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Exhibit (10)(pp)
Split-Dollar Life Insurance Termination Agreement , dated as
of December 29, 2003 (this " Agreement "), among WACHOVIA
CORPORATION, a North Carolina corporation, its subsidiaries and
affiliates (the " Corporation "), Jean E. Davis (the "
Insured ") and The Jean E. Davis Irrevocable Living Trust
dated September 20, 2000 (the " Owner ").
Witnesseth:
Whereas,
the Corporation, the Insured and the Owner desire to terminate the
Split-Dollar Life Insurance Agreement among them; and
Whereas,
as a condition to and together with the parties executing this
Agreement, Wachovia Corporation (" Wachovia "), the Insured
and the Owner are executing an Insurance Bonus Agreement, dated the
same date as this Agreement (the "Insurance Bonus Agreement");
Now, therefore , in consideration of the mutual promises
made herein, the parties agree as follows:
1. Termination of the
Agreement . The Split-Dollar Life Insurance Agreement, dated as
of September 20, 2000, among the Corporation, the Insured and
the Owner (the " Split-Dollar Agreement ") is hereby
terminated. The Insured and the Owner authorize the Corporation,
Wachovia and their respective representatives to take all actions
necessary to effectuate the termination.
2. Repayment of the
Corporation’s Interest and Investment in a New Policy .
The Corporation shall promptly recover all amounts
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