BOARD OF DIRECTORS MEETING, OCTOBER 28, 1994
APPROVAL OF SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN
BOARD APPROVAL REQUIRED
RESOLVED, The the appropriate officers of the Corporation are hereby
authorized and directed to design, adopt and implement a Supplemental
Executive Retirement Plan as described in the attached exhibit, and with
such other terms as such officers may deem appropriate or necessary to
carry out the actions required by this resolution.
BOARD OF DIRECTORS, OCTOBER 28, 1994
PROPOSED SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN
PURPOSE: Retirement benefits payable to Crestar's senior executive
offers under qualified and nonqualified plans are not
competitive with other banks in our peer group. A
supplemental executive retirement plan can meet this
competitive need and also promote flexibility in
retirement planning for executives and the Corporation.
ELIGIBILITY: Officers in grades 41 and above
BENEFIT: Annual benefit based single life annuity providing 50% of
executive s average 3 year total compensation (base
salary plus bonus) reduced by benefits payable under
Retirement Plan, Additional Nonqualified Executive Plan
and Excess Plan, commencing at age 60 with 20 years of
service; payment options same as annuity options
available under the Retirement Plan. Early retirement
benefit payable at ages 55 through 59, with 5% reduction
per year prior to age 60.
VESTING: Fully vested at age 55 with 20 years of service
FUNDING: Payable from general assets
AMENDMENT & Board may amend or terminate at any time, provided that
TERMINATION consent must be obtained from (a) any participant who has
reached age 55 and has 20 years of service, and (b) any
participant or beneficiary who is in pay status if any
such amendment or termination would reduce the
participant's or beneficiary's benefit.
CHANGE Agreement is binding on Crestar's successor. Any
IN Control: participant whose employment terminates following a
change in control and who has 20 years of service
(with Crestar and its successor) may elect to begin
receiving plan benefits prior to age 55, provided that
such benefit is proportionately reduced.