Document:

EX-10.2

SUNTRUST BANKS, INC.

ERISA EXCESS RETIREMENT PLAN

AMENDED AND RESTATED EFFECTIVE AS OF

January 1, 2010

SUNTRUST BANKS, INC.

ERISA EXCESS RETIREMENT PLAN

TABLE OF CONTENTS

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	Page	 	 	 	 
	ARTICLE 1	 	ESTABLISHMENT AND PURPOSE	 	 	 	 	 	 	1	 	 	 	 	 
	ARTICLE 2	 	DEFINITIONS	 	 
	 	 	 	 	 	 	 	 	 	 	1	 
	 	 	 	 	 	2.1	 	 	Actuarial Equivalent or Actuarially Equivalent
	 	 	2	 	 	 	 	 
	 	 	 	 	 	2.2	 	 	Affiliate
	 	 	 	 	 	 	2	 	 	 	 	 
	 	 	 	 	 	2.3	 	 	Annual Compensation Limit
	 	 	 	 	 	 	2	 	 	 	 	 
	 	 	 	 	 	2.4	 	 	Annuity Option
	 	 	2	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	2.5	 	 	Beneficiary
	 	 	 	 	 	 	2	 	 	 	 	 
	 	 	 	 	 	2.6	 	 	Beneficiary Designation Form
	 	 	2	 	 	 	 	 
	 	 	 	 	 	2.7	 	 	Cause
	 	 	 	 	 	 	3	 	 	 	 	 
	 	 	 	 	 	2.8	 	 	Code
	 	 	 	 	 	 	3	 	 	 	 	 
	 	 	 	 	 	2.9	 	 	Committee
	 	 	 	 	 	 	4	 	 	 	 	 
	 	 	 	 	 	2.10	 	 	Corporation
	 	 	 	 	 	 	4	 	 	 	 	 
	 	 	 	 	 	2.11	 	 	Deferred Compensation Plan
	 	 	4	 	 	 	 	 
	 	 	 	 	 	2.12	 	 	Disabled or Disability
	 	 	 	 	 	 	4	 	 	 	 	 
	 	 	 	 	 	2.13	 	 	ERISA
	 	 	 	 	 	 	4	 	 	 	 	 
	 	 	 	 	 	2.14	 	 	Excess Benefit
	 	 	4	 	 	 	 	 	 	 	 	 

(a) Excess Plan Participant Before 2008 Receiving

Traditional Benefit 4

(b) Excess Plan Participant Before 2008 Receiving

PPA Benefit 5

(c) Excess Plan Participant After 2007 Receiving

Traditional Benefit 5

(d) Excess Plan Participant After 2007 Receiving

PPA Benefit 5

(e) Tier 1 Participants Receiving Excess Plan

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Traditional Benefit	 	 	6	 
	 	 	 	 	 	2.15	 	 	Excess Plan PPA Benefit
	 	 	 	 	 	 	6	 
	 	 	 	 	 	2.16	 	 	Excess Plan Traditional Benefit
	 	 	6	 
	 	 	 	 	 	2.17	 	 	Frozen Excess Benefit
	 	 	 	 	 	 	7	 

1

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	2.18	 	 	Grandfathered Amounts
	 	 	 	 	 	 	7	 
	 	 	 	 	 	2.19	 	 	Key Employee
	 	 	 	 	 	 	7	 
	 	 	 	 	 	2.20	 	 	Key Employee Delay
	 	 	 	 	 	 	7	 
	 	 	 	 	 	2.21	 	 	Newly Eligible Employee
	 	 	 	 	 	 	7	 
	 	 	 	 	 	2.22	 	 	Normal Retirement Date
	 	 	 	 	 	 	7	 
	 	 	 	 	 	2.23	 	 	Participant
	 	 	 	 	 	 	8	 
	 	 	 	 	 	2.24	 	 	Plan
	 	 	 	 	 	 	8	 
	 	 	 	 	 	2.25	 	 	Plan Year
	 	 	 	 	 	 	8	 
	 	 	 	 	 	2.26	 	 	PPA Benefit
	 	 	 	 	 	 	8	 
	 	 	 	 	 	2.27	 	 	Retirement Plan
	 	 	 	 	 	 	8	 
	 	 	 	 	 	2.28	 	 	Separation from Service or S
	 	eparates from Service	 	 	8	 
	 	 	 	 	 	2.29	 	 	SERP
	 	 	 	 	 	 	8	 
	 	 	 	 	 	2.30	 	 	Subsequent Deferral Election
	 	 	 	 	 	 	8	 
	 	 	 	 	 	2.31	 	 	Tier 1 Participant
	 	 	 	 	 	 	8	 
	 	 	 	 	 	2.32	 	 	Traditional Benefit
	 	 	 	 	 	 	8	 
	 	 	 	 	 	2.33	 	 	Vested Date
	 	 	 	 	 	 	9	 
	ARTILCE 3	 	ELIGIBILITY AND P	 	ARTICIPATION
	 	 	 	 	 	 	9	 
	 	 	 	 	 	3.1	 	 	Committee Designation Prior
	 	to 2011	 	 	9	 
	 	 	 	 	 	3.2	 	 	Eligibility and Participatio
	 	n After 2010	 	 	9	 
	 	 	 	 	 	3.3	 	 	Committee Revocation
	 	 	 	 	 	 	9	 
	ARTICLE 4	 	AMOUNT AND DISTRI	 	BUTION OF EXCESS BENEFIT
	 	 	 	 	 	 	9	 
	 	 	 	 	 	4.1	 	 	Amount of Excess Benefit
	 	 	 	 	 	 	9	 
	 	 	 	 	 	4.2	 	 	Reductions
	 	 	 	 	 	 	10	 
	 	 	 	 	 	4.3	 	 	Distributions
	 	 	 	 	 	 	10	 
	 	 	 	 	 	 	 	 	(a)
	 	Separation from Service	 	 	10	 
	 	 	 	 	 	 	 	 	(b)
	 	Disability	 	 	11	 
	 	 	 	 	 	4.4	 	 	Key Employee Delay
	 	 	 	 	 	 	11	 
	 	 	 	 	 	4.5	 	 	Distributions Upon Death
	 	 	 	 	 	 	11	 
	 	 	 	 	 	 	 	 	(a)
	 	Payment of Death Benefit	 	 	11	 
	 	 	 	 	 	 	 	 	(b)
	 	Calculation of Pre-Retirement Death Benefit	 	 	12	 

(1) Excess Plan Participant Before 2008

Receiving Traditional Benefit 12

(2) Excess Plan Participant Before 2008

Receiving PPA Benefit 12

(3) Excess Plan Participant After 2007

Receiving Traditional Benefit 13 (4) Excess Plan Participant After 2007

(4) Excess Plan Participant After 2007

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Receiving PPA Benefit
	 	 	13	 
	 	 	 	 	 	 	 	 	(5)Tier 1 Participants
	 	 	13	 
	 	4.6	 	 	Form of Payment Election	 	 	14	 
	 	 	 	 	 	(a)	 	 	Special One-Time Elections
	 	 	14	 

(b) Initial Distribution Election for Newly

	 	 	 	 	 	 	 	 	 	 	 
	ARTICLE 5
	 	4.7

4.8

4.9

4.10

FORFEITURE
	 	Eligible Employee

Subsequent Deferral Election

Permitted Form of Payment Options

Effect of Early Taxation

Separation Before Vested Date

	 	14

15

16

16

16
	 	

17
	ARTICLE 6	 	SOURCE OF BENEFIT PAYMENTS	 	 	17	 	 	 
	ARTICLE 7	 	NOT A CONTRACT OF EMPLOYMENT	 	 	17	 	 	 
	ARTICLE 8	 	NO ALIENATION OR ASSIGNMENT	 	 	18	 	 	 
	ARTICLE 9
	 	ERISA
	 	
 
	 	 	18	 	 	

	ARTICLE 10	 	AMENDMENT AND TERMINATION	 	 	18	 	 	 
	ARTICLE 11

ARTICLE 12
	 	10.1

10.2

ADMINISTRATION

11.1

11.2

11.3

MISCELLENEOUS

12.1

12.2

12.3

12.4

12.5

12.6

12.7

12.8
	 	Amendment or Termination

Effect of Amendment or Termination

General Administration

Claims for Benefits

Indemnification

Applicable Law

Incapacity of Recipient

Taxes

Binding Effect

Unclaimed Benefits

Severability

Construction

Regulatory Requirements

	 	18

19

19

19

20

20

20

20

20

20

21

21

21

21

22
	 	

	APPENDIX A

APPENDIX B

APPENDIX C
	 	 	 	Tier 1 Participants

Grandfathered Amounts

Salary Shares Included as Base Salary

	 	A-1

B-1

C-1
	 	

SUNTRUST BANKS, INC.

ERISA EXCESS RETIREMENT PLAN

AMENDED AND RESTATED

AS OF January 1, 2010

ARTICLE 1

Establishment and Purpose

SunTrust Banks, Inc. (the “Corporation”) hereby amends and restates the SunTrust Banks, Inc.
ERISA Excess Retirement Plan (the “Plan”), effective as of January 1, 2010. This Plan was
originally effective as of August 13, 1996. The purpose of this Plan is to restore to certain
executives of the Corporation and its Affiliates those retirement benefits that cannot be paid from
the SunTrust Banks, Inc. Retirement Plan (“Retirement Plan”) as a result of the limitations imposed
by sections 401(a)(17) and 415 of the Internal Revenue Code of 1986, as amended (“Code”).

The Plan is amended and restated in this document, effective as of January 1, 2010. It is
intended to comply with Code section 409A and official guidance issued thereunder (except with
respect to amounts covered by Appendix B). Notwithstanding anything herein to the
contrary, this Plan shall be interpreted, operated and administered in a manner consistent with
this intention.

ARTICLE 2

Definitions

All capitalized terms used in this Plan and not defined in this document (including an Appendix)
shall have the same meaning as in the Corporation’s Retirement Plan, as amended from time to time.
The following capitalized terms will have the meanings set forth in this Article 2 whenever such
capitalized terms are used throughout this Plan:

	2.1	 	Actuarial Equivalent or Actuarially Equivalent means a form of benefit payment having an
equivalent value computed in accordance with the actuarial assumptions then in effect under
the Retirement Plan for determining the value of such form of payment.

	2.2	 	Affiliate means as of any date any organization which is a member of a controlled group of
corporations (within the meaning of Code section 414(b) which includes the Corporation or a
controlled group of trades or businesses (within the meaning of Code section 414(c)) which
includes the Corporation.

	2.3	 	Annual Compensation Limit means the maximum Compensation that may be used for a Plan Year
under the Plan to compute a Participant’s Excess Benefit. For Plan Years prior to 2006, the
Annual Compensation Limit shall be $300,000. Effective for Plan Years beginning on and after
January 1, 2006, for any Participant who retires or terminates employment with the Corporation
and its Affiliates after December 31, 2005, unless otherwise excepted by the Committee for a
Tier 1 Participant, the Annual Compensation Limit shall be two (2) times the annual
compensation limit for qualified plans under Code section 401(a)(17), as adjusted annually for
increases in the cost-of-living.

	2.4	 	Annuity Option means one of the Actuarially Equivalent annuity forms set forth in Section
4.8(b).

	2.5	 	Beneficiary means one or more persons or entities entitled to receive any benefits payable
under this Plan at the Participant’s death. A Participant may name one or more primary
Beneficiaries and one or more secondary Beneficiaries. A Participant may revoke a Beneficiary
designation by filing a new Beneficiary Designation Form or a written revocation with the
Committee. If the Committee is not in receipt of a properly completed Beneficiary Designation
Form at the Participant’s death, or if none of the Beneficiaries named by the Participant
survives the Participant or is in existence at the date of the Participant’s death, then the
Participant’s Beneficiary shall be the Participant’s estate.

	2.6	 	Beneficiary Designation Form means the form that a Participant uses to name his Beneficiary
or Beneficiaries for purposes of this Plan.

	2.7	 	Cause means for purposes of this Plan and as determined by the Committee, in its sole
discretion, one or more of the following actions that serves as the primary reason(s) for the
termination of the Participant’s employment with the Corporation or an Affiliate:

(a) the Participant’s willful and continued failure to perform his job duties in a
satisfactory manner after written notice from the Corporation to Participant and a thirty
(30) day period in which to cure such failure;

(b) the Participant’s conviction of a felony or engagement in a dishonest act,
misappropriation of funds, embezzlement, criminal conduct or common law fraud;

(c) the Participant’s material violation of the Code of Business Conduct and Ethics of the
Corporation or the Code of Conduct of an Affiliate;

(d) the Participant’s engagement in an act that materially damages or materially prejudices
the Corporation or an Affiliate or the Participant’s engagement in activities materially
damaging to the property, business or reputation of the Corporation or an Affiliate; or

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

Notwithstanding anything herein to the contrary, if a Participant is subject to the terms of
a change in control agreement with the Corporation (the “Change in Control Agreement”) at
the time of his termination of employment with the Corporation or an Affiliate, solely for
purposes of such Participant’s benefits under the Plan, “Cause” shall have the meaning
provided in the Change in Control Agreement.

	 	 	 	 	 
	 	2.8	 	 	Code means the Internal Revenue Code of 1986, as amended.

	 	2.9	 	 	Committee means the Compensation Committee of the Board of Directors of the Corporation.

	 	2.10	 	 	Corporation means SunTrust Banks, Inc. or any successor thereto.

	2.11	 	Deferred Compensation Plan means the SunTrust Banks, Inc. Deferred Compensation Plan, as in
effect from time to time, or its successor plan.

	2.12	 	Disabled or Disability means a Participant is, by reason of any medically determinable
physical or mental impairment which can be expected to result in death or can be expected to
last for a continuous period of not less than twelve (12) months, receiving income replacement
benefits for a period of not less than three (3) months under an accident and health plan
covering employees of the Participant’s employer and, in addition, has begun to receive
benefits under the Corporation’s Long-Term Disability Plan.

	2.13	 	ERISA means the Employee Retirement Income Security Act of 1974, as amended.

	2.14	 	Excess Benefit means as of any date the benefit calculated under this Plan as the excess of
the amount the Participant would have received under the Retirement Plan, from the date of his
participation in this Plan, had no federal tax code restrictions applied to the calculation of
his Retirement Plan benefit, but applying the Annual Compensation Limit and subtracting the
actual benefit the Participant is eligible to receive from the Retirement Plan. The Excess
Benefit is determined in accordance with the following rules for different categories of
Participants.

(a) Excess Plan Participant Before 2008 Receiving Traditional Benefit. A Participant in
this Plan with an accrued Excess Benefit at December 31, 2007, who accrues a benefit under
the Retirement Plan after 2007 under the Traditional Benefit formula has an Excess Benefit
in this Plan equal to the sum of:

	 	(1)	 	his Frozen Excess Benefit, plus

	 	(2)	 	his Excess Plan Traditional Benefit.

The Excess Plan Traditional Benefit is calculated using actual service and base salary (or
benefits base), if applicable, each as recognized under the terms of the Retirement Plan.

(b) Excess Plan Participant Before 2008 Receiving PPA Benefit. A Participant in this Plan
with an accrued Excess Benefit at December 31, 2007, who accrues a benefit under the
Retirement Plan after 2007 under the PPA Benefit formula has an Excess Benefit in this Plan
equal to the sum of:

	 	(1)	 	his Frozen Excess Benefit, plus

	 	(2)	 	his Excess Plan PPA Benefit beginning January 1, 2008.

Notwithstanding anything in the Retirement Plan to the contrary, for purposes of this
Section 2.14(b), a Participant who is named on Appendix C and who would otherwise
have PPA Compensation in the 2010 Plan Year that is less than the Annual Compensation Limit
shall have his PPA Compensation include the dollar amount set forth by the Participant’s
name in Appendix C for 2010 up to the Annual Compensation Limit. Such dollar amount
represents the value of “salary shares” that the Committee has denominated as part of each
such Participant’s 2010 base salary to be used in calculating benefits under this Plan.

(c) Excess Plan Participant After 2007 Receiving Traditional Benefit. A Participant who
enters this Plan after 2007 and who accrues a benefit under the Retirement Plan after 2007
under the Traditional Benefit formula has an Excess Benefit based on the Traditional Benefit
formula beginning on the date of the Participant’s commencement of participation in this
Plan. The Excess Benefit and the offset Retirement Plan benefit will be calculated using
the Participant’s actual service earned beginning on the date of participation in this Plan
and base salary (or benefits base, if applicable) earned both before and after the date of
participation in this Plan.

(d) Excess Plan Participant After 2007 Receiving PPA Benefit. A Participant who enters this
Plan after 2007 and who accrues a benefit under the Retirement Plan after 2007 under the PPA
Benefit formula has an Excess Plan PPA Benefit based on pay credits earned beginning on the
date of the Participant’s commencement of participation in this Plan and total years of
vesting service with the Corporation and its Affiliates earned before, during and after
participation in this Plan. The PPA Benefit offset which is used to calculate the Excess
Plan PPA Benefit is also calculated using pay credits earned beginning on the date of
participation in this Plan and total years of vesting service. Notwithstanding anything in
the Retirement Plan to the contrary, for purposes of this Section 2.14(d), a Participant who
is named on Appendix C and who would otherwise have PPA Compensation in the 2010
Plan Year that is less than the Annual Compensation Limit shall have his PPA Compensation
include the dollar amount set forth by the Participant’s name in Appendix C for 2010
up to the Annual Compensation Limit. Such dollar amount represents the value of “salary
            shares” that the Committee has denominated as part of each such Participant’s 2010 base
salary to be used in calculating benefits under this Plan.

(e) Tier 1 Participant Receiving Excess Plan Traditional Benefit. A Tier 1 Participant who
began participating in this Plan before 2008 and who accrues benefits under the Traditional
Benefit formula under the Retirement Plan after 2007 has an Excess Benefit in this Plan
based on the sum of the following:

	 	(1)	 	his Frozen Excess Benefit, plus

	 	(2)	 	his Excess Plan Traditional Benefit (adjusted, if applicable,
for future pay increases).

The Excess Plan Traditional Benefit is calculated using actual service and base salary (or
benefits base), if applicable. The Annual Compensation Limit does not apply to Tier 1
Participants.

	2.15	 	Excess Plan PPA Benefit means the Excess Benefit calculated under this Plan for periods of
participation after the later of: (a) the date a Participant becomes eligible to participate
in this Plan; or (b) December 31, 2007, for a Participant whose Retirement Plan benefit
accruing after such date is based on the PPA Benefit formula.

	2.16	 	Excess Plan Traditional Benefit means the Excess Benefit calculated under this Plan for
periods of participation after the later of: (a) the date a Participant becomes eligible to
participate in this Plan; or (b) December 31, 2007, for a Participant whose Retirement Plan
benefit accruing after such date is based on the Traditional Benefit formula.

	2.17	 	Frozen Excess Benefit means the Participant’s accrued benefit under this Plan as of December
31, 2007, based on the applicable formula under the Retirement Plan as of that date, and
which, if the formula so provides, will be increased by future pay increases after 2007.

	2.18	 	Grandfathered Amounts mean Plan benefits that were earned and vested as of December 31, 2004
within the meaning of Code section 409A and pursuant to the terms of the Plan in effect on
October 3, 2004. Grandfathered Amounts are exempt from Code section 409A and subject to the
distribution rules in effect under the Plan on October 3, 2004 and summarized in Appendix
B.

	2.19	 	Key Employee means an employee treated as a “specified employee” as of his Separation from
Service under Code section 409A(a)(2)(B)(i) (i.e., a key employee (as defined in Code section
416(i) without regard to section (5) thereof)) if the common stock of the Corporation or an
Affiliate is publicly traded on an established securities market or otherwise. 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
twelve (12) month period beginning on the April 1 following the identification date.

2.20 Key Employee Delay means the period of delay in distribution set forth in Section 4.4.

	2.21	 	Newly Eligible Employee means an executive employed by the Corporation or an Affiliate who
first meets the criteria for participation in the Plan on or after January 1, 2010, provided
that an executive who has worked for the Corporation or an Affiliate prior to such date will
only qualify as a “Newly Eligible Employee” if he meets the requirements of Treas. Reg. §
1.409A-2(a)(7)(ii) or any successor thereto.

	2.22	 	Normal Retirement Date means for each Participant, his “normal retirement date” under the
Retirement Plan, which is the later of five (5) Years of Vesting Service or attainment of age
sixty-five (65).

	2.23	 	Participant means each executive of the Corporation or an Affiliate described in Article 3.

	2.24	 	Plan means this SunTrust Banks, Inc. ERISA Excess Retirement Plan, as amended from time to
time.

2.25 Plan Year means the calendar year.

	2.26	 	PPA Benefit means the benefit under the Retirement Plan effective January 1, 2008 that is
based on a cash balance formula providing pay credits and interest credits to a Personal
Pension Account.

	2.27	 	Retirement Plan means either the SunTrust Banks, Inc. Retirement Plan or the SunTrust Banks,
Inc. Retirement Plan for Inactive Participants, in which the Participant has an accrued
benefit, as such plan is amended and restated from time to time, and any successor plan.

	2.28	 	Separation from Service or Separates from Service means a “separation from service” within
the meaning of Code section 409A.

	2.29	 	SERP means the SunTrust Banks, Inc. Supplemental Executive Retirement Plan, as amended and
restated effective as of January 1, 2009, and as subsequently amended, or its successor.

	2.30	 	Subsequent Deferral Election means an election to change the form of payment of a
Participant’s benefit under the Plan pursuant to Section 4.7.

2.31 Tier 1 Participant means each Participant listed on Appendix A.

	2.32	 	Traditional Benefit means the traditional defined benefit calculated under the Retirement
Plan effective January 1, 2008, that is based on the 1% times base pay formula.

	2.33	 	Vested Date means the date a Participant becomes vested in his benefit under the Retirement
Plan.

ARTICLE 3

Eligibility and Participation

	3.1	 	Committee Designation Prior to 2011. Prior to 2011, each executive of the Corporation or an
Affiliate who is designated by the Committee as eligible for Excess Benefits under this Plan
will become a Participant in this Plan and will remain a Participant until all such benefits
are paid to or on behalf of such Participant in accordance with Article 4 or forfeited in
accordance with Article 5.

	3.2	 	Eligibility and Participation After 2010. Each executive of the Corporation or an Affiliate
who is in Grade 54 or higher shall be eligible to participate and accrue benefits in the Plan
on the later of: (a) January 1, 2011 or (b) the first day of the month following the
executive’s completion of one Year of Vesting Service.

	3.3	 	Committee Revocation. The Committee in its absolute discretion may revoke an executive’s
right to participate in the Plan at any time but no such revocation shall be applied
retroactively to deprive an individual of benefits accrued under this Plan to the date of such
revocation.

ARTICLE 4

Amount and Distribution

of Excess Benefit

The distribution provisions of this Article 4 shall apply only to amounts subject to Code section
409A. Distribution rules applicable to the Grandfathered Amounts are summarized in Appendix
B.

	4.1	 	Amount of Excess Benefit. If a Participant terminates employment with the Corporation and
all Affiliates on or after such Participant’s Vested Date, such Participant’s Excess Benefit
shall be determined as a lump sum amount as follows: (a) the Excess Plan PPA Benefit, if any,
will be determined as of the date he or she terminates employment, and (b) the Excess Plan
Traditional Benefit, if any, will be determined as a lump sum that is the Actuarially
Equivalent of the single life annuity payable as of the later of the date he or she terminates
employment or attains age fifty-five (55) (taking into account the reductions under Section
4.2 if the Participant terminates before his or her Normal Retirement Date). If any portion
of the Excess Benefit is payable after the date of a Participant’s Separation from Service
pursuant to Section 4.3(a) (including as a result of the Key Employee Delay), interest shall
accrue from the date of determination on such portion in the same manner and at the same rate
as would accrue on the Personal Pension Account under the Retirement Plan until such amount is
paid or commences under this Article 4.

	4.2	 	Reductions. The Excess Plan Traditional Benefit portion of the Excess Benefit, if any,
payable to a Participant before his or her Normal Retirement Date will be determined as if
such Participant’s benefit under the Retirement Plan was payable as of the later of the date
he or she terminates employment or attains age fifty-five (55) taking into account applicable
early commencement reduction factors as used under the Retirement Plan.

	4.3	 	Distributions. Subject to Section 4.4 and absent any effective elections under Section 4.6
or 4.7, the Actuarially Equivalent present value of a Participant’s vested Excess Benefit
shall be distributed, as set forth below, in a lump sum payment upon the earlier of: (i) the
date a Participant becomes Disabled; or (ii) the date a Participant Separates from Service.

(a) Separation from Service. In the event the Participant’s Separation from Service occurs
first:

	 	(1)	 	Except as provided in Section 4.3(a)(3), if such Separation
from Service occurs prior to the Participant’s attainment of age fifty-five
(55), payment shall be made in the second month after the date the Participant
attains age fifty-five (55); or

	 	(2)	 	Except as provided in Section 4.3(a)(3), if such Separation
from Service occurs on or after the Participant’s attainment of age fifty-five
(55), payment shall be made in the second month after the Participant Separates
from Service; and

	 	(3)	 	If the Participant first becomes eligible to participate in the
Plan on or after January 1, 2011 and his Excess Benefit is determined in
accordance with Section 2.14(d), payment shall be made in the second month
after the Participant Separates from Service.

(b) Disability. In the event a Participant’s Disability occurs first, payment shall be made
in the month after the date the Participant attains age sixty-five (65).

	4.4	 	Key Employee Delay. Notwithstanding anything herein to the contrary, in the event that a
Participant is a Key Employee as of the date of his or her Separation from Service, any
distributions to such Participant upon his or her Separation from Service shall not commence
earlier than six (6) months following the date of such Separation from Service (or, if
earlier, the date of the Participant’s death) (the “Key Employee Delay”). Amounts payable to
the Participant during such period of delay shall be accumulated and paid in the seventh month
following the Participant’s Separation from Service (or, if earlier, in the month after the
Participant’s death).

	4.5	 	Distributions Upon Death.

(a) Payment of Death Benefit. Notwithstanding any provision in the Plan to the contrary, in
the event of the death of the Participant after his or her Vested Date and before any
benefit payments under the Plan have been made to the Participant, the amount of the
pre-retirement death benefit determined below in Section 4.5(b) will be distributed to the
Participant’s Beneficiary in a lump sum in the month after the date of the Participant’s
death (provided that any payments that would occur before such month shall be paid as
scheduled). In the event of the death of the Participant after any benefit payments have
been made in a form elected by the Participant under Sections 4.6 or 4.7, death benefits
under the Plan will be payable to the Participant’s Beneficiary only to the extent provided
under the form of distribution elected by the Participant.

(b) Calculation of Pre-Retirement Death Benefit. Effective January 1, 2008, for all
Participants who are vested and die before receiving any benefit payments under this Plan,
the survivor benefit payable under this Plan based on the Excess Benefit other than
Grandfathered Amounts shall be determined as follows:

	 	(1)	 	Excess Plan Participant Before 2008 Receiving Traditional
Benefit. The pre-retirement death benefit a the Participant described in
Section 2.14(a) is a lump sum equal to the Actuarial Equivalent of the monthly
Excess Benefit which would have been payable to the Participant’s Beneficiary
under a 50% joint and survivor annuity (a 100% joint and survivor annuity if
the Participant began participating in this Plan before August 13, 1996 or if
the Participant is an active employee of the Corporation or an Affiliate on or
after October 1, 2010), as if the Participant had terminated immediately prior
to death; provided, however, any increase in the survivor benefit attributable
to the amendment of this section changing the benefit from a 50% to a 100%
joint and survivor annuity is subject to Code section 409A and shall be paid in
accordance with Section 4.5(a). If the benefit is payable before the
Participant would have reached age sixty-five (65), it is reduced for early
commencement in the same manner as determined under the Retirement Plan for
early retirement.

	 	(2)	 	Excess Plan Participant Before 2008 Receiving PPA Benefit.
The pre-retirement death benefit for a Participant described in Section
2.14(b) is the sum of two lump sums. The first lump sum is equal to the
Actuarial Equivalent of the monthly Frozen Excess Benefit which would have
been payable to the Participant’s Beneficiary under a 50% joint and survivor
annuity (a 100% joint and survivor annuity if the Participant began
participating in this Plan before August 13, 1996 or if the Participant is an
active employee of the Corporation or an Affiliate on or after October 1,
2010), as if the Participant had terminated immediately prior to death;
provided, however, any increase in the survivor benefit attributable to the
amendment of this section changing the benefit from a 50% to a 100% joint and
survivor annuity is subject to Code section 409A and shall be paid in
accordance with Section 4.5(a). The second lump sum is 100% of the
Participant’s Excess Plan PPA Benefit. If the benefit is payable before the
Participant would have reached age sixty-five (65), the Frozen Excess Benefit
is reduced for early commencement in the same manner as determined under the
Retirement Plan for early retirement. The Excess Plan PPA Benefit is not
reduced for early commencement.

	 	(3)	 	Excess Plan Participant After 2007 Receiving Traditional
Benefit. The pre-retirement death benefit for a Participant described in
Section 2.14(c) is a lump sum equal to the Actuarial Equivalent of the monthly
Excess Benefit which would have been payable to the Participant’s Beneficiary
under a 50% joint and survivor annuity (a 100% joint and survivor annuity if
the Participant is an active employee of the Corporation or an Affiliate on or
after October 1, 2010), as if the Participant had terminated immediately prior
to death; provided, however, any increase in the survivor benefit attributable
to the amendment of this section changing the benefit from a 50% to a 100%
joint and survivor annuity is subject to Code section 409A and shall be paid in
accordance with Section 4.5(a). If the benefit is payable before the
Participant would have reached age sixty-five (65), it is reduced for early
commencement in the same manner as determined under the Retirement Plan for
early retirement.

	 	(4)	 	Excess Plan Participant After 2007 Receiving PPA Benefit. The
pre-retirement death benefit for a Participant described in Section 2.14(d) is
equal to 100% of the Excess Plan PPA Benefit. The Excess Plan PPA Benefit is
not reduced for early commencement.

	 	(5)	 	Tier 1 Participants. The pre-retirement death benefit for a
Participant described in Section 2.14(e) is a lump sum equal to the Actuarial
Equivalent of the monthly Excess Benefit which would have been payable to the
Participant’s Beneficiary under: (i) a 100% joint and survivor annuity, if the
Participant began participating in this Plan before August 13, 1996; or (ii) a
100% joint and survivor annuity for the Frozen Excess Benefit accrued through
December 31, 2007 and a 50% joint and survivor annuity for any portion of the
Excess Benefit accrued after 2007, if the Participant was a Crestar Rule of 60
Grandfathered Participant (as defined in the Retirement Plan), or (iii) a 50%
joint and survivor annuity (a 100% joint and survivor annuity if the
Participant is an active employee of the Corporation or an Affiliate on or
after October 1, 2010); as if the Participant had terminated immediately prior
to death; provided, however, any increase in the survivor benefit attributable
to the amendment of this section changing the benefit from a 50% to a 100%
joint and survivor annuity is subject to Code section 409A and shall be paid in
accordance with Section 4.5(a). If the benefit is payable before the
Participant would have reached age sixty-five (65), it is reduced for early
commencement in the same manner as determined under the Retirement Plan for
early retirement.

	4.6	 	Form of Payment Election.

(a) Special One-Time Election. Notwithstanding any prior elections or Plan provisions to
the contrary, a Participant who was an employee of the Corporation and its Affiliates
(including on a paid leave of absence) may have made an election to receive all or a
specified portion of his or her Excess Benefit in any permitted form of payment provided in
Section 4.8(b). Any such election must have become irrevocable on or before December 31,
2008 and must have been made in accordance with the procedures and distribution rules
established by the Committee and rules under Code section 409A. If elected, any benefit
paid in a form other than a life only annuity shall be Actuarially Equivalent to the life
only annuity benefit that would have been paid to such Participant.

(b) Initial Distribution Election for Newly Eligible Employee. Effective January 1, 2011,
if an individual becomes a Newly Eligible Employee, the Committee, or its delegate, has the
sole discretion to determine whether such individual may file an initial distribution
election for the Excess Benefit under the Plan. Under certain limited circumstances, the
Newly Eligible Employee may elect the form of payment from among the forms provided in
Section 4.8(b) for the payment of the Excess Benefit in accordance with the procedures
established by the Committee, provided such election is delivered to the Committee no later
than thirty (30) days after the first day of the calendar year immediately following the
first year such Newly Eligible Employee accrues a benefit under the Plan in accordance with
Treas. Reg. § 1.409A-2(a)(7)(iii). In the event of an initial distribution election under
this Section 4.6(b), such election shall apply to the entire Excess Benefit under the Plan.
Notwithstanding the foregoing, this Section 4.6(b) shall not apply to a Newly Eligible
Employee who (1) is receiving salary shares in the first year he accrues a benefit under the
Plan, or (2) terminates from employment with the Corporation and its Affiliates prior to
making an election under this section.

	4.7	 	Subsequent Deferral Election. A Participant may make a Subsequent Deferral Election on or
after January 1, 2009 in accordance with the procedures and distribution rules established by
the Committee. An election under this Section 4.7 shall become irrevocable on the date the
election is filed with the Committee, or its delegate, and any election to change the time or
form of a distribution shall be effective only if the following conditions are satisfied:

(a) The election may not take effect until at least twelve (12) months after the date on
which the election is made;

(b) In the case of an election to change the time or form of a distribution under Section
4.3, a distribution may not be made earlier than at least five (5) years from the date the
distribution would have otherwise been made; and

(c) In the case of an election to change the time or form of a distribution related to a
payment at a specified time or pursuant to a fixed schedule, the election must be made at
least twelve (12) months before the date the distribution is scheduled to be paid.

Any election (including changes solely among the Annuity Options) with respect to the form
of payment under the Plan after the Participant’s third Subsequent Deferral Election shall
be null and void and have no force or effect. Notwithstanding anything herein to the
contrary, a Subsequent Deferral Election solely to change the form of payment from one
Annuity Option to another Annuity Option listed in Section 4.8(b) shall not be subject to
the conditions set forth in Sections 4.7(a)-(c) above. In the event any portion of the
Excess Benefit is ultimately payable in a lump sum after the Participant made one or more
Subsequent Deferral Elections under this Section 4.7, interest shall accrue on such portion
during the period commencing on the Participant’s Separation from Service and ending on the
date of payment at the same rate as would accrue on the Personal Pension Account under the
Retirement Plan until such amount is paid or commences under this Article 4.

	4.8	 	Permitted Form of Payment Options. Subject to the requirements of Sections 4.4, 4.6 and 4.7,
the Participant may elect the manner in which his or her vested Excess Benefit shall be paid
from between the following options:

(a) Lump sum; or

(b) One of the following Annuity Options the payments under which shall be determined as the
Actuarial Equivalent of the single life annuity; provided, however, the options listed in
(3) – (6) are only available on or after a Participant’s Earliest Retirement Date (as
defined in the Retirement Plan):

	 	(1)	 	single life annuity;

	 	(2)	 	50% joint and survivor annuity;

	 	(3)	 	75% joint and survivor annuity;

	 	(4)	 	100% joint and survivor annuity;

	 	(5)	 	10-Year Certain and Life; or

	 	(6)	 	20-Year Certain and Life.

	4.9	 	Effect of Early Taxation. If the Participant’s benefits under the Plan are includible in
income pursuant to Code section 409A, such benefits shall be distributed immediately to the
Participant.

	4.10	 	Separation Before Vested Date. Notwithstanding anything herein to the contrary, no benefit
will be payable to or on behalf of a Participant who terminates employment with the
Corporation and all Affiliates before his Vested Date.

ARTICLE 5

Forfeiture

The Committee, in its sole discretion, may make any payments under this Plan subject to forfeiture
on such terms and conditions as the Committee deems appropriate under the circumstances to protect
the interests of the Corporation. Further, if the Participant is terminated from employment with
the Corporation or one of its Affiliates for Cause, the Committee in its discretion may forfeit
entirely any benefits payable under this Plan. Forfeiture under this Article 5 shall be in
addition to any other remedies which may be available to the Corporation or an Affiliate at law or
in equity.

ARTICLE 6

Source of Benefit Payments

All benefits payable under the terms of this Plan shall be paid by the Corporation from its general
assets. No person shall have any right or interest or claim whatsoever to the payment of a benefit
under this Plan from any person whomsoever other than the Corporation, and no Participant or
Beneficiary shall have any right or interest whatsoever to the payment of a benefit under this Plan
which is superior in any manner to the right of any other general and unsecured creditor of the
Corporation.

ARTICLE 7

Not a Contract of Employment

Participation in this Plan does not grant to any individual the right to remain an employee of the
Corporation or any Affiliate for any specific term of employment or in any specific capacity or at
any specific rate of compensation.

ARTICLE 8

No Alienation or Assignment

A Participant, a spouse or a Beneficiary under this Plan shall have no right or power whatsoever to
alienate, commute, anticipate or otherwise assign at law or equity all or any portion of any
benefit otherwise payable under this Plan, and the Corporation shall have the right, in the event
of any such action, to terminate permanently the payment of benefits to, or on behalf of, any
Participant, spouse or Beneficiary who attempts to do so.

ARTICLE 9

ERISA

The Corporation intends that this Plan come within the various exceptions and exemptions to ERISA
for a plan maintained for a “select group of management or highly compensated employees” as
described in ERISA sections 201(2), 301(a) (3), and 401(a) (1), and any ambiguities in this Plan
shall be construed to affect that intent.

ARTICLE 10

Amendment and Termination

	10.1	 	Amendment or Termination. The Corporation reserves the right to amend or terminate the Plan
when, in the sole discretion of the Corporation, such amendment or termination is advisable,
pursuant to a resolution or other action taken by the Committee. The Plan may also be amended
pursuant to a written instrument executed by the Corporation’s senior most human resources
officer to the extent such amendment is required under applicable law or is required to avoid
having amounts deferred under the Plan included in the income of Participants or beneficiaries
for federal income tax purposes prior to distribution.

Notwithstanding the foregoing, no amendment of the Plan shall apply to the Grandfathered
Amounts, unless the amendment specifically provides that it applies to such amounts. The
purpose of this restriction is to prevent a Plan amendment from resulting in an inadvertent
“material modification” under Code section 409A to the Grandfathered Amounts.

	10.2	 	Effect of Amendment or Termination. No amendment or termination of the Plan shall be applied
retroactively to deprive a Participant of benefits accrued under this Plan to the date of such
amendment or termination. Upon termination of the Plan, distribution of Plan benefits shall
be made to Participants and beneficiaries in the manner and at the time described in Article
4, unless the Corporation determines in its sole discretion that all such amounts shall be
distributed upon termination in accordance with the requirements under Code section 409A.
Upon termination of the Plan, no further benefit accruals shall occur.

ARTICLE 11

Administration

	11.1	 	General Administration. The Committee shall be responsible for the operation and
administration of the Plan and for carrying out the provisions hereof. The Committee shall
have the full authority and discretion to make, amend, interpret, and enforce all appropriate
rules and regulations for the administration of this Plan and decide or resolve any and all
questions, including interpretations of this Plan, as may arise in connection with this Plan.
Any such action taken by the Committee shall be final and conclusive on any party. To the
extent the Committee has been granted discretionary authority under the Plan, the Committee’s
prior exercise of such authority shall not obligate it to exercise its authority in a like
fashion thereafter. The Committee shall be entitled to rely conclusively upon all tables,
valuations, certificates, opinions and reports furnished by any actuary, accountant,
controller, counsel or other person employed or engaged by the Corporation with respect to the
Plan. The Committee may, from time to time, employ agents and delegate to such agents,
including employees of the Corporation, such administrative or other duties as it sees fit.
The Committee also shall have the power to delegate the exercise of all or any part of such
powers to such other person or persons as the Committee deems appropriate under the
circumstances.

	11.2	 	Claims for Benefits. The Committee shall adopt claims procedures in compliance with 29
C.F.R. § 2560.503-1, which shall be furnished automatically in a separate document to the
Participant, without charge, following a Participant’s request to the Committee, or its
delegate.

	11.3	 	Indemnification. The Corporation and its Affiliates (to the extent permissible under law and
consistent with their charters and bylaws) shall indemnify and hold harmless the Committee,
each individual member of the Committee and any employee authorized to act on behalf of the
Committee, the Corporation or any Affiliate under this Plan for any liability, loss, expense,
assessment or other cost of any kind or description whatsoever, including legal fees and
expenses, which they actually incur for their acts and omissions, past, current or future, in
the administration of the Plan.

ARTICLE 12

Miscellaneous

	12.1	 	Applicable Law. This Plan will be construed in accordance with the laws of the State of
Georgia (without regard to its choice-of-law rules) except to the extent superseded by federal
law.

	12.2	 	Incapacity of Recipient. If any person entitled to a distribution under the Plan is deemed
by the Committee to be incapable of personally receiving and giving a valid receipt for such
payment, then, unless and until a claim for such payment shall have been made by a duly
appointed guardian or other legal representative of such person, the Committee may provide for
such payment or any part thereof to be made to any other person or institution then
contributing toward or providing for the care and maintenance of such person. Any such
payment shall be a payment for the account of such person and a complete discharge of any
liability of the Corporation and the Plan with respect to the payment.

	12.3	 	Taxes. The Corporation or other payor may withhold from a benefit payment under the Plan or
a Participant’s wages in order to meet any federal, state, or local tax withholding
obligations with respect to Plan benefits. The Corporation or other payor may also accelerate
and pay a portion of a Participant’s benefits in a lump sum equal to the Federal Insurance
Contributions Act (“FICA”) tax imposed and the income tax withholding related to such FICA
amounts. The Corporation or other payor shall report Plan payments and other Plan-related
information to the appropriate governmental agencies as required under applicable laws.

	12.4	 	Binding Effect. This Plan shall be binding upon and inure to the benefit of any successor of
the Corporation and any successor shall be deemed substituted for the Corporation under this
Plan and shall assume the rights, obligations and liabilities of the Corporation hereunder and
be obligated to perform the terms and conditions of this Plan. As used in this Plan, the term
“successor” shall include any person, firm, corporation or other business entity or related
group of such persons, firms, corporations or business entities which at any time, whether by
merger, purchase, reorganization, liquidation or otherwise, or by means of a series of such
transactions, acquires all or substantially all of the assets or business of the Corporation.

	12.5	 	Unclaimed Benefits. Each Participant shall keep the Committee informed of his or her current
address and the current address of his or her designated Beneficiary. The Committee shall not
be obligated to search for the whereabouts of any person if the location of a person is not
made known to the Committee.

	12.6	 	Severability. In the event any provision of the Plan shall be held invalid or illegal for
any reason, any illegality or invalidity shall not affect the remaining parts of the Plan, but
the Plan shall be construed and enforced as if the illegal or invalid provision had never been
inserted.

	12.7	 	Construction. The headings and subheadings in this Plan have been set forth for convenience
of reference only and have no substantive effect whatsoever. Whenever any words are used
herein in the masculine, they shall be construed as though they were used in the feminine in
all cases where they would so apply; and whenever any words are used herein in the singular or
in the plural, they shall be construed as though they were used in the plural or in the
singular, as the case may be, in all cases where they would so apply.

	12.8	 	Regulatory Requirements. Regulatory agencies and federal laws and regulations may impose
restrictions on the Corporation and its Affiliates with respect to the payment of compensation
and benefits to certain employees who may be Participants in this Plan. These restrictions
may be in the form of absolute prohibitions or penalties, which may include tax penalties on
the Corporation and its Affiliates or on certain Participants. Notwithstanding any other
provision of this Plan document, the Corporation may reduce, eliminate or delay the payment of
a Participant’s benefits under this Plan or may take actions that subject such benefits to
monetary or tax penalties, as determined by the Corporation in its sole discretion to be
required under federal laws or regulations applicable to the Corporation and its Affiliates.
In such event, neither the Corporation nor its Affiliates shall have any liability for such
reduction, elimination, delay or penalty. Any delay in payment of a Participant’s benefits
under this Plan will comply with Treas. Reg. § 1.409A-2(b)(7).

Executed this        day of December, 2010.

	 	 	 	 	 	 	 
	Attest:	 	 	 	 	 	SUNTRUST BANKS, INC.
	By:

	 	     
	 	By:
	 	     

Donna D. Lange
	Title:

	 	     
	 	Title:
	 	     

APPENDIX A

TO THE SUNTRUST BANKS, INC.

ERISA EXCESS RETIREMENT PLAN

Tier 1 Participants

The following list of Participants each shall be a Tier 1 Participant:

	 	•	 	James M. Wells III

APPENDIX B

TO THE SUNTRUST BANKS, INC.

ERISA EXCESS RETIREMENT PLAN

Grandfathered Amounts

Distribution of Grandfathered Amounts shall be made in accordance with the Plan terms as in effect
on October 3, 2004 (the “Grandfathered Terms”) and as summarized in this Appendix B.
Capitalized terms used in this Appendix B, but not defined herein, will have the same
meaning as defined by the Plan in effect on October 3, 2004.

B.1 Timing and Amount.

	 	(a)	 	Normal or Delayed Retirement Benefit. If a Participant terminates employment
with the Corporation and all Affiliates on or after such Participant’s Normal
Retirement Date, the entire vested benefit, if any, to which such Participant is
entitled under this Plan automatically, will be paid to such Participant in the form
described in Section B.2 beginning as soon as practicable following the date such
Participant terminates employment with the Corporation and all Affiliates.

	 	(b)	 	Early Retirement Benefit.

	 	(1)	 	General. If a Participant terminates employment with the
Corporation and all Affiliates on or after such Participant’s Vested Date but
before his or her Normal Retirement Date, such Participant’s entire vested
Excess Benefit, if any, will be determined (taking into account the reductions
under Section B.1(b)(2)) as of the date he or she terminates employment. The
benefit automatically will be paid to the Participant beginning as of the
first day of the month coinciding with or next following the date he or she
terminates employment; however,

	 	(i)	 	if a Participant terminates employment after
his or her Vested Date but before his or her earliest “early
retirement date” under the Retirement Plan, payment automatically
will be made at his or her earliest “early retirement date” under the
Retirement Plan, and

	 	(ii)	 	if a Participant is eligible for a “disability
retirement benefit” (as described in the Retirement Plan), payment of
his or her vested Excess Benefit automatically will be paid or begin to
be paid at the same time as his or her disability retirement benefit
under the Retirement Plan.

	 	(2)	 	Reductions. The Excess Benefit, if any, payable to a
Participant before his or her Normal Retirement Date will be determined as
if such Participant’s benefit under the Retirement Plan was payable on the
date as of which his or her Excess Benefit is paid under Section B.1(b)(1)
taking into account applicable early commencement reduction factors under the
Retirement Plan.

	 	(c)	 	Termination Before Vested Date. No benefit will be payable to or on behalf of
a Participant who terminates employment with the Corporation and all Affiliates before
his or her Vested Date.

B.2 Form of Benefit.

	 	(a)	 	Normal Form. Except as provided in Section B.2(b), a Participant’s vested
Excess Benefit will be paid in a lump sum benefit which is Actuarially Equivalent to
the benefit that would have been paid to such Participant in the form of a life only
annuity.

	 	(b)	 	Other Benefit Forms. A Participant may make a written election to have his or
her entire vested Excess Benefit paid in any form of benefit available under the
Retirement Plan and such Excess Benefit shall be paid in the form specified in the
Participant’s most recent election; provided, however, that such an election shall not
be effective unless made at least one year before his or her Excess Benefit is paid
under this Plan. If an election is not effective, the Excess Benefit shall be paid in
a lump sum. Any benefit paid in a form other than a life only annuity shall be
Actuarially Equivalent to the benefit that would have been paid to such Participant in
the form of a life only annuity.

B.3 Survivor Benefit.

	 	(a)	 	General. If a Participant dies before he or she terminates employment with the
Corporation and all Affiliates and, as a result of his or her death, a survivor benefit
is payable on behalf of such Participant under the Retirement Plan, then a survivor
income benefit automatically will be payable on such deceased Participant’s behalf
under this Plan to the person who is the Participant’s designated beneficiary as
specified, or, in the absence of such written designation or in its ineffectiveness,
then to his or her estate.

	 	(b)	 	Annuity Basis.

	 	(1)	 	Exhibit A. For all Participants listed on Exhibit A under the
Grandfathered Terms, the survivor benefit payable under this Plan shall be
equivalent to the excess of A over B below, where

	 	 	 	A = the monthly survivor benefit that would be
payable to such spouse or would form the basis for the benefit payable
to such beneficiary under the Retirement Plan if the benefit under the
Retirement Plan was not limited by Code section 401(a)(17) or section
415 and the Participant had selected a 100% joint and survivor annuity
which is Actuarially Equivalent to the life only annuity, and

	 	 	 	B = the monthly survivor benefit that actually
would be payable to the spouse or would form the basis for the benefit
payable to such beneficiary under the Retirement Plan if the benefit
had been paid in a 100% joint and survivor annuity taking into account
the limitations under Code section 401(a)(17) and section 415.

	 	(2)	 	Other Participants. For all other Participants, the survivor
benefit payable under this Plan shall be equivalent to the excess of A over B
below, where

	 	 	 	A = the monthly survivor benefit that would be
payable to such spouse or would form the basis for the benefit
payable to such beneficiary under the Retirement Plan if the benefit
under the Retirement Plan was not limited by Code section 401(a)(17)
or section 415 and

	 	 	 	B = the monthly survivor benefit that actually
would be payable to such spouse or would form the basis for the benefit
payable to such beneficiary under the Retirement Plan taking into
account the limitations under Code section 401(a)(17) and section 415.

	 	(3)	 	Reductions and Assumptions. If the survivor benefit is paid
before the date the Participant would have reached his or her Normal Retirement
Date, the benefit described in this Section B.3(b) above will be reduced using
the factors then in effect to reduce early retirement benefits under the
Retirement Plan. Further, any survivor benefit payable under this Section B.3
shall be reduced by the Actuarial Equivalent value of any survivor benefits
payable to a Participant under a Special Survivor Benefit under the SERP.
Finally, a survivor benefit payable to a non-spouse beneficiary will be
calculated based on the assumption that the beneficiary is the same age as the
Participant was at his or her death.

	 	(c)	 	Form of Benefit. The survivor benefit will be paid in a lump sum that is
Actuarially Equivalent to the monthly benefit determined under Section B.3(b).

	 	(d)	 	Timing. The survivor benefit will be paid as soon as practicable after the
Participant’s death.

	 	(e)	 	No Post-Retirement Survivor Benefits. No survivor benefit will be paid on
behalf of a Participant who dies after he or she begins receiving benefits under this
Plan except to the extent such survivor benefit is payable under the form of benefit
being paid to the Participant at his or her death.

B.4 Administration, Amendment and Termination.

The Committee shall have all powers necessary to administer this Plan, to amend this Plan from time
to time in any respect whatsoever and to terminate this Plan at any time; provided, however, that
any such amendment or termination shall not be applied retroactively to deprive a Participant of
benefits accrued under this Plan to the date of such amendment or termination. The Committee also
shall have the power to delegate the exercise of all or any part of such powers to such other
person or persons as the Committee deems appropriate under the circumstances. This Plan shall be
binding on any successor in interest to the Corporation.

APPENDIX C

TO THE SUNTRUST BANKS, INC.

ERISA EXCESS RETIREMENT PLAN

Sections 2.14(b) and (d), Salary Shares Included as Base Salary

On December 30, 2009, the Committee approved “salary shares” as part of the 2010 base salary
for certain designated executives and directed that a portion of the value of such “salary shares”
be recognized as base salary for purposes of calculating benefits under certain employee benefit
plans, including this Plan. Accordingly, the following rules apply to the executives named in the
table below who are Participants in the 2010 calendar year.

For purposes of calculating the Excess Benefit under Section 2.14(b) or Section 2.14(d), each
Participant named in the table below who receives “salary shares” in 2010 as part of his base
salary shall have the dollar amount set forth by his name included as part of his PPA
Compensation. Such dollar value shall be pro rated, restricted or limited to the extent required
by the terms of the Plan in calculating the Excess Benefit. Except as provided below, the Plan
shall not recognize any additional amount of, or value for, “salary shares.”

	 	 	 	 	 
	 	 	Value of Salary Shares
	Name	 	to be Included as Part of 2010 Base Salary
	Mark A. Chancy
	 	$	504,000	 
	 
	 	 	 	 
	David F. Dierker
	 	 	340,200	 
	 
	 	 	 	 
	Timothy E. Sullivan
	 	 	438,442	 
	 
	 	 	 	 
	Thomas E. Freeman
	 	 	427,500	 
	 
	 	 	 	 
	Raymond D. Fortin
	 	 	340,200	 
	 
	 	 	 	 

H:\015100\PLAN DOCUMENTS\NONQUALIFIED PLANS\RESTATED PLANS\ERISA EXCESS PLAN\2010 ERISA EXCESS
PLAN RESTATEMENTV4 — FINAL.DOC

2EX-10.3

SUNTRUST RESTORATION PLAN

(Effective January 1, 2011)

The SunTrust Restoration Plan is hereby adopted effective January 1, 2011 by SunTrust
Banks, Inc. to provide supplemental retirement benefits to Eligible Employees pursuant to the terms
and provisions set forth below.

The Plan is intended (1) to comply with Code section 409A and official guidance issued
thereunder, and (2) to be “a plan which is unfunded and is maintained by an employer primarily for
the purpose of providing deferred compensation for a select group of management or highly
compensated employees” within the meaning of sections 201(2), 301(a)(3) and 401(a)(1) of ERISA.
Notwithstanding any other provision of this Plan, this Plan shall be interpreted, operated and
administered in a manner consistent with these intentions.

ARTICLE I

DEFINITIONS

All capitalized terms used in this Plan and not defined in this document shall have the same
meaning as in the Qualified Plan. Wherever used herein, the following terms shall have the
meanings hereinafter set forth:

“Account” means the bookkeeping account established by the Company for each
Participant in the Plan. A Participant’s Account shall be utilized solely as a device for the
determination and measurement of the amount of the Restoration Benefit to be paid to the
Participant pursuant to this Plan. A Participant’s Account shall not constitute or be treated as a
trust fund of any kind.

“Affiliate” means any corporation or other entity that is treated as a single employer
with the Company under section 414 of the Code.

“Annual Compensation Limit” means the limit equal to the product of two (2) times the
limit under Code section 401(a)(17) in effect for the Plan Year.

“Annuity Option” means one of the Actuarial Equivalent annuity forms set forth in Section
4.6(b).

“Benefit Commencement Date” means the date a Participant (or his beneficiary in the
case of death) is first scheduled to receive a payment of the Restoration Benefit accrued under the
Plan.

“CEO” means the Chief Executive Officer of the Company.

“Code” means the Internal Revenue Code of 1986, as amended.

“Committee” means the Compensation Committee of the Company’s Board of Directors or such
other committee as may be appointed by the Board of Directors from time to time.

“Company” means SunTrust Banks, Inc. or any successor corporation or other entity.

“Compensation” means the amount an Eligible Employee’s compensation for a Plan Year
determined as the difference between (1) the Eligible Employee’s PPA Compensation for the Plan Year
but determined without regard to the limitation imposed under Code section 401(a)(17), minus (2)
the Annual Compensation Limit for such Plan Year. Notwithstanding the foregoing, during a Newly
Hired Eligible Employee’s first year of participation in the Plan, the amount of Compensation shall
be determined under subsection (1) of the immediately preceding sentence without regard to the
Annual Compensation Limit. The Plan will not prorate the Annual Compensation Limit for a
Participant who participates in the Plan for less than a full Plan Year.

“Crediting Period” means the applicable semi-monthly period from the first day of a
calendar month through the 15th of the month, or from the 16th of the month through the last day of
the month.

“Date of Hire” means the date of an Employee’s first day of active employment with the
Company or an Affiliate.

“Disabled” means a Participant is, by reason of any medically determinable physical or
mental impairment which can be expected to result in death or can be expected to last for a
continuous period of not less than 12 months, receiving income replacement benefits for a period of
not less than three months under an accident and health plan covering employees of the
Participant’s employer and, in addition, has begun to receive benefits under SunTrust’s Long-Term
Disability Plan. The Participant will not be entitled to disability benefits under Section 3.4 if
his impairment was caused by military service; an act of war, riot or civil insurrection; or
employment with or service for any entity other than the Company or an Affiliate.

“Eligible Employee” means an Employee, generally, in Grade 57 or higher, who is
recommended by the CEO, and who is approved by the Committee for participation in the Plan. The
approval of the Committee regarding whether an Employee is an Eligible Employee shall be final and
binding for all Plan purposes.

“Employee” means an individual who is a regular employee on the U.S. payroll of the
Company or its Affiliates. The term “Employee” shall not include a person hired as an independent
contractor, leased employee, consultant, or a person otherwise designated by the Company or an
Affiliate as not eligible to participate in the Plan, even if such person is determined to be an
“employee” of the Company or an Affiliate by any governmental or judicial authority.

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended.

“Initial Distribution Election” means an initial distribution election regarding the form
of payment of a Particiapnt’s Restoration Benefit pursuant to Section 4.5(a).

“Interest Credits” mean the credits made to Participants’ Accounts, as such term is
defined in Section 3.3.

“Key Employee” means an Employee treated as a “specified employee” as of his
Separation from Service under Code section 409A(a)(2)(B)(i) (i.e., a key employee (as
defined in Code section 416(i) without regard to section (5) thereof)) if the common stock of the
Company or an Affiliate is publicly traded on an established securities market or otherwise. 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 twelve (12) month period beginning on the April 1 following the identification date.

“Newly Hired Eligible Employee” means an individual who is hired by the Company or an
Affiliate, who is not a current or former Employee and who meets the criteria for an Eligible
Employee on his Date of Hire.

“Participant” means an Eligible Employee with an accrued benefit under the Plan.

“Pay Credits” mean the credits made to Participants’ Accounts, as such term is defined in
Section 3.2.

“Plan” means the SunTrust Restoration Plan, as set forth herein and as amended from
time to time.

“Plan Administrator” means the party responsible for administering the Plan, or its
delegate, as provided in Section 5.1.

“Plan Year” means the calendar year.

“Qualified Plan” means the SunTrust Banks, Inc. Retirement Plan, as amended and restated
from time to time, and any successor plan.

“Restoration Benefit” means the benefit defined in Article III.

“Separation from Service” or “Separates from Service” means a “separation from
service” within the meaning of Code section 409A.

“Subsequent Distribution Election” means an election to change the time or form of
payment of a Participant’s Restoration Benefit pursuant to Section 4.5(b).

“Vested Date” means the date a Participant becomes 100% vested in his Restoration
Benefit, as such term is defined in Section 3.5.

“Vesting Service” means a Participant’s whole and partial “Years of Vesting Service,”
as defined in the Qualified Plan. If a Participant became an Eligible Employee in connection with
a corporate merger or acquisition, the Plan Administrator shall determine upon the date such
Participant becomes an Eligible Employee to what extent, if any, such Participant’s service with
the predecessor employer shall be included as Vesting Service under this Plan.

ARTICLE II

PARTICIPATION

Participation in the Plan shall be limited to Eligible Employees. The Plan Administrator, or
its delegate, shall notify any Employee of his status as an Eligible Employee at such time and in
such manner as the Plan Administrator shall determine.

ARTICLE III

RESTORATION BENEFIT

3.1 Amount of Restoration Benefit. An Eligible Employee shall become entitled to
receive the benefits determined under this Article III on and after the first day of the month
following the date he becomes an Eligible Employee (the “Restoration Benefit”). An Account shall
be established for each Participant. The Account shall be credited with Pay Credits and Interest
Credits pursuant to the provisions of this Article III. Notwithstanding the foregoing, a Newly
Hired Eligible Employee shall not earn or accrue any benefits under this Article III until the
first day of the month following or coincident with the 31st day after his Date of Hire.

3.2 Pay Credits. Pay Credits shall be determined and credited in accordance with this
Section 3.2 to the Account of each Participant who is an Eligibile Employee during a Plan Year
(“Pay Credits”). Pay Credits shall be determined for each Participant as the amount obtained by
multiplying such Participant’s Compensation received during a Crediting Period by the percentage,
based on the Participant’s Points, indicated in the table below. Pay Credits shall be credited to
a Participant’s Account as of the last day of each Crediting Period during the Plan Year in which
he receives Compensation. If a Participant terminates employment with the Company and all
Affiliates and is subsequently rehired by the Company or an Affiliate, such Employee shall not
accrue any additional Pay Credits following his or her reemployment unless the Committee again
approves him as an Eligible Employee.

	 	 	 	 	 
	Points

	 	Pay Credit Rate

	
 
	 	 	 	 
	Less than 30

	 	 	2.5	%
	
 
	 	 	 	 
	30 – 39.999

	 	 	3.0	%
	
 
	 	 	 	 
	40 – 49.999

	 	 	4.0	%
	
 
	 	 	 	 
	50 and over

	 	 	5.0	%
	
 
	 	 	 	 

3.3 Interest Credits. As of the last day of each Crediting Period, each Account shall
be credited with an Interest Credit (“Interest Credits”) equal to the product of the Account
balance as of the end of the prior Crediting Period multiplied by the rate which, if compounded
each Crediting Period for an entire calendar year, would yield an effective annual rate equal to
the interest rate applicable to the Plan Year in which such Crediting Period begins. The
applicable interest rate for a Plan Year shall be equal to the monthly average for 30-year Treasury
bond rates for the month of December in the immediately preceding Plan Year, as published in the
Federal Reserve Statistical Release. Notwithstanding the foregoing, the applicable interest rate
for each Plan Year shall not be lower than 3%. Participants shall continue to receive Interest
Credits to their Accounts through the end of the Crediting Period immediately preceding their
Benefit Commencement Date.

3.4 Disability Benefit. A Participant who becomes Disabled while employed as an
Eligible Employee shall continue to be eligible to receive Pay Credits, based on his Compensation,
until the time he or she ceases to receive benefits under an Employer-sponsored long-term
disability program, or, if earlier, as of the time he or she elects to receive distribution of his
or her benefits under the Qualified Plan. Such Participant’s Points shall be updated annually in
accordance with the Qualified Plan. For purposes of this Section 3.4, Compensation shall be
determined by replacing PPA Compensation in the definition of Compensation (as set forth in Article
I) with PPA Compensation determined in accordance with Section 1.38B(c) of the Qualified Plan.

3.5 Vesting. A Participant shall be 100% vested in his Restoration Benefit on the
date he completes ten (10) years of Vesting Service and reaches age sixty (60) (the “Vested Date”),
provided that such Participant remains employed by the Company or an Affiliate through such date.

3.6 Change in Position Prior to Distribution Event. Notwithstanding anything herein
to the contrary, in the event a Participant changes from a position as an Eligible Employee to one
that is not an Eligible Employee for any reason, such Participant shall not receive any additional
Pay Credits following the date of such change; provided, however, such Participant shall continue
to earn Interest Credits until the Benefit Commencement Date and shall continue to vest in the
Restoration Benefit during his continued service as an Employee.

3.7 Separation Before Vested Date. Notwithstanding anything herein to the contrary,
no benefit will be payable to or on behalf of a Participant who terminates employment with the
Company and all Affiliates before his Vested Date.

ARTICLE IV

DISTRIBUTION OF BENEFITS

4.1 Distribution Upon Separation. Absent an effective election under Section 4.5, the
Partcipant’s Restoration Benefit shall normally be distributed to him in a lump sum payment during
the second month after the month in which the the Participant Separates from Service.
Notwithstanding any elections by a Participant, if the amount of a Participant’s Restoration
Benefit is less than the applicable dollar amount under section 402(g)(1)(B) of the Code at the
time the Participant Separates from Service, the benefit shall be distributed in a lump sum payment
during the second month after the month in which the the Participant Separates from Service.

4.2 Key Employee. In the event that a Participant is a Key Employee as of the date of
his or her Separation from Service, any distributions to such Participant under Section 4.1 shall
not commence earlier than six (6) months following the date of such Separation from Service (or, if
earlier, the date of the Participant’s death). Amounts otherwise payable to the Participant during
such period of delay shall be accumulated and paid in the seventh month following the Participant’s
Separation from Service (or, if earlier, the first day of the month after the Participant’s death).
Interest Credits shall continue to accrue on the Restoration Benefit during the period of delay
following the Participant’s Separation from Service until the Benefit Commencement Date.

4.3 Distribution Upon Disability. Notwithstanding any provision in the Plan to the
contrary, if a Participant becomes Disabled prior to his or her Separation from Service, the
Restoration Benefit will be distributed in a lump sum payment in the month after the month in which
the Participant attains age sixty-five (65).

4.4 Distributions Upon Death. Notwithstanding any provision in the Plan to the
contrary, in the event of the death of the Participant before benefits have commenced, the
Restoration Benefit will be distributed in a lump sum payment in the second month after the month
of death to the Participant’s beneficiary. In the event of the death of the Participant after
benefits have commenced in a form elected by the Participant under section 4.5, death benefits
under the Plan will be payable to the Participant’s beneficiary in accordance with the form of
distribution elected by the Participant. A Participant shall designate his beneficiary in a
writing delivered to the Plan Administrator prior to death in accordance with procedures
established by the Plan Administrator. If a Participant has not properly designated a beneficiary
or if no designated beneficiary is living on the date of distribution, such amount shall be
distributed to the Participant’s estate.

4.5 Changes in Time or Form of Distribution. In order to elect to change the time or
form of distribution of the Restoration Benefit, a Participant shall file an Initial Distribution
Election or Subsequent Distribution Election, written or electronic, in accordance with procedures
established by the Plan Administrator. A distribution election under this Section 4.5 shall become
irrevocable on the date the election is filed with the Plan Administrator.

	 	(a)	 	Initial Distribution Election for Newly Hired Eligible Employee. If an
individual becomes a Newly Hired Eligible Employee after the beginning of a Plan Year,
the Plan Administrator has the sole discretion to determine whether such individual may
file an Initial Distribution Election for the Restoration Benefit. Under certain
limited circumstances, the Newly Hired Eligible Employee may elect the form of payment
of the Restoration Benefit in accordance with the procedures established by the Plan
Administrator, provided such election is delivered to the Plan Administrator no later
than thirty (30) days after the Employee’s Date of Hire. In the event of an Initial
Distribution Election under this Section 4.5(a), such election shall apply to the
Restoration Benefit earned for services performed on and after the first day of the
month following or coincident with the 31st day after his Date of Hire.

	 	(b)	 	Subsequent Distribution Election. In addition to the requirements the
Plan Administrator may establish, a Participant may make a Subsequent Distribution
Election after the thirty (30) day period set forth in Section 4.5(a) above, if
applicable. An election under this Section 4.5(b) shall become irrevocable on the date
the election is filed with the Plan Administrator and any election to change the time
or form of a distribution shall be effective only if the following conditions are
satisfied:

	 	(i)	 	The election may not take effect until at least twelve (12)
months after the date on which the election is made;

	 	(ii)	 	In the case of an election to change the time or form of a
distribution under Sections 4.1 or 4.5, a distribution may not be made earlier
than at least five (5) years from the date the distribution would have
otherwise been made; and

	 	(iii)	 	In the case of an election to change the time or form of a
distribution related to a payment at a specified time or pursuant to a fixed
schedule, the election must be made at least twelve (12) months before the date
the distribution is scheduled to be paid.

Any election (including changes solely among the Annuity Options) with respect to
the form of payment under the Plan after the Participant’s third Subsequent
Distribution Election shall be null and void and have no force or effect.
Notwithstanding anything herein to the contrary, a Subsequent Distribution Election
solely to change the form of payment from one Annuity Option to another Annuity
Option listed in Section 4.6(b) shall not be subject to the conditions set forth in
Sections 4.5(b)(i)-(iii) above. In the event the Restoration Benefit is payable
after the Participant made one or more Subsequent Distribution Elections under this
Section 4.5(b), Interest Credits shall continue to accrue on the Restoration Benefit
following the Participant’s Separation from Service until the Benefit Commencement
Date.

4.6 Permitted Form of Payment Options. Subject to the requirements of Sections 4.2
and 4.5, the Participant may elect the manner in which his or her vested Restoration Benefit shall
be paid from between the following options:

(a) Lump sum; or

	 	(b)	 	One of the following Annuity Options, the payments under which shall be
determined as of the Benefit Commencement Date and be an Actuarial Equivalent to the
lump sum value of the Restoration Benefit at such date; provided, however, the options
listed in (iii) – (vi) are only available on or after a Participant’s Earliest
Retirement Date:

(i) single life annuity;

	 	 	 
	(ii)

(iii)

(iv)

	 	50% joint and survivor annuity;

75% joint and survivor annuity;

100% joint and survivor annuity;

(v) 10-Year Certain and Life; or

(vi) 20-Year Certain and Life.

4.7 Effect of Early Taxation. If the Participant’s benefits under the Plan are
includible in income pursuant to Code section 409A, such benefits shall be distributed immediately
to the Participant.

4.8 Permitted Delays. Notwithstanding the foregoing, any payment to a Participant
under the Plan shall be delayed upon the Plan Administrator’s reasonable anticipation of one or
more of the following events:

	 	(a)	 	The Company’s deduction with respect to such payment would be eliminated by
application of Code section 162(m); or

	 	(b)	 	The making of the payment would violate Federal securities laws or other
applicable law;

provided, that any payment delayed pursuant to this Section 4.8 shall be paid in accordance with
Code section 409A.

ARTICLE V

ADMINISTRATION

5.1 General Administration. The Company is the sponsor of the Plan, and the Committee
is the Plan Administrator responsible for the operation and administration of the Plan.

5.2 Responsibility of Administrator. The Plan Administrator shall have sole
discretionary authority for the operation, interpretation and administration of the Plan. All
determinations and actions of the Plan Administrator within its discretionary authority shall be
final, conclusive and binding on all persons, except that the Plan Administrator may revoke or
modify a determination or action it determines was previously made in error. In addition to the
implied powers and duties that may be needed to carry out the administration of the Plan, the Plan
Administrator shall have the following specific powers and responsibilities:

	 	(a)	 	To establish, interpret, amend, revoke and enforce rules and regulations as
required or desirable for the efficient administration of the Plan.

	 	(b)	 	To review and interpret Plan provisions and to remedy provisions that are
ambiguous or inconsistent or contain omissions.

	 	(c)	 	To determine all questions relating to an individual’s eligibility to
participate in the Plan and the validity of an individual’s elections.

	 	(d)	 	To revoke an individual’s status as an Eligible Employee at any time; provided
however, in no event shall such revocation be applied retroactively to deprive an
Employee of benefits accrued under this Plan before such revocation.

	 	(e)	 	To determine a Participant’s or beneficiary’s eligibility for benefits from the
Plan and to authorize payment of benefits.

	 	(f)	 	To employ outside professionals and to enter into agreements on behalf of the
Plan Administrator necessary or desirable for administration of the Plan.

	 	(g)	 	To delegate any of the Plan Administrator’s rights, powers and duties to one or
more Employees or officers of the Company or to a third-party administrator. Such
delegation may include, without limitation, the power to execute any document on behalf
of the Plan Administrator and to accept service of legal process for the Plan
Administrator at the principal office of the Company.

5.3 Books, Records and Expenses. The Plan Administrator shall maintain books and
records for purposes of this Plan, which shall be subject to the supervision and control of the
Plan Administrator. SunTrust shall pay the general expenses of administering this Plan. The Plan
Administrator shall be entitled to rely conclusively upon all tables, valuations, certificates,
opinions and reports furnished by any actuary, accountant, controller, counsel or other person
employed or engaged by the Company with respect to the Plan.

5.4 Compensation. Neither the Plan Administrator nor any delegate who is an employee
of the Company or an Affiliate shall receive any additional compensation for his services as Plan
Administrator or delegate.

5.5 Indemnification. The Company (to the full extent permissible under law and
consistent with its charters and bylaws) shall indemnify and hold harmless the Plan Administrator,
each individual member of the Plan Administrator and any Employee authorized to act on behalf of
the Plan Administrator, the Company or an Affiliate under this Plan for any liability, loss,
expense, assessment or other cost of any kind or description whatsoever, including legal fees and
expenses, which they actually incur for their acts and omissions, past, current or future, in the
administration of the Plan.

5.6 Claims. The Plan Administrator shall establish a reasonable claims procedure
consistent with the requirements under the Department of Labor regulations under section 503 of
ERISA.

ARTICLE VI

AMENDMENT AND TERMINATION

6.1 Right to Amend or Terminate Plan. The Company expects to continue this Plan
indefinitely, but reserves the right to amend or discontinue the Plan should it deem such an
amendment or discontinuance necessary or desirable. The Company hereby authorizes and empowers the
Committee, as Plan Administrator, to amend this Plan in any manner that is consistent with the
purpose of this Plan as set forth in this document, without further approval of the Company’s Board
of Directors, and to delegate authority to amend this Plan to one or more appropriate members of
the Committee or officers of the Company, except as to any matter that the Committee determines may
result in a material increased cost to the Company or its Affiliates, in which case the consent of
the Committee shall be required. No amendment or discontinuance of this Plan shall reduce the
vested balances credited to any Participant’s Account as of the date such amendment is adopted or
the date of such discontinuance.

6.2 Distribution of Accounts. If the Company terminates the Plan, distribution of
balances in Accounts shall be made to Participants and beneficiaries in the manner and at the time
as provided in Article IV, unless the Company determines in its sole discretion that all such
amounts shall be distributed upon termination of the Plan in accordance with the requirements under
Code section 409A. Upon termination of the Plan, no further benefits shall be credited under the
Plan.

ARTICLE VII

GENERAL PROVISIONS

7.1 Construction. The headings and subheadings in this Plan have been set forth for
convenience of reference only and have no substantive effect whatsoever. Whenever any words in
this document are used in the masculine, they shall be construed as though they were used in the
feminine in all cases where they would so apply; and whenever any words in this document are used
in the singular or in the plural, they shall be construed as though they were used in the plural or
in the singular, as the case may be, in all cases where they would so apply.

7.2 Severability. In the event any provision of the Plan shall be held invalid or
illegal for any reason, any illegality or invalidity shall not affect the remaining parts of the
Plan, but the Plan shall be construed and enforced as if the illegal or invalid provision had never
been inserted.

7.3 No Alienation or Assignment. A Participant, a spouse or a beneficiary under this
Plan shall have no right or power whatsoever to alienate, commute, anticipate or otherwise assign
at law or equity all or any portion of any benefit otherwise payable under this Plan, and the
Company shall have the right, in the event of any such action, to terminate permanently the payment
of benefits to, or on behalf of, any Participant, spouse or beneficiary who attempts to do so.

7.4 Incapacity of Recipient. If any person entitled to a distribution under the Plan
is deemed by the Plan Administrator to be incapable of personally receiving and giving a valid
receipt for such payment, then, unless and until a claim for such payment shall have been made by a
duly appointed guardian or other legal representative of such person, the Plan Administrator may
provide for all or part of such payment to be made to any other person or institution then
contributing toward or providing for the care and maintenance of such person. Any such payment
shall be a payment for the account of such person and a complete discharge of any liability of the
Company, its Affiliates and the Plan to the extent of such payment.

7.5 Unclaimed Benefits. Each Participant shall keep the Plan Administrator informed
of his current address and the current address of his designated beneficiary. The Plan
Administrator shall not be obligated to search for the whereabouts of any person if the location of
a person is not made known to the Plan Administrator.

7.6 Not a Contract of Employment. Participation in this Plan does not grant to any
individual the right to remain in the employ of the Company or any Affiliate for any specific term
of employment or in any specific capacity or at any specific rate of compensation.

7.7 Unfunded Plan.

	 	(a)	 	Contractual Liability of the Company. This Plan is an unfunded plan maintained
primarily for a select group of management or highly compensated employees. The
obligation of the Company to provide any benefits under the Plan is a mere contractual
liability, and the Company is not required to establish or maintain any special or
separate fund or segregate any assets for the payment of benefits under this Plan.
Participants and their beneficiaries shall not have any interest in any particular
assets of the Company by reason of its obligation under the Plan and they are at all
times unsecured creditors of the Company with respect to any claim for benefits under
the Plan. All amounts of compensation deferred under this Plan, all property and
rights purchased with such amounts and any income attributable to such amounts, rights
or property shall constitute general funds of the Company. Nothing contained in the
Plan shall constitute a guarantee by the Company or any other person or entity that the
assets of the Company will be sufficient to pay any benefits hereunder.

	 	(b)	 	Rabbi Trust. The Company may, but is not required to, establish any special or
separate fund or segregate any assets for the payment of benefits under this Plan. In
the event the Company should establish a “rabbi” trust to assist in meeting the
Company’s financial obligations under this Plan, the assets of such trust shall be
subject to the claims of the general creditors of the Company in the event of the
Company’s insolvency, as defined in such trust agreement, and Participants in this Plan
and their beneficiaries shall have no preferred claim on, or any legal or equitable
rights, claims or interest in any particular assets of such trust. To the extent
payments of benefits under this Plan are actually made from any such trust or from any
other source, the Company’s obligation to make such payments is satisfied, but to the
extent not so paid, payment of benefits under this Plan remains the obligation of, and
shall be paid by, the Company.

7.8 Taxes. The Company or other payor may withhold from a benefit payment under the
Plan or from a Participant’s wages in order to meet any federal, state, or local tax withholding
obligations with respect to Plan benefits. The Company or other payor may also accelerate and pay
a portion of a Participant’s benefits in a lump sum equal to the Federal Insurance Contributions
Act (“FICA”) tax imposed and the income tax withholding related to such FICA amounts. The Company
or other payor shall report Plan payments and other Plan-related information to the appropriate
governmental agencies as required under applicable laws.

7.9 Binding Effect. This Plan shall be binding upon and inure to the benefit of any
successor of the Company and any successor shall be deemed substituted for the Company under this
Plan and shall assume the rights, obligations and liabilities of the Company hereunder and be
obligated to perform the terms and conditions of this Plan. As used in this Plan, the term
“successor” shall include any person, firm, corporation or other business entity or related group
of such persons, firms, corporations or business entities which at any time, whether by merger,
purchase, reorganization, liquidation or otherwise, or by means of a series of such transactions,
acquires all or substantially all of the assets or business of the Company.

7.10 Governing Law. The Plan and all actions taken pursuant to the Plan shall be
governed by the laws of the State of Georgia (excluding its conflict-of-interest laws) except to
the extent such laws are superseded by federal law.

7.11 Regulatory Requirements. Regulatory agencies and federal laws and regulations
may impose restrictions on the Company and its Affiliates with respect to the payment of
compensation and benefits to certain employees who may be Participants in this Plan. These
restrictions may be in the form of absolute prohibitions or penalties, which may include tax
penalties on the Company and its Affiliates or on certain Participants. Notwithstanding any other
provision of this Plan document, the Company may reduce, eliminate or delay the payment of a
Participant’s benefits under this Plan or may take actions that subject such benefits to monetary
or tax penalties, as determined by the Company in its sole discretion to be required under federal
laws or regulations applicable to the Company and its Affiliates. In such event, neither the
Company nor its Affiliates shall have any liability for such reduction, elimination, delay or
penalty. Any delay in payment of a Participant’s benefits under this Plan will comply with Section
4.8.

1

Executed this        day of December, 2010.

	 	 	 	 	 
	Attest:
	 	 	 	SUNTRUST BANKS, INC.

	By:
	 	     
	 	By:     

Donna D. Lange

	Title:
	 	     
	 	Title:      

H:\015100\00020\STI — SUNTRUST RESTORATION BENEFITS PLANV6.DOC

2

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