Document:

Director's Stock Plan

Exhibit 10(i) 
 
BANK OF AMERICA CORPORATION DIRECTORS’ STOCK PLAN 
 
Amendment Dated April 24, 2002 
 
Bank of America Corporation (the
“Corporation”) sponsors the Bank of America Corporation Directors’ Stock Plan (the “Plan”). The following is an amendment to the Plan adopted at the April 24, 2002 meeting of the Board of Directors of the Corporation adding
vesting provisions with respect to shares of common stock of the Corporation used to pay a portion of the annual retainer fee as set forth in the Plan: 
 
1.    Section 5 of the Plan is amended effective as of April 24, 2002 to read as follows: 
 
“5.    Shares for Annual Retainer
Fee: 
 
(a)    Payment of Shares.    Any Annual Retainer Fee payable to a Nonemployee Director on or after the Effective Date shall be payable sixty percent (60%) in cash and forty percent (40%)
in shares of Common Stock. The total number of shares of Common Stock to be issued under this Section to a Nonemployee Director with respect to an Annual Retainer Fee shall be determined by dividing the amount of such Annual Retainer Fee payable in
shares of Common Stock by the Fair Market Value of the Common Stock on the applicable Payment Date. In no event shall the Corporation be obligated to issue fractional shares under this Section, but instead shall pay any such fractional share in cash
based on the Fair Market Value of the Common Stock on the Payment Date. Certificates for the shares of Common Stock payable under this Section shall be delivered as soon as practicable after the relevant Payment Date; provided,
however, that if a Nonemployee Director has elected to defer an Annual Retainer Fee pursuant to the Deferral Plan, the shares of Common Stock otherwise issuable under this Plan in connection with such Annual Retainer Fee shall not be issued
and such Nonemployee Director shall be credited with “Stock Units” to be paid in cash when and as provided for under the Deferral Plan. 
 
(b)    Vesting of Shares.    For shares of Common Stock payable under
subparagraph (a) above on or after April 24, 2002, except as otherwise provided in this subparagraph (b), such shares shall not become vested until the first anniversary of the applicable Payment Date (or, if earlier, the date of the next annual
meeting of the stockholders of the Corporation) (the “Vesting Date”). If the Nonemployee Director ceases to serve as a Nonemployee Director before the Vesting Date due to the Nonemployee Director’s death, or if there is a Change in
Control prior to the Vesting Date, then the shares shall become fully vested as of the date of such death or Change in Control, as applicable. If the Nonemployee Director ceases to serve as a Nonemployee Director at any time for any reason other
than death before the earlier of the Vesting Date or a Change in Control, then the shares shall become vested pro rata (based on the number of days 

 

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between the Payment Date and the date of cessation of services divided by 365 days), and to the extent the shares are not thereby vested they
shall be forfeited as of the date of such cessation of services. A Nonemployee Director may not sell, transfer or otherwise dispose of any such shares of Common Stock until they become vested; however, the Nonemployee Director shall have the right
to receive dividends with respect to the shares and to vote the shares prior to vesting. The vesting provisions of this subparagraph (b) shall apply to any shares of Common Stock that are deferred as Stock Units under the Deferral Plan.”

 
2.    Except as expressly or
by necessary implication amended hereby, the Plan shall continue in full force and effect. 
 

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BANK OF AMERICA CORPORATION DIRECTORS’ STOCK PLAN 
(as amended and restated effective December 10, 2002) 
 
1.    Purpose: 
 
The purpose of the Plan is to enable the Corporation to attract and retain persons of exceptional ability to
serve as directors and to further align the interests of directors and stockholders in enhancing the value of the Common Stock. The Plan was originally established effective April 24, 1996 and approved by the Corporation’s stockholders to
provide for (i) the payment of shares of Common Stock to certain of the directors in connection with the partial termination of the NationsBank Corporation and Designated Subsidiaries Directors’ Retirement Plan and (ii) the payment in Common
Stock of a portion of the Annual Retainer Fee payable to each Nonemployee Director. 
 
The Plan was amended and restated effective January 1, 2002 to add an annual stock option award feature. Subsequent to that amendment having been adopted, the Corporation has determined that the use of
restricted stock in lieu of stock options would better align the interests of Nonemployee Directors with the interests of the Corporation’s stockholders. Accordingly, this amendment and restatement of the Plan adopted at the December 10, 2002
meeting of the Board of Directors of the Corporation replaces the annual award of stock options with an award of shares of restricted stock. The Plan shall continue in effect unless and until terminated by the Board in accordance with Section 10
below. 
 
2.    Definitions:

 
For purposes of the Plan, the following
terms shall have the following meanings: 
 
“Annual Award Amount” means an amount, expressed in U.S. dollars, established by the Board from time to time for purposes of determining the number of shares of Restricted Stock awarded under the provisions of
Section 5(b) below. The Board shall establish the Annual Award Amount based on its review of surveys regarding director compensation practices at peer companies, the written opinion of an outside advisor, and any other information it deems pertinent
in establishing reasonable levels of compensation. 
 
“Annual Retainer Fee” means the annual retainer fee payable to a Nonemployee Director under the Corporation’s compensation policies for directors in effect from time to time. 
 
“Award Date” means the date of an annual
stockholders meeting; provided, however, that with respect to an award of Restricted Stock made to a Nonemployee Director other than in connection with an annual stockholders meeting in accordance with Section 5(b) below, “Award
Date” means the first day of the month coincident with or next following the date the Nonemployee Director commences services as a Nonemployee Director. 
 
“Board” means the Board of Directors of the Corporation. 
 

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“Change in Control” means “Change in Control” as defined under the Bank of America Corporation 2003 Key Associate Stock Plan, as the same may be amended from time to time, or any successor plan
thereto. 
 
“Common Stock”
means the common stock of the Corporation. 
 
“Corporation” means Bank of America Corporation, a Delaware corporation, and its successors and assigns. 
 
“Deferral Plan” means the Bank of America Corporation Director Deferral Plan, as the same may be amended from time to
time. 
 
“Effective Date” means
the original effective date of the Plan, April 24, 1996. 
 
“Fair Market Value” of a share of Common Stock on any date means the closing price of a share as reflected in the report of composite trading of New York Stock Exchange listed securities for that day (or, if no
shares were publicly traded on that day, the immediately preceding day that shares were so traded) published in The Wall Street Journal [Eastern Edition] or in any other publication selected by the Board; provided, however, that if the
shares of Common Stock are misquoted or omitted by the selected publication(s), the Board shall directly solicit the information from officials of the stock exchanges or from other informed independent market sources. 
 
“Nonemployee Director” means an individual
who is a member of the Board, but who is not an employee of the Corporation or any of its subsidiaries. 
 
“Plan” means the Bank of America Corporation Directors’ Stock Plan as set forth herein, as the same may be amended
from time to time. 
 
“Restricted
Stock” means the Common Stock awarded to a Nonemployee Director pursuant to Section 5 of the Plan that is subject to the vesting restrictions set forth in Section 5. 
 
3.    Administration: 
 
The Board shall be responsible for administering the Plan. The Board shall have all of the powers necessary
to enable it to properly carry out its duties under the Plan. Not in limitation of the foregoing, the Board shall have the power to construe and interpret the Plan and to determine all questions that shall arise thereunder. The Board shall have such
other and further specified duties, powers, authority and discretion as are elsewhere in the Plan either expressly or by necessary implication conferred upon it. The Board may appoint such agents as it may deem necessary for the effective
performance of its duties, and may delegate to such agents such powers and duties as the Board may deem expedient or appropriate that are not inconsistent with the intent of the Plan. The decision of the Board upon all matters within its scope of
authority shall be final and conclusive on all persons, except to the extent otherwise provided by law. 
 

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4.    Shares Available: 
 
The maximum number of shares of Common Stock that may delivered under the Plan shall equal 600,000 (after giving effect to the two-for-one stock split of the shares effective February 27, 1997). Such shares shall be subject
to adjustment or substitution pursuant to Section 6 herein. If any shares of Restricted Stock awarded hereunder are canceled, lapse or forfeited in accordance with the provisions of Section 5 herein, then such shares shall again be available for
delivery under the Plan. Shares delivered under the Plan may be original issue shares, treasury stock or shares purchased in the open market or otherwise, all as determined by the Chief Financial Officer of the Corporation (or the Chief Financial
Officer’s designee) from time to time. 
 
5.    Restricted Stock Awards: 
 
(a)    Awards for Annual Retainer Fee.    Any Annual Retainer Fee payable to a Nonemployee Director shall be payable sixty percent (60%) in cash and forty percent (40%) in whole
shares of Restricted Stock. The total number of shares of Restricted Stock to be issued under this Section 5(a) to a Nonemployee Director with respect to an Annual Retainer Fee shall be determined by dividing the amount of such Annual Retainer Fee
payable in shares of Restricted Stock by the Fair Market Value of the Common Stock on the applicable Award Date. 
 
(b)    Awards in Lieu of Stock Options.    Prior to December 10, 2002, eligible Nonemployee
Directors received an annual award of stock options covering 4,000 shares of Common Stock. As described in Section 1 above, the Corporation has determined to provide, in lieu of such stock options, an annual award of Restricted Stock. Accordingly,
each Nonemployee Director who serves as a director of the Corporation at the close of each annual stockholders meeting of the Corporation shall be awarded a number of whole shares of Restricted Stock equal to the then applicable Annual Award Amount
divided by the Fair Market Value of a share of Common Stock on the applicable Award Date. For a Nonemployee Director who first commences services as a Nonemployee Director other than at an annual stockholders meeting, such award shall be determined
by multiplying the then applicable Annual Award Amount by a fraction, the numerator of which is the number of days from the date of commencement of services until the next annual stockholders meeting and the denominator of which is three hundred
sixty-five (365), and the resulting amount shall be divided by the Fair Market Value of a share of Common Stock on the applicable Award Date. 
 
(c)    No Fractional Shares.    In no event shall the Corporation be obligated to issue
fractional shares under this Section, but instead shall pay any such fractional share in cash based on the Fair Market Value of the Common Stock on the Award Date. 
 
(d)    Vesting.    Except as otherwise provided in this
Section 5(d), shares of Restricted Stock shall not become vested until the first anniversary of the applicable Award Date (or, if earlier, the date of the next annual meeting of the stockholders of the Corporation) (the “Vesting Date”). If
the Nonemployee Director ceases to serve as a Nonemployee Director before the Vesting Date due to the Nonemployee Director’s death, or if there is a Change in Control prior to the Vesting Date, then the shares shall become fully vested as of
the date of such death or 

 

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Change in Control, as applicable. If the Nonemployee Director ceases to serve as a Nonemployee Director at any time for any reason other than
death before the earlier of the Vesting Date or a Change in Control, then the shares shall become vested pro rata (based on the number of days between the Award Date and the date of cessation of services divided by (x) 365 days for awards made at an
annual stockholders meeting or (y) the number of days from the date of commencement of services until the next annual stockholders meeting for a mid-year award made under Section 5(b) above), and to the extent the shares are not thereby vested they
shall be forfeited as of the date of such cessation of services. A Nonemployee Director may not sell, transfer or otherwise dispose of any such shares of Restricted Stock until they become vested; however, the Nonemployee Director shall have the
right to receive dividends with respect to the shares and to vote the shares prior to vesting. If a Nonemployee Director has elected to defer any shares of Restricted Stock pursuant to the Deferral Plan, (i) such shares shall not be issued under
this Plan, (ii) the Nonemployee Director shall be credited with “Stock Units” (including for any fractional shares that would have otherwise been payable in cash under Section 5(c) above) to be paid in cash when and as provided for under
the Deferral Plan and (iii) the vesting provisions of this Section 5(c) shall apply to any such shares that are deferred as Stock Units under the Deferral Plan. 
 
6.    Adjustments in Authorized Shares: 
 
In the event of any change in corporate capitalization, such
as a stock split, or a corporate transaction, such as any merger, consolidation, separation, including a spin-off, or other distribution of stock or property of the Corporation, any reorganization (whether or not such reorganization comes within the
definition of such term in Internal Revenue Code Section 368) or any partial or complete liquidation of the Corporation, such adjustment shall be made in the number and class of shares of Common Stock which may be delivered under the Plan, as may be
determined to be appropriate and equitable by the Board, in its sole discretion, to prevent dilution or enlargement of rights. 
 
7.    Resales of Shares: 
 
The Corporation may impose such restrictions on the sale or other disposition of shares issued under this Plan as the Board deems
necessary to comply with applicable securities laws. Certificates for shares issued under this Plan may bear such legends as the Corporation deems necessary to give notice of such restrictions. 
 
8.    Compliance With Law and Other Conditions:

 
No shares shall be issued under this Plan
prior to compliance by the Corporation, to the satisfaction of its counsel, with any applicable laws. The Corporation shall not be obligated to (but may in its discretion) take any action under applicable federal or state securities laws (including
registration or qualification of the Plan or the Common Stock) necessary for compliance therewith in order to permit the issuance of shares hereunder, except for actions (other than registration or qualification) that may be taken by the Corporation
without unreasonable effort or expense and without the incurrence of any material exposure to liability. 
 

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9.    Amendment, Modification and Termination of the Plan: 
 
The Board shall have the right and power at any time and from time to time to amend the Plan in whole or in part and at any time to
terminate the Plan; provided, however, that an amendment to the Plan may be conditioned on the approval of the stockholders of the Corporation if and to the extent the Board determines that stockholder approval is necessary or
appropriate. No termination, amendment, or modification of the Plan shall adversely affect in any material way any Restricted Stock award previously granted under the Plan, without the written consent of the affected Nonemployee Director.

 
10.    Limited Effect of Restatement:

 
Notwithstanding any provision herein to the
contrary, the amendment and restatement of the Plan as set forth herein shall not affect any awards of Restricted Stock or stock options made under the Plan as in effect prior to the effective date of this document, which such awards shall instead
be governed by the terms and provisions of the Plan as in effect at the time such awards were made.  
 
11.    Miscellaneous: 
 
The Plan shall be construed, administered, regulated and governed in all respects under and by the laws of the United States to the extent applicable, and to the extent such laws are not applicable, by
the laws of the state of Delaware. The Plan shall be binding on the Corporation and any successor in interest of the Corporation. 
 

72003 Key Associate Stock Plan

Exhibit 10(j) 
 
Bank of America Corporation 
2003 Key Associate Stock Plan 
 
 
Effective Date: January 1, 2003 

Contents 
 

	 	  	 Page

	 Article 1. Establishment, Duration and Purpose
	  	 1

	 Article 2. Definitions
	  	 1

	 Article 3. Administration
	  	 6

	 Article 4. Shares Subject to the Plan
	  	 6

	 Article 5. Eligibility and Participation
	  	 8

	 Article 6. Stock Options
	  	 8

	 Article 7. Stock Appreciation Rights
	  	 10

	 Article 8. Restricted Stock and Restricted Stock Units
	  	 11

	 Article 9. Performance Measures
	  	 13

	 Article 10. Beneficiary Designation
	  	 14

	 Article 11. Deferrals
	  	 14

	 Article 12. Rights of Key Associates
	  	 14

	 Article 13. Change in Control
	  	 14

	 Article 14. Amendment, Modification, and Termination
	  	 16

	 Article 15. Withholding
	  	 17

	 Article 16. Indemnification
	  	 17

	 Article 17. Successors
	  	 17

	 Article 18. Legal Construction
	  	 18

 

Bank of America Corporation 
2003 Key Associate Stock Plan 
 
Article 1.    Establishment, Duration and Purpose 
 
1.1    Establishment and Duration of the Plan.    The Company establishes this Plan
effective as of January 1, 2003, subject to the Plan having been approved by the Company’s stockholders prior to that date. The Plan shall remain in effect until the earlier (i) the date that no additional Shares are available for issuance
under the Plan, (ii) the date that the Plan has been terminated in accordance with Article 14 or (iii) the close of business on December 31, 2007. Upon the Plan becoming effective, no further awards shall be made under the Bank of America
Corporation Key Employee Stock Plan. 
 
1.2    Purpose of the Plan.    The Company believes that the compensation of its Key Associates should be significantly linked to the Company’s business performance in order to
enhance the long-term success and value of the Company. The Plan serves this compensation philosophy by providing a source of stock-based Awards for Key Associates that are intended to further motivate Key Associates to increase the value of the
Company’s common stock, thereby linking the personal interests of the Key Associates with those of the Company’s stockholders. Terms and conditions placed on Awards further encourage the long-term retention of Key Associates. The Plan also
provides the Company with a means to better attract and recruit Key Associates of outstanding ability who will further enhance the long-term success and value of the Company through their services. 
 
Article 2.    Definitions 
 
Whenever used in the Plan, the following terms shall have the
meanings set forth below and, when the meaning is intended, the initial letter of the word is capitalized: 
 
“Award” means, individually or collectively, a grant under this Plan of Nonqualified Stock Options, Incentive Stock
Options, Stock Appreciation Rights, Restricted Stock or Restricted Stock Units. 
 
“Award Agreement” means an agreement between the Company and each Participant setting forth the terms and provisions applicable to Awards granted under this Plan. 
 
“Beneficial Owner” or “Beneficial
Ownership” shall have the meaning ascribed to such term in Rule 13d-3 of the General Rules and Regulations under the Exchange Act. 
 
“Board” or “Board of Directors” means the Board of Directors of the Company. 
 
“Change in Control” of the Company means, and
shall be deemed to have occurred upon, any of the following events: 
 
(a)    The acquisition by any Person of Beneficial Ownership of twenty-five percent (25%) or more of either: 
 
(i)    The then-outstanding Shares (the “Outstanding Shares”);
or 

 
(ii)    The combined voting power of the then-outstanding voting securities of the Company entitled to vote generally in the election of Directors (the “Outstanding Voting Securities”); 
 
provided, however, that the following acquisitions
shall not constitute a Change in Control for purposes of this subparagraph (a): (A) any acquisition directly from the Company, (B) any acquisition by the Company or any of its Subsidiaries, (C) any acquisition by any employee benefit plan (or
related trust) sponsored or maintained by the Company or any of its Subsidiaries, or (D) any acquisition by any corporation pursuant to a transaction which complies with clauses (i), (ii) and (iii) of subparagraph (c) below; or 
 
(b)    Individuals who,
as of the Effective Date, constitute the Board of Directors (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board of Directors; provided, however, that any individual who becomes a Director
subsequent to the Effective Date and whose election, or whose nomination for election by the Company’s stockholders, to the Board of Directors was either (i) approved by a vote of at least a majority of the Directors then comprising the
Incumbent Board or (ii) recommended by a corporate governance committee comprised entirely of Directors who are then Incumbent Board members 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 occurs as a result of either an actual or threatened election contest, other actual or threatened solicitation of proxies or consents or an actual or threatened tender offer; or

 
(c)    Approval by the Company’s stockholders of a reorganization, merger, or consolidation or sale or other disposition of all or substantially all of the assets of the Company (a “Business
Combination”), in each case, unless following such Business Combination, (i) all or substantially all of the Persons who were the Beneficial Owners, respectively, of the Outstanding Shares and Outstanding Voting Securities immediately prior to
such Business Combination own, directly or indirectly, more than fifty percent (50%) of, respectively, the then outstanding shares of common stock and the combined voting power of the then outstanding voting securities entitled to vote generally in
the election of directors, as the case may be, of the corporation resulting from the Business Combination (including, without limitation, a corporation which as a result of such transaction owns the Company or all or substantially all of the
Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Business Combination, of the Outstanding Shares and Outstanding Voting Securities, as the
case may be (provided, however, that for purposes of this clause (i), any shares of common stock or voting securities of such resulting corporation received by such Beneficial Owners in such Business Combination other than as the result of
such Beneficial Owners’ ownership of Outstanding Shares or Outstanding Voting Securities immediately prior to such Business Combination shall not be considered to be owned by such Beneficial Owners for the purposes of calculating their
percentage of ownership of the outstanding common stock and voting power of the resulting corporation), (ii) no Person (excluding any corporation resulting from such Business Combination or any employee benefit plan (or related trust) of the Company
or such corporation resulting from the Business Combination) beneficially owns, directly or indirectly, twenty-five percent (25%) or more of, respectively, the then outstanding shares of common stock of the corporation resulting from the Business
Combination or the combined voting power of the then outstanding voting securities of such corporation 
 

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unless such Person owned twenty-five percent (25%) or more of the Outstanding Shares or Outstanding Voting Securities immediately prior to
the Business Combination and (iii) at least a majority of the members of the board of directors of the corporation resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement, or
the action of the Board, providing for such Business Combination; or 
 
(d)    Approval by the Company’s stockholders of a complete liquidation or dissolution of the Company. 
 
“Code” means the Internal Revenue Code of 1986, as amended from time to time. References to
the Code shall include the valid and binding governmental regulations, court decisions and other regulatory and judicial authority issued or rendered thereunder. 
 
“Committee” means the Compensation Committee of the Board of Directors; provided,
however, that (i) with respect to Awards to any Key Associates who are Insiders, Committee means all of the members of the Compensation Committee who are “non-employee directors” within the meaning of Rule 16b-3 adopted under the
Exchange Act, and (ii) with respect to Awards to any Key Associates who are Named Executive Officers intended to comply with the Performance-Based Exception, Committee means all of the members of the Compensation Committee who are “outside
directors” within the meaning of Section 162(m) of the Code. Committee may also mean any individual or committee of individuals (who need not be Directors) that the Compensation Committee may appoint from time to time to administer the Plan
with respect to Awards to Key Associates who are not Insiders or Named Executive Officers, in accordance with and subject to the requirements of Section 3.2. 
 
“Company” means Bank of America Corporation, a Delaware corporation, and any successor as provided in Article 17 herein.

 
“Director” means any individual
who is a member of the Board of Directors of the Company. 
 
“Disability” with respect to a Participant, means “disability” as defined from time to time under any long-term disability plan of the Company or Subsidiary with which the Participant is employed.

 
“Earnings Per Share” means
“earnings per common share” of the Company based on all earnings (either diluted or without regard to dilution, as selected by the Committee) determined in accordance with generally accepted accounting principles that would be reported in
the Company’s Annual Report to Stockholders or Annual Report on Form 10-K. 
 
“Effective Date” means January 1, 2003. 
 
“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, or any successor act thereto.

 
“Fair Market Value” of a Share
on any date means the closing price of a Share as reflected in the report of composite trading of New York Stock Exchange listed securities for that day (or, if no Shares were publicly traded on that day, the immediately preceding day that Shares
were so traded) published in The Wall Street Journal [Eastern Edition] or in any other publication selected by the Committee; provided, however, that if the Shares are misquoted or omitted by the selected publication(s), the Committee
shall directly solicit the information from officials of the stock exchanges or from other informed independent market sources. 
 

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“Incentive Stock Option” or “ISO” means an option to purchase Shares granted to a Key Associate under Article 6 herein, and designated as an Incentive Stock Option which is intended to meet the
requirements of Section 422 of the Code. 
 
“Insider” shall mean an individual who is, on the relevant date, an officer, director or ten percent (10%) beneficial owner of any class of the Company’s equity securities that is registered pursuant to Section
12 of the Exchange Act, all as defined under Section 16 of the Exchange Act and the rules thereunder. 
 
“Key Associate” means an employee of the Company or any Subsidiary, including an officer of the Company or a Subsidiary,
in a managerial or other important position who, by virtue of such employee’s ability, qualifications and performance, has made, or is expected to make, important contributions to the Company or its Subsidiaries, all as determined by the
Committee in its discretion. 
 
“Named
Executive Officer” means, for a calendar year, a Participant who is one of the group of “covered employees” for such calendar year within the meaning of Code Section 162(m) or any successor statute. 
 
“Net Income” means “net income” of
the Company determined in accordance with generally accepted accounting principles that would be reported in the Company’s Annual Report to Stockholders or Annual Report on Form 10-K. 
 
“Nonqualified Stock Option” or “NQSO” means an option to purchase Shares
granted to a Key Associate under Article 6 herein, and which is not intended to meet the requirements of Code Section 422. 
 
“Operating Earnings Per Share” means “earnings per common share” of the Company based only on operating
earnings (either diluted or without regard to dilution, as selected by the Committee) determined in accordance with generally accepted accounting principles that would be reported in the Company’s Annual Report to Stockholders or Annual Report
on Form 10-K. 
 
“Option” means an
Incentive Stock Option or a Nonqualified Stock Option. 
 
“Option Price” means the price at which a Share may be purchased by a Participant pursuant to an Option. 
 
“Participant” means a Key Associate, a former Key Associate or any permitted transferee under the Plan of a Key Associate
or former Key Associate who has outstanding an Award granted under the Plan. 
 
“Performance-Based Exception” means the performance-based exception set forth in Code Section 162(m)(4)(C) from the deductibility limitations of Code Section 162(m). 
 
“Period of Restriction” means the period
during which the transfer of Shares of Restricted Stock or an Award of Restricted Stock Units 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, at its discretion), and the Shares of Restricted Stock or the Restricted Stock Units are subject to a substantial risk of forfeiture, as provided in Article 8 herein. 
 
“Person” shall have the meaning ascribed to such term in Section 3(a)(9) of the Exchange Act
and used in Sections 13(d) and 14(d) thereof, including a “group” within the meaning of Section 13(d). 
 

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“Plan” means the incentive compensation plan set forth herein known as the “Bank of America Corporation 2003 Key Associate Stock Plan,” as the same may be amended from time to time. 
 
“Prior Plan” means the Bank of America
Corporation Key Employee Stock Plan, as amended and restated affective September 24, 1998. 
 
“Restoration Option” means an Option that is granted in connection with the exercise of an Incentive Stock Option or a Nonqualified Stock Option as more particularly described in
Section 6.10 herein. 
 
“Restricted
Stock” means an Award of Shares, subject to a Period of Restriction, that is granted to a Key Associate under Article 8 herein. 
 
“Restricted Stock Unit” means an Award, subject to a Period of Restriction, that is granted to a Key Associate under
Article 8 herein and is settled either (i) by the delivery of one (1) Share for each Restricted Stock Unit or (ii) in cash in an amount equal to the Fair Market Value of one (1) Share for each Restricted Stock Unit, all as specified in the
applicable Award Agreement. The Award of a Restricted Stock Unit represents the mere promise of the Company to deliver a Share or the appropriate amount of cash, as applicable, at the end of the Period of Restriction (or such later date as provided
by the Award Agreement) in accordance with and subject to the terms and conditions of the applicable Award Agreement, and is not intended to constitute a transfer of “property” within the meaning of Section 83 of the Code. 
 
“Return on Assets” means “return on
average assets” of the Company determined in accordance with generally accepted accounting principles that would be reported in the Company’s Annual Report to Stockholders or Annual Report on Form 10-K. 
 
“Return on Equity” means “return on
average common stockholders’ equity” of the Company determined in accordance with generally accepted accounting principles that would be reported in the Company’s Annual Report to Stockholders or Annual Report on Form 10-K.

 
“Shareholder Value Added” means
the “shareholder value added” performance measure of the Company for a year determined in accordance with generally accepted accounting principles that would be reported in the Company’s Annual Report to Stockholders or Annual Report
on Form 10-K for the year. In that regard, Shareholder Value Added for a year equals the cash basis operating earnings for the year less a charge for the use of capital for the year. For purposes of any Award intended to satisfy the
Performance-Based Exception incorporating Shareholder Value Added as a performance criteria, the Committee shall approve the charge for the use of capital for use in determining Shareholder Value Added for the year within the time required under
Code Section 162(m). 
 
“Shares”
means the shares of common stock of the Company. 
 
“Stock Appreciation Right” or “SAR” means an Award designated as an SAR that is granted to a Key Associate under Article 7 herein. 
 
“Subsidiary” means any corporation, partnership, joint venture, affiliate, or other entity
in which the Company owns more than fifty percent (50%) of the voting stock or voting ownership interest, as applicable, or any other business entity designated by the Committee as a Subsidiary for purposes of the Plan. 
 

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“Total
Revenue” means the sum of (i) net interest income on a taxable equivalent basis of the Company and (ii) noninterest income of the Company, such amounts determined in accordance with generally accepted accounting principles that would be
reported in the Company’s Annual Report to Stockholders or Annual Report on Form 10-K. 
 
“Total Stockholder Return” means the percentage change of an initial investment in Shares over a specified period assuming reinvestment of all dividends during the period.

 
Article 3.    Administration

 
3.1    Authority of
the Committee.    The Plan shall be administered by the Committee. Except as limited by law, or by the Certificate of Incorporation or Bylaws of the Company, and subject to the provisions herein, the Committee shall have full
power to select Key Associates who shall participate in the Plan; determine the sizes and types of Awards; determine the terms and conditions of Awards in a manner consistent with the Plan; construe and interpret the Plan and any agreement or
instrument entered into under the Plan; establish, amend, or waive rules and regulations for the Plan’s administration; and (subject to the provisions of Article 14 herein), amend the terms and conditions of any outstanding Award to the extent
such terms and conditions are within the discretion of the Committee as provided in the Plan. Further, the Committee shall make all other determinations which may be necessary or advisable for the administration of the Plan. 
 
3.2    Delegation.    To the extent permitted by applicable law, the Committee may delegate its authority as identified herein to any individual or committee of individuals (who need not
be Directors), including without limitation the authority to make Awards to Key Associates who are not Insiders or Named Executive Officers. To the extent that the Committee delegates its authority to make Awards as provided by this Section 3.2, 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. Any such delegate shall serve at the pleasure of, and may be removed at any
time by, the Committee. 
 
3.3    Decisions Binding.    All determinations and decisions made by the Committee pursuant to the provisions of the Plan and all related orders and resolutions of the Board shall be
final, conclusive and binding on all persons, including the Company, its stockholders, employees, Participants, and their estates and beneficiaries. 
 
Article 4.    Shares Subject to the Plan 
 
4.1    Number of Shares Available for Grants.    Subject to
the provisions of this Article 4, the aggregate number of Shares that may be issued to Participants pursuant to Awards granted under the Plan shall not exceed the sum of (A) one hundred million (100,000,000) Shares plus (B) the number of Shares
available for awards under the Prior Plan as of December 31, 2002 plus (C) any Shares that were subject to an award under the Prior Plan which award is canceled, terminates, expires or lapses for any reason from and after the Effective Date.

 
4.2    Lapsed
Awards.    If any Award is canceled, terminates, expires, or lapses for any reason, any Shares subject to such Award shall not count against the aggregate number of Shares that may be issued under the Plan set forth in
Section 4.1 above. 
 
4.3    Shares Used to Pay Option Price and Withholding Taxes.    If, in accordance with the terms of the Plan, a Participant pays the Option Price for an Option or satisfies any tax
withholding 

 

6 

requirement in connection with the exercise of an Option by either tendering previously owned Shares or having the Company withhold Shares,
then such Shares surrendered to pay the Option Price or used to satisfy such tax withholding requirements shall not count against the aggregate number of Shares that may be issued under the Plan set forth in Section 4.1 above.  
 
4.4    Other Items Not
Included.    The following items shall not count against the aggregate number of Shares that may be issued under the Plan set forth in Section 4.1 above: (i) the payment in cash of dividends or dividend equivalents under any
outstanding Award; (ii) any Award that is settled in cash rather than by issuance of Shares; or (iii) Awards granted through the assumption of, or in substitution for, outstanding awards previously granted to individuals who become Key Associates as
a result of a merger, consolidation, acquisition or other corporate transaction involving the Company or any Subsidiary. 
 
4.5    Award Limits.    Notwithstanding any provision herein to the contrary, the following
provisions shall apply (subject to adjustment in accordance with Section 4.6 below): 
 

	 	(i)	 	in no event shall a Participant receive an Award or Awards during any one (1) calendar year covering in the aggregate more than two million (2,000,000) Shares
(whether such Award or Awards may be settled in Shares, cash or any combination of Shares and cash); 

 

	 	(ii)	 	in no event shall there be granted during the term of the Plan Incentive Stock Options covering more than an aggregate of twenty million (20,000,000) Shares;

 

	 	(iii)	 	in no event shall there be granted during the term of the Plan Shares of Restricted Stock or Restricted Stock Units covering more than an aggregate of five million
(5,000,000) Shares; provided, however, that the limitation of this subparagraph (iii) shall not apply to any Award of Restricted Stock or Restricted Stock Units either (A) described in subparagraph (iv) below or (B) which is earned solely on
the basis of the achievement of performance goals; and 

 

	 	(iv)	 	up to an aggregate of twenty-five million (25,000,000) Shares may be granted during the term of the Plan as Restricted Stock or Restricted Stock Units to Key
Associates as a portion of their annual incentive compensation under the Company’s Equity Incentive Plan (or any similar plan or program as determined by the Committee applicable to any Key Associate, including any such program applicable to an
Insider or Named Executive Officer). 

 
4.6    Adjustments in Authorized Shares.    In the event of any change in corporate capitalization, such as a stock split, or a corporate transaction, such as any merger, consolidation,
separation, including a spin-off, or other distribution of stock or property of the Company, any reorganization (whether or not such reorganization comes within the definition of such term in Code Section 368) or any partial or complete liquidation
of the Company, such adjustment shall be made in the number and class of Shares which may be issued under the Plan and in the number and class of and/or price of Shares subject to outstanding Awards granted under the Plan, as may be determined to be
appropriate and equitable by the Committee, in its sole discretion, to prevent dilution or enlargement of rights; provided, however, that the number of Shares subject to any Award shall always be a whole number. 
 
4.7    Source of
Shares.    Shares issued under the Plan may be original issue shares, treasury stock or shares purchased in the open market or otherwise, all as determined by the Chief Financial Officer of the Company (or the Chief Financial
Officer’s designee) from time to time, unless otherwise determined by the Committee. 
 

7 

 
Article
5.    Eligibility and Participation 
 
5.1    Eligibility.    Persons eligible to participate in this Plan are all Key Associates of the Company, as determined by the Committee, including Key Associates who are Directors, but
excluding Directors who are not Key Associates. 
 
5.2    Actual Participation.    Subject to the provisions of the Plan, the Committee may, from time to time, select from all eligible Key Associates those to whom Awards shall be granted
and shall determine the nature and amount of each Award. 
 
5.3    Non-U.S. Associates.    Notwithstanding any provision of the Plan to the contrary, in order to foster and promote achievement of the purposes of the Plan or to comply with
provisions of laws in other countries in which the Company operates or has employees, the Committee, in its sole discretion, shall have the power and authority to (i) determine which Key Associates (if any) employed outside the United States are
eligible to participate in the Plan, (ii) modify the terms and conditions of any Awards made to such Key Associates and (iii) establish subplans and modified Option exercise and other terms and procedures to the extent such actions may be necessary
or advisable. 
 
Article 6.    Stock Options

 
6.1    Grant of
Options.    Subject to the terms and provisions of the Plan, Options may be granted to Key Associates in such number, and upon such terms, and at any time and from time to time as shall be determined by the Committee.

 
6.2    Award
Agreement.    Each Option grant shall be evidenced by an Award Agreement that shall specify the Option Price, the duration of the Option, the number of Shares to which the Option pertains, and such other provisions as the
Committee shall determine. The Award Agreement also shall specify whether the Option is intended to be an ISO within the meaning of Section 422 of the Code, or an NQSO whose grant is intended not to fall under Code Section 422, and whether the
Option shall include any Restoration Options. 
 
6.3    Option Price.    The Option Price for each grant of an Option under this Plan shall be at least equal to one hundred percent (100%) of the Fair Market Value of a Share on the date
the Option is granted. 
 
6.4    Duration of Options.    Each Option shall expire at such time as the Committee shall determine at the time of grant; provided, however, that no Option shall be
exercisable later than the tenth (10th) anniversary date of its grant. 
 
6.5    Exercise of Options.    Options granted under this Article 6 shall be exercisable at such times and be subject to such restrictions and conditions as the Committee shall
in each instance approve and which shall be set forth in the applicable Award Agreement, which need not be the same for each grant or for each Participant. 
 
6.6    Payment.    Options shall be exercised by the delivery of a notice of exercise to
the Company, setting forth the number of Shares with respect to which the Option is to be exercised, accompanied by full payment for the Shares. To be effective, notice of exercise must be made in accordance with procedures established by the
Company from time to time. 
 

8 

 
The Option
Price due upon exercise of any Option shall be payable to the Company in full either: (a) in cash or its equivalent, or (b) by tendering previously acquired Shares having an aggregate Fair Market Value at the time of exercise equal to the total
Option Price (provided that the Shares which are tendered must have been held by the Participant for at least six (6) months prior to their tender to satisfy the Option Price unless such Shares had been acquired by the Participant on the open
market), or (c) by a combination of (a) and (b). 
 
As soon as practicable after notification of exercise and full payment, the Company shall deliver the Shares to the Participant in an appropriate amount based upon the number of Shares purchased under the Option(s). 
 
Notwithstanding the foregoing, the Committee also may allow
(i) cashless exercises as permitted under Federal Reserve Board’s Regulation T, subject to applicable securities law restrictions, or (ii) exercises by any other means which the Committee determines to be consistent with the Plan’s purpose
and applicable law. 
 
6.7    Restrictions on Share Transferability.    The Committee may impose such restrictions on any Shares acquired pursuant to the exercise of an Option granted under this Article 6 as
it may deem advisable, including, without limitation, restrictions under applicable Federal securities laws, under the requirements of any stock exchange or market upon which such Shares are then listed and/or traded, and under any blue sky or state
securities laws applicable to such Shares. 
 
6.8    Termination of Employment.    Each Participant’s Option Award Agreement shall set forth the extent to which the Participant shall have the right to exercise the Option
following termination of the Participant’s employment with the Company and its Subsidiaries. Such provisions shall be determined in the sole discretion of the Committee, shall be included in the Award Agreement entered into with Participants,
need not be uniform among all Options issued pursuant to this Article 6, and may reflect distinctions based on the reasons for termination of employment. In that regard, if an Award Agreement permits exercise of an Option following the death of the
Participant, the Award Agreement shall provide that such Option shall be exercisable to the extent provided therein by any person that may be empowered to do so under the Participant’s will, or if the Participant shall fail to make a
testamentary disposition of the Option or shall have died intestate, by the Participant’s executor or other legal representative. 
 
6.9    Nontransferability of Options. 
 
(a)    Incentive Stock Options.    No ISO
granted under this Article 6 may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution. Further, all ISOs granted to a Participant under the Plan shall be
exercisable during his or her lifetime only by such Participant except to the extent otherwise permitted by applicable law. 
 
(b)    Nonqualified Stock Options.    Except as otherwise provided in a
Participant’s Award Agreement, no NQSO granted under this Article 6 may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution. Further, except as otherwise
provided in a Participant’s Award Agreement, all NQSOs granted to a Participant under this Article 6 shall be exercisable during his or her lifetime only by such Participant. 
 
6.10    Restoration Options.    An Option may provide for the
automatic grant of Restoration Options if the exercise price for the Option is paid by tendering previously-owned Shares pursuant to 
 

9 

Section 6.6 above or if the Participant tenders Shares to cover any tax withholding obligation pursuant to Section 15.2 below. The
Restoration Option shall have the following additional terms and provisions: (i) the number of Shares subject to the Restoration Option will equal the number of previously-owned Shares tendered in the exercise of the related Option or to cover the
tax withholding obligation, as applicable; (ii) the grant date of the Restoration Option will be the exercise date of the related Option; (iii) the Option Price per Share under a Restoration Option will be the Fair Market Value of a Share on the
grant date for the Restoration Option; (iv) the term of the Restoration Option will be the original term of the related Option; (v) the Restoration Option will be either an Incentive Stock Option (to the maximum extent permitted under Section 422 of
the Code) or a Nonqualified Stock Option consistent with the related Option; (vi) the Restoration Option will be subject to a vesting requirement of not less than one (1) year (subject to certain exceptions such as death, Disability, retirement,
workforce reduction, job elimination or divestiture as may be specified in the related Option Award Agreement); (vii) no more than three (3) Restoration Options may be granted with respect to an Option; and (viii) the Restoration Option will have
such other terms and provisions as the Committee may determine and as may be set forth in the related Option Award Agreement. 
 
6.11    No Rights.    A Participant granted an Option shall have no rights as a stockholder
of the Company with respect to the Shares covered by such Option except to the extent that Shares are issued to the Participant upon the due exercise of the Option. 
 
6.12    No Repricing.    Except for adjustments made pursuant
to Section 4.6, the Option Price for any outstanding Option granted under the Plan may not be decreased after the date of grant nor may any outstanding Option granted under the Plan be surrendered to the Company as consideration for the grant of a
new Option with a lower exercise price without approval of the Company’s stockholders. 
 
Article 7.    Stock Appreciation Rights 
 
7.1    Grant of SARs.    Subject to the terms and conditions of the Plan, SARs may be
granted to Key Associates at any time and from time to time as shall be determined by the Committee. The Committee shall have complete discretion in determining the number of SARs granted to each Participant (subject to Article 4 herein) and,
consistent with the provisions of the Plan, in determining the terms and conditions pertaining to such SARs; provided, however, that Awards of SARs shall be limited Key Associates based outside the United States in circumstances where other
forms of Award would not be appropriate under local laws or otherwise as determined by the Committee. The grant price of an SAR shall equal the Fair Market Value of a Share on the date of grant of the SAR. 
 
7.2    Exercise of
SARs.    SARs may be exercised upon whatever terms and conditions the Committee, in its sole discretion, imposes upon them. 
 
7.3    SAR Agreement.    Each SAR grant shall be evidenced by an Award Agreement that shall
specify the grant price, the term of the SAR, and such other provisions as the Committee shall determine. 
 
7.4    Term of SARs.    The term of an SAR granted under the Plan shall be determined by
the Committee, in its sole discretion; provided, however, that such term shall not exceed ten (10) years. 
 
7.5    Payment of SAR Amount.    Upon exercise of an SAR, a Participant shall be entitled
to receive payment from the Company in an amount determined by multiplying: 
 
(a)    The difference between the Fair Market Value of a Share on the date of exercise over the grant price; by 
 

10 

 
(b)    The number of Shares with respect to which the SAR is exercised. 
 
At the discretion of the Committee or as otherwise provided in the applicable Award Agreement, the payment upon SAR exercise shall be in
cash, in Shares of equivalent value, or in some combination thereof. 
 
7.6    Other Restrictions.    Notwithstanding any other provision of the Plan, the Committee may impose such conditions on exercise of an SAR (including, without limitation, the
right of the Committee to limit the time of exercise to specified periods) as may be required to satisfy the requirements of Section 16 (or any successor rule) of the Exchange Act or for any other purpose deemed appropriate by the Committee.

 
7.7    Termination of
Employment.    Each SAR Award Agreement shall set forth the extent to which the Participant shall have the right to exercise the SAR following termination of the Participant’s employment with the Company and its
Subsidiaries. Such provisions shall be determined in the sole discretion of the Committee, shall be included in the Award Agreement entered into with Participants, need not be uniform among all SARs issued pursuant to the Plan, and may reflect
distinctions based on the reasons for termination of employment. In that regard, if an Award Agreement permits exercise of an SAR following the death of the Participant, the Award Agreement shall provide that such SAR shall be exercisable to the
extent provided therein by any person that may be empowered to do so under the Participant’s will, or if the Participant shall fail to make a testamentary disposition of the SAR or shall have died intestate, by the Participant’s executor
or other legal representative. 
 
7.8    Nontransferability of SARs.    Except as otherwise provided in a Participant’s Award Agreement, no SAR granted under the Plan may be sold, transferred, pledged, assigned, or
otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution. Further, except as otherwise provided in a Participant’s Award Agreement, all SARs granted to a Participant under the Plan shall be exercisable
during his or her lifetime only by such Participant. 
 
7.9    No Rights.    A Participant granted an SAR shall have no rights as a stockholder of the Company with respect to the Shares covered by such SAR except to the extent that Shares are
issued to the Participant upon the due exercise of the SAR. 
 
Article 8.    Restricted Stock and Restricted Stock Units 
 
8.1    Grant of Restricted Stock.    Subject to the terms and provisions of the Plan, the
Committee, at any time and from time to time, may grant Shares of Restricted Stock or Restricted Stock Units to eligible Key Associates in such amounts as the Committee shall determine. 
 
8.2    Restricted Stock Agreement.    Each grant of Restricted
Stock or Restricted Stock Units shall be evidenced by an Award Agreement that shall specify the Period or Periods of Restriction, the number of Shares of Restricted Stock or the number of Restricted Stock Units granted, and such other provisions as
the Committee shall determine. 
 
8.3    Transferability.    Except as provided in this Article 8, the Shares of Restricted Stock or Restricted Stock Units granted herein may not be sold, transferred, pledged, assigned,
or otherwise alienated or hypothecated until the end of the applicable Period of Restriction established by the Committee and specified in the Award Agreement, or upon earlier satisfaction of any other conditions, as specified by the Committee in
its sole discretion and set forth in the Award Agreement. All rights with 
 

11 

respect to the Restricted Stock or Restricted Stock Units granted to a Participant under the Plan shall be available during his or her
lifetime only to such Participant. 
 
8.4    Other Restrictions.    The Committee shall impose such other conditions and/or restrictions on any Shares of Restricted Stock or Restricted Stock Units granted pursuant to the
Plan as it may deem advisable including, without limitation, a requirement that Participants pay a stipulated purchase price for each Share of Restricted Stock or each Restricted Stock Unit, restrictions based upon the achievement of specific
performance goals (Company-wide, divisional, and/or individual), time-based restrictions on vesting following the attainment of the performance goals, and/or restrictions under applicable Federal or state securities laws. 
 
The Company shall retain the Shares of Restricted Stock in the
Company’s possession until such time as all conditions and/or restrictions applicable to such Shares have been satisfied. 
 
Except as otherwise provided in this Article 8, Shares of Restricted Stock covered by each Restricted Stock grant made under the Plan
shall become freely transferable by the Participant after the last day of the Period of Restriction. 
 
8.5    Settlement of Restricted Stock Units.    Any Restricted Stock Units that become
payable in accordance with the terms and conditions of the applicable Award Agreement shall be settled in cash, Shares, or a combination of cash and Shares as determined by the Committee in its discretion or as otherwise provided for under the Award
Agreement. 
 
8.6    Voting
Rights.    During the Period of Restriction, Participants holding Shares of Restricted Stock granted hereunder may exercise full voting rights with respect to those Shares. There shall be no voting rights with respect to
Restricted Stock Units. 
 
8.7    Dividends and Other Distributions.    During the Period of Restriction, Participants holding Shares of Restricted Stock granted hereunder may receive regular cash dividends paid
with respect to the underlying Shares while the Restricted Stock is held by the Company. The Committee may apply any restrictions to the dividends that the Committee deems appropriate. The Committee, in its discretion, may also grant dividend
equivalents rights with respect to earned but unpaid Restricted Stock Units as evidenced by the applicable Award Agreement. 
 
8.8    Termination of Employment.    Each Restricted Stock or Restricted Stock Unit Award
Agreement shall set forth the extent to which the Participant shall have the right to receive unvested Restricted Shares or Restricted Stock Units following termination of the Participant’s employment with the Company and its Subsidiaries. Such
provisions shall be determined in the sole discretion of the Committee, shall be included in the Award Agreement entered into with Participants, need not be uniform among all Shares of Restricted Stock or Restricted Stock Units issued pursuant to
the Plan, and may reflect distinctions based on the reasons for termination of employment. In amplification but not limitation of the foregoing, in the case of an award of Restricted Stock or Restricted Stock Units to a Named Executive Officer which
is intended to qualify for the Performance-Based Exception, the Award Agreement may provide that such Restricted Stock or Restricted Stock Units may become payable in the event of a termination of employment by reason of death, Disability or Change
in Control, regardless of whether the related performance goal has been previously attained. 
 
8.9    Limitation on Vesting for Certain Awards.    Notwithstanding any provision of the Plan to the contrary, an Award of Restricted Stock or Restricted
Stock Units that vests solely on the basis of the passage of time (e.g., not on the basis of any performance standards) shall not vest more quickly than ratably over the three (3) year period beginning on the first anniversary of the Award, except
that the 
 

12 

Award may vest sooner under any of the following circumstances as more specifically set forth in the applicable Award Agreement: (i) the
Participant’s death, (ii) the Participant’s Disability, (iii) the Participant’s “retirement” as defined in the Award Agreement consistent with the Company’s retirement policies and programs, (iv) a Participant’s
termination of employment with the Company and its Subsidiaries due to workforce reduction, job elimination or divestiture as determined by the Committee, (v) a Change in Control consistent with the provisions of Article 13 hereof or (vi) in
connection with establishing the terms and conditions of employment of a Key Associate necessary for the recruitment of the Key Associate or as the result of a business combination or acquisition by the Company or any of its Subsidiaries. The
provisions of this Section 8.9 shall not apply to any Award of Restricted Stock or Restricted Stock Units that is made to a Key Associate as a portion of the Key Associate’s annual incentive compensation under the Company’s Equity
Incentive Plan (or any similar plan or program as determined by the Committee applicable to any Key Associate, including any such program applicable to an Insider or Named Executive Officer). 
 
Article 9.    Performance Measures 
 
The performance measure(s) to be used for purposes of Awards
to Named Executive Officers which are designed to qualify for the Performance-Based Exception shall be chosen from among the following alternatives: 
 

	 	•	 	Earnings Per Share; 

 

	 	•	 	Net Income; 

 

	 	•	 	Operating Earnings Per Share 

 

	 	•	 	Return On Assets; 

 

	 	•	 	Return On Equity; 

 

	 	•	 	Shareholder Value Added; 

 

	 	•	 	Total Revenue; or 

 

	 	•	 	Total Stockholder Return. 

 
The Committee shall have the discretion to adjust the determinations of the degree of attainment of the preestablished performance goals;
provided, however, that Awards which are designed to qualify for the Performance-Based Exception, and which are held by Named Executive Officers, may not be adjusted upward (the Committee shall retain the discretion to adjust such Awards
downward). 
 
In the event that applicable tax
and/or securities laws change to permit Committee discretion to alter the governing performance measures without obtaining stockholder approval of such changes, the Committee shall have sole discretion to make such changes without obtaining
stockholder approval. 
 

13 

 
Article
10.    Beneficiary Designation 
 
Each Participant under the Plan may, from time to time, name any beneficiary or beneficiaries (who may be named contingently or successively) to whom any benefit under the Plan is to be paid in case of his or her death before he or
she receives any or all of such benefit. Each such designation shall revoke all prior designations by the same Participant, shall be in a form prescribed by the Company, and will be effective only when filed by the Participant in writing with the
Company during the Participant’s lifetime. In the absence of any such designation, benefits remaining unpaid at the Participant’s death shall be paid to the Participant’s estate. 
 
Article 11.    Deferrals 
 
The Committee may permit a Participant to defer such
Participant’s receipt of the payment of cash or the delivery of Shares that would otherwise be due to such Participant by virtue of the exercise of an Option or SAR or the lapse or waiver of restrictions with respect to Restricted Stock or
Restricted Stock Units. If any such deferral election is required or permitted, the Committee shall, in its sole discretion, establish rules and procedures for such payment deferrals. 
 
Article 12.    Rights of Key Associates 
 
12.1    Employment.    Nothing in the Plan shall interfere with or limit in any way the right of the Company to terminate any Participant’s employment at any time, nor confer upon
any Participant any right to continue in the employ of the Company. 
 
For purposes of this Plan, a transfer of a Participant’s employment between the Company and a Subsidiary, or between Subsidiaries, shall not be deemed to be a termination of employment. Upon such a transfer, the
Committee may make such adjustments to outstanding Awards as it deems appropriate to reflect the changed reporting relationships. 
 
12.2    Participation.    No Key Associate shall have the right to be selected to receive
an Award under this Plan, or, having been so selected, to be selected to receive a future Award. 
 
Article 13. Change in Control 
 
13.1    Treatment of Outstanding Awards.    Upon the occurrence of a Change in Control, unless otherwise specifically prohibited under applicable laws, or
by the rules and regulations of any governing governmental agencies or national securities exchanges: 
 
(a)    Any and all outstanding Options and SARs held by persons employed with the Company or any
Subsidiary on the date of the Change in Control shall become immediately exercisable, and shall remain exercisable throughout their entire term; 
 
(b)    Any restriction periods and restrictions imposed on outstanding Shares of Restricted Stock or
Restricted Stock Units held by persons employed with the Company or any Subsidiary on the date of the Change in Control shall lapse; 
 
(c)    If applicable, the target payout opportunities attainable under all outstanding Awards of
Restricted Stock or Restricted Stock Units held by persons employed with the Company or any Subsidiary on the date of the Change in Control 
 

14 

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 such Awards shall be accelerated as of the effective date of the Change in Control; and 
 
(d)    Subject to Article 14 herein, the Committee shall have the authority to make any modifications
to the Awards as determined by the Committee to be appropriate before the effective date of the Change in Control. 
 
13.2    Limitation on Change-in-Control Benefits.    It is the intention of the Company and
the Participants to reduce the amounts payable or distributable to a Participant hereunder if the aggregate Net After Tax Receipts (as defined below) to the Participant would thereby be increased, as a result of the application of the excise tax
provisions of Section 4999 of the Code. Accordingly, anything in this Plan to the contrary notwithstanding, in the event that the certified public accountants regularly employed by the Company immediately prior to any “change” described
below (the “Accounting Firm”) shall determine that receipt of all Payments (as defined below) would subject the Participant to tax under Section 4999 of the Code, it shall determine whether some amount of Payments would meet the definition
of a “Reduced Amount” (as defined below). If the Accounting Firm determines that there is a Reduced Amount, the aggregate Payments shall be reduced to such Reduced Amount in accordance with the provisions of Section 13.2(b) below.

 
(a)    For
purposes of this Section 13.2(a): 
 
(i)    A “Payment” shall mean any payment or distribution in the nature of compensation to or for the benefit of a Participant who is a “disqualified individual” within the meaning of Section
280G(c) of the Code and which is contingent on a “change” described in Section 280G(b)(2)(A)(i) of the Code with respect to the Company, whether paid or payable pursuant to this Plan or otherwise; 
 
(ii)    “Plan
Payment” shall mean a Payment paid or payable pursuant to this Plan (disregarding this Section 13.2); 
 
(iii)    “Net After Tax Receipt” shall mean the Present Value of a Payment, net of all taxes
imposed on the Participant with respect thereto under Sections 1 and 4999 of the Code, determined by applying the highest marginal rate under Section 1 of the Code which applied to the Participant’s Federal taxable income for the immediately
preceding taxable year; 
 
(iv)    “Present Value” shall mean such value determined in accordance with Section 280G(d)(4) of the Code; and 
 
(v)    “Reduced Amount” shall mean the smallest aggregate amount of Payments which (A) is
less than the sum of all Payments and (B) results in aggregate Net After Tax Receipts which are equal to or greater than the Net After Tax Receipts which would result if all Payments were paid to or for the benefit of the Participant. 
 
(b)    If the Accounting
Firm determines that aggregate Payments should be reduced to the Reduced Amount, the Committee shall promptly give the Participant notice to that effect and a copy of the detailed calculation thereof, and the Participant may then elect, in the
Participant’s sole discretion, which and how much of the Payments, 
 

15 

including without limitation Plan Payments, shall be eliminated or reduced (as long as after such election the Present Value of the aggregate
Payments is equal to the Reduced Amount), and shall advise the Committee in writing of such election within ten (10) days of the Participant’s receipt of notice. If no such election is made by the Participant within such ten (10) day period,
the Committee may elect which of the Payments, including without limitation Plan Payments, shall be eliminated or reduced (as long as after such election the Present Value of the aggregate Payments is equal to the Reduced Amount) and shall notify
the Participant promptly of such election. All determinations made by the Accounting Firm under this Section 13.2 shall be binding upon the Company and the Participant and shall be made within sixty (60) days immediately following the event
constituting the “change” referred to above. As promptly as practicable following such determination, the Company shall pay to or distribute for the benefit of the Participant such Payments as are then due to the Participant under this
Plan. 
 
(c)    At the time of the initial determination by the Accounting Firm hereunder, it is possible that amounts will have been paid or distributed by the Company to or for the benefit of the Participant pursuant to
this Plan which should not have been so paid or distributed (“Overpayment”) or that additional amounts which will have not been paid or distributed by the Company to or for the benefit of the Participant pursuant to this Plan could have
been so paid or distributed (“Underpayment”), in each case, consistent with the calculation of the Reduced Amount hereunder. In the event that the Accounting Firm, based either upon the assertion of a deficiency by the Internal Revenue
Service against the Company or the Participant which the Accounting Firm believes has a high probability of success or controlling precedent or other substantial authority, determines that an Overpayment has been made, any such Overpayment paid or
distributed by the Company to or for the benefit of the Participant shall be treated for all purposes as a loan ab initio to the Participant which the Participant shall repay to the Company together with interest at the applicable Federal rate
provided for in Section 7872(f)(2) of the Code; provided, however, that no such loan shall be deemed to have been made and no amount shall be payable by the Participant to the Company if and to the extent such deemed loan and payment would
not either reduce the amount on which the Participant is subject to tax under Section 1 and Section 4999 of the Code or generate a refund of such taxes. 
 
In the event that the Accounting Firm, based upon controlling precedent or other substantial authority, determines that an
Underpayment has occurred, any such Underpayment shall be promptly paid by the Company to or for the benefit of the Participant together with interest at the applicable Federal rate provided for in Section 7872(f)(2) of the Code. 
 
13.3    Termination, Amendment, and
Modifications of Change-in-Control Provisions.    Notwithstanding any other provision of this Plan or any Award Agreement provision, the provisions of this Article 13 may not be terminated, amended, or modified on or after
the date of a Change in Control to affect adversely any Award theretofore granted under the Plan without the prior written consent of the Participant with respect to said Participant’s outstanding Awards; provided, however, the Board of
Directors, upon recommendation of the Committee, may terminate, amend, or modify this Article 13 at any time and from time to time prior to the date of a Change in Control. 
 
Article 14.    Amendment, Modification, and Termination 
 
14.1    Amendment, Modification, and
Termination.    The Board may at any time and from time to time, alter, amend, suspend or terminate the Plan in whole or in part; provided, however, that an 

 

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amendment to the Plan may be conditioned on the approval of the stockholders of the Company if and to the extent the Board determines that
stockholder approval is necessary or appropriate. 
 
14.2    Awards Previously Granted.    No termination, amendment, or modification of the Plan shall adversely affect in any material way any Award previously granted under the Plan,
without the written consent of the Participant holding such Award. 
 
14.3    Acceleration of Award Vesting; Waiver of Restrictions.    Notwithstanding any provision of this Plan or any Award Agreement provision to the contrary, the Committee, in
its sole and exclusive discretion, shall have the power at any time to (i) accelerate the vesting of any Award granted under the Plan, including, without limitation, acceleration to such a date that would result in said Awards becoming immediately
vested, or (ii) waive any restrictions of any Award granted under the Plan. 
 
14.4    No Repricing.    Nothing in the provisions of this Article 14 shall be construed to permit the repricing of any outstanding Option as otherwise
prohibited by the provisions of Section 6.12. 
 
Article
15.    Withholding 
 
15.1    Tax Withholding.    The Company shall have the power and the right to deduct or withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy
Federal, state, and local taxes (including the Participant’s FICA obligation) required by law to be withheld with respect to any taxable event arising as a result of this Plan. 
 
15.2    Share Withholding.    The Company may cause any tax
withholding obligation described in Section 15.1 to be satisfied by the Company withholding Shares having a Fair Market Value on the date the tax is to be determined equal to the minimum statutory total tax which could be imposed on the transaction.
In the alternative, the Company may permit Participants to elect to satisfy the tax withholding obligation, in whole or in part, by either (i) having the Company withhold Shares having a Fair Market Value on the date the tax is to be determined
equal to the minimum statutory total tax which could be imposed on the transaction or (ii) tendering previously acquired Shares having an aggregate Fair Market Value equal to the minimum statutory total tax which could be imposed on the transaction
(provided that the Shares which are tendered must have been held by the Participant for at least six (6) months prior to their tender unless such Shares had been acquired by the Participant on the open market). All such elections shall be
irrevocable, made in writing, signed by the Participant, and shall be subject to any restrictions or limitations that the Committee, in its sole discretion, deems appropriate. 
 
Article 16.    Indemnification 
 
Provisions for the indemnification of officers and directors of the Company in connection with the
administration of the Plan shall be as set forth in the Company’s Certificate of Incorporation and Bylaws as in effect from time to time. 
 
Article 17.    Successors 
 
All obligations of the Company under the Plan with respect to Awards granted hereunder shall be binding on any successor to the Company,
whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or assets of the Company. 
 

17 

 
Article
18.    Legal Construction 
 
18.1      Gender and Number.    Except where otherwise indicated by the context, any masculine term used herein also shall include the feminine; the plural shall include the
singular and the singular shall include the plural. 
 
18.2    Severability.    In the event any provision of the Plan shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of the
Plan, and the Plan shall be construed and enforced as if the illegal or invalid provision had not been included. 
 
18.3    Requirements of Law.    The granting of Awards and the issuance of Shares under the
Plan shall be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required. 
 
18.4    Securities Law Compliance.    With respect to
Insiders, transactions under this Plan are intended to comply with all applicable conditions of Rule 16b-3 or its successors under the Exchange Act. To the extent any provision of the plan or action by the Committee fails to so comply, it shall be
deemed null and void, to the extent permitted by law and deemed advisable by the Committee. 
 
18.5    No Conflict.    Unless otherwise provided for by an Award Agreement, in the event of any conflict between the terms of the Plan and the terms of
an Award Agreement, the terms of the Plan shall control. 
 
18.6    Governing Law.    To the extent not preempted by Federal law, the Plan, and all agreements hereunder, shall be construed in accordance with and governed by the laws of the State
of Delaware. 
 

18

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