Document:

Deferred Compensation Plan for non-employee Directors of Wachovia

 Exhibit 10(f) 
 DEFERRED COMPENSATION PLAN 
 FOR NON-EMPLOYEE DIRECTORS 
 OF 
 WACHOVIA CORPORATION 
 As amended and restated effective December 31, 2008 

 Exhibit 10(f) 
 DEFERRED COMPENSATION PLAN 
 FOR NON-EMPLOYEE DIRECTORS 
 OF WACHOVIA CORPORATION 
 As amended and
restated effective December 31, 2008 
  

	1.	ELIGIBILITY AND APPLICATION 

 (a)        Each member of the Board of Directors of Wachovia Corporation (the “Company”), who is not an employee of the Company or any of its subsidiaries, is eligible to participate in the
Deferred Compensation Plan for Non-Employee Directors of the Company (the “Plan”). The term “Director” means (i) a non-employee director of the Company, (ii) any special advisory consultant of the Company appointed as
such pursuant to the resolutions adopted by the Board on December 16, 1997, as the same may be amended from time to time, and (iii) any other special advisory consultant or director of any of the Company’s subsidiary banks designated
by the Committee (as defined below) to be a participant in the Plan, and the term “Board” means the Board of Directors of the Company. 
 (b)        The terms of this Plan, as amended and restated, are applicable only to amounts deferred by Directors under the Plan on or after January 1, 2005. The terms of
the Plan, as in effect prior to this amended and restated Plan document, shall continue to apply to amounts deferred prior to January 1, 2005. The Plan has been amended to implement changes required pursuant to and consistent with section 409A
of the Internal Revenue Code of 1986, as amended (the “Code”). Between January 1, 2005 and December 31, 2008 the Plan has been operated in accordance with transition relief established by the Treasury Department and Internal
Revenue Service pursuant to Code section 409A. This amendment and restatement is adopted in conformity with final regulations under Code section 409A issued by the Treasury Department on April 10, 2007 and effective January 1, 2009.

  

	2.	ADMINISTRATION 

 The Plan shall be administered by
the Management Resources & Compensation Committee of the Board (including any successor thereto, the “Committee”). The members of the Committee shall be appointed by the Board. The Committee shall have full power and authority to
interpret the terms of the Plan, to determine all questions arising in the administration of the Plan, and to adopt such rules and procedures as it may deem advisable for the administration of the Plan. 
  

	3.	DEFERRAL ELECTIONS 

 (a)        Prior to January 1 of each calendar year (the “Service Year”), each Director may irrevocably elect to have all or any part (stated as a percentage) of the fees and retainers
(“Fees”) for services as a Director (including fees payable for services as a member of a committee of the Board) that will be earned during the Service Year deferred under the Plan and credited to an interest account (“Interest
Account”) and/or to a stock account (“Stock Account”). 

 (b)        If a person becomes a Director during
a Service Year and thereby becomes eligible to participate in this Plan for the first time (and has not previously been eligible to participate in any other plan that is required to be aggregated with this Plan for purposes of Code section 409A and
the Treasury Regulations thereunder), the Director may irrevocably elect within 30 days following the date on which his or her term as a Director begins to have all or any part (stated as a percentage) of the Fees that the Director will earn for the
remainder of such Service Year deferred under the Plan and credited to the Interest Account and/or the Stock Account. 
 (c)        A Director who terminates service as a Director, and who subsequently becomes a Director and thereby re-qualifies for participation in the Plan, shall be eligible to elect to defer Fees
only pursuant to the election procedure described in Section 3(a). 
 (d)        Notwithstanding anything to the contrary herein, Directors may not make any voluntary deferrals of Fees under the Plan after December 31, 2008 until determined otherwise by the
Committee. 
  

	4.	DEFERRED COMPENSATION ACCOUNTS 

 (a)        Amounts credited to the Interest Account pursuant to Section 3 hereof during each calendar year shall be credited with interest as of the following December 31 in an amount equal
to the Director’s average month-end balance in the Interest Account during such calendar year multiplied by an interest rate equal to (i) the average prime rate of interest charged for commercial loans as of the last day of each calendar
quarter (March 31, June 30, September 30 and December 31) by a commercial bank selected by the Committee, or (ii) such other interest rate as the Committee may otherwise determine. 
 (b)        Amounts credited to the Stock Account pursuant to Section 3 hereof shall be
deemed to be invested in a theoretical number of units of Common Stock of the Company (the “Common Stock”) obtained by dividing the dollar amount of such amounts by the Market Value Per Share, as defined below, on the date such amounts are
transferred from the Interest Account to the Stock Account or the date deferred Fees would otherwise be payable to the Director, as applicable. The number of such units shall be computed to four (4) decimal places. From time to time additional
units shall be credited to the Stock Account in amounts equal to: 
             (i)        the amount of any cash dividend (or the fair market value of a dividend paid in property, other than a dividend paid
in Common Stock) which the Director would have received if on the record date for such dividend the Director had been the owner of record of a number of shares of Common Stock equal to the number of units (including fractions) then credited to the
Stock Account, divided by the Market Value Per Share on the date such dividend is paid; and 
  

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             (ii)       the number of full and fractional shares of Common Stock which the Director would have received if on the record date for
a dividend which is to be paid in Common Stock, the Director had been the owner of record of a number of shares of Common Stock equal to the number of units (including fractions) then credited to the Stock Account. 
 The Stock Account shall also be appropriately adjusted for any change in the Common Stock by reason of any recapitalization,
reorganization, merger, consolidation, split-up, or any similar change affecting the Common Stock. 
 (c)        For purposes of the Plan, “Market Value Per Share” is defined as the last sale price per share on the date of reference for shares of Common Stock as reported on the New York
Stock Exchange on such date (or, if such date shall not be a business day, the next preceding day which shall be a business day). If no sale occurs on such date, the Market Value Per Share shall be determined, in the manner described above, as of
the first preceding business day on which a sale occurs. 
 (d)        Prior to
January 1 of each Service Year, each Director participating in the Plan may elect to have all or any part of the balance credited to such Director’s Interest Account or Stock Account, as applicable, transferred to a Stock Account or
Interest Account, as applicable. Such election shall not alter in any way the deferral election made by the Director under Section 3(a), the distribution election made by such Director under Section 5(a) or the deemed distribution election
described in Section 5(b) in the event that the Director failed to make a distribution election pursuant to Section 5(a). 
  

	5.	DISTRIBUTIONS 

 (a)        At the time a Director makes his or her initial election to defer Fees pursuant to Section 3, the Director shall also make an irrevocable election as to the time and form of
distribution of the Director’s Stock Account and/or Interest Account. The Director may elect one of the following distribution options: 
             (i) to receive a lump sum payment of the total balance of the Director’s Stock Account and/or Interest Account on the January 1 immediately following the
Director’s Termination Date (as defined below), 
             (ii) to
receive a lump sum payment of the total balance of the Director’s Stock Account and/or Interest Account on the January 1 that is at least 2 years and not more than 10 years following the Director’s Termination Date (as specified by
the Director in his or her election), or 
             (iii) to receive the
total balance of the Director’s Stock Account and/or Interest Account in a series of consecutive annual installment payments (x) beginning on January 1 of the calendar year that is at least 2 years and not more than 9 years following
the Director’s Termination Date and (y) ending on January 1 of the calendar year that is at least 3 years and not more than 10 years following the Director’s Termination Date (as specified by the Director in his or her election).
The amount of each such installment payment shall be equal to the 

  

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then-applicable account balance multiplied by a fraction, the numerator of which shall be one and the denominator of which shall be the number of installment
payments remaining. 
 For purpose of the Plan, a Director’s “Termination Date” shall mean the date on which there is a good
faith and complete termination of the Director’s relationship as a Director, and shall be determined in accordance with applicable standards established pursuant to Code section 409A and the Treasury Regulations thereunder. 
 (b)        In the event the Director fails to make the election provided in the preceding
sentence, the total balance of such Director’s Stock Account and/or Interest Account shall be paid at the time and in the manner described in clause (i) of Section 5(a). In the event such Director makes an election provided in clauses
(ii) or (iii) of Section 5(a), such Director shall also make an irrevocable election to either (x) maintain such Director’s participation in the Stock Account during the applicable distribution period, or (y) transfer
the value of the units in such Director’s Stock Account, if any, to the Interest Account, based on the Market Value Per Share of the number of units (including fractions) credited to the Stock Account on the Termination Date, during the
applicable distribution period. A Director participating in the Interest Account prior to the Termination Date shall continue to participate in the Interest Account during the applicable distribution period. 
 (c)        If a Director should die before full payment of the total balance in his or her
Interest Account and/or Stock Account, as applicable, the remaining balance shall be paid in a lump sum to his or her designated beneficiaries or estate, as applicable, on the January 1 immediately following the death of the Director.

 (d)        Pending distribution pursuant to this Section 5, amounts credited
to the Interest Account shall continue to accrue interest at the rate stated in Section 4(a) of the Plan. Pending distribution pursuant to this Section 5, amounts credited to the Stock Account shall continue to accrue additional units of
Common Stock in accordance with Section 4(b) of the Plan. 
 (e)        No
Director shall be permitted, and neither the Company nor the Committee shall not have any discretion, to accelerate the timing or schedule of any payment under this Plan, except as specifically provided herein or as may be permitted pursuant Code
section 409A and the Treasury Regulations thereunder. 
 (f)        Notwithstanding
any provision in the Plan to the contrary, no distribution which becomes due and payable by means of a Director’s “separation from service” under Code section 409A shall be made to the Director prior to the earlier of
(i) the expiration of the six (6)-month period measured from the date of the Director’s “separation from service” (as such term is defined in Treasury Regulations issued under Code section 409A), or (ii) the date of the
Director’s death, if the Participant is deemed at the time of such separation from service to be a key employee within the meaning of that term under Code section 416(i) and such delayed commencement is otherwise required in order
to avoid a prohibited distribution under Code section 409(a)(2). Upon the 

  

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expiration of the applicable Code section 409(a)(2) deferral period, all payments deferred pursuant to this Section 5(f) (whether they would have
otherwise been payable in a single sum or in installments in the absence of such deferral) shall be paid to the Director (or the Director’s Beneficiary in the event of the Director’s death) in a lump sum, and any remaining payments due
under the Plan shall be paid in accordance with the normal payment dates specified for them herein. During such deferral period, the Director’s Stock Account and/or Interest Account under the Plan shall continue to be subject to the investment
return provisions of Section 4. Whether the Director is a “key employee” shall be determined in accordance with Code section 416(i) and such written guidelines adopted by the Company for such purposes. 
  

	6.	DESIGNATION OF BENEFICIARY 

 A director may
designate a beneficiary or beneficiaries (which may be an entity other than a natural person) to receive any payments to be made under Section 5 of the Plan upon the Director’s death. At any time, and from time to time, any such
designation may be changed or cancelled by the Director without the consent of any beneficiary. Any such designation, change or cancellation must be by written notice filed with the Secretary of the Company and shall not be effective until received
by the Secretary of the Company. If a Director designates more than one beneficiary, any payments under Section 5 of the Plan to such beneficiaries shall be made in equal shares unless the Director has designated otherwise, in which case the
payments shall be made in the shares designated by the Director. If no beneficiary has been named by a Director, payment shall be made to the Director’s estate. 
  

	7.	AMENDMENT AND TERMINATION 

 The Board may at any
time amend or terminate the Plan, subject to the requirements of Code section 409A regarding plan terminations; provided that no such amendment or termination shall alter or impair existing rights of a Director under the Plan. 
  

	8.	MISCELLANEOUS 

 (a)        Nothing in the Plan shall be construed as conferring upon any Director any right to continue as a member of the Board. 
 (b)        The crediting of units to the Stock Account under Section 4(b) hereof shall not
be deemed to create for any Director any interest in any class of equity securities of the Company. 
 (c)        Nothing in the Plan shall be construed as giving any Director or any other person any equity or interest of any kind in the assets of the Company or creating a trust of any kind or a
fiduciary relationship of any kind between the Company and any such person. As to any claim for payments due under the provisions of the Plan, any Director and any other persons having a claim for payments shall be unsecured creditors of the
Company. 
  

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 (d)        Nothing contained in the Plan shall be
construed so as to prevent the Company from taking any corporate action which is deemed by the Company to be appropriate or in its best interest, subject to Sections 6(f) and 8(h). 
 (e)        The rights and benefits of a Director under the Plan are personal to the Director, and
neither the Director nor any designated beneficiary shall have the power or right to transfer, assign, anticipate, mortgage, or otherwise encumber any payments to be made under the Plan, except as provided in Section 6 hereof. The benefits
payable under the Plan shall not, prior to actual payment, be subject to seizure or sequestration for the payment of any debts, judgments, alimony or separate maintenance owed by a Director or any other person and shall not, to the maximum extent
permitted by law, be transferable by operation of law in the event of the bankruptcy or insolvency of the Director or any other person. Notwithstanding the foregoing, any payments otherwise due the Director hereunder may instead be assigned or
distributed to his or her spouse or former spouse pursuant to the terms of any domestic relations order within the meaning of Code section 414(p)(1)(B), which is issued with respect to the Director’s Interest Account and/or the Stock Account,
and the Director shall cease to have any right, interest or entitlement to the portion of any payment or Interest Account and/or the Stock Account assigned or distributed to his or her spouse or former spouse in accordance with the terms of such
order. The portion of the payment or Interest Account and/or the Stock Account assigned or distributable to the spouse or former spouse shall be paid in the form of a single lump distribution within 15 days following the Committee’s approval of
the domestic relations order or at such later time as permitted under Code section 409A and the Treasury Regulations thereunder. A domestic relations order shall not qualify for approval under this provision, and no distribution shall be made with
respect to such order, if the order requires that payment be made at a time or in a manner other than the time and manner specified herein. Distributions made pursuant to this provision are intended to comply with the requirements of Code section
409A and Treasury Regulations thereunder, and this provision shall be construed and administered accordingly. 
 (f)         The provisions of the Plan shall inure to the benefit of the Director’s designated beneficiaries, executors and administrators, and shall be binding upon the Company’s
assigns and successors in interest. 
 (g)        The Plan shall be interpreted in
accordance with, and all rights thereunder shall be governed by and construed in accordance with, the laws of the State of North Carolina. 
 (h)        This Plan is intended to comply with the requirements of Code section 409A and Treasury Regulations thereunder. Any provision of this document that is contrary to the
requirements of Code section 409A and the Treasury Regulations thereunder shall be null, void and of no effect and the Committee shall interpret the document consistent with the requirements of Code section 409A, which shall govern the
administration of the Plan in the event of a conflict between Plan terms and the requirements of Code section 409A and the Treasury Regulations. 
  

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 IN WITNESS WHEREOF, Wachovia Corporation has caused this instrument to be executed on its behalf by a duly
authorized officer on this 19th day of December, 2008. 
  

			
	WACHOVIA CORPORATION
		
	By:	 	                    /s/ Charles D. Loring             
        
		
	Title:	 	                    Senior Vice President              
      

  

 7Amendment No. 2 to Employment Agreement

 Exhibit 10(g) 
 AMENDMENT NO. 2 TO EMPLOYMENT AGREEMENT 
 This Amendment dated December 29, 2008
(the “Amendment”), to the Employment Agreement dated November 1, 2001 (the “Employment Agreement”) by and between Wachovia Corporation (the “Company”) and BENJAMIN P. JENKINS, III (the “Executive”), as
subsequently amended. 
 WHEREAS, certain compensation, benefits and other amounts payable under the Employment Agreement are
subject to Section 409A (“Code Section 409A”) of the Internal Revenue Code of 1986, as amended (the “Code”); 
 WHEREAS, the Company and the Executive wish to amend the Employment Agreement to comply with the requirements of the final regulations under Code Section 409A; 
 NOW, THEREFORE, for good and valuable consideration, the receipt of which is acknowledged hereto, the parties agree as follows:

 1.        Section 3(a) of the Employment Agreement is amended to add the
following new sentence to the end of that section: 
 Notwithstanding any provision of this Agreement to the
contrary, if the Executive’s Disability leave is at least six months, the Participant shall for purposes of this Agreement be deemed to have had a termination of employment on the first day following such six-month period and that date shall be
treated as the Disability Effective Date. 
 2.        Section 3(c) of the
Employment Agreement is amended to add the following new sentences at the end of that section: 
 The
Executive may terminate his employment for Good Reason, provided that the Termination Date occurs during the 2-year period immediately following the date that the events or actions giving rise to the Good Reason termination occur. In no event shall
a termination of the Executive’s employment for Good Reason occur unless the Executive gives written notice to the Company in accordance with and within the time period specified in Section 3(d) below stating with specificity the events or
actions that constitute Good Reason. The Executive shall provide the Company with an opportunity to cure (if curable) the events or actions constituting Good Reason within a reasonable period of time, but at least 30 days from the date the Company
receives the Notice of Termination (as defined in Section 3(d) below). 
 3.        Section 4(a)(i) of the Employment Agreement is amended in its entirety to read as follows: 
 (i)       the Company shall pay to the Executive in a lump sum in cash within 30 days after the Date of Termination the aggregate of (A) the
Executive’s Annual 

 
Base Salary through the Date of Termination to the extent not theretofore paid, and (B) the product of (1) an Annual Bonus of an amount equal to
the greater of (x) the highest annual cash incentive bonus paid by the Company to the Executive for the three calendar years prior to the Date of Termination or (y) the Executive’s then applicable “target” incentive bonus
under the then applicable cash incentive compensation plan prior to the Date of Termination (the greater of clauses (x) or (y) is defined as the “Base Bonus”), and (2) a fraction, the numerator of which is the number of days
in the fiscal year in which the Date of Termination occurs through the Date of Termination, and the denominator of which is 365, to the extent not theretofore paid (the “Pro Rata Bonus”), (C) any unpaid Annual Bonus for the prior
year, and (D) any accrued paid time off, in each case to the extent not theretofore paid (the sum of the amounts described in clauses (A), (B), (C), and (D) shall be hereinafter referred to as the “Accrued Obligations”).

 4.        Section 4(a)(ii) of the Employment Agreement is amended in its
entirety to read as follows: 
 (ii)      for the thirty-six (36) month
period beginning immediately after the Executive’s Date of Termination and ending on the third anniversary of that date (the “Compensation Continuance Period”), the Company shall make cash payments to the Executive equal in the
aggregate to three times the sum of (A) the Executive’s highest Annual Base Salary during the twelve months immediately prior to the Date of Termination, (B) the Base Bonus, and (C) the amount equal to the highest matching
contribution by the Company to the Executive’s account in the Company’s 401(k) plan for the five years immediately prior to the Date of Termination (the payments described in clauses (A), (B) and (C) shall be hereinafter referred
to as the “Compensation Continuance Payments” and, together with the benefits referred to in Sections 4(a)(iii), (iv), (v), (vi) and (vii), shall be hereinafter referred to as the “Compensation Continuance Benefits”). The
Compensation Continuance Payments shall be made in substantially equal semi-monthly payments, and the Company shall withhold from the Compensation Continuance Payments all applicable federal, state and local taxes. Notwithstanding anything contained
in this Agreement to the contrary, in the event of a Change in Control that qualifies as either a “change in the ownership or effective control of a corporation” or a “change in the ownership of a substantial portion of the assets of
a corporation” in accordance with Treasury Regulation 1.409A-3(i)(5) and which has occurred during the 2-year period immediately preceding the Date of Termination, the Company shall pay the Compensation Continuance Payments to the Executive in
cash within 30 days after the Date of Termination. 
 5.        Section 4(a)(iii) of the Employment Agreement is amended by deleting the last sentence of that section and by adding the following new sentences in its place: 
 The amount of any life insurance benefits provided under the Wachovia Executive Life Insurance Plan (or any successor or
replacement plan thereto) shall not affect the life insurance benefits that may be provided under that plan in any 

  

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other taxable year, and the right to life insurance benefits under that plan may not be liquidated or exchanged for any other benefit. Notwithstanding the
foregoing, if the Company reasonably determines that providing continued coverage under one or more of its welfare benefit plans contemplated herein could adversely affect the tax treatment of other participants covered under such plans, or would
otherwise have adverse legal ramifications, the Company may, in its discretion, provide other coverage at least as valuable as the continued coverage through insurance. 
 6.        Section 4(a)(iv) of the Employment Agreement is amended to delete the last sentence of that section and to substitute the following new
sentence in its place: 
 Notwithstanding the termination of the Executive’s employment with the
Company, all stock options granted to the Executive as of the date of this Agreement and during the Employment Period will be exercisable until the scheduled expiration date of such stock options or, if earlier, the tenth (10th) anniversary of the original date on which the stock option was granted. In the event any such stock options are designated as “incentive stock
options” pursuant to section 422 of the Code (as defined herein), such stock options shall be treated as non-qualified stock options for purposes of this sentence to the extent that they are exercised after the period specified in section
422(a)(2) of the Code (to the extent such provision applies). 
 7.        Section 4(a)(v) of the Employment Agreement is amended to add the following new sentences at the end of that section: 
 The programs in which the Executive shall continue to participate during the Compensation Continuance Period shall be the
Wachovia Executive Financial Planning Program and the Wachovia Executive Physical Program. Any expense reimbursements payable to the Executive under such plans and programs shall be paid no later than the end of the Executive’s taxable year
that next follows the taxable year in which the expense was incurred. The amount of expenses eligible for reimbursement under such programs and the amount of any benefits provided under such programs shall not affect the expenses eligible for
reimbursement or the benefits that may be provided under such programs in any other taxable year, and the right to expense reimbursement or benefits under such programs may not be liquidated or exchanged for any other benefit. Any tax reimbursements
paid in connection with such programs shall be paid no later than the end of the Executive’s taxable year that next follows the taxable year in which the Executive pays such tax. 
 8.        Section 4(a)(vii) of the Employment Agreement is further amended to delete the
phrase “outplacement services” and to substitute the phrase “reasonable outplacement services” in its place. 
  

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 9.        Section 4(e) of the Employment
Agreement is amended in its entirety to read as follows: 
 (e)      Cause;
Other than for Good Reason.    If the Executive’s employment shall be terminated by the Company for Cause or by the Executive without Good Reason (other than for Retirement) during the Employment Period, this Agreement
shall terminate without further obligations of the Company to the Executive other than the obligation to pay to the Executive (x) his Annual Base Salary through the Date of Termination, and (y) Other Benefits, in each case only to the
extent owing and theretofore unpaid. 
 10.      Section 4(f) of the Employment Agreement
is amended in its entirety to read as follows: 
 (f)       Delayed
Payment Date.    Notwithstanding any provision to the contrary in this Agreement, if the Executive is deemed at the time to be a “specified employee” (determined in accordance with Code Section 409A and
Treasury Regulation Section 1.409A-3(i)(2)) and such delayed commencement is otherwise required in order to avoid a prohibited distribution under Section 409A(a)(2) of the Code, no payments or benefits to which the Executive otherwise
becomes entitled under this Agreement and that are subject to Code Section 409A shall be made or provided to the Executive prior to the earlier of (i) the expiration of the six (6)-month period measured from the date of the
Executive’s “separation from service” (as such term is defined in Treasury Regulations issued under Code Section 409A) or (ii) the date of the Executive’s death. Upon the expiration of the applicable Code
Section 409A(a)(2) deferral period referred to in the preceding sentence, all payments and benefits deferred pursuant to this Section 4(f) (whether they would have otherwise been payable in a single sum or in installments in the absence of
such deferral) shall be paid or reimbursed to the Executive in a lump sum, and any remaining payments and benefits due under this Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein. Whether the
Executive is a “specified employee” shall be determined in accordance with written guidelines adopted by the Company for such purposes and consistent with the Treasury Regulations under Code Section 409A. 
 11.      Section 6 of the Employment Agreement is amended by deleting the fifth sentence of that
section and by adding the following new sentences in its place: 
 The Company agrees to pay as incurred, to
the full extent permitted by law, all legal fees and expenses (“Legal Costs”) which the Executive may reasonably incur during the Executive’s lifetime as a result of any contest by the Company, the Executive or others of the validity
or enforceability of, or liability under, any provision of this Agreement or any guarantee of performance thereof (including as a result of any contest by the Executive about the amount of any payment pursuant to this Agreement). Legal Costs will be
paid within 30 days of when they are incurred and in no event later than the last day of the Executive’s taxable year next following the taxable year in which the Legal Costs were incurred. The 

  

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Company will pay interest on the amount of any Legal Costs that are paid more than 30 days after the date on which such Legal Costs were incurred at the
applicable Federal rate provided for in Section 7872(f)(2)(A) of the Code. The amount of Legal Costs reimbursable for any calendar year will not be affected by the amount reimbursed in any other taxable year, and the Executive’s right to
payment of Legal Costs shall not be subject to liquidation or exchange for another benefit. 
 12.      Section 7(b)(iii) of the Employment Agreement is amended to add the following new sentence to the end of that section: 
 In no event shall the level of such consulting services exceed 20% of the average level of services performed by the
Executive over the 36-month period immediately preceding the date on which the Executive’s employment terminated (or the full period of services that the Executive performed for the Company if the Executive provided services for fewer than 36
months). 
 13.      Section 8 of the Employment Agreement is amended by adding the
following new subsection (f) to the end of that section: 
 (f)       Notwithstanding anything in this Agreement to the contrary: 
            (i)        Any Gross-Up Payment made with respect to an Excise Tax (but excluding for this purpose any interest or penalties with
respect to such tax), and including (but not limited to) any Gross-Up Payment with respect to an Excise Tax that the Company has paid on behalf of the Executive prior to directing the Executive to claim a refund and any Underpayment described in
Section 8(b), shall be paid no later than the last day of the Executive’s taxable year next following the taxable year in which the Excise Tax in respect to which such Gross-Up Payment or Underpayment relates is remitted to the applicable
taxing authority. 
            (ii)       The reimbursement of any expenses incurred by the Executive in connection with a contest respecting the existence or amount of
any Excise Tax to which the Executive may be entitled pursuant to this Section 8 shall be made no later than the end of the Executive’s taxable year next following the taxable year in which the taxes that are subject to the contest are
remitted to the applicable taxing authority or, if no taxes are remitted, the end of the Executive’s taxable year next following the taxable year in which the contest is completed or there is a final and nonappealable settlement or other
resolution of the contest. 
            (iii)      Any other expense reimbursement to which the Executive may be entitled under this Section 8 for an expense incurred during the
Executive’s lifetime that is not described above, including, but not limited to, any Gross-Up Payment with respect to the interest or penalty component of an Excise Tax, shall be made no later than the end of the Executive’s taxable year
next following the taxable year in which the expense was incurred. The amount of any such 

  

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expenses eligible for reimbursement paid during the Executive’s taxable year shall not affect the expenses eligible for reimbursement in any other
taxable year, and the right to any such expense reimbursement may not be liquidated or exchanged for any other benefit. 
 14.      Section 11(g) of the Employment Agreement is amended to add the following new sentence to the end of that section: 
 Notwithstanding the foregoing, no such modification shall be made to any plan, policy, practice, program, contract or
agreement (the “Other Arrangements”) to the extent such modification would violate any requirement of Code Section 409A applicable to the Other Arrangements or to this Agreement. 
 15.      Section 11 of the Employment Agreement is further amended to add the following new
subsections: 
 (k)      No Acceleration of
Payments.    The Executive shall not be permitted, and the Company shall not have any discretion, to accelerate the timing or schedule of any payment or benefit under this Agreement that is subject to Code Section 409A,
except as specifically provided herein or as may be permitted pursuant Code Section 409A and the Treasury Regulations thereunder. 
 (l)       Compliance with Code Section 409A.    The parties intend that all compensation and benefits paid or provided to the Executive by the Company
that qualifies as a “deferral of compensation” within the meaning of Code Section 409A (“Nonqualified Deferred Compensation”), including but not limited to any payment made or any benefit provided under this Agreement,
shall, to the extent subject to Code Section 409A, be paid or provided in compliance with Code Section 409A and the Treasury Regulations thereunder, and the parties shall interpret this Agreement in accordance with Code Section 409A
and the Treasury Regulations thereunder. The parties agree to cooperate in good faith to comply with Code Section 409A and further agree to modify this Agreement to the extent necessary to comply with Code Section 409A. 
 (m)      Separate Payment.    Notwithstanding anything contained
in this Agreement to the contrary, each and every payment made under this Agreement shall be treated as a separate payment and not as a series of payments. 
 (n)       Change in Control.    Notwithstanding anything contained in this Agreement to the contrary, any payment or benefit that
(i) qualifies as Nonqualified Deferred Compensation and (ii) is paid or distributed due to a Change in Control, whether pursuant to this Agreement or otherwise, shall only be paid or distributed if such event that qualifies as a Change in
Control under this Agreement also qualifies as either a “change in the ownership or effective control of a corporation” or a “change in the ownership of a substantial portion of the assets of a corporation” in accordance with
Treasury Regulation 1.409A-3(i)(5). 
  

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 (o)      Expense
Reimbursements.    Notwithstanding anything contained in this Agreement to the contrary, except to the extent any reimbursement, payment or entitlement under this Agreement or otherwise does not qualify as Nonqualified
Deferred Compensation, (x) the amount of expenses eligible for reimbursement or the provision of any in-kind benefit (as defined in Code Section 409A) to the Executive during any calendar year will not affect the amount of expenses
eligible for reimbursement or provided as in-kind benefits to the Executive in any other calendar year, (y) the reimbursements for expenses for which the Executive is entitled shall be made on or before the last day of the calendar year
following the calendar year in which the applicable expense is incurred and (z) the right to payment or reimbursement or in-kind benefits may not be liquidated or exchanged for any other benefit 
 (p)      Reimbursement of Expenses in Connection with a Separation from
Service.  Notwithstanding anything contained in this Agreement to the contrary, any payment or benefit paid or provided under Section 4 above or otherwise paid or provided due to a “separation from service” (as such term
is described and used in Code Section 409A and the Treasury Regulations promulgated thereunder) that is exempt from Code Section 409A pursuant to Treasury Regulation Section 1.409A-1(b)(9)(v) shall be paid or provided to the Executive
only to the extent the expenses are not incurred or the benefits are not provided beyond the last day of the second taxable year of the Executive following the taxable year of the Executive in which the separation from service occurs; provided,
however that the Company reimburses such expenses no later than the last day of the third taxable year following the taxable year of the Executive in which the separation from service occurs. 
 16.      This Amendment is effective as of December 31, 2008. 
 17.      This Amendment constitutes an amendment to the Employment Agreement pursuant to Section 11(a)
of the Employment Agreement. All provisions of the Employment Agreement not affected by this Amendment shall remain in full force and effect and shall continue to be binding obligations of both parties hereto. Capitalized terms used in this
Amendment but not defined herein shall have the meanings assigned thereto in the Employment Agreement. 
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 IN WITNESS WHEREOF, the Company has caused this Amendment to be executed by its duly
authorized officer, and the Executive has signed this amendment as of the date set forth below. 
  

			
	 WACHOVIA CORPORATION

	
	 By:   /s/ Charles D. Loring

	 Name:
	 	 Charles D. Loring

	 Title:
	 	 Senior Vice President

  

					
	 AGREED AND ACCEPTED:
	 		 	
			
	/s/ Benjamin P. Jenkins, III  	 		 	December 18, 2008
	 Benjamin P. Jenkins, III
	 		 	 Date

  

 8

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