Document:

EX-10.3

 Exhibit 10.3 

SunTrust Banks, Inc. 
 2018 Omnibus Incentive
Compensation Plan 
 PAY TO LEAD RESTRICTED STOCK UNIT AWARD AGREEMENT 
  

 
 SunTrust Banks, Inc. (“SunTrust”), a
Georgia corporation, pursuant to action of the Compensation Committee (the “Committee”) of its Board of Directors and in accordance with the SunTrust Banks, Inc. 2018 Omnibus Incentive Compensation Plan (“Plan”), has granted
restricted stock units of SunTrust common stock (“Retention Award RSUs”) based upon the following terms pursuant to the Pay to Lead Retention Agreement (the “Retention Agreement”), as an incentive for Grantee to promote the
interests of SunTrust, BB&T Corporation (“BB&T”) and the merged company (the “Combined Company”) following the merger of SunTrust and BB&T (the “Merger”): 

Unless otherwise defined in this Pay to Lead Restricted Stock Unit Award Agreement (this “Award Agreement”), capitalized terms used herein have the
same meaning as ascribed to them in the Plan. For purposes of this Award Agreement, the term “Stock” shall refer to shares of SunTrust common stock prior to the date of the merger of SunTrust and BB&T, and shares of BB&T common
stock following the date of the merger of SunTrust and BB&T. 
 This Award Agreement evidences the award of Retention Award RSUs, which has been made
subject to all the terms and conditions set forth on the attached Terms and Conditions and in the Plan. 
  

			
	Name of Grantee	  	[Name]
		
	Retention Award RSUs	  	[Number of Retention Award RSUs]
		
	Grant Date	  	April 23, 2019
		
	Retention Period	  	[X], 2019 through October 1, 2022

 §1.    VESTING. Grantee must be an active employee of the Combined Company and be in the continuous
employment of SunTrust, the Combined Company or any of their subsidiaries from the Grant Date through the last day of the Retention Period. If Grantee is not an active employee of the Combined Company on the last day of the Retention Period, or if
Grantee fails to accept this award by [●], 2019, Grantee forfeits all rights to any Retention Award RSUs that would otherwise vest at the end of the Retention Period. 

 §2.    TREATMENT IN THE MERGER. At the Effective Time (as defined in that certain
Agreement and Plan of Merger by and between SunTrust and BB&T, dated as of February 7, 2019 (the “Merger Agreement”)), the Retention Award RSUs shall be subject to adjustment to reflect the Merger on the same basis as other
SunTrust time-vested RSU awards, as set forth in Section 1.8(d) of the Merger Agreement. 
 §3.    TERMINATION OF EMPLOYMENT.
For the avoidance of doubt, notwithstanding anything contained in the Plan or any other plan or arrangement applicable to Grantee, Grantee will forfeit the Retention Award RSUs in the event that, prior to the end of the Retention Period,
Grantee’s employment with the Combined Company terminates for any reason, whether such termination is initiated by the Combined Company or Grantee. 

§4.    TERM OF AGREEMENT. This Award Agreement and the accompanying Retention Agreement shall terminate on the earlier of:
(a) the date of payment of the Retention Award RSUs to Grantee; or (b) the date of Grantee’s termination of employment for any reason. If the merger is abandoned and the Merger Agreement is terminated in accordance with its terms,
this Award Agreement and the accompanying Retention Agreement shall be void and of no further force or effect. 

§5.    ADMINISTRATION. The Combined Company (acting through its Committee to the extent required by law or the terms of the Plan)
shall have the sole and absolute authority and discretion to construe and interpret this Award Agreement, and to determine all questions that arise in connection with the administration of the Retention Award RSUs, including, without limitation, all
questions of eligibility for participation and eligibility for the amount paid or payable under this Award Agreement. Any disputes related to the Retention Award RSUs shall be settled by arbitration in accordance with the Arbitration Agreement. 

§6.    PAYMENT OF AWARD. 
  

	 	(a)	 The total number of Retention Award RSUs (and related Dividend Equivalent rights) which vest, if any, in
accordance with §1 of this Award Agreement (the “Vested Units”) shall be paid in an equivalent number (after giving effect to §2) of shares of Stock on October 1, 2022. Payments made pursuant to this sub-paragraph (a) will be deemed to be made on the specified date if such payment are made within the sixty (60) day period which commences immediately following the specified date. 

 

	 	(b)	 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 or the Combined Company, as applicable, shall pay each Dividend Equivalent right in shares of Stock to the Grantee, provided, however, the Grantee’s right to any fractional share of Stock shall be paid in cash.

  

	 	(c)	 The Grantee will not have any shareholder rights with respect to the Retention Award RSUs, including the right
to vote or receive dividends, unless and until shares of Stock are issued to Grantee as payment for the vested Retention Award RSUs. 

  

	 	(d)	 The Retention Award RSUs are neither intended nor should be construed as being an addition to base salary or
included in calculations of salary increases, annual, or other incentive payment opportunities or awards or severance or termination pay. 

 §7.    COVENANTS, RESTRICTIONS AND LIMITATIONS. 

 

	 	(a)	 By accepting the Retention Award RSUs, Grantee agrees not to sell Shares at a time when applicable laws or
SunTrust’s or the Combined Company’s rules prohibit a sale. This restriction will apply as long as Grantee is an employee, consultant or director of SunTrust, the Combined Company or any of their subsidiaries. Upon receipt of
nonforfeitable Shares pursuant to this Award Agreement, Grantee agrees, if so requested by SunTrust or the Combined Company, to hold such Shares for investment and not with a view of resale or distribution to the public, and if requested by SunTrust
or the Combined Company, Grantee must deliver to SunTrust a written statement satisfactory to SunTrust or the Combined Company, as applicable, to that effect. The Committee may refuse to issue any Shares to Grantee for which Grantee refuses to
provide an appropriate statement. 

  

	 	(b)	 To the extent that Grantee does not vest in the Retention Award RSUs, all interest in such units, the related
Shares and any Dividend Equivalent right shall be forfeited for no consideration. Grantee shall have no right or interest in any Retention Award RSU or related Shares that are forfeited. 

 

	 	(c)	 Upon the issuance or transfer of Shares in accordance with this Award Agreement, a number of Retention Award
RSUs equal to the number of Shares issued or transferred to Grantee shall be extinguished and such number of Retention Award RSUs will not be considered to be held by Grantee for any purpose. 

§8.    RECOVERY OF AWARDS. Federal law requires that if it is determined that there is a miscalculation of a financial performance
measure, whether or not SunTrust or the Combined Company is required to restate its financial statements and regardless of fault, Grantee may be required to reimburse all or a portion of the Grant to the extent that the amount granted exceeds the
actual amount Grantee would have been granted based on the revised financial results. In addition, SunTrust has a recoupment policy that sets out the events (“Detrimental Conduct”), in addition to the federal law requirements, that could
lead to recoupment of an award. By accepting this Grant, Grantee agrees to return to SunTrust or the Combined Company (or to the cancellation of) all or a portion of any grant paid or unpaid, vested or unvested, previously granted to such Grantee
based upon a determination made by the Committee or the Significant Event and Incentive Review Committee (SEIRC) (or any successor committee), as the case may be, pursuant to SunTrust’s or the Combined Company’s recoupment policy in effect
from time to time that a recoupment should be made. SunTrust’s recoupment policy is available in PPM HR-Recoup-1000 Recoupment Policy. 

§9.    WITHHOLDING. 
  

	 	(a)	 Grantee is ultimately liable and responsible for all taxes owed in connection with the Retention Award RSUs,
regardless of any action SunTrust, the Combined Company or any of their subsidiaries takes with respect to any tax withholding obligations that arise in connection with the Retention Award RSUs. None of SunTrust, the Combined Company or any of their
subsidiaries makes any representation or undertaking regarding the treatment of any tax withholding in connection with the grant or vesting of the Retention Award RSUs or the subsequent sale of Shares issuable pursuant to the Retention Award RSUs.

  

	 	(b)	 Upon the payment of any Retention Award RSUs, SunTrust’s and the Combined Company’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 or the Combined Company, as applicable, any applicable federal, state or local withholding tax due as a result of such payment and authorizes SunTrust and the Combined Company to withhold such amounts. 

	 	(c)	 The Committee shall have the right to reduce the number of shares of Stock issued to Grantee to satisfy the
minimum applicable tax withholding requirements. 

  

	 	(d)	 The limitation on payments under Section 5.5 of the Executive Severance Plan shall apply to the Retention
Award RSUs as if set forth herein. 

 §10.    NO EMPLOYMENT RIGHTS. Nothing in the Plan or this Award Agreement
or any related material shall give Grantee the right to continue in the employment of SunTrust, the Combined Company or any of their subsidiaries or adversely affect the right of SunTrust, the Combined Company or any of their subsidiaries to
terminate Grantee’s employment with or without cause at any time. 
 §11.    OTHER LAWS. SunTrust or the Combined Company
shall have the right to refuse to issue or transfer any shares under this Award Agreement if SunTrust or the Combined Company acting in its absolute discretion determines that the issuance or transfer of such Stock might violate any applicable law
or regulation. 
 §12.    MISCELLANEOUS. 
  

	 	(a)	 This Award Agreement shall be subject to all of the provisions, definitions, terms and conditions set forth in
the Plan (other than any provisions relating to vesting) and any interpretations, rules and regulations promulgated by the Committee from time to time, all of which are incorporated by reference in this Award Agreement. 

 

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

  

	 	(c)	 Any written notices provided for in this Award 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 or, if delivered electronically, on the date of transmission. Notices shall be directed, (i) if to Grantee, at Grantee’s address (or email address)
indicated by SunTrust’s or the Combined Company’s records, (ii) if to SunTrust, at SunTrust’s principal executive office and (iii) if to the Combined Company, at the Combined Company’s principal executive office.

  

	 	(d)	 If one or more of the provisions of this Award 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 Award Agreement to be construed so as to foster the intent of this Award Agreement and the Plan.

  

	 	(e)	 This Award Agreement and the accompanying Retention Agreement constitute the entire agreement of the parties
with respect to the subject matter hereof. This Award Agreement and the Retention Agreement supersede all prior discussions, negotiations, understandings, commitments and agreements with respect to such matters. 

 

	 	(f)	 The Retention Award RSUs are intended to be a “short-term deferral” that does not constitute
“deferred compensation” subject to Section 409A of the Internal Revenue Code (“Section 409A”). The parties agree to interpret and administer this Award Agreement in a manner intended to comply with Section 409A. If
and to the extent that the Retention Award RSUs are determined by the Combined Company to constitute “nonqualified deferred compensation” subject to Section 409A (because a payment is not a
“short-term deferral”) and is payable to Grantee by reason of termination of employment, then (i) such payment or benefit shall be made or provided to Grantee only upon a “separation from
service” as defined for purposes of Section 409A under applicable regulations and (ii) if Grantee is a “specified employee” (within the meaning of Section 409A), such payment will not be made or provided before the date
that is six (6) months after the date of such separation from service (or Grantee’s earlier death). 

 IN WITNESS WHEREOF, the parties hereto have caused this Award Agreement to be executed and effective on the
day and year first above written. 
  

					
	  SunTrust Banks, Inc.	 		 	  Grantee
			
	  
   Signature
	 		 	  

  Signature

			
	  
   Printed Name
	 		 	  
   Printed
Name

			
	  
   Title
	 		 	  
   Date

			
	  
   DateEX-10.4

 Exhibit 10.4 
  

			
	

	  	

 Pay to Integrate/Produce 

RETENTION AGREEMENT 
 Name: 

Employee Number: 
 As you know, it was announced
on February 7, 2019 that SunTrust and BB&T will merge (the “Merger”). 
 SunTrust is implementing a retention
program to ensure that the integration of SunTrust and BB&T and critical business initiatives go smoothly. You are a valued employee and SunTrust and BB&T believe your continued service is essential to the business activities of the two
companies (the “Combined Company”). Recognizing that these are uncertain times, we are pleased to offer you participation in the retention program, as described below. 

Retention Award Terms 
 Under the
program, you will be eligible to receive the Retention Award at the end of the Retention Period as follows: 
 “Retention
Award” means $[●], less all applicable taxes. 
 “Retention Period” means the period from March 15,
2019 through October 1, 2021. 
 Eligibility Requirements and Conditions for Retention Award 

To be eligible to receive the Retention Award: 
  

	 	•	 	 You must remain employed by the Combined Company through the end of the Retention Period, unless your employment
is involuntarily terminated following the date of the closing of the Merger and prior to the end of the Retention Period (as set forth in Appendix A attached hereto). 

 

	 	•	 	 You must sign this Agreement, the accompanying Executive Severance Plan letter agreement and the Pay to Lead
Retention Agreement by [●] and abide by their terms. 

  

	 	•	 	 You must sign the attached Arbitration Agreement by [●], although nothing contained in the Arbitration
Agreement shall interfere with the claims procedures provided under any plans containing such provisions or required by applicable law. 

 If you continue to be employed with the Combined Company through the last day of the
Retention Period, your right to receive the Retention Award will vest. The terms and conditions of the Retention Award, including those applicable upon a termination of employment prior to the last day of the Retention Period, are set forth in
Appendix A attached to this letter and are considered part of this letter. If your employment is terminated prior to the end of the Retention Period for any reason other than as set forth in Section 2(a) of Appendix A, the
Retention Award will be forfeited in its entirety. Your eligibility to receive the Retention Award does not impact your eligibility for severance following the closing of the Merger pursuant to the terms and conditions of the severance plan
applicable to you as of your date of termination, as modified by the letter dated as of or prior to the date hereof relating to enhanced severance entitlements and “Good Reason,” which you must sign as a condition to receipt of the
Retention Award. 
 Questions 

If you have questions or concerns about the terms of the Retention Award, please contact [●] at [●]. 

 Appendix A 

RETENTION AGREEMENT 
 Additional
Terms and Conditions 
 Employee Name: 
 Employee ID Number:

  

	1.	 Retention Award. 

 

	 	a)	 Following the end of the Retention Period, subject to Section 2 below, the Employee will receive from the
Combined Company a lump sum payment in the amount of the Retention Award set forth in the letter to which this Appendix A is attached, paid within 60 business days after the completion of the Retention Period. 

 

	 	b)	 The Retention Award is in addition to any regular compensation, benefits and discretionary incentive
compensation that the Combined Company may, in its sole discretion, grant or have in place from time to time, including participation in a long-term incentive (LTI) plan. 

 

	 	c)	 The Retention Award is neither intended nor should be construed as being an addition to base salary or included
in calculations of salary increases, annual, or other incentive payment opportunities or awards or severance or termination pay. This Appendix A and the letter to which it is attached (collectively, this “Agreement”) and the
Retention Award under this Agreement are confidential information. The Employee agrees not to disclose the existence of or terms of this Agreement to anyone other than the Employee’s spouse, attorney, and tax advisor or as required by law. The
Employee’s obligation to maintain the confidentiality of this Agreement and the Retention Award will continue after the Employee’s employment with the Combined Company terminates for any reason. 

 

	2.	 Termination of Employment. 

 

	 	a)	 In the event the Employee’s employment with the Combined Company is terminated due to an involuntary
termination of the Employee’s employment without Cause (as defined in the SunTrust Banks, Inc. Executive Severance Pay Plan (the “Executive Severance Plan”) during the period commencing upon the closing of the Merger and ending
two (2) years following the closing of the Merger, the Employee’s right to receive the Retention Award will vest. In the event the Employee’s employment with the Combined Company is terminated due to the Employee’s resignation
for Good Reason (as defined in the Executive Severance Plan) during the period commencing upon the closing of the Merger and ending two (2) years following the closing of the Merger, the Employee’s right to receive a pro rata
portion of the Retention Award will vest, with the proration to be based on the number of days the Employee remains employed during the Retention Period over the total number of days in the Retention Period (the “Pro Rata Retention
Award”). The Retention Award or the Pro Rata Retention Award, as 

 Appendix A 
  

	 	
applicable, will be paid within 60 days of the Employee’s applicable termination of employment, subject to the Employee’s execution (and
non-revocation) of a general release of claims in favor of the Combined Company and its affiliates and any other documents that are required as a condition to receipt of severance under the Severance Plan.

  

	 	b)	 In the event of the Employee’s termination of employment for any reason prior to the end of the Retention
Period other than those set forth in Section 2(a) the Employee’s right to receive the Retention Award shall be forfeited in its entirety. 

  

	3.	 Term of Agreement. 

This Agreement shall terminate on the earliest of: (a) the date of payment of the Retention Award (or applicable portion thereof) to the
Employee or (b) the date of the Employee’s termination of employment for any reason other than as set forth in Section 2(a) above. If the Merger is abandoned and the Agreement and Plan of Merger between SunTrust and BB&T is
terminated in accordance with its terms, this Agreement shall be void and of no further force or effect. 
  

	4.	 Administration. 

The Combined Company shall have the sole and absolute authority and discretion to construe and interpret this Agreement, and to determine all
questions that arise in connection with the administration of this Agreement, including, without limitation, all questions of eligibility for participation and eligibility for the amount paid or payable under this Agreement. Any disputes related to
the Retention Award shall be settled by arbitration in accordance with the Arbitration Agreement (after giving effect to the provisions of Section 6 below). 
  

	5.	 Fees and Expenses. 

In the event any claim, contest or dispute arises between the Employee and the Combined Company regarding the characterization of the
Employee’s termination as it affects the Employee’s right to benefits under (a) this Agreement or (b) the Executive Severance Plan, upon a termination of employment prior to the second anniversary of the closing of the Merger,
whether instituted by formal legal proceedings or otherwise, the Combined Company shall reimburse the Employee for all reasonable costs and expenses, including reasonable attorneys’ fees, arising from any such claim, contest or dispute, if the
Employee prevails in any action initiated by the Employee or the Employee has acted reasonably and in good faith in defending against any action initiated by the Combined Company (notwithstanding Section 9 of the Arbitration Agreement). Such
reimbursement shall be paid within ten (10) days after the Employee furnishes the Combined Company with written evidence of any costs and expenses the Employee has incurred. Notwithstanding anything herein to the contrary, this Section 5
shall survive the termination of this Agreement. 

 Appendix A 
  

	6.	 Miscellaneous. 

 

	 	a)	 The limitation on payments under Section 5.5 of the Executive Severance Plan shall apply to the Retention
Award as if set forth herein. 

  

	 	b)	 Neither the Employee, nor any person claiming under the Employee, shall have the power to anticipate, encumber
or dispose of any right, title, interest or benefit hereunder in any manner or at any time, until the same shall have been actually distributed free and clear of the terms of this Agreement. 

 

	 	c)	 The Retention Award is intended to be a “short-term deferral” that does not constitute “deferred
compensation” subject to Section 409A of the Internal Revenue Code (“Section 409A”). The parties agree to interpret and administer this Agreement in a manner intended to comply with Section 409A. If
and to the extent that the Retention Award is determined by the Combined Company to constitute “nonqualified deferred compensation” subject to Section 409A (because a payment is not a “short-term deferral”) and is payable to
the Employee by reason of termination of employment, then (i) such payment or benefit shall be made or provided to the Employee only upon a “separation from service” as defined for purposes of Section 409A under applicable
regulations and (ii) if the Employee is a “specified employee” (within the meaning of Section 409A), such payment will not be made or provided before the date that is six (6) months after the date of such separation from
service (or the Employee’s earlier death). All reimbursements provided under this Agreement will be made or provided in accordance with the requirements of Section 409A. 

 

	 	d)	 This Agreement shall be binding upon and inure to the benefit of any successors to the Combined Company and, in
the event of the Employee’s death, all persons lawfully claiming under the Employee. Nothing in this Agreement shall confer on the Employee any right to continued employment or affect in any way the right of the Combined Company to terminate
the Employee’s employment at any time. 

  

	 	e)	 This Agreement and the Arbitration Agreement constitute the entire agreement of the parties with regard to the
specific subject matter hereof and contains all of the covenants, promises, representations, warranties and agreements between the parties with respect to such subject matter. Each party to this Agreement acknowledges that no representation,
inducement, promise or agreement, oral or written, has been made by either party with respect to such subject matter, which is not embodied herein, and that no agreement, statement or promise relating to the subject matter that is not contained in
this Agreement or the Arbitration Agreement shall be valid or binding. 

  

	 	f)	 Any written notices provided for in this 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 or, if delivered electronically, on the date of transmission. Notices shall be directed, if to the Employee, at the Employee’s address (or email address)
indicated by the Combined Company’s records and, if to the Combined Company, at the Combined Company’s principal executive office. 

 Appendix A 
  

	 	g)	 If one (1) or more of the provisions of this 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. 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed and effective on the day and year first above written. 

 

					
	  SunTrust Banks, Inc.	  		 	  Employee
			
	  
	  		 	  

	  Signature	  		 	  Signature
			
	   Bill Rogers
	  		 	  

	  Printed Name	  		 	  Printed Name
			
	   Chairman and CEO
	  		 	  

	  Title	  		 	  Date
			
	  
	  		 	
	  Date

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