Document:

EX-10.22

 

EXHIBIT 10.22

BRIGHT HORIZONS FAMILY SOLUTIONS, INC.

SEVERANCE AGREEMENT

January 24, 2008

Danroy Henry

15 Symphony Drive

Easton, MA 02356

Dear Dan:

     WHEREAS the Board of Directors (the “Board”) of Bright Horizons Family Solutions, Inc. (the
“Company”) has determined that it is in the best interests of the Company and its stockholders for
the Company to agree to provide benefits to certain members of management, including yourself, who
are responsible for certain senior team functions for the Company and the overall viability of the
Company’s business, in the event that you should leave the employ of the Company under the
circumstances described below;

     WHEREAS the Board recognizes that the possibility of a change of control of the Company is
unsettling to such members of management, including yourself, and desires to make these
arrangements at this time to help assure a continuing dedication by you and your fellow members of
management to your duties to the Company and its stockholders, notwithstanding the occurrence
hereafter of attempts to gain control of the Company and the resultant disruptive effects on the
management of the Company’s business;

     WHEREAS the Board believes it important, should the Company receive proposals from third
parties with respect to its future, to enable you, without being influenced by the uncertainties of
your own employment situation and in addition to your regular duties, to assess and advise the
Board whether such

     proposals would be in the best interests of the Company and its stockholders and to take such other
action regarding such proposals as the Board might determine to be appropriate; and

     WHEREAS the Board also wishes to demonstrate to executives of the Company that the Company is
concerned with the welfare of its executives and intends to see that loyal senior team employees
are treated fairly;

     NOW, THEREFORE, to assure the Company that it will have your continued dedication and the
availability of your advice and counsel notwithstanding the possibility, threat or occurrence of a
bid to take over control of the Company, and to induce you to remain in the employ of the Company,
and for other good and valuable consideration, the Company and you agree as follows:

     1. Employee’s Undertaking. You agree that, in the event that any Person enters into an
acquisition agreement to acquire the Company, or substantially all of its assets, begins a tender
or exchange offer, circulates a proxy to the Company’s stockholders or takes other steps to effect
a Change of Control, you will not voluntarily leave the employ of the Company and will faithfully
and diligently
render the services contemplated in the recitals to this Agreement until such Person has abandoned
or terminated his efforts to effect a Change of Control or until a Change of Control has occurred.

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     2. Severance Benefits. In the event that, within twenty-four (24) months after a Change of
Control, (a) your employment with the Company is terminated for any reason other than for Cause,
death or disability or (b) you terminate your employment for Good Reason within ninety (90) days of
the occurrence of the event which constitutes Good Reason, then the Company will provide you the
following severance pay and benefits, subject to your continued performance under this Agreement
and to the further provisions of this Agreement:

          2.1 Within thirty (30) days of such termination of employment, the Company will pay your base
salary accrued through the date of such termination to the extent not theretofore paid and a
prorated portion of any bonus payable for the fiscal year in which the date of termination occurs.

          2.2 So long as you are not in breach of any provision of this Agreement, the Company will
provide you severance pay following the termination of your employment for a period equal to twelve
(12) months (the “Severance Payment Period”). Biweekly, in accordance with the customary payroll
schedule, severance pay shall equal the current annual salary plus most recent full fiscal year’s
cash bonus divided by twenty-six (26). Severance payments shall be made in accordance with the
Company’s regular payroll practices and shall be reduced by taxes and all other legally-required
deductions.

          2.3 If you elect to continue your participation and that of your eligible dependents in the
Company’s group health plans in accordance with applicable federal law (including Section 4980B of
the Internal Revenue Code of 1986, as amended (the “Code”)) following termination of your
employment, then, for a period of twelve (12) months from the date your employment terminates or
until you become eligible for coverage under the group health plans of another employer, whichever
is less, the Company will continue to pay the same share of the premiums for such participation;
provided, however, that if your continued participation in the Company’s group health plans is not
possible under the terms of those plans, the Company shall instead arrange to provide you and your
dependents substantially similar benefits upon comparable terms or pay you an amount equal to the
full cash value thereof in cash which cash amount shall be paid within 90 days of your termination
of employment under this Section 2. Your participation in all other employee benefits plans will
cease on the date your employment terminates, in accordance with the terms of those plans.

     3. Competitive Activities and Other Claims.

          3.1 You agree that at any time during the Severance Payment Period, you will not, directly or
indirectly, whether as owner, partner, investor, consultant, agent, employee or otherwise, compete
with the business of the Company or any of its subsidiaries or affiliates or undertake any active
planning for any business competitive with that of the Company or any of its subsidiaries or
affiliates in any geographic area in which the Company does business or is formally planning at any
time prior to the termination of your employment to do business, without the prior written consent
of the Board, which consent may be withheld at the Board’s sole discretion.

          3.2 In the event of termination of your employment under the circumstances described herein,
the arrangements provided for by this Agreement, by any stock option or other written agreement
between you and the Company in effect at that time and by any applicable employee benefit plans of
the Company in effect at that time (in each case as modified by this Agreement) will constitute the
entire obligation of the Company to you and performance by the Company will constitute full
settlement of any claim that you might otherwise assert against the Company or any of its
subsidiaries or affiliates on account of such termination.

     4. Confidentiality.

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     You acknowledge that the Company and its subsidiaries and affiliates continually develop
Confidential Information, that you may develop Confidential Information for the Company or its
subsidiaries and affiliates, and that you may learn of Confidential Information during the course
of employment. You agree that all Confidential Information that you create or to which you have
access as a result of your employment is and shall remain the sole and exclusive property of the
Company and that you will comply with the policies and procedures of the Company and its
subsidiaries and affiliates for protecting Confidential Information. You further agree that,
except as required for the proper performance of your duties for the Company or as required by
applicable law (and then only to the extent required), you will not, directly or indirectly, use
for your own benefit or gain, or assist others in the application of or disclose any Confidential
Information. You understand and agree that these restrictions will continue to apply after your
employment terminates, regardless of the reason for termination and regardless of whether you are
receiving or are entitled to receive any payments or other benefits under this Agreement.

     5. Enforceability and Remedies.

          5.1 You agree that the restrictions on, and other provisions relating to, your activities
contained in this Agreement are fully reasonable and necessary to protect the goodwill,
Confidential Information and other legitimate interests of the Company. You also acknowledge and
agree that, were you to breach the provisions of this Agreement, the harm to the Company would be
irreparable. You therefore agree that in the event of such a breach or threatened breach the
Company shall, in addition to any other remedies available to it, have the right to obtain
preliminary and permanent injunctive relief against any such breach without having to post bond.
You further agree that, in addition to any other relief awarded to the Company as a result of your
breach of any of the provisions of this Agreement, the Company shall be entitled to recover all
payments made to you or on your behalf hereunder.

          5.2 You hereby agree that in the event any provision of this Agreement shall be determined by
any court of competent jurisdiction to be unenforceable by reason of its being extended over too
long a time, too large a geographic area or too great a range of activities, such provision shall
be deemed to be modified to permit its enforcement to the maximum extent permitted by law.

     6. Definitions. Words or phrases which are initially capitalized or within quotation marks
shall have the meanings provided in this Section 6 and as provided elsewhere herein. For purposes
of this Agreement, the following definitions apply:

          6.1 “Cause” shall mean (i) your failure to comply with the policies of the Company or any
Affiliate or your failure to perform your duties in substantial compliance with your
responsibilities, which failure is not cured to the reasonable satisfaction of the Company within
fifteen (15) days of written notice to Employee of such failure to so comply; (ii) your commission
of any act of dishonesty or breach of trust in connection with performance of employment-related
duties as determined by the Board, in its sole discretion; and (iii) your conviction of, or
pleading guilty or nolo contendere to, any felony or crime of moral turpitude.

          6.2. “Change of Control” shall be deemed to take place if hereafter (i) any Person becomes the
“beneficial owner” (as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended
(the “Act”)) of securities of the Company representing more than 50% of the combined voting power
of the Company’s then-outstanding securities, (ii) the Company is a party to a merger,
consolidation, sale of assets or other reorganization, or a proxy contest, as a consequence of
which

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members of the Board in office immediately prior to such transaction or event constitute less than
a majority of the Board thereafter, or (iii) individuals who, at the date hereof, constitute the
Board (the “Continuing Directors”) cease for any reason to constitute a majority thereof, provided,
however, that any director who is not in office at the date hereof but whose election by the Board
or whose nomination for election by the Company’s stockholders was approved by a vote of at least
two-thirds of the directors then still in office who either were directors at the date hereof or
whose election or nomination for election was previously so approved shall be deemed to be a
Continuing Director for purposes of this Agreement. Notwithstanding the foregoing provisions of
this paragraph, a “Change of Control” will not be deemed to have occurred solely because of the
acquisition of securities of the Company (or any reporting requirement under the Act relating
thereto) by an employment benefit plan maintained by the Company for its employees.

          6.3 “Confidential Information” means any and all information of the Company, its subsidiaries
and affiliates that is not generally known by others with whom they compete or do business, or with
whom they plan to compete or do business and any and all information, publicly known in whole or in
part or not, which, if disclosed by the Company or any of its subsidiaries or affiliates, would
assist in competition against any of them. Confidential Information includes without limitation
such information relating to (i) the financial performance and strategic plans of the Company, its
subsidiaries and affiliates, (ii) the identity and special needs of their customers and the
structure of any contractual relationship with such customers and (iii) the people and
organizations with whom they have business relationships and those relationships. Confidential
Information also includes any and all information that the Company or any of its subsidiaries or
affiliates has received from others with any understanding that it would not be disclosed.

          6.4 “Good Reason” means any material diminution in your base salary or position or nature or
scope of responsibilities (other than by inadvertence) as to which you have provided written notice
to the Board within thirty (30) days of the initial existence of such diminution, which notice
shall set forth in reasonable detail the nature of such Good Reason and the Board shall not have
remedied such diminution within thirty (30) days of receiving such written notice.

          6.5 “Person” means an individual, a corporation, an association, a partnership, an estate, a
trust or other entity or organization (including a “group” as defined in Section 13(d)(3) or
14(d)(2) of the Act), other than the Company or any of its subsidiaries or affiliates.

     7. Assignment. Neither the Company nor you may make any assignment of this Agreement or any
interest herein, by operation of law or otherwise, without the prior written consent of the other;
provided, however, that the Company may assign its rights and obligations under this Agreement
without your consent in the event that the Company shall hereafter affect a reorganization, or
consolidate with, or merge into any Person or other entity or transfer all or substantially all of
its property or assets to any Person. This Agreement shall inure to the benefit of and be binding
upon the Company, its successors (including without limitation any transferee of all or
substantially all of its assets) and permitted assigns and upon you, your executors,
administrators, heirs and permitted assigns.

     In the event of any merger, consolidation, or sale of assets as described above, nothing
contained in this Agreement will detract from or otherwise limit your right to participate or
privilege of participation in any stock option or purchase plan or any bonus, profit sharing,
pension, group insurance, hospitalization, or other incentive or benefit plan or arrangement which
may be or become applicable to executives of the corporation resulting from such merger or
consolidation or the corporation acquiring such assets of the Company.

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     In the event of any merger, consolidation or sale of assets as described above, references to
the Company in this Agreement, shall unless the context suggests otherwise, be deemed to include
the entity resulting from such merger or consolidation or the acquirer of such assets of the
Company.

     All payments required to be made, or other benefits required to be provided, by the Company
hereunder to you or your dependents, beneficiaries, or estate will be subject to the withholding of
such amounts relating to tax and/or other payroll deductions as may be required by law.

     8. Notices. Any and all notices, requests, demands, acceptances, appointments and other
communications provided for by this Agreement shall be in writing (including telex, telecopy or
similar tele-transmission) and shall be effective when actually delivered in person or, if mailed,
five (5) days after having been deposited in the United States mail, postage prepaid, registered or
certified and addressed to you at your last known address on the books of the Company or, in the
case of the Company, addressed to its principal place of business, attention of Chief Executive
Officer, or to such other address as either party may specify by notice to the other.

     9. Section 409A. It is intended that (1) each installment of the payments provided under this
Agreement is a separate “payment” for purposes of Section 409A of the Code and (2) that the
payments satisfy, to the greatest extent possible, the exemptions from the application of Section
409A of the Code, including those provided under Treasury Regulations 1.409A-1(b)(4),
1.409A-1(b)(9)(iii), and 1.409A-1(b)(9)(v). Notwithstanding anything to the contrary in this
Agreement, if the Company determines (i) that on the date your employment with the Company
terminates or at such other time that the Company determines to be relevant, you are a “specified
employee” (as such term is defined under Treasury Regulation 1.409A-1(i)(1)) of the Company and
(ii) that any payments to be provided to you pursuant to this Agreement are or may become subject
to the additional tax under Section 409A(a)(1)(B) of the Code or any other taxes or penalties
imposed under Section 409A of the Code if provided at the time otherwise required under this
Agreement then such payments shall be delayed until the date that is six (6) months after the date
of your “separation from service” (as such term is defined under Treasury Regulation 1.409A-1(h))
with the Company. Any payments delayed pursuant to this Section 9 shall be made in a lump sum on
the first day of the seventh month following your “separation from service” (as such term is
defined under Treasury Regulation1.409A-1(h)), and any remaining payments required to be made under
this Agreement will be paid upon the schedule otherwise applicable to such payments under the
Agreement.

     10. Miscellaneous. The headings and captions in this Agreement are for convenience only and
in no way define or describe the scope or content of any provision of this Agreement. This
Agreement may not be modified, waived or discharged unless such waiver, modification or discharge
is agreed to in a writing signed by you and such officer as may be specifically designated by the
Board. The validity, interpretation, construction and performance of this Agreement shall be
governed by the laws of the Commonwealth of Massachusetts. The parties agree that in the event it
becomes necessary to seek judicial remedies for the breach or threatened breach of this Agreement,
the prevailing party will be entitled, in addition to all other remedies, to recover from the
non-prevailing party reasonable attorneys’ fees and costs upon the entry of a final nonappealable
judgment. Each party shall perform such further acts and execute and deliver such further
documents as may be reasonably necessary to carry out the provisions of this Agreement. All
payments to you under this Agreement shall be reduced by all applicable withholding required by
federal, state or local law. By accepting this Agreement, you hereby agree and acknowledge that
neither the Company nor its Affiliates makes any representations with respect to the application of
Section 409A of the Code or the Treasury Regulations promulgated thereunder to any tax, economic or
legal consequences of any payments payable to you hereunder (including, without limitation,
payments pursuant to Section 2 above) and, by the acceptance of this Agreement, you agree
to accept the potential application of Section 409A of the Code and the Treasury Regulations
promulgated

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thereunder to the tax and legal consequences of payments payable to you hereunder (including,
without limitation, payments pursuant to Section 2 above). The parties agree to cooperate
in good faith to amend such documents and to take such actions as may be necessary or appropriate
to comply with Section 409A of the Code and the Treasury Regulations promulgated thereunder.

     This Agreement may be executed in two or more counterparts, each of which shall be an original
and all of which together constitute one and the same instrument. If any term or other provision
of this Agreement is invalid, illegal or incapable of being enforced by any rule of law, or public
policy, all other conditions and provisions of this Agreement shall nevertheless remain in full
force and effect so long as the economic or legal substance of the transactions contemplated hereby
is not affected in any manner adverse to any party. Upon such determination that any term or other
provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in
good faith to modify this Agreement so as to effect the original intent of the parties as closely
as possible in an acceptable manner to the end that the transactions contemplated hereby are
fulfilled to the fullest extent possible.

     If you are in agreement with the foregoing, please so indicate by signing and returning to me
the original of this Agreement, whereupon this Agreement shall constitute a binding agreement
between you and the Company.

     The second copy is for your records.

	 	 	 	 	 	 	 	 	 
	 	 	 	 	Very truly yours,	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	BRIGHT HORIZONS FAMILY SOLUTIONS, INC.	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	/s/ Steve Dreier	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Steve Dreier	 	 
	 

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	Title:
	 	Chief Administrative Officer	 	 
	 

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	ACCEPTED AND AGREED:	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	/s/ Dan Henry	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Name:

	 	Dan. Henry	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 

6EX-10.18 AMENDED DEFERRED COMPENSATION PLAN

 

Exhibit 10.18

AMENDED AND RESTATED

SYNOVUS FINANCIAL CORP.

DEFERRED COMPENSATION PLAN

PLAN DOCUMENT

 

 

I. INTRODUCTION

	 	A.	 	Purpose of Plan. The Employer has adopted the Plan set forth herein to
provide benefits in excess of those that may be accrued under the Employer’s qualified
retirement plans as a result of the limitations of Code section 401(a)(17) and 415
as a means by which certain designated employees may elect to defer designated
portions of their Compensation, or in the discretion of the Employer, receive
additional amounts of deferred compensation in the form of Discretionary Credits.
	 
	 	B.	 	Status of Plan. To the extent the Plan provides benefits in excess of
the limitations of Code section 415, the Plan is intended to be an “excess benefit
plan” within the meaning of sections 3(36) and 4(6) of ERISA, and to the extent the
Plan provides other benefits, the Plan is intended 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), 401(a)(1), and 4021(b)(6) of ERISA, and
shall be interpreted and administered to the extent possible in a manner consistent
with that intent.

II. DEFINITIONS

	 	Wherever used herein, the following terms have the meanings set forth below, unless a
different meaning is clearly required by the context:
	 
	 	A.	 	“Account” means, for each Participant, the account established for his or her
benefit under the Plan.
	 
	 	B.	 	“Cause” means:

	 	1.	 	the Participant’s conviction of, or plea of nolo contendere to,
a felony or other crime involving moral turpitude;
	 
	 	2.	 	the Participant’s dishonesty with respect to the Employer or
any affiliate; or
	 
	 	3.	 	the Participant’s willful failure to perform, or material
negligence in the performance of, the Participant’s duties and responsibilities
with respect to the Employer.

	 	C.	 	“Code” means the Internal Revenue Code of 1986, as amended from time to time.
Reference to any section or subsection of the Code includes reference to any comparable
or succeeding provisions of any legislation that amends, supplements or replaces such
section or subsection.
	 
	 	D.	 	“Compensation” means, with respect to a Participant, his or her base salary,
including any bonuses, overtime, commissions and incentives.

 

 

	 	E.	 	“Disability” means the inability of a Participant to engage in any substantial
gainful activity by reason of any medically determinable physical or mental impairment
which can be expected to result in death or which has lasted or can be expected to
last for a continuous period of not less than 12 months, and the permanence and
degree of which shall be supported by medical evidence satisfactory to the Plan
Administrator.
	 
	 	F.	 	“Discretionary Credit” means an amount credited to a Participant’s Account by
the Employer in accordance with Section IV.B.
	 
	 	G.	 	“Effective Date” means January 1, 2002.
	 
	 	H.	 	“Elective Deferral” means the portion of Compensation which is deferred by a
Participant under Section IV.A.
	 
	 	I.	 	“Eligible Employee” means each individual selected by the Plan Administrator
for eligibility from among the group of highly compensated or managerial employees of
the Employer.
	 
	 	J.	 	“Employer” means Synovus Financial Corp. and any of its affiliates.
	 
	 	K.	 	“ERISA” means the Employee Retirement Income Security Act of 1974, as amended
from time to time. Reference to any section or subsection of ERISA includes reference
to any comparable or succeeding provisions of any legislation that amends, supplements
or replaces such section or subsection.
	 
	 	L.	 	“Participant” means any individual who participates in the Plan in accordance
with Article III.
	 
	 	M.	 	“Plan” means the Synovus Financial Corp. Deferred Compensation Plan and as set
forth herein and all subsequent amendments hereto.
	 
	 	N.	 	“Plan Administrator” means the Employer, or the person, persons or entity
otherwise designated by the Employer to administer the Plan.
	 
	 	O.	 	“Plan Year” means the calendar year, except that the initial plan year may be a
period of less than 12 months’ duration beginning on the Effective Date.
	 
	 	P.	 	“Valuation Date” means the last business day of each quarter.
	 
	 	Q.	 	“Vested” means the nonforfeitable right to a portion of the Participant’s
Account attributable to Discretionary Credits, if any, determined in accordance with
the vesting schedule set forth in Section V.D.

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III. PARTICIPATION

	 	A.	 	Commencement of Participation. Any individual who is an Eligible
Employee on or after the Effective Date and who has elected to defer part of his or her
Compensation in accordance with Section IV.A or who has been selected to receive
Discretionary Credits under Section IV.B shall become a Participant on the date such
Elective Deferral election or Discretionary Credit is made, as the case may be.
	 
	 	B.	 	Continued Participation. Subject to Section III.C, an individual who
has become a Participant in the Plan shall continue to be a Participant so long as any
amount remains credited to his or her Account.
	 
	 	C.	 	Termination of Participation. The Plan Administrator may terminate an
employee’s participation in the Plan prospectively or retroactively for any reason,
including but not limited to the Plan Administrator’s determination that such
termination is necessary in order to maintain the Plan as 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), 401(a)(1), and 4021(b)(6) of ERISA. Amounts
credited to a Participant’s Account (regardless of the extent otherwise Vested) shall
be paid out to such Participant in a single lump sum cash payment as soon as reasonably
practical following termination of participation hereunder.

IV. DEFERRALS AND CREDITS

	 	A.	 	Elective Deferrals.

	 	1.	 	In general. An individual who is an Eligible Employee
may elect to defer a designated portion of Compensation to be earned during a
Plan Year, by filing a written election with the Plan Administrator prior to
the first day of the Plan Year in which such Compensation is to be earned. An
individual who first becomes an Eligible Employee on or after the first day of
any Plan Year may elect to defer a portion of Compensation to be earned during
the remainder of the Plan Year and after the written election is filed with the
Plan Administrator. The deferred amounts shall be credited to the
Participant’s Account as of the date such Compensation would otherwise have
been paid to the Participant.
	 
	 	2.	 	Nature of Election. Each election under this Section
IV for a Plan Year (or the balance of a Plan Year) shall be made on a form
approved or prescribed by the Plan Administrator and shall apply only to
Compensation earned for the calendar year after the date the election form is
completed and filed with the Plan Administrator. The election form shall apply
to bonuses and shall specify the whole percentage or flat dollar

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	 	 	 	amount that is to be deferred. A Participant may revoke his or her deferral election as of the first day of
any Plan Year which follows such revocation by giving written notice to the
Plan Administrator before that day (or any such earlier date as the Plan
Administrator may prescribe). Any deferral election made under this Section
IV.A shall continue to be effective until revoked or changed pursuant to
this paragraph.

	 	B.	 	Excess Benefit Credits. The Employer shall credit the Account of each
Participant with the excess of any amount that would have been allocated to the
Participant’s account under the Synovus Money Purchase Pension Plan (the “Money
Purchase Plan”), the Synovus Profit Sharing Plan (the “Profit Sharing Plan”) or the
Synovus 401(k) Savings Plan (the “401(k) Plan”) but for the limitation of Code sections
401(a)(17) and 415 over the amount actually credited to such account; such credits to
be made as of the date or dates that the amounts would have been allocated to the
Participant’s account under the Money Purchase Plan, the Profit Sharing Plan or the
401(k) Plan.

V. ACCOUNTS

	 	A.	 	Accounts. The Plan Administrator shall establish an Account for each
Participant reflecting Elective Deferrals or Discretionary Credits made for the
Participant’s benefit together with any adjustments hereunder. Subject to Sections V.E
and IX.A, the Employer shall deposit the amount of deferrals and credits for a period
as soon as practicable after the date as of which such amounts are credited to the
Accounts. As of each Valuation Date, the Plan Administrator shall provide the
Participant with a statement of his or her Account reflecting the income, gains and
losses (realized and unrealized), amounts of deferrals and credits, and distributions
of such Account since the prior Valuation Date.
	 
	 	B.	 	Investments. Each Participant’s Account shall be invested in shares of
any open-end registered investment company for which Fidelity Investments or one of its
subsidiaries or affiliates (collectively “Fidelity”) serves as investment advisor or
for which Fidelity is the principal underwriter, or any other investment option
selected by the Plan Administrator. If any Participant or beneficiary makes an
investment selection, the Employer (or in the event of the establishment of a trust
hereunder, the trustee of such trust as directed by the Employer) may follow such
investment selection but shall not be legally bound to do so.
	 
	 	C.	 	Payments. Each Participant’s Account shall be reduced by the amount of
any payment made to or on behalf of the Participant under Article VI as of the date
such payment is made.
	 
	 	D.	 	Vesting. A Participant will at all times be 100% Vested in the portion
of his or her Account attributable to Elective Deferrals. A Participant will be vested
in the portion of his or her Account attributable to Excess Benefit Credits from the
Profit Sharing Plan or the Money Purchase Pension Plan according to the

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	 	 	 	following schedule, based
on his or her years of service with the Employer. A Participant’s years of service
for this purpose will be determined by the Administrator pursuant to uniform rules
based on the time elapsed since the Participant’s commencement of employment with
the Employer or its affiliates.

	 	 	 	 	 
	Years of Service	 	% Vested	 
	less than 1
	 	 	0	 
	2
	 	 	25	 
	3
	 	 	50	 
	4
	 	 	75	 
	5 or more
	 	 	100	 

	 	E.	 	Forfeiture of non-Vested Amounts. To the extent that any amounts
credited to a Participant’s Account are not Vested at the time the Account becomes
distributable under the Plan, such non-Vested amounts shall be forfeited and may be
used by the Employer as future Discretionary Credits for other Participants.
	 
	 	F.	 	Special Elections. From time to time, Employer may offer Participants
the opportunity to exchange all or part of their Accounts to other non-qualified
benefits. Any such election shall be evidenced by a separate written agreement between
Employer and the Participant that sets forth the details of the election. The Account
of each Participant who makes such an election will be adjusted pursuant to the terms
of the separate written agreement.
	 
	 	G.	 	Plan Mergers. From time to time, other non-qualified deferred
compensation plans may be merged into the Plan. All Accounts resulting from such
merged plans will be 100% vested as of the date of merger. A list of merged plans,
together with any special terms and conditions adopted in connection with the merger,
is attached to the Plan as Exhibit “A.”

	VI.	 	PAYMENTS

	 	A.	 	Severe Financial Emergency. A Participant who believes he or she is
suffering a severe financial emergency may apply to the Plan Administrator for a
distribution under the Plan in order to alleviate such emergency. The Plan
Administrator, in its sole discretion (but after taking into account, among other
factors, the nature and foreseeability of the alleged emergency, the Participant’s
other resources, and the effect of making a distribution on the intended tax status of
the deferrals made under the Plan), may direct the Employer to pay to the Participant
an amount which it determines is necessary or appropriate, not to exceed the Vested
portion of the Participant’s Account balance, and the Employer shall pay such amount to
the Participant in a single lump sum cash payment.
	 
	 	B.	 	Timing of Distribution. If a Participant elects to have Elective
Deferrals made on his or her behalf for any Plan Year (or, if Discretionary Credits will be made on his or
her behalf for a Plan Year regardless of whether Elective Deferrals are

5

 

	 	 	 	being made for the Plan Year), the Participant may elect the timing of the payment of all
vested amounts credited to his or her Account from one of the following two options:

	 	1.	 	the January 1 following a specified date, which must be at
least two years after the Plan Year for which the Elective Deferrals or
Discretionary Credits are made, or
	 
	 	2.	 	as soon as reasonably practical following termination of
employment for any reason including retirement or death.

The foregoing election shall be made on a form approved or prescribed by the Plan
Administrator. Each such election may be made or changed in the calendar year prior
to the time when the corresponding amounts in the Participant’s Account are payable
or otherwise made available to the Participant.

If no new election is made hereunder with respect to any deferrals or credits, the
existing election as to time of payment of such amounts shall remain effective for
all amounts deferred and credited thereafter until a new election is made hereunder
with respect to future deferrals. If no election is in effect with respect to a
portion of a Participant’s Account, payment will be made as soon as reasonably
practical following termination of employment for any reason including retirement or
death.

	 	C.	 	Beneficiary Designation. A Participant shall designate a beneficiary
who shall be entitled to receive any Vested amounts remaining in the Participant’s
Account after his or death. Such designation shall be made in writing on a form
approved or prescribed by the Plan Administrator, and may be changed by the Participant
at any time. If there is no such designation or no designated beneficiary survives the
Participant, payment shall be made to the Participant’s estate.
	 
	 	D.	 	Form of Payment.

	 	1.	 	If a Participant elects to have Elective Deferrals made on his
or her behalf for any Plan Year (or, if Discretionary Credits will be made on
his or her behalf for a Plan Year regardless of whether Elective Deferrals are
being made for the Plan Year), the Participant may also elect the form of
payment of all Vested amounts credited to his or her Account under one of the
following options:

	 	a)	 	a single lump sum payment; or
	 
	 	b)	 	annual installments over a period elected by
the Participant up to 10 years, the amount of each installment to equal
the balance of his or
her Account immediately prior to the installment divided by the
number of installments remaining to be paid.

6

 

The foregoing election shall be made on a form approved or prescribed by the
Plan Administrator. Each such election may be made or changed in the
calendar year prior to the time when the corresponding amounts in the
Participant’s Account are payable or otherwise made available to the
Participant.

If no new election is made hereunder with respect to any deferrals or
credits, the existing election as to form of payment of such amounts shall
remain effective for all amounts deferred and credited thereafter until a
new election is made hereunder with respect to future deferrals. If no
election is in effect with respect to a portion of a Participant’s Account,
payment will be made in the form of annual installments for a period of 10
years.

Payments under this Section shall be made in cash. Any such election shall
be made in such form and with such prior notice as the Administrator may
require. Regardless of the Participant’s election, if the Participant’s
vested Account balance is less than or equal to $100,000, the distribution
will be made in a single lump sum payment.

VII. ADMINISTRATION

	 	A.	 	Plan Administrator; Interpretation. The Plan Administrator shall
oversee the administration of the Plan. The Plan Administrator shall have complete
discretionary control and authority to administer all aspects of the Plan, including
without limitation the power to appoint agents and counsel, and to determine the rights
and benefits and all claims, demands and actions arising out of the provisions of the
Plan of any Participant, beneficiary, deceased Participant, or other person having or
claiming to have any interest under the Plan, in a manner consistent with Section
VII.B. The Plan Administrator shall have the exclusive discretionary power to
interpret the Plan and to decide all matters under the Plan. Such interpretation and
decision shall be final, conclusive and binding on all Participants and any person
claiming under or through any Participant, in the absence of clear and convincing
evidence that the Plan Administrator acted arbitrarily and capriciously. Any
individual serving as Plan Administrator, or on a committee acting as Plan
Administrator, who is a Participant will not vote or act on any matter relating solely
to himself or herself. When making a determination or calculation, the Plan
Administrator shall be entitled to rely on information furnished by a Participant, a
beneficiary, or any other person or entity. The Plan Administrator shall be deemed to
be the plan administrator with responsibility for complying with any reporting and
disclosure requirements of ERISA.
	 
	 	B.	 	Claims Procedure.

7

 

	 	1.	 	In General. If any person believes he or she is being
denied any rights or benefits under the Plan, such person may file a claim in
writing with the Plan Administrator. If any such claim is wholly or partially
denied, the Plan Administrator will notify such person of its decision in
writing. Such notification will contain (i) specific reasons for the denial,
(ii) specific reference to pertinent plan provisions, (iii) a description of
any additional material or information necessary for such person to perfect
such claim and an explanation of why such material or information is necessary
and (iv) information as to the steps to be taken if the person wishes to submit
a request for review. Such notification will be given within 90 days after the
claim is received by the Plan Administrator (or within 180 days, if special
circumstances require an extension of time for processing the claim, and if
written notice of such extension and circumstances is given to such person
within the initial 90 day period). If such notification is not given within
such period, the claim will be considered denied as of the last day of such
period and such person may request a review of his or her claim.
	 
	 	2.	 	Appeals. Within 60 days after the date on which a
person receives a written notice of a denied claim (or, if applicable, within
60 days after the date on which such denial is considered to have occurred)
such person (or his or her duly authorized representative) may (i) file a
written request with the Plan Administrator for a review of his or her denied
claim and of pertinent documents and (ii) submit written issues and comments to
the Plan Administrator. The Plan Administrator will notify such person of its
decision in writing. Such notification will be written in a manner calculated
to be understood by such person and will contain specific reasons for the
decision as well as specific references to pertinent plan provisions. The
decision on review will be made within 60 days after the request for review is
received by the Plan Administrator (or within 120 days, if special
circumstances require an extension of time for processing the request, such as
an election by the Plan Administrator to hold a hearing, and if written notice
of such extension and circumstances is given to such person within the initial
60 day period). If the decision on review is not made within such period, the
claim will be considered denied.

	 	C.	 	Indemnification of Plan Administrator. The Employer agrees to
indemnify and to defend to the fullest extent permitted by law any director, officer or
employee of the Employer or any affiliated company who serves as the Plan Administrator
or as a member of a committee appointed to serve as Plan Administrator, or who assists
the Plan Administrator in carrying out its duties as part of his or her employment
(including any such individual who formerly served in any such capacity) against all
liabilities, damages, costs and expenses (including attorneys’ fees and amounts paid in
settlement of any claims approved by the Employer) occasioned by any act or omission to
act in connection with the Plan, if such act or omission is in good faith.

8

 

VIII. AMENDMENT AND TERMINATION

	 	A.	 	Amendments. The Employer shall have the right to amend the Plan from
time to time, subject to Section VIII.C, by an instrument in writing which has been
executed on the Employer’s behalf by an officer thereof or by vote of its Board of
Directors.
	 
	 	B.	 	Termination of Plan. This Plan is strictly a voluntary undertaking on
the part of the Employer and shall not be deemed to constitute a contract between the
Employer and any Eligible Employee (or any other employee) or a consideration for, or
an inducement or condition of employment for, the performance of the services by any
Eligible Employee (or other employee). The Employer reserves the right to terminate
the Plan at any time, subject to Section VIII.C, by an instrument in writing which has
been executed on said Employer’s behalf by an officer thereof or by vote of its Board
of Directors.
	 
	 	C.	 	Existing Rights. No amendment or termination of the Plan shall
adversely affect the rights of any Participant with respect to amounts credited to his
or her Account that are attributable to Elective Deferrals or Discretionary Credits
credited prior to the date of such amendment or termination. Any termination of the
Plan will cause each Participant to be 100% Vested in his or her Account,
notwithstanding Section V.D.
	 
	 	D.	 	Assignment. The rights and obligations of the Employer shall enure to
the benefit of and shall be binding upon its successors and assigns.

IX. MISCELLANEOUS

	 	A.	 	No Funding. The Plan constitutes a mere promise by the Employer to
make benefit payments to such Participants and beneficiaries in the future and
Participants and beneficiaries shall have the status of general unsecured creditors of
the Employer. Any Accounts established pursuant to the Plan shall remain the property
of the Employer until distributed, and nothing in the Plan will otherwise be construed
to create a trust or to obligate the Employer or any other person to segregate a fund,
purchase an insurance contract, or in any other way currently to fund the future
payment of any benefits hereunder, nor will anything herein be construed to give any
employee or any other person rights to any specific assets of the Employer or of any
other person. The Employer may, in its sole discretion, create a grantor trust to pay
its obligations hereunder, but shall have no obligation to do so. In all events, it is
the intent of the Employer that the Plan be treated as unfunded for tax purposes and
for purposes of Title I of ERISA.
	 
	 	B.	 	Nonassignability. None of the benefits, payments, proceeds or claims
of any Participant or beneficiary shall be subject to any claim of any creditor of any
Participant or beneficiary and, in particular, the same shall not be subject to

9

 

	 	 	 	attachment or garnishment or other legal process by any creditor of such Participant
or beneficiary, nor shall any Participant or beneficiary have any right to alienate,
anticipate, commute, pledge, encumber, sell, transfer or assign any of the benefits
or payments or proceeds which he may expect to receive, contingently or otherwise,
under the Plan.
	 
	 	C.	 	Limitation of Participants’ Rights. Participation in the Plan shall
not give any Eligible Employee the right to be retained in the employ of the Employer
or any right or interest in the Plan other than as herein provided. The Employer
reserves the right to dismiss any Eligible Employee without any liability for any claim
against the Employer, except to the extent provided herein.
	 
	 	D.	 	Receipt and Release. Any payment to any Participant or beneficiary in
accordance with the provisions of the Plan shall, to the extent thereof, be in full
satisfaction of all claims against the Employer and the Plan Administrator under the
Plan, and the Plan Administrator may require such Participant or beneficiary, as a
condition precedent to such payment, to execute a receipt and release to such effect.
If any Participant or beneficiary is determined by the Plan Administrator to be
incompetent by reason of physical or mental disability (including minority) to give a
valid receipt and release, the Plan Administrator may cause the payment or payments
becoming due to such person to be made to another person for his or her benefit without
responsibility on the part of the Plan Administrator or the Employer to follow the
application of such funds.
	 
	 	E.	 	Government Regulations. It is intended that this Plan will comply with
all applicable laws and government regulations, and the Employer shall not be obligated
to perform an obligation hereunder in any case where, in the opinion of the Employer’s
counsel, such performance would result in the violation of any law or regulation.
	 
	 	F.	 	Governing Law. The Plan shall be construed, administered, and governed
in all respects under and by the laws of the State of Georgia. If any provision shall
be held by a court of competent jurisdiction to be invalid or unenforceable, the
remaining provisions hereof shall continue to be fully effective.
	 
	 	G.	 	Headings and Subheadings. Headings and subheadings in this Plan are
inserted for convenience only and are not to be considered in the construction of the
provisions hereof.

10

 

     IN WITNESS WHEREOF, the Employer has caused the Plan to be executed by its duly authorized
officer this 11th day of February, 2008.

	 	 	 	 	 
	 	Synovus Financial Corp.

 	 
	 	By:  	/s/ Steven C. Evans
 	 
	 	 	Title:      Senior Vice President 	 
	 	 	 	 

11

 

	 	 	 	 	 

Exhibit “A”

Merged Plans

	 	 	 	 	 	 
	Plan’s Name	 	Date of Merger	 	 	Terms and Conditions

[RESERVED]

12

 

Exhibit “B”

Spinoff of Total System Services, Inc.

     1. Spinoff to TSYS Deferred Compensation Plan. In connection with the spinoff of
Total System Services, Inc. from the Synovus Financial Corp., the assets and liabilities with
respect to participants and beneficiaries of Total System Services, Inc. and its subsidiaries and
affiliates shall be transferred in a tax-free spinoff from this Plan to the TSYS Deferred
Compensation Plan (“TSYS Plan”) effective December 31, 2007. The assets and liabilities with
respect to such participants and beneficiaries shall be transferred as soon as administratively
practicable following the date of the spinoff. In addition, TSYS and its subsidiaries and
affiliates shall cease to sponsor this Plan as of December 31, 2007.

     2. Transferees. Any Employee who transfers from Total System Services, Inc. or any
subsidiary or affiliate of Total System Services, Inc. (“TSYS”) to the Employer or any subsidiary
or affiliate of the Employer from January 1, 2008 to December 31, 2008 (a “Synovus Transferee”)
shall receive credit for service under this Plan to the same extent such service was recognized
under the provisions of the TSYS Plan. This Plan shall recognize all elections (including
deferral, investment and distribution elections) and beneficiary designations with respect to
Synovus Transferees under the TSYS Plan. In addition, a Participant who transfers from the
Employer or any subsidiary or affiliate of the Employer to TSYS or any subsidiary or affiliate of
TSYS from January 1, 2008 to December 31, 2008 (a “TSYS Transferee”) shall be treated as a transfer
instead of a separation of employment under this Plan, and account balances for TSYS Transferees
shall be transferred to the TSYS Plan as soon as administratively practicable following their date
of transfer.

13

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