Amendment Number One to Synovus Financial Corp./Total System Services, Inc. Deferred Compensation Plan

Contract Categories: Human Resources › Compensation Agreements
Summary

This amendment, effective July 8, 2005, updates the Synovus Financial Corp./Total System Services, Inc. Deferred Compensation Plan. It allows other non-qualified deferred compensation plans to be merged into the Plan, with all merged accounts becoming fully vested at the time of merger. The amendment specifically merges the Vital Processing Services, LLC Deferred Retention Compensation Plan and outlines new distribution options and grandfathered contribution elections for participants. All other terms of the original Plan remain unchanged.

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EX-10.1 2 exhibit101.htm AMENDMENT NUMBER ONE TO SYNOVUS FINANCIAL CORP./TOTAL SYSTEM SERVICES, INC. DEFERRED COMPENSATION PLAN

Exhibit 10.1

 

AMENDMENT NUMBER ONE TO

SYNOVUS FINANCIAL CORP./TOTAL SYSTEM SERVICES, INC.

DEFERRED COMPENSATION PLAN

 

THIS Amendment to the Synovus Financial Corp./Total System Services, Inc. Deferred Compensation Plan (“Plan”) is adopted by Synovus Financial Corp., effective as of July 8, 2005.

 

1.

 

A new paragraph “G” is added to Section V of the Plan, as follows:

 

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

 

2.

 

A new Exhibit “A” is added to the end of the Plan, as follows:

 

Exhibit “A”

 

Merged Plans

 

Plan’s Name

 

Date of Merger

 

Terms and Conditions

Vital Processing Services, LLC
Deferred Retention Compensation Plan

 

July 8, 2005

 

New distribution elections permit-
ted until 7/31/05 for participants
who have not separated from service (separated participants Stephen Swope will be paid in a lump sum in August of 2005 and Glen Hunter will be paid in May of 2006). New distribution elections may be made for 1-15 years and on annual or monthly basis; other distribution provisions governed by Synovus Plan. Contribution elections grandfathered (including elections for percentages and specific dollar amounts) so long as compliant with Internal Revenue Code Section 409A.

 

 

 

 

 

 

 

 

 

 

 

3.

 

Except as amended herein, the Plan shall continue in full force and effect.

 

IN WITNESS WHEREOF, this amendment is hereby adopted as of the date indicated above.

 

 

Synovus Financial Corp.

 

 

By:

/s/Steven C. Evans

 

Name:

Steven C. Evans

 

Title: Senior Vice President

 

Date: July 8, 2005