EIGHTH AMENDMENT TO
THE NATIONSBANK PENSION PLAN
THIS AGREEMENT is made and entered into as of the 31st day of December,
1995 by and between NATIONSBANK CORPORATION, a North Carolina corporation
("NationsBank"), and NATIONSBANK, N.A., a national banking association (the
"Trustee").
W I T N E S S E T H:
WHEREAS, NationsBank and certain of its subsidiary corporations
(collectively with NationsBank, the "Participating Employers") maintain The
NationsBank Pension Plan (the "Plan"); and
WHEREAS, NationsBank desires to amend the Plan to (i) modify the
definition of "Compensation" to include a portion of commissions paid to
Participants who are compensated through commission arrangements, (ii) modify
the application of the Plan to Participants who remain employed with the
Participating Employers in a "benefits-eligible" position after age sixty-five
(65) or who retire and commence receiving benefits under the Plan and are
subsequently rehired by the Participating Employers in a "benefits-eligible"
position, (iii) reflect certain business acquisitions of the Participating
Employers and the merger of a pension plan into the Plan as a result of one of
those acquisitions and (iv) add special provisions for the benefit of certain
employees of the Participating Employers who separate from service with the
Participating Employers as a result of certain business dispositions; and
WHEREAS, in Section 11.1 of the Plan, the Participating Employers
reserved the right to amend the Plan at any time, in whole or in part, and have
delegated to the Compensation Committee of the Board of Directors of NationsBank
the right to make the amendments set forth below on behalf of all Participating
Employers; and
WHEREAS, the amendments set forth below have been authorized and
approved by the Compensation Committee;
NOW, THEREFORE, in consideration of the premises and the mutual
ovenants herein contained, NationsBank and the Trustee hereby agree as
follows:
1. Section 2.1(c)(14) of the Plan is amended effective as of
January 1, 1996 to read as follows:
"(14) Compensation of a Participant means the base salary or
base wages payable by the Participating Employers to the Participant
for employment with the Participating Employers prior to (i) any salary
or wage reduction pursuant to Article IV of the Savings Plan or (ii)
any salary or wage reduction pursuant to the Group Benefits Plan.
Compensation shall not include:
(A) any bonuses (contractual, discretionary or
otherwise), awards, overtime pay, shift premium, incentive
compensation of any kind whatsoever, or other extra or special
remuneration of any kind, except to the extent otherwise
provided in the last paragraph of this Section 2.1(c)(14);
(B) any deferred compensation pursuant to the Plan or
any other agreement or arrangement between a Participating
Employer and the Participant, including any deferrals of base
salary or wages pursuant to any nonqualified deferred
compensation plan;
(C) any sums paid by a Participating Employer (i) on
account of any health, welfare or group insurance benefits
(exclusive of sick pay), including dependent care assistance,
or (ii) on account of reimbursement of relocation expenses,
regardless of whether such sums are taxable income to the
Participant; provided, however, this subparagraph (C) shall
not exclude from Compensation any sums paid by a Participating
Employer that are attributable to base salary or wage
reductions under the Group Benefits Plan;
(D) any severance, vacation or similar benefits paid
in a lump sum; or
(E) any compensation pursuant to any other employee
benefit plan, including without limitation, any sums elected
to be received in cash pursuant to any such plan.
For periods during which a Participant is on a leave of absence and
deemed to have Hours of Service during such absence as provided in
Section 2.1(c)(29)(E), Compensation shall mean the base salary or base
wages which would have been paid by the Participating Employers to the
Participant during such absence assuming the base salary or base wages
paid by the Participating Employers to the Par-
ticipant had continued during such absence at the monthly rate in
effect when such absence commenced.
Notwithstanding subparagraph (A) above, a Participant's
Compensation shall include, in addition to base salary or wages, fifty
percent (50%) of the commissions payable to the Participant if:
(X) the Participant's remuneration from the
Participating Employers is based solely on commissions earned
by the Participant and the Participant's base salary is
deducted from the commissions earned by and payable to the
Participant;
(Y) the Participant is employed in a position which
directly supervises Participant(s) described in subparagraph
(X) above and some or all of the Participant's remuneration
from the Participating Employers is based on override
commissions from the production of the supervised
Participant(s); or
(Z) the Participant is employed in a position which
directly supervises Participant(s) described in subparagraph
(X) above and some or all of the Participant's remuneration
from the Participating Employers is based on commissions
resulting from the Participant's personal production."
2. The following Section 5.1(e) is added to the end of Section 5.1 of
the Plan effective as of January 1, 1995:
"(e) Special Retirement Benefit for Retirement After Age 65.
Notwithstanding the foregoing provisions of this Section 5.1, in the
event a Participant retires after the Participant's Normal Retirement
Date, the amount of the Participant's retirement income payable under
the Plan shall be the greater of Amount A or Amount B, where:
Amount A is the amount of the Participant's retirement income
determined under the Plan without regard to this Section
5.1(e), and
Amount B is the amount of the Participant's accrued retirement
income under the Plan as of the Participant's Normal
Retirement Date actuarially increased to the date of the
Participant's actual retirement, using for such purpose the
following actuarial assumptions:
Mortality: A unisex rate that is fifty percent (50%)
male, fifty percent (50%) female, taken from the 1971
Group Annuity Mortality Table.
Interest: Five percent (5%)."
3. Section 5.8 of the Plan is deleted in its entirety, and Sections 5.9
and 5.10 of the Plan and all references in the Plan to said Section 5.9 and 5.10
are redesignated as Sections 5.8 and 5.9, respectively, all effective as of
January 1, 1995.
4. Section 6.3(a) and Section 6.3(b) of the Plan are amended effective
as of January 1, 1995 to read as follows:
"(a) Prior to Normal Retirement Date. No Participant, regardless
of the Participant's vesting status, shall receive a retirement income
payment for any month prior to the Participant's Normal Retirement Date
if, on the date during such month when the Participant's retirement
income payment would otherwise be made thereunder, the Participant is
in Service. However, any retirement income that has commenced to a
Participant who is not in Service shall not be stopped if the
Participant resumes Service and is regularly scheduled to work less
than forty (40) hours per week (as referred to in Section 6.3(b)
below), and Section 6.3(b)(5) below shall apply to such a Participant.
(b) On Or After Normal Retirement Date. No Participant, regardless
of the Participant's vesting status, may commence receiving retirement
income payments for any month following the Participant's Normal
Retirement Date if the Participant is in Service and regularly
scheduled to work at least twenty (20) hours per week. Provided,
however, the following conditions shall apply:
(1) Payments shall commence to a Participant whose
regularly scheduled hours of employment decrease after the
Participant's Normal Retirement Date from twenty (20) or more
per week to less than twenty (20) per week only if the
Participant so elects in writing under the Plan's regular
benefit election procedures.
(2) Any retirement income that has commenced to a
Participant not in Service shall be withheld only if the
Participant resumes Service and is regularly scheduled to work
at least forty (40) hours per week.
(3) No retirement income shall be withheld after the
Participant's required commencement date under Section 5.1(c).
(4) The amount of retirement income to be withheld
any month shall be equal to the amount otherwise payable for
such month.
(5) The following provisions apply to the
Participants described below who die while in Service prior to
the required commencement date of their retirement income
under Section 5.1(c). If at the time of such Participant's
death the Participant's retirement income is being withheld
under this Section 6.3 because (i) the Participant has resumed
Service and the Participant's regularly scheduled hours of
employment following such resumption of Service equal or
exceed forty (40) hours per week or (ii) the Participant has
continued Service following the Participant's Normal
Retirement Date and the Participant's regularly scheduled
hours of employment have remained at least twenty (20) hours
per week, the Participant shall be covered by the death
benefit provisions of Section 6.2. If at the time of the
Participant's death the Participant's retirement income is
being paid to the Participant because (i) the Participant has
resumed Service and the Participant's regularly scheduled
hours of employment following such resumption of Service do
not equal or exceed forty (40) hours per week or (ii) the
Participant has continued Service following the Participant's
Normal Retirement Date but the Participant's regularly
scheduled hours of employment decreased to less than twenty
(20) hours per week, the Participant shall be covered by the
death benefit provisions of Section 6.2 only with respect to
any additional retirement income the Participant has accrued
over and above the retirement income that was being paid to
the Participant at the time of the Participant's death, and
the only death benefit, if any, payable with respect to the
retirement income being paid to the Participant at the time of
the Participant's death shall be according to the form of
payment applicable to such retirement income."
5. Section 6.4 of the Plan is amended effective as of January 1, 1995
to read as follows:
"SECTION 6.4. BENEFIT ACCRUAL AFTER CERTAIN PERIODS OF
INTERRUPTED SERVICE OR AFTER CERTAIN COMMENCEMENTS OF RETIREMENT
INCOME.
(a) After Certain Interruptions of Service. If a Participant's
Service is interrupted and then recommenced, and either such
interruption did not result in benefit payments being made to the
Participant or, even if payments were so made, such Participant was
reemployed at a regularly scheduled rate of forty (40) or more hours
per week (as referred to in Section 6.3), then any retirement income
subsequently payable to the Participant shall be calculated by
combining Benefit Service and Compensation as described in the next
sentence. Benefit Service credited and Compensation earned by the
Participant prior to such interruption shall be combined with any
Benefit Service credited and Compensation earned after such
interruption, subject, however, to the exclusion of any such Benefit
Service or Compensation under other provisions of the Plan. Any
retirement income so calculated shall be appropriately reduced to
reflect any retirement income payments or lump sum payment (other than
Disability retirement income payments) previously received by the
Participant. In no event, however, shall the Participant's retirement
income be less than the sum of (i) the amount of retirement income
previously being paid to the Participant, actuarially increased in
accordance with Section 5.1(e) if the Participant's retirement income
is being recommenced after the Participant's Normal Retirement Date,
or, in the case of a Participant whose retirement income was not yet
being paid, the Participant's retirement income that would have
commenced at the Participant's Normal Retirement Date, reduced, if
applicable, for earlier commencement in accordance with Section
5.2(b)(1) and (ii) any additional retirement income accrued hereunder
by the Participant derived solely from the Benefit Service credited to
the Participant and Compensation earned by the Participant during the
Participant's period of recommenced Service.
If a Participant's Service is interrupted and then recommenced
and benefit payments to such Participant continue following such
resumption of Service because the Participant's regularly scheduled
hours of employment following such resumption of Service do not equal
or exceed forty (40) hours per week (as referred to in Section 6.3),
then any additional retirement income accrued hereunder by the
Participant shall be derived solely from the Participant's period of
recommenced Service.
(b) After Certain Commencements of Retirement Income. If a
Participant's retirement income commenced while the Participant
remained in Service after the Participant's Normal Retirement Date
because the Participant's regularly scheduled hours of employment
decreased to below the twenty (20) hour per week level (as referred to
in Section 6.3), then any additional retirement income accrued by the
Participant shall be derived solely from the Participant's period of
Service that began when the Participant's Service decreased below that
level."
6. The following new Sections 15.14 and 15.15 are added to the end of
Article XV of the Plan effective as of January 1, 1995:
"SECTION 15.14. DIVESTITURES.
(a) General. From time to time, certain banking centers and
other business units of the Participating Employers are sold to
unrelated third parties, and as a result certain Participants employed
at such banking centers and other business units (the "Affected
Participants") terminate their employment with the Participating
Employers. Schedule 15.14 attached to the Plan lists (i) the banking
centers and other business units that have been sold which are subject
to this Section, (ii) the names of the various purchasers and (iii) the
effective dates of such sales. Schedule 15.14 shall be updated from
time to time by the Participating Employers to reflect additional sales
that are subject to this Section. The provisions of this Section shall
be effective with respect to a particular group
of Affected Participants as of the applicable effective date set forth
on Schedule 15.14 (a "Termination Date").
(b) Vesting of Affected Participants. The accrued retirement
income under the Plan of an Affected Participant shall be fully vested
and nonforfeitable as of the Termination Date applicable to such
Affected Participant.
(c) Separation from Service. For purposes of determining an
Affected Participant's accrued retirement income under the Plan, such
Affected Participant shall be deemed to have separated from Service as
of the Termination Date applicable to such Affected Participant.
(d) Provisions Controlling. Notwithstanding any provisions of
the Plan to the contrary, the provisions of this Section 15.14 shall
control with respect to the Affected Participants.
SECTION 15.15. ACQUISITIONS.
(a) General. From time to time the Participating Employers
acquire certain businesses, and as a result certain of the employees of
such acquired businesses become Covered Employees of the Participating
Employers (the "Acquired Employees"). Schedule 15.15 attached to the
Plan lists (i) the acquired businesses which are subject to this
Section and (ii) the effective dates of such acquisitions. Schedule
15.15 shall be updated from time to time by the Participating Employers
to reflect additional acquisitions that are subject to this Section.
The provisions of this Section shall be effective with respect to a
particular group of Affected Participants as of the applicable
effective date set forth on Schedule 15.15 (an "Acquisition Date").
(b) Eligibility, Vesting and Benefit Service. Solely for
purposes of determining (i) whether an Acquired Employee has satisfied
the eligibility requirements of Article III, (ii) an Acquired
Employee's Vesting Service and (iii) to the extent specified in
Schedule 15.15, an Acquired Employee's Benefit Service, the Acquired
Employee's service with the acquired business prior to the applicable
Acquisition Date shall be treated as Service with the Participating
Employers.
(c) Provisions Controlling. Notwithstanding any provisions of
the Plan to the contrary, the provisions of this Section 15.15
shall control with respect to the Acquired Employees."
7. The following Section 15.16 is added to the end of Article XV of
the Plan effective as of February 1, 1996:
"SECTION 15.16. MERGER OF THE BANK SOUTH PLAN.
(a) General. Bank South Corporation sponsored the Bank South
Corporation Employees' Retirement Plan and Trust (the "Bank South
Plan"), a tax-qualified defined benefit plan. Bank South Corporation
was acquired by NationsBank Corporation. In connection therewith, the
Bank South Plan is merged with and into the Plan effective as of
February 1, 1996 (the "Bank South Plan Merger Date"). As part of said
plan merger, on the Bank South Plan Merger Date the trust maintained
under the Bank South Plan shall become a part of the Trust maintained
under this Plan, and the assets of the Bank South Plan shall thereupon
become assets of this Plan. As of the Bank South Plan Merger Date, the
Plan shall be the successor in interest to, and shall have assumed all
the liabilities of, the Bank South Plan.
(b) Benefits. For a Participant who was a participant in the
Bank South Plan immediately prior to the Bank South Plan Merger Date,
such Participant's benefits under the Plan shall equal the sum of
Amount A and Amount B, where:
Amount A is the Participant's "Accrued Benefit" under and as
defined in the Bank South Plan (which includes such
Participant's "Final Average Earnings Benefit" and "Cash
Balance Benefit" under the Bank South Plan) determined
immediately prior to the Bank South Plan Merger Date, and
Amount B is the Participant's benefits determined under the
applicable provisions of the Plan without regard to any
Service for periods prior to the Bank South Plan Merger Date.
(c) Limited Effect of Plan Merger. To the extent required by
Section 204(g) of the Act and Section 411(d)(6) of the Code, no
"optional form of benefit" (within the meaning of the Act and the Code)
under the Bank South Plan shall be reduced or eliminated as a result of
the merger of the Bank South Plan into the Plan."
8. Schedules 15.14 and 15.15 attached hereto are hereby added to and
made a part of the Schedules to the Plan effective as of December 31, 1995.
9. Except as expressly or by necessary implication amended hereby, the
Plan shall continue in full force and effect.
IN WITNESS WHEREOF, NationsBank Corporation, on behalf of the
Participating Employers, and the Trustee have caused this Agreement to be
executed by their respective duly authorized officers, all as of the day and
year first above written.
NATIONSBANK CORPORATION
By: /s/Xxx X. Xxxx
Name: Xxx X. Xxxx
Title: Vice President
NATIONSBANK, N.A.
By: /s/Xxx-Xxxxxx Xxxxx
Name: Xxx-Xxxxxx Xxxxx
Title: Vice President
NINTH AMENDMENT TO
THE NATIONSBANK PENSION PLAN
THIS AGREEMENT is made and entered into as of the 26th day of June,
1996 by and between NATIONSBANK CORPORATION, a North Carolina corporation
("NationsBank"), and NATIONSBANK, N.A., a national banking association (the
"Trustee").
W I T N E S S E T H:
WHEREAS, NationsBank and certain of its subsidiary corporations
(collectively with NationsBank, the "Participating Employers") maintain The
NationsBank Pension Plan (the "Plan"); and
WHEREAS, NationsBank desires to amend the Plan to extend the transition
provisions in the Plan for the calculation of certain lump sum benefit payments
using the interest rate and mortality assumptions specified in Section 417(e)(3)
of the Internal Revenue Code of 1986, as amended by the Retirement Protection
Act of 1994; and
WHEREAS, in Section 11.1 of the Plan, the Participating Employers
reserved the right to amend the Plan at any time, in whole or in part, and have
delegated to the Compensation Committee of the Board of Directors of NationsBank
the right to make the amendments set forth below on behalf of all Participating
Employers; and
WHEREAS, the amendments set forth below have been authorized and
approved by the Compensation Committee;
NOW, THEREFORE, in consideration of the premises and the mutual
covenants herein contained, NationsBank and the Trustee hereby agree as follows:
1. The first paragraph immediately following subparagraph (B) of
Section 15.4(h)(2) of the Plan (as amended by the Third Amendment to the
Plan) is amended effective as of June 26, 1996 to read as follows:
"The single sum value of the benefit described in clauses (ii) and
(iii) of Subsection (A) above shall be calculated by applying the
actuarial assumptions specified in Section 5.5(d)(2)(B); provided,
however, in the event a Prior CVN Plan Participant is in Service on
December 31, 1994 and eligible as of December 31, 1994 for early
retirement under Section 5.2 and such Prior CVN Plan Participant
separates from Service before January 1, 1998, then such single sum
value shall not be less than the single sum value of such benefit
calculated as of December 31, 1994 by applying the actuarial
assumptions specified in Section 5.5(d)(2)(A) as in effect on December
31, 1994."
2. Except as expressly or by necessary implication amended hereby,
the Plan shall continue in full force and effect.
IN WITNESS WHEREOF, NationsBank Corporation, on behalf of the
Participating Employers, and the Trustee have caused this Agreement to be
executed by their respective duly authorized officers, all as of the day and
year first above written.
NATIONSBANK CORPORATION
By: /s/X. X. Xxxxxx
X. X. Xxxxxx, Executive
Vice President
NATIONSBANK, N.A.
By: /s/Xxxxx X. Xxxxxxx
Name: Xxxxx X. Xxxxxxx
Title: Senior Vice President
TENTH AMENDMENT TO
THE NATIONSBANK PENSION PLAN
THIS AGREEMENT is made and entered into as of the 2nd day of October,
1996 by and between NATIONSBANK CORPORATION, a North Carolina corporation
("NationsBank"), and NATIONSBANK, N.A., a national banking association (the
"Trustee").
Statement of Purpose
NationsBank sponsors The NationsBank Pension Plan (the "Plan"). A civil
action was filed in 1994 in the United States District Court for the Northern
District of Texas, Fort Worth Division, (Civil Action No. 4-94CV-104A) as a
class action entitled "Xxx X. Xxxx, Xx. et al. v. NationsBank Corporation and
The NationsBank Pension Plan" relating to the First United Bancorporation
Pension Trust (the "FUBI Plan"), which was previously maintained by First United
Bancorporation, Inc. and certain of its subsidiaries. The FUBI Plan was merged
into the InterFirst Corporation Pension Plan (the "InterFirst Plan"), which was
sponsored by InterFirst Corporation. Subsequently, the InterFirst Plan was
merged into this Plan.
In connection with the settlement of all issues of the class action
lawsuit other than attorneys' fees, the Plan was amended by the Seventh
Amendment to the Plan to add Section 15.13 to the Plan regarding the "FUBI Plan
Special Benefit," which amendment was approved by the Court in connection with
the settlement and by the Internal Revenue Service pursuant to a determination
letter request. However, the attorneys' fee issue of the class action lawsuit
was not settled. Pursuant to an order of the Court regarding the attorneys' fee
issue, Section 15.13 of the Plan is required to be further amended as set forth
herein to provide that the FUBI Plan Special Benefit of an "Eligible Former FUBI
Plan Participant" be reduced by an "Attorneys' Fee Amount" in the event such
benefit becomes payable, which such amendment is authorized and permitted under
the terms of the Seventh Amendment to the Plan.
In Section 11.1 of the Plan the "Participating Employers" under the
Plan have reserved the right to amend the Plan at any time, in whole or in part,
and have delegated to the Compensation Committee of the Board of Directors of
NationsBank the right to make the amendments set forth below on behalf of all
Participating Employers. The undersigned has been
authorized by the Compensation Committee to make the amendments set forth
below.
NOW, THEREFORE, in consideration of the premises and mutual covenants
herein contained, NationsBank and the Trustee hereby agree as follows:
1. Section 15.13(c) of the Plan is hereby amended to read as
follows:
"(c) FUBI Plan Special Benefit Defined. The "FUBI Plan Special
Benefit" means, with respect to an Eligible Former FUBI Plan
Participant, the sum of (A) plus (B) plus (C), reduced by (D), where:
(A) is the "FUBI Portion" of such Eligible Former FUBI
Plan Participant's FUBI Plan Special Benefit (as
defined in subparagraph (d) below);
(B) is the "InterFirst Portion," if any, of such Eligible
Former FUBI Plan Participant's FUBI Plan Special
Benefit (as defined in subparagraph (e) below);
(C) is the "NationsBank Portion," if any, of such
Eligible Former FUBI Plan Participant's FUBI Plan
Special Benefit (as defined in subparagraph (f)
below); and
(D) is the "Attorneys' Fee Amount" of such Eligible
Former FUBI Plan Participant's FUBI Plan Special
Benefit (as defined in subparagraph (q) below).
The FUBI Portion of an Eligible Former FUBI Plan Participant's FUBI
Plan Special Benefit shall be subject to the FUBI Plan COLAs as
provided in subparagraph (k) below. For purposes of determining the
FUBI Plan Special Benefit for an Eligible Former FUBI Plan Participant,
both the FUBI Portion and the InterFirst Portion, if any, of such FUBI
Plan Special Benefit shall be converted to a single life annuity as
provided below. An Eligible Former FUBI Plan Participant's FUBI Plan
Special Benefit shall be stated as a monthly benefit and may be paid
pursuant to any optional form of benefit set forth in Section 5.4 which
such Participant elects (to the extent eligible) in accordance with the
terms and provisions of the Plan other than this Section 15.13;
provided, however, that the special provisions of subparagraph (r)
below shall apply in the case of lump sum payments."
2. The following Sections 15.13(q) and 15.13(r) are hereby
added to the Plan:
"(q) Attorneys' Fee Amount Defined. The Attorneys' Fee Amount
of the FUBI Plan Special Benefit of a particular Eligible Former FUBI
Plan
Participant means the product of (i) 20.9172% times (ii) the
"Excess FUBI Plan Special Benefit" with respect to such Participant.
The "Excess FUBI Plan Special Benefit" with respect to an Eligible
Former FUBI Plan Participant means the excess, if any, of (x) such
Participant's FUBI Plan Special Benefit determined without reduction
for the Attorneys' Fee Amount over (y) the amount of such Participant's
monthly retirement income determined under the provisions of the Plan
without regard to this Section 15.13. The amount in (x) and the amount
in (y) shall each be appropriately adjusted in accordance with the
terms of the Plan in the event the Eligible Former FUBI Plan
Participant's monthly retirement income under the Plan is payable in an
optional form of payment or commences prior to the Participant's Normal
Retirement Date.
(r) Special Provisions Related to Lump Sum Payments. The
following provisions shall apply with respect to an Eligible Former
FUBI Plan Participant who is eligible to receive the Participant's
monthly retirement income under the Plan in the form of a lump sum
payment and the Participant in fact elects such method of payment:
(i) The amount of the lump sum payment determined as
of a given determination date shall equal the sum of (A) and
(B), reduced by (C), where:
(A) is an amount determined as of the
determination date equal to the
single sum value of the
Participant's monthly retirement
income under the Plan payable
through the Participant's "Crossover
Date" (as defined below);
(B) is an amount determined as of the
determination date equal to the
single sum value of the
Participant's FUBI Plan Special
Benefit payable from and after the
Participant's Crossover Date but
without regard to the Attorneys' Fee
Amount set forth in Section 15.13(q)
above; and
(C) is the Attorneys' Fee Amount with
respect to the lump sum payment
determined in accordance with
subparagraph (iv) below.
(ii) For purposes of this Section 15.13(r), the
"Crossover Date" determined as of a given determination date
with respect to an Eligible Former FUBI Plan Participant means
the first date, if any, on which the
Participant's FUBI Plan Special Benefit is expected (based on
the assumptions set forth in subparagraph (iii) below) to
equal or exceed the Participant's monthly retirement income
under the Plan determined without regard to the provisions of
this Section 15.13.
(iii) The calculation of all single sum values under
this Section 15.13(r) shall be made using the actuarial
assumptions and methods in effect from time to time under the
Plan for determining lump sum payments. In addition, for
purposes of calculating the single sum value of an Eligible
Former FUBI Plan Participant's FUBI Plan Special Benefit
payable after the Participant's Crossover Date, as well as for
purposes of determining such Crossover Date, the FUBI Portion
of the Participant's FUBI Plan Special Benefit shall be
assumed to increase at an annual rate equal to the average
over the twenty (20) completed calendar year period
immediately preceding the determination date of the COLA
amounts determined in accordance with the provisions of
Section 15.13(k) above.
(iv) For purposes of this Section 15.13(r), the
Attorneys' Fee Amount with respect to an Eligible Former FUBI
Plan Participant's lump sum payment shall equal the product of
(A) and (B) where:
(A) is 20.9172%; and
(B) is the amount, if any, by which the
sum of (A) and (B) under
subparagraph (i) above exceeds the
single sum value of the
Participant's monthly retirement
income under the Plan determined
without regard to the provisions of
this Section 15.13, all determined
as of the applicable determination
date using the actuarial assumptions
set forth in subparagraph (iii)
above."
3. The effective date of the amendment set forth herein shall be July
5, 1995 (the effective date of the Seventh Amendment to the Plan), subject,
however, to the entering of a "Final Judgment as to Attorneys' Fees and
Expenses" which has become final and nonappealable. If such "Final Judgment as
to Attorneys' Fees and Expenses" is not entered or does not become final and
nonappealable, the amendment set forth herein shall be null and void.
4. Except as expressly or by necessary implication amended hereby, the
Plan shall continue in full force and effect.
IN WITNESS WHEREOF, NationsBank Corporation, on behalf of the
Participating Employers, and the Trustee have caused this Agreement to be
executed by their respective duly authorized officers, all as of the day and
year first above written.
NATIONSBANK CORPORATION
By: /s/X. X. Xxxxxx
X. X. Xxxxxx, Executive
Vice President
"NationsBank"
NATIONSBANK, N.A.
By: /s/Xxxx-Xxxxxx Xxxxx
Name: Xxx-Xxxxx Xxxxx
Title: Vice President
"Trustee"
