Document:

Letter Agreement dated November 14, 2008

 Exhibit 10.1 
 UST Sequence Number: 5 
 UNITED STATES DEPARTMENT
OF THE TREASURY 
 1500 PENNSYLVANIA AVENUE, NW 
 WASHINGTON, D.C. 20220 
 Dear Ladies and
Gentlemen: 
 The company set forth on the signature page hereto (the “Company”) intends to issue in a private placement the
number of shares of a series of its preferred stock set forth on Schedule A hereto (the “Preferred Shares”) and a warrant to purchase the number of shares of its common stock set forth on Schedule A hereto (the
“Warrant” and, together with the Preferred Shares, the “Purchased Securities”) and the United States Department of the Treasury (the “Investor”) intends to purchase from the Company the Purchased
Securities. 
 The purpose of this letter agreement is to confirm the terms and conditions of the purchase by the Investor of the Purchased
Securities. Except to the extent supplemented or superseded by the terms set forth herein or in the Schedules hereto, the provisions contained in the Securities Purchase Agreement – Standard Terms attached hereto as Exhibit A (the
“Securities Purchase Agreement”) are incorporated by reference herein. Terms that are defined in the Securities Purchase Agreement are used in this letter agreement as so defined. In the event of any inconsistency between this
letter agreement and the Securities Purchase Agreement, the terms of this letter agreement shall govern. 
 Each of the Company and the
Investor hereby confirms its agreement with the other party with respect to the issuance by the Company of the Purchased Securities and the purchase by the Investor of the Purchased Securities pursuant to this letter agreement and the Securities
Purchase Agreement on the terms specified on Schedule A hereto. 
 This letter agreement (including the Schedules hereto) and the Securities
Purchase Agreement (including the Annexes thereto) and the Warrant constitute the entire agreement, and supersede all other prior agreements, understandings, representations and warranties, both written and oral, between the parties, with respect to
the subject matter hereof. This letter agreement constitutes the “Letter Agreement” referred to in the Securities Purchase Agreement. 
 This letter agreement may be executed in any number of separate counterparts, each such counterpart being deemed to be an original instrument, and all such counterparts will together constitute the same agreement. Executed signature pages
to this letter agreement may be delivered by facsimile and such facsimiles will be deemed as sufficient as if actual signature pages had been delivered. 
 * * * 

 In witness whereof, this letter agreement has been duly executed and delivered by the duly authorized
representatives of the parties hereto as of the date written below. 
  

			
	UNITED STATES DEPARTMENT OF THE TREASURY
		
	By:	 	 /s/    Neel Kashkari

	Name:	 	Neel Kashkari
	Title:	 	Interim Assistant Secretary for Financial Stability
	
	COMPANY: SUNTRUST BANKS, INC.
		
	By:	 	 /s/    Mark A. Chancy

	Name:	 	Mark A. Chancy
	Title:	 	 Corporate Executive Vice President and
 Chief Financial
Officer

 Date: November 14, 2008 

 EXHIBIT A 
 SECURITIES PURCHASE AGREEMENT 

 SCHEDULE A 
 ADDITIONAL TERMS AND CONDITIONS 
  

			
	Company Information:	  	
		
	 Name of the Company:
	  	SunTrust Banks, Inc.
		
	 Corporate or other organizational form:
	  	Corporation
		
	 Jurisdiction of Organization:
	  	Georgia
		
	 Appropriate Federal Banking Agency:
	  	Board of Governors of the Federal Reserve System
		
	 Notice Information:
	  	 SunTrust Banks, Inc.
 303 Peachtree Street,
NE
 30th Floor
 Atlanta, GA 30308
 Attention: Mark A. Chancy, Chief Financial
Officer
  
 With a copy to:
  
 SunTrust Banks, Inc.
 303 Peachtree Street, NE
 36th Floor
 Atlanta, GA 30308
 Attention: Raymond D. Fortin,
General Counsel

	Terms of the Purchase:	  	
		
	 Series of Preferred Stock Purchased:
	  	Fixed Rate Cumulative Perpetual Preferred Stock, Series C
		
	 Per Share Liquidation Preference of Preferred Stock:
	  	$100,000
		
	 Number of Shares of Preferred Stock Purchased:
	  	35,000
		
	 Dividend Payment Dates on the Preferred Stock:
	  	15th of March, June, September, December
		
	 Number of Initial Warrant Shares:
	  	11,891,280
		
	 Exercise Price of the Warrant:
	  	$44.15
		
	 Purchase Price:
	  	$3,500,000,000
		
	Closing:	  	
		
	 Location of Closing:
	  	 Simpson Thacher & Bartlett
 425 Lexington Avenue

 New York, NY 10017

			
	Time of Closing:	  	9:00 a.m., New York time
		
	Date of Closing:	  	November 14, 2008
		
	Wire Information for Closing:	  	 ABA Number: 061000104
 Bank:
SunTrust Bank, Atlanta 
 Account Name: SunTrust Banks, Inc. 
 Account Number: 8800954458 
 Beneficiary: SunTrust Banks, Inc.

 SCHEDULE B 
 CAPITALIZATION 
  

			
	Capitalization Date:	  	As of October 31, 2008
		
	Common Stock	  	
		
	 Par value:
	  	$1.00/share
		
	 Total Authorized:
	  	750,000,000
		
	 Outstanding:
	  	354,109,279
		
	 Subject to warrants, options, convertible securities, etc.:
	  	15,908,196
		
	 Reserved for benefit plans and other issuances:
	  	11,113,350
		
	 Remaining authorized but unissued:
	  	368,869,175
		
	 Shares issued after Capitalization Date (other than pursuant to warrants, options, convertible securities, etc. as set forth
above):
	  	2,000
		
	Preferred Stock	  	
		
	 Par value:
	  	No par value
		
	 Total Authorized:
	  	50,000,000 shares
		
	 Outstanding (by series):
	  	Series A, 5,000
		
	 Reserved for issuance:
	  	Series B, 5,010
		
	 Remaining authorized but unissued:
	  	49,989,990

 SCHEDULE C 
 REQUIRED STOCKHOLDER APPROVALS 
  

					
	 	  	Required1	  	% Vote Required
	Warrants — Common Stock Issuance	  		  	
			
	 Charter Amendment
	  		  	
			
	 Stock Exchange Rules
	  		  	

 If no stockholder approvals are required, please so indicate by checking the box:  x. 
  
  

	 1
	 If stockholder approval is required, indicate applicable class/series of capital stock that are required to vote.

 SCHEDULE D 
 LITIGATION 
 List any exceptions to the representation and warranty in Section 2.2(l) of the Securities
Purchase Agreement – Standard Terms. 
 If none, please so indicate by checking the box:  x. 

 SCHEDULE E 
 COMPLIANCE WITH LAWS 
 List any exceptions to the representation and warranty in the second sentence of
Section 2.2(m) of the Securities Purchase Agreement – Standard Terms. 
 If none, please so indicate by checking the box:  x. 
 List any exceptions to the representation and warranty in the last sentence of Section 2.2(m) of the Securities
Purchase Agreement – Standard Terms. 
 If none, please so indicate by checking the box:  x. 

 SCHEDULE F 
 REGULATORY AGREEMENTS 
 List any exceptions to the representation and warranty in Section 2.2(s) of the
Securities Purchase Agreement – Standard Terms. 
 If none, please so indicate by checking the box:  x.Form of Waiver

 Exhibit 10.2 
 ANNEX B 
 FORM OF WAIVER 
 In consideration for the benefits I will receive as a result of my employer’s participation in the United States Department of the Treasury’s TARP Capital Purchase Program, I hereby voluntarily waive any
claim against the United States or my employer for any changes to my compensation or benefits that are required to comply with the regulation issued by the Department of the Treasury as published in the Federal Register on October 20, 2008.

 I acknowledge that this regulation may require modification of the compensation, bonus, incentive and other benefit plans, arrangements, policies and
agreements (including so-called “golden parachute” agreements) that I have with my employer or in which I participate as they relate to the period the United States holds any equity or debt securities of my employer acquired through the
TARP Capital Purchase Program. 
 This waiver includes all claims I may have under the laws of the United States or any state related to the requirements
imposed by the aforementioned regulation, including without limitation a claim for any compensation or other payments I would otherwise receive, any challenge to the process by which this regulation was adopted and any tort or constitutional claim
about the effect of these regulations on my employment relationship.Form of Letter Agreement

 Exhibit 10.3 
 November 12, 2008 
 [Senior Executive Officer Name and Address] 
 Dear [Senior Executive Officer Name], 
 SunTrust Banks, Inc.
(the “Company”) anticipates entering into a Securities Purchase Agreement (the “Participation Agreement”), with the United States Department of Treasury (“Treasury”) that provides for the
Company’s participation in the Treasury’s TARP Capital Purchase Program (the “CPP”). If the Company does not participate or ceases at any time to participate in the CPP, this letter shall be of no further force and effect.

 For the Company to participate in the CPP and as a condition to the closing of the investment contemplated by the Participation Agreement,
the Company is required to establish specified standards for incentive compensation to its Senior Executive Officers and to make changes to its compensation arrangements. The requirements of this Agreement shall apply to you only for so long as both
(1) you are a Senior Executive Officer of the Company, and (2) any debt or equity securities issued by the Company under the CPP are held by Treasury (the “CPP Covered Period”). To comply with these requirements, and in
consideration of the benefits that you will receive as a result of the Company’s participation in the CPP, you agree as follows: 
 (1)
No Golden Parachute Payments. The Company is prohibiting any Golden Parachute Payment to you during any CPP Covered Period. To the extent any event occurs during the CPP Covered Period that would otherwise trigger a Golden Parachute Payment,
you will be entitled to the lesser of (i) your rights under the Benefit Plans (as defined below) and (ii) the maximum amount allowed under Section 111(b)(2)(C) of EESA. 
 (2) Recovery of Bonus and Incentive Compensation. Any bonus and incentive compensation paid to you during a CPP Covered Period is subject to
recovery or “clawback” by the Company if the payments were based on materially inaccurate financial statements or any other materially inaccurate performance metric criteria. 
 (3) Compensation Program Amendments. Each of the Company’s compensation, bonus, incentive and other benefit plans, arrangements and agreements
(including golden parachute, severance and employment agreements; collectively, “Benefit Plans”) with respect to you is hereby amended to the extent necessary to give effect to provisions (1) and (2). For reference, certain
affected Benefit Plans are set forth in Appendix A to this letter. 
 In addition, the Company is required to review its Benefit Plans to
ensure that they do not encourage senior executive officers to take unnecessary and excessive risks that threaten the value of the Company. To the extent any such review requires revisions to any Benefit Plan with respect to you, you and the Company
agree to negotiate such changes promptly and in good faith. 
 (4) Definitions and Interpretation. This letter shall be interpreted as
follows: 
  

	 	•	 	 “Senior Executive Officer” is used with same meaning as in subsection 111(b)(3) of EESA. 

  

	 	•	 	 “Golden Parachute Payment” is used with same meaning as in Section 111(b)(2)(C) of EESA. 

	 	•	 	 “EESA” means the Emergency Economic Stabilization Act of 2008 as implemented by guidance or regulation issued by the Department of the Treasury and as
published in the Federal Register on October 20, 2008, as in effect on the date hereof. 

  

	 	•	 	 The term “Company” includes any entities treated as a single employer with the Company under 31 C.F.R. § 30.1(b) (as in effect on the Closing Date).
You are also delivering a waiver pursuant to the Participation Agreement, and, as between the Company and you, the term “employer” in that waiver will be deemed to mean the Company as used in this letter. 

  

	 	•	 	 The term “CPP Covered Period” shall be limited by, and interpreted in a manner consistent with, 31 C.F.R. § 30.11 (as in effect on the Closing Date).

  

	 	•	 	 Provisions (1) and (2) of this letter are intended to, and will be interpreted, administered and construed to, comply with Section 111 of EESA (and,
to the maximum extent consistent with the preceding, to permit operation of the Benefit Plans in accordance with their terms before giving effect to this letter). 

 (5) Miscellaneous. To the extent not subject to federal law, this letter will be governed by and construed in accordance with the laws of the State of
Georgia without regard the provisions thereof that would apply the law of any other State. This letter may be executed in two or more counterparts, each of which will be deemed to be an original. A signature transmitted by facsimile shall be deemed
an original signature. 
 The Company appreciates the concessions you are making and looks forward to your continued leadership during these
financially turbulent times. 
  

			
	Yours sincerely,
	
	SUNTRUST BANKS, INC.
		
	By:	 	  

	Name:	 	Mimi Breeden
	Title:	 	Director of Human Resources

  

			
	Intending to be legally bound, I agree with and accept the foregoing terms on the date set forth below.
	
	  
 [Senior
Executive Officer Name]

		
	 Date:
	 	  

	
	cc: [Senior Executive Officer Name], via Hand Delivery

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