UPDATE 1-Bank of America amends pay for senior executives

* Salaries of CFO and mortgage head set at $500,000

* CFO to receive $5.25 mln in stock

NEW YORK Nov 27 (Reuters) - Bank of America Corp (BAC.N), the largest U.S. bank, amended on Friday the compensation agreements of two senior executives, following a review by the pay czar.

According to a regulatory filing, Chief Financial Officer Joe Price and mortgage head Barbara Desoer had their annual salaries set at $500,000.

In addition, Price will get "stock unit awards" valued at $5.25 million, while Desoer will receive $3.95 million in stock, the Charlotte, North Carolina-based bank said.

The adjustments were retroactive to Nov. 1, the filing said.

In a regulatory filing in March, Bank of America said the 2008 salaries of Price and Desoer were $800,000.

Both executives also received stock and option awards that increased the total 2008 compensation for Price to $4.02 million, and Desoer's compensation to $7.42 million.

Bank of America's compensation plans are reviewed by the U.S. Treasury's special master for executive pay, Kenneth Feinberg, as the bank took $45 billion of bailout funds.

The bank is looking for a new chief executive after CEO Kenneth Lewis announced he would retire by year-end following months of being dogged by a series of government investigations into the company's acquisition of Merrill Lynch. (Reporting by Juan Lagorio; Editing Bernard Orr) ((e-mail juan.lagorio@thomsonreuters.com; Reuters Messaging: juan.lagorio.reuters.com@reuters.net; Tel +1 646 223 6124))