Document:

Form of Note

 THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME
OF A DEPOSITORY OR A NOMINEE OF A DEPOSITORY. THIS NOTE IS NOT EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITORY OR ITS NOMINEE, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF
THIS NOTE (OTHER THAN A TRANSFER OF THIS NOTE AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY) MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES
DESCRIBED IN THE INDENTURE. 
  
 Unless this Note is presented by an authorized
representative of The Depository Trust Company, a New York corporation (55 Water Street, New York, New York) (“DTC”), to the Corporation or its agent for registration of transfer, exchange or payment, and this Note is registered in the
name of Cede & Co. or such other name as requested by an authorized representative of DTC, and unless any payment is made to Cede & Co., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since
the registered owner hereof, Cede & Co., has an interest herein. 
  
 THIS NOTE
IS NOT A SAVINGS ACCOUNT OR A DEPOSIT, IS NOT AN OBLIGATION OF OR GUARANTEED BY ANY BANKING OR NONBANKING AFFILIATE OF BANK OF AMERICA CORPORATION, AND IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY.

  

					
	REGISTERED	 	 	 	            $43,000,000
			
	NUMBER     I-            	 	 	 	            CUSIP 06050 MER4

  
 BANK OF AMERICA
CORPORATION 
 MEDIUM-TERM SENIOR NOTE, SERIES K 
 (Indexed Note) 
  

	 ̈	SEE THE ATTACHED PRINCIPAL REPAYMENT 

 AMOUNT RIDER for a
description of the PRINCIPAL REPAYMENT AMOUNT and its method of calculation. 
  

	x	SEE THE ATTACHED SUPPLEMENTAL REDEMPTION AMOUNT RIDER for a description of the SUPPLEMENTAL REDEMPTION AMOUNT and its method of calculation 

  
 ORIGINAL ISSUE DATE: March 24, 2005 
 MATURITY DATE: March 27, 2009 
 CALCULATION AGENT: Banc of America Securities
LLC (“BAS”) 
 ADDITIONAL TERMS: See Supplemental Redemption Amount Rider 
 MINIMUM DENOMINATIONS: $1,000 and whole multiples of $1,000. 
  
 BANK OF AMERICA CORPORATION, a Delaware corporation (the “Corporation,” which term includes any successor corporation under the Indenture referred to on the reverse hereof), for value received, hereby
promises to pay on the Maturity Date to CEDE & CO., as nominee for The Depository Trust Company, or its registered assigns, (i) the principal amount of FORTY-THREE MILLION DOLLARS ($43,000,000) and (ii) that supplemental redemption amount (the
“Supplemental Redemption Amount”) calculated according to the terms of the attached Supplemental Redemption Amount Rider. 
  
 Any principal or Supplemental Redemption Amount not punctually paid or duly provided for shall be payable as provided in the Indenture. As used in this
Note, “Business Day” means any day that is not a Saturday or a Sunday, and that is not a legal holiday in New York, New York or Charlotte, North Carolina and that is not a day on which banking institutions in those cities or any other
place of payment with respect to this Note are authorized or required by law or regulation to be closed; but that is not a day on which the principal securities market (or markets) on which the constituent stocks of the Nasdaq-100 Index® are traded is closed. 
  

 The principal and Supplemental Redemption Amount on this Note are payable in immediately available funds
in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts at the office or agency of the Corporation designated as provided in the Indenture; provided,
however, that the principal or Supplemental Redemption Amount may be paid, at the option of the Corporation, by check mailed to the person entitled thereto at his address last appearing on the registry books of the Corporation relating to the
Notes. Notwithstanding the preceding sentence, payments of the principal and Supplemental Redemption Amount payable on the Maturity Date will be made by wire transfer of immediately available funds to a designated account maintained in the United
States upon (i) receipt of written notice by the Issuing and Paying Agent (as described on the reverse hereof) from the registered holder of this Note not less than one Business Day prior to the due date of such principal and (ii) presentation of
this Note to The Bank of New York, as Issuing and Paying Agent, 101 Barclay Street, New York, New York 10286 (the “Corporate Trust Office”). 
  
 For both this Note and Notes issued in certificated form, the payment of principal of and any other amounts due on or after the Maturity Date will be made
only upon the presentation and surrender of such Note at the office of the Trustee or successor thereof, and with respect to this Note, in accordance with the procedures of DTC. 
  
 References herein to “U.S. dollars,” “U.S.$,” or “$” are to the coin or currency of the United
States at the time of payment is legal tender for the payment of public and private debts. 
  
 Reference is hereby made to the further provisions of this Note set forth on the reverse hereof and on the attached Rider, which shall have the same effect as though fully set forth at this place. 
  
 Unless the certificate of authentication hereon has been executed by the
Trustee or an authenticating agent on behalf of the Trustee by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 
  

 2 

 IN WITNESS WHEREOF, the Corporation has caused this Note to be duly executed, by manual or facsimile
signature, under its corporate seal or a facsimile thereof. 
  

									
	 	 	 	 	BANK OF AMERICA CORPORATION
					
	 	 	 	 	 	 	By:	 	 
	 [SEAL]
	 	 	 	 Title:
	 	Senior Vice President
	 ATTEST:
	 	 	 	 
				
	 By:
	 	 	 	 	 	 
	 Title:
	 	Assistant Secretary	 	 	 	 

  

 3 

 Certificate of Authentication 
  
 This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 
  
 Dated: March 24, 2005 
  

			
	 THE BANK OF NEW YORK,
 as Trustee

		
	By:	 	 
	 	 	Authorized Signatory

  

 4 

 [Reverse of Note] 
  

BANK OF AMERICA CORPORATION 
 MEDIUM-TERM SENIOR NOTE, SERIES K 
 (Indexed Note) 
  
 SECTION 1. General. This Note is one of a duly authorized series of Securities of the Corporation unlimited in
aggregate principal amount (herein called the “Notes”) issued and to be issued under an Indenture dated as of January 1, 1995 (herein called the “Indenture”), between the Corporation (successor in interest to NationsBank
Corporation) and The Bank of New York, as Trustee (successor in interest to U.S. Bank Trust National Association, successor trustee to BankAmerica National Trust Company, herein called the “Trustee,” which term includes any successor
trustee under the Indenture), as supplemented by a First Supplemental Indenture dated as of September 18, 1998, a Second Supplemental Indenture dated as of May 7, 2001, and a Third Supplemental Indenture dated as of July 28, 2004 to which Indenture
and all indentures supplemental thereto reference is hereby made for a statement of the respective rights thereunder of the Corporation, the Trustee, and the holders of the Notes, and the terms upon which the Notes are, and are to be, authenticated
and delivered. This Note is also one of the Notes designated as the Corporation’s Senior Medium-Term Notes, Series K, initially limited in aggregate principal amount to $10,000,000,000. The Trustee initially shall act as Security Registrar,
Transfer Agent, and Issuing and Paying Agent in connection with the Notes. The Notes may bear different dates, mature at different times, bear interest at different rates and vary in such other ways as are provided in the Indenture. 
  
 SECTION 2. No Sinking Fund. This Note is not subject to any sinking
fund. 
  
 SECTION 3. Redemption. This Note is not
redeemable prior to the Maturity Date. 
  
 SECTION 5.
Defeasance. The provisions of Article Fourteen of the Indenture do not apply to Securities of this Series. 
  
 SECTION 6. Events of Default. If an Event of Default (defined in the Indenture as (a) the Corporation’s failure to pay the principal of (or
premium, if any, on) the Notes; (b) the Corporation’s failure to pay interest on the Notes within 30 calendar days after the same becomes due; (c) the Corporation’s breach of its other covenants contained in this Note or in the Indenture,
which breach is not cured within 90 calendar days after written notice by the Trustee or the holders of at least 25% in outstanding principal amount of all Securities issued under the Indenture and affected thereby; and (d) certain events involving
the bankruptcy, insolvency or liquidation of the Corporation) shall occur with respect to the Notes, the principal of all the Notes may be declared due and payable in the manner and with the effect provided in the Indenture. 
  
 SECTION 7. Modifications and Waivers. The Indenture permits, with
certain exceptions as therein provided, the amendment of the Indenture and the modification of the rights and obligations of the Corporation and the rights of the holders of the Notes under the Indenture at any time by the Corporation with the
consent of the holders of not less than 66 2/3% in aggregate principal amount of the Notes then outstanding and all other Securities then outstanding under 

  

 5 

 
the Indenture and affected by such amendment and modification. The Indenture also contains provisions permitting the holders of a majority in aggregate
principal amount of the Notes then outstanding and all other Securities then outstanding under the Indenture and affected thereby, on behalf of the holders of all such Securities, to waive compliance by the Corporation with certain provisions of the
Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the holder of this Note shall be conclusive and binding upon such holder and upon all future holders of this Note and of any Note issued
upon the registration of transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. 
  
 No recourse shall be had for the payment of the principal of, premium on (if any), interest, or other amounts payable on this Note, or for any claim based
hereon, or otherwise in respect hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, against any incorporator, stockholder, officer, or director, as such, past, present, or future, of the Corporation or any
predecessor or successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration
for issue hereof, expressly waived and released. 
  
 SECTION 8.
Obligations Unconditional. No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Corporation, which is absolute and unconditional, to pay the principal of, premium
(if any), interest, and other amounts payable on this Note at the times, place and rate, and in the coin or currency, herein prescribed. 
  
 SECTION 9. Authorized Denominations. The Notes are issuable only as registered Notes without coupons, and unless otherwise set forth above, only in
denominations of $1,000 and whole multiples of $1,000. As provided in the Indenture, and subject to certain limitations therein set forth, Notes are exchangeable for a like aggregate principal amount of Notes of different authorized denominations,
as requested by the holder surrendering the same. 
  
 SECTION 10.
Registration of Transfer. As provided in the Indenture and subject to certain limitations as therein set forth, the transfer of this Note is registrable in the register maintained by the Registrar, upon surrender of this Note for registration
of transfer at the office or agency of the Corporation designated by it pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Corporation and the Trustee or the Security Registrar
requiring such written instrument of transfer duly executed by, the registered holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes of this series, of authorized denominations and for the same aggregate
principal amount, will be issued to the designated transferee or transferees. 
  
 This Note is being issued by means of a book-entry system with no physical distribution of certificates to be made except as provided in the Indenture. The book-entry system maintained by The Depository Trust Company
(“DTC”) will evidence ownership of the Notes, with transfers of ownership effected on the records of DTC and its participants pursuant to rules and procedures established by DTC and its participants. The Corporation will recognize Cede
& Co., as nominee of DTC, while the registered holder of the Notes, as the owner of the Notes for 

  

 6 

 
all purposes, including payment of principal and the Supplemental Redemption Amount, notices and voting. Transfer of principal and the Supplemental
Redemption Amount to participants of DTC will be the responsibility of DTC, and transfer of principal and the Supplemental Redemption Amount payable to beneficial owners of the Notes by participants of DTC will be the responsibility of such
participants and other nominees of such beneficial owners. So long as the book-entry system is in effect, the selection of any Notes to be redeemed will be determined by DTC pursuant to rules and procedures established by DTC and its participants.
The Corporation will not be responsible or liable for such transfers or payments or for maintaining, supervising or reviewing the records maintained by DTC, its participants, or persons acting through such participants. 
  
 This Note may be exchanged in whole, but not in part, for security-printed
certificated Notes, only if (i) DTC notifies the Corporation or the Trustee that it is unwilling or unable to continue to act as depository for this Note in global form or if at any time DTC ceases to be a clearing agency registered under the
Securities Exchange Act of 1934, as amended (the “Exchange Act”), and in either such case, a successor depository is not appointed by the Corporation within 60 calendar days, or (ii) the Corporation executes and delivers to the Trustee a
written notification that this Note in global form shall be so exchangeable, or (iii) an Event of Default occurs and is continuing with respect to this Note in global form. In any such instance, an owner of a beneficial interest in this Note will be
entitled to physical delivery in certificated form of Notes equal in principal amount to such beneficial interest and to have such Notes registered in its name. Unless otherwise set forth above, Notes so issued in certificated form will be issued in
authorized denominations only and will be issued in registered form only, without coupons. 
  
 No service charge shall be made for any such registration of transfer or exchange, but the Corporation may require payment of a sum sufficient to cover any tax, assessment, or other governmental charge, including,
without limitation, any withholding tax, payable in connection therewith. 
  
 Prior to due presentment of this Note for registration of transfer, the Corporation, the Trustee, the Issuing and Paying Agent and any agent of the Corporation, the Trustee or any Issuing and Paying Agent may treat
the person in whose name this Note is registered as the owner hereof for all purposes. 
  
 SECTION 11. Defined Terms. All terms used in this Note which are not defined herein but are defined in the Indenture shall have the meanings assigned to them in the Indenture. 
  
 SECTION 12. Governing Law. THIS NOTE SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO PRINCIPLES OF CONFLICTS OF LAWS. 
  

 7 

 ABBREVIATIONS 
  
 The following abbreviations, when used in the inscription on the face of the within Note, shall be construed as though they
were written out in full according to applicable laws or regulations: 
  

			
	 TEN COM—
	  	 as tenants in common

	 TEN ENT—
	  	 as tenants by the entireties

	 JT TEN—
	  	 as joint tenants with right of survivorship and not as tenants in common

	 UNIF GIFT MIN ACT— _______________________ as Custodian for _______________________

	 	  	                             (Cust)
                                        
                        (Minor)

  
 Under Uniform Gifts to
Minors Act 
  
 ___________________________ 
 (State) 
  
 Additional abbreviations may also be used though not in the above list. 
  

  
 ASSIGNMENT 
  
 FOR VALUE RECEIVED, the undersigned hereby
sell(s), assign(s) and transfer(s) unto 
  
 [PLEASE PRINT OR
TYPEWRITE NAME AND ADDRESS 
 INCLUDING ZIP CODE OF ASSIGNEE] 
  

  

  

  
 Please Insert Social Security or Other 
 Identifying Number of
Assignee: _____________________________ 
  
 the within Note and all rights
thereunder, hereby irrevocably constituting and appointing ____________________________________ Attorney to transfer said Note on the books of the Corporation, with full power of substitution in the premises. 
  
 Dated: _________________        
____________________________ 
  
 NOTICE: The signature to this assignment must
correspond with the name as it appears upon the face of the within Note in every particular, without alteration or enlargement or any change whatever and must be guaranteed. 
  

 8 

  
 BANK OF AMERICA
CORPORATION 
 Medium-Term Senior Note, Series K 
  
 SUPPLEMENTAL REDEMPTION AMOUNT RIDER 
  
 General 
  
 This Note is part of a series of medium-term notes entitled “Medium-Term Notes, Series K” issued under the Indenture, as described in the
Prospectus dated April 14, 2004 and Prospectus Supplement dated April 15, 2004 and is designated as the Bank of America Corporation Minimum Return Equity Appreciation Growth LinkEd Securities “Index EAGLES®,” due March 27, 2009, Linked to the Nasdaq-100 Index®. Certain capitalized terms used herein have the meanings ascribed to them in the Prospectus and the Prospectus Supplement.

  
 Payment at Maturity; Supplemental Redemption Amount 
  
 At maturity, the holder of the Note will receive the principal amount of
this Note. The holder of the Note also will receive the Supplemental Redemption Amount, which will not be less than a total of 4.00% of the principal amount of this Note at maturity. This minimum amount is called the “Minimum Supplemental
Redemption Amount.” The Supplemental Redemption Amount will be based on the performance of the Nasdaq-100 Index® during the term of this Note and will be determined by the Calculation Agent in the manner described below. 
  
 The Calculation Agent will determine the Supplemental Redemption Amount, which will not be less than the Minimum Supplemental Redemption Amount, by
reference to the periodic returns of the Nasdaq-100 Index® during the following 16
“Reference Periods”: 
  

							
	 2005/06

	  	2006/07

	  	2007/08

	  	2008/09

	 3/21/05-6/21/05
	  	3/21/06-6/21/06	  	3/21/07-6/21/07	  	3/21/08-6/21/08
	 6/21/05-9/21/05
	  	6/21/06-9/21/06	  	6/21/07-9/21/07	  	6/21/08-9/21/08
	 9/21/05-12/21/05
	  	9/21/06-12/21/06	  	9/21/07-12/21/07	  	9/21/08-12/21/08
	 12/21/05-3/21/06
	  	12/21/06-3/21/07	  	12/21/07-3/21/08	  	12/21/08-3/21/09

  
 This Note was priced
on March 21, 2004, or the “Pricing Date.” The Pricing Date is the first day of the first Reference Period. On the Pricing Date, the Calculation Agent determined the closing level of the Nasdaq-100 Index® to be 1,484.45. 
  
 The last day of each Reference Period is referred to as a “Reset Date.” On each Reset Date, the Calculation Agent will determine the
“Periodic Return” of the Nasdaq-100 Index® for the Reference Period then ended
by applying the following formula. The result will be rounded to the nearest ten-thousandth of a decimal place and then expressed as a percentage: 
  

 9 

 Ending Level - Starting Level 
 Starting Level 
  
 The
“Starting Level” for the initial Reference Period is the closing level of the Nasdaq-100 Index® on the Pricing Date, or 1,484.45, and the “Starting Level” for each subsequent Reference Period is the Ending Level for the immediately preceding Reference Period. The “Ending Level” for each Reference Period is
the closing level of the Nasdaq-100 Index® on the applicable Reset Date, or if that day is
not a Business Day (as defined above), the closing level of the Nasdaq-100 Index® on the
next following Business Day. 
  
 On the Pricing Date, the
Corporation set a cap of 7.50%, or the “Return Cap,” which limits any increases in the Periodic Return of the Nasdaq-100 Index® to that rate. For any Reference Period in which the Periodic Return is greater than the Return Cap, the Periodic Return for that Reference Period will be deemed to be the Return Cap. 
  
 After the close of the market on the last Reset Date, the Calculation Agent
will determine the Supplemental Redemption Amount, which will not be less than the Minimum Supplemental Redemption Amount, payable to the holder at maturity based on the following formula: 
  
 Principal Amount x Index Return 
  
 The “Index Return” is the compounded value of the 16 Periodic
Returns computed in the following manner: 
  
 [The product of (1.00
+ the Periodic Return) for each Reference Period] - 1.00 
  
 The
Index Return will be rounded to the nearest ten-thousandth and then expressed as a percentage. 
  
 The Supplemental Redemption Amount will be calculated after the close of the market on the last Reset Date. The period of time between the last Reset Date and the Maturity Date is not part of a Reference Period, and,
therefore, changes in the Nasdaq-100 Index® during that period will not affect the
Supplemental Redemption Amount payable to the holder of this Note at maturity. If these calculations produce a Supplemental Redemption Amount that is less than the Minimum Supplemental Redemption Amount, then the Corporation will pay the holder of
this Note at maturity a Supplemental Redemption Amount equal to the Minimum Supplemental Redemption Amount. 
  
 Event of Default 
  
 Upon
the occurrence of an Event of Default (as defined in the Indenture), the holder of this Note only will be entitled to receive the principal amount of the Note, and will not be entitled to payment of the Supplemental Redemption Amount. 
  

 10 

 Market Disruption 
  
 Each of the following will be a “Market Disruption Event” if, in the sole opinion of the Calculation Agent, that event materially affects the
Nasdaq-100 Index®: 
  
 (a) the suspension, material limitation, or absence of the trading of a material number of stocks included in the Nasdaq-100
Index®; 
  
 (b) the suspension or material limitation of the trading of stocks on one or more stock exchanges on which stocks included
in the Nasdaq-100 Index® are quoted; or 
  
 (c) the suspension or material limitation of the trading of (1) options or
futures relating to the Nasdaq-100 Index® on any options or futures exchanges or (2)
options or futures generally. 
  
 For the purpose of this
definition of Market Disruption Event: 
  
 (a) a limitation on the
number of hours or days of trading will not be a Market Disruption Event if it results from an announced change in the regular business hours of any exchange; 
  

(b) a limitation on trading imposed by reason of the movements in price exceeding the levels permitted by any relevant exchange will be a Market
Disruption Event; 
  
 (c) a decision to permanently discontinue
trading in the relevant futures or options contracts will not constitute a Market Disruption Event; and 
  
 (d) an absence of trading on a securities exchange or quotation system will not include any time when that exchange or quotation system is closed for
trading under ordinary circumstances. 
  
 If a Market Disruption
Event occurs or is continuing on a day that would otherwise be a Reset Date, then the Calculation Agent instead will use the closing level of the Nasdaq-100 Index® on the first Business Day after that day on which no Market Disruption Event occurs or is continuing. In no event, however, will any
Reset Date be postponed by more than five Business Days. If any Reset Date is postponed to the last possible day, but a Market Disruption Event occurs or is continuing on that day, that day nevertheless will be the Reset Date, and the Calculation
Agent will make a good faith estimate of the closing level of the Nasdaq-100 Index® based
upon its assessment of the level of the Nasdaq-100 Index® at that time. If the last
scheduled Reset Date is postponed due to a Market Disruption Event, the Maturity Date for this Note also will be postponed by the same number of Business Days. 
  

Discontinuance of the Nasdaq-100 Index®; Alteration of Method of Calculation 
  
 If Nasdaq® discontinues publication of the Nasdaq-100 Index® and Nasdaq® or another entity publishes a successor or substitute index that the Calculation Agent determines, in
its sole 

  

 11 

 
discretion, is comparable to the discontinued Nasdaq-100 Index® (the new index being referred to as a “Successor Index”), then the relevant closing levels shall be determined by reference
to the Successor Index at the close of trading on the New York Stock Exchange, the American Stock Exchange LLC, The Nasdaq National Market, or the relevant exchange or market for the Successor Index. 
  
 If the Calculation Agent selects a Successor Index, the Calculation Agent
immediately shall notify the Corporation and the Trustee, and the Trustee will provide written notice of a change to the holders of this Note within three Business Days of selection. 
  
 If Nasdaq® discontinues publication of the Nasdaq-100 Index®, and the Calculation Agent determines that no Successor Index is available, then the Calculation Agent will notify the Corporation and the Trustee and shall calculate the appropriate closing levels. These calculations by the
Calculation Agent will be in accordance with the formula for and method of calculating the Nasdaq-100 Index® last in effect prior to that discontinuance. If a Successor Index is selected or the Calculation Agent calculates a level as a substitute for the Nasdaq-100 Index®, that Successor Index or level will be substituted for the Nasdaq-100 Index® for all purposes. 
  
 If at any time the method of calculating the Nasdaq-100 Index® or a Successor Index, or the level of that index, is changed in a material respect, or if the Nasdaq-100 Index® or a Successor Index in any other way is modified so that it does not, in the opinion of the
Calculation Agent, fairly represent the level of the Nasdaq-100 Index® or the Successor
Index had those changes or modifications not been made, then, from and after that time, the Calculation Agent will notify the Corporation and the Trustee. The Calculation Agent will make those calculations and adjustments as, in the good faith
judgment of the Calculation Agent, may be necessary in order to arrive at a level of a stock index comparable to the Nasdaq-100 Index® or the Successor Index, as the case may be, as if those changes or modifications had not been made, and calculate the closing levels with reference to the Nasdaq-100 Index® or the Successor Index, as adjusted. Accordingly, if the method of calculating the Nasdaq-100
Index® or a Successor Index is modified so that the level of such index is a fraction of
what it would have been if it had not been modified (e.g., due to a split in the index), then the Calculation Agent shall adjust the index in order to arrive at a level of the Nasdaq-100 Index® or the Successor Index as if it had not been modified (e.g., as if the split had not occurred). 
  
 Role of the Calculation Agent 
  
 The Calculation Agent has the sole discretion to make all determinations
regarding this Note, including determinations regarding the Index Return, the Supplemental Redemption Amount, Market Disruption Events, Successor Indices, and Business Days. Absent manifest error, all determinations of the Calculation Agent will be
final and binding on the holder of this Note and the Corporation, without any liability on the part of the Calculation Agent. 
  
 The Corporation has initially appointed its affiliate, Banc of America Securities LLC, as the Calculation Agent, but the Corporation may change the
Calculation Agent at any time without notifying the holder of this Note. 
  

 12Form of 2004 performance award agreement

 EXHIBIT 10.31 
  
 Ryerson Tull, Inc. 
  
 2002 Incentive Stock Plan  
 Performance Award Agreement 
  
 You have been selected to
be a Participant in the Ryerson Tull, Inc. 2002 Incentive Stock Plan (the “Plan”), as specified below: 
  

			
	 Participant:
	 	 
		
	 Number of Performance Shares Granted:
	 	 
		
	 Date of Grant:
	 	 January 28, 2004

		
	 Beginning of Performance Cycle:
	 	 
		
	 End of Performance Cycle:
	 	 
		
	 Performance Measure:
	 	 Return on Net Assets (“RONA”)

		
	 Performance Measurement Target:
	 	 4-year average RONA =             %

		
	 Performance Measurement Threshold:
	 	 4-year average RONA =             %

		
	 Performance Measurement Cap:
	 	 4-year average RONA =             %

		
	 Maximum Number of Performance Shares
	 	 
	 Payable (subject to the Value Cap):
	 	 

  
 If there is any inconsistency
between the terms of this Agreement and the terms of the Plan, the Plan’s terms shall completely supersede and replace the conflicting terms of this Agreement. All capitalized terms shall have the meanings ascribed to them in the Plan, unless
specifically set forth otherwise herein. 
  

 To the extent not specified in the Plan, the terms of this award have been determined by the Compensation
Committee of the Board of Directors of the Company (the “Committee”), as outlined in this Agreement. 
  
 1. Settlement of Award. Under Section 9(a)(iii) of the Plan, For each Performance Share earned by you, as determined in accordance with the
provisions of Exhibit 1, which is attached to and forms a part of this Agreement, the Company shall deliver to you (a) one share of Common Stock or (b) cash equal to the Fair Market Value of one share of Common Stock. Any earned Performance Shares
payable to you in accordance with this Section are payable in Common Stock or cash as you may elect from time to time, or may be deferred at your election as provided in the Plan and in any rules adopted by the Committee. For earned Performance
Shares paid in shares of Common Stock, any fractional shares of Common Stock shall be rounded to the nearest whole share of Common Stock. The Fair Market Value of Common Stock shall have the definition provided in the Plan and in any rules adopted
by the Committee. 
  
 2. Eligibility for Earned Performance
Shares. You shall be eligible for payment of earned Performance Shares only if your employment with the Company: 
  
 (a) Continues through the end of the Performance Cycle; 
  
 (b) Is terminated due to Normal Retirement (as defined in the Ryerson Tull Pension Plan) during the
Performance Cycle; 
  
 (c) Is terminated due to
Disability or death during the Performance Cycle; or 
  
 (d) Is terminated involuntarily for reasons other than Cause during the Performance Cycle. 
  
 If you retire under Normal Retirement, suffer a Disability, or are terminated involuntarily for reasons other than Cause during the Performance Cycle, you shall be eligible only for that proportion of the number of
Performance Shares earned for such Performance Cycle that your number of full months of participation during the Performance Cycle bears to 48 months. “Cause” has the same meaning ascribed to it in the Employment Agreement between you and
the Corporation or, if you are not party to an Employment Agreement, in the form of employment agreement approved by the Compensation Committee and in effect at the date of termination. 
  
 In the event of your death, the Performance Cycle for this award will be deemed to end at December 31 of the year of your death, attainment
of the Performance Measures will be computed as of that December 31, and you shall be eligible only for that proportion of the number of Performance Shares deemed earned for such deemed Performance Cycle that your number of full months of
participation during the Performance Cycle bears to 48 months. Your beneficiary shall be entitled to the Performance Shares to which you otherwise would have been entitled under the same conditions as would have been applicable to you. 

 
 Termination of employment during the Performance Cycle for any reason other than Normal
Retirement, Disability, death, or involuntarily for reasons other than Cause, shall require forfeiture of this entire award, with no payment to you. 
  
 3. Deferral of Award. The payment of the shares of Common Stock earned pursuant to this Performance Award Agreement to you may be deferred, in
whole or in part, at your election. If you elect to defer your receipt of such shares of earned Common Stock, the amount deferred will be denominated in share units that will be deemed to be invested in and ultimately be paid out, at your election,
in the form of shares of Common Stock or in cash equal to the Fair Market Value of shares of Common Stock at the payment date. You must make a deferral election prior to the beginning of the Performance Cycle. The duration of the deferral extends to
Retirement or termination of employment. Once made, the deferral election is irrevocable. 
  
 4. Tax Withholding. The Company shall have the power and the right to deduct or withhold, or require the Participant or beneficiary to remit to the Company, an amount sufficient to satisfy federal, state, and
local taxes, domestic or foreign, required by law or regulation to be withheld with respect to any taxable event arising as a result of this Agreement. 
  
 5. Nontransferability. Performance Shares may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by
will or by the laws of descent and distribution. 
  
 6. Change
in Control. In the event of a Change in Control of the Company, you will receive an amount in cash with respect to this performance award if it is outstanding on the date of the Change in Control equal to (i) the Change in Control Price,
multiplied by (ii) 100% of the target award amount, and further multiplied by (iii) a fraction, the denominator of which is the number of months (rounded to the nearest whole number) in the performance cycle, and the numerator of which is the number
of months (rounded to the nearest whole number) of the performance cycle elapsed prior to the date of the Change in Control of the Company; provided, however, that if the Company’s market capitalization as of the date of the Change in Control
is less than $250 million, “30%” shall be substituted for “100%” in clause (ii) above; and, provided further, that the foregoing amount shall be in lieu of any other payment with respect to this performance award, and if you
receive any payment with respect to this performance award after the Change in Control, but prior to your Date of Termination, it shall reduce, but not below zero, the amount to which you are entitled under this paragraph (6) for this award.

  

	 	7.	Miscellaneous. 

  
 (a) This Agreement shall not confer upon Participant any right to continuation of employment by the Company, nor shall this Agreement
interfere in any way with the Company’s right to terminate his or her employment at any time. 
  
 (b) With the approval of the Board, the Committee may terminate, amend, or modify the Plan; provided, however, that no such termination,
amendment, or modification of the Plan may in any way adversely affect Participant’s rights under this Agreement. 
  
 (c) This Agreement shall be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or
national securities exchanges as may be required. 
  

 Exhibit 1 
  
 This Exhibit 1 is incorporated into and forms a part of the Agreement. 
  
 Revision of Performance Measures. The Performance Measures set forth in this Exhibit 1 and the Agreement may be modified by the Committee during, and after the end
of, the Performance Cycle to reflect significant events that occur during the Performance Cycle; provided, however, that if the Participant is or will be a Covered Employee for purposes of Section 162(m) of the Internal Revenue Code of 1986, as
amended, then such modification can only be undertaken in a manner consistent with the requirements of Section 162(m) and the regulations thereunder, unless the Committee, in its sole discretion, decides otherwise. 
  
 Amount of Award. No award shall be earned or payable unless the Company’s
aggregate earnings over the Performance Period is greater than $0.00. When the Company’s aggregate earnings over the Performance Period is greater than $0.00, the amount distributable to the Participant under the Agreement shall be determined
in accordance with the following schedule: 
  
 2004 Award of Performance Shares
Earned and Payable at December 31, 2007 
  

												
	 Actual Average
 RONA for the

Performance Cycle

	  	 RONA as a Percent
 of the Performance
 Measurement
 Target

	 	 	 Performance
 Shares Earned as a
 Percent of Target
 Award Amount

	 	 	 Target Award
 Amount
 (Number of
 Performance
 Shares in the
 Initial Award)

	  	 Performance
 Shares Earned
 (Number of
 Shares*/Value
 Cap)

	 
	 Less than _____%
	  	Less than _____	%	 	0	%	 	______	  	0	 
	 _____%
	  	_____%	 	 	30	%*	 	______	  	______	*
	 _____%
	  	_____%	 	 	100	%	 	______	  	______	 
	 _____%
	  	_____%	 	 	200	%*	 	______	  	______
shares/$______
but not less than
______ shares	*
 
 
 

	*	Subject  to the Value Cap described below. 

  
 Note: Performance Shares earned above a threshold average RONA over the Performance Cycle of _____% will be interpolated from the above chart, up
to a maximum number of Performance Shares earned at the Performance Measurement Cap of _____%, which maximum is the lesser of (1) ______ shares and (2) the Value Cap of $______, but in no event less than ______ shares (the initial award of
performance shares). 
  

	*	The Value Cap is a limit on the total economic value of what may be earned that can impact the shares earned as follows: performance shares can be earned only up to the point
that the total economic value of all shares delivered to a participant does not exceed two times the economic value of the initial award (except as noted below). The economic value of the initial award is computed by multiplying 100% of the
performance shares underlying the initial award by the 24-month average price of Company stock (excluding the two highest and two lowest prices) prior to the grant date, which price was $_______. Notwithstanding this Value Cap, if performance is at
or above target a participant will receive no less than the initial award of performance shares provided for at the beginning of the cycle.

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