STI » Topics » Item 1.01 Material Contracts

This excerpt taken from the STI 8-K filed May 8, 2009.

Item 1.01 Material Contracts.

On May 6, 2009, SunTrust Banks, Inc. (the “Registrant”) entered into a letter agreement with the Federal Reserve Bank of Atlanta to augment the composition of its capital by increasing the common shareholders equity component of tier 1 capital by $2.16 billion. The Registrant also indicated its intention to provide information to the Federal Reserve Bank of Atlanta no later than June 8, 2009 about how the Registrant intends to accomplish this augmentation. A copy of the Letter Agreement is filed as Exhibit 10.1 to this report and is incorporated herein by reference.

This excerpt taken from the STI 8-K filed Nov 16, 2006.

Item 1.01 Material Contracts

Effective November 13, 2006, the Registrant amended the following stock option plans: (1) the 2003 Stock Incentive Plan of National Commerce Financial Corporation; (2) the National Commerce Financial Corporation Amended and Restated Long Term Incentive Plan; (3) the SouthBanc Shares, Inc. 1998 Stock Option Plan; and (4) the Stone Street Bancorp, Inc. Stock Option Plan. Specifically, the Registrant amended the anti-dilution provisions of these plans. Previously, such provision allowed the plan administrator (generally the Compensation Committee of the Board of Directors or the Board of Directors itself) to exercise discretion in adjusting the terms of outstanding options upon a stock split or similar equity restructuring to prevent the rights of the option holder from being diluted as a result of such stock split or other equity restructuring. The effect of the amendments made by the Registrant is to remove any discretion on the part of the plan administrator in implementing such adjustments. The amendments are provided as Exhibits 10.1, 10.2, 10.3, and 10.4 to this Current Report.

Also, effective January 1, 2007, the Registrant amended the SunTrust Banks, Inc. Management Incentive Plan. The amendment gives the Compensation Committee of the Registrant’s Board of Directors discretion to reduce an award under the plan from the amount prescribed upon achievement of a specified financial goal established under the plan to a level commensurate with the employee’s achievement of other goals. The ability of the Committee to reduce awards in such manner is limited to “covered employees,” which the plan defines as the Chief Executive Officer of the Corporation and the four other most highly compensated executive officers whose compensation would be reportable in the “summary compensation table” under the Securities and Exchange Commission’s executive compensation disclosure rules. The amendment is provided as Exhibit 10.5 to this Current Report.

EXCERPTS ON THIS PAGE:

8-K
May 8, 2009
8-K
Nov 16, 2006
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