Document:

STI-12.31.11-Ex10.16

Ex. 10.16
CHANGE IN CONTROL AGREEMENT

This Change in Control Agreement (“Agreement”) is entered into by and between SunTrust Banks, Inc., a Georgia corporation (“SunTrust”), and ___________________ (“Executive”).

WHEREAS, Executive is employed by SunTrust or provides services directly or indirectly to SunTrust as a senior executive of SunTrust or one, or more than one, SunTrust Affiliate; and

WHEREAS, the Board and the Compensation Committee decided that SunTrust should provide certain benefits to Executive in the event Executive’s employment is terminated without Cause or Executive resigns for Good Reason following a Change in Control; and

WHEREAS, this Agreement sets forth the benefits which the Board and the Compensation Committee have decided SunTrust shall provide under such circumstances and the terms and conditions under which the Board and the Compensation Committee have decided that such benefits shall be provided.

NOW, THEREFORE, in consideration of the mutual promises and agreements contained in this Agreement and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, SunTrust and Executive hereby agree as follows:

§ 1.

Definitions

1.1    Board.  The term “Board” for purposes of this Agreement shall mean the Board of Directors of SunTrust.

1.2    Cause.  The term “Cause” for purposes of this Agreement shall (subject to § 1.2(e)) mean:

(a)    The willful and continued failure by Executive to perform satisfactorily the duties of Executive’s job;

(b)    Executive is convicted of a felony or has engaged in a dishonest act, misappropriation of funds, embezzlement, criminal conduct or common law fraud;

(c)    Executive has engaged in a material violation of the SunTrust Code of Business Conduct and Ethics or the Code of Conduct of a SunTrust Affiliate; or

(d)    Executive has engaged in any willful act that materially damages or materially prejudices SunTrust or a SunTrust Affiliate or has engaged in conduct or activities materially damaging to the property, business or reputation of SunTrust or a SunTrust Affiliate; provided, however, 

(e)    No such act, omission or event shall be treated as “Cause” under this Agreement unless (i) Executive has been provided a detailed, written statement of the basis for SunTrust’s belief that such act, omission or event constitutes “Cause” and an opportunity to meet with the Compensation Committee (together with Executive’s counsel if Executive chooses to have Executive’s counsel present at such meeting) after Executive has had a reasonable period in which to review such statement and, if the allegation is under § 1.2(a), has had at least a thirty (30) day period to take corrective action and (ii) the Compensation Committee after such meeting (if Executive meets with the Compensation Committee) and 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 Compensation Committee then in office at a meeting called and held for such purpose that “Cause” does exist under this Agreement.

1.3    Change in Control.  The term “Change in Control” for purposes of this Agreement shall mean 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”, provided that such a change in control shall be deemed to have occurred at such time as (i) 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 20% or more of the combined voting power for election of directors of the then outstanding securities of SunTrust or any successor of SunTrust; (ii) during any period of two consecutive years or less, individuals who at the beginning of such period constitute the Board cease, for any reason, to constitute at least a majority of the Board, unless the election or nomination for election of each new director was approved by a vote of at least two-thirds of the directors then still in office who were directors at the beginning of the period; (iii) there is a consummation of any reorganization, merger, consolidation or share exchange as a result of which the common stock of SunTrust shall be changed, converted or exchanged into or for securities of another corporation (other than a merger with a wholly-owned subsidiary of SunTrust) or any dissolution or liquidation of SunTrust or any sale or the disposition of 50% or more of the assets or business of SunTrust; or (iv) there is a consummation of any reorganization, merger, consolidation or share exchange unless (A) the persons who were the beneficial owners of the outstanding shares of the common stock of SunTrust immediately before the consummation of such transaction beneficially own more than 65% of the outstanding shares of the common stock of the successor or survivor corporation in such transaction immediately following the consummation of such transaction and (B) the number of shares of the common stock of such successor or survivor corporation beneficially owned by the persons described in § 1.3(iv)(A) immediately following the consummation of such transaction is beneficially owned by each such person in substantially the same proportion that each such person had beneficially owned shares of SunTrust common stock immediately before the consummation of such transaction, provided (C) the percentage described in § 1.3(iv)(A) of the beneficially owned shares of the successor or survivor corporation and the number described in § 1.3(iv)(B) of the beneficially owned shares of the successor or survivor corporation shall be 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 the persons described in § 1.3(iv)(A) immediately before the consummation of such transaction. 

1.4    Code.  The term “Code” for purposes of this Agreement shall mean the Internal Revenue Code of 1986, as amended.

1.5    Compensation Committee.  The term “Compensation Committee” for purposes of this Agreement shall mean the Compensation Committee of the Board.

1.6    Confidential or Proprietary Information.  The term “Confidential or Proprietary Information” for purposes of this Agreement shall mean any secret, confidential, or proprietary information of SunTrust or a SunTrust Affiliate (not otherwise included in the definition of Trade Secret in § 1.22 of this Agreement) that has not become generally available to the public by the act of one who has the right to disclose such information without violating any right of SunTrust or a SunTrust Affiliate.

1.7    Current Compensation Package.  The term “Current Compensation Package” for purposes of § 3.1(c)(1) of this Agreement shall mean the sum of the amounts described in § 1.7(a) and in § 1.7(b) as follows:

(a)    Base Salary.  Executive’s highest annual base salary from SunTrust and any SunTrust Affiliate which (but for any salary deferral election) is in effect at any time during the one-year period which ends on the date Executive’s employment with SunTrust or a SunTrust Affiliate terminates under the circumstances described in § 3.1 or § 3.6.

(b)    Bonus Award.

(1)    General Rule.  If Executive participates in the MIP at termination, the amount described in this § 1.7(b) shall (subject to § 1.7(b)(2)) be the greater of (i) Executive’s target annual bonus under the MIP for the calendar year in which Executive’s employment with SunTrust or a SunTrust Affiliate terminates under the circumstances described in § 3.1 or § 3.6, or (ii) the average of the annual bonus earned by Executive (disregarding any deferral) for the 3 full calendar years in which Executive participated in the MIP (or, if less, the number of full calendar years in which Executive participated in the MIP) which immediately precede the calendar year in which Executive’s employment so terminates.  If Executive was not eligible to participate in the MIP at termination, but participates in a FIP, the amount described in this § 1.7(b)(1) shall (subject to § 1.7(b)(2)) be the greater of (i) Executive’s target annual bonus under the FIP for the calendar year in which Executive’s employment with SunTrust or a SunTrust Affiliate terminates under the circumstances described in § 3.1 or § 3.6, or (ii) the average of the annual bonus earned by Executive (disregarding any deferral) for the three (3) full calendar years in which Executive participated in the FIP (or, if less, the number of full calendar years in which Executive participated in the FIP) which immediately precede the calendar year in which Executive’s employment so terminates.  In the event Executive was not eligible to participate in the MIP or any FIP at termination, the amount described in this § 1.7(b)(1) shall (subject to § 1.7(b)(2)) be the last annual bonus earned by Executive (disregarding any deferral).

(2)    Exceptions to General Rule.

(i)    No MIP.  If Executive participates in a FIP but not in the MIP, or if Executive is not eligible to participate in the MIP or any FIP at termination, the amount described in this § 1.7(b) shall not exceed the amount which would have been described in § 1.7(b)(1) if Executive instead had been a participant in the MIP.  

(ii)    Determination Rules.  SunTrust shall determine the amount which would have been described in § 1.7(b)(1) if Executive had been a participant in the MIP based on the target bonus or, if greater, the projected bonus for a MIP participant, or for a class of such participants, whose duties, responsibilities and compensation match, or most closely match, Executive’s duties, responsibilities and compensation before Executive’s employment terminated.

1.8    Disability Termination.  The term “Disability Termination” for purposes of this Agreement shall mean a termination of Executive’s employment exclusively as a result of an event causing such Executive to become eligible to receive disability income benefits under SunTrust’s long term disability plan or any successor to or replacement for such plan.

1.9    Exchange Act.  The term “Exchange Act” for purposes of this Agreement shall mean the Securities Exchange Act of 1934, as amended.

1.10    FIP.  The term “FIP” for purposes of this Agreement shall mean an alternative functional incentive plan which provides a short-term bonus or commissions to certain Executives that are not eligible to participate in the MIP.

1.11    Good Reason.  The term “Good Reason” for purposes of this Agreement shall (subject to § 1.11(e)) mean: 

(a)    SunTrust or any SunTrust Affiliate after a Change in Control but before the end of Executive’s Protection Period reduces Executive’s base salary or opportunity to receive comparable incentive compensation or bonuses without Executive’s express written consent;

(b)    SunTrust or any SunTrust Affiliate after a Change in Control but before the end of Executive’s Protection Period reduces the scope of Executive’s principal or primary duties, responsibilities or authority, without Executive’s express written consent; 

(c)    SunTrust or any SunTrust Affiliate at any time after a Change in Control but before the end of Executive’s Protection Period (without Executive’s express written consent) transfers Executive’s primary work site from Executive’s primary work site on the date of such Change in Control or, if Executive subsequently consents in writing to such a transfer under this Agreement, from the primary work site which was the subject of such consent, to a new primary work site which is outside the “standard metropolitan statistical area” which then includes Executive’s then current primary work site unless such new primary work site is closer to Executive’s primary residence than Executive’s then current primary work site; or

(d)    SunTrust or any SunTrust Affiliate after a Change in Control but before the end of Executive’s Protection Period fails (without Executive’s express written consent) to continue to provide to Executive health and welfare benefits, deferred compensation and retirement benefits, stock option and restricted stock grants that are in the aggregate comparable to those provided to Executive immediately prior to the Change in Control; provided, however,

(e)    No such act or omission shall be treated as “Good Reason” under this Agreement unless:

(1)    (i)  Executive delivers to the Compensation Committee a detailed, written statement of the basis for Executive’s belief that such act or omission constitutes Good Reason, (ii) Executive delivers such statement before the later of (A) the end of the ninety (90) day period which starts on the date there is an act or omission which forms the basis for Executive’s belief that Good Reason exists or (B) the end of the period mutually agreed upon for purposes of this § 1.11(e)(1)(ii) in writing by Executive and the Chairman of the Compensation Committee, (iii) Executive gives the Compensation Committee a thirty (30) day period after the delivery of such statement to cure the basis for such belief and (iv) Executive actually submits Executive’s written resignation to the Compensation Committee during the sixty (60) day period which begins immediately after the end of such thirty (30) day period if Executive reasonably and in good faith determines that Good Reason continues to exist after the end of such thirty (30) day period, or 

(2)    SunTrust states in writing to Executive that Executive has the right to treat such act or omission as Good Reason under this Agreement and Executive resigns during the sixty (60) day period which starts on the date such statement is actually delivered to Executive;

(f)    If (1) Executive gives the Compensation Committee the statement described in § 1.11(e)(1) before the end of the thirty (30) day period which immediately follows the end of the Protection Period and Executive thereafter resigns within the period described in § 1.11(e)(1), or (2) SunTrust provides the statement to Executive described in § 1.11(e)(2) before the end of the thirty (30) day period which immediately follows the end of the Protection Period and Executive thereafter resigns within the period described in § 1.11(e)(2); then (3) such resignation shall be treated under this Agreement as if made in Executive’s Protection Period; and

(g)    If Executive consents in writing to any reduction described in § 1.11(a) or § 1.11(b), to any transfer described in § 1.11(c) or to any failure described in § 1.11(d) in lieu of exercising Executive’s right to resign for Good Reason and delivers such consent to SunTrust, the date such consent is delivered to SunTrust thereafter shall be treated under this definition as the date of a Change in Control for purposes of determining whether Executive subsequently has Good Reason under this Agreement to resign under § § 3.1 or § 3.6 as a result of any subsequent reduction described in § 1.11(a) or § 1.11(b), any subsequent transfer described in § 1.11(c) or any subsequent failure described in § 1.11(d).

1.12    Key Employee.  The term “Key Employee” for purposes of this Agreement shall mean an employee treated as a “specified employee” (as defined under Code Section 409A(a)(2)(B)(i)) of SunTrust or its affiliates (any member of its controlled group, as determined under Code Section 414(b), (c), or (m)) as of his or her Separation from Service if SunTrust or any affiliate’s common stock is publicly traded on an established securities market or otherwise (i.e., a key employee (as defined in Code Section 416(i) without regard to paragraph (5) thereof)).  Key Employees shall be determined in accordance with Code Section 409A using a December 31 identification date.  A listing of Key Employees as of an identification date shall be effective for the 12-month period beginning on the April 1 following the identification date.

1.13    Key Employee Delay.  The term “Key Employee Delay” for purposes of this Agreement shall mean the period of delay set forth in § 3.1.

1.14    MIP.  The term “MIP” for purposes of this Agreement shall mean the SunTrust Banks, Inc. Management 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 Executive is eligible to participate and which provides an opportunity for a short-term bonus for Executive which is comparable to the opportunity which Executive had under such plan before such Change in Control or, if Executive reasonably determines that there is no such plan in which Executive is eligible to participate but SunTrust or a parent corporation maintains a short term bonus plan for the benefit of senior executives which provides for such an opportunity, such other plan as agreed to by Executive and the Compensation Committee.

1.15    Protection Period.  The term “Protection Period” for purposes of this Agreement shall (subject to § 1.11(f)) mean the two (2) year period which begins on a Change in Control.

1.16    Restricted Period.  The term “Restricted Period” for purposes of this Agreement shall mean the period which starts on the date Executive’s employment by SunTrust or a SunTrust Affiliate terminates under circumstances which require SunTrust to make the payments and provide the benefits described in § 3 and which ends on the earlier of (a)(i) the first anniversary of such termination date for purposes of § 5 and (ii) the second anniversary of such termination date for all other purposes under this Agreement, or (b) on the first date following such a termination on which SunTrust either breaches any obligation to Executive under § 3 or no longer has any obligation to Executive under § 3.

1.17    Separation from Service or Separates from Service.  The term “Separation from Service” or “Separates from Service” for purposes of this Agreement shall mean a “separation from service” within the meaning of Code Section 409A.

1.18    Severance Period.  The term “Severance Period” for purposes of this Agreement shall mean the two (2) year period described in § 3.2.

1.19    SunTrust.  The term “SunTrust” for purposes of this Agreement shall mean SunTrust Banks, Inc. and any successor to SunTrust.

1.20    SunTrust Affiliate.  The term “SunTrust Affiliate” for purposes of this Agreement shall mean any corporation which is a subsidiary corporation (within the meaning of Section 424(f) of the Code) of SunTrust but excluding a corporation which has subsidiary corporation status under Section 424(f) of the Code exclusively as a result of SunTrust or a SunTrust Affiliate holding stock in such corporation as a fiduciary with respect to any trust, estate, conservatorship, guardianship or agency.

1.21    Term.  The term “Term” for purposes of this Agreement shall mean the period described in § 2.2.

1.22    Trade Secret.  The term “Trade Secret” for purposes of this Agreement shall mean information, including, but not limited to, technical or nontechnical data, a formula, a pattern, a compilation, a program, a device, a method, a technique, a drawing, a process, financial data, financial plans, product plans, or a list of actual or potential customers or suppliers that:

(a)    derives economic value, actual or potential, from not being generally known to, and not being readily ascertainable by proper means by, other persons who can obtain economic value from its disclosure or use, and

(b)    is the subject of reasonable efforts by SunTrust or a SunTrust Affiliate to maintain its secrecy. 

§ 2.

Effective Date and Term

2.1    Effective Date.  This Agreement shall be effective on the date of this Agreement as set forth in the signature section of this Agreement (the “Effective Date”).

2.2    Term.  

(a)    Original Term.  The Term of this Agreement shall be the period beginning on the Effective Date and ending (subject to § 2.2(b), § 2.2(c) and § 2.2(d)) on the third anniversary of such date.

(b)    Anniversary Date Extensions.  The Term of this Agreement shall automatically be extended for one additional year effective as of the first anniversary of the Effective Date and extended for one additional year each successive anniversary of the Effective Date thereafter unless either Executive or SunTrust delivers to the other at least 90 days advance written notice before an anniversary date that there will be no such one year extension as of the next anniversary date or any anniversary date thereafter.

(c)    Other Extensions.

(1)    If Executive’s Protection Period starts before the Term of this Agreement (as extended, if applicable, under § 2.2(b)) expires, the Term of this Agreement shall automatically be extended until the expiration of such Protection Period.

(2)    If Executive’s employment terminates during Executive’s Protection Period under the circumstances described in § 3.1, if Executive’s employment terminates under the circumstances described in § 3.6 before the Term of this Agreement (as extended, if applicable, under § 2.2(b)) expires, or if this Agreement is not assigned in accordance with § 10.1, the Term of this Agreement shall automatically be extended until the earlier of (i) the date Executive agrees that all SunTrust’s obligations to Executive under this Agreement have been satisfied in full or (ii) the date a final determination is made pursuant to § 8 that SunTrust has no further obligations to Executive under this Agreement.

(d)    Termination Before Change in Control.  Unless § 3.6 applies, this Agreement automatically terminates upon Executive’s termination of employment before a Change in Control, and no benefits under this Agreement shall be due or payable to Executive as a result of such Executive’s termination from SunTrust or a SunTrust Affiliate.

§ 3.

Compensation and Benefits

3.1    General.  If a Change in Control occurs during the Term of this Agreement and either:  

(a)    SunTrust or a SunTrust Affiliate terminates Executive’s employment without Cause during Executive’s Protection Period; or

(b)    Executive resigns for Good Reason during Executive’s Protection Period; then

(c)    SunTrust shall pay or provide to Executive the payments and benefits described below.

(1)    Cash Payment.  SunTrust shall pay Executive two (2) times Executive’s Current Compensation Package.  The amounts payable under this § 3.1(c)(1) (the “Severance Amount”) shall be paid in cash to Executive in a single lump sum sixty (60) days after Executive’s Separation from Service.  Notwithstanding the foregoing, if Executive is a Key Employee, the Severance Amount shall be paid in a lump sum on the first day of the seventh month following the date on which Executive Separates from Service (or, if earlier, the first day of the month after Executive’s death) (the “Key Employee Delay”).  During the Key Employee Delay, interest shall accrue on the Severance Amount at the “prime rate” as reported by SunTrust Bank or its successor on the date Executive Separates from Service or, if such rate is not reported on such date, such rate as so reported on the last business day before Executive Separates from Service.

(2)    Stock Options.  Notwithstanding the terms of any plan or agreement under which an option was granted, each outstanding stock option granted to Executive by SunTrust shall immediately become fully vested and exercisable on the date Executive’s employment so terminates and Executive shall be deemed to continue to be employed by SunTrust for the period described in § 3.4 for purposes of determining when Executive’s right to exercise each such option expires; provided, however, in no event shall Executive’s right to exercise the option extend beyond the earlier of (i) the latest date upon which the option could have expired by its original terms under any circumstances; or (ii) the tenth (10th) anniversary of the original date of grant.

(3)    Restricted Stock and Restricted Stock Units.  Any restrictions on any outstanding restricted or performance stock grants or restricted or performance stock unit awards, if any, to Executive by SunTrust shall immediately expire and Executive’s right to such stock or stock units shall be non-forfeitable notwithstanding the terms of any plan or agreement under which such grants or awards were made.

(4)    Earned but Unpaid Salary, Bonus and Vacation.  SunTrust shall promptly pay Executive any earned but unpaid base salary and bonus, shall promptly pay Executive for any earned but untaken vacation and shall promptly reimburse Executive for any incurred but unreimbursed expenses which are otherwise reimbursable under SunTrust’s expense reimbursement policy as in effect for senior executives immediately before Executive’s employment so terminates.

(5)    Bonus Award.  Payments under this § 3.1(c)(5) shall reduce any amounts otherwise payable pursuant to the terms of the MIP or FIP, as applicable, at the end of the calendar year in which Executive terminates employment.  Notwithstanding anything herein to the contrary, any portion of the amounts set forth below that have been elected or scheduled to be deferred and credited under the SunTrust Banks, Inc. Deferred Compensation Plan or any other nonqualified plan maintained by SunTrust or a SunTrust Affiliate shall not be paid under this § 3.1(c)(5).

(i)    MIP.  If Executive participates in the MIP, SunTrust shall pay Executive within thirty (30) days after Executive’s employment terminates a portion of Executive’s target bonus or, if greater, Executive’s projected bonus under the MIP for the calendar year in which Executive’s employment terminates, where (a) Executive’s projected bonus shall be no less than the bonus which would have been projected under the projection procedures in effect under the MIP on the date of the Change in Control, and (b) such portion shall be determined by multiplying such target bonus or, if greater, such projected bonus by a fraction, the numerator of which shall be the number of days Executive is employed in such calendar year and the denominator of which shall be the number of days in such calendar year.

(ii)    FIP.  If Executive was not eligible to participate in the MIP, but participates in a FIP, SunTrust shall (subject to the exception to this general rule set forth in § 3.1(c)(5)(iii)) pay Executive within 30 days after Executive’s employment terminates a portion of Executive’s target bonus or, if greater, Executive’s projected bonus under the FIP for the calendar year in which Executive’s employment terminates, where (a) Executive’s projected bonus shall be no less than the bonus which would have been projected under the projection procedures in effect under the FIP on the date of the Change in Control, and (b) such portion shall be determined by multiplying such target bonus or, if greater, such projected bonus by a fraction, the numerator of which shall be the number of days Executive is employed in such calendar year and the denominator of which shall be the number of days in such calendar year.

(iii)    Limitations to FIP.

(A)    No MIP.  If Executive participates in a FIP but not in the MIP, the payment made to Executive under § 3.1(c)(5)(ii) shall not exceed the payment which would have been made to Executive if Executive instead had been a participant in the MIP.  

(B)    Determination Rules.  SunTrust shall determine the payment which would have been made to Executive under § 3.1(c)(5)(i) if Executive had been a participant in the MIP based on the target bonus or, if greater, the projected bonus for a MIP participant, or for a class of such participants, whose duties, responsibilities and compensation match, or most closely match, Executive’s duties, responsibilities and compensation before a Change in Control.

3.2    Continuing Benefit Coverage.  If Executive’s employment terminates under the circumstances described in § 3.1 or § 3.6, SunTrust or a SunTrust Affiliate for the two (2) year period which begins on the date of such termination of Executive’s employment (the “Severance Period”) shall provide to Executive medical, dental and life insurance benefits which are similar in all material respects as those benefits provided under SunTrust’s employee benefit plans, policies and programs to senior executives of SunTrust who have not terminated their employment (collectively, the medical and dental benefits referred to hereinafter as the “Welfare Benefits”).  If SunTrust cannot provide such benefits under SunTrust’s employee benefit plans, policies and programs, SunTrust either shall provide such benefits to Executive outside such plans, policies and programs at no additional expense or shall reimburse Executive for Executive’s cost to purchase such benefits.   Notwithstanding the foregoing, Executive shall be solely responsible for any income tax liability that may arise as a result of Executive receiving benefits under this § 3.2.

To the extent the continuation of the Welfare Benefits under § 3.2 is, or ever becomes, taxable to Executive and to the extent the Welfare Benefits continue beyond the period in which Executive would be entitled (or would, but for this Agreement, be entitled) to continuation coverage under a group health plan of SunTrust under Code Section 4980B (COBRA) if Executive elected such coverage and paid the applicable premiums, SunTrust shall administer such continuation of coverage consistent with the following additional requirements as set forth in Treas. Reg. § 1.409A-3(i)(1)(iv):  

(a)    Executive’s eligibility for Welfare Benefits in one year will not affect Executive’s eligibility for Welfare Benefits in any other year (disregarding any limit on the amount of Welfare Benefits that may be reimbursed during such continuation period);

(b)    Any reimbursement of eligible expenses will be made on or before the last day of the year following the year in which the expense was incurred; and 

(c)    Executive’s right to Welfare Benefits is not subject to liquidation or exchange for another benefit.  

In the event the preceding sentence applies, if Executive’s applicable COBRA period lasts less than six (6) months and Executive is a Key Employee, reimbursement for Welfare Benefits shall commence on the first day after the Key Employee Delay.

3.3    No Interference with Vested Benefits.  If Executive’s employment terminates under the circumstances described in § 3.1 or § 3.6, Executive shall have a right to any benefits under any employee benefit plan, policy or program maintained by SunTrust or any SunTrust Affiliate (other than the MIP or a FIP and the SunTrust Severance Pay Plan) which Executive had a right to receive under the terms of such employee benefit plan, policy or program after a termination of Executive’s employment without regard to this Agreement.

3.4    Additional Age and Service Credit.  If Executive’s employment terminates under the circumstances described in § 3.1 or § 3.6, Executive shall be deemed to have been employed by SunTrust throughout Executive’s Severance Period for purposes of computing Executive’s age and service credit on the date Executive’s employment so terminates under any deferred compensation or welfare plan, policy or program (except a plan described in Section 401 of the Code) maintained by SunTrust or a SunTrust Affiliate in which Executive is a participant and under which Executive’s benefit, or eligibility for a benefit, is based in whole or in part on Executive’s age or service, and Executive shall receive such age and service credit notwithstanding the terms of any such plan, policy or program.

3.5    No Increase in Other Benefits; No Other Severance Pay.  If Executive’s employment terminates under the circumstances described in § 3.1 or § 3.6, Executive waives Executive’s right, if any, to have any payment made under this § 3 taken into account to increase the benefits otherwise payable to, or on behalf of, Executive under any employee benefit plan, policy or program, whether qualified or nonqualified, maintained by SunTrust or a SunTrust Affiliate (e.g., there will be no increase in Executive’s qualified pension benefit or life insurance because of compensation Executive receives under this Agreement) and, further, Executive acknowledges he 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 a SunTrust Affiliate or under any individual severance agreement or employment agreement, subject to the condition that SunTrust not be relieved of any of its obligations to Executive under this § 3 pursuant to § 3.7 or § 3.8.

3.6    Termination in Anticipation of Change in Control.  Executive shall be treated under § 3.1 as if Executive’s employment had been terminated without Cause or Executive had resigned for Good Reason during Executive’s Protection Period if (1)(A) Executive’s employment is terminated by SunTrust or a SunTrust Affiliate without Cause on or after the date the shareholders of SunTrust approve any transaction described in §1.3(iii) or §1.3(iv) but before the Change in Control which results from such approval, or (B) Executive resigns for Good Reason on or after the date the shareholders of SunTrust approve any transaction described in §1.3(iii) or §1.3(iv) but before the Change in Control which results from such approval; (2) such shareholder approval occurs on or after the date this Agreement becomes effective under § 2; and (3) there is a Change in Control which results from such shareholder approval.  Executive shall receive the benefits set forth in § 3.1(c)(1) in a single lump sum following the later of:  (x) Executive’s Separation from Service (with payment in accordance with § 3.1(c)(1)), or (y) 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.

3.7    Death or Disability.  Executive agrees that SunTrust will have no obligations to Executive under this § 3 if Executive’s employment terminates exclusively as a result of Executive’s death or Executive has a Disability Termination.

3.8    Release.  Executive agrees that SunTrust will have no obligations to Executive under this § 3 until Executive executes the form of release which is attached as Exhibit A to this Agreement and, further, will have no further obligations to Executive under this § 3 if Executive revokes such release.

§ 4.

No Solicitation of Customers or Clients

4.1    Restriction.  Executive shall not during the Restricted Period, directly or indirectly, for himself or herself or on behalf of any Business Entity (as defined below) other than SunTrust or a SunTrust Affiliate, solicit or attempt to solicit any Customer for the purpose of marketing, providing, servicing, or selling, any product or service then marketed, provided, serviced, or sold by SunTrust or any SunTrust Affiliate in any line of business in connection with which Executive had Material Contact with such Customer.  Nothing contained in this § 4.1 will prohibit public advertising or public solicitations (such as television advertisements directed to the general public) of Customers, potential customers or clients of SunTrust or any SunTrust Affiliate in general so long as the advertising and solicitations are not specifically directed to Customers, potential customers or clients of SunTrust or any SunTrust Affiliate.  

4.2    Definitions.  For purposes of § 4.1, the following terms shall have the meanings set forth below:

(a)    Business Entity.  The term “Business Entity” shall mean any individual, partnership, association, corporation, trust, limited liability company, unincorporated organization, or any other business entity or enterprise.  

(b)    Customer.  The term “Customer” shall mean any Business Entity to whom SunTrust or any SunTrust Affiliate provides any product or service, and with whom Executive had Material Contact.  

(c)    Material Contact.  The term “Material Contact” shall mean any interaction between Executive and any Business Entity that takes place in an effort to establish, maintain, or further a business relationship on behalf of SunTrust or any SunTrust Affiliate.

§ 5.

Antipirating of Employees

Absent the Compensation Committee’s written consent, Executive will not during the Restricted Period solicit to employ on Executive’s own behalf or on behalf of any other person, firm or corporation, any person who was employed by SunTrust or a SunTrust Affiliate during the term of Executive’s employment by SunTrust or a SunTrust Affiliate (whether or not such employee would commit a breach of contract), and who has not ceased to be employed by SunTrust or a SunTrust Affiliate for a period of at least one (1) year.  Nothing contained in this § 5 will prohibit public advertising or public solicitations (such as want-ads directed to the general public) of any person employed during such period by SunTrust or a SunTrust Affiliate in general so long as the advertising and solicitations are not specifically directed to any employee or former employee of SunTrust or a SunTrust Affiliate.  

§ 6.

Trade Secrets and Confidential Information

Executive hereby agrees that Executive will hold in a fiduciary capacity for the benefit of SunTrust and each SunTrust Affiliate, and will not directly or indirectly use or disclose, any Trade Secret that Executive may have acquired during the term of Executive’s employment by SunTrust or a SunTrust Affiliate for so long as such information remains a Trade Secret.

Executive in addition agrees that during the Restricted Period Executive will hold in a fiduciary capacity for the benefit of SunTrust and each SunTrust Affiliate, and will not directly or indirectly use or disclose, any Confidential or Proprietary Information that Executive may have acquired (whether or not developed or compiled by Executive and whether or not Executive was authorized to have access to such information) during the term of, in the course of, or as a result of Executive’s employment by SunTrust or a SunTrust Affiliate.

§ 7.

Reasonable and Necessary Restrictions and Non-Disparagement

Executive acknowledges that the restrictions, prohibitions and other provisions set forth in this Agreement, including without limitation the Restricted Period, are reasonable, fair and equitable in scope, terms and duration; are necessary to protect the legitimate business interests of SunTrust; and are a material inducement to SunTrust to enter into this Agreement.  Executive covenants that Executive will not challenge the enforceability of this Agreement nor will Executive raise any equitable defense to its enforcement.  Further, Executive and SunTrust each agree not to knowingly make false or materially misleading statements or disparaging comments about the other during the Restricted Period.

§ 8.

Arbitration

Any dispute, controversy or claim arising out of or relating to this Agreement shall be determined by binding arbitration in accordance with Title 9 of the United States Code and the applicable set of arbitration rules of the American Arbitration Association.  Judgment upon any award made in such arbitration may be entered and enforced in any court of competent jurisdiction.  All statutes of limitation which would otherwise be applicable in a judicial action brought by a party shall apply to any arbitration or reference proceeding hereunder.  Neither SunTrust nor Executive shall appeal such award to or seek review, modification, or vacation of such award in any court or regulatory agency.  Unless otherwise agreed, venue for arbitration shall be in Atlanta, Georgia.  All of Executive’s reasonable costs and expenses incurred in connection with such arbitration shall be paid in full by SunTrust promptly on written demand from Executive, including the arbitrators’ fees, administrative fees, travel expenses, out-of-pocket expenses such as copying and telephone, court costs, witness fees and attorneys’ fees; provided, however, SunTrust shall pay no more than $30,000 per year in attorneys’ fees unless a higher figure is awarded in the arbitration, in which event SunTrust shall pay the figure awarded in the arbitration.

Reimbursement of reasonable costs and expenses under this § 8 shall be administered consistent with the following additional requirements as set forth in Treas. Reg. § 1.409A-3(i)(1)(iv):  (1) Executive’s eligibility for benefits in one year will not affect Executive’s eligibility for benefits in any other year; (2) any reimbursement of eligible expenses will be made on or before the last day of the year following the year in which the expense was incurred; and (3) Executive’s right to benefits is not subject to liquidation or exchange for another benefit.  In the event Executive is a Key Employee, reimbursement for benefits under this § 8 shall commence on the first day after the Key Employee Delay.

____________________________        
Executive’s signature    By: SunTrust Banks, Inc.

§ 9.

Limitation on Payments under Certain Circumstances

If SunTrust or SunTrust’s independent accountants determine that any payments and benefits called for under this Agreement, solely because of a Change in Control, together with any other payments and benefits made available to Executive by SunTrust or a SunTrust Affiliate (each, a "Payment") will result in any portion of such Payments being subject to an excise tax under Section 4999 of the Code 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, 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 Executive would be entitled to retain upon receipt of the Reduced Amount.

To the extent a reduction is required under this Article 9, SunTrust shall reduce or eliminate the Payments in accordance with this Article 9 and in a manner consistent with the requirements of Section 409A of the Code.  Any reduction in Payments shall occur first with respect to amounts that are not subject to Section 409A of the Code 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 Executive (excluding any coverage under a health and welfare plan).  If, after the reduction to zero of the amounts described above, further reductions are required under this Article 9, SunTrust shall reduce all Payments subject to Section 409A of the Code on a pro rata basis (but not below zero).  This Article 9 shall take precedence over the provisions of any other plan, arrangement or agreement governing Executive's rights and entitlements to any payments or benefits.

Any determination under this § 9 by SunTrust or SunTrust’s independent accountants shall be made at SunTrust's expense and in accordance with Section 280G of the Code and any applicable related regulations (whether proposed, temporary or final) and any related Internal Revenue Service rulings and any related case law..

§ 10.

Miscellaneous Provisions

10.1    Assignment.  This Agreement is for the personal services of Executive, and the rights and obligations of Executive under this Agreement are not assignable in whole or in part by Executive without the prior written consent of SunTrust.  This Agreement is assignable in whole or in part to any successor to SunTrust.  However, if SunTrust as part of any Change in Control transaction fails to assign SunTrust’s obligations under this Agreement to SunTrust’s successor or such successor fails to expressly agree to such assignment on or before the Change in Control, SunTrust shall provide to Executive the benefits described in § 3 of this Agreement upon his or her Separation from Service at any time.  Such benefits shall be paid or provided in accordance with the terms and requirements set forth in § 3.

10.2    Governing Law.  This Agreement will be governed by and construed under the laws of the State of Georgia (without reference to the choice of law principles thereof), except to the extent superseded by federal law.  

10.3    Counterparts.  This Agreement may be executed in counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument.

10.4    Headings; References.  The headings and captions used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.  Any reference to a section (§) shall be to a section (§) of this Agreement unless there is an express reference to a section (§ or Section) of the Code or the Exchange Act, in which event the reference shall be to the Code or to the Exchange Act, whichever is applicable.

10.5    Amendments and Waivers.  Except as otherwise specified in this Agreement, this Agreement may be amended, and the observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of SunTrust and Executive.

10.6    Severability.  Any provision of this Agreement held to be unenforceable under applicable law will be enforced to the maximum extent possible, and the balance of this Agreement will remain in full force and effect.

10.7    Entire Agreement.  This Agreement constitutes the entire understanding and agreement of SunTrust and Executive with respect to the matters contemplated in this Agreement, and supersedes all prior understandings and agreements between SunTrust and Executive with respect to such transactions.

10.8    Notices.  Any notice required hereunder to be given by either SunTrust or Executive will be in writing and will be deemed effectively given upon personal delivery to the party to be notified or five (5) days after deposit with the United States Post Office by registered or certified mail, postage prepaid, to the other party at the address set forth below or to such other address as either party may from time to time designate by ten (10) days advance written notice pursuant to this § 10.8.  All such written communication will be directed as follows:

If to SunTrust:

SunTrust Banks, Inc.
Attention:  Chief Executive Officer
303 Peachtree St., NE, 30th Floor
Atlanta, GA  30308

If to Executive, to the most recent address Executive has provided to SunTrust for inclusion in Executive’s personnel records.

10.9    Binding Effect.  This Agreement shall be for the benefit of, and shall be binding upon, SunTrust and Executive and their respective heirs, personal representatives, legal representatives, successors and assigns, subject, however, to the provisions in § 10.1 of this Agreement.

10.10    Not an Employment Contract.  This Agreement is not an employment contract and shall not give Executive the right to continue in employment by SunTrust or a SunTrust Affiliate for any period of time or from time to time.  Moreover, this Agreement shall not adversely affect the right of SunTrust or a SunTrust Affiliate to terminate Executive’s employment with or without cause at any time.

IN WITNESS WHEREOF, SunTrust and Executive have entered into this Agreement this ___ day of ____________, 2011, and such date shall be the Effective Date of this Agreement.

SUNTRUST BANKS, INC.            EXECUTIVE

By:                
                       

Title:    
Exhibit A

[Insert form of Release Agreement]STI-12.31.11-Ex10.22

Exhibit 10.22

AMENDMENT NUMBER ONE TO THE  
SUNTRUST BANKS, INC. 401(K) PLAN 
AS AMENDED AND RESTATED EFFECTIVE AS OF JANUARY 1, 2010

The SunTrust Banks, Inc. 401(k) Plan, as amended and restated effective January 1, 2010, is amended as provided below:

		
	1.
	The Introduction to the Plan is amended by adding the following paragraph prior to the second to last paragraph, effective as of January 1, 2012:

Effective January 1, 2012, the Plan is amended to permit the Employer to make discretionary contributions to the Plan to be determined annually and to increase Employer matching contributions to 100% of the first 6% of compensation deferred.

		
	2.
	Section 1.1, Accounts, is amended to add the following:

		
	(4)
	Discretionary Contribution Account means the Account to record Employer Discretionary Contributions allocated to a Participant under Section 3.2.

		
	3.
	A new Section 1.7A is added to read as follows, effective as of July 1, 2011:

		
	1.7A
	Benefits Committee means the Benefits Plan Committee, a non-Board management committee which serves as the Plan Administrator.  The membership and responsibilities of the Benefits Committee are described by Article 9.

		
	4.
	Section 1.8 is amended to read as follows, effective as of July 1, 2011:

		
	1.8
	Board     means the Board of Directors of the Company, or where applicable, the Executive Committee of the Board, as constituted from time to time.

		
	5.
	Section 1.11 is amended to read as follows, effective as of July 1, 2011:

		
	1.11
	Committee or Committees     means for purposes of Articles 8 and 9 the Benefits Committee or Finance Committee or both, as indicated by the context.  Otherwise, except as further amended herein, any reference to the Committee means the Benefits Committee. 

		
	6.
	A new Subsection 1.14(b) is added to read as follows:

		
	(b)
	Employer Discretionary Contributions means contributions, in addition to Matching Contributions, that may be made by the Employers in such amount and for such classification of Employees as the Company shall determine, in its sole discretion, for the Plan Year. Employer Discretionary Contributions, if any, shall be delivered to the Trustee for deposit in the Trust Fund not later than the time prescribed by federal law (including extensions) for filing the federal income tax return of the Employer for the taxable year in which the Plan Year ends.  For each Participant whose Employment Date is prior to January 1, 2011, Employer Discretionary Contributions are 100% vested when made.  For each Participant whose Employment Date is after December 31, 2010, Employer Discretionary Contributions are 100% vested after he/she completes two Years of Vesting Service, becomes Disabled or dies.

		
	7.
	A new Section 1.35A is added to read as follows, effective as of July 1, 2011:

		
	1.35A
	Fiduciary means any person who is a fiduciary within the meaning of Section 3(21) of ERISA and regulations issued thereunder from time to time.

		
	8.
	A new Section 1.35B is added to read as follows, effective as of July 1, 2011:

		
	1.35B
	Finance Committee means the Benefits Finance Committee, a non-Board management committee which serves as the named fiduciary responsible for financial decisions of the Plan.  The membership and responsibilities of the Finance Committee are described by Article 9.

		
	9.
	Section 1.43, Named Fiduciary, is deleted effective as of July 1, 2011.

		
	10.
	Section 1.50 is amended to read as follows, effective as of July 1, 2011:

1.50    Plan Administrator     means the Benefits Committee.

		
	11.
	Section 1.68 is amended to read as follows, effective as of July 1, 2011:

		
	1.68
	Trust (or Trust Fund)     means the assets of the Plan maintained under the Trust Agreement.

		
	12.
	A new Section 1.68A is added to read as follows, effective as of July 1, 2011:

		
	1.68A
	Trust Agreement means the trust agreement(s) made with respect to the assets of the Plan with the Trustee, as such may be amended from time to time, and which shall constitute a part of this Plan.

		
	13.
	Section 1.69 is amended to read as follows, effective as of July 1, 2011:

		
	1.69
	Trustee     means the corporation(s), individual(s) or other entity(ies) appointed to administer the Trust, as provided in Article 9.

		
	14.
	Section 2.1(a) Automatic Enrollment is renumbered Section 2.1(a)(i) and a new Section 2.1(a)(ii) is added to read as follows:

		
	(ii)
	Employer Discretionary Contributions.  Each Employee shall be eligible to participate in the Plan with respect to Employer Discretionary Contributions as of the first day of the second calendar month after his/her Employment Date.

		
	15.
	The last sentence of Section 2.2(a) is amended to read: “He/she will continue to be vested in new allocations of Matching Contributions and Employer Discretionary Contributions.”

		
	16.
	The last sentence of Section 2.2(b) is amended to read: “The Plan will reinstate his/her previous Vesting Service unless he/she has incurred a Five-Year Break, and will make a deemed repayment of the deemed distribution of his/her non-vested Matching Account and Employer Discretionary Contributions balance  under Section 3.2.” 

		
	17.
	Section 3.2 is amended to read as follows:

		
	A.
	Subsection 3.2(a) is hereby deleted and replaced with the following:

		
	3.2
	Employer Contributions.  

		
	(a)
	Matching Contribution. For each payroll period, the Employers will contribute a combination of cash, and/or Employer Stock to be used to purchase Employer Stock, and/or will release Employer Stock from the Suspense Account under Subsection 3.4(f), as the Company determines necessary to align each required Employer Contribution with the Participants’ investment elections then in effect. If a Contribution is made in shares of Employer Stock, the shares will have a Fair Market Value equal to the amount that would be contributed if cash had been used.

		
	(1)
	Amount.  Effective January 1, 2012, the Employers will make a safe harbor Matching Contribution in an amount equal to 100% of the amount of each Participant’s Elective Deferrals and/or Roth Contributions up to 6% of his/her Compensation for each payroll period during each Plan Year.  The Plan allocates Matching Contributions to Matching Accounts as soon as practicable after the end of each payroll period for which they are made.  The Employers do not make Matching Contributions for Rollover Contributions or Catch-up Contributions except as set forth in Subsection 3.1(d)(6).

		
	(2)
	True-Up Contributions.  As soon as practicable after the end of a calendar quarter, or after the end of the Plan Year, the Employers make True-Up Matching Contributions for each Participant whose deferral pattern during the Plan Year caused him/her to receive allocations of Matching Contributions in an amount less than the maximum amount permitted under the terms of the Plan.

		
	B.
	A new Subsection 3.2(b) is added to read as follows:

		
	(b)
	Employer Discretionary Contributions.  The Employers may elect for any Plan Year to make an Employer Discretionary Contribution. The Employer Discretionary Contribution for a Plan Year shall be allocated to eligible Employees (as defined in Subsection 2.1(a)(i)) or to such classification of eligible Employees as the Employers shall determine, who-- 

		
	(1)
	are Employees on the last day of the Plan Year; or 

		
	(2)
	who cease to be Employees during the Plan Year by reason of (i) death (ii) termination of Employment because of a reduction in force (i.e., they received severance pay from their Employers pursuant to the SunTrust Banks, Inc. Severance Pay Plan), (iii) termination of Employment after attainment of the Normal Retirement Age (age 65 for this purpose), or (iv) due to a Disability incurred during the Plan Year.

The Plan allocates Employer Discretionary Contribution as a uniform percentage of the eligible Employee’s Compensation and will be credited to the eligible Employee’s Discretionary Contribution Account.

		
	C.
	A new Subsection 3.2(c) is added to read as follows:

		
	(c)
	Special One-Time Employer Discretionary Contribution.  The Employers will make a one-time special Employer Discretionary Contribution for the Plan Year ending December 31, 2011 in an amount equal to 5% of Compensation on behalf of eligible Employees who (1) have completed twenty (20) years of Vesting Service (or Benefit Service as defined in the SunTrust Banks, Inc. Retirement Plan) or (2) have completed ten (10) years of Vesting Service (or Benefit Service as defined in the SunTrust Banks, Inc. Retirement Plan) and satisfy the “Rule of 60” (the sum of age and service equals or exceeds 60) as of December 31, 2011.  Each such eligible Employee must be an Employee on December 30, 2011 or must have ceased being an Employee on account of one of the reasons set forth in Subsection 

3.2(b)(2) above.
  
		
	D.
	Subsection 3.2(a)(3) is renumbered 3.2(d) and amended to read as follows:

		
	(d)
	Investment of Matching and Employer Discretionary Contributions.  

		
	(1)
	Matching Contributions.  Effective January 1, 2009, Matching Contributions are invested according to each Participant’s investment election in effect for his/her Employee Contributions on the allocation date, unless he/she makes a separate election to have any Matching Contributions invested in one or more other available investment options.  Effective January 1, 2009, the Matching Contribution portion of each loan repayment is invested according to the Participant’s election in effect for his/her Matching Contributions at the time when each repayment is made.  For a Participant who does not have an investment election in effect, the Plan will invest his/her Matching Contributions in a QDIA fund. 

		
	(2)
	Employer Discretionary Contributions.  Employer Discretionary Contributions, if any, will be invested according to each Participants’ investment election in effect for his/her Matching Contributions (whether it is the election in effect for his/her Employee Contributions if he/she made a separate election with respect to his/her Matching Contributions).  If an eligible Employee is credited with an Employer Discretionary Contribution but does not otherwise have an Account under the Plan, the eligible Employee may make an election to have any Employer Discretionary Contributions invested in one or more available investment options. For an eligible Employee who does not have an investment election in effect, the Plan will invest his/her Employer Discretionary Contributions in a QDIA fund. 

		
	E.
	Subsection 3.2(b) is renumbered 3.2(e) and is amended to read as follows:

		
	(e)
	Vesting and Forfeitures.  Employer Contributions and all earnings allocated to Employer Contribution Accounts are 100% vested when made for the period January 1, 1997 through December 31, 2010.  Each Employee whose Employment Date is after December 31, 2010, or who resumes Employment after that date and is not previously vested, will be 100% vested in his/her Matching Account balance or his/her Discretionary Contribution Account balance on the earlier of the date he/she has completed two Years of Vesting Service regardless of his/her age or has incurred a Disability, or on his/her date of death.  If a Participant terminates Employment before he/she is vested in his/her Matching Account balance or his/her Discretionary Contribution Account balance, the Plan will make a deemed distribution of such balances as of the Termination Date, and will permanently forfeit the balance as of the date he/she incurs a Five-Year Break.  If such Participant resumes Employment  before incurring a Five-Year Break, the Plan will make a deemed repayment as of the date he/she resumes Employment.  The Plan will use forfeitures to pay the Plan’s administrative expenses and/or as part of Employer Matching Contributions or Employer Discretionary Contributions, in the same or next following Plan Year(s).  Regardless of whether a Participant is vested in his/her Matching Account or Discretionary Contribution Account, he/she is always 100% vested in the dividends paid on the Share Units held in his/her Accounts. 

		
	F.
	Subsection 3.2(c) is renumbered 3.2(f) and is amended to read as follows:

		
	(f)
	Make-Up Contributions After Qualified Military Leave.  The Employers will make special Matching Contributions for each of their Participants who returns to Employment from unpaid Qualified Military Leave and contributes the make-up Employee Contributions described in Section 3.1.  The Employers will make a special Employer Discretionary 

Contribution for each eligible Employee who returns to Employment from unpaid Qualified Military Leave for any Plan Year the Employers made an Employer Discretionary Contribution while such eligible Employee was on unpaid Qualified Military Leave.  The Compensation used to determine the Employer Discretionary Contribution will be calculated in the same manner as set forth in Section 3.1(e).  Each Matching Contribution relates to the Plan Year for which the make-up Employee Contribution is made and each Employer Discretionary Contribution relates to the Plan Year the Employer Discretionary Contribution was originally made and are subject to the percentage-of-Compensation limit and Code Sections 402(g) and 415 limits in effect for that Plan Year.  The Committee will not allocate investment earnings to the make-up Contribution for the period of leave.

		
	G.
	Subsections 3.2(d), 3.2(e) and 3.2(f) are renumbered 3.2(g), 3.2(h) and 3.2(i).

		
	18.
	Effective July 1, 2011, references to the “Committee in Section 3.4, Acquisition Loans shall refer to the Finance Committee. 

		
	19.
	Subsection 4.2(a) is amended effective July 1, 2011 to read as follows:

		
	(a)
	Investment Funds.  From time to time, the Finance Committee will direct the Trustee to make available one or more funds for the investment of Account balances as elected by each Participant or beneficiary.  The Finance Committee will timely describe the investment funds that are available from time to time, in written notices to Participants and beneficiaries.  The investment funds selected by the Finance Committee are in addition to the Employer Stock Fund, which the Plan sponsor has established as an integral ESOP feature of the Plan design.

		
	20.
	Subsection 5.1(c) is amended to add the following to the end thereof:

“Participants cannot withdraw any Employer Contributions unless such contributions are 100% vested in accordance with Subsection 3.2(e).”

		
	21.
	Subsection 5.3(c) is amended to read as follows:

		
	(c)
	Order of Account Liquidation.  Unless the Committee determines that a different order is appropriate, the Trustee acquires the cash proceeds to make each loan by liquidating the Participant's Accounts in the following order, to the extent applicable for him: (1) Rollover Account; (2) Matching Account; (3) Non-Matching Account; (4) Merged (Prior Employer) Account; (5) Before-Tax Account; (6) After-Tax Account; (7) Roth Account; and (8) Discretionary Contribution Account.  Unless the Committee determines that a different method is appropriate, the Plan subtracts the proceeds of each loan pro rata from the investment funds in which the Account balances are invested.

		
	22.
	Section 7.3 is hereby amended to read as follows:

		
	7.3
	Top-Heavy Rules.  Effective January 1, 2012, the provisions of this Section 7.3 shall be applicable only if the Plan becomes “top-heavy” as defined below for any Plan Year. If the Plan becomes “top-heavy” for a Plan Year, the provisions of this Section 7.3 shall apply to the Plan effective as of the first day of such Plan Year and shall continue to apply to the Plan until the Plan ceases to be “top-heavy” or until the Plan is terminated or otherwise amended.

		
	(a)
	Applicable Definitions.  For purposes of this Section, the following terms have the meanings set forth below.

		
	(1)
	Aggregation Group.  The Required Aggregation Group includes each qualified plan maintained in the Controlled Group in which a Key Employee is a participant, and each other plan that enables any plan with Key Employee participants to meet the requirements of Code Section 401(a)(4) or 410, which plans are required to be aggregated for purposes of determining top-heavy status.  The Permissive Aggregation Group includes the qualified plans of the Controlled Group that are required to be aggregated, plus such plans that are not part of the Required Aggregation Group but that satisfy the requirements of Code Sections 401(a)(4) and 410 when considered together with the Required Aggregation Group.

		
	(2)
	Cumulative Account Balances means the Cumulative Account Balance of each Participant as of any Determination Date, which includes his: (A) Employer Contribution Account balance as of the most recent Valuation Date, adjusted by allocations of his/her proportionate share of Employer Contributions actually made and allocations of investment gains or losses made or due to be made under Section 4.1 of the main text of the Plan as of the Determination Date; (B) Employee Contribution Account balances as of the most recent Valuation Date, adjusted by allocations of investment gains or losses made or due to be made under Section 4.1 as of the Determination Date; and (C) distributions made during the one-year period ending on the Determination Date because of termination, death or Disability and any in-service withdrawals made during the five-year period ending on the Determination Date, but excluding distributions made to or on behalf of any Participant who has not performed service for an Employer during the one-year period ending on the Determination Date, and excluding distributions rolled over to qualified plans maintained by Controlled Group members that are reflected in Account balances.  

		
	(3)
	Determination Date means, for each Plan Year, the last day of the preceding Plan Year.

		
	(4)
	Key Employee means any Employee or former Employee (including any deceased employee) who at any time during the Plan Year that includes the Determination Date was an officer of an Employer having annual Compensation greater than $130,000 (as adjusted under Code Section 416(i)(1) for Plan Years beginning after December 31, 2002), a 5-percent owner of an Employer, or a 1-percent owner of an Employer having annual Compensation greater than $150,000.  No more than the lesser of 50 Employees or 10 percent of all Employees (at least 3) are treated as officers.

		
	(5)
	Non‐Key Employee means an Employee who is not a Key Employee.

		
	(6)
	Top-Heavy Plan Year means a Plan Year when the Plan is top-heavy.   

		
	(b)
	Determination of Top-Heavy Status.  The Plan will be treated as top‐heavy for the tested Plan Year if either: (1) the sum of the Cumulative Account Balances of Participants who are Key Employees exceeds 60 percent of the sum of the Cumulative Account Balances of all Participants; or (2) the Plan is part of a Required Aggregation Group in which more than 60 percent of the sum of (A) aggregated Cumulative Account Balances, and (B) present values of accrued benefits under defined benefit plans, have been accumulated in favor of Key Employees (including distributions under any Employer-sponsored plan during the 1-year period ending on the determination date, or during the past 5-year period for any in-service withdrawals).  The Plan will not be considered a top-heavy plan with respect to any Plan Year in which the Plan is part of a Required or Permissive Aggregation Group that is not top-heavy.

		
	(c)
	Minimum Benefit During Top-Heavy Plan Years.  Each Participant who is a Non-Key Employee in a Top-Heavy Plan Year and who also participates in a defined benefit plan maintained by a Controlled Group member, will receive the minimum benefit under the defined benefit plan 

required under Code Section 416(c)(1).  Each Non-Key Employee Participant who does not participate in a defined benefit plan, and who has not terminated Employment as of the last day of the Plan Year, will receive an allocation of Employer Contributions in an amount not less than the lesser of (A) 3 percent of his/her taxable Form W-2 Compensation, or (B) the Compensation percentage of the Key Employee whose percentage is the highest of all Participants for the Plan Year, which percentage is calculated by including both Employer Contributions (other than Safe Harbor Contributions) and Employee Contributions.  The Company will make the required Employer Contribution for each eligible Non-Key Employee Participant whether or not he/she has made any Employee Contributions for the Plan Year, and regardless of his/her level of Form W-2 Compensation for the Plan Year.

		
	(d)
	History of Top-Heavy Rules.  The Plan was a safe harbor plan that accepted only Employee Contributions that meet the safe harbor requirements of Code Sections 401(k)(12) and 401(k)(13) and Matching Contributions that meet the safe harbor requirements of Code Sections 401(m)(11) and 401(m)(13) from January 1, 2002 through December 31, 2011 and the Plan is deemed to be in compliance with the Code Section 416 top-heavy rules effective January 1, 2002.  The Committee has determined that the Plan was not top-heavy for any Plan Year before 2002.  The Top-Heavy rules that applied before the Plan became safe harbor in the 2002 Plan Year, which have been revised to comply with the Economic Growth and Tax Reform and Reconciliation Act of 2001 are set forth in Addendum A.

		
	23.
	Article 8 is revised to read as follows, effective as of July 1, 2011:

Amendment, Termination and Merger

		
	8.1
	Amendment.

		
	(a)
	Procedure.  The Company may amend the Plan from time to time.  In addition, the Plan may be amended as follows:

		
	(1)
	The Compensation Committee of the Board may amend or terminate the Plan or any portion of the Plan at any time.

		
	(2)
	The Benefits Committee may amend the Plan, at any time except that the benefits Committee may not adopt any amendment that significantly impacts the Plan's liabilities, or terminates the Plan or any portion of the Plan, without the consent of the Compensation Committee.  

		
	(3)
	All amendments made by the Company, the Compensation Committee or the Benefits Committee are binding on all Employers.

		
	(4)
	The Company, the Compensation Committee, and the Benefits Committee may delegate the right to make amendments to each other and to appropriate officers of the Company.

		
	(b)
	Prohibited Amendments.  Except as may be permissible under applicable law, no amendment will have the effect of any of the following:

		
	(1)
	Exclusive Benefit.  No amendment will permit any part of the Trust Fund to be used for purposes other than the exclusive benefit of Participants and beneficiaries and the payment of reasonable administrative expenses.

		
	(2)
	Nonreversion.  No amendment will cause any portion of the Trust Fund to be 

returned to any Employer, except as provided in Article 4 and Subsection 8.2(d).

		
	(3)
	Account Balances.  No amendment will eliminate or reduce any Participant’s Account balances determined as of the effective date of the amendment.

		
	(4)
	Effect on Trustee.  No amendment will materially increase the duties or responsibilities of the Trustee without its written consent.  

		
	(5)
	Amendment of Vesting Schedule.  Any amendment to the vesting schedule is subject to Code Sections 411(a)(10) and 411(d)(6) and applicable regulations.  

		
	(6)
	Retroactive Amendments.  Subject to the foregoing limitations, any amendment may be made retroactively which, in the judgment of the Committee is necessary or advisable, provided that such retroactive amendment does not deprive a Participant without his/her consent, of the right to receive benefits due under this Plan that have already vested and matured in such Participant, except as such modification or amendment may be permitted under applicable law.

		
	(c)
	Limited to Active Participants.  Except as specifically stated in the amendment, no amendment that improves benefits will apply to any Employee whose Termination Date occurred before the effective date of the amendment.

		
	(d)
	Administrative Changes Without Plan Amendment.  The Benefits Committee is authorized to make administrative changes to this Plan document that do not alter either the minimum qualification requirements or the Plan’s funding and expense provisions, without formal amendment to the Plan.  The Benefits Committee may implement such changes by substituting pages in the Plan document with corrected pages.  Administrative changes include, but are not limited to, corrections of typographical errors and similar errors, conforming provisions for administrative procedures to actual practice and changes in practice, and deleting or correcting language that fails to accurately reflect the intended provision of the Plan.

		
	8.2
	Termination of the Plan.

		
	(a)
	Right to Terminate.  The Company expects this Plan to be continued indefinitely but necessarily reserves the right, through action of the Board or the Compensation Committee, to terminate the Plan or any portion of the Plan at any time, and all contributions attributed to the terminated portion, and to terminate the participation of any Employer at any time.  The Benefits Committee has sole and complete discretionary authority to determine when a partial termination of the Plan has occurred.

		
	(b)
	Full Vesting.  In the event of termination or partial termination of the Plan, the Account Balance of each affected Participant, to the extent funded, will become fully vested as of the termination date.  For purposes of accelerated vesting, affected Participants will include only those who are in active Employment as of the Plan termination date.  All non-vested Participants who terminated Employment before the Plan termination date and have incurred a One-Year Break will be considered to have received constructive (zero) cash-outs of their Matching Account balances.

		
	(c)
	Provision for Benefits Upon Plan Termination.  If the Plan terminates, the Finance Committee, after coordinating with the Benefits Committee,   may, in its discretion, either (1) continue the Trust for so long as it considers advisable and so long as permitted by law, 

either through the existing Trust Agreement(s), or through successor funding media; or (2) terminate the Trust, and in that event, the Benefits Committee shall pay all expenses, and direct the payment of Account balances in the form of a lump-sum. Payment of benefits upon plan termination must comply with  Subsection 6.1(e)

		
	(d)
	Surplus Reversion.  Any assets that remain after all benefits under the Plan have been allocated will be returned to the Company and/or the affected Employer(s), to the extent permitted by applicable law.

		
	8.3
	Merger, Consolidation, Transfer.  In the event of any merger or consolidation of the Plan with any other plan, or the transfer of assets or liabilities by the Plan to another plan, each Participant will be entitled to receive a benefit immediately after the merger, consolidation or transfer, if the Plan then terminated, which is equal to or greater than the benefit he/she would have been entitled to receive immediately before the merger, consolidation, or transfer if the Plan had then terminated.

		
	24.
	Article 9 is revised to read as follows, effective as of July 1, 2011:

ARTICLE 9
Administration

		
	9.1
	Allocation of Responsibilities    .  The Company and Employers, the Benefits Committee, the Finance Committee and other Fiduciaries of the Plan, have the powers and duties described below.  

		
	(a)
	Company.  The Company may amend the Plan in accordance with Section 8.1, including terminating the Plan in whole or in part.  The Company and each other Employer is responsible for making  Contributions to the Plan in accordance with the terms of the Plan.   

		
	(b)
	Compensation Committee.  The Compensation Committee may amend the Plan in accordance with Section 8.1, including terminating the Plan in whole or in part.  

		
	(c)
	Benefits Committee.  The Benefits Committee serves as the Plan Administrator and has primary responsibility for the operation and administration of the Plan.  In addition, the Benefits Committee may amend the Plan in accordance with Section 8.1. Without limiting the foregoing, the Benefits Committee has the following powers and duties:

		
	(1)
	Rules.  The Benefits Committee may from time to time in its sole discretion adopt rules, regulations and procedures necessary or helpful for the administration of the Plan and the performance of the Benefits Committee's duties under the Plan.

		
	(2)
	Rights to Benefits.  The Benefits Committee has sole and complete discretionary authority to determine the eligibility of any individual to participate in the Plan, the right of any Participant or beneficiary to receive benefits, and the amount of benefits to which any Participant or beneficiary may be entitled under the Plan, and to implement the claims procedure described in this Article 9.

		
	(3)
	Payments.  The Benefits Committee will direct the payment of Account balances  from the Trust, or may appoint a disbursing agent, and will specify the payee, the amount and the conditions of each payment.  The Benefits Committee will also comply (or transfer responsibility to the Trustee or other payee) with all applicable Federal and state income tax withholding requirements for distribution payments.

		
	(4)
	Construction.  The Benefits Committee has full discretion to, through itself or through its delegates, construe the terms of the Plan and to resolve ambiguities and omissions that may arise in the operation or administration of the Plan (including without limitation the resolution of any questions of fact, interpretation or application), to make equitable adjustments for any mistakes or errors made in the operation or administration of the Plan, and to make final decisions on all questions and disputes arising under the Plan.  In all cases, the decision of the Benefits Committee is final and binding on all parties.

		
	(5)
	Disclosure.  The Benefits Committee will prepare and distribute to the Employees plan summaries, notices, statements and other information about the Plan in such manner as it deems proper and in compliance with applicable law.

		
	(6)
	Employee Data.  The Benefits Committee will request from the Employers complete information regarding the Compensation and Employment data for each Participant and other facts as it considers necessary from time to time, and is entitled to treat Employer records as conclusive with respect to such information.

		
	(7)
	Individual Accounts.  The Benefits Committee or its agent will maintain individual Accounts for each Participant, and will allocate Contributions, expenses, investment earnings/losses, withdrawals and distributions, to the proper Accounts.

		
	(8)
	Elections and Applications.  The recordkeeper or the Benefits Committee will provide electronic and/or paper forms for use by Participants in making contribution and investment elections, in-service withdrawals and loans, and applying for benefits.

		
	(9)
	Safe Harbor Compliance.  The Benefits Committee will monitor the Plan’s compliance with the applicable safe harbor requirements set forth in Code Sections 401(k)(12) and/or 401(k)(13) and 401(m)(11) and/or 401(m)(12) throughout each Plan Year, and will take any action it considers necessary or appropriate to comply with such requirements, so long as the Company intends to retain safe harbor status.  For any Plan Year when the Plan is required to perform the ADP and ACP nondiscrimination tests, the Benefits Committee will monitor compliance.

		
	(10)
	Reporting.  The Benefits Committee will cause to be filed all reports required under ERISA, the Code and any other applicable federal law.

		
	(11)
	Collection of Contributions.  The Benefits Committee is responsible for monitoring whether contributions due and owing to the Plan are timely transmitted to the Trust and for collecting or directing the Trustee with respect to the collection of any contributions that are not timely transmitted within a reasonable time in accordance with applicable law.  For avoidance of doubt, the Benefits Committee's responsibility hereunder relates solely to the collection of contributions from Employers only after a legally enforceable obligation to make the contribution arises under applicable law.     

		
	(12)
	Correction of Defects.  The Benefits Committee will take reasonable steps to ensure that the Plan document is in compliance with all applicable laws as in effect from time to time, and to ensure that the Plan is administered as written.  If the Benefits Committee discovers a material defect in the Plan's operation or 

administration, it will take reasonable steps to correct the defect as promptly as practicable and in compliance with Section 4.1(f).  

		
	(d)
	Finance Committee.  The Finance Committee serves as the named fiduciary responsible for managing the funding, cost, and financial aspects of the Plan, including the investment of Plan assets.  Without limiting the foregoing, the Finance Committee has the following powers and duties:

		
	(1)
	Trustee.  The Finance Committee may from time to time discharge the Trustee and appoint one or more successor Trustees and enter into trust agreement(s) with such Trustee or Trustees.  The Finance Committee is the Plan's named fiduciary for purposes of directing the Trustee with respect to all matters pertaining to the investment of the assets of the Plan. 

   
		
	(2)
	Investment Policy.  The Finance Committee will establish, maintain and periodically review an investment policy for the Trust.  

		
	(3)
	Investment Managers.  The Finance Committee may from time to time and at any time, appoint, approve the appointment of, remove, and/or replace, one or more investment managers to manage the assets of the Trust.

		
	(4)
	Financial Statements.  The Finance Committee will annually report the Plan's financial results to the Compensation Committee.  

		
	(5)
	Financial Audit.  The Finance Committee will engage on behalf of the Plan an independent qualified public accountant to examine the financial statements and other records of the Plan for the purposes of an annual audit and opinion as to whether the financial statements and schedules in the Plan’s annual report are presented fairly in conformity with generally accepted accounting principles, unless such audit is otherwise not required.  

		
	(e)
	Trustee.  The Trustee shall have the duties and responsibilities described in the Trust Agreement.  The Committees shall give to the Trustee any order, direction, consent or advice required under the terms of the Trust Agreement, and the Trustee shall be entitled to rely on any instrument delivered to it and signed by the secretary or any authorized member of the Committees as evidencing the action of the Committees.

		
	(f)
	Named Fiduciaries and Other Fiduciaries.  The Benefits Committee, Finance Committee and the Trustee are named fiduciaries of the Plan.  Other Fiduciaries of the Plan include investment managers and advisers appointed by the Finance Committee and such other persons or individuals to whom fiduciary responsibilities may be delegated pursuant to procedures described by this Article 9.  The powers and duties of each Fiduciary hereunder, whether or not a named fiduciary, shall be limited to those specifically allocated or delegated to each of them under the terms of the Plan and Trust Agreement.  It is expressly recognized that a Fiduciary may have certain powers and duties in a capacity other than as a Fiduciary and that these powers and duties are not fiduciary in nature and are not subject to the rules of fiduciary conduct under ERISA.

		
	9.2
	Committee Organization and Operation.   

		
	(a)
	Composition of Benefits Committee.  The Benefits Committee shall be composed of at least three members, one of whom will be the Chairman.  The Chairman of the Benefits 

Committee will be the Company's Chief Human Resources Officer; provided that, if there is no Chief Human Resources Officer or if the Company’s Chief Human Resources Officer is unwilling to serve, the Company's Chief Financial Officer will appoint an acting Benefits Committee Chairman (who may be the Chief Financial Officer).  The Benefits Committee Chairman appoints the other members of the Committee and may from time to time remove a member and appoint one or more new members.  Any member may resign by delivering his/her written resignation to the Benefits Committee Chairman.

		
	(b)
	Composition of Finance Committee.  The Finance Committee shall be composed of at least three members, one of whom will be the Chairman.  The Chairman of the Finance Committee will be the Company's Chief Financial Officer; provided that, if there is no Chief Financial Officer or if the Chief Financial Officer is unable or unwilling to serve, the Company’s Chief Human Resources Officer will appoint an acting Finance Committee Chairman (who may be the Chief Human Resources Officer).  The Finance Committee Chairman appoints the other members of the Committee and may from time to time remove a member and appoint one or more new members.  Any member may resign by delivering his/her written resignation to the Finance Committee Chairman.

		
	(c)
	Committee Procedures.  Each Committee may, from time to time, adopt and amend rules and procedures governing its actions, including without limitation, rules and procedures governing meetings, voting and other actions.

		
	(d)
	Additional Powers of the Committees.  Each Committee shall have all powers necessary to enable it to properly perform the duties allocated to it under this Plan and the Trust Agreement.  Each Committee has sole and complete discretionary authority in the exercise of all its powers and duties as to invoke the arbitrary-and-capricious standard of review as opposed to the de novo standard.

		
	(e)
	Delegation of Duties.  From time to time, either Committee may delegate or allocate, by a written instrument filed in its records, all or any part of its duties under the Plan or the Trust Agreement to one or more of its members (including a subcommittee), to employees of an Employer and to other agents as may be deemed advisable.  The Committee may revoke such allocation or delegation of responsibilities in the same manner.  In the exercise of such allocated or delegated responsibilities, any action of the person(s) to whom responsibilities are delegated or allocated shall have the same force and effect for all purposes hereunder as if such action had been taken by the Committee.  The Committee shall not be liable for any acts or omissions of such person(s) to whom responsibilities are delegated or allocated.  The person(s) to whom responsibilities have been allocated shall periodically report to the Committee concerning the discharge of the allocated responsibilities. The Committee and each individual member and any agent or delegate shall be fully protected when acting in a prudent manner and relying in good faith upon the advice of the following professional advisers or consultant employed by an Employer or by either of the Committees:  an attorney with respect to legal matters; a certified public accountant with respect to accounting matters; and investment advisers and consultants with respect to investment matters.  

		
	(f)
	Appointment of Agents.  Each Committee may appoint agents who may or may not be Committee members, as it considers necessary for the effective performance of its duties, and may delegate to the agents fiduciary duties and liabilities or ministerial or other powers and duties as it considers expedient or appropriate. The Committee will fix the compensation of the agents.  Committee members and agents who are Employees receive no additional compensation for their services on a Committee.      

		
	(g)
	Reliance on Committee Documents.  Any written memorandum signed by the secretary 

or any member of the Committee who has been authorized to act on behalf of the Committee shall have the same force and effect as a formal resolution adopted in open meeting.

		
	9.3
	General Rules for Fiduciaries.  It is intended that the provisions of the Plan and Trust Agreement allocate to each Fiduciary the individual responsibilities for the prudent execution of the functions assigned to each such Fiduciary.  None of the allocated responsibilities or any other responsibilities shall be shared by two or more Fiduciaries unless such sharing shall be provided by a specific provision in the Plan or the Trust Agreement.  If any of the enumerated responsibilities of a Fiduciary are specifically waived by the Secretary of Labor, then such enumerated responsibilities shall also be deemed to be waived for the purposes of the Plan and Trust Agreement. Whenever one Fiduciary is required by the Plan or the Trust Agreement to follow the directions of another Fiduciary, the two Fiduciaries shall not be deemed to have been assigned a share of any responsibility, but the responsibility of the Fiduciary giving the directions shall be deemed to be his/her sole responsibility and the responsibility of the Fiduciary receiving those directions shall be to follow same insofar as such instructions on their face are proper under applicable law.  

Any Fiduciary may employ one or more persons to render advice with respect to any responsibility such fiduciary has under the Plan or Trust Agreement.  Each Fiduciary may, but need not, be a director, proprietor, partner, officer or Employee of an Employer. Nothing in the Plan shall be construed to prohibit any Fiduciary from:

		
	(1)
	serving in more than one Fiduciary capacity with respect to the Plan and Trust Agreement;

		
	(2)
	receiving any benefit to which he/she may be entitled as a Participant or beneficiary in the Plan, so long as the benefit is computed and paid on a basis that is consistent with the terms of the Plan as applied to all other Participants and beneficiaries; or

		
	(3)
	receiving any reasonable compensation for services rendered, or for the reimbursement of expenses properly and actually incurred in the performance of his/her duties with respect to the Plan, except that no person so serving who already receives full-time pay from an Employer shall receive compensation from the Plan, except for reimbursement of expenses properly and actually incurred.

Each Fiduciary shall be bonded as required by applicable law or statute of the United States, or of any state having appropriate jurisdiction, unless such bond may under such law or statute be waived by the parties to the Trust Agreement.  The cost of such bond may be paid from the Trust Fund to the extent permitted by applicable law.

		
	9.4
	Expenses.      All expenses of the Plan and Trust shall be paid by the Plan, except to the extent the Employer(s) elect to pay such expenses.  To the extent that the Employer(s) may pay any expenses of the Plan and Trust, the Employer(s) shall not be obligated to continue to pay such expenses.  To the extent the Employer(s) do not pay such expenses, the Benefits Committee shall direct the Trustee with respect to payments from the Trust Fund.  Nothing herein shall prohibit reimbursement of the Employers for any expenses incurred in connection with the administration of the Plan and the management of assets to the fullest extent permitted by law. 
 
Plan and Trust expenses include but are not limited to (a) fees, charges and expenses of recordkeepers, attorneys, accountants, consultants, investment advisers and managers or other persons employed by the Committees, (b) the fees and expenses of the Trustee; (c) all expenses directly or indirectly incurred in connection with the operation and administration of the Plan and the investment of Plan assets; (d) office space used for the administration of the Plan; (e) the salary and related costs of any Employee or any other person who provides services to the Plan; and (f) any other costs or expenses incurred by the Committees or any other Fiduciary in carrying out their duties with respect to the Plan.  The 

Plan may hire employees and pay them reasonable compensation, and may share employees with an Employer with a reasonable pro-ration of compensation.  The Benefits Committee may direct the Trustee to reimburse the Employers for expenses they have paid directly on behalf of the Plan. Notwithstanding the preceding provisions of this Section or any other provision of the Plan or the Trust Agreement, no expenses, fees or charges may be paid from the Trust to the extent such payment would constitute a non-exempt prohibited transaction under ERISA or the Code.  

		
	9.5
	Indemnification and Insurance.      The Employers (to the extent permissible under law and consistent with their charters and bylaws) shall indemnify and hold harmless the Board of Directors, the Compensation Committee, each Committee and each individual member of the Board and any such committees and any Employer and any Employee authorized to act on behalf of any such entities and all persons formerly serving in such capacity ("Covered Persons") for any liability, loss, expense, assessment or other cost of any kind or description whatsoever, including legal fees and expense, which they actually incur for their acts and omissions, past, current or future, in the exercise of their duties and responsibilities with respect to the Plan including all expenses reasonably incurred in the defense of such acts or omissions.

Unless paid by the Company or the Employers, the Benefits Committee may direct Plan funds to be applied, in accordance with ERISA section 410(b), to the purchase of lawful insurance covering the fiduciary obligations of persons who are Fiduciaries respecting the Plan and/or the Trust Fund, and such Fiduciaries may purchase, with funds other than Plan funds, waivers of subrogation.

9.6    Claims Procedure    .

		
	(a)
	Application for Benefits.  Each Participant, or beneficiary, must submit a written application for payment of Plan benefits, with such documentation as the Benefits Committee considers necessary to process the application.   The Benefits Committee may adopt forms and require that the forms be used to apply for benefits.  The Plan will not treat as a claim any oral or electronic request for information or for a re-determination of benefits.  The Benefits Committee reserves the right to withhold payment of any request for the payment of benefits if conflicting claims have been asserted. The Trustee will not pay any benefit under the Plan until the Benefits Committee has determined, in its sole and complete discretion, that the claimant is entitled to the benefit. 

		
	(b)
	Initiating a Claim.  If a Participant or beneficiary believes he/she is entitled to rights or benefits that he/she has not received, in whole or in part, he/she may file a written claim with the Benefits Committee.  If the Benefits Committee adopts claims forms, a claim must be filed on the forms adopted by the Benefits Committee; otherwise, a written request to the Benefits Committee is sufficient.  The claim should set forth the sufficient facts to support the asserted claim and should include any documentation that will enable the Benefits Committee to make its decision.  A claim may be filed by the legal representative of a Participant or beneficiary.

		
	(b)
	Decision on Claim.  Within 90 days after receipt of a written claim and supporting information, the Benefits Committee will issue a written decision.  If special circumstances require an extension of time, the Benefits Committee will furnish the claimant written notice of the extension (up to 90 additional days), and an explanation why the extension is necessary, before the end of the initial 90-day period.  If the claim is denied in whole or in part, the notice will set forth (1) specific reasons for the denial and references to Plan provisions upon which the decision is based; (2) a description of any additional information necessary to process the claim and why it is necessary; and (3) an explanation of the Plan's appeals procedure and deadlines.  If the claimant does not receive a decision within the 90 day period 

(180 day period if an extension is necessary), the claimant may consider his/her claim denied and proceed with the appeal process.  

		
	(c)
	Appeal.  The claimant and/or his/her representative may appeal a denied claim by sending a written request for review to the Benefits Committee within 60 days after receiving notice of the denial.  The claimant or his/her representative may submit a statement of issues and supporting arguments and any documentation he/she has to support the claim.  The claimant may inspect all documents that are reasonably pertinent to his/her case, upon reasonable notice to the Benefits Committee, but may not inspect confidential information concerning any other person.  The Benefits Committee may set the matter for oral hearing and give the claimant reasonable notice of the time and place.   The Benefits Committee will proceed promptly to resolve all issues and will issue a written decision to the claimant within 60 days after receipt of the written appeal request.  If special circumstances require an extension of time, the Benefits Committee will notify the claimant or his/her representative in writing before the end of the 60 day period that an extension (up to an additional 60 days) is needed and the reasons for the extension.  The Benefits Committee will send written notice of its decision on the appeal.  If the appeal is denied, the Benefits Committee’s notice will state the specific reasons for the denial and refer to specific supporting provisions of the Plan, explain the claimant’s right to receive all documents relevant to the claim free of charge and describe the claimant’s right to seek judicial review of the denial.   

		
	(d)
	Special Time Period for Benefits Committee Meetings.  Notwithstanding Subsection 9.6(c), during periods when the Benefits Committee holds regularly scheduled meetings at least quarterly, and a claimant’s request for appeal is received less than 30 days before a scheduled meeting, the Benefits Committee may render its decision on the appeal during the second regularly scheduled meeting after receiving the request for appeal. However, if an appeal hearing is held, the Benefits Committee may render its decision during the third regularly scheduled meeting after receiving the request for appeal. If the Benefits Committee invokes the extensions described in this Subsection (d), it will issue written notice with an explanation of the rules in this Subsection and the date when the decision will be rendered, not later than the first meeting date after receiving the request for appeal. The Benefits Committee will notify the claimant in writing of its determination, within 5 days after it makes its decision on the appeal.    

  
		
	(e)
	Exhaustion of Administrative Remedies. Anyone claiming rights or benefits under this Plan must exhaust the administrative remedies under the Plan’s claims procedures before taking action, including but not limited to, pursuing any remedies available under ERISA Section 502(a) in any other forum.   

		
	(f)
	Time Limit on Legal Action.   Any suit or legal action initiated by a claimant under the Plan must be brought by the claimant no later than one (1) year following a final decision on the claim for benefits under these claims procedures.  The one (1)-year statute of limitations on suits for benefits shall apply in any forum where a claimant initiates such suit or legal action.  If a civil action is not filed within this one (1)-year period, the claimant's benefit claim will be deemed permanently waived and abandoned, and the claimant will be precluded from reasserting it.

9.7    Notice    .  

		
	(a)
	Communications From Participants Or Beneficiaries.  Any notice, election, application, instruction, designation or other form of communication required to be given or submitted by any Employee, Participant, or beneficiary must be in the form and delivery method prescribed from time to time by the Benefits Committee and is deemed to be duly given only upon actual receipt thereof.

		
	(b)
	Communications To Participants and Beneficiaries.  Any notice, statement, report and other communication to any Employee, Participant, or beneficiary required or permitted by the Plan will be deemed to have been duly given when delivered by hand to such person, mailed to such person at the address last appearing on records maintained by the Plan or Employer, or delivered electronically to such person.

		
	(c)
	Electronic Administration.  In its rules and procedures for the administration of the Plan (including, without limitation, procedures covering any directions, elections, or other action by Participants, and the delivery of statements and other disclosure materials to such individuals), the Benefits Committee may provide for the use of electronic communications and other media.

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