Document:

EXHIBIT 10.23

                              WACHOVIA CORPORATION
                                   STOCK PLAN

                   (Amended and Restated as of July 28, 2000)

1.       Purpose

         The purpose of the Wachovia Corporation Stock Plan (the "Plan") is to
encourage and enable selected key employees of Wachovia Corporation (the
"Corporation") and its subsidiaries, and nonemployee Directors of the
Corporation, to acquire or to increase their holdings of common stock of the
Corporation (the "Common Stock") and other proprietary interests in the
Corporation in order to promote a closer identification of their interests with
those of the Corporation and its shareholders, thereby further stimulating their
efforts to enhance the efficiency, soundness, profitability, growth and
shareholder value of the Corporation. This purpose will be carried out through
the granting of benefits (collectively referred to herein as "Awards") to
selected key employees and nonemployee Directors, including but not limited to
the granting of incentive stock options ("Incentive Options"), nonqualified
stock options ("Nonqualified Options"), stock appreciation rights ("SARs"),
restricted stock awards ("Restricted Stock Awards"), and restricted units
("Restricted Units") to selected key employees; and the granting of initial
restricted stock awards ("Initial Director Awards") and annual restricted stock
awards ("Annual Director Awards") to members of the Board of Directors
(individually, a "Director") who are not employees of the Corporation or a
related corporation. (Incentive Options and Nonqualified Options shall be
referred to herein collectively as "Options." Restricted Stock Awards and
Restricted Units shall be referred to herein collectively as "Restricted
Awards." Initial Director Awards and Annual Director Awards shall be referred to
herein collectively as "Director Awards.")

2.       Administration of the Plan

         (a) Subject to Section 11 herein, the Plan shall be administered by the
Management Resources and Compensation Committee (the "Committee") of the Board
of Directors of the Corporation (the "Board" or the "Board of Directors").
Unless the Board determines otherwise, the Committee shall be comprised solely
of "non-employee directors," as such term is defined in Rule 16b-3 under the
Securities Exchange Act of 1934, as amended (the "Exchange Act"), or as may
otherwise be permitted under Rule 16b-3.

         (b) Any action of the Committee with respect to the Plan may be taken
by a written instrument signed by all of the members of the Committee and any
such action so taken by written consent shall be as fully effective as if it had
been taken by a majority of the members at a meeting duly held and called.
Subject to the provisions of the Plan, the Committee shall have full authority
in its discretion to take any action with respect to the Plan including, without
limitation, the authority (i) to determine all matters relating to Awards,
including selection of individuals to be granted Awards, the types of Awards,
the number of shares of the Common Stock, if any, subject to an Award, and all
terms, conditions, restrictions and limitations of an Award; (ii) to prescribe
the form or forms of the Agreements evidencing any Awards granted

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under the Plan; (iii) to establish, amend and rescind rules and regulations for
the administration of the Plan; and (iv) to construe and interpret the Plan and
Agreements evidencing Awards granted under the Plan, to establish and interpret
rules and regulations for administering the Plan and to make all other
determinations deemed necessary or advisable for administering the Plan. In
addition, the Committee shall have authority, in its sole discretion, to
accelerate the date that any Award which was not otherwise exercisable or vested
shall become exercisable or vested in whole or in part without any obligation to
accelerate such date with respect to any other Awards granted to any recipient.
In addition, the Committee shall have the authority and discretion to establish
terms and conditions of Awards as the Committee determines to be necessary or
appropriate to conform to the applicable requirements or practices of
jurisdictions outside of the United States.

         (c) Notwithstanding Section 2(b), and subject to Section 11 herein, the
Committee may delegate to the Chief Executive Officer of the Corporation the
authority to grant Awards, and to make any or all of the determinations reserved
for the Committee in the Plan and summarized in subsection (b) with respect to
such Awards, to any individual who, at the time of said grant or other
determination (i) is not deemed to be an officer or Director of the Corporation
within the meaning of Section 16 of the Exchange Act; (ii) is not deemed to be a
Covered Employee; and (iii) is otherwise eligible under Section 5. In the event
of such delegation, references to the "Committee" in the Plan shall include the
Chief Executive Officer unless the context otherwise requires.

3.       Effective Date

         The effective date of the Plan is April 22, 1994 (the "Effective
Date"). The Plan has been amended and restated effective October 25, 1996, April
25, 1997, and July 28, 2000. Awards may be granted under the Plan on and after
the effective date, but no awards will be granted after April 21, 2004.

4.       Shares of Stock Subject to the Plan

         Subject to the terms of this Section 4, the shares of Common Stock that
may be issued pursuant to Awards shall be 6,000,000 shares of authorized but
unissued shares of the Corporation. Notwithstanding the foregoing, in the event
that the number of shares available for issuance under the Plan as of April 25,
1997, and as of the last day of each calendar year commencing in 1997 and
thereafter (the "Available Shares"), is less than 2.5% of the total number of
shares of the Common Stock outstanding as of such date (the "Replacement
Amount"), then the maximum number of shares authorized and available for
issuance under the Plan shall be increased as of such date by an appropriate
number to equal the greater of the Available Shares or the Replacement Amount.
The Corporation hereby reserves sufficient authorized shares of Common Stock to
meet the grant of Awards hereunder. Any shares subject to an Award which is
subsequently forfeited, expires or is terminated may again be the subject of an
Award granted under the Plan; provided, that if an Option or SAR shall be
accepted for surrender by the Committee pursuant to the terms of the Plan, the
shares subject thereto shall not thereafter be available for the granting of
other Options or Awards. If there is any change in the

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shares of Common Stock because of a merger, consolidation or reorganization
involving the Corporation or a related corporation, or if the Board of Directors
of the Corporation declares a stock dividend or stock split distributable in
shares of Common Stock, or if there is a similar change in the capital stock
structure of the Corporation or a related corporation affecting the Common
Stock, the number of shares of Common Stock reserved for issuance under the Plan
shall be correspondingly adjusted, and the Committee shall make such adjustments
to Awards or to any provisions of this Plan as the Committee deems equitable to
prevent dilution or enlargement of Awards.

5.       Eligibility

         An Award may be granted only to an individual who satisfies the
following eligibility requirements on the date the Award is granted:

         (a) With respect to the grant of Awards other than Director Awards, the
individual is an employee of the Corporation or a related corporation. For this
purpose, an individual shall be considered to be an "employee" only if there
exists between the individual and the Corporation or a related corporation the
legal and bona fide relationship of employer and employee. In determining
whether such a relationship exists, the regulations of the United States
Treasury Department relating to the determination of the employment relationship
for the purpose of collection of income tax on wages at the source shall be
applied.

         (b) With respect to the grant of an Award other than a Director Award,
the individual, being otherwise eligible to receive an Award under this Section
5, (i) is a key employee of the Corporation or a related corporation; and (ii)
is selected by the Committee as an individual to whom a Restricted Award shall
be granted (a "Grantee"), an individual to whom an Option shall be granted (an
"Optionee"), or an individual to whom an SAR shall be granted (an "SAR Holder").
For the purposes herein, a "key employee" shall mean an employee of the
Corporation or a related corporation who makes significant and important
contributions to the Corporation or a related corporation. The Committee shall
determine which employees qualify as key employees.

         (c) With respect to the grant of Incentive Options, the individual does
not own, immediately before the time that the Incentive Option is granted, stock
possessing more than ten percent of the total combined voting power of all
classes of stock of the Corporation. For this purpose, an individual will be
deemed to own stock which is attributable to him under Section 424(d) of the
Internal Revenue Code of 1986, as amended (the "Code").

         (d) With respect to the grant of a Director Award, the individual shall
be eligible to receive such an Award under the provisions of Section 9.

6.       Options

         (a) Grant of Options: Subject to the limitations of the Plan, the
Committee may in its sole and absolute discretion grant Options to such eligible
key employees in such numbers, upon

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such terms and at such times as the Committee shall determine. Both Incentive
Options and Nonqualified Options may be granted under the Plan. To the extent
that an Option is designated as an Incentive Option but does not qualify as such
under Section 422 of the Code, the Option (or portion thereof) shall be treated
as a Nonqualified Option.

         (b) Option Price; Date of Grant: The price per share at which an Option
may be exercised (the "Option Price") shall be not less than the fair market
value per share of the shares on the date the Option is granted. The following
rules shall also apply:

                  (i) An Incentive Option shall be considered to be granted on
         the date that the Committee acts to grant the Option, or on any later
         date specified by the Committee as the effective date of the Option. A
         Nonqualified Option shall be considered to be granted on the date the
         Committee acts to grant the Option or any other date specified by the
         Committee as the date of grant of the Option.

                  (ii) The fair market value of the shares shall be determined
         in good faith by the Committee and shall be the price per share of the
         last sale of such shares on the New York Stock Exchange as reported in
         THE WALL STREET JOURNAL for the last trading day prior to the date the
         Option is granted; or if there was no such sale on such trading day,
         the fair market value shall be determined in accordance with the
         applicable provisions of Section 20.2031-2 of the Federal Estate Tax
         Regulations, or in any other manner consistent with the Code and
         accompanying regulations.

                  (iii) In no event shall there first become exercisable by the
         Optionee in any one calendar year Incentive Options granted by the
         Corporation or any related corporation with respect to shares having an
         aggregate fair market value (determined at the time an Incentive Option
         is granted) greater than $100,000.

         (c) Option Period and Limitations on the Right to Exercise Options

                  (i) The period during which an Option may be exercised (the
         "Option Period") shall be determined by the Committee. Such period
         shall not extend more than ten years from the date on which the Option
         is granted. Any Option or portion thereof not exercised before
         expiration of the Option Period shall terminate.

                  (ii) An Option may be exercised by giving written notice to
         the Corporation at such place as the Committee shall direct. Such
         notice shall specify the number of shares to be purchased pursuant to
         an Option and the aggregate purchase price to be paid therefor, and
         shall be accompanied by the payment of such purchase price. Such
         payment shall be in the form of (A) cash; (B) delivery (by either
         actual delivery or attestation) of shares of Common Stock owned by the
         Optionee at the time of exercise for a period at least six months and
         otherwise acceptable to the Committee; (C) funds borrowed from a
         related corporation; (D) delivery of written notice of exercise to the
         Committee and delivery to a broker of written notice of exercise and
         irrevocable instructions to promptly deliver to the Corporation the
         amount of sale or loan proceeds to pay the Option Price; or

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         (E) a combination of the foregoing methods. Shares tendered in payment
         on the exercise of an Option shall be valued at their fair market value
         on the date of exercise, as determined by the Committee by applying the
         provisions of Section 6(b)(ii).

                  (iii) Unless the Committee determines otherwise, no Option
         shall be exercised unless the Optionee is, at the time of exercise, an
         employee, as described in Section 5(a), and has been an employee
         continuously since the date the Option was granted, subject to Section
         12 herein and the following:

                           (A) The employment relationship of an Optionee shall
                  be treated as continuing intact for any period that the
                  Optionee is on military or sick leave or other bona fide leave
                  of absence; provided, that the period of such leave does not
                  exceed ninety days or, if longer, as long as the Optionee's
                  right to reemployment is guaranteed either by statute or by
                  contract. The employment relationship of an Optionee shall
                  also be treated as continuing intact while the Optionee is not
                  in active service because of disability; provided, that shares
                  acquired by the Optionee pursuant to exercise of an Incentive
                  Option shall be subject to Sections 421 and 422 of the Code
                  only if and to the extent that such exercise occurs within
                  twelve months less one day following the date the Optionee's
                  employment is considered to be terminated because of such
                  disability under Section 422. The Committee shall determine
                  whether there is a disability within the meaning of this
                  section.

                           (B) Unless the Committee determines otherwise, if the
                  employment of an Optionee is terminated because of (1)
                  retirement, which shall mean termination on or after the date
                  of his retirement as provided in Section 8(b)(ii), or because
                  of early retirement under the Retirement Income Plan of
                  Wachovia Corporation, or any successor plan thereto applicable
                  to the Optionee (herein, "retirement"), (2) displacement,
                  which shall mean the termination of the Optionee's employment
                  due to the elimination of the Optionee's job or position
                  without fault on the part of the Optionee (herein,
                  "displacement"), (3) disability (as defined in Section 14(c)
                  herein), or (4) death while the Optionee is an employee or
                  after retirement, displacement or disability, any Option
                  granted to the Optionee shall, upon the occurrence of such
                  retirement, displacement, disability or death, become fully
                  exercisable even if the Option or any part thereof was not
                  otherwise exercisable at such time; provided, however, that
                  the Committee, in its sole and absolute discretion, may
                  determine that the Option or any part thereof shall not be
                  accelerated. The Committee shall have sole authority to
                  interpret this Section 6(c)(iii)(B), including authority to
                  determine if an event triggering acceleration herein has
                  occurred and the date of termination (the "termination date")
                  due to such event. With respect to Options granted on or after
                  the Effective Date of the Plan and prior to January 1, 1998,
                  and unless the Committee determines otherwise, the Option must
                  be exercised, if at all, prior to the earlier of: (1) the
                  close of the period of twelve months next succeeding the
                  termination date (or such shorter or longer period as may be
                  determined by the Committee), or (2) the close

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                  of the Option Period; provided, however, that, notwithstanding
                  the foregoing, with respect to any Option granted on or after
                  the Effective Date of the Plan and prior to April 25, 1997, in
                  the event that the employment of the Optionee is terminated
                  due to displacement, his Option must be exercised, if at all,
                  prior to the earlier of: (X) the close of the period of three
                  months less one day next succeeding the termination date, or
                  (Y) the close of the Option Period. With respect to Options
                  granted on or after January 1, 1998, and unless the Committee
                  determines otherwise, the Option must be exercised, if at all,
                  prior to the earlier of (1) the close of the period of 36
                  months next succeeding the termination date (or such shorter
                  or longer period as may be determined by the Committee), or
                  (2) the close of the Option Period. In the event of the
                  Optionee's death, such Option shall be exercisable by such
                  person or persons as shall have acquired the right to exercise
                  the Option by will or by the laws of intestate succession.

                           (C) Unless the Committee determines otherwise, if the
                  employment of the Optionee is terminated for any reason other
                  than as provided in subparagraph (B) above, his Option may be
                  exercised only to the extent exercisable on the date of such
                  termination of employment, except that the Committee, in its
                  sole and absolute discretion, may accelerate the date that any
                  Option which was not otherwise exercisable on the date of such
                  termination of employment shall be exercised in whole or in
                  part, without any obligation to accelerate such date with
                  respect to other Options granted to the Optionee or to
                  accelerate such date with respect to Options granted to any
                  other Optionee, or to treat all Optionees similarly situated
                  in the same manner. The Option must be exercised, if at all,
                  prior to the earlier of: (1) the close of the period of three
                  months less one day next succeeding the date of termination of
                  employment (or such shorter or longer period as may be
                  determined by the Committee), or (2) the close of the Option
                  Period. If the Optionee dies following such termination of
                  employment and prior to the earlier of the dates specified in
                  (1) and (2) in the immediately preceding sentence, the
                  Optionee shall be treated as having died while employed under
                  subparagraph (B) above (treating for this purpose the
                  Optionee's date of termination of employment as the
                  termination date).

                  (iv) A certificate or certificates for shares of Common Stock
         acquired upon exercise of an Option shall be issued in the name of the
         Optionee and distributed to the Optionee (or his beneficiary) as soon
         as practicable following receipt of notice of exercise and payment of
         the purchase price.

         (d) Nontransferability of Options

                  (i) Options shall not be transferable other than by will, the
         laws of intestate succession or pursuant to a qualified domestic
         relations order (as defined by the Code, or Title I of the Employee
         Retirement Income Security Act ("ERISA"), or the rules thereunder). The
         designation of a beneficiary does not constitute a transfer. An Option

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         shall be exercisable during the Optionee's lifetime only by him or by
         his guardian or legal representative.

                  (ii) If an Optionee is subject to Section 16 of the Exchange
         Act, shares of Common Stock acquired upon exercise of an Option may
         not, without the consent of the Committee, be disposed of by the
         Optionee until the expiration of six months after the date the Option
         was granted.

7.       Stock Appreciation Rights

         (a) Grant of SARs: Subject to the limitations of the Plan, the
Committee may in its sole and absolute discretion grant SARs to such eligible
key employees in such numbers, upon such terms and at such times as the
Committee shall determine. SARs may be granted to an Optionee of an Option
(hereinafter called a "related Option") with respect to all or a portion of the
shares of Common Stock subject to the related Option (a "Tandem SAR") or may be
granted separately to an eligible key employee (a "Freestanding SAR"). Subject
to the limitations of the Plan, SARs shall be exercisable in whole or in part
upon notice to the Corporation upon such terms and conditions as are provided in
the Agreement relating to the grant of the SAR.

         (b) Tandem SARs: A Tandem SAR may be granted either concurrently with
the grant of the related Option or (if the related Option is a Nonqualified
Option) at any time thereafter prior to the complete exercise, termination,
expiration or cancellation of such related Option. Tandem SARs shall be
exercisable only at the time and to the extent that the related Option is
exercisable (and may be subject to such additional limitations on exercisability
as the Committee may provide in the Agreement), and in no event after the
complete termination or full exercise of the related Option. For purposes of
determining the number of shares of Common Stock that remain subject to such
related Option and for purposes of determining the number of shares of Common
Stock in respect of which other Awards may be granted, upon the exercise of
Tandem SARs, the related Option shall be considered to have been surrendered to
the extent of the number of shares of Common Stock with respect to which such
Tandem SARs are exercised. Upon the exercise or termination of the related
Option, the Tandem SARs with respect thereto shall be canceled automatically to
the extent of the number of shares of Common Stock with respect to which the
related Option was so exercised or terminated. Subject to the limitations of the
Plan, upon the exercise of a Tandem SAR, the SAR Holder shall be entitled to
receive from the Corporation, for each share of Common Stock with respect to
which the Tandem SAR is being exercised, consideration equal in value to the
excess of the fair market value of a share of Common Stock (as determined in
accordance with Section 6(b)(ii) herein) on the date of exercise over the
related Option Price per share; provided, that the Committee may, in any
Agreement granting Tandem SARs, establish a maximum value payable for such SARs.

         (c) Freestanding SARs: The base price of a Freestanding SAR shall be
not less than 100% of the fair market value of the Common Stock (as determined
in accordance with Section 6(b)(ii) herein) on the date of grant of the
Freestanding SAR. Subject to the limitations of the Plan, upon the exercise of a
Freestanding SAR, the SAR Holder shall be entitled to receive from the
Corporation, for each share of Common Stock with respect to which the
Freestanding SAR is

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being exercised, consideration equal in value to the excess of the fair market
value of a share of Common Stock on the date of exercise over the base price per
share of such Freestanding SAR; provided, that the Committee may, in any
Agreement granting Freestanding SARs, establish a maximum value payable for such
SARs.

         (d) Exercise of SARs:

                  (i) Subject to the terms of the Plan, SARs shall be
         exercisable in whole or in part upon such terms and conditions as are
         provided in the Agreement relating to the grant of the SAR. The period
         during which an SAR may be exercisable shall not exceed ten years from
         the date of grant or, in the case of Tandem SARs, such shorter Option
         Period as may apply to the related Option. Any SAR or portion thereof
         not exercised before expiration of the period stated in the Agreement
         relating to the grant of the SAR shall terminate.

                  (ii) SARs may be exercised by giving written notice to the
         Corporation at such place as the Committee shall direct. The date of
         exercise of the SAR shall mean the date on which the Corporation shall
         have received notice from the SAR Holder of the exercise of such SAR.

                  (iii) No SAR may be exercised unless the SAR Holder is, at the
         time of exercise, an employee, as described in Section 5(a), and has
         been an employee continuously since the date the SAR was granted,
         subject to Section 12 and the provisions of Section 6(c)(iii) herein.

         (e) Consideration; Election: The consideration to be received upon the
exercise of the SAR by the SAR Holder shall be paid in cash, shares of Common
Stock (valued at fair market value on the date of exercise of such SAR in
accordance with Section 6(b)(ii) herein) or a combination of cash and shares of
Common Stock, as elected by the SAR Holder, subject to the discretion of the
Committee and the terms of the applicable Agreement. The Corporation's
obligation arising upon the exercise of the SAR may be paid currently or on a
deferred basis with such interest or earnings equivalent as the Committee may
determine. A certificate or certificates for shares of Common Stock acquired
upon exercise of an SAR for shares shall be issued in the name of the SAR Holder
and distributed to the SAR Holder (or his beneficiary) as soon as practicable
following receipt of notice of exercise. No fractional shares of Common Stock
will be issuable upon exercise of the SAR and, unless otherwise provided in the
applicable Agreement, the SAR Holder will receive cash in lieu of fractional
shares.

         (f) Limitations: The applicable Agreement shall contain such terms,
conditions and limitations consistent with the Plan as may be specified by the
Committee. Unless otherwise so provided in the applicable Agreement or the Plan,
any such terms, conditions or limitations relating to a Tandem SAR shall not
restrict the exercisability of the related Option.

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         (g) Nontransferability:

                  (i) SARs shall not be transferable other than by will, the
         laws of intestate succession or pursuant to a qualified domestic
         relations order (as defined by the Code, or Title I of ERISA or the
         rules thereunder). The designation of a beneficiary does not constitute
         a transfer. SARs may be exercised during the SAR Holder's lifetime only
         by him or by his guardian or legal representative.

                  (ii) If the SAR Holder is subject to Section 16 of the
         Exchange Act, shares of Common Stock acquired upon exercise of an SAR
         may not, without the consent of the Committee, be disposed of by the
         SAR Holder until the expiration of six months after the date the SAR
         was granted.

8.       Restricted Awards

         (a) Grant of Restricted Awards: Subject to the limitations of the Plan,
the Committee may in its sole and absolute discretion grant Restricted Awards to
such eligible key employees in such numbers, upon such terms and at such times
as the Committee shall determine. A Restricted Award may consist of a Restricted
Stock Award or a Restricted Unit, or both. Restricted Awards shall be payable in
cash or whole shares of Common Stock (including Restricted Stock), or partly in
cash and partly in whole shares of Common Stock, in accordance with the terms of
the Plan and the sole and absolute discretion of the Committee. Restricted
Awards payable in shares of Common Stock shall be granted only from shares
reserved and then available for the granting of Awards under the Plan. The
Committee may condition the grant or vesting, or both, of a Restricted Award
upon the continued service of the Grantee for a certain period of time,
attainment of such performance objectives as the Committee may determine, or
upon a combination of continued service and performance objectives. The
Committee shall determine the nature, length and starting date of the period
during which the Restricted Award may be earned (the "Restriction Period") for
each Restricted Award, which shall be as stated in the Agreement to which the
Award relates. In the case of Restricted Awards based upon performance criteria,
or a combination of performance criteria and continued service, the Committee
shall determine the performance objectives to be used in valuing Restricted
Awards and determine the extent to which such Awards have been earned.
Performance objectives may vary from participant to participant and between
groups of participants and shall be based upon such Corporation, business unit
and/or individual performance factors and criteria as the Committee in its sole
discretion may deem appropriate, including, but not limited to, earnings per
share, return on equity, return on assets or total return to shareholders. The
Committee shall determine the terms and conditions of each Restricted Award,
including the form and terms of payment of Awards. The Committee shall have sole
authority to determine whether and to what degree Restricted Awards have been
earned and are payable and to interpret the terms and conditions of Restricted
Awards and the provisions herein.

         (b) Earning of Restricted Awards: A Restricted Award granted to a
Grantee generally shall be deemed to be earned as of the first to occur of the
completion of the Restriction Period, retirement, displacement, death or
disability of the Grantee, or acceleration of the Restricted

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Award; provided that, (i) with respect to Restricted Awards granted on or after
July 28, 2000, the Committee may impose different conditions regarding the
earning and vesting of such Awards, as stated in the applicable Agreement
related to any such Award, and (ii) with respect to any Restricted Awards
granted on or after the Effective Date of the Plan which are based upon
performance criteria or a combination of performance criteria and continued
service, the Committee shall have sole discretion to determine if, and to what
degree, the Restricted Awards shall be deemed earned at the end of the
Restriction Period or upon the retirement, displacement, death or disability of
the Grantee. In addition, unless an individual Agreement provides otherwise, the
following rules shall also apply to the earning of Restricted Awards:

                  (i) Completion of Restriction Period: For this purpose, a
         Restricted Award shall be deemed to be earned upon completion of the
         Restriction Period (except as otherwise provided herein for
         performance-based Restricted Awards). In order for a Restricted Award
         to be deemed earned, the Grantee must have been continuously employed
         during the Restriction Period. "Continuous employment" shall mean
         employment with any combination of the Corporation and one or more
         related corporations, and a temporary leave of absence with consent of
         the Corporation shall not be deemed to be a break in continuous
         employment.

                  (ii) Retirement of the Grantee: For this purpose, the Grantee
         shall be deemed to have retired as of the earlier of (A) his normal
         retirement date under the Retirement Income Plan of Wachovia
         Corporation, or any successor plan thereto applicable to the Grantee,
         or (B) his retirement date under a contract, if any, between the
         Grantee and the Corporation providing for his retirement from the
         employment of the Corporation or a related corporation prior to such
         normal retirement date, or (C) a mutually agreed upon early retirement
         date under the Retirement Income Plan of Wachovia Corporation or any
         successor plan between the Grantee and the Corporation.

                  (iii) Displacement of the Grantee: For this purpose, the
         Grantee shall be deemed to have been displaced in the event of the
         termination of the Grantee's employment due to the elimination of the
         Grantee's job or position without fault on the part of the Grantee.

                  (iv) Death or Disability of the Grantee: Except as otherwise
         provided herein for performance-based Restricted Awards, if the Grantee
         shall terminate continuous employment because of death or disability
         before a Restricted Award is otherwise deemed to be earned pursuant to
         this Section 8(b), the Grantee shall be deemed to have earned a
         percentage of the Award (rounded to the nearest whole share in the case
         of Restricted Awards payable in shares) determined by dividing the
         number of his full years of continuous employment then completed during
         the Restriction Period with respect to the Award by the number of years
         of such Restriction Period.

                  (v) Acceleration of Restricted Award by the Committee:
         Notwithstanding the provisions of this Section 8(b), in the event of
         the termination of employment of a Grantee for reasons other than
         retirement, displacement, death or disability, the Committee, in its
         sole and absolute discretion, may accelerate the date that any
         Restricted

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         Award granted to the Grantee shall be deemed to be earned in
         whole or in part, without any obligation to accelerate such date with
         respect to other Restricted Awards granted to the Grantee or to
         accelerate such date with respect to Restricted Awards granted to any
         other Grantee, or to treat all Grantees similarly situated in the same
         manner.

         (c) Forfeiture of Restricted Awards: Unless the Committee shall
determine otherwise, if the employment of a Grantee shall be terminated for any
reason, and the Grantee has not earned all or part of a Restricted Award
pursuant to the terms herein, such Award to the extent not then earned shall be
forfeited immediately upon such termination and the Grantee shall have no
further rights with respect thereto.

         (d) Dividend and Voting Rights; Share Certificates: A Grantee shall
have no dividend rights or voting rights with respect to shares reserved in his
name pursuant to a Restricted Award payable in shares but not yet earned
pursuant to Section 8(b). A certificate or certificates for shares of Common
Stock representing a Restricted Award payable in shares shall be issued in the
name of the Grantee and distributed to the Grantee (or his beneficiary) as soon
as practicable following the date that the shares subject to the Award are
earned as provided in Section 8(b). No certificate shall be issued hereunder in
the name of the Grantee except to the extent the shares represented thereby have
been earned.

         (e) Nontransferability:

                  (i) The recipient of a Restricted Award payable in shares
         shall not sell, transfer, assign, pledge or otherwise encumber shares
         subject to the Award until the Restriction Period has expired or until
         all conditions to vesting have been met.

                  (ii) Restricted Units shall not be transferable other than by
         will, the laws of intestate succession or pursuant to a qualified
         domestic relations order (as defined by the Code, or Title I of ERISA
         or the rules thereunder). The designation of a beneficiary does not
         constitute a transfer.

                  (iii) If a Grantee of a Restricted Award is subject to Section
         16 of the Exchange Act, shares of Common Stock subject to such Award
         may not, without the consent of the Committee, be sold or otherwise
         disposed of within six months following the date of grant of such
         Award.

9.       Director Awards

         (a) Initial Award: Each nonemployee Director who is newly-elected or
appointed to the Board of Directors on or after the Effective Date of the Plan
shall receive a Director Award of 1,000 shares of Restricted Stock (an "Initial
Director Award"). An Initial Director Award shall be deemed granted following
the close of business of the Corporation on the date of the annual or special
meeting of shareholders at which the Director was initially elected or the date
of the Board of Directors meeting at which the Director was initially appointed.
Such Initial Director Award shall be restricted for a period of three years and
shall be deemed earned and shall vest on

                                       11
<PAGE>

the third anniversary of the date of grant. Except as provided in Section 9(e)
herein, a Director who is not a member of the Board of Directors on the date an
Initial Director Award vests shall forfeit the Award.

         (b) Annual Award: Commencing with the 1994 Annual Meeting of
Shareholders and for each Annual Meeting thereafter, each nonemployee Director
who has been a Director for at least a year shall receive an annual grant of 250
shares of Restricted Stock (an "Annual Director Award") following the close of
business of the Corporation on the date of the Annual Meeting of Shareholders.
An Annual Director Award shall be restricted for a period of one year and shall
be deemed earned and shall vest one year after the date of grant; provided, that
a Director who is not a member of the Board of Directors at the time an Annual
Director Award vests shall forfeit the Award (except as otherwise provided in
Section 9(e) herein).

         (c) Dividends and Voting Rights: Directors shall have no dividend or
voting rights with respect to shares subject to Director Awards until such
Awards have vested.

         (d) Share Certificates: A certificate or certificates for shares of
Common Stock representing a Director Award shall be issued in the name of the
Director (or his beneficiary) and distributed to the Director (or his
beneficiary) as soon as practicable following the date that the shares subject
to the Director Award are vested as provided herein. No certificate shall be
issued hereunder in the name of the Director except to the extent that the
shares represented thereby have been vested. At the time the Director Award or a
portion thereof is vested, the Director shall have full and immediate rights to
the shares represented by such certificates (except to the extent of
restrictions imposed by law).

         (e) Death, Disability or Retirement of Director: If the service of a
Director as a member of the Board is terminated due to death, disability or
retirement (in accordance with the policies of the Corporation then in effect
for retirement of Directors), and the Director has not yet earned a Director
Award as provided in Section 9(a) or (b), such Director Award shall be deemed to
be fully vested as of the date of such termination.

         (f) Forfeiture: If the service of a Director as a member of the Board
is terminated for any other reason, and the Director has not earned a Director
Award as provided herein, such Director Award shall be forfeited immediately
upon such termination and the Director shall have no further rights with respect
to such Director Award.

         (g) Nontransferability:

                  (i) A recipient of a Director Award shall not sell, transfer,
         assign, pledge or otherwise encumber shares subject to a Director Award
         until all conditions, if any, subsequent to vesting have been met.

                  (ii) Shares subject to a Director Award may not, without the
         consent of the Committee, be sold or otherwise disposed of within six
         months following the date of grant of such Award.

                                       12
<PAGE>

         (h) Nonemployee Directors: For the purposes herein (and notwithstanding
the reference in Section 2(a) to nonemployee directors for administrative
purposes), a "nonemployee Director" shall mean a Director who is not an employee
of the Corporation or a related corporation at the time of the grant of a
Director Award and has never served as a senior officer of the Corporation or a
related corporation.

10.      Withholding

         The Corporation shall withhold all required local, state and federal
taxes from any amount payable in cash with respect to an Award. The Corporation
shall require any recipient of an Award payable in shares of the Common Stock to
pay to the Corporation in cash the amount of any tax or other amount required by
any governmental authority to be withheld and paid over by the Corporation to
such authority for the account of such recipient. Notwithstanding the foregoing,
the recipient may satisfy such obligation in whole or in part, and any other
local, state or federal income tax obligations relating to such an Award, by
electing (the "Election") to have the Corporation withhold shares of Common
Stock from the shares to which the recipient is entitled. The number of shares
to be withheld shall have a fair market value (determined in accordance with
Section 6(b)(ii)) as of the date that the amount of tax to be withheld is
determined (the "Tax Date") as nearly equal as possible to (but not exceeding)
the amount of such obligations being satisfied. Each Election must be made in
writing to the Committee prior to the Tax Date.

11.      Performance-Based Compensation

         The following provisions shall apply with respect to Section 162(m) of
the Code and the regulations thereunder:

         (a) Compliance with Code Section 162(m): It is the general intent of
the Corporation that Awards conferred under the Plan to Covered Employees, as
such term is defined in Section 14(b) herein, shall comply with the qualified
performance-based compensation exception to employer compensation deductions set
forth in Section 162(m) of the Code, and the Plan generally shall be construed
in favor of meeting the requirements of Section 162(m) of the Code and the
regulations thereunder to the extent possible.

         (b) Committee Authority and Composition: The Committee shall be
authorized to establish performance goals for participants, certify satisfaction
of performance goals and other material terms for participants, and to take such
other action as may be necessary in order to qualify for the performance-based
compensation exception. The Committee shall be comprised of two or more outside
directors (as such term is defined in Section 162(m) of the Code and the
regulations thereunder). Notwithstanding the foregoing, the committee authorized
to take such actions may be comprised of a subcommittee of the Committee or
other directors who qualify as outside directors (as such term is defined in
Section 162(m) of the Code and the regulations thereunder), and the actions
taken by such subcommittee or other group of outside directors shall

                                       13
<PAGE>

be effective as the action of the Committee to the extent permitted by the Plan,
Rule 16b-3 under the Exchange Act, and Section 162(m) of the Code and the
regulations thereunder.

         (c) Limitations on Awards:

                  (i) In no event shall an employee be granted Awards under the
         Plan for more than 300,000 shares of Common Stock (or the equivalent
         value thereof based on the fair market value of the Common Stock on the
         date of grant of the Award) during any calendar year; provided,
         however, that such limitation shall be subject to adjustment as
         provided in Section 4 herein.

                  (ii) The Committee shall not have discretion to increase the
         amount of performance-based compensation payable to a participant in
         the Plan over the amount determined in accordance with the terms of the
         Plan. The Committee shall in any event have the discretion to reduce or
         eliminate the amount of an Award that would otherwise be payable to any
         participant in accordance with the terms of the Plan.

         (d) Change in Performance Goals: The material terms of the performance
goal or goals pursuant to which Awards are to be made shall be disclosed to, and
subject to the approval of, the shareholders of the Corporation. Material terms
of a performance goal or goals, the targets of which may be changed by the
Committee, shall be disclosed to and subject to the reapproval of the
shareholders of the Corporation upon a change of the material terms of the
performance goal or goals by the Committee or as may be otherwise required by
Section 162(m) of the Code or the regulations thereunder.

12.      No Right or Obligation of Continued Employment

         Nothing contained in the Plan shall require the Corporation or a
related corporation to continue to employ a Grantee, Optionee or SAR Holder or
to continue an individual as a member of the Board of Directors of the
Corporation, nor shall any such individual be required to remain in the
employment of the Corporation or a related corporation or on the Board of
Directors of the Corporation. Except as otherwise provided in the Plan, Awards
granted under the Plan to employees of the Corporation shall not be affected by
any change in the duties or position of the participant, as long as such
individual remains an employee of the Corporation or a related corporation.

13.      Retirement Plans

         (a) Neither a Plan participant nor any other person shall, by reason of
the Plan, acquire any right in or title to any assets, funds or property of the
Corporation or any related entity, including, without limitation, any specific
funds, assets or other property which the Corporation or any related entity, in
their discretion, may set aside in anticipation of a liability under the Plan. A
participant shall have only a contractual right to the Common Stock or amounts,
if any, payable under the Plan, unsecured by any assets of the Corporation or
any related entity.

                                       14
<PAGE>

Nothing contained in the Plan shall constitute a guarantee that the assets of
such corporations shall be sufficient to pay any benefits to any person.

         (b) In no event shall any amounts accrued, distributable or payable
under the Plan be treated as compensation for the purpose of determining the
amount of contributions or benefits to which any person shall be entitled under
any retirement plan sponsored by the Corporation or a related corporation that
is intended to be a qualified plan within the meaning of Section 401(a) of the
Code.

14.      Certain Definitions

         For purposes of the Plan, the following terms shall have the meaning
indicated:

         (a) "Agreement" means any written agreement or agreements between the
Corporation and the recipient of an Award pursuant to the Plan relating to the
terms, conditions and restrictions of Options, SARs, Restricted Awards, Director
Awards and any other Awards conferred herein.

         (b) "Covered employee" shall have the meaning given the term in Section
162(m) of the Code or the regulations thereunder.

         (c) "Disability" shall mean the inability to engage in any substantial
gainful activity by reason of any medically determinable physical or mental
impairment which can be expected to result in death, or which has lasted or can
be expected to last for a continuous period of not less than twelve months.

         (d) "Parent" or "parent corporation" shall mean any corporation (other
than the Corporation) in an unbroken chain of corporations ending with the
Corporation if each corporation other than the Corporation owns stock possessing
50% or more of the total combined voting power of all classes of stock in
another corporation in the chain.

         (e) "Predecessor" or "predecessor corporation" means a corporation
which was a party to a transaction described in Section 424(a) of the Code (or
which would be so described if a substitution or assumption under that Section
had occurred) with the Corporation, or a corporation which is a parent or
subsidiary of the Corporation, or a predecessor of any such corporation.

         (f) "Related corporation" means any parent, subsidiary or predecessor
of the Corporation.

         (g) "Restricted Stock" shall mean shares of Common Stock which are
subject to Director Awards or Restricted Awards payable in shares, the vesting
of which is subject to restrictions set forth in the Plan or the Agreement
relating to such Award.

         (h) "Subsidiary" or "subsidiary corporation" means any corporation
(other than the Corporation) in an unbroken chain of corporations beginning with
the Corporation if each

                                       15
<PAGE>

corporation other than the last corporation in the unbroken chain owns stock
possessing 50% or more of the total combined voting power of all classes of
stock in another corporation in the chain.

15.      Amendment and Termination of the Plan

         The Plan and any Award may be amended or terminated at any time by the
Board of Directors of the Corporation; provided, that such amendment or
termination shall not, without the consent of the recipient of an Award,
adversely affect the rights of the recipient with respect to an Award previously
granted; and provided further, that approval by the shareholders of the
Corporation shall be required for any amendment to the Plan which would (i)
increase the number of shares of Common Stock which may be issued under the
Plan, except to the extent of adjustments pursuant to Section 4; (ii) permit the
granting of Awards to any member of the Committee (except for nondiscretionary
Director Awards granted hereunder); or (iii) materially change the requirements
for eligibility to be a recipient of an Award.

16.      Restrictions on Awards and Shares

         The Committee may impose such restrictions on any Awards and any shares
representing Awards hereunder as it may deem advisable, including without
limitation restrictions under the Securities Act of 1933, as amended (the
"Securities Act"), under the requirements of the New York Stock Exchange and
under any Blue Sky or state securities laws applicable to such shares.
Notwithstanding any other Plan provision to the contrary, the Corporation shall
not be obligated to issue, deliver or transfer shares of Common Stock under the
Plan, make any other distribution of benefits under the Plan, or take any other
action, unless such delivery, distribution or action is in compliance with all
applicable laws, rules and regulations (including but not limited to the
requirements of the Securities Act). The Committee may cause a restrictive
legend to be placed on any certificate issued pursuant to an Award hereunder in
such form as may be prescribed from time to time by applicable laws and
regulations or as may be advised by legal counsel.

17.      Applicable Law

         The Plan shall be governed by and construed in accordance with the laws
of the State of North Carolina, without regarding to the conflict of laws
provisions of any other state.

18.      Shareholder Approval
         The Plan, as initially adopted, is subject to approval by the
shareholders of the Corporation on or before April 22, 1994. The Plan, as
amended and restated effective April 25, 1997, is subject to approval by the
shareholders of the Corporation at the 1997 Annual Meeting of Shareholders.
Awards granted prior to such shareholder approval shall be conditioned upon and
shall be effective only upon approval of the Plan by such shareholders on or
before such date.

                                       16
<PAGE>

19.      Predecessor Plan

         As of the Effective Date of the Plan, no further options or awards
shall be granted under the Wachovia Corporation Senior Management and Director
Stock Plan, as amended (the "Predecessor Plan"). The Predecessor Plan shall
continue in effect and shall be applicable with respect to all options and
awards issued or granted prior to the Effective Date under the Predecessor Plan.

20.      Section 16(b) Compliance

         It is the intention of the Corporation that the Plan shall comply with
Rule 16b-3 under the Exchange Act, and, if any Plan provision is later found not
to be in compliance with Section 16 of the Exchange Act, the provision shall be
deemed null and void, and unless the Committee shall determine otherwise, the
Plan shall be construed in favor of it meeting the requirements of Rule 16b-3.
Notwithstanding anything in the Plan to the contrary, the Committee, in its sole
and absolute discretion, may bifurcate the Plan so as to restrict, limit or
condition the use of any provision of the Plan to participants who are officers
or Directors subject to Section 16 of the Exchange Act without so restricting,
limiting or conditioning the Plan with respect to other participants.

21.      Change of Control

         (a) Notwithstanding any other provision of the Plan to the contrary, in
the event of a Change of Control (as defined in Section 21(b) herein):

                  (i) All Options and SARs outstanding as of the date of such
         Change of Control shall become fully exercisable, whether or not then
         otherwise exercisable.

                  (ii) Any restrictions including but not limited to the
         Restriction Period applicable to any Restricted Award shall be deemed
         to have expired, and such Restricted Awards shall become fully vested
         and payable to the fullest extent of the original grant of the
         applicable Award.

                  (iii) The restrictions, if any, applicable to any Director
         Award shall be deemed to have expired, and such Director Awards shall
         be deemed earned immediately.

                  (iv) Notwithstanding the foregoing, in the event of a merger,
         share exchange, reorganization or other business combination affecting
         the Corporation or a related corporation, the Committee may, in its
         sole and absolute discretion, determine that any or all Awards granted
         pursuant to the Plan shall not vest or become exercisable on an
         accelerated basis, if the Board of Directors or the surviving or
         acquiring corporation, as the case may be, shall have taken such
         action, including but not limited to the assumption of Awards granted
         under the Plan or the grant of substitute awards (in either case, with
         substantially similar terms as Awards granted under the Plan), as in
         the opinion of the Committee is equitable or appropriate to protect the
         rights and interests of participants

                                       17
<PAGE>

         under the Plan. For the purposes herein, the Committee authorized to
         make the determinations provided for in this Section 21(a) (iv) shall
         be appointed by the Board of Directors, two-thirds of the members of
         which shall have been Directors of the Corporation prior to the merger,
         share exchange, reorganization or other business combinations affecting
         the Corporation or a related corporation.

         (b) For the purposes herein, as "Change of Control" shall be deemed to
have occurred on the earliest of the following dates:

                  (i) The date any entity or person shall have become the
         beneficial owner of, or shall have obtained voting control over, 30% or
         more of the outstanding Common Stock of the Corporation;

                  (ii) The date the shareholders of the Corporation approve a
         definitive agreement (A) to merge or consolidate the Corporation with
         or into another corporation, in which the Corporation is not the
         continuing or surviving corporation or pursuant to which any shares of
         Common Stock of the Corporation would be converted into cash,
         securities or other property of another corporation, other than a
         merger of the Corporation in which holders of Common Stock immediately
         prior to the merger have the same proportionate ownership of Common
         Stock of the surviving corporation immediately after the merger as
         immediately before, or (B) to sell or otherwise dispose of
         substantially all the assets of the Corporation; or

                  (iii) The date there shall have been a change in a majority of
         the Board of Directors of the Corporation within a 12-month period
         unless the nomination for election by the Corporation's shareholders of
         each new director was approved by the vote of two-thirds of the
         directors then still in office who were in office at the beginning of
         the 12-month period.

         (For the purposes herein, the term "person" shall mean any individual,
         corporation, partnership, group, association or other person, as such
         term is defined in Section 13(d)(3) or Section 14(d)(2) of the Exchange
         Act, other than the Corporation, a subsidiary of the Corporation or any
         employee benefit plan(s) sponsored or maintained by the Corporation or
         any subsidiary thereof, and the term "beneficial owner" shall have the
         meaning given the term in Rule 13d-3 under the Exchange Act.)

                                       18EXHIBIT 10.35
                                  SPLIT DOLLAR
                            LIFE INSURANCE AGREEMENT

         THIS SPLIT DOLLAR LIFE INSURANCE AGREEMENT (the "Agreement") is made
and entered into as of the _________________ day of ___________________, 2000,
by and between WACHOVIA CORPORATION (the "Corporation"), and
__________________________(the "Owner").

                              Statement of Purpose

         LESLIE M. BAKER, JR. (the "Executive") is employed by the Corporation
as Chairman and Chief Executive Officer. The Corporation, Owner and Executive
desire to insure the lives of Executive and Executive's spouse, SUZANNE B. BAKER
(the "Executive's Spouse"), for the benefit and protection of both the
Corporation and the Executive's family under a Variable Survivorship Life
Insurance Policy (the "Policy") to be issued by John Hancock Variable Life
Insurance Company (the "Insurer"). The Corporation, as the employer of
Executive, is willing to pay a portion of the premiums due on the Policy as an
additional employment benefit for Executive on the terms and conditions
hereinafter set forth. The Corporation desires to have the Policy collaterally
assigned to it by the Owner in order to secure repayment of the amount due to
the Corporation under this Agreement.

         NOW, THEREFORE, in consideration of the Statement of Purpose aforesaid
and of the mutual promises contained herein, the parties hereto agree as
follows:

         1.  Definitions.  Whenever used in this  Agreement,  the following
terms shall have the meanings set forth below:

         (a) "Beneficial Owner" shall have the meaning ascribed to such term in
Rule 13d-3 of the general rules and regulations under the Exchange Act.

         (b) "Board of Directors" means the Board of Directors of the
Corporation.

         (c) "Director" means any individual who is a member of the Board of
Directors of the Corporation.

         (d) "Exchange Act" means the Securities Exchange Act of 1934, as
amended from time to time or any successor act thereto.

         (e) "Person" means any individual, corporation, partnership, group,
association or other person, as such term is defined in Section 13(d)(3) or
Section 14(d)(2) of the Exchange Act, other than the Corporation, a subsidiary
of the Corporation or any employee benefit plan(s) sponsored or maintained by
the Corporation or any subsidiary thereof.

         (f) "Change in Control" of the Corporation means, and shall be deemed
to have occurred on the earliest of the following dates:

<PAGE>

                  (i) The date any entity or Person shall have become the
Beneficial Owner of, or shall have obtained voting control over, thirty percent
(30%) or more of the outstanding common stock of the Corporation;

                  (ii) The date the shareholders of the Corporation approve a
definitive agreement (A) to merge or consolidate the Corporation with or into
another corporation, in which the Corporation is not the continuing or surviving
corporation or pursuant to which common stock of the Corporation would be
converted into cash, securities or other property of another corporation, other
than a merger of the Corporation in which holders of common stock immediately
prior to the merger have the same proportionate ownership of common stock of the
surviving corporation immediately after the merger as immediately before, or (B)
to sell or otherwise dispose of substantially all the assets of the Corporation;
or

                  (iii) The date there shall have been a change in a majority of
the Board of Directors of the Corporation within a twelve month period unless
the nomination for election by the Corporation's shareholders of each new
Director was approved by the vote of two-thirds of the Directors then still in
office who were in office at the beginning of the twelve month period.

         (g) "Disability" means "disability" as such term is defined from time
to time under any long-term disability plan of the Corporation covering the
Executive.

         2. Purchase of the Policy. The Owner has made application for and has
purchased a Variable Survivorship Life Insurance Policy issued by John Hancock
Variable Life Insurance Company in the initial face amount of Ten Million
Dollars ($10,000,000) insuring the lives of Executive and Executive's Spouse, a
copy of which shall be attached hereto as Exhibit 1 as soon as practicable after
issuance by the Insurer. A complete hypothetical illustration of the Policy
assuming a nine percent (9%) gross rate of return over the life of the contract
is attached hereto as Exhibit 2.

         The parties hereto have taken all necessary action to cause Insurer to
issue the Policy and shall take any further action which may be necessary to
cause the Policy to conform to the provisions of this Agreement. The parties
hereto further agree that the Policy shall be subject to the terms and
conditions of this Agreement and the Collateral Assignment referred to in
Paragraph 5 below.

         3. Ownership of the Policy. Subject to the provisions of this Agreement
and the Collateral Assignment, the Owner shall be the sole and absolute owner of
the Policy and may and shall exercise all ownership rights granted to the owner
thereof by the terms of the Policy. It is the intention of the parties that the
Owner shall retain all rights which the Policy grants to the owner of the
Policy, except the right of the Corporation to recover the amount due to the
Corporation under this Agreement. Specifically, without limitation, the
Corporation shall neither have nor exercise any right as the collateral assignee
of the Policy which could in any way defeat or impair the Owner's right to
receive the cash surrender value or the death proceeds of the Policy in excess
of the Corporation's Interest (as hereinafter defined). All provisions of this
Agreement and the Collateral Assignment shall be construed so as to carry out
such intention.

         4. Payment of Premiums. As a convenience to the parties and except as
provided below, the Corporation shall pay all premiums under the Policy to the
Insurer as and when such

                                       2

<PAGE>

premiums become due. Within thirty (30) days of the first such premium payment
by the Corporation, the Owner shall pay to the Corporation an amount equal to
Eight Thousand Six Hundred and Seventy Two Dollars ($8,672). Within thirty (30)
days of each anniversary of the effective date of the Policy (the "Effective
Date") thereafter for fifteen (15) years from the Effective Date (the "Premium
Payment Period"), the Owner shall pay to the Corporation the economic value of
the death benefit under the Policy as determined by the Insurer from time to
time while the Policy remains in effect calculated in accordance with applicable
U.S. Treasury Department rules and regulations. Within thirty (30) days of each
anniversary of the Effective Date after the Premium Payment Period, the Owner
shall pay the entire premium payment, if any. A schedule of the premiums to be
paid by the Owner based on the Insurer's current projections is set forth on
Exhibit 2.

         Should actual investment returns vary from those assumed in Exhibit 2,
the Corporation's share of the premiums shall continue to be equal to the
amounts set forth on Exhibit 2 as if no such variation occurred. Any increase or
decrease in the premiums required to provide the total death benefits described
on Exhibit 2 resulting from a variation in investment returns shall affect only
the Owner's share of the premiums, and to the extent the amount paid by the
Owner pursuant to the preceding paragraph is insufficient, the Owner shall pay
to the Corporation any such amount required to make the premium payment in full.

         Upon request by the Owner, the Corporation shall promptly furnish
evidence of timely payment to the Owner. The Corporation shall annually furnish
to the Owner a statement of the amount of income reportable by the Executive for
federal and state income tax purposes, if any, as determined in accordance with
applicable Internal Revenue Service rules and regulations, as a result of the
Corporation's payment of a portion of the premiums hereunder.

         5. Collateral Assignment. The total amount of the Corporation's share
of the Policy premium payments paid by the Corporation pursuant to this
Agreement, less any amounts previously paid to the Corporation by the Owner not
used to pay premiums on the Policy pursuant to this Agreement, shall constitute
the total indebtedness of the Owner to the Corporation (the "Corporation's
Interest"). As security for and to secure the repayment of the Corporation's
Interest, as it may exist from time to time pursuant to the terms of this
Agreement, the Owner has, contemporaneously herewith, executed and delivered to
the Corporation a collateral assignment of the Policy substantially in the form
as set forth in Exhibit 3 attached hereto (the "Collateral Assignment").
Repayment of the Corporation's Interest shall be made (i) from the cash
surrender value of the Policy if this Agreement is terminated, or the Owner
surrenders or cancels the Policy prior to the death of the survivor of Executive
and Executive's Spouse, or (ii) from the death proceeds of the Policy if
Executive and Executive's Spouse should die while the Policy and this Agreement
remain in effect. The Collateral Assignment shall not be terminated, altered or
amended by the Owner without the express written consent of the Corporation. The
parties hereto agree to take all action necessary to cause the Collateral
Assignment to conform to the provisions of this Agreement.

         6. Exercise of Owner's Rights While Collateral Assignment is in Effect.
Under the terms of the Policy, the Owner has the right to make certain asset
allocation decisions among various investment funds. While the Collateral
Assignment is in effect, any such asset allocation decisions by the Owner shall
be subject to the review and prior written approval of the Corporation.
Notwithstanding the foregoing, the Owner shall have the sole right to surrender
or

                                       3
<PAGE>

cancel the Policy for its cash surrender value; provided, however, upon such
surrender or cancellation of the Policy, the Corporation shall have the
unqualified right to receive a portion of the cash surrender value from the
Insurer equal to the Corporation's Interest.

         7. Compliance with Internal Revenue Code. Notwithstanding anything in
this Agreement to the contrary, the parties intend for the Policy to be
classified as a "life insurance contract" as defined in Section 7702(a) of the
Internal Revenue Code (the "Code") and not as a "modified endowment contract" as
defined in Section 7702A(a) of the Code. If at any time during the term of this
Agreement either the Corporation or the Owner determines that, based on the
schedule of anticipated premium payments and withdrawals set forth in Exhibit 2,
the Policy would not constitute a "life insurance contract" under Section
7702(a) of the Code or would constitute a "modified endowment contract" under
Section 7702A(a) of the Code, the parties agree to restructure the premium
payments and withdrawals to cause the Policy at all times to constitute a "life
insurance contract" under Section 7702(a) of the Code and not a "modified
endowment contract" under Section 7702A(a) of the Code.

         8. Death of Executive and Executive's Spouse. If this Agreement is
still in effect upon the death of the survivor of Executive and Executive's
Spouse, the Corporation and the Owner promptly shall take all action necessary
to obtain the death benefits provided under the Policy. The Owner agrees that
the Corporation shall have the unqualified right to receive a portion of such
death benefits from the Insurer equal to the Corporation's Interest and that no
beneficiary under the Policy shall have the right to receive any portion of the
Policy proceeds prior to the repayment of the full amount of the Corporation's
Interest. The balance of the death benefits provided under the Policy, if any,
shall be paid directly to the beneficiary or beneficiaries designated by the
Owner in the manner and in the amount or amounts provided in the beneficiary
designation provision of the Policy. In no event shall the amount payable to the
Corporation hereunder exceed the Policy death benefits. The parties hereto agree
that the beneficiary designation provision of the Policy shall conform to the
provisions hereof.

         9. Termination of the Agreement. This Agreement shall terminate prior
to the death of the survivor of Executive and Executive's Spouse upon the
occurrence of any of the following:

         (a) the Owner may terminate this Agreement effective as of a Policy
anniversary date by providing thirty (30) days' advance written notice of such
election to terminate to the Corporation;

         (b) the total cessation of the business of the Corporation;

         (c) the bankruptcy, receivership or dissolution of the Corporation;

         (d) the  termination of Executive's employment with the Corporation
for Cause, as defined in the Executive's Employment Agreement;

         (e) if either the Corporation or the Owner fails to comply with any of
the terms and conditions of this Agreement, the other party may elect to
terminate this Agreement by providing written notice of such election to the
other party; provided, however, that any such election must be made within sixty
(60) days after such failure to comply;

                                       4
<PAGE>

         (f) Executive's failure to comply with any of the terms and conditions
of such Executive's Employment Agreement and Senior Executive Retirement
Agreement with Wachovia Corporation (or any successor or subsidiary) then in
effect and as may be amended from time to time;

         (g) payment in full by the Owner to the Corporation of the
Corporation's Interest in the Policy; or

         (h) the mutual written agreement of the Owner and the Corporation.

It is the parties' specific intent that following a "Change in Control" the
Corporation shall have no authority to terminate this Agreement for any reason
other than the termination of Executive's employment with the Corporation for
Cause, as defined in the Executive's Employment Agreement.

         10. Disposition of the Policy Upon Termination of the Agreement. If
this Agreement is terminated pursuant to the provisions of Paragraph 9, the
Owner shall be required, within sixty (60) days after such termination, to repay
the Corporation the entire amount of the Corporation's Interest in the Policy.
Upon receipt by the Corporation of the entire amount of the Corporation's
Interest in the Policy, the Corporation shall release the Collateral Assignment.
If the Owner does not repay the entire amount of the Corporation's Interest in
the Policy within such sixty (60) day time period, the Corporation may enforce
its rights under the Collateral Assignment; provided, however, the Owner shall
not be liable for any deficiency realized by the Corporation upon the exercise
of the Corporation's rights under the Collateral Assignment.

         11. Discharge of the Insurer. The Insurer shall be fully discharged
from its obligations under the Policy by payment of the Policy death benefits to
the beneficiary or beneficiaries named in the Policy subject to the terms and
conditions of the Policy and the Collateral Assignment. In no event shall the
Insurer be considered a party to this Agreement or to any modification or
amendment hereof. No provision of this Agreement, 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 the Insurer as expressly
provided in the Policy except insofar as the provisions hereof are made a part
of the Policy by the Collateral Assignment.

         12. ERISA Information. The following provisions are part of this
Agreement and are intended to meet the requirements of the Employee Retirement
Income Security Act of 1974:

         (a) The named fiduciary under this Agreement is the Corporation. The
named fiduciary shall be responsible for the management, control and
administration of this Agreement. The named fiduciary may allocate to others
certain aspects of the management and operational responsibilities of this
Agreement, including the employment of advisors and the delegation of any
ministerial duties to qualified individuals.

         (b) The funding policy under this Agreement is that all premiums on the
Policy be remitted by the Corporation to the Insurer when due.

                                       5
<PAGE>

         (c) Direct payment by the Insurer is the basis of payment of benefits
under this Agreement, with those benefits in turn being based on the payment of
premiums as provided in this Agreement.

         (d) For claims procedure purposes, the "Claims Manager" shall be the
Corporate Human Resources Department of the Corporation or its delegee.

                  (i) The claimant's claim for benefits shall be deemed filed
         when presented orally or in writing to the Claims Manager.

                  (ii) If for any reason a claim for benefits under this
         Agreement is denied by the Corporation, the Claims Manager shall
         deliver to the claimant a written explanation setting forth the
         specific reasons for the denial, specific references to the pertinent
         Agreement provisions on which the denial is based, such other data as
         may be pertinent and information on the procedures to be followed by
         the claimant in obtaining a review of his claim, all written in a
         manner calculated to be understood by the claimant. For this purpose:

                           (A) The Claims Manager's explanation shall be in
                  writing delivered to the claimant within ninety (90) days of
                  the date the claim is filed.

                           (B) If the Claims Manager does not either respond to
                  a claim within ninety (90) days of the date the claim is filed
                  or notify the claimant within that 90-day period that an
                  extension of time for processing the claim will be required,
                  the claim will be deemed denied and the claimant shall be
                  permitted to proceed to the review stage described in the
                  following paragraph (iii).

                  (iii) The claimant shall have sixty (60) days following his
         receipt of the denial of the claim to file with the Claims Manager a
         written request for review of the denial. For such review, the claimant
         or his representative may submit pertinent documents and written issues
         and comments.

                  (iv) The Claims Manager shall decide the issue on review and
         furnish the claimant with a copy within sixty (60) days of receipt of
         the claimant's request for review of his claim. The decision on review
         shall be in writing and shall include specific reasons for the
         decision, written in a manner calculated to be understood by the
         claimant, as well as specific references to the pertinent Agreement
         provisions on which the decision is based. If a copy of the decision is
         not so furnished to the claimant within such sixty (60) days, the claim
         shall be deemed denied on review.

         13.      Miscellaneous.

         (a) This Agreement may not be amended, altered or modified except by a
written instrument signed by the parties hereto or their respective successors
or assigns and may not be otherwise terminated except as provided herein.

         (b) This Agreement shall be binding upon the parties hereto, their
heirs, legal representatives, successors and assigns.

                                       6
<PAGE>

         (c) This Agreement and the rights of the parties hereunder shall be
governed by and construed in accordance with the laws of the State of North
Carolina except to the extent (if any) superceded by the laws of the United
States.

         (d) Headings in this Agreement are provided for purposes of convenience
only and shall not affect the interpretation of the terms hereof.

         (e) It is understood and agreed that the Corporation makes no
representations and shall have no responsibility or liability for any tax or
estate planning matters with respect to the foregoing split dollar insurance
agreement or for the payment of any dividends or death benefits under the
Policy, and that the Owner has relied on the Owner's tax and legal advisors with
respect to the foregoing split dollar insurance agreement.

         (f) Any dispute, claim or controversy arising out of or connected with
this Agreement shall be resolved by binding arbitration administered and
conducted under the Commercial Rules of the American Arbitration Association and
the General Statutes of North Carolina Article 45A, Arbitration and Award. A
judgment upon the award may be entered in any court having jurisdiction. Any
arbitration hearing shall take place in Winston-Salem, North Carolina.

         (g) All notices and other communications hereunder must be in writing
and shall be deemed to have been duly given when either personally delivered or
placed in the United States mails by Certified Mail, return receipt requested,
postage prepaid, addressed to the party to whom such notice is being given at
such party's last known address.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       7

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the day and year first above written.

                                   CORPORATION

                                    WACHOVIA CORPORATION

                                    By:
                                         ______________________________________
                                            LESLIE M. BAKER, JR.
                                            Chairman and Chief Executive Officer
Attest:

________________________________
_____________ Secretary

(CORPORATE SEAL)

                                      OWNER

                                      _______________________________(SEAL)
                                      _____________________, Trustee of the
                                      ______________ Irrevocable Trust dated
                                      ______________

I consent to this Agreement and the insurance covering my life and the life of
my spouse.

                                        _______________________________(SEAL)
                                        LESLIE M. BAKER, JR., Executive

                                        _______________________________(SEAL)
                                        SUZANNE B. BAKER, Executive's Spouse

                                       8

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