Document:

Pension Restoration Plan

 
Exhibit 10(d)

 
BANK OF AMERICA PENSION RESTORATION PLAN

 
(as amended and restated effective
January 1, 2002) 

 
BANK OF
AMERICA PENSION RESTORATION PLAN 
 
Table of
Contents 
 

	 	  	 	  	 	  	 Page

	
	 ARTICLE I DEFINITIONS
	  	 1

	
	 	  	 Section 1.1
	  	 Definitions
	  	 1

	
	 ARTICLE II PLAN ADMINISTRATION
	  	 6

	
	 	  	 Section 2.1
	  	 Committee
	  	 6

	
	 ARTICLE III PENSION RESTORATION BENEFITS
	  	 6

	
	 	  	 Section 3.1
	  	 Eligibility for Benefits
	  	 6

	
	 	  	 Section 3.2
	  	 Restoration Accounts
	  	 7

	
	 	  	 Section 3.3
	  	 Account Adjustments
	  	 8

	
	 	  	 Section 3.4
	  	 Time and Method of Benefit Payments
	  	 9

	
	 	  	 Section 3.5
	  	 Minimum and Special Benefits
	  	 14

	
	 	  	 Section 3.6
	  	 Participants Without Restoration Accounts
	  	 15

	
	 	  	 Section 3.7
	  	 Coordination with SERP Payments
	  	 15

	
	 	  	 Section 3.8
	  	 Special Provisions Related to Completion Incentives
	  	 15

	
	 ARTICLE IV AMENDMENT AND TERMINATION
	  	 16

	
	 	  	 Section 4.1
	  	 Amendment and Termination
	  	 16

	
	 	  	 Section 4.2
	  	 Change of Control
	  	 16

	
	 ARTICLE V MISCELLANEOUS PROVISIONS
	  	 17

	
	 	  	 Section 5.1
	  	 Nature of Plan and Rights
	  	 17

	
	 	  	 Section 5.2
	  	 Termination of Employment
	  	 17

	
	 	  	 Section 5.3
	  	 Spendthrift Provision
	  	 17

	
	 	  	 Section 5.4
	  	 Employment Noncontractual
	  	 17

	
	 	  	 Section 5.5
	  	 Adoption by Other Participating Employers
	  	 18

 

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	 	  	 Section 5.6
	  	 Applicable Law
	  	 18

	
	 	  	 Section 5.7
	  	 Merged Plans
	  	 18

	
	 	  	 Section 5.8
	  	 Status Under the Act
	  	 18

	
	 	  	 Section 5.9
	  	 Claims Procedure
	  	 18

	
	 	  	 Section 5.10
	  	 Limited Effect of Restatement
	  	 18

	
	 	  	 Section 5.11
	  	 Binding Effect
	  	 19

 
 

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BANK OF
AMERICA PENSION RESTORATION PLAN 
 
(as
amended and restated effective January 1, 2002) 
 
THIS INSTRUMENT OF AMENDMENT AND RESTATEMENT is executed by BANK OF AMERICA CORPORATION, a Delaware corporation (the “Corporation”); 
 
Statement of Purpose 
 
The Corporation and certain of its affiliates (collectively with the Corporation, the “Participating Employers”) sponsor the
Bank of America Pension Restoration Plan (the “Restoration Plan”). The purpose of the Restoration Plan is to provide benefits which would have accrued to participants in The Bank of America Pension Plan (the “Pension Plan”) but
for certain benefit limitations imposed by the Internal Revenue Code. 
 
By this Instrument, the Participating Employers are amending and restating the Restoration Plan effective January 1, 2002 to (i) make a number of design changes to the Restoration Plan and (ii) otherwise meet current needs.
The Participating Employers have reserved the right to amend the Plan at any time and have delegated to the Corporation the right to amend the Plan on behalf of all Participating Employers. 
 
NOW, THEREFORE, for the purposes aforesaid, the Corporation,
on behalf of the Participating Employers, hereby amends and restates the Restoration Plan effective January 1, 2002 to consist of the following Articles I through V: 
 
ARTICLE I 
DEFINITIONS 
 
Section
1.1    Definitions.    Unless the context clearly indicates otherwise, when used in the Restoration Plan: 
 
Amendment or Termination Date means the date on which an amendment to or termination of the Restoration Plan is
adopted by the Corporation or, if later, the effective date of such amendment or termination. 
 
Applicable Minimum Benefits Provisions means: 
 
(A)    for the period from July 1, 1998 through June 30, 2000, Section
6.4(b) of the Pension Plan; and 
 
(B)    for periods from and after July 1, 2000, (i) if Pension Plan benefits are payable in a single cash payment, Section 6.5(b)(1) of the Pension Plan, and (ii) if Pension Plan benefits are payable in an annuity
method, Section 6.5(b)(2) of the Pension Plan. 

 
Beneficiary means the “Beneficiary” of a Participant under the Pension Plan. 
 
Change of Control means, and shall be deemed to have occurred upon, any of the following events: 
 
(A)    The acquisition by
any person, individual, entity or “group” (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (collectively, a “Person”) of Beneficial Ownership
(within the meaning of Rule 13d-3 promulgated under the Exchange Act) of twenty-five percent (25%) or more of either: 
 
(i) The then-outstanding shares of common stock of the Corporation (the “Outstanding Shares”); or 
 
(ii) The combined voting power of the
then-outstanding voting securities of the Corporation entitled to vote generally in the election of directors of the Corporation (the “Outstanding Voting Securities”); 
 
provided, however, that the following acquisitions shall not constitute a Change of Control for
purposes of this subparagraph (A): (a) any acquisition directly from the Corporation, (b) any acquisition by the Corporation or any of its subsidiaries, (c) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by
the Corporation or any of its subsidiaries, or (d) any acquisition by any corporation pursuant to a transaction which complies with clauses (i), (ii) and (iii) of subparagraph (C) below; or 
 
(B)    Individuals who,
as of September 30, 1998, constitute the Board of Directors of the Corporation (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board of Directors of the Corporation; provided, however, that any
individual who becomes a director subsequent to September 30, 1998 and whose election, or whose nomination for election by the Corporation’s shareholders, to the Board of Directors of the Corporation was either (i) approved by a vote of at
least a majority of the directors then comprising the Incumbent Board or (ii) recommended by a nominating committee comprised entirely of directors who are then Incumbent Board members shall be considered as though such individual were a member of
the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of either an actual or threatened election contest, other actual or 
 

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threatened
solicitation of proxies or consents or an actual or threatened tender offer; or 
 
(C)    Approval by the Corporation’s shareholders of a reorganization, merger, or consolidation or sale or other disposition of all or substantially all of the assets of the
Corporation (a “Business Combination”), in each case, unless following such Business Combination, (i) all or substantially all of the Persons who were the Beneficial Owners (within the meaning of Rule 13d-3 promulgated under the Exchange
Act), respectively, of the Outstanding Shares and Outstanding Voting Securities immediately prior to such Business Combination own, directly or indirectly, more than fifty percent (50%) of, respectively, the then outstanding shares of common stock
and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from the Business Combination (including, without limitation, a
corporation which as a result of such transaction owns the Corporation or all or substantially all of the Corporation’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership,
immediately prior to such Business Combination, of the Outstanding Shares and Outstanding Voting Securities, as the case may be (provided, however, that for purposes of this clause (i), any shares of common stock or voting securities of such
resulting corporation received by such Beneficial Owners in such Business Combination other than as the result of such Beneficial Owners’ ownership of Outstanding Shares or Outstanding Voting Securities immediately prior to such Business
Combination shall not be considered to be owned by such Beneficial Owners for the purposes of calculating their percentage of ownership of the outstanding common stock and voting power of the resulting corporation), (ii) no Person (excluding any
corporation resulting from such Business Combination or any employee benefit plan (or related trust) of the Corporation or such corporation resulting from the Business Combination) beneficially owns, directly or indirectly, twenty-five percent (25%)
or more of, respectively, the then outstanding shares of common stock of the corporation resulting from the Business Combination or the combined voting power of the then outstanding voting securities of such corporation unless such Person owned
twenty-five percent (25%) or more of, respectively, the Outstanding Shares or Outstanding Voting Securities immediately prior to the Business Combination and (iii) at least a majority of the members of the board of directors of the corporation
resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement, or the action of the Board of Directors of the Corporation, providing for such Business Combination; or 
 

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(D)    Approval by the Corporation’s shareholders of a complete liquidation or dissolution of the Corporation. 
 
Notwithstanding the foregoing, a Change of Control shall not be deemed to have occurred for purposes of this Plan as a result of the
transactions contemplated by that certain Agreement and Plan of Reorganization between the Corporation and BankAmerica Corporation dated April 10, 1998. 
 
Code means the Internal Revenue Code of 1986. References to the Code shall include the valid and binding
governmental regulations, court decisions and other regulatory and judicial authority issued or rendered thereunder. 
 
Code Limitations means any one or more of the limitations and restrictions that Sections 401(a)(17) and 415 of the
Code place on the accrual of benefits under the Pension Plan. 
 
Committee means the committee designated pursuant to Section 2.1 of the Restoration Plan. 
 
Completion Incentive means an incentive award payable to a Participant upon completion of an assignment outside the
United States, which incentive award relates to one or more Plan Years, all pursuant to an incentive arrangement approved for purposes of this Plan by the Committee. 
 
Conversion Date means July 1, 1998. 
 
Corporation is defined in the
introduction as Bank of America Corporation, a Delaware corporation, and any successor thereto. Prior to September 30, 1998, the Corporation was named “NationsBank Corporation,” and from September 30, 1998 through April 28, 1999 the
Corporation was named “BankAmerica Corporation.” 
 
EIP means the Bank of America Corporation Equity Incentive Plan, as in effect from time to time. 
 
Lump Sum Benefit of a Participant means the Participant’s Restoration Plan benefits expressed as a single lump
sum amount. If a Participant’s Restoration Plan benefits are not determined under Section 3.5, then the Participant’s Lump Sum Benefit shall equal the amount credited to the Participant’s Restoration Account from time to time.
However, if a Participant’s Restoration Plan benefits are determined under Section 3.5, then the Participant’s Lump Sum Benefit shall equal the Actuarial Equivalent lump sum value of the Participant’s Restoration Plan benefits
determined under Section 3.5. 
 
Participant means a “Participant” as defined in the Pension Plan. 
 

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Participating Employer means each “Participating Employer” under (and as defined in) the Pension Plan which have adopted the Restoration Plan. In addition, the Personnel Group, in its sole and exclusive discretion,
may designate certain other entities as “Participating Employers” under the Restoration Plan for such purposes as the Personnel Group may determine from time to time. 
 
Pension Plan is defined in the Statement of Purpose as The Bank of America Pension
Plan, as in effect from time to time. From July 1, 1998 through July 1, 2000 the Pension Plan was named “The NationsBank Cash Balance Plan”, and prior to July 1, 1998 the Pension Plan was named “The NationsBank Pension Plan.”

 
Personnel Group means
the Personnel Group of the Corporation. 
 
Plan Year means the twelve-month period commencing January 1 and ending the following December 31. 
 
Restoration Account means the bookkeeping account established and maintained on the books and records of the
Restoration Plan for a Participant pursuant to Article III. 
 
Restoration Credit means the amount credited to a Participant’s Restoration Account as of the end of a pay period pursuant to Section 3.2(c). 
 
Restoration Plan is defined in the
Statement of Purpose as this plan: the Bank of America Pension Restoration Plan as in effect from time to time. From July 1, 1998 through June 30, 2000, the Restoration Plan was named “The NationsBank Cash Balance Restoration Plan”, and
prior to July 1, 1998 the Restoration Plan was named the “NationsBank Corporation and Designated Subsidiaries Supplemental Retirement Plan”. 
 
Retirement or Retire means: 
 
(A)    Prior to November 16, 2001, termination of employment with the
Participating Employers after having attained at least age fifty-five (55); and 
 
(B)    From and after November 16, 2001, termination of employment with the Participating Employers upon the earlier of (i) having attained at least age fifty-five (55) or (ii)
qualifying for “Retirement” as defined from time to time under The Bank of America 401(k) Plan. 
 

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SERP means either the Bank of America Supplemental Executive Retirement Plan (sometimes more commonly referred to as “SERP I”) or the Bank of America Supplemental Executive Retirement Plan for Senior Management
Employees (sometimes more commonly referred to as “SERP II”). 
 
SRP means the BankAmerica Supplemental Retirement Plan, but only to the extent that the SRP restored benefits under the BankAmerica Pension Plan. 
 
Any capitalized terms used in the Restoration Plan that are
defined in the documents comprising the Pension Plan have the meanings assigned to them in the Pension Plan, unless such terms are otherwise defined above in this Article or unless the context clearly indicates otherwise. 
 
ARTICLE II 
PLAN ADMINISTRATION 
 
Section 2.1    Committee.    The Restoration Plan shall be administered by the
“Committee” under (and as defined in) the Pension Plan (although certain provisions of the Restoration Plan shall be administered by the Personnel Group as specified herein). The Committee shall be empowered to interpret the provisions of
the Restoration Plan and to perform and exercise all of the duties and powers granted to it under the terms of the Restoration Plan by action of a majority of its members in office from time to time. The Committee may adopt such rules and
regulations for the administration of the Restoration Plan as are consistent with the terms hereof and shall keep adequate records of its proceedings and acts. All interpretations and decisions made (both as to law and fact) and other action taken
by the Committee with respect to the Restoration Plan shall be conclusive and binding upon all parties having or claiming to have an interest under the Restoration Plan. Not in limitation of the foregoing, the Committee shall have the discretion to
decide any factual or interpretative issues that may arise in connection with its administration of the Restoration Plan (including without limitation any determination as to claims for benefits hereunder), and the Committee’s exercise of such
discretion shall be conclusive and binding on all affected parties as long as it is not arbitrary or capricious. The Committee may delegate any of its duties and powers hereunder to the extent permitted by applicable law. 
 
ARTICLE III 
PENSION RESTORATION BENEFITS 
 
Section 3.1    Eligibility for Benefits.    Subject to Section 5.10, any
Participant who is paid a benefit under the Pension Plan on or after the Conversion Date shall be eligible to receive benefits under this Restoration Plan. Subject to Sections 3.5 and 3.6 below, the amount of a Participant’s Restoration Plan
benefits shall equal the amount (if any) credited to the Participant’s Restoration Account from time to time, which such benefits shall become payable as provided in Section 3.4 below.  
 

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Section
3.2    Restoration Accounts. 
 
(a)    General.    A Restoration Account shall be established and maintained on the books and records of the Restoration Plan for each Participant who has an amount
credited in accordance with the provisions of this Section 3.2. 
 
(b)    Initial Restoration Account Balance.    The Restoration Account established for a Participant shall be credited with an initial balance equal to the excess (if any) of
Amount A over Amount B, where: 
 
Amount A equals the initial balance that would have been credited to the Participant’s pension account under the Pension Plan as of the Conversion Date if (i) the Code Limitations did not apply to the Pension Plan and
(ii) the Participant’s compensation under the Pension Plan included any amounts which were disregarded because of the Participant’s deferral of such amounts pursuant to an election under the Bank of America 401(k) Restoration Plan or any
other nonqualified deferred compensation plan designated by the Personnel Group; and 
 
Amount B equals the initial balance actually credited to the Participant’s pension account under the Pension Plan as of the Conversion Date. 
 
(c)    Restoration
Credits.    At the end of each pay period, the Restoration Account of each Participant shall be credited with a Restoration Credit the amount of which shall be equal to the excess (if any) of Amount A over Amount
B, where: 
 
Amount A equals the
compensation credit that would have been allocated to the Participant’s pension account under the Pension Plan as of such date if (i) the Code Limitations did not apply to the Pension Plan, (ii) the Participant’s compensation under the
Pension Plan included the amounts, if any, deferred by the Participant under the Bank of America 401(k) Restoration Plan or any other nonqualified deferred compensation plan designated by the Personnel Group, and (iii) the Participant’s
compensation under the Pension Plan included the “Principal Amount” (as defined under the EIP) of any annual incentive awards earned for performance periods beginning on or after January 1, 2002; and 
 
Amount B equals the compensation credit actually
allocated to the Participant’s pension account under the Pension Plan as of such date. 
 
For purposes hereof, the EIP Principal Amount for a Covered Associate who is in Band 0 shall be the amount communicated to the Personnel Group by the Corporation’s Executive Compensation group as
the EIP Principal Amount.  
 
(d)    Limit on Certain Incentive Compensation.    Notwithstanding any provision of the Restoration Plan to the contrary, in no event shall an amount be credited to a
Participant’s Restoration Account or otherwise accrued hereunder with respect to any portion of the Participant’s bonuses, commissions or other incentive compensation payable for a Plan Year 
 

7 

 
(inclusive of the EIP
Principal Amount with respect thereto, regardless of the year earned and regardless of whether the cash portion of any such bonus, commission or other incentive compensation is paid currently to the Participant or deferred pursuant to the Bank of
America 401(k) Restoration Plan or any other non-qualified deferred compensation plan) in excess of One Million Dollars ($1,000,000). 
 
Section 3.3    Account Adjustments. 
. 
 
(a)    Account Adjustments for Deemed Investments.    The Committee shall from time to time designate one or more investment vehicle(s) in which the Restoration Accounts of Participants
shall be deemed to be invested. The investment vehicle(s) may be designated by reference to the investments available under other plans sponsored by a Participating Employer (including the “Investment Measures” under the Pension Plan).
Each Participant shall designate the investment vehicle(s) in which his or her Restoration Account shall be deemed to be invested according to the procedures developed by the Personnel Group, except as otherwise required by the terms of the
Restoration Plan. No Participating Employer shall be under an obligation to acquire or invest in any of the deemed investment vehicle(s) under this subparagraph, and any acquisition of or investment in a deemed investment vehicle by a Participating
Employer shall be made in the name of the Participating Employer and shall remain the sole property of the Participating Employer. Effective July 1, 2000, the designated investment vehicles shall be (and shall remain until such time as changed by
the Committee in its sole discretion from time to time according to its procedures for designating investments) the following: 
 
(i) Nations LifeGoal Income & Growth Portfolio; 
 
(ii) Nations LifeGoal Balanced Growth Portfolio; 
 
(iii) Nations LifeGoal Growth Portfolio; 
 
(iv) Nations LargeCap Index Fund; 
 
(v) Nations MidCap Index Fund; 
 
(vi) Nations SmallCap Index Fund; 
 
(vii) Stable Capital Fund; 
 
(viii) Nations Bond Fund; 
 
(ix) Nations Value Fund; 
 
(x) Nations International Equity Fund; 
 
(xi) Nations Marsico Focused Equities Fund; 
 
(xii) Bank of America Corporation Common Stock Fund; and

 
(xiii) Effective as of January 1, 2003,
Batterymarch U.S. Small Capitalization Equity Portfolio. 
 
The
Committee shall also establish from time to time a default fund into which a Participant’s Restoration Account shall be deemed to be invested if the Participant fails to provide investment instructions pursuant to this Section 3.3(a). Effective
July 1, 2000, such default fund shall be the Stable Capital Fund. 
 
(b)    Periodic Account Adjustments.    Each Restoration Account shall be adjusted from time to time at such intervals as determined by the Personnel Group. The Personnel Group
may 
 

8 

 
determine the frequency of
account adjustments by reference to the frequency of account adjustments under another plan sponsored by a Participating Employer. The amount of the adjustment shall equal the amount that each Participant’s Restoration Account would have earned
(or lost) for the period since the last adjustment had the Restoration Account actually been invested in the Pension Plan in the deemed investment vehicle(s) designated by the Participant for such period pursuant to Section 3.3(a). 
 
(c)    Account Adjustments in
Connection With Benefit Commencement Date.    Notwithstanding any provision of the Restoration Plan to the contrary, the Personnel Group may cause a Participant’s Restoration Account to be adjusted in a manner other than
based on the Participant’s investment election as the Personnel Group may in its discretion determine from time to time in order to calculate the amount of the Participant’s Restoration Plan benefits that become payable on or after the
Participant’s Benefit Commencement Date (including in connection with determining the amount of installment payments as provided under Section 3.4(e) below). 
 
Section 3.4    Time and Method of Benefit Payments. 
 
(a)    Applicable
Provisions.    The provisions of this Section 3.4 shall apply to the payment of Restoration Plan benefits for Benefit Commencement Dates from and after July 1, 2000. Exhibit A attached hereto and made a part hereof
contains the applicable payment provisions that apply to the payment of Restoration Plan benefits for Benefit Commencement Dates from July 1, 1998 through June 30, 2000. 
 
(b)    Coordination with Pension Plan Payments.    Except as
otherwise provided for in this Section 3.4 or in Section 3.6 below, a Participant’s vested Restoration Plan benefits shall be payable at the same time and in the same form as the Participant’s Pension Plan benefits. If a Participant’s
Pension Plan benefits are payable in part as an annuity and in part as a lump sum or other non-annuity form, then the Participant’s entire Restoration Plan benefits shall be payable as an annuity (in the same annuity form as applicable in part
to the Participant’s Pension Plan benefits). Any payment of Restoration Plan benefits in a form different than the form in which such benefits are otherwise stated shall be determined by the Personnel Group based on the applicable actuarial
equivalency factors in effect from time to time under the Pension Plan. Notwithstanding any provision of the Restoration Plan to the contrary, if the amount of a Participant’s vested Lump Sum Benefit is less than or equal to Fifty Thousand
Dollars ($50,000) as of the Participant’s Benefit Commencement Date, then such vested Restoration Plan benefits shall be payable to the Participant as soon as administratively practicable after the Benefit Commencement Date in a single cash
payment (consistent with the provisions of Section 3.4(d)(i) below). In addition and notwithstanding any provision of the Restoration Plan to the contrary, if a Participant’s Pension Plan benefits are payable pursuant to a non-annuity
installment payment method (e.g., as a result of having transferred amounts to the Pension Plan from the Bank of America 401(k) Plan), then the Participant’s vested Restoration Plan benefits shall be payable in a single cash payment in
accordance with the provisions of Section 3.4(d) below. 
 

9 

 
(c)    Other Payment Methods.    Notwithstanding the provisions of Section 3.4(b) to the contrary, if a Participant’s entire Pension Plan benefits are payable in a single cash
payment, then the Participant’s vested Restoration Plan benefits shall be payable in a payment method described in this Section 3.4(c) if elected in accordance with, and subject to, the following terms and provisions (except to the extent that
the provisions of Section 3.4(h) may apply): 
 
(i)    Timing of Elections.    A Participant who is in active service may make or change a payment option election among any of the payment options described in subparagraph (ii) below,
subject to the provisions of subparagraph (iii) below. The election shall not become effective until the later of: 
 
(A) the date that is twelve (12) months (or such lesser period as the Personnel Group may determine in its discretion
consistent with the Corporation’s intent that benefits be subject to taxation as and when actually received by the Participant) after the date that the election is made if the Participant remains in active service throughout that period (as
determined by the Personnel Group in its discretion); or 
 
(B) the date the Participant becomes eligible for Retirement. 
 
(ii)    Payment Methods.    The payment options from which a Participant
may elect are as follows: (A) single cash payment, (B) five (5) annual installments or (C) ten (10) annual installments, as such methods are more fully described below. 
 
(iii)    Form of Elections.    Any election
made under this Section 3.4(c) shall be made on such form, at such time and pursuant to such procedures as determined by the Personnel Group in its sole discretion from time to time. A Participant may not have more than two (2) payment elections
pending under this Section 3.4(c) at any one time. 
 
(iv)    Failure to Elect.    For a Participant who does not yet have an election in effect under this Section 3.4(c) or for a Participant who fails to elect a payment option
under this Section 3.4(c) (and assuming the Participant’s entire Pension Plan benefits are otherwise payable in a single cash payment), the method of payment shall be the single cash payment. 
 
(d)    Single Cash
Payments.    The following provisions shall apply with respect to single cash payments under the Restoration Plan for a Participant whose entire Pension Plan benefits are payable in a single cash payment: 
 
(i)    Pre-Retirement
or Lump Sum Benefit Under $50,000.    If a Participant terminates employment with the Participating Employers either (A) before eligibility for Retirement or (B) with a vested Lump Sum Benefit 
 
 

10 

 
(determined as
of the Participant’s Benefit Commencement Date) that is Fifty Thousand Dollars ($50,000) or less (even if the Participant has elected and is otherwise eligible for installment payments), then the Participant’s vested Lump Sum Benefit shall
be determined as of the Participant’s Benefit Commencement Date, and such final vested Lump Sum Benefit shall be paid in a single cash payment to the Participant (or to the Participant’s Beneficiary in the case of the Participant’s
death) as soon as administratively practicable after the Benefit Commencement Date. 
 
(ii)    Retirement and Lump Sum Benefit Over $50,000.    If a Participant
Retires with a vested Lump Sum Benefit (determined as of the Participant’s Benefit Commencement Date) exceeding Fifty Thousand Dollars ($50,000) and with a single cash payment election in effect under Section 3.4(c), then such
Participant’s vested Lump Sum Benefit shall be paid in a single cash payment to the Participant (or to the Participant’s Beneficiary in the case of the Participant’s death) either (A) within ninety (90) days following the end of the
Plan Year in which the Retirement occurs if the Benefit Commencement Date is in the same Plan Year or (B) as soon as administratively practicable after the Benefit Commencement Date if the Benefit Commencement Date is in any subsequent Plan Year. In
the case of payment in accordance with clause (A), the Personnel Group shall in its discretion establish procedures from time to time to cause the amount of such Lump Sum Benefit to be adjusted for the period between the Benefit Commencement Date
and the applicable payment date. 
 
(e)    Annual Installments.    If a Participant (whose entire Pension Plan benefits are payable in a single cash payment) Retires with a vested Lump Sum Benefit (determined as of the
Participant’s Benefit Commencement Date) exceeding Fifty Thousand Dollars ($50,000) and with an installment payment election in effect under Section 3.4(c), then the amount of the annual installments shall be calculated and paid pursuant to the
following provisions: 
 
(i)
Timing of Payments.    If the Participant’s Benefit Commencement Date occurs in the same Plan Year as the Participant’s Retirement, then the first installment shall be paid within ninety (90) days following the
end of the Plan Year in which the Participant’s Benefit Commencement Date occurs, and each subsequent installment shall be paid within ninety (90) days following the end of each subsequent Plan Year during the selected payment period. If,
however, the Participant’s Benefit Commencement Date occurs in a Plan Year after the Plan Year in which the Participant’s Retirement occurs, then the first installment shall be paid as soon as administratively practicable after the Benefit
Commencement Date, the second installment shall be paid within ninety (90) days following the end of the Plan Year in which the Participant’s Benefit Commencement Date occurs, and each subsequent installment shall be paid within ninety (90)
days following the end of each subsequent Plan Year during the selected payment period. 
 

	

 
 

11 

 
(ii)    Special Adjustment to Restoration Account.    If a Participant’s Lump Sum Benefit to be payable as annual installments is determined under the provisions of Section 3.5
(rather than based on the amount credited to the Participant’s Restoration Account), then in order to administer the payment of annual installments of such Lump Sum Benefit the Participant’s Restoration Account shall be adjusted (either up
or down, as applicable) as of the Benefit Commencement Date to equal the amount of such Lump Sum Benefit. 
 
(iii)    Amount of Installments.    The amount payable for each installment
shall equal the Restoration Account balance as of either: 
 
(A) the Benefit Commencement Date (in the case of the first installment payment made for a Benefit Commencement Date that occurs in a Plan Year after the Plan Year in which the Participant’s
Retirement occurs), or 
 
(B) the
end of the applicable Plan Year (in the case of any other installment payment made within ninety (90) days following the end of a Plan Year) 
 
divided by the number of remaining installments (including the installment then payable). 
 
(iv)    Investment of
Account During Payment Period.    The Participant’s Restoration Account, to the extent vested, shall continue to be credited with adjustments under Section 3.3 during the installment payment period as follows:

 
(A) if the Participant has
elected to receive payment through five (5) annual installments, then the Participant shall be permitted to continue to direct the investment of the Participant’s unpaid Restoration Account balance in accordance with Section 3.3 during the
payment period (i.e., from the Participant’s Benefit Commencement Date through the last day of the Plan Year preceding the last installment payment); and 
 
(B) if the Participant has elected to receive payment through ten (10) annual installments, then the Participant’s
unpaid Restoration Account balance shall be deemed invested in the Stable Capital Fund during the payment period (i.e., from the Participant’s Benefit Commencement Date through the last day of the Plan Year preceding the last installment
payment). 
 
(v)    Death of Participant.    If a Participant covered by this Section 3.4(e) dies, then the annual installments (or remaining annual installments in the case of death after
commencement of payment) shall be paid to the Participant’s 

 

12 

Beneficiary as and when such installments would have otherwise been paid to the Participant had the Participant not died.

 
(f)    Vesting of
Restoration Accounts.    Notwithstanding any provision of the Restoration Plan to the contrary, a Participant’s Restoration Plan benefits shall be vested if, and to the same extent, that the Participant’s Pension
Plan benefits are vested. If, and to the extent that, a Participant’s Restoration Plan benefits are not vested on the date that the Participant terminates employment with the Participating Employers, such benefits shall be forfeited as of such
date. However, if a Participant whose Restoration Plan benefits are forfeited subsequently returns to service with any Participating Employer, any such forfeitures shall be restored (adjusted for earnings on the same basis as restored forfeitures
under the Pension Plan) as soon as administratively practicable after the date of such return to service (such restored benefits shall remain subject to the vesting requirements of this Section 3.4(f)). 
 
(g)    Other Payment
Provisions.    A Participant shall not be paid any portion of the Participant’s Restoration Account prior to the Participant’s termination of employment with the Participating Employers. Any Restoration Plan benefit
or payment hereunder shall be subject to applicable payroll and withholding taxes. In the event any amount becomes payable under the provisions of the Restoration Plan to a Participant, Beneficiary or other person who is a minor or an incompetent,
whether or not declared incompetent by a court, such amount may be paid directly to the minor or incompetent person or to such person’s fiduciary (or attorney-in-fact in the case of an incompetent) as the Personnel Group, in its sole
discretion, may decide, and the Personnel Group shall not be liable to any person for any such decision or any payment pursuant thereto. 
 
(h)    Former SRP Participants.    Notwithstanding any other provisions in this Restoration
Plan to the contrary, the following provisions shall apply to a Participant who was participating in the SRP as of June 30, 2000: 
 
(i)    SRP Installment Elections.    If (A) the Participant has in effect
as of June 30, 2000 an installment payment election (but not including an annuity payment election based on the Participant’s life or the joint life of the Participant and his or her Beneficiary) under the SRP (an “SRP Installment
Election”) and (B) the Participant’s entire Pension Plan benefits are payable in a single cash payment, then the Participant’s vested Restoration Plan benefits shall be payable in the number of installments provided by such SRP
Installment Election (even if the Participant is not eligible for Retirement) unless either (X) the Participant changes such election in accordance with the provisions of Section 3.4(c)(i) above or this Section 3.4(h) or (Y) the Participant’s
vested Lump Sum Benefit is Fifty Thousand Dollars ($50,000) or less as of the Participant’s Benefit Commencement Date (in which case payment of such Lump Sum Benefit shall be in the form of a single cash payment in accordance with the
provisions of Section 3.4(d)(i) above). 
 

13 

 
(ii)    Timing and Amount of Installment Payments.    Notwithstanding any provision of the SRP Installment Election to the contrary, the timing of the installment payments and the method
for determining the amount of each installment payment shall be determined in accordance with the provisions of Section 3.4(e)(i), (ii) and (iii) above. 
 
(iii)    Investments During Installment Payment Period.    Notwithstanding
any provision of the SRP Installment Election to the contrary, if the SRP Installment Election had a payment period of five (5) years or less, then the Restoration Account may continue to be invested during the payment period in accordance with the
Participant’s investment election as provided in Section 3.3 (consistent with the provisions of Section 3.4(e)(iv) applicable to five (5) annual installments). However, if the SRP Installment Election had a payment period in excess of five (5)
years, then the Restoration Account shall be deemed invested in the Stable Capital Fund during the payment period (consistent with the provisions of Section 3.4(e)(iv) applicable to ten (10) annual installments). 
 
(iv)    Special Right
to Change Election.    If a Participant to which this Section 3.4(h) applies is not eligible for Retirement, then (A) the Participant may at any time elect to change the method of payment to a single cash payment (in
accordance with Section 3.4(d) above) and (B) the Participant may elect on or before August 31, 2000 to change the method of payment to either five (5) or ten (10) year annual installments. In either case, such election shall not become effective
until the date that is twelve (12) months (or such lesser period as the Personnel Group may determine in its discretion consistent with the Corporation’s intent that benefits be subject to taxation as and when actually received by the
Participant) after the date that the election is made if the Participant remains in active service throughout that period (as determined by the Personnel Group in its discretion). 
 
Section 3.5    Minimum and Special
Benefits.    Notwithstanding any provision of the Restoration Plan to the contrary, if the Actuarial Equivalent single sum value of Amount A described below as of a Participant’s Benefit Commencement Date exceeds
the sum of the Participant’s Restoration Account and Pension Plan Accounts as of such date, then the Participant’s Restoration Plan benefits shall equal the excess (if any) of Amount A over Amount B, where: 
 
Amount A equals the Pension Plan benefits determined in
accordance with the Applicable Minimum Benefits Provisions of the Pension Plan if (i) the Code Limitations did not apply to the Pension Plan, (ii) the Participant’s compensation under the Pension Plan included any amounts which were disregarded
because of the Participant’s deferral of such amounts pursuant to an election under the Bank of America 401(k) Restoration Plan or any other nonqualified deferred compensation plan designated by the Personnel Group and (iii) the
Participant’s compensation 
 
 

14 

under the Pension Plan included the EIP Principal Amount of any annual incentive awards earned for performance periods beginning on or after
January 1, 2002; and 
 
Amount B equals the
Participant’s actual Pension Plan benefits. 
 
Restoration
Plan benefits determined in accordance with the provisions of this Section 3.5 are subject to the limitation on certain incentive compensation set forth in Section 3.2(d) and shall be payable in accordance with the provisions of Section 3.4.

 
Section
3.6    Participants Without Restoration Accounts.    Notwithstanding any provision of the Restoration Plan to the contrary, if a Participant does not have a Restoration Account (for example, because the
Participant commenced benefit payments under the Restoration Plan prior to conversion of the Pension Plan to a cash balance plan, because the Participant was in a “deferred vested” status prior to such date, or because the Participant was
in pay status or was a deferred vested participant under a prior plan that was merged into the Restoration Plan as described in Section 5.7 below), the Participant’s Restoration Plan benefits shall be determined and paid in accordance with the
provisions of the Restoration Plan as in effect prior to July 1, 1998 (or the provisions of any prior plan, if applicable); provided, however, that the Personnel Group may in its discretion (i) determine to pay out in a single cash
payment any such benefits that as of a given determination date have an Actuarial Equivalent single sum value less than or equal to Fifty Thousand Dollars ($50,000), or (ii) otherwise modify the date(s) and/or form(s) of payment so long as the
effect of any such modification does not further defer the date of payment(s). 
 
Section 3.7    Coordination with SERP Payments.    In the event that a Covered Associate is eligible to receive SERP benefits, the Personnel Group may
make such changes as it deems necessary or advisable to the payment and benefit calculation procedures described in this Article III in order to have the Covered Associate’s vested Restoration Plan benefits paid at the same time(s) and in the
same form as the Covered Associate’s SERP benefits, so long as any such change does not otherwise reduce the Actuarial Equivalent amount of the Covered Associate’s vested Restoration Plan benefits. 
 
Section 3.8    Special Provisions
Related to Completion Incentives.    For a Participant who receives a Completion Incentive in a Plan Year which relates to one or more prior Plan Years, the following provisions shall apply: 
 

	 	(i)	 	The Personnel Group, upon consultation with the appropriate business unit, shall allocate the Completion Incentive among the applicable Plan Years for which it was
deemed earned. 

 

	 	(ii)	 	The Participant shall receive Restoration Credits with respect to the Completion Incentive based on the Participant’s rate of Compensation Credits under the
Pension Plan at the time the Completion Incentive is paid. However, for that purpose, the One Million Dollar ($1,000,000) limit on incentive compensation set forth in Section 3.2(d) above shall be applied separately with respect to each prior Plan
Year for which the Completion Incentive was deemed earned taking into 

 
 

15 

	 	 
account the portion of the Completion Incentive allocated to each such prior Plan Year under subparagraph (i) above.

 

	 	(iii)	 	The Restoration Credits attributable to the Completion Incentive shall be credited in an administratively reasonable time following notification to the Personnel
Group of the Completion Incentive having been paid. 

 
ARTICLE IV 
AMENDMENT AND TERMINATION 
 
Section 4.1    Amendment and Termination.    The Corporation
shall have the right and power at any time and from time to time to amend the Restoration Plan in whole or in part, on behalf of all Participating Employers, and at any time to terminate the Restoration Plan or any Participating Employer’s
participation hereunder; provided, however, that no such amendment or termination shall reduce the amount of a Participant’s Restoration Plan benefits on the date of such amendment or termination, or further defer the due dates for the
payment of such benefits, without the consent of the affected person. In connection with any termination of the Restoration Plan, the Corporation shall have the authority to cause the Restoration Plan benefits of all current and former Participants
(and Beneficiary of any deceased Participants) to be paid in a single sum payment as of a date determined by the Corporation or to otherwise accelerate the payment of all Restoration Plan benefits in such manner as the Corporation shall determine in
its discretion. 
 
Section
4.2    Change of Control 
 
(a)    General.    Notwithstanding any provisions of the Restoration Plan to the contrary, on and after the date of a Change of Control (i) the provisions of the Restoration Plan
may not be terminated, amended or modified if the Amendment or Termination Date is prior to the date immediately following the date of the Change of Control and (ii) with respect to any amendment to the Restoration Plan otherwise permissible under
clause (i), the provisions of the Restoration Plan may not be terminated, amended or modified to reduce, eliminate or otherwise adversely affect in any manner the total amount of benefits that would have been payable to a Participant, or the method
and timing by which such benefits would have been payable to the Participant, from time to time under the Restoration Plan, assuming for this purpose that the Participant had separated from service (as such term is defined in the Pension Plan) on
the date immediately preceding the Amendment or Termination Date of any such amendment or termination; provided, however, the Corporation may terminate, amend or modify the Restoration Plan at any time prior to the date of a Change of Control
in accordance with, and subject to, the provisions of Section 4.1. 
 

16 

 
(b)    Certain Benefits Disregarded.    In determining after a Change of Control the total amount of benefits payable under the Restoration Plan to or with respect to a Participant who
is also a participant in either the NationsBank Supplemental Executive Retirement Plan or the NationsBank Supplemental Executive Retirement Plan for Senior Management Employees, the Participating Employers shall disregard the effect of any increase
in the accrued benefit (as such term is defined in the Pension Plan) of such Participant as a result of Section 17.3 of the Pension Plan. 
 
ARTICLE V 
MISCELLANEOUS PROVISIONS 
 
Section
5.1    Nature of Plan and Rights.    The Restoration Plan is unfunded and intended to constitute an incentive and deferred compensation plan for a select group of officers and key management employees
of the Participating Employers. If necessary to preserve the above intended plan status, the Committee, in its sole discretion, reserves the right to limit or reduce the number of actual Participants and otherwise to take any remedial or curative
action that the Committee deems necessary or advisable. The Restoration Accounts established and maintained under the Restoration Plan by a Participating Employer are for accounting purposes only and shall not be deemed or construed to create a
trust fund of any kind or to grant a property interest of any kind to any Participant, designated beneficiary or estate. The amounts credited by a Participating Employer to such Restoration Accounts are and for all purposes shall continue to be a
part of the general assets of such Participating Employer, and to the extent that a Participant, beneficiary or estate acquires a right to receive payments from such Participating Employer pursuant to the Restoration Plan, such right shall be no
greater than the right of any unsecured general creditor of such Participating Employer. 
 
Section 5.2    Termination of Employment.    For the purposes of the Restoration Plan, a Participant’s employment with a Participating Employer shall
not be considered to have terminated so long as the Participant is in the employ of any Participating Employer, other member of the Affiliated Group or any other entity as the Personnel Group may designate. 
 
Section 5.3    Spendthrift
Provision.    No Restoration Plan benefits or other right or interest under the Restoration Plan of a Participant or Beneficiary may be assigned, transferred or alienated, in whole or in part, either directly or by operation
of law, and no such balance, right or interest shall be liable for or subject to any debt, obligation or liability of the Participant or Beneficiary. Notwithstanding the foregoing, the Participating Employers shall have the right to offset from a
Participant’s unpaid benefits under the Restoration Plan any amounts due and owing from the Participant to the extent permitted by law. 
 
Section 5.4    Employment Noncontractual.    The establishment of the Restoration Plan
shall not enlarge or otherwise affect the terms of any Participant’s employment with his Participating Employer, and such Participating Employer may terminate the employment of the Participant as freely and with the same effect as if the
Restoration Plan had not been established. 
 

17 

 
Section
5.5    Adoption by Other Participating Employers.    The Restoration Plan may be adopted by any Participating Employer participating under the Pension Plan, such adoption to be effective as of the date
specified by such Participating Employer at the time of adoption. 
 
Section 5.6    Applicable Law.    The Restoration Plan shall be governed and construed in accordance with the laws of the State of North Carolina, except to the extent such laws
are preempted by the laws of the United States of America. 
 
Section 5.7    Merged Plans.    From time to time the Participating Employers may cause other nonqualified plans to be merged into the Restoration Plan. Schedule 5.7 attached hereto sets
forth the names of the plans that merged into the Restoration Plan by July 1, 2000 and their respective merger dates. Schedule 5.7 shall be updated from time to time to reflect mergers after July 1, 2000. 
 
Upon such a merger, the accrued benefits immediately prior to
the date of merger of each participant in the merged plan shall be transferred and credited as of the merger date to a Restoration Account established under the Restoration Plan for such participant. From and after the merger date, the
participant’s rights shall be determined under the Restoration Plan, and the participant shall be subject to all of the restrictions, limitations and other terms and provisions of the Restoration Plan. Not in limitation of the foregoing, the
Restoration Account established for the participant as a result of the merger shall be periodically adjusted when and as provided in Section 3.3 hereof as in effect from time to time and shall be paid at such time and in such manner as provided in
Section 3.4 hereof, except to the extent otherwise provided on Schedule 5.7. Notwithstanding any provision of this Section 5.7 to the contrary and subject to the provisions of Section 3.6, a participant in a merged plan that is in pay status or is a
terminated employee in a deferred vested status as of the plan merger date shall continue to be eligible to receive benefits as and when provided under the terms of the merged plan as in effect immediately prior to such merger. The Personnel Group
shall, in its discretion, establish any procedures it deems necessary or advisable in order to administer any such plan mergers, including without limitation procedures for transitioning from the method of account adjustments under the prior plan to
the methods provided for under the Restoration Plan. 
 
Section 5.8    Status Under the Act.    The Restoration Plan is maintained for purposes of providing deferred compensation for a select group of management or highly compensated
employees. In addition, to the extent that the Restoration Plan makes up benefits limited under the Pension Plan as a result of Section 415 of the Code, the Restoration Plan shall be considered an “excess benefit plan” within the meaning
of the Act. 
 
Section
5.9    Claims Procedure.    Any claim for benefits under the Restoration Plan by a Participant or Beneficiary shall be made in accordance with the claims procedures set forth in the Pension Plan.

 
Section 5.10    Limited
Effect of Restatement.    Notwithstanding anything to the contrary contained in the Plan, to the extent permitted by the Act and the Code, this instrument shall not affect the availability, amount, form or method of payment
of benefits being paid before the 

 

18 

effective date hereof, or to be paid on or after the effective date hereof, to any Participant or former Participant (or a Beneficiary of
either) in the Restoration Plan who is not an active Participant on or after the effective date hereof, said availability, amount, form or method of payment of benefits, if any, to be determined in accordance with the applicable provisions of the
Restoration Plan as in effect prior to the effective date hereof. 
 
Section 5.11    Binding Effect.    The Restoration Plan (including any and all amendments thereto) shall be binding upon the Participating Employers, their respective successors
and assigns, and upon the Participants and their Beneficiaries and their respective heirs, executors, administrators, personal representatives and all other persons claiming by, under or through any of them. 
 
[SIGNATURE ON NEXT PAGE] 
 

19 

IN WITNESS WHEREOF, this instrument has been executed by the Corporation on December 20,
2002. 
 

	 BANK OF AMERICA
CORPORATION

	
	 By:
	 	 /S/    J. STEELE ALPHIN

	 	 	 Title:  Corporate Personnel Executive

 
 

20 

EXHIBIT A 
 
Payment Provisions in Effect From July 1, 1998 through June 30, 2000 
 
(a)    Applicable
Provisions.    The provisions of this Exhibit A shall apply to the payment of Restoration Plan benefits for Benefit Commencement Dates from July 1, 1998 through June 30, 2000. Except as otherwise provided herein, the
provisions of the Plan (including Section 3.4) shall control. 
 
(b)    Coordination with Pension Plan Payments.    Except as otherwise provided for in this Exhibit A or Section 3.6 above, a Participant’s vested Restoration Plan benefits shall be
payable at the same time and in the same form as the Participant’s Pension Plan benefits. If a Participant’s Pension Plan benefits are payable in part as an annuity and in part as a lump sum or other non-annuity form, then the
Participant’s entire Restoration Plan benefits shall be payable as an annuity (in the same annuity form as applicable in part to the Participant’s Pension Plan benefits). Any payment of Restoration Plan benefits in a form different than
the form in which such benefits are otherwise stated shall be determined by the Personnel Group based on the applicable actuarial equivalency factors in effect from time to time under the Pension Plan. Notwithstanding any provision of the
Restoration Plan to the contrary, if a Participant’s vested Lump Sum Benefit is less than or equal to Ten Thousand Dollars ($10,000) as of the Participant’s Benefit Commencement Date, then such vested Lump Sum Benefits shall be payable to
the Participant as soon as administratively practicable after the Benefit Commencement Date in a single cash payment (consistent with the provisions of paragraph (d)(i) below). In addition and notwithstanding any provision of the Restoration Plan to
the contrary, if a Participant’s Pension Plan benefits are payable pursuant to a non-annuity installment payment method (e.g., as a result of having transferred amounts to the Pension Plan from the Bank of America 401(k) Plan), then the
Participant’s Restoration Plan benefits shall be payable in a single cash payment in accordance with the provisions of paragraph (d) below. 
 
(c)    Other Payment Methods.    Notwithstanding the provisions of paragraph (b) above to
the contrary, if a Participant’s entire Pension Plan benefits are payable in a single cash payment, then the Participant’s vested Restoration Plan benefits shall be payable in a payment method described in this Exhibit A if elected in
accordance with, and subject to, of the following terms and provisions: 
 
(i)    A Participant who first begins to participate in the Restoration Plan after having attained age fifty-four (54) shall, at the time of the Participant’s initial
participation, irrevocably elect one of the payment options described in subparagraph (iii) below. 
 
(ii)    For a Participant who first begins to participate in the Restoration Plan before having
attained age fifty-four (54), such Participant shall, upon attainment of age fifty-four (54), be given the opportunity to irrevocably elect one of the payment options described in subparagraph (iii) below. 

 
(iii)    The payment options from which a Participant may elect are as follows: (A) single cash payment, (B) five (5) annual installments or (C) ten (10) annual installments, as such methods are more fully
described below. 
 
(iv)    Any election made under this paragraph shall be made on such form, at such time and pursuant to such procedures as determined by the Personnel Group in its sole discretion from time to time. An election
made under subparagraph (i) shall be effective upon the later of the date of such election or the attainment of age fifty-five (55). An election made under subparagraph (ii) shall not become effective until the attainment of age fifty-five (55) (or
such later date as may be specified in the election). 
 
(v)    For a Participant who does not yet have an election in effect under this paragraph or for a Participant who fails to elect a payment option under this paragraph, the method of payment shall be the
single cash payment. In addition, if the Lump Sum Benefit of a Participant who is to be paid by the installment method is less than Ten Thousand Dollars ($10,000) determined as of the Benefit Commencement Date, then the method of payment shall be
the single cash payment. 
 
(d)    Single Cash Payments.    The following provisions shall apply with respect to single cash payments under the Restoration Plan for a Participant whose entire Pension Plan benefits
are payable in a single cash payment: 
 
(i)    Pre-Age 55 or Lump Sum Benefit Under $10,000.    If a Participant terminates employment with the Participating Employers either (A) before attainment of age fifty-five (55) or (B)
with a vested Lump Sum Benefit (determined as of the Participant’s Benefit Commencement Date) that is Ten Thousand Dollars ($10,000) or less (even if the Participant has elected and is otherwise eligible for installment payments), then the
Participant’s vested Lump Sum Benefit shall be determined as of the Participant’s Benefit Commencement Date, and such final vested Lump Sum Benefit shall be paid in a single cash payment to the Participant (or to the Participant’s
Beneficiary in the case of the Participant’s death) as soon as administratively practicable after the date of the Benefit Commencement Date. 
 
(ii)    After Age 55 and Lump Sum Benefit Over $10,000.    If a Participant
terminates employment with the Participating Employers after attainment of age fifty-five (55) with a vested Lump Sum Benefit (determined as of the Participant’s Benefit Commencement Date) exceeding Ten Thousand Dollars ($10,000) and with a
single cash payment election in effect under paragraph (c) above, then such Participant’s vested Lump Sum Benefit shall be paid in a single cash payment to the Participant (or to the Participant’s Beneficiary in the case of the
Participant’s death) either (A) on or about March 31 of the Plan Year following the end of the Plan Year in which the termination of 

 

2 

employment occurs if the Benefit Commencement Date is in the same Plan Year as such termination or (B) as soon as administratively
practicable after the Benefit Commencement Date if the Benefit Commencement Date is in any subsequent Plan Year. In the case of payment in accordance with clause (A), the Personnel Group shall in its discretion establish procedures from time to time
to cause the amount of such Lump Sum Benefit to be adjusted for the period between the Benefit Commencement Date and the applicable payment date. 
 
(e)    Annual Installments.    If a Participant (whose entire Pension Plan benefits are
payable in a single cash payment) terminates employment with the Participating Employers after attainment of age fifty-five (55) with a vested Lump Sum Benefit (determined as of the Participant’s Benefit Commencement Date) exceeding Ten
Thousand Dollars ($10,000) and with an installment payment election in effect under paragraph (c) above, then the amount of the annual installments shall be calculated and paid pursuant to the following provisions: 
 
(i)    Timing of
Payments.    If the Participant’s Benefit Commencement Date occurs in the same Plan Year as the Participant’s termination of employment, then the first installment shall be paid on or about March 31 of the Plan Year
following the Plan Year in which the Participant’s Benefit Commencement Date occurs, and each subsequent installment shall be paid on or about each subsequent March 31 during the selected payment period. If, however, the Participant’s
Benefit Commencement Date occurs in a Plan Year after the Plan Year in which the Participant’s termination of employment occurs, then the first installment shall be paid as soon as administratively practicable after the Benefit Commencement
Date, the second installment shall be paid on or about March 31 of the Plan Year following the Plan Year in which the Participant’s Benefit Commencement Date occurs, and each subsequent installment shall be paid on or about each subsequent
March 31 during the selected payment period. 
 
(ii)    Special Adjustment to Restoration Account.    If a Participant’s Lump Sum Benefit to be payable as annual installments is determined under the provisions of Section 3.5
(rather than based on the amount credited to the Participant’s Restoration Account), then in order to administer the payment of annual installments of such Lump Sum Benefit the Participant’s Restoration Account shall be adjusted (either up
or down, as applicable) as of the Benefit Commencement Date to equal the amount of such Lump Sum Benefit. 
 
(iii)    Amount of Installments.    The amount of the annual installments
shall be calculated, based on the vested Restoration Account balance as of the initial installment payment date, as equal annual installments amortized over the selected payment period using the “GATT rate” then in effect as determined by
the Personnel Group. In the case of an initial installment payment date that is on or about March 31 of the Plan Year following the Plan Year in which the Benefit Commencement Date occurs, the Personnel Group shall in its discretion establish

 

3 

procedures from time to time to cause the Restoration Account to be adjusted for the period between the Benefit Commencement Date and such
March 31. 
 
(iv)    Death of Participant.    If a Participant covered by this paragraph (e) dies, then the annual installments (or remaining annual installments in the case of death after
commencement of payment) shall be paid to the Participant’s Beneficiary as and when such installments would have otherwise been paid to the Participant had the Participant not died. 
 

4 

SCHEDULE 5.7 
 
MERGED PLANS AS OF JULY 1, 2000 
 

	 Plan Name

	  	 Date of Merger

	 BankAmerica Supplemental Retirement Plan
(but only as to BankAmerica Pension Plan
restored benefits)
	  	 July 1, 2000Restoration Plan

 
Exhibit 10(f)

 
BANK OF AMERICA 401(k) RESTORATION PLAN

 
(as amended and restated effective
January 1, 2002) 
 

BANK OF AMERICA 401(k) RESTORATION PLAN 
 
Table of Contents 
 

	 	  	
	  	 Page

	
	 ARTICLE I    DEFINITIONS
	  	 1

	
	         Section 1.1
	  	 Definitions
	  	 1

	
	 ARTICLE II    PLAN ADMINISTRATION
	  	 4

	
	         Section 2.1
	  	 Committee
	  	 4

	
	 ARTICLE III    DEFERRED COMPENSATION
PROVISIONS
	  	 5

	
	         Section 3.1
	  	 Form and Time of Elections
	  	 5

	
	         Section 3.2
	  	 Deferrals by Highly Compensated Associates
	  	 5

	
	         Section 3.3
	  	 Matching Contributions for Highly Compensated Associates
	  	 5

	
	         Section 3.4
	  	 Deferrals by Key Associates
	  	 6

	
	         Section 3.5
	  	 Matching Contributions for Key Associates
	  	 7

	
	         Section 3.6
	  	 Account Adjustments
	  	 7

	
	         Section 3.7
	  	 Account Payments Following Termination of Employment
	  	 8

	
	         Section 3.8
	  	 In-Service Withdrawals
	  	 12

	
	         Section 3.9
	  	 Catch-Up Contributions
	  	 13

	
	         Section 3.10
	  	 EIP
	  	 13

	
	         Section 3.11
	  	 Special Provisions Related to Completion Incentives
	  	 14

	
	         Section 3.12
	  	 Other Contributions
	  	 15

	
	 ARTICLE IV    AMENDMENT AND TERMINATION
	  	 15

	
	         Section 4.1
	  	 Amendment and Termination
	  	 15

	
	 ARTICLE V    MISCELLANEOUS PROVISIONS
	  	 16

	
	         Section 5.1
	  	 Nature of Plan and Rights
	  	 16

	
	         Section 5.2
	  	 Termination of Employment
	  	 16

	
	         Section 5.3
	  	 Spendthrift Provision
	  	 16

 

2 

	
	         Section 5.4
	  	 Employment Noncontractual
	  	 16

	
	         Section 5.5
	  	 Adoption by Other Participating Employers
	  	 16

	
	         Section 5.6
	  	 Applicable Law
	  	 16

	
	         Section 5.7
	  	 Merged Plans
	  	 16

	
	         Section 5.8
	  	 Status Under the Act
	  	 17

	
	         Section 5.9
	  	 Claims Procedure
	  	 17

 
 

ii 

BANK OF AMERICA 401(k) RESTORATION PLAN 
 
(as amended and restated effective January 1, 2002)

 
THIS INSTRUMENT OF AMENDMENT AND RESTATEMENT
is executed by BANK OF AMERICA CORPORATION, a Delaware corporation (the “Corporation”); 
 
Statement of Purpose 
 
The Corporation sponsors the Bank of America 401(k) Restoration Plan (the “Restoration Plan”). The purpose of the Restoration Plan is to provide benefits, on a non-qualified and unfunded
basis, to certain associates whose benefits under The Bank of America 401(k) Plan (the “401(k) Plan”) are adversely affected by the limitations of Sections 401(a)(17), 401(k)(3), 401(m), 402(g) and 415 of the Internal Revenue Code, as well
as certain limits placed on the contribution rates of highly compensated participants established by the administrative committee under 401(k) Plan. 
 
By this Instrument, the Corporation is amending and restating the Restoration Plan effective January 1, 2002 to (i) make a number of
design changes to the Restoration Plan and (ii) otherwise meet current needs. 
 
NOW, THEREFORE, for the purposes aforesaid, the Corporation hereby amends and restates the Restoration Plan effective January 1, 2002 to consist of the following Articles I through V: 
 
ARTICLE I 
DEFINITIONS 
 
Section 1.1    Definitions.    Unless the context clearly indicates otherwise, when used in
the Restoration Plan: 
 
Account means, collectively, the Deferral Account and Matching Contribution Restoration Account. 
 
Annual Incentive Award means, with respect to a Key Associate, any annual incentive award payable to such Key
Associate in cash pursuant to (i) the Bank of America Executive Incentive Compensation Plan or (ii) any other incentive compensation plan of the Corporation or any of its Subsidiaries approved for purposes of this Plan by the Committee. Annual
Incentive Awards may be payable annually, quarterly, or on such other basis as provided by the applicable plan. 

 
Associate means a common law employee of a Participating Employer who is identified as an employee in the personnel records of the Participating Employer. 
 
Beneficiary means the “Beneficiary” of a Covered Associate under the 401(k)
Plan, unless the Covered Associate elects a different Beneficiary for purposes of the Restoration Plan in accordance with such procedures as the Personnel Group may establish from time to time. If there is no Beneficiary election in effect under the
401(k) Plan or the Restoration Plan at the time of a Covered Associate’s death, or if the designated Beneficiary fails to survive the Covered Associate, then the Beneficiary shall be the Covered Associate’s surviving spouse, or if there is
no surviving spouse, the Covered Associate’s estate. 
 
Benefit Determination Date means the last day of the calendar month following the calendar month in which a Covered Associate’s employment with the Participating Employers terminates, or
the last day of a subsequent calendar month if the Personnel Group determines it to be administratively necessary or appropriate (e.g., as a result of the timing of notification to the Personnel Group of such termination of employment).

 
Code means the Internal
Revenue Code of 1986. References to the Code shall include the valid and binding governmental regulations, court decisions and other regulatory and judicial authority issued or rendered thereunder. 
 
Code Limitations means any one or more
of the limitations and restrictions that Sections 401(a)(17), 401(k)(3), 401(m), 402(g) and 415 of the Code place on the Pre-Tax Employee Contributions and Matching Contributions for a Covered Associate under the 401(k) Plan. In addition, Code
Limitations also means and refers to any limitations on contributions under the 401(k) Plan established by the 401(k) Plan administrative committee with respect to highly compensated participants. 
 
Committee means the committee
designated pursuant to Section 2.1 of the Restoration Plan. 
 
Completion Incentive means an incentive award payable to a Covered Associate upon completion of an assignment outside the United States, which incentive award relates to one or more Plan Years,
all pursuant to an incentive arrangement approved for purposes of this Plan by the Committee. 
 
Corporation is defined in the introduction as Bank of America Corporation, a Delaware corporation, and any
successor thereto. 
 
Covered
Associate means either a Highly Compensated Associate or a Key Associate. 
 

2 

 
DCP means the BankAmerica Corporation Deferred Compensation Plan. 
 
Deferral Account means the account established and maintained on the books of a Participating Employer to record a
Covered Associate’s interest under the Restoration Plan attributable to amounts credited to the Covered Associate pursuant to Section 3.2 or Section 3.4 of the Restoration Plan. 
 
EIP means the Bank of America Corporation Equity Incentive Plan, as in effect from
time to time. 
 
401(k)
Plan is defined in the Statement of Purpose as The Bank of America 401(k) Plan, as in effect from time to time. 
 
Highly Compensated Associate means an Associate eligible to participate in the 401(k) Plan who the Personnel Group
determines to be a “highly compensated employee” (within the meaning of Section 414(q) of the Code) under the 401(k) Plan for a Plan Year, but shall not include a Key Associate. 
 
Key Associate means a Covered Associate who is in Band 0, 1, 2 or 3, or who has annual
base compensation of $100,000 or more as determined by the Personnel Group in its discretion at such time or times as it may select. 
 
Matching Contribution Restoration Account means the account established and maintained on the books of a
Participating Employer to record a Covered Associate’s interest under the Restoration Plan attributable to amounts credited to the Covered Associate pursuant to Section 3.3 or Section 3.5 of the Restoration Plan. 
 
Participating Employer means (i) the
Corporation, (ii) each other “Participating Employer” under (and as defined in) the 401(k) Plan on the date hereof and (iii) any other incorporated or unincorporated trade or business which may hereafter adopt both the 401(k) Plan and the
Restoration Plan. In addition, the Personnel Group, in its sole and exclusive discretion, may designate certain other entities as “Participating Employers” under the Restoration Plan for such purposes as the Personnel Group may determine
from time to time. 
 
Personnel
Group means the Personnel Group of the Corporation. 
 
Plan Year means the twelve-month period commencing January 1 and ending the following December 31. 
 
Restoration Plan is defined in the Statement of Purpose as this plan: the Bank of America 401(k) Restoration Plan
as in effect from time to time. 
 
Retirement or Retire means: 
 

3 

 
(A) Prior to November 16, 2001, termination of employment with the Participating Employers after having attained at least age fifty-five (55); and 
 
(B) From and after November 16, 2001, termination of employment with the Participating
Employers upon the earlier of (i) having attained at least age fifty-five (55) or (ii) qualifying for “Retirement” as defined from time to time under The Bank of America 401(k) Plan. 
 
SRP means the BankAmerica Supplemental
Retirement Plan, other than the portion of the SRP that restored benefits under the BankAmerica Pension Plan. 
 
Any capitalized terms used in the Restoration Plan that are defined in the documents comprising the 401(k) Plan have the meanings assigned to them in the 401(k) Plan, unless such terms are otherwise
defined above in this Article or unless the context clearly indicates otherwise. 
 
ARTICLE II 
PLAN ADMINISTRATION 
 
Section
2.1    Committee.    The Restoration Plan shall be administered by the “Committee” under (and as defined in) the 401(k) Plan (although certain provisions of the Restoration Plan shall be
administered by the Personnel Group as specified herein). The Committee shall be empowered to interpret the provisions of the Restoration Plan and to perform and exercise all of the duties and powers granted to it under the terms of the Restoration
Plan by action of a majority of its members in office from time to time. The Committee may adopt such rules and regulations for the administration of the Restoration Plan as are consistent with the terms hereof and shall keep adequate records of its
proceedings and acts. All interpretations and decisions made (both as to law and fact) and other action taken by the Committee with respect to the Restoration Plan shall be conclusive and binding upon all parties having or claiming to have an
interest under the Restoration Plan. Not in limitation of the foregoing, the Committee shall have the discretion to decide any factual or interpretative issues that may arise in connection with its administration of the Restoration Plan (including
without limitation any determination as to claims for benefits hereunder), and the Committee’s exercise of such discretion shall be conclusive and binding on all affected parties as long as it is not arbitrary or capricious. The Committee may
delegate any of its duties and powers hereunder to the extent permitted by applicable law. 
 

4 

 
ARTICLE III

DEFERRED COMPENSATION PROVISIONS 
 
Section 3.1    Form and Time of Elections.    Prior to January 1 of a Plan Year, or at such
other times as may be established by the Personnel Group, a Covered Associate for the Plan Year may elect to defer under the Restoration Plan such amounts as provided by this Article III in accordance with the procedures set forth in this Section
3.1. All elections made under this Section 3.1 shall be made in writing on a form, or pursuant to such other non-written procedures, as may be prescribed from time to time by the Personnel Group and shall be irrevocable for such Plan Year. An
election by a Covered Associate under this Section 3.1 shall continue in effect for all subsequent Plan Years (during which the Covered Associate is a Highly Compensated Associate or Key Associate) unless and until changed or terminated by the
Covered Associate in accordance with procedures established from time to time by the Personnel Group. Any such change in or termination of an election under this Section 3.1 shall be effective as of the January 1 of the next succeeding Plan Year and
shall be irrevocable for such Plan Year.  
 
Section 3.2    Deferrals by Highly Compensated Associates.    If a Highly Compensated Associate makes an election to defer in accordance with Section 3.1 above for a Plan Year, the
amount attributable to any Pre-Tax Employee Contribution for a particular pay period during the Plan Year which cannot be credited to the Highly Compensated Associate under the 401(k) Plan because of the Code Limitations shall be credited to a
Deferral Account established and maintained in the name of the Highly Compensated Associate on the books and records of his or her Participating Employer. Such amount shall be credited to the Deferral Account on, or as soon as administratively
practicable after, the date the related 401(k) Plan contributions are made (or would have been made but for the Code Limitations). See Section 3.9 below regarding the effect of “catch-up” contribution elections under the 401(k) Plan.

 
Section 3.3    Matching
Contributions for Highly Compensated Associates.    A Participating Employer shall establish and maintain on its books a Matching Contribution Restoration Account for each Highly Compensated Associate employed by such
Participating Employer whose Matching Contributions under the 401(k) Plan shall have been limited, directly or indirectly, by the operation of the Code Limitations. If a Highly Compensated Associate is a Match-Eligible Participant for the Plan Year
under the 401(k) Plan, the Highly Compensated Associate’s Matching Contribution Restoration Account shall be credited on, or as soon as administratively practicable after, the date 401(k) Plan Matching Contributions are credited with an amount
equal to the sum of Amount A and Amount B, where: 
 
Amount A is one hundred percent (100%) of the sum of the portions (if any) of the amounts credited to the Highly Compensated Associate’s Deferral Account for the Plan Year pursuant to Section 3.2 above that would have
been Matchable Pre-Tax Employee Contributions for the Plan Year under the 401(k) Plan had such amounts been contributed to the 401(k) Plan as Pre-Tax Employee Contributions for the Highly Compensated Associate and the Code Limitations not applied to
the 401(k) Plan. 
 
Amount B is one hundred
percent (100%) of the portion (if any) of the actual 

 

5 

 
Matchable
Pre-Tax Employee Contributions made to the 401(k) Plan for the Highly Compensated Associate for the Plan Year with respect to which Matching Contribution allocations were not made under Section 5.4 of the 401(k) Plan or (if made) were forfeited
under Section 5.4 of the 401(k) Plan because of the Code Limitations. 
 
Notwithstanding the foregoing, no amount shall be credited to the Matching Contribution Restoration Account of a Highly Compensated Associate for a Plan Year to the extent it relates to bonus, incentive or commission compensation
payable to the Highly Compensated Associate for the Plan Year in excess of One Million Dollars ($1,000,000); provided, however, that for a Highly Compensated Associate who first becomes eligible to participate in the Restoration Plan on July
1, 2000 as a result of the merger of the DCP or SRP into the Restoration Plan on that date, the foregoing limit shall apply only with respect to bonuses, incentives or commissions earned and paid following July 1, 2000. In addition, the Plan
Administrator may determine, in its sole and exclusive discretion, to deduct from the amount otherwise to be credited to the Matching Contribution Restoration Account of a Highly Compensated Associate for a Plan Year an amount necessary to pay any
related payroll taxes. See Section 3.10 below regarding certain special matching contributions under the Restoration Plan related to participation in the EIP. 
 
Section 3.4    Deferrals by Key Associates 
 
(a)    Deferral Accounts for Key Associates.    A
Participating Employer shall establish and maintain on its books a Deferral Account for each Key Associate employed by such Participating Employer who elects pursuant to Section 3.1 to defer the receipt of any amount under the Restoration Plan. Such
Deferral Account shall be designated by the name of the Key Associate for whom established. The amount to be deferred under this Section 3.4 for a payroll period shall be credited to such Deferral Account on, or as soon as administratively
practicable after, the date the related 401(k) Plan contributions are made (or would have been made but for the Code Limitations). See Section 3.9 below regarding the effect of “catch-up” contribution elections under the 401(k) Plan.

 
(b) Election to Defer Base
Salary.    A Key Associate may elect to defer, on a combined basis with the 401(k) Plan as hereinafter provided, up to thirty percent (30%) of the Key Associate’s base salary for a Plan Year. Deferrals shall be made to
the maximum extent possible, subject to the Code Limitations, to the 401(k) Plan, and any such deferrals which cannot be made to the 401(k) Plan solely because of the Code Limitations shall instead be made to this Restoration Plan. 
 
(c) Election to Defer Covered Annual Incentive
Award.    Each Key Associate for a Plan Year may elect pursuant to Section 3.1 above to defer for the Plan Year up to ninety percent (90%) of any Annual Incentive Award otherwise payable to the Key Associate for the Plan
Year. Such deferral shall be made without regard to the Code Limitations. Any portion of an Annual Incentive Award not deferred under the Restoration Plan shall be excluded from the Key Associate’s Compensation in accordance with, and subject
to, the terms and provisions of the 401(k) Plan (and therefore shall not be included in determining the amount of the Key Associate’s Pre-Tax Employee Contributions under the 401(k) Plan). 
 

6 

 
Section
3.5    Matching Contributions for Key Associates. 
 
(a)     Matching Contribution Restoration Account for Key Associates.    A Participating Employer shall establish and maintain on its books a Matching
Contribution Restoration Account for each Key Associate employed by such Participating Employer who is credited with a matching contribution under this Section 3.5. Such Matching Contribution Restoration Account shall be designated by the name of
the Key Associate for whom established. 
 
(b)    Matching Contributions for Base Salary Deferrals.    If a Key Associate is a Match-Eligible Participant for the Plan Year under the 401(k) Plan, the Key Associate’s Matching
Contribution Restoration Account shall be credited on, or as soon as administratively practicable after, the date 401(k) Plan Matching Contributions are credited with an amount determined consistent with the provisions of Section 3.3 above with
respect to any base salary deferrals for the Plan Year pursuant to Section 3.4(b) above. 
 
(c)    Matching Contributions for Annual Incentive Awards.    If a Key Associate is a Match-Eligible Participant for a Plan Year under the 401(k) Plan and
has deferred any portion of the Key Associate’s Annual Incentive Award under Section 3.4(c) that would have otherwise been paid during the Plan Year, then the Matching Contribution Restoration Account of the Key Associate shall be credited on,
or as soon as administratively practicable after, the date 401(k) Plan Matching Contributions are credited with a matching contribution equal to the amount of the Annual Incentive Award otherwise payable during the Plan Year that is deferred by the
Key Associate pursuant to Section 3.4(c) above, but excluding any such deferrals that exceed five percent (5%) of the Key Associate’s total Annual Incentive Award. Notwithstanding the foregoing, the maximum amount of such matching contribution
for a Plan Year shall equal Fifty Thousand Dollars ($50,000) (i.e., the matching contribution shall not be based on the portion of an Annual Incentive Award exceeding $1,000,000). See Section 3.10 below regarding certain special matching
contributions under the Restoration Plan related to participation in the EIP. 
 
(d)    Payroll Taxes.    The Plan Administrator may determine, in its sole and exclusive discretion, to deduct from the amount otherwise to be credited to
the Matching Contribution Restoration Account of a Key Associate for a Plan Year an amount necessary to pay any related payroll taxes. 
 
Section 3.6    Account Adjustments 
 
(a)    Account Adjustments for Deemed Investments.    The
Committee shall from time to time designate one or more investment vehicle(s) in which the Accounts of Covered Associates shall be deemed to be invested. The investment vehicle(s) may be designated by reference to the investments available under
other plans sponsored by a Participating Employer (including the 401(k) Plan). Each Covered Associate shall designate the investment vehicle(s) in which his or her Account shall be deemed to be invested according to the procedures developed by the
Personnel Group, except as otherwise required by the terms of the Restoration Plan. No Participating Employer shall be under an obligation to acquire or invest in any of the deemed investment vehicle(s) under this subparagraph, and any acquisition
of or investment in a deemed 
 

7 

 
investment vehicle by a
Participating Employer shall be made in the name of the Participating Employer and shall remain the sole property of the Participating Employer. Effective July 1, 2000, the designated investment vehicles shall be (and shall remain until such time as
changed by the Committee in its sole discretion from time to time according to its procedures for designating investments) the following: 
 
(i)    Nations LifeGoal Income & Growth Portfolio; 
(ii)    Nations LifeGoal Balanced Growth Portfolio; 
(iii)    Nations LifeGoal Growth Portfolio; 
(iv)    Nations LargeCap Index; 
(v)    Nations MidCap Index Fund; 
(vi)    Nations SmallCap Index Fund; 
(vii)    Stable Capital Fund;

(viii)    Nations Bond Fund; 
(ix)    Nations Value Fund; 
(x)    Nations International Equity Fund; 
(xi)    Nations Marsico Focused Equities Fund; 
(xii)    Bank of
America Corporation Common Stock Fund; and 
(xiii)    Effective as of January 1, 2003, Batterymarch U.S.
Small Capitalization Equity Portfolio. 
 
The Committee shall also
establish from time to time a default Fund into which a Covered Associate’s Account shall be deemed to be invested if the Covered Associate fails to provide investment instructions pursuant to this Section 3.6(a). Effective July 1, 2000, such
default Fund shall be the Stable Capital Fund. 
 
(b)    Periodic Account Adjustments.    Each Account shall be adjusted from time to time at such intervals as determined by the Personnel Group. The Personnel Group may determine the
frequency of account adjustments by reference to the frequency of account adjustments under another plan sponsored by a Participating Employer. The amount of the adjustment shall equal the amount that each Covered Associate’s Account would have
earned (or lost) for the period since the last adjustment had the Account actually been invested in the 401(k) Plan in the deemed investment vehicle(s) designated by the Covered Associate for such period pursuant to Section 3.6(a). 
 
Section 3.7    Account Payments
Following Termination of Employment. 
 
(a)    Payment Options. 
 
(i)    A Covered Associate may make or change a payment option election among any of the payment options described in subparagraph (ii) below, subject to the provisions of
subparagraph (iii) below. The election shall not become effective until the later of: 
 
(A)    the date that is twelve (12) months (or such lesser period as the Personnel Group may determine
in its discretion consistent with the Corporation’s intent that benefits be subject to taxation as and 
 
 

8 

 
when actually
received by the Covered Associate) after the date that the election is made if the Covered Associate remains in active service throughout that period (as determined by the Personnel Group in its discretion); or 
 
(B) the date the Covered Associate becomes
eligible for Retirement. 
 
(ii)
The payment options from which a Covered Associate may elect are as follows: (A) single cash payment, (B) five (5) annual installments or (C) ten (10) annual installments, as such methods are more fully described below. 
 
(iii) Any election made under this Section
3.7(a) shall be made on such form, at such time and pursuant to such procedures as determined by the Personnel Group in its sole discretion from time to time. A Covered Associate may not have more than two (2) payment elections pending under this
Section 3.7(a) at any one time. 
 
(iv) For a Covered Associate who does not yet have an election in effect under this Section 3.7(a) or for a Covered Associate who fails to elect a payment option under this Section 3.7(a), the method of payment shall be the single
cash payment. 
 
(b)    Single Cash Payments.    The following provisions shall apply with respect to single cash payments under the Restoration Plan: 
 
(i)    If a Covered
Associate terminates employment with the Participating Employers either (A) before eligibility for Retirement or (B) with a vested Account balance (determined as of the Benefit Determination Date) that is Fifty Thousand Dollars ($50,000) or less
(even if the Covered Associate has elected and is otherwise eligible for installment payments), then the Covered Associate’s Account, to the extent vested, shall be determined as of the Benefit Determination Date, and such final vested Account
balance shall be paid in a single cash payment to the Covered Associate (or to the Covered Associate’s Beneficiary in the case of the Covered Associate’s death) as soon as administratively practicable after the Benefit Determination Date.

 
(ii) If a Covered Associate
Retires with a vested Account balance (determined as of the Benefit Determination Date) exceeding Fifty Thousand Dollars ($50,000) and with a single cash payment election in effect under Section 3.7(a), then such Covered Associate’s Account, to
the extent vested, shall continue to be credited with adjustments under Section 3.6 through the last day of the Plan Year in which the Retirement occurs. The final vested Account balance as of the last day of such Plan Year shall be paid in a single
cash payment to the Covered Associate (or to the Covered Associate’s Beneficiary in the case of the Covered Associate’s death) within ninety (90) days following the end of such Plan Year. Notwithstanding the foregoing, if the applicable
Benefit 
 
 

9 

Determination Date occurs in the Plan Year after the Plan Year in which the Retirement occurs, then the single cash payment shall be in the
amount of the Account Balance determined as of the Benefit Determination Date and shall be payable as soon as administratively practicable after the Benefit Determination Date. 
 
(c)    Annual Installments.    If a Covered Associate Retires
with a vested Account balance (determined as of the Benefit Determination Date) exceeding Fifty Thousand Dollars ($50,000) and with an installment payment election in effect under Section 3.7(a), then the amount of the annual installments shall be
calculated and paid pursuant to the following provisions: 
 
(i)    Timing of Payments.    The first installment shall be paid within ninety (90) days following the end of the Plan Year in which the Covered
Associate Retires; provided, however, that if the applicable Benefit Determination Date occurs in the Plan Year after the Plan Year in which Retirement occurs, then the first installment shall be paid as soon as administratively
practicable after the Benefit Determination Date. Each subsequent installment shall be paid within ninety (90) days following the end of each subsequent Plan Year during the selected payment period. 
 
(ii)    Amount of
Installments.    The amount payable for each installment shall equal the Account balance as of the end of the applicable Plan Year divided by the number of remaining installments (including the installment then payable);
provided, however, that if the applicable Benefit Determination Date occurs in the Plan Year after the Plan Year in which Retirement occurs, then the amount of the first installment shall be based on the amount of the Account balance
as of such Benefit Determination Date. 
 
(iii)    Investment of Account During Payment Period.    The Covered Associate’s Account, to the extent vested, shall continue to be credited with adjustments under Section 3.6
through the end of the Plan Year in which the Covered Associate Retires (or through the applicable Benefit Determination Date if the Benefit Determination Date occurs in the Plan Year after the Plan Year in which Retirement occurs). If the
Covered Associate has elected to receive payment through five (5) annual installments, then the Covered Associate shall be permitted to continue to direct the investment of the Covered Associate’s unpaid Account balance in accordance with
Section 3.6 during the payment period (i.e., through the last day of the fourth Plan Year after the Plan Year in which the Covered Associate Retires). If the Covered Associate has elected to receive payment through ten (10) annual installments, then
the Covered Associate’s unpaid Account balance shall be deemed invested in the Stable Capital Fund during the payment period (i.e., through the last day of the ninth Plan Year after the Plan Year in which the Covered Associate Retires).

 
(iv)    Death of Covered Associate.    If a Covered Associate covered by 

 

10 

this Section 3.7(c) dies, then the annual installments (or remaining annual installments in the case of death after commencement of payment)
shall be paid to the Covered Associate’s Beneficiary as and when such installments would have otherwise been paid to the Covered Associate had the Covered Associate not died. 
 
(d)    Vesting of Matching Accounts.    Notwithstanding any
provision of the Restoration Plan to the contrary, if a Covered Associate is not fully (100%) vested in the amount credited to the Associate’s Matching Contribution Account under the 401(k) Plan at the time of the Associate’s termination
of employment with the Participating Employers, then the amount credited to the Covered Associate’s Matching Contribution Restoration Account shall be reduced as of the applicable Benefit Determination Date to an amount equal to the product of
(i) the amount then credited to said Matching Contribution Restoration Account multiplied by (ii) the vested percentage applicable to the Associate’s Matching Contribution Account and Pre-1993 Stock/Thrift Plan Matching Contribution Account
under the 401(k) Plan as of the date of such termination of employment. The amount by which the Associate’s Matching Contribution Restoration Account is reduced by application of the preceding sentence shall be forfeited as of the applicable
Benefit Determination Date. 
 
(e)    Other Payment Provisions.    Subject to the provisions of Section 3.8, a Covered Associate shall not be paid any portion of the Associate’s Account prior to the
Associate’s termination of employment with the Participating Employers. Any deferral or payment hereunder shall be subject to applicable payroll and withholding taxes. In the event any amount becomes payable under the provisions of the
Restoration Plan to a Covered Associate, Beneficiary or other person who is a minor or an incompetent, whether or not declared incompetent by a court, such amount may be paid directly to the minor or incompetent person or to such person’s
fiduciary (or attorney-in-fact in the case of an incompetent) as the Personnel Group, in its sole discretion, may decide, and the Personnel Group shall not be liable to any person for any such decision or any payment pursuant thereto. 
 
(f)    Former DCP and SRP
Participants.    Notwithstanding any other provisions in this Restoration Plan to the contrary, the following provisions shall apply to a Covered Associate who was participating in the DCP or SRP as of June 30, 2000:

 
(i)    If
the Covered Associate has in effect as of June 30, 2000 an installment payment election (but not including an annuity payment election based on the Covered Associate’s life or the joint life of the Covered Associate and his or her Beneficiary)
under the DCP or (if no installment payment election is in effect under the DCP) the SRP (a “Prior Plan Installment Election”), then the Covered Associate’s vested Account balance shall be payable in the number of installments
provided by such Prior Plan Installment Election (even if the Covered Associate is not eligible for Retirement) unless either (A) the Covered Associate changes such election in accordance with the provisions of Section 3.7(a)(ii) above or this
Section 3.7(f) or (B) the Covered Associate’s vested Account balance is Fifty Thousand Dollars ($50,000) or less as of the applicable Benefit Determination Date (in which case the Account shall be payable in a single cash payment in accordance
with Section 3.7(b)(i) above). 
 

11 

 
(ii)    Notwithstanding any provision of the Prior Plan Installment Election to the contrary, the timing of the installment payments and the method for determining the amount of each installment payment shall be
determined in accordance with the provisions of Section 3.7(c)(i) and (ii) above. 
 
(iii)    Notwithstanding any provision of the Prior Plan Installment Election to the contrary, if the
Prior Plan Installment Election had been made under the SRP with a payment period of five (5) years or less or under the DCP (regardless of the payment period), then the Account may continue to be invested during the payment period in accordance
with the Covered Associate’s investment election as provided in Section 3.6 (consistent with the provisions of Section 3.7(c)(iii) applicable to five (5) annual installments). However, if the Prior Plan Installment Election had been made under
the SRP with a payment period in excess of five (5) years, then the Account shall be deemed invested in the Stable Capital Fund during the payment period (consistent with the provisions of Section 3.7(c)(iii) applicable to ten (10) annual
installments). 
 
(iv)    If a Covered Associate to which this Section 3.7(f) applies is not eligible for Retirement, then (A) the Covered Associate may at any time elect to change the method of payment to a single cash payment and
(B) the Covered Associate may elect on or before August 31, 2000 to change the method of payment to either a single cash payment or five (5) or ten (10) year annual installments. In either case, such election shall not become effective until the
date that is twelve (12) months (or such lesser period as the Personnel Group may determine in its discretion consistent with the Corporation’s intent that benefits be subject to taxation as and when actually received by the Covered Associate)
after the date that the election is made if the Covered Associate remains in active service throughout that period (as determined by the Personnel Group in its discretion). 
 
(v)    In the case of a former DCP or SRP participant who is not employed
by the Participating Employers as of July 1, 2000, payments of DCP and SRP balances shall be made in accordance with the provisions of the DCP and SRP, as applicable, except that any participant-directed investment of DCP accounts shall be made in
accordance with the provisions of Section 3.6 above. 
 
Section 3.8    In-Service Withdrawals. 
 
(a)    Withdrawals on Demand.    A Covered Associate who is in the active service of a Participating Employer may elect to receive an unscheduled payment
of up to one hundred percent (100%) of his or her vested Account balance at any time; provided, however, that (i) ten percent (10%) of the amount requested shall be forfeited from the Covered Associate’s Account and (ii) the
Covered Associate shall be ineligible to participate in the Restoration Plan for the remainder of the Plan Year in which the withdrawal is made and one (1) Plan Year thereafter. 
 

12 

 
(b)    Withdrawals on Account of an Unforeseeable Emergency.    A Covered Associate who is in active service of a Participating Employer may, in the Committee’s sole discretion,
receive a refund of all or any part of the amounts previously credited to the Covered Associate’s Accounts (to the extent vested) in the case of an “unforeseeable emergency”. A Covered Associate requesting a payment pursuant to this
Section shall have the burden of proof of establishing, to the Committee’s satisfaction, the existence of such “unforeseeable emergency”, and the amount of the payment needed to satisfy the same. In that regard, the Covered Associate
shall provide the Committee with such financial data and information as the Committee may request. If the Committee determines that a payment should be made to a Covered Associate under this Section such payment shall be made within a reasonable
time after the Committee’s determination of the existence of such “unforeseeable emergency” and the amount of payment so needed. The Committee may in its discretion establish the order in which amounts shall be withdrawn under this
Section from a Covered Associate’s Accounts. As used herein, the term “unforeseeable emergency” means a severe financial hardship to a Covered Associate resulting from a sudden and unexpected illness or accident of the Covered
Associate or of a dependent of the Covered Associate, loss of the Covered Associate’s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Covered
Associate. The circumstances that shall constitute an “unforeseeable emergency” shall depend upon the facts of each case, but, in any case, payment may not be made to the extent that such hardship is or may be relieved (i) through
reimbursement or compensation by insurance or otherwise, or (ii) by liquidation of the Covered Associate’s assets, to the extent the liquidation of such assets would not itself cause severe financial hardship. Examples of what are not
considered to be “unforeseeable emergencies” include the need to send a Covered Associate’s child to college or the purchase of a home. Withdrawals of amounts because of an “unforeseeable emergency” shall not exceed an
amount reasonably needed to satisfy the emergency need. If any withdrawal is permitted pursuant to this Section during a Plan Year, no further deferral of compensation shall be made during the Plan Year from and after the effective date of the
withdrawal. 
 
Section
3.9    Catch-Up Contributions.    Certain Covered Associates may become eligible under the 401(k) Plan to make “catch-up” contributions (within the meaning of Section 414(v) of the Code). Any
such catch-up contributions made to the 401(k) Plan shall not in any manner affect the determination of the amount of deferrals to the Restoration Plan under Sections 3.2 or 3.4, as applicable. Instead, such catch-up contributions shall be in
addition to the aggregate combined deferrals elected to the 401(k) Plan and Restoration Plan hereunder. 
 
Section 3.10    EIP.    Under the EIP, a percentage of an eligible Associate’s annual
incentive award earned for a performance period beginning on or after January 1, 2002 is made in the form of an award of restricted stock shares or restricted stock units granted under the Bank of America Corporation 2003 Key Associate Stock Plan.
The remaining portion of the Associate’s annual incentive award is payable in cash. Only the portion of the Associate’s annual incentive award payable in cash is eligible for deferral under the 401(k) Plan or the Restoration Plan. However,
for an Associate covered by the EIP who is a Match-Eligible Participant under the 401(k) Plan for the Plan Year in which the cash portion of such annual incentive award is paid and who either: 
 

13 

 

	 	(i)	 	is a Covered Associate who has made a deferral election under the Restoration Plan applicable to the cash portion of such annual incentive award; or

 

	 	(ii)	 	is not a Covered Associate but who has made a deferral election under the 401(k) Plan applicable to the cash portion of such annual incentive award,

 
the Associate’s Participating Employer shall
credit a Matching Contribution Restoration Account in the Associate’s name with an amount equal to five percent (5%) of the “Principal Amount” (as defined in the EIP) with respect to such annual incentive award; provided,
however, that no matching contribution shall be made under this Section to the extent that the EIP Principal Amount, when added to the cash portion of the annual incentive award, would exceed One Million Dollars ($1,000,000). For purposes of
this Section, the EIP Principal Amount for a Covered Associate who is in Band 0 shall be the amount communicated to the Personnel Group by the Corporation’s Executive Compensation group as the EIP Principal Amount. Such Matching Contribution
Restoration Account shall be subject to the provisions of the Restoration Plan applicable to such Accounts, including without limitation the vesting provisions of Section 3.7(d) and other payment provisions of Section 3.7(e). 
 
Section 3.11    Special Provisions
Related to Completion Incentives.    For a Covered Associate who receives a Completion Incentive in a Plan Year which relates to one or more prior Plan Years, the following provisions shall apply: 
 

	 	(i)	 	The Personnel Group, upon consultation with the appropriate business unit, shall allocate the Completion Incentive among the applicable Plan Years for which it was
deemed earned. 

 

	 	(ii)	 	Any deferral under Section 3.2 or Section 3.4 above (as applicable) shall be determined separately with respect to the Restoration Plan deferral election (if any) in
effect for each Plan Year for which the Completion Incentive was deemed earned. The applicable Restoration Plan deferral election in effect for each such Plan Year shall be applied against the portion of the Completion Incentive allocated to such
Plan Year under subparagraph (i) above. For a Highly Compensated Associate, because the Completion Incentive may not be taken into account as covered compensation under the 401(k) Plan, any portion of the deferral for a prior Plan Year which would
have been made to the 401(k) Plan had the Completion Incentive been considered covered compensation under the 401(k) Plan shall instead be deferred to the Restoration Plan (assuming a Restoration Plan deferral election was made for such Plan Year).

 

	 	(iii)	 	Each deferral to the Restoration Plan with respect to the Completion Incentive determined under subparagraph (ii) above shall be eligible for a matching contribution
under the Restoration Plan in accordance with, and subject to, the provisions of Section 3.3 or Section 3.5 above (as applicable). Such matching contributions shall be determined separately with respect to each Plan Year for which the Completion
Incentive was deemed earned, and in that regard the One Million Dollar ($1,000,000) limit on incentive compensation set forth in Section 

 
 

14 

 
3.3 and
Section 3.5 above shall be applied separately with respect to each such Plan Year taking into account the portion of the Completion Incentive allocated to such Plan Year under subparagraph (i) above. However, the rate of such matching contributions
shall be based on the rate of match in effect at the time the Completion Incentive is paid. 
 

	 	(iv)	 	Although the Completion Incentive may relate to one or more prior Plan Years, the related deferrals and matching contributions to be made under subparagraphs (ii)
and (iii) above shall be credited in an administratively reasonable time following notification to the Personnel Group of the Completion Incentive having been paid without any adjustment for earnings. 

 
Section 3.12    Other
Contributions.    The Participating Employers may from time to time, in their sole and exclusive discretion, elect to credit a Covered Associate’s Account with additional amounts not otherwise contemplated by this
Article III. 
 
ARTICLE IV 
AMENDMENT AND TERMINATION 
 
Section 4.1    Amendment and Termination.    The Corporation shall have the right and power
at any time and from time to time to amend the Restoration Plan in whole or in part, on behalf of all Participating Employers, and at any time to terminate the Restoration Plan or any Participating Employer’s participation hereunder;
provided, however, that no such amendment or termination shall reduce the amount actually credited to the Account(s) of any current or former Covered Associate (or beneficiary of a deceased Covered Associate) on the date of such
amendment or termination, or further defer the due dates for the payment of such amounts, without the consent of the affected person. In connection with any termination of the Restoration Plan the Corporation shall have the authority to cause the
Accounts of all current and former Covered Associates (and beneficiary of any deceased Covered Associates) to be paid in a single sum payment as of a date determined by the Corporation or to otherwise accelerate the payment of all Accounts in such
manner as the Corporation shall determine in its discretion. 
 

15 

 
ARTICLE V

MISCELLANEOUS PROVISIONS 
 
Section 5.1    Nature of Plan and Rights.    The Restoration Plan is unfunded and intended
to constitute an incentive and deferred compensation plan for a select group of officers and key management employees of the Participating Employers. If necessary to preserve the above intended plan status, the Committee, in its sole discretion,
reserves the right to limit or reduce the number of actual participants and otherwise to take any remedial or curative action that the Committee deems necessary or advisable. The Accounts established and maintained under the Restoration Plan by a
Participating Employer are for accounting purposes only and shall not be deemed or construed to create a trust fund of any kind or to grant a property interest of any kind to any Associate, designated beneficiary or estate. The amounts credited by a
Participating Employer to such Accounts are and for all purposes shall continue to be a part of the general assets of such Participating Employer, and to the extent that an Associate, beneficiary or estate acquires a right to receive payments from
such Participating Employer pursuant to the Restoration Plan, such right shall be no greater than the right of any unsecured general creditor of such Participating Employer. 
 
Section 5.2    Termination of Employment.    For the purposes
of the Restoration Plan, an Associate’s employment with a Participating Employer shall not be considered to have terminated so long as the Associate is in the employ of any Participating Employer, other member of the Controlled Group or any
other entity as the Personnel Group may designate. 
 
Section 5.3    Spendthrift Provision.    No Account balance or other right or interest under the Restoration Plan of an Associate, beneficiary or estate may be assigned, transferred or
alienated, in whole or in part, either directly or by operation of law, and no such balance, right or interest shall be liable for or subject to any debt, obligation or liability of the Associate, designated beneficiary or estate. Notwithstanding
the foregoing, the Participating Employers shall have the right to offset from a Covered Associate’s unpaid benefits under the Restoration Plan any amounts due and owing from the Covered Associate to the extent permitted by law. 
 
Section 5.4    Employment
Noncontractual.    The establishment of the Restoration Plan shall not enlarge or otherwise affect the terms of any Associate’s employment with his Participating Employer, and such Participating Employer may terminate
the employment of the Associate as freely and with the same effect as if the Restoration Plan had not been established. 
 
Section 5.5    Adoption by Other Participating Employers.    The Restoration Plan may be
adopted by any Participating Employer participating under the 401(k) Plan, such adoption to be effective as of the date specified by such Participating Employer at the time of adoption. 
 
Section 5.6    Applicable Law.    The Restoration Plan shall
be governed and construed in accordance with the laws of the State of North Carolina, except to the extent such laws are preempted by the laws of the United States of America. 
 
Section 5.7    Merged Plans.    From time to time the
Participating Employers may cause other nonqualified plans to be merged into the Restoration Plan. Schedule 5.7 attached hereto 
 

16 

sets forth the names of the plans that merged into the Restoration Plan by January 1, 2002 and their
respective merger dates. Schedule 5.7 shall be updated from time to time to reflect mergers after January 1, 2002. 
 
Upon such a merger, the account balance(s) immediately prior to the date of merger of each participant in the merged plan shall be
transferred and credited as of the merger date to one or more accounts established under the Restoration Plan for such participant. From and after the merger date, the participant’s rights shall be determined under the Restoration Plan, and the
participant shall be subject to all of the restrictions, limitations and other terms and provisions of the Restoration Plan. Not in limitation of the foregoing, each Restoration Plan Account established for the participant as a result of the merger
shall be periodically adjusted when and as provided in Section 3.6 hereof as in effect from time to time and shall be paid at such time and in such manner as provided in Section 3.7 and Section 3.8 hereof, except to the extent otherwise provided on
Schedule 5.7. The Personnel Group shall, in its discretion, establish any procedures it deems necessary or advisable in order to administer any such plan mergers, including without limitation procedures for transitioning from the method of account
adjustments under the prior plan to the methods provided for under the Restoration Plan. 
 
Section 5.8    Status Under the Act.    The Restoration Plan is maintained for purposes of providing deferred compensation for a select group of
management or highly compensated employees. In addition, to the extent that the Restoration Plan makes up benefits limited under the 401(k) Plan as a result of Section 415 of the Code, the Restoration Plan shall be considered an “excess benefit
plan” within the meaning of the Act. 
 
Section 5.9    Claims Procedure.    Any claim for benefits under the Restoration Plan by a Covered Associate or Beneficiary shall be made in accordance with the claims procedures set
forth in the 401(k) Plan. 
 
IN WITNESS WHEREOF,
this instrument has been executed by the Corporation on December 20, 2002. 
 

	 BANK OF AMERICA
CORPORATION
  

	 By:
	 	 /s/    J. STEELE ALPHIN

	 	 	 Title:  Corporate Personnel Executive

 
 

17 

 
SCHEDULE 5.7

 
MERGED PLANS AS OF JANUARY 1, 2002

 

	 Plan Name

	  	 Date of Merger

	 C&S Policy Committee Supplemental Savings Plan
	  	 December 31, 1992

	
	 C&S Key Executive Supplemental Savings Plan
	  	 December 31, 1992

	
	 C&S/Sovran Supplemental Retirement Plan for Former Sovran Executives (Thrift
Restoration Benefits)
	  	 December 31, 1992

	
	 First & Merchants Corporation Deferred Management Incentive Compensation
Plan
	  	 March 31, 1993

	
	 Sovran Deferred Compensation Plan
	  	 March 31, 1993

	
	 Thrift Plan Reserve Account Maintained Under the NationsBank Corporation and Designated
Subsidiaries Supplemental Executive Retirement Plan
	  	 March 31, 1993

	
	 NationsBank of Texas, N.A. Profit Sharing Restoration Plan
	  	 March 31, 1993

	
	 Bank South Executive Bonus Deferral Plan
	  	 July 1, 1996

	
	 Boatmen’s Bancshares, Inc. Executive Deferred Compensation Plan
	  	 December 31, 1997

	
	 Fourth Financial Corporation Executive Deferred Compensation Plan
	  	 December 31, 1997

	
	 NationsBank Corporation Key Employee Deferral Plan
	  	 April 1, 1998

	
	 Deferred compensation components of the NationsBank Corporation Executive Incentive
Compensation Plan
	  	 April 1, 1998

	
	 Management Excess Savings Plan of Barnett Banks, Inc. and its Affiliates
	  	 December 31, 1998

	 BankAmerica Deferred Compensation Plan
	  	 June 30, 2000

	
	 BankAmerica Supplemental Retirement Plan
	  	 June 30, 2000

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