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                                                                  EXHIBIT 10(X)
 
                         FIRST CHICAGO NBD CORPORATION
                              DIRECTOR STOCK PLAN
 
1. PURPOSE OF THE PLAN
 
  The purpose of the First Chicago NBD Corporation Director Stock Plan is to
promote the long-term growth of First Chicago NBD Corporation by increasing
the proprietary interest of non-employee directors in First Chicago NBD
Corporation and to attract and retain highly qualified and capable directors.
 
2. DEFINITIONS
 
  Unless the context clearly indicates otherwise, the following terms shall
have the following meanings:
 
    (a) "Annual Retainer" means the annual cash retainer fee payable during
  the Plan Year by the Corporation or any subsidiary or affiliate of the
  Corporation to a Director for services as a Director of the Corporation or
  any subsidiary or affiliate. To the extent a Director is also entitled to
  an additional retainer as a result of being the chairperson of a committee
  of the Board, Annual Retainer will also include such additional annual cash
  retainer.
 
    (b) "Award" means an award granted to a Director under the Plan in the
  form of Options, Shares, or Stock Units or any combination thereof.
 
    (c) "Award Grant Date" means the date upon which an Award is granted to
  the Director.
 
    (d) "Award Summary" means a written summary setting forth the terms and
  conditions of each Award made under this Plan.
 
    (e) "Board" means the Board of Directors of First Chicago NBD
  Corporation.
 
    (f) "Change of Control" means a change of control as defined in the First
  Chicago NBD Corporation Stock Performance Plan or any successor thereto.
 
    (g) "Committee" means the Organization, Compensation and Nominating
  Committee of the Board or such other Committee of the Board as may be
  designated by the Board from time to time to administer the Plan.
 
    (h) "Corporation" means First Chicago NBD Corporation, a Delaware
  Corporation.
 
    (i) "Director" means a director of the Corporation who is not an employee
  of the Corporation or any subsidiary of the Corporation. Director shall
  also include a director of any subsidiary or affiliate of the Corporation
  who is not an employee of the Corporation or a subsidiary or affiliate of
  the Corporation provided that the Board has approved adoption of the Plan
  by the subsidiary or affiliate.
 
    (j) "Fair Market Value" means the average of the highest and the lowest
  quoted selling prices on the New York Stock Exchange Composite Transactions
  Tape on the relevant valuation date or, if there were no sales on the
  valuation date, on the next preceding date on which such selling prices
  were recorded.
 
    (k) "Option" means an option to purchase Shares awarded under Section 9
  which does not meet the requirements of Section 422 of the Internal Revenue
  Code of 1986, as amended, or any successor law.
 
    (l) "Optionee" means a Director of the Corporation to whom an Option has
  been granted or, in the event of such Director's death prior to the
  expiration of an Option, such Director's executor, administrator,
  beneficiary or similar person.
 
    (m) "Plan" means the First Chicago NBD Corporation Director Stock Plan,
  as amended and restated from time to time.
 
    (n) "Plan Year" means the twelve month period from April 1 to March 31.
 
    (o) "Share" means a share of common stock, $1.00 par value per share, of
  the Corporation.
 
    (p) "Stock Unit" means the right to receive a Share on a date elected by
  the Director pursuant to rules established by the Committee along with such
  dividend or dividend equivalent rights as may be permitted hereunder.
 
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3. ELIGIBILITY
 
  Directors shall be eligible to participate in the Plan in accordance with
Sections 7, 8 and 9.
 
4. PLAN ADMINISTRATION
 
  (a) Administrator of Plan. The Plan shall be administered by the Committee.
 
  (b) Authority of Committee. The Committee shall have full power and
authority to (i) interpret and construe the Plan and Award Summaries and adopt
such rules as it shall deem necessary and advisable to implement and
administer the Plan and (ii) designate persons other than members of the
Committee to carry out its responsibilities, subject to such limitations,
restrictions and conditions as it may prescribe, such determinations to be
made in accordance with the Committee's best business judgment as to the best
interests of the Corporation and its stockholders and in accordance with the
purposes of the Plan. The Committee may delegate administrative duties under
the Plan to one or more agents as it shall deem necessary or advisable.
 
  (c) Determinations of Committee. A majority of the Committee shall
constitute a quorum at any meeting of the Committee, and all determinations of
the Committee shall be made by a majority of its members. Any determination of
the Committee under the Plan may be made without notice or a meeting of the
Committee by a written consent signed by all members of the Committee.
 
  (d) Effect of Committee Determinations. No member of the Committee or the
Board shall be personally liable for any action or determination made in good
faith with respect to the Plan or any Award or to any settlement of any
dispute between a Director and the Corporation. Any decision made or action
taken by the Committee or the Board with respect to an Award or the
administration or interpretation of the Plan shall be conclusive and binding
upon all persons.
 
5. SHARES SUBJECT TO THE PLAN
 
  Subject to adjustments as provided in Section 14, the aggregate number of
Shares which may be issued pursuant to Awards shall not exceed 1,000,000
Shares. To the extent that Shares subject to an outstanding Option are not
issued or delivered by reason of the expiration, termination, cancellation or
forfeiture of such Option or by reason of the delivery of Shares to pay all or
a portion of the exercise price of such Option, then such Shares shall again
be available for issuance under the Plan.
 
6. AWARDS UNDER THE PLAN
 
  Awards in the form of Shares shall be granted to Directors in accordance
with Section 7. Awards in the form of Options, Shares or Stock Units, or a
combination thereof, may be granted to Directors in accordance with Section 8.
Awards in the form of Stock Units may be granted to Directors in accordance
with Section 9. Each Award granted under Section 8 and Section 9 shall be
evidenced by an Award Summary. Delivery of an Award Summary shall constitute
an agreement, subject to Section 3 and Section 11, between the Corporation and
the Director as to the terms and conditions of the Award.
 
7. ANNUAL STOCK RETAINER
 
  Each Director shall be granted Shares, subject to the following terms and
conditions:
 
    (a) Time of Grant. Each Director shall be granted, as of the date of each
  annual meeting of stockholders of the Corporation (except in 1996, as of
  August 1, 1996) the Director's annual stock retainer. In the case of a
  Director who is appointed to the Board on a date during the Plan Year which
  follows the date of an annual meeting of stockholders, the Director shall
  be granted, as of the date such Director is first appointed to the Board,
  the Director's annual stock retainer, as prorated in the manner described
  below.
 
    (b) Number of Shares. The number of Shares granted pursuant to this
  Section shall be the number of whole Shares equal to (i) one-half of the
  Annual Retainer (without taking into consideration any chairperson
  retainer) divided by (ii) the Fair Market Value per Share on the Award
  Grant Date (increased to the next whole share in case of any fractional
  share). In the case of a Director who is appointed to the Board on a date
  during the Plan Year which follows the date of an annual meeting of
  stockholders, the number of Shares granted pursuant to this Section for
  such Director shall be calculated in the manner described in the previous
  sentence, except that (i) the Fair Market Value per Share shall be
  determined as of the date the Director is appointed to the Board, and (ii)
  the number of Shares granted shall be prorated
 
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  based upon the number of calendar months during which such Director will
  serve on the Board prior to the beginning of the next Plan Year. (Any part
  of a calendar month will count as a whole month for purposes of these
  calculations.)
 
8. ELECTIVE OPTIONS, SHARES AND STOCK UNITS
 
  Each Director shall be granted Options, Shares or Stock Units, or a
combination thereof, subject to the following terms and conditions:
 
    (a) Time of Grant. As of the date of each annual meeting of stockholders
  of the Corporation (except in 1996, as of August 1, 1996), an Award, shall
  be granted to each Director who, at least six months prior thereto, files
  with the Committee or its designee a written election to receive such
  Award, or a combination thereof, in lieu of all or a portion of such
  Director's Annual Retainer. Each Director's election shall remain in effect
  and be applicable with respect to subsequent years' Annual Retainers unless
  the Director files a revised election pursuant to the first sentence of
  this Section 8(a). In the event a Director does not file a written election
  in accordance with the first sentence by reason of becoming a Director
  after the date which is six months prior to the annual meeting of
  stockholders of the Corporation in any year, an Award, shall be granted to
  such Director pursuant to rules established by the Committee on the first
  day (the "Effective Date") which is six months after the date such Director
  files with the Committee or its designee a written election to receive such
  Award, in lieu of all or a portion of such Director's Annual Retainer;
  provided, however, that such election may apply only to the portion of such
  Director's Annual Retainer multiplied by a fraction, the numerator of which
  is the number of months from and including the Effective Date to and
  including the end of such Plan Year and the denominator of which is 12. An
  election pursuant to the first sentence of this Section 8(a) may be revoked
  or changed only on or prior to the date which is six months prior to the
  annual meeting of stockholders of the Corporation. An election pursuant to
  the third sentence of this Section 8(a) shall be irrevocable with respect
  to the Director's Annual Retainer paid during the Director's first Plan
  Year.
 
    (b) Number of Shares. The number of Shares granted pursuant to Section
  8(a) shall be the number of whole Shares (increased to the next highest
  whole Share in case of any fractional Share) equal to (i) the portion of
  the Annual Retainer which the Director has elected pursuant to Section 8(a)
  to be payable in Shares, divided by (ii) the Fair Market Value per Share on
  the Award Grant Date.
 
    (c) Number and Purchase Price of Options. The number of Shares subject to
  an Option granted pursuant to Section 8(a) shall be the number of Shares
  equal to the product of three (3) times the number of Shares the Director
  would have received had the Director elected to receive Shares under
  Section 8(b) rather than Options under this Section 8(c). The purchase
  price per Share under each Option granted shall be 100% of the Fair Market
  Value per Share on the Award Grant Date.
 
    (d) Exercise of Options. Each Option shall be fully exercisable on and
  after that date which is six months after the Award Grant Date and, subject
  to Section 11, shall not be exercisable prior to such date. An Option may
  be exercised until the date which is ten years after the Award Grant Date
  of such Option. An Option, or portion thereof, may be exercised in whole or
  in part only with respect to whole Shares.
 
    Shares shall be issued to the Optionee pursuant to the exercise of an
  Option only upon receipt by the Corporation from the Optionee of payment in
  full either in cash or by submitting acceptable proof to the Committee of
  the ownership of Shares which have been owned by the Optionee for at least
  six months prior to the date of exercise of the Option, or a combination of
  cash and Shares, in an amount or having a combined value equal to the
  aggregate purchase price for the Shares subject to the Option or portion
  thereof being exercised. The Shares issued to an Optionee for the portion
  of any Option exercised by submitting proof of acceptable ownership of
  Shares shall not exceed the number of Shares issuable as a result of such
  exercise (determined as though payment in full therefor were being made in
  cash) less the number of Shares for which proof of ownership is submitted.
  The value of owned Shares for which proof of ownership is submitted in full
  or partial payment for the Shares purchased upon the exercise of an Option
  shall be equal to the aggregate Fair Market Value of such owned Shares on
  the date of the exercise of such Option.
 
    (e) Number of Stock Units. The number of Stock Units granted pursuant to
  Section 8(a) shall be the number of Stock Units equal to (i) the portion of
  the Annual Retainer which the Director has elected pursuant to Section 8(a)
  to be payable in Stock Units, divided by (ii) the Fair Market Value per
  Share on the Award Grant Date. A Director who has been awarded Stock Units
  shall be credited while such Stock Units remain outstanding with additional
  Stock Units equal to (1) the product of (i) the cash dividend per Share
  declared after the Stock Units are awarded and (ii) the number of Stock
  Units credited to the Director divided by (2) the Fair Market Value of a
  Share on the date the dividend is paid. Such additional Stock Units shall
  be issued as Shares at the same time and in the same manner as the
  underlying Stock Units to which they are attributable.
 
 
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    (f) Distribution of Stock Units. Upon the date elected by the Director,
  the Director will receive one Share for each Stock Unit including any
  fraction thereof. In the event of a Director's death prior to the issuance
  of Shares attributable to Stock Units, Shares attributable to such
  Director's Stock Units shall become immediately distributable to such
  Director's executor, administrator, beneficiary or similar person.
 
9. AWARD OF STOCK UNITS BASED UPON VALUE OF TERMINATED DIRECTOR RETIREMENT PLAN
 BENEFITS AND PRIOR DIRECTOR DEFERRALS
 
  (a) Terminated Retirement Plan Benefits. Pursuant to rules established by the
Committee, a Director who participated in either the NBD Bancorp, Inc. Non-
Employee Director Retirement Plan or the First Chicago Corporation Director
Retirement Income Plan ("Retirement Plans"), both of which were terminated
effective January 31, 1996, may elect pursuant to a six-month irrevocable
election to receive all or a portion of the Director's benefit under the
Retirement Plans in Stock Units payable in Shares upon the such Director's
retirement from the Board. The number of Stock Units awarded pursuant to this
Section 9(a) shall be determined consistent with Section 8(e).
 
  (b) Prior Director Deferrals of NBD Bancorp, Inc. Directors. Pursuant to
rules established by the Committee, a Director who deferred annual retainers
under the NBD Bancorp, Inc. Plan for Deferring the Payment of Directors' Fees
may elect pursuant to a six-month irrevocable election to receive all or a
portion of the Director's benefits under such plan in Stock Units payable in
Shares pursuant to the election filed by the Director under such plan. The
number of Stock Units awarded pursuant to this Section 9(b) shall be determined
consistent with Section 8(e).
 
  (c) Prior Director Deferrals of First Chicago Corporation Directors. Pursuant
to rules established by the Committee, each Director who deferred annual
retainers under the First Chicago Corporation Compensation Agreement and The
First National Bank of Chicago Compensation Agreement ("Agreements") may elect
pursuant to a six-month irrevocable election to have the value of the deferred
retainers under the Agreements as of a date determined by the Committee awarded
in Stock Units payable in Shares at the time elected by such Directors under
the Agreements. The number of Stock Units awarded pursuant to this Section 9(c)
shall be determined consistent with Section 8(e).
 
10. ISSUANCE OF SHARES
 
  Upon an Award of Shares to a Director pursuant to this Plan, the Shares shall
be credited to a book entry account in the name of the Director at a trust
company designated by the Committee, whereupon the Director shall become a
stockholder of the Corporation with respect to such Shares and shall be
entitled to vote the Shares.
 
11. NON-TRANSFERABILITY OF OPTIONS AND STOCK UNITS
 
  All Options and Stock Units granted under the Plan shall not be transferable
by a Director during his or her lifetime and may not be assigned, exchanged,
pledged, transferred or otherwise encumbered or disposed of except by court
order, will or by the laws of descent and distribution. Notwithstanding the
foregoing, in the event Options may be transferable in accordance with the
provisions of Rule 16b-3 under the Securities Exchange Act of 1934, as amended,
then each Option shall be transferable to the extent set forth under the terms
of each Award, as determined by the Committee. In the event that any Option is
thereafter transferred as permitted by the preceding sentence, the permitted
transferee thereof shall be deemed the Optionee hereunder. Options shall be
exercisable during the Optionee's lifetime only by the Optionee or by the
Optionee's guardian, legal representative or similar person.
 
12. CHANGE OF CONTROL
 
  Upon the occurrence of a Change of Control, any and all outstanding Options
shall become immediately exercisable and all Stock Units shall become
distributable in Shares.
 
13. AMENDMENT AND TERMINATION
 
  The Board may amend the Plan from time to time or terminate the Plan at any
time; provided, however, than no action authorized by this Section shall
adversely change the terms and conditions of an outstanding Option or Stock
Unit without the Optionee's consent and, subject to Section 14, the number of
Shares subject to an Option granted under Section 8, the purchase price
therefor, the date of grant of any such Option and the termination provisions
relating to such Option, and shall not be amended more than once every six
months, other than to comply with changes in the Internal Revenue Code of 1986,
as amended, or any successor law, or the Employee Retirement Income Security
Act of 1974, as amended, or any successor law, or the rules and regulations
thereunder.
 
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14. RECAPITALIZATION
 
  The aggregate number of shares of Common Stock as to which Awards may be
granted to Directors, the number of shares thereof covered by each outstanding
Award, and the price per share thereof in each such Award, shall all be
proportionately adjusted for any increase or decrease in the number of issued
Shares resulting from a subdivision or consolidation of Shares or other capital
adjustment, or the payment of a stock dividend or other increase or decrease in
such Shares, effected without receipt of consideration by the Corporation, or
other change in corporate or capital structure; provided, however, that any
fractional Shares resulting from any such adjustment shall be eliminated. The
Committee may also make the foregoing changes and any other changes, including
changes in the classes of securities available, to the extent it is deemed
necessary or desirable to preserve the intended benefits of the Plan for the
Corporation and the Directors in the event of any other reorganization,
recapitalization, merger, consolidation, spin-off, extraordinary dividend or
other distribution or similar transaction.
 
15. GOVERNING LAW
 
  To the extent that federal laws do not otherwise control, the Plan shall be
construed in accordance with and governed by the law of the State of Delaware.
 
16. SAVINGS CLAUSE
 
  This Plan is intended to comply in all aspects with applicable law and
regulation, including, Section 16 of the Securities Exchange Act of 1934 and
Rule 16b-3 of the Securities and Exchange Commission. In case any one or more
of the provisions of this Plan shall be held invalid, illegal or unenforceable
in any respect under applicable law and regulation (including Rule 16b-3), the
validity, legality and enforceability of the remaining provisions shall not in
any way be affected or impaired thereby and the invalid, illegal or
unenforceable provision shall be deemed null and void; however, to the extent
permissible by law, any provision which could be deemed null and void shall
first be construed, interpreted or revised retroactively to permit this Plan to
be construed in compliance with all applicable laws (including Rule 16b-3) so
as to foster the intent of this Plan.
 
17. EFFECTIVE DATE AND TERM
 
  The effective date of this Plan is January 2, 1996, subject to its approval
by the stockholders of the Corporation at the annual meeting to be held on May
10, 1996, or any adjournment thereof. The Plan shall remain in effect until
terminated by the Board.
 
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