Document:

FLEETBOSTON FINANCIAL

                          1996 Long-Term Incentive Plan

                     (As amended through December 21, 1999)

1.    Purpose.

      The FleetBoston Financial 1996 Long-Term Incentive Plan (the "Plan") has
been adopted to create and enhance significant ownership of the Common Stock of
the Corporation by key officers and employees of the Corporation and its
Affiliates. Additional purposes of the Plan include providing a meaningful
incentive to Participants to make substantial contributions to the Corporation's
future success, enhancing the Corporation's ability to attract and retain
persons who will make such contributions, and ensuring that the Corporation has
competitive compensation opportunities for such key officers and employees.

      By furthering these objectives, the Plan is intended to benefit the
interests of the stockholders of the Corporation.

2.    Definitions.

      As used herein, the following words or terms have the meanings set forth
below:

      2.1. "Affiliate" means (a) a corporation or other entity in which the
Corporation owns, directly or indirectly or has the power to vote or cause to be
voted, stock or other ownership interests representing more than 50% of the
total combined voting power of such entity or (b) any other entity in which the
Corporation has a significant equity interest, as determined by the Committee.
Except as determined by the Committee in particular cases, if an entity ceases
to be an Affiliate for any reason (a "disaffiliation"), the employment of each
individual who was employed by the entity shall be treated as having been
involuntarily terminated by the Corporation and its Affiliates effective upon
such disaffiliation, unless such individual thereafter continues to be employed
by the Corporation or another entity which remains an Affiliate.

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      2.2. "Award" means any Options, Stock Appreciation Rights, Restricted
Stock, Performance Shares or Other Awards granted under the Plan.

      2.3. "Award Documentation" means a writing delivered to a Participant
specifying the terms and conditions of an Award and containing such other terms
and conditions not inconsistent with the provisions of the Plan as the Committee
considers necessary or advisable.

      2.4. "Beneficial Ownership" shall have the meaning defined in Rule 13d-3
promulgated under the Exchange Act.

      2.5. "Board " means the Board of Directors of the Corporation, except
that, whenever action is to be taken under the Plan with respect to a Reporting
Person, "Board " shall mean only such directors who are "disinterested persons"
or "non-employee directors," as applicable, within the meaning of Rule 16b-3
under the Exchange Act or any successor rule.

      2.6. "Business Combination" means a reorganization, merger, consolidation,
sale or other disposition of all or substantially all of the assets of the
Corporation

      2.7. A "Change in Control" shall mean any of the following events:
           2.7.1. The acquisition, other than from the Corporation, by any
individual, entity or Group of Beneficial Ownership of 25% or more of the
Outstanding Shares; provided, however, that any acquisition by the Corporation
or its subsidiaries, or any employee benefit plan (or related trust) of the
Corporation or its subsidiaries, of 25% or more of the Outstanding Shares shall
not constitute a Change in Control; and provided, further that any acquisition
by a corporation with respect to which, following such acquisition, more than
50% of the then outstanding shares of common stock of such corporation is then
beneficially owned, directly or indirectly, by all or substantially all of the
individuals and entities who were the beneficial owners of the Outstanding
Shares immediately prior to such acquisition in substantially the same
proportion as their ownership immediately prior to such acquisition of the
Outstanding Shares, shall not constitute a Change in Control; or

           2.7.2. Individuals who constitute the Incumbent Board cease for
any reason to constitute at least a majority of the Board, provided that any
individual becoming a director subsequent to October 1,

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1999 whose election, or nomination for election by the Corporation's
stockholders, was approved by a vote of at least a majority of the directors
then comprising the Incumbent Board shall be considered as though such
individual were a member of the Incumbent Board, but excluding, for this
purpose, any such individual whose initial assumption of office is in connection
with an actual or threatened election contest relating to the election of the
Directors of the Corporation (as such terms are used in Rule 14a-11 of
Regulation 14A promulgated under the Exchange Act); or

           2.7.3. Consummation of a Business Combination, in each case, with
respect to which all or substantially all of the individuals and entities who
were the beneficial owners of the Outstanding Common Stock immediately prior to
such Business Combination do not, following such Business Combination,
beneficially own, directly or indirectly, more than 50% of the then outstanding
shares of common stock of the corporation resulting from such a Business
Combination (including, without limitation, a corporation which as a result of
such transaction owns the Corporation or all or substantially all of the
Corporation's assets either directly or through one or more subsidiaries); or

           2.7.4. Approval by the stockholders of the Corporation of a
complete liquidation or dissolution of the Corporation.

           Anything in the Plan to the contrary notwithstanding, if an event
that would, but for this paragraph, constitute a Change in Control results from
or arises out of a purchase or other acquisition of the Corporation, directly or
indirectly, by a corporation or other entity in which a Participant has a
greater than ten percent (10%) direct or indirect equity interest, such event
shall not constitute a Change in Control.

           2.8. "Code" means the Internal Revenue Code of 1986, as amended from
time to time, or any successor statute.

           2.9. "Committee" means the committee appointed by the Board with
authority to administer the Plan. Membership of the Committee shall at all times
be constituted consistent with exemption under Rule 16b-3 under the Exchange Act
(or any successor rule) of those Awards that are intended to be so exempt and
with qualification under the Performance-Based Exception of those Awards that
are intended

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to so qualify. To the extent that the Committee delegates its power to make
Awards as permitted by Section 4.1, all references in the Plan to the
Committee's authority to make Awards and determinations with respect thereto
shall be deemed to include the Committee's delegate or delegates.

      2.10. "Common Stock" or "Stock" means the Common Stock, par value $.01 per
share, of the Corporation.

      2.11. "Corporation" means Fleet Boston Corporation (doing business as
FleetBoston Financial Corporation), a corporation established under the laws of
the state of Rhode Island.

      2.12. "Designated Beneficiary" means the beneficiary designated by a
Participant, in a manner acceptable to the Committee, to receive amounts due or
exercise rights of the Participant in the event of the Participant's death. In
the absence of an effective designation by a Participant, Designated Beneficiary
shall mean the Participant's estate.

      2.13. "Disability" means a physical or mental condition of such a nature
that it would qualify a Participant for benefits under the long-term disability
insurance plan of the Corporation or any successor plan. The Committee shall
have the authority to determine whether and when, consistent with the foregoing,
a Participant has suffered a Disability for purposes of the Plan.

      2.14. "Exchange Act" means the Securities Exchange Act of 1934, as
amended, or any successor statute.

      2.15. "Fair Market Value," in the case of a share of Common Stock on a
particular day, means the closing price of the Common Stock for that day as
reported in the "NYSE-Composite Transactions" section of the Eastern Edition of
The Wall Street Journal, or if no prices are quoted for that day, for the last
preceding day on which such prices of Common Stock are so quoted. In the event
"NYSE-Composite Transactions" cease to be reported, the Committee shall adopt
some other appropriate method for determining Fair Market Value.

      2.16. "Freestanding SAR" means an SAR that is granted independently of any
Options.

      2.17. "Group" shall have the meaning defined in Section 13(d)(3) or
14(d)(2) of the Exchange Act.

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      2.18. "Incentive Stock Option" means an Option, granted to a Participant
pursuant to Section 8, which is intended to satisfy the requirements of Section
422(b) of the Code or any successor provision.

      2.19. "Incumbent Board" means the Board as constituted as of October 1,
1999.

      2.20. "Nonqualified Stock Option" means an Option, granted to a
Participant pursuant to Section 8, which is not intended to qualify as an
Incentive Stock Option.

      2.21. "Option" means an Incentive Stock Option or a Nonqualified Stock
Option.

      2.22. "Other Award" means an Award (other than an Option, SAR, Restricted
Stock or Performance Share) granted to a Participant pursuant to Section 12. An
Other Award may consist of Shares, fixed or variable units valued or based on
Common Stock, fixed or variable units valued or based on measures (including
performance measures) that are unrelated to Common Stock, or any combination of
the foregoing. An Other Award that consists of units other than Shares, whether
or not valued or based on Common Stock, may be made payable in cash or Shares or
a combination of cash and Shares.

      2.23. "Outstanding Shares" means the then outstanding Shares of Common
Stock.

      2.24. "Participant" means an individual selected by the Committee to
receive an Award under the Plan.

      2.25. "Performance-Based Exception" means the performance-based exception
from the deductibility limits set forth in Section 162(m) of the Code and the
Section 162(m) Regulations.

      2.26. "Performance Goals" means, with respect to Awards that are intended
to qualify for the Performance-Based Exception, objectively determinable
performance goals established by the Committee within the time period specified
in the Section 162(m) Regulations and based on any of the following criteria:
(a) earnings, (b) return on equity, (c) return on assets, (d) return on
investment, (e) revenues, (f) expenses; (g) the operating ratio; (h) stock
price; (i) stockholder return; (j) market share; (k) charge-offs, (l) credit
quality, or (m) customer satisfaction measures. Such Performance Goals may be
particular to a Participant or the division, branch, line of business, Affiliate
or other unit in which the Participant works, or may be based on the performance
of the Corporation on a consolidated basis. Notwithstanding the preestablishment
of a Performance Goal with respect to an Award in accordance with the Section
162(m)

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Regulations, nothing herein shall be construed as limiting the Committee's
ability to reduce the amount payable under the Award (including, for this
purpose, reducing the amount of any Award that would otherwise be granted, or
reducing the portion of any Award that would otherwise vest) upon attainment of
such Performance Goal.

      2.27. "Performance Period" means the period of time designated by the
Committee applicable to a Performance Stock Award during which specified
Performance Goals shall be measured.

      2.28. "Performance Share" means an Award granted to a Participant pursuant
to Section 11.

      2.29. "Prior Plan" means the BankBoston Corporation 1991 Long-Term Stock
Incentive Plan.

      2.30. "Reporting Person" means a person required to file reports under
Section 16(a) of the Exchange Act or any successor statute.

      2.31. "Restricted Period" means the period during which the transfer of
shares of Restricted Stock is limited in some way (based on the passage of time,
the achievement of Performance Goals or upon the occurrence of other events as
determined by the Committee), and the Shares are subject to a substantial risk
of forfeiture, as provided in Section 10.

      2.32. "Restricted Stock" means an Award granted to a Participant pursuant
to Section 10.

      2.33. "Retirement" means termination of employment with the Corporation or
any Affiliate if such termination of employment constitutes normal retirement,
early retirement, disability retirement or other retirement as provided for at
the time of such termination of employment under the applicable retirement
program then maintained by the Corporation or the Affiliate, provided that the
Participant does not continue in the employment of the Corporation or any
Affiliate and provided further that such termination does not constitute a
Termination for Cause.

      2.34. "Section 162(m) Regulations" means the regulations promulgated under
Section 162(m) of the Code, as amended from time to time.

      2.35. "Shares" means shares of Common Stock.

      2.36. "Stock Appreciation Right" or "SAR" means an Award granted to a
Participant, alone or in connection with a related Option, pursuant to Section
9.

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      2.37. "Tandem SAR" means an SAR that is granted in connection with a
related Option, the exercise of which shall require forfeiture of the right to
purchase a share of Common Stock under the related Option (and when a share of
Common Stock is purchased under the related Option, the Tandem SAR shall
similarly be canceled).

      2.38. "Termination for Cause" means the termination of a Participant's
employment due to any act which, in the discretionary judgment of the Committee,
is deemed inimical to the best interests of the Corporation or any Affiliate,
including, but not limited to: (a) willful and gross misconduct in respect of
the Participant's duties for the Corporation or the Affiliate, (b) conviction of
a felony or perpetration of a common law fraud, (c) willful failure to comply
with applicable laws or regulations with respect to the execution of the
Corporation's or the Affiliate's businesses or (d) theft, fraud, embezzlement,
dishonesty or other conduct which has resulted or is likely to result in
material economic or other damage to the Corporation or any Affiliate.

3.    Effective Date and Term.

      Subject to approval by the Corporation's stockholders, the Plan shall
become effective as of January 1, 1997, and Awards may be granted under the Plan
from and after that date. No Awards may be made under the Plan after December
31, 2006, but Awards theretofore granted may extend beyond that date.
Notwithstanding the foregoing, no Incentive Stock Options shall be granted after
December 20, 2005.

4.    Administration.

      4.1. The Plan shall be administered by the Committee. Subject to the
provisions set forth herein, the Committee shall have full authority to
determine the provisions of Awards, including, without limitation, vesting
schedules, price, performance standards (including Performance Goals), length of
relevant performance, restriction or option period, dividend rights,
post-retirement and termination rights, payment alternatives such as cash,
stock, contingent awards or other means of payment consistent with the purposes
of the Plan and individual Award Documentation. The Committee also shall have
full authority to interpret the terms of the Plan and of Awards made under the
Plan, to adopt, amend and

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rescind rules and guidelines for the administration of the Plan and for its own
acts and proceedings and to decide all questions and settle all controversies
and disputes which may arise in connection with the Plan. To the extent
permitted by applicable law, the Committee may delegate to one or more executive
officers who are also directors of the Corporation the power to make Awards to
Participants who are not Reporting Persons at the time of such Awards and all
determinations under the Plan with respect thereto, provided that the Committee
shall fix the maximum amount of Awards for such Participants as a group.

      4.2. Notwithstanding Section 4.1 and subject to the provisions set forth
herein, the Board shall approve or ratify Awards made under the Plan to any
executive officer who is also a director of the Corporation.

      4.3. The decision of the Committee on any matter as to which it is given
authority under Section 4.1 above shall be final and binding on all persons
concerned.

5.    Shares Subject to the Plan.

      5.1. Subject to adjustment in accordance with the provisions of Section
13.8 and subject to Section 5.4, (a) the total number of Shares available for
grants of Awards (including, without limitation, Awards of Restricted Stock and
Performance Shares) in any calendar year shall not exceed one and one-quarter
percent (1.25%) of the outstanding Common Stock as of the first business day of
such calendar year and (b) the total number of Shares available for grants of
Restricted Stock and Performance Shares in any calendar year shall not exceed
one-half of one percent (.5%) of the outstanding Common Stock as of the first
business day of such calendar year. Shares issued under the Plan may consist in
whole or in part of authorized but unissued Shares, Shares held as treasury
stock or previously issued Shares reacquired by the Corporation, including
Shares purchased on the open market. Notwithstanding the foregoing, the maximum
number of Shares that may be issued under Incentive Stock Options awarded under
the Plan, subject to adjustment in accordance with Section 13.8, shall be
10,000,000* Shares.

      5.2. Subject to adjustment in accordance with Section 13.8, the total
number of Shares available for grants of Awards in any calendar year to any
Participant shall not exceed the lesser of (a) three-tenths

--------
* As adjusted for BankBoston Corporation's two-for-one stock split, effective as
of June 22, 1998.

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of one percent (.3%) of the outstanding Common Stock as of the first business
day of such calendar year or (b) 1,200,000* Shares.

      5.3. For purposes of calculating the total number of Shares available for
grants of Awards, (a) the grant of a Performance Share shall be deemed to be
equal to the maximum number of Shares which may be issued upon payment of the
Performance Share and (b) where the value of an Award is variable on the date it
is granted, the value shall be deemed to be the maximum limitation of the Award.
Awards payable solely in cash shall not reduce the number of Shares available
for Awards granted under the Plan.

      5.4. There shall be carried forward and available for Awards under the
Plan in each succeeding calendar year, in addition to Shares available for grant
under Section 5.1, all of the following: (a) any unused portion of the limit set
forth in Section 5.1 for any preceding calendar years; (b) Shares represented by
Awards which, during that calendar year or any preceding calendar years, have
been canceled, forfeited, surrendered, terminated or expire unexercised (with
the exception of the termination of a Tandem SAR upon the exercise of the
related Option, or the termination of a related Option upon exercise of the
corresponding Tandem SAR), or which are settled in a manner that results in
fewer Shares outstanding than were initially awarded (including, without
limitation, the surrender of Shares as full or partial payment for the Award or
any tax obligation thereon); (c) the excess amount of variable Awards which
become fixed at less than their maximum limitations; (d) authorized Shares as to
which Options, SARs and Restricted Stock were not granted under the Prior Plan
as of December 31, 1996 and (e) Shares granted under the Prior Plan subject to
Options, SARs or Restricted Stock which, during that calendar year or any
preceding calendar years, have been canceled, forfeited, surrendered, terminated
or expire unexercised or which are settled in a manner that results in fewer
Shares outstanding than were initially awarded (including, without limitation,
the surrender of Shares as full or partial payment for the Award or any tax
obligation thereon).

6. Eligibility for Awards. Any officer or employee of the Corporation or its
Affiliates who, in the opinion of the Committee, is in a position to have a
significant effect upon the Corporation's business and consolidated earnings,
shall be eligible to receive an Award under the Plan.

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7. Grant of Awards. From time to time while the Plan is in effect, the Committee
may, in its absolute discretion, select from among the persons eligible to
receive Awards (including persons to whom Awards were previously granted) those
persons to whom Awards are to be granted. Such Awards may be granted on a stand
alone, combination or tandem basis. In addition to granting Awards for purposes
of incentive compensation, Awards may also be made in tandem with or in lieu of
other current or deferred employee compensation.

8. Options.

      8.1. Grant of Options. Subject to the provisions of the Plan, the
Committee may award Options, alone or in combination with other Awards under the
Plan. Options granted under the Plan may be either Incentive Stock Options or
Nonqualified Stock Options. The terms and conditions of Incentive Stock Options
shall be subject to and comply with Section 422(b) of the Code or any successor
provision, and any regulations thereunder.

      8.2. Option Price. The Option price per share of Common Stock, with
respect to each Option, shall not be less than the Fair Market Value per share
at the time the Option is granted.

      8.3. Period of Options. An Option shall be exercisable during such period
of time as the Committee shall determine, subject, in the case of Incentive
Stock Options, to any limitation required by the Code. It is contemplated that
the Committee will provide that an Option shall not be exercisable after the
expiration of ten years from the date the Option is granted.

      8.4. Exercise of Options. Each Option shall be made exercisable at such
time or times, and shall be subject to such conditions or restrictions, as the
Committee shall determine. It is contemplated that the Committee will normally
provide that the right to exercise an Option will accrue on the first
anniversary of the date of grant with respect to 50 percent of the number of
shares of Common Stock subject to the Option and that the right to exercise the
Option with respect to the balance of the shares subject thereto will accrue on
the second anniversary of the date of grant. However, the Committee may, in its
discretion, in any case provide that the Option will be exercisable immediately
with respect to all

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of the shares of Common Stock subject to the Option or that the right to
exercise the Option will accrue in different installments and at different times
from those set forth above.

      8.5. Payment for and Delivery of Stock. Payment of the Option exercise
price may be made by any of the following methods, as determined by the
Committee at the time the Option is granted: (a) in cash or its equivalent (b)
by delivery of Shares already owned by the Participant, valued at their Fair
Market Value on the date of exercise (provided that any Shares so delivered
shall have been held by the Participant for such period, if any, as the
Committee shall determine), (c) subject to such guidelines as may be promulgated
by the Committee, by delivery of a notice instructing the Corporation to deliver
the Shares being purchased to a broker, subject to the broker's delivery of cash
to the Corporation equal to the purchase price and any applicable withholding
taxes, (d) by delivery of such other lawful consideration as the Committee may
determine or (e) by any combination of the foregoing. The Committee may provide
for the automatic award of an Option upon the delivery of Shares to the
Corporation in payment of the exercise price of another Option for up to the
number of Shares delivered to the Corporation in payment of the exercise price
of such other Option.

      8.6. Termination of Employment. Each Participant's Award Documentation
shall set forth the extent to which the Participant or the Participant's legal
representative, guardian or Designated Beneficiary shall have the right to
exercise an Option following the termination of the Participant's employment
with the Corporation and its Affiliates. Such provisions shall be determined in
the sole discretion of the Committee and may reflect distinctions based on the
reasons for termination of employment, including, without limitation,
termination of employment by reason of the Participant's death, Retirement or
Disability.

9. Stock Appreciation Rights.

      9.1. Grant of SARs. Subject to the provisions of the Plan, the Committee
may award SARs alone or in combination with other Awards under the Plan.

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      9.2. Grant Price. The grant price of a Freestanding SAR shall not be less
than the Fair Market Value of the Common Stock at the time of grant of the SAR.
The grant price of a Tandem SAR shall not be less than the Option exercise price
of the related Option.

      9.3. Term of SARs. An SAR shall be exercisable during such period of time
as the Committee shall determine. It is contemplated that the Committee will
provide that an SAR shall not be exercisable after the expiration of ten years
from the date the SAR is granted.

      9.4. Exercise of Tandem SARs. Tandem SARs 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. A Tandem SAR may be
exercised only with respect to the Shares for which its related Option is then
exercisable.

      9.5 Exercise of Freestanding SARs. Freestanding SARs shall be made
exercisable at such time or times, and shall be subject to such conditions or
restrictions, as the Committee shall determine. It is contemplated that the
Committee will normally provide that the right to exercise 50 percent of any
Freestanding SARs granted hereunder will accrue on the first anniversary of the
date of grant and that the right to exercise the balance of such Freestanding
SARs will accrue on the second anniversary of the date of grant. However, the
Committee may, in its discretion, in any case provide that Freestanding SARs
will be exercisable immediately or that the right to exercise Freestanding SARs
will accrue in different installments and at different times from those set
forth above.

      9.6. Payment of SARs. Upon exercise of an SAR, a Participant shall be
entitled to receive payment from the Corporation in an amount determined by
multiplying (a) the excess, if any, of the Fair Market Value of a share of
Common Stock on the date of exercise over the grant price by (b) the number of
Shares with respect to which the SAR is exercised. SARs may be payable in cash,
Shares or a combination of the two, as provided by the Committee. Shares issued
on the settlement of the exercise of SARs shall be valued at their Fair Market
Value on the date of exercise.

      9.7. Termination of Employment. Each Participant's Award Documentation
shall set forth the extent to which the Participant or the Participant's legal
representative, guardian or Designated

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Beneficiary shall have the right to exercise an SAR following the termination of
the Participant's employment with the Corporation and its Affiliates. Such
provisions shall be determined in the sole discretion of the Committee and may
reflect distinctions based on the reasons for termination of employment,
including, without limitation, termination of employment by reason of the
Participant's death, Retirement or Disability.

10.   Restricted Stock.

      10.1. Grant of Restricted Stock. Subject to the provisions of the Plan,
the Committee may award Restricted Stock alone or in combination with other
Awards under the Plan.

      10.2. Terms of Restricted Stock. The Restricted Period and other
provisions of each Restricted Stock Award shall be established by the Committee
and shall be set forth in the Participant's Award Documentation.

      10.3. Nontransferability; Other Restrictions. Except as provided in this
Section 10, shares of Restricted Stock may not be sold, assigned, transferred,
pledged or otherwise encumbered during the Restricted Period. The Committee may
impose such other conditions and/or restrictions on any shares of Restricted
Stock granted under the Plan as it may deem advisable including, without
limitation, performance-based restrictions (whether or not based upon the
achievement of Performance Goals), employment-based restrictions and/or
restrictions under applicable federal or state securities laws.

      10.4. Participants' Rights in Restricted Stock. Shares of Restricted Stock
shall be evidenced in such manner as the Committee may determine. Any
certificates issued in respect of Restricted Stock shall be registered in the
name of the Participant and, except as otherwise determined by the Committee,
shall be delivered to the Participant after the last day of the Restricted
Period. Except as otherwise provided by the Committee, during and after the
Restricted Period, dividends with respect to any Restricted Stock shall be paid
to, and voting rights with respect to any such Shares shall be vested in, the
Participant. To the extent provided by the Committee, Participants may defer the
receipt of any dividends payable during the Restricted Period with respect to
Restricted Stock.

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      10.5. Termination of Employment. Each Participant's Award Documentation
shall set forth the extent, if any, to which the Participant or the
Participant's legal representative, guardian or Designated Beneficiary shall
have the right to receive unvested shares of Restricted Stock following the
termination of the Participant's employment with the Corporation and its
Affiliates. Such provisions shall be determined in the sole discretion of the
Committee and may reflect distinctions based on the reasons for termination of
employment, including, without limitation, termination of employment by reason
of the Participant's death, Retirement or Disability.

      10.6. Consideration for Restricted Stock. Restricted Stock shall be issued
for no cash consideration or such minimum consideration as may be required under
applicable law.

11.   Performance Shares.

      11.1. Grant of Performance Shares. Subject to the provisions of the Plan,
the Committee may award Performance Shares alone or in combination with other
Awards under the Plan. The number and/or vesting of Performance Shares granted,
in the Committee's discretion, shall be contingent upon the degree of attainment
of the Performance Goals over the Performance Period.

      11.2. Form and Timing of Payment of Performance Shares. During the course
of a Performance Period, the Committee shall determine the number of Performance
Shares as to which the Participant has earned the right to be paid based upon
the attainment of the applicable Performance Goals. The Committee shall pay any
earned Performance Shares as soon as practicable after they are earned in the
form of cash, Shares or a combination thereof (as determined by the Committee)
having an aggregate Fair Market Value equal to the number of Performance Shares
earned multiplied by the Fair Market Value of a share of Common Stock determined
as of the date such Performance Shares were earned. Any Shares used to pay out
earned Performance Shares may be granted subject to any restrictions deemed
appropriate by the Committee. To the extent provided by the Committee,
Participants may defer the receipt of payment of any Performance Shares or other
amounts (e.g., dividend equivalent rights) earned pursuant to the Award
Documentation.

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      11.3. Termination of Employment. Each Participant's Award Documentation
shall set forth the extent to which the Participant or the Participant's legal
representative, guardian or Designated Beneficiary shall have the right to
receive unearned Performance Shares following the termination of the
Participant's employment with the Corporation and its Affiliates. Such
provisions shall be determined in the sole discretion of the Committee and may
reflect distinctions based on the reasons for termination of employment,
including, without limitation, termination of employment by reason of the
Participant's death, Retirement or Disability.

12. Other Awards.

      12.1. Grant of Other Awards. Subject to the provisions of the Plan, the
Committee may award Other Awards alone or in combination with other Awards under
the Plan.

      12.2. Terms of Other Awards. The Committee shall determine the terms and
provisions of Other Awards including, without limitation, any transfer
restrictions, vesting provisions, the value of such Awards and the form and
timing of payment of such Awards.

      12.3. Termination of Employment. Each Participant's Award Documentation
shall set forth the extent to which the Participant or the Participant's legal
representative, guardian or Designated Beneficiary shall have the right to
exercise or receive Other Awards following the termination of the Participant's
employment with the Corporation and its Affiliates. Such provisions shall be
determined in the sole discretion of the Committee and may reflect distinctions
based on the reasons for termination of employment, including, without
limitation, termination of employment by reason of the Participant's death,
Retirement or Disability.

13. General Provisions Applicable to Awards.

      13.1. Non-transferability of Awards. Subject to the provisions of this
Section, (a) no Award under the Plan shall be transferable otherwise than by
will, by the laws of descent and distribution, or by operation of a "qualified
domestic relations order," as that term is defined in the Code, and (b) during
the lifetime of the Participant to whom an Award has been granted, rights under
the Award may be exercised only by the Participant, the Participant's guardian
or legal representative, or by the assignee of the Award

<PAGE>

                                      -16-

under a "qualified domestic relations order." Notwithstanding the foregoing, the
Committee may provide for greater transferability in the case of any Award,
including, without limitation, transfer to one or more members of the
Participant's family or to a partnership or trust established for the benefit of
one or more members of the Participant's family. In no event shall Incentive
Stock Options awarded under the Plan be transferable other than as permitted
under the rules prescribed in the Code for incentive stock options. An Award
that is intended to be exempt under Rule 16b-3 under the Exchange Act or any
successor rule, or that is intended to qualify for the Performance-Based
Exception, shall be transferable only to the extent consistent with such
exemption or qualification. Nothing in this Section shall be construed as
restricting the transfer of Shares that have become free of other transfer
restrictions under the Plan or that were awarded free of any such restrictions.

      13.3. Committee Discretion. Each type of Award may be made alone, in
addition to or in relation to any other type of Award. The terms of each type of
Award need not be identical, and the Committee need not treat Participants
uniformly. Except as otherwise provided by the Plan or a particular Award, any
determination with respect to an Award may be made by the Committee at the time
of award or at any time thereafter. The Committee may grant Awards hereunder
that are intended to satisfy the Performance-Based Exception and Awards that are
not intended to satisfy that exception. Awards hereunder that are intended to
satisfy the Performance-Based Exception shall be subject to the limitations of
Section 5.2. In no event shall an Award hereunder which is not intended to
satisfy the Performance-Based Exception be conditioned upon an Award hereunder
(to the same Participant) which is intended to satisfy the Performance-Based
Exception.

      13.4. Tax Withholding. The Committee shall require, on such terms as it
deems necessary, that the Participant pay to the Corporation, or make other
satisfactory provision for payment of, any federal, state or local taxes
required by law to be withheld in respect of Awards under the Plan. In the
Committee's discretion, a Participant may elect to satisfy all or a portion of
his or her federal, state and local tax withholding requirements by having
Shares withheld from the Shares otherwise issuable in connection with the event
creating the tax obligation, or by delivering to the Corporation previously
owned Shares,

<PAGE>

                                      -17-

valued at their Fair Market Value on the date that withholding taxes are
determined. The Corporation and its Affiliates may, to the extent permitted by
law, deduct any such tax obligations from any payment of any kind otherwise due
to the Participant.

      13.5. Foreign Nationals. Awards may be made to Participants who are
foreign nationals or employed outside the United States on such terms and
conditions different from those specified in the Plan as the Committee considers
necessary or advisable to achieve the purposes of the Plan or comply with
applicable laws. Notwithstanding the provisions of this Section 13.5, Awards to
any such individuals who are Reporting Persons shall be made in accordance with
the other provisions of the Plan, except as otherwise permitted by Rule 16b-3
under the Exchange Act or any successor rule.

      13.6. Amendment of Award. The Committee may amend, modify, terminate or
waive any condition or provision of any outstanding Award, including
substituting therefor another Award of the same or a different type, changing
the date of exercise or realization and converting an Incentive Stock Option to
a Nonqualified Stock Option; provided, however, that the Committee may not
(except in accordance with Section 13.8) increase the number of Shares subject
to any outstanding Award or decrease the Option or award price of the Award. The
Participant's consent to any such action shall be required unless the Committee
determines that the action, taking into account any related action, would not
materially and adversely affect the Participant.

      13.7. Acceleration of Vesting; Waiver of Restrictions. Notwithstanding any
provision of the Plan or any Award Documentation to the contrary, the Committee,
in its sole discretion, shall have the power at any time to (a) accelerate the
vesting or exercisability of any Award granted under the Plan, including,
without limitation, acceleration to such date that would result in such Awards
becoming immediately vested or exercisable, or (b) waive any restrictions of any
Award granted under the Plan.

      13.8. Changes in Stock; Adjustment of Awards. In the event of a stock
dividend, stock split or other change in corporate structure or capitalization
affecting the Common Stock or any other transaction (including, without
limitation, an extraordinary cash dividend) which, in the determination of the
Committee, affects the Common Stock such that an adjustment is required in order
to preserve the

<PAGE>

                                      -18-

benefits or potential benefits intended to be made available under the Plan,
then the Committee shall equitably adjust any or all of (a) the number and kind
of Shares in respect of which Awards may be made under the Plan, (b) the number
and kind of Shares subject to outstanding Awards, and (c) the Option or grant
price with respect to any of the foregoing, provided that the number of Shares
subject to any Award shall always be a whole number. In the event of any merger,
consolidation, dissolution or liquidation of the Corporation, the Committee, in
its sole discretion, may, as to any outstanding Awards, make such substitution
or adjustment in the aggregate number of Shares reserved for issuance under the
Plan and in the number and purchase price (if any) of Shares subject to such
Awards as it may determine, make outstanding Awards fully exercisable, or amend
or terminate such Awards upon such terms and conditions as it shall provide
(which, in the case of the termination of the vested portion of any Award, shall
require payment or other consideration which the Committee deems equitable in
the circumstances). Notwithstanding the foregoing, in the case of an Award
intended to qualify as an Incentive Stock Option or to qualify for the
Performance-Based Exception, adjustment shall be made under this Section 13.8
only to the extent, if any, consistent with continued qualification of the Award
as an Incentive Stock Option or continued qualification of the award for the
Performance-Based Exception, as the case may be.

      13.9. Change In Control. Unless otherwise provided in a Participant's
Award Documentation, upon the occurrence of a Change in Control of the
Corporation, (a) any and all Options and SARs granted hereunder shall become
immediately exercisable, and shall remain exercisable through their entire term;
(b) any Restricted Periods and restrictions imposed on Restricted Stock shall
lapse; and (c) the target payout opportunities attainable under all outstanding
Awards of Restricted Stock and Performance Shares shall be deemed to have been
fully earned for the entire Performance Period(s) as of the effective date of
the Change in Control, and the vesting of all Awards shall be accelerated as of
the effective date of the Change in Control.

      13.10. Dividend Equivalent Rights. The Committee may, in its discretion,
provide that any dividends declared on Shares subject to an Award, and which
would have been paid with respect to such

<PAGE>

                                      -19-

Shares had they been owned by a Participant, be paid to the Participant in
Shares, cash or a combination of cash and Shares, as specified in the Award
Documentation.

14.   Miscellaneous.

      14.1. No Right to Employment. 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 continued employment. The Corporation and its
Affiliates expressly reserve the right at any time to terminate the employment
of a Participant free from any liability or claim under the Plan, except as may
be expressly provided in the applicable Award. Except as specifically provided
by the Committee in any particular case, the loss of existing or potential
profit in Awards granted under the Plan shall not constitute an element of
damages in the event of termination of employment of a Participant, even if
termination is in violation of an obligation of the Corporation or an Affiliate
to the Participant, by contract or otherwise.

      14.2. No Rights as a Stockholder. Subject to the provisions of the
applicable Award, no Participant or Designated Beneficiary shall have any rights
as a stockholder with respect to any Shares to be distributed under the Plan
until he or she becomes the holder thereof. A Participant to whom Common Stock
is awarded shall be considered the holder of the stock at the time of the Award
except as otherwise provided in the applicable Award.

      14.3. No Fractional Shares. No fractional Shares shall be issued under the
Plan, and cash shall be paid in lieu of any fractional Shares in settlement.

      14.4. Unfunded Plan. The Plan shall be unfunded, shall not create (or be
construed to create) a trust or a separate fund or funds, and shall not
establish any fiduciary relationship between the Corporation and any Participant
or other person.

      14.5. Successors and Assigns. The Plan shall be binding on all successors
and assigns of the Participant, including without limitation the Participant's
Designated Beneficiary or any receiver or trustee in bankruptcy or
representative of the Participant's creditors.

      14.6. Amendment of Plan. The Board may amend, suspend or terminate the
Plan or any portion thereof at any time; provided, however, that no amendment
which requires stockholder approval in order

<PAGE>
                                      -20-

for those Awards that are intended to be exempt under Rule 16b-3 under the
Exchange Act (or any successor rule) to be so exempt or for those Awards that
are intended to qualify under the Performance-Based Exception to so qualify
shall be effective unless approved by the requisite vote of the Corporation's
stockholders. The Committee may make non-material amendments to the Plan.

      14.7. Governing Law. The provisions of the Plan shall be governed by and
interpreted in accordance with the laws of the Commonwealth of Massachusetts.EMPLOYMENT AGREEMENT

     AGREEMENT by and between Fleet Financial Group, Inc., a Rhode Island
corporation ("Fleet" or the "Company") and David L. Eyles (the "Executive")
dated as of the 29th day of October 1999.

     NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:

     1. EMPLOYMENT PERIOD. Fleet hereby agrees to employ the Executive, and the
Executive hereby agrees to remain in the employ of Fleet subject to the terms
and conditions of this Agreement, for the period commencing on the date hereof
and ending on January 10, 2002 (the "Employment Period").

     2. TERMS OF EMPLOYMENT. (a) Position and Duties. (i) During the Employment
Period, the Executive shall serve as Vice Chairman and Chief Risk Officer,
reporting directly to the Chairman and Chief Executive Officer, with appropriate
authority, duties and responsibilities. The Executive shall be located in
Hartford, Connecticut.

              (ii) During the Employment Period, and excluding any periods of
vacation and sick leave to which the Executive is entitled, the Executive agrees
to devote substantially all of his attention and time during normal business
hours to the business and affairs of Fleet and to the extent necessary to
discharge the responsibilities assigned to the Executive hereunder. The
foregoing shall not limit the Executive from being involved in personal
investment, charitable and for-profit Board activities at a level commensurate
with his current level, subject to Company policy on new Board activities.

         (b) COMPENSATION. (i) BASE SALARY. Effective upon the consummation of
the merger of Fleet with BankBoston Corporation (the "Merger"), the annual base
salary of the Executive shall be increased to $450,000. During the Employment
Period, the Executive shall receive an annual base salary ("Annual Base Salary")
of no less than $450,000. Any further increase in the Executive's Annual Base
Salary shall not serve to limit or reduce any other obligation to the Executive
under this Agreement. Annual Base Salary shall not be reduced after any such
increase and the term Annual Base Salary as utilized in this Agreement shall
refer to the Annual Base Salary as so increased. As used in this Agreement, the
term "affiliated companies" shall include any company controlled by, controlling
or under common control with Fleet.

              (ii) ANNUAL BONUS. The Executive shall be entitled to receive an
annual bonus with respect to calendar year 1999 of no less than $650,000,
subject to the Executive's rights of deferral, which will be paid in February
2000. The Executive shall be entitled to receive an annual bonus with respect to
calendar year 2000 of no less than $700,000, subject to the Executive's rights
of deferral, which will be paid in February 2001. The Executive shall be
entitled to receive an annual bonus with respect to calendar year 2001 of no
less than $750,000, subject to the Executive's rights of deferral, which will be
paid in February 2002.

<PAGE>

     In the event the Executive's employment is terminated by Fleet without
Cause (as defined in Section 3 (b)), including by reason of the death or
disability of the Executive, or by the Executive with Good Reason (as defined in
Section 3 (c)), during any calendar year of the Employment Period, the Executive
or his estate shall be entitled to receive a pro rated bonus for that calendar
year.

     The amount of the pro rated bonus shall be the product of (i) a fraction,
the numerator of which is the number of days elapsed in the applicable year, and
the denominator of which is 365, multiplied by (ii) the Annual Bonus amount
specified in this section for the full calendar year.

              (iii) OTHER EMPLOYEE BENEFIT PLANS. During the Employment Period,
except as otherwise expressly provided herein, the Executive shall be entitled
to participate in, and shall receive awards under, all employee benefit, welfare
and other plans, practices and programs, including perquisites applicable to
peer executives of Fleet at a level commensurate with such peer executives. Any
equity grants awarded prior to the Merger will be governed by the terms and
conditions of the underlying restricted stock agreement or stock option
agreement, as the case may be.

     Upon the consummation of the Merger, the Executive will be granted 50,000
shares of performance-based restricted stock (the "Restricted Stock Grant").
Subject to the attainment of performance criteria as outlined in the applicable
restricted stock agreement, all restrictions shall lapse, with respect to 50% of
the Restricted Stock Grant on the first anniversary of the date of the grant,
and with respect to the remaining 50% of the Restricted Stock Grant on the
second anniversary of the date of the grant.

     The Executive is eligible to receive a 1999 stock option award in such
amount as recommended by the Chairman and CEO of Fleet and approved by the Human
Resources and Planning Committee of the Board of Directors. Any stock option
award will be subject to the terms and provisions of the underlying stock option
agreement entered into for peer executives.

     If the Executive's employment is terminated by Fleet without Cause (as
defined in Section 3 (b)), including by reason of the death or disability of the
Executive, or by the Executive with Good Reason (as defined in Section 3 (c)),
at any time during the Employment Period, Fleet shall cause the Restricted Stock
Grant, to the extent then unvested or forfeitable, to become immediately and
fully vested. Any stock option awards granted to the Executive will be governed
by the terms of the underlying stock option agreement, including, but not
limited to, the provision that permits an optionee who is retirement eligible to
exercise stock options that were granted after April 1994 through 1998, and that
were vested as of the retirement date, for a period of 12 months following
termination of employment.

     As of the end of calendar year 1999, the Executive shall be eligible to
receive, but not entitled to receive, any additional equity awards.

                                                                               2
<PAGE>

              (iv) RETIREMENT BENEFITS. Commencing on February 1, 2002, the
Executive shall be entitled to receive a retirement benefit of at least $200,000
per annum, in the form of a 50% Joint & Survivor benefit, or its actuarial
equivalent as elected by him under the provisions of the applicable plans based
on a deemed termination of employment date of January 10, 2002 (the "Retirement
Benefit'). Except to the extent provided below, the Retirement Benefit shall be
inclusive of the amounts payable to the Executive or his survivor under any
qualified or nonqualified defined benefit pension plan or cash balance plan of
Fleet, its predecessors or their respective affiliates (collectively, the
"Company Retirement Plans") and any additional amounts payable under the Fleet
Supplemental Executive Retirement Plan and covered in the "rabbi" trust
therefor.

     In addition to the Retirement Benefit provided above, the Executive shall
be entitled to receive a benefit payable from the Supplemental Executive
Retirement Plan of Shawmut National Corporation (the "Frozen SERP"). The
benefit, payable as of February 1, 2002, is estimated to be $86,000 per annum,
based on a 50% Joint & Survivor Benefit.

     Further, whether or not the Executive remains an employee of Fleet through
the Employment Period, the Executive shall be entitled to the retiree medical
benefits to which he would have been entitled had he been age 55 and had 10
years of service with Shawmut National Corporation as of December 31, 1996.
Specifically, the Executive will have access to group rates from the date
employment with Fleet is terminated due to retirement or any other reason and
upon attainment of age 65, the Executive will be entitled to a monthly subsidy
for retiree and spouse medical coverage.

     If the Executive's employment is terminated by Fleet without Cause (as
defined in Section 3 (b)), including by reason of death or disability of the
Executive, or by the Executive with Good Reason (as defined in Section 3 (c)),
at any time during the Employment Period, the Executive shall be entitled to
receive the benefits as described in this Section 2 (b) (iv), except to the
extent that the amount of the Retirement Benefit and Frozen SERP may be
actuarially reduced to reflect an earlier benefit commencement date if elected;
provided, however, that per the terms of the Frozen SERP, the benefit
commencement date cannot be earlier than the first of the month following the
month in which the Executive attains age sixty-two (62).

     Notwithstanding the foregoing, in the event the Executive's employment
terminates in a manner not entitling him to benefits pursuant to Section 4 (a)
prior to January 10, 2002, the Retirement Benefit and the Frozen SERP shall not
be paid to the Executive, but instead the Executive shall be entitled to his
accrued and vested benefit under the Company Retirement Plans and the Frozen
SERP as of the Date of Termination, payable in accordance with the applicable
plan document, determined using the applicable covered compensation paid to the
Executive.

                                                                               3
<PAGE>

     In the event of the Executive's death or disability following January 10,
2002, the Executive or his estate shall be entitled to receive the Retirement
Benefit and the Frozen SERP.

              (v) INDEMNIFICATION/D & O INSURANCE. The Executive shall be
entitled to indemnification with respect to the performance of his duties
hereunder, and directors' and officers' liability insurance, on the same terms
and conditions as generally available to peer executives of Fleet. The Company's
obligations under this Section 2 (b) (v) shall survive the termination of the
Employment Period and this Agreement in accordance with the applicable indemnity
policy and directors' and officers' liability insurance of Fleet maintained by
the Company for other officers and directors.

     3. TERMINATION OF EMPLOYMENT. (a) DEATH OR DISABILITY. The Executive's
employment shall terminate automatically upon the Executive's death during the
Employment Period. If the Executive cannot, because of physical or mental
disability, perform his material duties hereunder for 180 consecutive days, at
the end of such period, Fleet may give to the Executive written notice in
accordance with Section 3 (d) of this Agreement of its intention to terminate
his employment. In such event, the Executive's employment with Fleet shall
terminate effective on the 30th day after receipt of such notice by the
Executive, provided that, within the 30 days after such receipt, the Executive
shall not have returned to full-time performance of the Executive's material
duties.

         (b) CAUSE. Fleet may terminate the Executive's employment during the
Employment Period for Cause. For purposes of this Agreement, "Cause" shall mean:

              (i) the willful and continued failure of the Executive to perform
substantially the Executive's duties with Fleet or one of its affiliates (other
than any such failure resulting from incapacity due to physical or mental
illness), after a written demand for substantial performance is delivered to the
Executive by the Board or the Chairman of Fleet, which specifically identifies
the manner in which the Board believes the Executive has not substantially
performed the Executive's duties; or

              (ii) the willful engaging by the Executive in illegal conduct or
gross misconduct with regard to Fleet that is materially and demonstrably
injurious to the Company; or

              (iii) conviction of a felony (other than a traffic violation) or
guilty or nolo contrendere plea by the Executive with respect thereto.

     For purposes of this provision, no act or failure to act, on the part of
the Executive shall be considered "willful" unless it is done, or omitted to be
done, by the Executive in bad faith or without reasonable belief by the
Executive's action or omission was in the best interests of the Company. Any
act, or failure to act, based upon authority given pursuant to a resolution duly
adopted by the Board or upon the instructions of the Chairman or a senior
officer of Fleet, or based upon the advice of counsel for Fleet, shall

                                                                               4
<PAGE>

be conclusively presumed to be done, or omitted to be done, by the Executive in
good faith and in the best interests of Fleet.

         (c) GOOD REASON. The Executive's employment may be terminated by the
Executive for Good Reason. For purposes of this Agreement, "Good Reason" shall
mean:

              (i) a material breach by Fleet of a material term of this
Agreement, after Fleet has been given a reasonable opportunity to cure such
breach and has failed to do so;

              (ii) any requirement by Fleet that the Executive's services be
rendered primarily at a location or locations other than Hartford, CT, or any
requirement by Fleet that the Executive relocate more than thirty-five miles
from his current location;

              (iii) the assignment to the Executive of any duties or
responsibilities inconsistent in any respect with those customarily associated
with the position (including status, office, title and reporting requirements)
to be held by the Executive during the applicable period pursuant to this
Agreement, the appointment of any other Executive to perform any of the duties
or responsibilities customarily associated with the position to be held by the
Executive during the applicable period pursuant to this Agreement, or any other
action by Fleet that results in a diminution or other material adverse change in
the Executive's position, authority, duties or responsibilities, other than an
isolated, insubstantial and inadvertent action that is not taken in bad faith
and is remedied by Fleet promptly after receipt of notice thereof from the
Executive;

              (iv) any failure by Fleet to comply with any provision of Section
2 of this Agreement, other than an isolated, insubstantial and inadvertent
failure that is not taken in bad faith and is remedied by Fleet promptly after
receipt of notice thereof from the Executive;

         (d) NOTICE OF TERMINATION. Any termination by Fleet for Cause, or by
the Executive for Good Reason, shall be communicated by Notice of Termination to
the other party hereto given in accordance with Section 12 of this Agreement.
For purposes of this Agreement, a "Notice of Termination" means a written notice
which:

              (i) indicates the specific termination provision in this Agreement
relied upon;

              (ii) to the extent applicable, sets forth in reasonable detail the
facts and circumstances claimed to provide a basis for termination of the
Executive's employment under the provision so indicated; and

              (iii) if the Date of Termination (as defined below) is other than
the date of receipt of such notice, specifies the termination date (which dates
shall be not more than thirty days after the giving of such notice).

                                                                               5
<PAGE>

     The failure by the Executive or Fleet to set forth in the Notice of
Termination any fact or circumstance which contributes to a showing of Good
Reason or Cause shall not waive any right of the Executive or Fleet,
respectively, hereunder or preclude the Executive or Fleet, respectively, from
asserting such fact or circumstance in enforcing the Executive's or Fleet's
rights hereunder.

         (e) DATE OF TERMINATION. "Date of Termination" means January 10, 2002,
or if earlier:

              (i) if the Executive's employment is terminated by Fleet for
Cause, or by the Executive for Good Reason, the date of receipt of the Notice of
Termination or any later date specified therein within 30 days of such notice,
as the case may be;

              (ii) if the Executive's employment is terminated by Fleet other
than for Cause or Disability, or by Executive for other than Good Reason, the
Date of Termination shall be the date on which the Company notifies the
Executive of such termination;

              (iii) if the Executive's employment is terminated by reason of
death or disability, the Date of Termination shall be the date as defined in
Section 3(a) of this Agreement.

     4. OBLIGATIONS OF FLEET UPON TERMINATION. (a) If, during the Employment
Period, Fleet shall terminate the Executive's employment other than for Cause or
the Executive shall terminate for Good Reason, or the Date of Termination occurs
by reason of the expiration of the Employment Period on January 10, 2002:

              (i) Until January 10, 2002, the Executive shall remain on Fleet's
payroll and continue to be treated as an employee of Fleet for purposes of
payment of Annual Base Salary and participation in the Company's welfare (other
than long-term disability), retirement, deferred compensation and stock
incentive plans and other equity plans, except as may be separately provided for
in this Agreement, and thereafter as a "retiree" under them, provided that the
Executive shall not be entitled to, but will remain eligible for, additional
awards under any of Fleet's stock incentive plans, other than as provided for in
Section 2 (b) (iii); further, provided, however, that the Executive shall be
entitled receive a pro rated bonus for the year of termination in accordance
with the provisions of Section 2 (b) (ii) of this Agreement. In addition, the
Executive shall be entitled to benefits as outlined in Section 2 (b) (iv).
Further, the continuation of the Executive on Fleet's payroll shall not prevent
him from commencing employment with another employer;

              (ii) Fleet shall continue to pay to the Executive his Annual Base
Salary for the duration of the Employment Period;

                                                                               6
<PAGE>

              (iii) to the extent not theretofore paid or provided, Fleet shall
timely pay or provide to the Executive any other amounts or benefits required to
be paid or provided or which the Executive is eligible to receive under any
plan, program, or policy or practice or contract or agreement of Fleet and its
affiliated companies through the Date of Termination (such other amounts and
benefits shall be hereinafter referred to as the "Other Benefits"); and

              (iv) the Executive shall have the same election rights as to the
form of benefits and commencement dates as if his Date of Termination was
January 10, 2002; provided, however, that the Frozen SERP payment may not
commence prior to December 1, 2001.

         (b) CAUSE; OTHER THAN FOR GOOD REASON; DEATH OR DISABILITY. If the
Executive's employment shall be terminated for Cause, or the Executive
terminates his employment without Good Reason, or the Executive shall die or is
terminated because of Disability during the Employment Period, the Agreement
shall terminate without further obligations to the Executive other than the
obligation to pay to the Executive (w) his Annual Base Salary through the Date
of Termination, (x) other Benefits, which in the case of the Executive's Death
or Disability, shall include death or disability benefits under Fleet's death or
disability plan in which the Executive participates, in each case to the extent
theretofore unpaid, (y) in the case of Death or Disability, his pro rated bonus
amount, determined in accordance with Section 2 (b) (ii), and (z) as provided in
Section 2 (b) (iii) and Section 2 (b) (iv) above.

     5. NON-EXCLUSIVITY OF RIGHTS. Nothing in this Agreement shall prevent or
limit the Executive's continuing or future participation in any plan, program,
policy or practice provided by Fleet or any of its affiliated companies for
which the Executive may qualify, nor shall anything in this Agreement limit or
otherwise affect such rights as the Executive may have under any contract or
agreement with the Company of any of its affiliated companies. Vested benefits
and other amounts that the Executive is otherwise entitled to receive under any
plan, policy, practice or program of, or any contract of agreement with, the
Company of any of its affiliated companies on or after the Date of Termination
shall be payable in accordance with the terms of each such plan, policy,
practice, program, contract or agreement, as the case may be, except as
explicitly modified by this Agreement.

     6. NON-DUPLICATION OF BENEFITS. To the extent the Executive is or becomes
entitled to receive compensation and benefits payable in accordance with the
terms of an existing agreement (e.g., a change in control agreement) to which
the Executive and Fleet are parties, any compensation and/or benefits that shall
be or become payable according to the terms and conditions of this Agreement
will not be paid to the extent any payment0 is deemed duplicative.

     7. FULL SETTLEMENT. Fleet's obligation to make the payments provided for
in, and otherwise to perform its obligations under, this Agreement shall not be
affected by any set-off, counterclaim, recoupment, defense or other claim, right
or action that Fleet

                                                                               7
<PAGE>

may have against the Executive or others. In no event shall the Executive be
obligated to seek other employment or take any other action by way of mitigation
of the amounts payable to the Executive under any provisions of this Agreement
and such amounts hall not be reduced, regardless of whether the Executive
obtains other employment.

     8. CONFIDENTIAL INFORMATION. (a) The Executive shall hold in a fiduciary
capacity for the benefit of Fleet all secret or confidential information,
knowledge or data relating to Fleet or any of its affiliated companies and their
respective businesses that the Executive obtains during the Executive's
employment by Fleet or any of its affiliated companies and that is not public
knowledge (other than by acts by the Executive or representatives of the
Executive in violation of this Agreement). After termination of the Executive's
employment with Fleet, the Executive shall not, without the prior written
consent of Fleet, or as may otherwise be required by law or legal process,
communicate or divulge any such information, knowledge or data to anyone other
than Fleet and those designated by it.

         (b) In the event of a breach or a threatened breach of Section 8 (a),
the Executive agrees that Fleet shall be entitled to injunctive relief in a
court of appropriate jurisdiction to remedy any such breach or threatened
breach, the Executive acknowledges that damages would be inadequate and
insufficient.

         (c) Any termination of the Executive's employment or of this Agreement
shall have no effect on the continuing operation of Section 8.

     9. MUTUAL RELEASES. On the Date of Termination, or if later, January 10,
2002, the Executive and Fleet agree to execute the releases attached as Exhibit
A hereto. The Executive agrees that his right to receive the benefits set forth
in Section 4 are conditioned upon his executing and not revoking the release,
provided Fleet delivers its reciprocal release.

     10. INDEMNIFICATION; ATTORNEYS' FEES. The Company shall pay or indemnify
the Executive to the full extent permitted by law and the by-laws of Fleet for
all expenses, costs, liabilities and legal fees which the Executive may incur in
the discharge of his duties hereunder. The Company also agrees to pay, as
incurred, to the fullest extent permitted by law, or indemnify the Executive if
such payment is not legally permitted, for all legal fees and expenses that the
Executive may in good faith incur as a result of any contest by the Company, the
Executive or others of the validity or enforceability of or liability under, or
otherwise involving, any provision of this Agreement, together with interest on
any delayed payment at the applicable federal rate provided for in Section
7872(f)(2)(A) of the Internal Revenue Code (the "Code").

     11. SUCCESSORS. (a) This Agreement is personal to the Executive and without
the prior written consent of Fleet shall not be assignable by the Executive
otherwise than by will or the laws of descent and distribution, except that upon
the Executive's death after the Employment Period any amounts due hereunder
shall be paid to his estate or beneficiary, as the case may be. If the Executive
shall die prior to January 10, 2002, the

                                                                               8
<PAGE>

Executive's estate shall be entitled to the remaining payments and benefits as
described in Section 4 (b). This Agreement shall inure to the benefit of and be
enforceable by the Executive's legal representatives.

         (b) This Agreement shall inure to the benefit of and be binding upon
Fleet and its successors and assigns.

         (c) Fleet will require any successor (whether direct or indirect, by
purchase, merger, consolidation or otherwise) to all or substantially all of the
business and/or assets of the Fleet to assume expressly and to agree to perform
this Agreement in the same manner and to the same extent that Fleet would be
required to perform it if no such succession had taken place. As used in this
Agreement, "Company" shall mean Fleet as hereinbefore defined and any successor
to its business and/or assets as aforesaid which assumes and agrees to perform
this Agreement by operation of law, or otherwise.

     12. MISCELLANEOUS. (a) This Agreement shall be governed by and construed in
accordance with the laws of the state of Rhode Island, without reference to
principles of conflict of laws. The captions of this Agreement are not part of
the provisions hereof and shall have no force or effect. This Agreement may not
be amended or modified otherwise than by a written agreement executed by the
parties hereto or their respective successors and legal representatives.

         (b) All notices and other communications hereunder shall be in writing
and shall be given by hand delivery to the other party or by registered or
certified mail, return receipt requested, postage prepaid, addressed as follows:

                  If to the Executive:
                  --------------------
                  150 Balfour Drive
                  West Hartford, CT   06117

                  If to Fleet:
                  ------------
                  One Federal Street
                  Boston, MA   02110
                  Attention:  General Counsel

or to such other address as either party shall have furnished to the other in
writing in accordance herewith. Notice and communications shall be effective
when actually received by the addressee.

         (c) The invalidity or unenforceability of any provision of this
Agreement shall not affect the validity or enforceability of any other provision
of this Agreement.

         (d) The Company may withhold from any amounts payable under this
Agreement such Federal, state, local or foreign taxes as shall be required to be
withheld pursuant to any applicable law or regulation.

                                                                               9
<PAGE>

         (e) The Executive's or Fleet's failure to insist upon strict compliance
with any provision of this Agreement or the failure to assert any right the
Executive or Fleet may have hereunder shall not be deemed to be a waiver of such
provision or right or any other provision or right of this Agreement.

         (f) From and after the date hereof, this Agreement shall supersede any
other employment, severance or change in control agreement between the parties
with respect to the subject matter hereof, provided that this Agreement shall
not supersede the change in control agreement between the parties if a change of
control (as defined therein) occurs prior to the Date of Termination, except to
the extent that such agreement and this Agreement would provide duplicative
benefits.

         (g) The rights and benefits of the Executive under this Agreement may
not be anticipated, assigned, alienated or subject to attachment, garnishment,
levy, execution or other legal or equitable process except as required by law.
Any attempt by the Executive to anticipate, assign, sell, transfer, pledge,
encumber or charge the same shall be void. Payments hereunder shall not be
considered assets of the Executive in the event of insolvency or bankruptcy.

         IN WITNESS WHEREOF, the Executive has hereunto set the Executive's hand
and, pursuant to the authorization from its Board of Directors, Fleet has cause
these presents to be executed in its name on its behalf, all as of the day and
year first written above.

                                                  /s/ DAVID L. EYLES
                                                  ------------------
                                                  David L. Eyles

                                                  FLEET FINANCIAL GROUP, INC.

                                                  /s/ M. ANNE SZOSTAK
                                                  -------------------
                                         By:      M. Anne Szostak
                                         Title:   Executive Vice President
                                                  Director of Human Resources

                                                                              10
<PAGE>

                                    EXHIBIT A

                                 GENERAL RELEASE

                  THIS GENERAL RELEASE is entered into between Fleet Financial
Group, Inc., a Rhode Island Corporation (the "Company") and David L. Eyles (the
"Executive") as of the _____ day of __________, ____. The Company and the
Executive agree as follows:

1.   Employment Status. The Executive's employment with the Company has
     terminated effective as of _________, __, ____.

2.   Payment and Benefits. Upon acceptance of the terms set forth herein, the
     Company as of the date of termination shall provide the Executive with the
     payments and benefits set forth in the Employment Agreement between the
     Company and the Executive, dated as of August __, 1999 (the "Employment
     Agreement") and the amounts otherwise due to the Executive upon such
     termination under the Company's plans and programs.

3.   No Liability. This Release does not constitute an admission by the Company,
     or any of its subsidiaries, affiliates, divisions, trustees, officers,
     directors, partners, agents, or employees, of any unlawful acts or of any
     violation of federal, state or local laws.

4.   Release. In consideration of the payments and benefits set forth in the
     Employment Agreement, the Executive for himself, or his heirs,
     administrators, representatives, executors, successors and assigns
     (collectively, the "Executive Releasors") does hereby irrevocably and
     unconditionally release, acquit and forever discharge the Company and its
     subsidiaries, affiliates, divisions, successors, assigns, trustees,
     officers, directors, partners, agents, and former and current employees,
     including without limitation, all persons acting by, through, under or in
     concert with any of them (collectively, the "Company Releasees"), and each
     of them from any and all charges, complaints, claims, liabilities,
     obligations, promises, agreements, controversies, damages, remedies,
     actions, causes of action, suits, rights, demands, costs, losses, debts and
     expenses (including attorneys' fees and costs ) of any nature whatsoever,
     known or unknown, whether in law or equity and whether arising under
     federal, state or local law and in particular any claim for discrimination
     based upon race, color, ethnicity, sex, age (including the Age
     Discrimination Employment Act of 1967), national origin, religion,
     disability, or any other unlawful criterion or circumstance, which
     Executive Releasors had, now have, or may have to claim to have in the
     future against each or any of the Company Releasees from the beginning of
     the world until the date of the execution of this Release relating to the
     Executive's employment with the Company and its subsidiaries and
     affiliates; provided, however, that nothing herein shall release the
     Company from the obligation to make the payments described in the
     Employment Agreement prior

                                                                              11
<PAGE>

     to the satisfaction of such payments in full and to indemnify the Executive
     in accordance with Section 2 (b) (v) of the Employment Agreement.

5.   Bar. The Executive acknowledges and agrees that if should hereafter make
     any claim or demand or commence or threaten to commence any action, claim
     or proceeding against the Company Releasees with respect to any cause,
     matter or thing which is the subject of Paragraph 4 of this Release, this
     Release may be raised as a complete bar to any such action, claim or
     proceeding, and the applicable Company Releasees may recover from the
     Executive all costs incurred in connection with such action, claim or
     proceeding, including attorneys' fees.

6.   Governing Law. This Release shall be governed by and construed in
     accordance with the laws of the State of Rhode Island.

7.   Acknowledgement. The parties hereto have read this Release, understand it,
     and voluntarily accept its terms, and the Executive acknowledges that he
     has been advised by the Company to seek the advice of legal counsel before
     entering into this Release, and has been provided with a period of
     twenty-one (21) days in which to consider entering into this Release.

8.   Revocation. The Executive has a period of seven (7) days following the
     execution of this Release during which the Executive may revoke this
     Release, and this Release shall not become effective or enforceable until
     such revocation period has expired.

9.   Counterparts. This Release may be executed by the parties hereto in
     counterparts, which taken together shall be deemed one original.

     IN WITNESS WHEREOF, the parties have executed this Release on the date
first set forth above.

                                          ------------------------------
                                          David L. Eyles

                                          FLEET FINANCIAL GROUP, INC.

                                          -----------------------------
                                       By:

                                       Title:

                                                                              12
<PAGE>

                                 GENERAL RELEASE

     THIS GENERAL RELEASE is executive and delivered by Fleet Financial Group,
Inc., a Rhode Island Corporation (the "Company") to David L. Eyles (the
"Executive").

1.   Release. The Company, on its own behalf and on behalf of its subsidiaries
     and affiliates, agree to and do hereby irrevocably and unconditionally
     release, acquit and forever discharge the Executive, his heirs, executors,
     and administrators (hereinafter collectively referred to as the "Executive
     Releasees"), with respect to and from any and all charges, complaints,
     claims, liabilities, obligations, promises, agreements, controversies,
     damages, remedies, actions, causes of action, suits, rights, demands,
     costs, losses, debts and expenses of any kind whatsoever, known or unknown,
     whether in law or equity and whether arising under federal, state or local
     law for, upon, or by reason or, any matter, course or thing whatsoever from
     the beginning of the world until the date of the execution of this Release
     relating to the Executive's employment with the Company and its
     subsidiaries and affiliates; provided, however, that nothing herein shall
     release the Executive from the obligations or restrictions arising under or
     referred to or described in Section 8 of the Employment Agreement between
     the Company and the Executive dated as of August __, 1999 (the "Employment
     Agreement"), or impair the right or ability of the Company to enforce such
     provisions in accordance with the terms of the Employment Agreement. All
     claims released by the undersigned pursuant to this Release shall
     collectively be referred to herein as the "Released Company Claims."
     Notwithstanding the foregoing, in no event shall the Released Company
     Claims include any claims involving fraud, or willful misconduct with
     respect to the Company on the part of the Executive, which fraud or willful
     misconduct is not known to an Officer of the Company as of August __, 1999.

2.   Bar. The Company, on its own behalf and on behalf of its subsidiaries and
     affiliates, acknowledge and agree that if they should hererafter make any
     claim or demand or commence or threaten to commence any action, claim or
     proceeding against the Executive Releasees with respect to any cause,
     matter or thing which is the subject of Paragraph 1 of this Release, this
     Release may be raised as a complete bar to any such action, claim or
     proceeding, and the applicable Executive Releasees may recover from the
     Company, its subsidiaries and affiliates all costs incurred in connecction
     with such action, claim or proceeding, including attorneys' fees.

3.   Governing Law. This Release shall be governed by and construed in
     accordance with the laws of the State of Rhode Island.

4.   Successors. This Release shall be binding upon the Company, its
     subsidiaries and affiliates and their successors and assigns.

                                                                              13
<PAGE>

5.   Counterparts. This Release may be executed by the parties hereto in
     counterparts, which taken together shall be deemed one original.

     IN WITNESS WHEREOF, this Release has been executed on behalf of each of
the Company and the Executive on this ___ day of __________, ____.

                                          ------------------------------
                                          David L. Eyles

                                          FLEET FINANCIAL GROUP, INC.

                                          ------------------------------
                                       By:

                                       Title:

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