described in § 1.8(b)(1)
if Executive had been a participant in the MIP and, if applicable, in § 1.8(c) if Executive had been a participant in the PUP based on the target bonus or, if greater, the projected bonus for a MIP participant and the target bonus or, if
greater, the 

projected bonus for PUP participant, or for a class of such participants, whose duties,
responsibilities and compensation match, or most closely match, Executive’s duties, responsibilities and compensation before Executive’s employment terminated. 
 
(c) (1) If Executive participated in the PUP, the average of the PUP bonus which was paid to
Executive (or, if greater, which would have been paid to Executive but for any bonus deferral election) for the 3 full performance cycles in which Executive has participated in the PUP (or, if less, for the number of full performance cycles in which
Executive has participated in the PUP) which immediately precede the performance cycle which ends in the calendar year in which Executive’s employment with SunTrust or a SunTrust Affiliate terminates under the circumstances described in §
3(a) or § 3(f) or, if Executive was not eligible to participate in the PUP for the performance cycle which ends in the calendar year in which Executive’s employment so terminates or if there is no such cycle, (2) the average PUP bonus
described in §1.8(c)(1) or the last PUP bonus which was paid to Executive (or, if greater, which would have been paid to Executive but for any bonus deferral election), whichever is greater. 
 
1.9 Disability Termination. The term “Disability
Termination” for purposes of this Agreement shall mean a termination of Executive’s employment on or after the date Executive has a right immediately upon such termination to receive disability income benefits under SunTrust’s long
term disability plan or any successor to or replacement for such plan. 
 
1.10 Exchange Act. The term “Exchange Act” for purposes of this Agreement shall mean the Securities Exchange Act of 1934, as amended. 
 
1.11. Financial Services Business. The term “Financial Services Business” for purposes of
this Agreement shall mean the business of banking, including deposit, credit, trust and investment services, mortgage banking, commercial and auto leasing, insurance, asset management, brokerage and investment banking services. 
 
1.12 Good Reason. The term “Good Reason” for
purposes of this Agreement shall (subject to § 1.12(e)) mean: 
 
(a) SunTrust or any SunTrust Affiliate after a Change in Control but before the end of Executive’s Protection Period reduces Executive’s base salary or opportunity to receive comparable
incentive compensation or bonuses without Executive’s express written consent; 
 
(b) SunTrust or any SunTrust Affiliate after a Change in Control but before the end of Executive’s Protection Period
reduces the scope of Executive’s principal or primary duties, responsibilities or authority without Executive’s express written consent; 
 
(c) SunTrust or any SunTrust Affiliate at any time after a Change in Control but before the end of Executive’s
Protection Period (without Executive’s express written consent) transfers Executive’s primary work site from Executive’s primary work site on the date of such Change in Control or, if Executive subsequently consents in writing to such
a transfer under this Agreement, from the primary work site which was the subject of such consent, to a new primary work site which is outside the “standard metropolitan statistical area” which then includes Executive’s then current
primary work site unless such new primary work site is closer to Executive’s primary residence than Executive’s then current primary work site; or 
 

 
(d) SunTrust or any SunTrust Affiliate after a Change in Control but before the end of Executive’s Protection Period fails (without Executive’s express written consent) to continue to provide to Executive health and welfare
benefits, deferred compensation and retirement benefits, stock option and restricted stock grants that are in the aggregate comparable to those provided to Executive immediately prior to the Change in Control Date; provided, however, 
 
(e) No such act or omission shall be treated
as “Good Reason” under this Agreement unless 
 
(i) (A) Executive delivers to the Compensation and Governance Committee a detailed, written statement of the basis for Executive’s belief that such act or omission constitutes Good Reason, (B) Executive delivers such
statement before the later of (1) the end of the ninety (90) day period which starts on the date there is an act or omission which forms the basis for Executive’s belief that Good Reason exists or (2) the end of the period mutually agreed upon
for purposes of this § 1.12(e)(i)(B) in writing by Executive and the Chairman of the Compensation and Governance Committee, (C) Executive gives the Compensation and Governance Committee a thirty (30) day period after the delivery of such
statement to cure the basis for such belief and (D) Executive actually submits Executive’s written resignation to the Compensation and Governance Committee during the sixty (60) day period which begins immediately after the end of such thirty
(30) day period if Executive reasonably and in good faith determines that Good Reason continues to exist after the end of such thirty (30) day period, or 
 
(ii) SunTrust states in writing to Executive that Executive has the right to treat such act or omission as Good Reason
under this Agreement and Executive resigns during the sixty (60) day period which starts on the date such statement is actually delivered to Executive; 
 
(f) If (i) Executive gives the Compensation and Governance Committee the statement described in § 1.12(e)(i) before
the end of the thirty (30) day period which immediately follows the end of the Protection Period and Executive thereafter resigns within the period described in § 1.12(e)(i) or (ii) SunTrust provides the statement to Executive described in
§ 1.12(e)(ii) before the end of the thirty (30) day period which immediately follows the end of the Protection Period and Executive thereafter resigns within the period described in § 1.12(e)(ii), then (iii) such resignation shall be
treated under this Agreement as if made in Executive’s Protection Period; and 
 
(g) If Executive consents in writing to any reduction described in § 1.12(a) or § 1.12(b), to any transfer
described in § 1.12(c) or to any failure described in § 1.12(d) in lieu of exercising Executive’s right to resign for Good Reason and delivers such consent to SunTrust, the date such consent is delivered to SunTrust thereafter shall
be treated under this definition as the date of a Change in Control for purposes of determining whether Executive subsequently has Good Reason under this Agreement to resign under § 3(a) or § 3(f) as a result of any subsequent reduction
described in § 1.12(a) or § 1.12(b), any subsequent transfer described in § 1.12(c) or any subsequent failure described in § 1.12(d). 
 
1.13 Gross Up Payment. The term “Gross Up Payment” for purposes of this Agreement shall mean a payment to or on behalf of
Executive which shall be sufficient to pay (i) any excise tax described in § 9 in full, (ii) any federal, state and local income tax and social security and other employment tax on the payment made to pay such excise tax as well as any
additional taxes on such payment and (iii) any interest or 

penalties assessed by the Internal Revenue Service on Executive which are related to the payment of such
excise tax unless such interest or penalties are attributable to Executive’s willful misconduct or negligence. 
 
1.14 Managerial Responsibilities. The term “Managerial Responsibilities” for purposes of this Agreement shall mean
managerial and supervisory responsibilities and duties that are substantially the same as those Executive is performing for SunTrust or a SunTrust Affiliate on the date of this Agreement. 
 
1.15 MIP. The term “MIP” for purposes of this Agreement shall mean the SunTrust Banks, Inc.
Management Incentive Plan or, if there is any material change in the terms, operation or administration of such plan following a Change in Control, any successor to such plan in which Executive is eligible to participate and which provides an
opportunity for a bonus for Executive which is comparable to the opportunity which Executive had under such plan before such Change in Control or, if Executive reasonably determines that there is no such plan in which Executive is eligible to
participate but SunTrust or a parent corporation maintains a short term bonus plan for the benefit of senior executives which provides for such an opportunity, such other plan as agreed to by Executive and the Compensation and Governance Committee.

 
1.16 Protection Period. The term
“Protection Period” for purposes of this Agreement shall (subject to § 1.12(f)) mean the two (2) year period which begins on a Change in Control Date. 
 
1.17 PUP. The term “PUP” for purposes of this Agreement shall mean the SunTrust Banks, Inc.
Performance Unit Plan or, if there is any material change in the terms, operation or administration of such plan following a Change in Control, any successor to such plan in which Executive is eligible to participate and which provides an
opportunity for a bonus for Executive which is comparable to the opportunity which Executive had under such plan before such Change in Control or, if Executive reasonably determines that there is no such plan in which Executive is eligible to
participate but SunTrust or a parent corporation maintains a long term bonus plan for the benefit of senior executives which provides for such an opportunity, such other plan as agreed to by Executive and the Compensation and Governance Committee.

 
1.18 Restricted Period. The term
“Restricted Period” for purposes of this Agreement shall mean the period which starts on the date Executive’s employment by SunTrust or a SunTrust Affiliate terminates under circumstances which require SunTrust to make the payments
and provide the benefits described in § 3 and which ends on the earlier of (a)(i) the first anniversary of such termination date for purposes of § 5 and (ii) the second anniversary of such termination date for all other purposes under this
Agreement, or (b) on the first date following such a termination on which SunTrust either breaches any obligation to Executive under § 3 or no longer has any obligation to Executive under § 3. 
 
1.19 SunTrust. The term “SunTrust” for
purposes of this Agreement shall mean SunTrust Banks, Inc. and any successor to SunTrust. 
 
1.20 SunTrust Affiliate. The term “SunTrust Affiliate” for purposes of this Agreement shall mean any corporation which is a subsidiary corporation (within the meaning of § 424(f)
of the Code) of SunTrust except a corporation which has subsidiary corporation status under § 424(f) of the Code exclusively as a result of SunTrust or a SunTrust Affiliate holding stock in such corporation as a fiduciary with respect to any
trust, estate, conservatorship, guardianship or agency. 
 
1.21 Term. The term “Term” for purposes of this Agreement shall mean the period described in § 2(b). 
 
1.22 Territory. The term “Territory” for purposes of this Agreement shall mean all states in which SunTrust conducts a
banking business. 

 
1.23 Trade
Secret. The term “Trade Secret” for purposes of this Agreement shall mean information, including, but not limited to, technical or nontechnical data, a formula, a pattern, a compilation, a program, a device, a method, a technique, a
drawing, a process, financial data, financial plans, product plans, or a list of actual or potential customers or suppliers that: 
 
(a) derives economic value, actual or potential, from not being generally known to, and not being readily ascertainable by
proper means by, other persons who can obtain economic value from its disclosure or use, and 
 
(b) is the subject of reasonable efforts by SunTrust or a SunTrust Affiliate to maintain its secrecy. 
 
§ 2. 
 
Effective Date and Term 
 
(a) Effective Date. This Agreement
shall be effective on the date of this Agreement as set forth in the signature section of this agreement. 
 
(b) Term. 
 
(1) The Term of this Agreement shall be the period which starts on the date on which this Agreement becomes effective
under § 2(a) and ends (subject to § 2(b)(2) and § 2(b)(3)) on the third anniversary of such effective date. 
 
(2) The Term of this Agreement shall automatically be extended for one additional year effective as of the first
anniversary of the date on which this Agreement becomes effective under § 2(a) and one additional year effective as of each such anniversary date thereafter unless either Executive or SunTrust delivers to the other person notice to the effect
that there will be no such one year extension before the beginning of the 90 day period which ends on the anniversary date on which such automatic one year extension otherwise would have been effective. 
 
(3) (A) If Executive’s Protection Period
starts before the Term of this Agreement (as extended, if applicable, under § 2(b)(2)) expires, the then Term of this Agreement shall automatically be extended until the expiration of such Protection Period. 
 
(B) If Executive’s employment terminates
during Executive’s Protection Period under the circumstances described in § 3(a) or if Executive’s employment terminates under the circumstances described in § 3(f) before the Term of this Agreement (as extended, if applicable,
under § 2(b)(2)) expires, the then Term of this Agreement shall automatically be extended until the earlier of (1) the date Executive agrees that all SunTrust’s obligations to Executive under this Agreement have been satisfied in full or
(B) the date a final determination is made pursuant to § 8 that SunTrust has no further obligations to Executive under this Agreement. 
 

 
§ 3.

 
Compensation and Benefits 
 
(a) General. If a Change in Control
occurs during the Term of this Agreement and 
 
(1) SunTrust or a SunTrust Affiliate terminates Executive’s employment without Cause during Executive’s Protection Period or 
 
(2) Executive resigns for Good Reason during Executive’s Protection Period, then: 
 
(A) Cash Payment. SunTrust shall pay
Executive two (2) times Executive’s Current Compensation Package in cash in a lump sum within 30 days after the date Executive’s employment so terminates. 
 
(B) Stock Options. Each outstanding stock option granted to Executive by SunTrust
shall (subject to § 3(a)(2)(G)) immediately become fully vested and exercisable on the date Executive’s employment so terminates and Executive shall be deemed to continue to be employed by SunTrust for the period described in § 3(d)
for purposes of determining when Executive’s right to exercise each such option expires notwithstanding the terms of any plan or agreement under which such option was granted. 
 
(C) Restricted Stock. Any restrictions on any outstanding restricted or performance
stock grants to Executive by SunTrust shall (subject to § 3(a)(2)(G)) immediately expire and Executive’s right to such stock shall be non-forfeitable notwithstanding the terms of any plan or agreement under which such grants were made.

 
(D) Earned but Unpaid
Salary, Bonus and Vacation. SunTrust shall promptly pay Executive any earned but unpaid base salary and bonus, shall promptly pay Executive for any earned but untaken vacation and shall promptly reimburse Executive for any incurred but
unreimbursed expenses which are otherwise reimbursable under SunTrust’s expense reimbursement policy as in effect for senior executives immediately before Executive’s employment so terminates. 
 
(E) MIP or MIP Alternative.

 
(1) General Rule. If
Executive participates in the MIP or in an alternative, functional incentive plan, SunTrust shall (subject to the exception to this general rule set forth in § 3(a)(2)(E)(2)) pay Executive within 30 days after Executive’s employment
terminates a portion of Executive’s target bonus or, if greater, Executive’s projected bonus under the MIP or such alternative plan for the calendar year in which Executive’s employment terminates, where (a) Executive’s projected
bonus shall be no less than the bonus which would have been projected under the projection procedures in effect under the MIP or such alternative plan on the date of the Change in Control and (b) such portion shall be determined by multiplying such
target bonus or, if 

greater, such projected bonus by a fraction, the numerator of which shall be the number
of days Executive is employed in such calendar year and the denominator of which shall be the number of days in such calendar year. 
 
(2) Exceptions to General Rule. 
 
(a) No MIP. If Executive participates in a functional incentive plan and in the PUP
but not in the MIP, the payment made to Executive under § 3(a)(2)(E)(1) shall not exceed the payment which would have been made to Executive if Executive instead had been a participant in the MIP. 
 
(b) No MIP and No PUP. If Executive
participates in a functional incentive plan but does not participate in either the MIP or the PUP, the payment made to Executive under § 3(a)(2)(E)(1) shall not exceed the payment which would have been made to Executive if Executive instead had
been a participant in the MIP and in the PUP. 
 
(c) Determination Rules. SunTrust shall determine the payment which would have been made to Executive under § 3(a)(E)(1) if Executive had been a participant in the MIP and, if applicable, under § 3(a)(F) if Executive
had been a participant in the PUP based on the target bonus or, if greater, the projected bonus for a MIP participant and the target bonus or, if greater, the projected bonus for PUP participant, or for a class of such participants, whose duties,
responsibilities and compensation match, or most closely match, Executive’s duties, responsibilities and compensation before a Change in Control. 
 
(F) PUP. If Executive participates in the PUP, SunTrust shall pay Executive within 30 days after Executive’s
employment terminates a portion of Executive’s target bonus or, if greater, Executive’s projected bonus under the PUP for each performance cycle in effect on the date Executive’s employment terminates, where (1) Executive’s
projected bonus shall be no less than the bonus which would have been projected under the projection procedures in effect under the PUP on the date of the Change in Control and (2) such portion shall be determined by multiplying such target bonus
or, if greater, such projected bonus by a fraction, the numerator of which shall be the number of days Executive is employed in each such performance cycle and the denominator of which shall be the number of days in each such performance cycle.

 
(b) Continuing Benefit
Coverage. If Executive’s employment terminates under the circumstances described in § 3(a) or § 3(f), SunTrust or a SunTrust Affiliate from the date of such termination of Executive’s employment until the end of
Executive’s Protection Period shall provide to Executive medical, dental and life insurance benefits which are similar in all material respects as those benefits provided under SunTrust’s employee benefit plans, policies and programs to
senior executives of SunTrust who have not terminated their employment. If SunTrust cannot provide such benefits under SunTrust’s employee benefit plans, policies and programs, SunTrust either shall provide such benefits to Executive outside
such plans, policies and programs at no additional expense or tax liability to Executive or shall reimburse 

 
Executive for
Executive’s cost to purchase such benefits and for any tax liability for such reimbursements. 
 
(c) No Interference with Vested Benefits. If Executive’s employment terminates under the circumstances
described in § 3(a) or § 3(f), Executive shall have a right to any benefits under any employee benefit plan, policy or program maintained by SunTrust or any SunTrust Affiliate (other than the MIP, the PUP and the SunTrust Severance Pay
Plan) which Executive had a right to receive under the terms of such employee benefit plan, policy or program after a termination of Executive’s employment without regard to this Agreement. 
 
(d) Additional Age and Service Credit.
If Executive’s employment terminates under the circumstances described in § 3(a) or § 3(f), Executive shall be deemed to have been employed by SunTrust throughout Executive’s Protection Period for purposes of computing
Executive’s age and service credit on the date Executive’s employment so terminates under any deferred compensation or welfare plan, policy or program (except a plan described in § 401 of the Code) maintained by SunTrust or a SunTrust
Affiliate in which Executive is a participant and under which Executive’s benefit, or eligibility for a benefit, is based in whole or in part on Executive’s age or service or age and service, and Executive shall receive such age and
service credit notwithstanding the terms of any such plan, policy or program. 
 
(e) No Increase in Other Benefits; No Other Severance Pay. If Executive’s employment terminates under the circumstances described in § 3(a) or § 3(f), Executive waives
Executive’s right, if any, to have any payment made under this § 3 taken into account to increase the benefits otherwise payable to, or on behalf of, Executive under any employee benefit plan, policy or program, whether qualified or
nonqualified, maintained by SunTrust or a SunTrust Affiliate and, further, waives Executive’s right, if any, to the payment of severance pay under any severance pay plan, policy or program maintained by SunTrust or a SunTrust Affiliate subject
to the condition that SunTrust not be relieved of any of its obligations to Executive under this § 3 pursuant to § 3(g) or § 3(h). 
 
(f) Termination in Anticipation of Change in Control Date. Executive shall be treated under § 3(a) as if
Executive’s employment had been terminated without Cause or Executive had resigned for Good Reason during Executive’s Protection Period if (1)(A) Executive’s employment is terminated by SunTrust or a SunTrust Affiliate without Cause
after a Change in Control but before the Change in Control Date which results from such Change in Control or (B) Executive resigns for Good Reason after a Change in Control but before the Change in Control Date which results from such Change in
Control, (2) such Change in Control occurs on or after the date this Agreement becomes effective under § 2 and (3) there is a Change in Control Date which results from such Change in Control. 
 
(g) Death or Disability. Executive
agrees that SunTrust will have no obligations to Executive under this § 3 if Executive’s employment terminates exclusively as a result of Executive’s death or Executive has a Disability Termination. 
 
(h) Release. Executive agrees that
SunTrust will have no obligations to Executive under this § 3 until Executive executes the form of release which is attached as Exhibit A to this Agreement and, further, will have no further obligations to Executive under this § 3 if
Executive revokes such release. 

 
§ 4.

 
Noncompetition 
 
(a) No Competitive Activity. Absent the
Compensation and Governance Committee’s written consent, Executive shall not, during the Restricted Period and within the Territory, engage in any Managerial Responsibilities, for or on behalf of, any corporation, partnership, venture, or other
business entity that engages directly or indirectly in the Financial Services Business whether as an owner, partner, employee, agent, consultant, advisor, contractor, salesman, stockholder, investor, officer or director; provided, however, Executive
may own up to five percent (5%) of the stock of a publicly traded company that engages in the Financial Services Business so long as Executive is only a passive investor and is not actively involved in such company in any way. 
 
(b) No Solicitation of Customers or
Clients. Executive shall not during the Restricted Period solicit any customer or client of SunTrust or any SunTrust Affiliate with whom Executive had any material business contact during the two (2) year period which ends on the date
Executive’s employment by SunTrust or a SunTrust Affiliate terminates for the purpose of competing with SunTrust or any SunTrust Affiliate for any reason, either individually, or as an owner, partner, employee, agent, consultant, advisor,
contractor, salesman, stockholder, investor, officer or director of, or service provider to, any corporation,partnership, venture or other business entity. 
 
§ 5. 
 
Antipirating of Employees 
 
Absent the Compensation and Governance Committee’s written consent, Executive will not during the Restricted Period solicit to employ
on Executive’s own behalf or on behalf of any other person, firm or corporation, any person who was employed by SunTrust or a SunTrust Affiliate during the term of Executive’s employment by SunTrust or a SunTrust Affiliate (whether or not
such employee would commit a breach of contract), and who has not ceased to be employed by SunTrust or a SunTrust Affiliate for a period of at least one (1) year. 
 
§ 6. 
 
Trade Secrets and Confidential Information 
 
Executive hereby agrees that Executive will hold in a fiduciary capacity for the benefit of SunTrust and each SunTrust Affiliate, and will
not directly or indirectly use or disclose, any Trade Secret that Executive may have acquired during the term of Executive’s employment by SunTrust or a SunTrust Affiliate for so long as such information remains a Trade Secret. 
 
Executive in addition agrees that during the Restricted Period
Executive will hold in a fiduciary capacity for the benefit of SunTrust and each SunTrust Affiliate, and will not directly or indirectly use or disclose, any Confidential or Proprietary Information that Executive may have acquired (whether or not
developed or compiled by Executive and whether or not Executive was authorized to have access to such information) during the term of, in the course of, or as a result of Executive’s employment by SunTrust or a SunTrust Affiliate. 

 
§ 7.

 
Reasonable and Necessary Restrictions and
Non-Disparagement 
 
Executive acknowledges
that the restrictions, prohibitions and other provisions set forth in this Agreement, including without limitation the Territory and Restricted Period, are reasonable, fair and equitable in scope, terms and duration; are necessary to protect the
legitimate business interests of SunTrust; and are a material inducement to SunTrust to enter into this Agreement. Executive covenants that Executive will not challenge the enforceability of this Agreement nor will Executive raise any equitable
defense to its enforcement. Further, Executive and SunTrust each agree not to knowingly make false or materially misleading statements or disparaging comments about the other during the Restricted Period. 
 
§ 8. 
 
Arbitration 
 
Any dispute, controversy or claim arising out of or relating
to this Agreement shall be determined by binding arbitration in accordance with Title 9 of the United States Code and the applicable set of arbitration rules of the American Arbitration Association. Judgment upon any award made in such arbitration
may be entered and enforced in any court of competent jurisdiction. All statutes of limitation which would otherwise be applicable in a judicial action brought by a party shall apply to any arbitration or reference proceeding hereunder. Neither
SunTrust nor Executive shall appeal such award to or seek review, modification, or vacation of such award in any court or regulatory agency. Unless otherwise agreed, venue for arbitration shall be in Atlanta, Georgia. All of Executive’s
reasonable costs and expenses incurred in connection with such arbitration shall be paid in full by SunTrust promptly on written demand from Executive, including the arbitrators’ fees, administrative fees, travel expenses, out-of-pocket
expenses such as copying and telephone, court costs, witness fees and attorneys’ fees; provided, however, SunTrust shall pay no more than $30,000 in attorneys’ fees unless a higher figure is awarded in the arbitration, in which event
SunTrust shall pay the figure awarded in the arbitration. 
 
§ 9. 
 
Tax Protection

 
If SunTrust or SunTrust’s independent
accountants determine that any payments and benefits called for under this Agreement together with any other payments and benefits made available to Executive by SunTrust or a SunTrust Affiliate will result in Executive being subject to an excise
tax under § 4999 of the Code or if such an excise tax is assessed against Executive as a result of any such payments and other benefits, SunTrust shall make a Gross Up Payment to or on behalf of Executive as and when any such determination or
assessment is made, provided Executive takes such action (other than waiving Executive’s right to any payments or benefits) as SunTrust reasonably requests under the circumstances to mitigate or challenge such tax. Any determination under this
§ 9 by SunTrust or SunTrust’s independent accountants shall be made in accordance with § 280G of the Code and any applicable related regulations (whether proposed, temporary or final) and any related Internal Revenue Service rulings
and any related case law and, if SunTrust reasonably requests that Executive take action to mitigate or challenge, or to mitigate and challenge, any such tax or assessment (other than waiving Executive’s right to any payment or benefit) and
Executive complies with such request, SunTrust shall provide Executive with such information and such expert advice and assistance from SunTrust’s independent accountants, lawyers and other advisors as Executive may reasonably request and shall
pay for all expenses incurred in effecting such compliance and any related fines, penalties, interest and other assessments. 
 

§ 10. 
 
Miscellaneous Provisions 
 
10.1 Assignment. This Agreement is for the personal services of Executive, and the rights and
obligations of Executive under this Agreement are not assignable in whole or in part by Executive without the prior written consent of SunTrust. This Agreement is assignable in whole or in part to any successor to SunTrust. However, if SunTrust as
part of any Change in Control transaction fails to assign SunTrust’s obligations under this Agreement to SunTrust’s successor or such successor fails to expressly agree to such assignment on or before the Change in Control Date, SunTrust
on the Change in Control Date shall (without any further action on the part of Executive) take the action called for in § 3 of this Agreement as if Executive had been terminated without Cause without regard to whether Executive’s
employment actually has terminated. 
 
10.2
Governing Law. This Agreement will be governed by and construed under the laws of the State of Georgia (without reference to the choice of law principles thereof), except to the extent superseded by federal law. 
 
10.3 Counterparts. This Agreement may be executed in
counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument. 
 
10.4 Headings; References. The headings and captions used in this Agreement are used for convenience only and are not to be
considered in construing or interpreting this Agreement. Any reference to a section (§ ) shall be to a section (§ ) of this Agreement unless there is an express reference to a section (§ ) of the Code or the Exchange Act, in which
event the reference shall be to the Code or to the Exchange Act, whichever is applicable. 
 
10.5 Amendments and Waivers. Except as otherwise specified in this Agreement, this Agreement may be amended, and the observance of any term of this Agreement may be waived (either generally or
in a particular instance and either retroactively or prospectively), only with the written consent of SunTrust and Executive. 
 
10.6 Severability. Any provision of this Agreement held to be unenforceable under applicable law will be enforced to the maximum
extent possible, and the balance of this Agreement will remain in full force and effect. 
 
10.7 Entire Agreement. This Agreement constitutes the entire understanding and agreement of SunTrust and Executive with respect to the matters contemplated in this Agreement, and supersedes all
prior understandings and agreements between SunTrust and Executive with respect to such transactions. 
 
10.8 Notices. Any notice required hereunder to be given by either SunTrust or Executive will be in writing and will be deemed
effectively given upon personal delivery to the party to be notified or five (5) days after deposit with the United States Post Office by registered or certified mail, postage prepaid, to the other party at the address set forth below or to such
other address as either party may from time to time designate by ten (10) days advance written notice pursuant to this § 10.8. All such written communication will be directed as follows: 
 
If to SunTrust: 
 
SunTrust Banks, Inc. 
Attention: Chief Executive Officer 

 
303 Peachtree St., NE, 30th 
Floor Atlanta, GA 30308 
 
If to Executive, to the most recent address Executive has provided to SunTrust for inclusion in Executive’s personnel records. 
 
10.9 Binding Effect. This Agreement shall be for the
benefit of, and shall be binding upon, SunTrust and Executive and their respective heirs, personal representatives, legal representatives, successors and assigns, subject, however, to the provisions in § 10.1 of this Agreement. 
 
10.10 Not an Employment Contract. This Agreement is not
an employment contract and shall not give Executive the right to continue in employment by SunTrust or a SunTrust Affiliate for any period of time or from time to time. Moreover, this Agreement shall not adversely affect the right of SunTrust or a
SunTrust Affiliate to terminate Executive’s employment with or without cause at any time. 
 
IN WITNESS WHEREOF, SunTrust and Executive have entered into this Agreement this 4th day of April, 2003, and such date shall be the date of this Agreement. 
 

	 SUNTRUST BANKS, INC.
	 	 	 	 EXECUTIVE 

	
	 By:
	 	 /s/    MARY T. STEELE
      

	 	 	 	 /s/    DOUGLAS S.
PHILLIPS        

	 	 	 Mary T. Steele
	 	 	 	 Douglas S. Phillips

	 Title:
	 	 Senior Vice President and
 Human Resources Director

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