Exhibit 10.48
AMENDMENT TO AGREEMENT NOT TO COMPETE
BETWEEN NATIONAL CITY CORPORATION
AND [EXECUTIVE]
This Amendment to the Agreement Not To Compete by and between National City
Corporation, a Delaware corporation ("National City") and [Executive, Title] of
National City ("Executive") is entered into this ___ day of __________, 2006.
WHEREAS, National City and Executive previously entered into an Agreement
Not To Compete (the "Agreement") under which National City agreed to make
certain payments to Executive in exchange for Executive agreeing to refrain from
engaging in certain activities following Executive's termination of employment
with National City; and
WHEREAS, both National City and Executive desire that the terms of the
Agreement be interpreted and that all payments under the Agreement be made in
accordance with the requirements of Section 409A of the Internal Revenue Code;
NOW THEREFORE, in consideration of the mutual covenants contained herein,
and for other good and valuable consideration, the parties hereby amend the
Agreement, effective January 1, 2005 as follows:
1. Subsection (g) of Section 1 of the Agreement is hereby amended to read
as follows:
"(g) 'Termination Date' means the Executive's last day worked,
excluding any services provided by the Executive solely as a
member of National City's board of directors)."
2. In all other respects the Agreement shall remain unchanged.
IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment as of
the date first above written, but effective January 1, 2005.
EXECUTIVE NATIONAL CITY
By:
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[Executive] ------------------------------------