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EXHIBIT 10.11
1993 DECLARATION OF AMENDMENT TO WACHOVIA CORPORATION
RETIREMENT SAVINGS AND PROFIT-SHARING BENEFIT EQUALIZATION PLAN
THIS DECLARATION OF AMENDMENT, made the 22nd day of October,
1993, by WACHOVIA CORPORATION (the "Company"), a North Carolina corporation
with its principal office at Winston-Salem, North Carolina, to the Wachovia
Corporation Retirement Savings and Profit-Sharing Benefit Equalization Plan
(the "plan").
R E C I T A L S:
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It is deemed advisable to amend the plan to allow a
participant to elect, with the consent of the Committee which administers the
plan, for his benefit under the plan to be paid to him or applied for his
benefit in installments over a period not in excess of 15 years or in a single
lump sum payment.
NOW, THEREFORE, it is declared that the plan shall be and
hereby is amended, effective as of October 22, 1993, by deleting Section 6 in
its entirety and substituting therefor the following:
"Section 6. Payment of Benefits. The amount in
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the Benefit Equalization Account of a Participant (the
`Participant's Benefit') shall be paid to the same person or
persons as the Participant's benefit under the RSPSP (the
"RSPSP Beneficiaries") under one of the following options as
elected by the Participant, with the consent of the Committee,
prior to the date the Participant's Benefit becomes payable
under the Plan:
(i) Installments: Payment in cash in
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approximately equal monthly installments over a term
certain not exceeding 15 years.
(ii) Lump Sum: Payment in cash in a
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single lump sum payment.
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The Participant's Benefit shall become payable at the same
time his benefit under the RSPSP becomes payable on account of
retirement, termination of service or death. In no event
shall a Participant's Benefit be subject to withdrawal while
the Participant is in service. A Participant's election as
to the form of the payment of the Participant's Benefit shall
be made in the same manner and at the same time as his
election is made as to the form of the payment of benefits
under the RSPSP. If a Participant fails to elect one of the
foregoing distribution options, the Participant's Benefit
shall be paid in the same manner as his benefit under the
RSPSP. At any time prior to the death of a Participant, the
Participant may elect (which election shall be subject to
change at any time upon notice in writing by the Participant
to the Committee) for any payments hereunder following his
death to be made to a person or persons other than the RSPSP
Beneficiaries, in which event such payments shall be made to
such other person or persons in the same manner and at the
same time as such payments would have been made to the RSPSP
Beneficiaries pursuant to this Section 6. Such election shall
be made by the Participant in writing on a form provided by
the Committee."
IN WITNESS WHEREOF, this Declaration of Amendment has been
executed in behalf of the Company on the day and year first above stated.
WACHOVIA CORPORATION
By: /s/ L. M. Baker, Jr.
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President
Attest:
/s/ Alice Washington Grogan
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Secretary
(Corporate Seal)
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