SYNOVUS FINANCIAL CORP.
EXECUTIVE SALARY CONTINUATION DEATH BENEFIT PLAN
This Synovus
Financial Corp. Executive Salary Continuation Death Benefit Plan
(“Plan”) is designed to provide an income benefit to
the beneficiaries of a select group of highly compensated
management employees of Synovus Financial Corp. and its
subsidiaries. Participation in the Plan was “frozen”
effective January 1, 2005. This Plan document restates, but
does not substantively amend, the terms and provisions of the
individual Plan agreements that were entered into with Eligible
Employees prior to January 1, 2005.
1.1
Beneficiary : The Surviving Spouse and/or Dependent Child or
Children of Eligible Employee.
1.2 Dependent
Child : Any natural or legally adopted child of the Eligible
Employee who is either (a) under 18 years of age,
(b) attending an accredited school as a full-time student for
at least 150 days per calendar year, or (c) determined by
Employer in its sole discretion to be otherwise dependent upon
Eligible Employee by reason of any disability or like
cause.
1.3. Effective
Date . The Plan as amended herein is effective August 5,
2009.
1.4. Eligible
Employee : A full-time employee of Employer who is listed on
the Participation List. The Participation List also describes
whether each Eligible Employee is eligible for Plan “A”
or Plan “B” benefits. In the event that an Eligible
Employee, while a full-time employee of Employer, shall become
totally and permanently disabled as defined herein, Eligible
Employee shall, for purposes of this Agreement, be deemed a
full-time employee of Employer for a period of one (1) year
following the Eligible Employee’s date of Total and Permanent
Disability.
1.5.
Employer : Synovus Financial Corp. or one of its
subsidiaries.
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1.6. Period of
Eligibility : For Plan “A” Eligible Employees, the
period of eligibility shall be one hundred and twenty
(120) calendar months. For Plan “B” Eligible
Employees, the period of eligibility shall be seventy-two
(72) calendar months. For purposes of computing the period of
eligibility, partial months of fifteen days or less shall be
disregarded and partial months of more than fifteen days shall be
deemed as whole months.
1.7.
Participation List : The list of Eligible Employees
maintained by the Director of Benefits of Synovus Financial
Corp.
1.8. Plan .
This Synovus Financial Corp. Executive Salary Continuation Death
Benefit Plan.
1.9. Primary
Benefit Period : Twelve calendar months.
1.10. Primary
Income Benefit : For Plan “A” Eligible Employees,
the Primary Income Benefit is $50,000 per annum. For Plan
“B” Eligible Employees, the Primary Income Benefit is
$42,860 per annum. The Primary Income Benefit shall be prorated if
necessary, and paid during the Primary Benefit Period, in
semi-monthly installments.
1.11. Secondary
Benefit Period : The Period of Eligibility less the Primary
Benefit Period.
1.12. Secondary
Income Benefit : For Plan “A” Eligible Employees,
the Secondary Income Benefit is $25,000 per annum. For Plan
“B” Eligible Employees, the Secondary Income Benefit is
$21,428 per annum. The Secondary Income Benefit shall be prorated
if necessary, and paid during the Secondary Benefit Period, in
semi-monthly installments.
1.13. Surviving
Spouse : The surviving spouse to whom Eligible Employee had
been married for at least twelve consecutive calendar months on the
date of his or her death.
1.14. Total and
Permanent Disability : Certification by a competent physician
licensed to practice medicine in the Eligible Employee’s
county of residence that Eligible Employee is unable to engage in
any substantial gainful employment because of a mental or physical
impairment which can be expected to result in Eligible
Employee’s death or which may be expected to last for
12 months or more.
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2.1. Employer
Payments : Employer shall pay to Beneficiary the Primary and
Secondary Income Benefits which may become due under the terms of
this Plan; provided, however, that this obligation is based solely
upon this Plan and Employer has not funded nor secured the benefit
herein provided.
3.1. Benefit
Payments to Eligible Employee Prohibited : No payment of any
benefit which may become due under this Agreement shall be made to
Eligible Employee or his or her Estate, directly or indirectly.
Eligible Employee shall have no power to modify or amend this Plan
or in any way to change the definition of Beneficiary made by
Employer herein.
3.2. Priority
of Beneficiaries : If:
(a) Eligible
Employee is survived by his or her Surviving Spouse as defined
herein, the Primary Income Benefit and the Secondary Income Benefit
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