Document:

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The attached form of agreement has been signed by the following executive
officers:

William K. Butler, II
A. Dale Cannady
John S. Wilfong
Peter F. Nostrand
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                          CHANGE IN CONTROL AGREEMENT

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

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

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

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

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

                                    (S) 1.

                                  Definitions
                                  -----------

          1.1  Board.  The term "Board" for purposes of this Agreement shall
               -----
mean the Board of Directors of SunTrust.

          1.2  Cause.  The term "Cause" for purposes of this Agreement shall
               -----
(subject to (S) 1.2(e)) mean:

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

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

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

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

          1.3  Change in Control.  The term "Change in Control" for purposes of
               -----------------
this Agreement shall mean a change in control of SunTrust of a nature that would
be required to be reported in response to Item 6(e) of Schedule 14A of
Regulation 14A promulgated under the Exchange Act as in effect at the time of
such "change in control", provided that such a change in control shall be deemed
to have occurred at such time as (i) any "person" (as that term is used in
Sections 13(d) and 14(d)(2) of the Exchange Act), is or becomes the beneficial
owner (as defined in Rule 13d-3 under the Exchange Act) directly or indirectly,
of securities representing 20% or more of the combined voting power for election
of directors of the then outstanding securities of SunTrust or any successor of
SunTrust; (ii) during any period of two consecutive years or less, individuals
who at the beginning of such period constitute the Board cease, for any reason,
to constitute at least a majority of the Board, unless the election or
nomination for election of each new director was approved by a vote of at least
two-thirds of the directors then still in office who were directors at the
beginning of the period; (iii) the shareholders of SunTrust approve any
reorganization, merger, consolidation or share exchange as a result of which the
common stock of SunTrust shall be changed, converted or exchanged into or for
securities of another corporation (other than a merger with a wholly-owned
subsidiary of SunTrust) or any dissolution or liquidation of SunTrust or any
sale or the disposition of 50% or more of the assets or business of SunTrust; or
(iv) the shareholders of SunTrust approve any reorganization, merger,
consolidation or share exchange unless (A) the persons who were the beneficial
owners of the outstanding shares of the common stock of SunTrust immediately
before the consummation of such transaction beneficially own more than 65% of
the outstanding shares of the common stock of the successor or survivor
corporation in such transaction
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immediately following the consummation of such transaction and (B) the number of
shares of the common stock of such successor or survivor corporation
beneficially owned by the persons described in (S) 1.3(iv)(A) immediately
following the consummation of such transaction is beneficially owned by each
such person in substantially the same proportion that each such person had
beneficially owned shares of SunTrust common stock immediately before the
consummation of such transaction, provided (C) the percentage described in (S)
1.3(iv)(A) of the beneficially owned shares of the successor or survivor
corporation and the number described in (S) 1.3(iv)(B) of the beneficially owned
shares of the successor or survivor corporation shall be determined exclusively
by reference to the shares of the successor or survivor corporation which result
from the beneficial ownership of shares of common stock of SunTrust by the
persons described in (S) 1.3(iv)(A) immediately before the consummation of such
transaction.

          1.4  Change in Control Date.  The term "Change in Control Date" for
               ----------------------
purposes of this Agreement shall mean the date which includes the "closing" of
the transaction which results from a Change in Control or, if there is no
transaction which results from a Change in Control, the date such Change in
Control is reported by SunTrust to the Securities and Exchange Commission.

          1.5  Code.  The term "Code" for purposes of this Agreement shall mean
               ----
the Internal Revenue Code of 1986, as amended.

          1.6  Compensation Committee.  The term "Compensation Committee" for
               ----------------------
purposes of this Agreement shall mean the Compensation Committee of the Board.

          1.7  Confidential or Proprietary Information.  The term "Confidential
               ---------------------------------------
or Proprietary Information" for purposes of this Agreement shall mean any
secret, confidential, or proprietary information of SunTrust or a SunTrust
Affiliate (not otherwise included in the definition of Trade Secret in (S) 1.23
of this Agreement) that has not become generally available to the public by the
act of one who has the right to disclose such information without violating any
right of SunTrust or a SunTrust Affiliate.

          1.8  Current Compensation Package.  The term "Current Compensation
               ----------------------------
Package" for purposes of (S) 3(a)(2)(A) of this Agreement shall mean the sum of
the following:

               (a)  Executive's highest annual base salary from SunTrust and any
          SunTrust Affiliate which (but for any salary deferral election) is in
          effect at any time during the 1 year period which ends on the date
          Executive's employment with SunTrust or a SunTrust Affiliate
          terminates under the circumstances described in (S) 3(a) or (S) 3(f);

               (b)  The greater of (i) Executive's target annual MIP bonus for
          the calendar year in which Executive's employment with SunTrust or a
          SunTrust Affiliate terminates under the circumstances described in (S)
          3(a) or (S) 3(f) or (ii) the greater of (A) the average of the annual
          MIP bonus

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          which was paid to Executive (or, if greater, which would have been
          paid to Executive but for any bonus deferral election) for the 3 full
          calendar years in which Executive has participated in the MIP (or, if
          less, the number of full calendar years in which Executive has
          participated in the MIP) which immediately precedes the calendar year
          in which Executive's employment so terminates or, if Executive was not
          eligible to participate in the MIP in the calendar year which
          immediately precedes the calendar year in which Executive's employment
          so terminates, (B) the greater of (1) the average MIP bonus described
          in (S)1.8(b)(ii)(A) or (2) the last MIP bonus which was paid to
          Executive (or, if greater, which would have been paid to Executive but
          for any bonus deferral election); and

                (c) (i) The average of the PUP bonus which was paid to Executive
          (or, if greater, which would have been paid to Executive but for any
          bonus deferral election) for the 3 full performance cycles in which
          Executive has participated in the PUP (or, if less, for the number of
          full performance cycles in which Executive has participated in the
          PUP) which immediately precede the performance cycle which ends in the
          calendar year in which Executive's employment with SunTrust or a
          SunTrust Affiliate terminates under the circumstances described in (S)
          3(a) or (S) 3(f) or, if Executive was not eligible to participate in
          the PUP for the performance cycle which ends in the calendar year in
          which Executive's employment so terminates or if there is no such
          cycle, (ii) the average PUP bonus described in (S)1.8(c)(i) or the
          last PUP bonus which was paid to Executive (or, if greater, which
          would have been paid to Executive but for any bonus deferral
          election), whichever is greater.

          1.9   Disability Termination.  The term "Disability Termination" for
                ----------------------
purposes of this Agreement shall mean a termination of Executive's employment on
or after the date Executive has a right immediately upon such termination to
receive disability income benefits under SunTrust's long term disability plan or
any successor to or replacement for such plan.

          1.10  Exchange Act.  The term "Exchange Act" for purposes of this
                ---------
Agreement shall mean the Securities Exchange Act of 1934, as amended.

          1.11. Financial Services Business.  The term "Financial Services
                ---------------------------
Business" for purposes of this Agreement shall mean the business of banking,
including deposit, credit, trust and investment services, mortgage banking,
commercial and auto leasing, insurance, asset management, brokerage and
investment banking services.

          1.12  Good Reason.  The term "Good Reason" for purposes of this
                -----------
Agreement shall (subject to (S) 1.12(e)) mean:

                (a)  SunTrust or any SunTrust Affiliate after a Change in
          Control but before the end of Executive's Protection Period reduces
          Executive's

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          base salary or opportunity to receive comparable incentive
          compensation or bonuses without Executive's express written consent;

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

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

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

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

                     (i) (A)  Executive delivers to the Compensation Committee a
                detailed, written statement of the basis for Executive's belief
                that such act or omission constitutes Good Reason, (B) Executive
                delivers such statement before the later of (1) the end of the
                ninety (90) day period which starts on the date there is an act
                or omission which forms the basis for Executive's belief that
                Good Reason exists or (2) the end of the period mutually agreed
                upon for purposes of this (S) 1.12(e)(i)(B) in writing by
                Executive and the Chairman of the Compensation Committee, (C)
                Executive gives the Compensation Committee a thirty (30) day
                period after the delivery of such statement to cure the basis
                for such belief and (D) Executive actually submits Executive's
                written resignation to the Compensation Committee during the
                sixty (60) day period which begins immediately after the end of
                such thirty (30) day period if Executive reasonably and in good
                faith determines that Good

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                Reason continues to exist after the end of such thirty (30) day
                period, or

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

                (f)  If (i) Executive gives the Compensation Committee the
          statement described in (S) 1.12(e)(i) before the end of the thirty
          (30) day period which immediately follows the end of the Protection
          Period and Executive thereafter resigns within the period described in
          (S) 1.12(e)(i) or (ii) SunTrust provides the statement to Executive
          described in (S) 1.12(e)(ii) before the end of the thirty (30) day
          period which immediately follows the end of the Protection Period and
          Executive thereafter resigns within the period described in (S)
          1.12(e)(ii), then (iii) such resignation shall be treated under this
          Agreement as if made in Executive's Protection Period; and

                (g)  If Executive consents in writing to any reduction described
          in (S) 1.12(a) or (S) 1.12(b), to any transfer described in (S)
          1.12(c) or to any failure described in (S) 1.12(d) in lieu of
          exercising Executive's right to resign for Good Reason and delivers
          such consent to SunTrust, the date such consent is delivered to
          SunTrust thereafter shall be treated under this definition as the date
          of a Change in Control for purposes of determining whether Executive
          subsequently has Good Reason under this Agreement to resign under (S)
          3(a) or (S) 3(f) as a result of any subsequent reduction described in
          (S) 1.12(a) or (S) 1.12(b), any subsequent transfer described in (S)
          1.12(c) or any subsequent failure described in (S) 1.12(d).

          1.13  Gross Up Payment.  The term "Gross Up Payment" for purposes of
                ----------------
this Agreement shall mean a payment to or on behalf of Executive which shall be
sufficient to pay (i) any excise tax described in (S) 9 in full, (ii) any
federal, state and local income tax and social security and other employment tax
on the payment made to pay such excise tax as well as any additional taxes on
such payment and (iii) any interest or penalties assessed by the Internal
Revenue Service on Executive which are related to the payment of such excise tax
unless such interest or penalties are attributable to Executive's willful
misconduct or negligence.

          1.14  Managerial Responsibilities.  The term "Managerial
                ---------------------------
Responsibilities" for purposes of this Agreement shall mean managerial and
supervisory responsibilities and duties that are substantially the same as those
Executive is performing for SunTrust or a SunTrust Affiliate on the date of this
Agreement.

          1.15  MIP.  The term "MIP" for purposes of this Agreement shall mean
                ---
the SunTrust Banks, Inc. Management Incentive Plan or, if there is any material
change

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in the terms, operation or administration of such plan following a Change in
Control, any successor to such plan in which Executive is eligible to
participate and which provides an opportunity for a bonus for Executive which is
comparable to the opportunity which Executive had under such plan before such
Change in Control or, if Executive reasonably determines that there is no such
plan in which Executive is eligible to participate but SunTrust or a parent
corporation maintains a short term bonus plan for the benefit of senior
executives which provides for such an opportunity, such other plan as agreed to
by Executive and the Compensation Committee.

          1.16  Protection Period.  The term "Protection Period" for purposes of
                -----------------
this Agreement shall (subject to (S) 1.12(f)) mean the two (2) year period which
begins on a Change in Control Date.

          1.17  PUP.  The term "PUP" for purposes of this Agreement shall mean
                ---
the SunTrust Banks, Inc. Performance Unit Plan or, if there is any material
change in the terms, operation or administration of such plan following a Change
in Control, any successor to such plan in which Executive is eligible to
participate and which provides an opportunity for a bonus for Executive which is
comparable to the opportunity which Executive had under such plan before such
Change in Control or, if Executive reasonably determines that there is no such
plan in which Executive is eligible to participate but SunTrust or a parent
corporation maintains a long term bonus plan for the benefit of senior
executives which provides for such an opportunity, such other plan as agreed to
by Executive and the Compensation Committee.

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

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

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

          1.21  Term.  The term "Term" for purposes of this Agreement shall mean
                ----
the period described in (S) 2(b).

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          1.22  Territory.  The term "Territory" for purposes of this Agreement
                ---------
shall mean the state of Virginia.

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

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

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

                                    (S) 2.

                            Effective Date and Term
                            -----------------------

                (a)  Effective Date.  This Agreement shall be effective on the
                     --------------
          earlier of the date that

                     (1) SunTrust no longer can participate in any transaction
                which can be accounted for on the "pooling of interests" method
                under the requirements of Accounting Principles Board Opinion
                No. 16, Business Combinations without regard to whether this
                Agreement is effective on such date,

                     (2) a Change in Control cannot be accounted for on such
                "pooling of interests" method without regard to the date this
                Agreement becomes effective, or

                     (3) a Change in Control can be accounted for on such
                "pooling of interests" method without regard to whether this
                Agreement is effective on the date of such Change in Control;
                provided

                     (4) this Agreement shall be effective at the end of the six
                (6) month period which starts on the date of this Agreement
                (even if neither (S) 2(1), (S) 2(2) nor (S) 2(3) is applicable)
                if SunTrust has not entered into a letter of intent or other
                written agreement to effect a Change in Control before the end
                of such period; and, further provided,

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                    (5)  if (S) 2(1), (S) 2(2), (S) 2(3) or (S) 2(4) is
               applicable while Executive still has a right to a benefit under
               the Crestar Financial Corporation Executive Severance Plan dated
               December 19, 1997, this Agreement nevertheless shall not become
               effective until the date Executive no longer has any right to any
               benefit under such plan.

               (b)  Term.
                    ----

                    (1)  The Term of this Agreement shall be the period which
               starts on the date on which this Agreement becomes effective
               under (S) 2(a) and ends (subject to (S) 2(b)(2) and (S) 2(b)(3))
               on the third anniversary of such effective date.

                    (2)  The Term of this Agreement shall automatically be
               extended for one additional year effective as of the first
               anniversary of the date on which this Agreement becomes effective
               under (S) 2(a) and one additional year effective as of each such
               anniversary date thereafter unless either Executive or SunTrust
               delivers to the other person notice to the effect that there will
               be no such one year extension before the beginning of the 90 day
               period which ends on the anniversary date on which such automatic
               one year extension otherwise would have been effective.

                    (3)  (A)  If Executive's Protection Period starts before the
               Term of this Agreement (as extended, if applicable, under (S)
               2(b)(2)) expires, the then Term of this Agreement shall
               automatically be extended until the expiration of such Protection
               Period.

                         (B)  If Executive's employment terminates during
               Executive's Protection Period under the circumstances described
               in (S) 3(a) or if Executive's employment terminates under the
               circumstances described in (S) 3(f) before the Term of this
               Agreement (as extended, if applicable, under (S) 2(b)(2))
               expires, the then Term of this Agreement shall automatically be
               extended until the earlier of (1) the date Executive agrees that
               all SunTrust's obligations to Executive under this Agreement have
               been satisfied in full or (B) the date a final determination is
               made pursuant to (S) 8 that SunTrust has no further obligations
               to Executive under this Agreement.

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                                    (S) 3.

                           Compensation and Benefits
                           -------------------------

               (a)  General. If a Change in Control occurs during the Term of
                    -------
          this Agreement and

                    (1)  SunTrust or a SunTrust Affiliate terminates Executive's
               employment without Cause during Executive's Protection Period or

                    (2)  Executive resigns for Good Reason during Executive's
               Protection Period, then:

                         (A)  Cash Payment.  SunTrust shall pay Executive two
                              ------------
                    (2) times Executive's Current Compensation Package in cash
                    in a lump sum within 30 days after the date Executive's
                    employment so terminates.

                         (B)  Stock Options.  Each outstanding stock option
                              -------------
                    granted to Executive by SunTrust shall (subject to (S)
                    3(a)(2)(G)) immediately become fully vested and exercisable
                    on the date Executive's employment so terminates and
                    Executive shall be deemed to continue to be employed by
                    SunTrust for the period described in (S) 3(d) for purposes
                    of determining when Executive's right to exercise each such
                    option expires notwithstanding the terms of any plan or
                    agreement under which such option was granted.

                         (C)  Restricted Stock.  Any restrictions on any
                              ----------------
                    outstanding restricted or performance stock grants to
                    Executive by SunTrust shall (subject to (S) 3(a)(2)(G))
                    immediately expire and Executive's right to such stock shall
                    be non-forfeitable notwithstanding the terms of any plan or
                    agreement under which such grants were made.

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

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                         (E)  MIP.  SunTrust shall pay Executive within 30 days
                              ---
                    after Executive's employment terminates a portion of
                    Executive's target bonus or, if greater, Executive's
                    projected bonus under the MIP for the calendar year in which
                    Executive's employment terminates, where (1) Executive's
                    projected bonus shall be no less than the bonus which would
                    have been projected under the projection procedures in
                    effect under the MIP on the date of the Change in Control
                    and (2) such portion shall be determined by multiplying such
                    target bonus or, if greater, such projected bonus by a
                    fraction, the numerator of which shall be the number of days
                    Executive is employed in such calendar year and the
                    denominator of which shall be the number of days in such
                    calendar year.

                         (F)  PUP.  SunTrust shall pay Executive within 30 days
                              ---
                    after Executive's employment terminates a portion of
                    Executive's target bonus or, if greater, Executive's
                    projected bonus under the PUP for each performance cycle in
                    effect on the date Executive's employment terminates, where
                    (1) Executive's projected bonus shall be no less than the
                    bonus which would have been projected under the projection
                    procedures in effect under the PUP on the date of the Change
                    in Control and (2) such portion shall be determined by
                    multiplying such target bonus or, if greater, such projected
                    bonus by a fraction, the numerator of which shall be the
                    number of days Executive is employed in each such
                    performance cycle and the denominator of which shall be the
                    number of days in each such performance cycle.

                         (G)  Pooling.  The provisions of (S) 3(a)(2)(B) and (S)
                              -------
                    3(a)(2)(C) shall be effective on the earlier of (1) the date
                    that SunTrust no longer can participate in any transaction
                    which can be accounted for on the "pooling of interests"
                    method under the requirements of Accounting Principles Board
                    Opinion No. 16, Business Combinations without regard to
                    whether these provisions are effective on such date, (2) the
                    date there is a Change in Control which can not be accounted
                    for on such "pooling of interests" method without regard to
                    the date these provisions become effective or (3) the date
                    there is a Change in Control which can be accounted for on
                    such "pooling of interests" method without regard to whether
                    these provisions are effective on the date of such Change in
                    Control; provided, these provisions shall be effective at
                    the end of the two (2) year period which starts on the date
                    of this Agreement (even if neither

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                    (S) 3(a)(2)(G)(1), (S) 3(a)(2)(G)(2) nor (S) 3(a)(2)(G)(3)
                    is applicable) if SunTrust has not entered into a letter of
                    intent or other written agreement to effect a Change in
                    Control before the end of such period.

               (b)  Continuing Benefit Coverage.  If Executive's employment
                    ---------------------------
          terminates under the circumstances described in (S) 3(a) or (S) 3(f),
          SunTrust or a SunTrust Affiliate from the date of such termination of
          Executive's employment until the end of Executive's Protection Period
          shall provide to Executive medical, dental and life insurance benefits
          which are similar in all material respects as those benefits provided
          under SunTrust's employee benefit plans, policies and programs to
          senior executives of SunTrust who have not terminated their
          employment. If SunTrust cannot provide such benefits under SunTrust's
          employee benefit plans, policies and programs, SunTrust either shall
          provide such benefits to Executive outside such plans, policies and
          programs at no additional expense or tax liability to Executive or
          shall reimburse Executive for Executive's cost to purchase such
          benefits and for any tax liability for such reimbursements.

               (c)  No Interference with Vested Benefits.  If Executive's
                    ------------------------------------
          employment terminates under the circumstances described in (S) 3(a) or
          (S) 3(f), Executive shall have a right to any benefits under any
          employee benefit plan, policy or program maintained by SunTrust or any
          SunTrust Affiliate (other than the MIP, the PUP and the SunTrust
          Severance Pay Plan) which Executive had a right to receive under the
          terms of such employee benefit plan, policy or program after a
          termination of Executive's employment without regard to this
          Agreement.

               (d)  Additional Age and Service Credit.  If Executive's
                    ---------------------------------
          employment terminates under the circumstances described in (S) 3(a) or
          (S) 3(f), Executive shall be deemed to have been employed by SunTrust
          throughout Executive's Protection Period for purposes of computing
          Executive's age and service credit on the date Executive's employment
          so terminates under any deferred compensation or welfare plan, policy
          or program (except a plan described in (S) 401 of the Code) maintained
          by SunTrust or a SunTrust Affiliate in which Executive is a
          participant and under which Executive's benefit, or eligibility for a
          benefit, is based in whole or in part on Executive's age or service or
          age and service, and Executive shall receive such age and service
          credit notwithstanding the terms of any such plan, policy or program.

               (e)  No Increase in Other Benefits; No Other Severance Pay.  If
                    -----------------------------------------------------
          Executive's employment terminates under the circumstances described in
          (S) 3(a) or (S) 3(f), Executive waives Executive's right, if any, to
          have any payment made under this (S) 3 taken into account to increase
          the benefits otherwise payable to, or on behalf of, Executive under
          any employee

                                      -12-
<PAGE>

          benefit plan, policy or program, whether qualified or nonqualified,
          maintained by SunTrust or a SunTrust Affiliate and, further, waives
          Executive's right, if any, to the payment of severance pay under any
          severance pay plan, policy or program maintained by SunTrust or a
          SunTrust Affiliate subject to the condition that SunTrust not be
          relieved of any of its obligations to Executive under this (S) 3
          pursuant to (S) 3(g) or (S) 3(h).

               (f)  Termination in Anticipation of Change in Control Date.
                    -----------------------------------------------------
          Executive shall be treated under (S) 3(a) as if Executive's employment
          had been terminated without Cause or Executive had resigned for Good
          Reason during Executive's Protection Period if (1)(A) Executive's
          employment is terminated by SunTrust or a SunTrust Affiliate without
          Cause after a Change in Control but before the Change in Control Date
          which results from such Change in Control or (B) Executive resigns for
          Good Reason after a Change in Control but before the Change in Control
          Date which results from such Change in Control, (2) such Change in
          Control occurs on or after the date this Agreement becomes effective
          under (S) 2 and (3) there is a Change in Control Date which results
          from such Change in Control.

               (g)  Death or Disability.  Executive agrees that SunTrust will
                    -------------------
          have no obligations to Executive under this (S) 3 if Executive's
          employment terminates exclusively as a result of Executive's death or
          Executive has a Disability Termination.

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

                                     (S) 4

                                Noncompetition
                                --------------

               (a)  No Competitive Activity.  Absent the Compensation
                    -----------------------
          Committee's written consent, Executive shall not, during the
          Restricted Period and within the Territory, engage in any Managerial
          Responsibilities, for or on behalf of, any corporation, partnership,
          venture, or other business entity that engages directly or indirectly
          in the Financial Services Business whether as an owner, partner,
          employee, agent, consultant, advisor, contractor, salesman,
          stockholder, investor, officer or director; provided, however,
          Executive may own up to five percent (5%) of the stock of a publicly
          traded company that engages in the Financial Services Business

                                      -13-
<PAGE>

          so long as Executive is only a passive investor and is not actively
          involved in such company in any way.

               (b)  No Solicitation of Customers or Clients.  Executive shall
                    ---------------------------------------
          not during the Restricted Period solicit any customer or client of
          SunTrust or any SunTrust Affiliate with whom Executive had any
          material business contact during the two (2) year period which ends on
          the date Executive's employment by SunTrust or a SunTrust Affiliate
          terminates for the purpose of competing with SunTrust or any SunTrust
          Affiliate for any reason, either individually, or as an owner,
          partner, employee, agent, consultant, advisor, contractor, salesman,
          stockholder, investor, officer or director of, or service provider to,
          any corporation, partnership, venture or other business entity.

                                    (S) 5.

                           Antipirating of Employees
                           -------------------------

          Absent the Compensation Committee's written consent, Executive will
not during the Restricted Period solicit to employ on Executive's own behalf or
on behalf of any other person, firm or corporation, any person who was employed
by SunTrust or a SunTrust Affiliate during the term of Executive's employment by
SunTrust or a SunTrust Affiliate (whether or not such employee would commit a
breach of contract), and who has not ceased to be employed by SunTrust or a
SunTrust Affiliate for a period of at least one (1) year.

                                    (S) 6.

                  Trade Secrets and Confidential Information
                  ------------------------------------------

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

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

                                      -14-
<PAGE>

                                    (S) 7.

          Reasonable and Necessary Restrictions and Non-Disparagement
          -----------------------------------------------------------

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

                                    (S) 8.

                                  Arbitration
                                  -----------

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

                                    (S) 9.

                                Tax Protection
                                --------------

          If SunTrust or SunTrust's independent accountants determine that any
payments and benefits called for under this Agreement together with any other
payments and benefits made available to Executive by SunTrust or a SunTrust
Affiliate will result in Executive being subject to an excise tax under (S) 4999
of the Code or if such an excise tax is assessed against Executive as a result
of any such payments and other benefits, SunTrust shall make a Gross Up Payment
to or on behalf of Executive

                                      -15-
<PAGE>

as and when any such determination or assessment is made, provided Executive
takes such action (other than waiving Executive's right to any payments or
benefits) as SunTrust reasonably requests under the circumstances to mitigate or
challenge such tax. Any determination under this (S) 9 by SunTrust or SunTrust's
independent accountants shall be made in accordance with (S) 280G of the Code
and any applicable related regulations (whether proposed, temporary or final)
and any related Internal Revenue Service rulings and any related case law and,
if SunTrust reasonably requests that Executive take action to mitigate or
challenge, or to mitigate and challenge, any such tax or assessment (other than
waiving Executive's right to any payment or benefit) and Executive complies with
such request, SunTrust shall provide Executive with such information and such
expert advice and assistance from SunTrust's independent accountants, lawyers
and other advisors as Executive may reasonably request and shall pay for all
expenses incurred in effecting such compliance and any related fines, penalties,
interest and other assessments.

                                    (S) 10.

                           Miscellaneous Provisions
                           ------------------------

          10.1   Assignment.  This Agreement is for the personal services of
                 ----------
Executive, and the rights and obligations of Executive under this Agreement are
not assignable in whole or in part by Executive without the prior written
consent of SunTrust.  This Agreement is assignable in whole or in part to any
successor to SunTrust.  However, if SunTrust as part of any Change in Control
transaction fails to assign SunTrust's obligations under this Agreement to
SunTrust's successor or such successor fails to expressly agree to such
assignment on or before the Change in Control Date, SunTrust on the Change in
Control Date shall (without any further action on the part of Executive) take
the action called for in (S) 3 of this Agreement as if Executive had been
terminated without Cause without regard to whether Executive's employment
actually has terminated.

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

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

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

                                      -16-
<PAGE>

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

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

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

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

                         If to SunTrust:

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

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

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

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

                                      -17-
<PAGE>

          IN WITNESS WHEREOF, SunTrust and Executive have entered into this
Agreement this ___ day of March, 2001, and such date shall be the date of this
Agreement.

SUNTRUST BANKS, INC.                              EXECUTIVE

By: /s/ Mary T. Steele
    -----------------------------------           ------------------------------
    Mary T. Steele

Title: Senior Vice President and
       Human Resources Director

                                      -18-<PAGE>

                                                                    EXHIBIT 10.1

                            TRIGON INSURANCE COMPANY
                         EXECUTIVE CONTINUITY AGREEMENT

          This Executive Continuity Agreement (the "Agreement") is made as of
February 12, 2001, between TRIGON INSURANCE COMPANY (the "Company") and JOHN W.
COYLE ("Executive").
                                 RECITALS

          Executive is currently employed by the Company as President & Chief
Operating Officer.  The purpose of this Agreement is to encourage Executive to
continue his employment with the Company both before and after a Change of
Control and to recognize the prior service of Executive if his employment is
terminated under certain circumstances after a Change of Control.

          NOW THEREFORE, in consideration of the premises, the parties agree as
follows:

                                    ARTICLE 1
                                   DEFINITIONS

          As used herein, the following terms have the meanings indicated.

     1.1  "Affiliate" means any corporation or other legal entity that directly,
or indirectly through one or more intermediaries, controls, is controlled by, or
is under common control with, the Company.

     1.2  "Applicable Compensation" has the meaning set forth in Section 2.3.

     1.3  "Beneficial Ownership" has the meaning in Rule 13d-3 promulgated under
the Securities Exchange Act of 1934.

     1.4  "Change of Control" means any event described in subparagraphs (a)
through (e) below:
          (a)  The acquisition by any Person of Beneficial Ownership of 20% or
     more of the Stock or the Voting Power of Trigon Healthcare, but excluding
     for this purpose any acquisition by the Company (or an Affiliate) or by an
     employee benefit plan sponsored by the Company (or an Affiliate).  When two
     or more persons act in concert for the purpose of acquiring Stock or Voting
     Power of Trigon Healthcare, such Persons shall be deemed to be a single
     Person.
<PAGE>

          (b)  Individuals who are Incumbent Directors cease to constitute at
     least a majority of the Board of Directors of Trigon Healthcare.
          (c)  Approval by the shareholders of Trigon Healthcare of a
     reorganization, merger or consolidation, if after such transaction, the
     Persons who had Beneficial Ownership of the Stock and Voting Power of
     Trigon Healthcare before such transaction will not have Beneficial
     Ownership of at least 50% of the Stock and Voting Power of the corporation
     resulting from such transaction.
          (d)  A complete liquidation or dissolution of Trigon Healthcare, or
     the sale or other disposition of all or substantially all of the assets of
     Trigon Healthcare.
          (e)  The sale or other disposition by Trigon Healthcare of 50% or more
     of the Stock of the Company, or any other transaction pursuant to which
     Trigon Healthcare ceases to control the Company.

     1.5  "Code" shall mean the Internal Revenue Code of 1986.

     1.6  "Compensable Termination" means either (i) the termination of
Executive's employment by the Company within three months before or within three
years after a Change of Control for any reason other than for Good Cause, or
(ii) the termination of Executive's employment by Executive within three years
after a Change of Control for Good Reason.

     1.7  "Compensation" has the meaning set forth in Section 2.4.

     1.8  "Good Cause" means:
          (a)  fraud, embezzlement or misappropriation by Executive involving
     the business or assets of the Company,
          (b)  the persistent and willful failure by Executive substantially to
     perform his duties and responsibilities to the Company, which failure
     continues after Executive receives written notice of such failure, or
          (c)  Executive's conviction of a felony or crime involving moral
     turpitude.

     1.9  "Good Reason" means any of the following actions or events that occur
after a Change of Control and without Executive's express written consent:
          (a)  any reduction in Executive's base salary;

                                       2
<PAGE>

          (b)  any reduction in Executive's opportunity to earn incentive
     compensation, unless comparable reductions in incentive opportunities are
     shared generally by other executives of the Company;
          (c)  any material reduction in Executive's welfare benefits or
     perquisites as in effect at the time of the Change of Control;
          (d)  any material reduction in Executive's duties, responsibilities or
     authority, any adverse change in Executive's job title, or any other action
     that constitutes a demotion of Executive; or
          (e)  the Company changes the location of Executive's principal office
     to a location that is more than 50 miles distant from Executive's principal
     office at the time of the Change of Control.

      1.10  "Incumbent Director" means any person who serves on the Board of
Directors of Trigon Healthcare as of the date of this Agreement and any person
who is added to the Board thereafter with the approval of a majority of the
persons who are then Incumbent Directors.

     1.11  "Person" means a natural person and any corporation, partnership,
trust, limited liability company or other legal entity.

     1.12  "Retirement Plan" means the Company's Non-Contributory Retirement
Plan for Certain Employees of Blue Cross and Blue Shield of Virginia or any
successor plan, including any successor Cash Balance Plan.

     1.13  "Salary Continuation Benefit" has the meaning set forth in Section
2.2.

     1.14  "SERP" means the Company's Supplemental Retirement Program for
Certain Employees of Blue Cross and Blue Shield of Virginia or any successor
program.

     1.15  "Stock" means the then outstanding Class A Common Stock of Trigon
Healthcare.

     1.16  "Trigon Healthcare" means Trigon Healthcare, Inc., a Virginia
corporation that, as of the date of this Agreement, owns all of the issued and
outstanding Stock of the Company.

     1.17  "Voting Power" means the combined voting power of all outstanding
voting securities of Trigon Healthcare.

                                       3
<PAGE>

     1.18  "Welfare Plan" means any health plan, dental plan, disability plan,
survivor income plan, life insurance plan or other welfare benefit plan as
defined in (S) 3(1) of the Employee Retirement Income Security Act of 1974,
currently or hereafter made available by the Company in which the Executive is
eligible to participate.

                                   ARTICLE 2
                           SALARY CONTINUATION BENEFIT

     2.1  If a Compensable Termination occurs, then the Company shall pay the
Salary Continuation Benefit to Executive on or before the tenth business day
following the day on which Executive's employment terminates.  The Salary
Continuation Benefit shall be paid in one lump sum, net of all required federal
and state withholding taxes.

     2.2  The Salary Continuation Benefit shall be a sum equal to three times
the Applicable Compensation of Executive.

     2.3  The Applicable Compensation of Executive shall mean the greater of (i)
the highest amount of Compensation earned by Executive for any one of the three
full calendar years ended immediately before Executive's employment terminates,
or (ii) an amount equal to 155% of Executive's annual base salary for the year
in which Executive's employment terminates.

     2.4  The Compensation earned by Executive for any calendar year shall mean
(i) the amount of Executive's annual base salary for such calendar year, without
any reduction for any amounts that Executive may have deferred under the
Company's 401(k) Plan, 401(k) Restoration Plan, Deferred Benefit Plan for
Officers, or otherwise, (ii) the amount of any cash bonus or cash incentive
award (annual, long-term, or otherwise) that is earned for a period of
performance ending in such calendar year, even though such bonus or award may be
paid after such calendar year, and (iii) the fair market value (determined as of
the date of the award) of any bonus or incentive award (annual, long-term, or
otherwise) that is made in property other than cash and that is earned for a
period of performance ending in such calendar year, even though such bonus or
award may be made after such calendar year.  For purposes of clause (iii) of the
preceding sentence, (i) the granting or vesting of stock options shall not be
deemed to be a bonus or incentive award, and (ii) in the case of any bonus or
incentive award made in restricted stock of the Company, the fair market value
of such stock shall be determined without regard to the restriction.

                                       4
<PAGE>

                                   ARTICLE 3
                                WELFARE BENEFITS

     3.1  If a Compensable Termination occurs, then the Company will, subject to
the provisions of Section 3.2, continue the coverage of Executive and his
dependents under all Welfare Plans in which they participated immediately before
the termination of Executive's employment for a period of three years following
the termination of Executive's employment.

     3.2  Notwithstanding Section 3.1, (i) if the Company amends or terminates
any Welfare Plan in which Executive is participating in a manner that is
generally applicable to all executives of the Company, then such amendment or
termination shall also be applicable to Executive, (ii) Executive shall continue
to contribute to the cost of the Welfare Plans on substantially the same basis
as he did before the termination of his employment, (iii) if Executive's
continued participation in any Welfare Plan is not possible because of the terms
of the plan or any provision of law, then the Company will at its expense
provide Executive with an alternative benefit of substantially equal value and
utility through cash payments, an alternative insurance arrangement, or
otherwise, and (iv) the obligation of the Company to continue Executive's
coverage under any Welfare Plan shall cease if Executive becomes covered under a
welfare plan sponsored by a subsequent employer that provides substantially
equal or greater benefits.

     3.3  In lieu of the welfare benefits provided for in Section 3.1, Executive
may, at his option, elect to receive a lump sum amount in cash such that, after
Executive pays any taxes on such lump sum amount, Executive will retain on an
after-tax basis an amount equal to the present value of such benefits.  Any such
election must be made by Executive by written notice provided to the Company
within 60 days of the date that a Compensable Termination occurs.  Present value
shall be determined using a discount rate equal to the Federal mid-term rate
under Section 1274(d) of the Code.

      3.4  If a Compensable Termination occurs, then for the purpose of
determining Executive's eligibility for retiree benefits under any Welfare Plan,
(i)

                                       5
<PAGE>

Executive's age shall be deemed to be Executive's actual age plus three years,
and (ii) Executive's years of service with the Company shall be deemed to be the
actual number of years of service plus three years.

                                   ARTICLE 4
                        SUPPLEMENTAL RETIREMENT BENEFITS

     4.1  If a Compensable Termination occurs, then the Company will provide
Executive with the supplemental retirement benefits described in this Article 4.

     4.2  The Company will pay to Executive within ten business days after the
termination of Executive's employment in one lump sum an amount equal to the
difference between the (i) actuarial equivalent of the amount that Executive
would have received under the Retirement Plan and SERP if (a) Executive's
employment with the Company had continued for an additional five years (with
five additional years of age and service credit, if applicable) and (b)
Executive had received annual Compensation in each such year equal to
Executive's Compensation during the last calendar year before Executive's
employment terminated, and (ii) the actuarial equivalent of the amount that
Executive will actually receive under the Retirement Plan and SERP.  If a
Compensable Termination occurs in 2001, then the annual Compensation to be used
for purposes of clause (b) of the preceding sentence shall be Executive's
annualized base salary and target incentive bonuses for 2001.

     4.3  The Company will pay to Executive within ten business days after the
termination of Executive's employment in one lump sum the actuarial equivalent
of Executive's accrued benefit under the SERP.

     4.4  For purposes of Section 4.2 and 4.3, actuarial equivalents shall be
determined as follows.  If Executive's benefit under the Retirement plan is
based on a defined benefit formula, then actuarial equivalents shall be
determined in accordance with the provisions of such plan relating to lump sum
payments.  If Executive's benefit under the Retirement Plan is based on a cash
balance formula, then actuarial equivalents shall be determined by assuming that
the interest rates that would be applicable to contribution credits in future
years would be equal to the discount rates used to compute the present value of
such future contribution credits.

                                       6
<PAGE>

     4.5  Immediately upon the termination of Executive's employment, (i)
Executive shall, if not already fully vested, become fully vested in the Trigon
Blue Cross Blue Shield 401(k) Restoration Plan, (ii) if Executive is not already
fully vested in the Employees' Thrift Plan of Trigon Blue Cross Blue Shield, the
Company will make an additional contribution to the 401(k) Restoration Plan
equal to the amount that was forfeited from Executive's account in the Thrift
Plan, and (iii) the Company will make an additional contribution to the 401(k)
Restoration Plan equal to three times the contributions that the Company made to
the Thrift Plan and to the 401(k) Restoration Plan for Executive for the
calendar year immediately before the termination of Executive's employment.
Within ten business days after the termination of Executive's employment, the
Company will pay to Executive in one lump sum his account balance in the 401(k)
Restoration Plan (including the additional contributions described in the
preceding sentence).

                                    ARTICLE 5
                             INCENTIVE COMPENSATION

     5.1  If a Change of Control occurs, then for the calendar year in which the
Change of Control occurs, the Company will pay Executive an award under each of
the Company's Annual Incentive Plan and Long-Term Performance Plan equal to the
greater of (i) the award computed in accordance with the terms of such plan or
(ii) the award computed as if the Company and the Executive had achieved the
target level of performance with respect to each performance criterion under
such plan.

     5.2  If Executive is not employed by the Company at the end of the calendar
year in which a Change of Control occurs, then, notwithstanding any provision to
the contrary in the Annual Incentive Plan or the Long-Term Performance Plan, the
Company will pay to Executive the pro rata portions of the awards computed in
accordance with Section 5.1 that correspond to the portion of the calendar year
that Executive was employed by the Company.

                                       7
<PAGE>

     5.3  If a Change of Control occurs, Executive shall immediately become
fully vested in any outstanding stock options, restricted stock, stock rights or
other stock-based compensation programs.

                                   ARTICLE 6
                              OUTPLACEMENT SERVICES

     6.1  If a Compensable Termination occurs, then the Company will provide
Executive with complete outplacement services, including job search and
interview skill services.  Such services shall be provided by a nationally
recognized outplacement organization selected by Executive and shall continue
until the earlier of (i) the date on which Executive finds other suitable
employment or (ii) two years after the termination of Executive's employment.

                                   ARTICLE 7
                       ADDITIONAL PAYMENT FOR EXCISE TAXES

     7.1  If Executive receives any amount from the Company, pursuant to
this Agreement or otherwise, that is determined to be an "excess parachute
payment" subject to the excise tax imposed by (S) 4999 of the Code, then the
Company will pay to Executive an additional amount (herein referred to as a
"Gross-Up Payment") such that, after Executive has paid all federal and state
income and excise taxes imposed on such excess parachute payment and on such
Gross-Up Payment, Executive will retain an after-tax amount equal to the amount
that Executive would have retained if such excise tax had not been imposed.

     7.2  When Executive's employment with the Company terminates, the
amount of any Gross-Up Payment that the Company is required to pay under Section
7.1 shall be determined by the independent certified public accounting firm then
regularly employed by the Company.  Within 15 business days following the
termination of Executive's employment, or earlier if requested by the Company,
the accounting firm shall deliver to the Company and Executive a report
calculating in reasonable detail the amount of any Gross-Up Payment required by
Section 7.1.  The amount of the required Gross-Up payment as so determined by
the accounting firm shall be binding on the Company and Executive, and within 10
business days following receipt of the report from the accounting firm, the

                                       8
<PAGE>

Company will pay the required Gross-Up Payment to Executive.  If the accounting
firm determines that no Gross-Up Payment is required because no excise tax is
payable by Executive, it shall furnish Executive a written opinion to that
effect.  All fees and expenses of the accounting firm shall be paid by the
Company.

     7.3  Because of uncertainties in the application of (S) 4999 of the
Code, it is possible that the amount of the Gross-Up Payment as initially
determined by the accounting firm pursuant to Section 7.2 may be inadequate to
comply with the requirements of Section 7.1.  If at any time Executive is
required to pay any additional excise tax not covered by the initial Gross-Up
Payment, then the Company will immediately pay to Executive an additional Gross-
Up Payment so that the requirements of Section 7.1 are complied with.

                                   ARTICLE 8
                                  MISCELLANEOUS

     8.1 Coordination with Prior Employment Agreement.  Executive and the
Company are parties to a letter  agreement dated December 19, 2000 (the "Prior
Agreement"). If  a  Compensable  Termination  occurs,  then  the Prior Agreement
shall  be terminated and canceled effective as of the date on which Executive's
employment terminates,  and neither party to the Prior  Agreement shall have any
obligation thereunder  to  the  other.   If   Executive's  employment terminates
under circumstances that do not constitute a Compensable  Termination,  then the
Prior Agreement shall remain in full force and effect.

     8.2  No Setoff.  Executive is entitled to all of the benefits of this
Agreement whether or not Executive obtains subsequent employment and
irrespective of any compensation that Executive may receive from such subsequent
employment.  The Company shall have no right to set off against any sum owed to
Executive hereunder any amount that Executive may owe the Company.  If the
Company effects any setoff in violation of the preceding sentence, then the
Company and Executive agree that as reasonable liquidated damages therefor, the
Executive will be entitled to recover from the Company an amount equal to twice
the amount of such setoff.

                                       9
<PAGE>

     8.3  Legal Fees.  If any dispute arises in connection with this Agreement
or the enforcement or interpretation of Executive's rights under this Agreement,
the Company shall pay all reasonable legal fees and expenses incurred by
Executive in connection with such dispute, irrespective of the outcome of such
dispute.

     8.4  Rights Not Exclusive.  Executive's rights under this Agreement are not
exclusive, and, except as provided in Sections 8.1, nothing in this Agreement
shall limit any rights that Executive may have under any other plan, contract,
arrangement, custom, policy, practice or program of the Company.

     8.5  Notices.  Any notice required or permitted hereunder shall be in
writing and shall be deemed given if delivered personally or mailed, registered
or certified mail, as follows:

               (a)  If to the Company, to:

                    Chairman of the Executive Committee
                    Blue Cross and Blue Shield of Virginia
                    2015 Staples Mill Road
                    Post Office Box 27401
                    Richmond, Virginia  23279

               (b)  If to Executive, to his last address shown on the records of
                    the Company.

     8.6  Successors.  This Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective heirs, representatives, and
successors, including, without limitation, any person acquiring directly or
indirectly all or substantially all of the assets of the Company, whether by
merger, consolidation, sale, or otherwise, but neither this Agreement nor any
right hereunder may be otherwise assigned or transferred by either party hereto.

     8.7  Severability.  If any provision of this Agreement is held to be
invalid or unenforceable, the remaining provisions shall not be affected
thereby.

     8.8  Applicable Law.  This Agreement shall be governed by and construed and
enforced in accordance with the laws of Virginia.

                                       10
<PAGE>

          IN WITNESS WHEREOF, the parties have duly executed this Agreement as
of the day and year first above written.

                                    TRIGON INSURANCE COMPANY

                              By:  __________________________________________

                                   __________________________________________
                                                 Executive

                                       11

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