Exhibit (10)(b)

 

AMENDMENT NO. 1 TO

AMENDED AND RESTATED EMPLOYMENT AGREEMENT

 

This Amendment No. 1 dated December 20, 2005 (the “Amendment”), to the Amended
and Restated Employment Agreement initially dated October 19, 1984 which was
last amended and restated as of January 17, 1996 (as amended and restated prior
to the date hereof, the “Employment Agreement”) made and entered into by and
between Wachovia Corporation (the “Company”), as successor by merger to
SouthTrust Corporation, and Wallace D. Malone, Jr. (the “Employee”);

 

RECITALS

 

WHEREAS, Section 409A of the Internal Revenue Code (as amended, the “Code”)
requires delayed commencement of payments to “key employees” in order to avoid a
prohibited payment under Code Section 409A(a)(2);

 

WHEREAS, the Employee has been and it is contemplated that the Employee will
continue to be designated as a “key employee” of the Company as that term is
defined under Code Section 416(i);

 

WHEREAS, the Company and the Employee desire to amend the Employment Agreement
in order to comply with the requirements of Code Section 409A and the rules
promulgated thereunder and provide for a Code Section 409A(a)(2) deferral period
as necessary to avoid a prohibited payment and prevent any imposition of certain
tax penalties on the Employee;

 

NOW, THEREFORE, the Company and Employee mutually agree as follows:

 

1. The following new Section 16 is added immediately following Section 15:

 

“16. Delayed Payment Date. Notwithstanding any provision to the contrary in this
Agreement, if the Employee is deemed at the time to be a “key employee” within
the meaning of that term under Internal Revenue Code Section 416(i) and such
delayed commencement is otherwise required in order to avoid a prohibited
distribution under Internal Revenue Code Section 409A(a)(2), no payments or
benefits to which the Employee otherwise becomes entitled under this Agreement
shall be made or provided to the Employee prior to the earlier of (i) the
expiration of the six (6)-month period measured from the date of the Employee’s
“separation from service” (as such term is defined in Treasury Regulations
issued under Internal Revenue Code Section 409A) or (ii) the date of the
Employee’s death. Upon the expiration of the applicable Internal Revenue Code
Section 409A(a)(2) deferral period referred to in the preceding sentence, all
payments and benefits deferred pursuant to this Section 16 (whether they would
have otherwise been payable in a single sum or in installments in the absence of
such deferral) shall be paid or reimbursed to the Employee in a lump sum, and
any remaining payments and benefits due under this Agreement shall be paid or
provided in accordance with the normal payment dates specified for them herein.”

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2. All provisions of the Employment Agreement not affected by this Amendment
shall remain in full force and effect and shall continue to be binding
obligations of both parties hereto. Capitalized terms used in this Amendment but
not defined herein shall have the meanings assigned thereto in the Employment
Agreement.

 

3. This Amendment may be executed in any number of counterparts and each of such
counterparts shall for all purposes be deemed to be an original, and all such
counterparts shall together constitute but one and the same instrument.

 

[Signatures appear on following page.]

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IN WITNESS WHEREOF, the Company has caused this Amendment to the Employment
Agreement to be executed and delivered by its duly authorized officer, and the
Employee has executed and delivered this Amendment to the Employment Agreement
as of the date written above.

 

WACHOVIA CORPORATION   [SEAL]                                         

 

        ATTEST: By:  

/s/ G. Kennedy Thompson

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/s/ Mark C. Treanor

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Name:   G. Kennedy Thompson   Mark C. Treanor Title:   Chief Executive Officer  
Secretary

 

EMPLOYEE    

/s/ Wallace D. Malone, Jr.

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  (SEAL)                            

Wallace D. Malone, Jr.