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                                                                   EXHIBIT 10(c)

                           DEFERRED COMPENSATION PLAN
                           FOR NON-EMPLOYEE DIRECTORS
                                       OF
                             FIRST UNION CORPORATION

                   (As amended and restated February 20, 2001)

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                           DEFERRED COMPENSATION PLAN
                           FOR NON-EMPLOYEE DIRECTORS
                           OF FIRST UNION CORPORATION

1.       ELIGIBILITY

         Each member of the Board of Directors of First Union Corporation (the
"Company"), who is not an employee of the Company or any of its subsidiaries, is
eligible to participate in the Deferred Compensation Plan for Non-Employee
Directors of the Company (the "Plan"). The term "Director" means (i) a
non-employee director of the Company, (ii) any special advisory consultant of
the Company appointed as such pursuant to the resolutions adopted by the Board
on December 16, 1997, as the same may be amended from time to time, and (iii)
any other special advisory consultant or director of any of the Company's
subsidiary banks designated by the Human Resources Committee of the Board to be
a participant in the Plan, and the term "Board" means the Board of Directors of
the Company.

2.       ADMINISTRATION

         The Plan shall be administered by the Human Resources Committee of the
Board (the "Committee"). The members of the Committee shall be appointed by the
Board. The Committee shall have full power and authority to interpret the terms
of the Plan, to determine all questions arising in the administration of the
Plan, and to adopt such rules and procedures as it may deem advisable for the
administration of the Plan.

3.       DEFERRAL ELECTIONS

                  (a) On or before April 17, 1990, each Director may irrevocably
         elect (i) to have all or any part (stated as a percentage) of the fees
         and retainers ("Fees") for services as a Director (including fees
         payable for services as a member of a committee of the Board) that
         would otherwise be payable during the remainder of 1990 deferred under
         the Plan and credited to an interest account ("Interest Account")
         and/or to a stock account ("Stock Account"), and (ii) to have all or
         any part (stated as a percentage) of the balance in the Interest
         Account as of April 17, 1990, transferred to the Stock Account.

                  (b) Prior to January 1 of each year, commencing with January
         1, 1991, each Director may irrevocably elect to have all or any part
         (stated as a percentage) of the Fees that would otherwise be payable
         during the following calendar year deferred under the Plan and credited
         to the Interest Account and/or the Stock Account.

                  (c) Any person who shall become a Director during any calendar
         year, and who was not a Director on the preceding December 31, may
         irrevocably elect, before his or her term begins, to have all or any
         part (stated as a percentage) of the Fees that would otherwise be
         payable for the remainder of such calendar year deferred under the Plan
         and credited to the Interest Account and/or the Stock Account.

4.       DEFERRED COMPENSATION ACCOUNTS

                  (a) Amounts credited to the Interest Account pursuant to
         Section 3 hereof during each calendar year shall be credited with
         interest as of the following December 31 in an amount equal to the
         Director's average month-end balance in the Interest Account during
         such calendar year multiplied by an interest rate equal to (i) the
         average prime rate of interest charged for commercial loans as of the
         last day of each calendar quarter (March 31, June 30, September 30 and
         December 31) by a commercial bank selected by the Committee, or (ii)
         such other interest rate as the Committee may otherwise determine.

                  (b) Amounts credited to the Stock Account pursuant to Section
         3 hereof shall be deemed to be invested in a theoretical number of
         units of Common Stock of the Company (the "Common Stock") obtained by
         dividing the dollar amount of such amounts by the Market Value Per
         Share, as defined below, on the date such amounts are transferred from
         the Interest Account to the Stock Account or the date deferred Fees
         would otherwise be payable to the Director, as applicable. The number
         of such units shall be computed to four (4) decimal places. From time
         to time additional units shall be credited to the Stock Account in
         amounts equal to:

                      (i) the amount of any cash dividend (or the fair
                  market value of a dividend paid in property, other than a
                  dividend paid in Common Stock) which the Director would have
                  received if on the record date for such dividend the Director
                  had been the owner of record of a number of shares of Common
                  Stock equal to the number of units (including fractions) then
                  credited to the Stock Account, divided by the Market Value Per
                  Share on the date such dividend is paid; and

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                           (ii) the number of full and fractional shares of
                  Common Stock which the Director would have received if on the
                  record date for a dividend which is to be paid in Common
                  Stock, the Director had been the owner of record of a number
                  of shares of Common Stock equal to the number of units
                  (including fractions) then credited to the Stock Account.

                  The Stock Account shall also be appropriately adjusted for any
         change in the Common Stock by reason of any recapitalization,
         reorganization, merger, consolidation, split-up, or any similar change
         affecting the Common Stock.

                  (c) For purposes of the Plan, Market Value Per Share is
         defined as the last sale price per share on the date of reference for
         shares of Common Stock as reported on the New York Stock Exchange on
         such date (or, if such date shall not be a business day, the next
         preceding day which shall be a business day). If no sale occurs on such
         date, the Market Value Per Share shall be determined, in the manner
         described above, as of the first preceding business day on which a sale
         occurs.

                  (d) Prior to April 1, 2001 for the year 2001 and prior to
         January 1 of each year thereafter, each Director participating in the
         Plan may elect to have all or any part of the balance credited to such
         Director's Interest Account or Stock Account, as applicable,
         transferred to a Stock Account or Interest Account, as applicable. Such
         election shall not alter the election of such Director under Section 3
         of this Plan.

5.       DISTRIBUTIONS

                  (a) Effective as of the date a Director ceases to be a
         Director (the "Termination Date"), the Director shall make an
         irrevocable election to either (i) maintain such Director's
         participation in the Stock Account during the distribution period
         referred to in Section 5(b), or (ii) transfer the value of the units in
         such Director's Stock Account, if any, to the Interest Account, based
         on the Market Value Per Share of the number of units (including
         fractions) credited to the Stock Account on such Termination Date,
         during the distribution period referred to in Section 5(b). A Director
         participating in the Interest Account prior to the Termination Date
         shall continue to participate in the Interest Account during the
         distribution period referred to in Section 5(b).

                  (b) The balance in a Director's Interest Account or Stock
         Account, as elected pursuant to Section 5(a), shall be distributed in
         annual installments payable over a period of ten (10) years beginning
         in January of the calendar year immediately following the Termination
         Date, the amount of each installment being equal to the account balance
         multiplied by a fraction, the numerator of which shall be one and the
         denominator of which shall be the number of installment payments
         remaining.

                  (c) If a Director should die before full payment of the
         balance in his or her Interest Account or Stock Account, as applicable,
         the remaining balance shall be paid in a lump sum to his or her
         designated beneficiaries or estate, as applicable, as promptly as
         practicable following the death of the Director.

                  (d) If a Director ceases to be a Director and becomes a
         proprietor, officer, partner, employee, or otherwise becomes affiliated
         with any business that is in competition with the Company, or any
         subsidiary of the Company, the entire balance in such Director's
         Interest Account or Stock Account, as applicable, may, if directed by
         the Committee in its sole discretion, be paid to such Director in a
         lump sum.

                  (e) Pending distribution pursuant to this Section, amounts
         credited to the Interest Account shall continue to accrue interest at
         the rate stated in Section 4(a) hereof. Pending distribution pursuant
         to this Section, amounts credited to the Stock Account shall continue
         to accrue in accordance with Section 4(b) hereof.

                  (f) In its sole and absolute discretion, the Committee may (i)
         cause the distribution payable to a Director pursuant to subparagraph
         (b) above to be paid to such Director in any other form of payment
         other than that specified in such subparagraph, and (ii) in the case of
         a Director who becomes a director of any of the Company's subsidiaries,
         extend the Termination Date until the date the Director ceases to be
         director of such subsidiary or subsidiaries.

6.       DESIGNATION OF BENEFICIARY

         A director may designate a beneficiary or beneficiaries (which may be
an entity other than a natural person) to receive any payments to be made under
Section 5 of the Plan upon the Director's death. At any time, and from time to
time, any such designation may be changed or cancelled by the Director without
the consent of any beneficiary. Any such designation, change or cancellation
must be by written notice filed with the Secretary of the Company and shall not
be effective until received by the Secretary of the Company. If a Director
designates more than one beneficiary, any payments under Section 5 of the Plan
to such beneficiaries shall be

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made in equal shares unless the Director has designated otherwise, in which case
the payments shall be made in the shares designated by the Director. If no
beneficiary has been named by a Director, payment shall be made to the
Director's estate.

7.       AMENDMENT AND TERMINATION

         The Board may at any time amend or terminate the Plan; provided no such
amendment or termination shall alter or impair existing rights of a Director
under the Plan.

8.       MISCELLANEOUS

                  (a) Nothing in the Plan shall be construed as conferring upon
         any Director any right to continue as a member of the Board.

                  (b) The crediting of units to the Stock Account under Section
         4(b) hereof shall not be deemed to create for any Director any interest
         in any class of equity securities of the Company.

                  (c) Nothing in the Plan shall be construed as giving any
         Director or any other person any equity or interest of any kind in the
         assets of the Company or creating a trust of any kind or a fiduciary
         relationship of any kind between the Company and any such person. As to
         any claim for payments due under the provisions of the Plan, any
         Director and any other persons having a claim for payments shall be
         unsecured creditors of the Company.

                  (d) Nothing contained in the Plan shall be construed so as to
         prevent the Company from taking any corporate action which is deemed by
         the Company to be appropriate or in its best interest.

                  (e) The rights and benefits of a Director under the Plan are
         personal to the Director, and neither the Director nor any designated
         beneficiary shall have the power or right to transfer, assign,
         anticipate, mortgage, or otherwise encumber any payments to be made
         under the Plan, except as provided in Section 6 hereof. The provisions
         of the Plan shall inure to the benefit of the Director's designated
         beneficiaries, executors and administrators, and shall be binding upon
         the Company's assigns and successors in interest.

                  (f) The Plan shall be interpreted in accordance with, and all
         rights thereunder shall be governed by and construed in accordance
         with, the laws of the State of North Carolina.<PAGE>   1
                                                                 EXHIBIT (10)(G)

                      AMENDMENT TO FIRST UNION CORPORATION
                              AMENDED AND RESTATED
                          SUPPLEMENTAL RETIREMENT PLAN

       This Amendment to the First Union Corporation Supplemental Retirement
Plan, as Amended and Restated December 14, 1999 (the "Plan"), is dated as of
October 17, 2000.

                                 R E C I T A L S

         WHEREAS, the Company desires to make certain amendments to the Plan and
to terminate the Plan as of December 31, 2000;

         WHEREAS, pursuant to the foregoing, the Company desires to make
distributions to the Participants under the Plan as promptly as practicable
following the date hereof; and

         WHEREAS, the Company's Board and the Committee have each authorized the
Company to take the following actions;

         NOW, THEREFORE, the Plan is hereby amended and terminated as follows:

         1.       Section 2.1. Section 2.1 of the Plan is hereby amended as
                  follows:

                  (A)      Lump Sum Actuarial Equivalent. The definition of Lump
Sum Actuarial Equivalent is deleted in its entirety and the following is
inserted in its place:

                  "(i)     'Lump Sum Actuarial Equivalent' means a single
         payment which is actuarially equivalent to the annuity benefit due a
         Participant under the Plan computed using the same actuarial equivalent
         assumptions in effect for the Company's qualified pension plan;
         provided, however, for the purpose of determining the payments to
         Participants pursuant to Section 4.7, the discount rate shall be
         5.72%."

                  (B)      Pay. The definition of Pay shall be deleted in its
entirety and the following inserted in its place:

                           "(l)     'Pay' means a Participant's cash
                  compensation consisting of base salary and any bonus earned
                  and accrued under the Company's Management Incentive Plan,
                  Management Long-Term Cash Incentive Plan or under any other
                  plan or plans that may be designated from time to time by the
                  Chief Executive Officer of the Company up to the maximum award
                  that could have been granted to such Participant under the
                  Management Incentive Plan, and Management Long-Term Cash
                  Incentive Plan including any such cash compensation deferred
                  under the Company's Deferred Compensation Plan or pursuant to
                  a salary reduction agreement or cash or deferred arrangement
                  offered by the Company under Internal Revenue Code Section
                  401(k) or 125. Compensation shall exclude any amounts
                  contributed on behalf of a Participant under the Company's
                  Profit Sharing Plan or as reimbursement for expenses.
                  Notwithstanding the foregoing, for the purpose of determining
                  the payments to each Participant pursuant to Section 4.7,
                  "Pay" for the fiscal year ending December 31, 2000, shall be
                  determined using the compensation assumptions set forth in
                  Schedule A attached to this Amendment."

         2.       Section 4.7(d). Section 4.7(d)(2) shall be deleted in its
entirety and the following inserted in its place:

         "(2)     Amount. A Participant who is eligible pursuant to (1) above
         shall be paid the Lump Sum Actuarial Equivalent of his early retirement
         benefit payable pursuant to Subsection 4.2(b) assuming that he retired
         at his Early Retirement Age on the date of the Plan Termination or Plan
         Change and is credited with the number of Years of Service which he
         would have obtained as of his Early Retirement Age."

         3.       Plan Termination. The Plan is hereby terminated as of December
31, 2000. The Company shall pay Participants all amounts owed under the Plan (as
amended hereby) as promptly as practicable following the date hereof, in each
case subject to applicable tax withholding. Following the payment of such
amounts, the Company shall have no further obligation or liability to
Participants or beneficiaries of Participants under the Plan.

         4.       Miscellaneous. All terms used herein but not defined herein
shall have the definitions assigned in the Plan. All terms and conditions of the
Plan not amended hereby shall remain as set forth in the Plan.

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         IN WITNESS WHEREOF, the Company has caused this Amendment to the
Supplemental Retirement Plan to be executed as of the date first set forth
above.

                                        FIRST UNION CORPORATION

                                        By: /s/ Don R. Johnson
                                           ----------------------------
                                        Name: Don R. Johnson
                                        Title: Executive Vice President

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