Document:

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                              CONSULTING AGREEMENT

         THIS CONSULTING AGREEMENT (the "Agreement") is made and entered into as
of the 24th day of January, 2001, by and between HUGH L. McCOLL, JR.
("Executive") and BANK OF AMERICA CORPORATION, a Delaware corporation ("Bank of
America").

                              STATEMENT OF PURPOSE
                              --------------------

         Executive has served as Bank of America's Chief Executive Officer for
numerous years and in that role has had primary responsibility for establishing
Bank of America's long-term strategic goals. Executive is retiring from his
employment with Bank of America effective April 25, 2001 with the consent of the
Board of Directors of Bank of America. Bank of America desires to continue to
have the benefit of the advice, counsel and services of Executive following his
retirement as described herein. In addition, Executive has acquired extensive
knowledge of Bank of America's business methods, customers and employees, and
the parties therefore desire to restrict the activities of Executive in
retirement as set forth herein in an effort to protect Bank of America's
legitimate business interests.

         NOW, THEREFORE, in consideration of the foregoing Statement of Purpose
and the mutual covenants herein contained, Bank of America and Executive agree
as follows:

         1. Consulting Services. During the Term (as defined herein), Executive
shall stand ready and shall furnish to Bank of America such reasonable services
of an advisory or consulting nature with respect to its business and affairs as
Bank of America may reasonably call upon him to furnish and his health and other
business commitments may permit, including without limitation the following: (i)
consultations regarding Bank of America strategic initiatives, (ii) assistance
in the transition of matters that carry over from his term of employment and
(iii) representation as an ambassador of Bank of America to its customers, the
financial services industry, the government and other constituencies. In
providing services hereunder, the parties acknowledge and agree that (A)
Executive shall be available for the Term upon reasonable notice and at
reasonable times for periodic consultations, either in person or by telephone,
(B) in performing consulting services hereunder, Executive shall not be an
employee of Bank of America but shall act in the capacity of independent
contractor, and (C) Executive shall not be required to render such services
during reasonable vacation periods or times of illness, disability or other
incapacity.

         2.       Noncompetition.

         (a) Definitions. Capitalized terms used herein shall have the meanings
set forth below:

                           "Affiliate" means (i) any entity directly or
                  indirectly controlling (including without limitation an entity
                  for which Executive serves as an officer, director, employee,
                  consultant or other agent), controlled by, or under common
                  control with Executive, and (ii) each other entity in which

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                  Executive, directly or indirectly, owns any controlling
                  interest or of which Executive serves as a general partner.

                           "Company" means, collectively, (i) Bank of America,
                  (ii) any corporation, partnership or other business entity
                  that is, directly or indirectly, controlled by or under common
                  control with Bank of America and (iii) their respective
                  successors.

                           "Competition" means Executive's engaging in, or
                  otherwise directly or indirectly being employed by or acting
                  as a consultant or lender to, or being a director, officer,
                  employee, principal, agent, stockholder (other than as
                  specifically provided for herein), member, owner or partner of
                  any company or business operation specified below:

                                    (i) any company which is, or is a direct or
                           indirect subsidiary of, one of the twenty-five (25)
                           largest bank holding companies headquartered in the
                           United States (as measured by asset size) or any of
                           the ten largest investment banking companies
                           headquartered in the United States (as measured by
                           capital); or

                                    (ii) any business operation of any company
                           in the financial services industry if such business
                           operation is then in substantial and direct
                           competition with a principal business operation of
                           the Company in which the Company is engaged during
                           the Term and if the financial services company has
                           total revenues of $500 million or more annually.

         (b)      Covenants.

                  (i)      Noncompetition. During the Term, Executive shall not
                           engage in Competition with the Company in any
                           locality or region of the United States in which the
                           Company has operations; provided, however, that it
                           shall not be a violation of this paragraph 2(b)(i)
                           for Executive to (A) become the registered or
                           beneficial owner of up to five percent (5%) of any
                           class of the capital stock of a competing corporation
                           registered under the Securities Exchange Act of 1934,
                           as amended, provided that Executive does not actively
                           participate in the business of such corporation until
                           such time as this covenant expires; or (B) engage in
                           any other activities as approved in writing in
                           advance by the Chief Executive Officer of Bank of
                           America.

                  (ii)     Trade Secrets and Confidential Information. Executive
                           hereby agrees that he will hold in a fiduciary
                           capacity for the benefit of the Company, and shall
                           not directly or indirectly use or disclose any Trade
                           Secret, as defined hereinafter, that Executive may
                           have acquired during the term of his employment by
                           the Company or during the Term of this Agreement for
                           so long as such
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                           information remains a Trade Secret. The term "Trade
                           Secret" as used in this Agreement shall mean
                           information including, but not limited to, technical
                           or nontechnical data, a process, financial data,
                           financial plans, product plans, or a list of actual
                           or potential customers or suppliers which derives
                           economic value, actual or potential, from not being
                           generally known to, and not being readily
                           ascertainable by proper means by, other persons who
                           can obtain economic value from its disclosure or use;
                           and is the subject of reasonable efforts by the
                           Company to maintain its secrecy.

                           In addition to the foregoing and not in limitation
                           thereof, Executive agrees that during the Term he
                           will hold in a fiduciary capacity for the benefit of
                           the Company and shall not directly or indirectly use
                           or disclose, any Confidential or Proprietary
                           Information, as defined hereinafter, that Executive
                           may have acquired (whether or not developed or
                           compiled by Executive and whether or not Executive
                           was authorized to have access to such Information)
                           during the term of, in the course of or as a result
                           of his employment by the Company or during the Term
                           of this Agreement. The term "Confidential or
                           Proprietary Information" as used in this Agreement
                           means any secret, confidential or proprietary
                           information of the Company not otherwise included in
                           the definition of "Trade Secret" above. The term
                           "Confidential and Proprietary Information" does not
                           include information that has become generally
                           available to the public by the act of one who has the
                           right to disclose such information without violating
                           any right of the Company.

         (c) Reasonable and Necessary Restrictions. Executive acknowledges that
the restrictions, prohibitions and other provisions of this paragraph 2 are
reasonable, fair and equitable in scope, term and duration, are necessary to
protect the legitimate business interests of Bank of America, and are a material
inducement to Bank of America to enter into this Agreement. Executive covenants
that Executive will not challenge the enforceability of this paragraph 2 nor
will Executive raise any equitable defense to its enforcement.

         (d) Remedies. Executive acknowledges that the obligations undertaken by
Executive pursuant to this paragraph 2 are unique and that Bank of America
likely will have no adequate remedy at law if Executive shall fail to perform
any of Executive's obligations hereunder, and Executive therefore confirms that
Bank of America's right to specific performance of the terms of this paragraph 2
is essential to protect the rights and interests of Bank of America.
Accordingly, in addition to any other remedies that Bank of America may have at
law or in equity, Bank of America shall have the right to have all obligations,
covenants, agreements and other provisions of this paragraph 2 specifically
performed by Executive, and Bank of America shall have the right to obtain
preliminary and permanent injunctive relief to secure specific performance and
to prevent a breach or contemplated breach of this paragraph 2 by Executive, and
Executive submits to the jurisdiction of the courts of the State of Delaware for
this purpose. In addition, in the event Executive breaches any provision of this
paragraph 2, Executive shall forfeit and have no right to receive any benefits
under this Agreement from and after the date of such breach.
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         (e) Operations of Affiliates. Executive agrees that he will refrain
from (i) authorizing any Affiliate to perform or (ii) assisting in any manner
any Affiliate in performing any activities that would be prohibited by the terms
of this paragraph 2 if they were performed by Executive.

         3. Consideration. During the Term, so long as Executive is complying
with the terms and conditions of this Agreement, Bank of America shall provide
Executive with the following benefits in consideration of Executive's obligation
to be available to and to render advisory and consulting services pursuant to
the provisions of paragraph 1 and Executive's covenants set forth in paragraph
2: (i) an office, administrative support and parking at Bank of America's
offices in Charlotte, North Carolina; and (ii) access to a Bank of America owned
or provided aircraft for personal use for up to one hundred fifty (150) hours
per year. In that regard, Executive may bring such number of additional
passengers on such aircraft as available seating permits, and Executive need not
be one of the passengers. Executive acknowledges that the value of such access
to aircraft described in clause (ii) above shall be taxable to Executive in
accordance with applicable laws. In addition, Bank of America shall reimburse
Executive for any reasonable out-of-pocket business expenses, including travel,
lodging and meals, incurred by Executive in performing the services described in
paragraph 1 above.

         4. Term. The initial term of the Agreement (the "Initial Term") shall
commence as of the effective date of Executive's retirement from Bank of America
and shall continue in effect until the fifth anniversary of such retirement.
Unless either party provides the other with at least sixty (60) days' advance
written notice of termination of the Agreement as of the end of the Initial
Term, the Agreement shall thereafter be automatically extended for additional
one (1) year periods (each a "Renewal Term") unless, at least sixty (60) days
prior to the end of any such Renewal Term, either party provides the other party
with written notice of termination to be effective at the end of such Renewal
Term. Notwithstanding the foregoing, the Agreement shall automatically terminate
in the case of Executive's death or permanent inability due to physical or
mental incapacity to provide the services contemplated by this Agreement. For
purposes of this Agreement, "Term" means collectively the Initial Term and any
Renewal Term.

         5.       Miscellaneous.

         (a) Notice. Any notice which either party hereto may be required or
permitted to give to the other shall be in writing and may be delivered
personally, by intraoffice mail, by fax or by mail to such address and directed
to such person(s) as Bank of America may notify Executive from time to time; and
to Executive, at Executive's address as shown on the records of Bank of America,
or at such other address as Executive, by notice to Bank of America, may
designate in writing from time to time.

         (b) Entire Agreement. This Agreement contains the entire agreement
between Bank of America and Executive with respect to the subject matter hereof,
and no amendment, modification or cancellation hereof shall be effective unless
the same is in writing and executed by the parties hereto (or by their
respective duly authorized representatives).

         (c) Applicable Law. This Agreement shall be enforced, interpreted and
construed under the laws of the State of Delaware, notwithstanding any
conflict-of-laws doctrines of such
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state or any other jurisdiction to the contrary, and without the aid of any
canon, custom or rule requiring construction against the draftsman.

         (d) Binding Effect. This Agreement shall be binding upon and inure to
the benefit of the parties hereto, and their respective heirs, executors,
administrators, legal representatives, successors and assigns, if any.

         (e) Captions. The captions and headings set forth in this Agreement are
for convenience of reference only and shall not be construed as a part of this
Agreement.

         (f) Multiple Originals. This Agreement is executed in multiple
originals, each of which shall be deemed an original hereof.

         IN WITNESS WHEREOF, Executive has hereunto set his hand and seal, and
Bank of America has caused this Agreement to be executed by its duly authorized
representative, all as of the day and year first above written.

                                 /s/ Hugh L. McColl, Jr.
                                 ----------------------------------------
                                 Hugh L. McColl, Jr.

                                 "Executive"

                                 BANK OF AMERICA CORPORATION

                                 By: /s/ C. J. Cooley
                                     ------------------------------------
                                     Name: C. J. Cooley
                                          -------------------------------
                                     Title: CORPORATE PERSONNEL EXECUTIVE

                                 "Bank of America"<PAGE>

                           BANK OF AMERICA CORPORATION
               SUMMARY OF 2000 CORPORATE MANAGEMENT INCENTIVE PLAN

I.       Objective of the Plan

         The purposes of this plan is to retain key management of the
         Corporation and to motivate them to increase shareholders' wealth.

II.      Participants

         Participants are approved by the Management Compensation Committee.
         Participants whose employment is terminated (either by Bank of America
         or the participant) prior to the receipt of payment will not be
         eligible to receive the award. This rule does not apply in cases
         related to death, retirement or disability.

III.     Determination of the Annual Fund

         Funding will be based on a target incentive award and the achievement
         of goals or objectives as determined at the beginning of the year.
         Preliminary funding of the pool will be based primarily on the
         Corporation's achievement of its financial goals such as EPS growth,
         Revenue growth, and SVA.

         o    If the Corporation achieves a minimum performance level, the
              funding level will be adjusted accordingly. If this minimum level
              of performance is not achieved, a pool will not be funded.

         o    Upon achievement of the target performance level, a pool will be
              funded based on the targeted incentive award for all participants
              in the plan.

         o    The pool funding for achievement above target performance will be
              determined by the Management Compensation Committee.

         The pool as determined above may be adjusted up or down based on the
         Corporation's financial performance and achievement of goals or
         objectives as determined by the Management Compensation Committee.

IV.      Funding Allocation/Award Determination

         Participants will be evaluated on the achievement of specific
         performance goals. The Management Compensation Committee has the
         authority to:

         A.       Determine the award amount, if any, to eligible participants
                  based on guidelines or rules deemed appropriate.

         B.       Allocate among the eligible participants all or any portion
                  of the pool funded.

         C.       Reduce or eliminate awards based on a less than acceptable
                  level of performance.

V.       Plan Year

         The plan year shall be from January 1 to December 31.

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