Document:

<PAGE>

                                                                    Exhibit 10.8

                              SunTrust Banks, Inc.
                             Deferral Plan Committee
                                December 31, 2001

                           Amendment Number One to the
                     SunTrust Banks, Inc. 401(k) Excess Plan
                     Amended and Restated as of July 1, 1999

     WHEREAS, SunTrust Banks, Inc. (the "Corporation") has adopted and currently
sponsors the SunTrust Banks, Inc. 401(k) Excess Plan, as amended and restated
effective July 1, 1999 (the "Excess Plan"); and

     WHEREAS, the Compensation Committee of the Corporation's Board of Directors
has sole discretionary authority pursuant to Section 8.1 of the Excess Plan for
the operation, interpretation and administration of the Excess Plan and is
authorized and empowered pursuant to Section 9.8 to amend or terminate the
Excess Plan; and

     WHEREAS, the Compensation Committee pursuant to paragraph 8.1.5 of the
Excess Plan has delegated authority to the Deferral Plan Committee serving under
the SunTrust Banks, Inc. Deferred Compensation Plan from time to time to handle
the day-to-day administration of the Excess Plan and to make such determinations
and to adopt such forms and rules and regulations as the Deferral Plan Committee
may deem necessary or appropriate to carry out the administrative duties of the
Compensation Committee; and

     WHEREAS, the Deferral Plan Committee has determined that the Excess Plan
should be amended to reflect certain benefit administrative changes occurring in
2002.

     NOW THEREFORE, BE IT RESOLVED That Amendment Number One to the Excess Plan,
as set forth in the attached Exhibit 1, is adopted effective January 1, 2002.

     IN WITNESS WHEREOF, the Deferral Plan Committee has caused this Amendment
Number One to be executed by its duly authorized member.

     EXECUTED this 31/st/ day of December, 2001.

DEFERRAL PLAN COMMITTEE                           ATTEST

By:    /s/ Mary S. Harrell                 By:    /s/ Margaret U. Hodgson
   --------------------------------------     ----------------------------------

Title: First V. P., SunTrust Banks, Inc.   Title: Assistant Corporate Secretary
      -----------------------------------        -------------------------------

<PAGE>

                                    Exhibit 1
                           AMENDMENT NUMBER ONE TO THE
                     SUNTRUST BANKS, INC. 401(k) EXCESS PLAN
                 AS AMENDED AND RESTATED EFFECTIVE JULY 1, 1999

     The SunTrust Banks, Inc. 401(k) Excess Plan, as amended and restated
effective July 1, 1999, is amended as set forth below, effective as of January
1, 2002.

1.   The introductory paragraph of paragraph 2.1 is amended to read as follows
     to reflect a change in the deferral rate for the Excess Plan:

   2.1    Election. An Eligible Employee who wishes to become a Participant in
          --------
          this Excess Plan must file an initial Deferral Election Form on or
          before the Election Date, designating the amount of elective
          contribution to be made to his Account for the Plan Year, which shall
          be expressed as a whole percentage of his Eligible Compensation
          (between one percent (1%) and fifteen percent (15%) unless otherwise
                   ----------------
          announced by the Compensation Committee). If an Eligible Employee
          fails to designate a contribution rate, his contribution rate
          hereunder shall be the same rate he has elected under the 401(k) Plan
          as of the Election Date.

2.   Paragraph 3.5 is amended to read as follows:

   3.5    Matching Contributions made after June 30, 1999. That portion of a
          -----------------------------------------------
          Participant's Account attributable to Employer matching contributions
          made after June 30, 1999 shall be deemed at all times to be invested
          in Employer Stock, except as provided in paragraph 4.3 for Employer
                           --------------------------------------------------
          matching contributions that are tentatively credited to a
          ---------------------------------------------------------
          Participant's Account.
          ---------------------

3.   Paragraph 4.3 of the Excess Plan is amended to read as follows to reflect a
     change in the matching contributions under the Excess Plan:

          Matching Contributions. Subject to the compensation limits set forth
          ----------------------
          in paragraph 2.3, each Participant's Account shall be credited with
          Employer matching contributions based on the rate of Matching
          Contribution in effect under the 401(k) Plan at the relevant time and
          the amount of Eligible Compensation that is deferred under this Excess
          Plan in accordance with the Participant's Deferral Election Form and
                                                                           ---
          subject to adjustments by the Committee. Matching contributions under
          ---------------------------------------------------------------------
          this Plan shall be credited to Participants' Accounts as of the dates
          ---------------------------------------------------------------------
          that Matching Contributions are made to the 401(k) Plan or such other
          ---------------------------------------------------------------------
          times as the Compensation Committee may determine in its sole
          -------------------------------------------------------------
          discretion. For any Plan Year beginning on and after January 1, 2002,
          ---------------------------------------------------------------------
          the Committee may determine in its sole discretion that Employer
          ----------------------------------------------------------------
          matching contributions for the Plan Year under this Plan shall be
          -----------------------------------------------------------------
          subject to a year-end or more frequent adjustment process. For any
          ------------------------------------------------------------------
          such year in which the adjustment process is in effect, matching
          ----------------------------------------------------------------
          contributions under this Plan shall be tentatively credited to
          --------------------------------------------------------------

<PAGE>

          Participants' Accounts and shall be deemed to be invested in a money
          --------------------------------------------------------------------
          market fund or other Investment Fund selected by the Committee that
          -------------------------------------------------------------------
          provides fixed earnings until the adjustment process is complete. At
          --------------------------------------------------------------------
          the end of the Plan Year or other more frequent adjustment interval,
          --------------------------------------------------------------------
          the Compensation Committee, in its sole and complete discretion, may
          --------------------------------------------------------------------
          reduce matching contributions for any Participant whose matching
          ----------------------------------------------------------------
          contributions exceed the maximum permissible amount determined by the
          ---------------------------------------------------------------------
          Committee for the Plan Year or other interval and may allocate
          --------------------------------------------------------------
          additional matching contributions to each Participant who does not
          ------------------------------------------------------------------
          receive the maximum permissible amount of matching contribution under
          ---------------------------------------------------------------------
          this Plan for the Plan Year or other interval. When the adjustment
          ------------------------------------------------------------------
          process is complete, the matching contributions as adjusted (which
          ------------------------------------------------------------------
          adjustment may be zero) shall be credited to Participants' Accounts
          -------------------------------------------------------------------
          and then deemed to be invested in Employer Stock. Any excess matching
          ---------------------------------------------------------------------
          contributions shall be deemed a forfeiture.
          -------------------------------------------

4.   Paragraph 5.1 is amended to read as follows:

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

                                                                   Exhibit 10.36

                          CRESTAR FINANCIAL CORPORATION

                            DIRECTORS' EQUITY PROGRAM

                            Effective January 1, 1996

<PAGE>

                                TABLE OF CONTENTS
<TABLE>
<CAPTION>

Section                                                                   Page
-------                                                                   ----
<S>                                                                       <C>
1.       PURPOSE ......................................................      1

2.       DEFINITIONS ..................................................      1

3.       EQUITY AWARDS ................................................      4

4.       DEFERRAL ELECTION ............................................      4

5.       VESTING ......................................................      5

6.       CREDITS TO ACCOUNTS ..........................................      6

7.       DISTRIBUTION .................................................      7

8.       HARDSHIP DISTRIBUTIONS .......................................      8

9.       COMPANY'S OBLIGATION .........................................      8

10.      CONTROL BY PARTICIPANT .......................................      9

11.      CLAIMS AGAINST PARTICIPANT'S DEFERRED STOCK BENEFIT ..........      9

12.      AMENDMENT OR TERMINATION .....................................      9

13.      NOTICES ......................................................     10

14.      WAIVER .......................................................     10

15.      CONSTRUCTION .................................................     10

16.      EFFECTIVENESS ................................................     10
</TABLE>

<PAGE>

1.   PURPOSE. The Crestar Financial Corporation Directors' Equity Program is
     -------
     intended to assist the Company in promoting a greater identity of interest
     between the Company's non-employee directors and its shareholders and to
     assist the Company in attracting and retaining non-employee directors by
     affording Participants an opportunity to share in the future success of the
     Company. The Plan is also intended to constitute a deferred compensation
     program for corporate directors' fees.

2.   DEFINITIONS. The following definitions apply to this Plan and to the
     -----------
     Deferral Election Forms.

     (a)  Account means that bookkeeping record established for each Participant
          -------
          and is the sum of the Participant's Equity Award Account and his
          Elective Deferral Account. An Account is established only for purposes
          of measuring a Deferred Stock Benefit and not to segregate assets or
          to identify assets that may or must be used to satisfy a Deferred
          Stock Benefit.

     (b)  Administrator means the Company's Director of Human Resources.
          -------------

     (c)  Beneficiary or Beneficiaries means a person or persons or other entity
          -----------    -------------
          designated on a Beneficiary Designation Form by a Participant as
          allowed in subsection 7(c) to receive a Deferred Stock Benefit. If
          there is no valid designation by the Participant, or if the designated
          Beneficiary or Beneficiaries fail to survive the Participant or
          otherwise fail to take the benefit, the Participant's Beneficiary is
          the first of the following who survives the Participant: the
          Participant's spouse (the person legally married to the Participant
          when the Participant dies); the Participant's surviving issue, per
          stirpes; the Participant's parents and the Participant's estate.

     (d)  Beneficiary Designation Form means a form acceptable to the
          ----------------------------
          Administrator or his designee used by a Participant according to this
          Plan to name his or her Beneficiary or Beneficiaries who will receive
          the Participant's Deferred Stock Benefit under this Plan upon the
          Participant's death.

     (e)  Board means the Board of Directors of the Company.
          -----

     (f)  Company means Crestar Financial Corporation and any successor business
          -------
          by merger, purchase, or otherwise and any other business that
          maintains the Plan.

     (g)  Compensation means a Director's Retainer Fee and Stock Award for the
          ------------
          Deferral Year.

     (h)  Deferral Election Form means a document governed by the provisions of
          ----------------------
          section 4 of this Plan, including the portion that is the Distribution
          Election Form and the related Beneficiary Designation Form that
          applies to all of that Participant's Deferred Stock Benefit under the
          Plan.

     (i)  Deferral Year means a calendar year for which a Director has submitted
          -------------
          a Deferral

<PAGE>

                                      -2-

          Election Form that is acceptable to the Administrator.

     (j)  Deferred Stock Benefit means the benefit that a Participant is
          ----------------------
          entitled to receive under this Plan.

     (k)  Director means a duly elected or appointed member of the Board who is
          --------
          not an employee of the Company, excluding any member of the Board who
          is required to transfer, assign or pay his or her Retainer Fee to the
          member's employer or firm.

     (l)  Distribution Election Form means a form used by a Participant
          --------------------------
          according to this Plan to establish the frequency of distributions
          from his or her Elective Deferral Account. If a Participant has no
          Distribution Election Form that is operative according to this Plan,
          distribution of that Deferred Stock Benefit is governed by section 7
          of this Plan.

     (m)  Effective Date means January 1, 1996.
          --------------

     (n)  Election Date means the date established by this Plan as the date on
          -------------
          or before which a Director must submit a valid Deferral Election Form
          to the Administrator. For each Deferral Year, the Election Date is
          December 31 of the preceding calendar year. However, for an individual
          who becomes a Director during a Deferral Year, the Election Date is
          the thirtieth day following the date that he or she becomes a
          Director. Despite the three preceding sentences, the Administrator may
          set an earlier date as the Election Date for any Deferral Year.

     (o)  Elective Deferral Account means that bookkeeping record established
          -------------------------
          for each Participant who elects to defer his or her Retainer Fee,
          Stock Award, or both for a Deferral Year. An Elective Deferral Account
          is established only for purposes of measuring that portion of a
          Deferred Stock Benefit attributable to deferred Retainer Fees, Stock
          Awards, or both and not to segregate assets or to identify assets that
          may or must be used to satisfy a Deferred Stock Benefit. An Elective
          Deferral Account will be credited with the Participant's Compensation
          deferred according to a Deferral Election Form and according to
          section 6 of this Plan. An Elective Deferral Account will be credited
          periodically with amounts determined under subsection 6(b) of this
          Plan.

     (p)  Equity Award means an award stated with reference to a number of whole
          ------------
          shares of Company common stock that is credited to a Participant's
          Equity Award Account in accordance with section 3 of this Plan.

     (q)  Equity Award Account means that bookkeeping record established for
          --------------------
          each Participant. An Equity Award Account is established only for
          purposes of

<PAGE>

                                       -3-

          measuring that portion of a Deferred Stock Benefit attributable to
          awards according to section 3 of this Plan and not to segregate assets
          or to identify assets that may or must be used to satisfy a Deferred
          Stock Benefit. An Equity Award Account will be credited periodically
          with amounts determined under subsection 6(b) of this Plan.

     (r)  Equity Award Date means the Effective Date and each January 1 that is
          -----------------
          a multiple of the fifth anniversary of the Effective Date. The initial
          Equity Award Date of a Participant who becomes a Director after the
          -----------------
          Effective Date shall be the first day of the month coincident with or
          next following the date that the individual becomes a Director.

     (s)  Fair Market Value means, on any given date, the average (rounded to
          -----------------
          the nearest one-eighth of a dollar) of the high and low prices of a
          share of Company common stock as reported on the New York Stock
          Exchange composite tape on such day or, if the Company common stock
          was not traded on the New York Stock Exchange on such day, then the
          next day that the Company common stock is traded on such exchange, all
          as reported by such source as the Administrator may select. If shares
          of Company common stock are not then traded on the New York Stock
          Exchange, the Fair Market Value shall be determined by the
          Administrator using any reasonable method in good faith.

     (t)  Participant means a member of the Board who is a Director on an Equity
          -----------
          Award Date or, with respect to any Deferral Year, has a Deferral
          Election Form that is operative for that Deferral Year.

     (u)  Plan means the Crestar Financial Corporation Directors' Equity
          ----
          Program.

     (v)  Retainer Fee means that portion of a Director's Compensation that is a
          ------------
          fixed cash amount determined without regard to his or her attendance
          at meetings.

     (w)  Stock Award means the number of shares of Company common stock that
          -----------
          would have been issuable to a Participant under the Crestar Financial
          Corporation Directors' Stock Compensation Plan but for the
          Participant's election to defer such award under this Plan.

     (x)  Terminate, Terminating, or Termination, with respect to a Participant,
          ---------  -----------     -----------
          means cessation of his or her relationship with the Company as a
          member of the Board whether by death, disability or severance for any
          other reason.

     (y)  Year of Service means a period of twelve consecutive full months of
          ---------------
          service as a member of the Board.

<PAGE>

                                      -4-

3.   EQUITY AWARDS. Equity Awards are governed by the provisions of this
     -------------
     section.

     (a)  As of the Effective Date and each subsequent Equity Award Date, the
          Equity Award Account of each Participant who is then a Director will
          be credited with an Equity Award. The Equity Award shall be stated
          with respect to a number of whole shares of Company common stock that
          has a Fair Market Value as of such date that most nearly equals
          $40,000.

     (b)  The preceding subsection 3(a) to the contrary notwithstanding, the
          initial Equity Award for a Director who becomes a Participant after
          the Effective Date shall be governed by this subsection 3(b). The
          initial Equity Award for a Participant described in the preceding
          sentence shall be credited to such Participant's Equity Award Account
          as of his or her first Equity Award Date and shall be stated with
          respect to a number of whole shares of Company common stock. The
          number of whole shares of Company common stock credited to the Equity
          Award Account shall be the product of (i) that number of whole shares
          of Company common stock that has a Fair Market Value as of such date
          that most nearly equals $40,000 and (ii) a fraction, the numerator of
          which is the number of whole months preceding the next Equity Award
          Date under subsection 3(a) and the denominator of which is 60.

4.   DEFERRAL ELECTION. A deferral election is valid when a Deferral Election
     -----------------
     Form, that is acceptable to the Administrator, is completed, signed by the
     electing Director, and received by the Administrator no later than the
     applicable Election Date. Deferral elections are governed by the provisions
     of this section.

     (a)  A Director may submit a Deferral Election Form for any Deferral Year
          if he or she is a Director at the beginning of that Deferral Year or
          becomes a Director during that Deferral Year.

     (b)  Before each Deferral Year's Election Date, each Director will be
          provided with a Deferral Election Form and a Beneficiary Designation
          Form. Under the Deferral Election Form for a single Deferral Year, a
          Director may elect on or before the Election Date to defer the receipt
          of his or her Retainer Fee or his or her Stock Award or both for the
          Deferral Year which will be earned and payable after the Election
          Date.

     (c)  Each Distribution Election Form is part of the Deferral Election Form
          on which it appears or to which it states that it is related. The
          Administrator may allow a Participant to file one Distribution
          Election Form for his or her entire Elective Deferral Account or
          multiple Distribution Election Forms that each relate to Deferred
          Stock Benefits credited to his or her Elective Deferral Account for
          one or more Deferral Years. The provisions of section 7 of this Plan
          apply to any Deferred Stock Benefit credited to his or her Elective
          Deferral Account under this Plan if

<PAGE>

                                      -5-

                  there is no operative Distribution Election Form for that
                  Deferred Stock Benefit.

         (d)      If he or she does so on or before the Election Date for the
                  Deferral Year, the Administrator may reject any Deferral
                  Election Form or any Distribution Election Form, or both, and
                  the Administrator is not required to state a reason for any
                  rejection. The Administrator may modify any Distribution
                  Election Form at any time to the extent necessary to comply
                  with any federal securities laws or regulations. However, the
                  Administrator's rejection of any Deferral Election Form or any
                  Distribution Election Form or the Administrator's modification
                  of any Distribution Election Form must be based upon action
                  taken without regard to any vote of the Director whose
                  Deferral Election Form or Distribution Election Form is under
                  consideration, and the Administrator's rejections must be made
                  on a uniform basis with respect to similarly situated
                  Directors. If the Administrator rejects a Deferral Election
                  Form, the Director must be paid the Compensation he or she
                  would have been entitled to receive if he or she had not
                  submitted the rejected Deferral Election Form.

         (e)      A Director may not revoke a Deferral Election Form after the
                  Deferral Year begins. Any revocation before the beginning of
                  the Deferral Year is the same as a failure to submit a
                  Deferral Election Form or a Distribution Election Form unless
                  the Director submits a new Deferral Election Form on or before
                  that Deferral Year's Election Date. Any writing signed by a
                  Director expressing an intention to revoke his or her Deferral
                  Election Form that is delivered to the Administrator before
                  the close of business on the relevant Election Date is a
                  revocation.

         (f)      A Director who has not submitted a valid Deferral Election
                  Form to the Administrator on or before the relevant Election
                  Date may not defer any part of his or her Compensation for
                  that Deferral Year under this Plan. The provisions of section
                  7 govern the distribution of amounts credited to the Elective
                  Deferral Account of a Director who submits a valid Deferral
                  Election Form but who fails to submit a valid Distribution
                  Election Form for that portion of his or her Deferred Stock
                  Benefit before the relevant Election Date or who otherwise has
                  no valid Distribution Election Form for that Deferred Stock
                  Benefit.

5.       VESTING. A Participant's interest in his or her Elective Deferral
         -------
         Account is always 100% vested and nonforfeitable. A Participant whose
         service as a member of the Board terminates on account of death or
         disability (as determined by the Board in its discretion), shall have a
         100% vested and nonforfeitable interest in his or her Equity Award
         Account. A Participant whose service as a member of the Board
         terminates for reasons other than death or disability shall have a
         vested and nonforfeitable interest in his or her Equity Award Account
         in accordance with the following schedule:

<PAGE>

                                      -6-

                Years of Service                            Vested Percentage
                ----------------                            -----------------

           Less than one                                              0%
           One but less than two                                     20%
           Two but less than three                                   40%
           Three but less than four                                  60%
           Four but less than five                                   80%
           Five or more                                             100%

Each Participant's interest in his or her Equity Award Account shall be 100%
vested and nonforfeitable as of a Control Change Date (as such term is defined
in the Crestar Financial Corporation 1993 Stock Incentive Plan).

6.       CREDITS TO ACCOUNTS.
         -------------------

         (a)      An Equity Award Account and Elective Deferral Account will be
                  established for each Participant and shall be credited with
                  amounts determined under sections 3 and 4 and shall be further
                  credited with earnings in accordance with subsection 6(b). A
                  Deferred Stock Benefit attributable to a deferred Retainer Fee
                  will be credited to the Participant's Elective Deferral
                  Account as a number of whole and fractional shares of Company
                  common stock based on the Fair Market Value on the date that
                  the Retainer Fee would have been paid. A Deferred Stock
                  Benefit attributable to a deferred Stock Award will be
                  credited to the Participant's Elective Deferral Account as a
                  number of whole and fractional shares of Common Stock based on
                  the Fair Market Value on the date that the Stock Award would
                  have been issued.

         (b)      The basis for additional credits to Accounts (in whole and
                  fractional shares of Company common stock) will be variable
                  rates based on the value of dividends paid on Company common
                  stock and the Fair Market Value on the date that such
                  dividends are paid on Company common stock. The value of an
                  Account at any relevant time is determined as if the Equity
                  Awards made to, and the Compensation deferred by, the
                  Participant under the Plan and any additional credits under
                  this subsection had been used to purchase Company common stock
                  at the Fair Market Value on the date those amounts were
                  credited to the Account. Additional credits are accrued
                  through the end of the month preceding the distribution of a
                  Deferred Stock Benefit.

         (c)      If a trust is established under section 9 of this Plan, an
                  electing Participant may instruct the trustee under the
                  governing trust agreement how to vote shares of Company common
                  stock allocated to that Participant's separate account under
                  the trust according to this subsection and the provisions of
                  the governing trust agreement. Before each annual or special
                  meeting of the Company shareholders, the trustee under the
                  governing trust agreement must furnish each Participant with a

<PAGE>

                                      -7-

                  copy of the proxy solicitation and other relevant material for
                  the meeting as furnished to the trustee by the Company, and a
                  form addressed to the trustee requesting the Participant's
                  confidential instructions on how to vote shares of Company
                  common stock allocated to his or her account as of the
                  valuation date established under the governing trust agreement
                  preceding the record date. Upon receipt of those instructions,
                  the trustee under the governing trust agreement must vote such
                  stock as instructed.

7.       DISTRIBUTIONS.
         --------------

         (a)      According to a Participant's Distribution Election Form, but
                  subject to Plan subsection 4(d), a Deferred Stock Benefit must
                  be distributed in shares of Company common stock equal to the
                  number of whole shares of Company common stock credited to the
                  Participant's Account on the last day of the month preceding
                  the month of distribution. However, cash must be paid in lieu
                  of a fractional share of Company common stock credited the
                  Participant's Deferred Stock Account on the last day of the
                  month preceding the month of distribution.

         (b)      Deferred Stock Benefits will be paid in a lump sum unless the
                  Participant's Distribution Election Form specifies annual
                  installment payments over a period of 5 years. A Deferred
                  Stock Benefit payable in installments will continue to accrue
                  additional credits under Plan subsection 6(b) on the unpaid
                  balance of the Account through the end of the month preceding
                  the distribution. Distribution of a Deferred Stock Benefit
                  attributable to a Participant's vested Equity Award Account
                  will be paid or begin on the February 15 of the year after his
                  or her Termination.

         (c)      Deferred Stock Benefits may not be assigned by a Participant
                  or Beneficiary. Unless the Administrator announces otherwise,
                  a Participant may use only one Beneficiary Designation Form to
                  designate one or more Beneficiaries for all of his or her
                  Deferred Stock Benefits under the Plan; such designations are
                  revocable. Each Beneficiary will receive his or her portion of
                  the Participant's Deferred Stock Benefit in a lump sum on
                  February 15 of the year following the year of the
                  Participant's death.

         (d)      Any Company common stock distributed pursuant to the Plan
                  shall have been acquired by an "agent independent of the
                  issuer" (i.e., the Company) within the meaning of 17 CFR
                  240.10b-18, as such regulation or any successor is in effect
                  from time to time. Such acquisitions may be effected in all
                  cases on the open market or, in the event that the Company
                  makes available newly issued common stock, directly from the
                  Company, provided that such common stock has been registered
                  with the Securities and Exchange Commission under the
                  Securities Act of 1933, as amended, or any successor thereto
                  at the time such purchase is made or an exemption from such
                  registration requirement is, in the opinion of counsel to the

<PAGE>

                                      -8-

                  Company, available.

         (e)      No Participant or Beneficiary shall have any rights as a
                  shareholder of the Company by virtue of having any interest
                  under this Plan until, and to the extent that, shares of
                  Company common stock are issued in satisfaction of a Deferred
                  Stock Benefit payable in accordance with this Plan.

8.       HARDSHIP DISTRIBUTIONS.
         ----------------------

         (a)      At the Administrator's sole discretion and at the request of a
                  Participant before or after the Participant's Termination, or
                  at the request of any of the Participant's Beneficiaries after
                  the Participant's death, the Administrator may accelerate and
                  pay all or part of any amount attributable to a Participant's
                  vested Deferred Stock Benefits under this Plan. Accelerated
                  distributions may be allowed only in the event of a financial
                  emergency beyond the Participant's or Beneficiary's control
                  and only if disallowance of a distribution would create a
                  severe hardship for the Participant or Beneficiary. An
                  accelerated distribution must be limited to the amount
                  determined by the Administrator to be necessary to satisfy the
                  financial emergency.

         (b)      For purposes of an accelerated distribution under this
                  section, the value of a Deferred Stock Benefit is determined
                  by the value of the Participant's Account at the end of the
                  month preceding the date of distribution.

         (c)      A distribution under this section is in lieu of that portion
                  of the Deferred Stock Benefit that would have been paid
                  otherwise. A Deferred Stock Benefit is adjusted for a
                  distribution under this section by reducing the value of the
                  Participant's Account by the amount of the distribution.

9.       COMPANY'S OBLIGATION.
         --------------------

         (a)      The Plan is unfunded. A Deferred Stock Benefit is at all times
                  a mere contractual obligation of the Company. A Participant
                  and his or her Beneficiaries have no right, title, or interest
                  in the Deferred Stock Benefits or any claim against them other
                  than as general unsecured creditors of the Company. The
                  Company will not segregate any funds or assets for Deferred
                  Stock Benefits nor issue any notes or security for the payment
                  of any Deferred Stock Benefit.

         (b)      Subject to Plan subsection 9(c), the Company may establish a
                  grantor trust and transfer to that trust shares of Company
                  common stock or other assets. Trust assets must be invested in
                  Company common stock for the purpose of measuring the value of
                  Accounts under the Plan to be distributed as Deferred Stock
                  Benefits in the form of Company common stock, plus cash in
                  lieu of fractional shares. The governing trust agreement must
                  require a separate account to be established for each electing

<PAGE>

                                      -9-

          Participant. The governing trust agreement must also require that all
          Company assets held in trust remain at all times subject to the
          Company's creditors.

     (c)  The Company may only contribute to a trustee under a trust agreement
          by transferring cash or assets with a fair market value equal to the
          value (determined at the nearest month end) of the related Accounts if
          the trust agreement contains provisions sufficient (in the opinion of
          either the Internal Revenue Service or counsel selected by the
          Company) to allow the Participants to defer income taxation on their
          Deferred Stock Benefits until they are distributed according to this
          Plan and provisions sufficient (in the opinion of counsel selected by
          the Company) to exempt the Plan and the trust from sections 10(b) and
          16(b) of the Securities Exchange Act of 1934 and applicable rules and
          regulations. If the Internal Revenue Service refuses to give the
          required opinion on such a trust, and if counsel selected by the
          Company is the opinion that no such trust can be created, Plan
          subsection 9(b) will not become effective.

10.  CONTROL BY PARTICIPANT. A Participant has no control over Deferred Stock
     ----------------------
     Benefits except according to his or her Deferral Election Forms, his or her
     Distribution Election Forms, and his or her Beneficiary Designation Forms.

11.  CLAIMS AGAINST PARTICIPANT'S DEFERRED STOCK BENEFIT. No Account under this
     ---------------------------------------------------
     Plan is subject in any manner to anticipation, alienation, sale, transfer,
     assignment, pledge, encumbrance, or charge, and any attempt to do so is
     void. Deferred Stock Benefits are not subject to attachment or legal
     process for a Participant's debts or other obligations. Nothing contained
     in this Plan gives any Participant any interest, lien, or claim against any
     specific asset of the Company. A Participant or his or her Beneficiary has
     no rights to receive Deferred Stock Benefits other than as a general
     creditor of the Company.

12.  AMENDMENT OR TERMINATION. Except as otherwise provided in this section,
     ------------------------
     this Plan may be altered, amended, suspended, or terminated at any time by
     the Board. No amendment will become effective without the approval of the
     Company's shareholders if the amendment (i) materially increases the number
     of shares of Company common stock that may be issued under the Plan, (ii)
     materially increases the benefits accruing to Participants, under the Plan,
     or (iii) materially changes the class of individuals who may participate in
     the Plan. The Plan may not be amended more than once in any six month
     period other than to comply with changes in the Internal Revenue Code or
     the Employee Retirement Income Security Act of 1974. Except for a
     termination of the Plan caused by the determination of the Board that the
     laws upon which the Plan is based have changed in a manner that negates the
     Plan's objectives, the Board may not alter, amend, suspend, or terminate
     this Plan without the majority consent of all Directors who are
     Participants if that action would result either in a distribution of all
     Deferred Stock Benefits in any manner other than as provided in this Plan
     or that would result in immediate taxation of Deferred

<PAGE>

                                      -10-

     Stock Benefits to Participants. Notwithstanding the preceding sentence, if
     any amendment to the Plan, subsequent to the date the Plan becomes
     effective, adversely affects Deferred Stock Benefits hereunder, after the
     effective date of any such amendment, and the Internal Revenue Service
     declines to rule favorably on any such amendment or to rule favorably only
     if the Board makes amendments to the Plan not acceptable to the Board, the
     Board, in its sole discretion, may accelerate the distribution of part or
     all amounts attributable to affected Deferred Stock Benefits due
     Participants and Beneficiaries hereunder.

13.  NOTICES. Notices and elections under this Plan must be in writing. A notice
     -------
     or election is deemed delivered if it is delivered personally or if it is
     mailed by registered or certified mail to the person at his or her last
     known business address.

14.  WAIVER. The waiver of a breach of any provision in this Plan does not
     ------
     operate as and may not be construed as a waiver of any later breach.

15.  CONSTRUCTION. This Plan is created, adopted, and maintained according to
     ------------
     the laws of the Commonwealth of Virginia (except its choice-of-law rules).
     It is governed by those laws in all respects except to the extent that the
     laws of the United States apply to the Plan. Headings and captions are only
     for convenience; they do not have substantive meaning. If a provision of
     this Plan is not valid or not enforceable, that fact in no way affects the
     validity or enforceability of any other provision. Use of one gender
     includes all, and the singular and plural include each other.

16.  EFFECTIVENESS. The Board adopted this Plan subject to the approval of the
     -------------
     Company's shareholders at the 1996 annual meeting of the Company. If the
     requisite shareholder approval is not obtained (i) this Plan shall be
     deemed void ab initio, (ii) amounts credited to Participants' Accounts
                 -- ------
     shall be forfeited and (iii) deferred Compensation (and any earnings
     credited under subsection 6(b)) shall be paid to participants as soon as
     practicable after such meeting or credited to Participants' accounts under
     the Company's Deferred Compensation Plan for Outside Directors in
     accordance with each Participant's written instructions delivered to the
     Administrator before the Effective Date.

          IN WITNESS WHEREOF, Crestar Financial Corporation has caused this
Plan to be executed by its duly authorized officer effective as of January 1,
1996.

                                              CRESTAR FINANCIAL CORPORATION

                                              By:______________________________

                                              Title:_________________________

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