Document:

FleetBoston Directors Deferred Compensation and Stock Unit Plan

  
 Exhibit 10(aa)

  
 FLEET FINANCIAL GROUP, INC. 
  
 DIRECTORS DEFERRED COMPENSATION AND STOCK UNIT PLAN 
 (Effective December 17, 1997) 
  
 Section 1. Purpose 
  
 Fleet Financial Group, Inc. (the “Company”) has established, pursuant to resolutions adopted on December 17, 1997, the Directors Deferred
Compensation and Stock Unit Plan (the “Plan”) to assist the Company in recruiting and retaining highly qualified directors and to strengthen the commonality of interest between directors and shareholders by enabling eligible members
of the Board of Directors (the “Board”) to defer receipt of certain amounts of compensation, as hereinafter described. The Plan hereby amends, restates and continues all of the existing deferred compensation agreements, arrangements
and understandings for its current non-employee directors (the “Prior Arrangements”), effective as of December 17, 1997. The Plan supersedes and replaces all Prior Arrangements. 
  
 Section 2. Effective Date 
  
 The effective date of the Plan is December 17, 1997, except as otherwise
provided herein. Amendments to the Plan, if any, shall become effective when adopted by the Human Resources and Planning Committee, or any successor committee, of the Board (the “Committee”) in accordance with the provisions of
Section 20. 
  
 Section 3. Definitions

  

	 	(a)	“Account” shall have the meaning set forth in Section 7. 

  

	 	(b)	“Annual Equity Award” shall have the meaning set forth in Section 8(a). 

  

	 	(c)	“Annual Retainer” shall mean the amount that a director is entitled to receive for serving as a director for a calendar year, as determined from time to time by the
Committee. As of the effective date of this Plan, the Annual Retainer is set at $40,000. 

  

	 	(d)	“Beneficiary Form” shall have the meaning set forth in Section 12(b). 

  

	 	(e)	“Board” shall have the meaning set forth in Section 1. 

  

	 	(f)	“Chairman Fees” shall have the meaning set forth in Section 8(d). 

  

	 	(g)	 “Change of Control” shall mean: (a) the acquisition, other than from the Company, by any 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”)) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 25% or more of the then outstanding
shares of common stock of the Company (the “Outstanding Company Common Stock”); provided, however, that any acquisition by the Company or its 

  

	 	 
subsidiaries, or any employee benefit plan (or related trust) of the Company or its subsidiaries, of 25% or more of the Outstanding Company Common Stock
shall not constitute a Change of Control; and further provided, however, that any acquisition by a corporation with respect to which, following such acquisition, more than 50% of the then outstanding shares of common stock of such
corporation is then beneficially owned, directly or indirectly, by all or substantially all of the individuals and entities who were the beneficial owners of the Outstanding Company Common Stock immediately prior to such acquisition in substantially
the same proportion as their ownership immediately prior to such acquisition of the Outstanding Company Common Stock, shall not constitute a Change of Control; or (b) individuals who, as of the date of this Plan, constitute the Board (the
“Incumbent Board”) cease for any reason to constitute at least a majority of the Board, provided that any individual becoming a director subsequent to the date of this Plan whose election, or nomination for election by the
Company’s stockholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any
such individual whose initial assumption of office is in connection with an actual or threatened election contest relating to the election of the directors of the Company (as such terms are used in Rule 14a-11 of Regulation 14A promulgated under the
Exchange Act); or (c) consummation of a reorganization, merger, consolidation, sale or other disposition of all or substantially all of the assets of the Company (a “Business Combination”), in each case, with respect to which all or
substantially all of the individuals and entities who were the beneficial owners of the Outstanding Company Common Stock immediately prior to such Business Combination do not, following such Business Combination, beneficially own, directly or
indirectly, more than 50% of the then outstanding shares of common stock of the corporation resulting from such a Business Combination (including, without limitation, a corporation which as a result of such transaction owns the Company or all or
substantially all of the Company’s assets either directly or through one or more subsidiaries); or (d) approval by the stockholders of the Company of a complete liquidation or dissolution of the Company. 

  

	 	(h)	“Committee” shall have the meaning set forth in Section 2. 

  

	 	(i)	“Common Stock” shall mean Fleet Financial Group, Inc. Common Stock, $.01 par value per share: 

  

	 	(j)	“Company” shall have the meaning set forth in Section 1. 

  

	 	(k)	“Deferral Election” shall have the meaning set forth in Section 8(f). 

  

	 	(l)	“Deferral Election Form” shall have the meaning set forth in Section 8(f). 

  

	 	(m)	“Deferred Compensation” shall have the meaning set forth in Section 12(b). 

  

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	 	(n)	“Deferred Stock Units” shall represent the right to receive the specified number of Shares from the Company on the date or dates specified in the applicable
Distribution Election Form. 

  

	 	(o)	“Delegatee” shall have the meaning set forth in Section 4. 

  

	 	(p)	“Distribution Election” shall have the meaning set forth in Section 8(h). 

  

	 	(q)	“Distribution Election Form” shall have the meaning set forth in Section 8(h). 

  

	 	(r)	“Eligible Director” shall mean any director of the Company who is not an officer or employee of the Company or any subsidiary thereof. 

  

	 	(s)	“Fair Market Value” shall mean, with respect to any date, the closing price of the Common Stock as reported on the New York Stock Exchange Composite Tape on such
date or, if such date is not a business day of the New York Stock Exchange, the closing price of the Common Stock as reported on the New York Stock Exchange Composite Tape on the last completed New York Stock Exchange business day prior to such
date. 

  

	 	(t)	“Fees” shall mean, collectively, the Annual Retainer, the Chairman Fees, and the Meeting Fees. 

  

	 	(u)	“Fixed Rate” shall have the meaning set forth in Section 10(b). 

  

	 	(v)	“Fixed Rate Account” shall have the meaning set forth in Section 12. 

  

	 	(w)	“Mandatory Annual Retainer Amount” shall have the meaning set forth in Section 8(b). 

  

	 	(x)	“Meeting Fees” shall have the meaning set forth in Section 8(e). 

  

	 	(y)	“Phantom Stock Account” shall have the meaning set forth in Section 9(b). 

  

	 	(z)	“Phantom Stock Rate” shall have the meaning set forth in Section 10(c). 

  

	 	(aa)	“Plan” shall have the meaning set forth in Section 1. 

  

	 	(bb)	“Plan Year” shall mean January 1 through December 31. 

  

	 	(cc)	“Prior Arrangements” shall have the meaning set forth in Section 1. 

  

	 	(dd)	“Retainer Balance” shall have the meaning set forth in Section 8(c). 

  

	 	(ee)	“Retirement Plans” shall mean all retirement or other pension plans of the Company or any subsidiary thereof in which any Eligible Director is or was a participant
and under which such Eligible Director is or was entitled to receive any benefit. 

  

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	 	(ff)	“Shares” shall have the meaning set forth in Section 6. 

  

	 	(gg)	“Stock Unit Account” shall have the meaning set forth in Section 12. 

  
 Section 4. Administration and Participant Acknowledgment 
  
 The Plan will be administered by the Committee, whose construction and
interpretation of the terms and provisions of the Plan shall be final and conclusive. No member of the Committee who is an Eligible Director may vote or otherwise participate in any decision or act with respect to a matter relating solely to himself
or herself (or to his or her beneficiaries). Each Eligible Director, by participating in the Plan, thereby acknowledges that he or she consents to the terms of the Plan. 
  
 The Committee, in its sole discretion, may delegate by written resolution certain of its duties, responsibilities and powers
(including, without limitation, its power to amend the Plan) to a senior officer or officers of the Company, each acting singly (each a “Delegatee”). For purposes of the Plan, any action taken by any Delegatee of the Committee will
be considered to have been taken by the Committee. No Committee member or Delegatee shall be liable for any action or determination under the Plan made in good faith. The Company agrees to indemnify and to defend to the fullest possible extent
permitted by law any member of the Committee and any Delegatee (including any person who formerly served as a member of the Committee or as a Delegatee) against all liabilities, damages, costs and expenses (including attorneys’ fees and amounts
paid in settlement of any claims approved by the Company) occasioned by any act or omission to act in connection with the Plan, if such act or omission to act is or was made in good faith. 
  
 Section 5. Eligibility 
  
 Any Eligible Director is eligible to participate in the Plan. 
  
 Section 6. Stock Subject to the Plan 
  
 Shares issuable under the Plan shall be shares of the Company’s Common
Stock, which are held in the Company’s treasury (the “Shares”). The Company will maintain a sufficient number of Shares of Common Stock in its treasury to satisfy its obligations hereunder. 
  
 Section 7. Deferred Compensation Account; Statement of
Account 
  
 The Committee will establish and maintain a
separate Account for each Eligible Director reflecting the amounts due to such Eligible Director under the Plan. Each Account will consist of up to three subaccounts, the Stock Unit Account, the Fixed Rate Account, and the Phantom Stock Account (if
any) (collectively, the “Account”), to reflect the value of the measuring investments selected by such Eligible Director pursuant to the Plan. From time to time, and at least quarterly, the Committee will adjust each Eligible
Director’s Account (i) to credit the amount which the Eligible Director has elected to defer under the Plan, and (ii) to reflect increases or decreases in the value of the Account as a result of the measuring investments described under Section
10. An Eligible Director’s Account will continue to be adjusted under this Section 7 until the entire amount has been paid to the Eligible Director or his or her 

  

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beneficiary. An Eligible Director’s Account will also be adjusted to reflect benefit payments and withdrawals made in accordance with the terms of the
Plan. Such adjustments will be made at such time and in such manner as the Committee shall determine. Statements will be sent to each Eligible Director promptly following the close of each calendar quarter as to the estimated value of his or her
Account as of the end of the preceding calendar quarter. 
  
 Section 8. Award of Deferred Stock Units and Deferral Elections 
  
 Commencing April 15, 1998, each Eligible Director shall be eligible to defer certain portions of his or her compensation (as described in this Section 8)
in the form of Deferred Stock Units or into a Fixed Rate Account. For the period from December 17, 1997 through (but not including) April 15, 1998, any Fees deferred pursuant to the Plan must be deferred into a Fixed Rate Account or into a Phantom
Stock Account (or a combination thereof) in accordance with Section 10. 
  

	 	(a)	Annual Equity Award. Each Eligible Director shall receive, on the date of the annual meeting in each year (or such alternative date as the Committee may approve), Deferred
Stock Units with a value upon grant equal to 50% of the then current Annual Retainer (the “Annual Equity Award”). The Annual Equity Award is in addition to the Mandatory Annual Retainer Amount described in Section 8(b) below.

  

	 	(b)	Mandatory Annual Retainer Amount. Commencing April 15, 1998 with respect to the Annual Retainer payable for the remainder of 1998 and in each year thereafter with respect to
the Annual Retainer for such year, each Eligible Director shall receive 25% of his or her Annual Retainer in the form of Deferred Stock Units (the “Mandatory Annual Retainer Amount”) as provided hereunder. 

 

	 	(c)	Elective Annual Retainer Amount. Commencing April 15, 1998 with respect to the remaining 75% of his or her Annual Retainer (the “Retainer Balance”) payable
for the remainder of 1998 and in each year thereafter with respect to the Retainer Balance for such year, each Eligible Director may elect to defer all or a portion of the Retainer Balance in the form of Deferred Stock Units, into a Fixed Rate
Account, or into a combination thereof, by so specifying on the Deferral Election Form. 

  

	 	(d)	Elective Chairman Fees Amount. Commencing April 15, 1998 with respect to the fees that he or she receives for serving as a chairman or co-chairman of a committee of the Board
(the “Chairman Fees”) for the remainder of 1998 and in each year thereafter with respect to the Chairman Fees for such year, each Eligible Director may elect to defer some or all of the Chairman Fees in the form of Deferred Stock
Units, into a Fixed Rate Account, or into a combination thereof, by so specifying on the Deferral Election Form. 

  

	 	(e)	 Elective Meeting Fees Amount. Commencing April 15, 1998 with respect to the fees that he or she receives for attending meetings of the Board (the
“Meeting Fees”), which term shall include any fees received for attending meetings of one 

  

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or more committees of the Board, for the remainder of 1998 and in each year thereafter with respect to the Meeting Fees for such year, each Eligible Director
may elect to defer some or all of the Meeting Fees in the form of Deferred Stock Units, into a Fixed Rate Account, or into a combination thereof, by so specifying on the Deferral Election Form. 

  

	 	(f)	Deferral Election. Eligible Directors must complete and execute an election to defer receipt of Fees (a “Deferral Election”) in the form required by the
Committee from time to time (the “Deferral Election Form”) and deliver it to the Secretary of the Company on or before December 31 of the year prior to the year for which such Deferral Election will take effect (or prior to April
15, 1998 solely with respect to Deferral Elections for the remainder of 1998). The Deferral Election Form shall specify the portion of the Fees to be deferred and the subaccount(s) of the Account in which such deferred Fees will be held. A Deferral
Election once made is irrevocable and may not be changed with respect to the Fees earned in such year and the choice of subaccount(s) of the Account into which such deferred Fees will be held. Future Deferral Elections with respect to Fees to be
earned in future years may specify a different choice of subaccount(s) into which such future years’ deferred Fees will be held but any such change in an Eligible Director’s Deferral Election will not effect such Eligible Director’s
previously deferred Fees. 

  

	 	(g)	Deferral Election During a Plan Year. Any Eligible Director who becomes an Eligible Director during a Plan Year may make a Deferral Election for the remainder of the Plan
Year within thirty (30) days after taking office in which case the Deferral Election will be effective for the remainder of the Plan Year. A nominee for director may make a Deferral Election prior to his or her election. 

  

	 	(h)	 Distribution Election. Eligible Directors must complete and execute an election form to choose the method of distribution of the Deferred Compensation held
in such Eligible Director’s Account (the “Distribution Election”) in the form required by the Committee from time to time (the “Distribution Election Form”) and deliver it to the Secretary of the Company within
thirty (30) days after becoming an Eligible Director (or prior to April 15, 1998 for directors who became Eligible Directors prior to April 15, 1998). The Distribution Election Form shall specify the method of distributing such Eligible
Director’s Deferred Compensation held in such Eligible Director’s Account. An Eligible Director may change his or her Distribution Election at any time up to 12 months prior to the date of his or her cessation of service as a director of
the Company (including service as a director of any subsidiary of the Company) by properly completing and delivering to the Secretary of the Company a new Distribution Election Form bearing a later date, provided, however, that any
Distribution Election made by an Eligible Director in the 12-month period prior to his or her cessation of service as a director of the Company (including service as a director of any subsidiary of the Company) is not valid and will not be honored.
In the event an Eligible Director has not made a valid Distribution Election in accordance with this Section 8(h), such Eligible Director’s Account will be fully distributed in a lump sum in 

  

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January of the year following the year in such Eligible Director ceases to serve on the Board (including service on the board of directors of any subsidiary
of the Company). 

  
 Section 9.
Conversion of Retirement Plan Benefits and Phantom Stock Account Balances 
  

	 	(a)	Retirement Plan Benefits. The accrued benefit owing to each Eligible Director under the Company’s Retirement Plans as of December 31, 1997 may, at the election of such
Eligible Director, be converted into Deferred Stock Units by delivering to the Secretary of the Company prior to April 15, 1998 a conversion election form relating to such benefits. The number of Deferred Stock Units credited in exchange for the
accrued benefit will equal the net present value of the accrued benefit divided by the Fair Market Value of the Company’s Common Stock on April 15, 1998. Any benefit owing under the Company’s Retirement Plans not converted into Deferred Stock Units will continue to be governed by the terms and conditions of the applicable Retirement Plan.

  

	 	(b)	Phantom Stock Account Balance. The value of the phantom stock account (the “Phantom Stock Account”) balance as of April 15, 1998 payable in cash upon
retirement to each Eligible Director may, at the election of such Eligible Director, be converted into Deferred Stock Units by delivering to the Secretary of the Company, prior to April 15, 1998, a conversion election form relating to such Phantom
Stock Account. The number of Deferred Stock Units credited in exchange for such Phantom Stock Account balance will equal the balance in the Phantom Stock Account divided by the Fair Market Value of the Company’s Common Stock on April 15, 1998.
With respect to the balance of each Eligible Director’s Phantom Stock Account not converted into Deferred Stock Units, the Eligible Director’s selection of the Phantom Stock Rate shall continue in full force and effect.

  

	 	(c)	Determination of Value of Unconverted Phantom Stock Account Balances. For purposes of calculating the value of any Phantom Stock Account not converted into Deferred Stock
Units, such account will continue to be credited based upon the Phantom Stock Rate. 

  
 Section 10. Measuring Investments 
  

	 	(a)	Election of Measuring Investment. For deferral of Fees prior to April 15, 1998, each Eligible Director may elect to defer such fees into a Fixed Rate Account or a Phantom
Stock Account. Commencing April 15, 1998 each Eligible Director may elect to defer Fees as Deferred Stock Units or into a Fixed Rate Account and each Deferral Election Form shall specify the portion of the Fees deferred that are to be credited to a
Fixed Rate Account and the portion to be deferred as Deferred Stock Units. 

  

	 	(b)	 Determination of Fixed Rate. The Committee shall from time to time establish annual fixed rate factors (the “Fixed Rate”). The initial Fixed
Rate shall be the 

  

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highest fixed rate in effect from time to time for deferral amounts under the Company’s Executive Deferred Compensation Plan No. 2 (1997 Restatement),
as amended from time to time. The Fixed Rate will be applied to each Eligible Director’s Account at such time and in such manner as the Committee shall determine and may be changed from time to time by the Committee. Notwithstanding the
foregoing provisions of this Section 10 or any other provision of the Plan to the contrary, following a Change of Control of the Company, the Fixed Rate to be applied under this Section 10 to increase the balance of the Eligible Director’s
Account (as determined under the provisions of the Plan in effect immediately prior to such Change of Control), for the period beginning on the date of such Change of Control and ending on the date that the entire amount of the Eligible
Director’s Account has been paid to the Eligible Director or his or her beneficiary, shall not be less than the Fixed Rate being applied under this Section 10 to deferral amounts under the Eligible Director’s Account under the provisions
of the Plan in effect immediately prior to such Change of Control. 

  

	 	(c)	Determination of Phantom Stock Rate. The stock equivalent measurement (the “Phantom Stock Rate”) will be a rate equal to (a)(i) the sum of (or the difference
between) (x) the mean of the high and low sales prices of the Company’s Common Stock as reported on the New York Stock Exchange Composite Tape on the first business day of any fiscal quarter plus (y) the aggregate amount of any cash dividends
or other distributions paid on the Company’s Common Stock as of the first business day of any fiscal quarter, minus (ii) the mean of the high and low sales prices of the Company’s Common Stock as reported on the New York Stock Exchange
Composite Tape on the first business day of the prior fiscal quarter (the “prior stock price”), divided by (b) the prior stock price. 

  
 Section 11. Dividends and Distributions 
  
 Whenever a cash dividend or any other distribution is paid with respect to
the Common Stock, each Eligible Director shall be entitled to receive an additional number of Deferred Stock Units equal to the number of Shares, including fractional Shares (up to three decimal places), that could have been purchased had such
dividend or other distribution been paid on each Share underlying the then outstanding Deferred Stock Units in the Eligible Director’s Account (on the record date for such dividend or distribution) and the amount of such dividend or value of
such other distribution been used to acquire additional Shares at their Fair Market Value on the date such dividend or other distribution is paid. The value of a distribution of any property other than cash on or related to the Shares shall, at the
option of the Committee, be either determined by the Committee or independently established. 
  
 Section 12. Terms, Conditions and Form of Deferrals 
  
 Amounts deferred under the Plan that are to be credited with a Fixed Rate shall be evidenced by a bookkeeping account record
(the “Fixed Rate Account”), amounts deferred under the Plan that are to be credited with the Phantom Stock Rate shall be evidenced by a Phantom Stock Account, and amounts deferred as Deferred Stock Units shall be evidenced by a

  

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bookkeeping account record (the “Stock Unit Account”) in accordance with Section 7 in such form as the Committee shall from time to time
approve, which shall be subject to the following terms and conditions: 
  

	 	(a)	Timing of Deferrals. Subject to Section 24, the Annual Equity Award and any Fees deferred, whether mandatory or elective, shall be credited to the appropriate subaccount of the Account on the date such Annual Equity Award and such Fees are earned, as described below. The
number of Deferred Stock Units credited to the Stock Unit Account shall be equal to the number (including fractional amounts up to three decimal places) obtained by dividing the dollar value of the portion of the applicable Fees or Annual Equity
Award by the Fair Market Value of the Common Stock on the date that such Fee or Annual Equity Award is earned, as described below. One quarter of the Annual Retainer and one quarter of the annual Chairman Fees will be earned on the first day of each
calendar quarter. Meeting Fees will be earned on the date of the meeting or, in the case of a committee meeting held in conjunction with a Board meeting, on the date of the related Board meeting. The Annual Equity Award will be earned on the date of
the Company’s annual meeting in such year, or such alternative date as the Committee may approve. 

  

	 	(b)	Payment Upon Death. In the event of an Eligible Director’s death, the balance owing in such Eligible Director’s Account (the “Deferred
Compensation”) shall be payable to the designated beneficiary or beneficiaries in accordance with such Eligible Director’s Distribution Election. An Eligible Director may elect to designate one or more beneficiaries to receive his or
her Deferred Compensation in the event of such director’s death. In order to designate a beneficiary or beneficiaries, such director must complete and deliver to the Secretary of the Company a written form (the “Beneficiary
Form”) on which he or she makes such designation. Such a designation will become effective when received by the Secretary of the Company. The designation shall be irrevocable unless modified or revoked as provided in this subsection. In
order to modify or revoke a designation, an Eligible Director must complete and deliver to the Secretary of the Company a new Beneficiary Form bearing a later date. Payments to a beneficiary under this Section 12 will be made commencing in January
of the year following the year that the Company is notified of such director’s death. If the director shall die without making a designation (or if a designated beneficiary does not survive the Eligible Director), the Deferred Compensation
shall be payable to the Eligible Director’s estate in one lump sum following the Company’s receipt of notification of such director’s death. 

  
 Section 13. Period of Deferral 
  
 An Eligible Director may elect in his or her Distribution Election Form to defer receipt of compensation until his or her
termination of service as a director of the Company (including service as a director of any subsidiary of the Company). If such a deferral is elected, distribution of balances in an Eligible Director’s Account will commence in January of the
year following 

  

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the year in which such Eligible Director ceases to serve on the Company’s Board (including service on the board of directors of any subsidiary of the
Company). 
  
 Section 14. Form of Payment and
Method of Delivery 
  
 Delivery of Shares (but not fractional
Shares, which fractional amount will be payable in cash) representing the Deferred Stock Units and delivery of cash representing balances in the Fixed Rate Account and the Phantom Stock Account (if any) will be made to an Eligible Director in
accordance with his or her Distribution Election or, if no election applies, in January of the year following the year in which such Eligible Director ceases to serve on the Board (and any subsidiary board(s)). An Eligible Director may elect to
receive amounts due under the Plan either in (a) a lump sum, or (b) a number of annual installments (not to exceed 10) as specified by that Eligible Director in his or her Distribution Election Form. If installment payments are specified, annual
installments will be paid in January of each year such an installment payment is due. 
  
 Section 15. Effect of Election: Hardship Withdrawals 
  
 All elections to defer compensation shall be irrevocable; provided, however, that a director may request early
payment of all or a portion of the amounts deferred only upon a showing of severe financial hardship as a result of an unanticipated emergency, as determined by the Committee in its sole discretion. If a hardship election is approved by the
Committee, then payment of the amount approved by the Committee for early payment shall be made within thirty (30) days of such approval. 
  
 Section 16. Adjustment Provisions 
  

	 	(a)	Recapitalizations. If, as a result of any recapitalization or reclassification of the Common Stock, or any stock dividend, stock split, reverse stock split or other similar
transaction, (i) the outstanding shares of Common Stock are increased or decreased or are exchanged for a different number or kind of shares or other securities of the Company, or (ii) additional shares or new or different shares or other securities
of the Company or other non-cash assets of the Company are distributed with respect to such shares of Common Stock or other securities, an appropriate and proportionate adjustment may be made in (x) the kind of shares reserved for issuance under the
Plan and (y) the number and kind of shares or other securities subject to any then outstanding Deferred Stock Unit under the Plan. In the event of any other extraordinary dividend or distribution, whether in stock, cash or other property, or a
spinoff, split up or other extraordinary transaction, the number of shares issuable under this Plan shall be subject to such adjustment as the Committee may deem appropriate, and the number of shares issuable pursuant to any Deferred Stock Unit
theretofore granted shall be subject to such adjustment as the Committee may deem appropriate with a view toward preserving the value of such Deferred Stock Unit. 

  

	 	(b)	 Change of Control. In the event of a Change of Control of the Company after which an Eligible Director does not continue on the Board of the Company or the

  

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surviving company of the Change of Control transaction, or any subsidiary board of the Company or the surviving company of the Change of Control, such
Eligible Director’s Deferred Compensation shall become due and payable. The distribution of balances in such Eligible Director’s Account will commence in January of the year following the year in which such Eligible Director ceases to
serve on the board of directors of the Company or any successor company, or any subsidiary board of the Company or any successor company. 

  
 Section 17. Taxes 
  
 All distributions under the Plan shall be subject to reduction for applicable tax withholding obligations. Tax withholding obligations incurred in
connection with the distribution of Shares pursuant to the Plan may be satisfied by an Eligible Director by directing the Company to withhold Shares having a Fair Market Value equal to the applicable tax withholding obligation. 
  
 Section 18. Director’s Rights Unsecured

  
 The right of any director to receive future payments under
the provisions of the Plan shall be an unsecured, contractual claim against the general assets of the Company. The Plan shall be unfunded. The Company shall not be required to establish any special or separate fund or to make any segregation of
assets for the payment of any amounts under the Plan. An Eligible Director shall have no right on account of the Plan in or to any specific assets of the Company. The obligations of the Company hereunder shall be binding upon its successors and
assigns, whether by merger, consolidation or acquisition of all or substantially all of its business or assets. 
  
 Section 19. Limitation of Rights 
  

	 	(a)	No Right to Continue as Director. Neither the Plan, nor the granting of a Deferred Stock Unit or any other Deferred Compensation nor any other action taken pursuant to the
Plan, shall constitute or be evidence of any agreement or understanding, expressed or implied, that the Company will retain a director for any period of time. The Plan will not be deemed to constitute a contract of employment between the Company and
any Eligible Director, or to be consideration for the employment of any Eligible Director. 

  

	 	(b)	No Shareholder Rights. An Eligible Director shall have no rights as a shareholder with respect to the Shares covered by his or her Deferred Stock Unit until the date of the
issuance to him or her of a stock certificate covering the Shares underlying such Deferred Stock Unit. 

  
 Section 20. Amendment of the Plan 
  
 The Plan may be altered, amended, revoked or terminated by the Committee, or any Delegatee thereof, or by the Company, in any manner and at any time;
provided, however, no such alteration, amendment, revocation or termination may adversely affect any person then receiving benefits under the Plan without his or her written consent; and further provided, however,
following a Change of Control of the Company, no such alteration, amendment, 

  

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revocation or termination shall reduce the amount of an Eligible Director’s Account or his or her rights to such Account as determined under the
provisions of the Plan in effect immediately prior to such Change of Control, or in any way adversely affect the annual measuring investment factors described in Section 10, or otherwise adversely affect the Eligible Director’s benefits under
the Plan, without the written consent of the Eligible Director; and further provided, however, following said Change of Control, the provisions of this Section 20 may not be amended. 
  
 Section 21. Termination of the Plan 
  
 Unless earlier terminated pursuant to the terms of the Plan, the Plan shall
terminate upon the date on which all Shares available for issuance under the Plan shall have been issued pursuant to Deferred Stock Units granted under the Plan and all amounts owing to Eligible Directors under the Plan have been paid. 

 
 Section 22. Assignments 
  
 All Deferred Compensation owing hereunder, by its terms shall not be
transferable by the Eligible Director otherwise than by will or by the laws of descent and distribution, or pursuant to a qualified domestic relations order (as defined in Section 414(p) of the Internal Revenue Code of 1986, as amended or replaced
from time to time) and shall be payable during the lifetime of the Eligible Director only to such Eligible Director or a transferee pursuant to a qualified domestic relations order. Such Deferred Compensation will not be subject to being taken by
his or her creditors by any process whatsoever, and any attempt to cause such interest to be so subjected will not be recognized. 
  
 Section 23. Notice 
  
 Any written notice to the Company required by any of the provisions of the Plan shall be addressed to the Secretary of the Company and shall become
effective when it is received. 
  
 Section 24.
General Restrictions 
  

	 	(a)	Investment Representations. The Company may require any person to whom a Deferred Stock Unit is granted, as a condition of the grant of such Deferred Stock Unit, to give
written assurances in substance and form satisfactory to the Company to the effect that such person is acquiring the Shares underlying the Deferred Stock Unit for his or her own account for investment and not with any present intention of selling or
otherwise distributing the same, and to such other effects as the Company deems necessary or appropriate in order to comply with federal and applicable state securities laws. 

  

	 	(b)	 Compliance with Securities Laws. The settlement of each Deferred Stock Unit shall be subject to the requirements that if, at any time, counsel to the Company
shall determine that the listing, registration or qualification of the Shares subject to such Deferred Stock Unit upon any securities exchange or under any state or federal law is necessary as a condition of, or in connection with, the issuance or
purchase of shares thereunder, such Shares may not be issued unless such listing, 

  

 12 

	 	 
registration, qualification, consent or approval, or satisfaction of such condition shall have been effected or obtained on conditions acceptable to the
Committee. Nothing herein shall be deemed to require the Company to apply for or to obtain listing, registration or qualification, or to satisfy such condition. 

  
 Section 25. Special Provisions for Eligible Directors Covered by Prior Arrangements 
  
 Notwithstanding any provision of the Plan to the contrary, the following
special rules shall apply to each Eligible Director covered by a Prior Arrangement on December 17, 1997. 
  

	 	(a)	Forms, Consents, etc. In order to participate in the Plan, such Eligible Director may be required to complete such Deferral Election and Distribution Election or other forms
or consents as the Committee shall prescribe; and 

  

	 	(b)	Termination of Prior Arrangements. As of December 17, 1997, such Eligible Director’s Account under the Plan shall be credited with an amount equal to the amount of his
or her account or accounts under the Prior Arrangements and the Company shall have no further liability or obligations under said Prior Arrangements. 

  
 Section 26. Governing Law 
  
 The Plan shall be construed in accordance with the laws of the State of Rhode Island without giving effect to the conflict
of laws provisions therein to the extent those laws are not preempted by the Employee Retirement Income Security Act of 1974, as amended. 
  

	
	 Adopted by the Human Resources and Planning
 Committee of the Board of Directors as of
 December 17, 1997

	
	 /s/ William C. Mutterperl

	 William C. Mutterperl

	 General Counsel

  

 13 

  
 Amendment To The 

 
 FleetBoston Financial Corporation 
  
 Directors Deferred Compensation and Stock Unit Plan 
 (Effective December 17, 1997) 
  
 The Directors Deferred Compensation and Stock Unit Plan (Effective December 17, 1997) is hereby amended as follows, effective July 1, 2000. 
  

	 	1)	The following new sentence is hereby added to the end of Section 8(f): 

  
 Notwithstanding the above, on July 1, 2000 and on each January 1st thereafter, an Eligible Director may elect to transfer all or a portion of his or her
Fixed Rate Account to his or her Stock Unit Account. A transfer from an Eligible Director’s Stock Unit Account to his or her Fixed Rate Account shall not be permitted. 
  

	 	2)	The following new sentence is hereby added to the end of Section 10(a): 

  
 Commencing on July 1, 2000 and on each January 1st thereafter, an Eligible Director may elect to transfer all or a portion of his or her Fixed Rate Account to his or her Stock Unit Account. 
  

			
	 Adopted by the Human Resources and Board
 Governance Committee of the Board of Directors at
 their meeting held on June 20, 2000.

		
	By:	 	 /s/ William C. Mutterperl

	 	 	 William C. Mutterperl

	 	 	 Executive Vice President
 Secretary and General Counsel

  

  
 Second Amendment To The

  
 FleetBoston Financial Corporation 
  
 Directors Deferred Compensation and Stock Unit Plan 
 (Effective December 17, 1997) 
  
 The Directors Deferred Compensation and Stock Unit Plan (Effective December 17, 1997) is hereby amended as follows, effective January 1, 2003: 

 

	 	1)	The following new sentence is hereby added to the end of Section 6: 

  
 Subject to adjustment in accordance with the provisions of Section 16(a), the total number of Shares of Common Stock that may be issued under the Plan
shall not exceed 2,000,000 Shares. 
  

	 	2)	The following new sentence is hereby added to the end of Section 12(a): 

  
 Notwithstanding the above, Meeting Fees deferred as Deferred Stock Units will initially be deferred into the Fixed Rate Account on the date such Fees are
earned, and then credited, together with earnings thereon at the Fixed Rate, to the Stock Unit Account on the first day of each calendar quarter. 
  

			
	 Adopted by the Human Resources Committee of the
 Board of Directors as of December 17, 2002.

		
	By:	 	 /s/ Gary A. Spiess

	 	 	 Gary A. Spiess

	 	 	 Executive Vice President,
 General Counsel and Secretary

  

  
 Third Amendment To The

  
 FleetBoston Financial Corporation 
  
 Directors Deferred Compensation and Stock Unit Plan 
 (Effective December 17, 1997) 
  
 The Directors Deferred Compensation and Stock Unit Plan (Effective December 17, 1997) is hereby amended as follows: 
  

	 	1)	All references in the Plan to “Fleet Financial Group, Inc.” are replaced with references to “FleetBoston Financial Corporation.” 

  

	 	2)	All references in the Plan to “Human Resources and Planning Committee” are replaced with references to the “Human Resources Committee.” 

 

	 	3)	Section 3(b) is hereby amended in its entirety to read as follows, effective April 16, 2003: 

  

	 	(b)	Reserved. 

  

	 	4)	The last sentence of Section 3(c) is hereby eliminated in its entirety. 

  

	 	5)	Section 8(a) is hereby amended in its entirety to read as follows, effective April 16, 2003: 

  

	 	(a)	Reserved. 

  

	 	6)	Section 8(b) is hereby amended in its entirety to read as follows: 

  

	 	(b)	Mandatory Annual Retainer Amount. Commencing April 15, 1998 with respect to the Annual Retainer payable for the remainder of 1998 and in each year thereafter with respect to the
Annual Retainer for such year, each Eligible Director shall receive such percent, as determined from time to time by the Committee, of his or her Annual Retainer in the form of Deferred Stock Units (the “Mandatory Annual Retainer Amount”)
as provided hereunder. 

  

	 	7)	Section 8(c) is hereby amended in its entirety to read as follows: 

  

	 	(c)	Elective Annual Retainer Amount. Commencing April 15, 1998 with respect to the remaining balance of his or her Annual Retainer (the “Retainer Balance”) payable for the
remainder of 1998 and in each year thereafter with respect to the Retainer Balance for such year, each Eligible Director may elect to defer all or a portion of the Retainer Balance in the form of Deferred Stock Units, into Fixed Rate Account, or
into a combination thereof, by so specifying on the Deferral Election Form. 

  

	 	8)	Section 12(a) is hereby amended by deleting all references therein to the term “Annual Equity Award,” effective April 16, 2003. 

  

			
	 Adopted by the Human Resources Committee of the
 Board of Directors at their meeting held
 on April 14, 2003.

		
	By:	 	 /s/ M. ANNE SZOSTAK

	 	 	 M. Anne Szostak

	 	 	 Executive Vice President and
 Director of Human Resources

  

 17 

  
 Fourth Amendment To The

  
 FleetBoston Financial Corporation 
  
 Directors Deferred Compensation and Stock Unit Plan 
 (Effective December 17, 1997) 
  
 The Directors Deferred Compensation and Stock Unit Plan (Effective December 17, 1997) is hereby amended as follows, effective January 1, 2004: 
  

	1)	The last sentence of Section 12(a), which was added by the Second Amendment to the Plan, is hereby amended to read in its entirety as follows: 

  
 Notwithstanding the above, Meeting Fees deferred as Deferred Stock Units
will initially be deferred into the Fixed Rate Account on the date such Fees are earned, and then credited, together with earnings thereon at the Fixed Rate, to the Stock Unit Account on the first day of each calendar quarter; provided however, that
with respect to Meeting Fees deferred as Deferred Stock Units for the period January 1, 2004 through March 24, 2004, such Meeting Fees will initially be deferred into the Fixed Rate Account on the date such Fees are earned, and then credited,
together with earnings thereon at the Fixed Rate, to the Stock Unit Account on March 24, 2004. 
  

			
	 Adopted by the Board of Directors at their meeting
 held on March 17, 2004

		
	By:	 	 /s/ Gary A. Spiess

	 	 	 Gary A. Spiess

	 	 	 Executive Vice President,
 General Counsel and SecretaryFlettBoston 1996 Long-Term Incentive Plan

  
 Exhibit 10(bb)

  
 FLEETBOSTON FINANCIAL 
  
 1996 Long-Term Incentive Plan 
  
 (As amended through October 16, 2001) 
  
 1. Purpose. 
  
 The FleetBoston Financial 1996 Long-Term Incentive Plan (the “Plan”) has been adopted to create and enhance
significant ownership of the Common Stock of the Corporation by key officers and employees of the Corporation and its Affiliates. Additional purposes of the Plan include providing a meaningful incentive to Participants to make substantial
contributions to the Corporation’s future success, enhancing the Corporation’s ability to attract and retain persons who will make such contributions, and ensuring that the Corporation has competitive compensation opportunities for such
key officers and employees. 
  
 By furthering these objectives,
the Plan is intended to benefit the interests of the stockholders of the Corporation. 
  
 2. Definitions. 
  
 As used herein, the following
words or terms have the meanings set forth below: 
  
 2.1.
“Affiliate” means (a) a corporation or other entity in which the Corporation owns, directly or indirectly or has the power to vote or cause to be voted, stock or other ownership interests representing more than 50% of the total combined
voting power of such entity or (b) any other entity in which the Corporation has a significant equity interest, as determined by the Committee. Except as determined by the Committee in particular cases, if an entity ceases to be an Affiliate for any
reason (a “disaffiliation”), the employment of each individual who was employed by the entity shall be treated as having been involuntarily terminated by the Corporation and its Affiliates effective upon such disaffiliation, unless such
individual thereafter continues to be employed by the Corporation or another entity which remains an Affiliate. 
  
 2.2. “Award” means any Options, Stock Appreciation Rights, Restricted Stock, Performance Shares or Other Awards granted under the Plan.

  

 2.3. “Award Documentation” means a writing delivered to a Participant specifying the terms and
conditions of an Award and containing such other terms and conditions not inconsistent with the provisions of the Plan as the Committee considers necessary or advisable. 
  
 2.4. “Beneficial Ownership” shall have the meaning defined in Rule 13d-3 promulgated under the Exchange Act.

  
 2.5. “Board “ means the Board of Directors of the
Corporation, except that, whenever action is to be taken under the Plan with respect to a Reporting Person, “Board “ shall mean only such directors who are “disinterested persons” or “non-employee directors,” as
applicable, within the meaning of Rule 16b-3 under the Exchange Act or any successor rule. 
  
 2.6. “Business Combination” means a reorganization, merger, consolidation, sale or other disposition of all or substantially all of the assets of the Corporation 
  
 2.7. A “Change in Control” shall mean any of the following events:

  
 2.7.1. The acquisition, other than from the
Corporation, by any individual, entity or Group of Beneficial Ownership of 25% or more of the Outstanding Shares; provided, however, that any acquisition by the Corporation or its subsidiaries, or any employee benefit plan (or related trust) of the
Corporation or its subsidiaries, of 25% or more of the Outstanding Shares shall not constitute a Change in Control; and provided, further that any acquisition by a corporation with respect to which, following such acquisition, more than 50% of the
then outstanding shares of common stock of such corporation is then beneficially owned, directly or indirectly, by all or substantially all of the individuals and entities who were the beneficial owners of the Outstanding Shares immediately prior to
such acquisition in substantially the same proportion as their ownership immediately prior to such acquisition of the Outstanding Shares, shall not constitute a Change in Control; or 
  
 2.7.2. Individuals who constitute the Incumbent Board cease for any reason to constitute at least a majority
of the Board, provided that any individual becoming a director subsequent to October 1, 1999 whose election, or nomination for election by the Corporation’s stockholders, was approved by a vote of at least a majority of the directors then
comprising the Incumbent Board shall be considered as 

  

 - 2 - 

 
though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office is in
connection with an actual or threatened election contest relating to the election of the Directors of the Corporation (as such terms are used in Rule 14a-11 of Regulation 14A promulgated under the Exchange Act); or 
  
 2.7.3. Consummation of a Business Combination, in each case,
with respect to which all or substantially all of the individuals and entities who were the beneficial owners of the Outstanding Common Stock immediately prior to such Business Combination do not, following such Business Combination, beneficially
own, directly or indirectly, more than 50% of the then outstanding shares of common stock of the corporation resulting from such a 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); or 
  
 2.7.4. Approval by the stockholders of the Corporation of a complete liquidation or dissolution of the Corporation. 
  
 Anything in the Plan to the contrary notwithstanding, if an
event that would, but for this paragraph, constitute a Change in Control results from or arises out of a purchase or other acquisition of the Corporation, directly or indirectly, by a corporation or other entity in which a Participant has a greater
than ten percent (10%) direct or indirect equity interest, such event shall not constitute a Change in Control. 
  
 2.8. “Code” means the Internal Revenue Code of 1986, as amended from time to time, or any successor statute. 
  
 2.9. “Committee” means the committee appointed by the Board with
authority to administer the Plan. Membership of the Committee shall at all times be constituted consistent with exemption under Rule 16b-3 under the Exchange Act (or any successor rule) of those Awards that are intended to be so exempt and with
qualification under the Performance-Based Exception of those Awards that are intended to so qualify. To the extent that the Committee delegates its power to make Awards as permitted by 

  

 - 3 - 

 
Section 4.1, all references in the Plan to the Committee’s authority to make Awards and determinations with respect thereto shall be deemed to include
the Committee’s delegate or delegates. 
  
 2.10. “Common
Stock” or “Stock” means the Common Stock, par value $.01 per share, of the Corporation. 
  
 2.11. “Corporation” means Fleet Boston Corporation (doing business as FleetBoston Financial Corporation), a corporation established under the
laws of the state of Rhode Island. 
  
 2.12. “Designated
Beneficiary” means the beneficiary designated by a Participant, in a manner acceptable to the Committee, to receive amounts due or exercise rights of the Participant in the event of the Participant’s death. In the absence of an effective
designation by a Participant, Designated Beneficiary shall mean the Participant’s estate. 
  
 2.13. “Disability” means a physical or mental condition of such a nature that it would qualify a Participant for benefits under the long-term disability insurance plan of the Corporation or any successor
plan. The Committee shall have the authority to determine whether and when, consistent with the foregoing, a Participant has suffered a Disability for purposes of the Plan. 
  
 2.14. “Exchange Act” means the Securities Exchange Act of 1934, as amended, or any successor statute. 

 
 2.15. “Fair Market Value,” in the case of a share of Common
Stock on a particular day, means the volume weighted average price of the Common Stock for that day, as reported by Bloomberg, Inc. as of 4:00 p.m. Eastern Time on that day (or at the close of trading on the New York Stock Exchange, if earlier) or,
if Bloomberg, Inc. does not report a volume weighted average price of the Common Stock for that day, for the last preceding day on which such the volume weighted average price of the Common Stock is so reported. If Bloomberg, Inc. or any successor
of Bloomberg, Inc. ceases to report volume weighted average prices, the Committee shall adopt another appropriate method of determining Fair Market Value. 
  
 2.16. “Freestanding SAR” means an SAR that is granted independently of any Options. 
  
 2.17. “Group” shall have the meaning defined in Section 13(d)(3) or
14(d)(2) of the Exchange Act. 
  

 - 4 - 

 2.18. “Incentive Stock Option” means an Option, granted to a Participant pursuant to Section 8,
which is intended to satisfy the requirements of Section 422(b) of the Code or any successor provision. 
  
 2.19. “Incumbent Board” means the Board as constituted as of October 1, 1999. 
  
 2.20. “Nonqualified Stock Option” means an Option, granted to a Participant pursuant to Section 8, which is not
intended to qualify as an Incentive Stock Option. 
  
 2.21.
“Option” means an Incentive Stock Option or a Nonqualified Stock Option. 
  
 2.22. “Other Award” means an Award (other than an Option, SAR, Restricted Stock or Performance Share) granted to a Participant pursuant to Section 12. An Other Award may consist of Shares, fixed or variable
units valued or based on Common Stock, fixed or variable units valued or based on measures (including performance measures) that are unrelated to Common Stock, or any combination of the foregoing. An Other Award that consists of units other than
Shares, whether or not valued or based on Common Stock, may be made payable in cash or Shares or a combination of cash and Shares. 
  
 2.23. “Outstanding Shares” means the then outstanding Shares of Common Stock. 
  
 2.24. “Participant” means an individual selected by the Committee to receive an Award under the Plan. 

 
 2.25. “Performance-Based Exception” means the performance-based
exception from the deductibility limits set forth in Section 162(m) of the Code and the Section 162(m) Regulations. 
  
 2.26. “Performance Goals” means, with respect to Awards that are intended to qualify for the Performance-Based Exception, objectively
determinable performance goals established by the Committee within the time period specified in the Section 162(m) Regulations and based on any of the following criteria: (a) earnings, (b) return on equity, (c) return on assets, (d) return on
investment, (e) revenues, (f) expenses; (g) the operating ratio; (h) stock price; (i) stockholder return; (j) market share; (k) charge-offs, (l) credit quality, or (m) customer satisfaction measures. Such Performance Goals may be particular to a
Participant or the division, branch, line of business, Affiliate or other unit in which the Participant works, or may be based on the performance of the Corporation on a consolidated basis. Notwithstanding the preestablishment of a Performance Goal
with respect to an Award in accordance with the Section 162(m) 

  

 -5- 

 
Regulations, nothing herein shall be construed as limiting the Committee’s ability to reduce the amount payable under the Award (including, for this
purpose, reducing the amount of any Award that would otherwise be granted, or reducing the portion of any Award that would otherwise vest) upon attainment of such Performance Goal. 
  
 2.27. “Performance Period” means the period of time designated by the Committee applicable to a Performance Stock
Award during which specified Performance Goals shall be measured. 
  
 2.28. “Performance Share” means an Award granted to a Participant pursuant to Section 11. 
  
 2.29. “Prior Plan” means the BankBoston Corporation 1991 Long-Term Stock Incentive Plan. 
  
 2.30. “Reporting Person” means a person required to file reports
under Section 16(a) of the Exchange Act or any successor statute. 
  
 2.31. “Restricted Period” means the period during which the transfer of shares of Restricted Stock is limited in some way (based on the passage of time, the achievement of Performance Goals or upon the occurrence of other events
as determined by the Committee), and the Shares are subject to a substantial risk of forfeiture, as provided in Section 10. 
  
 2.32. “Restricted Stock” means an Award granted to a Participant pursuant to Section 10. 
  
 2.33. “Retirement” means termination of employment with the
Corporation or any Affiliate if such termination of employment constitutes normal retirement, early retirement, disability retirement or other retirement as provided for at the time of such termination of employment under the applicable retirement
program then maintained by the Corporation or the Affiliate, provided that the Participant does not continue in the employment of the Corporation or any Affiliate and provided further that such termination does not constitute a Termination for
Cause. 
  
 2.34. “Section 162(m) Regulations” means the
regulations promulgated under Section 162(m) of the Code, as amended from time to time. 
  
 2.35. “Shares” means shares of Common Stock. 
  
 2.36. “Stock Appreciation Right” or “SAR” means an Award granted to a Participant, alone or in connection with a related Option, pursuant to Section 9. 
  

 -6- 

 2.37. “Tandem SAR” means an SAR that is granted in connection with a related Option, the
exercise of which shall require forfeiture of the right to purchase a share of Common Stock under the related Option (and when a share of Common Stock is purchased under the related Option, the Tandem SAR shall similarly be canceled). 
  
 2.38. “Termination for Cause” means the termination of a
Participant’s employment due to any act which, in the discretionary judgment of the Committee, is deemed inimical to the best interests of the Corporation or any Affiliate, including, but not limited to: (a) willful and gross misconduct in
respect of the Participant’s duties for the Corporation or the Affiliate, (b) conviction of a felony or perpetration of a common law fraud, (c) willful failure to comply with applicable laws or regulations with respect to the execution of the
Corporation’s or the Affiliate’s businesses or (d) theft, fraud, embezzlement, dishonesty or other conduct which has resulted or is likely to result in material economic or other damage to the Corporation or any Affiliate. 
  
 3. Effective Date and Term. 
  
 Subject to approval by the Corporation’s stockholders, the Plan shall
become effective as of January 1, 1997, and Awards may be granted under the Plan from and after that date. No Awards may be made under the Plan after December 31, 2006, but Awards theretofore granted may extend beyond that date. Notwithstanding the
foregoing, no Incentive Stock Options shall be granted after December 20, 2005. 
  
 4. Administration. 
  
 4.1. The Plan shall be
administered by the Committee. Subject to the provisions set forth herein, the Committee shall have full authority to determine the provisions of Awards, including, without limitation, vesting schedules, price, performance standards (including
Performance Goals), length of relevant performance, restriction or option period, dividend rights, post-retirement and termination rights, payment alternatives such as cash, stock, contingent awards or other means of payment consistent with the
purposes of the Plan and individual Award Documentation. The Committee also shall have full authority to interpret the terms of the Plan and of Awards made under the Plan, to adopt, amend and rescind rules and guidelines for the administration of
the Plan and for its own acts and proceedings and to 

  

 -7- 

 
decide all questions and settle all controversies and disputes which may arise in connection with the Plan. To the extent permitted by applicable law, the
Committee may delegate to one or more executive officers who are also directors of the Corporation the power to make Awards to Participants who are not Reporting Persons at the time of such Awards and all determinations under the Plan with respect
thereto, provided that the Committee shall fix the maximum amount of Awards for such Participants as a group. 
  
 4.2. Notwithstanding Section 4.1 and subject to the provisions set forth herein, the Board shall approve or ratify Awards made under the Plan to any
executive officer who is also a director of the Corporation. 
  
 4.3. The decision of the Committee on any matter as to which it is given authority under Section 4.1 above shall be final and binding on all persons concerned. 
  
 5. Shares Subject to the Plan. 
  
 5.1. Subject to adjustment in accordance with the provisions of Section 13.8 and subject to Section 5.4, (a) the total number of Shares available for
grants of Awards (including, without limitation, Awards of Restricted Stock and Performance Shares) in any calendar year shall not exceed one and one-quarter percent (1.25%) of the outstanding Common Stock as of the first business day of such
calendar year and (b) the total number of Shares available for grants of Restricted Stock and Performance Shares in any calendar year shall not exceed one-half of one percent (.5%) of the outstanding Common Stock as of the first business day of such
calendar year. Shares issued under the Plan may consist in whole or in part of authorized but unissued Shares, Shares held as treasury stock or previously issued Shares reacquired by the Corporation, including Shares purchased on the open market.
Notwithstanding the foregoing, the maximum number of Shares that may be issued under Incentive Stock Options awarded under the Plan, subject to adjustment in accordance with Section 13.8, shall be 10,000,000* Shares. 
  
 5.2. Subject to adjustment in accordance with Section 13.8, the total number
of Shares available for grants of Awards in any calendar year to any Participant shall not exceed the lesser of (a) three-tenths 

	*	As adjusted for BankBoston Corporation’s two-for-one stock split, effective as of June 22, 1998. 

  

 -8- 

 of one percent (.3%) of the outstanding Common Stock as of the first business day of such calendar year or (b)
1,200,000* Shares. 
  
 5.3. For purposes of calculating the total number of Shares available for grants of Awards, (a) the grant of a Performance Share shall be deemed to be
equal to the maximum number of Shares which may be issued upon payment of the Performance Share and (b) where the value of an Award is variable on the date it is granted, the value shall be deemed to be the maximum limitation of the Award. Awards
payable solely in cash shall not reduce the number of Shares available for Awards granted under the Plan. 
  
 5.4. There shall be carried forward and available for Awards under the Plan in each succeeding calendar year, in addition to Shares available for grant
under Section 5.1, all of the following: (a) any unused portion of the limit set forth in Section 5.1 for any preceding calendar years; (b) Shares represented by Awards which, during that calendar year or any preceding calendar years, have been
canceled, forfeited, surrendered, terminated or expire unexercised (with the exception of the termination of a Tandem SAR upon the exercise of the related Option, or the termination of a related Option upon exercise of the corresponding Tandem SAR),
or which are settled in a manner that results in fewer Shares outstanding than were initially awarded (including, without limitation, the surrender of Shares as full or partial payment for the Award or any tax obligation thereon); (c) the excess
amount of variable Awards which become fixed at less than their maximum limitations; (d) authorized Shares as to which Options, SARs and Restricted Stock were not granted under the Prior Plan as of December 31, 1996 and (e) Shares granted under the
Prior Plan subject to Options, SARs or Restricted Stock which, during that calendar year or any preceding calendar years, have been canceled, forfeited, surrendered, terminated or expire unexercised or which are settled in a manner that results in
fewer Shares outstanding than were initially awarded (including, without limitation, the surrender of Shares as full or partial payment for the Award or any tax obligation thereon). 
  
 6. Eligibility for Awards. Any officer or employee of the Corporation or its Affiliates who, in the opinion of the Committee, is in a
position to have a significant effect upon the Corporation’s business and consolidated earnings, shall be eligible to receive an Award under the Plan. 

	*	As adjusted for BankBoston Corporation’s two-for-one stock split, effective as of June 22, 1998. 

  

 -9- 

 7. Grant of Awards. From time to time while the Plan is in effect, the Committee may, in its absolute discretion,
select from among the persons eligible to receive Awards (including persons to whom Awards were previously granted) those persons to whom Awards are to be granted. Such Awards may be granted on a stand alone, combination or tandem basis. In addition
to granting Awards for purposes of incentive compensation, Awards may also be made in tandem with or in lieu of other current or deferred employee compensation. 
  

8. Options. 
  
 8.1. Grant of Options. Subject to the provisions of the Plan, the Committee may award Options, alone or in combination with other Awards under the
Plan. Options granted under the Plan may be either Incentive Stock Options or Nonqualified Stock Options. The terms and conditions of Incentive Stock Options shall be subject to and comply with Section 422(b) of the Code or any successor provision,
and any regulations thereunder. 
  
 8.2. Option Price. The
Option price per share of Common Stock, with respect to each Option, shall not be less than the Fair Market Value per share at the time the Option is granted. 
  

8.3. Period of Options. An Option shall be exercisable during such period of time as the Committee shall determine, subject, in the case of
Incentive Stock Options, to any limitation required by the Code. It is contemplated that the Committee will provide that an Option shall not be exercisable after the expiration of ten years from the date the Option is granted. 
  
 8.4. Exercise of Options. Each Option shall be made exercisable at
such time or times, and shall be subject to such conditions or restrictions, as the Committee shall determine. It is contemplated that the Committee will normally provide that the right to exercise an Option will accrue on the first anniversary of
the date of grant with respect to 50 percent of the number of shares of Common Stock subject to the Option and that the right to exercise the Option with respect to the balance of the shares subject thereto will accrue on the second anniversary of
the date of grant. However, the Committee may, in its discretion, in any case provide that the Option will be exercisable immediately with respect to all of the 

  

 -10- 

 
shares of Common Stock subject to the Option or that the right to exercise the Option will accrue in different installments and at different times from those
set forth above. 
  
 8.5. Payment for and Delivery of
Stock. Payment of the Option exercise price may be made by any of the following methods, as determined by the Committee at the time the Option is granted: (a) in cash or its equivalent (b) by delivery of Shares already owned by the Participant,
valued at their Fair Market Value on the date of exercise (provided that any Shares so delivered shall have been held by the Participant for such period, if any, as the Committee shall determine), (c) subject to such guidelines as may be promulgated
by the Committee, by delivery of a notice instructing the Corporation to deliver the Shares being purchased to a broker, subject to the broker’s delivery of cash to the Corporation equal to the purchase price and any applicable withholding
taxes, (d) by delivery of such other lawful consideration as the Committee may determine or (e) by any combination of the foregoing. The Committee may provide for the automatic award of an Option upon the delivery of Shares to the Corporation in
payment of the exercise price of another Option for up to the number of Shares delivered to the Corporation in payment of the exercise price of such other Option. 
  
 8.6. Termination of Employment. Each Participant’s Award Documentation shall set forth the extent to which the
Participant or the Participant’s legal representative, guardian or Designated Beneficiary shall have the right to exercise an Option following the termination of the Participant’s employment with the Corporation and its Affiliates. Such
provisions shall be determined in the sole discretion of the Committee and may reflect distinctions based on the reasons for termination of employment, including, without limitation, termination of employment by reason of the Participant’s
death, Retirement or Disability. 
  
 9. Stock Appreciation Rights.

  
 9.1. Grant of SARs. Subject to the provisions of the
Plan, the Committee may award SARs alone or in combination with other Awards under the Plan. 
  

 -11- 

 9.2. Grant Price. The grant price of a Freestanding SAR shall not be less than the Fair Market
Value of the Common Stock at the time of grant of the SAR. The grant price of a Tandem SAR shall not be less than the Option exercise price of the related Option. 
  
 9.3. Term of SARs. An SAR shall be exercisable during such period of time as the Committee shall determine. It is
contemplated that the Committee will provide that an SAR shall not be exercisable after the expiration of ten years from the date the SAR is granted. 
  
 9.4. Exercise of Tandem SARs. Tandem SARs may be exercised for all or part of the Shares subject to the related Option upon the surrender of the
right to exercise the equivalent portion of the related Option. A Tandem SAR may be exercised only with respect to the Shares for which its related Option is then exercisable. 
  
 9.5 Exercise of Freestanding SARs. Freestanding SARs shall be made exercisable at such time or times, and shall be
subject to such conditions or restrictions, as the Committee shall determine. It is contemplated that the Committee will normally provide that the right to exercise 50 percent of any Freestanding SARs granted hereunder will accrue on the first
anniversary of the date of grant and that the right to exercise the balance of such Freestanding SARs will accrue on the second anniversary of the date of grant. However, the Committee may, in its discretion, in any case provide that Freestanding
SARs will be exercisable immediately or that the right to exercise Freestanding SARs will accrue in different installments and at different times from those set forth above. 
  
 9.6. Payment of SARs. Upon exercise of an SAR, a Participant shall be entitled to receive payment from the
Corporation in an amount determined by multiplying (a) the excess, if any, of the Fair Market Value of a share of Common Stock on the date of exercise over the grant price by (b) the number of Shares with respect to which the SAR is exercised. SARs
may be payable in cash, Shares or a combination of the two, as provided by the Committee. Shares issued on the settlement of the exercise of SARs shall be valued at their Fair Market Value on the date of exercise. 
  
 9.7. Termination of Employment. Each Participant’s Award
Documentation shall set forth the extent to which the Participant or the Participant’s legal representative, guardian or Designated 

  

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Beneficiary shall have the right to exercise an SAR following the termination of the Participant’s employment with the Corporation and its Affiliates.
Such provisions shall be determined in the sole discretion of the Committee and may reflect distinctions based on the reasons for termination of employment, including, without limitation, termination of employment by reason of the Participant’s
death, Retirement or Disability. 
  
 10. Restricted Stock. 
  
 10.1. Grant of Restricted Stock. Subject to the provisions of the
Plan, the Committee may award Restricted Stock alone or in combination with other Awards under the Plan. 
  
 10.2. Terms of Restricted Stock. The Restricted Period and other provisions of each Restricted Stock Award shall be established by the Committee
and shall be set forth in the Participant’s Award Documentation. 
  
 10.3. Nontransferability; Other Restrictions. Except as provided in this Section 10, shares of Restricted Stock may not be sold, assigned, transferred, pledged or otherwise encumbered during the Restricted Period. The Committee may
impose such other conditions and/or restrictions on any shares of Restricted Stock granted under the Plan as it may deem advisable including, without limitation, performance-based restrictions (whether or not based upon the achievement of
Performance Goals), employment-based restrictions and/or restrictions under applicable federal or state securities laws. 
  
 10.4. Participants’ Rights in Restricted Stock. Shares of Restricted Stock shall be evidenced in such manner as the Committee may determine.
Any certificates issued in respect of Restricted Stock shall be registered in the name of the Participant and, except as otherwise determined by the Committee, shall be delivered to the Participant after the last day of the Restricted Period. Except
as otherwise provided by the Committee, during and after the Restricted Period, dividends with respect to any Restricted Stock shall be paid to, and voting rights with respect to any such Shares shall be vested in, the Participant. To the extent
provided by the Committee, Participants may defer the receipt of any dividends payable during the Restricted Period with respect to Restricted Stock. 
  

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 10.5. Termination of Employment. Each Participant’s Award Documentation shall set forth the
extent, if any, to which the Participant or the Participant’s legal representative, guardian or Designated Beneficiary shall have the right to receive unvested shares of Restricted Stock following the termination of the Participant’s
employment with the Corporation and its Affiliates. Such provisions shall be determined in the sole discretion of the Committee and may reflect distinctions based on the reasons for termination of employment, including, without limitation,
termination of employment by reason of the Participant’s death, Retirement or Disability. 
  
 10.6. Consideration for Restricted Stock. Restricted Stock shall be issued for no cash consideration or such minimum consideration as may be required under applicable law. 
  
 11. Performance Shares. 
  
 11.1. Grant of Performance Shares. Subject to the provisions of the Plan, the Committee may award Performance Shares
alone or in combination with other Awards under the Plan. The number and/or vesting of Performance Shares granted, in the Committee’s discretion, shall be contingent upon the degree of attainment of the Performance Goals over the Performance
Period. 
  
 11.2. Form and Timing of Payment of Performance
Shares. During the course of a Performance Period, the Committee shall determine the number of Performance Shares as to which the Participant has earned the right to be paid based upon the attainment of the applicable Performance Goals. The
Committee shall pay any earned Performance Shares as soon as practicable after they are earned in the form of cash, Shares or a combination thereof (as determined by the Committee) having an aggregate Fair Market Value equal to the number of
Performance Shares earned multiplied by the Fair Market Value of a share of Common Stock determined as of the date such Performance Shares were earned. Any Shares used to pay out earned Performance Shares may be granted subject to any restrictions
deemed appropriate by the Committee. To the extent provided by the Committee, Participants may defer the receipt of payment of any Performance Shares or other amounts (e.g., dividend equivalent rights) earned pursuant to the Award Documentation.

  

 -14- 

 11.3. Termination of Employment. Each Participant’s Award Documentation shall set forth the
extent to which the Participant or the Participant’s legal representative, guardian or Designated Beneficiary shall have the right to receive unearned Performance Shares following the termination of the Participant’s employment with the
Corporation and its Affiliates. Such provisions shall be determined in the sole discretion of the Committee and may reflect distinctions based on the reasons for termination of employment, including, without limitation, termination of employment by
reason of the Participant’s death, Retirement or Disability. 
  
 12. Other
Awards. 
  
 12.1. Grant of Other Awards. Subject to
the provisions of the Plan, the Committee may award Other Awards alone or in combination with other Awards under the Plan. 
  
 12.2. Terms of Other Awards. The Committee shall determine the terms and provisions of Other Awards including, without limitation, any transfer
restrictions, vesting provisions, the value of such Awards and the form and timing of payment of such Awards. 
  
 12.3. Termination of Employment. Each Participant’s Award Documentation shall set forth the extent to which the Participant or the
Participant’s legal representative, guardian or Designated Beneficiary shall have the right to exercise or receive Other Awards following the termination of the Participant’s employment with the Corporation and its Affiliates. Such
provisions shall be determined in the sole discretion of the Committee and may reflect distinctions based on the reasons for termination of employment, including, without limitation, termination of employment by reason of the Participant’s
death, Retirement or Disability. 
  
 13. General Provisions Applicable to
Awards. 
  
 13.1. Non-transferability of Awards.
Subject to the provisions of this Section, (a) no Award under the Plan shall be transferable otherwise than by will, by the laws of descent and distribution, or by operation of a “qualified domestic relations order,” as that term is
defined in the Code, and (b) during the lifetime of the Participant to whom an Award has been granted, rights under the Award may be exercised only by the Participant, the Participant’s guardian or legal representative, or by the assignee of
the Award 

  

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under a “qualified domestic relations order.” Notwithstanding the foregoing, the Committee may provide for greater transferability in the case of
any Award, including, without limitation, transfer to one or more members of the Participant’s family or to a partnership or trust established for the benefit of one or more members of the Participant’s family. In no event shall Incentive
Stock Options awarded under the Plan be transferable other than as permitted under the rules prescribed in the Code for incentive stock options. An Award that is intended to be exempt under Rule 16b-3 under the Exchange Act or any successor rule, or
that is intended to qualify for the Performance-Based Exception, shall be transferable only to the extent consistent with such exemption or qualification. Nothing in this Section shall be construed as restricting the transfer of Shares that have
become free of other transfer restrictions under the Plan or that were awarded free of any such restrictions. 
  
 13.3. Committee Discretion. Each type of Award may be made alone, in addition to or in relation to any other type of Award. The terms of each type
of Award need not be identical, and the Committee need not treat Participants uniformly. Except as otherwise provided by the Plan or a particular Award, any determination with respect to an Award may be made by the Committee at the time of award or
at any time thereafter. The Committee may grant Awards hereunder that are intended to satisfy the Performance-Based Exception and Awards that are not intended to satisfy that exception. Awards hereunder that are intended to satisfy the
Performance-Based Exception shall be subject to the limitations of Section 5.2. In no event shall an Award hereunder which is not intended to satisfy the Performance-Based Exception be conditioned upon an Award hereunder (to the same Participant)
which is intended to satisfy the Performance-Based Exception. 
  
 13.4. Tax Withholding. The Committee shall require, on such terms as it deems necessary, that the Participant pay to the Corporation, or make other satisfactory provision for payment of, any federal, state or local taxes required by
law to be withheld in respect of Awards under the Plan. In the Committee’s discretion, a Participant may elect to satisfy all or a portion of his or her federal, state and local tax withholding requirements by having Shares withheld from the
Shares otherwise issuable in connection with the event creating the tax obligation, or by delivering to the Corporation previously owned Shares, 

  

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valued at their Fair Market Value on the date that withholding taxes are determined. The Corporation and its Affiliates may, to the extent permitted by law,
deduct any such tax obligations from any payment of any kind otherwise due to the Participant. 
  
 13.5. Foreign Nationals. Awards may be made to Participants who are foreign nationals or employed outside the United States on such terms and conditions different from those specified in the Plan as the
Committee considers necessary or advisable to achieve the purposes of the Plan or comply with applicable laws. Notwithstanding the provisions of this Section 13.5, Awards to any such individuals who are Reporting Persons shall be made in accordance
with the other provisions of the Plan, except as otherwise permitted by Rule 16b-3 under the Exchange Act or any successor rule. 
  
 13.6. Amendment of Award. The Committee may amend, modify, terminate or waive any condition or provision of any outstanding Award, including
substituting therefor another Award of the same or a different type, changing the date of exercise or realization and converting an Incentive Stock Option to a Nonqualified Stock Option; provided, however, that the Committee may not (except in
accordance with Section 13.8) increase the number of Shares subject to any outstanding Award or decrease the Option or award price of the Award. The Participant’s consent to any such action shall be required unless the Committee determines that
the action, taking into account any related action, would not materially and adversely affect the Participant. 
  
 13.7. Acceleration of Vesting; Waiver of Restrictions. Notwithstanding any provision of the Plan or any Award Documentation to the contrary, the
Committee, in its sole discretion, shall have the power at any time to (a) accelerate the vesting or exercisability of any Award granted under the Plan, including, without limitation, acceleration to such date that would result in such Awards
becoming immediately vested or exercisable, or (b) waive any restrictions of any Award granted under the Plan. 
  
 13.8. Changes in Stock; Adjustment of Awards. In the event of a stock dividend, stock split or other change in corporate structure or
capitalization affecting the Common Stock or any other transaction (including, without limitation, an extraordinary cash dividend) which, in the determination of the Committee, affects the Common Stock such that an adjustment is required in order to
preserve the 

  

 -17- 

 
benefits or potential benefits intended to be made available under the Plan, then the Committee shall equitably adjust any or all of (a) the number and kind
of Shares in respect of which Awards may be made under the Plan, (b) the number and kind of Shares subject to outstanding Awards, and (c) the Option or grant price with respect to any of the foregoing, provided that the number of Shares subject to
any Award shall always be a whole number. In the event of any merger, consolidation, dissolution or liquidation of the Corporation, the Committee, in its sole discretion, may, as to any outstanding Awards, make such substitution or adjustment in the
aggregate number of Shares reserved for issuance under the Plan and in the number and purchase price (if any) of Shares subject to such Awards as it may determine, make outstanding Awards fully exercisable, or amend or terminate such Awards upon
such terms and conditions as it shall provide (which, in the case of the termination of the vested portion of any Award, shall require payment or other consideration which the Committee deems equitable in the circumstances). Notwithstanding the
foregoing, in the case of an Award intended to qualify as an Incentive Stock Option or to qualify for the Performance-Based Exception, adjustment shall be made under this Section 13.8 only to the extent, if any, consistent with continued
qualification of the Award as an Incentive Stock Option or continued qualification of the award for the Performance-Based Exception, as the case may be. 
  
 13.9. Change In Control. Unless otherwise provided in a Participant’s Award Documentation, upon the occurrence of a Change in Control of the
Corporation, (a) any and all Options and SARs granted hereunder shall become immediately exercisable, and shall remain exercisable through their entire term; (b) any Restricted Periods and restrictions imposed on Restricted Stock shall lapse; and
(c) the target payout opportunities attainable under all outstanding Awards of Restricted Stock and Performance Shares shall be deemed to have been fully earned for the entire Performance Period(s) as of the effective date of the Change in Control,
and the vesting of all Awards shall be accelerated as of the effective date of the Change in Control. 
  
 13.10. Dividend Equivalent Rights. The Committee may, in its discretion, provide that any dividends declared on Shares subject to an Award, and
which would have been paid with respect to such 

  

 -18- 

 
Shares had they been owned by a Participant, be paid to the Participant in Shares, cash or a combination of cash and Shares, as specified in the Award
Documentation. 
  
 14. Miscellaneous. 
  
 14.1. No Right to Employment. No person shall have any claim or right
to be granted an Award, and the grant of an Award shall not be construed as giving a Participant the right to continued employment. The Corporation and its Affiliates expressly reserve the right at any time to terminate the employment of a
Participant free from any liability or claim under the Plan, except as may be expressly provided in the applicable Award. Except as specifically provided by the Committee in any particular case, the loss of existing or potential profit in Awards
granted under the Plan shall not constitute an element of damages in the event of termination of employment of a Participant, even if termination is in violation of an obligation of the Corporation or an Affiliate to the Participant, by contract or
otherwise. 
  
 14.2. No Rights as a Stockholder. Subject to
the provisions of the applicable Award, no Participant or Designated Beneficiary shall have any rights as a stockholder with respect to any Shares to be distributed under the Plan until he or she becomes the holder thereof. A Participant to whom
Common Stock is awarded shall be considered the holder of the stock at the time of the Award except as otherwise provided in the applicable Award. 
  
 14.3. No Fractional Shares. No fractional Shares shall be issued under the Plan, and cash shall be paid in lieu of any fractional Shares in
settlement. 
  
 14.4. Unfunded Plan. The Plan shall be
unfunded, shall not create (or be construed to create) a trust or a separate fund or funds, and shall not establish any fiduciary relationship between the Corporation and any Participant or other person. 
  
 14.5. Successors and Assigns. The Plan shall be binding on all
successors and assigns of the Participant, including without limitation the Participant’s Designated Beneficiary or any receiver or trustee in bankruptcy or representative of the Participant’s creditors. 
  
 14.6. Amendment of Plan. The Board may amend, suspend or terminate the
Plan or any portion thereof at any time; provided, however, that no amendment which requires stockholder approval in order 

  

 -19- 

 
for those Awards that are intended to be exempt under Rule 16b-3 under the Exchange Act (or any successor rule) to be so exempt or for those Awards that are
intended to qualify under the Performance-Based Exception to so qualify shall be effective unless approved by the requisite vote of the Corporation’s stockholders. The Committee may make non-material amendments to the Plan. 
  
 14.7. Governing Law. The provisions of the Plan shall be governed by
and interpreted in accordance with the laws of the Commonwealth of Massachusetts. 
  

 -20-

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