**WHITNEY        HOLDING CORPORATION**

**$28.76**

|   | a. | If                  your employment ceases on account of your death, the options that                  are then                  exercisable (after giving effect to any accelerated vesting as                  provided in                  Section 3 below) will remain exercisable until the earlier of the                  Expiration Date or one year after the date of your                  death. |
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|   | b. | If                  your employment ceases on account of your Disability, Retirement                  or                  involuntary severance without Cause, the options that are then                  exercisable                  (after giving effect to any accelerated vesting as provided in                  Section 3                  below) will remain exercisable until the earlier of the Expiration                  Date or                  90 days after your employment                  ceases. |
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|   | c. | If                  your employment ends for any other reason, your options will expire                  and be                  cancelled as of the date on which your employment ceases, without                  notice                  or the payment of compensation. |
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|   | a. | If                  a Change in Control occurs, then notwithstanding any provision                  of this                  letter to the contrary and provided you are an employee of the                  Company,                  the Bank or their Affiliates at the time of the Change in Control,                  your                  options will become fully vested and exercisable, and will remain                  fully                  exercisable in accordance with their                  terms. |
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|   | b. | Notwithstanding                  any provision of this letter to the contrary, if your employment                  with the                  Company, the Bank and their Affiliates ceases on account of your                  death,                  Disability, or Retirement, your options will vest and become exercisable                  on a pro rata basis determined by dividing the number of days between                  July                  10, 2007 (the Grant Date) and the date of your termination, by                  1095 (which                  represents the initial three-year vesting                  schedule). |
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|   | a. | Cash,                  certified or uncertified check, bank draft or other form of cash                  equivalent; |
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|   | b. | Delivering                  to the Company shares of Common Stock that you already own having                  a Fair                  Market Value on the date of exercise equal to the exercise price;                  or |
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|   | c. | A                  broker assisted transaction, provided that the Company’s Insider Trading                  and Confidentiality Policy, as amended from time to time, then                  permits                  this form of exercise and that your proposed transaction is consistent                  with the policy.  You must obtain the approval of the Company’s                  General Counsel before you engage in a broker assisted                  transaction. |
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|   | d. | Having                  the Company withhold of a number of shares of Common Stock otherwise                  deliverable to you upon exercise of this option, having a Fair                  Market                  Value on the date of exercise equal to the exercise                  price. |
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|   | Notwithstanding                  the above specified exercise methods, no method of exercise may                  be used                  if, in the opinion of the Company’s Chief Financial Officer, it would                  result in liability accounting treatment for the award rather than                  equity                  accounting treatment or cause any other unintended negative tax                  or                  accounting consequences for the                  Company. |
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