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                                                                   EXHIBIT 10.2

                          REGIONS FINANCIAL CORPORATION
                              AMENDED AND RESTATED
                          1991 LONG-TERM INCENTIVE PLAN

         WHEREAS, Regions Financial Corporation ("Regions") desires to establish
and maintain a long-term incentive plan, as set forth herein, for the benefit of
employees who become eligible to participate hereunder; and

         WHEREAS, the purpose of this plan is to enable Regions and its
affiliates to attract, retain, motivate, and reward employees who make a
significant contribution to Regions' long-term success, and to enable such
employees to acquire and maintain an equity interest in Regions; and

         WHEREAS, the Board of Directors of Regions, at a meeting held on
January 16, 1991, duly approved and authorized the plan embodied herein, to be
effective as of January 16, 1991, subject to shareholder approval; and

         WHEREAS, certain stock options to be granted pursuant to the terms of
the plan are intended to qualify as incentive stock options under Section 422 of
the Internal Revenue Code of 1986, as amended;

         NOW, THEREFORE, Regions hereby promulgates the plan embodied herein
which shall contain the following terms and conditions and only the following
terms and conditions.

                                    ARTICLE I

                                   DEFINITIONS

         When used herein, except where the context clearly indicates otherwise,
the following terms shall have the meaning set forth below:

         1.1      "Affiliate" means any corporation (other than Regions) in an
unbroken chain of corporations beginning with Regions if each of the
corporations (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 one of the other corporations in the chain.

         1.2      "Bank" means Regions and its Affiliates.

         1.3      "Regions" means Regions Financial Corporation, a corporation
organized under the laws of the State or Delaware, or any successor corporation.

         1.4      "Board" means the Board of Directors of Regions.

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         1.5      "Cause" means a felony conviction of a participant or the
failure of a participant to contest prosecution for a felony, or a participant's
dishonesty or gross dereliction of duty, any of which is harmful to the business
or reputation of the Bank.

         1.6      "Code" means the Internal Revenue Code of 1986, as amended, or
any successor thereto.

         1.7      "Committee" means the Personnel Committee, or any other
committee of the Board appointed for the purpose of administering the Plan,
which committee shall consist exclusively of Disinterested Persons.

         1.8      "Commission" means the Securities and Exchange Commission.

         1.9      "Disability" means total and permanent disability as
determined under the Bank's long-term disability program.

         1.10     "Disinterested Person" shall have the meaning set forth in
Rule 16b- 3(d)(3) as promulgated by the Commission under the Securities Exchange
Act of 1934, or any successor definition adopted by the Commission.

         1.11     "Early Retirement" means retirement from active employment
with the Bank pursuant to the early retirement provisions of the Bank's defined
benefit pension plan.

         1.12     "Exchange Act" means the Securities Exchange Act of 1934, as
amended, and any successor thereto.

         1.13     "Fair Market Value" means, as of any given date, the average
of the highest and lowest reported sale prices of the Stock (or if no
transactions were reported on such date on the next preceding date on which
transactions were reported) in the principal market in which such Stock is
traded on such date.

         1.14     "Incentive Stock Option" means any Stock Option intended to be
and designated as an "incentive stock option" within the meaning of Section 422
of the Code.

         1.15     "Non-Qualified Stock Option" means any Stock Option that is
not an Incentive Stock Option.

         1.16     "Normal Retirement" means retirement from active employment
with the Bank on or after the normal retirement date specified in the Bank's
defined benefit pension plan.

         1.17     "Performance Award" means an award of shares of Stock to a
participant pursuant to Article VIII contingent upon achieving certain
performance goals.

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         1.18     "Plan" means this 1991 Long-Term Incentive Plan, and any
amendments hereto.

         1.19     "Restricted Stock" means an award of shares of Stock that are
subject to restrictions under Article VII.

         1.20     "Retirement" means Normal or Early Retirement.

         1.21     "Stock" means the common stock of Regions or any successor
corporation.

         1.22     "Stock Appreciation Right" means a right granted under Article
VI, which entitles the holder to receive a cash payment or an award of Stock in
an amount equal to (a) times (b), where (a) is the difference between (i) the
Fair Market Value of the Stock covered by such right at the date the right is
exercised, and (ii) the option price of the Stock covered by such right, unless
otherwise determined by the Committee pursuant to Article VI and (b) is the
number of shares covered by the right.

         1.23     "Stock Option" means any option to purchase shares of Stock
granted to employees pursuant to Article V.

                                   ARTICLE II

                                 ADMINISTRATION

         2.1      (a)      Powers of the Committee. The Committee shall
administer the Plan subject to and in accordance with the provisions set forth
herein and shall have the power and authority to grant to eligible employees,
pursuant to the terms of the Plan: (i) Stock Options; (ii) Stock Appreciation
Rights; (iii) Restricted Stock; or (iv) Performance Awards.

                  (b)      The Committee shall have all power and authority
necessary or appropriate to enable it to properly administer the Plan, including
but not limited to, the authority to:

                           (i)      select the officers and other key employees
of the Bank to whom Stock Options, Stock Appreciation Rights, Restricted Stock,
or Performance Awards or a combination of the foregoing from time to time will
be granted hereunder;

                           (ii)     determine whether and to what extent
Incentive Stock Options, Non-Qualified Stock Options, Stock Appreciation
Rights, Restricted Stock, or Performance Awards or a combination of the
foregoing are to be granted hereunder;

                           (iii)    determine the number of shares of Stock to
be covered by each such Stock Option or other grant or award hereunder;

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                           (iv)     determine the terms and conditions, not
inconsistent with the terms of the Plan, of any Stock Option or other grant or
award hereunder including, but not limited to, any restriction on any Stock
Option or other grant or award or the shares of Stock relating thereto based on
performance or such other factors as the Committee may determine, in its sole
discretion, and any vesting acceleration features based on performance or such
other factors as the Committee may determine, in its sole discretion;

                           (v)      determine whether, to what extent, and under
what circumstances Stock and other amounts payable with respect to a Stock
Option or other grant or award under this Plan shall be deferred, either
automatically or at the election of a participant, including providing for and
determining the amount (if any) of deemed earnings on any deferred amount during
any deferral period;

                           (vi)     subject to the provisions of Article IX,
modify the terms of any Stock Option, Stock Appreciation Right, Restricted Stock
award, or Performance Award, accelerate the time of exercise of any Stock Option
or Stock Appreciation Right or accelerate the lapse of any restriction on any
Restricted Stock award or accelerate the time at which performance is measured
or Performance Awards are paid;

                           (vii)    cancel any Stock Option, Stock Appreciation
Right, Restricted Stock award or Performance Award with the consent of the
holder thereof or (without the consent of the holder) if the holder thereof
conducts himself or herself in a manner which the Committee, in the exercise of
reasonable discretion determines to be harmful to the best interests of the
Bank, including, but not limited to, admission of guilt or conviction of any
crime resulting from dishonesty in connection with the affairs of the Bank,
conducting the affairs of the Bank in the holder's own interest and contrary to
the interest of the Bank, or failure to pay an indebtedness to the Bank which
the Committee determines to be uncollectible;

                           (viii)   construe and interpret the Plan, establish
rules and regulations, delegate such administrative responsibilities as it deems
proper, and perform all other acts it deems necessary to carry out the purpose
and intent of the Plan; and

                           (ix)     correct any defect, supply any omission or
reconcile any inconsistency in the Plan, or in any granted Stock Option, Stock
Appreciation Right, Restricted Stock award, or Performance Award, in the manner
and to the extent the Committee shall deem necessary or appropriate.

                  (c)      The Committee's determination under the Plan of the
persons to receive grants and awards, the form, amount and timing of such grants
and awards, and the terms and conditions of such grants and awards need not be
uniformly applicable to employees but may be made by the Committee on a
selective basis among persons who receive or are eligible to receive grants and
awards under the Plan, whether or not such persons are similarly situated.

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         2.2      Conduct of Committee Business. A majority of the Committee
shall constitute a quorum, and the action of a majority of members of the
Committee present at any meeting at which a quorum is present, or acts
unanimously adopted in writing without the holding of a meeting, shall be the
acts of the Committee. Any decision made, or action taken, by the Committee
arising out of or in connection with the interpretation and administration of
the Plan shall be final and conclusive; provided, however, that any such
decision made or action taken may be reviewed by the Board, in which event the
determination of the Board shall be final and conclusive. This provision shall
not be construed to grant to any person any right to a review by the Board of
any decision made or action taken by the Committee.

         2.3      Reliance on Reports. Each member of the Committee and each
member of the Board shall be fully justified in relying or acting in good faith
upon any report made by the independent public accountants of the Company and
upon any other information furnished in connection with the Plan by any person
or persons other than such member. In no event shall any person who is or has
been a member of the Committee or of the Board be liable for any determination
made or other action taken by him or any failure by him to act in reliance upon
any such report or information, if in good faith.

         2.4      Limit on Liability and Indemnification. Neither the Board, the
Committee nor any member of either shall be personally liable for any act,
omission, interpretation, construction or determination made in good faith in
connection with the Plan. In addition to such other rights of indemnification as
they may have as members of the Board or of the Committee, the members of the
Committee, and any officer or employee of the Bank acting on behalf of the
Committee, shall be indemnified by the Bank in respect of any such act,
omission, interpretation, construction, or determination.

                                   ARTICLE III

                              STOCK SUBJECT TO PLAN

         The total number of shares of Stock reserved and available for
distribution under the shall be 5,000,000. Such shares may consist, in whole or
in part, of authorized and unissued shares or treasury shares. Of the total
amount, no more than 2,500,000 shares may be granted as Performance Awards, and
no more than 1,500,000 shares may be awarded as Restricted Stock. In addition,
no employee participating in the Plan may receive, in any one calendar year, a
combination of Stock Options or Stock Appreciation Rights with respect to more
than 150,000 shares of Stock.

         If any shares of Stock that have been subject to option cease to be
subject to option, or if any shares subject to any Restrictive Stock or
Performance Awards granted hereunder are forfeited or such grant or award is
otherwise terminated, such shares shall again be available for distribution in
connection with future grants and awards under the Plan.

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         In the event of any merger, reorganization, consolidation,
recapitalization, stock dividend, or other change in corporate structure
affecting the Stock, a substitution or adjustment shall be made in the aggregate
number of shares reserved for issuance under the Plan, in the number and option
price of shares subject to outstanding Stock Options granted under the Plan and
in the number of shares subject to Restricted Stock or Performance Awards
granted under the Plan as may be determined to be appropriate by the Committee,
in its sole discretion, provided that the number of shares subject to any award
shall always be a whole number. Such adjusted option price shall also be used to
determine the amount payable by the Bank upon the exercise of any Stock
Appreciation Right associated with any Stock Option.

                                   ARTICLE IV

                                   ELIGIBILITY

         Officers and other key employees of the Bank (but excluding members of
the Committee and any person who serves only as a director) who are responsible
for or contribute to the management, growth or profitability of the Bank are
eligible to be granted Stock Options, Stock Appreciation Rights, Restricted
Stock or Performance Awards. The participants under the Plan shall be selected
from time to time by the Committee, in its sole discretion, from among those
eligible, and the Committee shall determine, in its sole discretion, the number
of shares covered by each award or grant.

                                    ARTICLE V

                           STOCK OPTIONS FOR EMPLOYEES

         5.1      General. Stock Options may be granted either alone or in
addition to other awards granted under the Plan. Any Stock Option granted under
the Plan shall be in such form as the Committee may from time to time approve,
and the provisions of Stock Option awards need not be the same with respect to
each optionee.

         The Stock Options granted under the Plan may be of two types: (a)
Incentive Stock Options and (b) Non-Qualified Stock Options.

         The Committee shall have the authority to grant any optionee Incentive
Stock Options, Non-Qualified Stock Options, or both types of Stock Options (in
each case with or without Stock Appreciation Rights). To the extent that any
Stock Option does not qualify as an Incentive Stock Option, it shall constitute
a separate Non-Qualified Stock Option.

         5.2      Incentive Stock Option. Anything in the Plan to the contrary
notwithstanding, no term of this Plan relating to Incentive Stock Options shall
be interpreted, amended or altered, nor shall any discretion or authority
granted under the Plan be exercised, so as to disqualify either the Plan or any
Incentive Stock Option under Section 422 of the Code. Notwithstanding the
foregoing, in the event an optionee

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voluntarily disqualifies an option as an Incentive Stock Option within the
meaning of Section 422 of the Code, the Committee may, but shall not be
obligated to, make such additional grants, awards or bonuses as the Committee
shall deem appropriate, to reflect some or all of the tax savings to the Bank
which results from such disqualification. 5.3 Terms and Conditions of Stock
Options. Stock Options granted under the Plan shall be subject to the following
terms and conditions and shall contain such additional terms and conditions, not
inconsistent with the terms of the Plan, as the Committee shall deem desirable:

                  (a)      Option Price. The option price per share of Stock
purchasable under a Stock Option shall be determined by the Committee at the
time of the grant but the option price per share of any Incentive Stock Option
shall not be less than 100% of the Fair Market Value of the Stock on the date of
the grant of the Stock Option.

                  (b)      Option Term. The term of each Stock Option shall be
fixed by the Committee, but no Stock Option shall be exercisable more than ten
years after the date such Stock Option is granted.

                  (c)      Exercisability. Subject to Section 5.3(j), with
respect to Incentive Stock Options, Stock Options shall be exercisable at such
time or times and subject to such terms and conditions as shall be determined by
the Committee at grant, provided, however, that except as provided in Sections
5.3(f) and (g), unless a longer vesting period is otherwise determined by the
Committee at grant, no Stock Option shall be exercisable for a period of six
months after the date of the grant of the option. If the Committee provides, in
its discretion, that any Stock Option is exercisable only in installments, the
Committee may waive such installment exercise provision at any time in whole or
in part based on performance and/or such other factors as the Committee may
determine in its sole discretion.

                  (d)      Method of Exercise. Stock Options may be exercised in
whole or in part at any time during the option period, by giving written notice
of exercise to the Bank specifying the number of shares to be purchased,
accompanied by payment in full of the purchase price, in cash, by check or such
other instrument as may be acceptable to the Committee. As determined by the
Committee, in its sole discretion, at or after grant, payment in full or in part
may also be made in the form of unrestricted Stock owned by the optionee (based
on the Fair Market Value of the Stock on the date the option is exercised, as
determined by the Committee). No shares of stock resulting from the exercise of
a Stock Option shall be issued until full payment therefor has been made. An
optionee shall have the rights to dividends or other rights of a stockholder
with respect to shares subject to the option when the optionee has given written
notice of exercise and has paid in full for such shares.

                  (e)      Non-transferability of Options. No Stock Option shall
be transferable by the Optionee otherwise than by will or by the laws of descent
and distribution. All Stock Options shall be exercisable, during the optionee's
lifetime, only by the optionee.

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                  (f)      Termination by Death. Unless otherwise determined by
the Committee at grant, if any optionee's employment with the Bank terminates by
reason of death, the Stock Option may thereafter be immediately exercised, to
the extent then exercisable (or on such accelerated basis as the Committee shall
determine at or after grant), by the legal representative of the estate or by
the legatee of the optionee under the will of the optionee, for a period of
three years from the date of such death or until the expiration of the stated
term of such Stock Option, whichever period is the shorter. In the event of
termination of employment by reason of death, if an Incentive Stock Option is
exercised after the expiration of the exercise periods that apply for purposes
of Section 422 of the Code, such Stock Option will thereafter be treated as a
Non-Qualified Stock Option.

                  (g)      Termination by Reason of Disability. Unless otherwise
determined by the Committee at grant, if any optionee's employment with the Bank
terminates by reason of Disability, any Stock Option held by such optionee may
thereafter be exercised, to the extent it was exercisable at the time of
termination due to Disability (or on such accelerated basis as the Committee
shall determine at or after grant), but may not be exercised after three years
from the date of such termination of employment or the expiration of the stated
term of such Stock Option, whichever period is the shorter; provided, however,
that, if the optionee dies within such three- year period, any unexercised Stock
Option held by such optionee shall thereafter be exercisable to the extent to
which it was exercisable at the time of death for a period of twelve months from
the date of such death or for the stated term of such Stock Option, whichever
period is the shorter. In the event of termination of employment by reason of
Disability, if an Incentive Stock Option is exercised after the expiration of
the exercise periods that apply for purposes of Section 422 of the Code, such
Stock Option will thereafter be treated as a Non-Qualified Stock Option.

                  (h)      Termination by Reason of Retirement. Unless otherwise
determined by the Committee at grant, if any optionee's employment with the Bank
terminates by reason of Normal or Early Retirement (with Committee consent),
under a formal plan or policy of the Bank, any Stock Option held by such
optionee shall expire upon the earlier of (i) the expiration date set forth in
the Stock Option agreement to which such Stock Option is subject, or (ii) the
date on which the Committee, in its sole discretion, determines that, within
five (5) years following such termination of employment, the retired optionee
directly or indirectly (A) owns Twenty- Five (25%) percent or more of any stock,
equity, financial, or other interest in, (B) operates, advises, or assists in
the establishment or operation of, or (C) is employed by, any firm or enterprise
which competes with any business conducted by the Bank and is located within a
50-mile radius of any location in which the Bank maintains an office, operation,
branch, or facility. An optionee shall not be deemed to have retired during any
leave of absence of the optionee authorized by the Bank under the Bank's
standard personnel practices. In the event of termination of employment by
reason of Retirement, if an Incentive Stock Option is exercised after the
exercise periods that apply for purposes of Section 422 of the Code, such Stock
Option will thereafter be treated as a Non- Qualified Stock Option.

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                  (i)      Other Termination. Unless otherwise determined by the
Committee at grant, if an optionee's employment with the Bank terminates for any
reason other than death, Disability, or Normal or Early Retirement, the Stock
Option shall thereupon terminate. An optionee shall not be deemed to have
terminated employment during any leave of absence of the optionee authorized by
the Bank under the Bank's standard personnel practices.

                  (j)      Limit on Value of Incentive Stock Options First
Exercisable Annually. The aggregate Fair Market Value (determined at the time of
grant) of the Stock for which "incentive stock options" within the meaning of
Section 422 of the Code are exercisable for the first time by an optionee during
any calendar year under the Plan (and/or any other stock option plans of the
Bank or any Subsidiary) shall not exceed $100,000.

                                   ARTICLE VI

                            STOCK APPRECIATION RIGHTS

         6.1      Grants in Connection With Non-Qualified Stock Options. Stock
Appreciation Rights may be granted in connection with all or part of any
Non-Qualified Stock Option granted under the Plan and may contain terms and
conditions different from those of the related Stock Option. Such Stock
Appreciation Rights may be granted either at or after the time of the grant of
such Non-Qualified Stock Option.

         A Stock Appreciation Right or applicable portion thereof granted under
this Section 6.1 shall terminate and no longer be exercisable upon the
termination or exercise of the related Stock Option, except that, unless
otherwise provided by the Committee at the time of grant, a Stock Appreciation
Right granted with respect to less than the full number of shares covered by a
related Stock Option shall only be terminated if, and to the extent, that the
number of shares covered by the exercise or termination of the related Stock
Option exceeds the number of shares not covered by the Stock Appreciation Right.

         A Stock Appreciation Right granted under this Section 6.1 may be
exercised by an optionee, in accordance with Section 6.4, by surrendering the
applicable portion of the related Stock Option. Upon such exercise and
surrender, the optionee shall be entitled to receive an amount determined in the
manner prescribed in Section 6.4. Stock Options which have been so surrendered,
in whole or in part, shall no longer be exercisable to the extent the related
Stock Appreciation Rights have been exercised.

         6.2      Grants in Connection with Incentive Stock Options.
Simultaneously with the grant of any Incentive Stock Option under the Plan, the
Committee in its sole discretion may grant Stock Appreciation Rights in
connection with all or any part of such Incentive Stock Option. Each Stock
Appreciation Right granted under this Section 6.2 shall be subject to the same
terms and conditions applicable to the Incentive Stock Option to which it
relates.

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         A Stock Appreciation Right granted under this Section 6.2 may be
exercised by an optionee, in accordance with Section 6.4, by surrendering the
applicable portion of the related Incentive Stock Option. Upon such exercise and
surrender, the optionee shall be entitled to receive an amount determined in the
manner described in Section 6.4. Incentive Stock Options which have been so
surrendered, in whole or in part, shall no longer be exercisable to the extent
the related Stock Appreciation Rights have been exercised.

         A Stock Appreciation Right or applicable portion thereof granted under
this Section 6.2, shall terminate and no longer be exercisable upon the
termination or exercise of the related Incentive Stock Option, except that,
unless otherwise provided by the Committee at the time of grant, a Stock
Appreciation Right granted with respect to less than the full number of shares
covered by a related Incentive Stock Option shall only be terminated if, and to
the extent, that the number of shares covered by the exercise or termination of
the related Stock Option exceeds the number of shares not covered by the Stock
Appreciation Right.

         6.3      Stand Alone Grants. Stock Appreciation Rights may be granted
at the discretion of the Committee in a manner not related to a grant of a Stock
Option. A Stock Appreciation Right granted under this Section 6.3 is not
exercisable for a period of six months from the date of grant, unless a longer
period is otherwise determined by the Committee. A Stock Appreciation Right
granted under this Section 6.3 may be exercised in accordance with Section 6.4
during a period determined by the Committee not to exceed ten years after the
date on which the Stock Appreciation Right is granted. Any Stock Appreciation
Right which is outstanding on the last day of the exercisable period shall be
automatically exercised on such date for cash or Stock, as determined by the
Committee, without any action by the holder.

         6.4      Terms and Conditions. Stock Appreciation Rights shall be
subject to such terms and conditions, not inconsistent with the provisions of
the Plan, as shall be determined from time to time by the Committee, including
the following:

                  (a)      Any Stock Appreciation Right granted pursuant to
Section 6.1 subsequent to the grant of the related Stock Option shall not be
exercisable during the first six months of the term of the Stock Appreciation
Right, except that this additional limitation shall not apply in the event of
death or Disability of the optionee prior to the expiration of the six-month
period.

                  (b)      Upon the exercise of a Stock Appreciation Right
granted pursuant to Section 6.1 or Section 6.2, an optionee shall be entitled to
receive an amount in cash or shares of Stock equal in value to the excess of the
Fair Market Value at the date the Stock Appreciation Right was exercised of one
share of Stock over the option price per share specified in the related Stock
Option, multiplied by the number of shares in respect of which the Stock
Appreciation Right shall have been exercised, with the Committee having the
right to determine the form of payment. Upon the exercise of a Stock
Appreciation Right granted pursuant to Section 6.3, the holder shall be entitled
to receive an amount in cash or shares of Stock equal in value to the excess of
the Fair Market

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Value at the date the Stock Appreciation Right was exercised of one share of
Stock over the Fair Market Value of one share of Stock at the date the Stock
Appreciation Right was granted multiplied by the number of shares in respect of
which the Stock Appreciation Right shall have been exercised, with the Committee
having the right to determine the form of payment.

                  (c)      No Stock Appreciation Right shall be transferrable by
the holder otherwise than by will or the laws of descent and distribution. All
Stock Appreciation Rights shall be exercisable, during the holder's lifetime,
only by the holder.

                  (d)      Upon the exercise of a Stock Appreciation Right
granted pursuant to Section 6.1 or Section 6.2, the Stock Option or part thereof
to which such Stock Appreciation Right is related shall be deemed to have been
exercised for the purpose of the limitation set forth in Article III of the Plan
on the number of shares of Stock to be issued under the Plan.

                  (e)      A Stock Appreciation Right granted in connection with
an Incentive Stock Option pursuant to Section 6.2 (i) will expire no later than
the expiration of the Stock Option to which it is attached, (ii) may be for no
more than 100% of the difference between the exercise price of the Option to
which the Stock Appreciation Right is attached and the Fair Market Value of the
Stock subject to the Stock Option at the time the Stock Appreciation Right is
exercised, and (iii) may be exercised only if and when the Fair Market Value of
the Stock subject to the Incentive Stock Option exceeds the exercise price of
such Stock Option.

                  (f)      In its sole discretion, the Committee may provide, at
the time of grant of a Stock Appreciation Right, that such Stock Appreciation
Right can be exercised only in the event of a "Change of Control" (as defined in
Article XI below).

                  (g)      The Committee, in its sole discretion, may also
provide that in the event of a "Change of Control" the amount to be paid upon
the exercise of a Stock Appreciation Right shall be based on the "Change of
Control Price" (as defined in Article XI below).

                                   ARTICLE VII

                                RESTRICTED STOCK

         7.1      Administration. Shares of Restricted Stock may be issued
either alone or in addition to other grants and awards under the Plan. The
Committee shall determine the officers and key employees of the Bank to whom,
and the time or times at which, grants of Restricted Stock will be made, the
number of shares to be awarded, the price, if any, to be paid by the recipient
of Restricted Stock, the time or times within which such awards may be subject
to forfeiture, the nature of the restrictions (including any performance
requirements), the circumstances under which restrictions will lapse and all
other conditions of the awards. The Committee may also condition the grant of
Restricted

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Stock upon the attainment of specified performance goals, or such other criteria
as the Committee may determine, in its sole discretion. The provisions of
Restricted Stock awards need not be the same with respect to each recipient.

         7.2      Awards and Certificates. The prospective recipient of an award
of shares of Restricted Stock shall not have any rights with respect to such
award, unless and until such recipient has executed an agreement evidencing the
award (a "Restricted Stock Agreement") and has delivered a fully executed copy
thereof to the Bank, and has otherwise complied with the then applicable terms
and conditions of the Restricted Stock award.

         A participant may accept an award of Restricted Stock within the 60-day
period (or such shorter period as the Committee may specify) after the award
date by executing a Restricted Stock Agreement and paying whatever price, if
any, is required by the Committee.

         Each participant who is awarded and accepts Restricted Stock shall be
issued a stock certificate in respect of such shares of Restricted Stock. Such
certificate shall be registered in the name of the participant, and shall bear
an appropriate legend referring to the terms, conditions, and restrictions
applicable to such award, substantially in the following form:

         "The transferability of this certificate and the shares of stock
represented hereby are subject to the terms and conditions (including forfeiture
conditions and restrictions against transfer) of the Regions Financial
Corporation 1991 Long-Term Incentive Plan ("Plan") and a Restricted Stock
Agreement ("Agreement") entered into between the registered owner and Regions
Financial Corporation. Copies of such Plan and Agreement are on file in the
offices of Regions Financial Corporation, P.O. Box 1448, Montgomery, Alabama
36102."

         The Committee shall require that the stock certificate evidencing such
shares be held in custody by the Bank until the restrictions thereon shall have
lapsed, and that, as a condition of any Restricted Stock award, the participant
shall have delivered a stock power, endorsed in blank, relating to the Stock
covered by such award.

         7.3      Restrictions and Conditions. The shares of Restricted Stock
awarded pursuant to this Article VII shall be subject to the following
restrictions and conditions:

                  (a)      Subject to the provisions of this Plan and Restricted
Stock Agreements, during the period of six months after the award or such longer
period as may be set by the Committee commencing on the grant date (the
"Restricted Period"), the participant shall not be permitted to sell, transfer,
pledge or assign shares of Restricted Stock awarded under the Plan. Within these
limits, the Committee may, in its sole discretion, provide for the lapse of such
restrictions in installments and may accelerate or waive such restrictions in
whole or in part based on performance or such other factors as the Committee may
determine, in its sole discretion.

                                       12
<PAGE>

                  (b)      Except as provided in Section 7.3(a) above, the
participant shall have, with respect to the shares of Restricted Stock, all of
the rights of a Stockholder of the Bank, including the right to receive any
dividends.

                  Dividends paid in cash with respect to shares of Restricted
Stock shall not be subject to any restrictions or subject to forfeiture.
Dividends paid in stock of the Bank or stock received in connection with a stock
split with respect to Restricted Stock shall be subject to the same restrictions
as on such Restricted Stock.

                  Certificates for shares of unrestricted Stock shall be
delivered to the participant promptly after, and only after, the period of
forfeiture shall expire without forfeiture in respect of such shares of
Restricted Stock.

                  (c)      Subject to the provisions of the Restricted Stock
Agreement and this Article VII, upon termination of employment for any reason
during the Restricted Period, all shares still subject to restriction shall be
forfeited by the participant, and the participant shall only receive the amount,
if any, paid by the participant for such forfeited Restricted Stock.

                  (d)      In the event a participant's employment is
involuntarily terminated (other than for Cause), or the participant terminates
employment for approved Early or Normal Retirement, the Committee may, in its
sole discretion, waive in whole or in part any or all remaining restrictions
with respect to such participant's shares of Restricted Stock.

                                  ARTICLE VIII

                               PERFORMANCE AWARDS

         8.1      Administration. Shares of Common Stock may be distributed
under the Plan to an employee upon the attainment of performance objectives, as
a Performance Award. The Committee shall determine the officers and key
employees of the Bank to whom Performance Awards are granted, the terms and
conditions of the performance objectives, the term of the performance period and
the level and form of the payment of the Performance Award.

         8.2      Performance Period. An employee to whom a Performance Award is
granted will be given performance objectives to be reached over a specified
period (the "performance period"). Generally the performance period shall be not
less than one year but in no case shall the period exceed five years.

         8.3      Performance Objectives. The Committee, is its sole discretion,
may establish under this Article VIII performance objectives either in terms of
Bank-wide objectives or in terms of objectives that are related to the specific
performance of the employee or the region, Affiliate, subsidiary, unit bank,
department or function within the

                                       13
<PAGE>

Bank in which the employee is employed. A minimum level of performance, at the
discretion of the Committee, may be established.

         If, at the end of the performance period, the specified objectives have
been attained, the employee will be deemed to have fully earned the Performance
Award. If such performance objectives are only partially attained, the employee
may be deemed to have partly earned the Performance Award and become eligible to
receive a portion of the total award, as determined by the Committee. If a
required minimum level of achievement has not been met, the employee will be
entitled to no portion of the Performance Award. If, at the end of the
performance period, the employee's performance exceeds the performance
objectives, the employee, at the Committee's discretion, may receive a multiple
of the Performance Award. The Committee may adjust the payment of awards or the
performance objectives at any time if events occur or circumstances arise which
would cause a particular payment or set of performance objectives to be
inappropriate as a measure of performance.

         Any employee granted a Performance Award pursuant to this Article VIII,
who, by reason of death, Disability or Retirement, terminates employment before
the end of the performance period may be entitled to receive a portion of any
earned Performance Award. The Committee, in its discretion, will determine the
amount, if any, of the Performance Award earned and the time at which payment
will be made.

         An employee who voluntarily terminates employment or whose employment
is terminated involuntarily for Cause will forfeit all rights under the
Performance Award.

         8.4      Section 162(m) Provisions. Notwithstanding any other provision
of the Plan to the contrary, and with respect to any employee who is a member of
Regions' Executive Advisory Council, performance objectives established by the
Committee shall be preestablished objective performance goals within the meaning
of Section 162(m) of the Internal Revenue Code and treasury regulations
promulgated thereunder. Furthermore, and notwithstanding any other provision of
the Plan to the contrary, once the Committee has established one or more
performance goals with respect to a Performance Award granted to a member of the
Executive Advisory Council, the Committee shall have no discretion to waive or
alter the goals after the earlier of (i) the expiration of 25 percent of the
performance period or (ii) the date on which the outcome under the goals is
substantially certain.

                                   ARTICLE IX

                            AMENDMENT AND TERMINATION

         9.1      Power to Amend and Terminate Plan. The Board may, at any time,
without further approval of the shareholders, by an instrument in writing,
suspend or terminate the Plan, in whole or in part, or amend it in such respects
as the Board, in its sole discretion, deems appropriate and in the best
interests of the Bank; provided,

                                       14
<PAGE>

however, that no amendment shall be made without approval of the shareholders
which would:

                  (a)      change the participants or class of participants
eligible to participate; or

                  (b)      increase the total number of shares of Stock which
may be issuable under the Plan, except to the extent permitted in Article III;

         9.2      Restriction on Amendment and Termination. Notwithstanding the
provisions of Section 9.1, no amendment, suspension or termination of this Plan
may reduce or impair any of the rights or obligations of any holder under any
then outstanding award or Stock Option granted, without the consent of the
holder.

         9.3      Alteration of Awards and Options. The Committee may amend the
terms of any award or option previously granted hereunder, prospectively or
retroactively, but no such amendment shall impair the rights of any holder
without the holder's consent.

                                    ARTICLE X

                             UNFUNDED STATUS OF PLAN

         The Plan is intended to constitute an "unfunded" plan for incentive and
deferred compensation. With respect to any payments not yet made to a
participant or optionee by the Bank, nothing set forth herein shall give any
such participant or optionee any rights that are greater than those of a general
creditor of the Bank. In its sole discretion, the Committee may authorize the
creation of trusts or other arrangements to meet the obligations created under
the Plan to deliver Stock or payment in lieu of, or with respect to, awards and
grants hereunder, provided, however, that the existence of such trusts or other
arrangements is consistent with the unfunded status of the Plan.

                                   ARTICLE XI

                                CHANGE OF CONTROL

         The following acceleration and valuation provisions shall apply in the
event of a "Change of Control", as defined in this Article XI:

         (a)      In the event of a "Change of Control" as defined in paragraph
(b) of this Article XI, unless otherwise determined by the Committee or the
Board in writing at or after grant, but prior to the occurrence of such Change
of Control, as defined in paragraph (b) of this Article XI:

                  (i)      any Stock Appreciation Rights and any Stock Options
awarded under the Plan which have been outstanding for at least six months, if
not previously exercisable and vested shall become fully exercisable and vested;

                                       15
<PAGE>

                  (ii)     with the exception of the six-month restriction in
Section 7.3(a), the restrictions and deferral limitations applicable to any
Restricted Stock award under the Plan shall lapse and such shares and awards
shall be deemed fully vested; and

                  (iii)    any participant shall be entitled to surrender any
outstanding Stock Options, Stock Appreciation Rights, Restricted Stock or
Performance Awards, or portion thereof, in exchange for a cash payment to be
payable as soon as practicable after the occurrence of the "Change of Control."
In the case of Stock Options and Stock Appreciation Rights, the cash payment
shall be in an amount equal to the "Change of Control Price" (as defined in
paragraph (c) of Article XI) less the Exercise Price; and in the case of
Restricted Stock and Performance Awards, the cash payment shall be in an amount
equal to the Change of Control Price.

         (b)      For purposes of paragraph (a) of this Article XI, a "Change of
Control" means the happening of any of the following:

                  (i)      when any "person," as such term is used in Sections
13(d) and 14(d) of the Exchange Act (other than Regions or an Affiliate or any
Bank employee benefit plan (including its trustee)), is or becomes the
"beneficial owner" (as defined in Rule 13d-3 under the Exchange Act), directly
or indirectly of securities of the Bank representing 25 percent or more of the
combined voting power of Regions' then outstanding securities;

                  (ii)     when, during any continuous period of 18 months, the
individuals who, at the beginning of such period, constitute the Board cease,
for any reason other than death, to constitute at least a majority thereof; or

                  (iii)    the occurrence of a transaction requiring stockholder
approval for the acquisition of Regions by an entity other than Regions or an
Affiliate through purchase of assets, or by merger, or otherwise.

         (c)      For purposes of this Article XI, "Change of Control Price"
means the highest price per share paid in any transaction reported in the
principal market in which Bancshares' shares are traded, or paid in any
transaction relate to a Change of Control of Bancshares at any time during the
sixty- day period ending on the date the Change of Control occurs, except that
in the case of Incentive Stock Options and Stock Appreciation Rights relating to
Incentive Stock Options, such price shall be based only on transactions reported
for the date on which the Committee decides to cash out such Stock Options and
Stock Appreciation Rights.

                                   ARTICLE XII

                               GENERAL PROVISIONS

         12.1     Government and Other Regulations. All certificates for shares
of Stock delivered under the Plan shall be subject to such stock transfer orders
and other

                                       16
<PAGE>

restrictions as the Committee may deem advisable under the rules, regulations,
and other requirements of the Commission, any stock exchange upon which the
Stock is then listed, and any applicable Federal or state securities law, and
the Committee may cause a legend or legends to be put on any such certificates
to make appropriate reference to such restrictions.

         12.2     No Additional Rights. Nothing set forth in this Plan shall
prevent the Board from adopting other or additional compensation arrangements,
subject to stockholder approval if such approval is required; and such
arrangements may be either generally applicable or applicable only in specific
cases. The adoption of the Plan shall not confer upon any employee or director
of the Bank any right to continued employment (or, in the case of a director,
continued retention as a director) with the Bank, nor shall it interfere in any
way with the right of the Bank to terminate the employment of any of its
employees at any time.

         12.3     Income Taxes. Each participant shall, no later than the date
as of which the gross income of the participant is recognized for Federal income
tax purposes, pay to the Bank, or make arrangements satisfactory to the
Committee for payment of, any Federal, state, or local income taxes of any kind
required by law to be withheld with respect to the grant or award. The
obligations of the Bank under the Plan shall be conditional on such payment or
arrangements and the Bank (and, where applicable, its Subsidiaries), shall, to
the extent permitted by law, have the right to deduct any such taxes from any
payment of any kind otherwise due to the participant. A participant may elect to
have the withholding tax obligations or, in the case of all grants and awards
hereunder except Stock Options which have related Stock Appreciation Rights, if
the Committee so determines, any additional tax obligation with respect to any
grants or awards hereunder satisfied by (a) having the Bank withhold shares of
Stock otherwise deliverable to the participant with respect to the award, or (b)
delivering to the Bank shares of unrestricted stock.

         If the participant making the election for withholding under (a) above
is an officer of the Bank within the meaning of Section 16(b) of the Securities
Exchange Act of 1934, the election shall be irrevocable and must be made either
(i) during one of the "window" periods described in Rule 16b-3(c)(3) promulgated
under the Securities Exchange Act of 1934, or (ii) at least six months prior to
the date income is recognized with respect to the grant or award.

         12.4     Right of First Refusal. At the time of grant or purchase, the
Committee may provide in connection with any grant, award, or purchase made
under this Plan that the shares of Stock received as a result of such grant,
award, or purchase shall be subject to a right of first refusal, pursuant to
which the participant shall be required to offer the Bank any shares that the
participant wishes to sell, with the price being the then Fair Market Value of
the Stock.

         12.5     No Effect on Other Transactions. The existence of Stock
Options, Stock Appreciation Rights, Restricted Stock and Performance Shares
shall not affect the right

                                       17
<PAGE>

or power of the Bank and its shareholders to make adjustments,
recapitalizations, reorganizations, or other changes to the Bank's capital
structure or its business; issue bonds, debentures, preferred or prior
preference stock affecting the Bank's Stock or the rights thereof; dissolve or
liquidate the Bank, or sell or transfer any part of its assets or business; or
any other corporate act, whether of a similar character or otherwise.

         12.6     Construction of Plan. The validity, interpretation, and
administration of the Plan and of any rules, regulations, determinations, or
decisions made thereunder, and the rights of any and all persons having or
claiming to have any interest therein or thereunder, shall be determined
exclusively in accordance with the laws of the State of Alabama. Without
limiting the generality of the foregoing, the period within which any action in
connection with the Plan must be commenced shall be governed by the laws of the
State of Alabama.

         12.7     Exemption From Registration of Shares. In the event any shares
of Stock issuable pursuant to the Plan are not registered under the Securities
Act of 1933, and if the Bank so requests prior to the delivery of such shares,
in connection with the availability of an exemption from Registration of such
shares under Federal or State securities laws or otherwise, then the optionee or
other holder shall agree to hold any Stock issued under the Plan solely for
investment and without any present intention to resell or distribute the same,
and to dispose of such shares only in compliance with applicable securities laws
and regulations, and shall execute and deliver to the Bank an agreement to this
effect.

         12.8     Headings. The headings and subheadings in this Plan have been
inserted for convenience and reference only and are not to be used in construing
the instrument or any provisions hereof.

         12.9     Number and Gender. The masculine pronoun used shall include
the feminine pronoun and the singular number shall include the plural number
unless the context of the Plan requires otherwise.

                                  ARTICLE XIII

                                 EFFECTIVE DATES

         Upon approval of this Plan by the shareholders of Regions, the Plan
shall become effective as of January 16, 1991, the date of its adoption by the
Board. If the shareholders do not approve the Plan, the Plan shall not be
effective, and any and all actions taken hereunder shall be null and void or, if
necessary, shall be deemed to have been fully rescinded.

                                   ARTICLE XIV

                                  TERM OF PLAN

                                       18
<PAGE>

         No Stock Option, Stock Appreciation Right, Restricted Stock or
Performance Award shall be granted pursuant to the Plan on or after the tenth
anniversary of the effective date of the Plan, but grants and awards theretofore
made may extend beyond that date.

                                       19<PAGE>
                                                                    EXHIBIT 10.3

                          REGIONS FINANCIAL CORPORATION
                          1999 LONG-TERM INCENTIVE PLAN

                                    ARTICLE 1
                                     PURPOSE

         1.1.     GENERAL. The purpose of the Regions Financial Corporation 1999
Long-Term Incentive Plan (the "Plan") is to promote the success, and enhance the
value, of Regions Financial Corporation (the "Company"), by linking the personal
interests of its employees, officers and directors to those of Company
stockholders and by providing such persons with an incentive for outstanding
performance. The Plan is further intended to provide flexibility to the Company
in its ability to motivate, attract, and retain the services of employees,
officers and directors upon whose judgment, interest, and special effort the
successful conduct of the Company's operation is largely dependent. Accordingly,
the Plan permits the grant of incentive awards from time to time to selected
employees, officers and directors.

                                    ARTICLE 2
                                 EFFECTIVE DATE

         2.1.     EFFECTIVE DATE. The Plan shall be effective as of the date
upon which it shall be approved by the Board (the "Effective Date"). However,
the Plan shall be submitted to the stockholders of the Company for approval
within 12 months of the Board's approval thereof. No Incentive Stock Options
granted under the Plan may be exercised prior to approval of the Plan by the
stockholders and if the stockholders fail to approve the Plan within 12 months
of the Board's approval thereof, any Incentive Stock Options previously granted
hereunder shall be automatically converted to Non-Qualified Stock Options
without any further act. In the discretion of the Committee, Awards may be made
to Covered Employees which are intended to constitute qualified
performance-based compensation under Code Section 162(m). Any such Awards shall
be contingent upon the stockholders having approved the Plan.

                                    ARTICLE 3
                                   DEFINITIONS

         3.1.     DEFINITIONS. When a word or phrase appears in this Plan with
the initial letter capitalized, and the word or phrase does not commence a
sentence, the word or phrase shall generally be given the meaning ascribed to it
in this Section or in Section 1.1 unless a clearly different meaning is required
by the context. The following words and phrases shall have the following
meanings:

         (a)      "Award" means any Option, Stock Appreciation Right, Restricted
Stock Award, Performance Unit Award, Dividend Equivalent Award, or Other
Stock-Based Award, or any other right or interest relating to Stock or cash,
granted to a Participant under the Plan.

         (b)      "Award Agreement" means any written agreement, contract, or
other instrument or document evidencing an Award.

                                       1
<PAGE>

         (c)      "Board" means the Board of Directors of the Company.

         (d)      "Change in Control" means and includes each of the following:

                  (i)      an acquisition (other than directly from the Company)
of any voting securities of the Company (the "Voting Securities") by any
"Person" ( as the term person is used for the purposes of Section 13(d) or 14(d)
of the Securities Exchange Act of 1934, as amended (the "Exchange Act")
immediately after which such Person has beneficial ownership (within the meaning
of Rule l3d-3 promulgated under the Exchange Act) of 50% or more of the combined
voting power of the Company's then-outstanding Voting Securities; provided,
however, in determining whether or not a Change in Control has occurred, Voting
Securities which are acquired in a "Non-Control Acquisition" (as hereinafter
defined) shall not constitute an acquisition which would constitute a Change in
Control. A "Non-Control Acquisition" shall mean (A) an acquisition by (A) any
employee benefit plan (or related trust) sponsored or maintained by the Company
or any Affiliate of the Company, (B) by the Company or (C) any Person in
connection with a Non-Control Transaction (as defined).

                  (ii)     individuals who, as of the date hereof, constitute
the Board (the "Incumbent Board") cease for any reason to constitute at least a
majority of the Board; provided, however, that any individual becoming a
director subsequent to the date hereof whose election, or nomination for
election by the Company's shareholders, was approved by a vote of at least a
majority of the directors then comprising the Incumbent Board shall be
considered as though such individual were a member of the Incumbent Board, but
excluding, for this purpose, any such individual whose initial assumption of
office occurs as a result of an actual or threatened election contest with
respect to the election or removal of directors or other actual or threatened
solicitation of proxies or consents by or on behalf of a Person other than the
Board; or

                  (iii)    The consummation of:

                           (A)      A merger, consolidation or reorganization
with or into the Company in which securities of the Company are issued, unless
such merger, consolidation or reorganization is a "Non-Control Transaction". A
"Non-Control Transaction" is a merger, consolidation or reorganization with or
into the Company or in which securities of the Company are issued where:

                                    (I)      the stockholders of the Company
immediately before such merger, consolidation, or reorganization, own, directly
or indirectly, at least fifty-one percent (51%) of the combined voting power of
the outstanding voting securities of the corporation resulting form such merger,
consolidation or reorganization (the "Surviving Corporation") in substantially
the same proportion as their ownership of the Voting Securities immediately
before such merger, consolidation or reorganization,

                                    (II)     the individuals who were members of
the Board immediately prior tot he execution of the agreement providing for such
merger, consolidation or reorganization constitute at least a majority of the
members of the board of directors of the Surviving Corporation or a corporation
owning directly or indirectly fifty-one percent (51%) or more of the Voting
Securities of the Surviving Corporation, and

                                       2
<PAGE>

                                    (III)    no person other than (i) the
Company, (ii) any subsidiary, (iii) any employee benefit plan (or any trust
forming a part thereof) maintained immediately prior to such merger,
consolidation, or reorganization by the Company owns fifty percent (50%) or more
of the combined voting power of the Surviving Corporation's then-outstanding
voting securities;

                           (B)      A complete liquidation or dissolution of the
Company; or

                           (C)      The sale or other disposition of all or
substantially all of the assets of the Company to any Person.

         Notwithstanding the foregoing, a Change in Control shall not be deemed
to occur solely because any Person (the "Subject Person") acquired Beneficial
Ownership of more than the permitted amount of the outstanding Voting Securities
as a result of the acquisition of Voting Securities by the Company which, by
reducing the number of Voting Securities outstanding, increases the proportional
number of shares Beneficially Owned by the Subject Person, provided that if a
Change in Control would occur (but for the operation of this sentence) and after
such acquisition of Voting Securities by the Company, the Subject Person becomes
the Beneficial Owner of any additional Voting Securities, then a Change in
Control shall occur.

         (e)      "Code" means the Internal Revenue Code of 1986, as amended
from time to time.

         (f)      "Committee" means the committee of the Board described in
Article 4.

         (g)      "Company" means Regions Financial Corporation, a Delaware
corporation.

         (h)      "Covered Employee" means a covered employee as defined in Code
Section 162(m)(3) or the regulations thereunder.

         (i)      "Disability" shall mean any illness or other physical or
mental condition of a Participant that renders the Participant incapable of
performing his customary and usual duties for the Company, or any medically
determinable illness or other physical or mental condition resulting from a
bodily injury, disease or mental disorder which, in the judgment of the
Committee, is permanent and continuous in nature. The Committee may require such
medical or other evidence as it deems necessary to judge the nature and
permanency of the Participant's condition. Notwithstanding the above, with
respect to an Incentive Stock Option, Disability shall mean Permanent and Total
Disability as defined in Section 22(e)(3) of the Code.

         (j)      "Dividend Equivalent" means a right granted to a Participant
under Article 11.

         (k)      "Effective Date" has the meaning assigned such term in Section
2.1.

         (l)      "Fair Market Value", on any date, means (i) if the Stock is
listed on a securities exchange or is traded over the Nasdaq National Market,
the closing sales price on such exchange or over such system on such date or, in
the absence of reported sales on such date, the closing sales price on the
immediately preceding date on which sales were reported, or (ii) if the Stock is
not listed on a securities exchange or traded over the Nasdaq National Market,
the mean between the bid and offered prices as quoted by Nasdaq for such date,
provided that if it is determined

                                       3
<PAGE>

that the fair market value is not properly reflected by such Nasdaq quotations,
Fair Market Value will be determined by such other method as the Committee
determines in good faith to be reasonable.

         (m)      "Incentive Stock Option" means an Option that is intended to
meet the requirements of Section 422 of the Code or any successor provision
thereto.

         (n)      "Merger of Equals" means any Change of Control transaction
approved by the Incumbent Board and specifically designated by the Incumbent
Board as a Merger of Equals.

         (o)      "Non-Qualified Stock Option" means an Option that is not an
Incentive Stock Option.

         (p)      "Option" means a right granted to a Participant under Article
7 of the Plan to purchase Stock at a specified price during specified time
periods. An Option may be either an Incentive Stock Option or a Non-Qualified
Stock Option.

         (q)      "Other Stock-Based Award" means a right, granted to a
Participant under Article 12, that relates to or is valued by reference to Stock
or other Awards relating to Stock.

         (r)      "Parent" means a corporation which owns or beneficially owns a
majority of the outstanding voting stock or voting power of the Company. For
Incentive Stock Options, the term shall have the same meaning as set forth in
Code Section 424(e).

         (s)      "Participant" means a person who, as an employee, officer or
director of the Company or any Subsidiary, has been granted an Award under the
Plan.

         (t)      "Performance Unit" means a right granted to a Participant
under Article 9, to receive cash, Stock, or other Awards, the payment of which
is contingent upon achieving certain performance goals established by the
Committee.

         (u)      "Plan" means the Regions Financial Corporation 1999 Long-Term
Incentive Plan, as amended from time to time.

         (v)      "Restricted Stock Award" means Stock granted to a Participant
under Article 10 that is subject to certain restrictions and to risk of
forfeiture.

         (w)      "Stock" means the $.625 par value Common Stock of the Company,
and such other securities of the Company as may be substituted for Stock
pursuant to Article 14.

         (x)      "Stock Appreciation Right" or "SAR" means a right granted to a
Participant under Article 8 to receive a payment equal to the difference between
the Fair Market Value of a share of Stock as of the date of exercise of the SAR
over the grant price of the SAR, all as determined pursuant to Article 8.

         (y)      "Subsidiary" means any corporation, limited liability company,
partnership or other entity of which a majority of the outstanding voting stock
or voting power is beneficially

                                       4
<PAGE>

owned directly or indirectly by the Company. For Incentive Stock Options, the
term shall have the meaning set forth in Code Section 424(f).

         (z)      "1933 Act" means the Securities Act of 1933, as amended from
time to time.

         (aa)     "1934 Act" means the Securities Exchange Act of 1934, as
amended from time to time.

                                    ARTICLE 4
                                 ADMINISTRATION

         4.1.     COMMITTEE. The Plan shall be administered by the Compensation
Committee of the Board or, at the discretion of the Board from time to time, by
the Board. The Committee shall consist of two or more members of the Board. It
is intended that the directors appointed to serve on the Committee shall be
"non-employee directors" (within the meaning of Rule 16b-3 promulgated under the
1934 Act) and "outside directors" (within the meaning of Code Section 162(m) and
the regulations thereunder) to the extent that Rule 16b-3 and, if necessary for
relief from the limitation under Code Section 162(m) and such relief is sought
by the Company, Code Section 162(m), respectively, are applicable. However, the
mere fact that a Committee member shall fail to qualify under either of the
foregoing requirements shall not invalidate any Award made by the Committee
which Award is otherwise validly made under the Plan. The members of the
Committee shall be appointed by, and may be changed at any time and from time to
time in the discretion of, the Board. During any time that the Board is acting
as administrator of the Plan, it shall have all the powers of the Committee
hereunder, and any reference herein to the Committee (other than in this Section
4.1) shall include the Board.

         4.2.     ACTION BY THE COMMITTEE. For purposes of administering the
Plan, the following rules of procedure shall govern the Committee. A majority of
the Committee shall constitute a quorum. The acts of a majority of the members
present at any meeting at which a quorum is present, and acts approved
unanimously in writing by the members of the Committee in lieu of a meeting,
shall be deemed the acts of the Committee. Each member of the Committee is
entitled to, in good faith, rely or act upon any report or other information
furnished to that member by any officer or other employee of the Company or any
Parent or Subsidiary, the Company's independent certified public accountants, or
any executive compensation consultant or other professional retained by the
Company to assist in the administration of the Plan.

         4.3.     AUTHORITY OF COMMITTEE. The Committee has the exclusive power,
authority and discretion to:

         (a)      Designate Participants;

         (b)      Determine the type or types of Awards to be granted to each
Participant;

         (c)      Determine the number of Awards to be granted and the number of
shares of Stock to which an Award will relate;

         (d)      Determine the terms and conditions of any Award granted under
the Plan, including but not limited to, the exercise price, grant price, or
purchase price, any restrictions or

                                       5
<PAGE>

limitations on the Award, any schedule for lapse of forfeiture restrictions or
restrictions on the exercisability of an Award, and accelerations or waivers
thereof, based in each case on such considerations as the Committee in its sole
discretion determines;

         (e)      Accelerate the vesting or lapse of restrictions of any
outstanding Award, based in each case on such considerations as the Committee in
its sole discretion determines;

         (f)      Determine whether, to what extent, and under what
circumstances an Award may be settled in, or the exercise price of an Award may
be paid in, cash, Stock, other Awards, or other property, or an Award may be
canceled, forfeited, or surrendered;

         (g)      Prescribe the form of each Award Agreement, which need not be
identical for each Participant;

         (h)      Decide all other matters that must be determined in connection
with an Award;

         (i)      Establish, adopt or revise any rules and regulations as it may
deem necessary or advisable to administer the Plan;

         (j)      Make all other decisions and determinations that may be
required under the Plan or as the Committee deems necessary or advisable to
administer the Plan; and

         (k)      Amend the Plan or any Award Agreement as provided herein.

         4.4.     DECISIONS BINDING. The Committee's interpretation of the Plan,
any Awards granted under the Plan, any Award Agreement and all decisions and
determinations by the Committee with respect to the Plan are final, binding, and
conclusive on all parties.

                                    ARTICLE 5
                           SHARES SUBJECT TO THE PLAN

         5.1.     NUMBER OF SHARES. Subject to adjustment as provided in Section
14.1, the aggregate number of shares of Stock reserved and available for Awards
or which may be used to provide a basis of measurement for or to determine the
value of an Award (such as with a Stock Appreciation Right or Performance Unit
Award) shall be ten million (10,000,000 shares. Not more than 10% of the total
authorized shares may be granted as Awards of Restricted Stock or unrestricted
Stock Awards.

         5.2.     LAPSED AWARDS. To the extent that an Award is canceled,
terminates, expires or lapses for any reason, any shares of Stock subject to the
Award will again be available for the grant of an Award under the Plan and
shares subject to SARs or other Awards settled in cash will be available for the
grant of an Award under the Plan.

         5.3.     STOCK DISTRIBUTED. Any Stock distributed pursuant to an Award
may consist, in whole or in part, of authorized and unissued Stock, treasury
Stock or Stock purchased on the open market.

                                       6
<PAGE>

         5.4.     LIMITATION ON AWARDS. Notwithstanding any provision in the
Plan to the contrary (but subject to adjustment as provided in Section 14.1),
the maximum number of shares of Stock with respect to one or more Options and/or
SARs that may be granted during any one calendar year under the Plan to any one
Covered Employee shall be 150,000. The maximum fair market value (measured as of
the date of grant) of any Awards other than Options and SARs that may be
received by a Covered Employee (less any consideration paid by the Participant
for such Award) during any one calendar year under the Plan shall be $4,000,000.

                                    ARTICLE 6
                                   ELIGIBILITY

         6.1.     GENERAL. Awards may be granted only to individuals who are
employees, officers or directors of the Company or a Parent or Subsidiary.

                                    ARTICLE 7
                                  STOCK OPTIONS

         7.1.     GENERAL. The Committee is authorized to grant Options to
Participants on the following terms and conditions:

         (a)      EXERCISE PRICE. The exercise price per share of Stock under an
Option shall be determined by the Committee, provided that the exercise price
for any Option shall not be less than the Fair Market Value as of the date of
the grant.

         (b)      TIME AND CONDITIONS OF EXERCISE. The Committee shall determine
the time or times at which an Option may be exercised in whole or in part. The
Committee also shall determine the performance or other conditions, if any, that
must be satisfied before all or part of an Option may be exercised. The
Committee may waive any exercise provisions at any time in whole or in part
based upon factors as the Committee may determine in its sole discretion so that
the Option becomes exercisable at an earlier date.

         (c)      PAYMENT. The Committee shall determine the methods by which
the exercise price of an Option may be paid, the form of payment, including,
without limitation, cash, shares of Stock, or other property (including
"cashless exercise" arrangements), and the methods by which shares of Stock
shall be delivered or deemed to be delivered to Participants; provided that if
shares of Stock surrendered in payment of the exercise price were themselves
acquired otherwise than on the open market, such shares shall have been held by
the Participant for at least six months.

         (d)      EVIDENCE OF GRANT. All Options shall be evidenced by a written
Award Agreement between the Company and the Participant. The Award Agreement
shall include such provisions, not inconsistent with the Plan, as may be
specified by the Committee.

         7.2.     INCENTIVE STOCK OPTIONS. The terms of any Incentive Stock
Options granted under the Plan must comply with the following additional rules:

                                       7
<PAGE>

         (a)      EXERCISE PRICE. The exercise price per share of Stock shall be
set by the Committee, provided that the exercise price for any Incentive Stock
Option shall not be less than the Fair Market Value as of the date of the grant.

         (b)      EXERCISE. In no event may any Incentive Stock Option be
exercisable for more than ten years from the date of its grant.

         (c)      LAPSE OF OPTION. An Incentive Stock Option shall lapse under
the earliest of the following circumstances; provided, however, that the
Committee may, prior to the lapse of the Incentive Stock Option under the
circumstances described in paragraphs (3), (4) and (5) below, provide in writing
that the Option will extend until a later date, but if Option is exercised after
the dates specified in paragraphs (3), (4) and (5) below, it will automatically
become a Non-Qualified Stock Option:

                  (1)      The Incentive Stock Option shall lapse as of the
option expiration date set forth in the Award Agreement.

                  (2)      The Incentive Stock Option shall lapse ten years
after it is granted, unless an earlier time is set in the Award Agreement.

                  (3)      If the Participant terminates employment for any
reason other than as provided in paragraph (4) or (5) below, the Incentive Stock
Option shall lapse, unless it is previously exercised, three months after the
Participant's termination of employment; provided, however, that if the
Participant's employment is terminated by the Company for cause or by the
Participant without the consent of the Company, the Incentive Stock Option shall
(to the extent not previously exercised) lapse immediately.

                  (4)      If the Participant terminates employment by reason of
his Disability, the Incentive Stock Option shall lapse, unless it is previously
exercised, one year after the Participant's termination of employment.

                  (5)      If the Participant dies while employed, or during the
three-month period described in paragraph (3) or during the one-year period
described in paragraph (4) and before the Option otherwise lapses, the Option
shall lapse one year after the Participant's death. Upon the Participant's
death, any exercisable Incentive Stock Options may be exercised by the
Participant's beneficiary, determined in accordance with Section 13.6.

         Unless the exercisability of the Incentive Stock Option is accelerated
as provided in Article 13, if a Participant exercises an Option after
termination of employment, the Option may be exercised only with respect to the
shares that were otherwise vested on the Participant's termination of
employment.

         (d)      INDIVIDUAL DOLLAR LIMITATION. The aggregate Fair Market Value
(determined as of the time an Award is made) of all shares of Stock with respect
to which Incentive Stock Options are first exercisable by a Participant in any
calendar year may not exceed $100,000.00.

                                       8
<PAGE>

         (e)      TEN PERCENT OWNERS. No Incentive Stock Option shall be granted
to any individual who, at the date of grant, owns stock possessing more than ten
percent of the total combined voting power of all classes of stock of the
Company or any Parent or Subsidiary unless the exercise price per share of such
Option is at least 110% of the Fair Market Value per share of Stock at the date
of grant and the Option expires no later than five years after the date of
grant.

         (f)      EXPIRATION OF INCENTIVE STOCK OPTIONS. No Award of an
Incentive Stock Option may be made pursuant to the Plan after the day
immediately prior to the tenth anniversary of the Effective Date.

         (g)      RIGHT TO EXERCISE. During a Participant's lifetime, an
Incentive Stock Option may be exercised only by the Participant or, in the case
of the Participant's Disability, by the Participant's guardian or legal
representative.

         (h)      DIRECTORS. The Committee may not grant an Incentive Stock
Option to a non-employee director. The Committee may grant an Incentive Stock
Option to a director who is also an employee of the Company or Parent or
Subsidiary but only in that individual's position as an employee and not as a
director.

                                    ARTICLE 8
                            STOCK APPRECIATION RIGHTS

         8.1.     GRANT OF SARS. The Committee is authorized to grant SARs to
Participants on the following terms and conditions:

         (a)      RIGHT TO PAYMENT. Upon the exercise of a Stock Appreciation
Right, the Participant to whom it is granted has the right to receive the
excess, if any, of:

                  (1)      The Fair Market Value of one share of Stock on the
date of exercise; over

                  (2)      The grant price of the Stock Appreciation Right as
determined by the Committee, which shall not be less than the Fair Market Value
of one share of Stock on the date of grant.

         (b)      OTHER TERMS. All awards of Stock Appreciation Rights shall be
evidenced by an Award Agreement. The terms, methods of exercise, methods of
settlement, form of consideration payable in settlement, and any other terms and
conditions of any Stock Appreciation Right shall be determined by the Committee
at the time of the grant of the Award and shall be reflected in the Award
Agreement.

                                    ARTICLE 9
                                PERFORMANCE UNITS

         9.1.     GRANT OF PERFORMANCE UNITS. The Committee is authorized to
grant Performance Units to Participants on such terms and conditions as may be
selected by the Committee. The Committee shall have the complete discretion to
determine the number of Performance Units granted to each Participant. All
Awards of Performance Units shall be evidenced by an Award Agreement.

                                       9
<PAGE>

         9.2.     RIGHT TO PAYMENT. A grant of Performance Units gives the
Participant rights, valued as determined by the Committee, and payable to, or
exercisable by, the Participant to whom the Performance Units are granted, in
whole or in part, as the Committee shall establish at grant or thereafter. The
Committee shall set performance goals and other terms or conditions to payment
of the Performance Units in its discretion which, depending on the extent to
which they are met, will determine the number and value of Performance Units
that will be paid to the Participant.

         9.3.     OTHER TERMS. Performance Units may be payable in cash, Stock,
or other property, and have such other terms and conditions as determined by the
Committee and reflected in the Award Agreement.

                                   ARTICLE 10
                             RESTRICTED STOCK AWARDS

         10.1.    GRANT OF RESTRICTED STOCK. The Committee is authorized to make
Awards of Restricted Stock to Participants in such amounts and subject to such
terms and conditions as may be selected by the Committee. All Awards of
Restricted Stock shall be evidenced by a Restricted Stock Award Agreement.

         10.2.    ISSUANCE AND RESTRICTIONS. Restricted Stock shall be subject
to such restrictions on transferability and other restrictions as the Committee
may impose (including, without limitation, limitations on the right to vote
Restricted Stock or the right to receive dividends on the Restricted Stock).
These restrictions may lapse separately or in combination at such times, under
such circumstances, in such installments, upon the satisfaction of performance
goals or otherwise, as the Committee determines at the time of the grant of the
Award or thereafter.

         10.3.    FORFEITURE. Except as otherwise determined by the Committee at
the time of the grant of the Award or thereafter, upon termination of employment
during the applicable restriction period or upon failure to satisfy a
performance goal during the applicable restriction period, Restricted Stock that
is at that time subject to restrictions shall be forfeited and reacquired by the
Company; provided, however, that the Committee may provide in any Award
Agreement that restrictions or forfeiture conditions relating to Restricted
Stock will be waived in whole or in part in the event of terminations resulting
from specified causes, and the Committee may in other cases waive in whole or in
part restrictions or forfeiture conditions relating to Restricted Stock.

         10.4.    CERTIFICATES FOR RESTRICTED STOCK. Restricted Stock granted
under the Plan may be evidenced in such manner as the Committee shall determine.
If certificates representing shares of Restricted Stock are registered in the
name of the Participant, certificates must bear an appropriate legend referring
to the terms, conditions, and restrictions applicable to such Restricted Stock.

                                   ARTICLE 11
                              DIVIDEND EQUIVALENTS

         11.1.    GRANT OF DIVIDEND EQUIVALENTS. The Committee is authorized to
grant Dividend Equivalents to Participants subject to such terms and conditions
as may be selected by the

                                       10
<PAGE>

Committee. Dividend Equivalents shall entitle the Participant to receive
payments equal to dividends with respect to all or a portion of the number of
shares of Stock subject to an Award, as determined by the Committee. The
Committee may provide that Dividend Equivalents be paid or distributed when
accrued or be deemed to have been reinvested in additional shares of Stock, or
otherwise reinvested.

                                   ARTICLE 12
                            OTHER STOCK-BASED AWARDS

         12.1.    GRANT OF OTHER STOCK-BASED AWARDS. The Committee is
authorized, subject to limitations under applicable law, to grant to
Participants such other Awards that are payable in, valued in whole or in part
by reference to, or otherwise based on or related to shares of Stock, as deemed
by the Committee to be consistent with the purposes of the Plan, including
without limitation shares of Stock awarded purely as a "bonus" and not subject
to any restrictions or conditions, convertible or exchangeable debt securities,
other rights convertible or exchangeable into shares of Stock, and Awards valued
by reference to book value of shares of Stock or the value of securities of or
the performance of specified Parents or Subsidiaries. The Committee shall
determine the terms and conditions of such Awards.

                                   ARTICLE 13
                         PROVISIONS APPLICABLE TO AWARDS

         13.1.    STAND-ALONE, TANDEM, AND SUBSTITUTE AWARDS. Awards granted
under the Plan may, in the discretion of the Committee, be granted either alone
or in addition to, in tandem with, or in substitution for, any other Award
granted under the Plan. If an Award is granted in substitution for another
Award, the Committee may require the surrender of such other Award in
consideration of the grant of the new Award. Awards granted in addition to or in
tandem with other Awards may be granted either at the same time as or at a
different time from the grant of such other Awards.

         13.2.    EXCHANGE PROVISIONS. The Committee may at any time offer to
exchange or buy out any previously granted Award for a payment in cash, Stock,
or another Award (subject to Section 14.1), based on the terms and conditions
the Committee determines and communicates to the Participant at the time the
offer is made, and after taking into account the tax, securities and accounting
effects of such an exchange.

         13.3.    TERM OF AWARD. The term of each Award shall be for the period
as determined by the Committee, provided that in no event shall the term of any
Incentive Stock Option or a Stock Appreciation Right granted in tandem with the
Incentive Stock Option exceed a period of ten years from the date of its grant
(or, if Section 7.2(e) applies, five years from the date of its grant).

         13.4.    FORM OF PAYMENT FOR AWARDS. Subject to the terms of the Plan
and any applicable law or Award Agreement, payments or transfers to be made by
the Company or a Parent or Subsidiary on the grant or exercise of an Award may
be made in such form as the Committee determines at or after the time of grant,
including without limitation, cash, Stock, other Awards, or other property, or
any combination, and may be made in a single payment or

                                       11
<PAGE>

transfer, in installments, or on a deferred basis, in each case determined in
accordance with rules adopted by, and at the discretion of, the Committee.

         13.5.    LIMITS ON TRANSFER. No right or interest of a Participant in
any unexercised or restricted Award may be pledged, encumbered, or hypothecated
to or in favor of any party other than the Company or a Parent or Subsidiary, or
shall be subject to any lien, obligation, or liability of such Participant to
any other party other than the Company or a Parent or Subsidiary. No unexercised
or restricted Award shall be assignable or transferable by a Participant other
than by will or the laws of descent and distribution or, except in the case of
an Incentive Stock Option, pursuant to a domestic relations order that would
satisfy Section 414(p)(1)(A) of the Code if such Section applied to an Award
under the Plan; provided, however, that the Committee may (but need not) permit
other transfers where the Committee concludes that such transferability (i) does
not result in accelerated taxation, (ii) does not cause any Option intended to
be an incentive stock option to fail to be described in Code Section 422(b), and
(iii) is otherwise appropriate and desirable, taking into account any factors
deemed relevant, including without limitation, any state or federal taxor
securities laws or regulations applicable to transferable Awards.

         13.6.    BENEFICIARIES. Notwithstanding Section 13.5, a Participant
may, in the manner determined by the Committee, designate a beneficiary to
exercise the rights of the Participant and to receive any distribution with
respect to any Award upon the Participant's death. A beneficiary, legal
guardian, legal representative, or other person claiming any rights under the
Plan is subject to all terms and conditions of the Plan and any Award Agreement
applicable to the Participant, except to the extent the Plan and Award Agreement
otherwise provide, and to any additional restrictions deemed necessary or
appropriate by the Committee. If no beneficiary has been designated or survives
the Participant, payment shall be made to the Participant's estate. Subject to
the foregoing, a beneficiary designation may be changed or revoked by a
Participant at any time provided the change or revocation is filed with the
Committee.

         13.7.    STOCK CERTIFICATES. All Stock certificates delivered under the
Plan are subject to any stop-transfer orders and other restrictions as the
Committee deems necessary or advisable to comply with federal or state
securities laws, rules and regulations and the rules of any national securities
exchange or automated quotation system on which the Stock is listed, quoted, or
traded. The Committee may place legends on any Stock certificate to reference
restrictions applicable to the Stock.

         13.8.    ACCELERATION UPON A CHANGE IN CONTROL. Except as otherwise
provided in the Award Agreement, upon the occurrence of a Change in Control
which is not a Merger of Equals, all outstanding Options, Stock Appreciation
Rights, and other Awards in the nature of rights that may be exercised shall
become fully exercisable and all restrictions on outstanding Awards shall lapse;
provided, however that such acceleration will not occur if, in the opinion of
the Company's accountants, such acceleration would preclude the use of "pooling
of interest" accounting treatment for a Change in Control transaction that (a)
would otherwise qualify for such accounting treatment, and (b) is contingent
upon qualifying for such accounting treatment. To the extent that this provision
causes Incentive Stock Options to exceed the dollar limitation set forth in
Section 7.2(d), the excess Options shall be deemed to be Non-Qualified Stock
Options.

                                       12
<PAGE>

         13.9.    ACCELERATION UPON CERTAIN EVENTS NOT CONSTITUTING A CHANGE IN
CONTROL. In the event of the occurrence of any circumstance, transaction or
event not constituting a Change in Control (as defined in Section 3.1) but which
the Board of Directors deems to be, or to be reasonably likely to lead to, an
effective change in control of the Company of a nature that would be required to
be reported in response to Item 6(e) of Schedule 14A of the 1934 Act, the
Committee may in its sole discretion declare all outstanding Options, Stock
Appreciation Rights, and other Awards in the nature of rights that may be
exercised to be fully exercisable, and/or all restrictions on all outstanding
Awards to have lapsed, in each case, as of such date as the Committee may, in
its sole discretion, declare, which may be on or before the consummation of such
transaction or event. To the extent that this provision causes Incentive Stock
Options to exceed the dollar limitation set forth in Section 7.2(d), the excess
Options shall be deemed to be Non-Qualified Stock Options.

         13.10.   ACCELERATION FOR ANY OTHER REASON. Regardless of whether an
event has occurred as described in Section 13.8 or 13.9 above, the Committee may
in its sole discretion at any time determine that all or a portion of a
Participant's Options, Stock Appreciation Rights, and other Awards in the nature
of rights that may be exercised shall become fully or partially exercisable,
and/or that all or a part of the restrictions on all or a portion of the
outstanding Awards shall lapse, in each case, as of such date as the Committee
may, in its sole discretion, declare. The Committee may discriminate among
Participants and among Awards granted to a Participant in exercising its
discretion pursuant to this Section 13.10.

         13.11.   EFFECT OF ACCELERATION. If an Award is accelerated under
Section 13.8 or 13.9, the Committee may, in its sole discretion, provide (i)
that the Award will expire after a designated period of time after such
acceleration to the extent not then exercised, (ii) that the Award will be
settled in cash rather than Stock, (iii) that the Award will be assumed by
another party to the transaction giving rise to the acceleration or otherwise be
equitably converted in connection with such transaction, or (iv) any combination
of the foregoing. The Committee's determination need not be uniform and may be
different for different Participants whether or not such Participants are
similarly situated.

         13.12.   PERFORMANCE GOALS. The Committee may determine that any Award
granted pursuant to this Plan to a Participant (including, but not limited to,
Participants who are Covered Employees) shall be determined solely on the basis
of (a) the achievement by the Company or a Parent or Subsidiary of a specified
target return, or target growth in return, on equity or assets, (b) the
Company's total shareholder return (stock price appreciation plus reinvested
dividends) relative to a defined comparison group or target over a specified
performance period, (c) the Company's stock price, (d) the achievement by an
individual, the Company, or a business unit of the Company, Parent or Subsidiary
of a specified target, or target growth in, revenues, net income or earnings per
share or decrease in expense, (e) the achievement of objectively determinable
goals with respect to service or product delivery, service or product quality,
customer satisfaction, meeting budgets and/or retention of employees or (f) any
combination of the goals set forth in (a) through (e) above. If an Award is made
on such basis, the Committee shall establish goals prior to the beginning of the
period for which such performance goal relates (or such later date as may be
permitted under Code Section 162(m) or the regulations thereunder) and the
Committee may for any reason reduce (but not increase) any Award,
notwithstanding the achievement of a specified goal. Any payment of an Award
granted with performance goals shall

                                       13
<PAGE>

be conditioned on the written certification of the Committee in each case that
the performance goals and any other material conditions were satisfied.

         13.13.   TERMINATION OF EMPLOYMENT. Whether military, government or
other service or other leave of absence shall constitute a termination of
employment shall be determined in each case by the Committee at its discretion,
and any determination by the Committee shall be final and conclusive. A
termination of employment shall not occur in a circumstance in which a
Participant transfers from the Company to one of its Parents or Subsidiaries,
transfers from a Parent or Subsidiary to the Company, or transfers from one
Parent or Subsidiary to another Parent or Subsidiary.

                                   ARTICLE 14
                          CHANGES IN CAPITAL STRUCTURE

         14.1.    GENERAL. In the event a stock dividend is declared upon the
Stock, the authorization limits under Section 5.1 and 5.4 shall be increased
proportionately, and the shares of Stock then subject to each Award shall be
increased proportionately without any change in the aggregate purchase price
therefor. In the event the Stock shall be changed into or exchanged for a
different number or class of shares of stock or securities of the Company or of
another corporation, whether through reorganization, recapitalization,
reclassification, share exchange, stock split-up, combination of shares, merger
or consolidation, the authorization limits under Section 5.1 and 5.4 shall be
adjusted proportionately, and there shall be substituted for each such share of
Stock then subject to each Award the number and class of shares into which each
outstanding share of Stock shall be so exchanged, all without any change in the
aggregate purchase price for the shares then subject to each Award, or, subject
to Section 15.2, there shall be made such other equitable adjustment as the
Committee shall approve.

                                   ARTICLE 15
                     AMENDMENT, MODIFICATION AND TERMINATION

         15.1.    AMENDMENT, MODIFICATION AND TERMINATION. The Board or the
Committee may, at any time and from time to time, amend, modify or terminate the
Plan without stockholder approval; provided, however, that the Board or
Committee may condition any amendment or modification on the approval of
stockholders of the Company if such approval is necessary or deemed advisable
with respect to tax, securities or other applicable laws, policies or
regulations.

         15.2.    AWARDS PREVIOUSLY GRANTED. At any time and from time to time,
the Committee may amend, modify or terminate any outstanding Award without
approval of the Participant; provided, however, that, subject to the terms of
the applicable Award Agreement, such amendment, modification or termination
shall not, without the Participant's consent, reduce or diminish the value of
such Award determined as if the Award had been exercised, vested, cashed in or
otherwise settled on the date of such amendment or termination. No termination,
amendment, or modification of the Plan shall adversely affect any Award
previously granted under the Plan, without the written consent of the
Participant.

                                       14
<PAGE>

                                   ARTICLE 16
                               GENERAL PROVISIONS

         16.1.    NO RIGHTS TO AWARDS. No Participant or eligible participant
shall have any claim to be granted any Award under the Plan, and neither the
Company nor the Committee is obligated to treat Participants or eligible
participants uniformly.

         16.2.    NO STOCKHOLDER RIGHTS. No Award gives the Participant any of
the rights of a stockholder of the Company unless and until shares of Stock are
in fact issued to such person in connection with such Award.

         16.3.    WITHHOLDING. The Company or any Parent or Subsidiary shall
have the authority and the right to deduct or withhold, or require a Participant
to remit to the Company, an amount sufficient to satisfy federal, state, and
local taxes (including the Participant's FICA obligation) required by law to be
withheld with respect to any taxable event arising as a result of the Plan. With
respect to withholding required upon any taxable event under the Plan, the
Committee may, at the time the Award is granted or thereafter, require that any
such withholding requirement be satisfied, in whole or in part, by withholding
shares of Stock having a Fair Market Value on the date of withholding equal to
the amount required to be withheld for tax purposes, all in accordance with such
procedures as the Committee establishes.

         16.4.    NO RIGHT TO CONTINUED SERVICE. Nothing in the Plan or any
Award Agreement shall interfere with or limit in any way the right of the
Company or any Parent or Subsidiary to terminate any Participant's employment or
status as an officer or director at any time, nor confer upon any Participant
any right to continue as an employee, officer or director of the Company or any
Parent or Subsidiary.

         16.5.    UNFUNDED STATUS OF AWARDS. The Plan is intended to be an
"unfunded" plan for incentive and deferred compensation. With respect to any
payments not yet made to a Participant pursuant to an Award, nothing contained
in the Plan or any Award Agreement shall give the Participant any rights that
are greater than those of a general creditor of the Company or any Parent or
Subsidiary.

         16.6.    INDEMNIFICATION. To the extent allowable under applicable law,
each member of the Committee shall be indemnified and held harmless by the
Company from any loss, cost, liability, or expense that may be imposed upon or
reasonably incurred by such member in connection with or resulting from any
claim, action, suit, or proceeding to which such member may be a party or in
which he may be involved by reason of any action or failure to act under the
Plan and against and from any and all amounts paid by such member in
satisfaction of judgment in such action, suit, or proceeding against him
provided he gives the Company an opportunity, at its own expense, to handle and
defend the same before he undertakes to handle and defend it on his own behalf.
The foregoing right of indemnification shall not be exclusive of any other
rights of indemnification to which such persons may be entitled under the
Company's Articles of Incorporation or Bylaws, as a matter of law, or otherwise,
or any power that the Company may have to indemnify them or hold them harmless.

                                       15
<PAGE>

         16.7.    RELATIONSHIP TO OTHER BENEFITS. No payment under the Plan
shall be taken into account in determining any benefits under any pension,
retirement, savings, profit sharing, group insurance, welfare or benefit plan of
the Company or any Parent or Subsidiary unless provided otherwise in such other
plan.

         16.8.    EXPENSES. The expenses of administering the Plan shall be
borne by the Company and its Parents or Subsidiaries.

         16.9.    TITLES AND HEADINGS. The titles and headings of the Sections
in the Plan are for convenience of reference only, and in the event of any
conflict, the text of the Plan, rather than such titles or headings, shall
control.

         16.10.   GENDER AND NUMBER. Except where otherwise indicated by the
context, any masculine term used herein also shall include the feminine; the
plural shall include the singular and the singular shall include the plural.

         16.11.   FRACTIONAL SHARES. No fractional shares of Stock shall be
issued and the Committee shall determine, in its discretion, whether cash shall
be given in lieu of fractional shares or whether such fractional shares shall be
eliminated by rounding up.

         16.12.   GOVERNMENT AND OTHER REGULATIONS. The obligation of the
Company to make payment of awards in Stock or otherwise shall be subject to all
applicable laws, rules, and regulations, and to such approvals by government
agencies as may be required. The Company shall be under no obligation to
register under the 1933 Act, or any state securities act, any of the shares of
Stock paid under the Plan. The shares paid under the Plan may in certain
circumstances be exempt from registration under the 1933 Act, and the Company
may restrict the transfer of such shares in such manner as it deems advisable to
ensure the availability of any such exemption.

         16.13.   GOVERNING LAW. To the extent not governed by federal law, the
Plan and all Award Agreements shall be construed in accordance with and governed
by the laws of the State of Delaware.

         16.14.   ADDITIONAL PROVISIONS. Each Award Agreement may contain such
other terms and conditions as the Committee may determine; provided that such
other terms and conditions are not inconsistent with the provisions of this
Plan.

         The foregoing is hereby acknowledged as being the Regions Financial
Corporation 1999 Long-Term Incentive Plan as adopted by the Board of Directors
of the Company on March 17, 1999.

                                REGIONS FINANCIAL CORPORATION

                                By: /s/ Carl E. Jones, Jr.
                                   ------------------------------------------
                                   Its: President and Chief Executive Officer

                                       16

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