Document:

EX-10.2 AMENDED AND RESTATED SYNOVUS FINANCIAL DIR

Exhibit 10.2

AMENDED AND RESTATED SYNOVUS FINANCIAL CORP.

DIRECTORS’ DEFERRED COMPENSATION PLAN

     Effective
as of the 1st day of January, 2009, Synovus Financial Corp. (the
“Company”) hereby approves and adopts the Amended and
Restated Synovus Financial Corp. Directors’ Deferred Compensation
Plan (the “Plan”).

BACKGROUND AND PURPOSE

     A. Goal. The Company desires to provide members of its Board of Directors with an
opportunity (i) to defer the receipt and income taxation of a portion of such directors’ retainers,
fees, and other compensation as described in the Plan; and (ii) to receive an investment return on
those deferred amounts.

     B. Purpose. The purpose of the Plan is to set forth the terms and conditions pursuant
to which these deferrals may be made and deemed invested and to describe the nature and extent of
the Directors’ rights to their deferred amounts.

     C. Type of Plan. The Plan constitutes an unfunded, nonqualified deferred

     compensation plan and is intended to meet the requirements of Code Section 409A.

ARTICLE I

DEFINITIONS

     For purposes of the Plan, each of the following terms, when used with an initial capital
letter, shall have the meaning set forth below unless a different meaning plainly is required by
the context.

     1.1 “Account” shall mean, with respect to a Participant or Beneficiary, the total notional
dollar amount or value evidenced by the last balance posted in accordance with the terms of the
Plan to the record established for such Participant or Beneficiary with respect to the Deferral
Contributions of such Participant for any Plan Year.

     1.2 “Beneficiary” shall mean, with respect to a Participant, the person(s) determined in
accordance with Section 5.5 to receive any death benefits that may be payable under the Plan upon
the death of the Participant.

     1.3 “Board” shall mean the Board of Directors of Synovus Financial Corp.

     1.4 “Business Day” shall mean each day on which the New York Stock Exchange operates and is
open to the public for trading.

 

 

     1.5 “Code” shall mean the Internal Revenue Code of 1986, as amended.

     1.6 “Company” or “Synovus” shall mean Synovus Financial Corp., a Georgia corporation.

     1.7 “Compensation” shall mean the total of the directors’ fees and retainers which actually
would be payable to a Director in cash during a Plan Year absent a Deferral Election under this
Plan.

     1.8 “Deferral Contributions” shall mean, for each Plan Year, that portion of a Participant’s
Compensation deferred under the Plan pursuant to Section 3.2.

     1.9 “Deferral Election” shall mean a written election form provided by the Plan Administrator
on which a Participant may elect to defer under the Plan all or a portion of such individual’s
Compensation for a Plan Year.

     1.10 “Director” shall mean a member of the Board.

     1.11
“Effective Date” shall mean January 1, 2009. The
original effective date of the Plan was January 1, 2002.

     1.12 “Election Deadline” shall mean, with respect to a Plan Year:

     (a) For a Director who is then a member of the Board, the December 20 (or if December
20 is not a Business Day, the last Business Day immediately preceding December 20)
immediately preceding the first day of such Plan Year.

     (b) For a Director who is first elected by shareholders to be a member of the Board
after (or within thirty (30) days before) the Election Deadline described in Section 1.12(a)
above with respect to a Plan Year, the date which is thirty (30) days after the date the
Director first becomes eligible to participate in the Plan.

     1.13 “Investment Election” shall mean a written election form provided by the Plan
Administrator on which a Participant may elect to have such individual’s Deferral Contributions for
a Plan Year (and all investment earnings attributable thereto) invested to the extent permitted
under the terms of the Plan.

     1.14 “Investment Options” shall mean (a) any designated open-end registered investment company
for which Fidelity Investments or one of its subsidiaries or affiliates (collectively “Fidelity”)
serves as investment advisor or for which Fidelity is the principal underwriter,, and (b) any other
investment option selected by the Plan Administrator.

     1.15 “Participant” shall mean any person participating in the Plan pursuant to the provisions
of Article II.

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     1.16 “Plan” shall mean the Synovus Financial Corp. Directors’ Deferred Compensation Plan, as
contained herein and all amendments hereto.

     1.17 “Plan Administrator” shall mean the Company’s Compensation Committee and any individual
or committee the Board designates to act on the Compensation Committee’s behalf with respect to any
or all of the Compensation Committee’s responsibilities hereunder.

     1.18 “Plan Year” shall mean each calendar year period beginning on January 1 on ending on
December 31 of the succeeding calendar year.

     1.19 “Specified Employee” shall mean specified employee within the meaning of Section 409A.

     1.20 “Valuation Date” shall mean each business day in the Plan Year and such other date(s) as
designated by the Plan Administrator.

ARTICLE II

ELIGIBILITY AND PARTICIPATION

     2.1 Annual Participation. Each individual who is a Director as of the first day of a
Plan Year and is a member of the Board before the beginning of such Plan Year shall be eligible to
defer all or a portion of such individual’s Compensation and thereby to actively participate in the
Plan for such Plan Year. Such individual’s participation shall become effective as of the first
day of such Plan Year, assuming such individual properly and timely completes the election
procedures described below.

     2.2 Interim Plan Year Participation. Each individual who becomes a Director during a
Plan Year shall be immediately eligible to make a Deferral Election and thereby to participate
actively in the Plan for the remainder of such Plan Year.

     2.3 Election Procedures. Each Director shall elect to defer all or a portion of such
individual’s Compensation and thereby become an active Participant for a Plan Year by delivering a
completed Deferral Election and an Investment Election by the Election Deadline. The Plan
Administrator also may require the Director to complete other forms and provide other data, as a
condition of participation in the Plan.

     2.4 Cessation of Eligibility. A Director’s active participation in the Plan shall
terminate, and such individual shall not be eligible to make any additional Deferral Contributions
for any portion of a Plan Year following the date such individual’s service as a Director with
Synovus Financial Corp. ceases. In addition, an individual who actively participated in the Plan
during prior Plan Years but who is not a Director or does not complete the election procedures, for
a subsequent Plan Year, shall cease active participation in the Plan for such subsequent Plan Year.
Even if an individual’s active participation in the Plan ends, such individual shall remain an
inactive Participant in the Plan until the earlier of (i) the date the full amount of such
individual’s Accounts is

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distributed from the Plan, or (ii) the date such individual again becomes a Director and
recommences active participation in the Plan. During the period of time that an individual is an
inactive Participant in the Plan, such individual’s Accounts shall continue to be credited with
earnings as provided in the Plan.

ARTICLE III

PARTICIPANTS’ ACCOUNTS; DEFERRAL CONTRIBUTIONS

     3.1 Participants’ Accounts.

     (a) Establishment of Accounts. The Plan Administrator shall establish and
maintain an Account on behalf of each Participant for each Plan Year for which the
Participant makes Deferral Contributions. The Plan Administrator shall credit each
Participant’s Account with the Participant’s Deferral Contributions for such Plan Year and
earnings attributable thereto, and shall maintain such Account until the value thereof has
been distributed to or on behalf of the Participant or the Participant’s Beneficiary.

     3.2 Deferral Contributions.

     (a) Each Director may irrevocably elect to have Deferral Contributions made for a Plan
Year by completing in a timely manner a Deferral Election and an Investment Election and
following other election procedures as provided in Section 2.3. Subject to any
modifications, additions or exceptions that the Plan Administrator, in its sole discretion,
deems necessary, appropriate or helpful, the following terms shall apply to such Deferral
Elections:

     (b) Effective Date. A Participant’s Deferral Election for all or a portion of
a Plan Year shall be effective beginning with the first Compensation (i) in such Plan Year
with respect to a Participant participating for the entire Plan Year, and (ii) with respect
to a Participant participating for a portion of a Plan Year, in the calendar month following
the calendar month in which the Participant makes a Deferral Election. To be effective, a
Participant’s Deferral Election must be made by the Election Deadline. Any Participant who
fails to deliver a Deferral Election, or to complete any of the other requisite election
procedures, in a timely manner, shall be deemed to have elected not to participate in the
Plan for that Plan Year.

     (c) Term. Each Participant’s Deferral Election regarding Compensation for a
Plan Year shall remain in effect with respect to a portion of all Compensation paid or
payable during such Plan Year, but shall not apply to any subsequent Plan Year.

     (d) Deferral Amount. To defer Compensation, a Participant’s Deferral Election
shall specify the percentage of Compensation for a Plan Year to be deferred. A Director may
defer for any Plan Year zero percent (0%) or one hundred percent (100%) of the
Participant’s Compensation for such Plan Year.

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The percentage so elected shall be withheld from each payment of Compensation otherwise
payable to such Participant during the Plan Year. Notwithstanding any provision of this
Plan or a Deferral Election to the contrary, however, the amount withheld from any payment
of Compensation shall be reduced automatically, if necessary, so that it does not exceed the
amount of such payment net of all withholding, allotments and deductions, other than any
reduction pursuant to such Deferral Election. No amounts shall be withheld during any
period an individual ceases to receive Compensation as a Director for any reason during the
Plan Year.

     (e) Revocation. Once made for a Plan Year, a Participant may not revoke a
Deferral Election for such Plan Year.

     (f) Crediting of Deferral Contributions. The Plan Administrator shall credit
to each Participant’s Account for a Plan Year the amount of Compensation reflected on the
Participant’s Deferral Election as of the date(s) on which such Compensation would have been
paid if not subject to the Participant’s Deferral Election.

     3.3 Vesting. A Participant shall at all times be fully vested in such Participant’s
Deferral Contributions and all deemed investment earnings attributable thereto.

ARTICLE IV

DETERMINATION AND CREDITING OF INVESTMENT RETURN

     4.1 General Investment Parameters. The rate of return credited to each Participant’s
Accounts shall be determined on the basis of the Investment Option(s) applicable to the
Participant’s Accounts.

     4.2 Investment of Existing Account Balances. A Participant may change the percentage
of an existing Account balance that will be invested in Investment Options in accordance with
procedures established by the Plan Administrator.

     4.3 Investment Subaccounts. For the sole purpose of tracking a Participant’s
investment elections and calculating investment earnings attributable to a Participant’s Account
for a Plan Year pursuant to the terms of this Article IV, the Plan Administrator may establish and
maintain for such Participant for such Plan Year separate subaccounts, as necessary, the total of
which shall equal such Participant’s Account for such Plan Year.

ARTICLE V

PAYMENT OF ACCOUNT BALANCES

     5.1 Benefit Amounts.

     (a) Benefit Entitlement. As the benefit under the Plan, each Participant (or
Beneficiary) shall be entitled to receive the total amount of the Participant’s

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(or Beneficiary’s) Accounts, determined as of the most recent Valuation Date, and
payable at such times and in such forms as described in this Article V.

     (b) Valuation of Benefit. For purposes hereof, each Account of a Participant
as of any Valuation Date shall be equal to (i) the total amount of all of such Participant’s
Deferral Contributions credited thereto; plus or minus (as applicable) (ii) all investment
earnings or losses attributable thereto; minus (iii) the total amount of all benefit
payments previously made therefrom.

     5.2 Elections of Timing and Form. In conjunction with, and at the time of, completing
a Deferral Election for each Plan Year, a Participant shall select the timing and form of the
distribution that will apply to the Account of such Participant for Deferral Contributions (and
investment earnings attributable thereto) for such Plan Year. The terms applicable to this
selection process are as follows:

     (a) Timing. For a Participant’s Account for each Plan Year, the Participant
may elect that distribution will be made or commence as of: (1) any January 1 following a
special date, (2) the January 1 immediately following the date a Participant attains a
specified age, or (3) the January 1 immediately following the Participant’s cessation of
service as a Director of the Company. The special date or age selected above must be at
least two years after the Plan Year for which the Deferral Contributions are made.

     (b) Form of Distribution. For a Participant’s Account for each Plan Year, the
Participant may elect that the distribution will be paid in one of the following forms:

     (i) a single lump-sum cash payment; or

     (ii) substantially equal annual installments (adjusted for investment earnings
or losses between payments in the manner described in Article IV) over a period of
five (5) to ten (10) years.

     (c) Multiple Selections. A Participant may select a different benefit payment
or commencement date and/or a different form of distribution with respect to such
Participant’s Account for each Plan Year. For ease of administration, the Plan
Administrator may combine Accounts and subaccounts of a Participant to which the same
benefit payment/commencement date and the same form of distribution apply.

     5.3 Benefit Payments to a Participant.

     (a) Timing. A Participant shall receive or begin receiving a distribution of
each of such Participant’s Accounts as of the January 1 selected by such Participant with
respect to each such Account pursuant to the terms of Section 5.2(a). An amount payable “as
of” any January 1 shall be made as soon as

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practicable after such January 1 and, unless extenuating circumstances arise, no later
than January 31, provided that under no circumstances, such payment will be made more than
90 days after January 1.

     (b) Form of Distribution. A Participant shall receive or begin receiving a
distribution of each of such Participant’s Accounts in cash in the form selected by such
Participant with respect to such Account pursuant to the terms of Section 5.2(b).

     (c) Valuation of Single Lump-Sum Payments. The amount of a Participant’s
single lump-sum distribution of any of such Participant’s Accounts as of any applicable
January 1 shall be equal to the value of such Account as of the Valuation Date immediately
preceding the date on which such distribution is paid.

     (d) Valuation of Installment Payments. For purposes of determining the amount
of any installment payment to be paid as of a January 1 from an Account, the Account balance
shall be divided by the number of remaining installments to be paid from such Account
(including the current installment).

     (e) Mandatory 6 Month Delay. Notwithstanding anything in this Section 5.3 to
the contrary, in the case where a Participant is a Specified Employee, any payment made
under this Plan on account of such Participant’s cessation of service as a Director of the
Company shall commence no earlier than the first day of the seventh month following the
Participant’s termination of employment from the Company. In the case of installment
payments under Section 5.2(b) that would have otherwise been paid during the first six
months following the Participant’s termination of employment from the Company, the first
payment will include a lump sum payment equal to any annual installment that would have been
made during such 6 month delay.

     5.4 Death Benefits.

     (a) General. If a Participant dies before receiving the entire amount of the
benefit under the Plan, such Participant’s Beneficiary shall receive distribution of amounts
remaining in the Participant’s Accounts in the form, as elected by the Participant on a
Beneficiary designation form described in Section 5.5, of either:

     (i) a single lump-sum cash payment of the entire balance in the Participant’s
Accounts as of the January 1 immediately following the date of the Participant’s
death; or

     (ii) (A) for Accounts with respect to which distribution has not commenced
under Section 5.2 at the time of the Participant’s death, substantially equal annual
installments (adjusted for investment earnings between payments in the manner
described in Article IV) over a period of

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five (5) to ten (10) years, commencing as of the January 1 immediately
following the Participant’s death; and (B) for Accounts with respect to which
distribution has commenced in the form of installments described in Section
5.2(b)(ii) at the time of the Participant’s death, continuation of such installment
payment schedule.

An amount payable “as of” any January 1 shall be made as soon as practicable after such
January 1 and, unless extenuating circumstances arise, no later than January 31, provided
that under no circumstances, such payment will be made more than 90 days after January 1.

     (b) Valuation. The valuation rules described in subsections 5.3(c) and 5.3(d)
shall apply to payments described in this Section 5.4.

     5.5 Beneficiary Designation.

     (a) General. A Participant shall designate a Beneficiary or Beneficiaries for
all of such Participant’s Accounts by completing the form prescribed for this purpose for
the Plan by the Plan Administrator and submitting such form as instructed by the Plan
Administrator. Once a Beneficiary designation is made, it shall continue to apply until and
unless such Participant makes and submits a new Beneficiary designation form for this Plan.

     (b) No Designation or Designee Dead or Missing. In the event that:

     (i) a Participant dies without designating a Beneficiary;

     (ii) the Beneficiary designated by a Participant is not surviving or in
existence when payments are to be made or commence to such designee under the Plan,
and no contingent Beneficiary, surviving or in existence, has been designated; or

     (iii) the Beneficiary designated by a Participant cannot be located by the Plan
Administrator within 1 year from the date benefit payments are to be made or
commence to such designee;

then, in any of such events, the Beneficiary of such Participant shall be the Participant’s
surviving spouse, if any, who can then be located, and if not, the estate of the
Participant. The entire balance in the Participant’s Accounts shall be paid to such
Beneficiary in the form of a single lump-sum cash payment described in Section 5.4(a)(i).

     (c) Death of Beneficiary. If a Beneficiary who survives the Participant, and
to whom payment of Plan benefits commences, dies before complete distribution of the
Participant’s Accounts, the entire balance in such Accounts shall be paid to the estate of
such Beneficiary in the form of a single lump-sum

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cash payment as of the January 1 immediately following such Beneficiary’s death. An
amount payable “as of” any January 1 shall be made as soon as practicable after such January
1 and, unless extenuating circumstances arise, no later than January 31, provided that
under no circumstances, such payment will be made more than 90 days after January 1 The
valuation rules described in subsection 5.3(c) shall apply to any payments described in this
subsection 5.5(c).

     5.6 Unforeseeable Financial Emergency. A Participant who believes he or she is
suffering an “Unforeseeable Financial Emergency” may apply to the Plan Administrator for a
distribution under the Plan in order to alleviate such emergency. An “Unforeseeable Financial
Emergency” shall mean a severe financial hardship resulting from an illness or accident of the
Participant or a dependent (as defined in Section 152 of the Code without regard to Section
152(b)(1), (b)(2), and (d)(1)(B)), loss of the Participant’s property due to casualty (including
the need to rebuild a home not otherwise covered by insurance), or other similar extraordinary and
unforeseeable circumstances arising as a result of events beyond the control of the Participant.
Except as otherwise provided herein, the purchase of a home and the payment of college tuition are
not unforeseeable emergencies. Whether a Participant or dependent is faced with an unforeseeable
emergency is to be determined by the Plan Administrator based on the relevant facts and
circumstances of each case, but, in any case, a distribution on account of an unforeseeable
emergency may not be made to the extent that such emergency is or may be relieved through
reimbursement or compensation from insurance or otherwise, by liquidation of the Participant’s
assets, to the extent the liquidation of such assets would not cause severe financial hardship, or
by cessation of deferrals under the arrangement. If the Plan Administrator determines, in its sole
discretion, that a Participant qualified for a distribution due to an Unforeseeable Financial
Emergency, the Participant will receive a distribution in an amount which it determines is
necessary or appropriate, not to exceed the Participant’s Account balance, and the Plan
Administrator shall pay such amount to the Participant in a single lump sum cash payment.

     5.7 Taxes. If the whole or any part of any Participant’s or Beneficiary’s benefit
hereunder shall become subject to any estate, inheritance, income, employment or other tax which a
Company shall be required to pay or withhold, the Company shall have the full power and authority
to withhold and pay such tax out of any monies or other property in its hand for the account of the
Participant or Beneficiary whose interests hereunder are so affected. Prior to making any payment,
the Company may require such releases or other documents from any lawful taxing authority as it
shall deem necessary.

ARTICLE VI

CLAIMS

     6.1 Initial Claim. Claims for benefits under the Plan may be filed with the Plan
Administrator on forms or in such other written documents, as the Plan Administrator may prescribe.
The Plan Administrator shall furnish to the claimant written notice of the

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disposition of a claim within 90 days after the application therefor is filed. In the event
the claim is denied, the notice of the disposition of the claim shall provide the specific reasons
for the denial, citations of the pertinent provisions of the Plan, and, where appropriate, an
explanation as to how the claimant can perfect the claim and/or submit the claim for review.

     6.2 Appeal. Any Participant or Beneficiary who has been denied a benefit shall be
entitled, upon request to the Plan Administrator, to appeal the denial of the claim. The claimant
(or a duly authorized representative) may review pertinent documents related to the Plan and in the
Plan Administrator’s possession in order to prepare the appeal. The request for review, together
with written statement of the claimant’s position, must be filed with the Plan Administrator no
later than 60 days after receipt of the written notification of denial of a claim provided for in
Section 6.1. The Plan Administrator’s decision shall be made within 60 days following the filing
of the request for review. If unfavorable, the notice of the decision shall explain the reasons
for denial and indicate the provisions of the Plan or other documents used to arrive at the
decision.

     6.3 Satisfaction of Claims. The payment of the benefits due under the Plan to a
Participant or Beneficiary shall discharge the Company’s obligations under the Plan, and neither
the Participant nor the Beneficiary shall have any further rights under the Plan upon receipt by
the appropriate person of all benefits. In addition, (i) if any payment is made to a Participant
or Beneficiary with respect to benefits described in the Plan from any source arranged by the
Company including, without limitation, any fund, trust, insurance arrangement, bond, security
device, or any similar arrangement, such payment shall be deemed to be in full and complete
satisfaction of the obligation of the Company under the Plan to the extent of such payment as if
such payment had been made directly by such Company.

ARTICLE VII

PLAN ADMINISTRATION

     7.1 Rights and Duties of the Plan Administrator. The Plan Administrator shall
administer the Plan and shall have all powers necessary to accomplish that purpose, including (but
not limited to) the following:

     (a) to construe, interpret and administer the Plan;

     (b) to make determinations required by the Plan, and to maintain records regarding
Participants’ and Beneficiaries’ benefits hereunder;

     (c) to compute and certify to Company the amount and kinds of benefits payable to
Participants and Beneficiaries, and to determine the time and manner in which such benefits
are to be paid;

     (d) to authorize all disbursements by Company pursuant to the Plan;

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     (e) to maintain all the necessary records of the administration of the Plan;

     (f) to make and publish such rules and procedures for the regulation of the Plan as are
not inconsistent with the terms hereof;

     (g) to delegate to other individuals or entities from time to time the performance of
any of its duties or responsibilities hereunder; and

     (h) to hire agents, accountants, actuaries, consultants and legal counsel to assist in
operating and administering the Plan.

The Plan Administrator shall have the exclusive right to construe and interpret the Plan, to
decide all questions of eligibility for benefits and to determine the amount of such
benefits, and its decisions on such matters shall be final and conclusive on all parties.

     7.2 Bond; Compensation. The Plan Administrator and (if applicable) its members shall
serve as such without bond and without compensation for services hereunder. All expenses of the
Plan Administrator shall be paid by the Company.

ARTICLE VIII

AMENDMENT AND TERMINATION

     8.1 Amendments. Subject to Section 8.3, the Board shall have the right, in its sole
discretion, to amend the Plan in whole or in part at any time and from time to time. In addition,
the Plan Administrator shall have the right, in its sole discretion, to amend the Plan at any time
and from time to time so long as such amendment will not result in a material increase in
liabilities associated with the Plan.

     8.2 Termination of Plan. Subject to Section 8.3, the Company reserves the right to
discontinue and terminate the Plan at any time, for any reason. Any action to terminate the Plan
shall be taken by the Board and such termination shall be binding on the Company, Participants and
Beneficiaries; provided, however, the Plan may not be terminated before the date on which all
amounts credited to all Participant accounts have been distributed in accordance with Article 5,
except as permitted under Code Section 409A and Treas. Reg. Section 1.409A-3(j)(ix).

     8.3 Limitation on Authority. Except as otherwise provided in this Section 8.3, no
contractual right created by and under any Deferral Election made prior to the effective date of
any amendment or termination shall be abrogated by any amendment or termination of the Plan, absent
the express, written consent of the Participant who made the Deferral Election.

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     (a) Plan Amendments. The limitation on authority described in this Section 8.3
shall not apply to any amendment of the Plan which is reasonably necessary, in the opinion
of counsel, (i) to preserve the intended income tax consequences of the Plan described in
Section 9.1, or (ii) to guard against other material adverse impacts on Participants and
Beneficiaries, and which, in the opinion of counsel, is drafted primarily to preserve such
intended consequences, or status, or to guard against such adverse impacts.

     (b) Plan Termination. The limitation on authority described in this Section
8.3 shall not apply to any termination of the Plan as the result of a determination that, in
the opinion of counsel, Participants and Beneficiaries generally are subject to federal
income taxation on Deferral Contributions or other amounts in Participant Accounts prior to
the time of distribution of amounts under the Plan but only if such termination is
reasonably necessary, in the opinion of counsel, to guard against material adverse impacts
on Participants and Beneficiaries, or the Company; provided, however, the Plan may not be
terminated before the date on which all amounts credited to all Participant accounts have
been distributed in accordance with Article 5, except as permitted under Code Section 409A
and Treas. Reg. Section 1.409A-3(j)(ix).

     (c) Opinions of Counsel. In each case in which an opinion of counsel is
contemplated in this Section 8.3, such opinion shall be in writing and delivered to the
Board, rendered by a nationally recognized law firm selected or approved by the Board.

ARTICLE IX

MISCELLANEOUS

     9.1 Taxation. It is the intention of the Company that the benefits payable hereunder
shall not be deductible by the Company nor taxable for federal income tax purposes to Participants
or Beneficiaries until such benefits are paid by the Participating Company to such Participants or
Beneficiaries. When such benefits are so paid, it is the intention of the Company that they shall
be deductible by the Company under Code Section 162.

     9.2 Withholding. All payments made to a Participant or Beneficiary hereunder shall be
reduced by any applicable federal, state or local withholding or other taxes or charges as may be
required under applicable law.

     9.3 No Continued Directorship. Nothing herein contained is intended to be nor shall
be construed as constituting a contract or other arrangement between the Company and any
Participant to the effect that the Participant will be employed by the Company or continue to be a
Director for any specific period of time.

     9.4 Headings. The headings of the various articles and sections in the Plan are
solely for convenience and shall not be relied upon in construing any provisions
hereof. Any reference to a section shall refer to a section of the Plan unless specified
otherwise.

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     9.5 Gender and Number. Use of any gender in the Plan will be deemed to include all
genders when appropriate, and use of the singular number will be deemed to include the plural when
appropriate, and vice versa in each instance.

     9.6 Assignment of Benefits. The right of a Participant or Beneficiary to receive
payments under the Plan may not be anticipated, alienated, sold, assigned, transferred, pledged,
encumbered, attached or garnished by creditors of such Participant or Beneficiary, except by will
or by the laws of descent and distribution and then only to the extent permitted under the terms of
the Plan.

     9.7 Legally Incompetent. The Plan Administrator, in its sole discretion, may direct
that payment be made to an incompetent or disabled person, for whatever reason, to the guardian of
such person or to the person having custody of such person, without further liability on the part
of the Company for the amount of such payment to the person on whose account such payment is made.

     9.8 Entire Document. This Plan document sets forth the entire Plan and all rights and
limits. Except for a formal amendment hereto, no document shall modify the Plan or create any
additional rights or benefits.

     9.9 Governing Law. The Plan shall be construed, administered and governed in all
respects in accordance with applicable federal law and, to the extent not preempted by federal law,
in accordance with the laws of the State of Georgia. If any provisions of this instrument shall be
held by a court of competent jurisdiction to be invalid or unenforceable, the remaining provisions
hereof shall continue to be fully effective.

     9.10 No Funding. The Plan constitutes a mere promise by the Company to make benefit
payments to such Participants and Beneficiaries in the future and Participants and Beneficiaries
shall have the status of general unsecured creditors of the Company. Any Accounts established
pursuant to the Plan shall remain the property of the Company until distributed, and nothing in the
Plan will otherwise be construed to create a trust or to obligate the Company or any other person
to segregate a fund, purchase an insurance contract, or in any other way currently to fund the
future payment of any benefits hereunder, nor will anything herein be construed to give any
employee or any other person rights to any specific assets of the Company or of any other person.
The Company may, in its sole discretion, create a grantor trust to pay its obligations hereunder,
but shall have no obligation to do so. In all events, it is the intent of the Company that the
Plan be treated as unfunded for tax purposes. This Plan is not subject to the provisions of the
Employee Retirement Income Security Act of 1974.

13EX-10.3 SECOND AMENDED AND RESTATED DEFERRED COMPE

Exhibit 10.3

SECOND AMENDED AND RESTATED

SYNOVUS FINANCIAL CORP.

DEFERRED COMPENSATION PLAN

EFFECTIVE JANUARY 1, 2009

PLAN DOCUMENT

 

 

	I.	 	INTRODUCTION

	 	A.	 	Purpose of Plan. The Employer has adopted the Plan set forth herein to
provide benefits in excess of those that may be accrued under the Employer’s qualified
retirement plans as a result of the limitations of Code Section 401(a)(17) and 415 as a
means by which certain designated employees may elect to defer designated portions of
their Compensation, or in the discretion of the Employer, receive additional amounts of
deferred compensation in the form of Discretionary Credits.
	 
	 	B.	 	Status of Plan. To the extent the Plan provides benefits in excess of
the limitations of Code Section 415, the Plan is intended to be an “excess benefit
plan” within the meaning of Sections 3(36) and 4(6) of ERISA, and to the extent the
Plan provides other benefits, the Plan is intended to be “a plan which is unfunded and
is maintained by an employer primarily for the purpose of providing deferred
compensation for a select group of management or highly compensated employees” within
the meaning of Sections 201(2), 301(a)(3), 401(a)(1), and 4021(b)(6) of ERISA, and
shall be interpreted and administered to the extent possible in a manner consistent
with that intent. This Plan is intended to constitute a nonqualified deferred
compensation plan and to meet the requirements of Code Section 409A.

	II.	 	DEFINITIONS
	 
	 	 	Wherever used herein, the following terms have the meanings set forth below, unless a
different meaning is clearly required by the context:

	 	A.	 	“Account” means, for each Participant, the bookkeeping account established for
his or her benefit under the Plan.
	 
	 	B.	 	“Code” means the Internal Revenue Code of 1986, as amended from time to time.
Reference to any section or subsection of the Code includes reference to any comparable
or succeeding provisions of any legislation that amends, supplements or replaces such
section or subsection.
	 
	 	C.	 	“Compensation” means, with respect to a Participant, his or her base salary,
including any bonuses, overtime, commissions and incentives. Compensation shall not
include any amounts previously deferred under this Plan or any other nonqualified
deferred compensation plan.
	 
	 	D.	 	“Discretionary Credit” means an amount credited to a Participant’s Account by
the Employer in accordance with Section IV.B.
	 
	 	E.	 	“Effective Date” means January 1, 2002.
	 
	 	F.	 	“Elective Deferral” means the portion of Compensation which is deferred by a
Participant under Section IV.A.

 

 

	 	G.	 	“Eligible Employee” means each individual selected by the Plan Administrator
for eligibility from among the group of highly compensated or managerial employees of
the Employer.
	 
	 	H.	 	“Employer” means Synovus Financial Corp. and any of its affiliates.
	 
	 	I.	 	“ERISA” means the Employee Retirement Income Security Act of 1974, as amended
from time to time. Reference to any section or subsection of ERISA includes reference
to any comparable or succeeding provisions of any legislation that amends, supplements
or replaces such section or subsection.
	 
	 	J.	 	“Participant” means any individual who participates in the Plan in accordance
with Article III.
	 
	 	K.	 	“Plan” means the Second Amended and Restated Synovus Financial Corp. Deferred Compensation Plan and as set
forth herein and all subsequent amendments hereto.
	 
	 	L.	 	“Plan Administrator” means the Employer, or the person, persons or entity
otherwise designated by the Employer to administer the Plan.
	 
	 	M.	 	“Plan Year” means the calendar year, except that the initial plan year may be a
period of less than 12 months’ duration beginning on the Effective Date.
	 
	 	N.	 	“Valuation Date” means each business day in the Plan year and any such other
date designated by the Plan Administrator.
	 
	 	O.	 	“Vested” means the nonforfeitable right to a portion of the Participant’s
Account attributable to Discretionary Credits, if any, determined in accordance with
the vesting schedule set forth in Section V.D.

	III.	 	PARTICIPATION

	 	A.	 	Commencement of Participation. Any individual who is an Eligible
Employee on or after the Effective Date and who has elected to defer part of his or her
Compensation in accordance with Section IV.A or who has been selected to receive
Discretionary Credits under Section IV.B shall become a Participant on the date such
Elective Deferral election or Discretionary Credit is made, as the case may be.
	 
	 	B.	 	Continued Participation. Subject to Section III.C, an individual who
has become a Participant in the Plan shall continue to be a Participant so long as any
amount remains credited to his or her Account.
	 
	 	C.	 	Termination of Participation. The Plan Administrator may terminate an
employee’s participation in the Plan prospectively for any reason, effective as of

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	 	 	 	the first day of the Plan Year following such termination of participation,
including but not limited to the Plan Administrator’s determination that such
termination is necessary in order to maintain the Plan as a “plan which is unfunded
and is maintained by an employer primarily for the purpose of providing deferred
compensation for a select group of management or highly compensated employees”
within the meaning of Sections 201(2), 301(a)(3), 401(a)(1), and 4021(b)(6) of
ERISA. Amounts credited to a Participant’s Account (regardless of the extent
otherwise Vested) shall be paid out to such Participant in accordance with the
Participant’s election under Article VI.

	IV.	 	DEFERRALS AND CREDITS

	 	A.	 	Elective Deferrals.

	 	1.	 	In general. An individual who is an Eligible Employee
may elect to defer a designated portion of Compensation to be earned during a
Plan Year, by filing an irrevocable written election with the Plan
Administrator prior to the first day of the Plan Year in which such
Compensation is to be earned. An individual who first becomes an Eligible
Employee on or after the first day of any Plan Year may elect to defer a
designated portion of his or her Compensation by filing an irrevocable written
election with the Plan Administrator on or before the date that is 30 days
after the date on which the employee first becomes an Eligible Employee. The
deferral election shall apply only to Compensation earned after the date on
which the Eligible Employee files his or her deferral election form.
	 
	 	2.	 	Nature of Election. Each election under this Section
IV for a Plan Year (or the balance of a Plan Year) shall be made on a form
approved or prescribed by the Plan Administrator and shall apply only to
Compensation earned for the calendar year after the date the election form is
completed and filed with the Plan Administrator. The election form shall apply
to bonuses and shall specify the whole percentage or flat dollar amount that is
to be deferred. A Participant may revoke his or her deferral election as of
the first day of any Plan Year which follows such revocation by giving written
notice to the Plan Administrator before that day (or any such earlier date as
the Plan Administrator may prescribe). Any deferral election made under this
Section IV.A shall continue to be effective until revoked or changed pursuant
to this paragraph.

	 	B.	 	Excess Benefit Credits. The Employer shall credit the Account of each
Participant with the excess of any employer contributions that would have been
allocated to the Participant’s account under the Synovus Money Purchase Pension Plan
(the “Money Purchase Plan”), the Synovus Profit Sharing Plan (the “Profit Sharing
Plan”) or the Synovus 401(k) Savings Plan (the “401(k) Plan”) but for the limitation of
Code Sections 401(a)(17) and 415 over the amount actually credited to such account;
such credits to be made as of the date or dates that the amounts
would have been allocated to the Participant’s account under the Money Purchase
Plan, the Profit Sharing Plan or the 401(k) Plan.

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	V.	 	ACCOUNTS

	 	A.	 	Accounts. The Plan Administrator shall establish an Account for each
Participant reflecting Elective Deferrals or Discretionary Credits made for the
Participant’s benefit together with any adjustments hereunder. Subject to Sections V.E
and IX.A, the Employer shall deposit the amount of deferrals and credits for a period
as soon as practicable after the date as of which such amounts are credited to the
Accounts. As of each Valuation Date, the Plan Administrator shall provide the
Participant with a statement of his or her Account reflecting the income, gains and
losses (realized and unrealized), amounts of deferrals and credits, and distributions
of such Account since the prior Valuation Date.
	 
	 	B.	 	Investments. Each Participant’s Account shall be deemed invested in shares of any open-end registered investment company for which Fidelity Investments or
one of its subsidiaries or affiliates (collectively “Fidelity”) serves as investment
advisor or for which Fidelity is the principal underwriter, or any other investment
option selected by the Plan Administrator. If any Participant or beneficiary makes an
investment selection, the Employer (or in the event of the establishment of a trust
hereunder, the trustee of such trust as directed by the Employer) may follow such
investment selection but shall not be legally bound to do so.
	 
	 	C.	 	Payments. Each Participant’s Account shall be reduced by the amount of
any payment made to or on behalf of the Participant under Article VI as of the date
such payment is made.
	 
	 	D.	 	Vesting. A Participant will at all times be 100% Vested in the portion
of his or her Account attributable to Elective Deferrals. A Participant will be vested
in the portion of his or her Account attributable to Excess Benefit Credits from the
Profit Sharing Plan or the Money Purchase Pension Plan according to the following
schedule, based on his or her years of service with the Employer. A Participant’s
years of service for this purpose will be determined by the Administrator pursuant to
uniform rules based on the time elapsed since the Participant’s commencement of
employment with the Employer or its affiliates.

	 	 	 
	Years of Service	 	% Vested
	less than 1
	 	0
	2
	 	25
	3
	 	50
	4
	 	75
	5 or more
	 	100

	 	E.	 	Forfeiture of non-Vested Amounts. To the extent that any amounts
credited to a Participant’s Account are not Vested at the time the Account becomes
distributable under the Plan, such non-Vested amounts shall be forfeited and may be
used by the Employer as future Discretionary Credits for other Participants.

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	 	F.	 	Plan Mergers. From time to time, other non-qualified
deferred compensation plans may be merged into the Plan. All Accounts
resulting from such merged plans will be 100% vested as of the date of
merger. A list of merged plans, together with any special terms and
conditions adopted in connection with the merger, is attached to the
Plan as Exhibit “A.”

	VI.	 	PAYMENTS

	 	A.	 	Unforeseeable Financial Emergency. A Participant who believes he or
she is suffering an “Unforeseeable Financial Emergency” may apply to the Plan
Administrator for a distribution under the Plan in order to alleviate such emergency.
An “Unforeseeable Financial Emergency” shall mean a severe financial hardship resulting
from an illness or accident of the Participant or a dependent (as defined in Section
152 of the Code without regard to Section 152(b)(1), (b)(2), and (d)(1)(B)), loss of
the Participant’s property due to casualty (including the need to rebuild a home not
otherwise covered by insurance), or other similar extraordinary and unforeseeable
circumstances arising as a result of events beyond the control of the Participant.
Except as otherwise provided herein, the purchase of a home and the payment of college
tuition are not unforeseeable emergencies. Whether a Participant or dependent is faced
with an unforeseeable emergency is to be determined by the Plan Administrator based on
the relevant facts and circumstances of each case, but, in any case, a distribution on
account of unforeseeable emergency may not be made to the extent that such emergency is
or may be relieved through reimbursement or compensation from insurance or otherwise,
by liquidation of the Participant’s assets, to the extent the liquidation of such
assets would not cause severe financial hardship, or by cessation of deferrals under
the arrangement. If the Plan Administrator determines, in its sole discretion, that a
Participant qualified for a distribution due to an Unforeseeable Financial Emergency,
the Employer shall be directed to pay to the Participant an amount which it determines
is necessary or appropriate, not to exceed the Vested portion of the Participant’s
Account balance, and the Employer shall pay such amount to the Participant in a single
lump sum cash payment..
	 
	 	B.	 	Timing of Distribution. Each Participant shall specify as part of his
or her deferral election under Section IV.A, the date on which the Elective Deferrals
and/or Discretionary Credits made on his or her behalf, if any, shall be distributed.
The Participant may elect the timing of the payment of all vested amounts credited to
his or her Account from one of the following options:

	 	1.	 	the January 1 following a specified date, which must be at
least two years after the Plan Year for which the Elective Deferrals or
Discretionary Credits are made, or

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	 	2.	 	subject to Section VI.C below, within 90 days following
termination of employment for any reason including retirement or death.

	 	 	 	The foregoing election shall be made on a form approved or prescribed by the Plan
Administrator. A Participant may irrevocably elect to subsequently postpone such
distribution provided that: (i) the subsequent election shall not take effect for at
least 12 months after the date on which it is made; (ii) the subsequent election
must be made at least 12 months prior to the original payment date; and (iii) the
subsequent election shall result in a new payment date that is delayed by at least
five (5) years, as measured from the original payment date. Any subsequent election
must be in writing, filed in a manner acceptable to the Plan Administrator and
comply with such other restrictions, consistent with Section 409A, that are imposed
generally by the Plan Administrator on such postponements.
	 
	 	 	 	If no election is in effect with respect to a portion of a Participant’s Account,
subject to Section VI.C below, payment will be made within 90 days following
termination of employment for any reason including retirement or death.
	 
	 	C.	 	Mandatory 6 Month Delay. Notwithstanding anything in this Article VI
to the contrary, any payment made under this Plan on account of the Participant’s
termination of employment for any reason, except on account of death, shall commence no
earlier than the first day of the seventh month following the Participant’s termination
of employment from the Employer. In the case of installment payments under Section
VI.E that would have otherwise been paid during the first six months following the
Participant’s termination of employment, the first payment will include a lump sum
payment equal to any annual installment that would have been made during such 6 month
delay.
	 
	 	D.	 	Beneficiary Designation. A Participant shall designate a beneficiary
who shall be entitled to receive any Vested amounts remaining in the Participant’s
Account after his or death. Such designation shall be made in writing on a form
approved or prescribed by the Plan Administrator, and may be changed by the Participant
at any time. If there is no such designation or no designated beneficiary survives the
Participant, payment shall be made to the Participant’s estate.
	 
	 	E.	 	Form of Payment.

	 	1.	 	Each Participant shall specify as part of his or her deferral
election under Section IV.A a form of payment of the Elective Deferrals and/or
Discretionary Credits, made on his or her behalf, if any. The Participant may
elect the form of payment of all Vested amounts credited to his or her Account
from one of the following options:

	 	a)	 	a single lump sum payment; or

6

 

	 	b)	 	annual installments over a period elected by
the Participant up to 10 years, the amount of each installment to equal
the balance of his or her Account immediately prior to the installment
divided by the number of installments remaining to be paid.

	 	 	 	The foregoing election shall be made on a form approved or prescribed by the
Plan Administrator. A Participant may irrevocably elect to subsequently
change such form of payment provided that: (i) the subsequent election
shall not take effect for at least 12 months after the date on which it is
made; (ii) the subsequent election must be made at least 12 months prior to
the original payment date; and (iii) the subsequent election shall result in
a new payment date that is delayed by at least five (5) years, as measured
from the original payment date. Any subsequent election must be in writing,
filed in a manner acceptable to the Plan Administrator and comply with such
other restrictions, consistent with Section 409A, that are imposed generally
by the Plan Administrator on such postponements.
	 
	 	 	 	If no election is in effect with respect to a portion of a
Participant’s Account, payment will be made in the form of annual
installments for a period of 10 years.
	 
	 	 	 	Payments under this Section shall be made in cash. Any such election shall
be made in such form and with such prior notice as the Administrator may
require. Regardless of the Participant’s election, if the Participant’s
vested Account balance is less than or equal to $10,000 the distribution
will be made in a single lump sum payment.

	VII.	 	ADMINISTRATION

	 	A.	 	Plan Administrator; Interpretation. The Plan Administrator shall
oversee the administration of the Plan. The Plan Administrator shall have complete
discretionary control and authority to administer all aspects of the Plan, including
without limitation the power to appoint agents and counsel, and to determine the rights
and benefits and all claims, demands and actions arising out of the provisions of the
Plan of any Participant, beneficiary, deceased Participant, or other person having or
claiming to have any interest under the Plan, in a manner consistent with Section
VII.B. The Plan Administrator shall have the exclusive discretionary power to
interpret the Plan and to decide all matters under the Plan. Such interpretation and
decision shall be final, conclusive and binding on all Participants and any person
claiming under or through any Participant, in the absence of clear and convincing
evidence that the Plan Administrator acted arbitrarily and capriciously. Any
individual serving as Plan Administrator, or on a committee acting as Plan
Administrator, who is a Participant will not vote or act on any matter relating solely
to himself or herself. When making a determination or calculation, the Plan
Administrator shall be entitled to rely on information
furnished by a Participant, a beneficiary, or any other person or entity. The Plan
Administrator shall be deemed to be the plan administrator with responsibility for
complying with any reporting and disclosure requirements of ERISA.

7

 

	 	B.	 	Claims Procedure.

	 	1.	 	In General. If any person believes he or she is being
denied any rights or benefits under the Plan, such person may file a claim in
writing with the Plan Administrator. If any such claim is wholly or partially
denied, the Plan Administrator will notify such person of its decision in
writing. Such notification will contain (i) specific reasons for the denial,
(ii) specific reference to pertinent plan provisions, (iii) a description of
any additional material or information necessary for such person to perfect
such claim and an explanation of why such material or information is necessary
and (iv) information as to the steps to be taken if the person wishes to submit
a request for review. Such notification will be given within 90 days after the
claim is received by the Plan Administrator (or within 180 days, if special
circumstances require an extension of time for processing the claim, and if
written notice of such extension and circumstances is given to such person
within the initial 90 day period).
	 
	 	2.	 	Appeals. Within 60 days after the date on which a
person receives a written notice of a denied claim (or, if applicable, within
60 days after the date on which such denial is considered to have occurred)
such person (or his or her duly authorized representative) may (i) file a
written request with the Plan Administrator for a review of his or her denied
claim and of pertinent documents and (ii) submit written issues and comments to
the Plan Administrator. The Plan Administrator will notify such person of its
decision in writing. Such notification will be written in a manner calculated
to be understood by such person and will contain specific reasons for the
decision as well as specific references to pertinent plan provisions. The
decision on review will be made within 60 days after the request for review is
received by the Plan Administrator (or within 120 days, if special
circumstances require an extension of time for processing the request, such as
an election by the Plan Administrator to hold a hearing, and if written notice
of such extension and circumstances is given to such person within the initial
60 day period). .

	 	C.	 	Indemnification of Plan Administrator. The Employer agrees to
indemnify and to defend to the fullest extent permitted by law any director, officer or
employee of the Employer or any affiliated company who serves as the Plan Administrator
or as a member of a committee appointed to serve as Plan Administrator, or who assists
the Plan Administrator in carrying out its duties as part of his or her employment
(including any such individual who formerly served in any such capacity) against all
liabilities, damages, costs and expenses (including attorneys’ fees and amounts paid in
settlement of any claims approved by the Employer)
occasioned by any act or omission to act in connection with the Plan, if such act or
omission is in good faith.

8

 

	VIII.	 	AMENDMENT AND TERMINATION

	 	A.	 	Amendments. The Employer shall have the right to amend the Plan from
time to time, subject to Section VIII.C, by an instrument in writing which has been
executed on the Employer’s behalf by an officer thereof or by vote of its Board of
Directors.
	 
	 	B.	 	Termination of Plan. This Plan is strictly a voluntary undertaking on
the part of the Employer and shall not be deemed to constitute a contract between the
Employer and any Eligible Employee (or any other employee) or a consideration for, or
an inducement or condition of employment for, the performance of the services by any
Eligible Employee (or other employee). The Employer reserves the right to terminate
the Plan at any time, subject to Section VIII.C, by an instrument in writing which has
been executed on said Employer’s behalf by an officer thereof or by vote of its Board
of Directors; provided, the Plan may not be terminated before the date on which all
amounts credited to all Participant Accounts have been distributed in accordance with
Article VI, except as permitted under Code Section 409A and Treas. Reg. Section
1.409A-3(j)(ix).
	 
	 	C.	 	Existing Rights. No amendment or termination of the Plan shall
adversely affect the rights of any Participant with respect to amounts credited to his
or her Account that are attributable to Elective Deferrals or Discretionary Credits
credited prior to the date of such amendment or termination. Any termination of the
Plan will cause each Participant to be 100% Vested in his or her Account,
notwithstanding Section V.D. The limitations described in this Section VIII.C shall
not apply to any amendment of the Plan which is reasonably necessary, in the opinion of
counsel, (i) to preserve the intended income tax consequences of the Plan or (ii) to
guard against other material adverse impacts on Participants and beneficiaries, and
which, in the opinion of counsel, is drafted primarily to preserve such intended
consequences, or status, or to guard against such adverse impacts.
	 
	 	D.	 	Assignment. The rights and obligations of the Employer shall enure to
the benefit of and shall be binding upon its successors and assigns.

	IX.	 	MISCELLANEOUS

	 	A.	 	No Funding. The Plan constitutes a mere promise by the Employer to
make benefit payments to such Participants and beneficiaries in the future and
Participants and beneficiaries shall have the status of general unsecured creditors of
the Employer. Any Accounts established pursuant to the Plan shall remain the property
of the Employer until distributed, and nothing in the Plan will otherwise be construed
to create a trust or to obligate the Employer or any other person to
segregate a fund, purchase an insurance contract, or in any other way currently to
fund the future payment of any benefits hereunder, nor will anything herein be
construed to give any employee or any other person rights to any specific assets of
the Employer or of any other person. The Employer may, in its sole discretion,
create a grantor trust to pay its obligations hereunder, but shall have no
obligation to do so. In all events, it is the intent of the Employer that the Plan
be treated as unfunded for tax purposes and for purposes of Title I of ERISA.

9

 

	 	B.	 	Nonassignability. None of the benefits, payments, proceeds or claims
of any Participant or beneficiary shall be subject to any claim of any creditor of any
Participant or beneficiary and, in particular, the same shall not be subject to
attachment or garnishment or other legal process by any creditor of such Participant or
beneficiary, nor shall any Participant or beneficiary have any right to alienate,
anticipate, commute, pledge, encumber, sell, transfer or assign any of the benefits or
payments or proceeds which he may expect to receive, contingently or otherwise, under
the Plan.
	 
	 	C.	 	Limitation of Participants’ Rights. Participation in the Plan shall
not give any Eligible Employee the right to be retained in the employ of the Employer
or any right or interest in the Plan other than as herein provided. The Employer
reserves the right to dismiss any Eligible Employee without any liability for any claim
against the Employer, except to the extent provided herein.
	 
	 	D.	 	Government Regulations. It is intended that this Plan will comply with
all applicable laws and government regulations, and the Employer shall not be obligated
to perform an obligation hereunder in any case where, in the opinion of the Employer’s
counsel, such performance would result in the violation of any law or regulation.
	 
	 	E.	 	Governing Law. The Plan shall be construed, administered, and governed
in all respects under and by the laws of the State of Georgia. If any provision shall
be held by a court of competent jurisdiction to be invalid or unenforceable, the
remaining provisions hereof shall continue to be fully effective.
	 
	 	F.	 	Headings and Subheadings. Headings and subheadings in this Plan are
inserted for convenience only and are not to be considered in the construction of the
provisions hereof.

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Exhibit “A”

Merged Plans

	 	 	 	 	 	 	 
	Plan’s Name	 	Date of Merger	 	Terms and Conditions
	 
	 	 	 	 
	[RESERVED]
	 	 	 	 

11

 

Exhibit “B”

Spinoff of Total System Services, Inc.

     1. Spinoff to TSYS Deferred Compensation Plan. In connection with the spinoff of
Total System Services, Inc. from the Synovus Financial Corp., the assets and liabilities with
respect to participants and beneficiaries of Total System Services, Inc. and its subsidiaries and
affiliates shall be transferred in a tax-free spinoff from this Plan to the TSYS Deferred
Compensation Plan (“TSYS Plan”) effective December 31, 2007. The assets and liabilities with
respect to such participants and beneficiaries shall be transferred as soon as administratively
practicable following the date of the spinoff. In addition, TSYS and its subsidiaries and
affiliates shall cease to sponsor this Plan as of December 31, 2007.

     2. Transferees. Any Employee who transfers from Total System Services, Inc. or any
subsidiary or affiliate of Total System Services, Inc. (“TSYS”) to the Employer or any subsidiary
or affiliate of the Employer from January 1, 2008 to December 31, 2008 (a “Synovus Transferee”)
shall receive credit for service under this Plan to the same extent such service was recognized
under the provisions of the TSYS Plan. This Plan shall recognize all elections (including
deferral, investment and distribution elections) and beneficiary designations with respect to
Synovus Transferees under the TSYS Plan. In addition, a Participant who transfers from the
Employer or any subsidiary or affiliate of the Employer to TSYS or any subsidiary or affiliate of
TSYS from January 1, 2008 to December 31, 2008 (a “TSYS Transferee”) shall be treated as a transfer
instead of a separation of employment under this Plan, and account balances for TSYS Transferees
shall be transferred to the TSYS Plan as soon as administratively practicable following their date
of transfer.

12

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