Document:

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                                                                     Exhibit 4.6

                       1995 DIRECTORS PERFORMANCE PLAN OF
                           AMERICAN FEDERAL BANK, FSB

      1. PURPOSE. The purpose of the American Federal Bank, FSB 1995 Directors
Performance Plan (the "Plan") is to advance the interests of American Federal
Bank, FSB (the "Company") by encouraging ownership of the Company's $1.00 par
value common stock (the "Common Stock") by directors of the Company, thereby
assisting the Company in attracting and retaining directors of outstanding
ability and giving such directors an increased incentive to devote their efforts
to the success of the Company.

      2. ADMINISTRATION. Grants of options under the Plan are automatic. The
Plan is intended to be a "formula plan' as recognized by Rule 16b-3(c)(2)(ii)
promulgated under the Securities Exchange Act of 1934, as amended (the "Exchange
Act"), and shall be interpreted accordingly. The Company's Board of Directors or
a committee appointed by the Board of Directors composed of at least two members
of the Board of Directors (which may be the Compensation and Benefits Committee
of the Board of Directors) shall have complete and conclusive authority to
interpret the Plan and to make all other determinations necessary or advisable
for the administration of the Plan.

      3. ELIGIBILITY. Except as provided otherwise in this Paragraph 3, options
under the Plan shall be granted in accordance with Paragraph 5 to each member of
the Company's Board of Directors; provided that shares of Common Stock remain
available for grant hereunder in accordance with Paragraph 4. A Director to whom
an option is granted under the Plan shall be referred to hereinafter as a
"Grantee."

      4. SHARES SUBJECT TO PLAN. The shares subject to the Plan shall be
authorized but unissued or reacquired shares of Common Stock. Subject to
adjustment in accordance with the provisions of Paragraph 6 of the Plan, the
maximum number of shares of Common Stock for which options may be granted under
the Plan shall be 45,000 and the initial adoption of the Plan by the Board of
Directors of the Company shall constitute a reservation of 45,000 authorized but
unissued, or reacquired, shares of Common Stock for issuance only upon the
exercise of options granted under the Plan. In the event that any outstanding
option granted under the Plan for any reason expires or is terminated prior to
the end of the period during which options may be granted under the Plan, the
shares of Common Stock allocable to the unexercised portion of such option may
again be subject in whole or in part to any option granted under the Plan.

      5. TERMS AND CONDITIONS OF OPTIONS. Options granted pursuant to the Plan
shall be evidenced by Stock Option Agreements in such form as shall comply with
and be subject to the following terms and conditions:

      (a) Grant. Beginning with the adjournment of the 1995 Annual Meeting of
Shareholders of American Federal (the "1995 Annual Meeting") and at the
adjournment of the annual meetings for each of the succeeding years during the
term of the Plan in which (i) the return on average assets and (ii) the return
on average equity of American Federal for the fiscal year preceding the annual
meeting as reported by American Federal in its earnings release for such prior
fiscal year are 1.1% and 15%, respectively, or greater, each Director who was
also serving in such capacity as of December 31 of the preceding year shall be
granted an option to purchase 1,500 shares of the Company's Common Stock,
subject to adjustment as provided in Section 6 and provided that no Director may
receive grants of options for shares of Common Stock under the Plan in excess of
4,500. Each such day that options are to be granted under the Plan is referred
to hereinafter as a "Grant Date."

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      If on any Grant Date, shares of Common Stock are not available under the
Plan to grant to Directors the full amount of a grant contemplated by the
immediately preceding paragraph, then each Director shall receive an option (a
"Reduced Grant") to purchase shares of Common Stock in an amount equal to the
number of shares of Common Stock then available under the Plan divided by the
number of Directors as of the applicable Grant Date. Fractional shares shall be
ignored and not granted.

      If a Reduced Grant has been made and, thereafter, during the term of the
Plan, additional shares of Common Stock become available for grant (e.g.,
because of the forfeiture or lapse of an option), then each person who was an
Director both on the Grant Date on which the Reduced Grant was made and on the
date additional shares of Common Stock become available (a "Continuing
Director") shall receive an additional option to purchase shares of Common
Stock. The number of newly available shares shall be divided equally among the
options granted to the Continuing Directors; provided, however, that the
aggregate number of shares of Common Stock subject to a Continuing Director's
additional option plus any prior Reduced Grant to the Continuing Director on the
applicable Grant Date shall not exceed 1,500 shares of Common Stock (subject to
adjustment pursuant to paragraph 6). If more than one Reduced Grant has been
made, available options shall be granted beginning with the earliest such Grant
Date.

      (b) Option Price. The option price for each option granted under the Plan
shall be the Fair Market Value (as defined below) of the shares of Common Stock
subject to the option on the Grant Date of the option. For purposes of the Plan,
the "Fair Market Value" of the shares of Common Stock shall mean the last sales
price on the day on which such value is to be determined or, if no shares were
traded on such day, on the next preceding day on which the shares were traded,
as reported by the Nasdaq National Market or other national quotation service.
If the shares are listed on a national securities exchange, "Fair Market Value"
means the closing price of the shares on such national securities exchange on
the day on which such value is to be determined or, if no shares were traded on
such day, on the next preceding day on which shares were traded, as reported by
National Quotation Bureau, Inc. or other national quotation service.

      (c) Medium and Time of Payment. The option price shall be payable in full
upon the exercise of an option in cash or by check. To the extent permitted
under Regulation T of the Federal Reserve Board, and subject to applicable
securities laws, options may be exercised through a broker in a so-called
"cashless exercise" whereby the broker sells the option shares and delivers cash
sales proceeds to the Company in payment of the exercise price. In no event may
shares of Common Stock be used as payment of the exercise price of the option.

      (d) Term. Each option granted under the Plan shall, to the extent not
previously exercised, terminate and expire on the date ten (10) years after the
date of grant of the option, unless earlier terminated as provided hereinafter
in Section 5(g).

      (e) Exercisability. Each option granted under the Plan shall, unless
earlier terminated as provided hereinafter in Section 5(g), become exercisable
on the date six (6) months and one day following the date of grant.

      (f) Method of Exercise. All options granted under the Plan shall be
exercised by an irrevocable written notice directed to the Secretary of the
Company at the Company's principal place of business. Except in the case of a
"cashless exercise" through a broker, such written notice shall be accompanied
by payment in full of the option price for the shares for which such option is
being exercised. In the case of a "cashless exercise," payment in full of the
option price for the shares for which such option is being exercised shall be
paid in cash by the broker from the sale proceeds. The Company shall make
delivery of certificates representing the shares for

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which an option has been exercised within a reasonable period of time; provided,
however, that if any law, regulation or agreement requires the Company to take
any action with respect to the shares for which an option has been exercised
before the issuance thereof, then the date of delivery of such shares shall be
extended for the period necessary to take such action. Certificates representing
shares for which options are exercised under the Plan may bear such restrictive
legends as may be necessary or desirable in order to comply with applicable
federal and state securities laws. Nothing contained in the Plan shall be
construed to require the Company to register any shares of Common Stock
underlying options granted under the Plan.

      (g) Effect of Termination of Directorship or Death.

            (i) Termination of Directorship. Upon termination of any Grantee's
      membership on the Board of Directors of the Company for any reason other
      than for cause or death, the options held by the Grantee under the Plan
      shall terminate ninety (90) days following the date of termination of the
      Grantee's membership on the Board or, if earlier, on the date of
      expiration of the options as provided by Paragraph 5(d) of the Plan. If
      the Grantee exercises the options after termination of the Grantee's
      service on the Board of Directors, the Grantee may exercise the options
      only with respect to the shares that were otherwise exercisable on the
      date of termination of the Grantee's service, on the Board. Such exercise
      otherwise shall be subject to the terms and conditions of the Plan. If the
      Grantee's membership on the Board of Directors is terminated for cause,
      all options granted to such Grantee shall expire upon such termination.

            (ii) Death. In the event of the death of a Grantee, the Grantee's
      personal representatives, heirs or legatees (the "Grantee's Successors")
      may exercise the options held by the Grantee on the date of death, upon
      proof satisfactory to the Company of their authority. The Grantee's
      Successors must exercise any such options within one (1) year after the
      Grantee's death and in any event prior to the date on which the options
      expire as provided by Paragraph 5(d) of the Plan. Such exercise otherwise
      shall be subject to the terms and conditions of the Plan.

      (h) Nonassignability of Options Rights. No option shall be assignable or
transferable by the Grantee except by will, by the laws of descent and
distribution or pursuant to a qualified domestic relations order as defined in
Title I of the Employee Retirement Income Security Act of 1974, as amended
("ERISA"), and the Internal Revenue Code of 1986, as amended (the "Code").
During the lifetime of the Grantee, the option shall be exercisable only by the
Grantee.

      (i) Rights as Shareholder. Neither the Grantee nor the Grantee's
Successors shall have rights as a shareholder of the Company with respect to
shares of Common Stock covered by the Grantee's option until the Grantee or the
Grantee's Successors become the holder of record of such shares.

      (j) No Options after Ten Years. No options shall be granted except within
a period of ten (10) years after the effective date of the Plan.

      6. ADJUSTMENTS.

      (a) Certain Recapitalizations. If any change is made in the Common Stock
subject to the Plan, or subject to any option granted under the Plan (through
merger, consolidation, reorganization, recapitalization, stock dividend,
dividend in property other than cash, stock split, liquidating dividend,
combination of shares, exchange of shares, change in corporate structure or
otherwise), the Plan and outstanding options will be automatically and
appropriately adjusted,

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including the maximum number of shares subject to the Plan and number of shares
and price per share of stock subject to outstanding options.

      (b) Certain Reorganizations. In the event of: (i) a merger or
consolidation in which the Company is not the surviving corporation; (ii) a
reverse merger in which the Company is the surviving corporation but the shares
of the Company's Common Stock outstanding immediately preceding the merger are
converted by virtue of the merger into other property, whether in the form of
securities, cash or otherwise; or (iii) any other capital reorganization in
which more than fifty percent (50%) of the shares of the Company entitled to
vote are exchanged, then any surviving corporation shall assume any options
outstanding under the Plan or shall substitute similar options for those
outstanding under the Plan. If there is no surviving corporation, all
outstanding options shall expire.

      7. EFFECTIVE DATE AND TERMINATION OF PLAN.

      (a) Effective Date. If approved by the Board of Directors and shareholders
of the Company, the Plan shall become effective upon the adjournment of the 1995
Annual Meeting.

      (b) Termination. The Plan shall terminate ten (10) years after its
effective date, but the Board of Directors may terminate the Plan at any time
prior to such date. Termination of the Plan shall not alter or impair any of the
rights or obligations under any option theretofore granted under the Plan unless
the Grantee shall so consent.

      8. NO OBLIGATION TO EXERCISE OPTION. The granting of an option shall
impose no obligation upon the Grantee to exercise such option.

      9. AMENDMENT. The Board of Directors of the Company by majority vote may
amend the Plan; provided, however, that without the approval of the shareholders
of the Company, no such amendment shall change:

      (a) The maximum number of shares of Common Stock as to which options may
be granted under the Plan (except by operation of the adjustment provisions of
the Plan); or

      (b) The date on which the Plan will terminate as provided by paragraph
7(b) of the Plan; or

      (c) The number of shares of Common Stock subject to each option; or

      (d) The option price as provided under Paragraph 5(b) of the Plan; or

      (e) The provisions of Paragraph 3 of the Plan relating to the
determination of persons to whom options may be granted; or

      (f) The provisions of the Plan in such a manner so as to increase
materially (within the meaning of Rule 16b-3 under the Exchange Act) the
benefits accruing under the Plan.

      The provisions of the Plan determining (i) the persons eligible to receive
grants of options, (ii) the timing of option grants, (iii) the number of shares
subject to options, (iv) the exercise price of options, (v) the periods during
which options are exercisable, and (vi) the dates on which options terminate,
may not be amended more than once every six (6) months other than to comport
with changes in the Code, the ERISA, or the rules and regulations thereunder.

      It is expressly contemplated that the Board may amend the Plan in any
respect that the Board deems necessary to cause the Plan to meet the
requirements of Rule 16b-3 (or any

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successor rule) under the Exchange Act and otherwise to comport with the
provisions of such Act and the applicable regulations thereunder.

      Any amendment to the Plan shall not, without the written consent of the
Grantee, affect such Grantee's rights under any option theretofore granted to
such Grantee.

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                                                                     Exhibit 4.7

                     NATIONAL COMMERCE FINANCIAL CORPORATION
                              AMENDED AND RESTATED
                            LONG-TERM INCENTIVE PLAN

                                    Formerly
               CCB Financial Corporation Long-Term Incentive Plan
                   Approved by Shareholders April 5, 1994 and
                       Amended and Restated June 15, 1998

        Adopted and Continued by National Commerce Financial Corporation
                       Upon merger of equals, July 5, 2000

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                            CCB FINANCIAL CORPORATION

                         AMENDED AND RESTATED LONG-TERM
                                 INCENTIVE PLAN

                     Approved by Shareholders April 5, 1994
                     And Amended and Restated June 15, 1998

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                                TABLE OF CONTENTS

<TABLE>
<S>                                                                                     <C>
I.    Amended and Restated Long-Term Incentive Plan

      1.    Purpose
      2.    Definitions
      3.    Administration
      4.    Term of Plan/Common Stock Subject to Plan
      5.    Eligibility
      6.    Stock Options
      7.    Restricted Awards
      8.    Performance Units
      9.    Deferral Elections
      10.   Termination of Employment
      11.   Non-transferability of Awards
      12.   Changes in Capitalization and Other Matters
      13.   Change in Control
      14.   Amendment, Suspension and Termination
      15.   Miscellaneous

II.   Incentive Stock Option Agreement

III.  Non-Qualified Stock Option Agreement for Key Employees

IV.   Non-Qualified Stock Option Agreement for Non-Employee Directors

V.    Restricted Stock Agreement

VI.   Performance Unit Agreement
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                            CCB FINANCIAL CORPORATION

                  AMENDED AND RESTATED LONG-TERM INCENTIVE PLAN

      1.    PURPOSE. The purpose of this Plan is to further and promote the
interests of CCB Financial Corporation (the "Company") and its shareholders by
enabling the Company and its Subsidiaries to attract, retain and motivate key
employees and directors, and to align the interests of such key employees and
directors with those of the Company's shareholders. Additionally, this Plan's
objectives are to provide a competitive reward for achieving longer-term goals,
provide balance to short-term incentive awards, and reinforce a one company
perspective. To do so, this Plan offers performance-based stock and cash
incentives and other equity-based incentive awards and opportunities to provide
such key employees and directors with a proprietary interest in maximizing the
growth, profitability and overall success of the Company.

      2.    DEFINITIONS. For purposes of this Plan, the following terms shall
have the meanings set forth below:

            2.1   "AWARD" means an award, grant or issuance made to a
Participant under Sections 6, 7, and/or 8.

            2.2   "AWARD AGREEMENT" means the agreement executed by a
Participant pursuant to Sections 3.2 and 15.7 in connection with the granting of
an Award.

            2.3   "BOARD" means the Board of Directors of the Company, as
constituted from time to time.

            2.4   "CODE" means the Internal Revenue Code of 1986, as in effect
and as amended from time to time, or any successor statute thereto, together
with any rules, regulations and interpretations promulgated thereunder or with
respect thereto.

            2.5   "COMMITTEE" means the Compensation Committee of the Board, as
constituted in accordance with Section 3.

            2.6   "COMMON STOCK" means the Common Stock of the Company.

            2.7   "COMPANY" means CCB Financial Corporation, a North Carolina
corporation, or any successor corporation to CCB Financial Corporation.

            2.8   "DISABILITY" means disability as determined by the Committee
in accordance with standards and procedures similar to those under the Company's
long-term disability plan, if any. If the Company does not then maintain a
long-term disability plan, Disability shall mean the inability of a Participant,
as determined by the Committee, substantially to perform such Participant's
regular duties and responsibilities due to a medically determinable physical or
mental illness which has lasted (or can reasonably be expected to last) for a
period of six (6) consecutive months.

            2.9   "EXCHANGE ACT" means the Securities Exchange Act of 1934, as
in effect

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and as amended from time to time, or any successor statute thereto, together
with any rules, regulations and interpretations promulgated thereunder or with
respect thereto.

            2.10  "FAIR MARKET VALUE" means on, or with respect to, any given
date, the last sales price of outstanding shares of the Common Stock as reported
on the New York Stock Exchange ("NYSE").

            2.11  "INCENTIVE STOCK OPTION" means any stock option granted
pursuant to the provisions of Section 6 that is intended to be (and is
specifically designated as) an "incentive stock option" within the meaning of
Section 422 of the Code.

            2.12  "NON-EMPLOYEE DIRECTOR" means a member of the Board or of the
Board of Directors of a Subsidiary who is not an employee of the Company or any
Subsidiary.

            2.13  "NON-QUALIFIED STOCK OPTION" means any stock option awarded
pursuant to the provisions of Section 6 of the Plan that is not an Incentive
Stock Option.

            2.14  "PARTICIPANT" means a key employee or Non-Employee Director
who is selected by the Committee under Section 5 to receive an Award.

            2.15  "PERFORMANCE UNITS" means the monetary units granted under
Section 8.

            2.16  "PLAN" means the CCB Financial Corporation Long-Term Incentive
Plan, as amended and restated herein and as in effect and as amended from time
to time (together with any rules and regulations promulgated by the Committee
with respect thereto).

            2.17  "RESTRICTED AWARD" means an Award of Restricted Stock pursuant
to the provisions of Section 7.

            2.18  "RESTRICTED STOCK" means the restricted shares of Common Stock
granted pursuant to the provisions of Section 7 with the restriction that the
holder may not sell, transfer, pledge, or assign such Restricted Stock and such
other restrictions (which other restrictions may expire separately or in
combination, at one time, from time to time or in installments), as determined
by the Committee in accordance with and as set forth in this Plan and/or the
relevant Award Agreement.

            2.19  "RETIREMENT" means (i) as to officers and employees,
retirement from active employment with the Company and its Subsidiaries and
receiving benefits under the Company's qualified retirement plan and (ii) as to
Non-Employee Directors, the same as "Retirement" under the "Retirement Policy"
in effect for the Board of Directors on which the Participant was serving upon
receipt of an Award.

            2.20  "STOCK OPTIONS" means Incentive Stock Options and
Non-Qualified Stock Options.

            2.21  "SUBSIDIARY(IES)" means any corporation (other than the
Company) in an unbroken chain of corporations, beginning with the Company, if
each of such corporations, other than the last corporation in the unbroken
chain, owns fifty percent (50%) or more of the voting

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stock in one of the other corporations in such chain.

      3.    ADMINISTRATION.

            3.1   THE COMMITTEE. This Plan shall be administered by the
Committee. The Committee shall be appointed from time to time by the Board and
shall be comprised of not less than three (3) of the then members of the Board
who are "non-employee directors" within the meaning of SEC Regulation Section
240.16b-3 or any successor thereto. Members of the Committee shall serve at the
pleasure of the Board, and the Board may at any time and from time to time
remove members from the Committee, or, subject to the immediately preceding
sentence, add members to the Committee. A majority of the members of the
Committee shall constitute a quorum for the transaction of business. Any act or
acts approved in writing by all of the members of the Committee then serving
shall be the act or acts of the Committee (as if taken by unanimous vote at a
meeting of the Committee duly called and held).

            3.2   PLAN ADMINISTRATION AND PLAN RULES. The Committee is
authorized to construe and interpret this Plan and to promulgate, amend and
rescind rules, policies and regulations relating to the implementation,
administration and maintenance of this Plan. Subject to the terms and conditions
of this Plan, the Committee shall make all determinations necessary or advisable
for the implementation, administration and maintenance of this Plan including,
without limitation, (a) selecting Participants, (b) making Awards in such
amounts and form as the Committee shall determine, (c) imposing such
restrictions, terms and conditions upon such Awards as the Committee shall deem
appropriate, and (d) correcting any defect or omission, or reconciling any
inconsistency, in this Plan and/or any Award Agreement. The Committee may
designate persons other than members of the Committee to carry out the
day-to-day administration of this Plan under such conditions and limitations as
it may prescribe, except that the Committee shall not delegate its authority
with regard to selection for participation in this Plan and/or the granting of
any Awards to Participants. The Committee's determinations under the Plan need
not be uniform and may be made selectively among Participants, whether or not
such Participants are similarly situated. Any determination, decision or action
of the Committee in connection with the construction, interpretation,
administration, implementation or maintenance of this Plan shall be final,
conclusive and binding upon all Participants and any person(s) claiming under or
through any Participant(s). The Company shall effect the granting of Awards
under this Plan, in accordance with the determinations made by the Committee, by
execution of written agreements and/or other instruments in such form as is
approved by the Committee.

            3.3   LIABILITY LIMITATION. Neither the Board nor the Committee, nor
any member of either, shall be liable for any act, omission, interpretation,
construction or determination made in good faith in connection with this Plan
(or any Award Agreement), and the members of the Board and the Committee shall
be entitled to indemnification and reimbursement by the Company in respect of
any claim, loss, damage or expense (including, without limitation, attorneys'
fees) arising or resulting therefrom to the fullest extent permitted by the
Articles of Incorporation and/or By-Laws of the Company as then in effect and to
the fullest extent under any directors' and officers' liability insurance
coverage which may be in effect from time to time.

      4.    TERM OF PLAN/COMMON STOCK SUBJECT TO PLAN.

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            4.1   TERM. This Plan shall terminate on December 31, 2003, except
with respect to Awards then outstanding. After such date no further Awards shall
be granted under the Plan.

            4.2   COMMON STOCK SUBJECT TO PLAN.

                  4.2.1 COMMON STOCK. The Board shall reserve for Awards under
      this Plan 1,000,000 shares of the authorized and unissued shares of Common
      Stock. In the event of a change in the Common Stock of the Company that is
      limited to a change in the designation thereof to "Capital Stock" or other
      similar designation, or to a change in the par value thereof, or from par
      value to no par value, without increase or decrease in the number of
      issued shares, the shares resulting from any such change shall be deemed
      to be the Common Stock for purposes of this Plan. Common Stock which may
      be issued under this Plan shall be authorized and unissued shares. No
      fractional shares of Common Stock shall be issued under this Plan.

                  4.2.2 MAXIMUM NUMBER OF SHARES. The maximum number of shares
      of Common Stock for which Awards may be granted to any Participant in any
      year is 50,000 shares.

                  4.2.3 COMMON STOCK REPLENISHED. The maximum number of shares
      of Common Stock authorized for issuance under this Plan shall be
      1,000,000.

            4.3   COMPUTATION OF AVAILABLE SHARES. For the purpose of computing
the total number of shares of Common Stock available for Awards, there shall be
counted against the limitations set forth in Section 4.2 the maximum number of
shares of Common Stock potentially subject to issuance upon exercise or
settlement of Awards granted under Section 6, the number of shares of Common
Stock issued or subject to potential issuance under Awards of Restricted Stock
pursuant to Section 7, and the maximum number of shares of Common Stock
potentially issuable under Awards of Performance Units pursuant to Section 8, in
each case determined as of the date on which such Awards are granted. If any
Awards expire unexercised or are forfeited, surrendered, canceled, terminated or
settled in cash in lieu of Common Stock, the shares of Common Stock which were
theretofore subject (or potentially subject) to such Awards shall again be
available for Awards under this Plan to the extent of such expiration,
forfeiture, surrender, cancellation, termination or settlement of such Awards;
provided, however, that forfeited Awards shall not again be available for Awards
under this Plan if the Participant received, directly or indirectly, any of the
benefits of ownership of the securities of the Company underlying such Award,
including, without limitation, the benefit described in Section 7.6.

      5.    ELIGIBILITY. Employees eligible for Awards under the Plan shall
consist of key employees who are officers or managers of the Company and/or its
Subsidiaries who are responsible for the management, growth and protection of
the business of the Company and/or its Subsidiaries and whose performance or
contribution, in the sole discretion of the Committee, benefits or will benefit
the Company in a significant manner. Non-employees (e.g., those with third party
relationships such as directors of the Company and/or a Subsidiary) shall be
eligible Participants for Awards of Non-Qualified Stock Options and/or
Restricted Stock at the sole discretion of the Committee.

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      6.    STOCK OPTIONS.

            6.1   TERMS AND CONDITIONS. Stock Options awarded under this Plan
may be in the form of Incentive Stock Options or Non-Qualified Stock Options.
Such Stock Options shall be subject to the terms and conditions set forth in
this Section 6 and any additional terms and conditions, not inconsistent with
the express terms and provisions of this Plan, as the Committee shall set forth
in the relevant Award Agreement.

            6.2   GRANT. Stock Options may be granted under this Plan in such
form as the Committee may from time to time approve. Subject to Section 5, Stock
Options may be granted alone or in addition to other Awards. Notwithstanding the
above, no Incentive Stock Options shall be granted to any employee who owns more
than 10% of the combined total voting power of the Company or any Subsidiary,
unless the requirements of Section 422(c)(6) of the Code are satisfied.

            6.3   EXERCISE PRICE. The exercise price per share of Common Stock
subject to a Stock Option shall be determined by the Committee at the time of
Award; provided, however, that the exercise price of an Incentive Stock Option
shall not be less than one hundred percent (100%) of the Fair Market Value of
the Common Stock on the date of the Award of such Incentive Stock Option. For
any Participant who owns ten percent (10%) or more of the combined total voting
power of the Company or any Subsidiary, the exercise price of an Incentive Stock
Option shall not be less than one hundred ten percent (110%) of such Fair Market
Value.

            6.4   TERM. The term of each Stock Option shall be such period of
time as is fixed by the Committee at the time of grant; provided, however, that
the term of any Incentive Stock Option shall not exceed ten (10) years after the
date the Incentive Stock Option is awarded. For any Participant who owns ten
percent (10%) or more of the combined total voting power of the Company or any
Subsidiary, the term of each Incentive Stock Option shall not exceed five (5)
years.

            6.5   METHOD OF EXERCISE. A Stock Option may be exercised, in whole
or in part, by giving written notice of exercise to the Director of Personnel of
the Company, or such other officer of the Company as the Committee shall
designate, specifying the number of shares to be purchased. Such notice shall be
accompanied by payment in full of the exercise price in cash, by certified
check, bank draft or money order payable to the order of the Company or, if
permitted by the terms of the relevant Award Agreement and applicable law, by
delivery of, alone or in conjunction with a partial cash or instrument payment,
(a) a fully-secured, recourse promissory note, or (b) shares of Common Stock
already owned by the Participant or to be received upon exercise of the Stock
Option in a "cashless exercise" as described below. The Committee may, in the
relevant Award Agreement, also permit Participants (either on a selective or
group basis) to simultaneously exercise Stock Options and sell the shares of
Common Stock thereby acquired, and use the proceeds from such sale as payment of
the exercise price of such Stock Options. Payment instruments shall be received
by the Company subject to collection. The proceeds received by the Company upon
exercise of any Stock Option may be used by the Company for general corporate
purposes.

<PAGE>

            6.6   DATE OF EXERCISE. Vesting dates of Stock Options awarded to a
Participant will be specified in the applicable Award Agreement at the
discretion of the Committee. Stock Options that meet the vesting requirements
may be exercised in whole or in part at any time and from time to time during
their specified terms.

      7.    RESTRICTED AWARDS.

            7.1   TERMS AND CONDITIONS. Restricted Awards shall be in the form
of grants of Restricted Stock. Restricted Awards shall be subject to the terms
and conditions set forth in this Section 7 and any additional terms and
conditions, not inconsistent with the express terms and provisions of this Plan,
as the Committee shall set forth in the relevant Award Agreement.

            7.2   RESTRICTED STOCK GRANTS. An Award of Restricted Stock is an
Award of shares of Common Stock, in uncertificated form, issued to and
registered with the Company's designated Stock Transfer Agent, in the name of
the applicable Participant, subject to such restrictions, terms and conditions
as the Committee deems appropriate, including, without limitation, restrictions
on the sale, assignment, transfer, pledge, hypothecation or other disposition of
such shares and the requirements that the Participant deposit such shares with
the Company while such shares are subject to such restrictions and that such
shares be forfeited upon termination of employment or cessation of service as a
Non-Employee Director for specified reasons within a specified period of time.

      7.3   GRANTS OF AWARDS.

                  7.3.1 Subject to Section 5, Restricted Awards may be granted
      alone or in addition to any other Awards. Subject to the terms of this
      Plan, the Committee shall determine the number of Restricted Awards to be
      granted to a Participant and the Committee may impose different terms and
      conditions on any particular Restricted Award made to any Participant.

                  7.3.2 Each Restricted Award of Restricted Stock shall be
      issued in an uncertificated form and registered in the name of the
      Participant. The stock transfer books of the Company's designated Stock
      Transfer Agent shall be noted with the following legend with reference to
      the shares made subject to such Restricted Award.

            "These shares are subject to the terms and restrictions of the CCB
            Financial Corporation Amended and Restated Long Term Incentive Plan;
            such shares are subject to forfeiture or cancellation under the
            terms of said Plan; and such shares shall not be sold, transferred,
            assigned, pledged, encumbered, or otherwise alienated or
            hypothecated except pursuant to the provisions of said Plan, a copy
            of which Plan is available from CCB Financial Corporation upon
            request."

      Such Award shall be held in uncertificated form until the restrictions
      thereon shall have lapsed and all of the terms and conditions applicable
      thereto have been satisfied.

            7.4   RESTRICTION PERIOD. In accordance with Sections 7.1 and/or
7.2, Restricted Awards shall only become unrestricted and vest in the
Participant in accordance with such vesting schedule relating to the service
performance restriction applicable to such Restricted

                                       6
<PAGE>

Award as the Committee may establish in the relevant Award Agreement (the
"Restriction Period"). Notwithstanding the immediately preceding sentence, in no
event shall the Restriction Period be less than one (1) year and one day after
the date on which such Restricted Award is granted. During the Restriction
Period applicable to a Restricted Award, such Award shall be unvested and a
Participant may not sell, assign, transfer, pledge, encumber or otherwise
dispose of or hypothecate such Award. Upon satisfaction of the vesting schedule
and any other applicable restrictions, terms and conditions, the Participant
shall be entitled to receive payment of the Restricted Award or a portion
thereof, as the case may be, as provided in Section 7.5.

            7.5   PAYMENT OF AWARDS.

                  7.5.1 RESTRICTED STOCK GRANTS. After the satisfaction and/or
lapse of the restrictions, terms and conditions set by the Committee in respect
of a Restricted Award of Restricted Stock, a certificate for the number of
shares of Common Stock issued which are no longer subject to such restrictions,
terms and conditions shall, as soon as practicable thereafter, be delivered to
the Participant. The remaining shares, if any, issued in respect of such
Restricted Stock shall either be forfeited and canceled, or shall continue to be
subject to the restrictions, terms and conditions set by the Committee, as the
case may be.

            7.6   SHAREHOLDER RIGHTS. A Participant shall have, with respect to
the shares of Common Stock received under a Restricted Award of Restricted
Stock, all of the rights of a shareholder of the Company, including, without
limitation, the right to vote the shares and to receive any cash dividends.
Stock dividends issued with respect to such Restricted Stock shall be treated as
additional Awards of Restricted Stock grants and shall be subject to the same
restrictions and other terms and conditions that apply to the shares of
Restricted Stock with respect to which such stock dividends are issued.

      8.    PERFORMANCE UNITS.

            8.1   TERMS AND CONDITIONS. Awards of Performance Units shall be
subject to the terms and conditions set forth in this Section 8 and any
additional terms and conditions, not inconsistent with the express provisions of
this Plan, as the Committee shall set forth in the relevant Award Agreement.

            8.2   PERFORMANCE UNIT GRANTS. A Performance Unit is an Award of
units (with each unit representing such monetary amount as is designated by the
Committee in the Award Agreement) granted to a Participant, subject to such
terms and conditions as the Committee deems appropriate, including, without
limitation, the requirement that the Participant forfeit such units (or a
portion thereof) in the event certain performance criteria are not met within a
designated period of time.

            8.3   GRANTS. Subject to Section 5, Performance Units may be awarded
alone or in addition to any other Awards. Subject to the terms of this Plan, the
Committee shall determine the number of Performance Units to be awarded to a
Participant and the Committee may impose different terms and conditions on any
particular Performance Units awarded to any Participant.

            8.4   PERFORMANCE GOALS AND PERFORMANCE PERIODS. Participants
receiving

                                       7
<PAGE>

Awards of Performance Units shall only earn into and be entitled to payment in
respect of such Awards if the Company, a Subsidiary and/or a division of the
Company specified by the Committee (a "Division") and/or the Participant satisfy
certain performance goals (the "Performance Goals") during and in respect of a
designated performance period as determined by the Committee (the "Performance
Period"). Performance Goals and the Performance Period shall be established by
the Committee in its sole discretion. Performance Periods may overlap each other
from time to time. The Committee shall establish Performance Goals for each
Performance Period prior to, or as soon as practicable after, the commencement
of such Performance Period. The Committee shall also establish a schedule or
schedules for such Performance Units setting forth the portion of the Award
which will be earned or forfeited based on the degree of achievement, or lack
thereof, of the Performance Goals at the end of the relevant Performance Period.
In setting Performance Goals, the Committee may use, but shall not be limited
to, such measures as total shareholder return, return on equity, return on
assets, net earnings per share growth, comparisons to peer companies, divisional
goals, individual or aggregate Participant performance or such other measure or
measures of performance as the Committee, in its sole discretion, may deem
appropriate. Such performance measures shall be defined as to their respective
components and meanings by the Committee in its sole discretion. During any
Performance Period, the Committee shall have the authority to adjust the
Performance Goals in such manner as the Committee, in its sole discretion, deems
appropriate with respect to such Performance Period. In addition to the
Performance Goals, the Committee may also require a minimum shareholder return
(threshold) be attained before consideration is given to any results achieved on
the Performance Goals. Should the Company, a Subsidiary, a Division and/or the
Participant achieve the applicable Performance Goals, but the minimum
shareholder return (threshold) is not satisfied, then the Participant's earning
into and right to receive payment under the Performance Units awarded may be
deferred by the Committee for up to two (2) year(s) until the threshold is
satisfied. If the minimum shareholder return (threshold) is not satisfied within
such additional period of time, then the Performance Units awarded shall lapse
and be forfeited.

            8.5   PAYMENT OF UNITS. With respect to each Performance Unit, the
Participant shall, if the applicable Performance Goals and minimum shareholder
return (threshold) have been satisfied by the Company, a Subsidiary, a Division
and/or the Participant, as applicable, during the relevant Performance Period,
be entitled to receive payment in an amount equal to the designated value of
each Performance Unit awarded times the number of such Performance Units so
earned. Payment in settlement of earned Performance Units shall be made as soon
as practical following the conclusion of the applicable Performance Period in
cash, in shares of unrestricted Common Stock or in Restricted Stock, as the
Committee, in its sole discretion, shall determine and provide in the relevant
Award Agreement. Should the Company, a Subsidiary, a Division and/or the
Participant satisfy the applicable Performance Goals, but the minimum
shareholder return (threshold) is not satisfied, then the Participant's earning
into and right to receive payment under the Performance Units awarded may be
deferred by the Committee for up to two (2) year(s) until the threshold is
satisfied. If the minimum shareholder return (threshold) is not satisfied within
such additional period of time, then the Performance Units awarded shall lapse
and be forfeited.

      9.    DEFERRAL ELECTIONS. The Committee may permit a Participant to elect
to defer receipt of any payment of cash or any delivery of shares of Common
Stock that would otherwise be due to such Participant by virtue of the exercise,
earn out or settlement of any Award made

                                       8
<PAGE>

under the Plan. If any such election is permitted, the Committee shall establish
rules and procedures for such deferrals, including, without limitation, the
payment or crediting of reasonable interest on such deferred amounts credited in
cash or the crediting of dividend equivalents in respect of deferred Awards
credited in shares of Common Stock.

      10.   TERMINATION OF EMPLOYMENT.

            10.1 GENERAL. Subject to the terms and conditions of Section 13, if,
and to the extent, the terms and conditions under which an Award may be
exercised, earned out or settled after a Participant's termination of employment
or a Non-Employee Director ceases to be a director, for any particular reason
shall not have been set forth in the relevant Award Agreement, by and as
determined by the Committee in its sole discretion, the following terms and
conditions shall apply as appropriate and as not inconsistent with the terms and
conditions, if any, of such Award Agreement:

                  10.1.1 Except as otherwise provided in this Section 10.1.1:

                  (a)   If a Participant's employment by the Company or any of
      its Subsidiaries is terminated for any reason (other than Disability,
      Retirement or death) while Stock Options granted to such Participant are
      non-vested, such Participant's rights, if any, to exercise any non-vested
      Stock Options, if any, shall immediately terminate and the Participant
      (and such Participant's estate, designated beneficiary or other legal
      representative) shall forfeit any rights or interest in or with respect to
      any such Stock Options. In the event of Disability, Retirement or death
      while a Participant's Stock Options are non-vested, such non-vested Stock
      Options shall become vested to the extent determined by the Committee.

                  (b)   The Committee, in its sole discretion, may determine
      that vested Stock Options, if any, of a Participant whose employment
      terminates other than by reason of death, Disability or Retirement, to the
      extent exercisable immediately prior to such termination of employment,
      may remain exercisable for a specified time period not to exceed thirty
      (30) days after such termination (subject to the applicable terms and
      provisions of this Plan [and any rules or procedures hereunder] and the
      relevant Award Agreement).

                  (c)   If a Participant's termination of employment is due to
      Disability, a Participant shall have the right, subject to the applicable
      terms and provisions of this Plan (and any rules or procedures hereunder)
      and the relevant Award Agreement, to exercise Incentive Stock Options, if
      any, at any time within the period ending on the earlier of the end of the
      term of such Incentive Stock Options and the first anniversary of the date
      of termination due to Disability (to the extent such Participant was
      entitled to exercise any such Incentive Stock Options immediately prior to
      such termination).

                  (d)   If a Participant's termination of employment is due to
      Retirement, a Participant shall have the right, subject to the applicable
      terms and provisions of this Plan (and any rules or procedures hereunder)
      and the relevant

                                       9
<PAGE>

      Award Agreement, to exercise Incentive Stock Options, if any, at any time
      within three (3) months following such termination due to Retirement (to
      the extent such Participant was entitled to exercise any such Incentive
      Stock Options immediately prior to such termination).

                  (e)   If any Participant dies while entitled to exercise a
      Stock Option, if any, such Participant's estate, designated beneficiary or
      other legal representative, as the case may be, shall have the right,
      subject to the applicable provisions of the Plan (and any rules or
      procedures hereunder) and the relevant Award Agreement, to exercise such
      Stock Options, if any, at any time within one (1) year from the date of
      such Participant's death (but in no event more than one (1) year from the
      date of such Participant's termination of employment due to Disability) or
      three (3) months from the date of such Participant's termination of
      employment due to Retirement, as applicable.

                  (f)   If vested Stock Options held by a Participant whose
      employment is terminated by reason of Disability or Retirement are
      Non-Qualified Stock Options the Participant shall have the right, subject
      to the applicable terms and provisions of this Plan (and any rules and
      procedures hereunder) and the relevant Award Agreement, to exercise such
      Non-Qualified Stock Options at any time following the Participant's
      termination of employment (to the extent the Participant was entitled to
      exercise such Non-Qualified Stock Options immediately prior to such
      termination) and prior to the expiration date of such Non-Qualified Stock
      Options as fixed by the Committee and set forth in the Award Agreement
      related thereto.

                  (g)   If a Non-Employee Director ceases to be a director for
      any reason (other than Disability, Retirement or death) while
      Non-Qualified Stock Options granted to such Non-Employee Director are
      non-vested, such Non-Employee Director's rights, if any, to exercise any
      non-vested Non-Qualified Stock Options, if any, shall immediately
      terminate and the Non-Employee Director (and such Non-Employee Director's
      estate, designated beneficiary or other legal representative) shall
      forfeit any rights or interest in or with respect to any such
      Non-Qualified Stock Options. In the event of the Disability, Retirement or
      death of a Non-Employee Director while the Non-Employee Director's
      Non-Qualified Stock Options are non-vested, such non-vested, Non-Qualified
      Stock Options shall become vested to the extent determined by the
      Committee. The Committee, in its sole discretion, may determine that
      vested Non-Qualified Stock Options, if any, of a Non-Employee Director who
      ceases to be a director other than by reason of death, Disability or
      Retirement, to the extent exercisable immediately prior to such cessation,
      may remain exercisable for a specified time period not to exceed thirty
      (30) days after such cessation (subject to the applicable terms and
      provisions of this Plan [and any rules or procedures hereunder] and the
      relevant Award Agreement). If the cessation of a Non-Employee Director's
      status as a director is due to Retirement or Disability, the Non-Employee
      Director shall have the right, subject to the applicable terms and
      provisions of this Plan (and any rules or procedures hereunder) and the
      relevant Award Agreement, to exercise such Non-Qualified Stock Options, if
      any, at any time within the following such

                                       10
<PAGE>

      cessation due to Retirement or Disability (to the extent such Non-Employee
      Director was entitled to exercise any such Non-Qualified Stock Options
      immediately prior to such cessation) and prior to the expiration date of
      such Non-Qualified Stock Options as fixed by the Committee and as set
      forth in the Award Agreement related thereto. If any Non-Employee Director
      dies while entitled to exercise Non-Qualified Stock Options, such
      Non-Employee Director's estate, designated beneficiary or other legal
      representative, as the case may be, shall have the right, subject to the
      applicable provisions of this Plan (and any rules or procedures hereunder)
      and the relevant Award Agreement, to exercise such Non-Qualified Stock
      Options, if any, at any time within one (1) year from the date of such
      Non-Employee Director's death.

                  10.1.2 If a Participant's employment with the Company or any
      of its Subsidiaries is terminated for any reason (other than Disability,
      Retirement or death) prior to the satisfaction and/or lapse of the
      restrictions, terms and conditions applicable to Restricted Award(s), such
      Restricted Award or Awards shall be forfeited, unless the Committee in its
      discretion determines otherwise. In the event of a Participant's
      Disability, Retirement or death during the Restricted Period, shares of
      Restricted Stock shall become free of restrictions to the extent
      determined by the Committee.

                  10.1.3 If a Participant's employment with the Company or any
      of its Subsidiaries is terminated for any reason (other than Disability,
      Retirement or death) prior to the completion of any Performance Period,
      all of such Participant's Performance Units earnable in relation to such
      Performance Period shall be forfeited. If a Participant's termination of
      employment is due to Disability, Retirement or death, the disposition of
      the Participation Units of such Participant earnable in the Performance
      Period in which such termination occurs will be determined by the
      Committee in its discretion.

      11.   NON-TRANSFERABILITY OF AWARDS.

            (a)   Except as otherwise provided in Section 11(b), no Award under
      this Plan or any Award Agreement, and no rights or interests therein,
      shall or may be assigned, transferred, sold, exchanged, pledged, disposed
      of or otherwise hypothecated or encumbered by a Participant or any
      beneficiary thereof, except by testamentary disposition or the laws of
      descent and distribution. No such right or interest shall be subject to
      seizure for the payment of the Participant's (or any beneficiary's) debts,
      judgements, alimony, or separation maintenance or be transferrable by
      operation of law in the event of the Participant's (or any beneficiary's)
      bankruptcy or insolvency. Except as otherwise provided in Section 11(b),
      during the lifetime of a Participant, Stock Options are exercisable only
      by the Participant.

            (b)   A Participant who holds Non-Qualified Stock Options (whether
      such Stock Options were Non-Qualified Stock Options when awarded or
      subsequent to the Award thereof became Non-Qualified Stock Options
      pursuant to applicable law or any provision of this Plan) may assign those
      Non-Qualified Stock Options to a Permitted Assignee (as defined below) at
      any time after the Award, but prior to the expiration date, of such
      Non-Qualified Stock Options if as

                                       11
<PAGE>

      of the time of such transfer (i) a registration statement on Form S-8 (or
      any successor form) filed by the Company under the Securities Act of 1933,
      as in effect and as amended from time to time, or any successor statute
      thereto (the "Securities Act"), with respect to this Plan (and the Awards
      granted and shares of Common Stock issuable hereunder) and (ii) a
      registration statement on Form S-3 (or any successor form) filed by the
      Company under the Securities Act with respect to shares of Common Stock
      issuable to Permitted Assignees have been declared effective by the
      Securities and Exchange Commission ("SEC") and all applicable state
      securities and "blue sky" authorities, and remain in effect. Each such
      transferred Non-Qualified Stock Option shall continue to be governed by
      the applicable terms and provisions of this Plan (and any rules or
      procedures hereunder) and the applicable Award Agreement with the
      transferor Participant, and the Permitted Assignee shall be entitled to
      the same rights and subject to the same obligations, restrictions,
      limitations and prohibitions under this Plan and such Award Agreement as
      the transferor Participant, as if such assignment had not taken place;
      provided, however, that no Non-Qualified Stock Option assigned to a
      Permitted Assignee may be assigned by that Permitted Assignee.

            The term "Permitted Assignee" shall mean (x) the spouse, child,
      stepchild, grandchild, or great-grandchild of a transferor Participant,
      (y) a trust for the exclusive benefit of one or more of the foregoing
      persons, or (z) a limited liability company of which the transferor
      Participant is a manager or a family limited partnership of which one or
      more of the persons listed in item (x) are limited partners and of which
      the transferor Participant is a general partner (or a corporation
      "controlled" (as such term is defined under the rules of the SEC) by the
      transferor Participant is a general partner), so long as the transferor
      Participant, as a condition of such assignment, shall have and maintain
      for so long as the Participant is an employee or director of the Company
      or any Subsidiary, through contact, arrangement, understanding or family
      relationship, sole or shared voting and/or investment power (as such
      concepts are defined in SEC Regulation Section 240.13d-3 or any successor
      regulation) over such Non-Qualified Stock Options and the shares of Common
      Stock acquirable thereunder.

      12.   CHANGES IN CAPITALIZATION AND OTHER MATTERS.

            12.1  NO CORPORATE ACTION RESTRICTION. The existence of this Plan,
Award Agreements and/or the Awards granted hereunder shall not limit, affect or
restrict in any way the right or power of the Board or the shareholders of the
Company to make or authorize (a) any adjustment, recapitalization,
reorganization or other change in the Company's or any Subsidiary's capital
structure or its business, (b) any merger, share exchange or change in the
ownership of the Company or any Subsidiary, (c) any issue of bonds, debentures,
capital, preferred or prior preference stocks ahead of or affecting the
Company's or any Subsidiary's capital stock or the rights thereof, (d) any
dissolution or liquidation of the Company or any Subsidiary, (e) any sale or
transfer of all or any part of the Company's or any Subsidiary's assets or
business, or (f) any other corporate act or proceeding by the Company or any
Subsidiary. No Participant, Permitted Assignee, beneficiary or any other person
shall have any claim against any member of the Board, the Committee, the Company
or any Subsidiary as a result of any such action.

                                       12
<PAGE>

            12.2  RECAPITALIZATION ADJUSTMENTS. In the event of any change in
capitalization affecting the Common Stock, including, without limitation, a
stock dividend or other distribution, stock split, reverse stock split,
recapitalization, merger, acquisition, subdivision, split-up, spin-off,
split-off, combination or exchange of shares or other form of reorganization, or
any other change affecting the Common Stock, the Board, in its sole discretion,
may authorize and make such proportionate adjustments, if any, as the Board may
deem appropriate to reflect such change, including, without limitation, with
respect to the aggregate number of shares of the Common Stock for which Awards
in respect thereof may be granted under this Plan, the maximum number of shares
of the Common Stock which may be sold or awarded to any Participant, any number
of shares of the Common Stock covered by each outstanding Award, and the
exercise price or other price per share of Common Stock in respect of
outstanding Awards.

      13. CHANGE IN CONTROL.

            13.1 ACCELERATION OF AWARDS VESTING. Except as otherwise provided in
Section 13.2, if a Change in Control of the Company occurs (a) all Stock Options
then unexercised and outstanding shall become fully exercisable as of the date
of the Change in Control, (b) all restrictions, terms and conditions applicable
to all Restricted Stock then outstanding shall be deemed lapsed and satisfied as
of the date of the Change in Control, and (c) all outstanding Performance Units
shall be deemed to have been fully earned as of the date of the Change in
Control.

            13.2  SIX-MONTH RULE. The provisions of Section 13.1 shall not apply
to any Award that has been granted and outstanding for less than six (6) months
as of the date of the Change in Control.

            13.3  PAYMENT AFTER CHANGE IN CONTROL. Within thirty (30) days after
a Change in Control occurs, (a) the holder of an Award of Restricted Stock shall
receive a new certificate for such shares without the legend set forth in
Section 7.3.2, and (b) the holder of an Award of Performance Units shall receive
payment of the value of such Award in cash.

            13.4  TERMINATION AS A RESULT OF A POTENTIAL CHANGE IN CONTROL. In
determining the applicability of Section 13.1, if (a) a Participant's employment
is terminated by the Company or any Subsidiary prior to a Change in Control
without Cause at the request of a Person who has entered into an agreement with
the Company the consummation of which will constitute a Change in Control, or
(b) the Participant terminates his or her employment with the Company or any
Subsidiary for Good Reason prior to a Change in Control and the circumstance or
event which constitutes Good Reason occurs at the request of the Person
described in Section 13.4(a), then for purposes of this Section 13, a Change in
Control shall be deemed to have occurred immediately prior to such Participant's
termination of employment.

            13.5  DEFINITIONS. For purposes of this Section 13, the following
words and phrases shall have the meaning specified:

                  13.5.1 "BENEFICIAL OWNER" shall have the meaning set forth in
      SEC Regulation Section 240.13d-3 or any successor regulation.

                                       13
<PAGE>

                  13.5.2 "CAUSE" shall mean, unless otherwise defined in an
      employee Participant's individual employment agreement with the Company or
      any Subsidiary (in which case such employment agreement definition shall
      govern), (a) the indictment of the Participant for any serious crime, (b)
      the willful and continued failure by the Participant to substantially
      perform the Participant's duties, as they may be defined from time to
      time, with the Participant's primary employer or to abide by the written
      policies of the Company or the Participant's primary employer (other than
      any such failure resulting from the Participant's incapacity due to
      physical or mental illness), or (c) the willful engaging by the
      Participant in conduct which is demonstrably and materially injurious to
      the Company or any Subsidiary, monetarily or otherwise. For purposes of
      the preceding sentence, no act shall be considered "willful" unless done,
      or omitted to be done, by the Participant not in good faith and without
      reasonable belief that such act, or failure to act, was in the best
      interests of the Company and its Subsidiaries.

                  13.5.3 A "CHANGE IN CONTROL" shall be deemed to have occurred
      if any one of the following conditions shall have been satisfied:

                  (a)   any Person becomes the Beneficial Owner, directly or
            indirectly, of securities of the Company (not including in the
            securities beneficially owned by any such Person any securities
            acquired directly from the Company) representing twenty-five percent
            (25%) or more of the combined voting power of the Company's then
            outstanding securities; or

                  (b)   during any period of twenty-four (24) consecutive
            months, individuals who at the beginning of such period constituted
            the Board and any new director (other than a director designated by
            a Person who has entered into an agreement with the Company to
            effect a transaction described in Sections 13.5.3(a), 13.5.3(c) or
            13.5.3(d)) whose election or nomination for election to the Board
            was or is approved of by a vote of at least two-thirds of the
            directors at the beginning of such twenty-four (24) month period or
            whose election or nomination for election was previously so
            approved, cease for any reason to constitute a majority of the
            Board; or

                  (c)   the shareholders of the Company approve and the action
            is implemented to merge the Company with any other corporation, to
            effect a share exchange for the Company's outstanding securities, or
            to effect a complete liquidation of the Company, other than a
            merger, share exchange, or liquidation which would result in the
            voting securities of the Company outstanding immediately prior
            thereto continuing to represent (either by remaining outstanding or
            being converted into voting securities of the Surviving Entity), in
            combination with the ownership of any trustee or other fiduciary
            holding securities under any benefit plan of the Company or any
            Subsidiary, more than seventy-five percent (75%) of the combined
            voting power of the voting securities of the Company or such
            Surviving Entity outstanding immediately after such merger, share
            exchange or liquidation; or

                  (d)   the shareholders of the Company approve an agreement for
            the sale or disposition by the Company (other than to a Subsidiary)
            of all or substantially

                                       14
<PAGE>

            all of the Company's assets.

      Notwithstanding the foregoing, with respect to a particular Participant a
      Change in Control shall not include any event, circumstance or transaction
      which results from the action of any Person which is or includes, is
      affiliated with, or is wholly or partly controlled by one or more
      executive officers of the Company or any Subsidiary and in which entity or
      group the Participant participates.

                  13.5.4 "GOOD REASON" for termination by a Participant of the
      Participant's employment shall mean, for purposes of this Section 13,
      unless otherwise defined in the Participant's individual employment
      agreement with the Company or any Subsidiary (in which case such
      employment agreement definition shall govern), the occurrence (without the
      Participant's consent) of any one of the following:

                  (a)   the assignment to the Participant of any duties and/or
            responsibilities substantially and significantly inconsistent with
            the nature and status of the Participant's duties and/or
            responsibilities immediately prior to any Potential Change in
            Control, or a substantial and significant adverse alteration in the
            nature or status of the employee's duties and/or responsibilities
            from those in effect immediately prior to any such Potential Change
            in Control; provided, however, that a redesignation of the
            Participant's title shall not under any circumstances constitute
            Good Reason if the Participant's overall status among the Company
            and its Subsidiaries is not substantially and significantly
            adversely affected; or

                  (b)   a reduction in the Participant's rate of annual base
            salary as in effect on the day prior to the occurrence of a
            Potential Change in Control, where "annual base salary" is the
            Participant's regular basic annual compensation prior to any
            reduction therein under a salary reduction agreement pursuant to
            Section 401(k) or Section 125 of the Code, and, without limitation,
            shall not include, fees, retainers, reimbursements, bonuses,
            incentive awards, prizes or similar payments.

                  13.5.5 "PERSON" shall have the meaning given in Section
      3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and
      14(d) thereof; provided, however, a Person shall not include (a) the
      Company or any Subsidiary, (b) a trustee or other fiduciary holding
      securities under an employee benefit plan of the Company or a Subsidiary
      qualified under Section 401(a) of the Code, (c) an underwriter temporarily
      holding securities pursuant to an offering of such securities, or (d) a
      corporation owned, directly or indirectly, by the shareholders of the
      Company in substantially the same proportions as their ownership of
      securities of the Company.

                  13.5.6 "POTENTIAL CHANGE IN CONTROL" shall be deemed to have
      occurred if any one of the following conditions shall have been satisfied:

                  (a)   the Company enters into an agreement, the consummation
            of which would result in the occurrence of a Change in Control; or

                  (b)   the Company or any Person publicly announces an
            intention to

                                       15
<PAGE>

            take or to consider taking actions which, if consummated, would
            constitute a Change in Control; or

                  (c)   any Person becomes the Beneficial Owner, directly or
            indirectly, of securities of the Company representing ten percent
            (10%) or more of the combined voting power of the Company's then
            outstanding securities, or any Person increases such Person's
            beneficial ownership of such securities by five (5) percentage
            points or more over the percentage so owned by such Person on
            January 1, 1994; or

                  (d)   the Board adopts a resolution to the effect that, for
            purposes of the Plan, a Potential Change in Control has occurred.

                  13.5.7 "SURVIVING ENTITY" shall mean only an entity in which
      all or substantially all of the Company's shareholders immediately before
      any merger, share exchange or liquidation become shareholders by the terms
      of such merger, share exchange or liquidation.

            13.6  ADVERSE TAX CONSEQUENCES. If the making of any payment or
payments pursuant to this Section 13 or otherwise would (a) subject the
Participant to an excise tax under Section 4999 of the Code, or any like or
successor section thereto, or (b) result in the Company's loss of a federal
income tax deduction for such payments under Section 280G of the Code, or any
like or successor section thereto (either or both, an "Adverse Tax
Consequence"), then, unless otherwise expressly provided in a relevant Award
Agreement, the payments attributable to this Plan that are "parachute payments"
within the meaning of such Section 280G of the Code shall be reduced, as
determined by the Committee in its sole discretion, but after consultation with
the Participant affected, to the extent necessary to avoid any Adverse Tax
Consequence. Any disputes regarding whether any payments to a Participant would
result in an Adverse Tax Consequence shall be resolved by an opinion of a
nationally recognized accounting firm acceptable to the Company and the
Participant (with the Company's independent auditors being deemed acceptable).

      14.   AMENDMENT, SUSPENSION AND TERMINATION.

            14.1  IN GENERAL. The Board may suspend or terminate this Plan (or
any portion thereof) at any time and may amend this Plan at any time and from
time to time in such respects as the Board may deem advisable to insure that any
and all Awards conform to or otherwise reflect any change in applicable laws or
regulations, or to permit the Company or the Participants to benefit from any
change in applicable laws or regulations, or in any other respect the Board may
deem to be in the best interests of the Company or any Subsidiary; provided,
however, that no such amendment shall, without majority (or such greater
percentage if required by law, charter, by-law or other regulation or rule)
shareholder approval to the extent required by law or the rules of any exchange
upon which the Common Stock is listed, (a) except as provided in Section 12,
materially increase the number of shares of Common Stock which may be issued
under this Plan, (b) materially modify the requirements as to eligibility for
participation in this Plan, (c) materially increase the benefits accruing to
Participants under this Plan, or (d) extend the termination date of this Plan.
No such amendment, suspension or termination shall (i) materially adversely
affect the rights of any Participant under any outstanding Award, without the
consent of such Participant, or (ii) make any change that would disqualify this
Plan, or any

                                       16
<PAGE>

other plan of the Company or any Subsidiary intended to be so qualified, from
(A) the exemption provided by SEC Regulation Section 240.16b-3, or any successor
thereto, or (B) the benefits provided under Section 422 of the Code or any
successor thereto.

            14.2  AWARD AGREEMENTS. The Committee may amend or modify at any
time and from time to time any outstanding Award and Award Agreement, in any
manner to the extent that the Committee would have had the authority under this
Plan to initially determine the restrictions, terms and provisions of such
Award, including, without limitation, to change the date or dates as of which
Stock Options may be exercised. No such amendment or modification shall,
however, materially adversely affect the rights of any Participant under any
such Award and Award Agreement without the consent of such Participant.

      15.   MISCELLANEOUS.

            15.1  TAX WITHHOLDING. The Company shall have the right to deduct
from any payment or settlement under this Plan, including, without limitation,
the exercise of any Stock Option, or the delivery or vesting of any shares of
Common Stock, Restricted Stock, any federal, state, local or other taxes of any
kind which the Committee, in its sole discretion, deems necessary to be withheld
to comply with the Code and/or any other applicable law, rule or regulation. If
the Committee, in its sole discretion, permits shares of Common Stock to be used
to satisfy any such tax withholding, such Common Stock shall be valued based on
the Fair Market Value of such stock as of the date the tax withholding is
required to be made, such date to be determined by the Committee. The Committee
may establish rules limiting the use of Common Stock to meet withholding
requirements by Participants who are subject to Section 16 of the Exchange Act.

            15.2  NO RIGHT TO EMPLOYMENT. Neither the adoption of this Plan, the
granting of any Award, nor the execution of any Award Agreement shall confer
upon any employee of the Company or any Subsidiary any right to continued
employment with the Company or any Subsidiary, as the case may be, nor shall it
interfere in any way with the right, if any, of the Company or any Subsidiary to
terminate the employment of any employee at any time for any reason.

            15.3  UNFUNDED PLAN. This Plan shall be unfunded and the Company
shall not be required to segregate any assets in connection with any Awards. Any
liability of the Company to any person with respect to any Award or any Award
Agreement shall be based solely upon the contractual obligations that may be
created as a result of this Plan or any such Award or Award Agreement. No such
obligation of the Company shall be deemed to be secured by any pledge of,
encumbrance on, or other interest in, any property or asset of the Company or
any Subsidiary. Nothing contained in this Plan or any Award Agreement shall be
construed as creating in respect of any Participant (or beneficiary thereof, any
Permitted Assignee or any other person) any equity or other interest of any kind
in any assets of the Company or any Subsidiary or creating a trust of any kind
or a fiduciary relationship of any kind between the Company, any Subsidiary
and/or any such Participant, any beneficiary, any Permitted Assignee or any
other person.

            15.4  PAYMENTS TO A TRUST. The Committee is authorized to cause to
be established a trust agreement or several trust agreements or similar
arrangements from which the

                                       17
<PAGE>

Committee may make payments of amounts due or to become due to any Participants
under this Plan.

            15.5  OTHER COMPANY BENEFIT AND COMPENSATION PROGRAMS. Payments and
other benefits received by a Participant under an Award shall not be deemed a
part of a Participant's compensation for purposes of the determination of
benefits under any other employee welfare or benefit plans or arrangements, if
any, provided by the Company or any Subsidiary unless expressly provided in such
other plans or arrangements, or except where the Board expressly determines in
writing that inclusion of an Award or portion of an Award should be included to
accurately reflect competitive compensation practices or to recognize that an
Award has been made in lieu of a portion of competitive annual base salary or
other cash compensation. Awards may be made in addition to, in combination with,
or as alternatives to, grants, awards or payments under any other plans or
arrangements of the Company or its Subsidiaries. The existence of this Plan
notwithstanding, the Company or any Subsidiary may adopt such other compensation
plans or programs and additional compensation arrangements as it deems necessary
to attract, retain and motivate employees.

            15.6  LISTING, REGISTRATION AND OTHER LEGAL COMPLIANCE. No Award
shall be made and no shares of the Common Stock shall be issued under this Plan,
and no assignment of a Non-Qualified Stock Option to a Permitted Assignee shall
be made, unless legal counsel for the Company shall be satisfied that such
issuance or assignment will be in compliance with all applicable federal and
state securities laws and regulations and any other applicable laws or
regulations. The Committee may require, as a condition of any payment of any
Award, share issuance or assignment of Non-Qualified Stock Options, that certain
agreements, undertakings, representations, certificates, and/or information, as
the Committee may deem necessary or advisable, be executed or provided to the
Company to assure compliance with all such applicable laws or regulations.
Certificates for shares of the Restricted Stock and/or Common Stock delivered
under this Plan may be subject to such stock transfer orders and such other
restrictions as the Committee may deem advisable under the rules, regulations,
or other requirements of the SEC, and the NYSE and any applicable federal or
state securities law. The Committee may cause a legend or legends to be put on
any such share certificates to make appropriate reference to such restrictions.
In addition, if, at any time specified herein (or in any Award Agreement) for
(a) the making of any determination, (b) the issuance or other distribution of
Restricted Stock and/or Common Stock, or (c) the payment of amounts to or
through a Participant with respect to any Award, any law, rule, regulation or
other requirement of any governmental authority or agency shall require either
the Company, any Subsidiary, any Participant (or any designated beneficiary or
other legal representative) or any Permitted Assignee to take any action in
connection with any such determination, any such shares to be issued or
distributed, any such payment, or the making of any such determination, as the
case may be, shall be deferred until such required action is taken. If at any
time and from time to time the Committee determines, in its sole discretion,
that the listing, registration or qualification of any Award, or any Common
Stock or property covered by or subject to such Award, upon the NYSE or under
any foreign, federal, state or local securities or other law, rule or regulation
is necessary or desirable as a condition to or in connection with the granting
of such Award or the issuance or delivery of Restricted Stock and/or Common
Stock or other property under such Award or otherwise, no such Award may be
exercised or settled, or paid in Restricted Stock, Common Stock or other
property, unless such listing, registration or qualification shall have been
effected free of any conditions that are not acceptable to the Committee.

                                       18
<PAGE>

            15.7 AWARD AGREEMENTS. Each Participant receiving an Award shall
enter into an Award Agreement with the Company in a form specified by the
Committee. Each such Participant shall agree to the restrictions, terms and
conditions of the Award set forth therein.

            15.8  DESIGNATION OF BENEFICIARY. Each Participant to whom an Award
has been made may designate a beneficiary or beneficiaries to receive any
payment which under the terms of this Plan and the relevant Award Agreement may
become payable on or after the Participant's death. At any time, and from time
to time, any such designation may be changed or canceled by the Participant
without the consent of any such beneficiary. Any such designation, change or
cancellation must be on a form provided for that purpose by the Committee and
shall not be effective until received by the Committee. If no beneficiary has
been named by a deceased Participant, or if the designated beneficiaries have
predeceased the Participant, the beneficiary shall be the Participant's estate.
If the Participant designates more than one beneficiary, any payments under this
Plan to such beneficiaries shall be made in equal shares unless the Participant
has expressly designated otherwise, in which case the payments shall be made in
the shares designated by the Participant.

            15.9  LEAVES OF ABSENCE/TRANSFERS. The Committee shall have the
power to promulgate rules, policies and regulations and to make determinations,
as it deems appropriate, under this Plan in respect of any leave of absence from
the Company or any Subsidiary granted to a Participant. Without limiting the
generality of the foregoing, the Committee may determine whether any such leave
of absence shall be treated as if the Participant has terminated employment with
the Company or any such Subsidiary. If a Participant transfers within the
Company, or to or from any Subsidiary, such Participant shall not be deemed to
have terminated employment as a result of such transfers.

            15.10 GOVERNING LAW. This Plan and all actions taken thereunder
shall be governed by and construed in accordance with the laws of the State of
North Carolina, without regard to principles of conflict of laws. Any titles and
headings herein are for reference purposes only, and shall in no way limit,
define or otherwise affect the meaning, construction or interpretation of any
provisions of this Plan.

            15.11 EFFECTIVE DATE. This Plan became effective as of January 1,
1994, as a result of its approval by a majority of the Company's shareholders at
the Company's 1994 Annual Meeting of Shareholders.

      This Plan, as amended and restated herein, sets forth the Plan as
originally approved as modified and amended by action of the Board through June
15, 1998.

                                       19
<PAGE>

                            CCB FINANCIAL CORPORATION
                            LONG TERM INCENTIVE PLAN
                          COMPENSATION COMMITTEE POLICY

ACCELERATION OF VESTING OF STOCK OPTIONS AT DISABILITY, RETIREMENT OR DEATH

WHEREAS, Section 10.1.1 (a) and (b) provide that "In the event of Disability,
Retirement or death while the Stock Options are non-vested, non-vested Stock
Options shall become vested to the extent determined by the Committee"; and

WHEREAS, immediate vesting of unvested options at Disability, Retirement or
death is a common practice at many companies.

NOW, THEREFORE, BE IT RESOLVED, that it is the policy of the Compensation
Committee to vest all unvested stock options for both Officers and Directors of
the Corporation at Disability, Retirement or death.

                                                Approved 5/27/97
                                                Ratified 6/9/98
                                                Compensation Committee

<PAGE>

                            CCB FINANCIAL CORPORATION
                            LONG TERM INCENTIVE PLAN
                          COMPENSATION COMMITTEE POLICY

PAYMENT OF PERFORMANCE UNITS FOLLOWING DISABILITY, RETIREMENT OR DEATH

WHEREAS, Section 10.1.3 provides that "If a Participant's employment with the
Company or any of its Subsidiaries is terminated for any reason (other than
Disability, Retirement or death) prior to the completion of any Performance
Period, such termination results in the forfeiture of the Performance Unit. If
termination is due to Disability, Retirement or death, the disposition of the
non-vested awards will be determined by the Committee"; and

WHEREAS, partial payment of Performance Unit awards at Disability, Retirement or
death is a common practice at many companies.

NOW, THEREFORE, BE IT RESOLVED, that it is the policy of the Compensation
Committee to provide for a pro-rata vesting of Performance Units following
Disability, Retirement or death based on the number of full months worked to the
number of months in the Performance Period. Payment will be made following the
completion of the Performance Period and the determination as to the value of
each unit.

                                                First Approved 6/20/89
                                                Ratified 6/9/98
                                                Compensation Committee
<PAGE>

                             AMENDMENT NO. 1 TO THE
                            CCB FINANCIAL CORPORATION
                            LONG-TERM INCENTIVE PLAN

Amendment to Section 4.2.1 entitled "Common Stock".

By recommendation of the Compensation Committee and action of the Board of
Directors effective January 20, 1998, Section 4.2.1 shall be amended to replace
the number 500,000 with the number 1,000,000 so that said Section 4.2.1 shall
provide for the reservation for Awards (as defined in the Plan) under the Plan
for 1,000,000 shares of the authorized and unissued shares of the Corporation.

                                                CCB FINANCIAL CORPORATION
                                                BY: ERNEST C. ROESSLER
                                                TITLE: President and CEO

ATTEST:

BY:  /s/  LEO P> PLYPEC
TITLE:  First VP and Corporate Secretary

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