Document:

exhibit1015thamendment.htm

EXHIBIT 10.1

 

 

 

FIFTH AMENDMENT TO OPERATING AGREEMENT

 

THIS FIFTH AMENDMENT TO OPERATING AGREEMENT (the “Amendment”) is entered into effective as of the 31st day of December, 2010 by and between TUSCARORA GAS TRANSMISSION COMPANY, a Nevada general partnership, (the "Partnership") and TRANSCANADA NORTHERN BORDER INC. (formerly TRANSCAN NORTHWEST BORDER LTD.), a Delaware corporation (the "Operator").

 

Capitalized terms used herein but not otherwise defined herein shall have the meaning given such terms in the Agreement (as defined below).

 

RECITALS:

 

WHEREAS, Partnership and Operator entered into that certain Operating Agreement dated as of December 19, 2006, as amended by the First Amendment to Operating Agreement dated as of June 21, 2007, the Second Amendment to Operating Agreement dated as of December 31, 2007, the Third Amendment to Operating Agreement dated as of December 31, 2008, and the Fourth Amendment to Operating Agreement dated as of December 31, 2009 (collectively, the “Agreement”), pursuant to which Operator agreed to operate the Tuscarora Pipeline on the terms and conditions set forth therein; and

 

WHEREAS, Partnership and Operator now desire to amend the Agreement to further extend the term of the Agreement effective as of December 31, 2010;

 

NOW, THEREFORE, for and in consideration of the following and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, hereby agree as follows:

 

      1.           Section 9.01 of the Agreement is hereby amended by deleting the date “December 31, 2010” that appears in such section (as amended) and substituting in place thereof the date “April 1, 2012”

 

2.           Except as and to the extent expressly modified by this Amendment, the Agreement shall remain in full force and effect in accordance with the terms and provisions thereof, and the execution, delivery and effectiveness of this Amendment shall not operate as a release or waiver of any other right, power or remedy of the Parties to the Agreement, nor constitute a release or waiver of any other provision of the Agreement.

 

3.           This Amendment may be executed in two or more counterparts, each of which shall be deemed to be an original copy of this Amendment, and all of which, when taken together, shall be deemed to constitute one and the same agreement.  The Parties may sign and deliver this Amendment by facsimile transmission.  Each Party agrees that the delivery of this Amendment by facsimile shall have the same force and effect as delivery of original signatures, and that each Party may use such facsimile as evidence of the execution and delivery of this Amendment by all Parties to the same extent that an original signature could be used.

 

 

  

  

  

 

 

 

4.           This Amendment shall be governed by and construed and enforced in accordance with the laws of the State of Nevada, without regard to its conflict of laws rules or principles.

 

IN WITNESS WHEREOF, the Parties hereto have executed this Amendment on the date indicated.

 

 

TUSCARORA GAS TRANSMISSION COMPANY, by its Partners

 

TC Pipelines Tuscarora LLC

 

By: /s/ Steven D. Becker

Name: Steven D. Becker

Title: President                                                                

 

 

By: /s/ Donald J. DeGrandis

Name: Donald J. DeGrandis 

Title: Vice-President and Assistant Secretary 

 

 

TC Tuscarora Intermediate Limited Partnership, by its general partner, TC PipeLines GP, Inc.

 

By: /s/ Terry C. Ofremchuk

Name: Terry C. Ofremchuk

Title: Vice President, Taxation                                                                

 

 

By: /s/ Annie C. Belecki

Name: Annie C. Belecki

Title: Assistant Secretary                                                                

 

 

TRANSCANADA NORTHERN BORDER INC.

 

By: /s/ Dean K. Ferguson                                                                

Name: Dean K. Ferguson                                                      

Title: President                                                                

 

 

By: /s/ Lee G. Hobbs 

Name: Lee G. Hobbs 

Title: Vice PresidentEX-10.1

SunTrust Banks, Inc.

2009 Stock Plan

TSR Performance-vested

Restricted Stock Unit Agreement

SunTrust Banks, Inc. (“SunTrust”), a Georgia corporation, pursuant to action of the
Compensation Committee (“Committee”) of its Board of Directors and in accordance with the SunTrust
Banks, Inc. 2009 Stock Plan (“Plan”), has granted restricted stock units (the “Restricted Stock
Units”) as an incentive for the Grantee to promote the interests of SunTrust and its Subsidiaries.
Each Restricted Stock Unit represents the right to receive a share of SunTrust Common Stock, $1.00
par value, at a future date and time, subject to the terms of this Restricted Stock Unit Agreement.

 

	 	 	 	 	 
	Name of Grantee

	 	 
	 	      [Name]     
	 	 	 
	Number of Restricted

Stock Units

	 	

 
	 	

      [# of Shares]     
	
 
	 	 	 	 
	 	 	 
	Grant Date

	 	 
	 	      [Grant Date]     

This Restricted Stock Unit Agreement (the “Unit Agreement”) evidences this grant, which has been
made subject to all the terms and conditions set forth on the attached Terms and Conditions and in
the Plan.

 

	 
	SUNTRUST BANKS, INC.

	Authorized Officer

§ 1. EFFECTIVE DATE. This grant of Restricted Stock Units to the Grantee is effective as of
[Grant Date] (the “Grant Date”).

§ 2. DEFINITIONS. Whenever the following terms are used in this Unit Agreement, they shall have the
meanings set forth below. Capitalized terms not otherwise defined in this Unit Agreement shall have
the same meanings as in the Plan.

(a) 409A Change in Control – means an event described in IRS regulations or other guidance
under Code section 409A(a)(2)(A)(v).

(b) Change in Control – means a “Change in Control” as defined in Section 2.2 of the
SunTrust Banks, Inc. 2009 Stock Plan.

(c) Change in Control Agreement – means a change in control agreement by and between
SunTrust and the Grantee.

(d) Code – means the Internal Revenue Code of 1986, as amended.

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

(f) Dividend Equivalent Right – means a right that entitles the Grantee to receive an
amount equal to any dividends paid on a share of Stock, which dividends have a record date between
the Grant Date and the date the Vested Units are paid; provided, however, the amount of any
Dividend Equivalent Rights on unvested Restricted Stock Units shall be treated as reinvested in
additional shares of Stock on the date such dividends are paid.

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

(h) Performance Level – means, for purposes of this Unit Agreement, the level of
performance achieved by SunTrust during a measurement period (generally, the Performance Period)
based on the TSR Percentile for such period.

(i) Performance Period – means the period commencing April 1, 2011 and ending March 31,
2014.

(j) Retirement – means the voluntary termination of employment by the Grantee from SunTrust
or its Subsidiaries on or after attaining age 55 and completing five (5) or more years of service
as determined in accordance with the terms of the SunTrust Banks, Inc. Retirement Plan, as amended
from time to time (the “Retirement Plan”). For purposes of this Unit Agreement, a Grantee who is
vested in the Retirement Plan benefit but terminates employment before attaining age 55 or
completing at least five (5) years of service is not eligible for Retirement.

(k) Separation from Service – means a “separation from service” within the meaning of Code
section 409A.

(l) Termination for Cause or Terminated for Cause – means a termination of
employment which is made primarily because of (i) the Grantee’s willful and continued failure to
perform his job duties in a satisfactory manner after written notice from SunTrust to Grantee and a
thirty (30) day period in which to cure such failure, (ii) the Grantee’s conviction of a felony or
engagement in a dishonest act, misappropriation of funds, embezzlement, criminal conduct or common
law fraud, (iii) the Grantee’s material violation of the Code of Business Conduct and Ethics of
SunTrust or the Code of Conduct of a Subsidiary, (iv) the Grantee’s engagement in an act that
materially damages or materially prejudices SunTrust or any Subsidiary or the Grantee’s engagement
in activities materially damaging to the property, business or reputation of SunTrust or any
Subsidiary; or (v) the Grantee’s failure and refusal to comply in any material respect with the
current and any future amended policies, standards and regulations of SunTrust, any Subsidiary and
their regulatory agencies, if such failure continues after written notice from SunTrust to the
Grantee and a thirty (30) day period in which to cure such failure, or the determination by any
such governing agency that the Grantee may no longer serve as an officer of SunTrust or a
Subsidiary.

Notwithstanding anything herein to the contrary, if the Grantee is subject to the terms of a Change
in Control Agreement at the time of his termination of employment with SunTrust or a Subsidiary,
solely for purposes this Unit Agreement, “Cause” shall have the meaning provided in the Change in
Control Agreement.

(m) Termination for Good Reason – means a termination of employment made primarily because
of (i) a failure to elect or reelect or to appoint or to reappoint Grantee to, or the removal of
Grantee from, the position which he or she held with SunTrust prior to the Change in Control, (ii)
a substantial change by the Board or supervising management in Grantee’s functions, duties or
responsibilities, which change would cause Grantee’s position with SunTrust to become of less
dignity, responsibility, importance or scope than the position held by Grantee prior to the Change
in Control or (iii) a substantial reduction of Grantee’s annual compensation from the lesser of:
(A) the level in effect prior to the Change in Control or (B) any level established thereafter with
the consent of the Grantee.

Notwithstanding anything herein to the contrary, if the Grantee is subject to the terms of a Change
in Control Agreement at the time of his termination of employment with SunTrust or a Subsidiary,
solely for purposes of this Unit Agreement, “Good Reason” shall have the meaning provided in the
Change in Control Agreement.

(n) Total Shareholder Return or TSR – means a company’s total shareholder return,
calculated based on the stock price appreciation during the Performance Period plus the value of
dividends paid on such stock during the Performance Period (which shall be deemed to have been
reinvested in the underlying company’s stock).

(o) TSR Percentile – means the percentile rank of the TSR for SunTrust during the
Performance Period relative to the TSR for the companies listed on Appendix A (the “Peer
Group”) during the Performance Period. The Committee shall make the following adjustments to the
calculation of the TSR Percentile or the composition of the Peer Group during the Performance
Period as follows: (1) if a member of the Peer Group is acquired by another company, or during the
Performance Period announces that it will be acquired by another company, then the acquired Peer
Group company will be removed from the Peer Group for the entire Performance Period; (2) if a
member of the Peer Group sells, spins-off, or disposes of a portion of its business, then such Peer
Group company will remain in the Peer Group for the Performance Period unless such disposition(s)
results in the disposition of more than 50% of such company’s total assets during the Performance
Period, in which case it will be removed from the Peer Group for the entire Performance Period; (3)
if a member of the Peer Group acquires another company, the acquiring Peer Group company will
remain in the Peer Group for the Performance Period; (4) if a member of the Peer Group is delisted
on all major stock exchanges, such delisted company will be removed from the Peer Group for the
entire Performance Period; (5) to the extent that SunTrust and/or any member of the Peer Group
split its stock or declare a distribution of shares, such company’s TSR performance will be
appropriately adjusted for the stock split or share distribution so as not to give an advantage or
disadvantage to such company by comparison to the other companies; (6) members of the Peer Group
that file for bankruptcy, liquidation or reorganization during the Performance Period will remain
in the Peer Group positioned below the lowest performing non-bankrupt member of the Peer Group in
reverse chronological order by bankruptcy date; and (7) the Committee shall have the authority to
make other appropriate adjustments in response to a change in circumstances that results in a
member of the Peer Group no longer satisfying the criteria for which such member was originally
selected. The Committee shall calculate the beginning and ending TSR Percentile values based on the
average of the closing prices of the applicable company’s stock for the 20 trading days prior to
and including the beginning or ending date, as applicable, of the Performance Period.

§ 3. PERFORMANCE BASED VESTING. The Grantee shall vest in a percentage of Restricted Stock Units
(between 0% and 200%) corresponding to SunTrust’s attainment of the Performance Level, as set forth
in the table below, on March 31, 2014 (the “Vesting Date”); provided, that the Grantee has remained
in continuous employment with SunTrust or a Subsidiary from the Grant Date through the Vesting
Date, except as provided in § 5(d) hereof (pertaining to vesting after Retirement). In addition,
the Restricted Stock Units may vest prior to the Vesting Date in accordance with any other
provisions of § 4 or § 5.

	 	 	 	 	 	 	 
	Performance Level
	 	SunTrust’s TSR Percentile on the

Vesting Date

	 	Percentage of

Restricted Stock

Units That Vest

	 
	 	 

	 	 	 	 
	Maximum
	 	90th TSR Percentile

	 	 	200	%
	 
	 	 

	 	 	 	 
	75th TSR Percentile
	 	75th TSR Percentile

	 	 	150	%
	 
	 	 

	 	 	 	 
	Target
	 	50th TSR Percentile

	 	 	100	%
	 
	 	 

	 	 	 	 
	Minimum
	 	25th TSR Percentile

	 	 	50	%
	 
	 	 

	 	 	 	 
	Below Minimum
	 	Below 25th TSR Percentile

	 	 	0	%
	 
	 	 

	 	 	 	 

The percentage of Restricted Stock Units that vest if SunTrust’s TSR Percentile on the Vesting Date
is between the “Minimum” and “Target” or between the “Target” and “Maximum” Performance Levels
shall be determined by linear interpolation. The Committee shall determine the number of Restricted
Stock Units (and related Dividend Equivalent Rights) that shall vest by multiplying the “Percentage
of Restricted Stock Units That Vest,” set forth above, by the number of Restricted Stock Units
granted under this Unit Agreement.

§ 4. ACCELERATED VESTING: SUNTRUST CHANGE IN CONTROL. In the event that a Change in Control (as
defined in the SunTrust Banks, Inc. 2009 Stock Plan) occurs prior to the Vesting Date and on or
prior to any vesting date set forth in § 5, upon the earlier of: (a) the Vesting Date, provided
that the Grantee has remained in continuous employment with SunTrust or a Subsidiary from the Grant
Date through the Vesting Date; or (b) the date of the Grantee’s termination of employment with
SunTrust and its Subsidiaries as a result of: (i) an involuntary termination by SunTrust that does
not result from the Grantee’s death or Disability and does not constitute a Termination for Cause;
(ii) the Grantee’s death or Disability; or (iii) a voluntary termination by the Grantee as a result
of Retirement or a Termination for Good Reason, the following number of Restricted Stock Units (and
related Dividend Equivalent Rights) shall vest: (A) the number of Restricted Stock Units that would
have vested (if any) if the Performance Period ended on the date of the Change in Control (based on
the actual Performance Level achieved through the date of the Change in Control) multiplied by a
fraction, the numerator of which shall be the number of days from the first day of the Performance
Period through the date of such Change in Control, and the denominator of which shall be the total
number of days in the original Performance Period; plus (B) the number of Restricted Stock Units
that would have vested assuming SunTrust’s achievement of the Target Performance Level multiplied
by a fraction, the numerator of which shall be the number of days from the date of such Change in
Control through the last day of the original Performance Period, and the denominator of which shall
be the total number of days in the original Performance Period. In the event of such Change in
Control, any Restricted Stock Units (and related Dividend Equivalent Rights) subject to this Unit
Agreement that do not vest pursuant to this § 4 shall terminate and be completely forfeited on the
date of such termination of the Grantee’s employment or, if earlier, the Vesting Date.
Notwithstanding anything herein to the contrary, if the Grantee is subject to the terms of a Change
in Control Agreement on the date of a Change in Control that provides for more generous vesting of
the Restricted Stock Units, such vesting provisions of the Change in Control Agreement shall
govern.

§ 5. TERMINATION OF EMPLOYMENT.

(a) If prior to the Vesting Date and the date of a Change in Control, the Grantee’s employment with
SunTrust and its Subsidiaries terminates for any reason other than those described in § 5(b), §
5(c) or § 5(d), then the Restricted Stock Units (and related Dividend Equivalent Rights) subject to
this Unit Agreement shall terminate and be completely forfeited on the date of such termination of
the Grantee’s employment. Notwithstanding anything in this § 5 to the contrary, if the Grantee is
Terminated for Cause from SunTrust and its Subsidiaries prior to payment pursuant to § 6, all of
the Restricted Stock Units (and related Dividend Equivalent Rights) will immediately and
automatically without any action on the part of the Grantee or SunTrust, be forfeited by the
Grantee.

(b) If the Grantee’s employment with SunTrust and its Subsidiaries terminates prior to the Vesting
Date and the date of a Change in Control, as a result of the Grantee’s (i) death, or
(ii) Disability, then Restricted Stock Units (and related Dividend Equivalent Rights) may vest
immediately on the date of such termination. The number of Restricted Stock Units, if any, that
vest will be based on the number of Restricted Stock Units (and related Dividend Equivalent Rights)
that would have vested (if any) if the Performance Period ended on such date (based on the actual
Performance Level achieved (or the Target Performance Level, if such termination occurs less than
one (1) year after the first day of the Performance Period)). In the event of such termination,
any Restricted Stock Units (and related Dividend Equivalent Rights) subject to this Unit Agreement
that do not vest pursuant to this § 5(b) shall terminate and be completely forfeited on such date.

(c) If the Grantee’s employment with SunTrust and its Subsidiaries is involuntarily terminated
prior to the Vesting Date and the date of a Change in Control, by reason of a reduction in force
which results in the Grantee’s eligibility for payment of a severance benefit pursuant to the terms
of the SunTrust Banks, Inc. Severance Pay Plan or any successor to such plan, then a pro-rata
number of Restricted Stock Units (and related Dividend Equivalent Rights) shall vest on the last
day of the Performance Period, if any, based on the Grantee’s service completed from the first day
of the Performance Period through the date of such termination of the Grantee’s employment. The
pro-rata number of Restricted Stock Units (and related Dividend Equivalent Rights) vesting shall
equal the product of: (i) the number of Restricted Stock Units that would have vested based on the
actual Performance Level achieved as of the Vesting Date; multiplied by (ii) a fraction, the
numerator of which is equal to the number of days from the first day of the Performance Period
through the date of such termination of employment, and the denominator of which is equal to the
number of days in the Performance Period. In the event of such pro-rata vesting described above,
any Restricted Stock Units (and related Dividend Equivalent Rights) subject to this Unit Agreement
that do not vest pursuant to this § 5(c) shall terminate and be completely forfeited on such date.

(d) If the Grantee’s employment with SunTrust and its Subsidiaries terminates prior to the Vesting
Date and the date of a Change in Control, as a result of the Grantee’s Retirement, then the number
of Restricted Stock Units (and related Dividend Equivalent Rights) that would have vested based on
the actual Performance Level achieved as of the Vesting Date in accordance with § 3 shall, subject
to § 7(d) below, be fully vested on the last day of the Performance Period.

§ 6. PAYMENT OF AWARD.

(a) The number of vested Restricted Stock Units (and related Dividend Equivalent Rights) payable
pursuant to this § 6 (the “Vested Units”) shall be determined in accordance with § 3, § 4 and § 5
above and shall be paid in a lump sum upon the earliest to occur of the following: (i) the date of
the Grantee’s death, (ii) the date of the Grantee’s Disability, (iii) the date of the Grantee’s
Separation from Service within two (2) years following a 409A Change in Control, or (iv) April
2014. In the event payment is made pursuant to sub-paragraph (i), (ii) or (iii) above, such
payment shall be made on the last day of the sixty (60) day period which commences immediately
following the date of the applicable event. Except as set forth below, the Vested Units shall be
paid out in an equivalent number of shares of Stock; provided, however, the Grantee’s right to any
fractional share of Stock shall be paid in cash. In the event the Restricted Stock Units (and
related Dividend Equivalent Rights) vest following a Change in Control pursuant to § 4, the Vested
Units shall be paid in cash, and the amount of the payment for each Vested Unit to be paid in cash
will equal the Fair Market Value of a share of Stock on the date of the Change in Control.

Notwithstanding anything herein to the contrary, distributions may not be made to a Key Employee
upon a Separation from Service before the date which is six (6) months after the date of the Key
Employee’s Separation from Service (or, if earlier, the date of death of the Key Employee). Any
payments that would otherwise be made during this period of delay shall be accumulated and paid in
the seventh month following the Grantee’s Separation from Service.

(b) The Grantee shall be entitled to a Dividend Equivalent Right for each Vested Unit. At the same
time that the Vested Units are paid, SunTrust shall pay each Dividend Equivalent Right in shares of
Stock to the Grantee, or, in the event the Restricted Stock Units vest pursuant to § 4, in cash;
provided, however, the Grantee’s right to any fractional share of Stock shall be paid in cash.

(c) The Grantee will not have any shareholder rights with respect to the Restricted Stock Units,
including the right to vote or receive dividends, unless and until shares of Stock are issued to
the Grantee as payment of the vested Restricted Stock Units.

§ 7. COVENANTS, RESTRICTIONS AND LIMITATIONS.

(a) By accepting the Restricted Stock Units, the Grantee agrees not to sell Stock at a time when
applicable laws or SunTrust’s rules prohibit a sale. This restriction will apply as long as the
Grantee is an employee, consultant or director of SunTrust or a Subsidiary of SunTrust. Upon
receipt of nonforfeitable shares of Stock pursuant to this Unit Agreement, the Grantee agrees, if
so requested by SunTrust, to hold such shares for investment and not with a view of resale or
distribution to the public, and if requested by SunTrust, the Grantee must deliver to SunTrust a
written statement satisfactory to SunTrust to that effect. The Committee may refuse to issue any
shares of Stock to the Grantee for which the Grantee refuses to provide an appropriate statement.

(b) To the extent that the Grantee does not vest in any Restricted Stock Units, all interest in
such units, the related shares of Stock, and any Dividend Equivalent Rights shall be forfeited. The
Grantee shall have no right or interest in any Restricted Stock Unit or related share of Stock that
is forfeited.

(c) Upon each issuance or transfer of shares of Stock in accordance with this Unit Agreement, a
number of Restricted Stock Units equal to the number of shares of Stock issued or transferred to
the Grantee shall be extinguished and such number of Restricted Stock Units will not be considered
to be held by the Grantee for any purpose.

(d) In the event of a Grantee’s Retirement, such Grantee must fully perform the following covenants
from the date of such termination through March 31, 2014:

	 	(i)	 	No Competitive Activity. Absent the Committee’s written consent, Grantee 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, that Grantee may own up to
five percent (5%) of the stock of a publicly traded company that engages in the Financial
Services Business so long as Grantee is only a passive investor and is not actively
involved in such company in any way.

	 	(ii)	 	No Solicitation of Customers or Clients. Grantee shall not during the Restricted Period
solicit any customer or client of SunTrust or any SunTrust Affiliate with whom Grantee had
any material business contact during the two (2) year period which ends on the date
Grantee’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.

	 	(iii)	 	Anti-pirating of Employees. Absent the Compensation Committee’s written consent,
Grantee will not during the Restricted Period solicit to employ on Grantee’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 Grantee’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.

	 	(iv)	 	Protection of Trade Secrets and Confidential Information. Grantee hereby agrees that
Grantee 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
Grantee may have acquired during the term of Grantee’s employment by SunTrust or a SunTrust
Affiliate for so long as such information remains a Trade Secret. In addition Grantee
agrees that during the Restricted Period Grantee 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 Grantee may have acquired
(whether or not developed or compiled by Grantee and whether or not Grantee was authorized
to have access to such information) during the term of, in the course of, or as a result of
Grantee’s employment by SunTrust or a SunTrust Affiliate.

	 	(v)	 	Non-Disparagement. Grantee agrees not to knowingly make false or materially misleading
statements or disparaging comments about SunTrust or any SunTrust Affiliate during the
Restricted Period.

	 	(vi)	 	Reasonable and Necessary Restrictions. Grantee 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. Grantee covenants that
Grantee will not challenge the enforceability of this Agreement nor will Grantee raise any
equitable defense to its enforcement.

	 	(vii)	 	Additional Definitions. (A) 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 (other than a Trade Secret) 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. (B) 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, asset
management, and brokerage and investment banking services. (C) The term “Managerial
Responsibilities” for purposes of this Agreement shall mean managerial and supervisory
responsibilities and duties that are substantially the same as those Grantee is performing
for SunTrust or a SunTrust Affiliate on the date of this Agreement. (D) The term
“Restricted Period” for purposes of this Agreement shall mean the period which starts on
the date Grantee’s retirement from employment by SunTrust or a SunTrust Affiliate and which
ends on the third anniversary of this Agreement. (E) The term “SunTrust Affiliate” for
purposes of this Agreement shall mean any corporation which is a subsidiary corporation
(within the meaning of Section 424(f) of the Code) of SunTrust except a corporation which
has subsidiary corporation status under Section 424(f) of the Code exclusively as a result
of SunTrust or a SunTrust Affiliate holding stock in such corporation as a fiduciary with
respect to any trust, estate, conservatorship, guardianship or agency. (F) The term
“Territory” for purposes of this Agreement shall mean the states of Alabama, Florida,
Georgia, Maryland, North Carolina, South Carolina, Tennessee, Virginia, and the District of
Columbia, which are the states and Territories in which SunTrust has significant operations
on the date of this Agreement. (G) “Trade Secret” for purposes of 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: (i) 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 it is disclosure or use, and (ii) is the subject of
reasonable efforts by SunTrust or a SunTrust Affiliate to maintain its secrecy.

Failure of a Grantee subject to this § 7(d) to fully perform the covenants set forth above will
result in a forfeiture of all unpaid Restricted Stock Units (and related Dividend Equivalent
Rights) under this Unit Agreement as of the date of such failure. Such forfeiture will be in
compliance with Treas. Reg. § 1.409A-3(f).

§ 8. WITHHOLDING.

(a) Upon the payment of any Restricted Stock Units, SunTrust’s obligation to deliver shares of
Stock or cash to settle the Vested Units and Dividend Equivalent Rights shall be subject to the
satisfaction of applicable tax withholding requirements, including federal, state, and local
requirements. The Grantee must pay to SunTrust any applicable federal, state or local withholding
tax due as a result of such payment.

(b) The Committee shall have the right to reduce the number of shares of Stock issued to the
Grantee to satisfy the minimum applicable tax withholding requirements.

§ 9. NO EMPLOYMENT RIGHTS. Nothing in the Plan or this Unit Agreement or any related material shall
give the Grantee the right to continue in the employment of SunTrust or any Subsidiary or adversely
affect the right of SunTrust or any Subsidiary to terminate the Grantee’s employment with or
without cause at any time.

§ 10. OTHER LAWS. Notwithstanding anything herein to the contrary, SunTrust shall have the right to
refuse to pay any cash award or to issue or transfer any shares under this Unit Agreement if
SunTrust acting in its absolute discretion determines that such payment or issuance or transfer of
such Stock might violate any applicable law or regulation.

§ 11. MISCELLANEOUS.

(a) This Unit Agreement shall be subject to all of the provisions, definitions, terms and
conditions set forth in the Plan and any interpretations, rules and regulations promulgated by the
Committee from time to time, all of which are incorporated by reference in this Unit Agreement.

(b) The Plan and this Unit Agreement shall be governed by the laws of the State of Georgia (without
regard to its choice-of-law provisions).

(c) No rights granted under the Plan or this Unit Agreement and no Restricted Stock Units shall be
deemed transferable by the Grantee other than by will or by the laws of descent and distribution
prior to the time the Grantee’s interest in such units has become fully vested.

(d) Any written notices provided for in this Unit Agreement that are sent by mail shall be deemed
received three (3) business days after mailing, but not later than the date of actual receipt.
Notices shall be directed, if to the Grantee, at the Grantee’s address indicated by SunTrust’s
records and, if to SunTrust, at SunTrust’s principal executive office.

(e) If one or more of the provisions of this Unit Agreement shall be held invalid, illegal or
unenforceable in any respect, the validity, legality and enforceability of the remaining provisions
shall not in any way be affected or impaired thereby and the invalid, illegal or unenforceable
provisions shall be deemed null and void; however, to the extent permissible by law, any provisions
which could be deemed null and void shall first be construed, interpreted or revised retroactively
to permit this Unit Agreement to be construed so as to foster the intent of this Unit Agreement and
the Plan.

(f) This Unit Agreement (which incorporates the terms and conditions of the Plan) constitutes the
entire agreement of the parties with respect to the subject matter hereof. This Unit Agreement
supersedes all prior discussions, negotiations, understandings, commitments and agreements with
respect to such matters.

(g) The Restricted Stock Units are intended to comply with Code Section 409A and official guidance
issued thereunder. Notwithstanding anything herein to the contrary, this Unit Agreement shall be
interpreted, operated and administered in a manner consistent with this intention.

1

APPENDIX A

	 	 	 	 	 
	Peer Group - 23 Companies
	 
	 	 	 	 	Company Name

	 	1	 	 	Bank of America Corporation

	 	2	 	 	Bank of New York Mellon Corporation

	 	3	 	 	BB&T Corporation

	 	4	 	 	Capital One Financial Corporation

	 	5	 	 	Citigroup Inc.

	 	6	 	 	Comerica Incorporated

	 	7	 	 	Commerce Bancshares Inc.

	 	8	 	 	Cullen/Frost Bankers Inc.

	 	9	 	 	Fifth Third Bancorp

	 	10	 	 	First Niagara Financial Corp.

	 	11	 	 	Huntington Bancshares Incorporated

	 	12	 	 	JPMorgan Chase & Co.

	 	13	 	 	KeyCorp

	 	14	 	 	M&T Bank Corporation

	 	15	 	 	New York Community Bank

	 	16	 	 	Northern Trust Corporation

	 	17	 	 	Peoples United Financial Inc.

	 	18	 	 	PNC Financial Services Group, Inc.

	 	19	 	 	Regions Financial Corporation

	 	20	 	 	State Street Corporation

	 	21	 	 	U.S. Bancorp

	 	22	 	 	Wells Fargo & Company

	 	23	 	 	Zions Bancorporation

2

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