Document:

Merrill Lynch & Co., Inc. Employee Stock Compensation Plan

 Exhibit 10(qq) 
  

	
	  
   Employee Stock Compensation Plan
   Award Agreement
  

 This document contains your
Award Agreement and Grant Certificate under the Merrill Lynch & Co., Inc. Employee Stock Compensation Plan. 
  

	
	What you need to do
	  
 1.      Review the Award Agreement and Grant Certificate to ensure you understand
their provisions. With each award you receive, provisions of your Award Agreement and Grant Certificate may change so it is important to review these documents*.

	  
 2.      Print the Award Agreement and Grant Certificate and file them with your
important papers.

	  
 3.      Review your current Beneficiary Designation online at My Compensation and
Benefits

 * If you do not decline your Award Agreement and Grant Certificate by contacting your
HR Manager by November 15, 2009 or such other date that may be communicated to you, you will be deemed to have accepted the terms of the Award Agreement and Grant Certificate and will be bound by them. If you decline your Award Agreement and
Grant Certificate, your award will be cancelled and you will not be entitled to any benefits from the award nor any compensation or benefits in lieu of the cancelled award. 
 Summary of Rule of 60 vesting condition 
 Below is a summary of the vesting condition for Rule of 60 that applies to eligible associates. You meet the Rule of 60 if your age plus length of service (computed as full years and completed months)
equals 60, with a minimum of 10 years of service and no minimum age. Your service with Merrill Lynch is included for purposes of determining your length of service. If you do not meet the Rule of 60, this vesting condition does not apply to you.

 The Rule of 60 vesting condition for this award only applies in case of your voluntary termination of employment. Different
vesting provisions apply in the case of an involuntary termination of your employment without cause, as more fully described in the Award Agreement. 
 If you terminate your employment after you have attained the Rule of 60, the award will vest in accordance with the original vesting schedule so long as you comply with the Rule of 60 vesting
condition, as follows: 
  

	 	•	 	 You must not work for a named competitor of Bank of America or its subsidiaries during the remaining vesting period of your award. The current
list of named competitors is available at https://myportal-hr.worldnet.ml.com/media/66569.pdf. This list will be updated annually. The list in effect at your termination of employment will control. 

  

	 	•	 	 You must annually provide a written certification that you are not working for any of the named competitors. Each December, Bank of America will
send to the most recent mailing address you have on record a certification form for you to complete and return. If you do not receive your form by early in the new year, you are responsible for obtaining a certification form by contacting the
Employee Services Group at 866.654.7411. You will be considered in breach of the vesting condition if you fail to provide written certification as and when required. It is your sole responsibility to ensure that the company receives your annual
certification. Accordingly, you need to keep the company apprised of any changes to your mailing address. 

 

 
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 If you comply with these requirements, your award will continue to vest in accordance with
the original vesting schedule. However, if you fail to meet either of the above requirements, the unvested portion of your award will be immediately canceled. 
 For more information 
 For more information about your award, review your
Award Agreement, Grant Certificate and the Plan, which together are the controlling documents for your award. The most recent list of named competitors appears at https://myportal-hr.worldnet.ml.com/media/66569.pdf. 
 

 
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 MERRILL LYNCH & CO., INC. 
 EMPLOYEE STOCK COMPENSATION PLAN 

 RESTRICTED UNITS AWARD AGREEMENT 
 This Restricted Units Award Agreement, including your Grant Certificate and all Exhibits hereto (the “Agreement”) is made between Bank of America Corporation, a Delaware corporation (“Bank
of America”), and you, an associate of Bank of America or one of its subsidiaries. 
 Your Restricted Units are being granted under the
Merrill Lynch & Co., Inc. Employee Stock Compensation Plan (the “Stock Plan”), which is now sponsored by Bank of America. A Prospectus describing the Stock Plan, which incorporates the terms and conditions of the Stock Plan, is
enclosed with this Agreement. The Stock Plan itself is available upon request, and its terms and provisions are incorporated herein by reference. When used herein, the terms which are defined in the Stock Plan shall have the meanings given to them
in the Stock Plan, as modified herein (if applicable). 
 The Restricted Units covered by this Agreement are being awarded to you in connection
with your participation in the performance year 2008 program, subject to the following terms and provisions: 
  

	1.	Subject to the terms and conditions of the Stock Plan and this Agreement, Bank of America awards to you the number of Restricted Units shown in the Grant Certificate
(the “Award”). Each Restricted Unit shall have a value equal to the Fair Market Value of one (1) share of Bank of America common stock. 

  

	2.	You acknowledge having read the Prospectus and this Agreement, and agree to be bound by all the terms and conditions of the Stock Plan and this Agreement.

  

	3.	If a cash dividend is paid with respect to Bank of America common stock, you shall be paid in cash at the same time as cash dividends on actual shares of Bank of
America common stock are paid an amount equal to the total cash dividend you would have received had your Restricted Units been actual shares of Bank of America common stock. 

  

	4.	The Restricted Units covered by this Award shall become earned by, and payable to, you in the amounts and on the dates shown on Exhibit A and the enclosed Grant
Certificate. 

  

	5.	You agree that you shall comply with (or provide adequate assurance as to future compliance with) all applicable securities laws and income tax laws as determined by
Bank of America as a condition precedent to the delivery of any shares of Bank of America common stock pursuant to this Agreement. In addition, you agree that, upon request, you will furnish a letter agreement providing that (i) you will not
distribute or resell any of said shares in violation of the Securities Act of 1933, as amended, (ii) you will indemnify and hold Bank of America harmless against all liability for any such violation and (iii) you will accept all liability
for any such violation. 

  

	6.	If you have not designated a beneficiary to receive payment in connection with past Awards or in connection with the Restricted Units covered by this Agreement, you may
wish to consider doing so at My Compensation and Benefits. If you do not designate a beneficiary or if your designated beneficiary does not survive you, then your beneficiary will be your estate. If you wish to change past Beneficiary Designations
or specify a new beneficiary for this Award, you may do so at My Compensation and Benefits. 

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	7.	The existence of this Award shall not affect in any way the right or power of Bank of America or its stockholders to make or authorize any or all adjustments,
recapitalizations, reorganizations or other changes in Bank of America’s capital structure or its business, or any merger or consolidation of Bank of America, or any issue of bonds, debentures, preferred or prior preference stocks ahead of or
convertible into, or otherwise affecting the Bank of America common stock or the rights thereof, or the dissolution or liquidation of Bank of America, or any sale or transfer of all or any part of its assets or business, or any other corporate act
or proceeding, whether of a similar character or otherwise. 

  

	8.	Bank of America may, in its sole discretion, decide to deliver any documents related to this grant or future awards that may be granted under the Stock Plan by
electronic means or request your consent to participate in the Stock Plan by electronic means. You hereby consent to receive such documents by electronic delivery and, if requested, agree to participate in the Stock Plan through an on-line or
electronic system established and maintained by Bank of America or another third party designated by Bank of America. 

 Any notice which either party hereto may be required or permitted to give to the other shall be in writing and may be delivered personally, by intraoffice mail, by fax, by electronic mail or other electronic means, or via a postal service,
postage prepaid, to such electronic mail or postal address and directed to such person as Bank of America may notify you from time to time; and to you at your electronic mail or postal address as shown on the records of Bank of America from time to
time, or at such other electronic mail or postal address as you, by notice to Bank of America, may designate in writing from time to time. 
  

	9.	Regardless of any action Bank of America or your employer takes with respect to any or all income tax, payroll tax or other tax-related withholding (Tax-Related Items),
you acknowledge that the ultimate liability for all Tax-Related Items owed by you is and remains your responsibility and that Bank of America and/or your employer (i) make no representations or undertakings regarding the treatment of any
Tax-Related Items in connection with any aspect of the grant of Restricted Units, including the grant and vesting of the Restricted Units, the subsequent sale of shares acquired upon the vesting of the Restricted Units and the receipt of any
dividends; and (ii) do not commit to structure the terms of the grant or any aspect of the Restricted Units to reduce or eliminate your liability for Tax-Related Items. 

 In the event Bank of America determines that it and/or your employer must withhold any Tax- Related Items as a result of your participation
in the Stock Plan, you agree as a condition of the grant of the Restricted Units to make arrangements satisfactory to Bank of America and/or your employer to enable it to satisfy all withholding requirements, including, but not limited to,
withholding any applicable Tax-Related Items from the pay-out of the Restricted Units. In addition, you authorize Bank of America and/or your employer to fulfill its withholding obligations by all legal means, including, but not limited to:
withholding Tax-Related Items from your wages, salary or other cash compensation your employer pays to you; withholding Tax-Related Items from the cash proceeds, if any, received upon sale of any shares received in payment for your Restricted Units;
and at the time of payment, withholding shares sufficient to meet minimum withholding obligations for Tax-Related Items. Bank of America may refuse to issue and deliver shares in payment of any earned Restricted Units if you fail to comply with any
withholding obligation. 
  

	10.	The validity, construction and effect of this Agreement are governed by, and subject to, the laws of the State of New York and the laws of the United States, as
provided in the Stock Plan. For purposes of litigating any dispute that arises directly or indirectly from the relationship of the parties evidenced by this grant or this Agreement, the parties hereby submit to and consent to the exclusive
jurisdiction of New York and agree that such litigation shall be conducted solely in the courts of New York County, New York or the federal courts for the United States for the District Court for the Southern District of New York, where this grant
is made and/or to be performed, and no other courts. 

  

	11.	In the event any provision of this Agreement shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of the
Agreement, and the Agreement shall be construed and enforced as if the illegal or invalid provision had not been included. This Agreement constitutes the final understanding between you and Bank of America regarding the Restricted Units. Any prior
agreements, commitments or negotiations concerning the Restricted Units are superseded. Subject to the terms of the Stock Plan, this Agreement may only be amended by a written instrument signed by both parties. 

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	12.	If you move to any country outside of the United States during the term of your Award, additional terms and conditions may apply to your Award. Bank of America reserves
the right to impose other requirements on the Award to the extent Bank of America determines it is necessary or advisable in order to comply with local law or facilitate the administration of the Award and to require you to sign any additional
agreements or undertakings that may be necessary to accomplish the foregoing. 

 IN WITNESS WHEREOF, Bank of America has caused
this Agreement to be executed by its duly authorized officer effective as of the date of grant listed in your Grant Certificate. 
  

					
	BANK OF AMERICA CORPORATION
			
	By:	 	/s/ Kenneth D.
Lewis                                	 	
	
	Chairman, Chief Executive Officer and President

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 Exhibit A 
 Merrill Lynch & Co., Inc. 
 Employee Stock Compensation Plan 
 PAYMENT OF RESTRICTED UNITS

 (a)      PAYMENT SCHEDULE. Subject to the provisions of
paragraphs (b) and (c) below, the Restricted Units shall become earned and payable in three (3) equal annual installments if you remain employed with Bank of America and its subsidiaries through each of the payment dates as follows:

  

			
	 Payment Date*
	  	 Number of Restricted Units
 That Become Earned and Payable

	First anniversary of Grant Date	  	One-third (1/3) of Award
	Second anniversary of Grant Date	  	One-third (1/3) of Award
	Third anniversary of Grant Date	  	One-third (1/3) of Award

 *Once your Restricted Units become earned and payable, shares of Common Stock will be delivered, as
soon as administratively practicable, to a Merrill Lynch account. As a participant in the Stock Plan, you must designate a Merrill Lynch account into which shares of Common Stock will be deposited when they are released to you. This account cannot
be a Trust Account, Individual Retirement Account or other tax-deferred account. You may use a joint account if you are the primary owner of the account. Account designations can be made on the Payroll Self Service Web Site at
http://hr.worldnet.ml.com/edf2. (From the HR Intranet homepage, click on Payroll Self Service.) If you do not designate an account, a Merrill Lynch Limited Individual Investor Account (LIIA) will be opened on your behalf. 
 (b)      IMPACT OF TERMINATION OF
EMPLOYMENT ON RESTRICTED UNITS. If your employment with Bank of America and its subsidiaries terminates prior to any of the above payment date(s), then any unearned
Restricted Units shall become earned and payable or be canceled depending on the reason for termination as follows: 
  

	 	  (i)	Death. Any unearned Restricted Units shall become immediately earned and payable as of the date of your termination of employment if your termination is due to
death. 

  

	 	  (ii)	Disability. Any unearned Restricted Units shall become immediately earned as of the date of your termination of employment if your termination is due to
disability, and shall be paid in accordance with the schedule set forth in paragraph (a). 

  

	 	  (iii)	Termination Without Cause or With Good Reason. If your employment is terminated by your employer without “Cause” or by you with “Good Reason”
(as such terms are defined in your employment letter agreement dated May 1, 2008), then any unearned Restricted Units shall become immediately earned and payable as of the date of your termination of employment. 

  

	 	  (iv)	Rule of 60. If you terminate your employment and are eligible for the Rule of 60, any unearned Restricted Units shall continue to become earned and payable in
accordance with the schedule set forth in paragraph (a) above, provided that (A) you comply with the covenants set forth in this Award Agreement during such period; (B) you do not 

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 engage in Competition during such period, and (C) prior to each payment date, you provide Bank of America with a written certification that you have not engaged in Competition and have complied with
each of the covenants listed in paragraph (c). To be effective, such certification must be provided on such form, at such time and pursuant to such procedures as Bank of America shall establish from time to time. If Bank of America determines in its
reasonable business judgment that you have failed to satisfy either of the foregoing requirements, then any unearned Restricted Units shall be immediately canceled as of the date of such determination. In addition, from time to time following your
termination of employment after having attained the Rule of 60, Bank of America may require you to further certify that you are not engaging in Competition, and if you fail to fully cooperate with any such requirement Bank of America may determine
that you are engaging in Competition. If you engage in Competition before your Restricted Units become earned and payable, Bank of America shall have all rights to injunctive relief specified in paragraph (c)(vii). 
  

	 	  (v)	Termination by Bank of America With Cause. If your employment is terminated by your employer with Cause, then any Restricted Units that were not already earned
and payable pursuant to paragraph (a) above as of the date of termination of employment shall be canceled as of that date. 

  

	 	  (vi)	All Other Terminations. If your employment is terminated for any other reasons than those specified in clauses (i) through (iv) including, but not
limited to, any voluntary termination by you for any reason before you have attained the Rule of 60, any Restricted Units that were not already earned and payable pursuant to paragraph (a) above as of the date of termination of employment shall
be canceled as of that date. 

  

	 	  (vii)	Change in Control. Notwithstanding any provisions of the Stock Plan to the contrary, (A) the provisions of Article V of the Stock Plan (“Payments Upon
Termination of Employment After a Change in Control”) shall not apply to this Award with respect to the Bank of America/Merrill Lynch merger; and (B) in the event of a Change in Control (as defined in the Stock Plan, but determined by
reference to Bank of America Corporation rather than Merrill Lynch & Co., Inc.), your Restricted Units shall become immediately earned and payable as of the date of such Change in Control. 

  

	 	  (viii)	6-Month Payment Delay. Notwithstanding the foregoing, the issuance of any shares in payment of Restricted Units that have become earned and payable upon your
termination of employment shall be delayed until six (6) months following the date of your termination of employment if and to the extent required by Section 409A of the Code. 

 (c)      COVENANTS 
  

	 	  (i)	Non-Solicitation. You agree that prior to the final payment date for your Award, you will not directly or indirectly solicit for employment any person who is an
associate of Bank of America or any of its subsidiaries. 

  

	 	  (ii)	Non-Disparagement. You agree that you will not disparage, portray in a negative light, or make any statement which would be harmful to, or lead to unfavorable
publicity for, Bank of America or any of its subsidiaries or any of its or their current or former directors, officers or associates, including without limitation, in any and all interviews, oral statements, 

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 written materials, electronically displayed materials and materials or information displayed on Internet- or intranet-related sites; provided that, nothing in this paragraph (c)(ii) shall prohibit
or restrict you from (i) providing information to, or otherwise assisting in, an internal investigation, an investigation by Congress, the Securities and Exchange Commission (“SEC”), or any other regulatory or law enforcement agency
or self-regulatory organization (“SRO”); (ii) testifying, participating, or otherwise assisting in a proceeding relating to an alleged violation of any federal law relating to fraud or any rule or regulation of the SEC or any SRO or
in an internal investigation by Bank of America or its subsidiaries or (iii) testifying, participating, or otherwise assisting in any case, administrative investigation or proceeding relating to an alleged violation of any discrimination or
wage law. 
  

	 	  (iii)	Confidential and Proprietary Information. You agree that all inventions, copyrightable material, trade secrets or other work conceived, developed or otherwise
performed by you in the scope of your employment (during or after business hours) that are related to the financial services industry or related to Merrill Lynch products, services or supporting activities were disclosed to your manager, are the
sole property of Bank of America and its subsidiaries and are “works for hire” that are owned by Bank of America. You agree that during your employment with Bank of America and following your termination, you will do whatever necessary to
transfer to Bank of America or its subsidiaries, or to document its ownership of, any such property. You further agree not to challenge Bank of America’s ownership rights in such intellectual property, or claim that such intellectual property
is owned or co-owned by another person or entity, including yourself. Furthermore, you agree not to use such intellectual property in any way or to attempt to transfer such intellectual property to any other person or entity. You agree that
following any termination of employment, you will not, without prior written consent or as otherwise required by law, disclose or publish (directly or indirectly) any Confidential Information to any person or copy, transmit or remove or attempt to
use, copy, transmit or remove any Confidential Information for any purpose provided that, nothing in this paragraph (c)(iii) shall prohibit or restrict you from (i) providing information to, or otherwise assisting in, an internal investigation,
an investigation by Congress, the SEC, or any other regulatory or law enforcement agency or SRO; (ii) testifying, participating, or otherwise assisting in a proceeding relating to an alleged violation of any federal law relating to fraud or any
rule or regulation of the SEC or any SRO or in an internal investigation by Bank of America or a subsidiary or (iii) testifying, participating, or otherwise assisting in any case, administrative investigation or proceeding relating to an
alleged violation of any discrimination or wage law. 

  

	 	  (iv)	Confidentiality. You also agree that, in the event your employment is terminated, you will not disclose the circumstances of your termination to any other party,
except that, (i) you may make such disclosure: on a confidential basis to your tax, financial or legal advisors, your immediate family members, or any prospective employer or business partner, provided that, in each case, such
third party agrees to keep such circumstances confidential. Nothing in this paragraph (c)(iv) shall prohibit or restrict you from (i) providing information to, or otherwise assisting in, an internal investigation, an investigation by Congress,
the SEC, or any other regulatory or law enforcement agency or SRO; (ii) testifying, participating, or otherwise assisting in a proceeding relating to an alleged 

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 violation of any federal law relating to fraud or any rule or regulation of the SEC or any SRO or in an internal investigation by Bank of America or a subsidiary or (iii) testifying, participating,
or otherwise assisting in any case, administrative investigation or proceeding relating to an alleged violation of any discrimination or wage law. 
  

	 	  (v)	Cooperation. You agree (i) to provide truthful and complete cooperation, including but not limited to, your appearance at interviews and depositions, in all
legal matters, including but not limited to, regulatory and litigation proceedings relating to your employment or area of responsibility at Bank of America or its subsidiaries, whether or not such matters have already been commenced and through the
conclusion of such matters or proceedings, and (ii) to provide Bank of America’s counsel all documents in your possession or control relating to such regulatory or litigation matters. 

  

	 	  (vi)	Notice and Non-Solicitation Period. Certain employees each of whom have been previously identified are required to provide Bank of America or a subsidiary with
advance written notice of their voluntary termination of employment and not to solicit associates as more specifically contained in the Notice and Non-Solicitation Agreements provided by their business and functional groups. The terms of these
documents are incorporated herein and are available from the Employee Services Group at 866.654.7411. 

  

	 	  (vii)	Injunctive Relief. Without limiting any remedies available, you acknowledge and agree that a breach of the covenants contained in subparagraphs (i) and
(iii) through (vi) of this paragraph (c) will result in injury to Bank of America and its subsidiaries for which there is no adequate remedy at law and that it will not be possible to measure damages for such injuries precisely.
Therefore, you agree that, in the event of such a breach or threat thereof, Bank of America shall be entitled to seek a temporary restraining order and a preliminary and permanent injunction, without bond or other security, restraining you from
engaging in activities prohibited by subparagraphs (i) and (iii) through (vi) of this paragraph (c) or such other relief as may be required specifically to enforce any of the covenants in subparagraphs (i) and
(iii) through (vi) of this paragraph (c). 

 (d)      FORM OF PAYMENT. Payment of Restricted Units shall be payable in the form of one share of common stock for each Restricted Unit that
is payable. 
 (e)      DEFINITIONS. For purposes hereof, the
following terms shall have the following meanings: 
 Competition means your being engaged, directly or indirectly,
whether as a director, officer, employee, consultant, agent or otherwise, with a business entity that is designated as a “Competitive Business” as of the date of your termination of employment. Bank of America shall communicate such list
to you. 
 Confidential Information means any information concerning the business or affairs of Bank of America or its
subsidiaries which is not generally known to the public and includes, but is not limited to, any file, document, book, account, list, process, patent, specification, drawing, design, computer program or file, computer disk, method of operation,
recommendation, report, plan, survey, data, manual, strategy, financial data, client information or data, or contract which comes to your 
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 knowledge in the course of your employment or which is generated by you in the course of performing your obligations whether alone or with others. 
 Disability means “disability” as defined from time to time under any long-term disability plan of Bank of America or
subsidiary with which you are employed. 
 Rule of 60 means, as of the date of your termination of employment with Bank of
America and its subsidiaries, you have (i) a length of service of at least ten (10) years and (ii) attained a combined age and length of service equal to at least sixty (60), giving effect to full years and completed months.

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 Page 10 of 10Forms of Stock Agreements for salary stock units

 Exhibit 10(uu) 
 

 
 This document contains your 2009 Stock Unit Award Agreement. A Beneficiary Designation Form is also included if
you wish to designate a beneficiary for your 2009 Stock Unit Award. 
  
 What you need to do 
  

	 	1.	Review the Award Agreement to ensure you understand its provisions. 	 

	 	2.	Sign two copies of the Award Agreement. 	 

	 	3.	 Return one copy of the Award Agreement to Bank of America Executive Compensation Service Delivery; 901 W. Trade Street, 8th Floor; NC1-003-08-01; Charlotte, NC 28255, and file the other copy
with your important papers. 
	 

	 	4.	Designate a beneficiary for your Stock Unit Awards by completing a Beneficiary Designation Form and returning it to Bank of America Executive Compensation Service
Delivery at the address noted above. 	 

 

 
  

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 2009 STOCK UNIT AWARD AGREEMENT 
 This 2009 Stock Unit Award Agreement and all Exhibits hereto (the “Agreement”) is made between Bank of America Corporation, a Delaware corporation
(“Bank of America”), and [Insert Associate Name], an associate of Bank of America or one of its Subsidiaries. 
 The 2009 Stock
Unit Awards covered by this Agreement are being granted to you subject to the following terms and provisions: 
  

	1.	Subject to the terms and conditions of this Agreement, Bank of America shall deliver Stock Units on November 30, 2009 and December 31, 2009 (each, a
“Grant Date”). The number of Stock Units to be awarded each Grant Date (each, an “Award” and collectively, the “Awards”) shall be determined by dividing the dollar amount of the Award for the Grant Date by a
“divisor price”, which is the five-day average closing price of Bank of America Corporation common stock for the five business days immediately preceding and including the applicable Grant Date. Each Stock Unit shall have a value equal to
the Fair Market Value of one (1) share of Bank of America common stock. The dollar amounts of the Awards are as follows (or such other dollar amount as Bank of America, in its sole discretion, determines): 

  

			
	 Grant Date
	  	 Dollar Amount of Award

		
	 November 30, 2009 Award:
	  	fifty percent (50%) of $XX.XX
	 December 31, 2009 Award:
	  	fifty percent (50%) of $XX.XX

  

	2.	You acknowledge having read and agree to be bound by all the terms and conditions of this Agreement. Capitalized terms not otherwise defined herein shall have the
meanings given to such terms on the enclosed Exhibit A. 

  

	3.	If a cash dividend is paid with respect to Bank of America common stock, you shall not receive any dividend equivalents, additional full or fractional Stock Units or
other cash payments with respect to such cash dividends. 

  

	4.	Each Award shall be payable to you on the date shown on the enclosed Exhibit A, subject to the conditions set forth on the enclosed Exhibit A, to the extent applicable.

  

	5.	By executing and returning a Beneficiary Designation Form, you may designate a beneficiary to receive payment of the Awards in the event of your death. If you do not
designate a beneficiary or if your designated beneficiary does not survive you, then your beneficiary will be your estate. A Beneficiary Designation Form has been included in your award package. 

  

	6.	Any notice which either party hereto may be required or permitted to give to the other shall be in writing and may be delivered personally, by intraoffice mail, by fax,
by electronic mail or other electronic means, or via a postal service, postage prepaid, to such electronic mail or postal address and directed to such person as Bank of America may notify you from time to time; and to you at your electronic mail or
postal address as shown on the records of Bank of America from time to time, or at such other electronic mail or postal address as you, by notice to Bank of America, may designate in writing from time to time. 

  

  

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	7.	These Awards, and all payments thereof, are subject to all applicable payroll and withholding taxes. Regardless of any employer withholding on your Awards, you are
responsible for proper payment and reporting of any income tax, social security taxes and other taxes that are due as a result of your Awards. 

  

	8.	The validity, construction and effect of this Agreement are governed by, and subject to, the laws of the State of Delaware and the laws of the United States. For
purposes of litigating any dispute that arises directly or indirectly from the relationship of the parties evidenced by these Awards or this Agreement, the parties hereby submit to and consent to the exclusive jurisdiction of North Carolina and
agree that such litigation shall be conducted solely in the courts of Mecklenburg County, North Carolina or the federal courts for the United States for the Western District of North Carolina, where this grant is made and/or to be performed, and no
other courts. 

  

	9.	In the event any provision of this Agreement shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of the
Agreement, and the Agreement shall be construed and enforced as if the illegal or invalid provision had not been included. This Agreement constitutes the final understanding between you and Bank of America regarding these Awards. Any prior
agreements, commitments or negotiations concerning these Awards are superseded. This Agreement may only be amended by a written instrument signed by both parties. 

  

	10.	This Agreement is intended to comply with Section 409A of the Internal Revenue Code to the extent applicable. Notwithstanding any provision of the Agreement to the
contrary, the Agreement shall be interpreted, operated and administered consistent with this intent. 

  

	11.	If you move to any other country during the term of your Awards, additional terms and conditions may apply to your Awards. Bank of America reserves the right to impose
other requirements on the Awards to the extent Bank of America determines it is necessary or advisable in order to comply with local law or facilitate the administration of the Awards and to require you to sign any additional agreements or
undertakings that may be necessary to accomplish the foregoing. 

  

	12.	Nothing in this Agreement shall interfere with or limit in any way the right of Bank of America to terminate your employment at any time, nor confer upon you any right
to continue in the employment of Bank of America or its Subsidiaries. For purposes of this Agreement, a transfer of your employment between Bank of America and a Subsidiary of Bank of America, or between Subsidiaries, shall not be deemed to be a
termination of employment. 

  

	13.	Bank of America may at any time and from time to time alter, amend, suspend or terminate this Agreement in whole or in part. No termination, amendment or modification
of this Agreement shall adversely affect in any material way any Awards already granted under this Agreement, without your written consent. 

  

	14.	Your rights and interests under this Agreement may not be assigned or transferred. To the extent that you acquire a right to receive payments from Bank of America under
this Agreement, such right shall be no greater than the right of any unsecured general creditor of Bank of America. Nothing contained in this Agreement shall be deemed to create a trust of any kind or any fiduciary relationship between you and Bank
of America. This Agreement shall be binding on Bank of America and any successor in interest of Bank of America. 

  

	15.	The Awards shall be equitably adjusted as determined by Bank of America in the event of any stock dividend, stock split or similar change in the capitalization of Bank
of America. 

  

  

 Page 3 of 9 

	16.	Notwithstanding anything herein to the contrary, the parties to this Agreement expressly acknowledge that any payment of any kind provided for by this Agreement must
comply with all applicable law, including Section 111 of the Emergency Economic Stabilization Act of 2008, as amended by the American Recovery and Reinvestment Act of 2009, and the Interim Final Rule promulgated thereunder (collectively,
“EESA”). If any payment pursuant to this Agreement would violate applicable law in the reasonable, good faith judgment of Bank of America, you agree to waive your right to or, if permissible, agree to the deferment of, such payment and, to
the extent required by the United States Department of the Treasury (“UST”), to execute a release of Bank of America and its Subsidiaries and the UST from any claim arising from failure of Bank of America to make, or the requirement of
Bank of America to defer, such payment. 

  

	17.	You agree that cash payments made pursuant to the awards must be returned to Bank of America if Bank of America determines, in its sole discretion, that the payments
were based on materially inaccurate financial statements or any other materially inaccurate performance metric criteria, for as long as Bank of America is participating in the Troubled Asset Relief Program, the Capital Purchase Program or any
similar program. You also agree that the Stock Units awarded pursuant to this Agreement are subject to the Incentive Compensation Recoupment Policy set forth in the Bank of America Corporate Governance Guidelines. To the extent allowed by and
consistent with applicable law and any applicable limitations period, if it is determined at any time that you have engaged in Detrimental Conduct or engaged in any hedging or derivative transactions involving Bank of America common stock that would
undermine the long-term performance incentives created by the Awards, Bank of America will be entitled to recover from you in its sole discretion some or all of the Awards. You recognize that if you engage in Detrimental Conduct or any hedging or
derivative transactions involving Bank of America common stock, the losses to Bank of America and/or its Subsidiaries may amount to the full value of your Awards. 

 IN WITNESS WHEREOF, Bank of America has caused this Agreement to be executed by its duly authorized officer, and you have hereunto set your hand, all effective as of the Grant Date listed above.

  

							
	BANK OF AMERICA CORPORATION	 		 	ASSOCIATE
				
	By:	 	    /s/ Kenneth D. Lewis	 		 	
			
	Chief Executive Officer and President	 		 	 

  

  

 Page 4 of 9 

 Exhibit A 
 Bank of America Corporation 
 Stock Unit Awards 
 PAYMENT OF
AWARD 
 (a) PAYMENT SCHEDULE. Subject to the provisions of
paragraphs (b) and (d) below, the Stock Units shall become payable if you remain employed with Bank of America and its Subsidiaries through each of the payment dates as follows: 
  

	 	(i)	 General Payment Schedule: One-thirty-sixth (1/36th) of the total Stock Units granted for 2009 shall be payable on the last business day of each month during the
three-year period beginning in January 2011 and ending in December 2013 (each, a “Payment Date”). 

  

	 	(ii)	Payment Schedule Upon TARP Repayment: Notwithstanding anything in subparagraph (i) to the contrary, in the event that Bank of America repays any of the
financial assistance it received under the Troubled Asset Relief Program (TARP), (A) the Payment Date for any Stock Units that would have become payable within the one-year period immediately following the date of such TARP repayment shall be
the date of such TARP repayment, and (B) the Payment Date for any other Stock Units that have not yet become payable as of the TARP repayment date shall be one calendar year earlier than the applicable Payment Date specified in subparagraph
(i). 

 Payment shall be made as soon as administratively practicable after each applicable Payment Date,
generally within 30 days. 
 (b) IMPACT OF TERMINATION OF
EMPLOYMENT ON PAYMENT OF AWARDS. If your employment with Bank of America and its Subsidiaries terminates prior to any of the above Payment Date(s), then
any Award that has not yet been paid shall be paid or canceled depending on the reason for termination as follows: 
  

	 	(i)	Death. Any Award that has not yet been paid pursuant to paragraph (a) shall become immediately payable as of the date of your termination of employment if
your termination is due to death. 

  

	 	(ii)	Disability. Any Award that has not yet been paid shall pursuant to paragraph (a) above as of the date of termination of employment due to Disability shall
continue to become payable in accordance with the schedule set forth in paragraph (a). 

  

	 	(iii)	Termination by Bank of America With Cause. If your employment is terminated by your employer with Cause, then your right to receive any Award that has not yet
been paid shall be immediately canceled as of your employment termination date. 

  

	 	(iv)	 All Other Terminations. Any Award that has not already been paid pursuant to paragraph (a) above as of the date of termination of
employment shall continue to become payable in accordance with the schedule set forth in paragraph (a),

  

  

 Page 5 of 9 

	 	 
subject to your complying with the covenants set forth in paragraph (d) of Exhibit A of this Agreement. 

 (c) FORM OF PAYMENT. Payment of Stock Units shall be made in the form of
cash for each Stock Unit that is payable. The amount of the payment that you will receive with respect to the Awards shall be determined by multiplying the number of Stock Units subject to the Awards by the Fair Market Value of one (1) share of
Bank of America common stock on the Payment Date. 
 (d) COVENANTS. 
  

	 	(i)	Non-Solicitation. You agree that during any period in which Awards remain payable, you will not directly or indirectly solicit or recruit for employment or
encourage to leave employment with Bank of America or its Subsidiaries, on your own behalf or on behalf of any other person or entity other than Bank of America or its Subsidiaries any person who is an associate of Bank of America and its
Subsidiaries. You further agree that during any period in which Awards remain payable, you will not, directly or indirectly, on your own behalf or on behalf of any other person or entity other than Bank of America or its Subsidiaries, solicit any
client or customer of Bank of America and its Subsidiaries which you actively solicited or with whom you worked or otherwise had material contact in the course of your employment with Bank of America and its Subsidiaries. 

 

	 	(ii)	Detrimental Conduct. You agree that during any period in which Awards remain payable, you will not engage in Detrimental Conduct. 

  

	 	(iii)	Hedging or Derivative Transactions. You agree that during any period in which Awards remain payable, you will not engage in any hedging or derivative
transactions involving Bank of America common stock that would undermine the long-term performance incentives created by the Awards. 

  

	 	(iv)	Remedies. Payment of any Award in accordance with the schedule set forth in paragraph (a) above is specifically conditioned on the requirement that, at all
times prior to the applicable Payment Date, you do not engage in solicitation, Detrimental Conduct or hedging or derivative transactions involving Bank of America common stock, as described in Paragraphs (d)(i), (ii) and (iii) during such
period. If Bank of America determines in its reasonable business judgment that you have failed to satisfy the foregoing requirement, then any Award that has not yet been paid shall be immediately cancelled as of the date of such determination.

 (e) DEFINITIONS. For purposes hereof, the following terms shall have the
following meanings: 
 All Other Terminations means any termination of your employment with Bank of America and its
Subsidiaries, whether initiated by you or your employer, other than a termination due to your death or Disability and other than a termination for Cause. 
 Cause shall be defined as that term is defined in your offer letter or other applicable employment agreement; or, if there is no such definition, “Cause” means a termination of your
employment with Bank of America and its Subsidiaries if it occurs in conjunction with a determination by your employer

  

  

 Page 6 of 9 

 
that you have (i) committed an act of fraud or dishonesty in the course of your employment; (ii) been convicted of (or plead no contest with respect to) a crime constituting a felony;
(iii) committed an act or omission which causes you or Bank of America or its Subsidiaries to be in violation of federal or state securities laws, rules or regulations, and/or the rules of any exchange or association of which Bank of America or
its Subsidiaries is a member, including statutory disqualification; (iv) failed to perform your job function(s), which Bank of America views as being material to your position and the overall business of Bank of America and its Subsidiaries
under circumstances where such failure is detrimental to Bank of America or any Subsidiary; (v) materially breached any written policy applicable to associates of Bank of America and its Subsidiaries including, but not limited to, the Bank of
America Corporation Code of Ethics and General Policy on Insider Trading; or (vi) made an unauthorized disclosure of any confidential or proprietary information of Bank of America or its Subsidiaries or have committed any other material
violation of Bank of America’s written policy regarding Confidential and Proprietary Information. 
 Detrimental
Conduct means (A) any conduct that would constitute Cause or (B) any one of the following: (1) any act or omission by you resulting or intended to result in personal gain at the expense of Bank of America or its Subsidiaries;
(2) the improper disclosure by you of proprietary, privileged or confidential information of Bank of America or its Subsidiaries or a client or former client of Bank of America or its Subsidiaries or breach of a fiduciary duty owed to Bank of
America or its Subsidiaries or a client or former client of Bank of America or its Subsidiaries; (3) improper conduct by you including, but not limited to, fraud, unethical conduct, falsification of the records of Bank of America or its
Subsidiaries, unauthorized removal of property or information of Bank of America or its Subsidiaries, intentional violation or negligent disregard for Bank of America’s or its Subsidiaries’ policies, rules and procedures, insubordination,
theft, violent acts or threats of violence, unauthorized possession of controlled substances on the property of Bank of America or its Subsidiaries, conduct causing reputational harm to Bank of America or its Subsidiaries or a client of Bank of
America or its Subsidiaries, or the use of the property, facilities or services of Bank of America or its Subsidiaries for unauthorized or illegal purposes; (4) the performance by you of your employment duties in a manner deemed by Bank of
America or its Subsidiaries to be grossly negligent; (5) the commission of a criminal act by you, whether or not performed in the workplace, that subjects, or if generally known, would subject Bank of America or its Subsidiaries to public
ridicule or embarrassment; or (6) you taking or maintaining trading positions that result in a need to restate financial results in a subsequent reporting period or that result in a significant financial loss to Bank of America or its
Subsidiaries during or after the performance year. 
 Disability means “disability” as defined from time to time
under any long-term disability plan of Bank of America or your employer. 
 Fair Market Value means on any date, the
closing price of a share of Bank of America common stock as reflected in the report of composite trading of New York Stock Exchange listed securities for that day (or, if no shares were publicly traded on that day, the immediately preceding day that
shares were so traded)

  

  

 Page 7 of 9 

 
published in The Wall Street Journal [Eastern Edition] or any other publication selected by Bank of America; provided, however, that if the shares are misquoted by the selected
publication(s), Bank of America shall directly solicit the information from officials of the stock exchanges or from other informed independent market sources. 
 Subsidiary means any corporation, partnership, joint venture, affiliate or other entity in which Bank of America owns more than eighty percent (80%) of the voting stock or voting ownership
interest, as applicable, or any other business entity designated by Bank of America as a Subsidiary for purposes of this Agreement. 
  

  

 Page 8 of 9 

 Bank of America Corporation 
 Stock Unit Awards 
 Beneficiary Designation Form 
 Please complete this form if you wish to designate a beneficiary for your
stock unit awards (“Awards”) or if you wish to change your current beneficiary designation. Completed forms should be returned to Bank of America Executive Compensation Service Delivery; 901 W. Trade Street, 8th Floor; NC1-003-08-01; Charlotte, NC 28255. 
 ************************************************************************ 
 With respect to any of my Awards that are outstanding and become payable at the time of my death, I hereby designate the following person or entity as my beneficiary to receive any payments in connection
with those Awards in the event of my death. 
 Designation of Primary Beneficiary. I designate the following as my Primary
Beneficiary(ies): 
  

									
	Name of Beneficiary	  	Birthdate        	  	Address                	  	Relationship    	  	
	  
	  	  
	  	  
	  	  
	  	
	  
	  	  
	  	  
	  	  
	  	
	  
	  	  
	  	  
	  	  
	  	

 Designation of Secondary Beneficiary. I designate the following as my Secondary
Beneficiary(ies): 
  

									
	Name of Beneficiary	  	Birthdate        	  	Address                	  	Relationship    	  	
	  
	  	  
	  	  
	  	  
	  	
	  
	  	  
	  	  
	  	  
	  	
	  
	  	  
	  	  
	  	  
	  	

 Selection of Rule for Deceased Beneficiary. Select either Rule 1 or Rule 2 below by marking
with an X. The rule selected shall be applied to Primary Beneficiaries and Secondary Beneficiaries separately so that no Secondary Beneficiary (or issue of a Secondary Beneficiary) shall be entitled to a share of the death benefits unless all
Primary Beneficiaries fail to survive the Participant and, if Rule 2 is selected, all issue of all Primary Beneficiaries fail to survive the Participant. 
  

	___	Rule 1. The death benefits shall be paid in equal shares to those named Beneficiaries (either Primary or Secondary, as applicable) who survive me.

  

	___	Rule 2. The death benefits shall be paid in equal shares to those named Beneficiaries (either Primary or Secondary, as applicable) who survive me and to the
surviving issue collectively of each named Beneficiary (either Primary or Secondary, as applicable) who does not survive me but who leaves issue surviving me, with the equal share for such surviving issue of such deceased named Beneficiary to be
divided among and paid to such issue on a per stirpes basis. (“Issue” means lineal descendants and includes adopted persons.) 

 I understand that I may change this designation at any time by executing a new form and delivering it to Bank of America Executive Compensation Service Delivery; 901 W. Trade Street, 8th Floor; NC1-003-08-01; Charlotte, NC 28255. This designation
supercedes any prior beneficiary designation made by me with respect to my Awards. 
  

							
	Signature of Participant: 	 	 	 	 Date: 	 	 

  

					
	Name of Participant (please print): 	 	 

  

					
	Participant’s Person Number: 	 	 

 

 
  

  

 Page 9 of 9 

 

 

 This document contains your 2009 Stock Unit Award Agreement. A Beneficiary Designation Form is also included if you wish to
designate a beneficiary for your 2009 Stock Unit Award. 
  
 What you need to do 
  

	 	1.	Review the Award Agreement to ensure you understand its provisions. 	 

	 	2.	Sign two copies of the Award Agreement. 	 

	 	3.	 Return one copy of the Award Agreement to Bank of America Executive Compensation Service Delivery; 901 W. Trade Street, 8th Floor; NC1-003-08-01; Charlotte, NC 28255, and file the other copy
with your important papers. 
	 

	 	4.	Designate a beneficiary for your Stock Unit Award by completing a Beneficiary Designation Form and returning it to Bank of America Executive Compensation Service
Delivery at the address noted above. 	 

 

 

  

 Page 1 of 9 

 

 

 2009 STOCK UNIT AWARD AGREEMENT 
 This 2009 Stock Unit Award Agreement and all Exhibits hereto (the “Agreement”) is made between Bank of America Corporation, a Delaware corporation (“Bank of America”), and [Insert
Associate Name], an associate of Bank of America or one of its Subsidiaries. 
 The 2009 Stock Unit Award covered by this Agreement is being
granted to you subject to the following terms and provisions: 
  

	1.	Subject to the terms and conditions of this Agreement, Bank of America shall deliver Stock Units on December 31, 2009 (the “Grant Date”). The number of
Stock Units to be awarded (the “Award”) shall be determined by dividing the dollar amount of the Award by a “divisor price”, which is the five-day average closing price of Bank of America Corporation common stock for the five
business days immediately preceding and including the Grant Date. Each Stock Unit shall have a value equal to the Fair Market Value of one (1) share of Bank of America common stock. The dollar amount of the Award is [insert dollar
amount] (or such other dollar amount as Bank of America, in its sole discretion, determines). 

  

	2.	You acknowledge having read and agree to be bound by all the terms and conditions of this Agreement. Capitalized terms not otherwise defined herein shall have the
meanings given to such terms on the enclosed Exhibit A. 

  

	3.	If a cash dividend is paid with respect to Bank of America common stock, you shall not receive any dividend equivalents, additional full or fractional Stock Units or
other cash payments with respect to such cash dividends. 

  

	4.	The Award shall be payable to you on the date shown on the enclosed Exhibit A, subject to the conditions set forth on the enclosed Exhibit A, to the extent applicable.

  

	5.	By executing and returning a Beneficiary Designation Form, you may designate a beneficiary to receive payment of the Award in the event of your death. If you do not
designate a beneficiary or if your designated beneficiary does not survive you, then your beneficiary will be your estate. A Beneficiary Designation Form has been included in your award package. 

  

	6.	Any notice which either party hereto may be required or permitted to give to the other shall be in writing and may be delivered personally, by intraoffice mail, by fax,
by electronic mail or other electronic means, or via a postal service, postage prepaid, to such electronic mail or postal address and directed to such person as Bank of America may notify you from time to time; and to you at your electronic mail or
postal address as shown on the records of Bank of America from time to time, or at such other electronic mail or postal address as you, by notice to Bank of America, may designate in writing from time to time. 

  

	7.	This Award, and all payments thereof, is subject to all applicable payroll and withholding taxes. Regardless of any employer withholding on your Award, you are
responsible for proper payment and reporting of any income tax, social security taxes and other taxes that are due as a result of your Award. 

  

	8.	 The validity, construction and effect of this Agreement are governed by, and subject to, the laws of the State of Delaware and the laws of the United
States. For purposes of litigating any dispute that arises

  

  

 Page 2 of 9 

	 	 
directly or indirectly from the relationship of the parties evidenced by this Award or this Agreement, the parties hereby submit to and consent to the exclusive jurisdiction of North Carolina and
agree that such litigation shall be conducted solely in the courts of Mecklenburg County, North Carolina or the federal courts for the United States for the Western District of North Carolina, where this grant is made and/or to be performed, and no
other courts. 

  

	9.	In the event any provision of this Agreement shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of the
Agreement, and the Agreement shall be construed and enforced as if the illegal or invalid provision had not been included. This Agreement constitutes the final understanding between you and Bank of America regarding this Award. Any prior agreements,
commitments or negotiations concerning this Award are superseded. This Agreement may only be amended by a written instrument signed by both parties. 

  

	10.	This Agreement is intended to comply with Section 409A of the Internal Revenue Code to the extent applicable. Notwithstanding any provision of the Agreement to the
contrary, the Agreement shall be interpreted, operated and administered consistent with this intent. 

  

	11.	If you move to any other country during the term of your Award, additional terms and conditions may apply to your Award. Bank of America reserves the right to impose
other requirements on the Award to the extent Bank of America determines it is necessary or advisable in order to comply with local law or facilitate the administration of the Award and to require you to sign any additional agreements or
undertakings that may be necessary to accomplish the foregoing. 

  

	12.	Nothing in this Agreement shall interfere with or limit in any way the right of Bank of America to terminate your employment at any time, nor confer upon you any right
to continue in the employment of Bank of America or its Subsidiaries. For purposes of this Agreement, a transfer of your employment between Bank of America and a Subsidiary of Bank of America, or between Subsidiaries, shall not be deemed to be a
termination of employment. 

  

	13.	Bank of America may at any time and from time to time alter, amend, suspend or terminate this Agreement in whole or in part. No termination, amendment or modification
of this Agreement shall adversely affect in any material way any Award already granted under this Agreement, without your written consent. 

  

	14.	Your rights and interests under this Agreement may not be assigned or transferred. To the extent that you acquire a right to receive payments from Bank of America under
this Agreement, such right shall be no greater than the right of any unsecured general creditor of Bank of America. Nothing contained in this Agreement shall be deemed to create a trust of any kind or any fiduciary relationship between you and Bank
of America. This Agreement shall be binding on Bank of America and any successor in interest of Bank of America. 

  

	15.	The Award shall be equitably adjusted as determined by Bank of America in the event of any stock dividend, stock split or similar change in the capitalization of Bank
of America. 

  

	16.	 Notwithstanding anything herein to the contrary, the parties to this Agreement expressly acknowledge that any payment of any kind provided for by this
Agreement must comply with all applicable law, including Section 111 of the Emergency Economic Stabilization Act of 2008, as amended by the American Recovery and Reinvestment Act of 2009, and the Interim Final Rule promulgated thereunder
(collectively, “EESA”). If any payment pursuant to this Agreement would violate applicable law in the reasonable, good faith judgment of Bank of America, you agree to waive your right to or, if permissible, agree to the deferment of, such
payment and, to the extent required by the

  

  

 Page 3 of 9 

	 	 
United States Department of the Treasury (“UST”), to execute a release of Bank of America and its Subsidiaries and the UST from any claim arising from failure of Bank of America to
make, or the requirement of Bank of America to defer, such payment. 

  

	17.	You agree that cash payments made pursuant to the Award must be returned to Bank of America if Bank of America determines, in its sole discretion, that the payments
were based on materially inaccurate financial statements or any other materially inaccurate performance metric criteria, for as long as Bank of America is participating in the Troubled Asset Relief Program, the Capital Purchase Program or any
similar program. You also agree that the Stock Units awarded pursuant to this Agreement are subject to the Incentive Compensation Recoupment Policy set forth in the Bank of America Corporate Governance Guidelines. To the extent allowed by and
consistent with applicable law and any applicable limitations period, if it is determined at any time that you have engaged in Detrimental Conduct or engaged in any hedging or derivative transactions involving Bank of America common stock that would
undermine the long-term performance incentives created by the Award, Bank of America will be entitled to recover from you in its sole discretion some or all of the Award. You recognize that if you engage in Detrimental Conduct or any hedging or
derivative transactions involving Bank of America common stock, the losses to Bank of America and/or its Subsidiaries may amount to the full value of your Award. 

 IN WITNESS WHEREOF, Bank of America has caused this Agreement to be executed by its duly authorized officer, and you have hereunto set your hand, all effective as of the Grant Date listed above.

  

							
	BANK OF AMERICA CORPORATION	 		 	ASSOCIATE
				
	By:	 	    /s/ Kenneth D. Lewis	 		 	
			
	Chief Executive Officer and President	 		 	 

  

  

 Page 4 of 9 

 Exhibit A 
 Bank of America Corporation 
 Stock Unit Award 

 PAYMENT OF AWARD 
 (a) PAYMENT SCHEDULE. Subject to the provisions of paragraphs
(b) and (d) below, the Stock Units shall become payable if you remain employed with Bank of America and its Subsidiaries through each of the payment dates as follows: one-thirty-sixth (1/36th) of the total Stock Units granted for 2009 shall be payable on the last business day of each month
during the three-year period beginning in January 2010 and ending in December 2012 (each, a “Payment Date”). 
 Payment shall be made as soon as administratively practicable after each applicable Payment Date, generally within 30 days. 
 (b) IMPACT OF TERMINATION OF EMPLOYMENT ON PAYMENT OF AWARD. If your employment
with Bank of America and its Subsidiaries terminates prior to any of the above Payment Date(s), then any portion of the Award that has not yet been paid shall be paid or canceled depending on the reason for termination as follows: 
  

	 	(i)	Death. Any portion of the Award that has not yet been paid pursuant to paragraph (a) shall become immediately payable as of the date of your termination of
employment if your termination is due to death. 

  

	 	(ii)	Disability. Any portion of the Award that has not yet been paid shall pursuant to paragraph (a) above as of the date of termination of employment due to
Disability shall continue to become payable in accordance with the schedule set forth in paragraph (a). 

  

	 	(iii)	Termination by Bank of America With Cause. If your employment is terminated by your employer with Cause, then your right to receive any portion of the Award that
has not yet been paid shall be immediately canceled as of your employment termination date. 

  

	 	(iv)	All Other Terminations. Any portion of the Award that has not already been paid pursuant to paragraph (a) above as of the date of termination of employment
shall continue to become payable in accordance with the schedule set forth in paragraph (a), subject to your complying with the covenants set forth in paragraph (d) of Exhibit A of this Agreement. 

 (c) FORM OF PAYMENT. Payment of Stock Units shall be made in the form of
cash for each Stock Unit that is payable. The amount of the payment that you will receive with respect to the Award shall be determined by multiplying the number of Stock Units by the Fair Market Value of one (1) share of Bank of America common
stock on the Payment Date. 
 (d) COVENANTS. 
  

	 	(i)	 Non-Solicitation. You agree that during any period in which the Award remains payable, you will not directly or indirectly solicit or recruit
for employment or

  

  

 Page 5 of 9 

	 	 
encourage to leave employment with Bank of America or its Subsidiaries, on your own behalf or on behalf of any other person or entity other than Bank of America or its Subsidiaries any person who
is an associate of Bank of America and its Subsidiaries. You further agree that during any period in which the Award remains payable, you will not, directly or indirectly, on your own behalf or on behalf of any other person or entity other than Bank
of America or its Subsidiaries, solicit any client or customer of Bank of America and its Subsidiaries which you actively solicited or with whom you worked or otherwise had material contact in the course of your employment with Bank of America and
its Subsidiaries. 

  

	 	(ii)	Detrimental Conduct. You agree that during any period in which the Award remains payable, you will not engage in Detrimental Conduct. 

 

	 	(iii)	Hedging or Derivative Transactions. You agree that during any period in which the Award remains payable, you will not engage in any hedging or derivative
transactions involving Bank of America common stock that would undermine the long-term performance incentives created by the Award. 

  

	 	(iv)	Remedies. Payment of the Award in accordance with the schedule set forth in paragraph (a) above is specifically conditioned on the requirement that, at all
times prior to the applicable Payment Date, you do not engage in solicitation, Detrimental Conduct or hedging or derivative transactions involving Bank of America common stock, as described in Paragraphs (d)(i), (ii) and (iii) during such
period. If Bank of America determines in its reasonable business judgment that you have failed to satisfy the foregoing requirement, then any portion of the Award that has not yet been paid shall be immediately cancelled as of the date of such
determination. 

 (e) DEFINITIONS. For purposes hereof, the following terms
shall have the following meanings: 
 All Other Terminations means any termination of your employment with Bank of America
and its Subsidiaries, whether initiated by you or your employer, other than a termination due to your death or Disability and other than a termination for Cause. 
 Cause shall be defined as that term is defined in your offer letter or other applicable employment agreement; or, if there is no such definition, “Cause” means a termination of your
employment with Bank of America and its Subsidiaries if it occurs in conjunction with a determination by your employer that you have (i) committed an act of fraud or dishonesty in the course of your employment; (ii) been convicted of (or
plead no contest with respect to) a crime constituting a felony; (iii) committed an act or omission which causes you or Bank of America or its Subsidiaries to be in violation of federal or state securities laws, rules or regulations, and/or the
rules of any exchange or association of which Bank of America or its Subsidiaries is a member, including statutory disqualification; (iv) failed to perform your job function(s), which Bank of America views as being material to your position and
the overall business of Bank of America and its Subsidiaries under circumstances where such failure is

  

  

 Page 6 of 9 

 
detrimental to Bank of America or any Subsidiary; (v) materially breached any written policy applicable to associates of Bank of America and its Subsidiaries including, but not limited to,
the Bank of America Corporation Code of Ethics and General Policy on Insider Trading; or (vi) made an unauthorized disclosure of any confidential or proprietary information of Bank of America or its Subsidiaries or have committed any other
material violation of Bank of America’s written policy regarding Confidential and Proprietary Information. 
 Detrimental
Conduct means (A) any conduct that would constitute Cause or (B) any one of the following: (1) any act or omission by you resulting or intended to result in personal gain at the expense of Bank of America or its Subsidiaries;
(2) the improper disclosure by you of proprietary, privileged or confidential information of Bank of America or its Subsidiaries or a client or former client of Bank of America or its Subsidiaries or breach of a fiduciary duty owed to Bank of
America or its Subsidiaries or a client or former client of Bank of America or its Subsidiaries; (3) improper conduct by you including, but not limited to, fraud, unethical conduct, falsification of the records of Bank of America or its
Subsidiaries, unauthorized removal of property or information of Bank of America or its Subsidiaries, intentional violation or negligent disregard for Bank of America’s or its Subsidiaries’ policies, rules and procedures, insubordination,
theft, violent acts or threats of violence, unauthorized possession of controlled substances on the property of Bank of America or its Subsidiaries, conduct causing reputational harm to Bank of America or its Subsidiaries or a client of Bank of
America or its Subsidiaries, or the use of the property, facilities or services of Bank of America or its Subsidiaries for unauthorized or illegal purposes; (4) the performance by you of your employment duties in a manner deemed by Bank of
America or its Subsidiaries to be grossly negligent; (5) the commission of a criminal act by you, whether or not performed in the workplace, that subjects, or if generally known, would subject Bank of America or its Subsidiaries to public
ridicule or embarrassment; or (6) you taking or maintaining trading positions that result in a need to restate financial results in a subsequent reporting period or that result in a significant financial loss to Bank of America or its
Subsidiaries during or after the performance year. 
 Disability means “disability” as defined from time to time
under any long-term disability plan of Bank of America or your employer. 
 Fair Market Value means on any date, the
closing price of a share of Bank of America common stock as reflected in the report of composite trading of New York Stock Exchange listed securities for that day (or, if no shares were publicly traded on that day, the immediately preceding day that
shares were so traded) published in The Wall Street Journal [Eastern Edition] or any other publication selected by Bank of America; provided, however, that if the shares are misquoted by the selected publication(s), Bank of America shall
directly solicit the information from officials of the stock exchanges or from other informed independent market sources. 
 Subsidiary means any corporation, partnership, joint venture, affiliate or other entity in which Bank of America owns more than eighty percent (80%) of the voting stock or voting ownership interest, as applicable, or any other
business

  

  

 Page 7 of 9 

 
entity designated by Bank of America as a Subsidiary for purposes of this Agreement. 
  

  

 Page 8 of 9 

 Bank of America Corporation 
 Stock Unit Award 
 Beneficiary Designation Form 
 Please complete this form if you wish to designate a beneficiary for your
stock unit award (“Award”) or if you wish to change your current beneficiary designation. Completed forms should be returned to Bank of America Executive Compensation Service Delivery; 901 W. Trade Street, 8th Floor; NC1-003-08-01; Charlotte, NC 28255. 
 ************************************************************************ 
 With respect to any portion of my Award that is outstanding and becomes payable at the time of my death, I hereby designate the following person or entity as my beneficiary to receive any payments in
connection with the Award in the event of my death. 
 Designation of Primary Beneficiary. I designate the following as my Primary
Beneficiary(ies): 
  

									
	Name of Beneficiary	  	Birthdate        	  	Address                	  	Relationship    	  	
	  
	  	  
	  	  
	  	  
	  	
	  
	  	  
	  	  
	  	  
	  	
	  
	  	  
	  	  
	  	  
	  	

 Designation of Secondary Beneficiary. I designate the following as my Secondary Beneficiary(ies): 

 

									
	Name of Beneficiary	  	Birthdate        	  	Address                	  	Relationship    	  	
	  
	  	  
	  	  
	  	  
	  	
	  
	  	  
	  	  
	  	  
	  	
	  
	  	  
	  	  
	  	  
	  	

 Selection of Rule for Deceased Beneficiary. Select either Rule 1 or Rule 2 below by marking with an X. The
rule selected shall be applied to Primary Beneficiaries and Secondary Beneficiaries separately so that no Secondary Beneficiary (or issue of a Secondary Beneficiary) shall be entitled to a share of the death benefits unless all Primary Beneficiaries
fail to survive the Participant and, if Rule 2 is selected, all issue of all Primary Beneficiaries fail to survive the Participant. 
  

	___	Rule 1. The death benefits shall be paid in equal shares to those named Beneficiaries (either Primary or Secondary, as applicable) who survive me.

  

	___	Rule 2. The death benefits shall be paid in equal shares to those named Beneficiaries (either Primary or Secondary, as applicable) who survive me and to the
surviving issue collectively of each named Beneficiary (either Primary or Secondary, as applicable) who does not survive me but who leaves issue surviving me, with the equal share for such surviving issue of such deceased named Beneficiary to be
divided among and paid to such issue on a per stirpes basis. (“Issue” means lineal descendants and includes adopted persons.) 

 I understand that I may change this designation at any time by executing a new form and delivering it to Bank of America Executive Compensation Service Delivery; 901 W. Trade Street, 8th Floor; NC1-003-08-01; Charlotte, NC 28255. This designation
supercedes any prior beneficiary designation made by me with respect to my Award. 
  

							
	Signature of Participant: 	 	 	 	 Date: 	 	 

  

					
	Name of Participant (please print): 	 	 

  

					
	Participant’s Person Number: 	 	 

 

 

  

  

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