Document:

RF-2013-12.31-EX.10.48 1-1-14

EXHIBIT 10.48

REGIONS FINANCIAL CORPORATION SUPPLEMENTAL 401(k) PLAN
(RESTATED AS OF JANUARY 1, 2014)

RECITALS

WHEREAS, the AmSouth Bancorporation Supplemental Thrift Plan (“AmSouth Plan”) was established for eligible employees, effective as of January 1, 1995;

WHEREAS, as a result of the merger of AmSouth Bancorporation into Regions Financial Corporation, effective November 4, 2006 (the “Merger”), Regions Financial Corporation (the “Company”) became the sponsor of the AmSouth Plan;

WHEREAS, at the time of the Merger, the Company maintained the Regions Financial Corporation Supplemental 401(k) Plan (“Legacy Regions Plan”);

WHEREAS, the Company merged the Legacy Regions Plan into the AmSouth Plan, effective April 1, 2008, and changed the name of the AmSouth Plan to the Regions Financial Corporation Supplemental 401(k) Plan (the “Plan”); 

WHEREAS, the Plan was subsequently amended by Amendment Number One through Amendment Number Seven; and

WHEREAS, the Company desires to restate the Plan in its entirely to incorporate Amendment Number One through Amendment Number Seven into the plan document to improve the readability of the Plan.  

NOW, THEREFORE, the Plan is hereby restated in its entirety, effective as of January 1, 2014 (with provisions effective as specifically provided herein).  

ARTICLE I
THE PLAN
 
1.1      Purpose of the Plan.  This Plan is intended to restore benefits that are cut back as a result of certain legal limits that apply to the Regions Financial Corporation 401(k) Plan. The group of eligible employees under this Plan shall be limited to a “select group of management or highly compensated employees” within the meaning of ERISA Section 201(2). Benefits provided under this Plan shall be paid solely from the general assets of the Company and participating Affiliates. This Plan, therefore, is exempt from the participation, vesting, funding and fiduciary requirements of Title I of ERISA. The Company may establish a rabbi trust (the “Trust”) which may be used to pay benefits arising under the Plan and all costs, charges and expenses relating thereto; except that, to the extent that the funds held in the Trust are insufficient to pay such benefits, costs, charges and expenses, the Company shall pay such benefits, costs, charges and expenses. 

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1.2      Applicability of the Plan.  This Plan applies only to eligible Employees who were in the active employment of the Company or a participating Affiliate on or after January 1, 1995. The Legacy Regions Plan applied only to employees who were identified as eligible under the terms of that plan on and after January 1, 2001. The provisions of this restated Plan are effective January 1, 2014, unless a particular provision has a different effective date specified. Notwithstanding the foregoing, the provisions of this Plan regarding compliance with Code Section 409A and the regulations thereunder are effective January 1, 2005 (or such other date as required for compliance with Section 409A). 

ARTICLE II
DEFINITIONS

Whenever used in the Plan, the following terms shall have the meanings set forth below unless otherwise expressly provided. When the defined meaning is intended, the term is capitalized. The definition of any term in the singular shall also include the plural. 
 
2.1  Account.  Account means the bookkeeping account for each Participant that represents the Participant’s total interest under the Plan. A Participant’s Account may consist of one or more of the following subaccounts: 
 
(a)    Salary Reduction Contributions Account means the portion of the Participant’s Account attributable to salary reduction contributions made on the Participant’s behalf, including any gains and losses credited on such contributions. 
 
(b)    Matching Contributions Account means the portion of the Participant’s Account attributable to matching contributions made by the Employer on the Participant’s behalf including any gains and losses credited on such contributions. 
 
(c)    Employer Contributions Account means the portion of the Participant’s Account attributable to employer contributions made by the Employer on the Participant’s behalf, including any gains and losses credited on such contributions. 
 
(d)    Legacy Regions Plan Account means the portion of the Participant’s Account that is attributable to the Participant’s account balance in the Legacy Regions Plan. 
 
(e)    AmSouth Supplemental Thrift Plan Account means the portion of the Participant’s Account attributable to the Participant’s balance in the AmSouth Supplemental Thrift Plan as of March 31, 2008, including any gains and losses credited on such amount. 

(f)    Supplemental Executive Retirement Plan Account means the portion of the Participant’s Account attributable to the Participant’s benefit transferred from the Regions Financial Corporation Post 2006 Supplemental Executive Retirement Plan as of January 1, 2014, including any gains or losses credited on such amount in accordance with Section 5.2.

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A Participant’s Legacy Regions Plan Account shall include any amounts credited to a DC Restoration Plan Account under the Legacy Regions Plan as provided for herein. 
 
2.2  Affiliate.  Affiliate means: 
 
(a)    Regions Financial Corporation (prior to November 4, 2006 with regard to the AmSouth Plan, AmSouth Bancorporation), and 
 
(b)    any other entity which, along with the Company, is a member of a controlled group of employers under Code Section 414(b), (c), (m), or (o); provided, however, that Morgan Keegan & Company, Inc. shall not be considered to be an Affiliate for purposes of coverage under or participation in the Plan or the Legacy Regions Plan and shall only be considered to be an Affiliate to the extent specifically required by law (e.g., for compliance with the Code Section 409A requirement of separation from service with Affiliates for distributions). 
 
2.3      Beneficiary.  Prior to April 1, 2008, a Participant’s Beneficiary under this Plan shall be the same person or entity designated as the Participant’s beneficiary under the Regions 401(k) Plan (AmSouth Bancorporation Thrift Plan). Effective April 1, 2008, a Participant shall designate a Beneficiary to receive any benefits due under the terms of this Plan as a result of the death of the Participant on a form and pursuant to the procedures established by the Plan Administrator (including any electronic procedures for such designation). Legacy Regions Plan participants shall redesignate a Beneficiary under this Plan. If a Legacy Regions Plan participant does not redesignate a Beneficiary, his or her prior designation under the Legacy Regions Plan shall continue in effect. In the event that either (i) a Participant dies without designating a Beneficiary under this Plan, (ii) no designated Beneficiary survives the Participant, or (iii) the designated Beneficiary(ies) cannot be located after reasonable efforts as determined by the Plan Administrator, the benefits will be paid to the person or entity designated as the Participant’s beneficiary under the Regions 401(k) Plan. 
 
2.4  Board.  Board means the Company’s Board of Directors.   
 
2.5    Change in Control.  Effective November 4, 2006, “Change in Control” means any of the following events: 
 
(a)    the acquisition by any “Person” (as the term “person” is used for the purposes of Section 13(d) or 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) of direct or indirect beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 20% or more of the combined voting power of the then-outstanding securities of the Company entitled to vote in the election of directors (the “Voting Securities”); or 
 
(b)    individuals (the “Incumbent Directors”) who, as of the date hereof, constitute the Board of Directors of the Company (the “Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the date hereof whose election, or nomination for election, was approved by a vote of at least two-thirds of the Incumbent Directors who are then on the Board (either by specific vote or by approval, without prior written notice to the Board objecting to the nomination, of a proxy statement in which the 

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individual was named as nominee) shall be an Incumbent Director, unless such individual is initially elected or nominated as a director of the Company as a result of an actual or threatened election contest with respect to the election or removal of directors (“Election Contest”) or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board (“Proxy Contest”), including by reason of any agreement intended to avoid or settle any Election Contest or Proxy Contest; or 
 
(c)    consummation of a merger, consolidation, reorganization, statutory share exchange, or similar form of corporate transaction involving the Company or involving the issuance of shares by the Company, the sale or other disposition (including by way of a series of transactions or by way of merger, consolidation, stock sale or similar transaction involving one or more subsidiaries) of all or substantially all of the Company’s assets or deposits, or the acquisition of assets or stock of another entity by the Company (each a “Business Combination”), unless such Business Combination is a “Non-Control Transaction.” A “Non-Control Transaction” is a Business Combination immediately following which the following conditions are met: 

(i)    the stockholders of the Company immediately before such Business Combination own, directly or indirectly, more than 55% of the combined voting power of the then-outstanding voting securities entitled to vote in the election of directors (or similar officials in the case of a non-corporation) of the entity resulting from such Business Combination (including, without limitation, an entity that as a result of such Business Combination owns the Company or all of substantially all of the Company’s assets, stock or ownership units either directly or through one or more subsidiaries) (the “Surviving Corporation”) in substantially the same proportion as their ownership of the company Voting Securities immediately before such Business Combination; 

(ii)     at least a majority of the members of the board of directors of the Surviving Corporation were Incumbent Directors at the time of the Board’s approval of the execution of the initial Business Combination agreement; and 

(iii)     no person other than (A) the Company or any of its subsidiaries, (B) the Surviving Corporation or its ultimate parent corporation, or (C) any employee benefit plan (or related trust) sponsored or maintained by the Company immediately before such Business Combination beneficially owns, directly or indirectly, 20% or more of the combined voting power of the Surviving Corporation’s then-outstanding voting securities entitled to vote in the election of directors; or 

(iv)     Approval by the stockholders of the Company of a complete liquidation or dissolution of the Company. 

Notwithstanding the foregoing, a Change in Control shall not be deemed to occur solely because any Person (the “Subject Person”) acquired Beneficial Ownership of more than the permitted amount of the outstanding Voting Securities as a result of the acquisition of Voting Securities by the Company which, by reducing the number of Voting Securities outstanding, increases the proportional number of shares Beneficially Owned by the Subject Person, provided 

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that if a Change in Control would occur (but for the operation of this sentence) and after such acquisition of Voting Securities by the Company, the Subject Person becomes the Beneficial Owner of any additional Voting Securities, then a Change in Control shall occur. 

Prior to November 4, 2006, a “Change in Control” shall mean: 
 
(a)    The acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (a “Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) or 20% or more of either (i) the then outstanding shares of common stock of the Company (the “Outstanding Company Common Stock”) or (ii) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that for purposes of this subsection (a), the following acquisitions shall not constitute a Change in Control: (i) any acquisition directly from the Company, (ii) any acquisition by the Company, (iii) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company, or (iv) any acquisition by any corporation pursuant to a transaction which complies with clauses (i), (ii) and (iii) of subsection (c) below of this section; or 
 
(b)    Individuals who, as of the date hereof, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the date hereof whose election, or nomination for election by the Company’s shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; or 
 
(c)    Consummation of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Company (a “Business Combination”), in each case, unless, following such Business Combination, (i) all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 60% of, respectively, the then outstanding shares of common stock and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such Business Combination (including, without limitation, a corporation which as a result of such transaction owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Business Combination of the Outstanding Company Common Stock and Outstanding Company Voting Securities, as the case may be, (ii) no Person (excluding any corporation resulting from such Business Combination or any employee benefit plan or related trust of the Company or such corporation resulting from such Business Combination) beneficially owns, directly or indirectly, 20% or more of, respectively, the then outstanding shares of common stock 

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of the corporation resulting from such Business Combination or the combined voting power of the then outstanding voting securities of such corporation except to the extent that the such ownership existed prior to the Business Combination, and (iii) at least a majority of the members of the board of directors of the corporation resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement, or the action of the Board, providing for such Business Combination; or 
 
(d)    Approval by the shareholders of the Company of a complete liquidation or dissolution of the Company. 

2.6      Code.  Code means the Internal Revenue Code of 1986, as amended, or as it may be amended from time to time. A reference to a particular section of the Code shall also be deemed to refer to the regulations under that Code section. 
 
2.7      Company.  Company means Regions Financial Corporation or any successor thereto. Prior to November 4, 2006, with regard to the AmSouth Plan, Company means AmSouth Bancorporation, and with regard to the Legacy Regions Plan, Company means Regions Financial Corporation. 
 
2.8      Compensation.  Compensation for any Plan Year means a Participant’s “Compensation” as defined under the Regions 401(k) Plan, without regard to any limits on such Compensation imposed by or for the purpose of complying with Code Section 401(a)(17). Effective January 1, 2009, Compensation does not include amounts paid by Morgan Keegan. 
 
2.9      Employee.  Employee means any person who is employed by the Company or an Affiliate. 
 
(a)    Special Provisions. Effective November 4, 2006, and prior to the merger of the Legacy Regions Plan into the Plan on April 1, 2008, notwithstanding the foregoing, employees of Regions Financial Corporation and its affiliates including, but not limited to, Morgan Keegan, hired prior to November 4, 2006, and employees hired on and after November 4, 2006 on the Regions PeopleSoft payroll system were not “Employees” eligible to participate in this Plan (i.e., the AmSouth Plan). Additionally, Participants transferring employment to Morgan Keegan as a result of the merger of AmSouth Bancorporation into Regions Financial Corporation ceased active participation in this Plan as of the date of the transfer to Morgan Keegan. 
 
(b)    Special Legacy Regions Plan Provisions. Effective November 4, 2006, and prior to the merger of the Legacy Regions Plan into the Plan on April 1, 2008, notwithstanding the foregoing, employees of Regions Financial Corporation who were employees of AmSouth Bancorporation and its affiliates as of the merger on November 4, 2006, and employees hired on and after November 4, 2006 on the AmSouth Cyborg payroll system, were not “Employees” eligible to participate in the Legacy Regions Plan. 
 

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2.10      Employer.  Employer means the Company and each Affiliate except for Morgan Keegan. 
 
2.11      ERISA.  ERISA means the Employee Retirement Income Security Act of 1974, as amended, or as it may be amended from time to time. A reference to a particular section of ERISA shall also be deemed to refer to the regulations under such section. 
 
2.12     Legacy Regions Plan.  Legacy Regions Plan means the Regions Financial Corporation Supplemental 401(k) Plan established by Regions Financial Corporation effective January 1, 2001, until its merger into this Plan on April 1, 2008. 
 
2.13      Morgan Keegan.  Morgan Keegan means Morgan Keegan & Company, Inc., including any successors thereto. 
 
2.14      Participant.  Participant means an Employee of an Employer who has met, and continues to meet, the eligibility requirements hereof. Participant shall also include any person who has accrued a benefit under the Plan that has neither been forfeited nor fully paid to him. 
 
2.15      Plan.  Plan means this Plan, the Regions Financial Corporation Supplemental 401(k) Plan (formerly the AmSouth Bancorporation Supplemental Thrift Plan), as amended from time to time. 
 
2.16      Plan Administrator.  Plan Administrator means the Benefits Management Committee and any successor to such Committee. The Benefits Management Committee may delegate any administrative functions to an individual or committee, and any reference to “Plan Administrator” shall refer to such individual or committee as appropriate. 
 
2.17  Plan Year.  Plan Year means the calendar year. 
 
2.18      Regions 401(k) Plan.  Regions 401(k) Plan means the Regions Financial Corporation 401(k) Plan (formerly the AmSouth Bancorporation Thrift Plan), which is a defined contribution profit sharing plan with a cash or deferred arrangement qualified under Code Sections 401(a), (k) and (m), as amended from time to time. 
 
2.19      Section 409A.  Section 409A means Section 409A of the Internal Revenue Code and shall include any amendments thereto or successor provisions as well as any applicable current and future regulations, rulings, IRS notices and other binding legal authority interpreting or modifying the legal requirements under Section 409A. 
 
2.20      Specified Employee.  Specified Employee means a specified employee as defined in Section 409A and shall be determined in accordance with the Company’s general policy for determining specified employees, as such policy may be amended from time to time. 
 
2.21      Termination of Service.  Termination of Service means separation from service as defined in Section 409A. 
 

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2.22      Valuation Date.  Valuation Date means the last day of each calendar quarter and any other date that the Plan Administrator selects in its sole discretion for the revaluation and adjustment of Accounts. 
 
ARTICLE III
PARTICIPATION
 
3.1  Eligibility. 
 
(a)    AmSouth Plan Provisions Prior to January 1, 2008. This subsection shall apply only before January 1, 2008. Any Employee hired on or after January 1, 2007 was eligible to participate hereunder as of the first day of the month coinciding with or next following the later of the Employee’s date of hire and the date the Employee’s Base Salary equaled or exceeded $175,000. Any Employee hired prior to January 1, 2007 who was not a Participant on January 1, 2007 was eligible to participate hereunder as of the later of January 1, 2007 or the date the Employee’s Base Salary equaled or exceeded $175,000. Any other Employee became a Participant on the first day of the month immediately following the date he or she was designated in writing as a Participant in this Plan by the Chief Executive Officer of the Company or his designee. 
 
(b)    Legacy Regions Plan Provisions Prior to January 1, 2008. Prior to January 1, 2008, an Employee hired by Regions Financial Corporation or its subsidiaries or affiliates was eligible if the Employee was offered by the Company the opportunity to participate in the Legacy Regions Plan. 
 
(c)    With regard to the Plan and the Legacy Regions Plan, effective January 1, 2008 any Employee (other than an employee of Morgan Keegan) shall be eligible to participate as of the January 1 coinciding with or next following the date that the Employee has a base salary that equals or exceeds 200% of the amount set forth in Section 414(q)(1)(B)(i) of the Code, as indexed. Any other Employee shall be a Participant on the January 1 immediately following the date he or she is designated in writing as a Participant in this Plan by the Chief Executive Officer of the Company or his designee. 

(d)    (i)    Effective November 4, 2006, and prior to the merger of the Legacy Regions Plan into the Plan on April 1, 2008, notwithstanding the foregoing, Employees of Regions Financial Corporation and its Affiliates including, but not limited to, Morgan Keegan, hired prior to November 4, 2006 and Employees hired on and after November 4, 2006 on the Regions PeopleSoft payroll system were not eligible to participate in this Plan. Additionally, Participants transferring employment to Morgan Keegan as a result of the merger of AmSouth Bancorporation into Regions Financial Corporation ceased active participation in this Plan as of the date of the transfer to Morgan Keegan.

(ii)    Effective November 4, 2006, and prior to the merger of the Legacy Regions Plan into the Plan on April 1, 2008, notwithstanding the foregoing, Employees of Regions Financial Corporation who were employees of AmSouth Bancorporation and its affiliates as of the merger on November 4, 2006, and Employees hired on and after November 4, 2006 

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on the AmSouth Cyborg payroll system, were not eligible to participate in the Legacy Regions Plan.
 
(e)    Additional Participants as of January 1, 2013. Effective January 1, 2013, an Employee who is not otherwise eligible under subsections (a) through (d) above shall be eligible to participate for the following purposes provided the Employee satisfies the following conditions.  An Employee is eligible under this subsection as of the first day of a Plan Year if the Employee has Compensation for the prior Plan Year in excess of the dollar limitation in Code Section 401(a)(17), and the employer contribution credited under Section 4.3(b)(iii) hereof (based on Compensation in the prior Plan Year) is not less than $100. An Employee who is eligible under this subsection shall immediately participate with respect to the employer contribution credited under Section 4.3(b)(iii) hereof, and with respect to the right to execute a supplemental bonus reduction agreement under Section 4.1(a). An Employee who is eligible under this subsection for any Plan Year shall continue to be eligible to participate in subsequent Plan Years, and with respect to each such subsequent Plan Year, shall be eligible 

(i)     to execute a supplemental salary reduction agreement under Section 4.1(a) before the first day of such subsequent Plan Year, 

(ii)     to be credited with matching contributions under Section 4.2, and 

(iii)     to be credited with employer contributions under Section 4.3(b)(i) and (ii).

3.2  Election of Form of Distribution. 
 
(a)    Upon a Participant’s initial participation in this Plan, a Participant shall make a one-time election of the form of distribution of benefits from the Plan on a form provided by the Plan Administrator. The election shall be irrevocable (except as otherwise specifically provided for herein). The election may include a different form of benefit to be paid in the event of Termination of Service within two years after a Change in Control. The Participant must choose to receive benefit distributions at his or her Termination of Service in (i) a lump sum cash payment; (ii) substantially equal annual installments over a period of five years; or (iii) substantially equal annual installments over a period of 10 years. In each case, payments shall commence within 60 days of the Participant’s Termination of Service (prior to April 1, 2008, within 90 days of the Valuation Date immediately following the Participant’s Termination of Service). Any Participant who fails to complete and return an election form will be deemed to have irrevocably elected to receive a lump sum distribution, unless the Participant had a prior election on file. All current Plan Participants may complete an election form by December 31, 2008 to select the form of distribution in effect beginning January 1, 2009 to comply with Section 409A of the Code. 

Notwithstanding the foregoing, a Participant whose benefit is frozen in the Regions Financial Corporation Post 2006 Supplemental Executive Retirement Plan as of January 1, 2014, and transferred to this Plan as described in Section 4.6, shall not make a form of distribution election under this Plan for such benefits.  Rather, such transferred benefits shall be paid as follows:

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(i)    If the Participant elected a lump sum form of payment under the terms of the Regions Financial Corporation Post 2006 Supplemental Executive Retirement Plan, his or her Supplemental Executive Retirement Plan Account shall be paid in the form of a lump sum in the same manner and at the same time such benefit would have been paid under the Regions Financial Corporation Post 2006 Supplemental Executive Retirement Plan as in effect on the date of such transfer.  

(ii)    If the Participant did not elect a lump sum form of payment under the terms of the Regions Financial Corporation Post 2006 Supplemental Executive Retirement Plan, his or her Supplemental Executive Retirement Plan Account shall be paid in the form of a “DC Annuity.”  The DC Annuity shall be payable as an annual annuity for a fixed period of years, equal to the Participant’s life expectancy (or the Participant’s and his or her spouse’s joint life expectancy if the Participant elected a joint and survivor annuity) as of the payment commencement date provided under the terms of the Regions Financial Corporation Post 2006 Supplemental Executive Retirement Plan (“DC Annuity Payment Commencement Date”), rounded to the nearest whole number of years (the “Fixed Period”). Life expectancy shall be determined using the “applicable mortality table” under Code Section 417(e)(3) in effect for the Plan Year containing the DC Annuity Payment Commencement Date.

(1)    The initial annual payment shall be made as of the DC Annuity Payment Commencement Date and shall be (i) the Participant’s Supplemental Executive Retirement Plan Account balance as of the DC Annuity Payment Commencement Date, divided by (ii) the number of years in the Fixed Period. 

(2)    The Participant’s subsequent annual payments shall be redetermined each year using the procedure in subsection (1) above but using the remainder of the Fixed Period (which, for the avoidance of doubt, shall be Fixed Period as of the prior year reduced by one year); and the updated balance as of the anniversary of the DC Annuity Payment Commencement Date which shall be the prior year’s Supplemental Executive Retirement Plan Account balance incremented with investment credits (which may be positive or negative) from the prior determination date to the next annual determination date, and subtracting the prior payment.  In the event of the Participant’s death before the last payment is made to the Participant, notwithstanding Section 6.2, the remaining annual payments shall be made to the Participant’s surviving spouse in the same manner such annual payments were made to the Participant.

(3)    Upon the expiration of the Fixed Period, no additional annual payments shall be made. In the event of the Participant’s and his or her surviving spouse’s deaths before the expiration of the Fixed Period, the remaining balance in the Supplemental Executive Retirement Plan Account shall be paid in the form of a lump sum to a beneficiary.  The Plan Administrator shall provide the Participant with an opportunity to designate a beneficiary for this purpose, and to change the designated beneficiary if the Participant desires to do so.  If no beneficiary has been properly designated, the Participant’s estate shall be the beneficiary.

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(b)    Notwithstanding the Participant’s distribution election, if the Participant’s vested Account balance at the Participant’s Termination of Service does not exceed the applicable dollar amount under Code Section 402(g)(1)(B) ($15,500 for 2008), the Participant’s benefits will be paid in a lump sum payment within 60 days of the Participant’s Termination of Service (prior to April 1, 2008, within 90 days of the Valuation Date immediately following the Participant’s Termination of Service). This limit on lump sum payments shall apply to the Legacy Regions Plan effective January 1, 2009. This provision shall apply only if the payment results in the termination of and liquidation of the entirety of the Participant’s interest under the Plan and all other arrangements treated as a single plan under Treasury Regulation Section 1.409A-1(c)(2). 
 
(c)    Notwithstanding the foregoing, if a Participant is a Specified Employee at the time of his or her termination of employment, any payments which would otherwise be made because of the Termination of Service during the first six months following Termination of Service shall not be paid in that period. Rather, any such payments shall be accumulated and paid to the recipient in a lump sum on the first payroll of the seventh month following the Termination of Service, with continued investment earnings/losses through the date of distribution. All subsequent payments (if any) shall be paid in the manner specified on the election form. Installment payments shall, for this purpose, be considered a series of separate payments. 
 
ARTICLE IV
BENEFITS
 
4.1  Salary Reduction Contributions. 
 
(a)    Salary Reduction Agreement. Each Participant in this Plan may execute a supplemental salary reduction agreement on a form prescribed by the Plan Administrator (including electronic procedures for such agreements as may be established by the Plan Administrator). On this form the Participant may elect to reduce his or her Compensation for the Plan Year by a whole percentage that does not exceed 80% (25% for years prior to 2007). The supplemental salary reduction agreement shall be executed prior to the first day of the Plan Year for which it is to be effective, or in the case of a Participant who first becomes eligible to participate in the Plan during the Plan Year, the supplemental salary reduction agreement shall be executed within 30 days of initial eligibility under this Plan effective for Compensation earned subsequent to the election. The supplemental salary reduction agreement for any Plan Year shall be irrevocable for such Plan Year. Moreover, prior to January 1, 2008, an election for a Plan Year shall remain in full force and effect for all subsequent Plan Years unless modified or revoked by the Participant in writing to the Plan Administrator before the first day of the Plan Year for which such modification or revocation is to be effective. With regard to the Legacy Regions Plan, and effective January 1, 2008 with respect to this Plan, a Participant must make a new election each year (i.e., the prior year’s deferral election will not be deemed to continue in subsequent years). Prior to January 1, 2008, the provisions of the Legacy Regions Plan shall apply with regard to procedures for deferral elections for the Legacy Regions Plan. 

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Effective January 1, 2007, with regard to “performance-based Compensation” as defined in the immediately following paragraph, a Participant may execute a supplemental bonus reduction agreement on a form prescribed by the Plan Administrator to elect to reduce his or her performance-based Compensation for the Plan Year by a whole percentage that does not exceed 80%. Such supplemental bonus reduction agreement must be executed on or before the date that is six months before the end of the performance period, and the Participant must have performed services continually from the later of (i) the beginning of the performance period, or (ii) the date the performance criteria are established through the date an election is made in accordance with this paragraph. 

“Performance-based Compensation” is Compensation the amount of which, or the entitlement to which, is contingent on the satisfaction of pre-established organizational or individual performance criteria (i.e., established in writing by not later than 90 days after the commencement of the period of service to which the criteria relates, provided that the outcome is substantially uncertain at the time the criteria are established) relating to a performance period of at least 12 consecutive months. Performance-based Compensation will not include any amount or portion of any amount that will be paid either (i) regardless of performance, or (ii) based upon a level of performance that is substantially certain to be met at the time the criteria are established. The determination of “performance-based Compensation” shall be made in accordance with Section 409A. 
 
A Participant’s salary reduction agreement entered into for the 2008 Plan Year under the Legacy Regions Plan, prior to the merger, shall remain in effect for the full Plan Year as if made for the Plan. 
 
(b)    Effectiveness of Salary Reduction Agreement. A Participant’s supplemental salary reduction agreement shall take effect and amounts specified in the supplemental salary reduction agreement shall begin to be credited to such Participant’s Salary Reduction Contributions Account at such time as the Participant has made the maximum elective deferrals (total of both pre-tax and Roth 401(k) contributions) to the Regions 401(k) Plan allowed by Code Section 402(g) or by the provisions of the Regions 401(k) Plan. 
 
(c)    Allocation. Prior to April 1, 2008, salary reduction contributions shall be allocated to the Participant’s Salary Reduction Contributions Account as of the last day of each calendar quarter within the Plan Year. Effective April 1, 2008, salary reduction contributions shall be allocated to the Participant’s Salary Reduction Contributions Account as soon as practicable following the payroll period from which the salary reduction contributions are withheld from Compensation. 

(d)    Special Rules for Eligible Special Pay. For 2010, the supplemental salary reduction agreement shall not apply to Eligible Special Pay (as defined in the Regions 401(k) Plan). For Plan Years commencing in or after 2011, the Participant may (but shall not be required to) specify a different reduction percentage to be applied to Eligible Special Pay; provided however that the salary reduction attributable to Eligible Special Pay must come out of compensation that would otherwise have been paid to the Participant in cash, and is reduced to the extent such cash compensation is not available to be reduced.

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4.2  Employer Matching Contributions. 
 
(a)    Eligibility. A Participant shall be credited with matching contributions under this Plan for a Plan Year at such time as the Participant ceases to receive a matching contribution under the Regions 401(k) Plan, regardless of whether such Participant’s supplemental salary reduction agreement has become effective as provided in Section 4.1 above. Effective January 1, 2007, a Participant shall not be eligible to receive matching contributions under this Plan until the first day of the month following completion of one Year of Service as defined in the Regions 401(k) Plan. 
 
(b)    Amount. The amount of matching contributions credited to a Participant’s account under this Plan shall be equal to 100% (or such larger percentage as is determined by the Board of Directors with respect to the Regions 401(k) Plan) of the sum of (i) and (ii) below: 
 
(i)    the Participant’s unmatched (determined on a per payroll basis) elective deferrals (whether pre-tax or Roth 401(k) up to a total of 4% (6% before January 1, 2012)) made to the Regions 401(k) Plan; and 
 
(ii)    salary reduction contributions credited to the Participant’s account under this Plan pursuant to the Participant’s supplemental salary reduction agreement. 

Provided, however, that (A) no matching contributions shall be made on salary reduction contributions or deferrals under (i) or (ii) above to the extent that such salary reduction contributions or deferrals determined on an annual basis (but determined on a per payroll basis prior to January 1, 2007) exceed 4% (6% before January 1, 2012) of the Participant’s Compensation; and (B) nothing in this Section 4.2 shall entitle a Participant to be credited with a matching contribution under this Plan for any salary reduction contribution or deferral made to the Regions 401(k) Plan prior to the time such Participant has received the maximum matching contributions to the Regions 401(k) Plan allowed under the terms of the Regions 401(k) Plan. 

Effective January 1, 2007, matching contributions shall be calculated on an annual basis. In calculating matching contributions for a Plan Year, salary reduction contributions or deferrals made prior to the first day of the month after a Participant’s completion of one Year of Service (as defined in the Regions 401(k) Plan) shall not be matched. 
 
(c)    Legacy Regions Plan. Matching contributions with regard to the Legacy Regions Plan prior to April 1, 2008 were made in accordance with such plan. 
 
(d)    Allocations. Prior to April 1, 2008 with regard to the Plan, matching contributions shall be allocated to the Participant’s Matching Contributions Account as of the last day of each calendar quarter within the Plan Year. With regard to the Legacy Regions Plan prior to April 1, 2008 and to the Plan effective April 1, 2008, matching contributions are credited as soon as practicable following the payroll period from which the deferral was made. 
 

Exhibit 10.48 -  Page  13

(e)    Legacy Regions Plan Vesting. Amounts credited to a Participant’s Legacy Regions Account attributable to pay periods ending prior to January 1, 2005, and earnings thereon, shall be separately accounted for and shall be vested upon three years of vesting service determined in accordance with the Regions 401(k) Plan (prior to April 1, 2008, the Legacy Regions Financial Corporation 401(k) Plan). Forfeited matching contributions will be the property of the Company and will remain in the general assets of the Company. Matching contributions attributable to pay periods ending on or after January 1, 2005, and earnings thereon, shall be fully vested at all times. 

(f)     Temporary Suspension of Employer Matching Contributions. Notwithstanding subsections (a) and (b) above, no matching contributions shall be credited with respect to pre-tax elective deferrals or salary reduction contributions made to the Regions 401(k) Plan for pay periods that begin after March 31, 2009 and prior to January 1, 2010.
 
4.3      Employer Contributions.  For Plan Years beginning on and after January 1, 2008, the Employer will make an annual employer contribution in accordance with the following. 
 
(a)    Eligibility. A Participant who was eligible to receive matching contributions for the prior Plan Year, and who is employed by the Company on the first business day of the year of the employer contribution, shall be eligible to receive employer contributions in accordance with this Section. 
 
(b)    Amount. The amount of the employer contribution credited to a Participant’s account under this Plan shall be in an amount that is equal to the sum of (iii) below plus the excess, if any, of (i) over (ii) below:  

 (i)   The amount of matching contributions (up to 4% of Compensation (6% before January 1, 2012)) the Participant would have received under this Plan for the prior Plan Year if the Participant’s supplemental salary reduction agreement had been applied to all Compensation for the prior Plan Year earned subsequent to the election and earned on and after the date the supplemental salary reduction agreement became effective.  

 (ii)   The amount of matching contributions the Participant actually received for the prior Plan Year.  

 (iii)   The excess, if any, of (A) the “Additional Employer Contribution” the Participant would have received in the prior year in the Regions 401(k) Plan absent the limitation on compensation in Section 401(a)(17) of the Code, over (B) the actual amount credited to the Participant as an Additional Employer Contribution for such year.   
 
(c)    Allocations. Employer contributions shall be allocated to each Participant’s Employer Contribution Account as soon as administratively feasible, but in no event later than February 28 (or the next following business day) of the Plan Year. 
 
(d)    Notwithstanding the foregoing provisions of this Section, no employer contributions will be made in 2008 with regard to Participants in the Legacy Regions Plan. 

Exhibit 10.48 -  Page  14

(e)     Temporary Suspension of Employer Contributions. Notwithstanding subsections (a) and (b) above, no employer contributions shall be made or credited after March 31, 2009 and prior to January 1, 2010.

(f)     Special Rules for Eligible Special Pay. For 2011, the Employer Contribution (made with respect to Compensation and supplemental salary reduction agreements for 2010) shall include in its computation Eligible Special Pay (as defined in the Regions 401(k) Plan). For 2011 and later years, if the Participant elected a salary reduction of 6% or more (whether or not such reduction applied to Eligible Special Pay), the Employer Contribution shall be determined as if the supplemental salary reduction agreement applied to Eligible Special Pay.

(g)    In addition to the amounts described above, a Participant may be credited with additional employer contributions as indicated in records maintained in the permanent records of the Sponsor’s Human Resources Division.
 
4.4      Forfeitability of Benefits.  Except as otherwise specifically provided for herein, Participants shall have a 100% vested and nonforfeitable right to the balance of their Account under this Plan at all times. 
 
4.5      Special Provisions Regarding Legacy Regions Plan DC Restoration Plan Account.  Effective April 1, 2008, the Plan Administrator shall establish and maintain a separate account under the Legacy Regions Plan Account to hold amounts previously credited to the Participant’s DC Restoration Plan Account under the Legacy Regions Plan for amounts previously transferred from the Regions Financial Corporation Nonqualified Defined Contribution Restoration Plan (the “DC Restoration Plan”). Such accounts may be funded by a Company contribution in the amount credited to the bookkeeping accounts established and maintained under the DC Restoration Plan. If an account is funded, it may be held in a rabbi trust established and maintained by the Company for the purpose of setting aside Company assets to pay benefits under top-hat plans such as this Plan. Any such account may be designated a “Legacy Regions Plan DC Restoration Plan Account.” A Legacy Regions Plan DC Restoration Plan Account shall represent the final value of the DC Restoration Plan bookkeeping accounts, calculated as of May 13, 2002, including earnings thereon. Following establishment of a Legacy Regions Plan DC Restoration Plan Account, earnings on such account shall be determined in the same manner described herein with respect to a Participant’s Salary Reduction Contributions Account. A Participant’s Legacy Regions Plan DC Restoration Plan Account is an employer contribution account and shall be treated for all purposes not otherwise specified in this Section in the same manner as a Participant’s matching contributions account under the Legacy Regions Plan. Without otherwise limiting the meaning of the preceding sentence, this shall mean that (i) the Beneficiary of any amounts in a Participant’s Legacy Regions Plan DC Restoration Plan Account shall be the Beneficiary of the Participant as defined under the Plan; and (ii) in the event of death, disability, retirement or termination of the Participant’s employment with the Company for any reason, the vested portion of a Participant’s Legacy Regions Plan DC Restoration Plan Account established and maintained pursuant to this Section shall be distributed in accordance of the terms of this Plan. 

Exhibit 10.48 -  Page  15

4.6      Special Provisions Regarding Transferred Frozen Benefits from the Regions Financial Corporation Post 2006 Supplemental Executive Retirement Plan.  Effective January 1, 2014, or as soon as administratively feasible thereafter, the Plan Administrator shall establish and maintain the Supplemental Executive Retirement Plan Account to hold amounts transferred from the Regions Financial Corporation Post 2006 Supplemental Executive Retirement Plan. Such accounts may be funded by a Company contribution in the amount credited to the bookkeeping accounts established and maintained under the Regions Financial Corporation Post 2006 Supplemental Executive Retirement Plan. If an account is funded, it may be held in a rabbi trust established and maintained by the Company for the purpose of setting aside Company assets to pay benefits under top-hat plans such as this Plan. Following establishment of a Supplemental Executive Retirement Plan Account, earnings on such account shall be credited in the manner described in Section 5.2.

ARTICLE V
ACCOUNTS; UNSECURED BENEFITS; FINANCING
 
5.1      Participant Accounts.  Each contribution credited to a Participant under Article IV shall be allocated to an individual bookkeeping Account maintained on behalf of that Participant by the Plan Administrator. Each Participant’s Account shall be adjusted for earnings in the manner described in Section 5.2. 
 
5.2  Valuation of Participant Accounts.
 
(a)    Prior to April 1, 2008 with regard to the Plan, as of each Valuation Date, each Participant’s Account shall be adjusted to reflect earnings as follows: An average of the Participant’s Account (the “Average Account Balance”) shall be obtained by dividing (a) the sum of (i) the Participant’s Account as of the immediately preceding Valuation Date, and (ii) the Participant’s Account as of the immediately preceding Valuation Date plus all contributions since the immediately preceding Valuation Date, by (b) two. The Participant’s Average Account Balance shall be multiplied by the Applicable Interest Rate, and this product shall be added to or subtracted from the Participant’s Account. The. “Applicable Interest Rate” for a Participant shall be the Participant’s personal rate of return in the AmSouth Thrift Plan for the quarter as reflected on his or her AmSouth Thrift Plan statement for the quarter. If the Participant does not have a balance in the AmSouth Thrift Plan as of the Valuation Date, the Participant’s Account shall be adjusted to reflect earnings by multiplying the Participant’s Average Account Balance by the average rate of return for the “Stable Principal Fund” in the AmSouth Thrift Plan for the period. 
 
(b)    Prior to April 1, 2008, the Legacy Regions Plan and on and after April 1, 2008, the Plan, shall credit earnings on Accounts according to the direction of the Administrator. The Administrator may follow, in its discretion, investment requests of the Participant, although the Administrator is under no requirement to do so. Investment requests by a Participant must be made in a manner acceptable to the Administrator. Matching contributions credited to an Account shall be credited with earnings according to the earnings and losses experienced by the Company’s common stock. For this purpose, the experience of a unitized employer stock fund may be utilized to calculate earnings. Amounts contributed to a Trust may be actually invested in an employer stock fund or another fund requested by the Participant for the purpose of generating earnings to satisfy this 

Exhibit 10.48 -  Page  16

Section. The investment choices under the Plan may be similar to the investment choices available to participants in the Regions 401(k) Plan. The Participant may request a particular investment of the portion of the amounts credited to the Participant’s Account as matching contributions into any available investment fund under the Plan. 

5.3      Unsecured Benefits; Financing.  The benefits under this Plan shall be paid out of the general assets of the Company (including assets held in the Trust as described in this Section). The Company may establish a rabbi Trust to provide benefits under the Plan. Effective April 1, 2008, in the event of a Change in Control (as defined in Section 2.5), which is not a Merger of Equals as defined below, a rabbi Trust shall be established. In the event a rabbi Trust is established, the Company shall select an entity to serve as Trustee for the Trust. No Participant or Beneficiary shall have any interest in any specific asset of any Employer. To the extent that any person acquires a right to receive payments under this Plan, such right shall be no greater than the right of any unsecured general creditor of any Employer. Nothing contained in this Plan, and no action taken pursuant to the provisions of this Plan, shall create a fiduciary relationship between an Employer and any Participant or Beneficiary or a right of continued employment for any Participant.
 
Notwithstanding the above, no rabbi trust shall be established or funded if such establishment or funding would result in any property of such trust being treated as property transferred in connection with the performance of services under Section 409A(b)(3). 

For purposes of this Section, a “Merger of Equals” means any Change in Control transaction approved by the Company’s Incumbent Board and specifically designated by the Incumbent Board as a merger of equals. 

ARTICLE VI
DISTRIBUTIONS
 
6.1  Termination of Service. 
 
(a)    Upon a Participant’s Termination of Service, the Participant shall be entitled to the vested balance of his or her Account. This balance shall be paid to the Participant pursuant to the Participant’s election of distribution form (in accordance with Section 3.2) except as specifically provided otherwise herein. 
 
(b)    Special temporary provision for Legacy Regions Plan Account. Upon a Participant’s Termination of Service, the Participant’s Legacy Regions Plan Account shall be distributed as follows. If the amount of the Legacy Regions Plan Account is less than $50,000, the entire amount shall be distributed to the Participant in a single lump sum within 60 days of Termination of Service. If the amount of the Legacy Regions Plan Account is equal to or greater than $50,000, it shall be distributed in ten annual installments, with the first installment paid within 60 days of Termination of Service, and the remaining installments paid on January 31 of each successive year. Notwithstanding the above, if the Participant is a Specified Employee at the time of his Termination of Service, the first annual installment (and if applicable, the second annual installment) or the lump sum, as applicable, shall be paid on the first payroll of the seventh month following Termination 

Exhibit 10.48 -  Page  17

of Service, with successive payments made on January 31 of each successive year. Effective January 1, 2009, payments of the Legacy Regions Plan Account shall be made in accordance with subsection (a) above rather than in accordance with this subsection. 
 
(c)    Special temporary provision for MIP Deferred Compensation Account. Notwithstanding the above, amounts attributable to the Regions Financial Corporation Optional Deferred Compensation Plan for Management Incentive Plan Participants (the “MIP Plan”) shall be distributed in accordance with the Participants’ elections under the MIP Plan. Effective January 1, 2009, payments of the MIP Deferred Compensation Account shall be made in accordance with subsection (a) above rather than in accordance with this subsection. 

(d)    Special Provisions Regarding Transferred Frozen Benefits from the Regions Financial Corporation Post 2006 Supplemental Executive Retirement Plan.  Notwithstanding the above, amounts attributable to the Supplemental Executive Retirement Plan Account shall be distributed at the time provided under the terms of the Regions Financial Corporation Post 2006 Supplemental Executive Retirement Plan as in effect on the date of the transfer of such amounts to this Plan.
 
6.2      Death of the Participant.  If the Participant dies before the distribution of his or her Account is completed, the balance in the Account shall be distributed to the Participant’s Beneficiary in a lump sum cash payment or in 5 or 10 year annual installments based on the form of distribution elected by the Participant, beginning within 60 days of the Participant’s death (prior to April 1, 2008, within 90 days of the Valuation Date immediately following the Participant’s death). Notwithstanding any election by the Participant, if the Participant’s balance at the time of his or her death does not exceed the applicable dollar amount under Code Section 402(g)(1)(B) ($15,500 for 2008), the Participant’s benefit shall be paid to his or her Beneficiary in a lump sum cash payment within 60 days of the Participant’s death (prior to April 1, 2008, within 90 days of the Valuation Date immediately following the Participant’s death). 
 
6.3    No In-Service Withdrawals.  A Participant may not receive a distribution from his or her Account before incurring a Termination of Service. 

ARTICLE VII
ADMINISTRATION
 
7.1    Administration.  The Plan shall be administered by the Plan Administrator. The Plan Administrator shall have all powers necessary or appropriate to carry out the provisions of the Plan. It may, from time to time, establish rules for the administration of the Plan and the transaction of the Plan’s business. The Plan Administrator shall have absolute and complete discretionary authority to interpret and administer the Plan and shall have the exclusive right to make any finding of fact necessary or appropriate for any purpose under the Plan including, but not limited to, the determination of eligibility for and amount of any benefit. The Plan Administrator shall have the exclusive right to interpret the terms and provisions of the Plan and to determine any and all questions arising under the Plan or in connection with its administration, including, without limitation, the right to remedy or resolve possible ambiguities, inconsistencies, or omissions by general rule or particular decision, all in its sole and absolute discretion. To the extent permitted by law, all findings 

Exhibit 10.48 -  Page  18

of fact, determinations, interpretations, and decisions of the Plan Administrator shall be conclusive and binding upon all persons having or claiming to have any interest or right under the Plan. The Plan Administrator may, in its sole and absolute discretion, delegate any of its powers and duties under this Plan to one or more individuals or committees. In such a case, every reference in the Plan to the Plan Administrator shall be deemed to include such matters within their jurisdiction. The Plan Administrator shall have the right to consult with attorneys and other advisors regarding its duties under this Plan, and such attorney and advisors may be employed by the Company. 
 
7.2  Claims Procedure.  

(a)    All claims for benefits hereunder, including an application for a distribution, shall be in writing, signed by the claimant, and shall be mailed or delivered to the Plan Administrator or such individuals as the Plan Administrator has delegated the responsibility of receiving and deciding claims (hereinafter referred to as the “Claims Administrator”). The Claims Administrator shall make an initial decision on all claims for benefits within 90 days of receipt by the Claims Administrator (or if special circumstances require an extension of time and written notice thereof is given to the claimant within such 90-day period, then within 180 days of receipt), and except as provided for below with respect to appeals, such initial decision shall be binding. If a claim is wholly or partially denied, a notice of such decision shall be furnished to the claimant within the periods specified above and shall set forth: (A) the specific reason or reasons for denial; (B) a reference to pertinent Plan provisions upon which the denial is based; (C) description of information needed to perfect the claim and why such information is needed; and (D) an explanation of the claims review procedure herein. 

(b)    Appeal. If a claimant who has been denied a claim by the Claims Administrator files, within 60 days after his receipt of such denial, a written request for review, signed by the claimant and setting forth the alleged reasons why his claim was improperly denied, the Claims Administrator shall fully and fairly review such decision and advise the claimant in writing of its decision and the reasons therefor within 60 days after the Claims Administrator receives such request for review. In connection with such review, the claimant shall have the right to have representation, review pertinent plan documents and submit issues and comments in writing. In the event of special circumstances, the time for response may be delayed for an additional period of up to 60 days, but written notice thereof must be given to the claimant within the initial 60-day period. In the review process described above, the claimant shall produce all evidence, documents, information and arguments in favor of his position. The Claims Administrator shall not be required to consider any evidence, documents, information or arguments in favor of the claimant’s position in its review, other than those that have been brought forth by the claimant in the initial claim and the review process. No claimant may file a lawsuit or bring any other legal action against the Plan, the Company, or any fiduciary with respect to any claim until completing the review process. 
 
(c)    Review of Interpretations. If a Participant or other party believes himself or his Beneficiary to be adversely affected by an interpretation or construction of any provision of the Plan made by the Plan Administrator, other than the denial of a benefit claim, such Participant or other party may submit a written request for full and fair review of such interpretation or construction to the Claims Administrator. The Claims Administrator, or if appropriate, the Plan Administrator, 

Exhibit 10.48 -  Page  19

shall within a reasonable time fully and fairly review such interpretation and construction and reach a decision thereon, following the procedures set forth above. All rules governing the claims review process shall apply to a request for review of an interpretation under this paragraph. 
 
7.3      Tax Withholding.  The Employer may withhold from any payment under this Plan any federal, state, or local taxes required by law to be withheld with respect to the payment and any sum the Employer may reasonably estimate as necessary to cover any taxes for which it may be liable and that may be assessed with regard to the payment. 
 
7.4      Expenses.  All expenses incurred in the administration of the Plan shall be paid by the Company. In determining investment returns from investment of funds that constitute employer general assets, expenses related to such investments may be deducted in determining such returns. 

ARTICLE VIII
ADOPTION BY AFFILIATES, AMENDMENT AND TERMINATION

8.1     Adoption of the Plan by Affiliate.  All Affiliates of the Company (but specifically excluding Morgan Keegan) are deemed to have adopted this Plan as of the later of (i) the effective date of this Plan, or (ii) the date of such Affiliate’s affiliation with the Company. 
 
8.2     Amendment and Termination.  This Plan may at any time or from time to time be amended or terminated. No amendment, modification or termination shall adversely affect the Participant’s rights under this Plan to receive benefits already credited to his or her Account, except to the extent necessary to comply with any applicable law, and further provided that the Plan may be amended to change the time and form of payment of such benefits, or the investments available with respect to crediting of investment earnings or interest, as necessary for compliance with Section 409A or for other administrative reasons. 
 
ARTICLE IX
MISCELLANEOUS PROVISIONS
 
9.1      Nonalienation.  No benefit payable under the Plan shall be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, or charge. Any attempt to anticipate, alienate, sell, transfer, assign, pledge, encumber, or charge shall be void. Benefits shall not be in any manner subject to the debts, contracts, liabilities, engagements, or torts of, or claims against, any Participant or Beneficiary, including claims of creditors, and any other like or unlike claims. The preceding shall not apply to the creation, assignment, or recognition of a right to any benefit payable with respect to a Participant pursuant to a Qualified Domestic Relations Order. 
 
9.2      Distribution For Minors and Incompetents.  In making any distribution to or for the benefit of any minor or incompetent person, the Plan Administrator, in its sole and absolute discretion, may, but need not, direct such distribution to a legal or natural guardian or other relative of such minor or court appointed committee of such incompetent, or to any adult with whom such minor or incompetent temporarily or permanently resides, and any such guardian, committee, relative or other person shall have full authority and discretion to expend such distribution for the use and 

Exhibit 10.48 -  Page  20

benefit of such minor or incompetent. The receipt by such guardian, committee, relative or other person shall be a complete discharge to the Company without any responsibility on its part or on the part of the Plan Administrator to see to the application thereof. 
 
9.3    Severability.  If any provision of this Plan shall be held illegal or invalid, the illegality or invalidity shall not affect its remaining parts. The Plan shall be construed and enforced as if it did not contain the illegal or invalid provision. 
 
9.4      Applicable Law.  Except to the extent preempted by applicable federal law, this Plan shall be governed by and construed in accordance with the laws of the state of Alabama. The Plan is intended to comply with Section 409A and any ambiguity hereunder shall be interpreted in such a way as to comply, to the extent necessary, with Section 409A or to qualify for an exemption from Section 409A.  

Exhibit 10.48 -  Page  21

APPENDIX A
PRIOR ELIGIBILITY RULES FOR THE PLAN
(AMSOUTH PLAN)

(a)    Any Employee who was eligible to participate in the AmSouth Bancorporation Thrift Plan and whose annual base salary, including amounts not currently includible in gross income under Code Sections 125, 401(k) or 402(a)(8), but excluding special pay, bonuses, commissions or other incentive pay, reimbursement for expenses, special supplements for automobile or club dues, and the Prior Profit Sharing Plan Bonus (“Base Salary”) as of January 1, 1995 was equal to or greater than $150,000, became a Participant in this Plan as of January 1, 1995. 

(b)    Prior to July 1, 2004, any other Employee who was eligible to participate in the AmSouth Bancorporation Thrift Plan and whose annual base salary including amounts not currently includible in gross income under Code Sections 125, 401(k) or 402(a)(8), but excluding special pay, bonuses, commissions or other incentive pay, reimbursement for expenses, special supplements for automobile or club dues, and the Prior Profit Sharing Plan Bonus (“Base Salary”) was equal to or greater than $150,000 as of January 1 became a Participant in this Plan as of that January 1. Prior to July 1, 2004, any employee hired during the year whose Base Salary was equal to or greater than $150,000 on the date of hire became a Participant immediately. After January 1, 2004 and prior to July 1, 2004, any Employee who was employed prior to January 1, 2004 whose salary was equal to or greater than $150,000 but less than $175,000 and who was not a Participant in the Plan on January 1, 2004 became a Participant on January 1, 2005. Notwithstanding the foregoing, any person who became an Employee on or after July 1, 2004, and any person who was an Employee prior to July 1, 2004 who was eligible to participate in the AmSouth Bancorporation Thrift Plan as of July 1, 2004 and whose Base Salary (as defined above in this paragraph) was not equal to or greater than $150,000 as of July 1, 2004 became a Participant in this Plan as of the January 1 following the date that his or her Base Salary equaled or exceeded $175,000. Effective July 1, 2004, any employee hired during the year whose Base Salary was equal to or greater than $175,000 on the date of hire became a Participant immediately. Any Employee who was not a Participant on January 1, 2006 and any Employee hired on or after January 1, 2006 became eligible to participate hereunder as of the first day of the month coinciding with or next following the later of the Employee’s completion of one Year of Service and the date the Employee’s Base Salary equals or exceeds $175,000. 

Exhibit 10.48 -  Page  22RF-2103-12.31-EX.10.49 1-1-14

EXHIBIT 10.49

REGIONS FINANCIAL CORPORATION
POST 2006 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN
(RESTATED AS OF JANUARY 1, 2014)

Regions Financial Corporation, successor to AmSouth Bancorporation, with its principal offices located at Birmingham, Alabama (“Sponsor” or “Corporation”), is currently the sponsor of the Regions Financial Corporation Post 2006 Supplemental Executive Retirement Plan (“Supplemental Plan”). 

The purpose of the Supplemental Plan is to provide a supplemental retirement benefit program that provides benefits in excess of the limitations on benefits under the Retirement Plan imposed by Section 415 (“Section 415”) and Section 401(a)(17) (“Section 401(a)(17)”) of the Internal Revenue Code of 1986, as amended from time to time (the “Code”), to a select group of management or highly compensated employees whose benefits under the Retirement Plan may be limited by Section 415 and/or Section 401(a)(17). 

Effective November 1, 2006, the Supplemental Plan was amended to freeze participation by new Participants and rehired employees and to address the calculation of benefits of those Participants who transfer employment to Morgan Keegan in connection with the merger of AmSouth Bancorporation into the Sponsor. 

Effective January 1, 2008, the Supplemental Plan was amended to reflect the actuarial assumptions used to determine benefits under the optional forms of benefit. 

On December 31, 2008, the Supplemental Plan was amended to comply with Code Section 409A and the regulations thereunder. 

Effective January 1, 2010, the Supplemental Plan was amended and restated.  Except as otherwise provided herein with respect to Pre-December 1, 2008 Terminated Participants, the terms and conditions of the amended and restated Supplemental Plan shall apply to each Participant who is employed by the Sponsor or an Electing Employer on December 1, 2008, or who becomes a Participant after December 1, 2008. Except as otherwise provided herein with respect to Pre-December 1, 2008 Terminated Participants, the terms and conditions of this Supplemental Plan as in effect prior to December 31, 2008, as amended, shall continue to govern the benefits payable to Participants and beneficiaries of Participants who terminated employment with the Sponsor or an Electing Employer prior to December 1, 2008. 

Effective January 1, 2014, the Supplemental Plan was restated in its entirely to incorporate Amendment Number One through Amendment Number Three into the plan document to improve the readability of the Plan.  

Exhibit 10.49 - Page 1

ARTICLE I
TITLE; DEFINITIONS

Section 1.01. The term “Accrued Benefit” as of any date shall mean the amount of benefits which the Participant has earned as of the date of the calculation. 

Section 1.02. The term “Actuarial Equivalent” shall be calculated as set forth on Appendix A hereto. 

Section 1.03. The Term “Applicable Law” shall mean the laws, statutes, rules, regulations, treaties, directives, guidelines, ordinances, codes, administrative or judicial precedents or authorities and orders of any Governmental Authority, as well as the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, decisions, judgments, directed duties, requests, licenses, authorizations, decrees and permits of, and agreements with any Governmental Authority, to which the Corporation or a Participant is a party or by which it is bound, in each case whether or not having the force of law, and all orders, decisions, judgments and decrees of all courts or arbitrators in proceedings or actions to which the Corporation or a Participant is a party or by which it is bound. 

Section 1.04. The term “Average Monthly Earnings” shall mean, for a Participant who retires or terminates on or after January 1, 2004, the result obtained by dividing the Participant’s Monthly Earnings paid by an Electing Employer during the three (3) highest consecutive Complete Plan Years of earnings out of the ten (10) Plan Years immediately preceding the Participant’s Early Retirement Date, Normal Retirement Date, or date of calculation of Accrued Benefits, as the case may be, by thirty-six (36). If a Participant has fewer than three (3) Complete Plan Years of earnings after applying the Break in Service rules of Section 4.07 of the Retirement Plan, if applicable, all of his or her Complete Plan Years of earnings (less than three (3)) will be used and the divisor will be twelve (12) times the total number of such Complete Plan Years. A Plan Year in which a Participant receives no Monthly Earnings is disregarded in determining consecutive Plan Years. 

Section 1.05. The term “Board” shall mean the Board of Directors of the Sponsor. 

Section 1.06. The term “Cause” shall have the meaning set forth in the employment agreement or severance agreement, as applicable and as the same may be amended from time to time, between the Participant and the Sponsor. If a Participant is not subject to an employment agreement or severance agreement, or if such agreement does not contain a definition of “Cause”, then “Cause” shall mean with respect to such Participant the occurrence of one or more of the following: 

(i)     a Participant’s willful and continued failure to substantially perform his or her reasonably assigned duties with the Sponsor or any of its affiliates (other than any such 

Exhibit 10.49 - Page 2

failure resulting from incapacity due to physical or mental illness), which failure continues for a period of at least 30 days after a written demand for substantial performance, signed by a duly authorized officer of the Sponsor, has been delivered to the Participant specifying the manner in which such Participant has failed substantially to perform; 

(ii)     a Participant’s breach of fiduciary duty involving personal profit, a Participant’s commission of a felony or a crime involving fraud or moral turpitude, or a Participant’s material breach of any provision of an agreement with the Sponsor; 

(iii)     a Participant’s willfully engaging in illegal conduct or gross misconduct that is materially injurious to the Sponsor; 

(iv)     a Participant’s willfully impeding, endeavoring to influence, obstruct or impede or failing to materially cooperate with an investigation authorized by the Board, a self-regulatory organization empowered with self-regulatory responsibilities under federal securities or state laws or any substantially equivalent foreign statute or regulation or a governmental department or agency; or 

(v)     a Participant’s disqualification or bar by any governmental or self-regulatory authority from carrying out the duties and responsibilities of such Participant’s position with the Sponsor or a Participant’s loss of any governmental or self-regulatory license that is reasonably necessary for such Participant to perform his or her responsibilities to the Sponsor. 

Notwithstanding the foregoing, no termination of a Participant’s employment shall be for Cause until (i) there shall have been delivered to such Participant a notice of termination, and (ii) within 15 days thereafter, such Participant shall have been provided an opportunity to be heard in person by a review panel appointed by the Sponsor’s Compensation Committee. For purposes of determining whether an event constituting Cause has occurred, no act or failure to act, on a Participant’s part, shall be considered “willful” unless it is done, or omitted to be done, by such Participant in bad faith or without reasonable belief that his or her action or omission was legal, proper, and in the best interests of the Sponsor. Any act, or failure to act, based upon authority and directives given pursuant to a resolution duly adopted by the Board or upon the instructions of a senior officer of the Sponsor or based upon the advice of counsel for the Sponsor shall be conclusively presumed to be done, or omitted to be done, by a Participant in good faith and in the best interests of the Sponsor. Notwithstanding anything set forth herein to the contrary, no failure to perform by a Participant after a notice of termination is given by such Participant to the Sponsor shall constitute Cause for the purposes of this Supplemental Plan.

Section 1.07. The term “Committee” shall mean the Regions Benefits Management Committee. 

Section 1.08. The term “Compensation Committee” shall mean the Compensation Committee of the Board. 

Exhibit 10.49 - Page 3

Section 1.09. The term “Complete Plan Year” shall mean a Plan Year in which a Participant has Monthly Earnings except that the Plan Year in which a Participant is first hired by the Sponsor (if the Participant is hired after January 1 of such Plan Year) shall not be considered a Complete Plan Year. A Plan Year in which the Participant’s final termination of employment with the Sponsor occurs (if the Participant’s termination of employment is before December 31 of such Plan Year) will only be treated as a Complete Plan Year if such treatment results in higher Average Monthly Earnings. 

Section 1.10. The term “Credited Service” shall have the same meaning as defined in the Retirement Plan, but subject to a service cap of 35 years; provided, however, with respect to an individual who becomes a Participant after the date on which this Supplemental Plan was frozen, such Participant shall not be credited with more than 5 Years of Credited Service measured from his or her most recent date of hire. 

Section 1.11. The term “Disability” shall mean that a Participant is “disabled” within the meaning of Section 409A(a)(2)(c) of the Code. 

Section 1.12. The term “Early Retirement” shall mean termination of a Participant’s employment on or after age 55 or the Participant’s earliest retirement age set forth in information contained in the permanent records of the Sponsor’s Human Resources Division. 

Section 1.13. The term “Electing Employer” shall mean a subsidiary or affiliate of the Sponsor that elects to become a participating employer in this Supplemental Plan subject to approval by the Committee. 

Section 1.14. The term “Enhanced Benefit” shall mean, for an eligible Participant, an enhanced benefit based on a targeted formula for benefit accrual calculated as the excess, if any, of (A) less (B), where (A) is a targeted sum of 4.0% of Average Monthly Earnings times Credited Service up to 10 years of Credited Service, plus 1.0% of Average Monthly Earnings times each year of Credited Service over 10 up to a combined total of 35 Years of Credited Service; and (B) is the sum of the Participant’s (1) estimated monthly benefits payable as a life annuity under the Retirement Plan as of the date of commencement in the Supplemental Plan (regardless of the form of payment or commencement date actually elected under the Retirement Plan), and (2) estimated Social Security monthly benefit amount payable at age 65 (calculated using Social Security law in the Participant’s year of termination of employment and assuming zero future pay to age 65). 
 
The actual targeted benefit under the Enhanced Benefit is illustrated as follows: 
 

Exhibit 10.49 - Page 4

	
			
	 
	 
	 

	Years of Credited Service
	 
	Targeted Benefit

	10
	 
	40%

	20
	 
	50%

	30
	 
	60%

	35
	 
	65%

For Participants with a DAAB (as defined in the Retirement Plan), the targeted formula in (A) above will equal (i) plus (ii) where: (i) represents the DAAB and (ii) represents the targeted formula using only post-merger Credited Service. Post-merger Credited Service is limited to 35 years minus years of Credited Service used in determining the DAAB. In no event will this amount be less than the amount calculated under the targeted formula in (A) above based on post-merger Credited Service limited to 35 years. The Enhanced Benefit is a monthly benefit payable for life on or after age 65. The Enhanced Benefit will be reduced for early retirement prior to the participant’s Enhanced Unreduced Retirement Age (but not for early retirement on or after the participant’s Enhanced Unreduced Retirement Age) by the Enhanced Early Retirement Factor. 

Section 1.15. The term “Enhanced Early Retirement Factor” shall be calculated as set forth in Table 1 or Table 2 of Appendix B hereto. Determination of the appropriate table is set forth in information maintained in the permanent records of the Sponsor’s Human Resources Division. 

Section 1.16. The term “Enhanced Unreduced Retirement Age” is the age at which an eligible Participant’s Enhanced Benefit is unreduced for early retirement as set forth in information contained in the permanent records of the Sponsor’s Human Resources Division. 

Section 1.17. The term “Enhanced Vesting Age” is the age at which an eligible Participant becomes vested in his or her Enhanced Benefit as set forth in information contained in the permanent records of the Sponsor’s Human Resources Division. 

Section 1.18. The term “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended, and any regulations promulgated thereunder. 

Section 1.19. The term “Good Reason” shall have the meaning set forth in the employment agreement or severance agreement, as applicable and as the same may be amended from time to time, between the Participant and the Sponsor. If a Participant is not subject to an employment agreement or severance agreement, or if such agreement does not contain a definition of “Good Reason”, then “Good Reason” shall mean the occurrence of one or more of the following after a Change in Control: 

 (i)     a material reduction in a Participant’s base salary and annual bonus opportunity, in each case, as in effect immediately before the Change in Control; or 

Exhibit 10.49 - Page 5

(ii)     the Sponsor requiring a Participant to be based at any location that is more than 50 miles from such Participant’s regular place of employment immediately before the Change in Control. 

Notwithstanding the foregoing, no termination of a Participant’s employment shall be for Good Reason unless (i) a Change in Control occurs during the term of the employment or severance agreement, if applicable, (ii) termination of a Participant’s employment (or notice of a Participant’s intent to terminate employment) occurs during the 24 month period following the Change in Control, and (iii) a Participant gives the Sponsor written notice within 90 days of such Participant obtaining knowledge of circumstances giving rise to Good Reason (describing in reasonable detail the circumstances and the Good Reason event that has occurred) and the Sponsor does not remedy these circumstances within 30 days of receipt of such notice. In addition, an event will not give rise to Good Reason if it is made with a Participant’s express written consent. 

Section 1.20. The term “Governmental Authority” shall mean the United States of America, any state or territory thereof and any federal, state, provincial, city, town, municipality, county or local authority, including without limitation the Board of Governors of the Federal Reserve, the Department of Treasury and any department, commission, board, bureau, instrumentality, agency or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government. 

Section 1.21. The term “Minimum Lump Sum” is a minimum amount payable as a lump sum for select executives as set forth in information contained in the permanent records of the Sponsor’s Human Resources Division. 

Section 1.22. The term “Monthly Earnings” shall mean: 

(a)     Effective on and after January 1, 2009, the term “Monthly Earnings” shall mean the sum of (i) the Participant’s regular monthly base salary prior to the effect of elections under (A) any plan or plans maintained by the Sponsor, an Electing Employer or any of their affiliates which are within the scope of Sections 125, 132(f) or 401(k) of the Code and (B) any “non-qualified deferred compensation plan” within the meaning of Section 409A of the Code, and (ii) one-twelfth of the annual bonus earned by a Participant for the particular Plan Year under the Sponsor’s or any Electing Employer’s annual incentive plan(s) prior to the effect of elections under (A) and (B) above. If a Participant retires, dies or experiences a Disability prior to the time when the amount of the bonus for the Plan Year has been determined, Monthly Earnings for the months in such Plan Year shall be calculated using an estimate of such bonus determined by the Committee or Compensation Committee, as appropriate, based on information regarding the Sponsor’s and Participant’s performance as of the date of determination. 

(b)     Prior to January 1, 2009, the term “Monthly Earnings” shall mean the sum of (i) the Participant’s regular monthly base salary prior to the effect of elections under any plan or plans maintained by the Sponsor, an Electing Employer or any of their affiliates which are within the scope of Sections 125 or 401(k) of the Code and (ii) one-twelfth of the annual bonus earned by a Participant for the particular Plan Year under the Sponsor’s or any Electing Employer’s annual 

Exhibit 10.49 - Page 6

incentive plan(s) prior to the effect of elections under (i) above. If a Participant retires, dies or experiences a Disability prior to the time when the amount of the bonus for the Plan Year has been determined, Monthly Earnings for the months in such Plan Year shall be calculated using an estimate of such bonus determined by the Committee or Compensation Committee, as appropriate, based on information regarding the Sponsor’s and Participant’s performance as of the date of determination. 

(c)     Effective for Plan Years commencing in or after 2010, but only with respect to Participants actively employed on or after December 31, 2010, Monthly Earnings shall include Eligible Special Pay in the year in which such Eligible Special Pay is included in wages under Section 3121(a) of the Code (or would be, but for any dollar limitation on wages), with one-twelfth of such amount included for each month in such year. For purposes of this Section, Eligible Special Pay is defined as 50% of Salary Stock (defined as stock or stock units granted in lieu of base salary) and 50% of restricted stock compliant with the Troubled Asset Relief Program (“TARP”) issued in lieu of bonus for the purpose of complying with TARP restrictions.

Section 1.23. The term “Monthly Retirement Income” shall have the same meaning as under the Retirement Plan. 

Section 1.24. The term “Normal Retirement Date” shall mean the first of the month coinciding with or next following age 65. 

Section 1.25. The term “Participant” shall refer to a person who is a participant in this Supplemental Plan, other than a Pre-December 1, 2008 Terminated Participant. 

Section 1.26. The term “Plan Year” shall mean a calendar year. 

Section 1.27. The term “Pre-December 1, 2008 Terminated Participant” shall mean a participant in the Supplemental Plan as in effect prior to the January 1, 2010 amendment and restatement, who terminated employment with the Sponsor or an Electing Employer prior to December 1, 2008. 

Section 1.28. The term “Retirement Plan” shall mean the Regions Financial Corporation Retirement Plan. 

Section 1.29. The term “Retired Participant” shall mean any Participant who has qualified for retirement and who is receiving a Monthly Retirement Income by direction of the Plan Administrator. 

Section 1.30. The term “Revised Covered Compensation” shall mean the estimated average maximum amount of a Participant’s earnings on which the Participant’s Social Security benefits will be based assuming that each year of the Participant’s working career the Participant’s wages equaled the Social Security Taxable Wage Base. Revised Covered Compensation is automatically adjusted each year to reflect changes in the Taxable Wage Base. Such adjustments shall not have 

Exhibit 10.49 - Page 7

the effect of reducing a Participant’s Accrued Benefit as of the end of the Plan Year preceding the adjustment. 

Section 1.31. The term “Supplemental Benefit” shall mean, for a Participant who retires or terminates employment on or after January 1, 2004, the excess, if any, of (A) less (B), where (A) is a benefit calculated in accordance with the benefit formula under the Retirement Plan calculated without reference to any provision of the Retirement Plan limiting the amount of benefits as provided by Section 415 of the Code; without limiting the amount of compensation taken into account as provided by Section 401(a)(17) of the Code; by substituting the definitions of Monthly Earnings, Average Monthly Earnings and Credited Service under this Supplemental Plan in place of the definition of each such term in the Retirement Plan; and (B) is the amount of benefit accrued under the Retirement Plan as of the date of benefit commencement under the Supplemental Plan, if any, calculated as if the Participant elected a single life annuity commencing at age 65 regardless of the form of payment or commencement date actually elected under the Retirement Plan. 

The Supplemental Benefit is a monthly benefit payable for life on or after age 65. For early retirement prior to age 65, the Supplemental Benefit is reduced by the Supplemental Early Retirement Factor. 

Section 1.32. The term “Supplemental Early Retirement Factor” is the factor used to reduce a participant’s Supplemental Benefit for Early Retirement. This factor equals the factor set forth in Table 2 of Appendix B. 

Section 1.33. The term “Supplemental Plan” shall mean the supplemental retirement plan set forth below, known as the Regions Financial Corporation Post 2006 Supplemental Executive Retirement Plan. 

Section 1.34. The term “TARP Requirements” shall mean the Troubled Asset Relief Program under the Emergency Economic Stabilization Act of 2008, including the Interim Final Rule and any other rules and regulations thereunder, as amended by the American Recovery and Reinvestment Act of 2009. 

Section 1.35. The term “Year of Service” shall have the same meaning as under the Retirement Plan.
 
ARTICLE II
PARTICIPATION IN THE SUPPLEMENTAL PLAN

Section 2.01. Participation. 

(a)     A select group of management or highly compensated employees whose benefits under the Retirement Plan (whether payable by reason of the Participant’s retirement, death, disability or other termination of employment) may be limited upon and after their commencement pursuant to Section 415 and/or Section 401(a)(17) and who are selected to participate in this Supplemental Plan shall be Participants in the Supplemental Plan. A complete list of Participants eligible to participate 

Exhibit 10.49 - Page 8

in the Supplemental Plan pursuant to this Section 2.01 is maintained in the permanent records of the Sponsor’s Human Resources Division. 

(b)     Effective November 1, 2006, this Supplemental Plan was frozen so that no employees or rehired former employees became Participants from such date. Notwithstanding the foregoing sentence, effective commencing January 1, 2007, the Compensation Committee (or its delegee) is authorized to select additional highly compensated employees of the Sponsor or an Electing Employer to be Participants hereunder. Such additional Participants shall be entitled to receive a Supplemental Benefit or an Enhanced Benefit, as determined by the Compensation Committee (or its delegee) when such participation is authorized by the Compensation Committee (or its delegee). Effective November 4, 2006, Participants in this Supplemental Plan who transferred employment to Morgan Keegan on or prior to December 31, 2008, in connection with the merger of AmSouth Bancorporation into the Sponsor, shall continue to accrue benefits under the provisions of Section 3.01(e) of the Supplemental Plan on and after the date of the transfer to Morgan Keegan (assuming such transfer occurs on or prior to December 31, 2008). Service with Morgan Keegan shall count for vesting purposes under this Supplemental Plan if the transfer occurred before December 31, 2008. If a Participant in this Supplemental Plan transfers to Morgan Keegan on or after January 1, 2009, benefit accrual in this Supplemental Plan shall cease as of the date of the transfer (but such Participant shall receive credit for such services with Morgan Keegan for purposes of vesting under this Supplemental Plan). 

Section 2.02. 2008 Termination Election. An employee who was a Participant on December 1, 2008, and who had not yet received or commenced receiving a benefit under this Supplemental Plan as of such date, could elect, no later than December 31, 2008, to cease accruing benefits under the Supplemental Plan and to terminate his or her participation in the Supplemental Plan, effective December 31, 2008, and to receive a lump sum cash payment of his or her accrued Supplemental Benefit or Enhanced Benefit, if applicable, as soon as practicable after January 1, 2009, but in no event later than March 15, 2009. 

ARTICLE III
BENEFITS UNDER THE SUPPLEMENTAL PLAN

Section 3.01. Supplemental Benefits and Enhanced Benefits 

(a)     Eligibility to Receive Supplemental Benefit and Enhanced Benefit 

1.     Eligibility to Receive a Supplemental Benefit.  To be eligible to receive a Supplemental Benefit, a Participant must be designated by the Committee or the Compensation Committee as a Participant eligible to receive a Supplemental Benefit, as indicated in records maintained in the permanent records of the Sponsor’s Human Resources Division (the “Records”), and in addition, must satisfy either (i) or (ii), as indicated in such Records: (i) have attained age 55, or have at least 5 Years of Service; or (ii) have attained age 62, or have attained age 55 and have at least 10 Years of Service measured from his or her most recent date of hire.  

Exhibit 10.49 - Page 9

Notwithstanding the foregoing, a Participant shall be eligible to receive a Supplemental Benefit (regardless of the Participant’s age or Years of Service) in the following situations:

(i)    In the event of a Participant’s termination of employment under his or her Change in Control Agreement due to a Change in Control;

(ii)    In the event the Participant dies or experiences a Disability; or 

(iii)    In the event of the Participant’s involuntary termination of employment without Cause. 

2.     Eligibility to Receive Enhanced Benefit. Except as provided herein, to be eligible to receive an Enhanced Benefit, a Participant must (A) be designated by the Committee or the Compensation Committee as a Participant eligible to receive an Enhanced Benefit as indicated on records maintained in the permanent records of the Sponsor’s Human Resources Division and (B) attain his or her Enhanced Vesting Age with at least 10 Years of Service while actively employed by the Sponsor or an Electing Employer. 

For participants designated as eligible to receive an Enhanced Benefit however, 
 
	
				
	 
	•
	 
	in the event of the Participant’s death while actively employed, the Participant’s surviving Spouse will be eligible to receive an Enhanced Benefit based on service through the Participant’s date of death regardless of age or Years of Service.

 
	
				
	 
	•
	 
	in the event of a Change in Control resulting in the Participant’s termination of employment without Cause or for Good Reason within 2 years following the Change in Control, the Participant will be eligible to receive an Enhanced Benefit based on service through his or her date of termination regardless of age or Years of Service.

Otherwise, if a Participant terminates employment or ceases participation in this Plan prior to his or her Enhanced Vesting Age and completing 10 Years of Service, the Participant will not be entitled to receive an Enhanced Benefit. Notwithstanding the foregoing requirements of this paragraph, solely for purposes of determining a Participant’s eligibility for an Enhanced Benefit, the Committee has the discretion to count a Participant’s years of service with an entity acquired by Sponsor or an affiliate thereof in determining whether a Participant has completed 10 Years of Service to be eligible to receive an Enhanced Benefit. 

(b)     Calculation of Enhanced Benefits in the Event of Retirement 

1. In the event a Participant terminates employment after attaining his or her Enhanced Vesting Age and completing 10 Years of Service, the Participant shall receive the greater of (i) his or her Supplemental Benefit (if eligible) actuarially reduced for benefit 

Exhibit 10.49 - Page 10

commencement prior to age 65 by the Supplemental Early Retirement Factor and (ii) his or her Enhanced Benefit actuarially reduced for benefit commencement prior to the participant’s Enhanced Unreduced Retirement Age by the applicable Enhanced Early Retirement Factor. 

(c)     Calculation of Enhanced Benefits in the Event of Change in Control for Certain Participants 

1.     In the event there is a Change in Control prior to the date a Participant eligible to receive an Enhanced Benefit attains his or her Enhanced Vesting Age and completes 10 Years of Service, the Participant shall receive the greater of (i) his or her Supplemental Benefits (if eligible) actuarially reduced for benefit commencement prior to age 65 by the Supplemental Early Retirement Factor and (ii) an Enhanced Benefit calculated as the excess, if any, of (A) less (B), where (A) is a targeted sum of 4.0% of Average Monthly Earnings times Credited Service up to 10 years of Credited Service, plus 1.0% of Average Monthly Earnings times each year of Credited Service over 10 up to a combined total of 35 Years of Credited Service; and (B) is the sum of the Participant’s (1) estimated monthly Retirement Plan benefits payable as a life annuity at his or her Enhanced Unreduced Retirement Age, regardless of the form of payment or commencement date actually elected under the Retirement Plan and (2) estimated Social Security monthly benefit amount payable at age 65 (calculated using Social Security law in the Participant’s year of termination of employment and assuming zero future pay to age 65). The Enhanced Benefit will be actuarially reduced for benefit commencement prior to the Enhanced Unreduced Retirement Age by the Enhanced Early Retirement Factor. 

(d)     Calculation of Enhanced Benefits in the Event of Death 

In the event a Participant who is eligible to receive an Enhanced Benefit dies while actively employed by the Plan Sponsor or an Electing Employer prior to attaining his or her Enhanced Vesting Age and completing 10 Years of Service, the Participant’s surviving Spouse shall receive the greater of the survivor portion of (i) his or her Supplemental Benefit (if eligible) converted from the amount payable as a life only benefit at 65 to an immediate joint and 100% survivor annuity, based on the actuarial factors in Appendix A and the Supplemental Early Retirement Factor and (ii) an Enhanced Benefit calculated as the excess, if any, of (A) less (B), where (A) is a targeted sum of 4.0% of Average Monthly Earnings times Credited Service up to 10 years of Credited Service, plus 1.0% of Average Monthly Earnings times each year of Credited Service over 10 up to a combined total of 35 Years of Credited Service; and (B) is the sum of the Participant’s estimated Social Security monthly benefit amount payable at age 65 (calculated using Social Security law in the Participant’s year of termination of employment and assuming zero future pay to age 65). After calculating the Enhanced Benefit as provided in this paragraph above, the Enhanced Benefit will be reduced as follows: (i) for designated Participants who die before Enhanced Unreduced Retirement Age, to the age the participant would have attained at his or her benefit commencement date based on the Enhanced Early Retirement Factor, (ii) from the amount payable as a life annuity to the amount payable as a joint and 100% survivor annuity, based on the actuarial factors set out in Appendix A; and (iii) by the estimated survivor benefit (calculated as a monthly benefit) payable under the 

Exhibit 10.49 - Page 11

Retirement Plan as of the Supplemental Plan commencement date regardless of the form of payment or commencement date elected under the Retirement Plan. 

(e) Participants Transferring to Morgan Keegan 

Effective November 4, 2006, Participants who transferred employment to Morgan Keegan on or before December 31, 2008 following the merger of AmSouth Bancorporation into the Sponsor shall have their compensation and Average Monthly Earnings as of the date of the transfer frozen for purposes of calculating benefits under this Supplemental Plan. 

(f)     Temporary Benefit Freeze 

1.     Notwithstanding subsections (a) through (e), effective April 16, 2009, through December 31, 2009 (the “Freeze Period”), no Participant shall accrue any additional benefit under the Supplemental Plan. This benefit freeze shall be implemented as follows. During the Freeze Period the Supplemental Benefit shall be calculated by determining the benefit in clause (A) of the definition of Supplemental Benefit as of April 15, 2009 (the “Freeze Date”) using the Participant’s Credited Service, Average Monthly Earnings and Revised Covered Compensation (along with any other terms and conditions, including, but not limited to, terms and conditions required under Applicable Law, applicable to such calculation) as of the Freeze Date. The remainder of the calculation of such Supplemental Benefit shall be in accordance with the terms of this Supplemental Plan without regard to this subsection (f). The Enhanced Benefit shall be calculated by determining the benefit in clause (A) of the definition of Enhanced Benefit as of the Freeze Date using the Participant’s Credited Service and Average Monthly Earnings as of the Freeze Date. The estimated Social Security benefit shall be determined using the law in effect on the Freeze Date and all other factors determined as if the Participant had a termination of employment on the Freeze Date. The remainder of the calculation of the Enhanced Benefit shall be in accordance with the terms of this Supplemental Plan without regard to this subsection (f). After the Freeze Period, effective January 1, 2010, the Supplemental Benefit and the Enhanced Benefit shall be calculated by determining the benefits in clause (A) of the definitions of Supplemental Benefit and Enhanced Benefit without regard to service and compensation earned in 2009, and treating 2008 and 2010 as consecutive years. 

2.     The calculation of the Supplemental Benefit and the Enhanced Benefit, in each case, involves the calculation of the Participant’s benefit in the Retirement Plan. The benefit in the Retirement Plan has also been frozen for the period April 15, 2009, through December 31, 2009. However, the benefit determined in this Supplemental Plan during and after the Freeze Period shall take into account the actual benefit in the Retirement Plan as of the date of determination, and not the Freeze Date, as a variety of factors could cause the benefit in the Retirement Plan to increase or decrease notwithstanding the freeze (including, without limitation, changes in the required actuarial assumptions, indexing of the limits under Section 415, and the possibility of an amendment unfreezing the Retirement Plan as of a different date or manner than the Supplemental Plan). 

Exhibit 10.49 - Page 12

(g)2014 Freeze/Conversion

The Compensation Committee and the Committee may “freeze” certain Participants’ (each a “Frozen Participant”) Supplemental Benefits and provide each such Participant with the opportunity to irrevocably elect to have his or her “frozen” Supplemental Benefit be “converted” as described below.  

1.    Frozen Participants. A Frozen Participant shall have his or her “frozen” Supplemental Benefit computed based on Credited Service, Average Monthly Earnings, and other applicable factors as of the date on which the Supplemental Benefit is frozen (the “Frozen Benefit”). The Frozen Benefit shall be computed based on a payment date commencing at age 65 or January 1, 2014, if later, and assuming payment in the form of a single life annuity regardless of the form of payment or commencement date actually elected under this Supplemental Plan.  

2.    Converted Participants.  If a Frozen Participant so elects, his or her Frozen Benefit shall be “converted” to a defined contribution form of benefit (an account balance) equal to the actuarial present value of the Frozen Benefit using the actuarial assumptions in effect for the Plan Year prior to the Plan Year in which the Supplemental Benefit is frozen (i.e., the “applicable mortality table” under Code Section 417(e)(3) in effect for the prior Plan Year and the “applicable interest rate” on 30-year Treasury securities as specified by the Commissioner determined as of the fourth calendar month preceding the first day of the prior Plan Year) (the “Converted Benefit”).  The actuarial present value of the Converted Benefit shall be computed based on a payment date commencing at age 65 (or if the Participant is eligible for Early Retirement, a payment date commencing on January 1, 2014), and assuming payment in the form of a single life annuity.  As soon as administratively feasible thereafter, the Converted Benefit shall be transferred to and administered in accordance with the terms of the Regions Financial Corporation Supplemental 401(k) Plan.

Section 3.02. Time and Form of Supplemental Benefit and Enhanced Benefit. 

(a)     Timing of Payment Commencement of Supplemental Benefit or Enhanced Benefit Payable other than as a Lump Sum 

To the extent a Participant is eligible to receive a Supplemental Benefit or an Enhanced Benefit and the Participant elected to receive his or her benefit in a form other than a lump sum payment, the Participant’s Supplemental Benefit or Enhanced Benefit shall commence to be distributed, to or with respect to the Participant no later than 90 days (with the actual payment commencement date to be determined by the Sponsor in its discretion) following the first to occur of: (i) the date of the Participant’s termination of employment, if such termination of employment occurs on or after Early Retirement eligibility, (ii) the date the Participant attains age 65, if the Participant’s termination of employment occurs prior to Early Retirement eligibility, (iii) the date of the Participant’s termination of employment without Cause or for Good Reason, if such termination occurs within 2 years following a Change in Control, (iv) the date of the Participant’s death, in the event the Participant dies while still employed by the Sponsor or an Electing Employer, 

Exhibit 10.49 - Page 13

or (v) the later of the date of the Participant’s death and Early Retirement eligibility, in the event the Participant dies when no longer employed by the Sponsor or an Electing Employer.  Notwithstanding the above, in the event that the 90 day period in the preceding sentence spans two different tax years of the Participant, the payment shall be made in the second such tax year.

(b)     Timing of Lump Sum Payment of Supplemental Benefit or Enhanced Benefit 

Subject to the provisions of Sections 7.08 and 7.09, to the extent a Participant is eligible to receive a Supplemental Benefit or an Enhanced Benefit and the Participant elected to receive his or her benefit in the form of a lump sum payment, the Participant’s Supplemental Benefit or Enhanced Benefit shall be paid, to or with respect to the Participant no later than 90 days (with the actual payment date to be determined by the Sponsor in its discretion) following the Participant’s termination of employment.  Notwithstanding the above, in the event that the 90 day period in the preceding sentence spans two different tax years of the Participant, the payment shall be made in the second such tax year.

(c)     Timing of Payment Commencement of Supplemental Benefit or Enhanced Benefit for Pre-December 1, 2008 Terminated Participants 

To the extent a Pre-December 1, 2008 Terminated Participant (or the spouse of a deceased Pre-December 1, 2008 Terminated Participant, as the case may be) had not been paid or commenced receiving payment of a benefit under the Supplemental Plan on or before December 31, 2008, such Pre-December 1, 2008 Terminated Participant (or spouse) could elect, no later than December 31, 2008, to commence receiving such benefit in the future as of the date the Pre-December 1, 2008 Terminated Participant attains (or would have attained) age 55, 60, 62 or 65. Such participant will elect one of the forms of payment (other than a lump sum) as set forth in Section 3.02(d) below once they reach their elected commencement date. 

For the avoidance of doubt, if a Pre-December 1, 2008 Terminated Participant (or spouse) did not make the election described above by December 31, 2008, the benefit commencement date shall be the earliest date a Participant could elect to receive an unreduced Early Retirement benefit under the Supplemental Plan. 

(d)     Form of Supplemental Benefit and Enhanced Benefit Payment 

1.     Optional Forms of Payment. A Participant’s Supplemental Benefit or Enhanced Benefit, as applicable, shall be payable monthly in the form of a single life annuity, unless the Participant elects, and is eligible to elect, one of the optional forms of benefit set forth below. Optional forms of payment will be calculated using the Actuarial Equivalent definition set forth in Appendix A. 

		
	Option 1:
	A joint and survivor annuity payable during the Participant’s life, and after his or her death payable to his or her spouse at 50%, 75% or 100% of the annuity paid during the life of, and to, the Participant;

Exhibit 10.49 - Page 14

		
	Option 2:
	A single life annuity payable during the Participant’s life;

    
		
	Option 3:
	Lump Sum; or

    
		
	Option 4:
	A single life annuity with guaranteed monthly payments for 5, 10, 15 or 20 years. If a Participant dies before receiving all the guaranteed monthly payments, the remaining payments will be paid to the Participant’s beneficiary.

2.     Different Forms of Payment for Different Payment Events. A Participant may elect a different form of payment for each of the following payment events: (i) termination of employment with the Sponsor or an Electing Employer (other than due to death) prior to Early Retirement, (ii) termination of employment with the Sponsor or an Electing Employer (other than due to death) at or after Early Retirement, (iii) termination of employment within 2 years following a Change in Control without Cause or with Good Reason, and (iv) termination due to death. 

3.     Default for Participants. For the avoidance of doubt, if a Participant either does not make the election described above by December 31, 2008, or becomes a Participant at any time after December 31, 2008, and does not make an election upon beginning participation in the Supplemental Plan (as described in Section 3.02(e)), the Participant’s vested Supplemental or vested Enhanced Benefit shall be payable as follows: (i) upon termination of employment at any time, payment of the Participant’s Supplemental Benefit or Enhanced Benefit, as applicable, shall be in the form of a single life annuity for single Participants and a 50% joint and survivor benefit for married Participants or (ii) in the event the Participant dies while still employed by the Sponsor or an Electing Employer, payment of the Participant’s Supplemental Benefit or Enhanced Benefit, as applicable, shall be in the form of a 100% joint and survivor benefit for married Participants. No survivor benefit shall be payable for unmarried participants. (iii) In the event a Participant dies while no longer employed by the Sponsor or an Electing Employer and has not commenced his or her Supplemental Plan benefit (or elected a form of payment), the Supplemental or Enhanced Benefit shall be payable in the form of 50% joint and survivor benefit to his or her surviving Spouse at the later of date of death or the earliest retirement age provided under the Retirement Plan. No survivor benefit shall be payable for unmarried participants. 

4.     Default for Pre-December 1, 2008 Terminated Participants. In the event a Pre-December 1, 2008 Terminated Participant dies while no longer employed by the Sponsor or an Electing Employer and has not commenced his Supplemental Plan benefit, the Supplemental or Enhanced Benefit shall be payable in the form of 50% joint and survivor benefit for married participants at the later of date of death or the earliest retirement age provided under the Retirement Plan. No survivor benefit shall be payable for unmarried participants or former participants of the FAC Program who terminated employment prior to 2001. 

Exhibit 10.49 - Page 15

5.     Calculating Optional Forms of Payment. Notwithstanding the foregoing or anything to the contrary herein, the determination of benefits under this Supplemental Plan under the optional forms of payment shall be based on the actuarial factors and other terms and conditions set forth in Appendix A hereto, as amended from time to time. 

The lump sum payment of a Participant’s benefit shall equal the present value of his or her Supplemental Benefit or Enhanced Benefit assuming the participant elected to receive his or her benefit in the form of a single life annuity payable as of the payment commencement date provided in Section 3.02(a). However, if a Participant is eligible to receive a lump sum payment of his or her Enhanced Benefit prior to his or her Enhanced Unreduced Retirement Age, the lump sum shall equal the Actuarial Equivalent of his or her Enhanced Benefit determined based on an assumed commencement date of his or her Enhanced Unreduced Retirement Age. For select Participants (as indicated in the permanent records of the Sponsor’s Human Resources Division), in no event will the lump sum be less than the Minimum Lump Sum. The lump sum payment of a survivor benefit shall equal the present value of the annuity benefit otherwise payable to the survivor. 

An active Participant who terminates employment after his or her Normal Retirement Date shall receive the greater of his or her continued accrued benefit and the actuarial equivalent of his or her normal retirement benefit. 

6.     Notwithstanding anything herein the contrary, for specified Participants as may be selected by the Committee, the Enhanced Benefit will be calculated in accordance with the terms of the Supplemental Plan. 

(e)     Initial Deferral Election. A Participant who first commences participation in the Supplemental Plan on or after January 1, 2009, may elect the form of benefit of his or her Supplemental Benefit or Enhanced Benefit, as applicable, as described above in Section 3.02(d) within thirty (30) days after the first day such Participant commences participation in the Supplemental Plan, provided, however, that, in addition to the age and service requirements defined in Section 3.01, the Participant shall be required to continue to provide services for the Sponsor or an Electing Employer for a period of 13 months after the date the Participant commenced participation in the Supplemental Plan in order to be eligible to receive such Supplemental Benefit or Enhanced Benefit, as applicable. 

Notwithstanding the foregoing, an individual may be required to elect the form of benefit of his or her Supplemental Benefit as described above in Section 3.02(d) prior to the first day such individual commences participation in this Supplemental Plan.

(f)     Subsequent Change to Form of Payment. A Participant may change the form of payment of his or her Supplemental Benefit or Enhanced Benefit, as applicable, provided such subsequent election satisfies the requirements of Treasury Regulation Section 1.409A-2(b) as it may be amended from time to time. 

(g)     Acceleration to Pay Employment Taxes. Notwithstanding anything herein to the contrary, a portion of each Participant’s Supplemental Benefit or Enhanced Benefit, as applicable, 

Exhibit 10.49 - Page 16

will be accelerated to pay any employment taxes (including, but not limited to, income and FICA taxes) and the associated withholding on accelerated benefits when due. 

Section 3.03. FAC Program. Notwithstanding anything to the contrary herein, all benefits accrued to Participants in the FAC Program through December 31, 2000, shall be calculated using the FAC Program terms and conditions as in effect on December 31, 2000, and such benefits shall be subject to the terms and conditions of the FAC Program, including but not limited to the terms and conditions governing the distribution of such benefits. Effective December 31, 2000, benefit accruals under the terms of the FAC Program ceased. The FAC Program benefits shall not be less than the accrued benefits under the terms of the FAC Program immediately preceding the merger of the FAC Program into this Supplemental Plan. A copy of the FAC Program as of December 31, 2000, is attached hereto as Exhibit A. Effective January 1, 2001, all benefits will be calculated under the terms and conditions of this Supplemental Plan. Notwithstanding the foregoing or anything to the contrary herein, effective January 1, 2004, any Participant who has an accrued benefit under the FAC Program and who terminates employment on or after January 1, 2001 shall be entitled to receive pre-retirement survivor benefits with regard to the accrued benefit under the FAC Program under the terms provided in this Supplemental Plan. 

Section 3.04. Change in Control. 

For purposes of this Plan, a “Change in Control” shall mean: 

(a)    The acquisition by any “Person” (as the term “person” is used for the purposes of Section 13(d) or 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) of direct or indirect beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 20% or more of the combined voting power of the then-outstanding securities of the Sponsor entitled to vote in the election of directors (the “Voting Securities”); or 
 
(b)    Individuals (the “Incumbent Directors”) who, as of the date hereof, constitute the Board of Directors of the Sponsor (the “Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the date hereof whose election, or nomination for election, was approved by a vote of at least two-thirds of the Incumbent Directors who are then on the Board (either by specific vote or by approval, without prior written notice to the Board objecting to the nomination, of a proxy statement in which the individual was named as nominee) shall be an Incumbent Director, unless such individual is initially elected or nominated as a director of the Sponsor as a result of an actual or threatened election contest with respect to the election or removal of directors (“Election Contest”) or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board (“Proxy Contest”), including by reason of any agreement intended to avoid or settle any Election Contest or Proxy Contest; or 
 
(c)    Consummation of a merger, consolidation, reorganization, statutory share exchange, or similar form of corporate transaction involving the Sponsor or involving the issuance of shares by the Sponsor, the sale or other disposition (including by way of a series of transactions or by way of merger, consolidation, stock sale or similar transaction involving one or more subsidiaries) of all 

Exhibit 10.49 - Page 17

or substantially all of the Sponsor’s assets or deposits, or the acquisition of assets or stock of another entity by the Sponsor (each a “Business Combination”), unless such Business Combination is a “Non-Control Transaction.” A “Non-Control Transaction” is a Business Combination immediately following which the following conditions are met:

(A)    the stockholders of the Sponsor immediately before such Business Combination own, directly or indirectly, more than 55% of the combined voting power of the then-outstanding voting securities entitled to vote in the election of directors (or similar officials in the case of a non-corporation) of the entity resulting from such Business Combination (including, without limitation, an entity that as a result of such Business Combination owns the Sponsor or all or substantially all of the Sponsor’s assets, stock or ownership units either directly or through one or more subsidiaries) (the “Surviving Corporation”) in substantially the same proportion as their ownership of the Sponsor Voting Securities immediately before such Business Combination; 
 
(B)    at least a majority of the members of the board of directors of the Surviving Corporation were Incumbent Directors at the time of the Board’s approval of the execution of the initial Business Combination agreement; and 
 
(C)    no person other than (i) the Sponsor or any of its subsidiaries, (ii) the Surviving Corporation or its ultimate parent corporation, or (iii) any employee benefit plan (or related trust) sponsored or maintained by the Sponsor immediately before such Business Combination beneficially owns, directly or indirectly, 20% or more of the combined voting power of the Surviving Corporation’s then-outstanding voting securities entitled to vote in the election of directors; or 
 
 (d)    Approval by the stockholders of the Sponsor of a complete liquidation or dissolution of the Sponsor. 

Notwithstanding the foregoing and anything in the Supplemental Plan to the contrary, a Change in Control shall not be deemed to occur solely because any Person (the “Subject Person”) acquired Beneficial Ownership of more than the permitted amount of the outstanding Voting Securities as a result of the acquisition of Voting Securities by the Sponsor which, by reducing the number of Voting Securities outstanding, increases the proportional number of shares Beneficially Owned by the Subject Person, provided that if a Change in Control would occur (but for the operation of this sentence) and after such acquisition of Voting Securities by the Sponsor, the Subject Person becomes the Beneficial Owner of any additional Voting Securities, then a Change in Control shall occur. 

Section 3.05. Rabbi Trust. The Sponsor may establish a rabbi trust (“Trust”) which may be used to pay benefits arising under the Supplemental Plan and all costs, charges and expenses relating thereto; except that, to the extent that the funds held in the Trust are insufficient to pay such benefits, costs, charges and expenses, the Sponsor shall pay such benefits, costs, charges and expenses. 

Exhibit 10.49 - Page 18

ARTICLE IV
PLAN ADMINISTRATOR

Section 4.01. The plan administrator (“Plan Administrator”) for the Retirement Plan shall also administer the Supplemental Plan. In doing so, the Plan Administrator shall apply to the Participants’ claims for Supplemental Benefits and Enhanced Benefits hereunder the procedures as are set forth in Section 7.06 below. 

ARTICLE V
NATURE OF EMPLOYER OBLIGATION AND PARTICIPANT INTEREST

Section 5.01. The interest of the Participant and/or any person claiming by or through him or her under the Supplemental Plan shall be solely that of an unsecured general creditor of the Sponsor and the Electing Employers. The Supplemental and Enhanced Benefits payable under the Supplemental Plan shall be payable from the general assets of the Sponsor and the Electing Employers (including assets held in the Trust), and neither the Participant nor any person claiming by or through him or her shall have any right to look to any specific property separate from such general assets in satisfaction of any claim for payment of Supplemental or Enhanced Benefits. 

Section 5.02. In all respects any Supplemental or Enhanced Benefits shall be independent of, and in addition to, any other benefits or compensation of any sort, payable to or on behalf of the Participant under any other arrangement sponsored by the Sponsor or Electing Employers or any other arrangement between the Sponsor or Electing Employer and the Participant in any capacity. 

ARTICLE VI
ADDITION OR WITHDRAWAL OF ELECTING EMPLOYERS

Section 6.01. A subsidiary or affiliate of the Sponsor shall become an Electing Employer hereunder only upon approval by the Committee. 

Section 6.02. An Electing Employer who wishes to withdraw from the Supplemental Plan shall deliver to the Sponsor a resolution from its Board of Directors which authorizes its withdrawal as an Electing Employer and which indicates the reason or reasons for such withdrawal. Withdrawal may only take place upon the approval of the Committee and with such amendments to the Supplemental Plan as the Committee shall deem necessary or desirable. Withdrawal shall be subject to the provisions of Section 7.01 below. 

ARTICLE VII
MISCELLANEOUS

Section 7.01. Amendment and Termination. 

Exhibit 10.49 - Page 19

(a)     The Supplemental Plan may be amended or terminated by the Sponsor, and may be amended by the Committee at any time except as provided in paragraphs (b) and (c) below. The Sponsor may designate additional Participants under the Supplemental Plan or remove persons as Participants under the Supplemental Plan at any time except as provided in paragraphs (b) and (c) below. 

(b)     Notwithstanding anything herein to the contrary, Supplemental Benefits and Enhanced Benefits which are in pay status shall not be discontinued under any circumstances prior to their natural termination pursuant to the terms of the Supplemental Plan at the time of the relevant amendment or termination of the Supplemental Plan, the removal of Participants or the withdrawal by an Electing Employer. 

(c)     Notwithstanding anything herein to the contrary, Supplemental Benefits and Enhanced Benefits hereunder which have been accrued prior to the date of any amendment or termination of the Supplemental Plan, the removal of a Participant, or the withdrawal of an Electing Employer shall remain a binding obligation of the Sponsor and Electing Employer or any successor in interest to either of them, and no amendment or discontinuation of the Supplemental Plan, removal of a Participant or withdrawal by an Electing Employer shall deprive a Participant of said accrued Supplemental Benefit or Enhanced Benefit. 

Section 7.02. No Right to Employment. The Supplemental Plan shall not be deemed to constitute a contract between the Sponsor or the Electing Employer and any Participant or employee, or to be a consideration or an inducement for the employment of any Participant or employee. Nothing contained in the Supplemental Plan shall be deemed to give any Participant or employee the right to be retained in the service of the Sponsor or Electing Employer or to interfere with the right of the Sponsor or Electing Employer to discharge any Participant or employee at any time regardless of the effect which such discharge shall or may have upon him or her under the Supplemental Plan. 

Section 7.03. Rights of General Creditor. None of the Participant’s rights to Supplemental or Enhanced Benefits under the Supplemental Plan are subject to the claims of creditors of a Participant or any person claiming by or through him or her and will not be subject to attachment, garnishment or any other legal process, including but not limited to qualified domestic relations orders. Neither a Participant nor any person claiming by or through him or her may assign, sell, borrow on or otherwise encumber any of his or her beneficial interest under the Supplemental Plan nor shall any such interest be in any manner liable for or subject to the deeds, contracts, liabilities, engagements or torts of a Participant or any person claiming by or through him or her. 

Section 7.04. Governing Law. The Supplemental Plan shall be construed and interpreted in accordance with the laws of the State of Alabama (without respect to conflict of laws), except where such laws are superseded by ERISA, in which case ERISA shall control. 

Section 7.05. Payment to Minor or Incompetent. In making any distribution to or for the benefit of any minor or incompetent person, the Plan Administrator, in its sole, absolute and uncontrolled discretion, may, but need not, direct such distribution to a legal or natural guardian or 

Exhibit 10.49 - Page 20

other relative of such minor or court appointed committee of such incompetent, or to any adult with whom such minor or incompetent temporarily or permanently resides, and any such guardian, committee, relative or other person shall have full authority and discretion to expend such distribution for the use and benefit of such minor or incompetent. The receipt of such guardian, committee, relative or other person shall be a complete discharge to the Sponsor and Electing Employer without any responsibility on its part or on the part of the Plan Administrator to see to the application thereof. 

Section 7.06. Claims for Benefits. 

(a)     Any participant may file a claim for benefits. If the claim is denied, the claimant shall be provided written notice within 90 days with: 

(i) Specific reasons for the denial; 

(ii)     Specific references to the Supplemental Plan provisions on which the denial is based; 

(iii)     A description of any additional information needed and why it is needed; and 

(iv)     An explanation of (1) the procedures and time limits for an appeal, (2) the right to obtain information about the procedures, and (3) the right to sue in federal court. 

(b)     If there are special circumstances delaying the determination of the claim, the claimant may be notified within the 90-day period explaining the special circumstances and stating that an answer will be provided within 90 more days. If an answer is not received within the 90 days (or 180 days if an extension notice has been provided), the claim shall be deemed denied. 
 
(c)     Any claimant for a benefit (or, as applicable, his or her estate or other representative or beneficiary) may, within sixty (60) days after receipt of a letter of denial, appeal to the Benefits Administration Committee, by writing to the Head of Human Resources of the Sponsor and may request a review of the denial of the benefit, with opportunity to submit his or her position in writing. Appeals not timely filed shall be barred. The claimant is entitled to: 

(i)     receive, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant to his or her claim; 

(ii)     submit written comments, documents, records and other information relating to the claim, which will be considered without regard to whether such information was submitted or considered in the initial determination. 

(d)     The Benefits Administration Committee shall meet quarterly or such other time as the Benefits Administration Committee shall determine, provided that a claim is pending. If a claim is received by the Benefits Administration Committee at least thirty (30) days before a quarterly meeting, such appeal will be considered at that meeting; otherwise, such appeal will be considered 

Exhibit 10.49 - Page 21

at the first subsequent quarterly meeting. If there are special circumstances, the decision may be delayed until the third meeting following receipt of the request. If special circumstances require an extension, the claimant will be notified. 

(e)     The Benefits Administration Committee will render a written decision, written in a manner calculated to be understood by the claimant, and mail the written decision to the claimant at the claimant’s last address known to the Sponsor, specifying by reference to the Supplemental Plan the reasons for denial of such part or all of the claimed benefit as it denies upon review. Such letter shall state that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of all documents, records and other information relevant to the claim; describe the Supplemental Plan’s voluntary appeal procedures, if any; and notify the claimant of his or her right to bring an action under Section 502(a) of ERISA. 

Section 7.07. Modification. If any provision of the Supplemental Plan shall be held illegal or invalid for any reason or in any particular circumstance or instance, such illegality or invalidity shall not affect its remaining parts in such circumstance or instance nor the enforceability of such provision in any other circumstance or instance, and the Supplemental Plan shall be construed and enforced as if such illegal and invalid provision had never been inserted herein for application to the particular circumstance or instance. 

Section 7.08. Section 409A of the Code. Notwithstanding any other provisions of the Supplemental Plan to the contrary and to the extent applicable, it is intended that the Supplemental Plan comply with the requirements of Section 409A, and the Supplemental Plan shall be interpreted, construed and administered in accordance with this intent. The Sponsor and the Electing Employers shall have no liability to any Participant, beneficiary or otherwise if the Supplemental Plan or any amounts paid or payable hereunder are subject to the additional tax and penalties under Section 409A of the Code. 

If and to the extent that any amount payable to the Participant pursuant to the Supplemental Plan is determined by the Sponsor to constitute “non-qualified deferred compensation” subject to Section 409A of the Code and is payable to the Participant by reason of the Participant’s termination of employment, then (a) such payment shall be made to the Participant only upon a “separation from service” as defined for purposes of Section 409A under applicable regulations and (b) if the Participant is a “specified employee” (within the meaning of Section 409A as determined by the Sponsor), such payment shall not be made before the date that is six months after the date of the Participant’s separation from service (or, if earlier than the expiration of such six month period, the date of death); provided, however, that any benefit that otherwise would have been payable to the Participant during such six-month period shall be paid to the Participant in a lump sum on the first payroll of the seventh month following separation from service. 

Section 7.09. TARP Requirements and Applicable Law. The provisions of this Supplemental Plan are subject to and shall be interpreted to be consistent with the TARP Requirements, which terms control over the terms of this Supplemental Plan in the event of any conflict between the TARP Requirements and this Supplemental Plan. Notwithstanding anything in this Supplemental Plan to the contrary, in no event shall any benefits or payments under this Supplemental Plan be 

Exhibit 10.49 - Page 22

settled, paid or accrued, if any such settlement, payment or accrual would be in violation of the TARP Requirements or any other Applicable Law. 

Exhibit 10.49 - Page 23

APPENDIX A
ACTUARIAL EQUIVALENT

In accordance with IRS Code Section 417(e), for forms of payment other than a lump sum, the Actuarial Equivalent is calculated using the “applicable mortality table” and the “applicable interest rate.” The “applicable mortality table” is the 1994 Group Annuity Mortality Table, unloaded, projected to 2002 and blended 50/50 for males and females. The “applicable interest rate” is the rate of interest on 30-year Treasury securities as specified by the Commissioner determined as of the fourth calendar month preceding the first day of the Plan Year during which the annuity starting date for distribution occurs. 
For lump sum payments, the Actuarial Equivalent is calculated using the mortality table mandated by the Pension Protection Act of 2006 (PPA) for lump sums in qualified retirement plans and the “applicable interest rate” above. 

Exhibit 10.49 - Page 24

APPENDIX B
ENHANCED EARLY RETIREMENT FACTORS

For applicable ages between the ages shown on the table below, interpolate between the factors for the nearest whole month. 
 
	
								
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	Table 1
	 
	 
	Table 2

	65
	  
	1.0000
	  
	  
	 
	1.0000
	  

	64
	  
	1.0000
	  
	  
	 
	1.0000
	  

	63
	  
	1.0000
	  
	  
	 
	1.0000
	  

	62
	  
	1.0000
	  
	  
	 
	1.0000
	  

	61
	  
	1.0000
	  
	  
	 
	0.9425
	  

	60
	  
	1.0000
	  
	  
	 
	0.885
	  

	59
	  
	0.9435
	  
	  
	 
	0.835
	  

	58
	  
	0.8870
	  
	  
	 
	0.785
	  

	57
	  
	0.8305
	  
	  
	 
	0.735
	  

	56
	  
	0.7740
	  
	  
	 
	0.685
	  

	55 and 6 months
	  
	0.7458
	  
	  
	 
	0.66
	  

	55 and 5 months
	  
	0.7401
	  
	  
	 
	0.655
	  

	55 and 4 months
	  
	0.7345
	  
	  
	 
	0.65
	  

	55 and 3 months
	  
	0.7299
	  
	  
	 
	0.646
	  

	55 and 2 months
	  
	0.7243
	  
	  
	 
	0.641
	  

	55 and 1 month  
	  
	0.7186
	  
	  
	 
	0.636
	  

	55
	  
	0.7141
	  
	  
	 
	0.632
	  

	54
	  
	0.6519
	  
	  
	 
	0.5769
	  

	53
	  
	0.5956
	  
	  
	 
	0.5271
	  

	52
	  
	0.5447
	  
	  
	 
	0.4821
	  

Exhibit 10.49 - Page 25

	
								
	51
	  
	0.4986
	  
	  
	 
	0.4413
	  

	50
	  
	0.4567
	  
	  
	 
	0.4042
	  

	49
	  
	0.4188
	  
	  
	 
	0.3706
	  

	48
	  
	0.3842
	  
	  
	 
	0.34
	  

	47
	  
	0.3527
	  
	  
	 
	0.3121
	  

	46
	  
	0.3240
	  
	  
	 
	0.2867
	  

	45
	  
	0.2977
	  
	  
	 
	0.2635
	  

	44
	  
	0.2738
	  
	  
	 
	0.2423
	  

	43
	  
	0.2519
	  
	  
	 
	0.2229
	  

	42
	  
	0.2318
	  
	  
	 
	0.2051
	  

	41
	  
	0.2133
	  
	  
	 
	0.1888
	  

	40
	  
	0.1965
	  
	  
	 
	0.1739
	  

	39
	  
	0.1811
	  
	  
	 
	0.1603
	  

	38
	  
	0.1669
	  
	  
	 
	0.1477
	  

	37
	  
	0.1539
	  
	  
	 
	0.1362
	  

	36
	  
	0.1419
	  
	  
	 
	0.1256
	  

	35
	  
	0.1308
	  
	  
	 
	0.1158
	  

	34
	  
	0.1208
	  
	  
	 
	0.1069
	  

	33
	  
	0.1114
	  
	  
	 
	0.0986
	  

	32
	  
	0.1029
	  
	  
	 
	0.0911
	  

	31
	  
	0.0950
	  
	  
	 
	0.0841
	  

	30
	  
	0.0877
	  
	  
	 
	0.0776
	  

	29
	  
	0.0810
	  
	  
	 
	0.0717
	  

Exhibit 10.49 - Page 26

	
							
	28
	  
	0.0748
	  
	  
	 
	0.0662

	27
	  
	0.0692
	  
	  
	 
	0.0612

	26
	  
	0.0638
	  
	  
	 
	0.0565

	25
	  
	0.0590
	  
	  
	 
	0.0522

	24
	  
	0.0546
	  
	  
	 
	0.0483

	23
	  
	0.0504
	  
	  
	 
	0.0446

	22
	  
	0.0466
	  
	  
	 
	0.0412

	21
	  
	0.0431
	  
	  
	 
	0.0381

 

Exhibit 10.49 - Page 27

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