Document:

Stock Option Agreement under 2004 Plan

 Exhibit 10.2 
  
 Autobytel Inc. 
 A Delaware Corporation 
  
 2004 RESTRICTED STOCK AND
OPTION PLAN 
  
 FORM OF OUTSIDE DIRECTOR STOCK OPTION
AGREEMENT 
  
 Unless otherwise defined herein, the terms defined in the Plan
shall have the same defined meanings in this Option Agreement. 
  
 I 
 NOTICE OF STOCK OPTION GRANT 
  
 «FIRST_» «LAST_» 
 «Street1_» 
 «Street2» 
 «City», «ST» «ZIP» 
  
 You have been granted an option to purchase Common Stock of the Company, subject to the terms and conditions of the Plan and this Option Agreement, as follows: 
  

			
	 Date of Grant:
	 	«DateGrant»
		
	 Vesting Commencement Date:
	 	«VestDate»
		
	 Exercise Price per Share:
	 	«ExePrice_»
		
	 Total Number of Shares Granted:
	 	«TotalShGrant»
		
	 Total Exercise Price:
	 	«TtlExPrice_»
		
	 Type of Option:
	 	Nonstatutory Stock Option
		
	 Term/Expiration Date:
	 	The tenth anniversary of the Date of Grant

  

	A.	Vesting Schedule: 

  
 Subject to Section II, Paragraphs D., E., F. and G. hereof, you may exercise this Option, in whole or in part, beginning on the Vesting Commencement Date as provided above. 
  

	B.	Termination Period: 

  
 You may exercise this Option for two (2) years following your termination of service as a member of the Board of the Company (“Service”) for any reason other than for Cause (as defined below). In no case may
you exercise this Option after the Term/Expiration Date as provided above. As used herein, the term “for Cause” shall refer to the termination of the Optionee’s Service as a result of any one or more of the following: (i) any
conviction of, or 
  

 -1- 

 pleading of nolo contendre by, the Optionee for any crime or felony; (ii) any gross wilfull misconduct of the Optionee
which has a materially injurious effect on the business or reputation of the Company; (iii) the gross dishonesty of the Optionee which has a materially injurious effect on the business or reputation of the Company; or (iv) a material failure to
consistently discharge his duties as director under Delaware law which failure continues for thirty (30) days following written notice from the Company detailing the area or areas of such failure other than such failure resulting from his Total and
Permanent Disability. For purposes hereof, no act or failure to act, on the part of the Optionee, shall be considered “willful” if it is done, or omitted to be done, by the Optionee in good faith or with reasonable belief that his action
or omission was in the best interest of the Company. The Optionee shall have the opportunity to cure any such acts or omissions (other than item (i) above) within thirty (30) days of the Optionee’s receipt of notice from the Company finding
that, in the good faith opinion of the Company, the Optionee is guilty of acts or omissions constituting “Cause”. 
  
 II 
 AGREEMENT 

 
 A. Grant of Option. Autobytel Inc., a Delaware corporation (the
“Company”), hereby grants to the Optionee named in the Notice of Grant (the “Optionee”), an option (the “Option”) to purchase the total number of shares of Common Stock (the “Shares”) set forth in the Notice
of Grant, at the exercise price per share set forth in the Notice of Grant (the “Exercise Price”) subject to the terms, definitions and provisions of the 2004 Restricted Stock and Option Plan (the “Plan”) adopted by the Company,
which is incorporated herein by reference. Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this Option Agreement. 
  
 This Option is a Nonstatutory Stock Option (“NSO”). 
  

	B.	Exercise of Option. 

  

	 	(1)	Right to Exercise. This Option shall be exercisable during its term in accordance with the Vesting Schedule set out in the Notice of Grant and with the applicable provisions
of the Plan and this Option Agreement. In the event of Optionee’s death, disability or other termination of Service, this Option shall be exercisable in accordance with the applicable provisions of the Plan and this Option Agreement.

  

	 	(2)	Method of Exercise. This Option shall be exercisable by written notice (in the form attached as Exhibit A) which shall state the election to exercise the Option, the number
of Shares in respect of which the Option is being exercised, and such other representations and agreements as may be required by the Company pursuant to the provisions of the Plan. Such written notice shall be signed by the Optionee and shall be
delivered in person or by certified mail to the Secretary of the Company. The written notice shall be accompanied by payment of the Exercise Price. This Option shall be deemed to be exercised upon receipt by the Company of such written notice
accompanied by the Exercise Price. 

  

 -2- 

 No Shares will be issued pursuant to the exercise of an Option unless such issuance and such exercise shall comply
with all relevant provisions of law and the requirements of any stock exchange upon which the Shares may then be listed. Assuming such compliance, for income tax purposes the Shares shall be considered transferred to the Optionee on the date on
which the Option is exercised with respect to such Shares. 
  
 C. Method of
Payment. Payment of the Exercise Price shall be by any of the following, or a combination thereof, at the election of the Optionee: 
  

	 	(1)	cash; 

  

	 	(2)	certified, bank cashier’s, or teller’s check; 

  

	 	(3)	surrender of other shares of Common Stock of the Company which (A) in the case of Shares acquired pursuant to the exercise of a Company option, have been owned by the Optionee for
more than six (6) months on the date of surrender, and (B) have a Fair Market Value on the date of surrender equal to the Exercise Price of the Shares as to which the Option is being exercised; or 

  

	 	(4)	delivery of a properly executed exercise notice together with such other documentation as the Administrator and the broker, if applicable, shall require to effect an exercise of the
Option and delivery to the Company of the sale or loan proceeds required to pay the Exercise Price. 

  
 D. Restrictions on Exercise. This Option may not be exercised if the issuance of such Shares upon such exercise or the method of payment of consideration for such
Shares would constitute a violation of any applicable federal or state securities or other law or regulation, including any rule under Part 207 of Title 12 of the Code of Federal Regulations (“Regulation G”) as promulgated by the Federal
Reserve Board. 
  
 E. Termination of Relationship. As of the date of the
Optionee’s termination of Service, Optionee may, to the extent otherwise so entitled at the date of such termination, exercise this Option for a period of two (2) years following the date of termination (and in no event later than the
expriation date of the term of such Option as set forth in Paragraph I. below). To the extent that Optionee was not entitled to exercise this Option at the date of such termination, or if Optionee does not exercise this Option within the time
specified herein, the Option shall terminate, and the Shares covered by such Option shall revert to the Plan. Notwithstanding anything to the contrary contained in this Agreement, as of the date of the Optionee’s termination of Service for
Cause, any unvested or unexercised portion of any Option shall terminate immediately and shall be of no further force or effect. 
  
 F. Disability of Optionee. Notwithstanding the provisions of Paragraph E. above, in the event of termination of an Optionee’s Service as a result of his or
her Total and Permanent Disability, Optionee may, but only within two (2) years from the date of such termination (and in no event later than the expiration date of the term of such Option as set forth in Paragraph I. below), exercise the Option to
the extent otherwise entitled to exercise it at the date of such termination. To the extent that Optionee was not entitled to exercise the Option at the date of termination, or if Optionee does not exercise such Option to the extent so entitled
within the time specified herein, the Option shall terminate, and the Shares covered by such Option shall revert to the Plan. 
  

 -3- 

 G. Death of Optionee. In the event of termination of Optionee’s Service as a result of the death of Optionee,
the Option may be exercised at any time within two (2) years following the date of death (but in no event later than the date of expiration of the term of this Option as set forth in Paragraph I. below), by Optionee’s estate or by a person who
acquired the right to exercise the Option by bequest or inheritance, but only to the extent the Optionee could exercise the Option at the date of death. 
  

H. Non-Transferability of Option. This Option may not be transferred in any manner otherwise than by will or by the laws of descent or distribution and may be
exercised during the lifetime of Optionee only by Optionee. The terms of this Option shall be binding upon the executors, administrators, heirs, successors and assigns of the Optionee. 
  
 I. Term of Option. This Option may be exercised only within the term set out in the
Notice of Grant, and may be exercised during such term only in accordance with the Plan and the terms of this Option.  
  
 J. Acceleration of Vesting Upon a Change of Control. In the event there occurs a Change of Control of the Company (as hereafter defined) all Shares subject to the
Option shall vest and become exercisable upon the effective date of any such Change of Control. For purposes of this Option Agreement, “Change of Control” shall be defined as the occurrence of any of the following: (i) the consummation of
the sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation but not including any public offering) in one or a series of related transactions of all or substantially all of the assets of the Company taken
as a whole to any person (a “Person”) or group of Persons acting together (a “Group”) (other than any of the Company’s wholly-owned subsidiaries or any Company employee pension or benefits plan), (ii) the adoption of a plan
relating to the liquidation or dissolution of the Company, (iii) the consummation of any transactions (including any stock or other purchase, sale, acquisition, disposition, merger, consolidation or reorganization, but not including any public
offering) the result of which is that any Person or Group (other than any of the Company’s wholly-owned subsidiaries or any Company employee pension or benefits plan), becomes the beneficial owner of more than 40 percent of the aggregate voting
power of all classes of stock of the Company having the right to elect directors under ordinary circumstances; or (iv) the first day on which a majority of the members of the board of directors of the Company (the “Board”) are not
individuals who were nominated for election or elected to the Board with the approval of two-thirds of the members of the Board just prior to the time of such nomination or election. 
  
 K. Tax Consequences. Set forth below is a brief summary as of the date of this Option of some of the federal and state tax
consequences of exercise of this Option and disposition of the Shares.  
  

 -4- 

 THIS SUMMARY IS NECESSARILY INCOMPLETE, AND THE TAX LAWS AND REGULATIONS ARE SUBJECT TO CHANGE. OPTIONEE SHOULD
CONSULT A TAX ADVISER BEFORE EXERCISING THIS OPTION OR DISPOSING OF THE SHARES. 
  

	(1)	Exercise of NSO. There may be a regular federal income tax liability and state income tax liability upon the exercise of a NSO. The Optionee will be treated as having
received compensation income (taxable at ordinary income tax rates) equal to the excess, if any, of the Fair Market Value of the Shares on the date of exercise over the Exercise Price. If the Company determines it is required to withhold state or
federal income tax as a result of the exercise of the Option, the Company may satisfy such withholding by collecting from Optionee an amount, in cash, or by retaining or not issuing such number of Shares with a Fair Market Value equal to the amount
to be withheld. 

  

	(2)	Disposition of Shares. Any gain realized on disposition of the Shares held for at least one year should be treated as long-term capital gain for federal and state income tax
purposes. 

  
 L. Entire Agreement; Governing Law. The Plan is
incorporated herein by reference. The Plan and this Option Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and
Optionee with respect to the subject matter hereof, and may not be modified adversely to the Optionee’s interest except by means of a writing signed by the Company and Optionee. THIS AGREEMENT IS GOVERNED BY DELAWARE LAW EXCEPT FOR THAT BODY
OF LAW PERTAINING TO CONFLICT OF LAWS. 
  

					
	 	 	Autobytel Inc.
	 	 	 a Delaware corporation

			
	 Dated as of: «DateGrant»
	 	By:	 	  

	 	 	 	 	Jeffrey A. Schwartz
	 	 	 	 	President
	 	 	 	 	Chief Executive Officer

  

 -5- 

 OPTIONEE ACKNOWLEDGES AND AGREES THAT THE VESTING OF SHARES PURSUANT TO THE OPTION HEREOF IS EARNED ONLY BY CONTINUING
SERVICE AS A DIRECTOR OF THE COMPANY (NOT THROUGH BEING GRANTED THIS OPTION OR ACQUIRING SHARES HEREUNDER). OPTIONEE FURTHER ACKNOWLEDGES AND AGREES THAT NOTHING IN THIS AGREEMENT, NOR IN THE COMPANY’S 2004 RESTRICTED STOCK AND OPTION PLAN
WHICH IS INCORPORATED HEREIN BY REFERENCE, SHALL CONFER UPON OPTIONEE ANY RIGHT WITH RESPECT TO CONTINUATION OF SERVICE AS A DIRECTOR OF THE COMPANY. 
  
 Optionee acknowledges receipt of a copy of the Plan and represents that he or she is familiar with the terms and provisions thereof, and hereby accepts
this Option subject to all of the terms and provisions thereof. Optionee has reviewed the Plan and this Option in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Option and fully understands all
provisions of the Option. Optionee hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under the Plan or this Option. Optionee further agrees to notify the Company
upon any change in the residence address indicated below. 
  

			
	 	 	OPTIONEE
		
	 Dated as of: «DateGrant»
	 	  

	 	 	«First_» «Last_»
	 	 	«Street1_»
	 	 	«Street2»
	 	 	«City», «ST» «ZIP»

  

 -6- 

 EXHIBIT A 
  
 2004 RESTRICTED STOCK AND OPTION PLAN 
  
 EXERCISE NOTICE 
  
 Autobytel Inc. 
 18872 MacArthur
Boulevard 
 Irvine, CA 92612-1400 
  

Attention: Secretary 
  

	1.	Exercise of Option. Effective as of today,
                    , «First_» «Last_», the undersigned (“Optionee”), hereby elects to
exercise Optionee’s option to purchase              shares of the Common Stock (the “Shares”) of Autobytel Inc. (the “Company”) under and pursuant to the
2004 Restricted Stock and Option Plan (the “Plan”) and the [    ] Incentive [ü] Nonstatutory Stock Option Agreement dated «DateGrant» (the “Option
Agreement”). 

  

	2.	Representations of Optionee. Optionee acknowledges that Optionee has received, read and understood the Plan and the Option Agreement and agrees to abide by and be bound by
their terms and conditions. 

  

	3.	Rights as Shareholder. Until the stock certificate evidencing such Shares is issued (as evidenced by the appropriate entry on the books of the Company or of a duly authorized
transfer agent of the Company), no right to vote or receive dividends or any other rights as a shareholder shall exist with respect to the Optioned Stock, notwithstanding the exercise of the Option. The Company shall issue (or cause to be issued)
such stock certificate promptly after the Option is exercised. No adjustment will be made for a dividend or other right for which the record date is prior to the date the stock certificate is issued, except as provided in Section 5.2 of the Plan.

  

	4.	Tax Consultation. Optionee understands that Optionee may suffer adverse tax consequences as a result of Optionee’s purchase or disposition of the Shares. Optionee
represents that Optionee has consulted with any tax consultants Optionee deems advisable in connection with the purchase or disposition of the Shares and that Optionee is not relying on the Company for any tax advice. 

  

	5.	Successors and Assigns. The Company may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement shall inure to the benefit of the
successors and assigns of the Company. Subject to the restrictions on transfer herein set forth, this Agreement shall be binding upon Optionee and his or her heirs, executors, administrators, successors and assigns. 

  

	6.	Interpretation. Any dispute regarding the interpretation of this Agreement shall be submitted by Optionee or by the Company forthwith to the Company’s Board of Directors
or the committee thereof that administers the Plan, which shall review such dispute at its next regular meeting. The resolution of such a dispute by the Board or committee shall be final and binding on the Company and on Optionee.

  

 -7- 

	7.	GOVERNING LAW; SEVERABILITY. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE EXCLUDING THAT BODY OF LAW PERTAINING
TO CONFLICTS OF LAW. SHOULD ANY PROVISION OF THIS AGREEMENT BE DETERMINED BY A COURT OF LAW TO BE ILLEGAL OR UNENFORCEABLE, THE OTHER PROVISIONS SHALL NEVERTHELESS REMAIN EFFECTIVE AND SHALL REMAIN ENFORCEABLE. 

  

	8.	Notices. Any notice required or permitted hereunder shall be given in writing and shall be deemed effectively given upon personal delivery or upon deposit in the United
States mail by certified mail, with postage and fees prepaid, addressed to the other party at its address as shown below beneath its signature, or to such other address as such party may designate in writing from time to time to the other party.

  

	9.	Further Instruments. The parties agree to execute such further instruments and to take such further action as may be reasonably necessary to carry out the purposes and intent
of this Agreement. 

  

	10.	Delivery of Payment. Optionee herewith delivers to the Company the full Exercise Price for the Shares. 

  

	11.	Entire Agreement. The Plan and Notice of Grant/Option Agreement are incorporated herein by reference. This Agreement, the Plan and the Option Agreement constitute the entire
agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and Optionee with respect to the subject matter hereof, and may not be modified adversely to the
Optionee’s interest except by means of a writing signed by the Company and Optionee. 

  

									
	 Submitted by:
	 	 	 	Accepted by:
			
	 OPTIONEE:
	 	 	 	Autobytel Inc.
					
	 By:
	 	  

	 	 	 	By:	 	  

	 	 	«First_» «Last_»	 	 	 	Title:	 	  

					
	 Address:
	 	 	 	 	 	Address:	 	 
	  

	 	 	 	18872 MacArthur Boulevard
	
	 	 	 	Irvine, CA 92612-1400

  

 -8-FIFTH SUPPLEMENTAL INDENTURE

 Exhibit 4.3 

  
 FIFTH SUPPLEMENTAL INDENTURE 
  
 between 
  
 BANK OF AMERICA CORPORATION 
  
 and 
  
 THE BANK OF NEW YORK 
  
 Dated as of November 3, 2004 
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

	 ARTICLE 1
	  	 DEFINITIONS
	  	2
			
	 SECTION 1.1
	  	 Definition of Terms
	  	2
			
	 ARTICLE 2
	  	 GENERAL TERMS AND CONDITIONS OF THE NOTES
	  	4
			
	 SECTION 2.1
	  	 Designation and Principal Amount
	  	4
	 SECTION 2.2
	  	 Maturity
	  	4
	 SECTION 2.3
	  	 Form and Payment
	  	4
	 SECTION 2.4
	  	 Global Form
	  	5
	 SECTION 2.5
	  	 Interest
	  	6
			
	 ARTICLE 3
	  	 PREPAYMENT OF THE NOTES
	  	7
			
	 SECTION 3.1
	  	 Special Event Prepayment
	  	7
	 SECTION 3.2
	  	 Optional Prepayment by Company
	  	7
	 SECTION 3.3
	  	 No Sinking Fund
	  	8
			
	 ARTICLE 4
	  	 EXTENSION OF INTEREST PAYMENT PERIOD
	  	8
			
	 SECTION 4.1
	  	 Extension of Interest Payment Period
	  	8
	 SECTION 4.2
	  	 Notice of Extension
	  	8
	 SECTION 4.3
	  	 Limitation of Transactions
	  	9
			
	 ARTICLE 5
	  	 EXPENSES
	  	9
			
	 SECTION 5.1
	  	 Payment of Expenses
	  	9
	 SECTION 5.2
	  	 Payment Upon Resignation or Removal
	  	10
			
	 ARTICLE 6
	  	 COVENANT TO LIST ON EXCHANGE
	  	10
			
	 SECTION 6.1
	  	 Listing on an Exchange
	  	10
			
	 ARTICLE 7
	  	 FORM OF NOTE
	  	11
			
	 SECTION 7.1
	  	 Form of Note
	  	11
			
	 ARTICLE 8
	  	 ORIGINAL ISSUE OF NOTES
	  	17
			
	 SECTION 8.1
	  	 Original Issue of Notes
	  	17
			
	 ARTICLE 9
	  	 MISCELLANEOUS
	  	18
			
	 SECTION 9.1
	  	 Ratification of Indenture
	  	18
	 SECTION 9.2
	  	 Trustee Not Responsible for Recitals
	  	18
	 SECTION 9.3
	  	 Governing Law
	  	18
	 SECTION 9.4
	  	 Separability
	  	18
	 SECTION 9.5
	  	 Counterparts
	  	18
			
	 ARTICLE 10
	  	 MATURITY DATE EXTENSION
	  	19
			
	 SECTION 10.1
	  	 Extension
	  	19
	 SECTION 10.2
	  	 Notice of Extension
	  	19

  

 i 

  
 FIFTH SUPPLEMENTAL
INDENTURE 
  
 THIS FIFTH SUPPLEMENTAL INDENTURE, dated as of
November 3, 2004 (the “Fifth Supplemental Indenture”), between BANK OF AMERICA CORPORATION, a Delaware corporation (the “Company”), and THE BANK OF NEW YORK, as trustee (the “Trustee”), under a Restated Indenture dated
as of November 1, 2001 between the Company and the Trustee (the “Indenture”). 
  
 WHEREAS, the Company desires to establish, under the terms of the Indenture, a series of its securities to be known as its 6% Junior Subordinated Notes, due 2034 (the “Notes”), the form and substance of such
Notes and the terms, provisions and conditions thereof, to be set forth as provided in the Indenture and this Fifth Supplemental Indenture; and 
  
 WHEREAS, under the terms of an Underwriting Agreement dated as of October 21, 2004 (the “Underwriting Agreement”), among the Company, BAC
Capital Trust V (the “Trust”) and the Underwriters named therein (the “Underwriters”), the Trust has agreed to sell to the Underwriters $500,000,000 aggregate liquidation amount of its 6% Capital Securities (such securities being
of the type referred to in the Indenture as the “Preferred Securities” and in this Fifth Supplemental Indenture as the “Capital Securities”) and has granted the Underwriters an option to purchase up to an additional $75,000,000
aggregate liquidation amount of Capital Securities of the Trust (the “Option”) to cover over-allotments; and 
  
 WHEREAS, the Underwriters have exercised the Option in part and, pursuant to that exercise, will purchase an additional $17,500,000 aggregate liquidation
amount of Capital Securities, for a total aggregate liquidation amount of Capital Securities to be purchased of $517,500,000; and 
  
 WHEREAS, under the terms of a Subscription Agreements dated as of October 21, 2004 and October 26, 2004 between the Trust and the Company (the
“Subscription Agreements”), the Company has committed to purchase all of the common securities of the Trust (the “Common Securities”) which Common Securities shall represent at least 3% of the total capital of the Trust; and

  
 WHEREAS, the Trust proposes to invest the gross proceeds from
such offering of Capital Securities, together with the gross proceeds from the issuance and sale by the Trust of the Common Securities, in the Notes, as a result of which the Trust will purchase initially $515,475,000 aggregate principal amount of
the Notes, and, upon exercise of the Option, will purchase an additional $18,050,000 aggregate principal amount of the Notes; and 
  
 WHEREAS, the Company has requested that the Trustee execute and deliver this Fifth Supplemental Indenture; and 
  
 WHEREAS, all requirements necessary to make this Fifth Supplemental Indenture
a valid instrument in accordance with its terms and to make the Notes, when executed by the Company and authenticated and delivered by the Trustee, the valid obligations of the Company, have been performed, and the execution and delivery of this
Fifth Supplemental Indenture have been duly authorized in all respects. 
  

 NOW THEREFORE, in consideration of the purchase and acceptance of the Notes by the Holders thereof, and
for the purpose of setting forth, as provided in the Indenture, the form and substance of the Notes and the terms, provisions and conditions thereof, the Company covenants and agrees with the Trustee as follows: 
  
 ARTICLE 1 
  
 DEFINITIONS 
  
 SECTION 1.1 Definition of Terms. 
  
 Unless the context otherwise requires: 
  
 (a) a term defined in the Indenture has the same meaning when used in this Fifth Supplemental Indenture unless otherwise provided herein; 
  
 (b) a term defined anywhere in this Fifth Supplemental Indenture has the same
meaning throughout; 
  
 (c) the singular includes the plural and
vice versa; 
  
 (d) a reference to a Section or Article is to a
Section or Article of this Fifth Supplemental Indenture; 
  
 (e)
headings are for convenience of reference only and do not affect interpretation; 
  
 (f) the following terms have the meanings given to them in the Declaration: (i) Business Day; (ii) Clearing Agency; (iii) Delaware Trustee; (iv) Capital Security Certificate; (v) Depositary; (vi) Property Trustee; and
(vii) Regular Trustee; 
  
 (g) the following terms have the
meanings given to them in this Section 1.1; 
  
 “Additional Interest” shall have the meaning set forth in Section 2.5. 
  
 “Capital Treatment Event” means the reasonable determination by the Company that, as a result of the occurrence of any amendment to, or
change (including any announced prospective change) in, the laws (or any regulations thereunder) of the United States or any political subdivision thereof, or as a result of any official or administrative pronouncement or action or judicial decision
interpreting or applying such laws or regulations, which amendment or change is effective or such pronouncement, action or decision is announced on or after the date of original issuance of the Capital Securities, there is more than an insubstantial
risk that the Company will not be entitled to treat an amount equal to the aggregate liquidation amount of the Capital Securities as Tier 1 capital (or the then equivalent thereof) for purposes of the capital adequacy guidelines of the Federal
Reserve Board, as then in effect and applicable to the Company. 
  
 “Compounded Interest” shall have the meaning set forth in Section 4.1. 
  

 2 

 “Coupon Rate” shall have the meaning set forth in Section 2.5. 
  
 “Declaration” means the Amended and Restated Declaration of
Trust of BAC Capital Trust V, a Delaware statutory trust, dated as of October 21, 2004. 
  
 “Deferred Interest” shall have the meaning set forth in Section 4.1. 
  
 “Dissolution Election” means that, as a result of the election of the Company, as Sponsor, the Trust is to be dissolved in accordance
with the Declaration, and the Notes held by the Property Trustee are to be distributed to the holders of the Trust Securities issued by the Trust pro rata or in any other manner specified in the Declaration. 
  
 “Extended Interest Payment Period” shall have the meaning
set forth in Section 4.1. 
  
 “Global Note” shall
have the meaning set forth in Section 2.4. 
  
 “Holder” means any person in whose name the Notes are registered on the register kept by the Company or the Property Trustee in accordance with the terms hereof. 
  
 “Interest Payment Date” shall have the meaning set forth in Section 2.5. 
  
 “Investment Company Event” means the receipt by the Trust of
an opinion of counsel experienced in such matters to the effect that, as a result of the occurrence of a change in law or regulation or a change in interpretation or application of law or regulation by any legislative body, court, governmental
agency or regulatory authority (a “Change in 1940 Act Law”), the Trust is or will be considered an investment company that is required to be registered under the Investment Company Act of 1940, as amended, which Change in 1940 Act Law
becomes effective on or after the date of original issuance of the Capital Securities. 
  
 “Maturity Date” means the date on which the Notes mature and on which the principal shall be due and payable together with all accrued and unpaid interest thereon, including Compounded Interest and
Additional Interest, if any. 
  
 “Maturity Repayment
Price” means the price, at the Maturity Date, equal to the principal amount of, plus accrued interest on, the Notes. 
  
 “Non-Book-Entry Capital Securities” shall have the meaning set forth in Section 2.4. 
  
 “Optional Prepayment Price” means 100% of the outstanding
principal amount of the Notes to be redeemed, plus any accrued and unpaid interest thereon up to, but excluding the date of such prepayment. 
  
 “Optional Prepayment” means prepayment prior to the Maturity Date of the Notes at the option of the Company in whole or in part at any
time on or after November 3, 2009. 
  

 3 

 “Special Event” means a Tax Event, Capital Treatment Event or an Investment Company
Event. 
  
 “Special Event Prepayment” means a
prepayment of the Notes prior to November 3, 2009, in whole but not in part, pursuant to the occurrence of a Special Event. 
  
 “Special Event Prepayment Price” means 100% of the outstanding principal amount of the Notes, plus any accrued and unpaid interest
thereon up to but excluding the date of prepayment. 
  
 “Tax Event” means that (i) the Company shall have received an opinion of a nationally recognized independent tax counsel experienced in such matters to the effect that, as a result of (a) any amendment to, or change
(including any announced prospective change) in, the laws or any regulations thereunder of the United States or any political subdivision or taxing authority thereof or (b) any official administrative pronouncement or judicial decision interpreting
or applying such laws or regulations, which amendment or change is effective or such pronouncement or decision is announced on or after the date of original issuance of the Capital Securities, there is more than an insubstantial risk that interest
payable on the Notes is not, or within 90 days of the date thereof, will not be deductible, in whole or in part, by the Company for United States federal income tax purposes or (ii) the Regular Trustees have been informed by a nationally recognized
independent tax counsel that a No Recognition Opinion cannot be delivered. “No Recognition Opinion” means an opinion of a nationally recognized independent tax counsel experienced in such matters, which opinion may rely on published
revenue rulings of the Internal Revenue Service, to the effect that the holders of the Capital Securities and Common Securities will not recognize any gain or loss for United States federal income tax purposes as a result of the dissolution of the
Trust and the distribution of the Notes. 
  
 ARTICLE 2 

 
 GENERAL TERMS AND CONDITIONS OF THE NOTES 
  
 SECTION 2.1 Designation and Principal Amount.

  
 There is hereby authorized and established under the terms of
the Indenture a series of the Company’s securities designated the “6% Junior Subordinated Notes, due 2034” limited in aggregate principal amount to no more than $533,525,000 which amount shall be as set forth in one or more written
orders of the Company for the authentication and delivery of the Notes pursuant to Section 2.04 of the Indenture including any subsequent or supplemental written order of the Company upon exercise of the Option. 
  
 SECTION 2.2 Maturity. 
  
 The Maturity Date for the Notes is November 3, 2034. 
  
 SECTION 2.3 Form and Payment. 
  
 Except as provided in Section 2.4, the Notes shall be issued in fully
registered certificated form without interest coupons. Principal and interest on the Notes issued in 

  

 4 

 
certificated form will be payable, the transfer of such Notes will be registrable and such Notes will be exchangeable for Notes bearing identical terms and
provisions at the office or agency of the Trustee; provided, however, that payment of interest may be made at the option of the Company by check mailed to the Holder at such address as shall appear in the Security Register.
Notwithstanding the foregoing, so long as the Holder of any Notes is the Property Trustee, the payment of the principal of and interest (including Compounded Interest and Additional Interest, if any) on such Notes held by the Property Trustee will
be made at such place and to such account as may be designated by the Property Trustee. 
  
 SECTION 2.4 Global Form. 
  
 (a) In connection with a Dissolution Election, 
  
 (i) the Notes in certificated form shall be presented to the Trustee by the Property Trustee to be exchanged for one or more fully
registered securities representing the aggregate principal amount of all then outstanding Notes as a Global Security to be registered in the name of the Depositary, or its nominee (a “Global Note”), and delivered by the Trustee to the
Depositary for crediting to the accounts of its participants pursuant to the instructions of the Regular Trustees. Upon any such presentation, the Company shall execute a Global Note in such aggregate principal amount and deliver the same to the
Trustee for authentication and delivery in accordance with the Indenture and this Fifth Supplemental Indenture. Payments on the Notes issued as a Global Note will be made to the Depositary; and 
  
 (ii) if any Capital Securities are held in certificated form
and not in book-entry form, the Notes in certificated form may be presented to the Trustee by the Property Trustee and any Capital Security Certificate which represents Capital Securities other than Capital Securities held by the Clearing Agency or
its nominee (“Non-Book-Entry Capital Securities”) will be deemed to represent beneficial interests in Notes presented to the Trustee by the Property Trustee having an aggregate principal amount equal to the aggregate liquidation amount of
the Non-Book-Entry Capital Securities until such Capital Security Certificates are presented to the Security Registrar for transfer or reissuance, at which time such Capital Security Certificates will be canceled and a Note, registered in the name
of the holder of the Capital Security Certificate or the transferee of the holder of such Capital Security Certificate, as the case may be, with an aggregate principal amount equal to the aggregate liquidation amount of the Capital Security
Certificate canceled, will be executed by the Company and delivered to the Trustee for authentication and delivery in accordance with the Indenture and this Fifth Supplemental Indenture. On issue of such Notes, Notes with an equivalent aggregate
principal amount that were presented by the Property Trustee to the Trustee will be deemed to have been canceled. 
  
 (b) A Global Note may be transferred, in whole but not in part, only to another nominee of the Depositary, or to a successor Depositary selected or
approved by the Company or to a nominee of such successor Depositary. 
  
 (c) If at any time the Depositary notifies the Company that it is unwilling or unable to continue as Depositary or if at any time the Depositary shall no longer be registered or in good standing under the Exchange Act or other applicable
statute or regulation, and a 

  

 5 

 
successor Depositary for such series is not appointed by the Company within 90 days after the Company receives such notice or becomes aware of such
condition, as the case may be, the Company will execute, and, subject to Article 2 of the Indenture, the Trustee, upon written notice from the Company, will authenticate and make available for delivery the Notes in definitive registered form without
coupons, in authorized denominations, and in an aggregate principal amount equal to the principal amount of the Global Note in exchange for such Global Note. In addition, the Company may at any time determine that the Notes shall no longer be
represented by a Global Note. In such event the Company will execute, and subject to Section 2.07 of the Indenture, the Trustee, upon receipt of an Officers’ Certificate evidencing such determination by the Company, will authenticate and
deliver the Notes in definitive registered form without coupons, in authorized denominations, and in an aggregate principal amount equal to the principal amount of the Global Note in exchange for such Global Note. Upon the exchange of the Global
Note for such Notes in definitive registered form without coupons, in authorized denominations, the Global Note shall be canceled by the Trustee. Such Notes in definitive registered form issued in exchange for the Global Note shall be registered in
such names and in such authorized denominations as the Depositary, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee. The Trustee shall deliver such Notes to the Depositary for delivery to the
Persons in whose names such Securities are so registered. 
  
 SECTION 2.5 Interest. 
  
 (a) Each Note will bear interest at the rate of 6% per annum (the “Coupon Rate”) from November 3, 2004 until the principal thereof becomes due and payable, and on any overdue principal and (to the extent that payment of such
interest is enforceable under applicable law) on any overdue installment of interest at the Coupon Rate, compounded quarterly, payable (subject to the provisions of Article 4) quarterly in arrears on February 3, May 3, August 3 and November 3 of
each year (each, an “Interest Payment Date”), commencing on February 3, 2005, to the Person in whose name such Note or any predecessor Note is registered at the close of business on the regular record date for such interest installment,
which, in respect of any Notes of which the Property Trustee is the Holder of a Global Note, shall be the close of business on the Business Day next preceding that Interest Payment Date. Notwithstanding the foregoing sentence, if the Capital
Securities are no longer in book-entry only form, the relevant record dates shall be January 18, April 18, July 18 and October 18 prior to the regular Interest Payment Date. 
  
 (b) The amount of interest payable for any period will be computed on the basis of a 360-day year of twelve 30-day months.
Except as provided in the following sentence, the amount of interest payable for any period shorter than a full quarterly period for which interest is computed, will be computed on the basis of the actual number of days elapsed in such a 30-day
period. In the event that any date on which interest is payable on the Notes is not a Business Day, then payment of interest payable on such date will be made on the next succeeding day which is a Business Day (and without any interest or other
payment in respect of any such delay), except that, if such Business Day is in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day, in each case with the same force and effect as if made on such
date. 
  

 6 

 (c) If, at any time while the Property Trustee is the Holder of any Notes, the Trust or the Property
Trustee is required to pay any taxes, duties, assessments or governmental charges of whatever nature (other than withholding taxes) imposed by the United States, or any other domestic taxing authority, then, in any case, the Company will pay as
additional interest (“Additional Interest”) on the Notes held by the Property Trustee, such additional amounts as shall be required so that the net amounts received and retained by the Trust and the Property Trustee after paying such
taxes, duties, assessments or other governmental charges will be equal to the amounts the Trust and the Property Trustee would have received had no such taxes, duties, assessments or other government charges been imposed. 
  
 ARTICLE 3 
  
 PREPAYMENT OF THE NOTES 
  
 SECTION 3.1 Special Event Prepayment. 
  
 If a Special Event has occurred and is continuing prior to November 3, 2009, the Company shall have the right, upon not less than 30 days’ nor more
than 60 days’ notice to the Holders of the Notes, to prepay the Notes, in whole but not in part, for cash within 90 days following the occurrence of such Special Event (the “90 Day Period”) at a prepayment price equal to the Special
Event Prepayment Price. The Special Event Prepayment Price shall be paid prior to 12:00 noon, New York time, on the date of such repayment or such earlier time as the Company determines, provided that the Company shall deposit with the
Trustee an amount sufficient to pay the Special Event Prepayment Price by 10:00 a.m., New York time, on the date such Special Event Prepayment Price is to be paid. 
  
 SECTION 3.2 Optional Prepayment by Company. 
  
 (a) Subject to the provisions of Section 3.2(b) and to the provisions of
Article 14 of the Indenture, the Company shall have the right to prepay the Notes, in whole or in part, at any time and from time to time, on or after November 3, 2009, at a redemption price equal to the Optional Prepayment Price. Any prepayment
pursuant to this paragraph will be made upon not less than 30 days’ nor more than 60 days’ notice to the Holders of the Notes. If the Notes are only partially prepaid pursuant to this Section 3.2, the Notes will be prepaid pro
rata or by lot or by any other method utilized by the Trustee; provided that if, at the time of prepayment, the Notes are registered as a Global Note, the Depositary shall determine, in accordance with its procedures, the
principal amount of such Notes held by each Holder of a Note to be prepaid. The Optional Prepayment Price shall be paid prior to 12:00 noon, New York time, on the date of such prepayment or at such earlier time as the Company determines provided
that the Company shall deposit with the Trustee an amount sufficient to pay the Optional Prepayment Price by 10:00 a.m., New York time, on the date such Optional Prepayment Price is to be paid. 
  
 (b) If a partial prepayment of the Notes would result in the delisting of the
Capital Securities issued by the Trust from any national securities exchange or other organization on which the Capital Securities are then listed, the Company shall not be permitted to effect such partial prepayment and may only prepay the Notes in
whole. 
  

 7 

 SECTION 3.3 No Sinking Fund. 
  
 The Notes are not entitled to the benefit of any sinking fund. 

 
 ARTICLE 4 
  
 EXTENSION OF INTEREST PAYMENT PERIOD 
  

SECTION 4.1 Extension of Interest Payment Period. 
  
 The Company shall have the right, at any time and from time to time during the term of the Notes, to defer payments of
interest by extending the interest payment period of such Notes for a period not exceeding 20 consecutive quarterly periods (the “Extended Interest Payment Period”), during which Extended Interest Payment Period no interest shall be due
and payable; provided that no Extended Interest Payment Period may extend beyond the Maturity Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest
payment period pursuant to this Section 4.1, will bear interest thereon at the Coupon Rate compounded quarterly for each quarterly period of the Extended Interest Payment Period (“Compounded Interest”). At the end of the Extended Interest
Payment Period, the Company shall pay all interest accrued and unpaid on the Notes, including any Additional Interest and Compounded Interest (together, “Deferred Interest”) that shall be payable to the Holders of the Notes in whose names
the Notes are registered in the Security Register on the first record date after the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend such period, provided
that such period together with all such previous and further extensions thereof shall not exceed 20 consecutive quarterly periods, or extend beyond the Maturity Date of the Notes. Upon the termination of any Extended Interest Payment Period and upon
the payment of all Deferred Interest then due, the Company may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end
thereof, but the Company may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Period. 
  
 SECTION 4.2 Notice of Extension. 
  
 (a) If the Property Trustee is the only registered Holder of the Notes at the time the Company selects an Extended Interest Payment Period, the Company
shall give written notice to the Regular Trustees, the Property Trustee and the Trustee of its selection of such Extended Interest Payment Period at least one Business Day before the earlier of (i) the next succeeding date on which Distributions on
the Trust Securities issued by the Trust are payable, or (ii) the date on which the Trust is required to give notice of the record date, or the date on which such Distributions are payable, to the New York Stock Exchange or any other exchange upon
which the Notes or Trust Securities are listed or any other applicable self-regulatory organization or to holders of the Capital Securities issued by the Trust, but in any event at least one Business Day before such record date. 
  
 (b) If the Property Trustee is not the only Holder of the Notes at the time
the Company selects an Extended Interest Payment Period, the Company shall give the Holders of 

  

 8 

 
the Notes and the Trustee written notice of its selection of such Extended Interest Payment Period at least 10 Business Days before the earlier of (i) the
next succeeding Interest Payment Date, or (ii) the date the Company is required to give notice of the record or payment date of such interest payment to the New York Stock Exchange or any other exchange upon which the Notes or Trust Securities are
listed or any other applicable self-regulatory organization or to Holders of the Notes. 
  
 (c) The quarterly period in which any notice is given pursuant to paragraphs (a) or (b) of this Section 4.2 shall be counted as one of the 20 quarterly periods permitted in computing the maximum Extended Interest
Payment Period permitted under Section 4.1. 
  
 SECTION 4.3 Limitation of Transactions. 
  
 If
(i) the Company shall exercise its right to defer payment of interest as provided in Section 4.1 and such Extended Interest Payment Period is continuing, or (ii) there shall have occurred and be continuing any Event of Default or Nonpayment, as
defined in the Indenture, then (a) the Company shall not declare or pay any dividend on, make any distributions with respect to, or redeem, purchase, acquire or make a liquidation payment with respect to, any of its capital stock (other than (i)
purchases or acquisitions of shares of its common stock in connection with the satisfaction by the Company of its obligations under any employee benefit plans, (ii) as a result of a reclassification of its capital stock or the exchange or conversion
of one class or series of Company capital stock for another class or series of its capital stock or (iii) the purchase of fractional interests in shares of its capital stock pursuant to an acquisition or the conversion or exchange provisions of such
capital stock or security being converted or exchanged) or make any guarantee payment with respect thereto and (b) the Company shall not make any payment of interest, principal or premium, if any, on or repay, repurchase or redeem any debt
securities (including guarantees) issued by the Company which rank pari passu with or junior to the Notes. 
  
 ARTICLE 5 
  
 EXPENSES 
  
 SECTION 5.1 Payment of
Expenses. 
  
 In connection with the offering, sale and
issuance of the Notes to the Property Trustee and in connection with the sale of the Trust Securities by the Trust, the Company, in its capacity as borrower with respect to the Notes, shall: 
  
 (a) pay all costs and expenses relating to the offering, sale and issuance of
the Notes, including commissions to the underwriters payable pursuant to the Underwriting Agreement, the compensation of the Trustee under the Indenture in accordance with the provisions of Section 6.06 of the Indenture and the issuance of
additional Notes and Trust Securities upon exercise of the Option; 
  
 (b) pay all costs and expenses of the Trust (including, but not limited to, costs and expenses relating to the organization, maintenance and dissolution of the Trust, the offering, 

  

 9 

 
sale and issuance of the Trust Securities (including commissions to the underwriters payable pursuant to the Underwriting Agreement), the fees and expenses
of the Property Trustee and the Delaware Trustee, the costs and expenses relating to the operation of the Trust, including without limitation, costs and expenses of accountants, attorneys, statistical or bookkeeping services, expenses for printing
and engraving and computing or accounting equipment, paying agent(s), registrar(s), transfer agent(s), duplicating, travel and telephone and other telecommunications expenses and costs and expenses incurred in connection with the acquisition,
financing, and disposition of Trust assets); 
  
 (c) be primarily
and fully liable for any indemnification obligations arising with respect to the Declaration; and 
  
 (d) pay any and all taxes (other than United States withholding taxes attributable to the Trust or its assets) and all liabilities, costs and expenses
with respect to such taxes of the Trust. 
  
 SECTION 5.2 Payment Upon Resignation or Removal. 
  
 Upon termination of this Fifth Supplemental Indenture or the Indenture or the removal or resignation of the Trustee, unless otherwise stated, the Company shall pay to the Trustee all amounts accrued to the date of such termination, removal
or resignation. Upon termination of the Declaration or the removal or resignation of the Delaware Trustee or the Property Trustee, as the case may be, pursuant to Section 5.7 of the Declaration, the Company shall pay to the Delaware Trustee or the
Property Trustee, as the case may be, all amounts accrued to the date of such termination, removal or resignation. 
  
 ARTICLE 6 
  
 COVENANT TO LIST ON EXCHANGE 
  
 SECTION
6.1 Listing on an Exchange. 
  
 If the Notes are to be
issued as a Global Note in connection with the distribution of the Notes to the holders of the Capital Securities upon a Dissolution Election, the Company will use its best efforts to list such Notes on any stock exchanges on which the Capital
Securities are then listed. 
  
 ARTICLE 7 
  
 FORM OF NOTE 
  
 SECTION 7.1 Form of Note. 
  
 The Notes and the Trustee’s Certificate of Authentication to be endorsed thereon are to be substantially in the
following forms: 
  

 10 

 (FORM OF FACE OF NOTE) 
  
 [IF THE NOTE IS TO BE A GLOBAL NOTE, INSERT - This Note is a Global Note within the meaning of the Indenture hereinafter
referred to and is registered in the name of The Bank of New York, as Property Trustee of BAC Capital Trust V (the “Trust”). This Note is exchangeable for Notes registered in the name of a person other than The Bank of New York, as
Property Trustee of BAC Capital Trust V, or its nominee only in the limited circumstances described in the Indenture, and no transfer of this Note may be registered except in limited circumstances.] 
  
 Unless this Note is presented by an authorized representative of The
Depository Trust Company, New York (“DTC”) to the issuer or its agent for registration of transfer, exchange or payment, and any Note issued is registered in the name of CEDE & CO. or such other name as requested by an authorized
representative of DTC (and any payment hereon is made to Cede & Co. or such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY A PERSON IS WRONGFUL since the
registered owner hereof, Cede & Co., has an interest herein. 
  
 THIS NOTE IS
NOT A SAVINGS ACCOUNT OR A BANK DEPOSIT, IS NOT AN OBLIGATION OF OR GUARANTEED BY ANY BANKING AFFILIATE OF BANK OF AMERICA CORPORATION AND IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY AND INVOLVES
INVESTMENT RISKS, INCLUDING POSSIBLE LOSS OF PRINCIPAL. 
  

			
	$                            	  	 CUSIP No. 060505AY0
 ISIN No. US
060505AY04

	No. V-R-            	  	 

  
 BANK OF AMERICA
CORPORATION 
  
 6% JUNIOR SUBORDINATED NOTES, 
 DUE 2034 
  
 BANK OF AMERICA CORPORATION, a Delaware corporation (the “Company”, which term includes any successor corporation under the Indenture
hereinafter referred to), for value received, hereby promises to pay to THE BANK OF NEW YORK, AS PROPERTY TRUSTEE OF BAC CAPITAL TRUST V, or registered assigns, the principal sum of
                             DOLLARS
($                    .00) on November 3, 2034, (the “Maturity Date”), and to pay interest on said principal sum from November 3,
2004 or from the most recent interest payment date (each such date, an “Interest Payment Date”) to which interest has been paid or duly provided for, quarterly (subject to deferral as set forth herein) in arrears on February 3, May 3,
August 3 and November 3 of each year commencing February 3, 2005, at the rate of 6% per annum until the principal hereof shall have become due and payable, and on any overdue principal and premium, if any, and (without duplication and to the extent
that payment of such interest is enforceable under applicable law) on any overdue installment of interest at the same rate per annum compounded quarterly. The amount of interest payable on any Interest Payment Date shall be computed on the basis of
a 360-day year of twelve 30-day months. In the event that any date on which interest is payable on this Note is not a 

  

 11 

 
Business Day, then payment of interest payable on such date will be made on the next succeeding day that is a Business Day (and without any interest or other
payment in respect of any such delay), except that, if such Business Day is in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day, in each case with the same force and effect as if made on such
date. The interest installment so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the person in whose name this Note (or one or more Predecessor Securities, as defined in
the Indenture) is registered at the close of business on the regular record date for such interest installment, which shall be the close of business on the business day next preceding such Interest Payment Date. [IF PURSUANT TO THE PROVISIONS OF THE
INDENTURE THE NOTES ARE NO LONGER REPRESENTED BY A GLOBAL NOTE—which shall be the close of business on January 18, April 18, July 18 and October 18]. Any such interest installment not punctually paid or duly provided for shall forthwith cease
to be payable to the registered Holders on such regular record date and may be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a special record date to be fixed by the
Trustee for the payment of such defaulted interest, notice whereof shall be given to the registered Holders of this series of Notes not less than 10 days prior to such special record date, or may be paid at any time in any other lawful manner not
inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. The principal of (and premium, if any) and the
interest on this Note shall be payable at the office or agency of the Trustee maintained for that purpose in any coin or currency of the United States of America that at the time of payment is legal tender for payment of public and private debts;
provided, however, that payment of interest may be made at the option of the Company by check mailed to the registered Holder at such address as shall appear in the Security Register. Notwithstanding the foregoing, so long as the
Holder of this Note is the Property Trustee, the payment of the principal of (and premium, if any) and interest on this Note will be made at such place and to such account as may be designated by the Property Trustee. As used herein, the term
“Business Day” shall mean any day other than a day on which federal or state banking institutions in New York, New York, or Charlotte, North Carolina, are authorized or obligated by law, executive order or regulation to close. 

 
 The indebtedness evidenced by this Note is, to the extent provided in the
Indenture, subordinate and junior in right of payment to the prior payment in full of all Senior Obligations (as defined in the Indenture) and this Note is issued subject to the provisions of the Indenture with respect thereto. Each Holder of this
Note, by accepting the same, (a) agrees to and shall be bound by such provisions, (b) authorizes and directs the Trustee on his or her behalf to take such action as may be necessary or appropriate to acknowledge or effectuate the subordination so
provided and (c) appoints the Trustee his or her attorney-in-fact for any and all such purposes. Each Holder hereof, by his or her acceptance hereof, hereby waives all notice of the acceptance of the subordination provisions contained herein and in
the Indenture by each holder of Senior Obligations, whether now outstanding or hereafter incurred, and waives reliance by each such holder upon said provisions. 
  

This Note shall not be entitled to any benefit under the Indenture hereinafter referred to, be valid or become obligatory for any purpose until the
Certificate of Authentication hereon shall have been signed by or on behalf of the Trustee. 
  

 12 

 The provisions of this Note are continued on the reverse side hereof and such continued provisions shall
for all purposes have the same effect as though fully set forth at this place. 
  
 IN WITNESS WHEREOF, the Company has caused this instrument to be executed in its name by its duly authorized officers. 
  

									
	Date: November 3, 2004	 	 	 	 BANK OF AMERICA CORPORATION

					
	 	 	 	 	 	 	By:	 	 
	[Seal]	 	 	 	 	 	 Name:
 Title:
	 	 Karen A. Gosnell
 Senior Vice President

  

			
	 Attest:

		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

  

 13 

 (FORM OF CERTIFICATE OF AUTHENTICATION) 
  
 CERTIFICATE OF AUTHENTICATION 
  
 This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 
  
 Dated: November 3, 2004 
  

			
	 The Bank of New York,
 as Trustee

		
	By	 	 
	 	 	Authorized Signatory

  

 14 

 (FORM OF REVERSE OF NOTE) 
  
 This Note is one of a duly authorized series of Notes of the Company (herein sometimes referred to as the
“Notes”), specified in the Indenture, all issued or to be issued in one or more series under and pursuant to an Indenture dated as of November 1, 2001, duly executed and delivered between the Company and The Bank of New York, as Trustee
(the “Trustee”), as supplemented by the Fifth Supplemental Indenture dated as of November 3, 2004 (the “Fifth Supplemental Indenture”), between the Company and the Trustee (the Indenture as so supplemented, the
“Indenture”), to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the
Holders of the Notes. By the terms of the Indenture, the Notes are issuable in series that may vary as to amount, date of maturity, rate of interest and in other respects as provided in the Indenture. This series of Notes is limited in aggregate
principal amount as specified in the Fifth Supplemental Indenture. 
  
 Because of the occurrence and continuation of a Special Event, as defined in the Indenture, in certain circumstances, this Note may become due and payable at a prepayment price equal to 100% of the principal amount of the Notes, plus any
accrued and unpaid interest thereon up to but excluding the date of prepayment (the “Special Event Prepayment Price”). The Special Event Prepayment Price shall be paid prior to 12:00 noon, New York time, on the date of such prepayment or
at such earlier time as the Company determines. In addition, the Company shall have the right to prepay this Note at the option of the Company, in whole or in part at any time on or after November 3, 2009 (an “Optional Prepayment”), or at
any time in certain circumstances upon the occurrence of a Special Event, at a redemption price equal to 100% of the outstanding principal amount of the Junior Subordinated Notes, plus any accrued and unpaid interest thereon up to but excluding the
date of prepayment (the “Optional Prepayment Price”). Any prepayment pursuant to this paragraph will be made upon not less than 30 days’ nor more than 60 days’ notice, at the Optional Prepayment Price. If the Notes are only
partially prepaid by the Company pursuant to an Optional Prepayment, the Notes will be prepaid pro rata or by lot or by any other method utilized by the Trustee; provided that if, at the time of prepayment, the Notes are
registered as a Global Note, the Depositary shall determine the principal amount of such Notes held by each Note holder to be prepaid in accordance with its procedures. 
  
 In the event of prepayment of this Note in part only, a new Note or Notes of this series for the portion hereof not prepaid
will be issued in the name of the Holder hereof upon the cancellation hereof. 
  
 The Company shall have the right to extend the Maturity Date of the Notes to any date up to and including November 3, 2053 upon at least 30 days notice. 
  
 In case an Event of Default, as defined in the Indenture, shall have occurred and be continuing, the principal of all of the
Notes may be declared, and upon such declaration shall become, due and payable in the manner, with the effect and subject to the conditions provided in the Indenture. 
  
 The Indenture contains provisions permitting the Company and the Trustee, with the consent of the Holders of not less than a
majority in aggregate principal amount of the Notes of 

  

 15 

 
each series affected at the time outstanding, as defined in the Indenture, to execute supplemental indentures for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions of the Indenture or of any supplemental indenture or of modifying in any manner the rights of the Holders of the Notes; provided, however, that no such supplemental indenture
shall (i) reduce the principal amount thereof, or reduce the rate or extend the time of payment of interest thereon, or reduce any premium payable upon the redemption thereof, without the consent of the Holder of each Note so affected, or (ii)
reduce the aforesaid percentage of Notes, the Holders of which are required to consent to any such supplemental indenture, without the consent of the Holders of each Note then outstanding and affected thereby. The Indenture also contains provisions
permitting the Holders of a majority in aggregate principal amount of the Notes of any series at the time outstanding affected thereby, on behalf of all of the Holders of the Notes of such series, to waive any past default in the performance of any
of the covenants contained in the Indenture, or established pursuant to the Indenture with respect to such series, and its consequences. Any such consent or waiver by the registered Holder of this Note (unless revoked as provided in the Indenture)
shall be conclusive and binding upon such Holder and upon all future Holders and owners of this Note and of any Note issued in exchange herefor or in place hereof (whether by registration of transfer or otherwise), irrespective of whether or not any
notation of such consent or waiver is made upon this Note. 
  
 No
reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and premium, if any, and interest on this Note at
the time and place and at the rate and in the money herein prescribed. 
  
 The Company shall have the right at any time during the term of the Notes and from time to time to defer payment of interest by extending the interest payment period of such Notes for a period not exceeding 20 consecutive quarterly periods
(an “Extended Interest Payment Period”), at the end of which period the Company shall pay all interest then accrued and unpaid (together with interest thereon at the rate specified for the Notes to the extent that payment of such interest
is enforceable under applicable law); provided that no Extended Interest Payment Period may last beyond the Maturity Date of the Notes. Before the termination of any such Extended Interest Payment Period, the Company may further extend
such Extended Interest Payment Period, provided that such Extended Interest Payment Period together with all such further extensions thereof shall not exceed 20 consecutive quarterly periods or extend the Maturity Date of the Notes. At
the termination of any such Extended Interest Payment Period and upon the payment of all accrued and unpaid interest and any additional amounts then due, the Company may commence a new Extended Interest Payment Period, subject to the requirements
contained in this paragraph. 
  
 As provided in the Indenture and
subject to certain limitations therein set forth, this Note is transferable by the registered Holder hereof on the Security Register of the Company, upon surrender of this Note for registration of transfer at the office or agency of the Trustee in
the City and State of New York accompanied by a written instrument or instruments of transfer in form satisfactory to the Company or the Trustee duly executed by the registered Holder hereof or his attorney duly authorized in writing, and thereupon
one or more new Notes of authorized denominations and for the same aggregate principal amount and series will be issued to the designated transferee or transferees. No service charge will be made for any such transfer, but 

  

 16 

 
the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in relation thereto. 
  
 Prior to due presentment for registration of transfer of this Note, the
Company, the Trustee, any paying agent and the Security Registrar may deem and treat the registered holder hereof as the absolute owner hereof (whether or not this Note shall be overdue and notwithstanding any notice of ownership or writing hereon
made by anyone other than the Security Registrar) for the purpose of receiving payment of or on account of the principal hereof and premium, if any, and interest due hereon and for all other purposes, and neither the Company nor the Trustee nor any
paying agent nor any Security Registrar shall be affected by any notice to the contrary. 
  
 No recourse shall be had for the payment of the principal of or the interest on this Note, or for any claim based hereon, or otherwise in respect hereof, or based on or in respect of the Indenture, against any
incorporator, stockholder, officer or director, past, present or future, as such, of the Company or of any predecessor or successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment
or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issuance hereof, expressly waived and released. 
  
 This Global Note is exchangeable for Notes in definitive form only under certain limited circumstances set forth in the
Indenture. Notes of this series so issued are issuable only in registered form without coupons in denominations of $25 and any integral multiple thereof. As provided in the Indenture and subject to certain limitations herein and therein set forth,
Notes of this series so issued are exchangeable for a like aggregate principal amount of Notes of this series of a different authorized denomination, as requested by the Holder surrendering the same. 
  
 All terms used in this Note that are defined in the Indenture shall have the
meanings assigned to them in the Indenture. 
  
 THE INTERNAL LAWS
OF THE STATE OF NEW YORK SHALL GOVERN THE INDENTURE AND THE NOTES WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS THEREOF. 
  
 ARTICLE 8 
  
 ORIGINAL ISSUE OF NOTES 
  
 SECTION 8.1 Original Issue of Notes. 
  
 Notes in the aggregate principal amount of $533,525,000 may, upon execution of this Fifth Supplemental Indenture, be executed by the Company and delivered to the Trustee for authentication, and the Trustee shall
thereupon authenticate and deliver said Notes to or upon the written order of the Company, signed by any Authorized Officer, as defined in the Indenture, without any further action by the Company. 
  

 17 

 ARTICLE 9 
  
 MISCELLANEOUS 
  
 SECTION 9.1 Ratification of Indenture. 
  

The Indenture, as supplemented by this Fifth Supplemental Indenture, is in all respects ratified and confirmed, and this Fifth Supplemental Indenture
shall be deemed part of the Indenture in the manner and to the extent herein and therein provided. 
  
 SECTION 9.2 Trustee Not Responsible for Recitals. 
  
 The recitals herein contained are made by the Company and not by the Trustee, and the Trustee assumes no responsibility for
the correctness thereof. The Trustee makes no representation as to the validity or sufficiency of this Fifth Supplemental Indenture. 
  
 SECTION 9.3 Governing Law. 
  
 This Fifth Supplemental Indenture and each Note shall be deemed to be a contract made under the internal laws of the State of New York, and for all
purposes shall be construed in accordance with the laws of said State. 
  
 SECTION 9.4 Separability. 
  
 In case any one or more of the provisions contained in this Fifth Supplemental Indenture or in the Notes shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability
shall not affect any other provisions of this Fifth Supplemental Indenture or of the Notes, but this Fifth Supplemental Indenture and the Notes shall be construed as if such invalid or illegal or unenforceable provision had never been contained
herein or therein. 
  
 SECTION 9.5
Counterparts. 
  
 This Fifth Supplemental Indenture may be
executed in any number of counterparts each of which shall be an original; but such counterparts shall together constitute but one and the same instrument. 
  

 18 

 ARTICLE 10 
  
 MATURITY DATE EXTENSION 
  
 SECTION 10.1 Extension. 
  
 (a) The Company shall have the right at any time and from time to time during the term of the Notes, to extend the Maturity Date of the Notes to any date
up to and including November 3, 2053 (the “Extended Maturity Date”). During the extended period (i) the Company shall continue to make quarterly interest payments on the Notes in the same manner as prior to such extension; and (ii) shall
have the same rights to prepay the Notes and to extend the interest payment periods hereunder. 
  
 (b) The Company may exercise its right under this Section 10.1 only if at the time such election is made and at the time such extension commences: 
  
 (i) no event of default under the Notes has occurred and is continuing; 
  
 (ii) the Trust is not in arrears on payments of
distributions on the Capital Securities and no deferred distributions on the Capital Securities are accumulated; and 
  
 (iii) the Notes are, and after such extension will be, rated at least BBB- by Standard & Poor’s Ratings Services, at least Baa3
by Moody’s Investors Service, Inc. or at least the equivalent by any other nationally recognized statistical rating organization. 
  
 SECTION 10.2 Notice of Extension. 
  
 (a) If the Property Trustee is the only registered Holder of the Notes at the time the Company selects an Extended Maturity Date, the Company shall give
written notice to the Regular Trustees, the Property Trustee and the Trustee of its selection of such Extended Maturity Date at least 30 days before the original Maturity Date. 
  
 (b) If the Property Trustee is not the only Holder of the Notes at the time the Company selects an Extended Maturity Date,
the Company shall give the Holders of the Notes and the Trustee written notice of its selection of such Extended Maturity Date at least 30 days before the original Maturity Date. 
  
 (c) The delivery of the notice of selection of an Extended Maturity Date shall be deemed to automatically extend the
Maturity Date of the Notes without a requirement that any other documents be executed by the parties. 
  
 [Signature Page Follows] 
  

 19 

 IN WITNESS WHEREOF, the parties hereto have caused this Fifth Supplemental Indenture to be duly executed
by their authorized respective officers as of the day and year first above written. 
  

			
	 BANK OF AMERICA CORPORATION

		
	By:	 	/s/    KAREN A. GOSNELL        
	 Name:
 Title:
	 	 Karen A. Gosnell
 Senior Vice President

  

			
	 THE BANK OF NEW YORK
 as Trustee

		
	By:	 	/s/    DEREK KETTEL        
	 Name:
 Title:
	 	 Derek Kettel
 Agent

  

 20

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