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                                                                   EXHIBIT 10(J)

                             FIRST UNION CORPORATION

                            1998 STOCK INCENTIVE PLAN
                            (AS AMENDED AND RESTATED)

1.       ESTABLISHMENT AND PURPOSE

         First Union Corporation, a North Carolina corporation ("First Union"),
hereby establishes an incentive compensation plan, which shall be known as the
"FIRST UNION CORPORATION 1998 STOCK INCENTIVE PLAN" (the "Plan").

         The purposes of the Plan are to (a) help align the long-term financial
interests of Participants with those of stockholders; (b) reinforce a
performance-oriented culture/strategy; (c) incent and reward employees for
increasing First Union's common stock price over time; and (d) motivate, attract
and retain the services of Participants upon whose judgment, interest and
special effort the successful conduct of First Union's operations are dependent.

2.       EFFECTIVE DATE AND DURATION OF THE PLAN

         The Plan shall become effective on April 21, 1998, subject to its
approval by the stockholders of First Union, and shall remain in effect, subject
to the right of the Board to amend or terminate the Plan at any time pursuant to
the terms hereof, until all Shares subject to it shall have been purchased or
acquired according to the Plan's provisions. In no event may an Award be granted
under the Plan after April 20, 2008. After the date on which the Plan becomes
effective, no further grants will be made under the Prior Plan.

3.       DEFINITIONS

                  (a)      "1934 Act" means the Securities Exchange Act of 1934,
         as amended, including the rules and regulations promulgated thereunder.

                  (b)      "Award" means, individually or collectively, an
         Option (including an ISO or an NQSO), SAR, Stock Award, any other award
         made pursuant to the terms of the Plan, or any combination thereof.

                  (c)      "Award Agreement" means an agreement entered into by
         the Corporation and each Participant setting forth the terms and
         provisions applicable to Awards.

                  (d)      "Beneficial Owner" or "Beneficial Ownership" shall
         have the meaning ascribed to such term in Rule 13d-3 of the General
         Rules and Regulations under the 1934 Act.

                  (e)      "Board" means the Board of Directors of First Union.

                  (f)      "Change of Control" means a change in control of
         First Union of a nature that would be required to be reported in
         response to Item 6(e) of Schedule 14A of Regulation 14A promulgated
         under the 1934 Act; provided, however, that, without limitation, such a
         Change of Control shall be deemed to have occurred if (i) any one
         person, or more than one person acting as a group, acquires Beneficial
         Ownership of Shares that, together with Shares held by such person or
         group, possesses more than 50 percent of the total Fair Market Value or
         total voting power of the Shares, (ii) any one person, or more than one
         person acting as a group, acquires (or has acquired during the 12-month
         period ending on the date of the most recent acquisition by such person
         or persons) Beneficial Ownership of Shares possessing 20 percent or
         more of the total voting power of the Shares, or (iii) a majority of
         members of the Board is replaced during any 12-month period by
         directors whose appointment or election is not endorsed by a majority
         of the members of the Board prior to the date of such appointment or
         election.

                  (g)      "Code" means the Internal Revenue Code of 1986, as
         amended (or any successor thereto), including any rules and regulations
         promulgated thereunder.

                  (h)      "Committee" means the Human Resources Committee of
         the Board or such other committee as is appointed by the Board to
         administer the Plan.

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                  (i)      "Corporation" means (i) First Union and any entity
         that is directly or indirectly controlled by First Union, or (ii) any
         entity in which First Union has a significant equity interest, as
         determined by the Committee.

                  (j)      "Covered Officer" means, for a calendar year, a
         Participant who is one of the group of executive officers of the
         Corporation designated by the Committee in writing as "Covered
         Officers".

                  (k)      "Date of Termination of Employment" means, with
         respect to an Employee who is terminating employment with the
         Corporation, (i) the last day such Employee performs actual services
         for the Corporation as an Employee, (ii) the 91st day of a bona fide
         leave of absence when such Employee's right to continue employment with
         the Corporation is not guaranteed by law or contract or, if later, on
         the date that such legal or contractual guarantee lapses, (iii) the
         date that such Employee is deemed to have a Disability, or (iv) the
         date of such Employee's death, as applicable.

                  (l)      "Disability", with respect to an Employee, means
         having received long-term disability benefits under the Corporation's
         Long-Term Disability Plan for a period of 12 consecutive months.

                  (m)      "Early Retirement" means termination of a
         Participant's employment upon satisfaction of the requirements for
         early retirement under First Union's pension plan.

                  (n)      "Employee" means an employee of the Corporation.

                  (o)      "Fair Market Value" means the closing sales price of
         the Shares on the New York Stock Exchange Composite Tape on the
         valuation date, or, if there were no sales on the valuation date, the
         closing sales price on the New York Stock Exchange Composite Tape on
         the first trading day before such valuation date.

                  (p)      "First Union" is defined in Section 1 herein.

                  (q)      "ISO" means an Option to purchase Shares granted
         under Section 7(a) herein, which is designated as an ISO and which is
         intended to meet the requirements of Section 422 of the Code.

                  (r)      "NQSO" means an Option to purchase Shares granted
         under Section 7(a) herein, and which is not intended to meet the
         requirements of Section 422 of the Code.

                  (s)      "Normal Retirement" means termination of a
         Participant's employment upon satisfaction of the requirements for
         normal retirement under the terms of First Union's pension plan.

                  (t)      "Option" means an ISO or an NQSO.

                  (u)      "Option Price" means the price at which a Share may
         be purchased by a Participant pursuant to an Option.

                  (v)      "Participant" means an Employee of the Corporation
         who has been granted an Award under the Plan.

                  (w)      "Performance-Based Exception" means the
         performance-based exception set forth in Code Section 162(m)(4)(C) from
         the deductibility limitations of Code Section 162(m).

                  (x)      "Performance Goals" means performance goals based on
         any of the following criteria and established by the Committee prior to
         April 1 of each year: earnings or earnings growth; return on equity,
         assets or investment; revenues; expenses; stock price; market share;
         charge-offs; or reductions in non-performing assets. Such Performance
         Goals may be particular to an Employee or the division, department,
         branch, line of business, subsidiary or other unit in which the
         Employee works, or may be based on the performance of the Corporation
         generally.

                  (y)      "Performance Stock Awards" means the Stock Awards
         granted to Covered Officers upon satisfaction of the conditions set
         forth in Section 7(c)(ii) of the Plan.

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                  (z)      "Period of Restriction" means the period during which
         the vesting and/or transfer of Stock Awards is limited in some way, and
         the Shares subject to such Stock Awards are subject to a substantial
         risk of forfeiture, as provided in Section 7(c) herein.

                  (aa)     "Plan" is defined in Section 1 herein.

                  (bb)     "Plan Year" means a twelve-month period beginning
         with January 1 of each year.

                  (cc)     "Prior Plan" means the First Union 1996 Master Stock
         Compensation Plan.

                  (dd)     "RSAs" means a Stock Award granted to a Participant
         pursuant to Section 7(c) herein which contains restrictions on vesting
         and/or transfer.

                  (ee)     "Retirement" means either Early Retirement or Normal
         Retirement.

                  (ff)     "SAR" means an Award, granted alone or in connection
         with a related Option, designated as an SAR, pursuant to the terms of
         Section 7(b) herein.

                  (gg)     "Shares" means the common stock of First Union, par
         value $3.33 1/3 per share.

                  (hh)     "Stock Award" shall represent an Award made in Shares
         or denominated in units equivalent in value to Shares or any other
         Award based on or related to Shares, including, but not limited to,
         RSAs.

4.       PLAN ADMINISTRATION

                  (a)      The Committee. The Committee shall be responsible for
         administering the Plan. If considered appropriate by the Board in light
         of applicable laws, rules, or regulations, the Committee shall be
         comprised of two or more non-employee members of the Board each of whom
         is a "Non-Employee Director" within the meaning of Rule 16b-3 under the
         1934 Act and an "outside director" within the meaning of Section 162(m)
         of the Code. Any action taken with respect to Covered Officers for
         purpose of meeting the Performance-Based Exception shall be taken by
         the Committee only if all of the members of the Committee are "outside
         directors" within the meaning of Code Section 162(m).

                  (b)      Committee Authority. The Committee may at any time
         alter, amend, suspend or discontinue the Plan or any or all agreements
         granted under the Plan to the extent permitted by law. Except as
         limited by law, or by the Articles of Incorporation or By-laws of First
         Union, and subject to the provisions herein, the Committee shall have
         full and exclusive power to interpret the Plan and to adopt such rules,
         regulations, and guidelines for carrying out the Plan as it may deem
         necessary or proper, all of which powers shall be executed in the best
         interests of the Corporation and in keeping with the provisions and
         objectives of the Plan. These powers include, but are not limited to
         (i) selecting Award recipients and the extent of their participation;
         (ii) establishing all Award terms and conditions; (iii) adopting
         procedures and regulations governing Awards; and (iv) making all other
         determinations necessary or advisable for the administration of the
         Plan. In addition, except as provided herein, in First Union's Articles
         of Incorporation or By-laws, or pursuant to applicable law, the
         Committee shall have authority, in its sole discretion, to accelerate
         the date that any Award which was not otherwise exercisable or vested
         shall become exercisable or vested in whole or in part without any
         obligation to accelerate such date with respect to any other Awards
         granted to any Participant. All determinations, interpretations or
         other actions taken or made by the Committee pursuant to the provisions
         of the Plan shall be final, binding and conclusive on all persons
         interested herein.

                  The Committee may delegate to one or more officers of the
         Corporation the authority to carry out some or all of its
         responsibilities, provided that the Committee may not delegate its
         authority and powers in any way which would be inconsistent with the
         requirements of the Code or the 1934 Act. The Committee may at any time
         rescind the authority delegated to any such officers.

                  In no event shall the Committee have the right to (i) cancel
         outstanding Options or SARs for the purpose of replacing or regranting
         such Options or SARs with an Option Price that is less than the
         original Option Price of the Option or SAR, or otherwise reduce the
         Option Price, or (ii) increase the number of

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         shares available for issuance in accordance with Section 6 of the Plan
         (except in accordance with Section 6(c)) without shareholder approval.

                  No member of the Committee shall be liable for any action or
         determination with respect to the Plan, and the members shall be
         entitled to indemnification and reimbursement in the manner provided in
         First Union's Articles of Incorporation. In the performance of its
         functions under the Plan, the Committee shall be entitled to rely upon
         information and advice furnished by the Corporation's officers,
         accountants, counsel and any other party the Committee deems necessary,
         and no member of the Committee shall be liable for any action taken or
         not taken in reliance upon any such advice.

5.       PARTICIPATION

         The individuals who shall be eligible to receive Awards under the Plan
shall be officers or other selected key employees of the Corporation as the
Committee shall approve from time to time.

         In the event of a change in a Participant's duties and
responsibilities, or a transfer of the Participant to a different position, the
Committee may terminate any Award granted to such Participant or reduce the
number of Shares subject thereto commensurate with the transfer or change in
responsibility, as determined by the Committee in its discretion.

         Notwithstanding any provision of the Plan to the contrary, in order to
foster and promote achievement of the purposes of the Plan or to comply with
provisions of laws in other countries in which the Corporation operates or has
employees, the Committee, in its sole discretion, shall have the power and
authority to (i) determine which Employees (if any) employed outside the United
States are eligible or required to participate in the Plan, (ii) modify the
terms and conditions of any Awards made to such Employees, and (iii) establish
subplans, modified Option exercise and other terms and procedures to the extent
such actions may be necessary or advisable.

6.       AVAILABLE SHARES OF COMMON STOCK

                  (a)      Share Limitations. The aggregate amount of Shares
         that may be granted under the Plan shall be as follows:

                           (i)      the aggregate number of Shares as to which
                  Awards may be granted in any Plan Year shall not exceed 1.5%
                  of the total Shares outstanding as reported in the Annual
                  Report on Form 10-K of First Union for the fiscal year ending
                  immediately prior to such Plan Year;

                           (ii)     there shall be carried forward and be
                  available for Awards under the Plan in each Plan Year, in
                  addition to the Shares available for grant under Section
                  6(a)(i) above, (a) 5,000,000 Shares available for issuance
                  under the Prior Plan; (b) with respect to any succeeding Plan
                  Year, any unused portion of the limit for a Plan Year; and (c)
                  any Shares represented by Awards or portions of Awards made
                  under the Plan which are forfeited, expire, terminate or are
                  canceled or settled without issuance; provided, however, that
                  if (a) the Option Price for an Option granted under the Plan
                  is satisfied by tendering Shares or (b) an SAR is paid by
                  issuing Shares, only the net number of Shares issued shall be
                  used for determining the maximum number of Shares available
                  for issuance under the Plan;

                           (iii)    the aggregate number of Shares (prior to
                  adjustments as provided in Section 6(c)) that may be
                  represented by Awards granted to any single individual under
                  the Plan in any calendar year under Sections 7(a), (b) and (c)
                  of the Plan shall not exceed 1,250,000; and

                           (iv)     the aggregate number of Shares (prior to
                  adjustments as provided in Section 6(c)) that may be covered
                  by Awards made in the form of ISOs shall not exceed
                  100,000,000. Such aggregate number of Shares may be increased
                  by any Shares represented by ISOs or portions of ISOs granted
                  under the Plan which are forfeited, expire, terminate or are
                  cancelled or settled without issuance. If the Option Price for
                  an ISO granted under the Plan is satisfied by tendering
                  Shares, only the net number of Shares issued shall be used for
                  determining the maximum number of Shares in the form of ISOs
                  available for issuance under the Plan.

                  (b)      Shares not applied to limitations. The following will
         not be applied to the share limitations of Section 6(a) above: (i)
         dividends or dividend equivalents paid in cash in connection with

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         outstanding Awards, (ii) stock denominated Awards which by their terms
         may be settled only in cash, and (iii) Shares and any Awards that are
         granted through the assumption of, or in substitution for, outstanding
         Awards previously granted to Employees as the result of a merger,
         consolidation, or acquisition of the employing company as the result of
         which it is merged with the Corporation or becomes a subsidiary of the
         Corporation.

                  (c)      Adjustments. In the event of any stock dividend,
         stock split, combination or exchange of equity securities, merger,
         consolidation, recapitalization, divestiture or other distribution
         (other than ordinary cash dividends) of assets to stockholders, or any
         other change affecting Shares or Share price, such proportionate
         adjustments, if any, as the Committee in its discretion may deem
         appropriate to reflect such change shall be made with respect to the
         limitations on the numbers of Shares that may be issued and represented
         by Awards under the Plan; provided, however, that any fractional shares
         resulting from any such adjustment shall be eliminated. Upon the
         occurrence of any such event, the Committee may also (or in lieu of any
         of the foregoing adjustments) make such other adjustments as it shall
         consider appropriate to preserve the benefits or potential benefits
         intended to be made available to Participants. Options granted pursuant
         to the Plan and described as ISOs shall not be adjusted in a manner
         that causes the Options to fail to continue to qualify as ISOs.

                  The Shares subject to the provisions of the Plan shall be
         shares of authorized but unissued Shares.

7.       AWARDS UNDER THE PLAN

         The types of Awards set forth in this Article 7 may be granted under
the Plan, singly, in combination or in tandem as the Committee may determine.

         (a)      Options.

                  (i)      Grant. An Option shall represent a right to purchase
         a specified number of Shares at a stated Option Price during a
         specified time, not to exceed ten years from the date of grant, as
         determined by the Committee. The Option Price per Share for each ISO
         shall not be less than 100% of the Fair Market Value on the date of
         grant. An Option may be in the form of an ISO which is consistent with
         the applicable terms, conditions, and limitations established by the
         Code and the Committee. Each Option grant shall be evidenced by an
         Award Agreement that shall specify the Option Price, the duration of
         the Option, the number of Shares to which the Option pertains, and such
         other provisions as the Committee shall determine. The Award Agreement
         also shall specify whether the Option is intended to be an ISO or an
         NQSO. Options granted under this Section 7(a) shall be exercisable at
         such times and be subject to such restrictions and conditions as the
         Committee shall in each instance approve and which shall be set forth
         in the applicable Award Agreement, which need not be the same for each
         grant or for each Participant. Upon satisfaction of the applicable
         conditions to exercisability specified in the terms and conditions of
         the Award as set forth in the Award Agreement, the Participant shall be
         entitled to exercise the Option in whole or in part and to receive,
         upon satisfaction or payment of the Option Price in the manner
         contemplated in this Section 7(a), the number of Shares in respect of
         which the Option shall have been exercised.

                  (ii)     Exercise. Options shall be exercised by the delivery
         of a written notice of exercise to the Corporation, setting forth the
         number of Shares with respect to which the Option is to be exercised,
         accompanied by full payment for the Shares. The Shares covered by an
         Option may be purchased by methods designated by the Committee, in its
         discretion, including, but not limited to (A) a cash payment; (B)
         tendering Shares owned by the Participant, valued at the Fair Market
         Value at the date of exercise; or (C) any combination of the above. As
         soon as practicable after receipt of a written notification of exercise
         and full payment, the Corporation shall deliver to the Participant,
         Share certificates in an appropriate amount based upon the number of
         Shares purchased under the Option.

                  (iii)    Termination. If the employment of a Participant with
         the Corporation shall terminate by reason of death, Disability or
         Retirement, any then outstanding Options granted to such Participant
         shall become immediately exercisable on the Date of Termination of
         Employment. Unless the Committee determines otherwise, any such
         outstanding Options will be forfeited on the expiration date of such
         Options or within three years after the Date of Termination of
         Employment, whichever period is shorter. Unless the Committee
         determines otherwise, if the employment of a Participant with the
         Corporation shall terminate for any reason other than death, Disability
         or Retirement, (i) any then outstanding but unexercisable Options
         granted to such Participant will be forfeited on the Date of
         Termination of Employment, and (ii)

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         any then outstanding and exercisable Options granted to such
         Participant will be forfeited on the expiration date of such Options or
         three months after the Date of Termination of Employment, whichever
         period is shorter.

                  (iv)     ISOs. In the case of any outstanding Options granted
         to a Participant that are ISOs, the tax treatment prescribed under
         Section 422 of the Code shall not be available if such Options are not
         exercised (A) within three months after the Date of Termination of
         Employment unless such termination is due to death or Disability, or
         (B) within one year after the Date of Termination of Employment due to
         Disability. If a Participant's employment is terminated due to death,
         the tax treatment prescribed under Section 422 of the Code shall be
         available if the Participant was either an Employee on the date of
         death or an Employee within the three month period prior to the date of
         death.

         (b)      SARs.

                  (i)      Grant. An SAR shall represent a right to receive a
         payment in cash, Shares, or a combination thereof, equal to the excess
         of the Fair Market Value of a specified number of Shares on the date
         the SAR is exercised over an amount which shall be no less than the
         Fair Market Value on the date the SAR was granted (or the Option Price
         for SARs granted in tandem with an Option) as set forth in the
         applicable Award Agreement. Each SAR grant shall be evidenced by an
         Award Agreement that shall specify the SAR exercise price, the duration
         of the SAR, the number of Shares to which the SAR pertains, whether the
         SAR is granted in tandem with the grant of an Option or is
         freestanding, and such other provisions as the Committee shall
         determine. SARs granted under this Section 7(b) shall be exercisable at
         such times and be subject to such restrictions and conditions as the
         Committee shall in each instance approve and which shall be set forth
         in the applicable Award Agreement, which need not be the same for each
         grant or for each Participant.

                  (ii)     Exercise. SARs shall be exercised by the delivery of
         a written notice of exercise to the Corporation, setting forth the
         number of Shares with respect to which the SAR is to be exercised. The
         date of exercise of the SAR shall be the date on which the Corporation
         shall have received notice from the Participant of the exercise of such
         SAR. SARs granted in tandem with the grant of an Option may be
         exercised for all or part of the Shares subject to the related Option
         upon the surrender of the right to exercise the equivalent portion of
         the related Option. SARs granted in tandem with the grant of an Option
         may be exercised only with respect to the Shares for which its related
         Option is then exercisable. With respect to SARs granted in tandem with
         an ISO, (A) such SAR will expire no later than the expiration of the
         underlying ISO, (B) the value of the payout with respect to such SAR
         may be for no more than one hundred percent of the difference between
         the Option Price of the underlying ISO and the Fair Market Value of the
         Shares subject to the underlying ISO at the time such SAR is exercised,
         and (C) such SAR may be exercised only when the Fair Market Value of
         the Shares subject to the underlying ISO exceeds the Option Price of
         the ISO. SARs granted independently from the grant of an Option may be
         exercised upon the terms and conditions contained in the applicable
         Award Agreement. Notwithstanding any other provision of the Plan, the
         Committee may impose such conditions on exercise of an SAR (including,
         without limitation, the right of the Committee to limit the time of
         exercise to specified periods) as may be required to satisfy the
         requirements of Section 16 (or any successor law) of the 1934 Act. In
         the event the SAR shall be payable in Shares, a certificate for the
         Shares acquired upon exercise of an SAR shall be issued in the name of
         the Participant as soon as practicable following receipt of notice of
         exercise. No fractional Shares will be issuable upon exercise of the
         SAR and, unless provided in the applicable Award Agreement, the
         Participant will receive cash in lieu of fractional Shares.

                  (iii)    Termination. If the employment of a Participant with
         the Corporation shall terminate by reason of death, Disability or
         Normal Retirement, any then outstanding SARs granted to such
         Participant shall become immediately exercisable on the Date of
         Termination of Employment. Unless the Committee determines otherwise,
         any such outstanding SARs will be forfeited on the expiration date of
         such SARs or within three years after the Date of Termination of
         Employment, whichever period is shorter. Unless the Committee
         determines otherwise, if the employment of a Participant with the
         Corporation shall terminate for any reason other than death, Disability
         or Normal Retirement, (i) any then outstanding but unexercisable SARs
         granted to such Participant will be forfeited on the Date of
         Termination of Employment, and (ii) any then outstanding and
         exercisable SARs granted to such Participant will be forfeited on the
         expiration date of such SARs or three months after the Date of
         Termination of Employment, whichever period is shorter.

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         (c)      Stock Awards.

                  (i)      Grant. All or any part of any Stock Award may be
         subject to conditions and restrictions established by the Committee,
         and set forth in the applicable Award Agreement, which may include, but
         are not limited to, continuous service with the Corporation, a
         requirement that Participants pay a stipulated purchase price for each
         Stock Award, the achievement of specific Performance Goals, and/or
         applicable securities laws restrictions. During the applicable Period
         of Restriction, Participants holding RSAs may exercise full voting
         rights with respect to such Shares. During the applicable Period of
         Restriction, Participants holding RSAs shall be entitled to receive all
         dividends and other distributions paid with respect to such Shares
         while they are so restricted. If any such dividends or distributions
         are paid in Shares, such Shares shall be subject to the same
         restrictions on transferability as the RSAs with respect to which they
         are paid.

                  (ii)     Performance Stock Awards. Performance Stock Awards
         will be granted to Covered Officers under the following conditions:

                           (A)      Prior to April 1 of each year, the Committee
                  shall determine the Covered Officers and the Performance Goals
                  for such year that will need to be attained in order to permit
                  Performance Stock Awards to be granted to the Covered Officers
                  in the following year; and

                           (B)      the value of Performance Stock Awards
                  granted to a Covered Officer (calculated by multiplying the
                  Fair Market Value on the date of grant times the number of
                  Shares of the Stock Award) shall equal 300% of the Covered
                  Officer's base salary for the calendar year preceding the date
                  of grant; provided, that such value may not exceed $4,500,000;
                  and provided, further, that the Committee may, in its
                  discretion, reduce the number of Shares to be granted in the
                  Performance Stock Award.

         Notwithstanding the foregoing, any Shares of restricted stock issued to
Covered Officers in 1998 pursuant to the satisfaction of the performance goal
set forth in the Prior Plan shall be issued under the Plan in accordance with
the terms, conditions and limitations set forth in the Prior Plan.

                  (iii)    Termination. Unless the Committee determines
         otherwise, if the employment of a Participant with the Corporation
         shall terminate because of Normal Retirement, Disability or death, any
         remaining Period of Restriction applicable to Stock Awards granted to
         such Participant shall automatically terminate and, except as otherwise
         provided in this Section 7(c), such Stock Awards shall be free of
         restrictions and freely transferable. Unless the Committee determines
         otherwise, if the employment of a Participant with the Corporation
         shall terminate for any reason other than death, Disability or Normal
         Retirement, then any Stock Awards subject to restrictions on the date
         of such termination shall automatically be forfeited on the Date of
         Termination of Employment and returned to the Corporation; provided,
         however, if such employment terminates due to Early Retirement or any
         involuntary termination by the Corporation, the Committee may, in its
         sole discretion, waive the automatic forfeiture of any or all such
         Stock Awards and/or may add such new restrictions to such Stock Awards
         as it deems appropriate.

8.       DIVIDENDS AND DIVIDEND EQUIVALENTS

         The Committee may provide the Awards under Section 7(c) of the Plan
earn dividends or dividend equivalents. Such dividends or dividend equivalents
may be paid currently or may be credited to a Participant's account. Any
crediting of dividends or dividend equivalents may be subject to such
restrictions and conditions as the Committee may establish, including
reinvestment in additional Shares or Share equivalents.

9.       PAYMENTS AND PAYMENT DEFERRALS

         Payment of Awards may be in the form of cash, Shares, other Awards, or
combinations thereof as the Committee shall determine, and with such
restrictions as it may impose. The Committee also may require or permit
Participants to elect to defer the receipt or issuance of Shares from Options or
Stock Awards or the settlement of Awards in cash under such rules and procedures
as it may establish under the Plan. It also may provide that deferred
settlements of Awards include the payment or crediting of earnings on deferred
amounts. In addition, the Committee may stipulate in an Award Agreement, either
at the time of grant or by subsequent amendment, that a payment or portion of a
payment of an Award be delayed in the event that Section 162(m) of the Code (or
any successor or similar provision of the Code affecting tax deductibility)
would disallow a tax deduction by the

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Corporation for all or a portion of such payment. The period of any such delay
in payment shall be until the payment, or portion thereof, is tax deductible, or
such earlier date as the Committee shall determine.

10.      TRANSFERABILITY

                  (a)      ISOs. No ISO granted under the Plan may be sold,
         transferred, pledged, assigned or otherwise alienated or hypothecated,
         other than by will or by the laws of descent and distribution. Further,
         all ISOs granted to a Participant under the Plan shall be exercisable
         during his or her lifetime only by such Participant. The foregoing
         shall also apply to all SARs granted in tandem with an ISO.

                  (b)      NQSOs and SARs. Except as otherwise provided in a
         Participant's Award Agreement, no NQSO or SAR granted under the Plan
         may be sold, transferred, pledged, assigned or otherwise alienated or
         hypothecated, other than by will or by the laws of descent and
         distribution. Further, except as otherwise provided in a Participant's
         Award Agreement, all NQSOs and SARs granted to a Participant under the
         Plan shall be exercisable during his or her lifetime only by such
         Participant.

                  (c)      Stock Awards. Stock Awards granted under the Plan may
         not be sold, transferred, pledged, assigned or otherwise alienated or
         hypothecated until the end of the applicable Period of Restriction
         established by the Committee and specified in the applicable Award
         Agreement, or upon earlier satisfaction of any other conditions, as
         specified by the Committee in its sole discretion and set forth in the
         applicable Award Agreement. All rights with respect to a Stock Award
         granted to a Participant under the Plan shall be available during his
         or her lifetime only to such Participant.

11.      CHANGE OF CONTROL

         In the event of (i) any merger, consolidation, or acquisition where the
stockholders of First Union on the effective date of such merger, consolidation,
or acquisition do not own at least 50% of the outstanding shares of voting stock
of the surviving corporation, or (ii) any Change of Control, each Award granted
under the Plan shall immediately be exercisable and/or fully vested and
nonforfeitable, as the case may be.

12.      AWARD AGREEMENTS

         Each Award under the Plan shall be evidenced by an Award Agreement
setting forth its terms, conditions, and limitations for each Award, the
provisions applicable in the event the Participant's employment terminates, and
the Corporation's authority unilaterally or bilaterally to amend, modify,
suspend, cancel, or rescind any Award. The Committee need not require the
execution of any such agreement by the recipient, in which case acceptance of
the Award by the respective Participant shall constitute agreement by the
Participant to the terms and conditions of the Awards.

13.      TAX WITHHOLDING

         The Corporation shall have the right to deduct from any settlement of
an Award made under the Plan, including the delivery of Shares, or require the
payment of, a sufficient amount to cover withholding of any federal, state or
local or other governmental taxes or charges required by law or such greater
amount of withholding as the Committee shall determine from time to time and as
permitted or required by applicable rules and regulations, or to take such other
action as may be necessary to satisfy any such withholding obligations. If the
Committee permits or requires Shares to be used to satisfy required tax
withholding, such Shares shall be valued at the Fair Market Value as of the tax
recognition date for such Award or such other date as may be required by
applicable law, rule or regulation. The Corporation shall have the right to
effect income, social security and medicare tax withholding and reporting as may
be required under applicable law upon the disposition by an Employee of Common
Stock acquired upon the exercise of an option qualifying as an incentive stock
option under Section 422 of the Code at the time of exercise. The Corporation
shall collect any required withholding from "other earnings" of the employee. In
the absence of "other earnings" sufficient to satisfy such withholding, the
employee shall remit such amounts required to satisfy such withholding
obligations to the Corporation within 10 business days of any such notice and
request for payment.

14.      OTHER BENEFIT AND COMPENSATION PROGRAMS

         Unless otherwise specifically determined by the Committee, settlements
of Awards received by Participants under the Plan shall not be deemed a part of
a Participant's regular, recurring compensation for purposes of

                                       8

<PAGE>

calculating payments or benefits from the Corporation's benefit plans or
severance program. Further, the Corporation may adopt other compensation
programs, plans or arrangements as it deems appropriate or necessary. The
Committee may permit a Participant to defer such Participant's receipt of the
payment of cash or the delivery of Shares that would otherwise be due to such
Participant by virtue of the exercise of an Option or SAR, or the satisfaction
of conditions, lapse or waiver of restrictions with respect to Stock Awards. If
any such deferral election is required or permitted, the Committee shall, in its
sole discretion, establish rules and procedures for such payment deferrals.

15.      UNFUNDED PLAN

         Unless otherwise determined by the Committee, the Plan shall be
unfunded and shall not create (or be construed to create) a trust or a separate
fund or funds. The Plan shall not establish any fiduciary relationship between
the Corporation and any participant or other person. To the extent any person
holds any rights by virtue of an Award granted under the Plan, such rights shall
constitute general unsecured liabilities of the Corporation and shall not confer
upon any participant any right, title, or interest in any assets of the
Corporation.

16.      REGULATORY APPROVALS

         The implementation of the Plan, the granting of any Award under the
Plan, and the issuance of Shares upon the exercise or settlement of any Award
shall by subject to the Corporation's procurement of all approvals and permits
required by regulatory authorities having jurisdiction over the Plan, the Awards
granted under it, or the Shares issued pursuant to it.

17.      RIGHTS AS A STOCKHOLDER

         A Participant shall have no rights as a stockholder with respect to
Shares covered by an Award until the date the Participant or his nominee is the
holder of record. No adjustment will be made for dividends or other rights for
which the record date is prior to such date, except as provided in Section 6(c).

18.      FUTURE RIGHTS

         No person shall have any claim or right to be granted an Award, and the
grant of an Award shall not be construed as giving a Participant the right to be
retained in the employ of the Corporation or to participate in any other
compensation or benefit plan, program or arrangement of the Corporation. In
addition, the Corporation expressly reserves the right at any time to dismiss a
Participant free from any liability or any claim under the Plan, except as
provided herein or in any agreement entered into hereunder.

19.      GOVERNING LAW

         The Plan and all agreements entered into under the Plan shall be
construed in accordance with and governed by the laws of the State of North
Carolina.

20.      SUCCESSORS AND ASSIGNS

         The Plan and any applicable Award Agreement entered into under the Plan
shall be binding on all successors and assigns of a Participant, including,
without limitation, the estate of such Participant and the executor,
administrator or trustee of such estate, or any receiver or trustee in
bankruptcy or representative of the Participant's creditors.

21.      INDEMNIFICATION

         Each person who is or shall have been a member of the Committee or of
the Board shall be indemnified and held harmless by the Corporation against and
from any loss, cost, liability, or expense that may be imposed upon or
reasonably incurred by him in connection with or resulting from any claim,
action, suit, or proceeding to which he may be a party or in which he may be
involved by reason of any action taken or failure to act under the Plan and
against and from any and all amounts paid by him in settlement thereof, with the
Corporation's approval, or paid by him in satisfaction of any judgment in any
such action, suit, or proceeding against him, provided he shall give the
Corporation an opportunity, at its own expense, to handle and defend the same
before he undertakes to handle and defend it on his own behalf. The foregoing
right of indemnification shall not be exclusive of any other rights of
indemnification to which such persons may be entitled under First Union's
Articles of Incorporation or

                                       9

<PAGE>

Bylaws, as a matter of law, or otherwise, or any power that the Corporation may
have to indemnify them or hold them harmless.

22.      APPLICATION OF FUNDS

         The proceeds received by the Corporation from the issuance of Shares
pursuant to the exercise of Options will be used for general corporate purposes.

                                       10<PAGE>
                                                                EXHIBIT (10)(L)

                               AMENDMENT NO. 1 TO
                              EMPLOYMENT AGREEMENT

         This Amendment No. 1 dated February 19, 2002 (the "Amendment"), to the
Employment Agreement dated November 15, 1999 (the "Employment Agreement"), by
and between Wachovia Corporation (formerly named First Union Corporation, the
"Company") and G. Kennedy Thompson (the "Executive").

         WHEREAS, the Company and the Executive desire to change certain
provisions of the Employment Agreement;

         WHEREAS, the Executive recommends that certain provisions of the
Employment Agreement be amended to more closely align such provisions in the
Executive's Employment Agreement with similar provisions in the employment
agreement between the Corporation and the Corporation's Chairman; and

         NOW, THEREFORE, for good and valuable consideration, the receipt of
which is acknowledged hereto, the parties agree as follows:

1.       Section 1(b) of the Employment Agreement is deleted in its entirety
and the following inserted in its place as new Section 1(b).

         "1(b) The Company hereby agrees to continue the Executive in its
         employ, and the Executive hereby agrees to remain in the employ of the
         Company upon the terms and conditions set forth in this Agreement, for
         the period commencing on the Effective Date and ending on the third
         anniversary thereof (the "Employment Period"); provided, however, that
         commencing on the date one year after the date hereof, and on each
         annual anniversary of such date (such date and each annual anniversary
         thereof shall be hereinafter referred to as the "Renewal Date"),
         unless previously terminated, the Employment Period shall be
         automatically extended so as to terminate three years from such
         Renewal Date, unless at least 90 days prior to the Renewal Date the
         Company or the Executive, respectively, shall give notice to the
         Executive or the Company, respectively, that the Employment Period
         shall not be so extended. Notwithstanding the foregoing, in the event
         a "Change in Control" (as defined herein) occurs, the Employment
         Period, unless previously terminated, shall be extended immediately
         prior to the Change in Control so that the Employment Period shall
         terminate no earlier than three years from such Change in Control."

2.       Section 4(a)(i)(B) of the Employment Agreement is deleted in its
entirety and the following inserted in its place as new Section 4(a)(i)(B).

         "4(a)(i)(B) the amount equal to the product of (1) three and (2) the
         sum of the Executive's Annual Base Salary immediately prior to the
         Date of Termination and the Base Bonus."

3.       Section 4(a)(iii) of the Employment Agreement is deleted in its
entirety and the following inserted in its place as new Section 4(a)(iii).

         "4(a)(iii) for three years after the Executive's Date of Termination
         (or for the remainder of the Executive's life if such Date of
         Termination is after a Change in Control), or such longer period as
         may be provided by the terms of the appropriate plan, program,
         practice or policy, the Company shall continue medical, dental and
         life insurance benefits to the Executive and/or the Executive's family
         on a substantially equivalent basis to those which would have been
         provided to them in accordance with the medical, dental and life
         insurance plans, programs, practices and policies described in Section
         2(b)(iv) of this Agreement if the Executive's employment had not been
         terminated, provided, however, that if the Executive becomes
         reemployed with another employer and is eligible to receive medical,
         dental and/or life insurance benefits under another employer provided
         plan, the medical, dental and/or life insurance benefits described
         herein shall terminate. For purposes of determining eligibility (but
         not the time of commencement of benefits) of the Executive for retiree
         benefits pursuant to such plans, practices, programs and policies, the
         Executive shall be considered to have terminated employment with the
         Company on the Date of Termination; and"

4. This Amendment constitutes an amendment to the Employment Agreement pursuant
to Section 11(a) of the Employment Agreement. All provisions of the Employment
Agreement not affected by this Amendment shall remain in full force and effect
and shall continue to be binding obligations of both parties hereto.
Capitalized terms used in this Amendment but not defined herein shall have the
meanings assigned thereto in the Employment Agreement.

                                       1
<PAGE>

         IN WITNESS WHEREOF, the Company has caused this Amendment to be
executed by its officers thereunto duly authorized, and the Executive has
signed this Amendment under seal, all as of the date and year first above
written.

WACHOVIA CORPORATION                                                     [SEAL]
                                             ATTEST:

By:
   -----------------------------------       ----------------------------------
Name: Paul G. George                         Mark C. Treanor
Title: Senior Executive Vice President       Secretary

------------------------------  (SEAL)
G. Kennedy Thompson

                                       2

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