Document:

TOTAL SYSTEM SERVICES, INC.
                      DIRECTORS' DEFERRED COMPENSATION PLAN

     Effective as of the 1st day of January,  2002, Total System Services,  Inc.
(the  "Company")  hereby  approves  and adopts the Total System  Services,  Inc.
Directors' Deferred Compensation Plan (the "Plan").

                             BACKGROUND AND PURPOSE

     A. Goal. The Company  desires to provide  members of its Board of Directors
with an opportunity (i) to defer the receipt and income taxation of a portion of
such  directors'  retainers,  fees, and other  compensation  as described in the
Plan; and (ii) to receive an investment return on those deferred amounts.

     B.  Purpose.  The  purpose  of the  Plan  is to set  forth  the  terms  and
conditions pursuant to which these deferrals may be made and deemed invested and
to describe  the nature and extent of the  directors'  rights to their  deferred
amounts.

     C. Type of Plan. The Plan  constitutes an unfunded,  nonqualified  deferred
compensation plan.

                                    ARTICLE I
                                   DEFINITIONS

     For purposes of the Plan,  each of the following  terms,  when used with an
initial  capital  letter,  shall  have the  meaning  set  forth  below  unless a
different meaning plainly is required by the context.

     1.1 "Account" shall mean, with respect to a Participant or Beneficiary, the
total dollar amount or value  evidenced by the last balance posted in accordance
with the terms of the Plan to the record  established  for such  Participant  or
Beneficiary  with respect to the Deferral  Contributions of such Participant for
any Plan Year.

     1.2 "Beneficiary" shall mean, with respect to a Participant,  the person(s)
determined in accordance with Section 5.5 to receive any death benefits that may
be payable under the Plan upon the death of the Participant.

     1.3 "Board"  shall mean the Board of Directors  of Total  System  Services,
Inc.

     1.4 "Business Day" shall mean each day on which the New York Stock Exchange
operates and is open to the public for trading.

     1.5 "Code" shall mean the Internal Revenue Code of 1986, as amended.

     1.6 "Company" or "TSYS" shall mean Total System  Services,  Inc., a Georgia
corporation.

     1.7  "Compensation"  shall  mean  the  total  of the  directors'  fees  and
retainers  which  actually  would be payable  to a  Director  during a Plan Year
absent a Deferral Election under this Plan.

     1.8 "Deferral  Contributions"  shall mean, for each Plan Year, that portion
of a Participant's Compensation deferred under the Plan pursuant to Section 3.2.

     1.9 "Deferral  Election" shall mean a written election form provided by the
Plan  Administrator on which a Director may elect to defer under the Plan all or
a portion of such individual's Compensation for a Plan Year.

     1.10 "Director" shall mean a member of the Board.

     1.11  "Effective  Date" shall mean January 1, 2002, the original  effective
date of the Plan.

     1.12 "Election Deadline" shall mean, with respect to a Plan Year:

              (a)  For  a  Director  who  is  then  a  member of the Board, the
     December 20  (or if December 20 is not a  Business Day, the  last Business
     Day  immediately  preceding  December 20) immediately  preceding the first
     day of such Plan Year.

              (b)  For a  Director  who  is first elected to be a member of the
     Board  after (or  within  thirty (30) days  before) the  Election Deadline
     described  in  Section  1.12(a)  above  with  respect  to a Plan Year, the
     date  which  is  thirty  (30) days after the date on which the Director is
     elected.

     1.13  "Election  Package"  shall  mean a package  consisting  of a Deferral
Election,  an Investment Election and such other forms and documents distributed
to Directors by the Plan Administrator for the purpose of allowing them to elect
to actively participate in the Plan for a Plan Year.

     1.14  "Investment  Election" shall mean a written election form provided by
the Plan  Administrator on which a Director may elect to have such  individual's
Deferral Contributions for a Plan Year (and all investment earnings attributable
thereto) invested to the extent permitted under the terms of the Plan.

     1.15 "Investment Options" shall mean (a) any designated open-end registered
investment  company  for which  Putnam  Investment  Management,  Inc.  serves as
investment  advisor or for which  Putnam  Mutual  Funds Corp.  is the  principal
underwriter,   and  (b)  any  other  investment  option  selected  by  the  Plan
Administrator,  to include the Synovus  Intermediate Term Bond Fund, the Synovus
Mid Cap Value Fund, and the Synovus Large Cap Core Equity Fund.

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     1.16 "Participant" shall mean any person participating in the Plan pursuant
to the provisions of Article II.

     1.17 "Plan" shall mean the Total System Services,  Inc. Directors' Deferred
Compensation Plan, as contained herein and all amendments hereto.

     1.18 "Plan Administrator" shall mean the Company's  Compensation  Committee
and any individual or committee the Board  designates to act on the Compensation
Committee's  behalf with respect to any or all of the  Compensation  Committee's
responsibilities hereunder.

     1.19 "Plan Year" shall mean each calendar year period  beginning on January
1 and ending on December 31.

     1.20  "Valuation  Date"  shall  mean (i) for  purposes  of  Article V, each
December 31 (or, if December 31 is not a business  day,  the last  Business  Day
immediately preceding December 31,), and (ii) for all other purposes, each March
31,  June 30,  September  30,  and  December  31 (or if any  such  date is not a
Business Day, the last Business Day immediately  preceding such date),  and each
other day declared by the Plan Administrator to be a Valuation Date.

                                   ARTICLE II
                          ELIGIBILITY AND PARTICIPATION

     2.1 Annual Participation. Each individual who is a Director as of the first
day of a Plan Year and is a member of the Board  before  the  beginning  of such
Plan Year  shall be  eligible  to defer all or a  portion  of such  individual's
Compensation and thereby to actively participate in the Plan for such Plan Year.
Such  individual's  participation  shall become effective as of the first day of
such Plan Year,  assuming  such  individual  properly and timely  completes  the
election procedures described below.

     2.2 Interim Plan Year Participation. Each individual who becomes a Director
during a Plan Year shall be immediately eligible to make a Deferral Election and
thereby to participate actively in the Plan for the remainder of such Plan Year.

     2.3  Election  Procedures.  Each  Director  shall  elect to defer  all or a
portion  of  such  individual's   Compensation  and  thereby  become  an  active
Participant for a Plan Year by delivering a completed  Deferral  Election and an
Investment  Election by the Election  Deadline.  The Plan Administrator also may
require  the  Director to complete  other  forms and  provide  other data,  as a
condition of participation in the Plan.

     2.4 Cessation of Eligibility. A Director's active participation in the Plan
shall  terminate,  and  such  individual  shall  not be  eligible  to  make  any
additional  Deferral  Contributions for any portion of a Plan Year following the
date such  individual's  service as a Director with Total System Services,  Inc.
ceases (unless such  individual once

                                       3

again becomes a Director  later in such Plan Year).  In addition,  an individual
who actively  participated  in the Plan during prior Plan Years but who is not a
Director or does not  complete the election  procedures,  for a subsequent  Plan
Year,  shall cease active  participation  in the Plan for such  subsequent  Plan
Year.  Even if an  individual's  active  participation  in the Plan  ends,  such
individual shall remain an inactive Participant in the Plan until the earlier of
(i) the date the full amount of such  individual's  Accounts is distributed from
the  Plan,  or (ii) the date  such  individual  again  becomes  a  Director  and
recommences active  participation in the Plan. During the period of time that an
individual is an inactive  Participant in the Plan, such  individual's  Accounts
shall continue to be credited with earnings as provided in the Plan.

                                   ARTICLE III
                 PARTICIPANTS' ACCOUNTS; DEFERRAL CONTRIBUTIONS

     3.1 Participants' Accounts.

          (a) Establishment of Accounts.  The Plan Administrator shall establish
     and  maintain an Account on behalf of each  Participant  for each Plan Year
     for  which  the  Participant   makes  Deferral   Contributions.   The  Plan
     Administrator   shall   credit   each   Participant's   Account   with  the
     Participant's  Deferral  Contributions  for such  Plan  Year  and  earnings
     attributable  thereto,  and shall  maintain  such  Account  until the value
     thereof  has been  distributed  to or on behalf of the  Participant  or the
     Participant's Beneficiary.

     3.2 Deferral  Contributions.  Each Director may  irrevocably  elect to have
Deferral  Contributions  made for a Plan Year by completing in a timely manner a
Deferral  Election and an  Investment  Election  and  following  other  election
procedures as provided in Section 2.3. Subject to any  modifications,  additions
or  exceptions  that  the Plan  Administrator,  in its  sole  discretion,  deems
necessary,  appropriate  or  helpful,  the  following  terms shall apply to such
Deferral Elections:

          (a) Effective  Date. A  Participant's  Deferral  Election for all or a
     portion  of a Plan  Year  shall  be  effective  beginning  with  the  first
     Compensation   (i)  in  such  Plan  Year  with  respect  to  a  Participant
     participating  for the  entire  Plan  Year,  and  (ii)  with  respect  to a
     Participant  participating  for a portion of a Plan Year,  in the  calendar
     month  following  the  calendar  month in  which  the  Participant  makes a
     Deferral Election. To be effective,  a Participant's Deferral Election must
     be made by the  Election  Deadline.  Any  Director  who fails to  deliver a
     Deferral  Election,  or to  complete  any of the other  requisite  election
     procedures,  in a timely  manner,  shall be deemed to have  elected  not to
     participate in the Plan for that Plan Year.

          (b) Term. Each Participant's  Deferral Election regarding Compensation
     for a Plan Year  shall  remain in effect  with  respect to a portion of all
     Compensation  paid or payable during such Plan Year, but shall not apply to
     any subsequent Plan Year.

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          (c) Deferral Amount.  To  defer  Compensation,  a  Director's Deferral
Election  shall  specify the  percentage of  Compensation  for a Plan Year to be
deferred.  A Director may defer for any Plan Year either:  (1) zero percent (0%)
or one hundred percent (100%) of the Director's retainer fees and other director
fees,  or (2)  zero  percent  (0%) or one  hundred  percent  (100%)  of only the
Director's  retainer fees for such Plan Year. The percentage so elected shall be
withheld from each payment of  Compensation  otherwise  payable to such Director
during the Plan Year.  Notwithstanding  any provision of this Plan or a Deferral
Election  to the  contrary,  however,  the amount  withheld  from any payment of
Compensation shall be reduced automatically,  if necessary,  so that it does not
exceed  the  amount  of such  payment  net of all  withholding,  allotments  and
deductions,  other than any  reduction  pursuant to such Deferral  Election.  No
amounts  shall be  withheld  during any period an  individual  ceases to receive
Compensation  as a Director for any reason  during the Plan Year.  No adjustment
shall be made in the  amount  to be  withheld  from any  subsequent  payment  of
Compensation for a Plan Year to compensate for any missed or reduced withholding
amounts above.

          (d) Revocation.  Once  made  for  a  Plan  Year, a Participant may not
revoke a Deferral Election for such Plan Year.

          (e) Crediting of Deferral Contributions.  The Plan Administrator shall
     credit  to  each  Participant's  Account  for a Plan  Year  the  amount  of
     Compensation  reflected on the  Participant's  Deferral  Election as of the
     date(s) on which such  Compensation  would have been paid if not subject to
     the Participant's Deferral Election.

     3.3 Vesting.   A   Participant shall  at  all times be fully vested in such
Participant's  Deferral  Contributions  and   all   deemed  investment  earnings
attributable thereto.

                                   ARTICLE IV
                DETERMINATION AND CREDITING OF INVESTMENT RETURN

     4.1  General  Investment  Parameters.  The rate of return  credited to each
Participant's  Accounts  shall be  determined  on the  basis  of the  Investment
Option(s) applicable to the Participant's Accounts.

     4.2 Investment of Existing Account  Balances.  A Participant may change the
percentage  of an existing  Account  balance that will be invested in Investment
Options in accordance with procedures established by the Plan Administrator.

     4.3   Investment   Subaccounts.   For  the  sole   purpose  of  tracking  a
Participant's   investment   elections  and  calculating   investment   earnings
attributable to a Participant's Account for a Plan Year pursuant to the terms of
this  Article IV, the Plan  Administrator  may  establish  and maintain for such
Participant for such Plan Year separate

                                       5

subaccounts,  as  necessary,  the total of which shall equal such  Participant's
Account for such Plan Year.

                                    ARTICLE V
                           PAYMENT OF ACCOUNT BALANCES

     5.1  Benefit Amounts.

          (a) Benefit  Entitlement.   As   the  benefit  under  the  Plan,  each
     Participant (or Beneficiary)  shall be entitled to receive the total amount
     of the Participant's (or Beneficiary's) Accounts, determined as of the most
     recent  Valuation  Date,  and  payable  at such  times and in such forms as
     described in this Article V.

          (b) Valuation  of Benefit.   For  purposes  hereof,  each Account of a
     Participant as of any Valuation Date shall be equal to (i) the total amount
     of all of such Participant's  Deferral Contributions credited thereto; plus
     or  minus  (as   applicable)   (ii)  all  investment   earnings  or  losses
     attributable thereto;  minus (iii) the total amount of all benefit payments
     previously made therefrom.

     5.2 Elections of Timing and Form. In conjunction  with, and at the time of,
completing a Deferral  Election for each Plan Year, a Director  shall select the
timing  and form of the  distribution  that will  apply to the  Account  of such
Director  for  Deferral  Contributions  (and  investment  earnings  attributable
thereto) for such Plan Year. The terms applicable to this selection  process are
as follows:

          (a) Timing.  For  a  Participant's  Account  for each Plan  Year,  the
     Participant may elect that distribution will be made or commence as of: (1)
     any  January 1  following a special  date,  (2) the  January 1  immediately
     following the date a Director attains a specified age, or (3) the January 1
     immediately  following the Director's cessation of service as a Director of
     the Company.  The special  date or age selected  above must be at least two
     years after the Plan Year for which the Deferral Contributions are made.

          (b) Form of  Distribution.  For a Participant's  Account for each Plan
     Year, the Participant may elect that the  distribution  will be paid in one
     of the following forms:

                   (i)      a single lump-sum cash payment; or

                   (ii) substantially equal annual installments
              (adjusted for investment earnings or losses between payments
              in the manner described in Article IV) over a period of five
              (5) to ten (10) years.

          (c) Multiple  Selections.  A Director  may select a different  benefit
     payment or commencement  date and/or a different form of distribution  with
     respect  to such  Director's  Account  for  each  Plan  Year.  For  ease of

                                       6

     administration, the Plan Administrator may combine Accounts and subaccounts
     of a Participant  to which the same benefit  payment/commencement  date and
     the same form of distribution apply.

     5.3 Benefit Payments to a Participant.

          (a) Timing.   A  Participant   shall  receive  or  begin  receiving  a
     distribution  of each of such  Participant's  Accounts  as of the January 1
     selected by such  Participant with respect to each such Account pursuant to
     the terms of Section 5.2(a).  An amount payable "as of" any January 1 shall
     be made as soon as practicable after such January 1 and, unless extenuating
     circumstances arise, no later than January 31.

          (b) Form of  Distribution.   A  Participant  shall  receive  or  begin
     receiving a distribution of each of such Participant's  Accounts in cash in
     the form selected by such Participant with respect to such Account pursuant
     to the terms of Section 5.2(b).

          (c) Valuation  of  Single   Lump-Sum   Payments.   The   amount  of  a
     Participant's  single lump-sum  distribution  of any of such  Participant's
     Accounts as of any applicable January 1 shall be equal to the value of such
     Account as of the Valuation  Date  immediately  preceding the date on which
     such distribution is paid.

          (d) Valuation of Installment Payments. For purposes of determining the
     amount  of any  installment  payment  to be paid as of a  January 1 from an
     Account,  the Account  balance  shall be divided by the number of remaining
     installments   to  be  paid  from  such  Account   (including  the  current
     installment).

     5.4 Death Benefits.

          (a) General.  If a Participant dies before receiving the entire amount
     of the benefit under the Plan, such Participant's Beneficiary shall receive
     distribution  of amounts  remaining  in the  Participant's  Accounts in the
     form,  as elected by the  Participant  on a  Beneficiary  designation  form
     described in Section 5.5, of either:

                   (i)   a single lump-sum cash payment of the entire balance in
              the   Participant's  Accounts  as  of  the  January  1 immediately
              following the date of the Participant's death; or

                   (ii)(A) for Accounts with  respect to which distribution  has
              not  commenced  under Section 5.2 at the time of the Participant's
              death,  substantially  equal   annual  installments (adjusted  for
              investment earnings between  payments  in  the manner described in
              Article  IV)  over  a  period  of  five  (5)  to  ten  (10) years,
              commencing   as   of  the  January  1  immediately  following  the
              Participant's  death; and (B) for  Accounts with respect  to

                                       7

              which   distribution   has  commenced  in the form of installments
              described in Section  5.2(b)(ii) at the time  of the Participant's
              death, continuation of such installment payment schedule.

     An  amount  payable "as  of"  any  January 1  shall  be  made  as  soon  as
     practicable  after  such  January 1  and, unless  extenuating circumstances
     arise, no later than January 31.

          (b) Valuation. The valuation rules described in subsections 5.3(c) and
5.3(d) shall apply to payments described in this Section 5.4.

     5.5  Beneficiary Designation.

          (a) General.   A   Participant   shall   designate  a  Beneficiary  or
     Beneficiaries for all of such Participant's Accounts by completing the form
     prescribed  for this  purpose  for the Plan by the Plan  Administrator  and
     submitting  such  form as  instructed  by the  Plan  Administrator.  Once a
     Beneficiary  designation  is made,  it shall  continue  to apply  until and
     unless such  Participant  makes and submits a new  Beneficiary  designation
     form for this Plan.

          (b) No Designation or Designee Dead or Missing.  In the event that:

                   (i)   a  Participant dies without designating  a Beneficiary;

                   (ii)  the  Beneficiary  designated  by  a  Participant is not
              surviving  or  in  existence  when  payments  are  to  be  made or
              commence  to  such  designee  under  the  Plan,  and no contingent
              Beneficiary,  surviving  or  in existence, has been designated; or

                   (iii)  the  Beneficiary designated by a Participant cannot be
              located  by  the Plan Administrator  within  1 year  from the date
              benefit payments are to be made or commence to such designee;

     then,  in  any  of  such events, the  Beneficiary of such Participant shall
     be  the  Participant's  surviving  spouse, if any, who can then be located,
     and  if not,  the  estate of  the  Participant.  The  entire balance in the
     Participant's  Accounts  shall  be  paid to such Beneficiary in the form of
     a single lump-sum cash payment described in Section 5.4(a)(i).

          (c) Death  of   Beneficiary.   If  a   Beneficiary  who  survives  the
     Participant,  and to whom payment of Plan benefits  commences,  dies before
     complete distribution of the Participant's  Accounts, the entire balance in
     such Accounts  shall be paid to the estate of such  Beneficiary in the form
     of a single lump-sum cash payment as of the January 1 immediately following
     such Beneficiary's  death. An amount payable "as of" any January 1 shall be
     made as soon as practicable  after such January 1 and,  unless  extenuating
     circumstances  arise,

                                       8

     no  later than  January  31. The valuation  rules described in  subsection
     5.3(c)  shall apply to any payments  described in  this subsection 5.5(c).

     5.6 Severe  Financial  Emergency.  A Participant  who believes he or she is
suffering a severe financial emergency may apply to the Plan Administrator for a
distribution  under  the Plan in order to  alleviate  such  emergency.  The Plan
Administrator,  in its sole  discretion  (but after taking into  account,  among
other  factors,  the nature and  foreseeability  of the alleged  emergency,  the
Participant's  other  resources,  and the effect of making a distribution on the
intended  tax  status of the  deferrals  made  under the  Plan),  may direct the
Company to pay to the  Participant an amount which it determines is necessary or
appropriate,  not to exceed the Participant's  Account balance, and the Employer
shall pay such amount to the Participant in a single lump sum cash payment.

     5.7 Taxes. If the whole or any part of any  Participant's  or Beneficiary's
benefit  hereunder  shall  become  subject to any estate,  inheritance,  income,
employment  or other tax which a Company  shall be required to pay or  withhold,
the Company shall have the full power and authority to withhold and pay such tax
out of any  monies  or  other  property  in its  hand  for  the  account  of the
Participant or Beneficiary whose interests  hereunder are so affected.  Prior to
making any  payment,  the Company may require such  releases or other  documents
from any lawful taxing authority as it shall deem necessary.

                                   ARTICLE VI
                                     CLAIMS

     6.1 Initial Claim. Claims for benefits under the Plan may be filed with the
Plan  Administrator  on forms or in such other  written  documents,  as the Plan
Administrator  may  prescribe.  The  Plan  Administrator  shall  furnish  to the
claimant  written notice of the  disposition of a claim within 90 days after the
application  therefor is filed. In the event the claim is denied,  the notice of
the disposition of the claim shall provide the specific  reasons for the denial,
citations of the pertinent  provisions of the Plan, and, where  appropriate,  an
explanation as to how the claimant can perfect the claim and/or submit the claim
for review.

     6.2 Appeal.  Any  Participant or Beneficiary  who has been denied a benefit
shall be entitled, upon request to the Plan Administrator,  to appeal the denial
of the claim.  The claimant  (or a duly  authorized  representative)  may review
pertinent  documents  related  to  the  Plan  and in  the  Plan  Administrator's
possession in order to prepare the appeal. The request for review, together with
written  statement  of the  claimant's  position,  must be  filed  with the Plan
Administrator no later than 60 days after receipt of the written notification of
denial of a claim provided for in Section 6.1. The Plan Administrator's decision
shall be made within 60 days following the filing of the request for review.  If
unfavorable, the notice of the decision shall explain the reasons for denial and
indicate the  provisions  of the Plan or other  documents  used to arrive at the
decision.

                                       9

     6.3 Satisfaction of Claims.  The payment of the benefits due under the Plan
to a Participant or Beneficiary shall discharge the Company's  obligations under
the Plan, and neither the Participant nor the Beneficiary shall have any further
rights under the Plan upon receipt by the appropriate person of all benefits. In
addition,  (i) if any  payment  is made to a  Participant  or  Beneficiary  with
respect  to  benefits  described  in the Plan from any  source  arranged  by the
Company including,  without limitation,  any fund, trust, insurance arrangement,
bond, security device, or any similar arrangement,  such payment shall be deemed
to be in full and complete  satisfaction  of the obligation of the Company under
the Plan to the extent of such payment as if such payment had been made directly
by such Company;  and (ii) if any payment from a source  described in clause (i)
shall be made,  in whole  or in part,  prior to the time  payment  would be made
under the terms of the  Plan,  such  payment  shall be  deemed  to  satisfy  the
Company's obligation to pay Plan benefits beginning with the benefit which would
next become payable under the Plan and continuing in the order in which benefits
are so payable, until the payment from such other source is fully recovered. The
Plan  Administrator  or the Company,  as a condition to making any payment,  may
require  such  Participant  or  Beneficiary  to  execute a receipt  and  release
therefor in such form as shall be  determined by the Plan  Administrator  or the
Company.  If receipt and release is required but the  Participant or Beneficiary
(as  applicable)  does not provide such  receipt and release in a timely  enough
manner to permit a timely  distribution in accordance with the general timing of
distribution  provisions in the Plan,  the payment of any affected  distribution
may be delayed  until the Plan  Administrator  or the Company  receives a proper
receipt and release.

                                   ARTICLE VII
                               PLAN ADMINISTRATION

     7.1  Rights and Duties of the Plan  Administrator.  The Plan  Administrator
shall administer the Plan and shall have all powers necessary to accomplish that
purpose, including (but not limited to) the following:

          (a) to construe, interpret and administer the Plan;

          (b) to make  determinations  required  by the  Plan,  and to  maintain
     records regarding Participants' and Beneficiaries' benefits hereunder;

          (c) to compute and certify to Company the amount and kinds of benefits
     payable to Participants  and  Beneficiaries,  and to determine the time and
     manner in which such benefits are to be paid;

          (d) to authorize all disbursements by Company pursuant to the Plan;

          (e) to maintain all the necessary records of the administration of the
     Plan;

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          (f) to make and publish such rules and  procedures  for the regulation
     of the Plan as are not inconsistent with the terms hereof;

          (g) to delegate to other individuals or entities from time to time the
     performance of any of its duties or responsibilities hereunder; and

          (h) to hire  agents,  accountants,  actuaries,  consultants  and legal
     counsel to assist in operating and administering the Plan.

         The Plan Administrator shall have the exclusive right to construe and
         interpret the Plan, to decide all questions of eligibility for benefits
         and to determine the amount of such benefits, and its decisions on such
         matters shall be final and conclusive on all parties.

     7.2 Bond;  Compensation.  The Plan  Administrator  and (if  applicable) its
members shall serve as such without bond and without  compensation  for services
hereunder. All expenses of the Plan Administrator shall be paid by the Company.

                                  ARTICLE VIII
                            AMENDMENT AND TERMINATION

     8.1 Amendments.  Subject to Section 8.3, the Board shall have the right, in
its sole discretion,  to amend the Plan in whole or in part at any time and from
time to time. In addition,  the Plan Administrator  shall have the right, in its
sole discretion,  to amend the Plan at any time and from time to time so long as
such amendment will not result in a material increase in liabilities  associated
with the Plan.

     8.2 Termination of Plan.  Subject to Section 8.3, the Company  reserves the
right to  discontinue  and terminate the Plan at any time,  for any reason.  Any
action to  terminate  the Plan shall be taken by the Board and such  termination
shall be binding on the Company, Participants and Beneficiaries.

     8.3 Limitation on Authority.  Except as otherwise  provided in this Section
8.3, no contractual  right created by and under any Deferral Election made prior
to the effective date of any amendment or termination  shall be abrogated by any
amendment or termination of the Plan, absent the express, written consent of the
Participant who made the Deferral Election.

          (a) Plan  Amendments.  The  limitation on authority  described in this
     Section  8.3  shall  not  apply  to any  amendment  of the  Plan  which  is
     reasonably  necessary,  in the  opinion of  counsel,  (i) to  preserve  the
     intended  income tax  consequences of the Plan described in Section 9.1, or
     (ii) to guard against other material  adverse impacts on  Participants  and
     Beneficiaries,  and which, in the opinion of counsel,  is drafted primarily
     to preserve such intended consequences, or status, or to guard against such
     adverse impacts.

                                       11

          (b) Plan  Termination.  The limitation on authority  described in this
     Section 8.3 shall not apply to any termination of the Plan as the result of
     a determination  that, in the opinion of counsel or of an accounting  firm,
     Participants  and  Beneficiaries  generally  are subject to federal  income
     taxation on Deferral Contributions or other amounts in Participant Accounts
     prior to the time of  distribution  of  amounts  under the Plan but only if
     such termination is reasonably  necessary to guard against material adverse
     impacts  on  Participants  and  Beneficiaries,  or the  Company.  Upon such
     termination,  the entire  amount in each  Participant's  Accounts  shall be
     distributed in a single lump-sum  distribution as soon as practicable after
     the  date  on  which  the  Plan is  terminated.  In such  event,  the  Plan
     Administrator  shall declare that the date of termination  (or, if such day
     is not a Business Day, the last  Business Day  immediately  preceding  such
     day) shall be a Valuation Date and all distributions shall be made based on
     the value of the Accounts as of such Valuation Date.

          (c) Opinions. In each case in which an opinion is contemplated in this
     Section 8.3,  such opinion  shall be in writing and delivered to the Board,
     rendered by a nationally  recognized  law or  accounting  firm  selected or
     approved by the Board.

                                   ARTICLE IX
                                  MISCELLANEOUS

     9.1 Taxation.  It is the intention of the Company that the benefits payable
hereunder  shall not be deductible by the Company nor taxable for federal income
tax purposes to  Participants or  Beneficiaries  until such benefits are paid by
the  Participating  Company to such  Participants  or  Beneficiaries.  When such
benefits  are so paid,  it is the  intention  of the Company  that they shall be
deductible by the Company under Code Section 162.

     9.2  Withholding.  All  payments  made  to  a  Participant  or  Beneficiary
hereunder shall be reduced by any applicable federal, state or local withholding
or other taxes or charges as may be required under applicable law.

     9.3 No Continued  Directorship.  Nothing herein contained is intended to be
nor shall be construed as constituting a contract or other  arrangement  between
the  Company and any  Participant  to the effect  that the  Participant  will be
employed by the Company or continue to be a Director for any specific  period of
time.

     9.4 Headings. The headings of the various articles and sections in the Plan
are  solely  for  convenience  and shall not be relied  upon in  construing  any
provisions  hereof.  Any  reference to a section shall refer to a section of the
Plan unless specified otherwise.

                                       12

     9.5  Gender  and  Number.  Use of any  gender in the Plan will be deemed to
include all genders when  appropriate,  and use of the  singular  number will be
deemed to include the plural when appropriate, and vice versa in each instance.

     9.6  Assignment of Benefits.  The right of a Participant  or Beneficiary to
receive  payments  under  the  Plan  may not be  anticipated,  alienated,  sold,
assigned,  transferred,  pledged, encumbered, attached or garnished by creditors
of such Participant or Beneficiary, except by will or by the laws of descent and
distribution and then only to the extent permitted under the terms of the Plan.

     9.7 Legally  Incompetent.  The Plan Administrator,  in its sole discretion,
may direct  that  payment be made to an  incompetent  or  disabled  person,  for
whatever reason,  to the guardian of such person or to the person having custody
of such  person,  without  further  liability on the part of the Company for the
amount of such payment to the person on whose account such payment is made.

     9.8 Entire Document.  This Plan document sets forth the entire Plan and all
rights and limits.  Except for a formal  amendment  hereto,  no  document  shall
modify the Plan or create any additional rights or benefits.

     9.9 Governing Law. The Plan shall be construed,  administered  and governed
in all respects in accordance with applicable federal law and, to the extent not
preempted by federal law, in  accordance  with the laws of the State of Georgia.
If any  provisions  of this  instrument  shall be held by a court  of  competent
jurisdiction to be invalid or  unenforceable,  the remaining  provisions  hereof
shall continue to be fully effective.

     9.10 No Funding. The Plan constitutes a mere promise by the Company to make
benefit  payments  to such  Participants  and  Beneficiaries  in the  future and
Participants  and  Beneficiaries  shall  have the  status of  general  unsecured
creditors of the Company.  Any Accounts  established  pursuant to the Plan shall
remain the property of the Company  until  distributed,  and nothing in the Plan
will otherwise be construed to create a trust or to obligate the Employer or any
other person to  segregate a fund,  purchase an  insurance  contract,  or in any
other way currently to fund the future  payment of any benefits  hereunder,  nor
will  anything  herein be  construed  to give any  employee or any other  person
rights to any specific assets of the Company or of any other person. The Company
may,  in its sole  discretion,  create a  grantor  trust to pay its  obligations
hereunder,  but shall  have no  obligation  to do so. In all  events,  it is the
intent of the  Company  that the Plan be treated as unfunded  for tax  purposes.
This Plan is not subject to the  provisions  of the Employee  Retirement  Income
Security Act of 1974.

                                       13SYNOVUS FINANCIAL CORP.

                           Deferred Stock Option Plan

                                  July 1, 2001

<PAGE>

                             SYNOVUS FINANCIAL CORP.
                           Deferred Stock Option Plan

ARTICLE I - PURPOSE............................................................1

ARTICLE II - DEFINITIONS.......................................................1

         2.1      Account......................................................1
         2.2      Administrator................................................1
         2.3      Agent........................................................1
         2.4      Beneficiary..................................................1
         2.5      Board........................................................1
         2.6      Company......................................................1
         2.7      Deferral Election Form.......................................1
         2.8      Determination Date...........................................2
         2.9      Effective Date...............................................2
         2.10     Employer.....................................................2
         2.11     Initial Participation Date...................................2
         2.12     Participant..................................................2
         2.13     Plan.........................................................2
         2.14     Plan Benefit.................................................2
         2.15     Plan Year....................................................2
         2.16     Shares/Stock.................................................2
         2.17     Trust........................................................2
         2.18     Trustee......................................................2

ARTICLE III - PARTICIPANT'S ACCOUNTS...........................................2

         3.1      Participant Account..........................................2
         3.2      Determination of Account.....................................3
         3.3      Statement of Account.........................................3
         3.4      Unfunded Plan................................................3

ARTICLE IV - PLAN BENEFITS

         4.1      Benefits-General.............................................4
         4.2      Death Benefits...............................................4
         4.3      Payment to Guardian..........................................4
         4.4      Source of Payment............................................4

ARTICLE V - BENEFICIARY DESIGNATION

         5.1      Beneficiary Designation......................................4
         5.2      Amendments...................................................4
         5.3      No Beneficiary Designation...................................5
         5.4      Effect of Payment............................................5

ARTICLE VI - VESTING...........................................................5

ARTICLE VII - DISTRIBUTIONS

         7.1      Benefit Payment Schedule.....................................5
         7.2      Pre-Mature Distribution......................................6
         7.3      Partial Distributions........................................6

ARTICLE VIII - ADMINISTRATION

         8.1      Administrator Duties.........................................6
         8.2      Agents.......................................................6
         8.3      Binding Effect of Decisions..................................6

ARTICLE IX - CLAIMS PROCEDURE

         9.1      Claim........................................................7
         9.2      Denial of Claim..............................................7
         9.3      Review of Claim..............................................7
         9.4      Final Decision...............................................7

ARTICLE X - AMENDMENT AND TERMINATION OF PLAN

         10.1     Amendment....................................................7
         10.2     Termination of Plan..........................................8

ARTICLE XI - MISCELLANEOUS

         11.1     Employer's Obligations Limited...............................8
         11.2     Nonassignability.............................................8
         11.3     Not a Contract of Employment.................................8
         11.4     Participant Cooperation......................................8
         11.5     Terms........................................................9
         11.6     Captions.....................................................9
         11.7     Governing Law................................................9
         11.8     Validity.....................................................9
         11.9     Notice.......................................................9
         11.10    Indemnification..............................................9

ARTICLE XII - INDIVIDUAL BENEFITS

         12.1     Participants' Schedule of Benefits..........................10

                             SYNOVUS FINANCIAL CORP.
                           Deferred Stock Option Plan

                                    ARTICLE I

                                     PURPOSE

The purpose of this Synovus Financial Corp. Deferred Stock Option Plan
(hereinafter referred to as the "Plan") is to provide accumulation of certain
benefits for eligible senior executives of Synovus Financial Corp. and its
affiliates and their beneficiaries. This Plan shall be effective as of the
Effective Date.

                                   ARTICLE II

                                   DEFINITIONS

For the purposes of this Plan,  the following  words and phrases set forth below
shall  have  the  following  meaning,   unless  the  context  clearly  indicates
otherwise:

2.1  Account. "Account" means the account maintained for each Participant by the
     Administrator pursuant to Section 3.1.

2.2  Administrator.  "Administrator"  means the  Compensation  Committee  of the
     Board.

2.3  Agent.  "Agent" means anyone appointed to assist the Administrator with its
     duties in  administering  the Plan  pursuant  to  Section  8.2 of the Plan.
     Initially,   the  Agent  shall  be  the  Company's  Executive  Compensation
     Department.

2.4  Beneficiary.  "Beneficiary" means the person, persons, or entity designated
     by the  Participant,  or as  provided  in Article  IV, to receive  any Plan
     Benefits payable after a Participant's death.

2.5  Board. "Board" means the Board of Directors of the Company.

2.6  Company.  "Company"  means  Synovus  Financial  Corp.  or any  successor to
     Synovus Financial Corp.

2.7  Deferral Election Form. "Deferral Election Form" means with respect to each
     Participant,  the election  made by the  Participant  to elect to defer the
     gain from the exercise of stock options,  listed on said form,  pursuant to
     the terms of this Plan and evidenced in Exhibited B hereof.

2.8  Determination  Date.  "Determination  Date"  means  the  last  day of  each
     calendar year in which this Plan is in effect.

2.9  Effective Date. "Effective Date" means July 1, 2001.

2.10 Employer. "Employer" means the Company and its subsidiaries and affiliates.

2.11 Initial  Participation Date.  "Initial  Participate Date" means the initial
     effective date of a Participant's  participation in this Plan as determined
     pursuant to Section 3.1.

2.12 Participant.  "Participant" means any key employee selected by the Employer
     to participate in the Plan.

2.13 Plan. "Plan" means this Synovus Financial Corp. Deferred Stock Option Plan.

2.14 Plan Benefit. "Plan Benefit" means at any given time an amount equal to the
     Participant's Account.

2.15 Plan Year. "Plan Year" means each calendar year period beginning on January
     1 and ending on December 31; provided,  however, that the initial Plan Year
     shall mean the  six-month  period  beginning  on July 1, 2001 and ending on
     December 31, 2001.

2.16 Shares/  Stock.  "Shares" or "Stock"  means  shares in the common  stock of
     Synovus  Financial  Corp.  All  references  to  Shares  or  Stock  shall be
     interpreted to include this definition.

2.17 Trust. "Trust" means the trust or trusts created by the Company pursuant to
     Section 3.1, to assist the Company in meeting obligations under this Plan.

2.18 Trustee.  "Trustee" means the trustee of the Trust.

                                   ARTICLE III

                             PARTICIPANTS' ACCOUNTS

3.1  Participant  Account.  The Company may establish one or more Trusts for the
purposes of measuring the value of the Account,  for crediting gains and losses,
and to fund the Plan.  Such Account does not constitute an actual  investment of
the  Participant  account  balance  and shall  remain  subject  to the claims of
general  creditors of the  Company.  Said Account  shall be  established  by the
Administrator under the Plan in the name of each Participant and shall initially
be credited with the number of Shares set forth in accordance  with Article XII.
Thereafter,  an Account shall be established by the  Administrator  for each new
Participant.  The Account shall be managed in accordance  with the provisions of
the Trust. Except as provided below, under no circumstances shall any benefit be
granted,  allocated or distributable to a Participant from his Account except in
the form of Stock,  nor shall any other  investment be permitted to be held in a
Participant's  Account. If and only if there shall be a tender offer for some or
all  shares  of Stock in the  Accounts  from a third  party  which,  in the sole
judgment of the Board of Directors shall  constitute a valid offer of sufficient
value, the Trustee shall be directed by the  Administrator to tender the subject
shares of Stock,  and any cash or kind  consideration  received  for such Shares
shall be invested by the Trustee in cash,  stocks,  bonds or mutual funds or any
combination  thereof deemed appropriate by the  Administrator.  Any cash or kind
consideration  received for Stock and any investment earnings therefrom shall be
credited to the Account of the Participant in a manner that reflects the Account
values for each Participant prior to such tender.

3.2 Determination of Account.  A Participant's  Account as of each Determination
Date shall consist of the balance of the Account as of the immediately preceding
Determination  Date,  minus  the  amount  of any  distributions  made,  plus any
earnings  or  gains  and  minus  any  losses  since  the  immediately  preceding
Determination  Date.  Each  Participant  Account will be credited with dividends
quarterly  corresponding to dividends paid each quarter on Synovus common stock.
These dividend  equivalents  will be invested in additional  stock units through
the Company's  Dividend  Reinvestment and Direct Stock Purchase Plan. Each stock
unit  represents  the right to  receive  one share of  Synovus  common  stock in
accordance with the distribution election made pursuant to Article VII.

3.3 Statement of Account.  The  Administrator  shall submit to each Participant,
within one hundred  twenty (120) days after each  calendar  year end and at such
other times as determined by the  Administrator,  a statement  setting forth the
balance to the credit of the Participant's Account.

3.4 Unfunded Plan. It is the intention of the Employer and the Participant  that
the  arrangements  hereunder  be unfunded  for U.S.  income tax purposes and for
purposes of Title I of the Employee  Retirement  Income Security Act of 1974, as
amended ("ERISA").  The Participant shall have the status of a general unsecured
creditor of the Employer.  This Plan  constitutes a mere promise by the Employer
to make  benefit  payments in the  future.  The Trust and any assets held by the
Trustee shall  conform in all material  respects to the terms of the model trust
as described in U.S.  Internal  Revenue Service  Revenue  Procedure  92-64.  The
Company  shall  create the Trust in order to identify  assets to be used for the
purposes designated herein. The Trust shall be irrevocable.

                                   ARTICLE IV

                                  PLAN BENEFITS

4.1 Benefits-General. The Employer shall pay to each Participant his or her Plan
Benefit.  Distribution  of  a  Participant's  Plan  Benefit  shall  commence  in
accordance with Article VII hereof.

4.2 Death  Benefits.  On or  before  the  fifteenth  day of the  calendar  month
following  the  death  of  a   Participant,   the  Employer  shall  pay  to  the
Participant's Beneficiary an amount equal to the remaining unpaid balance of the
Participant's Account in a single lump payment.

4.3  Payment to  Guardian.  If a Plan  Benefit is payable to a minor or a person
declared  incompetent  or to a person  incapable of handling the  disposition of
property,  the  Administrator  may direct  payment  of such Plan  Benefit to the
guardian,  legal  representative  or person  having the care and custody of such
minor  or  incompetent   person.   The   Administrator   may  require  proof  of
incompetency,  minority,  incapacity or guardianship, as it may deem appropriate
prior to distribution of the Plan Benefit.  Such  distribution  shall completely
discharge the  Administrator and the Employer from all liability with respect to
such Plan Benefit.

4.4 Source of  Payment.  Subject to the terms of the  Trust,  the  Administrator
shall direct the Trustee to make  payment out of the Trust of any benefit  which
has become  payable  under the terms of this Plan.  To the extent a  Participant
Account is held in Shares,  such Shares shall be distributed in kind pursuant to
any direction from the Administrator to the Trustee for a benefit  distribution.
To the extent not satisfied by distribution  from the Trust,  the Employer shall
remain liable to the Participants and their Beneficiaries for the payment of and
Plan Benefits due and payable hereunder.

                                    ARTICLE V

                             BENEFICIARY DESIGNATION

5.1 Beneficiary Designation. A Participant shall have the right, at any time, to
designate any person or persons as his  Beneficiary  or  Beneficiaries  (primary
and/or contingent) to whom payment under this Plan shall be paid in the event of
death prior to complete  distribution  to the  Participant  of the  benefits due
under  the  Plan.  Each  beneficiary  designation  shall  be in a  written  form
prescribed  by the  Administrator  consistent  with Exhibit A hereof and will be
effective  only when  filed  with the  Administrator  during  the  Participant's
lifetime.

5.2 Amendments.  Any  beneficiary  designation may be changed by the Participant
without  the  consent  of any  designated  Beneficiary  by the  filing  of a new
beneficiary designation with the Administrator.  The filing of a new beneficiary
designation form will cancel all beneficiary designations previously filed.

5.3 No  Beneficiary  Designation.  If  any  Participant  fails  to  designate  a
Beneficiary in the manner provided above, or if each Beneficiary designated by a
deceased  Participant  predeceases  the  Participant,  the  Administrator  shall
distribute such Participant's benefits to the Participant's estate.

5.4 Effect of Payment. Payment to the Beneficiary,  or estate as provided above,
shall completely discharge the Employer's obligations under this Plan.

                                   ARTICLE VI

                                     VESTING

6.1  A Participant shall be 100% vested in his Account balance at all times.

                                   ARTICLE VII

                                  DISTRIBUTIONS

7.1  Benefit  Payment  Schedule.  Subject to the other  provisions  of this Plan
including  Section 5.2, Plan Benefits shall be payable  pursuant to the election
made by the Participant as provided by the  Administrator in a manner consistent
with Exhibit B hereof as follows:

         (1)     Retirement.  As soon as practicable following the Participant's
termination of employment with the Employer, payment shall be made either in:

                  (a) A lump sum distribution, or

                  (b) Annual installments over a  period of five (5) to  fifteen
         (15)  years  as  specified  in  the "deferral  election  table" in  the
         Participant's Deferral Election Form.

In  either  case,  the  timing of  distribution  shall be  consistent  with that
selected by the Participant in the respective Deferral Election Form.

         (2)     Other  Specified  Date.   As  soon as  practicable  following a
date  specified in the  "deferral  election table" in the Participant's Deferral
Election Form, payment shall be made either in:

                  (a) A lump sum distribution, or

                  (b) Annual installments over a  period  of five (5) to fifteen
         (15) years  as  specified  in  the  "deferral  election  table" in  the
         Participant's Deferral Election Form.

In no event shall the date specified in this Section 7.1(2) be earlier than five
(5)  years  from  the  date of  exercise  of the  stock  options  listed  in the
Participant's respective Deferral Election Form.

In  either  case,  the  timing of  distribution  shall be  consistent  with that
selected by the Participant in the respective Deferral Election Form.

7.2  Pre-mature Distribution.

     (a) Notwithstanding  the  above, a  participant  may   elect  to receive  a
partial or  complete  distribution  of his Plan  Benefits in case of a financial
hardship  defined  under  equitable  and  consistent  rules  established  by the
Administrator.

     (b) In  the  case  of  a  Participant's  death, distribution shall  be made
consistent with Articles IV and V as soon as practicable.

7.3  Partial  Distributions.   Any  partial distribution  from  a  Participant's
Account shall  be  pro rata as between Shares held in the Account on the date of
the distribution.

                                  ARTICLE VIII

                                 ADMINISTRATION

8.1 Administrator Duties. This Plan shall be administered by the Administrator.

8.2  Agents.  The  Administrator  may  appoint   individual(s)  to  act  as  the
Administrator's agent with respect to the day-to-day administration of the Plan.
In addition,  the Administrator  may, from time to time, employ other agents and
delegates to aid in such administrative duties as it sees fit, and may from time
to time consult with counsel who may be counsel to the Employer.

8.3 Binding  Effect of  Decisions.  The decision or action of the  Administrator
with  respect  to  any  question  arising  out  of or  in  connection  with  the
administration,  interpretation  and  application  of the Plan and the rules and
regulations  promulgated  by the  Administrator  hereunder  shall be  final  and
binding upon all persons having any interest in the Plan.

                                   ARTICLE IX

                                CLAIMS PROCEDURE

9.1 Claim. Any person claiming a benefit, requesting an interpretation or ruling
under the Plan,  or  requesting  information  under the Plan shall  present  the
request in writing to the Administrator,  which shall respond in writing as soon
as practicable.

9.2 Denial of Claim.  If the claim or request is denied,  the written  notice of
denial  shall be made  within  ninety  (90) days of the date of  receipt of such
claim or request by the Administrator and shall state:

     (a) The  reason for denial, with  specific reference to the Plan provisions
         on which the denial is based;

     (b) A  description  of  any  additional  material or  information  required
         and an  explanation  of why it is  necessary; and

     (c) An explanation of the Plan's claim review procedure.

9.3 Review of Claim.  Any person whose claim or request is denied or who has not
received a response  within ninety (90) days may request  review by notice given
in writing to the  Administrator  within sixty (60) days of receiving a response
or one  hundred  fifty  (150) days from the date the claim was  received  by the
Administrator.  The claim or request shall be reviewed by the  Administrator who
may, but shall not be required to, grant the claimant a hearing.  On review, the
claimant,  assisted  by  professional  representation  if  desired,  may examine
pertinent documents, and may submit issues and comments in writing.

9.4 Final  Decision.  The decision on review shall normally be made within sixty
(60) days after the  Administrator's  receipt  of a request  for  review.  If an
extension of time is required for a hearing or other special circumstances,  the
claimant  shall be notified and the time limit shall be one hundred twenty (120)
days after the  Administrator's  receipt of a request for review.  The  decision
shall be in writing and shall state the reasons and  relevant  Plan  provisions.
All decisions on review shall be final and binding on all parties concerned.

                                    ARTICLE X

                        AMENDMENT AND TERMINATION OF PLAN

10.1  Amendment.  The Company may at any time amend the Plan (other than Section
10.2) in  whole  or in  part,  provided,  however,  that no  amendment  shall be
effective to  retroactively  decrease or restrict a Plan Benefit as to amount or
timing  or manner  of  distribution  of any  Account  maintained  under the Plan
without the consent of each Participant who would be affected by the amendment.

10.2  Termination of Plan. The Company may at any time terminate the Plan in its
entirety and make immediate  distribution of all Plan Benefits  hereunder if, in
its judgment, a material change in the tax, accounting,  or other effects of the
continuance  of  the  Plan,  or  potential  payments   thereunder,   would  make
continuance of the Plan not in the best  interests of the Employer.  If the Plan
is  terminated  all  Participants  with an  Account  balance at the time of such
termination  shall be equally  entitled to the same rights and  privileges  with
regard to distributions of an Account,  which shall be made in a single lump sum
distribution  as  soon as  practicable  after  the  date on  which  the  Plan is
terminated  in  accordance  with  policies  and  procedures  prescribed  by  the
Administrator.

                                   ARTICLE XI

                                  MISCELLANEOUS

11.1 Employer's Obligations Limited. The Employer shall have no obligation under
this Plan with respect to any individuals  other than the Participants and their
Beneficiaries.

11.2  Nonassignability.  No Participant or any other person shall have any right
to commute, sell, assign, transfer,  pledge,  anticipate,  mortgage or otherwise
encumber,  transfer,  hypothecate  or convey in  advance of actual  receipt  the
amounts,  if any,  payable  hereunder,  or any part thereof,  which are, and all
rights to which are, expressly declared to be unassignable and  nontransferable.
No part of the amounts  payable shall,  prior to actual  payment,  be subject to
seizure  or  separation  for the  payment of any  debts,  judgments,  alimony or
separate  maintenance  owed  by the  Participant  or any  other  person,  nor be
transferable  by  operation  of law in the event of the  Participant's  or other
person's bankruptcy or insolvency.

11.3 Not a Contract of  Employment.  The terms and conditions of this Plan shall
not be deemed to  constitute a contract of  employment  between the Employer and
any Participant,  and the Participants (or the Participants Beneficiaries) shall
have no rights  against the Employer,  except as may  otherwise be  specifically
provided  herein.  Moreover,  nothing  in this Plan  shall be deemed to give any
Participant  the right to be  retained  in the  service  of the  Employer  or to
interfere  with  the  right of the  Employer  to  discipline  or  discharge  any
Participant at any time.  Any such rights shall be governed by  independent  and
unrelated contractual arrangements between the parties, should such arrangements
be consummated.

11.4 Participant Cooperation.  Each Participant will cooperate with the Employer
by  furnishing  any and all  information  requested  by the Employer in order to
facilitate  the payment of benefits  hereunder  and such other  action as may be
requested by the Employer.

11.5 Terms. Wherever any words are used herein in the singular or in the plural,
they shall be construed as though they were used in the plural or the  singular,
as the case may be, in all cases where they would so apply.

11.6  Captions.  The captions of articles,  sections and paragraphs of this Plan
are for  convenience  only and  shall  not  control  or affect  the  meaning  or
construction of any of its provisions.

11.7  Governing  Law.  The  provisions  of this  Plan  shall  be  construed  and
interpreted according to the laws of the United States and the state of Georgia.

11.8  Validity.  In case any  provision  of this Plan  shall be held  illegal or
invalid for any  reason,  said  illegality  or  invalidity  shall not affect the
remaining parts hereof, but this Plan shall be construed and enforced as if such
illegal and invalid provision had never been inserted herein.  In addition,  the
Company makes no representations  regarding the tax consequences of the Plan and
the Company is not  responsible  or obligated  for any adverse tax  consequences
which may result to Participants and their Beneficiaries from the Plan.

11.9  Notice.  Any notice or filing  required  or  permitted  to be given to the
Administrator  under  the  Plan  shall  be  sufficient  if in  writing  and hand
delivered, or sent by registered or certified mail, to the Chairman of the Board
with a copy to the Employer's then General Counsel,  the Plan Administrator,  or
the President or Chief Financial  Officer of the Employer.  Such notice shall be
deemed given as of the date of delivery  or, if delivery is made by mail,  as of
three (3) days  following  the date shown on the  postmark or on the receipt for
registration or certification.

11.10Indemnification.  Each  Participant  shall  indemnify and hold harmless the
Company and its affiliates  from and against all Federal,  state and local taxes
and withholding  obligations  (including,  without limitation,  income, FICA and
other employment  taxes and  withholding,  but excluding the employer's share of
FICA or any other  payroll or  employment  tax),  and all related  penalties and
interest,  payable by Participant (as primary  obligor) at any time with respect
to such Participant's Account (including,  without limitation,  any distribution
from Participant's Account) (collectively, the "Tax Related Costs"). The Company
and Participant  agree that any Tax Related Costs shall first be deducted by the
Company or any  affiliate  from any  amounts or assets  owed to or in respect of
such  Participant  by the Company or an affiliate on the date hereof or any date
hereafter  (including,  without  limitation,  any  amounts or assets held in the
Participant's  Account and any amounts  earned by the  Participant in respect of
services  rendered  prior to or at any time after the date hereof) to the extent
of the amounts or fair market value thereof,  and only the balance,  if any, may
be collected from the Participant.

                                   ARTICLE XII

                               INDIVIDUAL BENEFITS

12.1  Participants'  Schedule of  Benefits.  The  initial  amount of the Benefit
provided to each Participant  under the Plan shall be the value of the number of
shares listed and confirmed in writing by the  Administrator  to the Participant
as soon as practicable after the corresponding  election have been made pursuant
to this Plan.

IN WITNESS WHEREOF, and pursuant to resolution of the Board of Directors of the
undersigned, the Company has caused this instrument to be executed by its duly
authorized officer as of the Effective Date.

                                        SYNOVUS FINANCIAL CORP.

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

<PAGE>

                                    EXHIBIT A

                             BENEFICIARY DESIGNATION

     ___________________   ("Participant")   hereby   designates  the  following
person(s)  as  beneficiaries  entitled,  upon  my  death,  to  any  payments  in
accordance with the terms and provisions of the Synovus Financial Corp. Deferred
Stock  Option  Plan  ("Plan"),   this  beneficiary  designation  being  made  by
Participant pursuant to the terms of the Plan:

         Primary Beneficiary (Beneficiaries):

         Name(s): .........
                  -----------------------------------------------------

         Address(es):......
                           -----------------------------------------------------

                           -----------------------------------------------------

                           -----------------------------------------------------

     It is  understood  and  agreed  that  in  the  event  of the  death  of the
above-named Primary Beneficiary,  the Contingent  Beneficiary (or Beneficiaries)
shall be entitled to receive the payments under the Plan the Primary Beneficiary
was  receiving  or would have  received.  In the event more than one  Contingent
Beneficiary is designated,  said Contingent  Beneficiaries  shall be entitled to
receive payments made pursuant to the Plan per capita:

         Contingent Beneficiary (Beneficiaries):

         Name(s): .........
                  -----------------------------------------------------
                  .........
                  -----------------------------------------------------

         Address(es):......
                  -----------------------------------------------------
                  .........
                  -----------------------------------------------------

     This beneficiary  designation supersedes all beneficiary  designations,  if
any,  previously  made by  Participant  and may be amended at any time by filing
another such beneficiary designation with the Plan administrator.

     IN WITNESS WHEREOF,  Participant has affixed his hand and seal, this ___day
of ________________, 200_ .

                                                                          (L.S.)
                               -------------------------------------------
                                               "PARTICIPANT"

<PAGE>

                                    EXHIBIT B

                             SYNOVUS FINANCIAL CORP.
                      ELECTION TO DEFER STOCK OPTION GAINS

In  accordance  with the terms and  conditions  of the Synovus  Financial  Corp.
Deferred Stock Option Plan ("Plan"),  I irrevocably elect to defer the gain from
the exercise of the stock options listed in the table below in the manner and to
the extent provided on this form, subject to approval of the Plan by the Synovus
Financial Corp.  Compensation  Committee and Board of Directors.  In making this
election, I understand that:

*    These options may not be exercised until: (1) the calendar year following
     the date of this election and (2) six months have passed since the date of
     this election.

*    The exercise price of these options must be paid to Synovus through the
     delivery of shares of Synovus common stock.

*    The shares used for payment must have been owned by me for more than six
     months and must not have been used for another stock option exercise within
     the past six months (unless they were purchased on the open market).

*    Upon exercise of any of these options, an account established in my name
     with Synovus will be credited with a number of deferred stock units equal
     to the number of gain shares being deferred.

*    My deferred stock unit account will be credited with dividend equivalents
     annually corresponding to dividends paid each year on Synovus common stock.
     Dividend equivalents will be invested in additional stock units.

*    Each deferred stock unit represents the right to receive one share of
     Synovus common stock in accordance with the distribution election made
     below following the deferral period.

Deferred Election Table:
<TABLE>
<CAPTION>
<S>                       <C>                    <C>                     <C>                    <C>
------------------------- ---------------------- ----------------------- ---------------------- ----------------------
Grant Date                Number of  Shares      Exercise Price          Timing of              Form of Distribution
                          (minimum of 5,000                              Distribution (either   (either lump sum or
                          shares)                                        "retirement" or a      annual
                                                                         specified date--date    installments.  For
                                                                         must be at least 5     installments, please
                                                                         years from exercise)   specify between 5
                                                                                                and 15 years)
------------------------- ---------------------- ----------------------- ---------------------- ----------------------
</TABLE>

This election is subject to the terms of Synovus Deferred Stock Option Plan, and
the stock option plan and award  agreement  under which the  respective  options
were granted.

I affirm that my decision to defer was made after  consulting  with my financial
or tax advisor, and that my decision was not made in reliance upon any financial
or tax  information  or  advice  provided  by  Synovus  Financial  Corp.  I also
understand  that no advance ruling or  determination  has been obtained from the
Internal  Revenue Service  guaranteeing  the deferral of income taxes under this
program.

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