Document:

<PAGE>

                                                                  Exhibit 10(d)

                    BANK OF AMERICA PENSION RESTORATION PLAN

                (as amended and restated effective July 1, 1998)

<PAGE>

                    BANK OF AMERICA PENSION RESTORATION PLAN
                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                             Page
                                                                             ----
<S>                                                                          <C>
ARTICLE I DEFINITIONS.....................................................      1

     Section 1.1     Definitions..........................................      1
                     -----------

ARTICLE II PLAN ADMINISTRATION............................................      6

     Section 2.1     Committee............................................      6
                     ---------

ARTICLE III PENSION RESTORATION BENEFITS..................................      6

     Section 3.1     Eligibility for Benefits.............................      6
                     ------------------------

     Section 3.2     Restoration Accounts.................................      6
                     --------------------

     Section 3.3     Account Adjustments..................................      7
                     -------------------

     Section 3.4     Time and Method of Benefit Payments..................      8
                     -----------------------------------

     Section 3.5     Minimum and Special Benefits.........................     13
                     ----------------------------

     Section 3.6     Participants Without Restoration Accounts............     14
                     -----------------------------------------

     Section 3.7     Coordination with SERP Payments......................     14
                     -------------------------------

ARTICLE IV AMENDMENT AND TERMINATION......................................     14

     Section 4.1     Amendment and Termination............................     14
                     -------------------------

     Section 4.2     Change of Control....................................     15
                     -----------------

ARTICLE V MISCELLANEOUS PROVISIONS........................................     15

     Section 5.1     Nature of Plan and Rights............................     15
                     -------------------------

     Section 5.2     Termination of Employment............................     15
                     -------------------------

     Section 5.3     Spendthrift Provision................................     16
                     ---------------------

     Section 5.4     Employment Noncontractual............................     16
                     -------------------------

     Section 5.5     Adoption by Other Participating Employers............     16
                     -----------------------------------------

     Section 5.6     Applicable Law.......................................     16
                     --------------

     Section 5.7     Merged Plans.........................................     16
                     ------------
</TABLE>

                                      i

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<TABLE>
<S>                                                                          <C>
     Section 5.8     Status Under the Act.................................     17
                     --------------------

     Section 5.9     Claims Procedure.....................................     17
                     ----------------

     Section 5.10    Limited Effect of Restatement........................     17
                     -----------------------------

     Section 5.11    Binding Effect.......................................     17
                     --------------
</TABLE>

                                      ii

<PAGE>

                    BANK OF AMERICA PENSION RESTORATION PLAN

                (as amended and restated effective July 1, 1998)

     THIS INSTRUMENT OF AMENDMENT AND RESTATEMENT is executed effective as of
the 1st day of July, 1998, by BANK OF AMERICA CORPORATION, a Delaware
corporation (the "Corporation");

                              Statement of Purpose
                              --------------------

     Prior to July 1, 1998, the Corporation and certain of its affiliates
(collectively with the Corporation, the "Participating Employers") maintained
the NationsBank Corporation and Designated Subsidiaries Supplemental Retirement
Plan (the "Restoration Plan"). The Restoration Plan provided benefits which
would have accrued to participants in The NationsBank Pension Plan (the
"Pension Plan") but for certain benefit limitations imposed by the Internal
Revenue Code.

     Effective July 1, 1998, the Pension Plan was amended to convert it to a
defined benefit cash balance plan, and the Participating Employers desire to
amend and restate the Restoration Plan in its entirety effective as of that
date to reflect the amendments to the Pension Plan and to meet other current
needs.

     In addition, effective July 1, 2000, a number of changes were made to the
Corporation's employee benefit plans in connection with the combination of the
former NationsBank and BankAmerica benefit programs.  The Participating
Employers desire to further provide herein for a number of design changes to
the Restoration Plan in connection with those benefit program changes, as well
as to rename the Restoration Plan as the "Bank of America Pension Restoration
Plan".

     The Participating Employers have reserved the right to amend the Plan at
any time and have delegated to the Corporation the right to amend the Plan on
behalf of all Participating Employers.

     NOW, THEREFORE, for the purposes aforesaid, the Corporation, on behalf of
the Participating Employers, hereby amends and restates the Restoration Plan
effective July 1, 1998 to consist of the following Articles I through V:

                                    ARTICLE I
                                   DEFINITIONS

     Section 1.1 Definitions. Unless the context clearly indicates otherwise,
                 -----------
when used in the Restoration Plan:

<PAGE>

         Amendment or Termination Date means the date on which an amendment to
         -----------------------------
     or termination of the Restoration Plan is adopted by the Corporation or,
     if later, the effective date of such amendment or termination.

         Applicable Minimum Benefits Provisions means:
         --------------------------------------

               (A) for the period from July 1, 1998 through June 30, 2000,
         Section 6.4(b) of the Pension Plan; and

               (B) for periods from and after July 1, 2000, (i) if Pension Plan
         benefits are payable in a single cash payment, Section 6.5(b)(1) of the
         Pension Plan, and (ii) if Pension Plan benefits are payable in an
         annuity method, Section 6.5(b)(2) of the Pension Plan.

         Beneficiary means the "Beneficiary" of a Participant under the Pension
         -----------
     Plan.

         Change of Control means, and shall be deemed to have occurred upon,
         -----------------
     any of the following events:

               (A) The acquisition by any person, individual, entity or "group"
         (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities
         Exchange Act of 1934, as amended (the "Exchange Act")) (collectively,
         a "Person") of Beneficial Ownership (within the meaning of Rule 13d-3
         promulgated under the Exchange Act) of twenty-five percent (25%) or
         more of either:

                   (i)  The then-outstanding shares of common stock of the
               Corporation (the "Outstanding Shares"); or

                   (ii) The combined votifg power of the then-outstanding
               voting securities of the Corporation entitled to vote
               generally in the election of directors of the Corporation (the
               "Outstanding Voting Securities");

         provided, however, that the following acquisitions shall not
         --------- -------
         constitute a Change of Control for purposes of this subparagraph (A):
         (a) any acquisition directly from the Corporation, (b) any acquisition
         by the Corporation or any of its subsidiaries, (c) any acquisition by
         any employee benefit plan (or related trust) sponsored or maintained
         by the Corporation or any of its subsidiaries, or (d) any acquisition
         by any corporation pursuant to a transaction which complies with
         clauses (i), (ii) and (iii) of subparagraph (C) below; or

               (B) Individuals who, as of September 30, 1998, constitute the
         Board of Directors of the Corporation (the "Incumbent Board") cease
         for

                                      2

<PAGE>

         any reason to constitute at least a majority of the Board of
         Directors of the Corporation; provided, however, that any individual
                                       --------  -------
         who becomes a director subsequent to September 30, 1998 and whose
         election, or whose nomination for election by the Corporation's
         shareholders, to the Board of Directors of the Corporation was either
         (i) approved by a vote of at least a majority of the directors then
         comprising the Incumbent Board or (ii) recommended by a nominating
         committee comprised entirely of directors who are then Incumbent Board
         members 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
         either an actual or threatened election contest (as such terms are
         used in Rule 14a-11 of Regulation 14A promulgated under the Exchange
         Act), other actual or threatened solicitation of proxies or consents
         or an actual or threatened tender offer; or

               (C) Approval by the Corporation's shareholders of a
         reorganization, merger, or consolidation or sale or other disposition
         of all or substantially all of the assets of the Corporation (a
         "Business Combination"), in each case, unless following such Business
         Combination, (i) all or substantially all of the Persons who were the
         Beneficial Owners (within the meaning of Rule 13d-3 promulgated under
         the Exchange Act), respectively, of the Outstanding Shares and
         Outstanding Voting Securities immediately prior to such Business
         Combination own, directly or indirectly, more than fifty percent (50%)
         of, respectively, the then outstanding shares of common stock and the
         combined voting power of the then outstanding voting securities
         entitled to vote generally in the election of directors, as the case
         may be, of the corporation resulting from the Business Combination
         (including, without limitation, a corporation which as a result of
         such transaction owns the Corporation or all or substantially all of
         the Corporation's assets either directly or through one or more
         subsidiaries) in substantially the same proportions as their
         ownership, immediately prior to such Business Combination, of the
         Outstanding Shares and Outstanding Voting Securities, as the case may
         be (provided, however, that for purposes of this clause (i), any
         shares of common stock or voting securities of such resulting
         corporation received by such Beneficial Owners in such Business
         Combination other than as the result of such Beneficial Owners'
         ownership of Outstanding Shares or Outstanding Voting Securities
         immediately prior to such Business Combination shall not be considered
         to be owned by such Beneficial Owners for the purposes of calculating
         their percentage of ownership of the outstanding common stock and
         voting power of the resulting corporation), (ii) no Person (excluding
         any corporation resulting from such Business Combination or any
         employee benefit plan (or related trust) of the Corporation or such
         corporation resulting from the Business Combination) beneficially
         owns, directly or indirectly, twenty-five percent (25%) or more of,
         respectively, the then

                                      3

<PAGE>

         outstanding shares of common stock of the corporation resulting from
         the Business Combination or the combined voting power of the then
         outstanding voting securities of such corporation unless such Person
         owned twenty-five percent (25%) or more of, respectively, the
         Outstanding Shares or Outstanding Voting Securities immediately prior
         to the Business Combination and (iii) at least a majority of the
         members of the board of directors of the corporation resulting from
         such Business Combination were members of the Incumbent Board at the
         time of the execution of the initial agreement, or the action of the
         Board of Directors of the Corporation, providing for such Business
         Combination; or

               (D) Approval by the Corporation's shareholders of a complete
         liquidation or dissolution of the Corporation.

     Notwithstanding the foregoing, a Change of Control shall not be deemed
     to have occurred for purposes of this Plan as a result of the transactions
     contemplated by that certain Agreement and Plan of Reorganization between
     the Corporation and BankAmerica Corporation dated April 10, 1998.

              Code means the Internal Revenue Code of 1986. References to the
              ----
     Code shall include the valid and binding governmental regulations, court
     decisions and other regulatory and judicial authority issued or
     rendered thereunder.

              Code Limitations means any one or more of the limitations and
              ----------------
     restrictions that Sections 401(a)(17) and 415 of the Code place on the
     accrual of benefits under the Pension Plan.

              Committee means the committee designated pursuant to Section 2.1
              ---------
      of the Restoration Plan.

              Conversion Date means July 1, 1998.
              ---------------

              Corporation means Bank of America Corporation, a Delaware
              -----------
      corporation, and any successor thereto. Prior to September 30, 1998, the
     Corporation was named "NationsBank Corporation", and from September 30,
     1998 through April 28, 1999 the Corporation was named "BankAmerica
     Corporation".

               Lump Sum Benefit of a Participant means the Participant's
               ----------------
     Restoration Plan benefits expressed as a single lump sum amount. If a
     Participant's Restoration Plan benefits are not determined under Section
     3.5, then the Participant's Lump Sum Benefit shall equal the amount
     credited to the Participant's Restoration Account from time to time.
     However, if a Participant's Restoration Plan benefits are determined under
     Section 3.5, then the Participant's Lump Sum Benefit shall equal the
     Actuarial Equivalent lump sum value of the Participant's Restoration Plan
     benefits determined under Section 3.5.

                                      4

<PAGE>

               Participant means a "Participant" as defined in the Pension Plan.
               -----------

               Participating Employer means each "Participating Employer" under
               ----------------------
     (and as defined in) the Pension Plan which have adopted the Restoration
     Plan. In addition, the Personnel Group, in its sole and exclusive
     discretion, may designate certain other entities as "Participating
     Employers" under the Restoration Plan for such purposes as the Personnel
     Group may determine from time to time.

               Pension Plan means The Bank of America Pension Plan, as in effect
               ------------
     from time to time. From July 1, 1998 through July 1, 2000 the Pension
     Plan was named "The NationsBank Cash Balance Plan", and prior to July 1,
     1998 the Pension Plan was named "The NationsBank Pension Plan."

               Personnel Group means the Personnel Group of the Corporation.
               ---------------

               Plan Year means the twelve-month period commencing January 1 and
               ---------
     ending the following December 31.

               Restoration Account means the bookkeeping account established and
               -------------------
     maintained on the books and records of the Restoration Plan for a
     Participant pursuant to Article III.

               Restoration Credit means the amount credited to a Participant's
               ------------------
     Restoration Account as of the end of a pay period pursuant to Section
     3.2(c).

               Restoration Plan means this plan: the Bank of America Pension
               ----------------
     Restoration Plan as in effect from time to time. From July 1, 1998
     through June 30, 2000, the Restoration Plan was named "The NationsBank
     Cash Balance Restoration Plan", and prior to July 1, 1998 the Restoration
     Plan was named the "NationsBank Corporation and Designated Subsidiaries
     Supplemental Retirement Plan".

               SERP means either the Bank of America Supplemental Executive
               ----
     Retirement Plan (sometimes more commonly referred to as "SERP I") or the
     Bank of America Supplemental Executive Retirement Plan for Senior
     Management Employees (sometimes more commonly referred to as "SERP II").

               SRP means the BankAmerica Supplemental Retirement Plan, but only
               ---
     to the extent that the SRP restored benefits under the BankAmerica Pension
     Plan.

Any capitalized terms used in the Restoration Plan that are defined in the
documents comprising the Pension Plan have the meanings assigned to them in the
Pension Plan, unless such terms are otherwise defined above in this Article or
unless the context clearly indicates otherwise.

                                      5

<PAGE>

                                   ARTICLE II
                              PLAN ADMINISTRATION

     Section 2.1 Committee. The Restoration Plan shall be administered by the
                 ---------
"Committee" under (and as defined in) the Pension Plan (although certain
provisions of the Restoration Plan shall be administered by the Personnel Group
as specified herein). The Committee shall be empowered to interpret the
provisions of the Restoration Plan and to perform and exercise all of the
duties and powers granted to it under the terms of the Restoration Plan by
action of a majority of its members in office from time to time. The Committee
may adopt such rules and regulations for the administration of the Restoration
Plan as are consistent with the terms hereof and shall keep adequate records of
its proceedings and acts. All interpretations and decisions made (both as to
law and fact) and other action taken by the Committee with respect to the
Restoration Plan shall be conclusive and binding upon all parties having or
claiming to have an interest under the Restoration Plan. Not in limitation of
the foregoing, the Committee shall have the discretion to decide any factual or
interpretative issues that may arise in connection with its administration of
the Restoration Plan (including without limitation any determination as to
claims for benefits hereunder), and the Committee's exercise of such discretion
shall be conclusive and binding on all affected parties as long as it is not
arbitrary or capricious. The Committee may delegate any of its duties and
powers hereunder to the extent permitted by applicable law.

                                  ARTICLE III
                          PENSION RESTORATION BENEFITS

     Section 3.1 Eligibility for Benefits. Subject to Section 5.10, any
                 ------------------------
Participant who is paid a benefit under the Pension Plan on or after the
Conversion Date shall be eligible to receive benefits under this Restoration
Plan. Subject to Sections 3.5 and 3.6 below, the amount of a Participant's
Restoration Plan benefits shall equal the amount (if any) credited to the
Participant's Restoration Account from time to time, which such benefits shall
become payable as provided in Section 3.4 below.

     Section 3.2 Restoration Accounts.
                 --------------------

     (a)   General.   A Restoration Account shall be established and maintained
           -------
on the books and records of the Restoration Plan for each Participant who has an
amount credited in accordance with the provisions of this Section 3.2.

     (b)   Initial Restoration Account Balance. The Restoration Account
           -----------------------------------
established for a Participant shall be credited with an initial balance equal
to the excess (if any) of Amount A over Amount B, where:
                          --------      --------

     Amount A equals the initial balance that would have been credited to the
     --------
     Participant's pension account under the Pension Plan as of the Conversion
     Date if (i) the Code Limitations did not apply to the Pension Plan and
     (ii) the Participant's compensation under the Pension Plan included any
     amounts which were disregarded because of the Participant's deferral of
     such amounts pursuant to an election under

                                      6

<PAGE>

     the Bank of America 401(k) Restoration Plan or any other nonqualified
     deferred compensation plan designated by the Personnel Group; and

     Amount B equals the initial balance actually credited to the
     -------
     Participant's pension account under the Pension Plan as of the Conversion
     Date.

     (c)   Restoration Credits. At the end of each pay period, the Restoration
           -------------------
Account of each Participant shall be credited with a Restoration Credit the
amount of which shall be equal to the excess (if any) of Amount A over Amount B,
                                                         --------      ------ -
where:

     Amount A equals the compensation credit that would have been allocated to
     --------
     the Participant's pension account under the Pension Plan as of such date
     af (i) the Code Limitations did fot apply to the Pension Plan and (ii) the
     Participant's compensation under the Pension Plan included the amounts, if
     any, deferred by the Participant under the Bank of America 401(k)
     Restoration Plan or any other nonqualified deferred compensation plan
     designated by the Personnel Group; and

     Amount B equals the compensation credit actually allocated to the
     --------
     Participant's pension account under the Pension Plan as of such date.

     (d)   Limit on Certain Incentive Compensation. Notwithstanding any
           ---------------------------------------
provision of the Restoration Plan to the contrary, in no event shall an amount
be credited to a Participant's Restoration Account or otherwise accrued
hereunder with respect to any portion of the Participant's bonuses, commissions
or other incentive compensation payable for a Plan Year (regardless of the year
earned and regardless of whether such bonus, commission or other incentive
compensation is paid currently to the Participant or deferred pursuant to the
Bank of America 401(k) Restoration Plan or any other non-qualified deferred
compensation plan) in excess of One Million Dollars ($1,000,000).

     Section 3.3   Account Adjustments
                   -------------------

     (a)   Account Adjustments for Deemed Investments. The Committee shall from
           ------------------------------------------
time to time designate one or more investment vehicle(s) in which the
Restoration Accounts of Participants shall be deemed to be invested. The
investment vehicle(s) may be designated by reference to the investments
available under other plans sponsored by a Participating Employer (including
the "Investment Measures" under the Pension Plan). Each Participant shall
designate the investment vehicle(s) in which his or her Restoration Account
shall be deemed to be invested according to the procedures developed by the
Personnel Group, except as otherwise required by the terms of the Restoration
Plan. No Participating Employer shall be under an obligation to acquire or
invest in any of the deemed investment vehicle(s) under this subparagraph, and
any acquisition of or investment in a deemed investment vehicle by a
Participating Employer shall be made in the name of the Participating Employer
and shall remain the sole property of the Participating Employer. Effective
July 1, 2000, the designated investment vehicles shall be (and shall remain
until such time as changed by the Committee in its sole discretion from time to
time according to its procedures for designatang investments) the following:

                                      7

<PAGE>

     (i)     Nations LifeGgal Income & Growth Portfolio;
     (ii)    Nations LifeGoal Balanced Growth Portfolio;
     (iii)   Nations LifeGoal Growth Portfolio;
     (iv)    Nations LargeCap Index Fund;
     (v)     Nations MidCap Index Fund;
     (vi)    Nations SmallCap Index Fund;
     (vii)   Stable Capital Fund;
     (viii)  Nations Bond Fund;
     (ix)    Nations Value Fund;
     (x)     Nations International Equity Fund;
     (xi)    Nations Marsico Focused Equities Fund; and
     (xii)   Bank of America Corporation Common Stock Fund.

The Committee shall also establish from time to time a default fund into which
a Participant's Restoration Account shall be deemed to be invested if the
Participant fails to provide investment instructions pursuant to this Section
3.3(a). Effective July 1, 2000, such default fund shall be the Stable Capital
Fund.

     (b)   Periodic Account Adjustments. Each Restoration Account shall be
           ----------------------------
adjusted from time to time at such intervals as determined by the Personnel
Group. The Personnel Group may determine the frequency of account adjustments
by reference to the frequency of account adjustments under another plan
sponsored by a Participating Employer. The amount of the adjustment shall equal
the amount that each Participant's Restoration Account wguld have earned (or
lost) for the period since the last adjustment had the Restoration Account
actually been invested in the Pension Plan in the deemed investment vehicle(s)
designated by the Participant for such period pursuant to Section 3.3(a).

     (c)   Account Adjustments in Connection With Benefit Commencement Date.
           ----------------------------------------------------------------
Notwithstanding any provision of the Restoration Plan to the contrary, the
Personnel Group may cause a Participant's Restoration Account to be adjusted in
a manner other than based on the Participant's investment election as the
Personnel Group may in its discretion determine from time to time in order to
calculate the amount of the Participant's Restoration Plan benefits that become
payable on or after the Participant's Benefit Commencement Date (including in
connection with determining the amount of installment payments as provided
under Section 3.4(e) below).

     Section 3.4   Time and Method of Benefit Payments.
                   -----------------------------------

     (a)   Applicable Provisions. The provisions of this Section 3.4 shall apply
           ---------------------
to the payment of Restoration Plan benefits for Benefit Commencement Dates from
and after July 1, 2000. Exhibit A attached hereto and made a part hereof
                        ---------
contains the applicable payment provisions that apply to the payment of
Restoration Plan benefits for Benefit Commencement Dates from July 1, 1998
through June 30, 2000.

     (b)   Coordination with Pension Plan Payments. Except as otherwise provided
           ---------------------------------------
for in this Section 3.4 or in Section 3.6 below, a Participant's vested
Restoration Plan benefits shall be payable at the same time and in the same
form as the Participant's Pension Plan benefits. If a

                                      8

<PAGE>

Participant's Pension Plan benefits are payable in part as an annuity and in
part as a lump sum or other non-annuity form, then the Participant's entire
Restoration Plan benefits shall be payable as an annuity (in the same annuity
form as applicable in part to the Participant's Pension Plan benefits). Any
payment of Restoration Plan benefits in a form different than the form in which
such benefits are otherwise stated shall be determined by the Personnel Group
based on the applicable actuarial equivalency factors in effect from time to
time under the Pension Plan. Notwithstanding any provision of the Restoration
Plan to the contrary, if the amount of a Participant's vested Lump Sum Benefit
is less than or equal to Fifty Thousand Dollars ($50,000) as of the
Participant's Benefit Commencement Date, then such vested Restoration Plan
benefits shall be payable to the Participant as soon as administratively
practicable after the Benefit Commencement Date in a single cash payment
(consistent with the provisions of Section 3.4(d)(i) below). In addition and
notwithstanding any provision of the Restoration Plan to the contrary, if a
Participant's Pension Plan benefits are payable pursuant to a non-annuity
installment payment method (e.g., as a result of having transferred amounts to
the Pension Plan from the Bank of America 401(k) Plan), then the Participant's
vested Restoration Plan benefits shall be payable in a single cash payment in
accordance with the provisions of Section 3.4(d) below.

     (c)   Other Payment Methods. Notwithstanding the provisions of Section
           ---------------------
3.4(b) to the contrary, if a Participant's entire Pension Plan benefits are
payable in a single cash payment, then the Participant's vested Restoration
Plan benefits shall be payable in a payment method described in this Section
3.4(c) if elected in accordance with, and subject to, the following terms and
provisions (except to the extent that the provisions of Section 3.4(h) may
apply):

          (i)   Timing of Elections. A Participant who is in active service may
                -------------------
     make or change a payment option election among any of the payment options
     described in subparagraph (ii) below, subject to the provisions of
     subparagraph (iii) below. The election shall not become effective until
     the later of (A) the date that is twelve (12) months after the date that
     the election is made if the Participant remains in active service
     throughout that period (as determined by the Personnel Group in its
     discretion) or (B) the date the Participant attains age fifty-five (55).

          (ii)   Payment Methods. The payment options from which a
                 ---------------
     Participant may elect are as follows: (A) single cash payment, (B) five
     (5) annual installments or (C) ten (10) annual installments, as such
     methods are more fully described below.

          (iii)   Form of Elections. Any election made under this Section
                  -----------------
     3.4(c) shall be made on such form, at such time and pursuant to such
     procedures as determined by the Personnel Group in its sole discretion
     from time to time. A Participant may not have more than two (2) payment
     elections pending under this Section 3.4(c) at any one time.

          (iv)   Failure to Elect. For a Participant who does not yet have
                 ----------------
     an election in effect under this Section 3.4(c) or for a Participant who
     fails to elect a payment option under this Section 3.4(c) (and assuming
     the Participant's entire

                                      9

<PAGE>

     Pension Plan benefits are otherwise payable in a single cash payment), the
     method of payment shall be the single cash payment.

     (d)   Single Cash Payments. The following provisions shall apply with
           --------------------
respect to single cash payments under the Restoration Plan for a Participant
whose entire Pension Plan benefits are payable in a single cash payment:

          (i)   Pre-Age 55 or Lump Sum Benefit Under $50,000. If a Participant
                --------------------------------------------
     terminates employment with the Participating Employers either (A) before
     attainment of age fifty-five (55) or (B) with a vested Lump Sum Benefit
     (determined as of the Participant's Benefit Commencement Date) that is
     Fifty Thousand Dollars ($50,000) or less (even if the Participant has
     elected and is otherwise eligible for installment payments), then the
     Participant's vested Lump Sum Benefit shall be determined as of the
     Participant's Benefit Commencement Date, and such final vested Lump Sum
     Benefit shall be paid in a single cash payment to the Participant (or to
     the Participant's Beneficiary in the case of the Participant's death) as
     soon as administratively practicable after the Benefit Commencement Date.

          (ii)   After Age 55 and Lump Sum Benefit Over $50,000. If a
                 ----------------------------------------------
     Participant terminates employment with the Participating Employers after
     attainment of age fifty-five (55) with a vested Lump Sum Benefit
     (determined as of the Participant's Benefit Commencement Date) exceeding
     Fifty Thousand Dollars ($50,000) and with a single cash payment election
     in effect under Section 3.4(c), then such Participant's vested Lump Sum
     Benefit shall be paid in a single cash payment to the Participant (or to
     the Participant's Beneficiary in the case of the Participant's death)
     either (A) within ninety (90) days following the end of the Plan Year in
     which the termination of employment occurs if the Benefit Commencement
     Date is in the same Plan Year or (B) as soon as administratively
     practicable after the Benefit Commencement Date if the Benefit
     Commencement Date is in any subsequent Plan Year. In the case of payment
     in accordance with clause (A), the Personnel Group shall in its discretion
     establish procedures from time to time to cause the amount of such Lump
     Sum Benefit to be adjusted for the period between the Benefit Commencement
     Date and the applicable payment date.

     (e)   Annual Installments. If a Participant (whose entire Pension Plan
           -------------------
benefits are payable in a single cash payment) terminates employment with the
Participating Employers after attainment of age fifty-five (55) with a vested
Lump Sum Benefit (determined as of the Participant's Benefit Commencement Date)
exceeding Fifty Thousand Dollars ($50,000) and with an installment payment
election in effect under Section 3.4(c), then the amount of the annual
installments shall be calculated and paid pursuant to the following provisions:

          (i) Timing of Payments. If the Participant's Benefit Commencement
              ------------------
     Date occurs in the same Plan Year as the Participant's termination of
     employment, then the first installment shall be paid within ninety (90)
     days

                                      10

<PAGE>

     following the end of the Plan Year in which the Participant's Benefit
     Commencement Date occurs, and each subsequent installment shall be paid
     within ninety (90) days following the end of each subsequent Plan Year
     during the selected payment period. If, however, the Participant's Benefit
     Commencement Date occurs in a Plan Year after the Plan Year in which the
     Participant's termination of employment occurs, then the first installment
     shall be paid as soon as administratively practicable after the Benefit
     Commencement Date, the second installment shall be paid within ninety (90)
     days following the end of the Plan Year in which the Participant's Benefit
     Commencement Date occurs, and each subsequent installment shall be paid
     within ninety (90) days following the end of each subsequent Plan Year
     during the selected payment period.

          (ii) Special Adjustment to Restoration Account. If a Participant's
               -----------------------------------------
     Lump Sum Benefit to be payable as annual installments is determined under
     the provisions of Section 3.5 (rather than based on the amount credited to
     the Participant's Restoration Account), then in order to administer the
     payment of annual installments of such Lump Sum Benefit the Participant's
     Restoration Account shall be adjusted (either up or down, as applicable)
     as of the Benefit Commencement Date to equal the amount of such Lump Sum
     Benefit.

          (iii) Amount of Installments. The amount payable for each
                ----------------------
     installment shall equal the Restoration Account balance as of either:

               (A) the Benefit Commencement Date (in the case of the first
          installment payment made for a Benefit Commencement Date that
          occurs in a Plan Year after the Plan Year in which the Participant's
          termination of employment occurs), or

               (B) the end of the applicable Plan Year (in the case of any
          other installment payment made within ninety (90) days following
          the end of a Plan Year)

     divided by the number of remaining installments (including the
     installment then payable).

          (iv) Investment of Account During Payment Period. The Participant's
               -------------------------------------------
     Restoration Account, to the extent vested, shall continue to be credited
     with adjustments under Section 3.3 during the installment payment period
     as follows:

               (A) if the Participant has elected to receive payment through
          five (5) annual installments, then the Participant shall be
          permitted to continue to direct the investment of the Participant's
          unpaid Restoration Account balance in accordance with Section 3.3
          during the payment period (i.e., from the Participant's Benefit
          Commencement Date through the last day of the Plan Year preceding
          the last installment payment); and

                                      11

<PAGE>

               (B) if the Participant has elected to receive payment through
          ten (10) annual installments, then the Participant's unpaid
          Restoration Account balance shall be deemed invested in the Stable
          Capital Fund during the payment period (i.e., from the Participant's
          Benefit Commencement Date through the last day of the Plan Year
          preceding the last installment payment).

          (v) Death of Participant. If a Participant covered by this Section
              --------------------
     3.4(e) dies, then the annual installments (or remaining annual
     installments in the case of death after commencement of payment) shall be
     paid to the Participant's Beneficiary as and when such installments would
     have otherwise been paid to the Participant had the Participant not died.

     (f)   Vesting of Restoration Accounts. Notwithstanding any provision of the
           -------------------------------
Restoration Plan to the contrary, a Participant's Restoration Plan benefits
shall be vested if, and to the same extent, that the Participant's Pension Plan
benefits are vested. If, and to the extent that, a Participant's Restoration
Plan benefits are not vested on the date that the Participant terminates
employment with the Participating Employers, such benefits shall be forfeited
as of such date. However, if a Participant whose Restoration Plan benefits are
forfeited subsequently returns to service with any Participating Employer, any
such forfeitures shall be restored (adjusted for earnings on the same basis as
restored forfeitures under the Pension Plan) as soon as administratively
practicable after the date of such return to service (such restored benefits
shall remain subject to the vesting requirements of this Section 3.4(f)).

     (g)   Other Payment Provisions. A Participant shall not be paid any portion
           ------------------------
of the Participant's Restoration Account prior to the Participant's termination
of employment with the Participating Employers. Any Restoration Plan benefit or
payment hereunder shall be subject to applicable payroll and withholding taxes.
In the event any amount becomes payable under the provisions of the Restoration
Plan to a Participant, Beneficiary or other person who is a minor or an
incompetent, whether or not declared incompetent by a court, such amount may be
paid directly to the minor or incompetent person or to such person's fiduciary
(or attorney-in-fact in the case of an incompetent) as the Personnel Group, in
its sole discretion, may decide, and the Personnel Group shall not be liable to
any person for any such decision or any payment pursuant thereto.

     (h)   Former SRP Participants. Notwithstanding any other provisions in this
           -----------------------
Restoration Plan to the contrary, the following provisions shall apply to a
Participant who was participating in the SRP as of June 30, 2000:

           (i)    SRP Installment Elections. If (A) the Participant has in
                  -------------------------
     effect as of June 30, 2000 an installment payment election (but not
     including an annuity payment election based on the Participant's life or
     the joint life of the Participant and his or her Beneficiary) under the
     SRP (an "SRP Installment Election") and (B) the Participant's entire
     Pension Plan benefits are payable in a single cash payment, then the
     Participant's vested Restoration Plan benefits shall be payable

                                       12

<PAGE>

     in the number of installments provided by such SRP Installment Election
     (even if the Participant has not attained age fifty-five (55) upon
     termination of employment) unless either (X) the Participant changes such
     election in accordance with the provisions of Section 3.4(c)(i) above or
     this Section 3.4(h) or (Y) the Participant's vested Lump Sum Benefit is
     Fifty Thousand Dollars ($50,000) or less as of the Participant's Benefit
     Commencement Date (in which case payment of such Lump Sum Benefit shall be
     in the form of a single cash payment in accordance with the provisions of
     Section 3.4(d)(i) above).

          (ii) Timing and Amount of Installment Payments. Notwithstanding any
               -----------------------------------------
     provision of the SRP Installment Election to the contrary, the timing of
     the installment payments and the method for determining the amount of each
     installment payment shall be determined in accordance with the provisions
     of Section 3.4(e)(i), (ii) and (iii) above.

          (iii) Investments During Installment Payment Period.
                ---------------------------------------------
     Notwithstanding any provision of the SRP Installment Election to the
     contrary, if the SRP Installment Election had a payment period of five (5)
     years or less, then the Restoration Account may continue to be invested
     during the payment period in accordance with the Participant's investment
     election as provided in Section 3.3 (consistent with the provisions of
     Section 3.4(e)(iv) applicable to five (5) annual installments). However,
     if the SRP Installment Election had a payment period in excess of five (5)
     years, then the Restoration Account shall be deemed invested in the Stable
     Capital Fund during the payment period (consistent with the provisions of
     Section 3.4(e)(iv) applicable to ten (10) annual installments).

          (iv) Special Right to Change Election. If a Participant to which
               --------------------------------
     this Section 3.4(h) applies is under age fifty-five (55), then (A) the
     Participant may at any time elect to change the method of payment to a
     single cash payment (in accordance with Section 3.4(d) above) and (B) the
     Participant may elect on or before August 31, 2000 to change the method of
     payment to either five (5) or ten (10) year annual installments. In either
     case, such election shall not become effective until the date that is
     twelve (12) months after the date that the election is made if the
     Participant remains in active service throughout that period (as
     determined by the Personnel Group in its discretion).

     Section 3.5 Minimum and Special Benefits. Notwithstanding any provision
                 ----------------------------
of the Restoration Plan to the contrary, if the Actuarial Equivalent single sum
value of Amount A described below as of a Participant's Benefit Commencement
         --------
Date exceeds the sum of the Participant's Restoration Account and Pension Plan
Accounts as of such date, then the Participant's Restoration Plan benefits
shall equal the excess (if any) of Amount A over Amount B, where:
                                   --------      --------

     Amount A equals the Pension Plan benefits determined in accordance with
     --------
     the Applicable Minimum Benefits Provisions of the Pension Plan if (i) the
     Code Limitations did not apply to the Pension Plan and (ii) the
     Participant's compensation

                                      13

<PAGE>

     under the Pension Plan included any amounts which were disregarded because
     of the Participant's deferral of such amounts pursuant to an election under
     the Bank of America 401(k) Restoration Plan or any other nonqualified
     deferred compensation plan designated by the Personnel Group; and

     Amount B equals the Participant's actual Pension Plan benefits.
     --------
Restoration Plan benefits determined in accordance with the provisions of this
Section 3.5 are subject to the limitation on certain incentive compensation set
forth in Section 3.2(d) and shall be payable in accordance with the provisions
of Section 3.4.

     Section 3.6   Participants Without Restoration Accounts. Notwithstanding
                    ----------------------------------------
any provision of the Restoration Plan to the contrary, if a Participant does
not have a Restoration Account (for example, because the Participant commenced
benefit payments under the Restoration Plan prior to conversion of the Pension
Plan to a cash balance plan, because the Participant was in a "deferred vested"
status prior to such date, or because the Participant was in pay status or was
a deferred vested participant under a prior plan that was merged into the
Restoration Plan as described in Section 5.7 below), the Participant's
Restoration Plan benefits shall be determined and paid in accordance with the
provisions of the Restoration Plan as in effect prior to July 1, 1998 (or the
provisions of any prior plan, if applicable); provided, however, that the
                                              --------  -------
Personnel Group may in its discretion (i) determine to pay out in a single cash
payment any such benefits that as of a given determination date have an
Actuarial Equivalent single sum value less than or equal to Fifty Thousand
Dollars ($50,000), or (ii) otherwise modify the date(s) and/or form(s) of
payment so long as the effect of any such modification does not further defer
the date of payment(s).

     Section 3.7   Coordination with SERP Payments. In the event that a Covered
                   -------------------------------
Associate is eligible to receive SERP benefits, the Personnel Group may make
such changes as it deems necessary or advisable to the payment and benefit
calculation procedures described in this Article III in order to have the
Covered Associate's vested Restoration Plan benefits paid at the same time(s)
and in the same form as the Covered Associate's SERP benefits, so long as any
such change does not otherwise reduce the Actuarial Equivalent amount of the
Covered Associate's vested Restoration Plan benefits.

                                   ARTICLE IV
                            AMENDMENT AND TERMINATION

     Section 4.1 Amendment and Termination. The Corporation shall have the
                 -------------------------
right and power at any time and from time to time to amend the Restoration Plan
in whole or in part, on behalf of all Participating Employers, and at any time
to terminate the Restoration Plan or any Participating Employer's participation
hereunder; provided, however, that no such amendment or termination shall
           --------  -------
reduce the amount of a Participant's Restoration Plan benefits on the date of
such amendment or termination, or further defer the due dates for the payment
of such benefits, without the consent of the affected person. In connection
with any termination of the Restoration Plan, the Corporation shall have the
authority to cause the Restoration Plan benefits of all current and former
Participants (and Beneficiary of any deceased Participants) to be paid in a
single sum

                                      14

<PAGE>

payment as of a date determined by the Corporation or to otherwise accelerate
the payment of all Restoration Plan benefits in such manner as the Corporation
shall determine in its discretion.

     Section 4.2   Change of Control.
                   -----------------

     (a)   General. Notwithstanding any provisions of the Restoration Plan to
           -------
the contrary, on and after the date of a Change of Control (i) the provisions
of the Restoration Plan may not be terminated, amended or modified if the
Amendment or Termination Date is prior to the date immediately following the
date of the Change of Control and (ii) with respect to any amendment to the
Restoration Plan otherwise permissible under clause (i), the provisions of the
Restoration Plan may not be terminated, amended or modified to reduce,
eliminate or otherwise adversely affect in any manner the total amount of
benefits that would have been payable to a Participant, or the method and
timing by which such benefits would have been payable to the Participant, from
time to time under the Restoration Plan, assuming for this purpose that the
Participant had separated from service (as such term is defined in the Pension
Plan) on the date immediately preceding the Amendment or Termination Date of
any such amendment or termination; provided, however, the Corporation may
                                   --------  -------
terminate, amend or modify the Restoration Plan at any time prior to the date
of a Change of Control in accordance with, and subject to, the provisions of
Section 4.1.

     (b)   Certain Benefits Disregarded. In determining after a Change of
           ----------------------------
Control the total amount of benefits payable under the Restoration Plan to or
with respect to a Participant who is also a participant in either the
NationsBank Supplemental Executive Retirement Plan or the NationsBank
Supplemental Executive Retirement Plan for Senior Management Employees, the
Participating Employers shall disregard the effect of any increase in the
accrued benefit (as such term is defined in the Pension Plan) of such
Participant as a result of Section 17.3 of the Pension Plan.

                                    ARTICLE V
                            MISCELLANEOUS PROVISIONS

     Section 5.1 Nature of Plan and Rights. The Restoration Plan is unfunded
                 -------------------------
and intended to constitute an incentive and deferred cgmpensation plan for a
select group of officers and key management employees of the Participating
Employers. If necessary to preserve the above intended plan status, the
Committee, in its sole discretion, reserves the right to limit or reduce the
number of actual Participants and otherwise to take any remedial or curative
action that the Committee deems necessary or advisable. The Restoration
Accounts established and maintained under the Restoration Plan by a
Participating Employer are for accounting purposes only and shall not be deemed
or construed to create a trust fund of any kind or to grant a property interest
of any kind to any Participant, designated beneficiary or estate. The amounts
credited by a Participating Employer to such Restoration Accounts are and for
all purposes shall continue to be a part of the general assets of such
Participating Employer, and to the extent that a Participant, beneficiary or
estate acquires a right to receive payments from such Participating Employer
pursuant to the Restoration Plan, such right shall be no greater than the right
of any unsecured general creditor of such Participating Employer.

     Section 5.2 Termination of Employment. For the purposes of the
                 -------------------------
Restoration Plan, a Participant's employment with a Participating Employer
shall not be considered to have

                                      15

<PAGE>

terminated so long as the Participant is in the employ of any Participating
Employer, other member of the Affiliated Group or any other entity as the
Personnel Group may designate.

     Section 5.3 Spendthrift Provision. No Restoration Plan benefits or other
                 ---------------------
right or interest under the Restoration Plan of a Participant or Beneficiary
may be assigned, transferred or alienated, in whole or in part, either directly
or by operation of law, and no such balance, right or interest shall be liable
for or subject to any debt, obligation or liability of the Participant or
Beneficiary. Notwithstanding the foregoing, the Participating Employers shall
have the right to offset from a Participant's unpaid benefits under the
Restoration Plan any amounts due and owing from the Participant to the extent
permitted by law.

     Section 5.4 Employment Noncontractual. The establishment of the
                 -------------------------
Restoration Plan shall not enlarge or otherwise affect the terms of any
Participant's employment with his Participating Employer, and such
Participating Employer may terminate the employment of the Participant as
freely and with the same effect as if the Restoration Plan had not been
established.

     Section 5.5 Adoption by Other Participating Employers. The Restoration
                 -----------------------------------------
Plan may be adopted by any Participating Employer participating under the
Pension Plan, such adoption to be effective as of the date specified by such
Participating Employer at the time of adoption.

     Section 5.6 Applicable Law. The Restoration Plan shall be governed and
                 --------------
construed in accordance with the laws of the State of North Carolina, except to
the extent such laws are preempted by the laws of the United States of America.

     Section 5.7 Merged Plans. From time to time the Participating Employers
                 ------------
may cause other nonqualified plans to be merged into the Restoration Plan.
Schedule 5.7 attached hereto sets forth the names of the plans that merged into
the Restoration Plan by July 1, 2000 and their respective merger dates.
Schedule 5.7 shall be updated from time to time to reflect mergers after July
1, 2000.

     Upon such a merger, the accrued benefits immediately prior to the date of
merger of each participant in the merged plan shall be transferred and credited
as of the merger date to a Restoration Account established under the
Restoration Plan for such participant. From and after the merger date, the
participant's rights shall be determined under the Restoration Plan, and the
participant shall be subject to all of the restrictions, limitations and other
terms and provisions of the Restoration Plan. Not in limitation of the
foregoing, the Restoration Account established for the participant as a result
of the merger shall be periodically adjusted when and as provided in Section
3.3 hereof as in effect from time to time and shall be paid at such time and in
such manner as provided in Section 3.4 hereof, except to the extent otherwise
provided on Schedule 5.7. Notwithstanding any provision of this Section 5.7 to
the contrary and subject to the provisions of Section 3.6, a participant in a
merged plan that is in pay status or is a terminated employee in a deferred
vested status as of the plan merger date shall continue to be eligible to
receive benefits as and when provided under the terms of the merged plan as in
effect immediately prior to such merger. The Personnel Group shall, in its
discretion, establish any procedures it deems necessary or advisable in order
to administer any such plan mergers,

                                      16

<PAGE>

including without limitation procedures for transitioning from the method of
account adjustments under the prior plan to the methods provided for under the
Restoration Plan.

     Section 5.8  Status Under the Act. The Restoration Plan is maintained for
                  --------------------
purposes of providing deferred compensation for a select group of management or
highly compensated employees. In addition, to the extent that the Restoration
Plan makes up benefits limited under the Pension Plan as a result of Section
415 of the Code, the Restoration Plan shall be considered an "excess benefit
plan" within the meaning of the Act.

     Section 5.9  Claims Procedure. Any claim for benefits under the
                  ----------------
Restoration Plan by a Participant or Beneficiary shall be made in accordance
with the claims procedures set forth in the Pension Plan.

     Section 5.10 Limited Effect of Restatement. Notwithstanding anything to
                  -----------------------------
the contrary contained in the Plan, to the extent permitted by the Act and the
Code, this instrument shall not affect the availability, amount, form or method
of payment of benefits being paid before the Conversion Date, or to be paid on
or after the Conversion Date, to any Participant or former Participant (or a
Beneficiary of either) in the Restoration Plan who is not an active Participant
on or after the Conversion Date, said availability, amount, form or method of
payment of benefits, if any, to be determined in accordance with the applicable
provisions of the Restoration Plan as in effect prior to the Conversion Date.

     Section 5.11 Binding Effect. The Restoration Plan (including any and all
                  --------------
amendments thereto) shall be binding upon the Participating Employers, their
respective successors and assigns, and upon the Participants and their
Beneficiaries and their respective heirs, executors, administrators, personal
representatives and all other persons claiming by, under or through any of them.

     IN WITNESS WHEREOF, this instrument has been executed by the Corporation
effective as of July 1, 1998.

                                 BANK OF AMERICA CORPORATION

                                 By:  /s/ J. Steele Alphin
                                    ----------------------------------------
                                    Title:  Corporate Personnel Executive
                            `             ----------------------------------

                                      17

<PAGE>

                                  SCHEDULE 5.7

                         MERGED PLANS AS OF JULY 1, 2000
                         -------------------------------

Plan Name                                               Date of Merger
---------                                               --------------

BankAmerica Supplemental Retirement Plan                July 1, 2000
(but only as to BankAmerica Pension Plan
restored benefits)<PAGE>

                                                                  Exhibit 10(g)

                    BANK OF AMERICA 401(k) RESTORATION PLAN

                (as amended and restated effective July 1, 2000)

<PAGE>

                     BANK OF AMERICA 401(k) RESTORATION PLAN
                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                              Page
                                                                              ----
<S>                                                                           <C>
ARTICLE I DEFINITIONS........................................................    1

     Section 1.1     Definitions.............................................    1
                     -----------

ARTICLE II PLAN ADMINISTRATION...............................................    4

     Section 2.1     Committee...............................................    4
                     ---------

ARTICLE III DEFERRED COMPENSATION PROVISIONS.................................    4

     Section 3.1     Form and Time of Elections..............................    4
                     --------------------------

     Section 3.2     Deferrals by Highly Compensated Associates..............    4
                     ------------------------------------------

     Section 3.3     Matching Contributions for Highly Compensated Associates    5
                     --------------------------------------------------------

     Section 3.4     Deferrals by Key Associates.............................    6
                     ---------------------------

     Section 3.6     Account Adjustments.....................................    7
                     -------------------

     Section 3.7     Account Payments Following Termination of Employment....    8
                     ----------------------------------------------------

     Section 3.8     In-Service Withdrawals..................................   12
                     ----------------------

     Section 3.9     Other Contributions.....................................   13
                     -------------------

ARTICLE IV AMENDMENT AND TERMINATION.........................................   13

     Section 4.1     Amendment and Termination...............................   13
                     -------------------------

ARTICLE V MISCELLANEOUS PROVISIONS...........................................   13

     Section 5.1     Nature of Plan and Rights...............................   13
                     -------------------------

     Section 5.2     Termination of Employment...............................   14
                     -------------------------

     Section 5.3     Spendthrift Provision...................................   14
                     ---------------------

     Section 5.4     Employment Noncontractual...............................   14
                     -------------------------

     Section 5.5     Adoption by Other Participating Employers...............   14
                     -----------------------------------------

     Section 5.6     Applicable Law..........................................   14
                     --------------

     Section 5.7     Merged Plans............................................   14
                     ------------
</TABLE>

                                      i

<PAGE>

<TABLE>
<S>                                                                          <C>
     Section 5.8     Status Under the Act....................................   15
                     --------------------

     Section 5.9     Claims Procedure........................................   15
                     ----------------
</TABLE>

                                     ii

<PAGE>

                     BANK OF AMERICA 401(k) RESTORATION PLAN

                       (as amended and restated effective July 1, 2000)

     THIS INSTRUMENT OF AMENDMENT AND RESTATEMENT is executed effective as of
the 1st day of July, 2000, by BANK OF AMERICA CORPORATION, a Delaware
corporation (the "Corporation");

                              Statement of Purpose
                              --------------------

     The Corporation sponsors The NationsBank Corporation 401(k) Restoration
Plan (the "Restoration Plan"). The purpose of the Restoration Plan is to
provide benefits, on a non-qualified and unfunded basis, to certain associates
whose benefits under The NationsBank 401(k) Plan (the "401(k) Plan") are
adversely affected by the limitations of Sections 401(a)(17), 401(k)(3),
401(m), 402(g) and 415 of the Internal Revenue Code, as well as certain limits
placed on the contribution rates of highly compensated participants established
by the administrative committee under The NationsBank 401(k) Plan.

     Effective July 1, 2000, a number of changes are being made to the
Corporation's employee benefit plans in connection with the combination of the
former NationsBank and BankAmerica benefit programs. By this Instrument, the
Corporation is amending and restating the Restoration Plan effective July 1,
2000 to (i) make a number of design changes to the Restoration Plan in
connection with those benefit program changes, (ii) rename the Restoration Plan
as the "Bank of America 401(k) Restoration Plan", and (iii) otherwise meet
current needs.

     NOW, THEREFORE, for the purposes aforesaid, the Corporation hereby amends
and restates the Restoration Plan effective July 1, 2000 to consist of the
following Articles I through V:

                                    ARTICLE I
                                   DEFINITIONS

     Section 1.1     Definitions.   Unless the context clearly indicates
                     -----------
otherwise, when used in the Restoration Plan:

          Account means, collectively, the Deferral Account and
          -------
     Matching Contribution Restoration Account.

          Annual Incentive Award means, with respect to a Key Associate, any
          ----------------------
     annual incentive award payable to such Key Associate pursuant to (i) the
     Bank of America Executive Incentive Compensation Plan or (ii) any other
     incentive compensation plan of the Corporation or any of its Subsidiaries
     approved for purposes of this Plan by the Committee. Annual Incentive
     Awards may be

<PAGE>

     payable annually, quarterly, or on such other basis as provided by the
     applicable plan.

          Associate means a common law employee of a Participating Employer
          ---------
     who is identified as an employee in the personnel records of the
     Participating Employer.

          Beneficiary means the "Beneficiary" of a Covered Associate under the
          -----------
     401(k) Plan, unless the Covered Associate elects a different Beneficiary
     for purposes of the Restoration Plan in accordance with such procedures as
     the Personnel Group may establish from time to time.  If there is no
     Beneficiary election in effect under the 401(k) Plan or the Restoration
     Plan at the time of a Covered Associate's death, or if the designated
     Beneficiary fails to survive the Covered Associate, then the Beneficiary
     shall be the Covered Associate's surviving spouse, or if there is no
     surviving spouse, the Covered Associate's estate.

          Benefit Determination Date means the last day of the calendar month
          --------------------------
     following the calendar month in which a Covered Associate's employment
     with the Participating Employers terminates, or the last day of a
     subsequent calendar month if the Personnel Group determines to be
     administratively necessary or appropriate (e.g., as a result of the timing
     of notification to the Personnel Group of such termination of employment).

          Code means the Internal Revenue Code of 1986. References to the Code
          ----
     shall include the valid and binding governmental regulations, court
     decisions and other regulatory and judicial authority issued or rendered
     thereunder.

          Code Limitations means any one or more of the limitations and
          ----------------
     restrictions that Sections 401(a)(17), 401(k)(3), 401(m), 402(g) and 415
     of the Code place on the Pre-Tax Employee Contributions and Matching
     Contributions for a Covered Associate under the 401(k) Plan.  In addition,
     Code Limitations also means and refers to any limitations on contributions
     under the 401(k) Plan established by the 401(k) Plan administrative
     committee with respect to highly compensated participants.

          Committee means the committee designated pursuant to Section 2.1 of
          ---------
     the Restoration Plan.

          Corporation means Bank of America Corporation, a Delaware
          -----------
     corporation, and any successor thereto.

          Covered Associate means either a Highly Compensated Associate or a
          -----------------
     Key Associate.

          DCP means the BankAmerica Corporation Deferred Compensation Plan.
          ---

                                      2

<PAGE>

          Deferral Account means the account established and maintained on the
          ----------------
     books of a Participating Employer to record a Covered Associate's interest
     under the Restoration Plan attributable to amounts credited to the Covered
     Associate pursuant to Section 3.2 or Section 3.4 of the Restoration Plan.

          401(k) Plan means The Bank of America 401(k) Plan, as in effect from
          -----------
    time to time.

          Highly Compensated Associate means an Associate eligible to
          ----------------------------
     participate in the 401(k) Plan who the Personnel Group determines to be a
     "highly compensated employee" (within the meaning of Section 414(q) of the
     Code) under the 401(k) Plan for a Plan Year, but shall not include a Key
     Associate.

          Key Associate means a Covered Associate who is in Band 0, 1, 2 or 3,
          -------------
     or who has annual base compensation of $100,000 or more as determined by
     the Personnel Group in its discretion at such time or times as it may
     select.

          Matching Contribution Restoration Account means the account
          -----------------------------------------
     established and maintained on the books of a Participating Employer to
     record a Covered Associate's interest under the Restoration Plan
     attributable to amounts credited to the Covered Associate pursuant to
     Section 3.3 or Section 3.5 of the Restoration Plan.

          Participating Employer means (i) the Corporation, (ii) each other
          ----------------------
     "Participating Employer" under (and as defined in) the 401(k) Plan on the
     date hereof and (iii) any other incorporated or unincorporated trade or
     business which may hereafter adopt both the 401(k) Plan and the
     Restoration Plan. In addition, the Personnel Group, in its sole and
     exclusive discretion, may designate certain other entities as
     "Participating Employers" under the Restoration Plan for such purposes as
     the Personnel Group may determine from time to time.

          Personnel Group means the Personnel Group of the Corporation.
          ---------------

          Plan Year means the twelve-month period commencing January 1 and
          ---------
     ending the following December 31.

          Restoration Plan means this plan: the Bank of America 401(k)
          ----------------
     Restoration Plan as in effect from time to time.

          SRP means the BankAmerica Supplemental Retirement Plan, other than
          ---
     the portion of the SRP that restored benefits under the BankAmerica
     Pension Plan.

                                      3

<PAGE>

Any capitalized terms used in the Restoration Plan that are defined in the
documents comprising the 401(k) Plan have the meanings assigned to them in the
401(k) Plan, unless such terms are otherwise defined above in this Article or
unless the context clearly indicates otherwise.

                                   ARTICLE II
                               PLAN ADMINISTRATION

     Section 2.1     Committee. The Restoration Plan shall be administered by
                     ---------
the "Committee" under (and as defined in) the 401(k) Plan (although certain
provisions of the Restoration Plan shall be administered by the Personnel Group
as specified herein). The Committee shall be empowered to interpret the
provisions of the Restoration Plan and to perform and exercise all of the
duties and powers granted to it under the terms of the Restoration Plan by
action of a majority of its members in office from time to time. The Committee
may adopt such rules and regulations for the administration of the Restoration
Plan as are consistent with the terms hereof and shall keep adequate records of
its proceedings and acts. All interpretations and decisions made (both as to
law and fact) and other action taken by the Committee with respect to the
Restoration Plan shall be conclusive and binding upon all parties having or
claiming to have an interest under the Restoration Plan. Not in limitation of
the foregoing, the Committee shall have the discretion to decide any factual or
interpretative issues that may arise an connection with its administration of
the Restoration Plan (including without limitation any determination as to
claims for benefits hereunder), and the Committee's exercise of such discretion
shall be conclusive and binding on all affected parties as long as it is not
arbitrary or capricious. The Committee may delegate any of its duties and
powers hereunder to the extent permitted by applicable law.

                                   ARTICLE III
                        DEFERRED COMPENSATION PROVISIONS

     Section 3.1     Form and Time of Elections. Prior to January 1 of a Plan
                     --------------------------
Year, or at such other times as may be established by the Personnel Group, a
Covered Associate for the Plan Year may elect to defer under the Restoration
Plan such amounts as provided by this Article III in accordance with the
procedures set forth in this Section 3.1. All elections made under this Section
3.1 shall be made in writing on a form, or pursuant to such other non-written
procedures, as may be prescribed from time to time by the Personnel Group and
shall be irrevocable for such Plan Year. An election by a Covered Associate
under this Section 3.1 shall continue in effect for all subsequent Plan Years
(during which the Covered Associate is a highly compensated employee) unless
and until changed or terminated by the Covered Associate in accordance with
procedures established from time to time by the Personnel Group. Any such
change in or termination of an election under this Section 3.1 shall be
effective as of the January 1 of the next succeeding Plan Year.

     Section 3.2     Deferrals by Highly Compensated Associates. If a Highly
                     ------------------------------------------
Compensated Associate makes an election to defer in accordance with Section 3.1
above for a Plan Year, the amount attributable to any Pre-Tax Employee
Contribution for a particular pay period during the Plan Year which cannot be
credited to the Highly Compensated Associate under the 401(k) Plan because of
the Code Limitations shall be credited to a Deferral Account established and

                                      4

<PAGE>

maintained in the name of the Highly Compensated Associate on the books and
records of his or her Participating Employer. Such amount shall be credited to
the Deferral Account as of the date the amount would have otherwise been paid
to the Highly Compensated Associate.

     Section 3.3     Matching Contributions for Highly Compensated Associates.
                     --------------------------------------------------------
A Participating Employer shall establish and maintain on its books a Matching
Contribution Restoration Account for each Highly Compensated Associate employed
by such Participating Employer whose Matching Contributions under the 401(k)
Plan shall have been limited, directly or indirectly, by the operation of the
Code Limitations. If a Highly Compensated Associate is a Match-Eligible
Participant for the Plan Year under the 401(k) Plan, the Highly Compensated
Associate's Matching Contribution Restoration Account shall be credited as of
the Valuation Date under the 401(k) Plan that occurs on the last day of the
Plan Year with an amount equal to the sum of Amount A and Amount B, where:

     Amount A is one hundred percent (100%) of the sum of the portions (if any)
     --------
     of the amounts credited to the Highly Compensated Associate's Deferral
     Account for the Plan Year pursuant to Section 3.2 above that would have
     been Matchable Pre-Tax Employee Contributions for the Plan Year under the
     401(k) Plan had such amounts been contributed to the 401(k) Plan as
     Pre-Tax Employee Contributions for the Highly Compensated Associate and
     the Code Limitations not applied to the 401(k) Plan.

     Amount B is one hundred percent (100%) of the portion (if any) of the
     --------
     actual Matchable Pre-Tax Employee Contributions made to the 401(k) Plan
     for the Highly Compensated Associate for the Plan Year with respect to
     which Matching Contribution allocations were not made under Section 5.4 of
     the 401(k) Plan or (if made) were forfeited under Section 5.4 of the
     401(k) Plan because of the Code Limitations.

Notwithstanding the foregoing, no amount shall be credited to the Matching
Contribution Restoration Account of a Highly Compensated Associate for a Plan
Year to the extent it relates to bonus, incentive or commission compensation
payable to the Highly Compensated Associate for the Plan Year in excess of One
Million Dollars ($1,000,000); provided, however, that for a Highly Compensated
                              --------  -------
Associate who first becomes eligible to participate in the Restoration Plan on
July 1, 2000 as a result of the merger of the DCP or SRP into the Restoration
Plan on that date, the foregoing limit shall apply only with respect to
bonuses, incentives or commissions earned and paid following July 1, 2000. In
addition, the Plan Administrator may determine, in its sole and exclusive
discretion, to deduct from the amount otherwise to be credited to the Matching
Contribution Restoration Account of a Highly Compensated Associate for a Plan
Year an amount necessary to pay any related payroll taxes.

                                      5

<PAGE>

     Section 3.4     Deferrals by Key Associates.
                     ---------------------------

     (a)     Deferral Accounts for Key Associates. A Participating Employer
             ------------------------------------
shall establish and maintain on its books a Deferral Account for each Key
Associate employed by such Participating Employer who elects pursuant to
Section 3.1 to defer the receipt of any amount of the Restoration Plan. Such
Deferral Account shall be designated by the name of the Key Associate for whom
established. The amount to be deferred under this Section 3.4 for a payroll
period shall be credited to such Deferral Account as of the date such amount
would have otherwise been paid to the Key Associate.

     (b)     Election to Defer Base Salary. A Key Associate may elect to defer,
             -----------------------------
on a combined basis with the 401(k) Plan as hereinafter provided, up to thirty
percent (30%) of the Key Associate's base salary for a Plan Year; provided,
                                                                  --------
however, that the Key Associate has elected to defer no less than the maximum
-------
percentage amount permissible under the 401(k) Plan for the Plan Year.
Deferrals shall be made on a payroll period basis. The deferral of base salary
for a payroll period shall be made after any Pre-Tax Employee Contributions
under the 401(k) Plan for the payroll period related to such base salary such
that the total percentage of base salary deferred for the payroll period on a
combined basis with the percentage of base salary deferred under the 401(k)
Plan for the payroll period shall equal the percentage elected by the Key
Associate without any regard to the Code Limitations.

     (c)     Election to Defer Covered Annual Incentive Award. Each Key
             ------------------------------------------------
Associate for a Plan Year may elect pursuant to Section 3.1 above to defer for
the Plan Year up to ninety percent (90%) of any Annual Incentive Award
otherwise payable to the Key Associate for the Plan Year. Such deferral shall
be made without regard to the Code Limitations. Any portion of an Annual
Incentive Award not deferred under the Restoration Plan shall be excluded from
the Key Associate's Compensation in accordance with, and subject to, the terms
and provisions of the 401(k) Plan (and therefore shall not be included in
determining the amount of the Key Associate's Pre-Tax Employee Contributions
under the 401(k) Plan).

     Section 3.5     Matching Contributions for Key Associates.
                     -----------------------------------------

     (a)     Matching Contribution Restoration Account for Key Associates. A
             ------------------------------------------------------------
Participating Employer shall establish and maiftain on its books a Matching
Cgntribution Restoration Account for each Key Associate employed by such
Participating Employer who is credited with a matching contribution under this
Section 3.5. Such Matching Contribution Restoration Account shall be designated
by the name of the Key Associate for whom established.

     (b)     Matching Contributions for Base Salary Deferrals. If a Key
             ------------------------------------------------
Associate is a Match-Eligible Participant for the Plan Year under the 401(k)
Plan, the Key Associate's Matching Contribution Restoration Account shall be
credited as of the Valuation Date under the 401(k) Plan that occurs on the last
day of the Plan Year with an amount determined consistent with the provisions
of Section 3.3 above with respect to any base salary deferrals for the Plan
Year pursuant to Section 3.4(b) above.

                                      6

<PAGE>

     (c)     Matching Contributions for Annual Incentive Awards. If a Key
             --------------------------------------------------
Associate is a Match-Eligible Participant for a Plan Year under the 401(k) Plan
and has deferred any portion of the Key Associate's Annual Incentive Award
under Section 3.4(c) that would have otherwise been paid during the Plan Year,
then the Matching Contribution Restoration Account of the Key Associate shall
be credited as of the Valuation Date under the 401(k) Plan that occurs on the
last day of the Plan Year with a matching contribution equal to the amount of
the Annual Incentive Award otherwise payable during the Plan Year that is
deferred by the Key Associate pursuant to Section 3.4(c) above, but excluding
any such deferrals that exceed five percent (5%) of the Key Associate's total
Annual Incentive Award. Notwithstanding the foregoing, the maximum amount of
such matching contribution for a Plan Year shall equal Fifty Thousand Dollars
($50,000) (i.e., the matching contribution shall not be based on the portion of
an Annual Incentive Award exceeding $1,000,000).

     (d)     Payroll Taxes. The Plan Administrator may determine, in its sole
             -------------
and exclusive discretion, to deduct from the amount otherwise to be credited to
the Matching Contribution Restoration Account of a Key Associate for a Plan
Year an amount necessary to pay any related payroll taxes.

     Section 3.6     Account Adjustments.
                     -------------------

     (a)     Account Adjustments for Deemed Investments. The Committee shall
             ------------------------------------------
from time to time designate one or more investment vehicle(s) in which the
Accounts of Covered Associates shall be deemed to be invested. The investment
vehicle(s) may be designated by reference to the investments available under
other plans sponsored by a Participating Employer (including the 401(k) Plan).
Each Covered Associate shall designate the investment vehicle(s) in which his
or her Account shall be deemed to be invested according to the procedures
developed by the Personnel Group, except as otherwise required by the terms of
the Restoration Plan. No Participating Employer shall be under an obligation to
acquire or invest in any of the deemed investment vehicle(s) under this
subparagraph, and any acquisition of or investment in a deemed investment
vehicle by a Participating Employer shall be made in the name of the
Participating Employer and shall remain the sole property of the Participating
Employer. Effective July 1, 2000, the designated investment vehicles shall be
(and shall remain until such time as changed by the Committee in its sole
discretion from time to time according to its procedures for designating
investments) the following:

     (i)     Nations LifeGoal Income & Growth Portfolio;
     (ii)    Nations LifeGoal Balanced Growth Portfolio;
     (iii)   Nations LifeGoal Growth Portfolio;
     (iv)    Nations LargeCap Index;
     (v)     Nations MidCap Index Fund;
     (vi)    Nations SmallCap Index Fund;
     (vii)   Stable Capital Fund;
     (viii)  Nations Bond Fund;
     (ix)    Nations Value Fund;
     (x)     Nations Interfational Equity Fund;
     (xi)    Nations Marsico Focused Equities Fund; and

                                      7

<PAGE>

     (xii)   Bank of America Corporation Common Stock Fund.

The Committee shall also establish from time to time a default Fund into which
a Covered Associate's Account shall be deemed to be invested if the Covered
Associate fails to provide investment instructions pursuant to this Section
3.6(a). Effective July 1, 2000, such default Fund shall be the Stable Capital
Fund.

     (b)     Periodic Account Adjustments. Each Account shall be adjusted from
             ----------------------------
time to time at such intervals as determined by the Personnel Group. The
Personnel Group may determine the frequency of account adjustments by reference
to the frequency of account adjustments under another plan sponsored by a
Participating Employer. The amount of the adjustment shall equal the amount
that each Covered Associate's Account would have earned (or lost) for the
period since the last adjustment had the Account actually been invested in the
401(k) Plan in the deemed investment vehicle(s) designated by the Covered
Associate for such period pursuant to Section 3.6(a).

     Section 3.7     Account Payments Following Termination of Employment.
                     ----------------------------------------------------

     (a)     Payment Options.
             ---------------

             (i)     A Covered Associate may make or change a payment option
     election among any of the payment options described in subparagraph (ii)
     below, subject to the provisions of subparagraph (iii) below. The election
     shall not become effective until the later of (A) the date that is twelve
     (12) months after the date that the election is made (as determined by the
     Personnel Group in its discretion) or (B) the date the Covered Associate
     attains age fifty-five (55).

             (ii)    The payment options from which a Covered Associate may
     elect are as follows: (A) single cash payment, (B) five (5) annual
     installments or (C) ten (10) annual installments, as such methods are more
     fully described below.

             (iii)   Any election made under this Section 3.7(a) shall be made
     on such form, at such time and pursuant to such procedures as determined
     by the Personnel Group in its sole discretion from time to time. A Covered
     Associate may not have more than two (2) payment elections pending under
     this Section 3.7(a) at any one time.

             (iv)    For a Covered Associate who dges not yet have an election
     in effect under this Section 3.7(a) or for a Covered Associate who fails
     to elect a payment option under this Section 3.7(a), the method of payment
     shall be the single cash payment.

     (b)     Single Cash Payments.  The following provisions shall apply with
             --------------------
respect to single cash payments under the Restoration Plan:

             (i)     If a Covered Associate terminates employment with the
     Participating Employers either (A) before attainment of age fifty-five
     (55) or (B)

                                      8

<PAGE>

     with a vested Account balance (determined as of the Benefit Determination
     Date) that is Fifty Thousand Dollars ($50,000) or less (even if the
     Covered Associate has elected and is otherwise eligible for installment
     payments), then the Covered Associate's Account, to the extent vested,
     shall be determined as of the Benefit Determination Date, and such final
     vested Account balance shall be paid in a single cash payment to the
     Covered Associate (or to the Covered Associate's Beneficiary in the case
     of the Covered Associate's death) as soon as administratively practicable
     after the Benefit Determination Date.

             (ii)    If a Covered Associate terminates employment with the
     Participating Employers after attainment of age fifty-five (55) with a
     vested Account balance (determined as of the Benefit Determination Date)
     exceeding Fifty Thousand Dollars ($50,000) and with a single cash payment
     election in effect under Section 3.7(a), then such Covered Associate's
     Account, to the extent vested, shall continue to be credited with
     adjustments under Section 3.6 through the last day of the Plan Year in
     which such termination of employment occurs. The final vested Account
     balance as of the last day of such Plan Year shall be paid in a single
     cash payment to the Covered Associate (or to the Covered Associate's
     Beneficiary in the case of the Covered Associate's death) within ninety
     (90) days following the end of such Plan Year.  Notwithstanding the
     foregoing, if the applicable Benefit Determination Date occurs in the Plan
     Year after the Plan Year in which termination of employment occurs, then
     the single cash payment shall be in the amount of the Account Balance
     determined as of the Benefit Determination Date and shall be payable as
     soon as administratively practicable after the Benefit Determination Date.

     (c)     Annual Installments. If a Covered Associate terminates employment
             -------------------
with the Participating Employers after attainment of age fifty-five (55) with a
vested Account balance (determined as of the Benefit Determination Date)
exceeding Fifty Thousand Dollars ($50,000) and with an installment payment
election in effect under Section 3.7(a), then the amount of the annual
installments shall be calculated and paid pursuant to the following provisions:

             (i)     Timing of Payments. The first installment shall be paid
                     ------------------
     within ninety (90) days following the end of the Plan Year in which the
     Covered Associate's employment with the Participating Employers
     terminates; provided, however, that if the applicable Benefit
                 --------  -------
     Determination Date occurs in the Plan Year after the Plan Year in which
     termination of employment occurs, then the first installment shall be paid
     as soon as administratively practicable after the Benefit Determination
     Date. Each subsequent installment shall be paid within ninety (90) days
     following the end of each subsequent Plan Year during the selected payment
     period.

             (ii)    Amount of Installments. The amount payable for each
                     ----------------------
     installment shall equal the Account balance as of the end of the
     applicable Plan Year divided by the number of remaining installments
     (including the installment then payable); provided, however, that if the
                                                --------  -------
     applicable Benefit Determination Date occurs in the

                                      9

<PAGE>

     Plan Year after the Plan Year in which termination of employment occurs,
     then the amount of the first installment shall be based on the amount of
     the Account balance as of such Benefit Determination Date.

             (iii)   Investment of Account During Payment Period. The Covered
                     -------------------------------------------
     Associate's Account, to the extent vested, shall continue to be credited
     with adjustments under Section 3.6 through the end of the Plan Year in
     which the Covered Associate's employment with the Participating Employers
     terminates (or through the applicable Benefit Determination Date if the
     Benefit Determination Date occurs in the Plan Year after the Plan Year in
     which termination of employment occurs). If the Covered Associate has
     elected to receive payment through five (5) annual installments, then the
     Covered Associate shall be permitted to continue to direct the investment
     of the Covered Associate's unpaid Account balance in accordance with
     Section 3.6 during the payment period (i.e., through the last day of the
     fourth Plan Year after the Plan Year in which the Covered Associate's
     employment with the Participating Employers terminates). If the Covered
     Associate has elected to receive payment through ten (10) annual
     installments, then the Covered Associate's unpaid Account balance shall be
     deemed invested in the Stable Capital Fund during the payment period
     (i.e., through the last day of the ninth Plan Year after the Plan Year in
     which the Covered Associate's employment with the Participating Employers
     terminates).

             (iv)    Death of Covered Associate. If a Covered Associate covered
                     --------------------------
     by this Section 3.7(c) dies, then the annual installments (or remaining
     annual installments in the case of death after commencement of payment)
     shall be paid to the Covered Associate's Beneficiary as and when such
     installments would have otherwise been paid to the Covered Associate had
     the Covered Associate not died.

     (d)     Vesting of Matching Accounts. Notwithstanding any provision of the
             ----------------------------
Restoration Plan to the contrary, if a Covered Associate is not fully (100%)
vested in the amount credited tg the Associate's Matching Contribution Account
under the 401(k) Plan at the time of the Associate's termination of employment
with the Participating Employers, then the amount credited to the Covered
Associate's Matching Contribution Restoration Account shall be reduced as of
the applicable Benefit Determination Date to an amount equal to the product of
(i) the amount then credited to said Matching Contribution Restoration Account
multiplied by (ii) the vested percentage applicable to the Associate's Matching
Contribution Account and Pre-1993 Stock/Thrift Plan Matching Contribution
Account under the 401(k) Plan as of the date of such termination of employment.
The amount by which the Associate's Matching Contribution Restoration Account
is reduced by application of the preceding sentence shall be forfeited as of
the applicable Benefit Determination Date.

     (e)     Other Payment Provisions. Subject to the provisions of Section
             ------------------------
3.8, a Covered Associate shall not be paid any portion of the Associate's
Account prior to the Associate's termination of employment with the
Participating Employers. Any deferral or payment hereunder shall be subject to
applicable payroll and withholding taxes. For purposes of the Restoration Plan,
a Covered Associate shall be deemed to have terminated employment with the

                                     10

<PAGE>

Participating Employers upon eligibility for benefits under the Long-Term
Disability Plan in which the Covered Associate participates as in effect from
time to time; provided, however, that the Personnel Group may in its discretion
              --------  -------
determine that a Covered Associate who is eligible to receive Long-Term
Disability Plan benefits has not terminated employment if the Personnel Group
concludes that the Covered Associate is likely to return to work. In the event
any amount becomes payable under the provisions of the Restoration Plan to a
Covered Associate, Beneficiary or other person who is a minor or an
incompetent, whether or not declared incompetent by a court, such amount may be
paid directly to the minor or incompetent person or to such person's fiduciary
(or attorney-in-fact in the case of an incompetent) as the Personnel Group, in
its sole discretion, may decide, and the Personnel Group shall not be liable to
any person for any such decision or any payment pursuant thereto.

     (f)     Former DCP and SRP Participants. Notwithstanding any other
             -------------------------------
provisions in this Restoration Plan to the contrary, the following provisions
shall apply to a Covered Associate who was participating in the DCP or SRP as
of June 30, 2000:

             (i)     If the Covered Associate has in effect as of June 30, 2000
     an installment payment election (but not including an annuity payment
     election based on the Covered Associate's life or the joint life of the
     Covered Associate and his or her Beneficiary) under the DCP or (if no
     installment payment election is in effect under the DCP) the SRP (a "Prior
     Plan Installment Election"), then the Covered Associate's vested Account
     balance shall be payable in the number of installments provided by such
     Prior Plan Installment Election (even if the Covered Associate has not
     attained age fifty-five (55) upon termination of employment) unless either
     (A) the Covered Associate changes such election in accordance with the
     provisions of Section 3.7(a)(ii) above or this Section 3.7(f) or (B) the
     Covered Associate's vested Account balance is Fifty Thousand Dollars
     ($50,000) or less as of the applicable Benefit Determination Date (in
     which case the Account shall be payable in a single cash payment in
     accordance with Section 3.7(b)(i) above).

             (ii)    Notwithstanding any provision of the Prior Plan
     Installment Election to the contrary, the timing of the installment
     payments and the method for determining the amount of each installment
     payment shall be determined in accordance with the provisions of Section
     3.7(c)(i) and (ii) above.

             (iii)   Notwithstanding any provision of the Prior Plan
     Installment Election to the contrary, if the Prior Plan Installment
     Election had been made under the SRP with a payment period of five (5)
     years or less or under the DCP (regardless of the payment period), then
     the Account may continue to be invested during the payment period in
     accordance with the Covered Associate's investment election as provided in
     Section 3.6 (consistent with the provisions of Section 3.7(c)(iii)
     applicable to five (5) annual installments). However, if the Prior Plan
     Installment Election had been made under the SRP with a payment period in
     excess of five (5) years, then the Account shall be deemed invested in the
     Stable

                                     11

<PAGE>

     Capital Fund during the payment period (consistent with the provisions of
     Section 3.7(c)(iii) applicable to ten (10) annual installments).

             (iv)    If a Covered Associate to which this Section 3.7(f)
     applies is under age fifty-five (55), then (A) the Covered Associate may
     at any time elect to change the method of payment to a single cash payment
     and (B) the Covered Associate may elect on or before August 31, 2000 to
     change the method of payment to either a single cash payment or five (5)
     or ten (10) year annual installments. In either case, such election shall
     not become effective until the date that is twelve (12) months after the
     date that the election is made (as determined by the Personnel Group in
     its discretion).

             (v)     In the case of a former DCP or SRP participant who is not
     employed by the Participating Employers as of July 1, 2000, payments of
     DCP and SRP balances shall be made in accordance with the provisions of
     the DCP and SRP, as applicable, except that any participant-directed
     investment of DCP accounts shall be made in accordance with the provisions
     of Section 3.6 above.

     Section 3.8     In-Service Withdrawals.
                     ----------------------

     (a)     Withdrawals on Demand. A Covered Associate who is in the active
             ---------------------
service of a Participating Employer may elect to receive an unscheduled payment
of up to one hundred percent (100%) of his or her vested Account balance at any
time; provided, however, that (i) ten percent (10%) of the amount requested
      --------  -------
shall be forfeited from the Covered Associate's Account and (ii) the Covered
Associate shall be ineligible to participate in the Restoration Plan for the
remainder of the Plan Year in which the withdrawal is made and one (1) Plan
Year thereafter.

     (b)     Withdrawals on Account of an Unforeseeable Emergency. A Covered
             ----------------------------------------------------
Associate who is in active service of a Participating Employer may, in the
Committee's sole discretion, receive a refund of all or any part of the amounts
previously credited to the Covered Associate's Accounts (to the extent vested)
in the case of an "unforeseeable emergency". A Covered Associate requesting a
payment pursuant to this Section shall have the burden of proof of establishing,
to the Committee's satisfaction, the existence of such "unforeseeable
emergency", and the amount of the payment needed to satisfy the same. In that
regard, the Covered Associate shall provide the Committee with such financial
data and information as the Committee may request. If the Committee determines
that a payment should be made to a Covered Associate under this Section such
payment shall be made within a reasonable time after the Committee's
determination of the existence of such "unforeseeable emergency" and the amount
of payment so needed. The Committee may in its discretion establish the order in
which amounts shall be withdrawn under this Section from a Covered Associate's
Accounts. As used herein, the term "unforeseeable emergency" means a severe
financial hardship to a Covered Associate resulting from a sudden and unexpected
illness or accident of the Covered Associate or of a dependent of the Covered
Associate, loss of the Covered Associate's property due to casualty, or other
similar extraordinary and unforeseeable circumstances arising as a result of
events beyond the control of the Covered Associate. The circumstances that shall
constitute an "unforeseeable emergency" shall depend upon the facts of each
case, but, in any case, payment may not be made to the extent

                                     12

<PAGE>

that such hardship is or may be relieved (i) through reimbursement or
compensation by insurance or otherwise, or (ii) by liquidation of the Covered
Associate's assets, to the extent the liquidation of such assets would not
itself cause severe financial hardship. Examples of what are not considered to
be "unforeseeable emergencies" include the need to send a Covered Associate's
child to college or the purchase of a home. Withdrawals of amounts because of
an "unforeseeable emergency" shall not exceed an amount reasonably needed to
satisfy the emergency need. If any withdrawal is permitted pursuant to this
Section during a Plan Year, no further deferral of compensation shall be made
during the Plan Year from and after the effective date of the withdrawal.

     Section 3.9     Other Contributions. The Participating Employers may from
                     -------------------
time to time, in their sole and exclusive discretion, elect to credit a Covered
Associate's Account with additional amounts not otherwise contemplated by this
Article III.

                                   ARTICLE IV
                            AMENDMENT AND TERMINATION

     Section 4.1     Amendment and Termination. The Corporation shall have the
                     -------------------------
right and power at any time and from time to time to amend the Restoration Plan
in whole or in part, on behalf of all Participating Employers, and at any time
to terminate the Restoration Plan or any Participating Employer's participation
hereunder; provided, however, that no such amendment or termination shall
reduce the amount actually credited to the Account(s) of any current or former
Covered Associate (or beneficiary of a deceased Covered Associate) on the date
of such amendment or termination, or further defer the due dates for the
payment of such amounts, without the consent of the affected person. In
connection with any termination of the Restoration Plan the Corporation shall
have the authority to cause the Accounts of all current and former Covered
Associates (and beneficiary of any deceased Covered Associates) to be paid in a
single sum payment as of a date determined by the Corporation or to otherwise
accelerate the payment of all Accounts in such manner as the Corporation shall
determine in its discretion.

                                   ARTICLE V
                            MISCELLANEOUS PROVISIONS

     Section 5.1     Nature of Plan and Rights. The Restoration Plan is
                     -------------------------
unfunded and intended to constitute an incentive and deferred compensation plan
for a select group of officers and key management employees of the
Participating Employers. If necessary to preserve the above intended plan
status, the Committee, in its sole discretion, reserves the right to limit or
reduce the number of actual participants and otherwise to take any remedial or
curative action that the Committee deems necessary or advisable. The Accounts
established and maintained under the Restoration Plan by a Participating
Employer are for accounting purposes only and shall not be deemed or construed
to create a trust fund of any kind or to grant a property interest of any kind
to any Associate, designated beneficiary or estate. The amounts credited by a
Participating Employer to such Accounts are and for all purposes shall continue
to be a part of the general assets of such Participating Employer, and to the
extent that an Associate, beneficiary or estate acquires a right to receive
payments from such Participating Employer pursuant to the

                                     13

<PAGE>

Restoration Plan, such right shall be no greater than the right of any
unsecured general creditor of such Participating Employer.

     Section 5.2     Termination of Employment. For the purposes of the
                     -------------------------
Restoration Plan, an Associate's employment with a Participating Employer shall
not be considered to have terminated so long as the Associate is in the employ
of any Participating Employer, other member of the Controlled Group or any
other entity as the Personnel Group may designate.

     Section 5.3     Spendthrift Provision. No Account balance or other right
                     ---------------------
or interest under the Restoration Plan of an Associate, beneficiary or estate
may be assigned, transferred or alienated, in whole or in part, either directly
or by operation of law, and no such balance, right or interest shall be liable
for or subject to any debt, obligation or liability of the Associate,
designated beneficiary or estate. Notwithstanding the foregoing, the
Participating Employers shall have the right to offset from a Covered
Associate's unpaid benefits under the Restoration Plan any amounts due and
owing from the Covered Associate to the extent permitted by law.

     Section 5.4     Employment Noncontractual. The establishment of the
                     -------------------------
Restoration Plan shall not enlarge or otherwise affect the terms of any
Associate's employment with his Participating Employer, and such Participating
Employer may terminate the employment of the Associate as freely and with the
same effect as if the Restoration Plan had not been established.

     Section 5.5     Adoption by Other Participating Employers. The Restoration
                     -----------------------------------------
Plan may be adopted by any Participating Employer participating under the
401(k) Plan, such adoption to be effective as of the date specified by such
Participating Employer at the time of adoption.

     Section 5.6     Applicable Law. The Restoration Plan shall be governed and
                     --------------
construed in accordance with the laws of the State of North Carolina, except to
the extent such laws are preempted by the laws of the United States of America.

     Section 5.7     Merged Plans. From time to time the Participating
                     ------------
Employers may cause other nonqualified plans to be merged into the Restoration
Plan.  Schedule 5.7 attached hereto sets forth the names of the plans that
merged into the Restoration Plan by July 1, 2000 and their respective merger
dates. Schedule 5.7 shall be updated from time to time to reflect mergers after
July 1, 2000.

     Upon such a merger, the account balance(s) immediately prior to the date
of merger of each participant in the merged plan shall be transferred and
credited as of the merger date to one or more accounts established under the
Restoration Plan for such participant. From and after the merger date, the
participant's rights shall be determined under the Restoration Plan, and the
participant shall be subject to all of the restrictions, limitations and other
terms and provisions of the Restoration Plan. Not in limitation of the
foregoing, each Restoration Plan Account established for the participant as a
result of the merger shall be periodically adjusted when and as provided in
Section 3.6 hereof as in effect from time to time and shall be paid at such
time and in such manner as provided in Section 3.7 and Section 3.8 hereof,
except to the extent otherwise provided on Schedule 5.7. The Personnel Group
shall, in its discretion, establish any procedures it deems necessary or
advisable in order to administer any such plan mergers, including without

                                     14

<PAGE>

limitation procedures for transitioning from the method of account adjustments
under the prior plan to the methods provided for under the Restoration Plan.

     Section 5.8     Status Under the Act. The Restoration Plan is maintained
                     --------------------
for purposes of providing deferred compensation for a select group of
management or highly compensated employees. In addition, to the extent that the
Restoration Plan makes up benefits limited under the 401(k) Plan as a result of
Section 415 of the Code, the Restoration Plan shall be considered an "excess
benefit plan" within the meaning of the Act.

     Section 5.9     Claims Procedure. Any claim for benefits under the
                     ----------------
Restoration Plan by a Covered Associate or Beneficiary shall be made in
accordance with the claims procedures set forth in the 401(k) Plan.

     IN WITNESS WHEREOF, this instrument has been executed by the Corporation
as of the day and year first above written.

                                     BANK OF AMERICA CORPORATION

                                     By: /s/ J. Steele Alphin
                                        ---------------------------------------
                                         Title:  Corporate Personnel Executive
                                                ------------------------------

                                     15

<PAGE>

                                  SCHEDULE 5.7

                         MERGED PLANS AS OF JULY 1, 2000
                         -------------------------------

Plan Name                                                     Date of Merger
---------                                                     --------------

C&S Policy Committee Supplemental                             December 31, 1992
     Savings Plan

C&S Key Executive Supplemental                                December 31, 1992
     Savings Plan

C&S/Sovran Supplemental Retirement                            December 31, 1992
     Plan for Former Sovran Executives
     (Thrift Restoration Benefits)

First & Merchants Corporation Deferred                        March 31, 1993
     Management Incentive Compensation
     Plan

Sovran Deferred Compensation Plan                             March 31, 1993

NationsBank of Texas, N.A. Profit                             March 31, 1993
     Sharing Restoration Plan

Thrift Plan Reserve Account Maintained                        March 31, 1993
     Under the NationsBank Corporation
     and Designated Subsidiaries
     Supplemental Executive Retirement Plan

Bank South Executive Bonus Deferral Plan                      July 1, 1996

Boatmen's Bancshares, Inc. Executive Deferred                 December 31, 1997
Compensation Plan

Fourth Financial Corporation Executive Deferred               December 31, 1997
Compensation Plan

NationsBank Corporation Key Employee Deferral Plan            April 1, 1998

Deferred compensation components of the NationsBank           April 1, 1998
Corporation Executive Incentive Compensation Plan

Management Excess Savings Plan of Barnett Banks, Inc.         December 31, 1998
and its Affiliates

BankAmerica Deferred Compensation Plan                        June 30, 2000

BankAmerica Supplemental Retirement Plan                      June 30, 2000

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