Document:

Form of Exchange Agreement

 Exhibit 10(c) 
  
 WACHOVIA PREFERRED FUNDING CORP. 
 SERIES A PREFERRED SECURITIES 
  
 EXCHANGE AGREEMENT 
  
 THIS EXCHANGE
AGREEMENT (this “Agreement”) is entered into as of ·, 2002, among WACHOVIA PREFERRED FUNDING CORP., a Delaware
corporation (“WPFC”), WACHOVIA CORPORATION, a North Carolina corporation (“Wachovia”), and WACHOVIA BANK, NATIONAL ASSOCIATION, a national banking association (“Wachovia Bank”), as depositary hereunder. 

 
 Recitals 
  
 WHEREAS, WPFC intends to issue 30,000,000 shares of ·% non-cumulative Series A preferred stock with liquidation
preference of $25.00 per share (each, a “Series A Preferred Security”). 
  
 WHEREAS, each Series A
Preferred Security will be conditionally exchangeable into one newly issued depositary share (each, a “Depositary Share”) representing a one-sixth interest in one share of the Series G, Class A Preferred Stock, no par value per share and
having a liquidation preference of $150.00 per share, of Wachovia (the “Wachovia Preferred Stock”). 
  
 WHEREAS, the parties hereto desire to ensure that in the event of the occurrence of circumstances requiring the exchange of the Series A Preferred Securities into the Depositary Shares, the holders of the Series A Preferred
Securities will be contractually bound to tender their Series A Preferred Securities to Wachovia for exchange, and that in the same such event Wachovia will be contractually bound unconditionally to make available Depositary Shares sufficient for
exchange of the Series A Preferred Securities, and to effect the exchange of all outstanding Series A Preferred Securities into Depositary Shares. 
  
 Agreement 
  
 NOW THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby expressly acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 
  
 Section 1.    Exchange of the Series A Preferred Securities.    If at any time after the issuance and sale of the Series A Preferred Securities, the Office of the Comptroller of
the Currency (the “OCC”) directs in writing that the Series A Preferred Securities be exchanged into the relevant Wachovia Preferred Stock, because (i) Wachovia Bank is undercapitalized under the prompt corrective action regulations, (ii)
Wachovia Bank is placed into conservatorship or receivership, or (iii) the OCC, in its sole discretion, anticipates Wachovia Bank becoming “undercapitalized” in the near term or takes supervisory action that limits the payment of dividends
by WPFC, then 
  

	 	(a)
	 
	the holders of the Series A Preferred Securities shall immediately, in accordance with procedures set forth in the Certificate of Designations, Preferences and
Rights of Series A Preferred Securities, exchange the Series A Preferred Securities for the relevant Depositary Shares, on a one share for one share basis, by delivering all certificates representing the Series A Preferred Securities, if any, to
Wachovia, properly endorsed for transfer; 
 

  

	 	(b)
	 
	Wachovia shall immediately and unconditionally issue the required number of shares of the Wachovia Preferred Stock and deposit such shares with Wachovia Bank;

 

  

	 	(c)
	 
	upon receipt of the shares of the Wachovia Preferred Stock from Wachovia, Wachovia Bank shall issue the relevant Depositary Shares and deliver to Wachovia
receipts evidencing such Depositary Shares and, in turn, Wachovia shall deliver such receipts to the holders of the Series A Preferred Securities; and 
 

  

	 	(d)
	 
	upon the occurrence of the exchange, all of the Series A Preferred Securities shall be cancelled and shall cease to be outstanding without any further action by
WPFC or the holders thereof, all rights of the holders of the Series A Preferred Securities as WPFC’s stockholders shall cease, and such persons shall be, for all purposes, solely holders of the Depositary Shares. 

  
 Until certificates representing Depositary Shares are delivered or in the event such replacement
certificates are not delivered, any certificates previously representing the Series A Preferred Securities shall be deemed for all purposes to represent Depositary Shares. 
  
 Section 2.    Legend.    The certificates evidencing the Series A Preferred Securities, if any, shall bear the following
legend in conspicuous type: 
  
 THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE TERMS OF A CERTAIN
EXCHANGE AGREEMENT, DATED             , 2002, REQUIRING THEIR EXCHANGE IN CERTAIN CIRCUMSTANCES INTO CERTAIN PREFERRED SHARES OF WACHOVIA CORPORATION. THE ISSUER WILL MAIL TO THE
SHAREHOLDER A COPY OF SUCH AGREEMENT, WITHOUT CHARGE, WITHIN FIVE DAYS AFTER RECEIPT OF A WRITTEN REQUEST THEREFOR.  
  
 Section 3.    Counterparts.    This Agreement may be executed in any number of counterparts, each of which shall be an original as against any party whose signature appears thereon and
all of which together shall constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as
signatories. 

 
 2 

  
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day
and year first above written. 
  
 
	 WACHOVIA PREFERRED FUNDING CORP.
 
	 
	 By:
 	 	  
 

	  	 	 Name:
 Title:
 

 
  
 
	 WACHOVIA CORPORATION
 
	 
	 By:
 	 	  
 

	  	 	 Name:
 Title:
 

 
  
 
	 WACHOVIA BANK, N.A.
 
	 
	 By:
 	 	  
 

	  	 	 Name:
 Title:
 

 

 
 3Promissory Note

  Exhibit 10(d) 
   
  PROMISSORY NOTE 
   
  Effective as of September 1,
2002, for value received, the undersigned corporation promises to pay Wachovia Bank, National Association, on demand, such principal amounts from time to time outstanding hereunder up to the sum of Two Billion and No/100 Dollars ($2,000,000,000.00)
at Charlotte, North Carolina, with interest payable monthly at the prior month’s average federal funds rate. Interest will be computed based on actual number of days outstanding divided by actual number of days in the month. 

 
  The undersigned waives demand, protest and notice of dishonor. 
   

 WITNESS the hand and seal of the undersigned. 
   
  
	  	 	  	 	 Wachovia Preferred Funding Corp.
 
	 ATTEST:
 	 	  	 	  
	 
	  	 	 /s/    David M. Julian        
 
	 	  	 	 By:
 	 	 /s/    Gary R. Sessions        
 

	  	 	 David M. Julian
 Senior Vice
President
 	 	  	 	  	 	 Gary R. Sessions
 Vice
PresidentSpecimen of Cert. Series G, Class A Prf. Stock

 Exhibit 4(a) 
  
 
	 Number:             
 	  	                          Shares
 
	 
	  	  	 SEE REVERSE FOR
 
	  	  	 IMPORTANT NOTICE
 
	  	  	 ON TRANSFER RESTRICTIONS
 
	  	  	 AND OTHER INFORMATION
 
	 
	  	  	 CUSIP
                    
 

 
  
 WACHOVIA CORPORATION 
 a Corporation Organized Under the Laws of the State of North Carolina 
  
 THIS CERTIFIES THAT
                                       
 **Specimen**                                     

  
 is the owner of
                                       
              fully paid and non-assessable shares of Series G, Class A Preferred Stock, no par value and a liquidation preference of $150.00 per share, of 

 
 Wachovia Corporation 
  
 (the “Corporation”) transferable on the books of the Corporation by the holder hereof in person or by its duly authorized attorney, upon surrender of this Certificate properly endorsed. This Certificate and the shares
represented hereby are issued and shall be held subject to all of the provisions of the Articles of Incorporation and the By-laws of the Corporation and any amendments thereto. This Certificate is not valid unless countersigned and registered by the
Transfer Agent and Registrar. 
  
 IN WITNESS WHEREOF, the Corporation has caused this Certificate to be executed on
its behalf by its duly authorized officers. 
  
 DATED
                            ,
             
  
 
	 Countersigned and Registered:
 	 	  	  	  
	 
	                     Transfer Agent
                     and Registrar
 	 	 (SEAL)
 

 	  	  
 
                    President                
    
 
	 
	 By:
                                        
          
 	 	  	  	  
 
Secretary
 

 
  

  
 IMPORTANT NOTICE 
  
 The Corporation will furnish to any shareholder, on request, without charge and in writing, a full statement of the powers, designations and any preferences, conversion and
other rights, restrictions, limitations as to dividends and other distributions, qualifications, and terms and conditions of redemption of the stock of each class which the Corporation has authority to issue and, if the Corporation is authorized to
issue any preferred or special class in series, (i) the differences in the relative rights and preferences between the shares of each series to the extent set, and (ii) the authority of the Board of Directors to set such rights and preferences of
subsequent series. The foregoing summary does not purport to be complete and is subject to and qualified in its entirety by reference to the Articles of Incorporation of the Corporation, as amended from time to time, a copy of which will be sent
without charge to each shareholder who so requests. Such request must be made to the Secretary of the Corporation at its principal office or to the Transfer Agent. 
  
 KEEP THIS CERTIFICATE IN A SAFE PLACE. IF IT IS LOST, STOLEN 
 OR DESTROYED, THE CORPORATION WILL REQUIRE
A BOND OF INDEMNITY 
 AS A CONDITION TO THE ISSUANCE OF A REPLACEMENT CERTIFICATE. 

  
 The following abbreviations, when used in the inscription on the face of this
Certificate, shall be construed as though they were written out in full according to applicable laws or regulations: 
  
 TEN
COM — as tenants in common 
 TEN ENT  — as tenants by the entireties 
 JT TEN     — as joint tenants with right of survivorship and not as tenants in common 
  
 UNIF GIFT MIN
ACT —                                 
Custodian                                   
                                       
     (Custodian)                                  (Minor)

  
                                       
      under Uniform Gifts to Minors Act 
                                 
                                       
                                        
                                   (State) 
  
 Additional abbreviations by also be used though not in the above list. 
  
 FOR VALUE RECEIVED,                                 
hereby sell, assign and transfer unto 
  
 
(PLEASE PRINT OR TYPEWRITE NAME
AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE) 
  
 
(PLEASE INSERT SOCIAL
SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE) 
  
                                      
        (                                )
shares represented by this Certificate and do hereby irrevocably constitute and appoint
                                        
     Attorney to transfer the said shares on the books of the Corporation, with full power of substitution in the premises. 
  
 
	 Dated:
                                        
            ,             
 	  	  
 

	 In presence of:
                                        
            
 	  	 NOTICE: The signature to this assignment must correspond with the name as written upon the face of the certificate in every particular, without alteration or
enlargement or any change whatever.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00045-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00045-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00045-of-00352.parquet"}]]