Document:

Exhibit 10.14

                      SENIOR EXECUTIVE RETIREMENT AGREEMENT

         THIS SENIOR EXECUTIVE RETIREMENT AGREEMENT (the "Agreement"), made and
entered into as of the 22nd day of October, 1999, by and between WACHOVIA
CORPORATION (the "Corporation"), a North Carolina corporation, and Jean E. Davis
(the "Executive"), a senior management employee of the Corporation;

                                    RECITALS

         The Executive is a senior management employee of the Corporation, and
as such has rendered and is expected to continue to render valuable services in
behalf of the Corporation. The Management Resources and Compensation Committee
(the "Committee") of the Corporation desires for the Corporation to provide the
Executive with supplemental retirement benefits partially in recognition of such
services. In addition, the Committee has determined that providing such benefits
will make the Corporation's benefits package more competitive with packages
offered by many other employers and will facilitate management succession
planning for the Corporation.

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

Section 1. Definitions. When used herein, the words and phrases below shall have
the meanings set forth, unless a different meaning is clearly required by the
context. Terms used but not defined herein, and which are defined in the
Retirement Plan, shall have the meaning assigned to them in the Retirement Plan.
Masculine pronouns include feminine pronouns wherever used and vice versa.

         1.1 "Board of Directors" means the Board of Directors of the
Corporation.

         1.2 "Code" means the Internal Revenue Code of 1986, as it may be
amended from time to time.

         1.3 "Effective Date" means October 22, 1999.

         1.4 "Final Average Compensation" means the average of the annual
compensation of the Executive for the three full calendar years within the final
five full calendar years of his employment which will produce the highest
average. For this purpose, the annual compensation of the Executive shall mean
his total cash remuneration from the Corporation, including an amount equal to
the average of the annual incentive compensation paid to the Executive by the
Corporation, if any, provided that the incentive compensation to be recognized
for this purpose shall be approved by the Management Resources and Compensation
Committee in good faith and in its sole discretion, plus the sum of: (a) any
salary reduction amounts which the Executive elects to have contributed with
respect to him to a qualified cash or deferred arrangement under Section 401(k)
of the Code, to a benefit enhancement plan in lieu of contributions to such a
qualified cash or deferred arrangement, to a cafeteria plan under Section 125 of
the Code, or to any similar plan or arrangement, and (b) any amounts deferred
under any deferred compensation plan or contract.

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Amounts described in (a) and (b) shall be deemed received at the time the
Executive would have received them but for the programs described in (a) and
(b). Notwithstanding the foregoing, the Executive's total cash remuneration
shall not include any benefits or compensation provided to the Executive under
the Wachovia Corporation Stock Plan, any similar plan, or any successor or
replacement plan.

         1.5 "Normal Retirement Date" means the first day of the month
coincident with or next following the date the Executive attains age sixty.

         1.6 "Other Pension Plan" means any defined benefit pension plan, other
than the Retirement Plan, in which the Executive is a participant and which is
qualified under Section 401(a) of the Code and is maintained by the Corporation
or a subsidiary of the Corporation.

         1.7 "Retirement Date" means the date the Executive retires under this
Agreement on account of early or normal retirement.

         1.8 "Retirement Plan" means the Retirement Income Plan of Wachovia
Corporation and any successor thereto.

         1.9 "Supplemental Benefit" means the monthly benefit payable to the
Executive under this Agreement.

Section 2.        Normal Retirement.

         (a) At his Normal Retirement Date, the Executive will retire and will
be entitled to receive the Supplemental Benefit, computed in the form of a
single life annuity for his life. Payment of the Supplemental Benefit will
commence on the Executive's Normal Retirement Date. The monthly amount of the
Supplemental Benefit shall equal one-twelfth of the product of two and one-half
percent (2.5%) of the Executive's Final Average Compensation times the number of
years of his creditable service determined under the provisions of the
Retirement Plan (subject to a maximum of 62.5%), reduced by the monthly amount
payable under the Retirement Plan and any Other Pension Plan. The offset shall
equal the monthly amounts actually payable under the Retirement Plan and any
Other Pension Plan, based on the payment option elected by the Executive.

         (b) Notwithstanding the foregoing, if the Executive and the Corporation
agree to extend the Executive's employment beyond the Executive's Normal
Retirement Date, the Executive shall not be required to terminate employment at
his Normal Retirement Date, and shall not forfeit any right to the Supplemental
Benefit as a result of retirement after his Normal Retirement Date. Furthermore,
the amount of the Supplemental Benefit shall in no event be less than the amount
of the Supplemental Benefit that would have been payable to the Executive had he
retired at his Normal Retirement Date. For purposes of this subsection, the
amount of the Executive's Supplemental Benefit shall be determined on an
actuarially equivalent basis using the actuarial factors set forth in the
Retirement Plan.

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<PAGE>

Section 3. Early Retirement. If the Executive has attained his fifty-fifth
birthday but has not attained his Normal Retirement Date, and has ten or more
years of service, he may elect early retirement as of the first day of any
calendar month following written notice of at least ninety days to the
Corporation and the Committee. The Supplemental Benefit of the Executive who
elects early retirement shall equal the benefit determined under Section 2 as of
such date, reduced by five percent for each year (with proportionate allowance
for complete months) by which the starting date of the benefit precedes
attainment of his sixtieth birthday. With the consent of the Committee, the
Supplemental Benefit shall be payable to the Executive pursuant to Section 2
commencing as of the first day of any calendar month on or after his early
retirement and before his Normal Retirement Date. The request for benefit
payment must be filed by the Executive in writing with the Committee at least
thirty days prior to the date payments are requested to commence.

Section 4. Spouse's Supplemental Benefit. If the Executive shall be married on
his Retirement Date, and shall die thereafter survived by such spouse, or if the
Executive shall die prior to his Retirement Date and shall be married on the
date of his death, such spouse shall be entitled to a monthly supplemental
benefit (herein the "Spouse's Supplemental Benefit") payable for life and equal
to 60% of the monthly amount of the Supplemental Benefit payable to the
Executive (assuming, for an Executive who shall die prior to his Retirement
Date, that the Executive had retired on the date immediately preceding the date
of his death and that the years of his creditable service included the years and
fractions thereof from the date of death to his Normal Retirement Date), before
applying the reduction for the monthly amount payable to the Executive under the
Retirement Plan and any Other Pension Plan, but reduced by the monthly amount,
if any, payable to the spouse under the Retirement Plan and any Other Pension
Plan in the calendar month next following the death of the Executive. The
monthly amount of the Spouse's Supplemental Benefit shall be payable on the
first day of each calendar month following the death of the Executive and
preceding the death of such spouse.

Section 5. Optional Forms of Payment. Notwithstanding the provisions of Sections
2 through 4, the present value of the sum of the Supplemental Benefit and the
Spouse's Supplemental Benefit (if any) may, at the request of the Executive and
with the consent of the Executive's spouse (if any) and the Committee, be
payable in cash in a lump sum within thirty days following the Retirement Date
of the Executive. Such present value shall be the actuarial equivalent (as
defined in the Retirement Plan) of the Supplemental Benefit and Spouse's
Supplemental Benefit (if any). The request for a lump sum distribution, and the
consent of the Executive's spouse, must be filed by the Executive with the
Committee at least sixty days prior to the Retirement Date. Such consent shall
be in writing on a form provided by the Committee.

Section 6.        Disability; Death.

         (a) In the event the Executive suffers a disability (as defined in the
Retirement Plan) prior to the Retirement Date, the Executive shall continue to
accrue a Supplemental Benefit under this Agreement based upon the Final Average
Compensation of the Executive as of the last date the Executive was paid by the
Corporation (including sick pay) and taking into account the period from the
disability of the Executive to the Normal Retirement Date as creditable service
for purposes of this Agreement. The Supplemental Benefit of the Executive who is
disabled shall be determined and payable as of the Normal Retirement Date of the
Executive.

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         (b) In the event that both the Executive and his spouse (if any) die
before the date on which the Executive would have attained age 83, their
designated beneficiary (or the estate of the last to die if no beneficiary has
been designated) shall receive a lump sum death benefit (the "Death Benefit").
The Death Benefit shall be equal to the product of (i) 60% of the annual amount
of the Supplemental Benefit payable to the Executive (subject to the assumptions
described in Section 4 if the Executive dies before his Retirement Date), and
(ii) the difference between 83 and the age that the Executive attained (or would
have attained) as of the later of the date on which he died or the date on which
his spouse died.

Section 7.        Miscellaneous.

         (a) The Executive shall forfeit any right to the Supplemental Benefit
or any other rights hereunder (including the Spouse's Supplemental Benefit) if
he (i) declines to retire at his Normal Retirement Date, (ii) terminates
employment with the Corporation prior to his Retirement Date without written
consent of the Committee, or (iii) is terminated for "cause." Termination for
cause shall arise if the Executive's employment by the Corporation is terminated
because of or arising out of: (A) criminal dishonesty, (B) refusal to perform
his employment duties for the Corporation on substantially a full-time basis,
(C) refusal to act in accordance with any specific substantive instructions of
the Corporation's Chief Executive Officer or Board of Directors, or (D) engaging
in conduct which could be materially damaging to the Corporation without a
reasonable good faith belief by the Executive that such conduct was in the best
interest of the Corporation. Notwithstanding the foregoing provisions of this
Section 7(a), in the event of a Change of Control of the Corporation, the
Executive shall be vested in the right to receive payment of the Supplemental
Benefit under this Agreement, which right shall not be forfeited upon the
termination of the Executive for any reason other than for cause as defined in
this Section 7(a). In the event the employment of the Executive is voluntarily
or involuntarily terminated during the period beginning on the date of the
Change of Control and ending on the third anniversary of such date, and as a
result of such termination the Executive is entitled to receive Continuation
Benefits pursuant to an employment agreement between the Corporation and the
Executive, then notwithstanding any other provision of this Agreement to the
contrary, the Executive shall continue to be credited with creditable service
during the Compensation Period, and the annual cash compensation paid to the
Executive during the Compensation Period shall be taken into account in
determining his Final Average Compensation under this Agreement. The Executive's
Supplemental Benefit shall be paid commencing as of the later of the end of the
Compensation Period or the date the Executive actually attains (or would have
attained but for death) the age of fifty-five. If payment of the Executive's
Supplemental Benefit commences at a date prior to the Executive's Normal
Retirement Date, the Executive shall be deemed to have satisfied all of the
conditions and requirements described in Section 3 for purposes of computing the
amount of his Supplemental Benefit. For purposes herein, the terms "Change of
Control," Continuation Benefits," and "Compensation Period" shall have the
meaning given such terms in the employment agreement between the Corporation and
the Executive.

         (b) The Supplemental Benefit shall cease to be paid to the Executive
(and rights to the Spouse's Supplemental Benefit shall terminate) if he shall
disclose material confidential

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information or trade secrets concerning the Corporation or any of its
subsidiaries without the Corporation's consent, or shall engage in any activity
that is materially damaging to the Corporation including, but not limited to,
engaging in competitive employment at any time. The Executive shall be deemed to
engage in competitive employment if he shall render services as an owner,
employee, officer, director, consultant or otherwise, for himself or any
employer which conducts a business or enterprise in any area where the
Corporation or affiliate of the Corporation conducts business that competes
directly or indirectly with the Corporation or affiliate of the Corporation. The
Committee shall have authority to cease payments under this paragraph (b), and
the determination of the Committee shall be final and conclusive. Upon the
request of the Executive, the Committee may grant an advance opinion as to
whether a proposed activity would violate the provisions of this paragraph (b).

         (c) In consideration of any benefit payable to the Executive under this
Agreement, the Executive upon termination of employment with the Corporation
shall execute a separate release and waiver of claims in a form acceptable to
the Corporation. The Executive shall not be eligible for any benefit under this
Agreement until he has executed such release and waiver of claims.

         (d) In the event the employment of the Executive terminates prior to a
Change of Control, and as a result of such termination the Executive is entitled
to receive Continuation Benefits pursuant to an employment agreement between the
Corporation and the Executive, then notwithstanding any other provision of this
Agreement to the contrary, the Executive shall continue to be credited with
creditable service during the Compensation Period, and the annual cash
compensation paid to the Executive during the Compensation Period shall be taken
into account in determining his Final Average Compensation under this Agreement.
The Executive shall be deemed to retire from the Corporation on the last day of
the Compensation Period and to have given the Corporation written notice of such
retirement at least ninety days before such date. The Executive's Supplemental
Benefit shall be paid commencing as of the end of the Compensation Period. The
terms "Change of Control," "Continuation Benefits" and "Compensation Period"
shall have the meaning given to such terms in the employment agreement between
the Corporation and the Executive.

         (e) Nothing in this Agreement shall be construed as giving the
Executive the right to be retained in the employ of the Corporation or any
subsidiary of the Corporation at all or for any specified period in any
particular position, or any right to any payment whatsoever except to the extent
provided for by this Agreement.

         (f) Notwithstanding any other provisions hereof, if any person entitled
to receive payments hereunder (the "recipient") shall be physically or mentally
or legally incapable of receiving or acknowledging receipt of such payment, the
Corporation, upon the receipt of satisfactory evidence that another person or
institution is maintaining the recipient and that no guardian or committee has
been appointed for the recipient, may cause such payment to be made to such
person or institution so maintaining the recipient.

         (g) Nothing in this Agreement and no action taken pursuant to the
provisions of this Agreement shall create or shall be construed as creating a
trust of any kind, or a fiduciary relationship between the Corporation and the
Executive or any other person. Any amounts

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which are or may be set aside hereunder shall continue for all purposes to be a
part of the general funds of the Corporation, and no person other than the
Corporation shall, by virtue of the provisions of this Agreement, have any
interest in such funds. To the extent that any person acquires a right to
receive payments from the Corporation hereunder, such right shall be no greater
than the right of any unsecured general creditor of the Corporation.

         (h) The benefits payable under this Agreement may not be assigned by
the Executive or any other person nor anticipated in any way.

         (i) The Committee may, in its sole discretion, terminate, suspend or
amend this Agreement at any time or from time to time, in whole or in part;
provided, that except as otherwise specifically provided herein no such
termination, suspension or amendment made following the date that payments
commence hereunder will affect the right of any person to receive benefits
earned hereunder. Upon a change of control of the Corporation as defined in
Section 7(a), this Agreement may not be amended or terminated without the
express written consent of the Executive.

         (j) This Agreement shall be governed by and construed in accordance
with the laws of the State of North Carolina, to the extent not preempted by
applicable federal law.

         (k) This Agreement replaces and supersedes any other individual
retirement agreement between the Executive and the Corporation.

         (l) All notices hereunder shall be in writing and deemed properly given
if delivered by hand and receipted or if mailed by registered mail, return
receipt requested. Notices to the Corporation shall be directed to the Secretary
of the Corporation with a copy directed to the Corporation's General Counsel.
Notices to the Executive shall be directed to his last known address. Notice may
not be provided by e-mail.

Section 8.        Administration.

         (a) This Agreement shall be administered by the Corporation. The
Corporation shall interpret this Agreement, establish regulations to further the
purposes of this Agreement and take any other action necessary to the proper
operation of this Agreement. Prior to paying any benefit under this Agreement,
the Corporation may require the Executive or his spouse to provide such
information or material as the Corporation, in its sole discretion, shall deem
necessary for it to make any determination it may be required to make under this
Agreement. The Corporation may withhold payment of any benefit under this
Agreement until it receives all such information and material and is reasonably
satisfied of its correctness and genuineness.

         (b) If for any reason a benefit payable under this Agreement is not
paid when due, the Executive or his spouse may file a written claim with the
Corporation. If the claim is denied or no response is received within forty-five
(45) days after the date on which the claim was filed with the Corporation (in
which case the claim will be deemed to have been denied), the Executive or his
spouse may appeal the denial to the Committee within sixty (60) days of receipt
of written notification of the denial or the end of the forty-five day period,
whichever occurs first. In

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pursuing an appeal, the Executive or his spouse may request that the Committee
review the denial, may review pertinent documents, and may submit issues and
documents in writing to the Committee. A decision on appeal will be made within
thirty (30) days after the appeal is made, unless special circumstances require
the Committee to extend the period for another thirty (30) days.

         (c) The Corporation may appoint one or more persons to act as
administrator and delegate its administrative responsibilities to such
administrator.

         IN WITNESS WHEREOF, this Agreement has been executed in behalf of the
Corporation by its duly authorized officers and by the Executive as of the day
and year first above stated.

                                        WACHOVIA CORPORATION

                                        By:_____________________________________
                                                 Chief Executive Officer

Attest:

------------------------------
                  Secretary

[Corporate Seal]

                                        __________________________________(SEAL)
                                        ExecutiveExhibit 10.31

                                  SPLIT DOLLAR
                            LIFE INSURANCE AGREEMENT

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

                              Statement of Purpose

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

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

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

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

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

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

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

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

<PAGE>

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

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

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

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

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

         2. Purchase of the Policy. The Owner has made application for and has
purchased a Variable Survivorship Life Insurance Policy issued by John Hancock
Variable Life Insurance Company in the initial face amount of Six Million
Dollars ($6,000,000) insuring the lives of Executive and Executive's Spouse, a
copy of which shall be attached hereto as Exhibit 1 as soon as practicable after
issuance by the Insurer. A complete hypothetical illustration of the Policy
assuming a nine percent (9%) gross rate of return over the life of the contract
is attached hereto as Exhibit 2.

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

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

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<PAGE>

         4. Payment of Premiums. As a convenience to the parties, the
Corporation shall pay all premiums under the Policy to the Insurer as and when
such premiums become due. Within thirty (30) days of the first such premium
payment by the Corporation, the Owner shall pay to the Corporation an amount
equal to Nineteen Thousand Nine Hundred and Thirteen Dollars ($19,913.00).
Within thirty (30) days of each anniversary of the effective date of the Policy
thereafter, the Owner shall pay to the Corporation the economic value of the
death benefit under the Policy as determined by the Insurer from time to time
while the Policy remains in effect calculated in accordance with applicable U.S.
Treasury Department rules and regulations. A schedule of the premiums to be paid
by the Owner based on the Insurer's current projections is set forth on Exhibit
2.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

         11. Discharge of the Insurer. The Insurer shall be fully discharged
from its obligations under the Policy by payment of the Policy death benefits to
the beneficiary or beneficiaries named in the Policy subject to the terms and
conditions of the Policy and the Collateral Assignment. In no event shall the
Insurer be considered a party to this Agreement or to any modification or
amendment hereof. No provision of this Agreement, nor any modification or
amendment hereof, shall in any way be construed as enlarging, changing, varying
or in any other way affecting the obligations of the Insurer as expressly
provided in the Policy except insofar as the provisions hereof are made a part
of the Policy by the Collateral Assignment.

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

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

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

                                       5
<PAGE>

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

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

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

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

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

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

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

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

         13.      Miscellaneous.

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

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

                                       6
<PAGE>

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

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

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

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

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

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

<PAGE>

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

                                    CORPORATION

                                    WACHOVIA CORPORATION

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

-----------------------------
_____________ Secretary

(CORPORATE SEAL)

                                    OWNER

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

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

                                    _______________________________(SEAL)
                                    JEAN E. DAVIS, Executive

                                    _______________________________(SEAL)
                                    ROBERT A. METZGER, JR., Executive's Spouse

                                       7

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