Document:

Ex-(10)(p)

 

Exhibit
(10)(p)

June 22, 2004

Ms. Jean E. Davis

[Address]

Charlotte, NC [zip code]

Re: Employment Agreement

Dear Jean,

As we discussed, I want to clarify certain matters related to your employment agreement. As you
know, your employment agreement with Wachovia provides you with the option to make “Good Reason”
termination of your employment with Wachovia for any reason during the period from January 1, 2004
to June 30, 2004. The Management Resources and Compensation Committee at its April 19, 2004
meeting approved modifying your agreement to provide you with the option to make a “Good Reason”
termination of your employment with Wachovia for any reason during the period from January 1, 2006
to March 31, 2006.

In addition, I am pleased to advise you that you have been awarded a stock option grant on 36,256
shares with a stock price of $45.02 and a restricted stock award of 9,789 shares.

Very truly yours,

G. Kennedy Thompson

			
	cc:	 	Paul George
Chuck LoringEx-(10)(s)

 

Exhibit
(10)(s)

AMENDMENT NO. 2 TO EMPLOYMENT AGREEMENT

     This Amendment No. 2 dated December 20, 2005 (the “Amendment”), to the Employment Agreement
dated November 1, 2001 and amended as of June 22, 2004 (as amended, the “Employment Agreement”)
made and entered into by and between Wachovia Corporation (the “Corporation”) and Jean E. Davis
(the “Executive”);

RECITALS

     WHEREAS, Section 409A of the Internal Revenue Code (as amended, the “Code”) requires delayed
commencement of payments to “key employees” in order to avoid a prohibited payment under Code
Section 409A(a)(2);

     WHEREAS, the Executive has been and it is contemplated that the Executive will continue to be
designated as a “key employee” of the Corporation as that term is defined under Code Section
416(i);

     WHEREAS, the Corporation and the Executive desire to amend the Employment Agreement in order
to comply with the requirements of Code Section 409A and the rules promulgated thereunder and
provide for a Code Section 409A(a)(2) deferral period as necessary to avoid a prohibited payment
and prevent any imposition of certain tax penalties on the Executive;

     NOW, THEREFORE, the Corporation and Executive mutually agree as follows:

     1. The following new Section 4(f) is added immediately following Section 4(e):

     “(f) Delayed Payment Date. Notwithstanding any provision to the contrary in this
Agreement, if the Executive is deemed at the time to be a “key employee” within the meaning
of that term under Internal Revenue Code Section 416(i) and such delayed commencement is
otherwise required in order to avoid a prohibited distribution under Internal Revenue Code Section
409A(a)(2), no payments or benefits to which the Executive otherwise becomes entitled under this
Agreement shall be made or provided to the Executive prior to the earlier of (i) the expiration of
the six (6)-month period measured from the date of the Executive’s “separation from service” (as
such term is defined in Treasury Regulations issued under Internal Revenue Code Section 409A) or
(ii) the date of the Executive’s death. Upon the expiration of the applicable Internal Revenue
Code Section 409A(a)(2) deferral period referred to in the preceding sentence, all payments and
benefits deferred pursuant to this Section 4(f) (whether they would have otherwise been payable in
a single sum or in installments in the absence of such deferral) shall be paid or reimbursed to the
Executive in a lump sum, and any remaining payments and benefits due under this Agreement shall be
paid or provided in accordance with the normal payment dates specified for them herein.”

     2. This Amendment constitutes an amendment to the Employment Agreement pursuant to Section
11(a) of the Employment Agreement. All provisions of the Employment Agreement not affected by this
Amendment shall remain in full force and effect and shall continue to be binding obligations of
both parties hereto. Capitalized terms used in this Amendment but not defined herein shall have
the meanings assigned thereto in the Employment Agreement.

 

 

3. This Amendment may be executed in any number of counterparts and each of such counterparts shall
for all purposes be deemed to be an original, and all such counterparts shall together constitute
but one and the same instrument.

[Signatures appear on following page.]

 

 

     IN WITNESS WHEREOF, the Corporation has caused this Amendment to the Employment Agreement to
be executed and delivered by its duly authorized officer, and the Executive has executed and
delivered this Amendment to the Employment Agreement as of the date written above.

	 	 	 	 	 	 	 	 	 
	WACHOVIA CORPORATION	 	 	 	 	 	[SEAL]
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	ATTEST:	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/ G. Kennedy Thompson
	 	 	 	/s/ Mark C. Treanor	 	 
	 

	 	 
	 	 	 	 	 	 
	Name:

	 	G. Kennedy Thompson
	 	 	 	Mark C. Treanor	 	 
	Title:

	 	Chief Executive Officer
	 	 	 	Secretary	 	 
	 
	 	 	 	 	 	 	 	 
	EXECUTIVE	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	/s/ Jean E. Davis	 	(SEAL)	 	 	 	 
	 	 	 	 	 	 	 
	Jean E. DavisEx-(10)(x)

 

Exhibit
(10)(x)

AMENDMENT NO. 1

TO

SENIOR EXECUTIVE RETIREMENT AGREEMENT

     THIS AMENDMENT NO. 1, made and entered into as of October 31, 2001 by and between Wachovia
Corporation, a North Carolina corporation (the “Company”) and Jean E. Davis (the “Executive”);

     WHEREAS, the Company and the Executive have entered into the senior executive retirement
agreement dated October 22, 1999 (the “Agreement”) pursuant to which the Executive is entitled to
certain supplemental retirement benefits as provided in the Agreement;

     WHEREAS, the Company and the Executive desire to enter into an employment agreement dated as
of November 1, 2001 (the “New Employment Agreement”) that will supercede the employment agreement
dated October 22, 1999 (the “Old Employment Agreement”) between the Company and the Executive; and

     WHEREAS, the Company and the Executive desire to amend the Agreement and confirm certain
matters pertaining to the Agreement as a result of the replacement of the Old Employment Agreement
by the new Employment Agreement,

     NOW, THEREFORE, in consideration of these premises and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

     1. Definitions. All terms defined in the Agreement are used in this Amendment as
therein defined unless specifically defined in this Amendment. From and after the effectiveness of
the New Employment Agreement, the following definitions shall apply for the purposes of the
Agreement:

     (a) The term “Change of Control” shall have the meaning assigned to such term in the
New Employment Agreement.

     (b) The term “Compensation Period” shall have the meaning assigned to the term
“Compensation Continuance Period” in the New Employment Agreement.

     (c) The term “Continuation Benefits” shall have the meaning assigned to the term
“Compensation Continuance Benefits in the new Employment Agreement.

     2. Change of Control. The parties agree that a “Change of Control” occurred within
the meaning of the Agreement prior to the execution of this Amendment No. 1 and the New Employment
Agreement. Accordingly, the parties hereby confirm that:

     (a) Pursuant to the third sentence of Section 7(a) of the Agreement, the Executive is
vested in the right to receive payment of the Supplemental Benefit under and

 

 

determined in accordance with the provisions of the Agreement and clauses (i) and (ii)
of the first sentence of Section 7(a) are no longer applicable.

     (b) Pursuant to the second sentence of Section 7(i) of the Agreement, the Agreement may
not be amended or terminated without the express written consent of the Executive.

     3. Binding Effect. The Agreement shall continue in full force and effect as amended
hereby and, upon the effectiveness of the New Employment Agreement, as provided in the New
Employment Agreement.

     IN WITNESS WHEREOF, the Company has caused this Amendment to be executed by its officers
thereunto duly authorized, and the Executive has signed this Amendment under seal, all as of the
date and year first above written.

	 	 	 	 	 	 	 	 	 
	WACHOVIA CORPORATION	 	 	 	ATTEST:	 	[SEAL]
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/ G. Kennedy Thompson
	 	 	 	/s/ Mark C. Treanor	 	 
	 

	 	 
	 	 	 	 	 	 
	Name:

	 	G. Kennedy Thompson
	 	 	 	Mark C. Treanor	 	 
	Title:

	 	Chief Executive Officer
	 	 	 	Secretary	 	 
	 
	 	 	 	 	 	 	 	 
	/s/ Jean E. Davis	 	(SEAL)	 	 	 	 
	 	 	 	 	 	 	 
	Jean E. DavisEx-(10)(pp)

 

Exhibit
(10)(pp)

          Split-Dollar Life Insurance Termination Agreement, dated as of December
29, 2003 (this “Agreement”), among WACHOVIA CORPORATION, a North Carolina corporation, its
subsidiaries and affiliates (the “Corporation”), Jean E. Davis (the “Insured”) and The Jean
E. Davis Irrevocable Living Trust dated September 20, 2000 (the “Owner”).

Witnesseth:

          Whereas, the Corporation, the Insured and the Owner desire to terminate the
Split-Dollar Life Insurance Agreement among them; and

          Whereas, as a condition to and together with the parties executing this
Agreement, Wachovia Corporation (“Wachovia”), the Insured and the Owner are executing an
Insurance Bonus Agreement, dated the same date as this Agreement (the “Insurance Bonus
Agreement”);

          Now, therefore, in consideration of the mutual promises made herein, the
parties agree as follows:

     1. Termination of the Agreement. The Split-Dollar Life Insurance
Agreement, dated as of September 20, 2000, among the Corporation, the Insured and
the Owner (the “Split-Dollar Agreement”) is hereby terminated. The Insured and the
Owner authorize the Corporation, Wachovia and their respective representatives to
take all actions necessary to effectuate the termination.

     2. Repayment of the Corporation’s Interest and Investment in a New
Policy. The Corporation shall promptly recover all amounts owed it under the
Split-Dollar Agreement and the arrangements contemplated by it. Upon receipt by
the Corporation of the entire amount owed it, the Owner directs the Corporation,
Wachovia and their respective representatives to surrender and/or cancel the
insurance policy or policies underlying the Split-Dollar Agreement and apply the
Owner’s portion of any value resulting therefrom (after withholding for income
taxes) toward the Policy referred to in the Insurance Bonus Agreement.

     3. Full Cooperation. The Insured and the Owner shall cooperate fully
with the Corporation, Wachovia and the Insurer (as defined in the Split-Dollar
Agreement) and take all actions (including but not limited to transferring
possession of the underlying insurance policy to the Corporation, or surrendering or
canceling the policy to pay the Corporation the amount owed it from the cash value)
to the extent reasonably necessary to ensure that the Corporation promptly recovers
the amounts owed it under the Split-Dollar Agreement and any excess value in the
underlying insurance policy is applied as set forth in Section 2.

     4. Liability of the Company. Neither Wachovia nor the Corporation
makes any representations or shall have any responsibility or liability for any tax
or estate planning matters with respect to the termination of the Split-Dollar
Agreement. Wachovia has encouraged the Insured and the Owner to consult tax

 

 

and legal advisors, and the Insured and the Owner have relied on their own tax
and legal advisors with respect to this decision to terminate.

In witness whereof, the parties hereto have executed this Split-Dollar Life Insurance
Termination Agreement on the date first above written.

	 	 	 	 	 	 	 	 	 	 	 
	WACHOVIA CORPORATION	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:
	 	/s/  CHARLES D. LORING 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	Name:

	 	Charles D. Loring	 	 	 	 	 	 	 	 
	Title:

	 	Senior Vice President	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Insured	 	 	 	Owner	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	/s/  JEAN E. DAVIS 

	 	 	 	By:	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Insured:

	 	Jean E. Davis	 	 	 	 	 	/s/  WACHOVIA BANK, N.A.,
TRUSTEE 
	 	 	 	 	 	 	 	 	 
	Date:

	 	DECEMBER 29 	, 	2003
	 	 	 	Trustee: Wachovia Bank, N.A.
Owner: The Jean E. Davis
Irrevocable Living Trust dated
September 20, 2000	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Date:
	 	DECEMBER 29
	, 	2003
	 

	 	 	 	 	 	 	 	 	 	 

2

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