Document:

Form of Tier 1 Capital Performance

 Exhibit 10.2 

 

 

  

					
		 		  	 SunTrust Banks, Inc.

2009 Stock Plan

			
		 		  	TIER 1 PERFORMANCE-VESTED RESTRICTED STOCK UNIT AGREEMENT

 SunTrust Banks, Inc. (“SunTrust”), a Georgia corporation, pursuant to action of the Compensation Committee
(“Committee”) of its Board of Directors and in accordance with the SunTrust Banks, Inc. 2009 Stock Plan (“Plan”), has granted restricted stock units (the “Restricted Stock Units”) as an incentive for the Grantee to
promote the interests of SunTrust and its Subsidiaries. Each Restricted Stock Unit represents the right to receive a share of SunTrust Common Stock, $1.00 par value, at a future date and time, subject to the terms of this Restricted Stock Unit
Agreement. 
  

			
	Name of Grantee	  	  [Name]                         
                           
		
	Number of Restricted Stock
Units	  	  [# of Shares]                
		
	Grant Date	  	  [Grant
Date]                                    

 This Restricted Stock Unit Agreement (the “Unit Agreement”) evidences this grant, which has been made subject to
all the terms and conditions set forth on the attached Terms and Conditions and in the Plan. 
  

	
	SUNTRUST BANKS, INC.
	
	  

	Authorized Officer

 § 1. EFFECTIVE DATE. This grant of Restricted Stock Units to the Grantee is effective as of [Grant
Date] (the “Grant Date”). 
 § 2. DEFINITIONS. Whenever the following terms are used in this Unit Agreement, they shall have
the meanings set forth below. Capitalized terms not otherwise defined in this Unit Agreement shall have the same meanings as in the Plan. 
 (a)
Change in Control – means a “Change in Control” as defined in Section 2.2 of the SunTrust Banks, Inc. 2009 Stock Plan. 
 (b) Change in Control Agreement – means a change in control agreement by and between SunTrust and the Grantee. 
 (c) Code – means the Internal Revenue Code of 1986, as amended. 
 (d)
Disability – means the Grantee is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve
(12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering employees of the Participant’s employer and, in addition, has begun to receive benefits under
SunTrust’s Long-Term Disability Plan. 
 (e) Dividend Equivalent Right – means a right that entitles the Grantee to receive an
amount equal to any dividends paid on a share of Stock, which dividends have a record date between the Grant Date and the date the Vested Units are paid; provided, however, the amount of any Dividend Equivalent Rights on unvested Restricted Stock
Units shall be treated as reinvested in additional shares of Stock on the date such dividends are paid. 
 (f) Key Employee – means
an employee treated as a “specified employee” as of his Separation from Service under Code section 409A(a)(2)(B)(i) (i.e., a key employee (as defined in Code section 416(i) without regard to section (5) thereof)) if the common stock
of SunTrust or an affiliate (any member of SunTrust’s controlled group, as determined under Code Section 414(b), (c), or (m)) is publicly traded on an established securities market or otherwise. Key Employees shall be determined in
accordance with Code section 409A using a December 31 identification date. A listing of Key Employees as of an identification date shall be effective for the twelve (12) month period beginning on the April 1 following the
identification date. 
 (g) Performance Period – means the period commencing April 1, 2011 and ending March 31, 2012.

 (h) Retirement – means the voluntary termination of employment by the Grantee from SunTrust or its Subsidiaries on or after
attaining age 55 and completing five (5) or more years of service as determined in accordance with the terms of the SunTrust Banks, Inc. Retirement Plan, as amended from time to time (the “Retirement Plan”). For purposes of this Unit
Agreement, a Grantee who is vested in the Retirement Plan benefit but terminates employment before attaining age 55 or completing at least five (5) years of service is not eligible for Retirement. 

(i) Separation from Service – means a “separation from service” within the meaning of Code section 409A. 

(j) Termination for Cause or Terminated for Cause – means a termination of employment which is made primarily because of (i) the
Grantee’s willful and continued failure to perform his job duties in a satisfactory manner after written notice from SunTrust to Grantee and a thirty (30) day period in which to cure such failure, (ii) the Grantee’s conviction of
a felony or engagement in a dishonest act, misappropriation of funds, embezzlement, criminal conduct or common law fraud, (iii) the Grantee’s material violation of the Code of Business Conduct and Ethics of SunTrust or the Code of Conduct
of a Subsidiary, (iv) the Grantee’s engagement in an act that materially damages or materially prejudices SunTrust or any Subsidiary or the Grantee’s engagement in activities materially damaging to the property, business or reputation
of SunTrust or any Subsidiary; or (v) the Grantee’s failure and refusal to comply in any material respect with the current and any future amended policies, standards and regulations of SunTrust, any Subsidiary and their regulatory
agencies, if such failure continues after written notice from SunTrust to the Grantee and a thirty (30) day period in which to cure such failure, or the determination by any such governing agency that the Grantee may no longer serve as an
officer of SunTrust or a Subsidiary. Notwithstanding anything herein to the contrary, if the Grantee is subject to the terms of a Change in Control Agreement at the time of his termination of employment with SunTrust or a Subsidiary, solely for
purposes this Unit Agreement, “Cause” shall have the meaning provided in the Change in Control Agreement. 
 (k) Termination for
Good Reason – means a termination of employment made primarily because of (i) a failure to elect or reelect or to appoint or to reappoint Grantee to, or the removal of Grantee from, the position which he or she

 
held with SunTrust prior to the Change in Control, (ii) a substantial change by the Board or supervising management in Grantee’s functions, duties or responsibilities, which change
would cause Grantee’s position with SunTrust to become of less dignity, responsibility, importance or scope than the position held by Grantee prior to the Change in Control or (iii) a substantial reduction of Grantee’s annual
compensation from the lesser of: (A) the level in effect prior to the Change in Control or (B) any level established thereafter with the consent of the Grantee. Notwithstanding anything herein to the contrary, if the Grantee is subject to
the terms of a Change in Control Agreement at the time of his termination of employment with SunTrust or a Subsidiary, solely for purposes of this Unit Agreement, “Good Reason” shall have the meaning provided in the Change in Control
Agreement. 
 (l) Tier 1 Capital Ratio – means, at December 31, 2011, the ratio of SunTrust’s Tier 1 capital to
risk-weighted assets, expressed as a percentage, and as reported by SunTrust in it is quarterly report on Form 10-Q as filed with the United States Securities and Exchange Commission. Tier 1 Capital shall have the meaning set forth in 12 CFR Part
208, Appendix A, as amended from time to time. 
 § 3. VESTING. Except as set forth in § 4 and § 5, the Restricted Stock Units
shall vest as follows: 
  

	 	(i)	 [insert # -
1/3rd] shall vest on March 31, 2012,

  

	 	(ii)	 [insert # -
1/3rd] shall vest on March 31, 2013, and

  

	 	(iii)	 [insert # -
1/3rd] shall vest on March 31, 2014

 (each, a “Vesting Date”); provided that SunTrust’s Tier 1 Capital Ratio is at least 8.5% and the
Grantee has remained in continuous employment with SunTrust or a Subsidiary from the Grant Date through each applicable Vesting Date. Except as provided in § 4 or § 5, if SunTrust’s Tier 1 Capital Ratio is not at least
[    ]%, the Restricted Stock Units (and related Dividend Equivalent Rights) subject to this Unit Agreement shall terminate and be completely forfeited as of March 31, 2012. 

§ 4. ACCELERATED VESTING: SUNTRUST CHANGE IN CONTROL. In the event that a Change in Control (as defined in the SunTrust Banks, Inc. 2009 Stock
Plan) occurs prior to a Vesting Date and on or prior to any vesting date set forth in § 5, then any unvested Restricted Stock Units (and related Dividend Equivalent Rights) shall be fully vested upon the earlier of: (a) each
respective Vesting Date, provided that the Grantee has remained in continuous employment with SunTrust or a Subsidiary from the Grant Date through the Vesting Dates, or (b) the date of the Grantee’s termination of employment with SunTrust
and its Subsidiaries as a result of: (i) an involuntary termination by SunTrust that does not result from the Grantee’s death or Disability and does not constitute a Termination for Cause, (ii) a voluntary termination by the Grantee
as a result of Retirement or a Termination for Good Reason; or (iii) the Grantee’s death or Disability. 
 In the event of such Change
in Control, any Restricted Stock Units (and related Dividend Equivalent Rights) subject to this Unit Agreement that do not vest pursuant to this § 4 shall terminate and be completely forfeited on the date of such termination of the
Grantee’s employment. Notwithstanding anything herein to the contrary, if the Grantee is subject to the terms of a Change in Control Agreement on the date of a Change in Control that provides for more generous vesting of the Restricted Stock
Units, such vesting provisions of the Change in Control Agreement shall govern. 
 § 5. TERMINATION OF EMPLOYMENT. 

(a) If prior to a Vesting Date and the date of a Change in Control, the Grantee’s employment with SunTrust and its Subsidiaries terminates for any
reason other than those described in § 5(b), § 5(c) or § 5(d), then the unvested Restricted Stock Units (and related Dividend Equivalent Rights) subject to this Unit Agreement shall terminate and be completely forfeited
on the date of such termination of the Grantee’s employment. Notwithstanding anything in this § 5 to the contrary, if the Grantee is Terminated for Cause from SunTrust and its Subsidiaries prior to payment pursuant to § 6,
all of the Restricted Stock Units (and related Dividend Equivalent Rights) will immediately and automatically without any action on the part of the Grantee or SunTrust, be forfeited by the Grantee. 

(b) If the Grantee’s employment with SunTrust and its Subsidiaries terminates prior to a Vesting Date and the date of a Change in Control, as a
result of the Grantee’s (i) death, or (ii) Disability, then the unvested Restricted Stock Units (and related Dividend Equivalent Rights) shall be fully vested immediately on the date of such termination. 

(c) If the Grantee’s employment with SunTrust and its Subsidiaries is involuntarily terminated prior to a Vesting Date and the date of a Change in
Control, by reason of a reduction in force which results in the Grantee’s eligibility for payment of a severance benefit pursuant to the terms of the SunTrust Banks, Inc. Severance Pay Plan or any successor

 
to such plan, then if the Tier 1 Capital Ratio requirement in § 3 above is satisfied, a pro-rata number of unvested Restricted Stock Units (and related Dividend Equivalent
Rights) shall be vested, if any, based on the Grantee’s service completed from the first day of the Performance Period through the date of such termination of the Grantee’s employment. The pro-rata number of Restricted Stock Units (and
related Dividend Equivalent Rights) vesting shall equal the difference between (i) the number of shares determined by multiplying: (1) the total number of Restricted Stock Units subject to this Unit Agreement; by (2) a fraction, the
numerator of which is equal to the number of days from the Grant Date through the date of such termination, and the denominator of which is equal to the number of days from the Grant Date through the final Vesting Date listed in § 3; and
(ii) the number of shares that have vested on or prior to the date of such termination. In the event of such pro-rata vesting described above, any Restricted Stock Units (and related Dividend Equivalent Rights) subject to this Unit Agreement
that do not vest pursuant to this § 5(c) shall terminate and be completely forfeited on such date. 
 (d) If the Tier 1 Capital
Ratio requirement in § 3 above is satisfied and a Grantee is or becomes eligible for Retirement on or after the Grant Date, such Grantee shall, subject to § 7(d) below, be fully vested in his unvested Restricted Stock Units (and
related Dividend Equivalent Rights) subject to this Unit Agreement upon the later of the last day of the Performance Period or the date the Grantee becomes eligible for Retirement. 
 § 6. PAYMENT OF AWARD. 
 (a) Subject to § 6(b), the total number of Restricted Stock
Units (and related Dividend Equivalent Rights) which vest, if any, in accordance with § 3, § 4, or § 5 of this Agreement (the “Vested Units”) shall be paid in a lump sum on the specified dates, as follows:

  

	 	(i)	 [insert # -
1/3rd] shall be paid on March 31, 2012,

  

	 	(ii)	 [insert # -
1/3rd] shall be paid on March 31, 2013, and

  

	 	(iii)	 [insert # -
1/3rd] shall be paid on March 31, 2014.

 (b) Notwithstanding the specified dates set forth in § 6(a), the total number of Vested Units shall be paid in a
lump sum upon the earliest to occur of the following: (i) the date of the Grantee’s death, (ii) the date of the Grantee’s Disability, or (iii) if prior to the date a Grantee becomes eligible for Retirement, the date of the
Grantee’s Separation from Service. In the event payment is made pursuant to sub-paragraph (i), (ii) or (iii) above, such payment shall be made on the last day of the sixty (60) day period which commences immediately following the
date of the applicable event. Except as set forth below, the Vested Units shall be paid out in an equivalent number of shares of Stock; provided, however, the Grantee’s right to any fractional share of Stock shall be paid in cash. In the event
the Restricted Stock Units (and related Dividend Equivalent Rights) vest following a Change in Control pursuant to § 4, the Vested Units shall be paid in cash, and the amount of the payment for each Vested Unit to be paid in cash will
equal the Fair Market Value of a share of Stock on the date of the Change in Control. Notwithstanding anything herein to the contrary, distributions may not be made to a Key Employee upon a Separation from Service before the date which is six
(6) months after the date of the Key Employee’s Separation from Service (or, if earlier, the date of death of the Key Employee). Any payments that would otherwise be made during this period of delay shall be accumulated and paid in the
seventh month following the Grantee’s Separation from Service. 
 (c) The Grantee shall be entitled to a Dividend Equivalent Right for each
Vested Unit. At the same time that the Vested Units are paid, SunTrust shall pay each Dividend Equivalent Right in shares of Stock to the Grantee, or, in the event the Restricted Stock Units vest pursuant to § 4, in cash; provided,
however, the Grantee’s right to any fractional share of Stock shall be paid in cash. 
 (d) The Grantee will not have any shareholder
rights with respect to the Restricted Stock Units, including the right to vote or receive dividends, unless and until shares of Stock are issued to the Grantee as payment of the vested Restricted Stock Units. 

§ 7. COVENANTS, RESTRICTIONS AND LIMITATIONS. 
 (a) By accepting the Restricted Stock Units, the Grantee agrees not to sell Stock at a time when applicable laws or SunTrust’s rules prohibit a sale. This restriction will apply as long as the
Grantee is an employee, consultant or director of SunTrust or a Subsidiary of SunTrust. Upon receipt of nonforfeitable shares of Stock pursuant to this Unit Agreement, the Grantee agrees, if so requested by SunTrust, to hold such shares for
investment and not with a view of resale or distribution to the public, and if requested by SunTrust, the Grantee must deliver to SunTrust a written statement satisfactory to SunTrust to that effect. The Committee may refuse to issue any shares of
Stock to the Grantee for which the Grantee refuses to provide an appropriate statement. 

 (b) To the extent that the Grantee does not vest in any Restricted Stock Units, all interest in such units,
the related shares of Stock, and any Dividend Equivalent Rights shall be forfeited. The Grantee shall have no right or interest in any Restricted Stock Unit or related share of Stock that is forfeited. 

(c) Upon each issuance or transfer of shares of Stock in accordance with this Unit Agreement, a number of Restricted Stock Units equal to the number of
shares of Stock issued or transferred to the Grantee shall be extinguished and such number of Restricted Stock Units will not be considered to be held by the Grantee for any purpose. 
 (d) In the event of a Grantee’s Retirement, such Grantee must fully perform the following covenants from the date of such termination through March 31, 2014: 

 

	 	(i)	No Competitive Activity. Absent the Committee’s written consent, Grantee 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, that Grantee 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
Grantee is only a passive investor and is not actively involved in such company in any way. 

  

	 	(ii)	No Solicitation of Customers or Clients. Grantee shall not during the Restricted Period solicit any customer or client of SunTrust or any SunTrust Affiliate with
whom Grantee had any material business contact during the two (2) year period which ends on the date Grantee’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. 

  

	 	(iii)	Anti-pirating of Employees. Absent the Compensation Committee’s written consent, Grantee will not during the Restricted Period solicit to employ on
Grantee’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 Grantee’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. 

 

	 	(iv)	Protection of Trade Secrets and Confidential Information. Grantee hereby agrees that Grantee 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 Grantee may have acquired during the term of Grantee’s employment by SunTrust or a SunTrust Affiliate for so long as such information remains a
Trade Secret. In addition Grantee agrees that during the Restricted Period Grantee 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 Grantee may have acquired (whether or not developed or compiled by Grantee and whether or not Grantee was authorized to have access to such information) during the term of, in the course of, or as a result of
Grantee’s employment by SunTrust or a SunTrust Affiliate. 

  

	 	(v)	Non-Disparagement. Grantee agrees not to knowingly make false or materially misleading statements or disparaging comments about SunTrust or any SunTrust
Affiliate during the Restricted Period. 

  

	 	(vi)	Reasonable and Necessary Restrictions. Grantee 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. Grantee covenants that Grantee will not challenge the enforceability of this Agreement nor will Grantee raise any equitable defense to its enforcement. 

 

	 	(vii)	 Additional Definitions. (A) 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 (other than a Trade Secret) 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. (B) 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, asset management, and brokerage and investment banking services. (C) The term “Managerial Responsibilities” for purposes of this Agreement shall mean managerial and supervisory responsibilities and duties that
are substantially the same 

	 	 
as those Grantee is performing for SunTrust or a SunTrust Affiliate on the date of this Agreement. (D) The term “Restricted Period” for purposes of this Agreement shall mean
the period which starts on the date Grantee’s retirement from employment by SunTrust or a SunTrust Affiliate and which ends on the third anniversary of this Agreement. (E) The term “SunTrust Affiliate” for purposes of this
Agreement shall mean any corporation which is a subsidiary corporation (within the meaning of Section 424(f) of the Code) of SunTrust except a corporation which has subsidiary corporation status under Section 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. (F) The term “Territory” for purposes of this
Agreement shall mean the states of Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Tennessee, Virginia, and the District of Columbia, which are the states and Territories in which SunTrust has significant operations on the date
of this Agreement. (G) “Trade Secret” for purposes of 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: (i) 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 it is disclosure or use, and (ii) is the subject of reasonable efforts by SunTrust or a SunTrust Affiliate to maintain its secrecy.

 Failure of a Grantee subject to this § 7(d) to fully perform the covenants set forth above will result in a
forfeiture of all unpaid Restricted Stock Units (and related Dividend Equivalent Rights) under this Unit Agreement as of the date of such failure. Such forfeiture will be in compliance with Treas. Reg. § 1.409A-3(f). 

§ 8. WITHHOLDING. 
 (a) Upon the payment of
any Restricted Stock Units, SunTrust’s obligation to deliver shares of Stock or cash to settle the Vested Units and Dividend Equivalent Rights shall be subject to the satisfaction of applicable tax withholding requirements, including federal,
state, and local requirements. The Grantee must pay to SunTrust any applicable federal, state or local withholding tax due as a result of such payment. 
 (b) The Committee shall have the right to reduce the number of shares of Stock issued to the Grantee to satisfy the minimum applicable tax withholding requirements. 

§ 9. NO EMPLOYMENT RIGHTS. Nothing in the Plan or this Unit Agreement or any related material shall give the Grantee the right to continue in the
employment of SunTrust or any Subsidiary or adversely affect the right of SunTrust or any Subsidiary to terminate the Grantee’s employment with or without cause at any time. 
 § 10. OTHER LAWS. Notwithstanding anything herein to the contrary, SunTrust shall have the right to refuse to pay any cash award or to issue or transfer any shares under this Unit Agreement if
SunTrust acting in its absolute discretion determines that such payment or issuance or transfer of such Stock might violate any applicable law or regulation. 
 § 11. MISCELLANEOUS. 
 (a) This Unit Agreement shall be subject to all of the provisions,
definitions, terms and conditions set forth in the Plan and any interpretations, rules and regulations promulgated by the Committee from time to time, all of which are incorporated by reference in this Unit Agreement. 

(b) The Plan and this Unit Agreement shall be governed by the laws of the State of Georgia (without regard to its choice-of-law provisions). 

(c) No rights granted under the Plan or this Unit Agreement and no Restricted Stock Units shall be deemed transferable by the Grantee other than by will
or by the laws of descent and distribution prior to the time the Grantee’s interest in such units has become fully vested. 
 (d) Any
written notices provided for in this Unit Agreement that are sent by mail shall be deemed received three (3) business days after mailing, but not later than the date of actual receipt. Notices shall be directed, if to the Grantee, at the
Grantee’s address indicated by SunTrust’s records and, if to SunTrust, at SunTrust’s principal executive office. 
 (e) If one or
more of the provisions of this Unit Agreement shall be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby and the invalid,
illegal or unenforceable provisions shall be deemed null and void; however, to the 

 
extent permissible by law, any provisions which could be deemed null and void shall first be construed, interpreted or revised retroactively to permit this Unit Agreement to be construed so as to
foster the intent of this Unit Agreement and the Plan. 
 (f) This Unit Agreement (which incorporates the terms and conditions of the Plan)
constitutes the entire agreement of the parties with respect to the subject matter hereof. This Unit Agreement supersedes all prior discussions, negotiations, understandings, commitments and agreements with respect to such matters. 

(g) The Restricted Stock Units are intended to comply with Code Section 409A and official guidance issued thereunder. Notwithstanding anything
herein to the contrary, this Unit Agreement shall be interpreted, operated and administered in a manner consistent with this intention.Form of Pro-Rata Nonqualified Stock Option Award Agreement

 Exhibit 10.3 

 

 

  

					
		 		  	 SunTrust Banks, Inc.

2009 Stock Plan

			
		 		  	 2011 PRO-RATA NONQUALIFIED
 STOCK OPTION (NQO)

 SunTrust Banks, Inc. (“SunTrust”), a Georgia
corporation, pursuant to action of the Compensation Committee (“Committee”) of its Board of Directors and in accordance with the SunTrust Banks, Inc. 2009 Stock Plan (“Plan”), has granted a Nonqualified Stock Option
(“NQO”) to purchase shares of SunTrust Common Stock, $1.00 par value (“Stock”), upon the following terms as an incentive for Optionee to promote the interests of SunTrust and its Subsidiaries: 

 

			
		
	Name of Optionee	  	[Name]
		
	Number of Shares
 Subject to Option
	  	[# of Shares]
		
	Fair Market Value Per Share
On Grant Date and Option Price	  	[price]
		
	Grant Date	  	[Grant Date]

 This Option Agreement (the “Option
Agreement”) evidences this NQO Grant, which has been made subject to all the terms and conditions set forth on the attached Terms and Conditions and in the Plan. 

 

	
	SUNTRUST BANKS, INC.
	
	
	Authorized Officer

 TERMS AND CONDITIONS 

NONQUALIFIED STOCK OPTION (NQO) 

 
  

 § 1. EXERCISE PERIOD, EXPIRATION DATE, VESTING DATE. This NQO granted on [Grant Date] (the
“Grant Date”) shall expire, unless otherwise exercised, at the end of the ten (10) year period (the “Exercise Period”) beginning on the Grant Date and ending at the end of the last day of the Exercise Period (the
“Expiration Date”). This NQO, if it has not earlier vested or expired, shall vest and become exercisable in full on the applicable day specified in the following vesting schedule (each a “Vesting Date”): 

 

			
	[33 1/3]	  	% of the Grant shall be vested on the first anniversary of the Grant Date;
		
	[33 1/3]	  	% of the Grant shall be vested on the second anniversary of the Grant Date;
		
	[33 1/3]	  	% of the Grant shall be vested on the third anniversary of the Grant Date.

 provided, that on such applicable Vesting Date, Optionee is an active employee of SunTrust or a Subsidiary and has been in Service with SunTrust or a Subsidiary from the Grant Date through such
applicable Vesting Date. This Option shall terminate on the date that Optionee is no longer an active employee of SunTrust or a Subsidiary, except as provided in this §2. Once this NQO has vested, it may be exercised, in whole or in part, at
any time and from time to time during the remainder of the Exercise Period unless the NQO expires before then. If Optionee is not an active employee of SunTrust or a Subsidiary on a Vesting Date, Optionee forfeits all rights to any shares that would
otherwise vest on that Vesting Date and on any subsequent Vesting Date. Shares may vest prior to the Vesting Dates set forth above in accordance with the provisions of § 2. 
 § 2. ACCELERATED VESTING. Some or all of this NQO may vest early and become exercisable before the Vesting Date. Early vesting will occur if the Optionee has a termination of employment with SunTrust
and all its Subsidiaries, as described below in § 2(a), § 2(b), § 2(c) or § 2(d), before the Vesting Date. 
 (a) This
NQO shall vest and become fully exercisable on the date Optionee’s employment terminates because of death or Disability and shall remain exercisable for the period described in § 3(d). 

(b) If the Optionee’s employment with SunTrust and its Subsidiaries terminates prior to any Vesting Date and the date of a Change in Control, as a
result of the Optionee’s Retirement, then Optionee’s employment shall be deemed to continue for purposes of the vesting of this award pursuant to Section § 2, and shall remain exercisable for the period described in §
3(c), provided that Optionee fully performs the following covenants from the date of Retirement through the applicable Vesting Date: 
 (1) No Competitive Activity. Absent the Compensation Committee’s written consent, Optionee 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, that Optionee 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 Optionee is
only a passive investor and is not actively involved in such company in any way. 
 (2) No Solicitation of Customers or
Clients. Optionee shall not during the Restricted Period solicit any customer or client of SunTrust or any SunTrust Affiliate with whom Optionee had any material business contact during the two (2) year period which ends on the date
Optionee’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. 
 (3) Anti-pirating of Employees. Absent the Compensation Committee’s written consent, Optionee will not during the Restricted Period solicit to employ on Optionee’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 Optionee’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. 
 (4) Protection of Trade Secrets and Confidential Information. Optionee hereby agrees that Optionee 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 Optionee may have acquired during the term of Optionee’s employment by SunTrust or a 

  
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 TERMS AND CONDITIONS 

NONQUALIFIED STOCK OPTION (NQO) 

 
  

 
SunTrust Affiliate for so long as such information remains a Trade Secret. In addition Optionee agrees that during the Restricted Period Optionee 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 Optionee may have acquired (whether or not developed or compiled by Optionee and whether or not Optionee
was authorized to have access to such information) during the term of, in the course of, or as a result of Optionee’s employment by SunTrust or a SunTrust Affiliate. 
 (5) Non-Disparagement. Optionee agrees not to knowingly make false or materially misleading statements or disparaging comments about SunTrust or any SunTrust Affiliate during the Restricted Period.

 (6) Reasonable and Necessary Restrictions. Optionee 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. Optionee covenants that Optionee will not challenge the enforceability of this Agreement nor will Optionee raise any equitable defense to its enforcement. 

(7) Additional Definitions. (A) 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 (other than a Trade Secret) 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. (B) 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, asset management, and brokerage and investment banking services. (C) The term “Managerial Responsibilities” for purposes of this Agreement shall mean managerial and supervisory
responsibilities and duties that are substantially the same as those Optionee is performing for SunTrust or a SunTrust Affiliate on the date of this Agreement. (D) The term “Restricted Period” for purposes of this
Agreement shall mean the period which starts on the date Optionee’s retirement from employment by SunTrust or a SunTrust Affiliate and which ends on the third anniversary of this Agreement. (E) The term “SunTrust
Affiliate” for purposes of this Agreement shall mean any corporation which is a subsidiary corporation (within the meaning of Section 424(f) of the Code) of SunTrust except a corporation which has subsidiary corporation status
under Section 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. (F) The term
“Territory” for purposes of this Agreement shall mean the states of Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Tennessee, Virginia, and the District of Columbia, which are the states and Territories
in which SunTrust has significant operations on the date of this Agreement. (G) “Trade Secret” for purposes of 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: (i) 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 it is disclosure or use, and (ii) is the subject of reasonable efforts by SunTrust or a
SunTrust Affiliate to maintain its secrecy. 
 (c) This NQO shall vest on the date Optionee’s employment is involuntarily terminated by
reason of a reduction in force, which results in Optionee’s eligibility for payment of a severance benefit pursuant to the terms of the SunTrust Banks, Inc. Severance Pay Plan, but then only a pro rata number of shares subject to this
NQO shall vest and be exercisable based on Optionee’s Service completed from the Grant Date through the date of Optionee’s termination. Such vested shares shall be exercisable for the three (3) month period described in § 3(a).
The pro rata calculation shall be made by multiplying the number of shares of Stock subject to this NQO that are not then vested by a fraction, with a numerator equal to the number of days from the Grant Date through the date of such termination of
employment, and a denominator equal to the number of days from the Grant Date through the Vesting Date. Fractional shares shall be disregarded. 

(d) This NQO shall vest in full and become exercisable on the date of Optionee’s termination of employment during the three (3) year period
following the date of a Change in Control, provided that such termination of employment is either (A) involuntary on the part of Optionee, not a result of Optionee’s death or Disability, and not a Termination for Cause; or
(B) voluntary on the part of Optionee and it constitutes a Termination for Good Reason. Such vested shares shall remain exercisable for the period described in § 3(e). 

  
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 TERMS AND CONDITIONS 

NONQUALIFIED STOCK OPTION (NQO) 

 
  

 § 3. EXPIRATION. To the extent not previously exercised, this NQO shall expire and cease to be
exercisable on the Expiration Date or if earlier, on the first of the following events to occur: 
 (a) Except as otherwise described in this
§ 3, if Optionee’s employment with SunTrust and all its Subsidiaries terminates for any reason, then Optionee may, within the three (3) month period following such termination and in no event after the Expiration Date, exercise this
NQO to the extent Optionee was entitled to exercise this NQO at the date of such termination of employment. 
 (b) Notwithstanding anything in
this Option Agreement to the contrary, if Optionee’s employment with SunTrust or a Subsidiary is Terminated for Cause, then this NQO shall expire in its entirety, and all rights under this Option Agreement shall be forfeited, as of the end of
the day before the date of Optionee’s termination of employment, regardless of whether this NQO was then vested or non-vested, and under no circumstances shall Optionee be entitled to exercise all or any part of this NQO after such expiration.

 (c) In the event Optionee terminates employment with SunTrust and all its Subsidiaries due to Retirement, then any part of the NQO that
became vested and exercisable pursuant to § 1 or § 2(b), shall remain exercisable through the end of the five (5) year period which begins on the date of such termination of employment and in no event after the Expiration Date.

 (d) In the event Optionee’s termination of employment with SunTrust and all Subsidiaries is due to death or disability, then this NQO
shall be exercisable through the end of the one (1) year period which begins on the date of Optionee’s death or Disability and in no event after the Expiration Date. 
 (e) In the event of Optionee’s termination of employment during the three (3) year period following the date of SunTrust’s Change in Control, this NQO, to the extent not previously
exercised, shall remain exercisable for the duration of the Exercise Period, provided that Optionee’s termination of employment is either (A) involuntary on the part of Optionee, not a result of Optionee’s death or Disability, and not
a Termination for Cause; or (B) voluntary on the part of Optionee and it constitutes a Termination for Good Reason. 
  

	(f)	This NQO shall expire on the date it has been exercised in full under this Option Agreement. 

 

	(g)	This NQO shall expire on the Expiration Date to the extent it has not then been exercised. 

 § 4. METHOD OF EXERCISE. This NQO shall be exercised by properly completing and delivering the applicable form to the delegate specified by the Committee for option recordkeeping, indicating the
number of shares of Stock to be purchased upon such exercise, together with the appropriate payment in full for the number of such shares to be exercised. Payment may be made in the form of a check made payable in accordance with the delegate’s
payment instructions, or written confirmation of ownership of sufficient shares of previously acquired Stock or any combination of such payment methods as has been approved by the Committee. Such exercise shall be effective on the date such form and
payment actually are delivered to SunTrust’s delegate; provided, however, if such form and payment are mailed to the delegate at the appropriate address by registered mail or by an overnight service, the related exercise shall be treated as
effective on the date accepted for delivery by the post office or overnight mail service. Any previously acquired Stock which is designated as payment for the exercise shall be valued at its Fair Market Value (closing price) on the date the exercise
is effective or, if the exercise is effective on a date other than a business day, at the Fair Market Value on the immediately preceding business day. 
 § 5. WITHHOLDING. The Committee shall have the right to reduce the number of shares of Stock actually transferred to the Optionee to satisfy the minimum applicable tax withholding requirements, and
the Optionee shall have the right (absent any such action by the Committee and subject to satisfying the requirements under Rule 16b-3) to elect that the minimum applicable tax withholding requirements be satisfied through a reduction in the number
of shares of Stock transferred to the Optionee. 
 § 6. NONTRANSFERABLE. No rights granted under this NQO shall be transferable by the
Optionee other than by will or by the laws of descent and distribution. 
 § 7. EMPLOYMENT AND TERMINATION. Nothing in the Plan or this
Option Agreement or any related material shall give the Optionee the right to continue in employment with SunTrust or a Subsidiary or adversely affect the right of SunTrust or a Subsidiary to terminate the Optionee’s employment with or without
cause at any time. 
 § 8. SHAREHOLDER STATUS. The Optionee shall have no rights as a shareholder with respect to any shares of Stock

  
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 TERMS AND CONDITIONS 

NONQUALIFIED STOCK OPTION (NQO) 

 
  

 
under this Option Agreement until the Optionee has made payment in full for such shares and such shares have been duly issued and delivered to the Optionee, and no adjustment shall be made for
dividends of any kind or description whatsoever respecting such Stock except as expressly set forth in the Plan. 
 § 9. OTHER LAWS.
SunTrust shall have the right to refuse to issue or transfer any Stock under this Option Agreement if SunTrust acting in its absolute discretion determines that the issuance or transfer of such Stock might violate any applicable law or regulation,
and any payment tendered in such event to exercise this option shall be promptly refunded to the Optionee. 
 § 10. SECURITIES
REGISTRATION. SunTrust may request the Optionee to hold any shares of Stock received upon the exercise of all or part of this NQO for personal investment and not for purposes of resale or distribution to the public and the Optionee shall, if so
requested by SunTrust, deliver a certified statement to that effect to SunTrust as a condition to the transfer of such Stock to the Optionee. 

§ 11. MISCELLANEOUS. 
 (a) TRANSFER OF
EMPLOYMENT. A transfer of Optionee’s employment between or among SunTrust and Subsidiaries or between or among Subsidiaries shall not be deemed a termination of employment under this Option Agreement. 

(b) CANCELLATION OF RIGHTS. Optionee’s rights under this Option Agreement may be canceled in accordance with the terms of the Plan. 

(c) INCORPORATION OF PLAN. This Option Agreement shall be subject to all of the provisions, definitions, terms and conditions set forth in the Plan and
any interpretations, rules and regulations promulgated by the Committee from time to time, all of which are incorporated by reference in this Option Agreement. 
 (d) GOVERNING LAW. The Plan and this Option Agreement shall be governed by the laws of the State of Georgia (without regard to its choice-of-law provisions), except to the extent superseded by federal
law. 
 (e) NOTICES. Except as otherwise provided herein, any written notices provided for in this Option Agreement that are sent by mail shall
be deemed received three (3) business days after mailing, but not later than the date of actual receipt. Notices shall be directed, if to Optionee, at Optionee’s address indicated by SunTrust’s records and, if to SunTrust, at
SunTrust’s principal executive office. 
 (f) SEVERABILITY. If one or more of the provisions of this Option Agreement shall be held
invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby and the invalid, illegal or unenforceable provisions shall be deemed null
and void; however, to the extent permissible by law, any provisions which could be deemed null and void shall first be construed, interpreted or revised retroactively to permit this Option Agreement to be construed so as to foster the intent of this
Option Agreement and the Plan. 
 (g) ENTIRE AGREEMENT. This Option Agreement (which incorporates the terms and conditions of the Plan)
constitutes the entire agreement of the parties with respect to the subject matter hereof. This Option Agreement supersedes all prior discussions, negotiations, understandings, commitments and agreements with respect to such matters. 

§ 12. DEFINITIONS. Whenever the following terms are used in this Option Agreement, they shall have the meanings set forth below. Capitalized terms
not otherwise defined herein shall have the same meanings as in the Plan. 
 (a) CHANGE IN CONTROL AGREEMENT – means a change in control
agreement by and between SunTrust and the Optionee. 
 (b) CODE – means the Internal Revenue Code of 1986, as amended. 

(c) DISABILITY – means a disability within the meaning of Code Section 22(e)(3). 
 (d) RETIREMENT – means the voluntary termination of employment by the Optionee from SunTrust or its Subsidiaries on or after attaining age 55 and having completed five (5) or more years of
service as determined in accordance with the terms of the SunTrust Banks, Inc. Retirement Plan, as amended from time to time (the “Retirement Plan”). For purposes of this 

  
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 TERMS AND CONDITIONS 

NONQUALIFIED STOCK OPTION (NQO) 

 
  

 
Option Agreement, an Optionee who is vested in the Retirement Plan benefit but terminates employment before attaining age 55 or completing at least five (5) years of service is not treated
as terminating employment due to Retirement. 
 (e) SERVICE – means Optionee’s period of continuous employment with SunTrust and its
Subsidiaries beginning on the Grant Date of this NQO through the Vesting Date or the date of Optionee’s termination of employment, whichever is applicable. 
 (f) TERMINATION FOR CAUSE OR TERMINATED FOR CAUSE - means a termination of employment which is made primarily because of (i) the Optionee’s willful and continued failure to perform his job
duties in a satisfactory manner after written notice from SunTrust to Optionee and a thirty (30) day period in which to cure such failure, (ii) the Optionee’s conviction of a felony or engagement in a dishonest act, misappropriation
of funds, embezzlement, criminal conduct or common law fraud, (iii) the Optionee’s material violation of the Code of Business Conduct and Ethics of SunTrust or the Code of Conduct of a Subsidiary, (iv) the Optionee’s engagement
in an act that materially damages or materially prejudices SunTrust or any Subsidiary or the Optionee’s engagement in activities materially damaging to the property, business or reputation of SunTrust or any Subsidiary; or (v) the
Optionee’s failure and refusal to comply in any material respect with the current and any future amended policies, standards and regulations of SunTrust, any Subsidiary and their regulatory agencies, if such failure continues after written
notice from SunTrust to the Optionee and a thirty (30) day period in which to cure such failure, or the determination by any such governing agency that the Optionee may no longer serve as an officer of SunTrust or a Subsidiary. 

Notwithstanding anything herein to the contrary, if the Optionee is subject to the terms of a Change in Control Agreement at the time of his termination
of employment with SunTrust or a Subsidiary, solely for purposes this Option Agreement, “Cause” shall have the meaning provided in the Change in Control Agreement. 
 (h) TERMINATION FOR GOOD REASON - means a termination of employment made primarily because of (i) a failure to elect or reelect or to appoint or to reappoint Optionee to, or the removal of Optionee
from, the position which he or she held with SunTrust prior to the Change in Control, (ii) a substantial change by the Board or supervising management in Optionee’s functions, duties or responsibilities, which change would cause
Optionee’s position with SunTrust to become of less dignity, responsibility, importance or scope than the position held by Optionee prior to the Change in Control or (iii) a substantial reduction of Optionee’s annual compensation from
the lesser of: (A) the level in effect prior to the Change in Control or (B) any level established thereafter with the consent of Optionee. 
 Notwithstanding anything herein to the contrary, if the Optionee is subject to the terms of a Change in Control Agreement at the time of his termination of employment with SunTrust or a Subsidiary, solely
for purposes of this Option Agreement, “Good Reason” shall have the meaning provided in the Change in Control Agreement. 

  
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