Document:

MBNA Corporation Supplemental Executive Retirement Plan

 Exhibit 10(kk) 
 MBNA CORPORATION 
 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 
 (As Amended and Restated Effective January 1, 2005) 
 ARTICLE I 
 Title and Effective Date 
 1.01 This Plan shall be known as the MBNA Corporation Supplemental Executive Retirement Plan (hereinafter referred to as the
“Plan”). 
 1.02 The initial effective date of the Plan was January 29, 1991. The Plan
was subsequently amended several times. Bank of America Corporation is amending and restating the Plan as set forth herein effective as of January 1, 2005 (unless otherwise provided herein) to (i) provide for the Plan’s compliance
with the requirements of Code Section 409A and (ii) otherwise meet current needs. 
 ARTICLE II 
 Definitions 
 As used
herein, the following capitalized terms shall have the meanings specified below unless a different meaning is clearly required by the context. 
 2.01 “Administrator” shall mean the committee designated pursuant to Article VIII of the Plan. For purposes of the Plan, for calendar years beginning prior to January 1, 2006 the
Administrator was the Corporation and for purposes of Sections 2.15, 3.01(a) and 3.01(b), the Compensation Committee of the Board of Directors was the Administrator. 
 2.02 “Attained Age” means the Member’s age as of his last birthday, except to the extent provided in Section 4.02(c). 
 2.03 “Average Monthly Earnings” means the highest average monthly base salary paid to the relevant Member
for any 12-consecutive month period during the 144-month period immediately preceding the termination of the Member’s employment. A Member’s annual base salary for purposes of determining Average Monthly Earnings shall be limited as set
forth in the applicable SERP Benefit Schedule. 
 2.04 “Beneficiary” means any person,
persons, trust, estate planning entity, or estate of a Member entitled to receive any benefits under this Plan. 
 2.05 “Cause” means (a) willful and continued failure by a Member to substantially perform the Member’s duties with the Corporation as such duties may be reasonably defined from time to time;
(b) a significant violation of the Corporation’s code of ethics; or (c) a felony conviction or guilty plea that results in a sentence that is not suspended of incarceration of 6 months or more. 

 2.06 “Change of Control” means: 
 (a) The acquisition by any 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”)) (a “Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 40% or more of either
(i) the then outstanding shares of the common stock of the Corporation (the “Outstanding Corporation Common Stock”) or (ii) the combined voting power of the then outstanding voting securities of the Corporation
entitled to vote generally in the election of directors (the “Outstanding Corporation Voting Securities”); provided, however, that for purposes of this subsection (a), the following acquisitions
shall not constitute a Change of Control: (A) any acquisition directly from the Corporation, (B) any acquisition by the Corporation or any corporation or other entity controlled by the Corporation, (C) any acquisition by any employee
benefit plan (or related trust) sponsored or maintained by the Corporation or any corporation or other entity controlled by the Corporation, (D) any acquisition pursuant to a transaction which complies with clauses (i), (ii) and
(iii) of subsection (c) of this Section 2.06, or (E) any acquisition by an underwriter temporarily holding securities pursuant to an offering; or 
 (b) Individuals who, as of the effective date hereof, 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 becoming a director subsequent to the
effective date hereof whose election, or nomination for election by the Corporation’s shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board (either by specific vote or by approval,
without prior written notice to the Board of Directors objecting to the nomination, of a proxy statement in which the individual was named as nominee), 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 an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies by or
on behalf of a Person other than the Board of Directors of the Corporation; or 
 (c) Consummation 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 individuals and entities who were the beneficial owners, respectively, of the Outstanding Corporation Common Stock and Outstanding Corporation Voting Securities immediately prior to such Business Combination
beneficially own, directly or indirectly, more than 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 or other entity resulting from such Business Combination (or a corporation or other entity 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 (either corporation or entity, a “Resulting Corporation”)) in substantially the same proportions as their ownership, immediately 

  

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prior to such Business Combination, of the Outstanding Corporation Common Stock and Outstanding Corporation Voting Securities, as the case may be,
(ii) no Person (excluding any Resulting Corporation or any employee benefit plan (or related trust) of the Corporation, such Resulting Corporation or any corporation controlled by either) beneficially owns, directly or indirectly, 40% or more
of, respectively, the then outstanding shares of common stock of the Resulting Corporation or the combined voting power of the then outstanding voting securities of such corporation or other entity except to the extent that such ownership existed
prior to the Business Combination and (iii) at least a majority of the members of the board of directors of the corporation or other entity resulting from such Business Combination were members of the Incumbent Board at the time of the
execution of the initial agreement, or of the action of the board, providing for such Business Combination; or 
 (d) Approval by the shareholders of the Corporation of a complete liquidation or dissolution of the Corporation. 
 Without in any way broadening the definition of “beneficial owner,” for purposes of this definition, no Person will be the “beneficial owner” of any security solely (1) because the security has been tendered into a
tender or exchange offer until the tendered security is accepted for payment or exchange or (2) because of the power to vote or direct the voting of the security pursuant to a revocable proxy given in response to a public proxy or
consent solicitation that was made to more than 10 holders of a class of security that is then registered under Section 12 of the Exchange Act. In addition, a Change of Control shall not be deemed to occur solely because any Person acquires
beneficial ownership of more than 40% of the Outstanding Corporation Common Stock or Outstanding Corporation Voting Securities as a result of the acquisition of securities by the Corporation or any corporation or other entity controlled by the
Corporation; provided that, if after such acquisition by the Corporation or corporation or other entity such Person becomes the beneficial owner of additional Outstanding Corporation Common Stock or Outstanding Corporation Voting Securities
that increases the percentage beneficially owned by such Person and the percentage continues to be above 40%, a Change of Control of the Corporation shall then occur. 
 2.07 “Code” means the Internal Revenue Code of 1986, as amended. References to the Code shall include the valid and binding governmental regulations, court
decisions and other regulatory and judicial guidance issued or rendered thereunder. 
 2.08
“Competition” means obtaining a position as director, trustee, officer or employee, or acting as a consultant or advisor to, or acquiring an ownership interest in excess of 5% in any corporation, partnership, firm or other
business entity that engages in any business which competes with the business of the Corporation. 
 2.09
“Corporation” means Bank of America Corporation, a Delaware corporation, and any successor thereto. In addition, as the context may require, (a) when such term is used herein in connection with or in reference to the
employment of any Member or the compensation paid or benefits provided to any Member, such term shall include any direct or indirect subsidiary of Bank of America Corporation which employs such Member or pays compensation or provides benefits to
such Member, and (b) when used in connection with the termination of any Member’s 

  

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employment or competition with the Corporation, such term shall include all direct and indirect subsidiaries of Bank of America Corporation. For purposes of
the Plan, MBNA Corporation was the predecessor the Bank of America Corporation for calendar years beginning prior to January 1, 2006. 
 2.10 “Disability Retirement Date” means the first day of the first calendar month commencing on or after the date a Disabled Member becomes Disabled. 
 2.11 “Disability” or “Disabled” means the Member is, by reason of any medically
determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving disability benefits for a period of not less than 3 months under the
Corporation’s long-term disability plan in effect at the time the Member becomes disabled. Notwithstanding anything in this Section to the contrary, the definition of “Disability” or “Disabled” shall be construed
consistently with the provisions of Code Section 409A and the related regulations and guidance issued thereunder. 
 2.12 “Good Reason” means (a) any reduction in the salary or annual bonus potential or any significant reduction in aggregate compensation and benefits (other than salary and bonus potential), other than
(i) an isolated, insubstantial and inadvertent reduction not occurring in bad faith and which is remedied by the Corporation promptly after receipt of notice thereof given by the affected Member, or (ii) a reduction in aggregate
compensation and benefits (other than salary and bonus potential) to a level which is applicable to all similarly-situated associates of the Corporation; or (b) the Corporation’s requiring the Member to be based at any office or location
more than 60 miles from that at which he was based immediately before a Change of Control. 
 2.13
“Member” means an associate of the Corporation who is part of a select group of management or highly compensated employees and who has become a Member as provided in Article III hereof. 
 2.14 “Qualified Plan” means the Bank of America Pension Plan for Legacy MBNA or any successor plan
thereto. For purposes of the Plan, for calendar years beginning prior to January 1, 2007 the “Qualified Plan” was referred to as the MBNA Corporation Pension Plan. 
 2.15 “Retired Member” means any Member who has terminated employment with the Corporation for any reason
other than Cause, death or Disability, and who is receiving retirement income under Section 4.01 of this Plan. The term “Retired Member” shall not include any Member who has received a lump sum payment pursuant to Article VII.

 2.16 “SERP Benefit Schedule” means the schedule specified by the Administrator, in its sole
discretion, which prescribes the percentage of Average Monthly Earnings as of any particular Attained Age and the maximum annual base salary used to calculate Average Monthly Earnings. 
  

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 ARTICLE III 
 Membership in the Plan 
 3.01 Membership. 
 (a) Selection of Members. The Administrator, in its sole discretion, shall select the associates of the Corporation
who shall be Members. At the time the Administrator selects an individual for membership in the Plan, the Administrator shall specify a SERP Benefit Schedule applicable to such Member. Notwithstanding anything in this Section to the contrary, no
associate shall become eligible to participate in the Plan after December 31, 2005. 
 (b) Removal of
Members. The Administrator shall also have the right to remove a Member from the Plan, or reduce the amounts or percentages specified on the SERP Benefits Schedule applicable to such Member, at any time in its sole discretion and for any reason;
provided, however, that with respect to a person who has been a Member for a period of 5 or more years or with respect to any Member following a Change of Control, the Administrator may not remove such Member from the
Plan or modify the applicable SERP Benefits Schedule so as to reduce the percentage of Average Monthly Earnings or the maximum annual base salary used to calculate the Member’s Plan benefits. 
 (c) Removal for Cause. Notwithstanding anything in the Plan to the contrary, a Member whose employment with the
Corporation is terminated for Cause shall be removed from the Plan and immediately shall forfeit all rights and entitlements under the Plan. 
 3.02 Removal of Retired Members. All benefits payable under the Plan to a Retired Member shall terminate, and the Retired Member and his Beneficiaries shall not receive any further benefits under the
Plan, if: 
 (a) the Retired Member engages in Competition unless (i) the Retired Member has received
written consent to engage in Competition from the Administrator, or (ii) the Retired Member’s employment terminated under the circumstances described in Section 4.02; or 
 (b) the Retired Member is convicted of a felony that would, if the Retired Member were employed by the Corporation,
constitute Cause. 
 3.03 Continuous Employment Requirement. The payment of benefits to the Member or his
Beneficiary under this Plan is conditioned upon the continuous employment of the Member by the Corporation (including periods of disability and authorized leaves of absence) from the date the Member becomes a Member in the Plan until the earliest of
(a) entitlement to Regular Retirement Benefits as described in Section 4.01(a), (b) termination of the Member’s employment under circumstances described in Section 4.02, (c) Disability or (d) death. 
  

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 ARTICLE IV 
 Retirement Benefits 
 4.01 Regular Retirement Benefits. 
 (a) Entitlement to Regular Retirement Benefits. A Member shall be entitled to receive regular retirement benefits
as specified in this Section 4.01 if (i) such Member has been in the employ of the Corporation until the Member has either (I) attained age 65 or (II) attained age 60 and been employed by the Corporation for at least 10 years, and
(ii) such Member’s employment with the Corporation terminates for any reason other than Cause, death, Disability or as provided in Section 4.02. 
 (b) Amount of Regular Retirement Benefits. A Member’s regular retirement benefits under this Section 4.01 shall be a monthly amount payable to the Member, commencing on the first
day of the first calendar month commencing on or after the Member’s termination of employment with the Corporation and continuing for the life of the Member, equal to (i) the Regular Percentage of such Member’s Average Monthly
Earnings specified in the applicable SERP Benefits Schedule based on the Member’s Attained Age as of the effective date of the Member’s termination of employment, reduced by (ii) the sum of the amounts set forth in Section 4.03.
Notwithstanding anything in this subsection to the contrary, to the extent applicable, in no event shall any payment hereunder be made to a “specified employee” within the meaning of Code Section 409A earlier than six months after the
date of the Participant’s termination of employment with the Corporation, except in connection with the Participant’s death or Disability. 
 4.02 Change of Control Retirement Benefits. 
 (a) Entitlement to
Change of Control Retirement Benefits. A Member shall be entitled to receive Change of Control retirement benefits as specified in this Section 4.02 if (i) the Member’s employment with the Corporation is terminated at any time
after a Change of Control either (I) by the Corporation without Cause or (II) by the Member for Good Reason, (ii) the Member’s employment with the Corporation is terminated by the Corporation without Cause before a Change of Control
or is terminated by the Member for Good Reason, in either case if (I) the Change of Control actually occurs, (II) the termination of employment occurred within 12 months before the Change of Control, and (III) it is reasonably demonstrated that
such termination of employment for Cause, or the actions underlying the Good Reason, as applicable, were at the request of a third-party who has taken steps reasonably calculated to effect the Change of Control or otherwise occurred in connection
with or in anticipation of, a Change of Control, or, (iii) in the case of a Member who was a member of the Corporate Policy Committee (or any successor committee) on the date immediately preceding the Change of Control, the Member’s
employment with the Corporation is terminated for any reason other than Cause, Disability or death, within the 30-day period beginning one year after a Change of Control. 
  

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 (b) Amount of Change of Control Retirement Benefits. A
Member’s Change of Control retirement benefits shall be in lieu of any amounts that may be payable under Section 4.01 and shall be a monthly amount payable to the Member, commencing on the first day of the first calendar month following
the later of (i) the Member’s 60th birthday or (ii) the date the Member terminates employment with the Corporation as described in Section 4.02(a), and continuing for the life of the Member, equal to (x) the Change of
Control Percentage of such Member’s Average Monthly Earnings specified in the applicable SERP Benefits Schedule based on the Member’s Attained Age under Section 4.02(c) as of the effective date of termination of employment with the
Corporation, reduced by (y) the sum of the amounts set forth in Section 4.03. Notwithstanding anything in this subsection to the contrary, to the extent applicable, in no event shall any payment hereunder be made to a “specified
employee” within the meaning of Code Section 409A earlier than six months after the date of the Participant’s termination of employment with the Corporation, except in connection with the Participant’s death or Disability.

 (c) Special Rule for Determining Attained Age. Solely for purposes of determining the Change of
Control Percentage of the Member’s Average Monthly Earnings under the applicable SERP Benefits Schedule for purposes of this Section 4.02, the Member’s Attained Age as of the effective date of any termination of employment described
in this Section 4.02 shall be increased by the greater of (i) 3 years in the case of any Member who is not a member of the Corporate Policy Committee (or any successor committee) on the date immediately preceding a Change of Control or 5
years in the case of any Member who is a member of the Corporate Policy Committee (or any successor committee) on such date, or (ii) the number of years (if any) by which 50 exceeds the Member’s actual Attained Age as of such date of
termination. 
 4.03 Reductions. The monthly retirement benefits determined under Section 4.01 or 4.02, as
applicable, and payable for any calendar month shall be reduced by the sum of the following amounts with respect to such calendar month: 
 (a) 100% of the monthly old age insurance benefit payable under the Social Security Act to the Member, assuming commencement on the earliest date following termination of the Member’s employment on which such
Social Security benefit payments may commence, as determined under the Social Security law in effect on that date and without regard to any cost-of-living adjustments. 
 (b) 100% of the monthly benefits payable to the Member under the Qualified Plan assuming the Member elected to receive
payment of such benefits in the form of a straight life annuity in the case of an unmarried Member or in the form of a joint and 50% survivor spouse annuity in the case of a married Member, and assuming commencement of such benefits on the earliest
date on which retirement benefits are payable to the Member under the Qualified Plan. 
 (c) 100% of the
Member’s monthly benefits under any other defined benefit pension plan, whether tax-qualified, governmental or nonqualified, sponsored or maintained by any prior employer. If payment of benefits under any other plan begins 

  

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before the date payment of retirement benefits under this Plan begins, then the reduction for benefits under that other plan will begin immediately based on
the amount of benefits actually received by the Member under that other plan for the first calendar month for which benefits are paid under this Plan. However, if payment of benefits under any other plan does not begin before the date payment of
retirement benefits under this Plan begins, then the reduction for benefits under that other plan will be equal to the amount of benefits that would be payable to the Member under that other plan assuming the Member elected to receive payment of
benefits under that plan in the form of a straight life annuity in the case of an unmarried Member or in the form of a joint and 50% survivor spouse annuity in the case of a married Member, and assuming that payment of benefits under that other plan
will begin on or after commencement of payments under this Plan but on the earliest date on which retirement benefits are payable to the Member under that other plan. 
 ARTICLE V 
 Death Benefits 
 5.01 Death of a Member. In the event of the death of a Member who is not a Retired Member or a Disabled Member, the
Member’s Beneficiary shall be entitled to receive a Death Benefit equal to (a) a monthly payment equal to 100% of the Member’s Average Monthly Earnings as of the date of death, commencing on the first day of the first calendar month
following the Member’s death and continuing for 120 consecutive months, and (b) if the Member died before attaining age 50, monthly payments equal to 50% of the Member’s Average Monthly Earnings for a period commencing after the end
of such 120 month period and ending on the first day of the calendar month in which the Member would have attained age 60, provided, however, that if Member’s Beneficiary is the Member’s surviving spouse or a
trust or other estate planning entity with the Member’s surviving spouse as the sole designated beneficiary, as determined by the Administrator, then, regardless of the Member’s age upon death, after the completion of the 120 payments
described in clause (a) of this Section 5.01, the Member’s surviving spouse or the trust or other estate planning entity, as applicable, shall receive monthly payments equal to 50% of the Member’s Average Monthly Earnings until
the death of the surviving spouse. 
 5.02 Death of a Retired Member or a Disabled Member. In the event of the
death of a Retired Member or a Disabled Member who is receiving benefits under Article IV or Article VI of this Plan, as applicable, benefit payments shall be made to the Retired Member’s or Disabled Member’s surviving spouse or a to a
trust or other estate planning entity with the Retired Member’s or Disabled Member’s surviving spouse as the sole designated beneficiary, as determined by the Administrator, for such surviving spouse’s lifetime, which payments shall
be made on the same payment schedule and shall be in the same amount as the retirement benefits payable to such Retired Member or Disabled Member, as applicable, until the 10th anniversary of the Disabled Member’s or Retired Member’s
termination of employment under Article IV or Article VI, as applicable, and thereafter equal to 50% of the benefit that would have been payable to the Retired Member or Disabled Member, as applicable, while he or she was living had there been no

  

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reductions pursuant to Section 4.03 or 6.02, as applicable; provided, however, that the benefit payable to surviving spouse
or trust or other estate planning entity, as applicable, for any calendar month shall be reduced by: 
 (a)
100% of the monthly survivor income benefit payable under the Social Security Act to the surviving spouse (not including benefits for minor children), assuming commencement on the earliest date on which such Social Security benefit payments may
commence, as determined under the Social Security law in effect on the date payments commence and without regard to any cost-of-living adjustments. 
 (b) 100% of the monthly benefits payable to the Member under the Qualified Plan assuming the Member elected to receive payment of such benefits in the form of a joint and 50% survivor spouse
annuity, and assuming commencement on the earliest date on which retirement benefits are payable to the Member under the Qualified Plan. 
 (c) 100% of the Member’s monthly benefits under any other defined benefit pension plan, whether tax-qualified, governmental or nonqualified, sponsored or maintained by any prior employer. If payment of benefits
under any other plan begins before the date payment of benefits under this Plan begins, then the reduction for benefits under that other plan will begin immediately based on the amount of benefits actually received by the Member under that other
plan for the first calendar month for which benefits are paid under this Plan. However, if payment of benefits under any other plan does not begin before the date payment of benefits under this Plan begins, then the reduction for benefits under that
other plan will be equal to the amount of benefits that would be payable to the Member under that other plan assuming the Member elected to receive payment of benefits under that plan in the form of a joint and 50% survivor spouse annuity, and
assuming payment of benefits under that other plan will begin on or after commencement of payments under this Plan but on the earliest date on which retirement benefits are payable to the Member under that other plan. 
 ARTICLE VI 
 Disability Benefits

 6.01 Disability Benefits. If a Member is determined to be Disabled, the Disabled Member shall be
entitled to receive a monthly benefit for life commencing on the Member’s Disability Retirement Date and equal to (a) 100% of the Member’s Average Monthly Earnings for each month through the calendar month in which the Disabled Member
attains age 65 and, thereafter, 80% of the Member’s Average Monthly Earnings, reduced by (b) the sum of the amounts determined under Section 6.02. 
 6.02 Reductions. The monthly disability benefits determined under Section 6.01 shall be reduced by the following amounts with respect to each calendar month: 
 (a) 100% of the monthly benefit that would be payable under the Corporation’s long-term disability plan assuming such
Member elected the highest level of coverage offered under that plan. 
  

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 (b) 100% of any disability benefits actually received by the Disabled
Member pursuant to any other disability income policy or plan under which the Disabled Member is insured, regardless of whether such policy or plan is obtained or maintained by the Member or the Corporation and regardless of whether or not the
Corporation pays or reimburses the Member for all or any portion of the premiums for such policy or plan. 
 (c) 100% of the monthly disability income benefit payable under the Social Security Act to the Disabled Member, assuming commencement on the date on which the Member becomes disabled, as determined under the Social Security law in effect on
such date and without regard to any cost-of-living adjustments. When Social Security disability income payments cease (or would have ceased, as the case may be), 100% of the monthly old age insurance benefit payable under the Social Security Act to
the Disabled Member, as determined under the Social Security law in effect on the date such old age insurance benefits commence (or would have commenced, as the case may be) and without regard to any cost-of-living adjustments. 
 (d) 100% of the monthly benefits actually received by the Disabled Member under the Qualified Plan and any other defined
benefit pension plan, whether tax-qualified, governmental or nonqualified, sponsored or maintained by any prior employer. 
 ARTICLE VII

 Lump Sum Payments on Change of Control 
 7.01 Lump Sum Payments. Following a Change of Control, all unpaid benefits payable under this Plan to any Member, Retired Member, Disabled Member or Beneficiary shall be paid in the
form of an immediate lump sum payment which is the actuarial present value of such unpaid benefits. Such immediate lump sum payment shall be made within sixty (60) days after the Change of Control with respect to unpaid benefits payable as a
result of a termination of employment that occurred before such Change of Control and within sixty (60) days after the effective date of the Member’s termination of employment with respect to benefits which commence as a result of a
termination of employment which occurs after the Change of Control. The amount of any immediate lump sum payment under this Section 7.01 shall be determined based on (a) the actuarial equivalent factors utilized in the Qualified Plan for
lump sum distributions (with no adjustment for pre-retirement mortality) for the month in which such immediate lump sum payment is to be made, and (b) the Administrator’s reasonable estimate of the reductions required by Sections 4.03,
5.02, and 6.02, as applicable, based on benefits payable under the Social Security law, the Qualified Plan and any other defined benefit pension plan as of the date of such payment. 
 7.02 Elections. Notwithstanding anything in Section 7.01 to the contrary, any Member, Retired Member, Disabled Member
or Beneficiary may elect to receive (or continue to receive) benefits under the Plan after a Change of Control as provided in the Plan without regard to Section 7.01 by filing a written election with the Corporation’s Executive
Compensation Department on or before the earliest of: (i) the date of the Change of Control, (ii) December 31, 2005 (or such other date permitted for a change in payment election under the transitional rules under Code
Section 409A) or (iii) such other date that is established by the Administrator. All elections made pursuant to this Section shall be irrevocable. 
  

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 7.03 Compliance with Code Section 409A. This Article VII shall apply only to
a Change of Control which constitutes a change in the ownership or effective control of the Corporation for purposes of Code Section 409A(a)(2)(A)(v) and the rules and regulations issued thereunder, including Part IV(B) of IRS Notice 2005-1.
This Article VII is intended to comply with the requirements for payment elections under Code Section 409A and shall be interpreted in a manner which is consistent with such requirements. 
 ARTICLE VIII 
 Plan Administration, Named Fiduciary and Claims Procedure 

 8.01 Records. The Administrator shall administer the Plan and keep records of individual Member benefits.

 8.02 Administration. Effective as of January 1, 2006, the Plan shall be administered by the Bank of America
Corporate Benefits Committee. The Administrator shall be empowered to interpret the provisions of the Plan and to perform and exercise all of the duties and powers granted to it under the terms of the Plan by action of a majority of its members in
office from time to time. The Administrator may adopt such rules and regulations for the administration of the 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 Administrator with respect to the Plan shall be conclusive and binding upon all parties having or claiming to have an interest under the Plan. Not in limitation of the foregoing,
the Administrator shall have the discretion to decide any factual or interpretive issues that may arise in connection with its administration of the Plan (including without limitation any determination as to claims for benefits hereunder), and the
Administrator’s exercise of such discretion shall be conclusive and binding on all affected parties as long as it is not arbitrary or capricious. The Administrator may delegate any of its duties and powers hereunder to the extent permitted by
applicable law. 
 8.03 Counsel, Accountants, etc. The Administrator may employ such counsel, accountants, actuaries
and other agents as it shall deem advisable. The Corporation shall pay the fees and costs of such counsel, accountants, actuaries and other agents and any other expenses incurred by the Administrator in the administration of the Plan. 
 8.04 Interested Persons. If any person with administrative authority becomes eligible or makes a claim for Plan benefits, that
person will have no authority with respect to any matter specifically affecting his or her individual interest under the Plan. 
 8.05 Standard of Review after Change of Control. Notwithstanding anything in this Plan to the contrary, on and after a Change of Control, any court or tribunal that adjudicates any dispute, controversy or claim arising between a
Member (or the Beneficiary or representative of such Member) and the Corporation or Administrator, relating to or concerning the provisions of the Plan, will apply a de novo standard of review to any determination made by the Corporation 

  

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or Administrator. Such de novo standard shall apply notwithstanding Section 8.02, Section 8.07 or any grant of discretion hereunder to any person
or any characterization of any determination as final, binding or conclusive on any party. 
 8.06 Named Fiduciary.
The Named Fiduciary of the Plan for purposes of the claims procedure is the Administrator. 
 8.07 Discretion Regarding
Claims for Benefits. Benefits shall be paid in accordance with the provisions of this Plan. The Administrator will, consistent with the terms of the Plan, in its sole discretion, determine whether an individual is a Member entitled to benefits
under the Plan, and, if so, the amount, method of payment, and continuing entitlement to, such benefits. The Administrator’s determinations will be conclusive and binding on all parties affected by the determination. The Administrator may
exercise discretionary power and authority on a case-by-case basis. No decision of the Administrator in any way limits or impairs its discretion relative to future decisions, including those involving similarly situated persons. 
 8.08 Claims for Benefits. The Member or the Member’s Beneficiary (hereinafter collectively referred to as the
“Claimant”) may file a written claim for the benefits provided under this Plan with the Administrator. 
 8.09
Claims for Disability Benefits. If such claim involves a determination that the Member is Disabled, a Claimant shall make all claims for benefits under the Plan in writing addressed to the Administrator. Each claim shall be reviewed within a
reasonable time after it is submitted, but in no event longer than 45 days after it is received by the Administrator. If a claim is wholly or partially denied, the Claimant shall be notified in writing of the denial. Such denial notice shall be
written in a manner calculated to be understood by the Claimant and shall contain the following: 
 (a) the
specific reason or reasons for the denial, 
 (b) specific reference to pertinent Plan provisions on which the
denial is based, 
 (c) a description of any additional material or information necessary for the Claimant to
perfect his claim and an explanation of why such material or information is necessary, 
 (d) a description of
the Plan’s claim review procedures and the time limits applicable to such procedures, including a statement of the Claimant’s right to bring a civil action following an adverse determination on review; and 
 (e) in the case of a denial of a benefit which involves a determination that the Member is not Disabled 
  

	 	(i)	 if an internal rule, guideline, protocol, or other similar criterion was relied upon in making the denial, either the specific rule, guideline, protocol, or
other similar criterion; or 

  

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	 	(ii)	 a statement that such a rule, guideline, protocol, or other similar criterion was relied upon in denying the claim and will be provided free of charge to the
Claimant upon request, or 

  

	 	(iii)	 if the denial is based on a medical necessity or experimental treatment or similar exclusion or limit, either an explanation of the scientific or clinical
judgment for the determination, applying the terms of the Plan to the Claimant’s medical circumstances, or a statement that such explanation will be provided free of charge upon request. 

 The initial response period may be extended by the Administrator for up to two 30-day periods, provided that the Administrator determines
that any such extension is necessary due to matters beyond the control of the Administrator, and notifies the Claimant, prior to the expiration of the initial 45-day period (or first 30-day extension period as applicable), of the circumstances
requiring the extension of time and the date by which the Administrator expects to render a decision. Any such notice of extension shall specifically explain the standards on which entitlement to a benefit is based, the unresolved issues that
prevent a decision on the claim, and the additional information needed to resolve those issues. The Claimant shall have 45 days within which to provide the specified information. The foregoing periods for making the benefit determination shall be
tolled following the issuance of the notice of extension until the date on which the Claimant responds to the request for additional information. 
 Within 180 days after receipt by the Claimant of written notice of the denial, the Claimant or his duly authorized representative may appeal such denial by filing a written application for review with the
Administrator. Such application shall be addressed to the Administrator and may include a statement of the issues, other comments, documents, records and other information relating to the claim. Each such application shall state the grounds upon
which the Claimant seeks to have the claim reviewed. The Claimant or his representative shall have access to all documents, records and other information relevant to the Claimant’s claim for the purpose of preparing the application. Relevance
of a requested document, record or other information shall be determined under applicable law. The review will take into account all comments, documents, records and other information submitted by the Claimant in the appeal and the initial claim.
The designated reviewer shall then review the decision and notify the Claimant in writing of the results of the redetermination within 45 days of receipt of the application for review, which decision shall be in writing, written in a manner
calculated to be understood by the Claimant and include specific reasons for the decision, specific reference to the pertinent Plan provisions on which the decision is based, a statement of the Claimant’s right to bring a civil action and, if
applicable, identify medical or vocational experts whose advice was obtained. The 45-day period for the decision of the delegated reviewer may be extended if special circumstances require an extension of time for processing the claim, in which case
the decision shall be rendered as soon as possible, but no later than 45 days from the end of the initial period. The extension notice shall indicate the special circumstances requiring an extension of time and the date by which the Plan expects to
render the determination review. The designated reviewer will not afford deference to the denial of the initial claim, and will not be either the person or persons who denied the initial claim nor a subordinate of such person or persons. If the
appeal is based in whole or in part on a medical judgment, the designated 

  

 13 

 
reviewer shall consult with a health care professional who has appropriate training and experience in the field of medicine involved in the medical judgment
and who was not consulted in connection with the initial claim or a subordinate of such an individual. 
 8.10 Claims for
Benefits Other Than Disability Benefits. If such a claim does not involve a determination that the Member is Disabled, the Claimant shall make all claims for benefits under the Plan in writing addressed to the Administrator. Each claim shall be
reviewed by the Plan within a reasonable time after it is submitted, but in no event longer than 90 days after it is received by the Administrator. If a claim is wholly or partially denied, the Claimant shall be notified in writing of the denial.
Such denial notice shall be written in a manner calculated to be understood by the Claimant and shall contain the following: 
 (a) the specific reason or reasons for the denial, 
 (b) specific reference
to pertinent Plan provisions on which the denial is based, 
 (c) a description of any additional material or
information necessary for the Claimant to perfect his claim and an explanation of why such material or information is necessary, 
 (d) a description of the Plan’s claim review procedures and the time limits applicable to such procedures, including a statement of the Claimant’s right to bring a civil action following an adverse
determination on review. 
 If a decision on a claim cannot be rendered within the 90-day period, the Administrator may extend the period in
which to render the decision up to 180 days after receipt of the written claim; provided the Administrator notifies the Claimant in writing, prior to the expiration of the initial 90-day period, of the circumstances requiring an extension of time
and the date by which the Plan expects to render a decision. 
 Within 60 days after receipt by the Claimant of written
notice of the denial, the Claimant or his duly authorized representative may appeal such denial by filing a written application for review with the person or persons to whom the power to review claims has been delegated. Such application shall be
addressed to the Administrator and may include a statement of the issues and other comments. Each such application shall state the grounds upon which the Claimant seeks to have the claim reviewed. The Claimant or his representative shall have access
to all pertinent documents relative to the claim for the purpose of preparing the application. The Administrator shall then review the decision and notify the Claimant in writing of the results of the redetermination within 60 days of receipt of the
application for review, which decision shall be in writing, written in a manner calculated to be understood by the Claimant and include specific reasons for the decision, specific reference to the pertinent Plan provisions on which the decision is
based and a statement of the Claimant’s right to bring a civil action. The 60-day period for the decision of the Administrator may be extended if specific circumstances require an extension of time for processing, in which case the decision
shall be rendered as soon as possible, but no later than 120 days after receipt of the application for review; provided the Administrator notifies the Claimant in writing, prior to the expiration of the initial 60-day period, of the circumstances
requiring an extension of time and the date by which the Plan expects to render a decision. 
  

 14 

 ARTICLE IX 
 Miscellaneous 
 9.01 No Right to Employment. Nothing contained in this Plan
shall be deemed to give any Member or associate the right to be retained in the service of the Corporation or to interfere with the right of the Corporation to discharge any Member or associate at any time regardless of the effect which such
discharge shall have upon him as a Member of the Plan. 
 9.02 Rights of Unsecured General Creditor. The rights of the
Member, the Beneficiary of the Member, or any other person claiming through the Member under this Plan, shall be solely those of an unsecured general creditor of the Corporation. 
 9.03 Non-alienation of Benefits. Except insofar as this provision may be contrary to applicable law, no sale, transfer,
alienation, assignment, pledge, collateralization or attachment of any benefits under this Plan shall be valid or recognized by the Corporation. 
 9.04 Amendments and Termination. The Corporation reserves the right at any time and from time to time to terminate, modify or amend, in whole or in part, any or all of the provisions of the Plan, including
specifically the right to make any such amendments effective retroactively, provided that no such action shall (a) reduce the benefits of any Disabled or Retired Member or a Beneficiary of a Deceased Member or (b) with
respect to a person who has been a Member for a period of 5 or more years or with respect to any Member following a Change of Control, materially, adversely affect participation or any benefit or right under the Plan to any material extent without
the written consent of the affected Member(s). In addition, the Corporation may amend or modify any provision of this Plan as to any particular Member by Agreement with such Member, provided that such Agreement is in writing, is
executed by both the Corporation and the Member, and is filed with the Plan records. The provisions of any amendment or modification made by Agreement between a Member and the Corporation shall apply only to the Member so agreeing and no other. To
the extent permitted by Code Section 409A, in the case of termination of the Plan, any amounts payable to a Participant may, in the sole discretion of the Corporation, be distributed in full to such Participant as soon as reasonably practicable
following such termination. 
 9.05 Successors. This Plan shall be binding on the Corporation and its successors and
assigns. This Plan shall not be terminated by any Business Combination or other Change of Control. In the event of a Business Combination, the provisions of this Plan shall be binding upon the Resulting Corporation, and such Resulting Corporation
shall be treated as the Corporation hereunder. The Corporation agrees that, in connection with any Business Combination, it will seek to obtain the express, written agreement of any Resulting Corporation (other than the Corporation itself) to
unconditionally assume all of the obligations of the Corporation hereunder. If such Resulting Corporation does not so assume all obligations of the Corporation hereunder prior to the effectiveness of any such Business Combination, all benefits under
the Plan shall be paid immediately before the effectiveness of such Business Combination 

  

 15 

 
in accordance with Section 4.02 and Section 7.01 (but without regard to any election under Section 7.02) as if each Member’s employment
were terminated without Cause immediately after a Change of Control. 
 9.06 Designation and Change of Beneficiaries.
A Member shall have the right to designate or change his Beneficiary by notifying the Administrator of such in writing. Such change shall become effective upon receipt and acceptance of same by the Administrator. Any payments made by the Corporation
to a Beneficiary in good faith and under the terms of the Plan shall fully discharge the Corporation from all further obligations with respect to such payments. If no Beneficiary has been designated or survives a Member, any amounts to be paid to
the Member’s Beneficiary shall be paid to the Member’s surviving spouse, or if there is no surviving spouse, then in equal proportions to the Member’s surviving children. If the Member is not survived by a spouse or children, then
such amounts shall be paid to the estate of the Member. 
 9.07 Requirements Regarding Reductions. Any person entitled
to receive benefit payments under the Plan which are or may be subject to the reductions provided by Sections 4.03, 5.02 or 6.02, as applicable, shall, as a condition to the receipt of such payments, upon the request of the Administrator, which
request shall be made no more frequently than once in any 12-month period, provide the Administrator with a certification respecting actual receipt of or entitlement to any benefits or other amounts payable which may result in the reductions
specified under Sections 4.03, 5.02 or 6.02, as applicable, and provide the Administrator with copies of all applicable documents reasonably requested by the Administrator relating to such reductions, including but not limited to, benefits
statements and plan documents with respect to benefits payable under any defined benefit pension plan of any prior employer. In the event that any portion of the accrued benefit under any defined benefit pension plan of any prior employer of any
Member is not payable in the form or at the time specified in Sections 4.03, 5.02 or 6.02, as applicable, or such benefits were paid in a single sum or other distribution prior to the date payment of benefits commences or is made under this Plan,
then the benefits under such plan shall be converted to the form and commencement date specified by the applicable provision of Sections 4.03, 5.02 or 6.02 using the actuarial assumptions provided by such defined benefit pension plan or, if such
assumptions are not available or cannot be used, then such conversion shall be based on the actuarial assumptions used by the Qualified Plan. Any reduction based on the amount of any benefits that are payable on or as of any date shall be determined
without regard to the amount of such benefits that are actually paid. 
 9.08 Governing Law. This Plan shall be
governed by the laws of North Carolina without regard to the principles of conflict of laws to the extent not superseded by federal law. 
 9.09 Withholding Taxes. Any benefits that are paid under this Plan shall be subject to any applicable payroll or other taxes required to be withheld by law. 
 9.10 Compliance With Code Section 409A. The Plan is intended to comply with Code Section 409A. Notwithstanding any
provision of the Plan to the contrary, the Plan shall be interpreted, operated and administered consistent with this intent. 
 IN WITNESS WHEREOF, this instrument has been executed by the Corporation on the 15th day of December, 2006 and effective as of
January 1, 2005. 
  

			
	 BANK OF AMERICA CORPORATION

		
	 By:
	 	 /s/ J. Steele Alphin

		 	 J. Steele Alphin, Global Human Resources Executive

  

 16 

 CORPORATE POLICY COMMITTEE 
 SERP BENEFITS SCHEDULE 
  

									
	 Percentage of Average Monthly Earnings
	 
	  	  	Attained Age
Upon Termination	  	Regular
Percentage	 	 	Change
Of Control
Percentage	 
	 Less than
	  	50	  	0	%	 	60	%
		  	50	  	30	%	 	60	%
		  	51	  	35	%	 	64	%
		  	52	  	40	%	 	68	%
		  	53	  	45	%	 	72	%
		  	54	  	50	%	 	76	%
		  	55	  	55	%	 	80	%
		  	56	  	60	%	 	80	%
		  	57	  	65	%	 	80	%
		  	58	  	70	%	 	80	%
		  	59	  	75	%	 	80	%
		  	60	  	80	%	 	80	%
		  	61	  	80	%	 	80	%
		  	62	  	80	%	 	80	%
		  	63	  	80	%	 	80	%
		  	64	  	80	%	 	80	%
		  	65	  	80	%	 	80	%
	 More than
	  	65	  	80	%	 	80	%

 Annual Base Salary Limitation 
 The annual base salary of a Member for purposes of determining the Member’s Average Monthly Earnings under the Corporate Policy Committee Benefits
Schedule for purposes of Article IV (but not for purposes of Article V or Article VI) shall not exceed $2,500,000 ($3,000,000 for Mr. Cawley). 
  

 17 

 SERP I 
 BENEFITS SCHEDULE 
  

									
	 Percentage of Average Monthly Earnings
	 
	  	  	Attained Age
Upon Termination	  	Regular
Percentage	 	 	Change
Of Control
Percentage	 
	 Less than
	  	50	  	0	%	 	40	%
		  	50	  	30	%	 	40	%
		  	51	  	35	%	 	44	%
		  	52	  	40	%	 	48	%
		  	53	  	45	%	 	52	%
		  	54	  	50	%	 	56	%
		  	55	  	55	%	 	60	%
		  	56	  	60	%	 	64	%
		  	57	  	65	%	 	68	%
		  	58	  	70	%	 	72	%
		  	59	  	75	%	 	76	%
		  	60	  	80	%	 	80	%
		  	61	  	80	%	 	80	%
		  	62	  	80	%	 	80	%
		  	63	  	80	%	 	80	%
		  	64	  	80	%	 	80	%
		  	65	  	80	%	 	80	%
	 More than
	  	65	  	80	%	 	80	%

 Annual Base Salary Limitation 
 The annual base salary of a Member for purposes of determining the Member’s Average Monthly Earnings under the SERP I Benefits Schedule for purposes
of Article IV (but not for purposes of Article V or Article VI) shall not exceed $2,500,000. 
  

 18 

 SERP II 
 BENEFITS SCHEDULE 
  

									
	 Percentage of Average Monthly Earnings
	 
	  	  	Attained Age
Upon Termination	  	Regular
Percentage	 	 	Change
Of Control
Percentage	 
	 Less than
	  	50	  	0	%	 	30	%
		  	50	  	0	%	 	30	%
		  	51	  	0	%	 	33	%
		  	52	  	0	%	 	36	%
		  	53	  	0	%	 	39	%
		  	54	  	0	%	 	42	%
		  	55	  	30	%	 	45	%
		  	56	  	36	%	 	48	%
		  	57	  	42	%	 	51	%
		  	58	  	48	%	 	54	%
		  	59	  	54	%	 	57	%
		  	60	  	60	%	 	60	%
		  	61	  	64	%	 	64	%
		  	62	  	68	%	 	68	%
		  	63	  	72	%	 	72	%
		  	64	  	76	%	 	76	%
		  	65	  	80	%	 	80	%
	 More than
	  	65	  	80	%	 	80	%

 Annual Base Salary Limitation 
 The annual base salary of a Member for purposes of determining the Member’s Average Monthly Earnings under the SERP II Benefits Schedule for
purposes of Article IV, Article V and Article VI shall not exceed $600,000. 
  

 19 

 SERP III 
 BENEFITS SCHEDULE 
  

									
	 Percentage of Average Monthly Earnings
	 
	  	  	Attained Age
Upon Termination	  	Regular
Percentage	 	 	Change
Of Control
Percentage	 
	 Less than
	  	50	  	0	%	 	20	%
		  	50	  	0	%	 	20	%
		  	51	  	0	%	 	22	%
		  	52	  	0	%	 	24	%
		  	53	  	0	%	 	26	%
		  	54	  	0	%	 	28	%
		  	55	  	20	%	 	30	%
		  	56	  	24	%	 	32	%
		  	57	  	28	%	 	34	%
		  	58	  	32	%	 	36	%
		  	59	  	36	%	 	38	%
		  	60	  	40	%	 	40	%
		  	61	  	44	%	 	44	%
		  	62	  	48	%	 	48	%
		  	63	  	52	%	 	52	%
		  	64	  	56	%	 	56	%
		  	65	  	60	%	 	60	%
	 More than
	  	65	  	60	%	 	60	%

 Annual Base Salary Limitation 
 The annual base salary of a Member for purposes of determining the Member’s Average Monthly Earnings under the SERP III Benefits Schedule for
purposes of Article IV, Article V and Article VI shall not exceed $300,000. 
  

 20Supplemental Executive Insurance Plan

 Exhibit 10(ll) 
 Supplemental Executive Insurance Plan 
 (As Amended and Restated Effective January 1, 2005)

 Purpose 
 The purpose
of the Supplemental Executive Insurance Plan (the “Plan”) is to provide supplemental permanent life insurance for senior executives and other participants (each, a “Participant”) that provides protection for Participants and
their families. The Plan is sponsored by Bank of America Corporation, a Delaware corporation (the “Corporation”). For purposes of the Plan, for calendar years beginning prior to January 1, 2006, MBNA Corporation, collectively with
MBNA America Bank, N.A. and their subsidiaries, was the Corporation. 
 Effective Date 
 The initial effective date of the Plan was September 8, 2003. The Corporation is amending and restating the Plan as set forth herein effective as of
January 1, 2005 (unless otherwise provided herein) to (1) provide for the Plan’s compliance with the requirements of Internal Revenue Code (“Code”) Section 409A, to the extent applicable, (2) reflect operational
changes and (3) otherwise meet current needs. 
 Administration; Named Fiduciary 
 Effective as of January 1, 2006, the Plan shall be administered by the Bank of America Corporate Benefits Committee (the “Committee”). The
Committee shall be empowered to interpret the provisions of the Plan and to perform and exercise all of the duties and powers granted to it under the terms of the 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 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 Plan shall be conclusive and binding on all parties having or claiming to have an interest under the Plan. Not in limitation of the foregoing, the Committee shall have the discretion to decide any
factual or interpretive issues that may arise in connection with its administration of the 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. For purposes of the Plan, for calendar years
beginning prior to January 1, 2006, the Committee was the Compensation Committee of the Board of Directors of the Corporation. 
 Insurance Policies 
 The Corporation will use reasonable efforts to arrange for the issuance of one or more whole life
insurance policies on the life of each Participant in the Plan on a guaranteed issue basis. Each policy under this Plan will be issued by Northwestern Mutual Life or another nationally recognized insurer (the “Insurer”) selected by the
Committee from time to time in its sole discretion. The Committee will determine the type and terms of each policy to be issued to a Participant pursuant to the Plan, including, but not limited to, the amount of death benefits and scheduled premiums
under each policy. 

 Requirements of Participant 
 Each Participant will, as a condition to participation, take all actions reasonably necessary to apply for and acquire a policy on the Participant, including, without limitation, providing such
information that the Insurer may require. 
 The Corporation may need information concerning policies in connection with its administration
of the Plan including information concerning ownership, dividend elections and performance. Each Participant, by participating in the Plan, authorizes the Corporation or its agent to obtain from the Insurer any information the Corporation deems
appropriate concerning the policies at any time. 
 The Corporation intends to purchase and hold insurance on the lives of Participants to
fund the costs of the Plan. The Corporation will pay all premiums and will own and be the sole beneficiary of any such policy. Each Participant, as a condition to participating in the Plan, authorizes the Corporation to arrange to purchase insurance
on the life of the Participant and agrees to cooperate with the Corporation in the issuance of the policy, including completion of an application and providing such other information as the Insurer may require, but will not be required to take a
physical examination. 
 Ownership 
 Each Participant will be the owner of such Participant’s policy and may exercise all rights of ownership with respect to the policy. The Corporation will have no right to or interest in any policy issued pursuant
to this Plan at any time. 
 Election of Dividends Option 
 Each Participant will elect that all dividends declared by an Insurer on a policy shall be applied to purchase additional paid-up insurance on the life of the Participant. The Participant will
not change the dividend election prior to payment of all scheduled premiums on the policy. 
 Premiums and Taxes 
 Subject to the terms of the Plan, the Corporation shall pay the full amount of the scheduled premiums for each Participant’s policy on the dates
such premiums are due according to the terms of the policy but in no event later than the 60th day of each calendar year. The Corporation’s
payment of insurance premiums for a Participant under this Plan shall be treated as additional compensation for such Participant in the calendar year in which they are paid. The Corporation shall pay the premiums directly to the Insurer. The
Participant will be responsible for any premium payments not scheduled at the time of issuance of the policy. 
 The Corporation may, in its
sole and absolute discretion, also pay an amount to a Participant to cover all or a portion of the Participant’s income tax liability resulting from the Corporation’s payment of insurance premiums pursuant to the Plan. The Corporation
shall include the amount of premiums and any taxes it pays for a Participant in the Participant’s Form W-2 for the year in which such premium payments are made and taxes are paid. The Corporation shall withhold taxes from Participants and remit
them to taxing authorities in accordance with applicable law. 
  

 2 

 Termination of Rights and Obligations 
 The right of a Participant to participate in the Plan and the Corporation’s obligation to pay premiums for such Participant’s policy as required under the Plan shall automatically
terminate upon termination of the Participant’s employment with the Corporation for any reason, voluntary or involuntary, other than (a) the Participant’s Disability, as defined in the Corporation’s long term disability or
similar plan, (b) the Participant’s retirement at or after age 65, or sooner with the approval of the Committee, (c) termination of the Participant’s employment with the Corporation at any time after a Change of Control (as
defined below) either (i) by the Corporation without Cause (as defined below) or (ii) by the Participant for Good Reason (as defined below), (d) termination of the Participant’s employment by the Corporation without Cause or by
the Participant for Good Reason before a Change of Control, in either case if (i) the Change of Control actually occurs, (ii) the termination of employment occurred within 12 months before the Change of Control, and (iii) it is
reasonably demonstrated that such termination of employment for Cause, or the actions underlying the Good Reason, as applicable, were at the request of a third-party who has taken steps reasonably calculated to effect the Change of Control or
otherwise occurred in connection with or in anticipation of, a Change of Control, or (e) in the case of a Participant who was a member of the Corporate Policy Committee (or any successor committee) on the date immediately preceding the Change
of Control, termination of such Participant’s employment with the Corporation for any reason other than Cause, Disability or death, within the 30-day period beginning one year after a Change of Control. 
 The Corporation will continue to make premium payments following the termination of Participant’s employment in the circumstances described in
clauses (a), (b), (c), (d) and (e) above, subject to the Corporation’s right to amend or terminate the Plan as provided in this Plan. 
 In addition, the Corporation may cease paying for premiums on a policy immediately if the Participant (a) changes the dividend option elected under a policy prior to the payment of all scheduled premiums on the
policy without the Corporation’s prior written consent, (b) files a petition for relief under the bankruptcy laws, or (c) cancels the Participant’s policy or assigns any rights in the policy to the Insurer or any other third
party without the Corporation’s consent, unless the assignment is to one or more of the Participant’s immediate family members or to a trust for the exclusive benefit of one or more members of the Participant’s immediate family. This
paragraph shall apply to any assignee as it applies to the Participant. For purposes of this Plan “assignment” includes any pledge or grant of a security interest in a policy and “immediate family” shall include the
Participant’s spouse, parents, descendants, siblings, mothers and fathers-in-law, sons and daughters-in-law, and brothers and sisters-in-law. 
 The following definitions shall apply for purposes of this Plan: 
 “Cause” means: 
 (a)      For each Participant who was a member of the Corporate Policy Committee (or any
successor committee) on the date immediately preceding a Change of Control—a conviction of the Participant for a crime that constitutes a felony for embezzling Corporation funds or for theft of Corporation property; or 
  

 3 

 (b)      For all other
Participants—(i) willful and continued failure by a Participant to substantially perform the Participant’s duties with the Corporation as such duties may be reasonably defined from time to time; (ii) a significant violation of the
Corporation’s code of ethics; or (iii) a felony conviction or guilty plea that results in a sentence that is not suspended of incarceration of 6 months or more. 
 “Change of Control” means: 
 (a)      The acquisition by any 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”)) (a
“Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 40% or more of either (i) the then outstanding shares of the common stock of the Corporation (the “Outstanding Corporation
Common Stock”) or (ii) the combined voting power of the then outstanding voting securities of the Corporation entitled to vote generally in the election of directors (the “Outstanding Corporation Voting Securities”); provided,
however, that for purposes of this subsection (a), the following acquisitions shall not constitute a Change of Control: (A) any acquisition directly from the Corporation, (B) any acquisition by the Corporation or any corporation or other
entity controlled by the Corporation, (C) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Corporation or any corporation or other entity controlled by the Corporation, (D) any acquisition
pursuant to a transaction which complies with clauses (i), (ii) and (iii) of subsection (c) of this definition, or (E) any acquisition by an underwriter temporarily holding securities pursuant to an offering; or 
 (b)      Individuals who, as of the effective date hereof, 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 becoming a director subsequent to the
effective date hereof whose election, or nomination for election by the Corporation’s shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board (either by specific vote or by approval,
without prior written notice to the Board of Directors objecting to the nomination, of a proxy statement in which the individual was named as nominee), 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 an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies by or
on behalf of a Person other than the Board of Directors of the Corporation; or 
 (c)      Consummation 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 individuals and entities who were the beneficial owners, respectively, of the Outstanding Corporation Common Stock and Outstanding Corporation Voting Securities
immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of, respectively, the then outstanding shares of common stock and the combined voting power of the then 

  

 4 

 
outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation or other entity resulting from
such Business Combination (or a corporation or other entity 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 (either
corporation or entity, a “Resulting Corporation”)) in substantially the same proportions as their ownership, immediately prior to such Business Combination, of the Outstanding Corporation Common Stock and Outstanding Corporation Voting
Securities, as the case may be, (ii) no Person (excluding any Resulting Corporation or any employee benefit plan (or related trust) of the Corporation, such Resulting Corporation or any corporation controlled by either) beneficially owns,
directly or indirectly, 40% or more of, respectively, the then outstanding shares of common stock of the Resulting Corporation or the combined voting power of the then outstanding voting securities of such corporation or other entity except to the
extent that such ownership existed prior to the Business Combination and (iii) at least a majority of the members of the board of directors of the corporation or other entity resulting from such Business Combination were members of the
Incumbent Board at the time of the execution of the initial agreement, or of the action of the board, providing for such Business Combination; or 
 (d)      Approval by the shareholders of the Corporation of a complete liquidation or dissolution of the Corporation. 
 Without in any way broadening the definition of “beneficial owner,” for purposes of this definition, no Person will be the “beneficial
owner” of any security solely (1) because the security has been tendered into a tender or exchange offer until the tendered security is accepted for payment or exchange or (2) because of the power to vote or direct the voting of the
security pursuant to a revocable proxy given in response to a public proxy or consent solicitation that was made to more than 10 holders of a class of security that is then registered under Section 12 of the Exchange Act. In addition, a Change
of Control shall not be deemed to occur solely because any Person acquires beneficial ownership of more than 40% of the Outstanding Corporation Common Stock or Outstanding Corporation Voting Securities as a result of the acquisition of securities by
the Corporation or any corporation or other entity controlled by the Corporation; provided that, if after such acquisition by the Corporation or corporation or other entity such Person becomes the beneficial owner of additional Outstanding
Corporation Common Stock or Outstanding Corporation Voting Securities that increases the percentage beneficially owned by such Person and the percentage continues to be above 40%, a Change of Control of the Corporation shall then occur. 

“Good Reason” means: 
 (a)      Any reduction in the salary or annual bonus potential or any significant reduction in aggregate compensation and benefits (other than salary and bonus potential), other than
(i) an isolated, insubstantial and inadvertent reduction not occurring in bad faith and which is remedied by the Corporation promptly after receipt of notice thereof given by the affected Participant, or (ii) a reduction in aggregate
compensation and benefits (other than salary and bonus potential) to a level which is applicable to all similarly-situated employees of the Corporation; or 
  

 5 

 (b)      The Corporation’s requiring
the Participant to be based at any office or location more than 60 miles from that at which he was based immediately before a Change of Control. 
 Corporation’s Discretionary Right to Amend or Terminate Plan 
 The Corporation may, in any manner, amend the Plan or
terminate the Plan or any Participant’s rights to participate under the Plan at any time. The Corporation may, pursuant to an amendment or the termination of the Plan, cease to (a) arrange for the issuance of policies under the Plan,
(b) pay the premiums on any or all policies issued under the Plan and (c) pay tax gross ups for any or all Participants, all without prior notice. No consent of any Participant shall be required for the Corporation to amend or terminate
the Plan. 
 Notwithstanding the foregoing, after a Change of Control, the Corporation (or any successor corporation) may not amend or
terminate this Plan in a manner adverse to any Participant or cease to pay premiums or tax gross ups without the consent of such Participant. 
 Claims Procedure 
 Each person who believes that he or she is being denied a benefit to which he or she is entitled under
this Plan (hereinafter referred to as a “Claimant”) may file a written request for such benefit with the Committee on a form or forms prescribed by the Committee. If no form or forms have been prescribed, a claim for benefits shall be made
in writing to the Committee setting forth the basis for the claim. Each Claimant shall furnish the Committee with such documents, evidence, data or information in support of such claim as the Committee considers necessary or desirable. 

If a claim for benefits under the Plan is denied, either in whole or in part, the Committee will render a written opinion, written in a manner
calculated to be understood by the Claimant, setting forth: (i) the specific reason or reasons for such denial; (ii) the specific reference to pertinent provisions of this Plan on which such denial is based; (iii) a description of any
additional material or information necessary for the Claimant to perfect his or her claim and an explanation why such material or such information is necessary; and (iv) an explanation of the Plan’s claim review procedures and the time
limits applicable to such procedures, including a statement of the Claimant’s right to bring a civil action under ERISA §502(a) following an adverse benefit determination on review. The written notice of claim denial shall be provided to
the Claimant within a reasonable period of time, but not more than ninety days after receipt of the claim by the Committee, unless special circumstances require an extension of time for processing the claim, in which case the Committee shall provide
a written notice of such extension to the Claimant before the expiration of the initial ninety day period. In no event shall such extension exceed ninety days from the end of such initial period. 
 Within sixty days after the receipt by the Claimant of the written opinion described above, the Claimant may request in writing that the Committee review
the determination. The Claimant or his or her duly authorized representative may, but need not, review the pertinent documents and submit issues and comments in writing for consideration by the Committee. If the Claimant does not request a review of
the Committee’s determination within such sixty-day period, he or she shall be barred and estopped from challenging the Committee’s initial determination. 
  

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 A final and binding decision shall be made by the Committee within sixty days of the filing by the
Claimant of his or her request for reconsideration; provided, however, that if the Committee, in its discretion, determines that special circumstances require an extension of time for processing the claim, the Committee shall provide a written
notice of such extension to the Claimant before the expiration of the initial sixty day period. The Committee’s decision shall be conveyed to the Claimant in writing and shall include: (i) specific reasons for the decision, written in a
manner calculated to be understood by the Claimant, (ii) specific references to the pertinent Plan provisions on which the decision is based, (iii) a statement that the Claimant is entitled to receive, upon request and free of charge,
reasonable access to, and copies of, all documents, records and other information relevant to the Claimant’s claim for benefits, and (iv) a statement of the Claimant’s right to bring a civil action under ERISA §502(a).

 Miscellaneous 
 Participation in the Plan does not constitute an employment contract between the Corporation and any Participant. 
 No Insurer
shall be a party to or a beneficiary of this Plan and no provision of this Plan nor any modification or amendment hereof, shall in any way be construed as enlarging, changing, varying, or in any other way affecting the obligations of an Insurer as
expressly provided in a policy. 
 This Plan and the rights and obligations established under this Plan shall be governed by and construed
and enforced in accordance with the laws of the State of North Carolina, without regard to the principles of conflicts of laws. 
 The Plan
is intended to comply with Section 409A of the Code, to the extent applicable, and shall be interpreted and administered consistently with this intent. 
 IN WITNESS WHEREOF, this instrument has been executed by the Corporation on the 15th day of December, 2006 and
effective as of January 1, 2005. 
  

			
	 BANK OF AMERICA CORPORATION

		
	 By:
	 	   /s/ J. Steele Alphin

		 	 J. Steele Alphin, Global Human Resources

		 	 Executive

  

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