Document:

EXHIBIT 10.1
                       WAUSAU-MOSINEE SUPPLEMENTAL
                              RETIREMENT PLAN

                         (AS AMENDED OCTOBER 19, 2000)

                        WAUSAU-MOSINEE SUPPLEMENTAL
                              RETIREMENT PLAN

                                                             PAGE

 ARTICLE I
     PURPOSE AND ADMINISTRATION OF THE PLAN ....................2
     1.1  PURPOSE ..............................................2
     1.2  ADMINISTRATION .......................................2
     1.3  EFFECTIVE DATE .......................................2

 ARTICLE II
     DEFINITIONS ...............................................3
     2.1  DEFINITIONS ..........................................3
     2.2  DEFINITIONS INCORPORATED BY REFERENCE ................4

 ARTICLE III
     PARTICIPATION .............................................5
     3.1  PARTICIPATION ........................................5
     3.2  SERVICE ..............................................5
     3.3  TERMINATION OF PARTICIPATION AND REEMPLOYMENT ........5
     3.4  CHIEF EXECUTIVE OFFICER DISCRETION TO EXTEND
          PARTICIPATION.........................................5

 ARTICLE IV
     BENEFITS ..................................................6
     4.1  NORMAL RETIREMENT BENEFITS OF CORPORATE OFFICERS .....6
     4.2  NORMAL BENEFITS OF OTHER EXECUTIVE OFFICERS ..........6
     4.3  MINIMUM RETIREMENT BENEFITS OF EXECUTIVE OFFICERS ....7
     4.4  EARLY RETIREMENT BENEFITS OF EXECUTIVE OFFICERS ......7
     4.5  SURVIVING SPOUSE BENEFITS ............................7
     4.6  FORM, COMMENCEMENT AND DURATION OF PAYMENTS ..........8
     4.7  CHANGE OF CONTROL ....................................9
     4.8  FORFEITURE OF BENEFITS ..............................13
     4.9  INALIENABILITY OF BENEFITS ..........................14
     4.10  FACILITY OF PAYMENTS ...............................14
     4.11  CLAIMS PROCEDURE ...................................14

 ARTICLE V
     PROVISION FOR BENEFITS ...................................15
     5.1  ASSETS OF THE COMPANY ...............................15

 ARTICLE VI
     AMENDMENT AND TERMINATION OF THE PLAN ....................16
     6.1  AMENDMENT ...........................................16
     6.2  TERMINATION .........................................16

                                     -i-
<PAGE>
 ARTICLE VII
     MISCELLANEOUS ............................................17
     7.1  NONGUARANTEE OF EMPLOYMENT ..........................17
     7.2  ACTION BY THE COMPANY ...............................17
     7.3  AGREEMENT BINDING ON SUCCESSORS .....................17
     7.4  CONSTRUCTION ........................................17
     7.5  TITLES ..............................................17
     7.6  GOVERNING LAW .......................................17

                                     -ii-

               WAUSAU-MOSINEE SUPPLEMENTAL RETIREMENT PLAN

     Wausau-Mosinee Paper Corporation, a Wisconsin corporation, hereby
 establishes the Wausau-Mosinee Supplemental Retirement Plan in
 accordance with the terms and conditions herein contained.

                                     -1-

                             ARTICLE I
              PURPOSE AND ADMINISTRATION OF THE PLAN

     1.1  PURPOSE.  The Company hereby establishes the Plan for the
 purpose of providing deferred compensation (within the meaning of
 Section 201(2) of the Employee Retirement Income Security Act of 1974)
 for executive officers of the Company.

     1.2  ADMINISTRATION.  The Plan shall be administered by the
 Company.

     1.3  EFFECTIVE DATE.  The effective date of the Plan shall be
 December 17, 1997.

                                    -2-

                            ARTICLE II
                            DEFINITIONS

     2.1  DEFINITIONS.  The following terms shall have the meanings set
 forth below:

     (a)  "Average Compensation" means (1) an aggregate amount
           determined by the sum of (A) the Participant's salary for a
           calendar year and earned bonus attributable to such calendar
           year and (B) any compensation deferred under a plan qualified
           under Section 401(k) of the Code or under a plan which
           satisfies the requirements of Section 125 of the Code during
           such calendar year, for the 5 calendar years of the Executive
           Officer's most recent 10 years of Continuous Service as an
           Executive Officer in which the largest aggregate amount of
           such compensation was earned and/or deferred for him for
           service as an Executive Officer for all or any portion of
           each of such calendar years, divided by (2) 12; provided,
           however, that if a Participant did not perform services for 5
           calendar years as an Executive Officer, such determinations
           shall be based on such earned and/or deferred compensation
           for each complete calendar year in which the Participant
<PAGE>
           was an Executive Officer.  For purposes of determining a
           Participant's Average Compensation, compensation from Wausau
           Paper Mills Company and Mosinee Paper Corporation earned
           prior to the Effective Date for performance of services as an
           Executive Officer shall be included.

     (b)  "Company" means Wausau-Mosinee Paper Corporation, a Wisconsin
           corporation.

     (c)  "Early Retirement Age" means the date on which an Executive
           Officer has attained age 55 and completed 10 years of
           Continuous Service as an Executive Officer.

     (d)  "Executive Officer" means any person employed by the Company
           as its President or a Vice President but shall not include
           any officer of any division or subsidiary of the Company.
           Notwithstanding the foregoing, any person employed by the
           Company on the Effective Date who was a participant in the
           Mosinee Supplemental Retirement Plan or the Wausau Paper
           Mills Company Executive Officers' Deferred Compensation
           Retirement Plan on the date immediately preceding the
           Effective Date shall be deemed to be an "Executive Officer"
           for purposes of this Plan, regardless of whether such
           individual would otherwise meeting the definition of
           Executive Officer set forth in the preceding sentence, and
           any service with the Company after the Effective Date by such
           individual shall be considered service as an Executive
           Officer of the Company.

     (e)  "Normal Retirement Age" means the date on which (1) an
           Executive Officer has attained age 62 and completed 10 years
           of Continuous Service as an Executive Officer or (2) an
           Executive Officer has attained age 62 and had terminated
           employment with the Company because of Disability.

                                     -3-

     (f)  "Participant" means an Executive Officer of the Company who
           has qualified to be a participant in the Plan in accordance
           with Section 3.1.

     (g)  "Plan" means the Wausau-Mosinee Supplemental Retirement Plan
           as herein set forth.

     (h)  "Retirement Plan" shall mean the principal defined benefit
           retirement plan as now in effect or hereafter amended, or any
           successor plan which is qualified under Section 401(a) of the
           Code, and maintained for salaried employees of the Company.

     2.2  DEFINITIONS INCORPORATED BY REFERENCE.  Each of the following
 terms shall have the meaning set forth in the Retirement Plan and the
 definition of each such term by the Retirement Plan is hereby
 incorporated by this reference to the extent not inconsistent with the
 provisions of this Plan:

          (a)  "Actuarial Equivalent"
<PAGE>
          (b)  "Affiliated Employer"

          (c)  "Code"

          (d)  "Continuous Service"

          (e)  "Disability"

          (f)  "Retirement Benefit"

          (g)  "Surviving Spouse"

                                    -4-

                            ARTICLE III
                           PARTICIPATION

     3.1  PARTICIPATION.  Each Executive Officer shall become a
 Participant as of the later of the Effective Date or the first day of
 his employment by the Company in the capacity of an Executive Officer.

     3.2  SERVICE.

     (a)  All Continuous Service as an Executive Officer shall be
          recognized for purposes of this Plan, whether or not such
          Continuous Service was performed prior to the Effective Date
          hereof.

     (b)  Continuous Service by an individual for the Company in any
          capacity other than as an Executive Officer shall not be
          recognized for any purpose under this Plan.

     (c)  In the event a Participant or former Participant is reemployed
          by the Company as an Executive Officer, all periods of
          Continuous Service with the Company as an Executive Officer
          shall be aggregated for purposes of this Plan.

     (d)  Notwithstanding anything herein to the contrary, if a
          Participant was a participant in the Wausau Paper Mills
          Company Executive Officers' Deferred Compensation Retirement
          Plan or the Mosinee Supplemental Retirement Plan on December
          16, 1997, all Continuous Service recognized under such plans
          as of such date shall be recognized for purposes of this Plan.

     3.3  TERMINATION OF PARTICIPATION AND REEMPLOYMENT.  A Participant
 shall cease participation in the Plan on the later of (a) the earlier
 of (1) the date his termination of employment with the Company and all
 Affiliated Employers occurs or (2) the date he is no longer employed as
 an Executive Officer by the Company or an Affiliated Employer, or (b)
 the date the final benefit payment to which the Participant may be
 entitled pursuant to this Plan is made.

     3.4  CHIEF EXECUTIVE OFFICER DISCRETION TO EXTEND PARTICIPATION.
 Notwithstanding anything herein to the contrary, the Chief Executive
 Officer of the Company may, with the consent of the Executive
 Compensation and Bonus Committee of the Board of Directors of the
 Company, deem an employee of the Company to be an "Executive Officer"
<PAGE>
 of the Company for certain purposes under the Plan, and may modify the
 requirements set forth in Article IV for eligibility and accrual of
 Normal and Early Retirement Benefits for any Executive Officer (or
 employee who is deemed an Executive Officer pursuant to this Section
 3.4).  Any exercise of discretion granted herein shall be reflected in
 a written supplemental retirement plan agreement between the Company
 and the Executive Officer (or employee who is deemed an Executive
 Officer pursuant to this Section 3.4) which shall set forth the
 requirements for eligibility and accrual of Normal and Early Retirement
 Benefits applicable to such individual.
                                    -5-

                            ARTICLE IV
                             BENEFITS

     4.1  NORMAL RETIREMENT BENEFITS OF CORPORATE OFFICERS.  Subject to
 the limitations elsewhere contained in this Plan, an Executive Officer
 who terminates his employment with the Company and each Affiliated
 Employer on or after attaining his Normal Retirement Age and who was
 the President or a corporate Vice President of the Company either (x)
 on the Effective Date or (y) as of the most recent date on which he
 performed service as an Executive Officer shall be entitled to a normal
 retirement benefit payable in the form of a single life annuity equal
 to the excess of:

     (a)  an amount equal to 50% of the Participant's Average
          Compensation, over

     (b)  the amount of the Participant's accrued Retirement Benefit
          under the Retirement Plan which would then be payable in the
          form of a single life annuity;

 provided, however, that (1) the normal retirement benefit payable in
 the form of a single life annuity, as so calculated, of any Participant
 who was a participant in the Mosinee Supplemental Retirement Plan on
 the Effective Date shall be increased by an amount equal to such
 participant's accrued normal retirement benefit under the Wausau Paper
 Retirement Plan as of the Effective Date which would then be payable in
 the form of a single life annuity and (2) the normal retirement benefit
 payable in the form of a single life annuity, as so calculated, of any
 Participant who was eligible for and elected to receive the increased
 benefits provided under either Section 4.23 of the Mosinee Retirement
 Plan ("Section 4.23") or Section 3.20 of the Wausau Paper Retirement
 Plan (Section "3.20") shall be increased by an amount equal to the
 excess of (A) the amount of the Participant's accrued Retirement
 Benefit under the Retirement Plan, determined in accordance with the
 increased benefits provided for in Section 4.23 or Section 3.20, as
 applicable, which would then be payable in the form of a single life
 annuity over (B) the amount of the Participant's accrued Retirement
 Benefit under the Retirement Plan, determined without regard to the
 increased benefits provided for in Section 4.23 or Section 3.20, as
 applicable, which would then be payable in the form of a single life
 annuity.

     4.2  NORMAL BENEFITS OF OTHER EXECUTIVE OFFICERS.  Subject to the
 limitations elsewhere contained in this Plan, an Executive Officer who
 terminates his employment with the Company and each Affiliated Employer
<PAGE>
 on or after attaining his Normal Retirement Age and who was not the
 President or a corporate Vice President of the Company either (x) on
 the Effective Date or (y) as of the most recent date on which he
 performed service as an Executive Officer, shall be entitled to a
 retirement benefit payable in the form of a single life annuity
 determined in accordance with the formula set forth in Section 4.1;
 provided, however, that in making such determination, the term "40% of
 the Participant's Average Compensation" shall be substituted for the
 term "50% of the Participant's Average Compensation" in Section 4.1(a).

                                     -6-

     4.3  MINIMUM RETIREMENT BENEFITS OF EXECUTIVE OFFICERS.
 Notwithstanding anything herein to the contrary, the normal retirement
 benefit determined under Section 4.1 or 4.2, as applicable, shall not
 be less than the Participant's accrued normal retirement benefit
 determined under (a) Section 4.1 or 4.2, as applicable, under the
 Mosinee Supplemental Retirement Plan or (b) Section 4.1 or 4.2, as
 applicable, under the Wausau Paper Mills Company Executive Officers'
 Deferred Compensation Retirement Plan, determined under the terms of
 such plans on December 16, 1997.

     4.4  EARLY RETIREMENT BENEFITS OF EXECUTIVE OFFICERS.  Subject to
 the limitations elsewhere contained in this Plan, an Executive Officer
 who terminates his employment with the Company and each Affiliated
 Employer on or after attaining his Early Retirement Age, but prior to
 attaining his Normal Retirement Age, shall be entitled to an early
 retirement benefit in the form of a single life annuity equal to the
 amount to which he would have been entitled to under Section 4.1 or
 Section 4.2, as applicable, taking into consideration the provisions of
 Section 4.3, if applicable, if he had then attained his Normal
 Retirement Age; provided, however, that such benefit shall be reduced
 by .4166% for each full calendar month, from and including the month in
 which the Participant's 55th birthday occurs to the month in which his
 62nd birthday occurs, by which the calendar month in which payment of
 the early retirement benefit provided for in this Section 4.4 precedes
 the date on which such Participant would have attained his Normal
 Retirement Age.

     4.5  SURVIVING SPOUSE BENEFITS.  Subject to the limitations
 elsewhere contained in this Plan, the Surviving Spouse of a Participant
 who dies prior to commencement of any other benefit hereunder,
 including the Surviving Spouse of a former Participant who terminated
 employment because of Disability, shall be eligible for a Surviving
 Spouse benefit commencing as of the last to occur of (1) the first day
 of the first month following the month in which the Participant's death
 occurs or (2) the date on which the Participant would have been
 eligible to receive payment of a benefit under Section 4.4, or in the
 case of a Participant who terminated employment because of Disability,
 commencing as of the date on which the former Participant would have
 attained age 55, and such Surviving Spouse benefit shall be equal to
 50% of the monthly benefit which would have been payable to the
 deceased Participant under this Plan if he had retired the day before
 his death and payment of his benefit had commenced on such date
 assuming, in the case of a former Participant who terminated employment
 because of a Disability, that the benefit payable to such former
 Participant at Normal Retirement Age under Section 4.1 or 4.2, as
<PAGE>
 applicable, would have been payable in reduced form at age 55 pursuant
 to Section 4.4, and, assuming further, that in the case of a
 Participant or former Participant who died prior to attaining age
 55 or prior to the date on which the Participant or former Participant
 had completed 10 years of Continuous Service, that a benefit would have
 been payable to such deceased Participant or former Participant as of
 the later of the dates described in (1) and (2), above; provided,
 however, that the benefit payable to the Surviving Spouse of a
 Participant or former Participant who died prior to the completion of 5
 years of Continuous Service shall be reduced by 20% for each year of
 Continuous Service less than 5 accrued by such deceased Participant or
 former Participant.
                                     -7-

     4.6  FORM, COMMENCEMENT AND DURATION OF PAYMENTS.
     (a)  A Participant may elect, subject to the approval of the Board
          of Directors, (1) to receive the Actuarial Equivalent of the
          benefit accrued by a Participant pursuant to Section 4.1, 4.2
          or 4.4 in any form of annuity payment option then available
          under the Retirement Plan or (2) to receive the value of the
          benefit accrued by a Participant pursuant to Section 4.1, 4.2
          or 4.4 in the form of a lump sum distribution.  In the event a
          Participant elects, with the approval of the Board of
          Directors, to receive a lump sum distribution of the value of
          the benefit otherwise provided for in Section 4.1, 4.2, or
          4.4, the value of the lump sum distribution under this Plan
          shall be determined in accordance with the provisions for
          determining the value of a lump sum distribution of the
          Participant's Retirement Benefit under the terms of the
          Retirement Plan.

     (b)  Monthly benefit payments to the Participant (and, if
          applicable, his Surviving Spouse) under Section 4.1, 4.2, 4.4
          or 4.5, or a lump sum payment provided for under Section
          4.5(a) with respect to a benefit accrued under Section 4.1,
          4.2 or 4.4, shall commence on the first day of the month
          following the Participant's termination of employment or, if
          applicable, the date specified in Section 4.5 as the date on
          which the Participant's Surviving Spouse became eligible for a
          Surviving Spouse benefit, and shall continue, subject to the
          provisions of Section 4.8, until the month in which the death
          of the Participant (or, if applicable, his Surviving Spouse)
          occurs; provided, however, that a Participant or Surviving
          Spouse may elect to defer receipt of an early retirement
          benefit or Surviving Spouse benefit, as applicable, for any
          period of time not in excess of the date on which the
          Participant would have attained his Normal Retirement Age.
          Despite any other provision of this Plan, a Participant who
          receives a benefit in the form of a lump sum distribution
          shall not be entitled to any monthly benefit otherwise
          provided for in this Plan.

     (c)  A Participant (or, if applicable, his Surviving Spouse) who
          has begun to receive his accrued benefit in the form of an
          annuity pursuant to Section 4.6(a), may, subject to the
          consent of the Board of Directors, elect to receive the unpaid
          value of his annuity in the form of a lump sum distribution.
<PAGE>
          The value of such lump sum distribution shall be determined in
          accordance with the same actuarial assumptions and interest
          rate then being used to determine the value of a lump sum
          distribution of a participant's Retirement Benefit under the
          terms of the Retirement Plan.  The payment of such lump sum
          distribution shall be made in accordance with the terms of the
          consent of the Board of Directors to such payment.

                                     -8-
     4.7  CHANGE OF CONTROL.

     (a)  In the event a Change of Control of the Company occurs, the
          Company shall pay to each Participant a lump sum amount equal
          to the present value of the Participant's accrued normal
          retirement benefit, as determined under Section 4.1, as of the
          first day of the first month following such Change of Control
          of the Company on which such Participant is not an employee of
          the Company, whether or not such Change of Control of the
          Company occurred prior to the date on which such Participant
          shall have ceased to be an employee of the Company.  Upon
          payment of the lump sum amount provided for in this Section
          4.7(a), the Company shall have no further obligation to pay
          any benefits under this Plan.  Notwithstanding the foregoing,
          if a Participant has less than five years of Continuous
          Service as of the date of the Change of Control, the amount
          paid to such Participant under this Section 4.7(a) shall equal
          (i) the amount described in the first sentence of this Section
          4.7(a) times (ii) a fraction, the numerator of which is the
          number of years and fractions thereof of the Participant's
          Continuous Service as of the date of the Change of Control and
          the denominator of which is five.

     (b)  In the event a Change of Control of the Company occurs after
          the Participant's death and whether or not a benefit shall
          have then become payable to the Participant's Surviving
          Spouse, the Company shall pay to such Participant's Surviving
          Spouse, if then living, the present value of the unpaid
          Surviving Spouse benefit.  Upon payment of the lump sum amount
          provided for in this Section 4.7(b), the Company shall have no
          further obligation to pay any benefits under this Plan.
          Notwithstanding the foregoing, if a Participant had less than
          five years of Continuous Service as of the date of his or her
          death before the Change of Control, the amount paid to such
          Participant Surviving Spouse under this Section 4.7(b) shall
          equal (i) the amount described in the first sentence of this
          Section 4.7(a) times (ii) a fraction, the numerator of which
          is the number of years and fractions thereof of the
          Participant's Continuous Service as of the date of death and
          the denominator of which is five.

     (c)  For purposes of this Plan, a "Change of Control of the
          Company" shall mean:

               (1)  The acquisition by any individual, entity or group
               (within the meaning of Section 13(d)(3) or 14(d)(2) of
               the Securities Exchange Act of 1934 (the "Exchange Act")
               (a "Person") of beneficial ownership (within the meaning
<PAGE>
               of Rule 13d-3 promulgated under the Exchange Act) of 20%
               or more of either (A) the then outstanding shares of
               common stock of the Company (the "Outstanding Company
               Common Stock") or (B) the combined voting power of the
               then outstanding voting securities of the Company
               entitled to vote generally in the election of directors

                                     -9-
               (the "Outstanding Company Voting Securities"); excluding,
               however, the following: (i) any acquisition directly from
               the Company other than an acquisition by virtue of the
               exercise of a conversion privilege unless the security
               being so converted was itself acquired directly from the
               Company, (ii) any acquisition by the Company, (iii) any
               acquisition by any employee benefit plan (or related
               trust) sponsored or maintained by the Company or any
               entity controlled by the Company, (iv) any acquisition
               pursuant to a transaction which complies with clauses
               (A), (B), and (C) of paragraph (3) of this Section
               4.7(c), (v) except as provided in paragraphs (4) and (5),
               any acquisition by any of the Woodson Entities or any of
               the Smith Entities, or (vi) any increase in the
               proportionate number of shares of Outstanding Company
               Common Stock or Outstanding Company Voting Securities
               beneficially owned by a Person to 20% or more of the
               shares of either of such classes of stock if such
               increase was solely the result of the acquisition of
               Outstanding Company Common Stock or Outstanding Company
               Voting Securities by the Company; provided, however, that
               this clause (vi) shall not apply to any acquisition of
               Outstanding Company Common Stock or Outstanding Company
               Voting Securities not described in clauses (i), (ii),
               (iii), (iv), or (v) of this paragraph (1) by the Person
               acquiring such shares which occurs after such Person had
               become the beneficial owner of 20% or more of either the
               Outstanding Company Common Stock or Outstanding Company
               Voting Securities by reason of share purchases by the
               Company; or

               (2)  A change in the composition of the Board of
               Directors ("Board") such that the individuals who,
               as of the Effective Date, constitute the Board (such
               Board shall be hereinafter referred to as the
               "Incumbent Board") cease for any reason to
               constitute at least a majority of the Board;
               provided, however, for purposes of the Plan, that
               any individual who becomes a member of the Board
               subsequent to the Effective Date whose election, or
               nomination for election by the Company's shareholders,
               was approved by a vote of at least a majority of those
               individuals who are members of the Board and who were
               also members of the Incumbent Board (or deemed to be such
               pursuant to this proviso) shall be deemed to be and shall
               be considered as though such individual were a member of
               the Incumbent Board, but provided, further, that any such
               individual whose initial assumption of office occurs as a
               result of either an actual or threatened election contest
<PAGE>
               (as such terms are used in Rule 14a-11 of Regulation 14A
               promulgated under the Exchange Act) or other actual or
               threatened solicitation of proxies or consents by or on
               behalf of a Person other than the Board shall not be
               so deemed or considered as a member of the Incumbent Board;
               or
                                     -10-

               (3)  Consummation of a reorganization, merger or
               consolidation, or sale or other disposition of all or
               substantially all of the assets of the Company or the
               acquisition of the assets or securities of any other
               entity (a "Corporate Transaction"); excluding, however,
               such a Corporate Transaction pursuant to which (A) all or
               substantially all of the individuals and entities who are
               the beneficial owners, respectively, of the Outstanding
               Company Common Stock and Outstanding Company Voting
               Securities immediately prior to such Corporate
               Transaction will beneficially own, directly or
               indirectly, more than 60% of, respectively, the
               outstanding shares of common stock and the combined
               voting power of the then outstanding voting securities
               entitled to vote generally in the election of directors,
               as the case may be, of the corporation resulting from
               such Corporate Transaction (including, without
               limitation, a corporation which as a result of such
               transaction owns the Company or all or substantially all
               of the Company's assets either directly or through one or
               more subsidiaries) (the "Resulting Corporation") in
               substantially the same proportions as their ownership,
               immediately prior to such Corporate Transaction, of the
               Outstanding Company Common Stock and Outstanding Company
               Voting Securities, as the case may be, (B) no Person
               (other than the Company, any employee benefit plan (or
               related trust) of the Company, any Woodson Entity, any
               Smith Entity, or such Resulting Corporation) will
               beneficially own, directly or indirectly, 20% or more of,
               respectively, the outstanding shares of common stock of
               the Resulting Corporation or the combined voting power of
               the then outstanding voting securities of such Resulting
               Corporation entitled to vote generally in the election of
               directors except to the extent that such ownership
               existed with respect to the Company prior to the
               Corporate Transaction, and (C) individuals who were
               members of the Incumbent Board will constitute at least a
               majority of the members of the board of directors of the
               Resulting Corporation; or

               (4)  the Woodson Entities acquire beneficial ownership of
               more than 35% of the Outstanding Company Common Stock or
               Outstanding Company Voting Securities or of the
               outstanding shares of common stock or the combined voting
               power of the then outstanding voting securities entitled
               to vote generally in the election of directors, as the
               case may be, of the Resulting Corporation; or
<PAGE>
               (5)  the Smith Entities acquire beneficial ownership of
               more than 35% of the Outstanding Company Common Stock or
               Outstanding Company Voting Securities or of the
               outstanding shares of common stock or the combined voting
               power of the then outstanding voting securities entitled

                                     -11-
               to vote generally in the election of directors, as the
               case may be, of the Resulting Corporation; or

               (6)  The approval by the shareholders of the Company of a
               complete liquidation or dissolution of the Company.

          For purposes of this Section 4.7(b), the term "Woodson
          Entities" shall mean Aytchmonde P. Woodson, Leigh Yawkey
          Woodson and Alice Richardson Yawkey, members of their
          respective families and their respective descendants (the
          "Woodson Family"), heirs or legatees of any of the Woodson
          Family members, transferees by will, laws of descent or
          distribution or by operation of law of any of the foregoing
          (including of any such transferees) (including any executor or
          administrator of any estate of any of the foregoing), any
          trust established by any of Aytchmonde P. Woodson, Leigh
          Yawkey Woodson, or Alice Richardson Yawkey, whether pursuant
          to last will or otherwise, any partnership, trust or other
          entity established primarily for the benefit of, or any other
          Person the beneficial owners of which consist primarily of,
          any of the foregoing or any Affiliates or Associates of any of
          the foregoing or any charitable trust or foundation to which
          any of the foregoing transfers or may transfer securities of
          the Company (including any beneficiary or trustee, partner,
          manager or director of any of the foregoing or any other
          Person serving any such entity in a similar capacity).

               For purposes of this Section 4.7(b), the term "Smith
          Entities" shall mean David B. Smith and Katherine S. Smith,
          members of their respective families and their respective
          descendants (the "Smith Family"), heirs or legatees of any of
          the Smith Family members, transferees by will, laws of descent
          or distribution or by operation of law of any of the foregoing
          (including of any such transferees) (including any executor or
          administrator of any estate of any of the foregoing), any
          trust established by either of David B. Smith or Katherine S.
          Smith, whether pursuant to last will or otherwise, any
          partnership, trust or other entity established primarily for
          the benefit of, or any other Person the beneficial owners of
          which consist primarily of, any of the foregoing or any
          Affiliates or Associates of any of the foregoing or any
          charitable trust or foundation to which any of the foregoing
          transfers or may transfer securities of the Company (including
          any beneficiary or trustee, partner, manager or director of
          any of the foregoing or any other Person serving any such
          entity in a similar capacity).

               For purposes of this Section 4.7(b), the terms
               "Affiliate" and "Associate" shall have the meanings
               ascribed to such terms in Rule 12b-2 of the General Rules
<PAGE>
               and Regulations under the Exchange Act as in effect on
               the date of this Plan.
                                     -12-
     (d)  For purposes of this Plan, the present value of a
          Participant's retirement benefit or the Surviving Spouse
          benefit shall be determined by reference to the 1983
          Individual Annuity Mortality Table with an assumed interest
          rate equal to the "immediate annuity rate" as then in effect
          as determined by the Pension Benefit Guaranty Corporation and
          promulgated in Appendix B to 29 C.F.R. Section 2619.65 or any
          successor regulation adopted for the same or substantially
          similar purpose.

     4.8  FORFEITURE OF BENEFITS.  Despite any other provision of this
 Plan, a Participant's or Surviving Spouse's, as applicable, eligibility
 for benefit payments under the Plan is expressly subject to the
 following terms and conditions:

     (a)  The Company is and shall be entitled to the sole benefit and
          exclusive ownership of any inventions or improvements in
          plant, machinery and processes, and all patents for the same,
          and all customer or price lists, trade secrets and other
          things of similar type or nature used in the business of the
          Company that may be made or discovered by a Participant while
          he is employed by the Company, or, after the termination of
          his employment period if arising out of his activities,
          knowledge or experience gained while in the employment of the
          Company.  In the event that a Participant, during or after the
          termination of his employment, discloses all or any portion of
          the list of the Company's customers or the Company's pricing
          structure or all or any portion of the Company's manufacturing
          process or any other trade secrets or confidential information
          to any person, firm, corporation, associations or other entity
          for any reason or purpose whatsoever, no payment of any
          benefit otherwise due the Participant or his Surviving Spouse
          pursuant to this Plan shall be made by the Company.

     (b)  In the event a Participant, without the prior written consent
          of the Company and within a period of two years beginning on
          the first day following the Participant's termination of
          employment with the Company, directly or indirectly owns,
          manages, operates, joins, controls, is employed by or
          participates in the ownership, management, operation or
          control of, or is connected in any manner with, any business
          of a type and character which, in the opinion of the Company,
          results in the Participant then being engaged in the field of
          activities in which he was engaged by the Company at the time
          of termination (and within one year prior to said termination)
          and such business is, in the opinion of the Company, in direct
          or indirect competition in any market area served by the
          Company with any business then conducted by the Company in
          such market area, no payment of any benefit otherwise due the
          Participant or his Surviving Spouse pursuant to this Plan
          shall be made by the Company if the Participant fails to cease
          such activity within fifteen days of the mailing to him by the
          Company of the Company's opinion that he is in violation of
          the restrictions contained in this Section 4.8(b).
                                     -13-
<PAGE>
     (c)  The Company shall have sole discretion to stop payment of any
          benefit or refuse to make payments otherwise due the
          Participant or his Surviving Spouse pursuant to this Plan if
          the Participant's termination of employment with the Company
          or his appointment to a position with the Company as other
          than an Executive Officer was by reason of or because of the
          Participant's fraud, embezzlement, misappropriation or similar
          offense against the Company or any other state or federal
          felony offense.

     (d)  Subject to the provisions of Section 6.2, no benefit shall be
          payable under this Plan to any Participant or Surviving Spouse
          who, for any reason, is not eligible for and does not receive
          a benefit under the provisions of the Retirement Plan.

     4.9  INALIENABILITY OF BENEFITS.  A Participant's right to a
 benefit under the Plan shall not be subject to voluntary or
 involuntary sale, pledge, hypothecation, transfer or assignment by the
 Participant or by his personal representatives or heirs, or any other
 person or persons or organization or organizations succeeding to any of
 the Participant's rights and benefits hereunder.

     4.10  FACILITY OF PAYMENTS.  Any benefit payable hereunder to any
 person who is legally incapacitated may be paid to a court appointed
 legal representative of such person.

     4.11  CLAIMS PROCEDURE.  Each Participant or Surviving Spouse whose
 claim for benefits is denied, in whole or in part, shall be provided
 with a notice, written in a manner calculated to be understood by such
 person, setting forth the specific reasons for such denial and
 outlining the review procedure of the Company.  Each such Participant
 or Surviving Spouse shall be given a reasonable opportunity for a full
 and fair review by the Company of the decision by which the claim was
 denied.

                                     -14-

                             ARTICLE V
                      PROVISION FOR BENEFITS

     5.1  ASSETS OF THE COMPANY.  Benefits which become payable under
 the provisions of the Plan shall be paid directly by the Company out of
 its assets.  No assets of the Company shall be set aside or segregated
 for the provision of such benefit payments.  No Participant or
 Surviving Spouse, nor any other potential or actual recipient of
 benefits under the provisions of this Plan shall acquire any right,
 title or interest in the assets of the Company by reason of the Plan
 and, to the extent that the Participant, Surviving Spouse or such other
 recipient shall acquire a right to receive payments from the Company
 pursuant to the Plan, such right shall be no greater than the right of
 any unsecured general creditor of the Company.

                                     -15-
<PAGE>
                            ARTICLE VI
               AMENDMENT AND TERMINATION OF THE PLAN

     6.1  AMENDMENT.  The Company reserves the right to amend the Plan
 from time to time and at any time, effective as of any specified
 current, prior or future date; provided, however, that no such
 amendment shall modify or reduce a Participant's accrued benefit as of
 the date such amendment is adopted.

     6.2  TERMINATION.  The Company reserves the right to terminate the
 Plan at any time and for any reason; provided, however, that upon
 termination, each Participant's accrued benefit shall be fully vested
 subject only to the provisions of Section 4.8.  A Participant's
 "accrued benefit" shall mean the benefit which would be paid or payable
 pursuant to this Plan following the Participant's termination of
 employment if the Retirement Plan had terminated as of the same date on
 which the termination of the Plan occurs (and provided for payment of
 accrued Retirement Plan benefits upon the Participant's termination of
 employment) multiplied by a fraction, the numerator of which is a
 Participant's years of Continuous Service recognized under Section 3.2
 and the denominator of which is ten.

                                     -16-

                            ARTICLE VII
                           MISCELLANEOUS

     7.1  NONGUARANTEE OF EMPLOYMENT.  Nothing contained in this Plan
 shall be construed as a contract of employment between the Company and
 any employee, as a right of any employee to be continued in the
 employment of the Company as an Executive Officer or in any other
 capacity, or as a limitation of the right of the Company to discharge
 any of its employees, with or without cause.

     7.2  ACTION BY THE COMPANY.  Any action by the Company under this
 Plan may be by resolution of its Board of Directors, or by any officer
 or officers duly authorized by resolution of said Board to act with
 respect to the Plan.

     7.3  AGREEMENT BINDING ON SUCCESSORS.  This agreement shall be
 binding upon all persons entitled to benefits hereunder, and upon their
 respective heirs and legal representatives and upon the Company, its
 successors and assigns.

     7.4  CONSTRUCTION.  Except when otherwise indicated by the context,
 any masculine terminology herein shall also include feminine, and the
 definition of any term herein in singular shall also include the
 plural.

     7.5  TITLES.  Article and section titles are included for reference
 purposes only and in the event of a conflict between a title and its
 respective text the text shall control.

     7.6  GOVERNING LAW.  This Plan shall, to the extent not superseded
 by the Employee Retirement Income Security Act of 1974, be governed by
 the laws of the State of Wisconsin.

                                     -17-<PAGE>

                         CHANGE IN CONTROL AGREEMENT

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

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

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

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

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

                                    (S) 1.

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

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

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

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

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

               (c)  Executive has engaged in a material violation of the
          SunTrust Code of Conduct; or
<PAGE>

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

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

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

                                      -2-
<PAGE>

immediately following the consummation of such transaction and (B) the number of
shares of the common stock of such successor or survivor corporation
beneficially owned by the persons described in (S) 1.3(iv)(A) immediately
following the consummation of such transaction is beneficially owned by each
such person in substantially the same proportion that each such person had
beneficially owned shares of SunTrust common stock immediately before the
consummation of such transaction, provided (C) the percentage described in (S)
1.3(iv)(A) of the beneficially owned shares of the successor or survivor
corporation and the number described in (S) 1.3(iv)(B) of the beneficially owned
shares of the successor or survivor corporation shall be determined exclusively
by reference to the shares of the successor or survivor corporation which result
from the beneficial ownership of shares of common stock of SunTrust by the
persons described in (S) 1.3(iv)(A) immediately before the consummation of such
transaction.

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

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

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

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

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

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

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

                                      -3-
<PAGE>

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

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

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

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

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

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

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

                                      -4-
<PAGE>

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

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

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

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

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

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

                                      -5-
<PAGE>

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

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

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

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

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

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

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

                                      -6-
<PAGE>

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

          1.16  Protection Period.  The term "Protection Period" for purposes of
                -----------------
this Agreement shall (subject to (S) 1.12(f)) mean the three (3) year period
which begins on a Change in Control Date.

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

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

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

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

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

                                      -7-
<PAGE>

          1.22  Territory.  The term "Territory" for purposes of this Agreement
                ---------
shall mean the states of Georgia, Florida, Alabama, Tennessee, Virginia,
Maryland and the District of Columbia, which are the states in which SunTrust
has significant operations on the date of this Agreement.

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

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

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

                                     (S) 2.

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

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

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

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

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

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

                                      -8-
<PAGE>

               (b)  Term.
                    ----

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

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

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

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

                                     (S) 3.

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

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

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

                                      -9-
<PAGE>

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

                         (A)  Cash Payment. SunTrust shall pay Executive 3 times
                              ------------
                    Executive's Current Compensation Package in cash in a lump
                    sum within 30 days after the date Executive's employment so
                    terminates.

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

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

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

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

                                      -10-
<PAGE>

                    Executive is employed in such calendar year and the
                    denominator of which shall be the number of days in such
                    calendar year.

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

                         (G)  Pooling.  The provisions of (S) 3(a)(2)(B) and (S)
                              -------
                    3(a)(2)(C) shall be effective on the earlier of (1) the date
                    that SunTrust no longer can participate in any transaction
                    which can be accounted for on the "pooling of interests"
                    method under the requirements of Accounting Principles Board
                    Opinion No. 16, Business Combinations without regard to
                    whether these provisions are effective on such date, (2) the
                    date there is a Change in Control which can not be accounted
                    for on such "pooling of interests" method without regard to
                    the date these provisions become effective or (3) the date
                    there is a Change in Control which can be accounted for on
                    such "pooling of interests" method without regard to whether
                    these provisions are effective on the date of such Change in
                    Control; provided, these provisions shall be effective at
                    the end of the two (2) year period which starts on the date
                    of this Agreement (even if neither (S) 3(a)(2)(G)(1), (S)
                    3(a)(2)(G)(2) nor (S) 3(a)(2)(G)(3) is applicable) if
                    SunTrust has not entered into a letter of intent or other
                    written agreement to effect a Change in Control before the
                    end of such period.

               (b)  Continuing Benefit Coverage. If Executive's employment
                    ---------------------------
          terminates under the circumstances described in (S) 3(a) or (S) 3(f),
          SunTrust or a SunTrust Affiliate from the date of such termination of
          Executive's employment until the end of Executive's Protection Period
          shall provide to Executive medical, dental and life insurance benefits
          which are similar in all material respects as those benefits provided
          under SunTrust's

                                      -11-
<PAGE>

          employee benefit plans, policies and programs to senior executives of
          SunTrust who have not terminated their employment. If SunTrust cannot
          provide such benefits under SunTrust's employee benefit plans,
          policies and programs, SunTrust either shall provide such benefits to
          Executive outside such plans, policies and programs at no additional
          expense or tax liability to Executive or shall reimburse Executive for
          Executive's cost to purchase such benefits and for any tax liability
          for such reimbursements.

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

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

               (e)  No Increase in Other Benefits; No Other Severance Pay. If
                    -----------------------------------------------------
          Executive's employment terminates under the circumstances described in
          (S) 3(a) or (S) 3(f), Executive waives Executive's right, if any, to
          have any payment made under this (S) 3 taken into account to increase
          the benefits otherwise payable to, or on behalf of, Executive under
          any employee benefit plan, policy or program, whether qualified or
          nonqualified, maintained by SunTrust or a SunTrust Affiliate and,
          further, waives Executive's right, if any, to the payment of severance
          pay under any severance pay plan, policy or program maintained by
          SunTrust or a SunTrust Affiliate subject to the condition that
          SunTrust not be relieved of any of its obligations to Executive under
          this (S) 3 pursuant to (S) 3(g) or (S) 3(h).

               (f)  Termination in Anticipation of Change in Control Date.
                    -----------------------------------------------------
          Executive shall be treated under (S) 3(a) as if Executive's employment
          had been terminated without Cause or Executive had resigned for Good

                                      -12-
<PAGE>

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

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

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

                                     (S) 4

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

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

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

                                      -13-
<PAGE>

          service provider to, any corporation, partnership, venture or other
          business entity.

                                     (S) 5.

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

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

                                     (S) 6.

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

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

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

                                     (S) 7.

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

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

                                      -14-
<PAGE>

                                     (S) 8.

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

          Any dispute, controversy or claim arising out of or relating to this
Agreement shall be determined by binding arbitration in accordance with Title 9
of the United States Code and the applicable set of arbitration rules of the
American Arbitration Association.  Judgment upon any award made in such
arbitration may be entered and enforced in any court of competent jurisdiction.
All statutes of limitation which would otherwise be applicable in a judicial
action brought by a party shall apply to any arbitration or reference proceeding
hereunder.  Neither SunTrust nor Executive shall appeal such award to or seek
review, modification, or vacation of such award in any court or regulatory
agency.  Unless otherwise agreed, venue for arbitration shall be in Atlanta,
Georgia.  All of Executive's reasonable costs and expenses incurred in
connection with such arbitration shall be paid in full by SunTrust promptly on
written demand from Executive, including the arbitrators' fees, administrative
fees, travel expenses, out-of-pocket expenses such as copying and telephone,
court costs, witness fees and attorneys' fees; provided, however, SunTrust shall
pay no more than $50,000 in attorneys' fees unless a higher figure is awarded in
the arbitration, in which event SunTrust shall pay the figure awarded in the
arbitration.

                                     (S) 9.

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

          If SunTrust or SunTrust's independent accountants determine that any
payments and benefits called for under this Agreement together with any other
payments and benefits made available to Executive by SunTrust or a SunTrust
Affiliate will result in Executive being subject to an excise tax under (S) 4999
of the Code or if such an excise tax is assessed against Executive as a result
of any such payments and other benefits, SunTrust shall make a Gross Up Payment
to or on behalf of Executive as and when any such determination or assessment is
made, provided Executive takes such action (other than waiving Executive's right
to any payments or benefits) as SunTrust reasonably requests under the
circumstances to mitigate or challenge such tax.  Any determination under this
(S) 9 by SunTrust or SunTrust's independent accountants shall be made in
accordance with (S) 280G of the Code and any applicable related regulations
(whether proposed, temporary or final) and any related Internal Revenue Service
rulings and any related case law and, if SunTrust reasonably requests that
Executive take action to mitigate or challenge, or to mitigate and challenge,
any such tax or assessment (other than waiving Executive's right to any payment
or benefit) and Executive complies with such request, SunTrust shall provide
Executive with such information and such expert advice and assistance from
SunTrust's independent accountants, lawyers and other advisors as Executive may
reasonably request and

                                      -15-
<PAGE>

shall pay for all expenses incurred in effecting such compliance and any related
fines, penalties, interest and other assessments.

                                    (S) 10.

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

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

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

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

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

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

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

          10.7  Entire Agreement. This Agreement constitutes the entire
                ----------------
understanding and agreement of SunTrust and Executive with respect to the
matters

                                      -16-
<PAGE>

contemplated in this Agreement, and supersedes all prior understandings and
agreements between SunTrust and Executive with respect to such transactions.

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

                         If to SunTrust:

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

                         If to Executive:

                         L. Phillip Humann
                         721 West Wesley Road
                         Atlanta, GA  30327

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

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

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

SUNTRUST BANKS, INC.                      EXECUTIVE

By: /s/ Mary T. Steele                    /s/ L. Phillip Humann
    -------------------------             -----------------------
    Mary T. Steele                        L. Phillip Humann

Title: Senior Vice President

                                      -17-

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