Document:

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                             EMPLOYMENT AGREEMENT

          THIS EMPLOYMENT AGREEMENT, made as of the 13/th/ day of April, 2001 by
and between WACHOVIA CORPORATION (the "Corporation") and ROBERT S. McCOY, JR.
(the "Executive");

                               R E C I T A L S:

          The Corporation desires to secure the services of the Executive in its
behalf or in behalf of one or more of its subsidiaries for which the Executive
shall render services hereunder from time to time, in accordance with the terms
and conditions set forth herein. In addition, the Corporation desires to provide
the Executive with an incentive to remain in the service of the Corporation or
one or more of its subsidiaries by granting to the Executive "Continuation
Benefits" as set forth below should his employment be terminated under
circumstances described herein for which Continuation Benefits are provided.

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

          1.   a.   Employment. The Executive shall devote his working time
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     exclusively to the performance of such senior management duties for the
     Corporation or one or more of its subsidiaries as may be assigned to him by
     the Corporation from time to time, and shall perform such duties faithfully
     and to the best of his ability. Such duties shall be of a type for which
     the Executive is suited by background, experience and training, in the
     Corporation's sole discretion. References herein to duties performed for
     the Corporation and compensation and benefits payable or provided by the
     Corporation shall include duties performed for and compensation and
     benefits payable or provided by any subsidiary of the Corporation. The
     Executive may participate in other business activities, such as service on
     corporate, civic or charitable boards or committees, with the permission of
     the Corporation, and such activities shall be subject to the obligations in
     Section 7 below. The Executive agrees to use his best reasonable efforts to
     avoid unnecessary conflict between the Executive's duties to the
     Corporation and his pursuit of other business or civic or charitable
     interests.

               b.   Base Salary. During the employment of the Executive, the
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     Executive shall receive an annual base salary ("Base Salary") at least
     equal to the annual base salary in effect for the Executive on the date of
     this Agreement. Base Salary shall be paid in accordance with the
     Corporation's normal payroll practices (but not less frequently than
     monthly). The Executive's Base Salary will be reviewed in accordance with
     the Corporation's standard procedures and may be increased from time to
     time consistent with such procedures. Effective as of the date of any such
     increase, the Base Salary as so increased shall be considered the new Base
     Salary for purposes of this Agreement, and may not thereafter be reduced
     except with the express written consent of the Executive.
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               c.   Expenses. During the employment of the Executive, the
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     Executive shall be entitled to receive prompt reimbursement for all
     reasonable employment expenses incurred by the Executive in accordance with
     the policies, practices and procedures of the Corporation at the time the
     expense is incurred.

          2.   Term of Agreement. The term of this Agreement shall commence on
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     the date hereof and shall continue in effect until August 31, 2002.
     References herein to the "term" of this Agreement shall mean the term as
     described in the preceding sentence. The "term" shall not be deemed to
     refer to the Compensation Period described in Section 4.

          3.   Termination of Employment by the Corporation. The Corporation may
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     terminate the employment of the Executive at any time for any reason;
     provided that except as set forth in Sections 6 and 7, the Corporation
     shall provide the Executive with Continuation Benefits as set forth in
     Section 4 if the Executive's employment is involuntarily terminated during
     the term of the Agreement. The Executive's employment shall be deemed to be
     involuntarily terminated if he is terminated by the Corporation for any
     reason other than for "cause" as defined in Section 6, or if he voluntarily
     terminates employment because:

               (a)  his Base Salary is reduced without the Executive's consent,
          or

               (b)  the Corporation amends the Senior Executive Retirement
          Agreement between the Corporation and the Executive (the "Retirement
          Agreement") without the Executive's consent, and such amendment
          materially reduces the benefits to which the Executive would have been
          entitled had such amendment not been made, or

               (c)  the duties and responsibilities assigned to the Executive as
          of the date of this Agreement are materially reduced and the Executive
          does not consent to such material reduction of duties.

     In order for voluntary termination pursuant to (a), (b) and (c) of this
     Section to be effective:  (1) the Executive must give written notice to the
     Corporation within sixty (60) days of an event specified in clauses (a),
     (b) or (c) above indicating that the Executive intends to terminate
     employment under this Section and which describes the reasons for such
     termination,  (2) the Executive's voluntary termination under this Section
     must occur within  ninety (90) days after an event described in clause (a),
     (b) or (c) of this Section, or within ninety (90) days after the last in a
     series of such events, and (3) the Corporation must have failed to remedy
     the event described in clause (a), (b) or (c) of this Section, as the case
     may be, within thirty (30) days after receiving the Executive's written
     notice.  If the Corporation so remedies the event described in clause (a),
     (b) or (c) of this Section, the Executive may not
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     terminate employment under this Section on account of the event specified
     in the Executive's notice.

     At any time after the Executive's sixty-second birthday, the Corporation
     may employ or appoint another person or persons to perform all or
     substantially all the Executive's duties, in which event the Corporation
     may terminate the Executive's employment and shall pay him Continuation
     Benefits pursuant to Section 4 until the end of the "term", but not
     thereafter, except in the event of his termination pursuant to Section 10
     (Change in Control) of this Agreement.

          4.   Continuation Benefits. If the Executive's employment hereunder is
               ---------------------
     involuntarily terminated as described in Section 3, he will be entitled to
     receive the cash compensation and benefits described in (a), (b) and (c)
     below (herein, "Continuation Benefits") for the period beginning with the
     date of such involuntary termination and ending with the earlier of (i) the
     third anniversary of the date of such termination, or (ii) the Normal
     Retirement Date of the Executive as defined in the Retirement Agreement
     (such period, is referred to herein as the "Compensation Period"). The
     duration of the Compensation Period shall not be affected by the fact that
     the term of this Agreement otherwise would end before such Period expires.
     The Continuation Benefits are as follows:

               (a)  Cash Compensation. The amount of cash compensation to be
          received monthly during the Compensation Period shall equal one-
          twelfth of the sum of (i) the Executive's highest annual Base Salary
          from the Corporation in effect during the 12-month period before his
          involuntary termination, plus (ii) an amount equal to the average of
          the annual incentive compensation paid to the Executive by the
          Corporation, if any, for the three (3) full calendar years within the
          final five full calendar years of his employment which will produce
          the highest average (or shorter period if the executive has been
          employed less than five years) (and annualized for any partial
          calendar year); provided, that the incentive compensation to be
          recognized for this purpose shall be approved by the Management
          Resources and Compensation Committee in good faith and in its sole
          discretion, plus (iii) the average of any annual contributions by the
          Corporation (excluding participant contributions) in behalf of the
          Executive under the Retirement Savings and Profit-Sharing Plan of
          Wachovia Corporation and the Wachovia Corporation Executive Deferred
          Compensation Plan (or any successor or replacement plans) for the
          three (3) full calendar years within the final five full calendar
          years of his employment which will produce the highest average (or
          shorter period if the executive has been employed less than five
          years) (and annualized for any partial calendar year). Each monthly
          payment of such cash compensation shall have deducted therefrom all
          payroll taxes and withholdings required by law. Cash compensation
          shall not include any benefits or
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          compensation provided to the Executive under the Wachovia Corporation
          Stock Plan, any similar plan or any successor or replacement plan.

               (b)  Employee Benefits. During the Compensation Period the
          Executive shall be deemed to be continuing in the employment of the
          Corporation for the purpose of applying and administering employee
          benefit plans of the Corporation (other than any tax-qualified
          retirement plans) and individual contracts, if any, between the
          Corporation and the Executive providing supplemental or equalization
          payments or benefits with respect to the Executive. The Executive
          shall participate in any changes during the Compensation Period in
          benefit plans or programs applicable generally to employees of the
          Corporation, or to a class of employees which includes senior
          executives of the Corporation, but shall not have any right or option
          to participate in any such plan or program in which he was not a
          participant immediately prior to his involuntary termination of
          employment. Any individual contract between the Corporation and the
          Executive in effect at the time of his involuntary termination of
          employment may be terminated or amended by the Corporation to the
          extent permitted by the terms of such contract; provided, that during
          the Compensation Period the Corporation shall not, without the written
          consent of the Executive or except to the extent required by law, make
          any amendment to or terminate any one or more of the following
          individual contracts or plans if applicable to the Executive: (i) the
          Retirement Agreement; and (ii) the Wachovia Corporation Executive
          Deferred Compensation Plan. The Corporation shall have no obligation
          to the Executive to make any change or improvement in the Retirement
          Agreement or the Deferred Compensation Plan during the Compensation
          Period even if the Corporation shall make changes or improvements
          during such period in similar contracts or plans, if any, with or for
          the benefit of other senior executives of the Corporation.
          Notwithstanding the foregoing, if the Corporation reasonably
          determines that providing continued coverage under one or more of its
          welfare benefit plans could adversely affect the tax treatment of
          other participants covered under the plans, or would otherwise have
          adverse legal ramifications, the Corporation may, in its discretion,
          either (1) provide other coverage at least as valuable as the
          continued coverage through insurance or otherwise, or (2) pay the
          Executive a lump sum cash amount that reasonably approximates the
          after-tax value to the Executive of the premiums for continued
          coverage, in lieu of providing such continued coverage.

               (c)  Stock Options, Restricted Awards, etc. The Management
          Resources and Compensation Committee has determined, in the exercise
          of its administrative discretion under the
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          Wachovia Corporation Stock Plan (and any successor or replacement plan
          thereto), that the termination of the Executive's employment under
          this Agreement shall not constitute either a "retirement" or a
          "displacement" of the Executive (as those terms are defined in the
          Wachovia Corporation Stock Plan), and that the Executive shall be
          deemed to continue in the employment of the Corporation during the
          Compensation Period for purposes of all outstanding stock options,
          restricted awards and other awards granted to the Executive under the
          Wachovia Corporation Stock Plan. At the end of the Compensation
          Period, and provided that the Corporation has not terminated the
          Executive's Compensation Period pursuant to Section 7 of this
          Agreement, the Executive will be deemed to have retired from
          employment with the Corporation for the purpose of establishing his
          rights under the Wachovia Corporation Stock Plan (and any successor or
          replacement plan thereto) and any applicable award agreement.

     In the event that the Executive shall engage in full-time employment
     permitted hereunder for another employer or on a self-employed basis during
     the Compensation Period, his employment with the Corporation shall be
     deemed to have terminated for purposes of Section 4(b) as of the date he
     begins such full-time employment, but the payments in Section 4(a) shall
     continue for the remainder of the Compensation Period and the rights under
     Section 4(c) shall be applicable, in each case subject to the provisions of
     Section 7.

          5.   Voluntary Termination of Employment by the Executive. The
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     Executive reserves the right to terminate his employment voluntarily at any
     time for any reason following at least ninety (90) days notice to the
     Corporation. If such notice shall be given, this Agreement shall terminate
     as of the effective date of termination as set forth in such notice (or the
     date ninety (90) days from the date of receipt by the Corporation of such
     notice, if no effective date shall be set forth therein), unless sooner
     terminated as provided in Section 3, 6 or 8. The Executive shall not be
     entitled to any form of Continuation Benefits as a result of such voluntary
     termination, except in the event of voluntary termination pursuant to
     Section 3 or Section 10 of this Agreement.

          6.   Termination for Cause. This Agreement shall immediately terminate
     and neither party shall have any further obligation hereunder (including
     but not limited to any obligation of the Corporation to provide
     Continuation Benefits) if the Executive's employment is terminated for
     "cause." Termination for cause shall occur when termination results from
     the Executive's (a) criminal dishonesty, (b) refusal to perform his duties
     hereunder on an exclusive and substantially full-time basis, (c) refusal to
     act in accordance with any specific substantive instructions of the Chief
     Executive Officer or the Board of Directors of the Corporation, or (d)
     engaging in conduct which could be materially damaging to the Corporation
     without a reasonable good faith belief that such conduct was in the best
     interests of the
<PAGE>

     Corporation.  The determination whether a termination is for cause shall be
     made by the Management Resources and Compensation Committee of the Board of
     Directors of the Corporation (the "Committee"), and such determination
     shall be final and conclusive on the Executive and all other persons
     affected thereby.

          7.  Executive's Obligations; Early Termination of Compensation Period.
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              (a)  During the Compensation Period, the Executive shall provide
          consulting services to the Corporation at such time or times as the
          Corporation shall reasonably request, subject to appropriate notice
          and to reimbursement by the Corporation of all reasonable travel and
          other expenses incurred and paid by the Executive in accordance with
          the Corporation's current policy for expense reimbursement.  In the
          event the Executive shall engage in full-time employment permitted
          hereunder during the Compensation Period for another employer or on a
          self-employed basis, his obligation to provide the consulting services
          hereunder shall be adjusted in accordance with the requirements of
          such employment.

              (b)  The Executive shall not disclose to any other person the
          Corporation's or any of its subsidiaries' confidential information or
          trade secrets at any time during or after the term of this Agreement
          or the Compensation Period.  The Executive shall regard all material
          non-public information as confidential.  The Executive will at all
          times refrain from taking any action or making any statements, written
          or oral, which are intended to or which disparage the business,
          goodwill or reputation of the Corporation or any of its subsidiaries,
          or their respective directors, officers, executives or other
          employees, or which could adversely affect the morale of employees of
          the Corporation or any subsidiaries.

              (c)  The Executive shall not, without the Corporation's written
          consent, engage in competitive employment at any time during the
          Compensation Period.  The Executive shall be deemed to engage in
          competitive employment if he  shall render services as an owner,
          employee, officer, director, consultant or otherwise, for himself or
          any employer which conducts a business or enterprise in any area where
          the Corporation or affiliate of the Corporation conducts business that
          competes directly or indirectly with the Corporation or affiliate of
          the Corporation.

              (d)  The Executive shall not, during the Compensation Period,
          directly or indirectly, for himself or on behalf of any other person,
          partnership, company or corporation, induce or attempt to induce any
          employee of the Corporation to leave the employ of the Corporation, or
          in any way interfere with the relationship between the
<PAGE>

          Corporation and an employee of the Corporation except in the proper
          exercise of the Executive's authority.

              (e)  In the event that the Executive shall refuse to provide
          consulting services in accordance with paragraph (a) of this Section,
          or shall materially violate the terms and conditions of paragraph (b)
          or (c) of this Section, the Corporation may, at its election,
          terminate the Compensation Period and Continuation Benefits to the
          Executive.  The Corporation may also initiate any form of legal action
          it may deem appropriate seeking damages or injunctive relief with
          respect to any material violations of paragraph (a), (b) or (c) of
          this Section.

              (f)  The Committee shall be responsible for determining whether
          the Executive shall have violated this Section 7, and all such
          determinations shall be final and conclusive.  Upon the request of the
          Executive, the Committee will provide an advance opinion as to whether
          a proposed activity would violate the provisions of paragraph (c) of
          this Section.

          8.  Death and Disability. In the event that, during the term of this
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     Agreement or during the Compensation Period, the Executive shall die or
     shall become entitled to benefits under the Corporation's Long-Term
     Disability Plan, this Agreement shall thereupon terminate and neither the
     Executive nor any other person shall have any further rights or benefits
     hereunder (including any rights to Continuation Benefits).  All rights
     pertaining to stock options and restricted stock awards held by the
     Executive as of the date of his death or disability shall be governed by
     the terms of such stock options and restricted stock awards (and applicable
     plans).

          9.  Other Severance Benefits. Except as provided in Section 4 of this
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     Agreement, the Executive shall not be entitled to any other form of
     severance benefits, including benefits otherwise payable under any of the
     Corporation's regular severance plans or policies, irrespective of the
     circumstances of his termination of employment.  The Executive agrees that
     the payments and benefits provided hereunder, subject to the terms and
     conditions hereof, shall be in full satisfaction of any rights which he
     might otherwise have or claim by operation of law, by implied contract or
     otherwise, except for rights which he  may have under employee benefit
     plans of the Corporation or other individual written contracts with the
     Corporation.

     10.  Change of Control.
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              (a)  Notwithstanding any other provision of this Agreement, if the
          Executive voluntarily terminates his employment for any reason, or he
          is involuntarily terminated, except pursuant to Section 6 (Termination
          for Cause), during the period beginning on the date of a Change of
          Control (as defined in Section 10(b) herein) and ending on the third
          anniversary of such
<PAGE>

          date, then in either event the Executive shall be entitled to receive
          the Continuation Benefits described in Section 4 for a period of three
          years beginning with the date of such termination (without regard to
          the Executive's Normal Retirement Date or the last date this Agreement
          could terminate).

               (b)  For the purposes herein, a "Change of Control" shall be
          deemed to have occurred on the earliest of the following dates:

                    (i)    The date any entity or person shall have become the
          beneficial owner of, or shall have obtained voting control over,
          thirty (30%) percent or more of the outstanding Common Stock of the
          Corporation;

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

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

     For the purposes herein, the term "person" shall mean any individual,
     corporation, partnership, group, association or other person, as such term
     is defined in Section13(d)(3) or Section 14(d)(2) of the Exchange Act,
     other than the Corporation, a subsidiary of the Corporation or any employee
     benefit plan(s) sponsored or maintained by the Corporation or any
     subsidiary thereof, and the term "beneficial owner" shall have the meaning
     given the term in Rule 13d-3 under the Exchange Act.

               (c)  (i)    In the event it shall be determined that any payment,
          benefit or distribution (or combination thereof) by the Corporation or
          one or more trusts established by the Corporation for the benefit of
          its employees, to or for the benefit of the Executive (whether paid or
          payable or distributed or distributable pursuant to the terms of this
          Agreement, or otherwise) (a "Payment") would be subject to the excise
          tax imposed by Section 4999 of the Internal Revenue Code of 1996, as
          amended (the "Code"), or any interest or penalties are incurred by the
          Executive with respect to such excise tax
<PAGE>

          (such excise tax, together with any such interest and penalties,
          hereinafter collectively referred to as the "Excise Tax"), the
          Executive shall be entitled to receive an additional payment (a
          "Gross-Up Payment") in an amount such that after payment by the
          Executive of all taxes (including any interest or penalties imposed
          with respect to such taxes), including, without limitation, any income
          taxes (and any interest and penalties imposed with respect thereto)
          and the Excise Tax imposed upon the Gross-Up Payment, the Executive
          retains an amount of the Gross-Up Payment equal to the Excise Tax
          imposed upon the Payments.

                    (ii)   Subject to the provisions of Section 10(c)(iii), all
          determinations required to be made under this Section 10, including
          whether and when a Gross-Up Payment is required and the amount of such
          Gross-Up Payment and the assumptions to be utilized in arriving at
          such determination, shall be made by a nationally recognized certified
          public accounting firm designated by the Executive (the "Accounting
          Firm") which shall provide detailed supporting calculations both to
          the Corporation and the Executive within fifteen business days of the
          receipt of notice from the Executive that there has been a Payment, or
          such earlier time as is requested by the Corporation. In the event
          that the Accounting Firm is serving as accountant or auditor for an
          individual, entity or group effecting the change in ownership or
          effective control (within the meaning of Section 280G of the Code),
          the Executive shall appoint another nationally recognized accounting
          firm to make the determinations required hereunder (which accounting
          firm shall then be referred to as the Accounting Firm hereunder). All
          fees and expenses of the Accounting Firm shall be borne solely by the
          Corporation. Any Gross-Up Payment, as determined pursuant to this
          Section 10, shall be paid by the Corporation to the Executive within
          five days after the receipt of the Accounting Firm's determination. If
          the Accounting Firm determines that no Excise Tax is payable by the
          Executive, it shall so indicate to the Executive in writing. Any
          determination by the Accounting Firm shall be binding upon the
          Corporation and the Executive. As a result of the uncertainty in the
          application of Section 4999 of the Code at the time of the initial
          determination by the Accounting Firm hereunder, it is possible that
          Gross-Up Payments which will not have been made by the Corporation
          should have been made ("Underpayment"), consistent with the
          calculations required to be made hereunder. In the event that the
          Corporation exhausts its remedies pursuant to Section 10(c)(iii) and
          the Executive thereafter is required to make a payment of any Excise
          Tax, the Accounting Firm shall determine the amount of the
          Underpayment that has occurred and any such Underpayment shall be
          promptly paid by the Corporation to or for the benefit of the
          Executive.

                    (iii)  The Executive shall notify the Corporation in writing
          of any claim by the Internal Revenue Service that, if successful,
          would require the payment by the Corporation of the Gross-Up Payment.
          Such
<PAGE>

          notification shall be given as soon as practicable but no later than
          ten business days after the Executive is informed in writing of such
          claim and shall apprise the Corporation of the nature of such claim
          and the date on which such claim is requested to be paid.  The
          Executive shall not pay such claim prior to the expiration of the 30-
          day period following the date on which it gives such notice to the
          Corporation (or such shorter period ending on the date that any
          payment of taxes with respect to such claim is due).  If the
          Corporation notifies the Executive in writing prior to the expiration
          of such period that it desires to contest such claim, the Executive
          shall:

                              (A)  give the Corporation any information
               reasonably requested by the Corporation relating to such claim;

                              (B)  take such action in connection with
               contesting such claim as the Corporation shall reasonably request
               in writing from time to time, including, without limitation,
               accepting legal representation with respect to such claim by an
               attorney reasonably selected by the Corporation;

                              (C)  cooperate with the Corporation in good faith
               in order to effectively contest such claim; and

                              (D)  permit the Corporation to participate in any
               proceedings relating to such claim; provided, however, that the
               Corporation shall bear and pay directly all costs and expenses
               (including additional interest and penalties) incurred in
               connection with such contest and shall indemnify and hold the
               Executive harmless, on an after-tax basis, for any Excise Tax or
               income tax (including interest and penalties with respect
               thereto) imposed as a result of such representation and payment
               of costs and expenses. Without limitation on the foregoing
               provisions of this Section 10(c)(iii), the Corporation shall
               control all proceedings taken in connection with such contest
               and, at its sole option, may pursue or forego any and all
               administrative appeals, proceedings, hearings and conferences
               with the taxing authority in respect of such claim and may, at
               its sole option, either direct the Executive to pay the tax
               claimed and sue for a refund or contest the claim in any
               permissible manner, and the Executive agrees to prosecute such
               contest to a determination before any administrative tribunal, in
               a court of initial jurisdiction and in one or more appellate
               courts, as the Corporation shall determine; provided, however,
               that if the Corporation directs the Executive to pay such claim
               and sue
<PAGE>

               for a refund, the Corporation shall advance the amount of such
               payment to the Executive, on an interest-free basis, and shall
               indemnify and hold the Executive harmless, on an after-tax basis,
               from any Excise Tax or income tax (including interest or
               penalties with respect thereto) imposed with respect to such
               advance or with respect to any imputed income with respect to
               such advance; and provided, further, that if the Executive is
               required to extend the statute of limitations to enable the
               Corporation to contest such claim, the Executive may limit this
               extension solely to such contested amount.  The Corporation's
               control of the contest shall be limited to issues with respect to
               which a Gross-Up Payment would be payable hereunder and the
               Executive shall be entitled to settle or contest, as the case may
               be,  any other issue raised by the Internal Revenue Service or
               any other taxing authority.

                    (iv) If, after the receipt by the Executive of an amount
          advanced by the Corporation pursuant to Section 10(c)(iii), the
          Executive becomes entitled to receive any refund with respect to such
          claim, the Executive shall (subject to the Corporation's complying
          with the requirements of Section 10(c)(iii)) promptly pay to the
          Corporation the amount of such refund (together with any interest paid
          or credited thereon after taxes applicable thereto). If, after the
          receipt by the Executive of an amount advanced by Company pursuant to
          Section 10(c)(iii), a determination is made that the Executive shall
          not be entitled to any refund with respect to such claim and the
          Corporation does not notify the Executive in writing of its intent to
          contest such denial of refund prior to the expiration of 30 days after
          such determination, then such advance shall be forgiven and shall not
          be required to be repaid and the amount of such advance shall offset,
          to the extent thereof, the amount of Gross-Up Payment required to be
          paid.

          11.  Release and Waiver of Claims.  In consideration of any
               ----------------------------
     Continuation Benefits the Corporation provides to the Executive under this
     Agreement, the Executive upon termination of employment with the
     Corporation shall execute a separate release and waiver of claims in a form
     acceptable to the Corporation.  The Executive shall not be eligible for any
     Continuation Benefits until he  has executed such release and waiver of
     claims.

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

          13.  Miscellaneous.
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               (a)  The waiver, whether express or implied, by either party of a
          violation of any of the provisions of this Agreement shall not operate
          or be construed as a waiver of any subsequent violation of any such
          provision.

               (b)  No right, benefit or interest hereunder shall be subject to
          assignment, encumbrance, charge, pledge, hypothecation or set off in
          respect of any claim, debt or obligation, or similar process.

               (c)  This Agreement may not be amended, modified or canceled
          except by written agreement of the parties.

               (d)  Words used in this Agreement in the singular shall include
          the plural, and the plural shall include the singular and words in the
          feminine or masculine shall include the masculine and feminine,
          respectively, and the neuter.

               (e)  In the event that any provision or portion of this Agreement
          shall be determined to be invalid or unenforceable for any reason, the
          remaining provisions of this Agreement shall remain in full force and
          effect to the fullest extent permitted by law.

               (f)  This Agreement shall be binding upon and inure to the
          benefit of the Executive and the Corporation, and their respective
          heirs, successors and assigns.

               (g)  No benefit or promise hereunder shall be secured by any
          specific assets of the Corporation.  The Executive shall have only the
          rights of an unsecured general creditor of the Corporation in seeking
          satisfaction of such benefits or promises.

               (h)  This Agreement shall be governed by the construed in
          accordance with the laws of the State of North Carolina.

               (i)  This Agreement sets forth the entire agreement and
          understanding of the parties hereto with respect to the matters
          covered hereby, and replaces any predecessor employment agreement
          between the parties hereto, and any such predecessor agreement shall
          be deemed terminated and neither party thereto shall have any rights
          or obligations thereunder.
<PAGE>

     IN WITNESS WHEREOF, this Agreement has been executed by or in behalf of the
parties hereto as of the date first above written.

                                 WACHOVIA CORPORATION

                                 By: _______________________________________
                                     Chief Executive Officer

Attest:

______________________________
Secretary

[Corporate Seal]

                                 ______________________________________ (Seal)
                                 Robert S. McCoy, Jr.<PAGE>

                     SENIOR EXECUTIVE RETIREMENT AGREEMENT

     THIS SENIOR EXECUTIVE RETIREMENT AGREEMENT (the "Agreement"), made and
entered into as of the 13/th/ day of April, 2001, by and between WACHOVIA
CORPORATION (the "Corporation"), a North Carolina corporation, and ROBERT S.
McCOY, JR. (the "Executive"), a senior management employee of the Corporation;

                                   RECITALS

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

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

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

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

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

     1.3  "Effective Date" means April 13, 2001.

     1.4  "Final Average Compensation" means the average of the annual
compensation of the Executive for the three full calendar years within the final
five full calendar years of his employment which will produce the highest
average. For this purpose, the annual compensation of the Executive shall mean
his total cash remuneration from the Corporation, including an amount equal to
the average of the annual incentive compensation paid to the Executive by the
Corporation, if any, provided that the incentive compensation to be recognized
for this purpose shall be approved by the Management Resources and Compensation
Committee in good faith and in its sole discretion, plus the sum of: (a) any
salary reduction amounts which the Executive elects to have contributed with
respect to him to a qualified cash or deferred arrangement under Section 401(k)
of the Code, to a benefit enhancement plan in lieu of contributions to such a
qualified cash or deferred arrangement, to a cafeteria plan under Section 125 of
the Code, or to any similar plan or arrangement, and (b) any amounts deferred
under any deferred compensation plan or contract. Amounts described in (a) and
(b) shall be deemed received at the time the Executive would have received them
but for the programs described in (a) and (b). Notwithstanding the foregoing,
the Executive's total cash remuneration shall not include any benefits or
compensation provided to the
<PAGE>

Executive under the Wachovia Corporation Stock Plan, any similar plan, or any
successor or replacement plan.

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

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

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

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

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

Section 2.  Normal Retirement.  At his Normal Retirement Date, the Executive
            -----------------
will retire and will be entitled to receive the Supplemental Benefit, computed
in the form of a single life annuity for his life.  The monthly amount of the
Supplemental Benefit shall equal one-twelfth of the product of fifty-five
percent (55%), increased by one percentage point for each year of creditable
service (as determined under the Retirement Plan) in excess of ten years,
provided that the maximum percentage as increased does not exceed sixty percent
(60%), multiplied by the Executive's Final Average Compensation, reduced by the
monthly amount payable under the Retirement Plan and any Other Pension Plan.
The offset shall equal the monthly amounts actually payable under the Retirement
Plan and any Other Pension Plan, based on the payment option elected by the
Executive.

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

Section 4.  Spouse's Supplemental Benefit.  If the Executive shall be married on
            -----------------------------
his Retirement Date, and shall die thereafter survived by such spouse, or if the
Executive shall die prior to his Retirement Date and shall be married on the
date of his death, such spouse shall be entitled to a
<PAGE>

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

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

Section 6.  Disability; Death.
            -----------------

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

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

Section 7.  Miscellaneous.
            -------------

     (a)  The Executive shall forfeit any right to the Supplemental Benefit
or any other rights hereunder (including the Spouse's Supplemental Benefit) if
he (i) declines to retire at his Normal Retirement Date, (ii) terminates
employment with the Corporation prior to his Retirement Date
<PAGE>

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

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

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

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

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

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

          (g)  Nothing in this Agreement and no action taken pursuant to the
provisions of this Agreement shall create or shall be construed as creating a
trust of any kind, or a fiduciary relationship between the Corporation and the
Executive or any other person.  Any amounts which are or may be set aside
hereunder shall continue for all purposes to be a part of the general funds of
the Corporation, and no person other than the Corporation shall, by virtue of
the provisions of this Agreement, have any interest in such funds.  To the
extent that any person acquires a right to receive payments from the Corporation
hereunder, such right shall be no greater than the right of any unsecured
general creditor of the Corporation.

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

          (i)  The Committee may, in its sole discretion, terminate, suspend or
amend this Agreement at any time or from time to time, in whole or in part;
provided, that except as otherwise specifically provided herein no such
termination, suspension or amendment made following the date that payments
commence hereunder will affect the right of any person to receive benefits
earned hereunder.  Upon a change of control of the Corporation as defined in the
Wachovia
<PAGE>

Corporation Stock Plan as it may be amended from time to time, this Agreement
may not be amended or terminated without the express written consent of the
Executive.

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

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

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

Section 8.     Administration.
               --------------

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

          (b)  If for any reason a benefit payable under this Agreement is not
paid when due, the Executive or his spouse may file a written claim with the
Corporation. If the claim is denied or no response is received within forty-five
(45) days after the date on which the claim was filed with the Corporation (in
which case the claim will be deemed to have been denied), the Executive or his
spouse may appeal the denial to the Committee within sixty (60) days of receipt
of written notification of the denial or the end of the forty-five day period,
whichever occurs first. In pursuing an appeal, the Executive or his spouse may
request that the Committee review the denial, may review pertinent documents,
and may submit issues and documents in writing to the Committee. A decision on
appeal will be made within thirty (30) days after the appeal is made, unless
special circumstances require the Committee to extend the period for another
thirty (30) days.

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

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

                                        WACHOVIA CORPORATION

                                        By:__________________________________
                                           Chief Executive Officer

Attest:

______________________________
          Secretary

[Corporate Seal]

                                           _______________________________(SEAL)
                                           Robert S. McCoy, Jr.

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