Document:

Amendment No. 1 to Employment Agreement

 Exhibit 10(l) 
 Form of Amendment to Post-2006 Employment Agreements 
 AMENDMENT NO. 1 TO EMPLOYMENT
AGREEMENT 
 This Amendment dated December [        ], 2008 (the
“Amendment”), to the Employment Agreement dated                          (the “Employment Agreement”)
by and between Wachovia Corporation (the “Company”) and                          (the “Executive”).

 WHEREAS, certain compensation, benefits and other amounts payable under the Employment Agreement are subject to
Section 409A (“Code Section 409A”) of the Internal Revenue Code of 1986, as amended (the “Code”); 
 WHEREAS, the Company and the Executive wish to amend the Employment Agreement to comply with the requirements of the final regulations under Code Section 409A; 
 NOW, THEREFORE, for good and valuable consideration, the receipt of which is acknowledged hereto, the parties agree as follows: 
 1.        Section 3(a) of the Employment Agreement is amended to add the following new
sentence to the end of that section: 
 Notwithstanding any provision of this Agreement to the contrary, if
the Executive’s Disability leave is at least six months, the Participant shall for purposes of this Agreement be deemed to have had a termination of employment on the first day following such six-month period and that date shall be treated as
the Disability Effective Date. 
 2.        Section 3(c) of the Employment
Agreement is amended to add the following new sentences at the end of that section: 
 The Executive may
terminate his employment for Good Reason, provided that the Termination Date occurs during the 2-year period immediately following the date that the events or actions giving rise to the Good Reason termination occur. In no event shall a termination
of the Executive’s employment for Good Reason occur unless the Executive gives written notice to the Company in accordance with and within the time period specified in Section 3(d) below stating with specificity the events or actions that
constitute Good Reason. The Executive shall provide the Company with an opportunity to cure (if curable) the events or actions constituting Good Reason within a reasonable period of time, but at least 30 days from the date the Company receives the
Notice of Termination (as defined in Section 3(d) below). 
 3.        Section 4(a)(ii) of the Employment Agreement is amended in its entirety to read as follows: 
 (ii)       for the twenty-four (24) month period beginning immediately after the Executive’s Date of Termination and ending on the second anniversary
of that 

 
date (the “Compensation Continuance Period”), the Company shall make cash payments to the Executive equal in the aggregate to two times the sum of
(A) the Executive’s highest Annual Base Salary during the twelve months immediately prior to the Date of Termination, (B), the Base Bonus, and (C) the amount equal to the highest matching contribution by the Company to the
Executive’s account in the Company’s 401(k) plan for the three years immediately prior to the Date of Termination (the payments described in clauses (A), (B) and (C) shall be hereinafter referred to as the “Compensation
Continuance Payments” and, together with the benefits referred to in Sections 4(a)(iii), (iv), (v), (vi) and (vii), shall be hereinafter referred to as the “Compensation Continuance Benefits”). The Compensation Continuance
Payments shall be made in substantially equal semi-monthly payments, and the Company shall withhold from the Compensation Continuance Payments all applicable federal, state and local taxes. Notwithstanding anything contained in this Agreement to the
contrary, in the event of a Change in Control that qualifies as either a “change in the ownership or effective control of a corporation” or a “change in the ownership of a substantial portion of the assets of a corporation” in
accordance with Treasury Regulation 1.409A-3(i)(5) and which has occurred during the 2-year period immediately preceding the Date of Termination, the Company shall pay the Compensation Continuance Payments to the Executive in cash within 30 days
after the Date of Termination. 
 4.        Section 4(a)(iii) of the Employment
Agreement is amended by deleting the last sentence of that section and by adding the following new sentences in its place: 
 The amount of any life insurance benefits provided under the Wachovia Executive Life Insurance Plan (or any successor or replacement plan thereto) shall not affect the life insurance benefits that may be provided
under that plan in any other taxable year, and the right to life insurance benefits under that plan may not be liquidated or exchanged for any other benefit. Notwithstanding the foregoing, if the Company reasonably determines that providing
continued coverage under one or more of its welfare benefit plans contemplated herein could adversely affect the tax treatment of other participants covered under such plans, or would otherwise have adverse legal ramifications, the Company may, in
its discretion, provide other coverage at least as valuable as the continued coverage through insurance. 
 5.        Section 4(a)(iv) of the Employment Agreement is amended to delete the last sentence of that section and to substitute the following new sentence in its place: 
 Notwithstanding the termination of the Executive’s employment with the Company, all stock options granted to the
Executive as of the date of this Agreement and during the Employment Period will be exercisable until the scheduled expiration date of such stock options or, if earlier, the tenth (10th) anniversary of the original date on which the stock option was granted. In the event any such stock options are designated as “incentive stock options” pursuant

  

 2 

 
to section 422 of the Code (as defined herein), such stock options shall be treated as non-qualified stock options for purposes of this sentence to the
extent that they are exercised after the period specified in section 422(a)(2) of the Code (to the extent such provision applies). 
 6.        Section 4(a)(v) of the Employment Agreement is amended to add the following new sentences at the end of that section: 
 The programs in which the Executive shall continue to participate during the Compensation Continuance Period shall be the
Wachovia Executive Financial Planning Program and the Wachovia Executive Physical Program. Any expense reimbursements payable to the Executive under such plans and programs shall be paid no later than the end of the Executive’s taxable year
that next follows the taxable year in which the expense was incurred. The amount of expenses eligible for reimbursement under such programs and the amount of any benefits provided under such programs shall not affect the expenses eligible for
reimbursement or the benefits that may be provided under such programs in any other taxable year, and the right to expense reimbursement or benefits under such programs may not be liquidated or exchanged for any other benefit. Any tax reimbursements
paid in connection with such programs shall be paid no later than the end of the Executive’s taxable year that next follows the taxable year in which the Executive pays such tax. 
 7.        Section 4(a)(vii) of the Employment Agreement is further amended to delete the
phrase “outplacement services” and to substitute the phrase “reasonable outplacement services” in its place. 
 8.        Section 4(e) of the Employment Agreement is amended in its entirety to read as follows: 
 (e)       Cause; Other than for Good Reason.    If the Executive’s employment shall be terminated by the Company for Cause or by
the Executive without Good Reason (other than for Retirement) during the Employment Period, this Agreement shall terminate without further obligations of the Company to the Executive other than the obligation to pay to the Executive (x) her
Annual Base Salary through the Date of Termination, and (y) Other Benefits, in each case only to the extent owing and theretofore unpaid. 
 9.        Section 4(f) of the Employment Agreement is amended in its entirety to read as follows: 
 (f)        Delayed Payment Date.    Notwithstanding
any provision to the contrary in this Agreement, if the Executive is deemed at the time to be a “specified employee” (determined in accordance with Code Section 409A and Treasury Regulation Section 1.409A-3(i)(2)) and such
delayed commencement is otherwise required in order to avoid a prohibited distribution under Section 409A(a)(2) of 

  

 3 

 
the Code, no payments or benefits to which the Executive otherwise becomes entitled under this Agreement and that are subject to Code Section 409A shall
be made or provided to the Executive prior to the earlier of (i) the expiration of the six (6)-month period measured from the date of the Executive’s “separation from service” (as such term is defined in Treasury Regulations
issued under Code Section 409A) or (ii) the date of the Executive’s death. Upon the expiration of the applicable Code Section 409A(a)(2) deferral period referred to in the preceding sentence, all payments and benefits deferred
pursuant to this Section 4(f) (whether they would have otherwise been payable in a single sum or in installments in the absence of such deferral) shall be paid or reimbursed to the Executive in a lump sum, and any remaining payments and
benefits due under this Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein. Whether the Executive is a “specified employee” shall be determined in accordance with written guidelines
adopted by the Company for such purposes and consistent with the Treasury Regulations under Code Section 409A. 
 10.        Section 6 of the Employment Agreement is amended by deleting the fifth sentence of that section and by adding the following new sentences in its place: 
 The Company agrees to pay as incurred, to the full extent permitted by law, all legal fees and expenses (“Legal
Costs”) which the Executive may reasonably incur during the Executive’s lifetime as a result of any contest by the Company, the Executive or others of the validity or enforceability of, or liability under, any provision of this Agreement
or any guarantee of performance thereof (including as a result of any contest by the Executive about the amount of any payment pursuant to this Agreement). Legal Costs will be paid within 30 days of when they are incurred and in no event later than
the last day of the Executive’s taxable year next following the taxable year in which the Legal Costs were incurred. The Company will pay interest on the amount of any Legal Costs that are paid more than 30 days after the date on which such
Legal Costs were incurred at the applicable Federal rate provided for in Section 7872(f)(2)(A) of the Code. The amount of Legal Costs reimbursable for any calendar year will not be affected by the amount reimbursed in any other taxable year,
and the Executive’s right to payment of Legal Costs shall not be subject to liquidation or exchange for another benefit. 
 11.        Section 7(b)(iii) of the Employment Agreement is amended to add the following new sentence to the end of that section: 
 In no event shall the level of such consulting services exceed 20% of the average level of services performed by the
Executive over the 36-month period immediately preceding the date on which the Executive’s employment terminated (or the full period of services that the Executive performed for the Company if the Executive provided services for fewer than 36
months). 
  

 4 

 12.    Section 8 of the Employment Agreement is amended by
adding the following new subsection (f) to the end of that section: 
  

	 	(f)	 Notwithstanding anything in this Agreement to the contrary: 

 (i)        Any Gross-Up Payment made with respect to an Excise
Tax (but excluding for this purpose any interest or penalties with respect to such tax), and including (but not limited to) any Gross-Up Payment with respect to an Excise Tax that the Company has paid on behalf of the Executive prior to directing
the Executive to claim a refund and any Underpayment described in Section 8(b), shall be paid no later than the last day of the Executive’s taxable year next following the taxable year in which the Excise Tax in respect to which such
Gross-Up Payment or Underpayment relates is remitted to the applicable taxing authority. 
 (ii)       The reimbursement of any expenses incurred by the Executive in connection with a contest respecting the existence or amount of any Excise Tax to which the Executive may be entitled pursuant to
this Section 8 shall be made no later than the end of the Executive’s taxable year next following the taxable year in which the taxes that are subject to the contest are remitted to the applicable taxing authority or, if no taxes are
remitted, the end of the Executive’s taxable year next following the taxable year in which the contest is completed or there is a final and nonappealable settlement or other resolution of the contest. 
 (iii)      Any other expense reimbursement to which the Executive may be
entitled under this Section 8 for an expense incurred during the Executive’s lifetime that is not described above, including, but not limited to, any Gross-Up Payment with respect to the interest or penalty component of an Excise Tax,
shall be made no later than the end of the Executive’s taxable year next following the taxable year in which the expense was incurred. The amount of any such expenses eligible for reimbursement paid during the Executive’s taxable year
shall not affect the expenses eligible for reimbursement in any other taxable year, and the right to any such expense reimbursement may not be liquidated or exchanged for any other benefit. 
 13.    Section 11 of the Employment Agreement is amended by adding the following new sentences to the end of
that section: 
 The Executive may, subject to the approval of the Company, determine which
payments will be reduced to comply with the limit described herein; provided that the reduction does not change the time or schedule of such payments from the time or schedule prescribed under this Agreement, and provided that the reduction does not
reduce or otherwise modify in any way amounts payable to the Executive under the terms of any other plan, contract or other arrangement that is subject to Section 409A of the Code. If the reduction is to be applied to a schedule of payments,
the reduction must either (i) proportionately reduce the amount of each scheduled payment, or (ii) eliminate the Executive’s right to receive the scheduled payments. 
  

 5 

 14.        Section 12(g) of the Employment
Agreement is amended to add the following new sentence to the end of that section: 
 Notwithstanding the
foregoing, no such modification shall be made to any plan, policy, practice, program, contract or agreement (the “Other Arrangements”) to the extent such modification would violate any requirement of Code Section 409A applicable to
the Other Arrangements or to this Agreement. 
 15.        Section 12 of the
Employment Agreement is further amended to add the following new subsections: 
 (k)         No Acceleration of Payments.    The Executive shall not be permitted, and the Company shall not have any discretion, to accelerate the timing or schedule of
any payment or benefit under this Agreement that is subject to Code Section 409A, except as specifically provided herein or as may be permitted pursuant Code Section 409A and the Treasury Regulations thereunder. 
 (l)          Compliance with Code
Section 409A.    The parties intend that all compensation and benefits paid or provided to the Executive by the Company that qualifies as a “deferral of compensation” within the meaning of Code
Section 409A (“Nonqualified Deferred Compensation”), including but not limited to any payment made or any benefit provided under this Agreement, shall, to the extent subject to Code Section 409A, be paid or provided in compliance
with Code Section 409A and the Treasury Regulations thereunder, and the parties shall interpret this Agreement in accordance with Code Section 409A and the Treasury Regulations thereunder. The parties agree to cooperate in good faith to
comply with Code Section 409A and further agree to modify this Agreement to the extent necessary to comply with Code Section 409A. 
 (m)        Separate Payment.    Notwithstanding anything contained in this Agreement to the contrary, each and every payment
made under this Agreement shall be treated as a separate payment and not as a series of payments. 
 (n)         Change in Control.    Notwithstanding anything contained in this Agreement to the contrary, any payment or benefit that (i) qualifies as Nonqualified
Deferred Compensation and (ii) is paid or distributed due to a Change in Control, whether pursuant to this Agreement or otherwise, shall only be paid or distributed if such event that qualifies as a Change in Control under this Agreement also
qualifies as either a “change in the ownership or effective control of a corporation” or a “change in the ownership of a substantial portion of the assets of a corporation” in accordance with Treasury Regulation 1.409A-3(i)(5).

 (o)         Expense
Reimbursements.    Notwithstanding anything contained in this Agreement to the contrary, except to the extent any reimbursement, payment or 

  

 6 

 
entitlement under this Agreement or otherwise does not qualify as Nonqualified Deferred Compensation, (x) the amount of expenses eligible for
reimbursement or the provision of any in-kind benefit (as defined in Code Section 409A) to the Executive during any calendar year will not affect the amount of expenses eligible for reimbursement or provided as in-kind benefits to the Executive
in any other calendar year, (y) the reimbursements for expenses for which the Executive is entitled shall be made on or before the last day of the calendar year following the calendar year in which the applicable expense is incurred and
(z) the right to payment or reimbursement or in-kind benefits may not be liquidated or exchanged for any other benefit 
 (p)        Reimbursement of Expenses in Connection with a Separation from Service.    Notwithstanding anything contained in this
Agreement to the contrary, any payment or benefit paid or provided under Section 4 above or otherwise paid or provided due to a “separation from service” (as such term is described and used in Code Section 409A and the Treasury
Regulations promulgated thereunder) that is exempt from Code Section 409A pursuant to Treasury Regulation Section 1.409A-1(b)(9)(v) shall be paid or provided to the Executive only to the extent the expenses are not incurred or the benefits
are not provided beyond the last day of the second taxable year of the Executive following the taxable year of the Executive in which the separation from service occurs; provided, however that the Company reimburses such expenses no later
than the last day of the third taxable year following the taxable year of the Executive in which the separation from service occurs. 
 16.        This Amendment is effective as of December 31, 2008. 
 17.        This Amendment constitutes an amendment to the Employment Agreement pursuant to Section 12(a) of the Employment Agreement. All provisions of the Employment
Agreement not affected by this Amendment shall remain in full force and effect and shall continue to be binding obligations of both parties hereto. Capitalized terms used in this Amendment but not defined herein shall have the meanings assigned
thereto in the Employment Agreement. 
 REMAINDER OF PAGE INTENTIONALLY LEFT BLANK 
  

 7 

 IN WITNESS WHEREOF, the Company has caused this Amendment to be executed by its duly
authorized officer, and the Executive has signed this amendment as of the date set forth below. 
  

			
	 WACHOVIA CORPORATION

		
	 By:
	 	  

	 Name:

	 Title:

	
	 AGREED AND ACCEPTED:

  

											
	  
	 		 	  
	 	
		 		 	 Date
	 	

  

 8 

 Form of Amendment to Pre-2006 Employment Agreements 
 AMENDMENT NO. 2 TO EMPLOYMENT AGREEMENT 
 This Amendment dated December         , 2008 (the “Amendment”), to the Employment Agreement dated
                         (the “Employment Agreement”) by and between Wachovia Corporation (the
“Company”) and                          (the “Executive”), as subsequently amended. 
 WHEREAS, certain compensation, benefits and other amounts payable under the Employment Agreement are subject to Section 409A
(“Code Section 409A”) of the Internal Revenue Code of 1986, as amended (the “Code”); 
 WHEREAS, the
Company and the Executive wish to amend the Employment Agreement to comply with the requirements of the final regulations under Code Section 409A; 
 NOW, THEREFORE, for good and valuable consideration, the receipt of which is acknowledged hereto, the parties agree as follows: 
 1.        Section 3(a) of the Employment Agreement is amended to add the following new sentence to the end of that section: 
 Notwithstanding any provision of this Agreement to the contrary, if the Executive’s Disability leave is at least six
months, the Participant shall for purposes of this Agreement be deemed to have had a termination of employment on the first day following such six-month period and that date shall be treated as the Disability Effective Date. 
 2.        Section 3(c) of the Employment Agreement is amended to add the following new
sentences at the end of that section: 
 The Executive may terminate his employment for Good Reason, provided
that the Termination Date occurs during the 2-year period immediately following the date that the events or actions giving rise to the Good Reason termination occur. In no event shall a termination of the Executive’s employment for Good Reason
occur unless the Executive gives written notice to the Company in accordance with and within the time period specified in Section 3(d) below stating with specificity the events or actions that constitute Good Reason. The Executive shall provide
the Company with an opportunity to cure (if curable) the events or actions constituting Good Reason within a reasonable period of time, but at least 30 days from the date the Company receives the Notice of Termination (as defined in
Section 3(d) below). 
 3.        Section 4(a)(i) of the Employment
Agreement is amended in its entirety to read as follows: 
 (i)        the Company shall pay to the Executive in a lump sum in cash within 30 days after the Date of Termination the aggregate of (A) the Executive’s Annual 

 
Base Salary through the Date of Termination to the extent not theretofore paid, and (B) the product of (1) an Annual Bonus of an amount equal to
the greater of (x) the highest annual cash incentive bonus paid by the Company to the Executive for the three calendar years prior to the Date of Termination or (y) the Executive’s then applicable “target” incentive bonus
under the then applicable cash incentive compensation plan prior to the Date of Termination (the greater of clauses (x) or (y) is defined as the “Base Bonus”), and (2) a fraction, the numerator of which is the number of days
in the fiscal year in which the Date of Termination occurs through the Date of Termination, and the denominator of which is 365, to the extent not theretofore paid (the “Pro Rata Bonus”), (C) any unpaid Annual Bonus for the prior
year, and (D) any accrued paid time off, in each case to the extent not theretofore paid (the sum of the amounts described in clauses (A), (B), (C), and (D) shall be hereinafter referred to as the “Accrued Obligations”).

 4.        Section 4(a)(ii) of the Employment Agreement is amended in its
entirety to read as follows: 
 (ii)       for the thirty-six
(36) month period beginning immediately after the Executive’s Date of Termination and ending on the third anniversary of that date (the “Compensation Continuance Period”), the Company shall make cash payments to the Executive
equal in the aggregate to three times the sum of (A) the Executive’s highest Annual Base Salary during the twelve months immediately prior to the Date of Termination, (B) the Base Bonus, and (C) the amount equal to the highest
matching contribution by the Company to the Executive’s account in the Company’s 401(k) plan for the five years immediately prior to the Date of Termination (the payments described in clauses (A), (B) and (C) shall be hereinafter
referred to as the “Compensation Continuance Payments” and, together with the benefits referred to in Sections 4(a)(iii), (iv), (v), (vi) and (vii), shall be hereinafter referred to as the “Compensation Continuance
Benefits”). The Compensation Continuance Payments shall be made in substantially equal semi-monthly payments, and the Company shall withhold from the Compensation Continuance Payments all applicable federal, state and local taxes.
Notwithstanding anything contained in this Agreement to the contrary, in the event of a Change in Control that qualifies as either a “change in the ownership or effective control of a corporation” or a “change in the ownership of a
substantial portion of the assets of a corporation” in accordance with Treasury Regulation 1.409A-3(i)(5) and which has occurred during the 2-year period immediately preceding the Date of Termination, the Company shall pay the Compensation
Continuance Payments to the Executive in cash within 30 days after the Date of Termination. 
 5.        Section 4(a)(iii) of the Employment Agreement is amended by deleting the last sentence of that section and by adding the following new sentences in its place: 
 The amount of any life insurance benefits provided under the Wachovia Executive Life Insurance Plan (or any successor or
replacement plan thereto) shall not affect the life insurance benefits that may be provided under that plan in any 

  

 2 

 
other taxable year, and the right to life insurance benefits under that plan may not be liquidated or exchanged for any other benefit. Notwithstanding the
foregoing, if the Company reasonably determines that providing continued coverage under one or more of its welfare benefit plans contemplated herein could adversely affect the tax treatment of other participants covered under such plans, or would
otherwise have adverse legal ramifications, the Company may, in its discretion, provide other coverage at least as valuable as the continued coverage through insurance. 
 6.        Section 4(a)(iv) of the Employment Agreement is amended to delete the last sentence of that section and to substitute the following new
sentence in its place: 
 Notwithstanding the termination of the Executive’s employment with the
Company, all stock options granted to the Executive as of the date of this Agreement and during the Employment Period will be exercisable until the scheduled expiration date of such stock options or, if earlier, the tenth (10th) anniversary of the original date on which the stock option was granted. In the event any such stock options are designated as “incentive stock
options” pursuant to section 422 of the Code (as defined herein), such stock options shall be treated as non-qualified stock options for purposes of this sentence to the extent that they are exercised after the period specified in section
422(a)(2) of the Code (to the extent such provision applies). 
 7.        Section 4(a)(v) of the Employment Agreement is amended to add the following new sentences at the end of that section: 
 The programs in which the Executive shall continue to participate during the Compensation Continuance Period shall be the
Wachovia Executive Financial Planning Program and the Wachovia Executive Physical Program. Any expense reimbursements payable to the Executive under such plans and programs shall be paid no later than the end of the Executive’s taxable year
that next follows the taxable year in which the expense was incurred. The amount of expenses eligible for reimbursement under such programs and the amount of any benefits provided under such programs shall not affect the expenses eligible for
reimbursement or the benefits that may be provided under such programs in any other taxable year, and the right to expense reimbursement or benefits under such programs may not be liquidated or exchanged for any other benefit. Any tax reimbursements
paid in connection with such programs shall be paid no later than the end of the Executive’s taxable year that next follows the taxable year in which the Executive pays such tax. 
 8.        Section 4(a)(vii) of the Employment Agreement is further amended to delete the
phrase “outplacement services” and to substitute the phrase “reasonable outplacement services” in its place. 
  

 3 

 9.        Section 4(e) of the Employment
Agreement is amended in its entirety to read as follows: 
 (e)       Cause; Other than for Good Reason.    If the Executive’s employment shall be terminated by the Company for Cause or by the Executive without Good Reason (other
than for Retirement) during the Employment Period, this Agreement shall terminate without further obligations of the Company to the Executive other than the obligation to pay to the Executive (x) his Annual Base Salary through the Date of
Termination, and (y) Other Benefits, in each case only to the extent owing and theretofore unpaid. 
 10.      Section 4(f) of the Employment Agreement is amended in its entirety to read as follows: 
 (f)        Delayed Payment Date.    Notwithstanding any provision to the contrary in this Agreement, if the Executive is deemed
at the time to be a “specified employee” (determined in accordance with Code Section 409A and Treasury Regulation Section 1.409A-3(i)(2)) and such delayed commencement is otherwise required in order to avoid a prohibited
distribution under Section 409A(a)(2) of the Code, no payments or benefits to which the Executive otherwise becomes entitled under this Agreement and that are subject to Code Section 409A shall be made or provided to the Executive prior to
the earlier of (i) the expiration of the six (6)-month period measured from the date of the Executive’s “separation from service” (as such term is defined in Treasury Regulations issued under Code Section 409A) or
(ii) the date of the Executive’s death. Upon the expiration of the applicable Code Section 409A(a)(2) deferral period referred to in the preceding sentence, all payments and benefits deferred pursuant to this Section 4(f)
(whether they would have otherwise been payable in a single sum or in installments in the absence of such deferral) shall be paid or reimbursed to the Executive in a lump sum, and any remaining payments and benefits due under this Agreement shall be
paid or provided in accordance with the normal payment dates specified for them herein. Whether the Executive is a “specified employee” shall be determined in accordance with written guidelines adopted by the Company for such purposes and
consistent with the Treasury Regulations under Code Section 409A. 
 11.      Section 6 of the Employment Agreement is amended by deleting the fifth sentence of that section and by adding the following new sentences in its place: 
 The Company agrees to pay as incurred, to the full extent permitted by law, all legal fees and expenses (“Legal
Costs”) which the Executive may reasonably incur during the Executive’s lifetime as a result of any contest by the Company, the Executive or others of the validity or enforceability of, or liability under, any provision of this Agreement
or any guarantee of performance thereof (including as a result of any contest by the Executive about the amount of any payment pursuant to this Agreement). Legal Costs will be paid within 30 days of when they are incurred and in no event later than
the last day of the Executive’s taxable year next following the taxable year in which the Legal Costs were incurred. The 

  

 4 

 
Company will pay interest on the amount of any Legal Costs that are paid more than 30 days after the date on which such Legal Costs were incurred at the
applicable Federal rate provided for in Section 7872(f)(2)(A) of the Code. The amount of Legal Costs reimbursable for any calendar year will not be affected by the amount reimbursed in any other taxable year, and the Executive’s right to
payment of Legal Costs shall not be subject to liquidation or exchange for another benefit. 
 12.        Section 7(b)(iii) of the Employment Agreement is amended to add the following new sentence to the end of that section: 
 In no event shall the level of such consulting services exceed 20% of the average level of services performed by the
Executive over the 36-month period immediately preceding the date on which the Executive’s employment terminated (or the full period of services that the Executive performed for the Company if the Executive provided services for fewer than 36
months). 
 13.        Section 8 of the Employment Agreement is amended by
adding the following new subsection (f) to the end of that section: 
  

	 	(f)	 Notwithstanding anything in this Agreement to the contrary: 

 (i)        Any Gross-Up Payment made with respect to an Excise
Tax (but excluding for this purpose any interest or penalties with respect to such tax), and including (but not limited to) any Gross-Up Payment with respect to an Excise Tax that the Company has paid on behalf of the Executive prior to directing
the Executive to claim a refund and any Underpayment described in Section 8(b), shall be paid no later than the last day of the Executive’s taxable year next following the taxable year in which the Excise Tax in respect to which such
Gross-Up Payment or Underpayment relates is remitted to the applicable taxing authority. 
 (ii)       The reimbursement of any expenses incurred by the Executive in connection with a contest respecting the existence or amount of any Excise Tax to which the Executive may be entitled pursuant to
this Section 8 shall be made no later than the end of the Executive’s taxable year next following the taxable year in which the taxes that are subject to the contest are remitted to the applicable taxing authority or, if no taxes are
remitted, the end of the Executive’s taxable year next following the taxable year in which the contest is completed or there is a final and nonappealable settlement or other resolution of the contest. 
 (iii)      Any other expense reimbursement to which the Executive may be
entitled under this Section 8 for an expense incurred during the Executive’s lifetime that is not described above, including, but not limited to, any Gross-Up Payment with respect to the interest or penalty component of an Excise Tax,
shall be made no later than the end of the Executive’s taxable year next following the taxable year in which the expense was incurred. The amount of any such 

  

 5 

 
expenses eligible for reimbursement paid during the Executive’s taxable year shall not affect the expenses eligible for reimbursement in any other
taxable year, and the right to any such expense reimbursement may not be liquidated or exchanged for any other benefit. 
 14.        Section 11(g) of the Employment Agreement is amended to add the following new sentence to the end of that section: 
 Notwithstanding the foregoing, no such modification shall be made to any plan, policy, practice, program, contract or
agreement (the “Other Arrangements”) to the extent such modification would violate any requirement of Code Section 409A applicable to the Other Arrangements or to this Agreement. 
 15.        Section 11 of the Employment Agreement is further amended to add the following
new subsections: 
 (k)         No Acceleration of
Payments.    The Executive shall not be permitted, and the Company shall not have any discretion, to accelerate the timing or schedule of any payment or benefit under this Agreement that is subject to Code Section 409A,
except as specifically provided herein or as may be permitted pursuant Code Section 409A and the Treasury Regulations thereunder. 
 (l)          Compliance with Code Section 409A.    The parties intend that all compensation and benefits paid or provided to the
Executive by the Company that qualifies as a “deferral of compensation” within the meaning of Code Section 409A (“Nonqualified Deferred Compensation”), including but not limited to any payment made or any benefit provided
under this Agreement, shall, to the extent subject to Code Section 409A, be paid or provided in compliance with Code Section 409A and the Treasury Regulations thereunder, and the parties shall interpret this Agreement in accordance with
Code Section 409A and the Treasury Regulations thereunder. The parties agree to cooperate in good faith to comply with Code Section 409A and further agree to modify this Agreement to the extent necessary to comply with Code
Section 409A. 
 (m)        Separate
Payment.    Notwithstanding anything contained in this Agreement to the contrary, each and every payment made under this Agreement shall be treated as a separate payment and not as a series of payments. 
 (n)        Change in Control.    Notwithstanding
anything contained in this Agreement to the contrary, any payment or benefit that (i) qualifies as Nonqualified Deferred Compensation and (ii) is paid or distributed due to a Change in Control, whether pursuant to this Agreement or
otherwise, shall only be paid or distributed if such event that qualifies as a Change in Control under this Agreement also qualifies as either a “change in the ownership or effective control of a corporation” or a “change in the
ownership of a substantial portion of the assets of a corporation” in accordance with Treasury Regulation 1.409A-3(i)(5). 
  

 6 

 (o)         Expense
Reimbursements.    Notwithstanding anything contained in this Agreement to the contrary, except to the extent any reimbursement, payment or entitlement under this Agreement or otherwise does not qualify as Nonqualified
Deferred Compensation, (x) the amount of expenses eligible for reimbursement or the provision of any in-kind benefit (as defined in Code Section 409A) to the Executive during any calendar year will not affect the amount of expenses
eligible for reimbursement or provided as in-kind benefits to the Executive in any other calendar year, (y) the reimbursements for expenses for which the Executive is entitled shall be made on or before the last day of the calendar year
following the calendar year in which the applicable expense is incurred and (z) the right to payment or reimbursement or in-kind benefits may not be liquidated or exchanged for any other benefit 
 (p)         Reimbursement of Expenses in Connection with a Separation
from Service.    Notwithstanding anything contained in this Agreement to the contrary, any payment or benefit paid or provided under Section 4 above or otherwise paid or provided due to a “separation from
service” (as such term is described and used in Code Section 409A and the Treasury Regulations promulgated thereunder) that is exempt from Code Section 409A pursuant to Treasury Regulation Section 1.409A-1(b)(9)(v) shall be paid
or provided to the Executive only to the extent the expenses are not incurred or the benefits are not provided beyond the last day of the second taxable year of the Executive following the taxable year of the Executive in which the separation from
service occurs; provided, however that the Company reimburses such expenses no later than the last day of the third taxable year following the taxable year of the Executive in which the separation from service occurs. 
 16.        This Amendment is effective as of December 31, 2008. 
 17.        This Amendment constitutes an amendment to the Employment Agreement pursuant to
Section 11(a) of the Employment Agreement. All provisions of the Employment Agreement not affected by this Amendment shall remain in full force and effect and shall continue to be binding obligations of both parties hereto. Capitalized terms
used in this Amendment but not defined herein shall have the meanings assigned thereto in the Employment Agreement. 
 REMAINDER OF PAGE
INTENTIONALLY LEFT BLANK 
  

 7 

 IN WITNESS WHEREOF, the Company has caused this Amendment to be executed by its duly
authorized officer, and the Executive has signed this amendment as of the date set forth below. 
  

			
	 WACHOVIA CORPORATION

		
	 By:
	 	  

	 Name:

	 Title:

	
	 AGREED AND ACCEPTED:

  

											
	  
	 		 	  
	 	
		 		 	 Date
	 	

  

 8Exhibit 10.2 -- Amendment to Employment Agreement

 Exhibit 10.2 
 AMENDMENT 
 TO THE 
 EMPLOYMENT AGREEMENT 
 This AMENDMENT TO THE EMPLOYMENT AGREEMENT is entered into as of December 17, 2008, by
and between BALTIMORE COUNTY SAVINGS BANK, F.S.B. (the “Bank”) AND JOSEPH J. BOUFFARD (the “Executive”). 
 WHEREAS,
the Executive is currently employed by the Bank; 
 WHEREAS, the Executive and the Bank previously entered into an Employment Agreement dated
November 27, 2006, and subsequently amended (the “Employment Agreement”); 
 WHEREAS, the Executive and the Bank desire to amend the
Employment Agreement to make certain changes to comply with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree to amend
the Severance Agreement as follows: 
 1. 12(d) of the Employment Agreement is deleted in its entirety. 
 2. A new Section 27 is added to the agreement to read as follows: 
 “27. Section 409A 
 (i) The Executive will be deemed to have a
termination of employment for purposes of determining the timing of any payments that are classified as deferred compensation only upon a “separation from service” within the meaning of Section 409A. 
 (ii) If at the time of the Executive’s separation from service, (a) the Executive is a “specified employee”
(within the meaning of Section 409A and using the methodology selected by the Bank) and (b) the Bank makes a good faith determination that an amount payable or the benefits to be provided hereunder constitutes deferred compensation (within
the meaning of Section 409A), the payment of which is required to be delayed pursuant to the six-month delay rule of Section 409A in order to avoid taxes or penalties under Section 409A, then the Bank will not pay the entire
amount on the otherwise scheduled payment date but will instead pay on the scheduled payment date the maximum amount permissible in order to comply with Section 409A (i.e., any amount that satisfies an exception under the Section 409A
rules from being categorized as deferred compensation) and will pay the remaining amount (if any) in a lump sum on the first business day after such six month period.

 (iii) To the extent the Executive would be subject to an additional 20% tax imposed
on certain deferred compensation arrangements pursuant to Section 409A as a result of any provision of this Agreement, such provision shall be deemed amended to the minimum extent necessary to avoid application of such tax and the parties shall
promptly execute any amendment reasonably necessary to implement this Section 27. The Executive and the Bank agree to cooperate to make such amendment to the terms of this Agreement as may be necessary to avoid the imposition of penalties
and taxes under Section 409A; provided, however, that the Executive agrees that any such amendment shall provide the Executive with economically equivalent payments and benefits, and the Executive agrees that any such amendment will not
materially increase the cost to, or liability of, the Bank with respect to any payment. 
 (iv) For purposes of the this
Agreement, Section 409A shall refer to Section 409A of the Internal Revenue Code of 1986, as amended, and the Treasury regulations and any other authoritative guidance issued thereunder.” 
 3. Except as expressly provided herein, the terms and conditions of the Employment Agreement shall remain in full force and effect and shall be binding on the parties
hereto until the expiration of the term of the Agreement. 
 4. Effectiveness of this Amendment to the Employment Agreement shall be conditioned upon
approval by Bank’s Board of Directors (or the appropriate committees thereof), and this Amendment to the Employment Agreement shall become effective on the later of date of such approval and execution by both parties. 
 [Signature Page Follows] 
  

 2 

 IN WITNESS WHEREOF, the parties have duly executed and delivered this Amendment to the Employment Agreement, or
have caused this Amendment to the Employment Agreement to be duly executed and delivered in their name and on their behalf, as of the day and year first above written. 
  

			
	BALTIMORE COUNTY SAVINGS BANK, F.S.B.
		
	By:	 	 /s/    David M. Meadows

	Title:	 	 Secretary & E. V. P.

	
	EXECUTIVE
	
	 /s/    Joseph J. Bouffard

	Joseph J. Bouffard

  

 3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00151-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00151-of-00352.parquet"}]]