Document:

Early Retirement Agreement

EXHIBIT 10.60 

HIBERNIA CORPORATION 
EARLY RETIREMENT
AGREEMENT 

        THIS
EARLY RETIREMENT AGREEMENT (the “Agreement”) is made and executed as of the 3rd
day of June, 2003 (the “Effective Date”), by and among Richard G. Wright, an
individual of the full age of majority (the “Officer”), Hibernia Corporation, a
Louisiana corporation, and Hibernia National Bank, a national banking association
organized and existing under the laws of the United States (Hibernia Corporation and
Hibernia National Bank, together with its and their direct and indirect subsidiaries, are
collectively referred to herein as “Hibernia”). 

        WHEREAS,
Hibernia and Officer have agreed that as of May 6, 2003, Officer will voluntarily resign
and take early retirement (the “Separation Date”); and 

        WHEREAS,
Hibernia and Officer intend the terms and conditions of this Agreement to govern all
issues related to Officer’s employment with and retirement from Hibernia; and 

        WHEREAS,
Hibernia has advised Officer to consult with a lawyer before signing this Agreement; 

        NOW,
THEREFORE, in consideration of the premises and the mutual promises herein contained, the
parties hereto agree as follows: 

             1.       
          Cessation of Employment. As of the Separation Date, the parties hereby
          acknowledge and agree that Officer shall take early retirement and his
          employment with Hibernia shall voluntarily terminate. As of the Separation Date,
          Officer voluntarily resigns and relinquishes his positions with Hibernia,
          including, but not limited to, his position and duties as Senior Executive Vice
          President of Hibernia Corporation and Hibernia National Bank, and he voluntarily
          resigns as a director, officer and/or manager of any and all subsidiaries of
          Hibernia Corporation and/or Hibernia National Bank. Officer acknowledges and
          agrees that, as of the Separation Date, he will no longer have any authority to
          act on behalf of Hibernia or to sign any documents binding Hibernia and will be
          entitled only to those payments and benefits specifically set forth in this
          Agreement. 

             2.       
          Payments. Hibernia agrees to pay Officer an aggregate amount equal to Two
          Hundred Seventy-Four Thousand, Ninety-Two and NO/100 ($274,092.00) Dollars, as
          described below: 

          		    (a)
               Two Hundred Thirty One Thousand, Three Hundred and NO/100 ($231,300.00) Dollars
               (an amount equal to Officer’s annual base pay), which amount shall be in
               consideration for the agreements of Officer contained herein other than the
               agreements contained in paragraph 8 (Release) hereof, and 

               

          		    (b)
               The sum of Thirty-Two Thousand, Three Hundred Eighty Two and NO/100 ($32,382.00)
               Dollars (an amount equal to 70% of Officer’s target bonus of 60% of annual
               base pay for four months) and Ten Thousand Four Hundred Ten and NO/100
               ($10,410.00) Dollars (an amount equal to the cost of group medical coverage in
               accordance with the provisions of the Consolidated Omnibus Budget Reconciliation
               Act of 1985 (“COBRA”)), which amount shall be in consideration for the
               agreements of Officer contained in paragraph 8 (Release) hereof. 

               

        Such
amount shall be payable in a single payment subject to federal and state income and
employment taxes (using, for federal tax withholding, the supplemental 25% rate), such
payment to be made within ten (10) days after the last to occur of: (i) the full execution
of this Agreement, (ii) the Separation Date or (iii) the end of the revocation period
referred to in Section 15(c) of this Agreement (the last to occur of items (i), (ii) and
(iii) referred to as the “Payment Trigger Date”). 

        Officer
acknowledges and agrees that approximately one-half of the amount payable to him under
paragraph 2(a) and that the entire amount payable to him under paragraph 2(b) hereof are
in excess of any amount that Officer might be eligible to receive under Hibernia’s
regular severance pay policy or program and are in excess of any amount to which Officer
may be entitled on account of his employment with Hibernia or for services he performs for
Hibernia. Officer acknowledges and agrees that he has no agreement with Hibernia that
gives him any right or claim to such excess without the execution of this Agreement.
Officer acknowledges and agrees that the consideration under paragraph 2(b) hereof is
sufficient compensation for the agreements set forth in paragraph 8 (Release) hereof and
that the excess consideration under paragraph 2(a) hereof is sufficient compensation for
the other agreements of Officer contained in this Agreement. 

             3.       
          Payment for Unused Vacation. Hibernia further agrees to pay Officer the amount
          of Fourteen Thousand Two Hundred Thirty Four and NO/100 ($14,234.00) Dollars in
          vacation pay, subject to federal and state income and employment taxes, to be
          paid within ten (10) days after the Payment Trigger Date (or such earlier time
          as may be required by law), representing payment in full of Officer’s
          accrued but unused vacation. 

             4.       
          Outplacement Services and Use Agreement. (a) As further consideration for the
          agreements of Officer contained herein other than the agreements contained in
          paragraph 8 (Release) hereof, Hibernia agrees to pay, directly to Drake Beam
          Morin, the reasonable fees and expenses (not to exceed $10,000 in the aggregate)
          for up to six continuous months of outplacement services to be provided to
          Officer, such services to commence within forty-five (45) days after the Payment
          Trigger Date. Such services shall cease when the time period or cost described
          above is reached or, if earlier, when Officer obtains employment. Officer agrees
          to notify Hibernia promptly upon commencing outplacement services and upon
          obtaining employment. 

             (b)       
          Hibernia agrees that Officer may use Hibernia’s membership at English Turn
          Country Club at Officer’s expense for a period to end at the earlier of
          twenty-four (24) months following the Separation Date or the date Officer
          obtains employment, provided that nothing herein shall be construed to require
          Hibernia to maintain such membership during such period and provided further
          that Hibernia may terminate the arrangement provided for in this paragraph 4(b)
          at any time upon ten days notice to Officer, in which case the arrangement shall
          cease at the later of (i) the end of the monthly period for which Officer has
          already paid as of the date of the notice of termination of the arrangement or
          (ii) ten days from the date notice of termination of the arrangement is given
          (as described in paragraph 21) to Officer. 

             5.       
          No Additional Benefits. Officer acknowledges and agrees that the payments
          expressly provided for in paragraphs 2 and 3 above and the benefits expressly
          provided for in paragraph 4 above (together with benefits accrued prior to the
          Separation Date under the terms of any plan maintained by Hibernia in which
          Officer participated as of such date and any other benefits described in this
          paragraph 5) constitute the only payments and benefits to which Officer is
          entitled, that such payments and benefits are in lieu of any other severance or
          separation arrangements provided for by Hibernia and that Officer’s
          coverage under any benefit plan, program, policy or arrangement sponsored or
          maintained by Hibernia shall cease as of the Separation Date. 

        Officer
acknowledges and agrees that as of the Separation Date, Hibernia shall cease, whether
directly or indirectly, to pay premiums for any policy of insurance with respect to which
Officer is named as the insured and any such policy shall lapse, be canceled or otherwise
disposed of in accordance with its terms and the terms of any ancillary or collateral
documents related thereto. Officer agrees to cooperate with reasonable requests made by
Hibernia with respect to the disposition of any such insurance. Officer acknowledges and
agrees that no characterization by the parties of Officer’s cessation of employment
as early retirement shall make him eligible for retirement benefits for which he does not
otherwise qualify under the terms of any other benefit plans or compensation practices.
Officer further acknowledges and agrees that no payment made by Hibernia pursuant hereto
is subject to any employer matching obligation or any other employer contribution under
any benefit or deferred compensation plan, whether or not any such payment is
characterized as salary continuation, wages or compensation. 

             6.       
          No Relinquishment of Certain Rights. Notwithstanding the foregoing paragraph 5
          or the provisions of paragraph 8, Officer shall not be deemed to have
          relinquished any of the following: (i) claims for the payment or distribution of
          benefits accrued prior to the Separation Date under any employee benefit plans
          maintained by Hibernia in which Officer participated as of such date, (ii) any
          claim for indemnification as an officer of Hibernia under any applicable law or
          Hibernia’s Articles of Incorporation, Articles of Association or By-Laws in
          effect while Officer was an officer of Hibernia to the extent such law or
          provisions apply to former officers and apply to Officer, (iii) any claim to
          receive or be defended under insurance coverage in effect as of the Separation
          Date that covered Officer prior to the Separation Date and that applies to
          former officers of Hibernia (but only to the extent that such coverage remains
          in effect without the purchase by Hibernia of any additional or tail coverage)
          or (iv) any rights accorded Officer by law under COBRA. 

             7.       
          Option Agreements. Officer acknowledges that, as of the Separation Date, he
          holds the following stock options under the Company’s Long-Term Incentive
          Plan (“LTIP”): (i) an option granted on March 25, 1994 to purchase an
          aggregate of 15,000 shares of Hibernia Common Stock at an exercise price of
          $7.9375 per share; (ii) an option granted on January 23, 1995 to purchase an
          aggregate of 30,000 shares of Hibernia Common Stock at an exercise price of
          $6.9375 per share; (iii) an option granted on March 18, 1996 to purchase an
          aggregate of 35,000 shares of Hibernia Common Stock at an exercise price of
          $10.1875 per share; (iv) an option granted on May 21, 1996 to purchase an
          aggregate of 5,000 shares of Hibernia Common Stock at an exercise price of
          $10.4375 per share; (v) an option granted on January 27, 1997 to purchase an
          aggregate of 45,000 shares of Hibernia Common Stock at an exercise price of
          $13.4375 per share; (vi) an option granted on January 27, 1998 to purchase an
          aggregate of 50,000 shares of Hibernia Common Stock at an exercise price of
          $18.2813 per share; (vii) an option granted on January 26, 1999 to purchase an
          aggregate of 45,000 shares of Hibernia Common Stock at an exercise price of
          $16.0938 per share; (viii) an option granted on January 25, 2000 to purchase an
          aggregate of 52,200 shares of Hibernia Common Stock at an exercise price of
          $9.9063 per share (only 39,150 of which are exercisable as of the Separation
          Date); (ix) an option granted on January 23, 2001 to purchase an aggregate of
          20,000 shares of Hibernia Common Stock at an exercise price of $13.47 per share
          (only 10,000 of which are exercisable as of the Separation Date); (x) an option
          granted on November 20, 2001 to purchase an aggregate of 10,000 shares of
          Hibernia Common Stock at an exercise price of $16.79 per share (none of which
          are exercisable as of the Separation Date); (xi) an option granted on January
          28, 2002 to purchase an aggregate of 30,000 shares of Hibernia Common Stock at
          an exercise price of $17.955 per share (none of which are exercisable as of the
          Separation Date); and (xii) an option granted on January 27, 2003 to purchase an
          aggregate of 40,000 shares of Hibernia Common Stock at an exercise price of
          $18.525 per share (none of which are exercisable as of the Separation Date).
          Officer acknowledges that, under the terms of the options held by him, the
          options issued under the LTIP will expire, unless earlier exercised, on May 6,
          2004, which is one year after the Separation Date, and only the options that are
          vested as of the Separation Date may be exercised. Officer further acknowledges
          that no additional options will vest after the Separation Date. Officer agrees
          that amounts treated as compensation upon exercise of any of the foregoing
          options shall be subject to withholding as supplemental wage payments for
          federal and state income tax purposes and for employment tax purposes. 

             8.       
          Release. Subject to the provisions of paragraph 15(a) hereof, as of the date of
          execution of this Agreement, Officer hereby irrevocably and unconditionally,
          knowingly and voluntarily, waives, releases, discharges, covenants not to sue,
          and to discontinue with prejudice, all actions, liabilities, demands, claims,
          actions, causes of action and/or suits whatsoever, known or unknown, which
          Officer or anyone acting on his behalf has against Hibernia, its or their
          present and/or former directors, officers, agents, administrators, direct or
          indirect subsidiaries, parents, divisions, affiliates, related companies or
          entities, employee benefit plans, insurers, stockholders, employees and/or other
          persons acting on behalf of each of them, together with their predecessors,
          successors and assigns (hereafter collectively referred to as the
          “Releasees”) in any way relating to or arising directly or indirectly
          out of or in connection with Officer’s employment by or with and/or
          termination of employment from Hibernia and/or as a result of any matter arising
          on or before the date of Officer’s execution of this Agreement, including
          without limitation any and all rights and claims for any alleged violations or
          alleged causes of action which could be alleged under or in: (i) any labor,
          equal employment opportunity, employee benefit, contract, tort, civil rights or
          other federal, state or local constitution, law, statute, ordinance, order, rule
          or regulation, including, without limitation, any claims arising under the Older
          Workers Benefit Protection Act of 1990 (“OWBPA”), the Civil Rights
          Acts of 1964 and 1991, as amended, the Americans with Disabilities Act or the
          federal Age Discrimination in Employment Act (“ADEA”) (as any of such
          acts may be amended from time to time), (ii) any section or portion of the
          Employee Retirement Income Security Act of 1974, as amended (“ERISA”)
          and the rules and regulations thereunder, except claims for the payment or
          distribution of vested benefits arising under the employee benefit plans
          maintained by Hibernia in which Officer participated prior to the Separation
          Date and (iii) any other theory of law seeking damages, attorneys’ fees or
          other rights against Hibernia or any of the other Releasees, including, without
          limitation, any claims of discrimination with respect to any of the foregoing,
          any claims for breach of express or implied contract, personal injury, harm,
          wrongful discharge, tort, defamation, intentional infliction of emotional
          distress, invasion of privacy or negligence, any claims arising from any legal
          restrictions on Hibernia’s right to terminate its employees and any claims
          for wages or other compensation (except claims for the payment or distribution
          of vested benefits arising under the employee benefit plans maintained by
          Hibernia in which Officer participated prior to the Separation Date).
          Notwithstanding the foregoing, this paragraph 8 does not release any claim for
          rights arising under this Agreement. 

             9.       
          Non-Solicitation Agreement. For the period commencing on the Separation Date and
          ending on May 6, 2005 (the second anniversary of the Separation Date), Officer
          agrees that he will not, directly or indirectly, for himself or on behalf of any
          other person, firm, partnership, corporation or other entity, solicit, induce,
          recruit, encourage, advise or counsel any customer of Hibernia within the
          Restricted Area (as defined below) to do business with another person or entity
          that engages in all or part of the business in which Hibernia engages as of the
          Separation Date or otherwise to take away such customer or attempt to do any of
          the foregoing. The parties acknowledge and agree that the business in which
          Hibernia engages as of the Separation Date is the banking and financial services
          business (including but not limited to the commercial, retail, consumer and
          small business banking, trust, insurance and securities business and including
          but not limited to developing, providing, offering, selling, marketing,
          arranging or brokering banking or financial products or services or providing
          advice with respect to banking or financial products or services, which products
          or services include but are not limited to credit, leasing, capital markets,
          interest rate, agency, risk management, treasury management or syndication
          advice, products or services). For the period commencing on the Separation Date
          and ending on May 6, 2005 (the second anniversary of the Separation Date),
          Officer agrees that he will not, directly or indirectly, for himself or on
          behalf of any other person, firm, partnership, corporation or other entity,
          employ, solicit, induce, recruit, encourage, advise or counsel any employee or
          agent of Hibernia to leave their employment, or take away such employees or
          agents or attempt to solicit, induce, recruit, encourage or take away such
          employees or agents. The parties agree that each of the foregoing prohibitions
          in this paragraph 9 is intended to constitute a separate restriction.
          Accordingly, should any such prohibition be declared invalid, illegal or
          unenforceable for any reason, such prohibition shall be deemed severable from
          and shall not affect the remainder thereof. The parties further agree that the
          foregoing restrictions are reasonable in both time and geographic scope. For
          purposes of this Agreement, the Restricted Area shall mean all of the following
          parishes and counties in the States of Louisiana and Texas: (i) the following
          parishes in the State of Louisiana: Allen, Ascension, Assumption, Avoyelles,
          Bossier, Caddo, Calcasieu, Cameron, Claiborne, De Soto, East Baton Rouge, East
          Carroll, Iberia, Jefferson, Jefferson Davis, Lafayette, Lafourche, Livingston,
          Madison, Morehouse, Orleans, Ouachita, Rapides, St. Bernard, St. Charles, St.
          John the Baptist, St. Mary, St. Tammany, Tangipahoa, Terrebonne, Vermilion,
          Washington, Webster and West Carroll and (ii) the following counties in the
          State of Texas: Anderson, Angelina, Bowie, Camp, Cass, Cherokee, Colin, Dallas,
          Denton, Gregg, Harris, Harrison, Jefferson, Lamar, Nacogdoches, Orange, Smith,
          Travis and Wood. 

             10.       
          Return of Property. Officer agrees that on or reasonably promptly after the
          Separation Date, he shall deliver to Hibernia (and not retain, keep copies of or
          destroy) any and all property of Hibernia, including, but not limited to, keys,
          credit and identification cards, phone cards, cellular phones, computers, files,
          contact information for clients and customers, policies and procedures,
          handbooks, mailing lists and customer lists and all other files and documents
          relating to Hibernia, its plans, its business or its affairs, together with all
          written or recorded materials, documents, computer discs, plans, records, notes
          or other papers belonging to Hibernia. 

             11.       
          Confidentiality. Officer agrees to hold all “Confidential Information”
          and “Trade Secrets” (both as defined below) of Hibernia and its
          customers in trust and in the strictest confidence, except as may be required by
          court order, subpoena, judicial process or, in the written opinion of counsel to
          Officer, required by law; and, in any event, if such disclosure is requested or
          required, Officer agrees to promptly notify Hibernia and permit Hibernia to take
          any such action it may deem appropriate to protect the information from
          disclosure. For purposes of this Agreement, “Confidential Information”
          includes all information relating to Hibernia and its customers’ business
          practices, products, services, finances, management, strategy, profits and
          overhead, which Officer learned or which were made available to Officer as a
          result of his employment with Hibernia, provided that, “Confidential
          Information” does not include any such information which, at the time of
          disclosure, is in the public domain through no breach by Officer of his
          obligation of confidentiality. For purposes of this Agreement, “Trade
          Secrets” are all information regarding Hibernia and its customers which (i)
          derives any economic value from being not generally known or readily
          ascertainable by others who can obtain economic value from its disclosure or use
          and (ii) is the subject of efforts that are reasonable under the circumstances
          to maintain its secrecy or (iii) has the meaning assigned by Louisiana’s
          Uniform Trade Secrets Act, La. Rev. Stat. Sections 51:1431 et seq. 

             12.       
          Business Reputation. Officer agrees to refrain from performing any act, engaging
          in any conduct or course of action or making or publishing any statements,
          claims, allegations or assertions which have or may reasonably have the effect
          of demeaning or disparaging the name or business reputation of Hibernia or any
          of its employees, officers, directors, agents or advisors or which adversely
          affects (or may reasonably be expected adversely to affect) the business,
          operations, prospects, goodwill, reputation and/or best interests (economic or
          otherwise) of any of them, except (i) where such action is required by law,
          court order, subpoena, other judicial process or is authorized by the Chief
          Executive Officer of Hibernia and (ii) sufficient written notice of such action
          is given so that appropriate steps may be taken to protect the business,
          operations, prospects, goodwill, reputation and/or best interests of Hibernia.
          Hibernia agrees to refrain from making or publishing any statements, claims,
          allegations or assertions which it believes have or may reasonably be expected
          to have the effect of demeaning or disparaging the name or business reputation
          of the Officer except (i) where such action is required by law, court order,
          subpoena, other judicial process or is authorized by the Officer and (ii)
          sufficient written notice of such action is given so that appropriate steps may
          be taken to protect the prospects, goodwill, reputation and/or best interests of
          the Officer. 

             13.       
          Cooperation. With respect to any claim asserted by or brought against Hibernia
          and/or against Officer in his former capacity as an employee or officer of
          Hibernia, Officer, upon reasonable notice and at the written request of an
          authorized officer of Hibernia, and without requiring a court order or other
          compulsion, agrees to make himself and any necessary records or documents in his
          possession reasonably available to Hibernia for reasonable time periods to
          prosecute or defend any such claim; and Officer will use his best efforts to
          cooperate with Hibernia in prosecuting or defending any such claim. Officer
          further agrees to cooperate with reasonable requests made by Hibernia to
          effectuate the provisions of this Agreement. In any case where Officer, at the
          express request of an executive officer of Hibernia, is required to travel
          pursuant to the provisions of this paragraph 13 (excluding any instance where
          Hibernia and Officer are on opposite sides of the litigation, are in any other
          opposing position or are in possible adverse positions), Officer shall be
          entitled to receive reimbursement of reasonable travel costs incurred by Officer
          in connection therewith and shall also be entitled to receive reimbursement of
          other reasonable out-of-pocket expenses incurred by Officer and pre-approved by
          Hibernia in connection therewith. 

             14.       
          Remedies. In the event of a breach or threatened breach by Officer of any of the
          provisions of paragraphs 9, 10, 11, 12 and/or 13 hereof, Officer agrees that
          Hibernia shall be entitled to a temporary restraining order or a preliminary
          injunction (without the necessity of posting bond in connection therewith).
          Nothing herein shall be construed to prohibit Hibernia from pursuing any other
          remedy available to it for any breach or threatened breach, including the
          recovery of damages from Officer. 

             15.       
          Disclosure and Waiver. Officer understands and acknowledges that the payment to
          him of the amount provided for in paragraph 2(b) hereof is in excess of any
          amount to which he is otherwise entitled with respect to his employment or the
          cessation thereof and that such amount is sufficient to support the release and
          waiver contained herein. Officer understands and agrees that his receipt of the
          amount provided for in paragraph 2(b) of this Agreement is conditioned upon his
          signing this Agreement, which includes the following specific provisions and
          waivers which he acknowledges are entered into by him knowingly and voluntarily: 

               	(a) 	  	
                    The parties acknowledge that the Equal Employment Opportunity Commission
                    (“EEOC”) has issued a “Guidance on Waivers Under Civil Rights
                    Laws,” in which the EEOC asserts that an employer cannot interfere with an
                    employee’s right to file charges of discrimination under federal civil
                    rights laws and that an employer cannot interfere with an employee’s right
                    to testify, assist or participate in any EEOC proceeding. The parties
                    acknowledge that nothing contained in this Agreement is intended to extract a
                    promise not to file a charge or appear in an EEOC proceeding, but rather to
                    waive Officer’s right to recovery in any lawsuit brought by the EEOC or
                    involving any claim otherwise waived herein. 

                    

               	(b) 	  	
                    In order to comply with OWBPA, Officer has been advised of the legal
                    requirements of and rights and claims arising under that Act and agrees to the
                    following additional provisions and waivers pursuant to that Act: 

                    

               	(i) 	  	
                    Officer understands and agrees that he is not waiving any rights or claims that
                    may arise after the date on which he signs this Agreement and waiver; 

                    

               	(ii) 	  	
                    Officer understands and has been advised of his right to consult with an
                    attorney prior to executing this Agreement and waiver; 

                    

               	(iii) 	  	
                    Officer understands and acknowledges that the payment to him of the amounts
                    provided for herein will constitute receipt by him of consideration beyond
                    anything of value to which he may otherwise be entitled and that the payments
                    described herein are sufficient to support the terms of this Agreement; 

                    

               	(iv) 	  	
                    Officer understands and acknowledges that he has at least twenty-one (21) days
                    from the date on which this Agreement was provided to him (which was May 2,
                    2003) within which to consider this Agreement and if Officer executes this
                    Agreement prior to the end of such twenty-one (21) day period, he will be deemed
                    to have waived the balance of the period; 

                    

               	(v) 	  	
                    Officer understands that if the terms of this Agreement are modified, any such
                    modification shall not extend or otherwise modify the twenty-one (21) day period
                    provided above; and 

                    

               	(vi) 	  	
                    Officer understands and acknowledges that he is waiving any rights and claims he
                    may have under the ADEA and OWBPA. 

                    

               	(c) 	  	
                    Officer understands that he has the right to revoke this Agreement within seven
                    (7) days after signing it, that this Agreement shall not become effective or
                    enforceable until such seven (7) day period has expired and that, as a result,
                    Officer will not receive any amounts provided for hereunder until that period
                    has expired. Any revocation must be delivered to Hibernia at the following
                    address: Michael S. Zainey, Human Resources Director, Hibernia Corporation, 225
                    Baronne Street, 26th Floor, New Orleans, LA 70112. 

                    

             16.       
          Business Protection Agreement. Officer agrees that contemporaneously with the
          execution of this Agreement, he shall enter into a separate Business Protection
          Agreement, attached hereto as Exhibit A. 

             17.       
          Amendment; Waivers. This Agreement may only be amended or modified by an
          agreement in writing among the parties hereto. The failure by any party to
          enforce any of its rights hereunder shall not be deemed to be a waiver of such
          rights, unless such waiver is an express written waiver which has been signed by
          the waiving party. Waiver of any one breach shall not be deemed to be a waiver
          of any other breach of the same or any other provision hereof. 

             18.       
          Governing Law. This Agreement shall be governed by, and interpreted in
          accordance with, applicable provisions of federal law, including the ADEA and
          the OWBPA. To the extent that federal law does not apply, this Agreement shall
          be governed by and interpreted in accordance with the laws of the State of
          Louisiana applicable to agreements made and entirely to be performed within such
          State without reference to conflicts of laws principles. 

             19.       
          Expenses. Each party hereto will bear all expenses incurred by him or it in
          connection with this Agreement, including the fees, expenses and disbursements
          of his or its counsel and advisors. 

             20.       
          No Assignment. Except by operation of law, neither party hereto may assign any
          of his or its rights or obligations under this Agreement to any other person
          without the prior written consent of the other party. 

             21.       
          Notices. All notices or other communications which are required or permitted
          hereunder shall be in writing and sufficient if delivered personally, if sent by
          registered or certified mail, postage prepaid, or if sent by a nationally
          recognized overnight delivery service to the addresses listed below and shall be
          deemed to have been given as of the date so personally delivered or three days
          after being so mailed or as of the date delivered by an overnight delivery
          service: If to Hibernia: Michael S. Zainey, Human Resources Director, Hibernia
          National Bank, 225 Baronne Street, 26th Floor, New Orleans, LA 70112; and if to
          Officer: [address]. Either party may change the address to which notice shall be
          given by providing notice of such change in accordance with the provisions of
          this paragraph 21. 

             22.       
          Arbitration. Subject to the provisions of paragraph 14 hereof, in the event that
          any dispute arises in connection with, relating to, or concerning this
          Agreement, or in the event of any claim for breach or violation of any provision
          of this Agreement, in accordance with the Federal Arbitration Act, the parties
          agree that such dispute or claim will be resolved exclusively by arbitration.
          Any arbitration proceeding related to this Agreement will be conducted in
          accordance with the rules of the American Arbitration Association
          (“AAA”). Hibernia and Officer agree that any such dispute or claim
          will be presented to a single arbitrator selected by mutual agreement of the
          parties (or, if the parties cannot mutually agree on an arbitrator, the
          arbitrator will be selected in accordance with the rules of the AAA). All
          determinations of the arbitrator will be final and binding in accordance with
          applicable law. The venue for any arbitration proceeding under this paragraph 22
          and the venue for any judicial proceeding related to this arbitration provision
          (including a judicial proceeding to enforce this provision) will be in New
          Orleans, Louisiana. 

             23.       
          Headings. The headings in this Agreement are inserted for convenience of
          reference only and are not intended to be a part of or to affect the meaning or
          interpretation of this Agreement. 

             24.       
          Severability. In the event any provision of this Agreement shall be held to be
          illegal, invalid or unenforceable for any reason, the illegality, invalidity or
          unenforceability thereof shall not affect the remaining provisions hereof, but
          such illegal, invalid or unenforceable provision shall be fully severable and
          this Agreement shall be construed and enforced as if the illegal, invalid or
          unenforceable provision had never been included herein. 

             25.       
          Entire Agreement. This Agreement, together with the Business Protection
          Agreement between the parties to be executed contemporaneously herewith and
          attached hereto as Exhibit A, supersede any and all oral or written agreements
          and understandings heretofore made relating to the subject matter of such
          Agreements and contain the entire agreement of the parties relating to the
          subject matter of such Agreements. The terms and conditions of this Agreement
          shall inure to the benefit of and be binding upon the parties hereto, and their
          respective successors. Nothing in this Agreement is intended to or shall be
          construed to confer upon or to give any person other than the parties hereto and
          the Releasees any rights, remedies, obligations or liabilities under or by
          reason of this Agreement except as expressly provided herein. This Agreement may
          be executed in counterparts, each of which shall be deemed to constitute an
          original and all of which together shall constitute one agreement. 

             26.       
          Status of Agreement. Officer acknowledges that payments hereunder shall be made
          from the general assets of Hibernia and that the terms of the Agreement are not
          intended to create a trust or other fiduciary relationship. 

        Officer
further acknowledges and agrees that he has not been designated by Hibernia as eligible to
receive benefits under the Hibernia Corporation 2003 Special Severance Pay Plan (the
“Plan”), that he is not a participant in that Plan and that he is not entitled
to any benefits under that Plan. 

        Officer
further acknowledges that this Agreement is intended to be an unfunded deferred
compensation arrangement for the benefit of key management employees of Hibernia, within
the meaning of ERISA. As such, this Plan is not intended to constitute an employee benefit
plan under ERISA, which is subject to the provisions of Parts 2, 3 and 4 of Title I of
ERISA. In accordance with such intent, any obligation of Hibernia to pay benefits
hereunder shall be deemed to be an unsecured promise, and any right of Officer to enforce
such obligation shall be solely as a general creditor of Hibernia. 

        IN
WITNESS WHEREOF, the parties hereto have executed this Agreement effective as of the
Effective Date set forth above. 

	HIBERNIA CORPORATION 	HIBERNIA NATIONAL BANK
	
	
	
	
	By:  /s/ Russell S Hoadley 	By:   /s/ Russell S. Hoadley
	Name:   Russell S. Hoadley 	Name:  Russell S. Hoadley
	Title:  EVP/Public Affairs	Title:   EVP/Public Affairs
	Date:  June 3, 2003	Date:   June 3, 2003
	
	
	
	
	
	
		Officer:
	
	
	
		/s/ Richard G. Wright
		Richard G. Wright
		Date: June 3, 2003Early Retirement Agreement

HIBERNIA CORPORATION 

                           EARLY RETIREMENT AGREEMENT

EXHIBIT A 

                           BUSINESS PROTECTION AGREEMENT

        THIS
BUSINESS PROTECTION AGREEMENT (the “Protection Agreement”) is made and executed
as of the 3rd day of June, 2003 (the “Effective Date”), by and among Richard G.
Wright, an individual of the full age of majority (the “Officer”), Hibernia
Corporation, a Louisiana corporation, and Hibernia National Bank, a national banking
association organized and existing under the laws of the United States (Hibernia
Corporation and Hibernia National Bank, together with its and their direct and indirect
subsidiaries, are collectively referred to herein as “Hibernia”). The Protection
Agreement constitutes the Exhibit “A” referenced in that certain Early
Retirement Agreement made and executed as of the 3rd day of June, 2003 among Officer and
Hibernia (the “Retirement Agreement”). 

        WHEREAS,
pursuant to the Retirement Agreement, Hibernia and Officer have agreed that as of May 6,
2003, Officer will voluntarily resign and take early retirement (the “Separation
Date”); and 

        WHEREAS,
in connection with such retirement, Hibernia and Officer wish to enter into this
Protection Agreement; 

        NOW,
THEREFORE, in consideration of the premises and the mutual promises herein contained, the
parties hereto agree as follows: 

             1.       
          Payment. In the event that Officer does not accept or commence employment
          directly or indirectly (as an employee, agent, independent contractor,
          consultant (except as provided below), partner, licensor or otherwise) with a
          financial institution or financial services company with one or more banking
          offices in the Restricted Area (as defined below) between the Separation Date
          and the first anniversary of the Separation Date, on the first anniversary of
          the Separation Date Hibernia will pay to Officer (or to Officer’s estate or
          beneficiary in the event of the death of Officer) the amount of Two Hundred
          Thirty One Thousand, Three Hundred and NO/100 ($231,300.00) Dollars, payable in
          a single payment subject to federal and state income and employment taxes
          (using, for federal tax withholding, the then current federal supplemental tax
          withholding rate). No payment under this Protection Agreement shall be due if
          Officer accepts or commences employment directly or indirectly (as an employee,
          agent, independent contractor, consultant (except as provided below), partner,
          licensor or otherwise) with a financial institution or financial services
          company with one or more banking offices in the Restricted Area (as defined
          below) between the Separation Date and the first anniversary of the Separation
          Date. Notwithstanding the foregoing, consulting arrangements that satisfy each
          and every one of the following conditions are not covered by the term
          “employment” for purposes of the two preceding sentences: (i) no
          consulting arrangement lasts for a period of more than 90 days with a single
          company (or its parent, subsidiaries or affiliates) during the time period
          covered by the two preceding sentences, (ii) no consulting arrangement is
          entered into with any company with consolidated assets of $1 billion or more (or
          with any parent, subsidiaries or affiliates of such company), (iii) no
          consulting arrangement is entered into with any company listed on Appendix A to
          this Protection Agreement (or with any of their parents, subsidiaries or
          affiliates), (iv) any consulting arrangement relates only to credit policy and
          practice generally and no consulting arrangement relates to or requires advice
          with respect to any specific credit relationships or potential credit
          relationships, (v) no consulting arrangement requires the Officer directly or
          indirectly to assist any company in soliciting, obtaining, arranging for or
          making any loan (or to advise any company with respect thereto) and the Officer
          will not directly or indirectly assist any company in soliciting, obtaining,
          arranging for or making any loan (or advise any company with respect thereto)
          and (vi) no consulting arrangement involves Officer’s solicitation,
          inducement, recruitment, encouragement, advice or counsel to any customer of
          Hibernia to do business with another entity or the Officer’s employment,
          solicitation, inducement, recruitment, encouragement, advice or counsel to any
          employee or agent of Hibernia to leave their employment. 

             2.       
          Restricted Area. For purposes of this Protection Agreement, the Restricted Area
          shall be defined to mean all of the following parishes and counties in the
          States of Louisiana and Texas: (i) the following parishes in the State of
          Louisiana: Allen, Ascension, Assumption, Avoyelles, Bossier, Caddo, Calcasieu,
          Cameron, Claiborne, De Soto, East Baton Rouge, East Carroll, Iberia, Jefferson,
          Jefferson Davis, Lafayette, Lafourche, Livingston, Madison, Morehouse, Orleans,
          Ouachita, Rapides, St. Bernard, St. Charles, St. John the Baptist, St. Mary, St.
          Tammany, Tangipahoa, Terrebonne, Vermilion, Washington, Webster and West Carroll
          and (ii) the following counties in the State of Texas: Anderson, Angelina,
          Bowie, Camp, Cass, Cherokee, Colin, Dallas, Denton, Gregg, Harris, Harrison,
          Jefferson, Lamar, Nacogdoches, Orange, Smith, Travis and Wood. 

             3.       
          Amendment; Waivers. This Protection Agreement may only be amended or modified by
          an agreement in writing among the parties hereto. The failure by any party to
          enforce any of its rights hereunder shall not be deemed to be a waiver of such
          rights, unless such waiver is an express written waiver which has been signed by
          the waiving party. Waiver of any one breach shall not be deemed to be a waiver
          of any other breach of the same or any other provision hereof. 

             4.       
          Governing Law. This Protection Agreement shall be governed by, and interpreted
          in accordance with the laws of the State of Louisiana applicable to agreements
          made and entirely to be performed within such State without reference to
          conflicts of laws principles. 

             5.       
          Expenses. Each party hereto will bear all expenses incurred by him or it in
          connection with this Protection Agreement, including the fees, expenses and
          disbursements of his or its counsel and advisors. 

             6.       
          No Assignment. Except by operation of law, neither party hereto may assign any
          of his or its rights or obligations under this Protection Agreement to any other
          person without the prior written consent of the other party. 

             7.       
          Notices. All notices or other communications which are required or permitted
          hereunder shall be in writing and sufficient if delivered personally, if sent by
          registered or certified mail, postage prepaid, or if sent by a nationally
          recognized overnight delivery service to the addresses listed below and shall be
          deemed to have been given as of the date so personally delivered or three days
          after being so mailed or as of the date delivered by an overnight delivery
          service: If to Hibernia: Michael S. Zainey, Human Resources Director, Hibernia
          National Bank, 225 Baronne Street, 26th Floor, New Orleans, LA 70112; and if to
          Officer: [address]. Either party may change the address to which notice shall be
          given by providing notice of such change in accordance with the provisions of
          this paragraph 7. 

             8.       
          Arbitration. In the event that any dispute arises in connection with, relating
          to, or concerning this Protection Agreement, or in the event of any claim for
          breach or violation of any provision of this Protection Agreement, in accordance
          with the Federal Arbitration Act, the parties agree that such dispute or claim
          will be resolved exclusively by arbitration. Any arbitration proceeding related
          to this Protection Agreement will be conducted in accordance with the rules of
          the American Arbitration Association (“AAA”). Hibernia and Officer
          agree that any such dispute or claim will be presented to a single arbitrator
          selected by mutual agreement of the parties (or, if the parties cannot mutually
          agree on an arbitrator, the arbitrator will be selected in accordance with the
          rules of the AAA). All determinations of the arbitrator will be final and
          binding in accordance with applicable law. The venue for any arbitration
          proceeding under this paragraph 8 and the venue for any judicial proceeding
          related to this arbitration provision (including a judicial proceeding to
          enforce this provision) will be in New Orleans, Louisiana. 

             9.       
          Headings. The headings in this Protection Agreement are inserted for convenience
          of reference only and are not intended to be a part of or to affect the meaning
          or interpretation of this Protection Agreement. 

             10.       
          Severability. In the event any provision of this Protection Agreement shall be
          held to be illegal, invalid or unenforceable for any reason, the illegality,
          invalidity or unenforceability thereof shall not affect the remaining provisions
          hereof, but such illegal, invalid or unenforceable provision shall be fully
          severable and this Protection Agreement shall be construed and enforced as if
          the illegal, invalid or unenforceable provision had never been included herein. 

             11.       
          Entire Agreement. This Protection Agreement and the Retirement Agreement
          referred to herein supersede any and all oral or written agreements and
          understandings heretofore made relating to the subject matter of such Agreements
          and contain the entire agreement of the parties relating to the subject matter
          of such Agreements. The terms and conditions of this Protection Agreement shall
          inure to the benefit of and be binding upon the parties hereto, and their
          respective successors. Nothing in this Protection Agreement is intended to or
          shall be construed to confer upon or to give any person other than the parties
          hereto any rights, remedies, obligations or liabilities under or by reason of
          this Protection Agreement except as expressly provided herein. This Protection
          Agreement may be executed in counterparts, each of which shall be deemed to
          constitute an original and all of which together shall constitute one agreement. 

        IN
WITNESS WHEREOF, the parties hereto have executed this Protection Agreement effective as
of the Effective Date set forth above. 

	HIBERNIA CORPORATION	HIBERNIA NATIONAL BANK
	
	
	
	By:________________________	By:________________________
	Name:______________________	Name:______________________
	Title:_____________________	Title:_____________________
	Date:______________________	Date:______________________
	
	
	
		Officer:
		________________________
		Richard G. Wright
		Date:___________________

         APPENDIX
A TO BUSINESS PROTECTION AGREEMENT

        The
companies referred to in Section 1, subpart (iii) of the Business Protection Agreement
executed as of June 3, 2003 by and among Richard G. Wright, Hibernia Corporation and
Hibernia National Bank are as follows: AmSouth Bancorporation, Bank of America
Corporation, Bank One Corporation, Citigroup Inc., Compass Bancshares, Inc., Hancock
Holding Company, JP Morgan Chase & Co., Regions Financial Corporation, SouthTrust
Corporation, Union Planters Corporation or Wells Fargo & Company.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00055-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00055-of-00352.parquet"}]]