Document:

Exhibit

Exhibit 10.1

SUNTRUST BANKS, INC. ANNUAL INCENTIVE PLAN 
Amended and Restated January 1, 2018

Section 1.    Name and Purpose
     
The name of this Plan is the SunTrust Banks, Inc. Annual Incentive Plan. The purpose of the Plan is to promote the interests of the Company and its stockholders through the granting of Awards to select employees of the Company and its Subsidiary Corporations in order to motivate and retain superior employees who contribute in a significant manner to the actual financial performance of the Company as measured against pre-established financial and other goals and subject to other such terms and conditions. 

Section 2.    Plan History, Term and Amendment 
    
		
	A.
	The Plan was established as the Management Incentive Plan (MIP) and was originally approved by the Company’s shareholders in 1995. The MIP was amended and reapproved by the Company’s shareholders in 2000, 2005 and 2010. Effective January 1, 2012, the MIP was amended to change the name to the Annual Incentive Plan (AIP) and to add clawback provisions permitting the Company to recover certain amounts previously awarded or paid under the Plan. The AIP then was amended and restated to revise the material terms of the performance goals and approved by the Company’s shareholders at the annual meeting of shareholders in 2014. The AIP is now hereby amended and restated by the Compensation Committee of the Board of Directors of the Company effective with respect to Awards granted on and after January 1, 2018. The Plan shall continue for an indefinite term until terminated by the Board; provided, however, that the Company and the Committee after such termination shall continue to have full administrative power to take any and all action contemplated by the Plan which is necessary or desirable and to make payment of any Awards earned by Participants during any then unexpired Plan Year. The Board or the Committee may amend the Plan in any respect from time to time. 

		
	B.
	It was the intent of the Company that the Plan and any Awards payable under the Plan to covered employees within the meaning of Section 162(m) of the Code satisfied the applicable requirements of Section 162(m) of the Code to qualify Awards to covered employees for the exemption from the deduction limits under Section 162(m) of the Code for qualified performance-based compensation within the meaning of Section 162(m) of the Code. The Tax Cuts and Jobs Act of 2017 (the TCJA), however, eliminated the exemption for qualified performance-based compensation, effective for tax years beginning on and after January 1, 2018. The TCJA, however, also provided a transition rule pursuant to which Awards to covered employees that qualify as qualified performance-based compensation and were outstanding on November 2, 2017 and not modified in any material respect thereafter would continue to be exempt from the deduction limits of Section 162(m) of the Code. Accordingly, Awards granted under the Plan prior to January 1, 2018, and awards granted on or after January 1, 2018 that are intended to continue to qualify under the transition rule, shall continue to be governed by the terms of the Plan for qualified performance-based compensation as in effect prior to this amendment and restatement, and none of the provisions of the Plan shall apply to any Awards to the extent such provisions would result in the Award no longer qualifying as qualified performance-based compensation, so that the TCJA transition rule will be available for such Awards to the maximum extent possible. 

Section 3.    Definitions and Construction
    
		
	A.
	As used in this Plan, the following terms shall have the meanings indicated, unless the context clearly requires another meaning: 

		
	1.
	"Award" means the right, subject to the terms of the Plan, to receive a cash payment which represents a percentage of a Participant’s Base Wages as determined by the Committee in accordance with Section 5 hereof, in the event the Company, Subsidiary Corporation, Business Unit or individual achieves the Performance Measures or other goals established pursuant to Section 5 and/or satisfies the other terms and conditions for payment of the Award. 

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	2.
	"Base Wages" means the base salary or other base cash compensation paid to a Participant by the Company or a Subsidiary Corporation during a Plan Year, excluding bonuses, overtime, commissions and other extra compensation, fringe benefits, deferred compensation, reimbursed expenses and contributions made by the Company or a Subsidiary Corporation to this or any other employee benefit plan maintained by the Company or a Subsidiary Corporation, prior to reduction of any such base salary or other base cash compensation for any deferrals under any qualified or nonqualified benefit plan of the Company or any Subsidiary Corporation, including without limitation under Code Sections 125, 129, 132(f) or 402(e)(3). 

		
	3.
	"Beneficiary" means one or more persons or entities that become entitled to receive any amount payable under this Plan at the Participant’s death. The Participant’s Beneficiary is the Participant’s surviving spouse, unless the Participant designates one or more persons or entities to be the Participant’s Beneficiary. The Participant may make, change or revoke a Beneficiary designation at any time before the Participant’s death without the consent of the Participant’s spouse or anyone the Participant previously named as a Beneficiary, and the Participant may designate primary and secondary Beneficiaries. A Beneficiary designation must comply with procedures established by the Committee and must be received by the Committee before the Participant’s death. If the Participant dies without a valid Beneficiary designation (as determined by the Committee) and has no surviving spouse, the Beneficiary shall be the Participant’s estate. 

		
	4.
	"Board" means the Board of Directors of the Company. 

		
	5.
	"Business Unit" means a division or other business unit of the Company or a Subsidiary Corporation designated as a distinct entity for the purpose of setting performance goals and measuring performance. 

		
	6.
	"Code" means the Internal Revenue Code of 1986, as amended. 

		
	7.
	"Committee" means the Compensation Committee of the Board or any other Committee of the Board to which the responsibility to administer this Plan is delegated by the Board; provided, however, such Committee shall consist of at least two members of the Board, who shall not be eligible to receive an Award under the Plan and each of whom shall be (i) an independent director within the meaning of the NYSE listing standards and (ii) a non-employee director and a disinterested person within the meaning of Rule 16b-3 under the Securities Exchange Act of 1934 

		
	8.
	"Company" means SunTrust Banks, Inc., a Georgia corporation, and any successor thereto. 

		
	9.
	"Change in Control" means a change in control of the Company of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A promulgated under the Securities Exchange Act of 1934 as in effect at the time of such change in control, pursuant to which (i) any person (as that term is used in Sections 13(d) and 14(d)(2) of the Securities Exchange Act of 1934), is or becomes the beneficial owner (as defined in Rule 13d-3 under the Securities Exchange Act of 1934), directly or indirectly, of securities representing 30% or more of the combined voting power for election of directors of the then outstanding securities of the Company or any successor of the Company; (ii) during any period of 24 consecutive months persons who were members of the Board immediately prior to such 24-month period, together with persons who were first elected as directors (other than as the result of any settlement of a proxy or consent solicitation contest or any action taken to avoid such a contest) during such 24-month period by or upon the recommendation of persons who were members of the Board immediately prior to such 24-month period and who constituted a majority of the Board at the time of such election, cease to constitute a majority of the Board; (iii) there is a consummation of any reorganization, merger, consolidation or share exchange (other than a merger with a wholly-owned subsidiary of the Company) or any dissolution or liquidation of the Company or any sale or disposition of 50% or more of the assets or business of the Company, unless the persons who were the beneficial owners of the outstanding shares of the common stock of the Company immediately before the consummation of such transaction beneficially own more than 60% or more of the outstanding shares of the common stock of the successor or survivor corporation in such transaction immediately following the consummation of such transaction, in substantially the same proportion that each such person had beneficially owned shares of the Company’s common stock immediately before the consummation of such transaction, and determined exclusively by reference to the shares of the successor or survivor corporation which result from the beneficial ownership of shares of common stock of the Company by such persons immediately before the consummation of such transaction. 

		
	10.
	"Employment" means continuous employment with the Company or a Subsidiary Corporation from the beginning to the end of each Plan Year, which continuous employment shall not be considered to be interrupted by transfers between the Company and a Subsidiary Corporation or between Subsidiary Corporations. 

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	11.
	"Final Value" means the value of an Award determined in accordance with Sections 5 and 6 as the basis for payments to Participants as of the end of a Plan Year. 

		
	12.
	"NYSE" means the New York Stock Exchange. 

		
	13.
	"Participant" means an employee of the Company and/or any Subsidiary Corporation who is selected by the Committee or the Committee’s delegate to participate in the Plan based upon the employee’s contributions or expected contributions to the future growth and profitability of the Company and/or its Subsidiary Corporations. 

		
	14.
	"Performance Measures" means the financial objectives set by the Committee for each Plan Year pursuant to Section 5 from any financial performance measures the Committee deems appropriate, including without limitation any one or any combination of the following: (i) return over capital costs, (ii) total earnings, (iii) consolidated earnings, (iv) earnings per share, (v) net earnings, (vi) earnings before interest expense, taxes, depreciation, amortization and other non-cash items, (vii) earnings before interest and taxes, (viii) consolidated net income, (ix) the market capitalization of Company stock, (x) stock price, (xi) return on assets, (xii) total shareholder return, (xiii) expenses or the reduction of expenses, (xiv) revenue growth, (xv) efficiency ratios, (xvi) economic value added, (xvii) return on equity, (xviii) return on tangible equity, (xix) cash return on equity, (xx) cash return on tangible equity, (xxi) net income available to common shareholders, (xxii) book value per share, (xxiii) pre-tax income or growth, (xxiv) operating earnings per share of stock or growth (excluding one-time, non-core items), (xxv) cash earnings per share of stock or growth, (xxvi) cash operating earnings per share of stock or growth excluding one-time, non-core items), (xxvii) cash return on assets (xxviii) operating leverage, (xxix) net interest margin, (xxx) Tier 1 capital, (xxxi) risk-adjusted net interest margin, (xxxii) total risk-based capital ratio, (xxxiii) tangible equity and tangible assets, (xxxiv) tangible common equity and tangible assets, (xxxv) tangible book value per share, (xxxvi) loan balances or growth, (xxxvii) deposit balances or growth, (xxxviii) low cost deposit balances or growth, (xxxix) common equity Tier 1, (xl) value at risk, (xli) market value of equity, (xlii) price to earnings ratio, (xliii) loan to deposit ratio, (xliv) net charge-off ratio, (xlv) allowance for loan losses to total loans ratio, (xlvi) allowance to nonperforming loan ratio, (xlvii) delinquent loans to total loans ratio, (xlviii) leverage ratio, (xlix) liquidity coverage ratio, (l) dividend payout ratio, (li) credit ratings (lii) net interest income sensitivity, (liii) pre-provision net revenue, (liv) return on tangible common equity, (lv) any financial metric required to be reported under Basel III, including but not limited to common equity Tier 1 and risk-weighted assets, (lvi) growth or change in any of the foregoing over a specified period of time, (lvii) any measure or ratio calculated using any combination of the foregoing or (lviii) peer group comparisons of any of the aforementioned performance conditions. Any Performance Measures that are financial metrics may be determined in accordance with United States Generally Accepted Accounting Principles (GAAP) or may be adjusted when established or at any time thereafter to include or exclude any items otherwise includable or excludable under GAAP. Any applicable Performance Measures may be applied on a pre- or post-tax basis. The Committee may, on the grant or at any time thereafter, provide that the formula for such Award may include or exclude items to measure specific objectives, such as losses from discontinued operations, extraordinary gains or losses, the cumulative effect of accounting changes, acquisitions or divestitures, foreign exchange impacts and any unusual, infrequently occurring, nonrecurring gain or loss. The levels of performance required with respect to Performance Measures may be expressed in absolute or relative levels and may be based upon a set increase, set positive result, maintenance of the status quo, set decrease or set negative result. Performance Measures may differ for Awards to different Participants. The Committee shall specify the weighting (which may be the same or different for multiple objectives) to be given to each Financial Goal for purposes of determining the final amount payable with respect to any such Award. Any one or more of the Performance Measures may apply to the Participant, the Company and its consolidated subsidiaries, any one or more departments, accounting segments, lines of business, units, divisions or functions within the Company or any one or more Subsidiary Corporations; and may apply either alone or relative to the performance of other businesses or individuals (including industry or general market indices). 

		
	15.
	"Plan" means the SunTrust Banks, Inc. Annual Incentive Plan as amended and restated in this document and all subsequent amendments. 

		
	16.
	"Plan Year" means a single calendar year period as set by the Committee which commences on the first day of such period.

		
	17.
	"Proportionate Final Value" means the product of a fraction, the numerator of which is the actual number of days in a Plan Year that an employee was employed by the Company or a Subsidiary Corporation and the denominator of which is the total number of days in that Plan Year, multiplied by the Final Value of an Award. Alternatively, the Committee may, in its discretion and on a consistent basis for all similarly situated Participants, determine the Proportionate Final Value of an Award as the product of the specified percent, if any, determined in accordance with 

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Sections 5 and 6 as the basis for the payment to a Participant at the end of the Plan Year to which the Award relates, multiplied by the Base Wages actually paid to the Participant in such Plan Year. 

		
	18.
	"Retirement" means, unless otherwise determined by the Committee at the time the Award is granted, the Participant’s Employment terminates (i) for Awards granted for Plan Years ending on or before December 31, 2018, on or after attaining age 55 and completing 5 years of vesting service, and (ii) for Awards granted for Plan Years ending after December 31, 2018, on or after attaining age 60 and completing 10 years of vesting service, in case of both (i) and (ii) as determined under the SunTrust Banks, Inc. Retirement Plan. 

		
	19.
	"Subsidiary Corporation" means a corporation other than the Company in an unbroken chain of corporations beginning with the Company if, at the time of granting the Award, each of the corporations other than the last corporation in the unbroken chain owns shares or stock possessing fifty percent (50%) or more of the total combined voting power of all classes of shares or stock in one of the other corporations in such chain.

		
	20.
	"TCJC" means the Tax Cut and Jobs Act of 2017. 

		
	21.
	"Termination Value" means the value of an Award as determined by the Committee, in its absolute discretion, upon the early termination of a Plan Year, which value shall be the basis for the payment of an Award to a Participant, in accordance with Sections 8A or 8B of the Plan based on the Participant’s Employment prior to the early termination of such Plan Year. 

		
	B.
	In the construction of the Plan, the masculine shall include the feminine and the singular shall include the plural in all instances in which such meanings are appropriate. The Plan and all agreements executed pursuant to the Plan shall be governed by the laws of Georgia (excluding its choice-of-law rules).

Section 4.     Committee Responsibilities

		
	A.
	The Committee may, from time to time, adopt rules and regulations and prescribe forms and procedures for carrying out the purposes and provisions of the Plan. The Committee shall have the sole and final authority to designate Participants, determine Awards, designate the Plan Year, determine Performance Measures and other goals, determine Final Value of Awards, and answer all questions arising under the Plan, including questions on the proper construction and interpretation of the Plan. Any interpretation, decision or determination made by the Committee shall be final, binding and conclusive upon all interested parties, including the Company and its Subsidiary Corporations, Participants and other employees of the Company or any Subsidiary Corporation, and the successors, heirs and representatives of all such persons. 

		
	B.
	Subject to the express provisions of the Plan and at such time or times as the Committee shall determine, the Committee shall in writing: 

		
	1.
	Designate the Plan Year which shall begin on the first day of such year. 

		
	2.
	Designate the Participants for each such Plan Year. 

		
	3.
	Establish the Performance Measures or other goals for the Company, designated Subsidiary Corporations and Business Units and Participants for each such Plan Year, if any, or such other terms and conditions as may apply for each such Plan Year. The Award may be contingent upon the Participant's continued employment or service in addition to the Performance Measures or any other terms and conditions. 

		
	4.
	Establish the method of calculating the Final Value of each Award. 

		
	5.
	Authorize management (a) to notify each Participant that he has been selected as a Participant and to inform him of the Performance Measures or other goals or other terms and conditions that have been established for such Plan Year and (b) to obtain from him such agreements and powers and designations of beneficiaries as it shall reasonably deem necessary for the administration of the Plan. 

		
	C.
	During any Plan Year, the Committee may, if it determines that it will promote the purpose of the Plan, designate as additional Participants any employees of the Company and its Subsidiary Corporations who have been hired, transferred or promoted into a position eligible for participation in the Plan. The individual’s designation as a Participant shall be subject to the same restrictions, limitations, Performance Measures or other goals, other terms and conditions and other 

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conditions as those held by other Participants for the same Plan Year and their participation may be made retroactive to the first day of such Plan Year. 

		
	D.
	During any Plan Year, the Committee may, if it determines it will promote the purpose of the Plan, revoke the Committee’s prior designation of an employee as a Participant under the Plan for a Plan Year. 

		
	E.
	The Committee may revise the Performance Measures or other goals and/or the other terms and conditions for any Plan Year to the extent the Committee, in the exercise of its absolute discretion, believes necessary to achieve the purpose of the Plan, including without limitation in light of any unexpected or unusual circumstances or events, including, but not limited to, changes in accounting rules, accounting practices, tax laws and regulations, or in the event of mergers, acquisitions, divestitures, unanticipated increases in Federal Deposit Insurance premiums, and extraordinary or unanticipated economic circumstances. 

		
	F.
	The Committee may delegate any of its responsibilities under this Plan to such members of management of the Company as the Committee shall select. 

Section 5.    Goals

		
	A.
	Performance Measures 

This Section 5A applies to any Participant the Committee in its discretion may determine. For each Plan Year, the Committee may establish for any Participant one or more Performance Measures. These Performance Measures may be established in any manner the Committee deems appropriate, including achievement on an absolute or a relative basis as compared to peer groups or indexes, and these goals may be established as multiple goals or as alternative goals. The Committee shall determine the Final Value of each Award as a specified percent of the Participant’s Base Wages based on the attainment of such Performance Measures for the Plan Year. The Committee may fix a minimum Financial Goal for the Plan Year, and the Final Value of an Award may be equal to zero if the minimum Financial Goal is not achieved. The Committee may also fix a maximum Financial Goal and such other Performance Measures which fall between the maximum and minimum Performance Measures as the Committee shall deem appropriate, with corresponding Final Values for such Awards with respect to the Company. The Committee also will establish the applicable weighting of each Financial Goal for the Plan Year for determining the Final Value of an Award. Subject to Section 6B, Awards will be determined based upon achieving or exceeding the Performance Measures set by the Committee, if any, and the Committee may establish Performance Measures with the expectation and understanding that the Committee nevertheless will have the authority to increase or reduce a Participant’s Award based on the achievement of such Performance Measures in accordance with Section 6B to a level commensurate with a Participant’s achievement of other goals set by the Committee. Straight line interpolation will be used to calculate Awards when performance falls between any two specified Performance Measures. In determining if the performance conditions have been achieved, the Committee may, in its discretion, adjust the Performance Measures, the Financial Goals, the Final Value and any other terms and conditions of the Award in any manner the Committee in its discretion determines appropriate, in the event of (i) any unbudgeted acquisition, divestiture or other unexpected fundamental change in the business of the Company, any Subsidiary Corporation or Business Unit or in any product of the Company, any Subsidiary Corporation or Business Unit, that is material taken as a whole, or (ii) any other unanticipated and material change that results in any inequitable enlargement or dilution of any achievement of the performance conditions, as the Committee determines appropriate to fairly and equitably determine if the Award is to become earned and payable pursuant to the conditions set forth in the Award. Additionally, in determining if such performance conditions have been achieved, the Committee may, in its discretion, also make such adjustments in the Performance Measures, the Financial Goals, the Final Value and any other terms and conditions of the Award in any manner the Committee determines equitable and appropriate, in the event of any (i) unanticipated asset write-downs or impairment charges, (ii) litigation or claim judgments or settlements thereof, (iii) changes in tax laws, accounting principles or other laws or provisions affecting reported results, or (iv) accruals for reorganization or restructuring programs, or extraordinary infrequently occurring, non-reoccurring items. 

		
	B.
	Other Goals, Terms and Conditions 

For each Plan Year, the Committee may establish for each Participant goals, terms and conditions in addition to or in lieu of any Performance Measures established under Section 5A based on the performance of the Company, a Subsidiary Corporation, a Business Unit or the individual or any combination of the foregoing. These goals, terms and conditions may, but need not, be established based on a combination of financial measurements and non-financial measurements that are deemed to further corporate objectives, including such measurements as business unit net income, revenue growth, budget management, achievement of talent management objectives, achievement of corporate objectives, individual 

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objectives, and service quality. Straight line interpolation will be used to calculate Awards when results fall between any two specified goals established under this Section 5B. The terms and conditions may only include continued employment or other service. 

Section 6.    Payment of Awards

		
	A.
	Promptly after the date on which the necessary information for a particular Plan Year becomes available, the Committee, or such persons as the Committee shall designate, shall determine in accordance with Section 5 the extent to which the Performance Measures or other goals, terms and conditions have been achieved for such Plan Year and authorize the cash payment of the Final Value of an Award, if any, to each Participant. The Committee, prior to payment of the Awards, shall review and ratify the Award determinations and shall certify such Award determinations in writing. Payment of Awards shall be made in the year following the Plan Year with respect to which the Performance Measures related and as soon as practical after the certification of Awards by the Committee, but no later than March 15 of the year following the Plan Year to which the Award relates. Each Award shall be paid in cash after deducting the amount of applicable Federal, state, and local withholding taxes of any kind required by law to be withheld by the Company. All Awards, whether paid currently or paid under any plan which defers payment, shall be payable out of the Company’s general assets. Each Participant’s claim, if any, for the payment of an Award, whether made currently or made under any plan which defers payment, shall not be superior to that of any general and unsecured creditor of the Company. If an error or omission is discovered in any of the determinations, the Committee shall cause an appropriate equitable adjustment to be made in order to remedy such error or omission. 

		
	B.
	Notwithstanding the terms of any Award and the achievement of any Performance Goals or other goals, terms and conditions, the Committee in its sole and absolute discretion may increase or reduce the amount of the Award payable to any Participant for any reason whatsoever, including without limitation where the Committee determines that the Performance Measures or other goals, terms and conditions underlying an Award had become an inappropriate measure of achievement for a Participant, that there was a change in the Participant’s employment status, position or duties or in the Committee’s expectation of his level of performance or that the Participant was working for less than the entire Plan Year.

		
	C.
	Notwithstanding any other provision of the Plan, in no event may an award payable to any Participant under the Plan exceed $5 million for any Plan Year. 

		
	D.
	In accordance with the terms set forth in the SunTrust Banks, Inc. Deferred Compensation Plan, a Participant may elect to defer receipt of a portion of his Award, if any, for each Plan Year, and any such election shall be made in accordance with the procedures and limits established under such deferred compensation plan. 

Section 7.     Participation for Less Than a Full Plan Year

		
	A.
	Except as otherwise provided in this Section 7 or in Section 8 or except as otherwise announced by the Committee, an Award to a Participant shall be forfeited if the Participant’s Employment terminates during the Plan Year to which the Award relates or during the period January 1 through the last day of February of the year immediately following the end of the Plan Year to which the Award relates. If a Participant terminates Employment during the period January 1 through the last day of February of the year immediately following the end of the Plan Year to which an Award relates, and if such termination of Employment is because of his death, his disability as described in Section 7C, or his Retirement or a reduction in force which results in a severance benefit payment as described in Section 7D, then the Committee shall waive the Employment condition and authorize the payment of the Award to the Participant based on the Final Value, if any, of his Award, unless the Committee in its discretion feels the Award should be forfeited. No payment is due the Participant for any forfeited Award. 

		
	B.
	If a Participant’s Employment terminates prior to the end of the Plan Year to which the Award relates on account of his death, the Committee shall waive the Employment condition and shall authorize the payment of an Award on behalf of such Participant in accordance with Section 10B at the end of such Plan Year based on the Proportionate Final Value, if any, of his Award, unless the Committee in its discretion feels the Award should be forfeited. 

		
	C.
	If a Participant’s Employment terminates prior to the end of the Plan Year to which the Award relates on account of disability under a long-term disability plan maintained by the Company or a Subsidiary Corporation, the Committee shall waive the Employment condition and shall authorize the payment of an Award to such Participant at the end of such Plan Year based on the Proportionate Final Value, if any, of his Award, unless the Committee in its discretion feels the Award should be forfeited. 

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	D.
	If a Participant’s Employment terminates prior to the end of any Plan Year on account of his Retirement, or on account of a reduction in force which results in a severance benefit payment to the Participant pursuant to the terms of the SunTrust Banks, Inc. Severance Pay Plan or the SunTrust Banks, Inc. Executive Severance Plan or any successors to such plans (including the requirement that the Participant sign and not revoke the Severance Agreement, Waiver and Release required under any such plans), the Committee shall waive the Employment condition and shall authorize the payment of an Award to such Participant at the end of such Plan Year based on the Proportionate Final Value, if any, of his Award, unless the Committee in its discretion feels the Award should be forfeited.

Section 8.     Premature Satisfaction of Plan Conditions

		
	A.
	In the event a Change in Control occurs prior to the end of any Plan Year, the Committee shall waive any and all Plan conditions and shall authorize the payment of an Award immediately to each Participant based on the Termination Value, if any, of his Award; provided, however, if an Award is then subject to Code section 409A, the payment of such Award pursuant to this Section 8A shall not be made unless the Change in Control also constitutes, and such payment is made upon, a change in the ownership or effective control of the Company or in the ownership of a substantial portion of the assets of the Company within the meaning of Code section 409A(a)(2)(A)(v). 

		
	B.
	If a tender or exchange offer is made other than by the Company for shares of the Company’s stock and results in a Change in Control prior to the end of any Plan Year, the Committee may waive any and all Plan conditions and authorize, at any time after the Change in Control and within thirty (30) days following completion of such tender or exchange offer, the payment of an Award immediately to each Participant based on the Termination Value, if any, of his Award; provided, however, if an Award is then subject to Code section 409A, the payment of such Award pursuant to this Section 8B shall not be made unless the tender or exchange offer also constitutes, and such payment is made upon, a change in the ownership or effective control of the Company or in the ownership of a substantial portion of the assets of the Company within the meaning of Code section 409A(a)(2)(A)(v). 

		
	C.
	A Plan Year for an Award shall terminate upon the Committee’s authorization of the payment of such Award during such Plan Year pursuant to this Section 8 and no further payments shall be made for such Plan Year with respect to such Award. 

		
	D.
	If vesting of an Award is contingent on the Participant’s Employment during the period January 1 through the last day of February of the year immediately following the end of the Plan Year to which an Award relates, and if a Change in Control occurs during that period or if a tender or exchange offer is made by another corporation during that period, as described in Section 8A or 8B above, the Committee shall, in the event of such Change in Control, or may, at any time after the Change in Control and within thirty (30) days following completion of such tender or exchange offer, authorize the payment, at Final Value, of all outstanding Awards to Participants in Employment on the last day of the Plan Year to which the Awards relate. If any Award payable under this Section 8D is then subject to Code section 409A, no payment shall be made unless the Change in Control or such tender or exchange offer, as applicable, also constitutes, and such payment is made upon, a Change in Control of the Company or in the ownership of a substantial portion of the assets of the Company within the meaning of Code section 409A(a)(2)(A)(v). 

Section 9.    Recovery of Awards

By accepting an Award, each Participant agrees to return to the Company (or agree to the cancellation of) all or a portion of any Awards, both paid and unpaid, previously granted to such Participant under the Plan (including forfeiture of amounts voluntarily deferred into the SunTrust Banks, Inc. Deferred Compensation Plan) to the extent required under the terms of any Company recoupment policy currently in effect or as subsequently adopted by the Board to implement Section 304 of the Sarbanes-Oxley Act of 2002, or Section 10D of the Securities Exchange Act of 1934, as amended, or otherwise (or with any amendment or modification of any such recoupment policy adopted by the Board). All such determinations shall be final and binding. 

Section 10.    Non-Transferability of Rights and Interests 

		
	A.
	A Participant may not alienate, assign, transfer or otherwise encumber his rights and interests under this Plan and any attempt to do so shall be null and void. 

		
	B.
	In the event of a Participant’s death, the Committee shall authorize payment of any Award due a Participant under Section 7B to the Participant’s Beneficiary. 

Section 11.    Limitation of Rights

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Nothing in this Plan shall be construed to give any employee of the Company or a Subsidiary Corporation any right to be selected as a Participant or to receive an Award or to be granted an Award other than as is provided herein. Nothing in this Plan or any agreement executed pursuant hereto shall be construed to limit in any way the right of the Company or a Subsidiary Corporation to terminate a Participant’s employment at any time, without regard to the effect of such termination on any rights such Participant would otherwise have under this Plan, or give any right to a Participant to remain employed by the Company or a Subsidiary Corporation in any particular position or at any particular rate of remuneration. 

Section 12.     Section 162(m)

The TCJA eliminated the exemption for qualified performance-based compensation, effective for tax years beginning on and after January 1, 2018. Accordingly, Awards granted and paid under the Plan may or may not be deductible for tax purposes. The Company reserves the authority in its business judgment to pay Awards under the Plan which may or may not be deductible. 

Section 13.    Section 409A

Awards under the Plan are intended to exempt from Code Section 409A under the short-term deferral exemption; however, to the extent that any Award under the Plan is subject to Section 409A of the Code, the terms and administration of such Award shall comply with the provisions of Section 409A of the Code and any good faith reasonable interpretations thereof, and, to the extent necessary to achieve compliance, shall be modified, replaced or terminated at the discretion of the Committee. Notwithstanding the foregoing, the Company shall not be liable to any Participant if any Award payable under the Plan is considered non-qualified deferred compensation subject to Section 409A of the Code and otherwise fails to comply with, or be exempt from, the requirements of Section 409A of the Code.

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Approved by the Compensation Committee of SunTrust Banks, Inc. on February 13, 2018. 

	
		
	SUNTRUST BANKS, INC.

	BY:
	______________________________________

	TITLE:
	______________________________________

	DATED: 
	______________________________________

9Exhibit

Exhibit 10.8

SUNTRUST BANKS, INC. 
EXECUTIVE SEVERANCE PAY PLAN 

AMENDED AND RESTATED 
EFFECTIVE JANUARY 1, 2019 

TABLE OF CONTENTS
	
				
	 
	 
	 
	Page

	Article 1
	Construction
	1

	Article 2
	Definitions
	2

	 
	2.1
	Affiliate
	2

	 
	2.2
	AIP
	2

	 
	2.3
	Base Salary
	2

	 
	2.4
	Board
	2

	 
	2.5
	Cause
	2

	 
	2.6
	Change in Control
	3

	 
	2.7
	Change in Control Termination
	3

	 
	2.8 
	Code
	3

	 
	2.9
	Committee
	3

	 
	2.10
	Effective Date
	3

	 
	2.11
	Equivalent Position
	4

	 
	2.12
	ERISA
	4

	 
	2.13
	Exchange Act
	4

	 
	2.14
	Executive
	4

	 
	2.15 
	FIP
	4

	 
	2.16
	Good Reason
	4

	 
	2.17 
	Plan
	5

	 
	2.18
	Plan Administrator
	5

	 
	2.19
	Plan Year
	5

	 
	2.20 
	Protection Period
	5

	 
	2.21
	Qualifying Termination
	5

	 
	2.22
	Separation from Service or Separates from Service
	6

	 
	2.23
	Severance Amount
	6

	 
	2.24
	SunTrust
	6

	 
	2.25
	Target Bonus Percentage
	7

	Article 3
	Participation
	8

	 
	3.1
	Eligible Executives
	8

	 
	3.2
	Revocation of Participation
	8

	 
	3.3
	Termination of Participation
	8

	 
	3.4
	Committee Actions
	8

	Article 4
	Payment Upon Qualifying Termination
	9

	 
	4.1
	Eligibility for Benefits
	9

	 
	4.2
	Determination of Severance Amount
	9

	 
	4.3
	Manner of Payment
	9

	 
	4.4
	Committee Actions
	10

	Article 5
	Payment Upon A Change In Control Termination
	11

	 
	5.1
	Eligibility for Benefits
	11

	 
	5.2
	Determination of Severance Amount
	11

	 
	5.3
	Manner of Payment
	11

	 
	5.4
	Termination in Anticipation of Change in Control
	12

	 
	5.5
	Limitation on Payments under Certain Circumstances
	12

	Article 6
	Limitations
	13

	 
	6.1
	Taxes and Financial Obligations
	13

	 
	6.2
	No Increase in Other Benefits; No Other Severance Pay
	13

	 
	6.3
	No Severance Pay upon Death or Disability
	13

	Article 7
	Source of Benefits
	14

	Article 8 
	Claims
	15

	 
	8.1
	Claims
	15

	 
	8.2
	No Estoppel of Plan 
	15

i

	
				
	Article 9
	Administration
	16

	 
	9.1
	Administration
	16

	 
	9.2
	Discretionary Authority 
	16

	 
	9.3
	Designees
	16

	 
	9.4
	Service as Fiduciary
	16

	Article 10
	Indemnification
	17

	Article 11
	Amendment and Termination
	18

	 
	11.1
	Amendment
	18

	 
	11.2
	Termination
	18

	 
	11.3
	Amendment or Termination on or after a Potential Change in Control or a Change in Control
	18

	 
	11.4
	Compliance with Laws
	18

	Article 12
	Miscellaneous
	19

	 
	12.1
	Spendthrift Clause
	19

	 
	12.2
	Legally Incompetent
	19

	 
	12.3
	Reporting and Disclosure
	19

	 
	12.4
	Plan Not an Employment Contract
	19

	 
	12.5
	Errors and Omissions
	19

	 
	12.6
	Nonvested Benefits 
	19

ii

SUNTRUST BANKS, INC. 
EXECUTIVE SEVERANCE PAY PLAN 

AMENDED AND RESTATED 
EFFECTIVE AS OF JANUARY 1, 2019 

SunTrust Banks, Inc. (SunTrust) hereby amends and restates this SunTrust Banks, Inc. Executive Severance Pay Plan (the Plan), effective as of January 1, 2019, in order to continue providing eligible employees of SunTrust and its Affiliates with severance benefits in the event the employee’s employment is terminated under circumstances as further set forth herein. The Plan is an unfunded welfare benefit plan for purposes of ERISA and a severance pay plan within the meaning of United States Department of Labor Regulation Section 2510.3-2(b). Except for Executives who are parties to Change in Control Agreements, this Plan supersedes all prior policies and practices of SunTrust or any Affiliate with respect to severance or separation pay for Executives whose employment is terminated on or after the Effective Date. 

ARTICLE 1 
CONSTRUCTION 

The headings and subheadings in this Plan have been set forth for convenience of reference only and have no substantive effect whatsoever. Unless the context clearly indicates otherwise, references to the singular shall include the plural, references to the plural shall include the singular, references to the masculine gender shall include the feminine and references to any section shall be to a section in this Plan unless otherwise indicated. This Plan shall be construed, enforced and administered in accordance with the laws of the State of Georgia (excluding its choice-of-law rules) to the extent that such laws are not preempted by federal law. 

1

ARTICLE 2 
DEFINITIONS 

When the following terms are used in this Plan with an initial capital letter, they shall have the meanings set forth opposite those terms in this Article 2. 

2.1     Affiliate 

For any Plan Year, any organization that is a member of a controlled group of businesses within the meaning of Code Sections 414(b), (c) and (m) of which SunTrust is a member and any other entity which is considered to be a single employer with SunTrust under Code Section 414(o). 

2.2     AIP 

The SunTrust Banks, Inc. Annual Incentive Plan or, if there is any material change in the terms, operation or administration of such plan following a Change in Control, any successor to such plan in which the Executive is eligible to participate and which provides an opportunity for a short-term bonus for the Executive which is comparable to the opportunity which the Executive had under such plan before such Change in Control. 

2.3     Base Salary 

The Executive’s highest annual base salary from SunTrust and any Affiliate which (but for any salary deferral election) is in effect at any time during the one-year period which ends on the date the Executive’s employment with SunTrust or an Affiliate terminates under the circumstances described in Articles 4 and 5. 

2.4     Board 

The Board of Directors of SunTrust. 

2.5     Cause 

Cause as defined under any employment, change in control or service agreement between SunTrust or any Affiliate and the Executive or, if no such employment, change in control or service agreement exists or if such employment, change in control or service agreement does not contain any such definition, Cause means for purposes of this Plan and as determined by the Committee, in its sole discretion, one or more of the following actions that serves as the primary reason(s) for the termination of the Executive’s employment with SunTrust or any Affiliate: 

		
	a.
	the Executive's willful and continued failure to perform his job duties in a satisfactory manner after written notice from SunTrust or Affiliate to Executive and a thirty (30) day period in which to cure such failure; 

		
	b.
	the Executive's conviction or plea of nolo contendere of a felony or engagement in a dishonest act, misappropriation of funds, embezzlement, criminal conduct or common law fraud; 

		
	c.
	the Executive's material violation of the Code of Business Conduct and Ethics of SunTrust or any Affiliate; 

		
	d.
	the Executive's engagement in an act that materially damages or materially prejudices SunTrust or any Affiliate or the Executive's engagement in activities materially damaging to the property, business or reputation of SunTrust or any Affiliate; or 

		
	e.
	the Executive's failure and refusal to comply in any material respect with the current and any future amended policies, standards and regulations of SunTrust, any Affiliate and/or their regulatory agencies, if such failure continues after written notice from SunTrust or Affiliate to the Executive and a thirty (30) day period in which to cure such failure, or the determination by any such governing agency that the Executive may no longer serve as an officer of SunTrust or the Affiliate; provided, however, 

		
	f.
	With respect to the Chief Executive Officer and the Plan Administrator if the Plan Administrator is an Executive, no such act, omission or event shall be treated as Cause unless (i) the Executive has been provided a detailed, written statement of the basis for SunTrust’s belief that such act, omission or event constitutes Cause and, if the allegation is under Subsection (a) or (e) of this Section, has had at least a thirty (30) day period to take corrective 

2

action and (ii) the Committee, after the end of such thirty (30) day correction period (if applicable), determines reasonably and in good faith and by the affirmative vote of at least two-thirds of the members of the Committee then in office at a meeting called and held for such purpose that Cause does exist. 

		
	g.
	With respect to all other Executives, no such act, omission or event shall be treated as Cause unless (i) the Executive has been provided a detailed, written statement of the basis for SunTrust’s belief that such act, omission or event constitutes Cause and, if the allegation is under Subsection (a) or (e) of this Section, has had at least a thirty (30) day period to take corrective action and (ii) the Plan Administrator, after the end of such thirty (30) day correction period (if applicable), determines reasonably and in good faith Cause does exist. 

2.6     Change in Control 

A change in control of SunTrust of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A promulgated under the Exchange Act as in effect at the time of such change in control, pursuant to which (a) any person (as that term is used in Sections 13(d) and 14(d)(2) of the Exchange Act) is or becomes the beneficial owner (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities representing thirty percent (30%) or more of the combined voting power for the election of directors of the then outstanding securities of SunTrust or any successor of SunTrust; (b) within any period of 24 consecutive months, persons who were members of the Board immediately prior to such 24-month period, together with persons who were first elected as directors (other than as a result of any settlement of a proxy or consent solicitation contest or any action taken to avoid such a contest) during such 24-month period by or upon the recommendation of persons who were members of the Board immediately prior to such 24-month period and who constituted a majority of the Board at the time of such election, cease to constitute a majority of the Board; or (c) there is a consummation of any reorganization, merger, consolidation or share exchange (other than a merger with a wholly-owned subsidiary of SunTrust) or any dissolution or liquidation of SunTrust or any sale or disposition of fifty percent (50%) or more of the assets or business of SunTrust, unless the persons who were the beneficial owners of the outstanding shares of the common stock of SunTrust immediately before the consummation of any such transaction beneficially own sixty percent (60%) or more of the outstanding shares of the common stock of the successor or survivor corporation in such transaction immediately following the consummation of such transaction, in substantially the same proportion that each such person had beneficially owned shares of SunTrust's common stock immediately before the consummation of such transaction, and determined exclusively by reference to the shares of the successor or survivor corporation which result from the beneficial ownership of shares of common stock of SunTrust by such persons immediately before the consummation of such transaction. Notwithstanding any other provision of this Section to the contrary, in the case of Plan benefits that constitute deferred compensation within the meaning of Code Section 409A, there shall not be a Change in Control unless there is a change in the ownership or effective control of SunTrust, or in a substantial portion of the assets of SunTrust, within the meaning of Code Section 409A where necessary for such Plan benefits to comply with Code Section 409A. 

2.7     Change in Control Termination
 
An Executive’s Separation from Service due to an involuntary termination of employment without Cause or resignation for Good Reason during an Executive’s Protection Period. 

2.8     Code 

The Internal Revenue Code of 1986, as amended at the relevant time. References to the Code include the valid and binding governmental regulations, court decisions and other regulatory and judicial authority issued or rendered thereunder. 

2.9     Committee 

The Compensation Committee of the Board. 

2.10     Effective Date 
    
The effective date of this amended and restated Plan, which is January 1, 2019. 

3

2.11     Equivalent Position 

A position that will not result in a material negative change to the existing employment relationship of the Executive with SunTrust or an Affiliate, within the meaning of Treas. Reg. §1.409A-1(n)(2)(i). For purposes of this definition, a position will not result in a material negative change to the Executive when compared to his existing employment relationship if such position meets all of the following requirements: 

		
	a.
	It does not require significantly more business-related travel on an ongoing basis than the Executive’s present position. Business-related travel means travel for or on behalf of SunTrust or an Affiliate, which requires the Executive to stay overnight away from the Executive’s residence. Unless the Plan Administrator announces otherwise, an anticipated increase of 33% or more in required business-related travel for the new position is treated as significant provided, however, if the anticipated travel increase for the new position is three (3) or fewer nights per month, this increase will not be considered significant, regardless of the percentage increase. 

		
	b.
	It is at the same location, or at a location requiring an additional commute (one-way) of no more than 25 additional miles from the Executive’s current residence to the Executive’s new work location. 

		
	c.
	It has an annual base salary that is at least 90% of the Executive’s current annual base salary. 

The Plan Administrator may modify the rules and adopt new rules for determining the equivalency of positions. The Plan Administrator has sole and complete discretion to determine whether a particular position is an Equivalent Position and the Plan Administrator’s decision shall be binding on all persons, and there is no right of appeal except as provided in this Plan’s claims procedures. 

2.12     ERISA 

The Employee Retirement Income Security Act of 1974, as amended at the relevant time. References to ERISA include the valid and binding governmental regulations, court decisions and other regulatory and judicial authority issued or rendered thereunder. 

2.13     Exchange Act 

The Securities Exchange Act of 1934, as amended at the relevant time. References to the Exchange Act include the valid and binding governmental regulations, court decisions and other regulatory and judicial authority issued or rendered thereunder. 

2.14     Executive 

a.Chief Executive Officer; 

b.Executive Council; and 

c.Enterprise Executives. 

2.15     FIP 

A functional incentive plan which provides a short-term bonus or commissions to certain Executives that are not eligible to participate in the AIP. 

2.16     Good Reason 

		
	a.
	Good Reason as defined under any employment, change in control or service agreement between SunTrust or any Affiliate and the Executive or, if no such employment, change in control or service agreement exists or if such employment, change in control or service agreement does not contain any such definition, Good Reason means, without the Executive’s consent, the following occurring after a Change in Control but before the end of the Executive’s Protection Period: 

		
	i.
	any action taken by SunTrust or an Affiliate which results in a material reduction in the Executive’s authority, duties or responsibilities (except that any change in the foregoing that results solely from 

4

(A) SunTrust ceasing to be a publicly traded entity or from SunTrust becoming a wholly-owned subsidiary of another publicly traded entity or (B) any change in the geographic scope of the Executive’s authority, duties or responsibilities will not, in any event and standing alone, constitute a substantial reduction in the Participant’s authority, duties or responsibilities); 

		
	ii.
	the assignment to the Executive of duties that are materially inconsistent with Executive’s authority, duties or responsibilities; 

		
	iii.
	any material decrease in the Executive’s base salary or annual bonus opportunity, except to the extent SunTrust has instituted a salary or bonus reduction generally applicable to all similar employees of SunTrust other than in contemplation of or after a Change in Control; 

		
	iv.
	the relocation of the Executive to any principal place of employment other than that as of the date of the Change in Control, or any requirement that Executive relocate his residence other than to that as of the date of the Change in Control, without the Executive's express written consent to either such relocation, which in either event would increase the Executive’s commute by more than fifty (50) miles; provided, however, this Subsection shall not apply in the case of business travel which requires the Executive to relocate temporarily for periods of ninety (90) days or less; or 

		
	v.
	the failure by SunTrust to pay to the Executive any portion of the Executive’s base salary or annual bonus within thirty (30) days after the date the same is due. 

		
	b.
	Notwithstanding Subsection (a) of this Section, and without limitation, "Good Reason" shall not include any resignation by the Executive where Cause for the Executive's termination by SunTrust or an Affiliate exists. The Executive must give SunTrust or Affiliate that employs the Executive notice of any event or condition that would constitute "Good Reason" within thirty (30) days of the event or condition which would constitute "Good Reason," and upon the receipt of such notice SunTrust or Affiliate that employs the Executive shall have thirty (30) days to remedy such event or condition. If such event or condition is not remedied within such thirty (30)-day period, any termination of employment by the Executive for "Good Reason" must occur within thirty (30) days after the period for remedying such condition or event has expired. 

2.17     Plan 

This SunTrust Banks, Inc. Executive Severance Pay Plan as set forth in this document and any related exhibits and attachments and all amendments to this document and any related exhibits and attachments. 

2.18     Plan Administrator 

An entity (including an Affiliate), a committee or an individual who is appointed in writing by the Committee to serve as Plan Administrator for the Plan. If there is no such appointment, SunTrust shall serve as the Plan Administrator and its administrative duties are carried out under the direction of SunTrust’s Chief Human Resource Officer or the Chief Human Resources Officer’s designee. Notwithstanding anything in the Plan to the contrary, the Committee will make all decisions under the Plan with respect to the participation or termination of participation of the Chief Executive Officer or any other executive officer as defined under the Charter for the Committee (which as of the Effective Date is defined as an executive holding the title of Corporate Executive Vice President or higher). 

2.19     Plan Year 

The calendar year. 

2.20     Protection Period 

The two (2) year period which begins on a Change in Control. 

2.21     Qualifying Termination 

		
	a.
	An Executive’s involuntary Separation from Service with SunTrust and all Affiliates, other than during an Executive’s Protection Period: 

5

		
	i.
	due to a reduction-in-force (RIF), job elimination, job consolidation, merger or divestiture; 

		
	ii.
	resulting from an involuntary transfer or job re-assignment to a non-Equivalent Position (this provision does not include a transfer of employment to an entity outside SunTrust’s controlled group); or

		
	iii.
	due to a job evaluation that results in changes to the Executive’s existing position such that the existing and the new positions are not Equivalent Positions. 

		
	b.
	Notwithstanding Subsection (a) of this Section, and without limitation, a Qualifying Termination does not include a termination of an Executive’s employment due to any of the following reasons: 

		
	i.
	an involuntary termination of employment for any reason not listed in Subsection (a) of this Section; 

		
	ii.
	a voluntary termination of employment by the Executive; 

		
	iii.
	a voluntary transfer to a position with an Affiliate; 

		
	iv.
	an offer of an Equivalent Position by SunTrust or an Affiliate or a transfer to an Equivalent Position with SunTrust or an Affiliate; 

		
	v.
	a demotion, transfer or termination resulting from disciplinary action, poor job performance or for Cause; 

		
	vi.
	a transfer of employment or job reassignment in connection with a sale of assets or stock, or a merger, or other means of acquisition or divestiture of any SunTrust entity or an Affiliate (including but not limited to, SunTrust, an Affiliate or a division, unit, subsidiary or other part of SunTrust or an Affiliate); 

		
	vii.
	a continuation of employment with a SunTrust entity after it ceases to be part of the SunTrust controlled group as a result of a corporate transaction; 

		
	viii.
	a transfer of employment, rebadging or job reassignment at the direction of SunTrust to an entity outside the SunTrust controlled group in connection with an outsourcing transaction, or similar transaction (transfer of employment, rebadging and job reassignment does not include situations where employees are hired by a third-party vendor and deployed on the SunTrust account following the employees’ termination (voluntary or involuntary) of employment from SunTrust); or 

		
	ix.
	acceptance of any position with SunTrust or an Affiliate, regardless of whether such position is an Equivalent Position. 

The Plan Administrator has sole and full discretion and is directly responsible for determining whether an Executive’s Separation from Service is a Qualifying Termination.

2.22     Separation from Service or Separates from Service 

A termination of an Executive’s employment with SunTrust and its Affiliates, provided that to the extent necessary to comply with Code Section 409A, such termination of employment shall be a separation from service as defined under Code Section 409A. 

2.23     Severance Amount 

The applicable lump sum severance payment described in Section 4.2 and 0 herein. 

2.24     SunTrust 

SunTrust Banks, Inc., a Georgia corporation, and any successor thereto. 

6

2.25     Target Bonus Percentage 

		
	a.
	If an Executive participates in the AIP at the time of his Separation from Service during the Protection Period, the Target Bonus Percentage means the target bonus percentage determined under the AIP. 

		
	b.
	If an Executive was not eligible to participate in the AIP but participates in a FIP at the time of his Separation from Service during the Protection Period, the amount described in this Target Bonus Percentage shall mean the average of the Executive’s payments under the FIP for the three (3) complete Plan Years immediately preceding Separation from Service expressed as a percent of the Executive’s Base Salary. 

		
	c.
	In the event an Executive was not eligible to participate in the AIP or any FIP at Separation from Service during the Protection Period, the amount described in this Section shall be the average of the Executive’s annual bonus for the three (3) complete Plan Years immediately preceding Separation from Service expressed as a percent of the Executive’s Base Salary. 

7

ARTICLE 3 
PARTICIPATION 

3.1     Eligible Executives 

The Executives eligible to participate in the Plan shall be designated by the Plan Administrator. Executives shall be notified in writing of their selection to participate in the Plan. The Executive must provide a written acknowledgement of his participation in the Plan and sign a restrictive covenants agreement, satisfactory to the Plan Administrator, agreeing to be subject to the restrictions, prohibitions and other provisions set forth in such agreement. An Executive is not eligible for benefits under this Plan unless he satisfies the benefit eligibility requirements described in Article 4 or Article 5, as applicable. 

3.2     Revocation of Participation 

The Plan Administrator in its absolute discretion may revoke an Executive’s right to participate in the Plan at any time except as set forth in Section 11.1. 

3.3     Termination of Participation 

		
	a.
	An individual’s status as an Executive shall terminate and the Executive shall cease eligibility for benefits under the Plan on the earliest to occur of the following events: 

		
	b.
	The date, prior to a Change in Control, on which the Executive separates from service with SunTrust or an Affiliate for any reason that is not a Qualifying Termination or the Executive otherwise loses eligibility status (e.g., transfer to an ineligible job classification); 

		
	c.
	The date after a Change in Control on which the Executive separates from Service due to Termination for Cause or voluntary termination other than for Good Reason; 

		
	d.
	The date the Plan Administrator revokes the Executive’s right to participate in the Plan pursuant to Section 3.2; or 

		
	e.
	The date on which the Plan terminates or the effective date of a Plan amendment that excludes the Executive from eligibility. 

3.4     Committee Actions 

Notwithstanding anything in this Article 3 to the contrary, any actions with respect to participation or termination of participation in connection with the Chief Executive Officer or the Plan Administrator, if the Plan Administrator is an Executive, shall be taken by the Committee. 

8

ARTICLE 4 
PAYMENT UPON QUALIFYING TERMINATION 

4.1     Eligibility for Benefits 

An Executive is eligible for severance benefits under this Article 4 only if the Plan Administrator determines that the Executive has a Qualifying Termination and that the Executive also satisfies all of the requirements outlined in this Section through the date of his Qualifying Termination, as determined by the Plan Administrator. 

		
	a.
	The Executive must continue working through the date designated as his Qualifying Termination date. With the consent of the Plan Administrator, the Executive’s manager may, in his or her discretion, decide that the Executive has performed all transitional and other duties required and may release the Executive early from the obligation to perform further duties through the date of his scheduled Qualifying Termination. 

		
	b.
	The Executive must continue to perform all responsibilities assigned to him at a satisfactory level as determined by the Plan Administrator through his termination date (or his release date, if earlier). 

		
	c.
	The Executive must conduct himself in a manner consistent with the high standards expected of all SunTrust employees and comply in all respects with the SunTrust Code of Business Conduct and Ethics. 

		
	d.
	The Executive must not decline an offer of an Equivalent Position with SunTrust or an Affiliate, prior to the Executive’s designated Qualifying Termination date, even if his or her manager has released the Executive earlier than such designated date. 

		
	e.
	The Executive must sign a release, satisfactory to the Plan Administrator, waiving all rights to file any claim against SunTrust, any Affiliate, directors, officers, employees, or agents relating to the Executive’s employment or separation from service or against the Plan and its fiduciaries and agreeing to such confidentiality provisions and such other restrictions as the Plan Administrator deems appropriate. SunTrust shall provide the release to the Executive promptly following the earlier of notice of termination or Separation from Service, and such release and covenant not to sue must be executed and all revocation periods shall have expired in accordance with its terms, but in no case later than sixty (60) days after Separation from Service. If the Executive fails to execute a timely release, payments under the Plan shall be forfeited. 

4.2     Determination of Severance Amount 

a.The Severance Amount payable in accordance with this Article 4 is an amount equal to the following: 

		
	i.
	With respect to the Chief Executive Officer, an amount equal to one-hundred and four (104) weeks of Base Salary. 

		
	ii.
	With respect to the Executive Council (excluding the Chief Executive Officer), an amount equal to seventy-eight (78) weeks of Base Salary. 

		
	iii.
	With respect to Enterprise Executives, an amount equal to fifty-two (52) weeks of Base Salary. 

		
	b.
	Repayment. If an Executive is rehired by SunTrust or an Affiliate (as an employee, temporary employee, independent contractor, or otherwise) after receiving a benefit under this Plan, the Executive will be required to repay any Severance Amount corresponding to the period from the date of rehire to the end of the period for which the Executive was paid the Severance Amount. 

4.3     Manner of Payment 

		
	a.
	Form and Timing. The Severance Amount described in Section 4.2 shall be paid in cash to the Executive in a single lump sum sixty (60) days after the Executive’s Separation from Service, subject to the Executive’s execution and non-revocation of the release described in Section 4.1(e) prior to such date. 

		
	b.
	Other Benefits. Any other employee benefits or incentive compensation plans for which an Executive is eligible after Separation from Service will be provided in accordance with the terms of the applicable employee benefit or incentive compensation plan. In addition, the Plan Administrator may offer reasonable outplacement services 

9

to any Executive who is determined to be eligible for severance pay under this Plan, at the level and for the period determined by the Plan Administrator, to assist the Executive in his or her new job search. In no event, however, shall expenses related to such outplacement services be incurred beyond the last day of the second year following the year in which the Separation from Service occurs and such expenses must be paid/reimbursed on or before the end of the third year following the year in which the Separation from Service occurs. 

4.4     Committee Actions 

Notwithstanding anything in this Article 4 to the contrary, any actions with respect to participation or termination of participation in connection with the Chief Executive Officer or the Plan Administrator if the Plan Administrator is an Executive, shall be taken by the Committee. 

10

ARTICLE 5 
PAYMENT UPON A CHANGE IN CONTROL TERMINATION 

5.1     Eligibility for Benefits 

An Executive is eligible for severance benefits under this Article 5 only if the Plan Administrator determines that the Executive has a Change in Control Termination and satisfies the release requirement outlined in this Section. The Executive must sign a release, satisfactory to the Plan Administrator, waiving all rights to file any claim against SunTrust, any Affiliate, directors, officers, employees, or agents relating to the Executive’s employment or separation from service or against the Plan and its fiduciaries. SunTrust shall provide the release to the Executive promptly following Separation from Service, and such release and covenant not to sue must be executed and all revocation periods shall have expired in accordance with its terms, but in no case later than sixty (60) days after Separation from Service. If the Executive fails to execute a timely release, payments under the Plan shall be forfeited. 

5.2     Determination of Severance Amount 

The Severance Amount payable in accordance with this Article 5 is an amount equal to the following: 

		
	a.
	With respect to the Chief Executive Officer and the Executive Council, an amount equal to one-hundred and four (104) weeks of Base Salary plus an amount equal to two (2) times the Executive’s Target Bonus Percentage multiplied by Base Salary. 

		
	b.
	With respect to Enterprise Executives, an amount equal to fifty-two (52) weeks of Base Salary plus an amount equal to one (1) times the Executive’s Target Bonus Percentage multiplied by Base Salary. 

5.3     Manner of Payment 

		
	a.
	Form and Timing. The Severance Amount described in Section 0 shall be paid in cash to the Executive in a single lump sum sixty (60) days after the Executive’s Separation from Service, subject to the Executive’s execution and non-revocation of the release described in Section 5.1 prior to such date. 

b.Other Benefits. 

		
	i.
	Stock Options, Restricted Stock, and Restricted Stock Units. Outstanding Stock Options, Restricted Stock and Restricted Stock Unit awards, if any, to the Executive by SunTrust shall vest and/or become exercisable in accordance with the Change in Control provisions of the agreement under which such grants or awards were made. 

		
	ii.
	Bonus Award. Except to the extent that the bonus plan in which the Executive participates at the time of the Change in Control Termination provides more favorable treatment to the Executive, the Executive shall be eligible for a pro rata bonus for the year in which the Change in Control Termination occurs, based on the number of days during such year through the date of the Change in Control Termination, in an amount based on the greater of target or actual performance, and to be paid by no later than March 15 of the year after the year in which the Change in Control Termination occurs. 

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5.4     Termination in Anticipation of Change in Control 

The Executive shall be treated under Section 5.1 as if the Executive’s employment had been terminated without Cause or the Executive had resigned for Good Reason during the Executive’s Protection Period if (a)(i) the Executive’s employment is terminated by SunTrust or an Affiliate without Cause on or after the date the shareholders of SunTrust approve any transaction described in Section 2.6(c) but before the Change in Control which results from such approval, or (ii) the Executive resigns for Good Reason on or after the date the shareholders of SunTrust approve any transaction described in Section 2.6(c) but before the Change in Control which results from such approval; and (b) there is a Change in Control which results from such shareholder approval. The Executive shall receive the Severance Amount described in Section 0 in a single lump sum following the later of: (c) the Executive’s Separation from Service (with payment in accordance with Section 5.3(a)), or (d) the date of the Change in Control. If the date of the Change in Control is the later event, payment shall be treated as made upon the lapse of a substantial risk of forfeiture under Treas. Reg. § 1.409A-3(i)(1)(i) and treated as paid on the date of such Change in Control. For the avoidance of doubt and notwithstanding anything herein to the contrary, if the Executive’s termination of employment under this Section 5.4 is also a Qualifying Termination prior to the Change in Control, the Executive shall be eligible to receive the Severance Amount set forth in Section 4.2, at the time, in the form, and otherwise subject to the conditions of Article 4, and any Severance Amount payable under this Section 5.4 (determined under Section 5.2) shall be reduced, dollar-for-dollar, by the Severance Amount payable under Article 4. 

5.5     Limitation on Payments under Certain Circumstances 

If SunTrust or SunTrust’s independent accountants determine that any payments and benefits called for under this Plan, solely because of a Change in Control, together with any other payments and benefits made available to the Executive by SunTrust or an Affiliate (each, a Payment) will result in any portion of such Payments being subject to an excise tax under Code Section 4999 or any like or successor section thereto (the Excise Tax), then the Payments shall be reduced (but not below zero) so that the amount of the Payments (after reduction) shall be one dollar ($1.00) less than the amount which would cause the Payments to be subject to the Excise Tax (the Reduced Amount); provided that such Payments shall not be reduced if, without such reduction, the Executive would receive and retain, on a net after-tax basis (taking into account all applicable taxes payable by Executive, including any Excise Tax), an amount of the Payments which is greater than the amount, on a net after-tax basis, that the Executive would be entitled to retain upon receipt of the Reduced Amount. 

To the extent a reduction is required under this Section, SunTrust shall reduce or eliminate the Payments in accordance with this Section and in a manner consistent with the requirements of Code Section 409A. Any reduction in Payments shall occur first with respect to amounts that are not subject to Code Section 409A in the following order: (a) reduction of cash payments, beginning with payments scheduled for the latest distribution date; (b) reduction of vesting acceleration of equity awards; and (c) reduction of other benefits paid or provided to the Executive. If, after the reduction to zero of the amounts described in Subsections (a) through (c) of this Section, further reductions are required under this Section, SunTrust shall reduce all Payments subject to Code Section 409A on a pro rata basis (but not below zero). This Section shall take precedence over the provisions of any other plan, arrangement or agreement governing the Executive’s rights and entitlements to any payments or benefits. 

Any determination under this Section by SunTrust or SunTrust’s independent accountants shall be made at SunTrust’s expense and in accordance with Code Section 280G and any applicable related regulations (whether proposed, temporary or final) and any related Internal Revenue Service rulings and any related case law.

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ARTICLE 6 
LIMITATIONS 

6.1     Taxes and Financial Obligations 

All required federal, state and local taxes will be withheld from the cash lump sum severance payment. In addition, any financial obligations the Executive has to SunTrust or an Affiliate will be deducted from the lump sum severance payment.

6.2     No Increase in Other Benefits; No Other Severance Pay 

Severance Amounts payable under Article 4 or Article 5 shall not be taken into account to increase the benefits otherwise payable to, or on behalf of, the Executive under any employee benefit plan, policy or program, whether qualified or nonqualified, maintained by SunTrust or an Affiliate (e.g., there will be no increase in the Executive’s life insurance because of compensation the Executive receives under this Plan). In addition, the intent of this Plan is not to provide duplicate severance benefits to an Executive for the same termination of employment. Therefore, the Executive has no right to any payment of severance pay and severance benefits under the SunTrust Banks, Inc. Severance Pay Plan or any other severance pay plan, policy or program maintained by SunTrust or an Affiliate or under any individual severance agreement or employment agreement.

6.3     No Severance Pay upon Death or Disability 

SunTrust will have no obligations to the Executive under this Plan if the Executive’s employment terminates exclusively as a result of the Executive’s death or the Executive is no longer actively at work due to disability.

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ARTICLE 7 
SOURCE OF BENEFITS 

The amounts to be paid an Executive under the Plan are unfunded obligations of SunTrust. SunTrust is not required to segregate any monies or other assets from its general funds with respect to these obligations. All benefits payable pursuant to the Plan shall be paid or provided by SunTrust from its general assets and an Executive shall not have any preference or security interest in any assets of SunTrust other than as a general unsecured creditor. The Plan is intended to be an unfunded welfare benefit plan for purposes of ERISA and a severance pay arrangement within the meaning of Section 3(2)(B)(i) of ERISA. The Plan is not intended to be a pension plan described in Section 3(2)(A) of ERISA. Neither an Executive nor any other person shall have any right to sell, assign, transfer, pledge, anticipate or otherwise encumber, transfer, hypothecate or convey any amounts payable under the Plan prior to the date that such amounts are paid, except that, in the case of an Executive’s death, such amounts shall be paid to the Executive’s beneficiaries. 

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ARTICLE 8 
CLAIMS 

8.1     Claims 

All claims for benefits under this Plan shall be made, reviewed, processed, paid or denied and appealed in accordance with the terms and conditions of the provisions of the claims procedures as set forth in the Plan’s summary plan description. Before an Executive or his representative files a lawsuit claiming benefits under this Plan, the Executive must exhaust his right under the Plan’s claim procedures, and all or part of the Executive’s claim must be initially denied and then denied on appeal. Notwithstanding any other provision of the Plan or the summary plan description to the contrary, all claims for payment of severance benefits under this Plan must be filed with the Plan Administrator within 120 days after the earlier of the date the Executive separates from service or the date of the event that the Executive claims is the triggering event that gives rise to his entitlement to severance benefits under this Plan. Any such claim submitted after the applicable 120 day period will not be considered for payment under this Plan. If an Executive wishes to bring a lawsuit related to a claim for benefits under this Plan, the lawsuit must be filed no later than 12 months after the date on which such Executive’s claim is denied on appeal. In the event an Executive is incapacitated, the Executive’s personal representative may file a claim or bring a lawsuit on the Executive’s behalf as long as it is filed within a reasonable time after the end of the applicable 120 day or 12 month period for filing. The preceding restrictions on the time for filing claims under the Plan’s claims procedures and the time for filing a lawsuit shall not apply to any claim for breach of fiduciary duty, which shall be governed by the time periods set forth in ERISA Section 413, if applicable. 

8.2     No Estoppel of Plan 

No person is entitled to any benefit under this Plan except and to the extent expressly provided under this Plan. The fact that payments have been made from this Plan in connection with any claim for benefits under this Plan does not (i) establish the validity of the claim, (ii) provide any right to have such benefits continue for any period of time, or (iii) prevent this Plan from recovering the benefits paid to the extent that SunTrust or the Plan Administrator determines that there was no right to payment of the benefits under this Plan. Thus, if a benefit is paid under this Plan and it is thereafter determined by SunTrust or the Plan Administrator that such benefit should not have been paid (whether or not attributable to an error by the Executive, SunTrust, the Plan Administrator, or any other person), then SunTrust or the Plan Administrator may take such action as SunTrust or the Plan Administrator deems necessary or appropriate under the circumstances, including without limitation, (i) deducting the amount of any such overpayment theretofore made to or on behalf of such Executive from any succeeding payments to or on behalf of such Executive under this Plan or from any amounts due or owing to such Executive by SunTrust or any Affiliate or under any other plan, program or arrangement benefiting the employees or former employees of SunTrust or any Affiliate, or (ii) otherwise recovering such overpayment from whoever has benefited from it. 

If SunTrust or the Plan Administrator determines that an underpayment of benefits has been made, SunTrust or the Plan Administrator shall take such action as it deems necessary or appropriate under the circumstances to remedy such situation. However, in no event shall interest be paid on the amount of any underpayment. 

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ARTICLE 9 
ADMINISTRATION 

9.1     Administration 

The Plan Administrator is the Plan’s named fiduciary, if applicable. The Plan Administrator may appoint, as it deems necessary or advisable, an individual or committee to act as its representative in matters affecting the Plan. The Plan Administrator shall have authority to control and manage the operation and administration of the Plan in good faith, and may adopt rules and regulations consistent with the terms of the Plan and necessary or advisable to administer the Plan properly and efficiently. 

9.2     Discretionary Authority 

The Plan Administrator shall have the exclusive responsibility and complete discretionary authority to control the operation and administration of the Plan, with all powers necessary to enable it to properly carry out its responsibilities under the Plan, including, but not limited to, the power to define and construe the terms of this Plan, to determine status, coverage and eligibility for benefits, to resolve all interpretative, equitable and other questions that arise in the operation and administration of this Plan, to adopt and implement rules to carry out the administration of the Plan, and to settle any and all disputed claims that may arise. The grant of such sole and complete discretionary authority to the Plan Administrator in the exercise of all its powers and duties is intended to invoke the arbitrary-and-capricious standard of review as opposed to the de novo standard.

9.3     Designees 

The Plan Administrator may delegate all or any portion of its authority under the Plan to any other person(s). Any other person designated as named fiduciary, if applicable, or a Plan Administrator designated as responsible for a particular aspect of the control, management or administration of this Plan shall have the exclusive responsibility and complete discretionary authority to control those aspects of the operation and administration of the Plan with respect to which such designation is made, including, but not limited to, the power to determine benefits payable, to resolve all interpretative equitable and other questions that shall arise in the operation and administration of the particular aspect of the Plan over which such person has such discretionary authority, and to settle any and all disputed claims that may arise with respect to such aspect of the Plan. 

9.4     Service as Fiduciary 

A person may serve in more than one fiduciary capacity (as defined in ERISA, if applicable) with respect to this Plan, and a fiduciary, if applicable, may be an Executive provided such person otherwise satisfies the requirements for participation under this Plan and he does not participate in any decisions that affect him specifically as an individual executive. All actions or determinations of SunTrust, the Committee, any person designated as a named fiduciary, if applicable, or a Plan Administrator on all matters within the scope of their authority under this Plan shall be final, conclusive and binding on all 21 persons and there is no right of appeal except as provided under the Plan’s claims procedures. 

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ARTICLE 10 
INDEMNIFICATION
 
SunTrust and its Affiliates (to the extent permissible under law and consistent with their charters and bylaws) shall indemnify and hold harmless any employee, including any member of the Committee if acting as Plan Administrator or in any fiduciary capacity, if applicable, with respect to the Plan, for any liability, loss, expense, assessment or other cost of any kind or description whatsoever, including legal fees and expenses, which such employee may actually incur for his or her acts and omissions in the administration of the Plan. 

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ARTICLE 11 
AMENDMENT AND TERMINATION 

11.1     Amendment 

Except as set forth in Section 11.3, SunTrust reserves the right, through action of the Committee at any time and from time to time, to amend this Plan in any respect whatsoever. An amendment may be made retroactively but a retroactive amendment may not affect any benefits for which an Executive is entitled due to a Qualifying Termination or a Change in Control Termination prior to the adoption of such amendment. An amendment may affect the payment of benefits under the Plan if necessary to cause the Plan to meet the applicable qualification requirements of the Code or ERISA. 

11.2     Termination 

Except as set forth in Section 11.3, SunTrust, through action of the Committee, reserves the right at any time to terminate the Plan. After such termination, SunTrust and the Affiliates shall have no obligation or duty whatsoever to pay or to fund benefits or to pay expenses of this Plan except for those contributions deemed necessary by the Committee to pay the expenses of this Plan accrued through the date of such termination. 

11.3     Amendment or Termination on or after a Potential Change in Control or a Change in Control 

No amendment adverse to the interest of the Executives may be adopted nor may the Plan be terminated (1) during the period commencing with a Potential Change in Control and ending on the second anniversary of the resulting Change in Control or (2) during the period commencing with the Change in Control and ending on the second anniversary of the Change in Control. For purposes of this Section, a Potential Change in Control is deemed to have occurred on the date the shareholders of SunTrust approve any transaction described in Section 2.6(c) and there is a Change in Control which results from such shareholder approval. 

11.4     Compliance with Laws 

Notwithstanding any other provision of the Plan or the summary plan description, SunTrust, through action of the Plan Administrator, may delay any benefit payment under the Plan and may refuse to pay any benefit otherwise due under the Plan, if the Plan Administrator, in its sole discretion, believes that any such payment may violate any law, ruling or regulation that applies to SunTrust or any of its Affiliates or any Executive. This same authority and discretion to delay or withhold payment under the Plan may be exercised by the Plan Administrator’s designee. It is intended that the payments and benefits set forth in Articles 4 and 5 are, to the greatest extent possible, exempt from the application of Code Section 409A and the Plan shall be construed and interpreted accordingly. However, if SunTrust determines that all or a portion of the payments and benefits provided under the Plan constitute deferred compensation under Section 409A and that an Executive is a specified employee of SunTrust, as such term is defined in Section 409A(a)(2)(B)(i), then, solely to the extent necessary to avoid the incurrence of the adverse personal tax consequences under Code Section 409A, the timing of the applicable payments shall be delayed until the first payroll date following the six-month anniversary of the Executive’s Separation from Service. For purposes of Code Section 409A, each installment payment provided under the Plan shall be treated as a separate payment. SunTrust makes no representations that the payments and benefits provided under the Plan comply with Code Section 409A and in no event shall SunTrust be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by an Executive on account of noncompliance with Code Section 409A. 

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ARTICLE 12 
MISCELLANEOUS

12.1     Spendthrift Clause 

Except to the extent permitted by law, no benefit, payment or distribution under this Plan shall be subject to the claim of any creditor of an Executive or to any legal process by any creditor of an Executive, and no Executive shall have any right to alienate, commute, anticipate, or assign all or any portion of any benefit, payment or distribution under this Plan except to the extent expressly provided in this Plan. Notwithstanding the foregoing, this Section shall not preclude the enforcement of a federal tax levy made pursuant to Code Section 6331 or the collection of an unpaid tax judgment. SunTrust and its Affiliates shall not in any manner be liable for, or subject to, the debts, contracts, liabilities, engagements or torts of any person entitled to benefits under this Plan. 

12.2     Legally Incompetent 

SunTrust may in its discretion direct payment due to an incompetent or disabled person, whether because of minority or mental or physical disability, or to the guardian of such person, or to the person having custody of such person, without further liability either on the part of SunTrust and its Affiliates, their officers, directors, employees or agents for the amount of such payment to the person on whose account such payment is made. 

12.3     Reporting and Disclosure 

SunTrust, acting through the corporate benefits area, shall act as the Plan Administrator for purposes of satisfying any reporting and disclosure requirements applicable to this Plan unless SunTrust, in its discretion, appoints another person or entity to satisfy such requirements. 

12.4     Plan Not an Employment Contract 

This Plan is not a contract of employment and participation in this Plan shall not give any Executive the right to be retained in the employ of SunTrust or any Affiliate. 

12.5     Errors and Omissions 

Individuals and entities charged with the administration of the Plan must see that it is administered in accordance with its terms as long as it is not in conflict with any other particular provision of applicable law with which it is intended to comply. If an innocent error or omission is discovered in the Plan’s operation or administration, and if SunTrust determines that it would cost more to correct the error than is warranted, and if SunTrust determines that the error did not result in discrimination prohibited by this Plan, then, to the extent that an adjustment will not, in SunTrust’s judgment, result in discrimination prohibited by the Plan, SunTrust may authorize any equitable adjustment it deems necessary or desirable to correct the error or omission. 

12.6     Nonvested Benefits 

Nothing in this Plan shall be construed as creating any vested rights to benefits in favor of any Executive. 
(Signature Page Follows)

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	IN WITNESS WHEREOF, SunTrust Banks, Inc. has caused this Plan document, effective as of January 1, 2019, to be executed and attested by its duly authorized officers on this ____ day of ____________________, 2018.

	 
	 

	SUNTRUST BANKS, INC.
	ATTEST

	By: _______________________________ 
	By: ________________________________ 

	Title: ______________________________ 
	Title: ______________________________ 

	Date: ______________________________ 
	Date: ______________________________ 

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