<PAGE>


                                      EXHIBIT A

                                   REGENCY BANCORP
                                DEFERRED FEE AGREEMENT

    THIS AGREEMENT is made as of the ____________ day of ___________, 19__, by
and between Regency Bancorp (the "Company"), and ___________ (the "Director").

    To encourage the Director to remain a member of the Company's Board of
Directors, the Company is willing to provide to the Director a deferred fee
opportunity.  The Company will pay the benefits from its general assets.

                                      AGREEMENT

    The Director and the Company agree as follows:

                                      ARTICLE 1

                                     DEFINITIONS

    1.1  DEFINITIONS.  Whenever used in this Agreement, the following words and
phrases shall have the meanings specified:

         1.1.1       "CHANGE OF CONTROL" means (i) a change in control of a
nature that would be required to be reported in response to Item 6(e) of
Schedule 14A of Regulation 14A promulgated under the Securities Exchange Act of
1934, as amended (the "Exchange Act"), or in response to any other form or
report to the regulatory agencies or governmental authorities having
jurisdiction over the Employer or any stock exchange on which the Employer's
shares are listed which requires the reporting of a change in control; (ii) any
merger, consolidation or reorganization of the Employer in which the Employer
does not survive; (iii) any sale, lease, exchange, mortgage, pledge, transfer or
other disposition (in one transaction or a series of transactions) of any assets
of the Employer having an aggregate fair market value of fifty percent (50%) of
the total value of the assets of the Employer, reflected in the most recent
balance sheet of the Employer; (iv) a transaction whereby any "person" (as such
term is used in the Exchange Act or any individual, corporation, partnership,
trust or any other entity) becomes the beneficial owner, directly or indirectly,
of securities of the Employer representing twenty-five percent (25%) or more of
the combined voting power of the Employer's then outstanding securities; or
(v) a situation where, in any one-year period, individuals who at the beginning
of such period constitute the Board of Directors of the Employer cease for any
reason to constitute at least a majority thereof, unless the election, or the
nomination for election by the Employer's shareholders, of each new director is
approved by a vote of at least three-quarters (3/4) of the directors then still
in office who were directors at the beginning of the period.  Notwithstanding
the foregoing or anything else contained herein to the contrary, there shall not
be a "change of control" for purposes of this Agreement if the event which



                                     100
<PAGE>

would otherwise come within the meaning of the term "change of control" involves
the Employer's Employee Stock Ownership Plan (the "ESOP") and the ESOP is the
party which acquires "control" or is the principal participant in the
transaction constituting a "change in control," as described above.

         1.1.2       "CODE" means the Internal Revenue Code of 1986, as
amended.  References to a Code section shall be deemed to be to that section as
it now exists and to any successor provision.

         1.1.3       "DISABILITY" means, if the Director is covered by a
Company-sponsored disability insurance policy, total disability as defined in
such policy without regard to any waiting period.  If the Director is not
covered by such a policy, Disability means the Director suffering a sickness,
accident or injury which, in the judgment of a physician satisfactory to the
Company, prevents the Director from performing substantially all of the normal
duties of a director.  As a condition to any benefits, the Company may require
the Director to submit to such physical or mental evaluations and tests as the
Company's Board of Directors deems appropriate.

         1.1.4       "DISTRIBUTION DATE" means the earlier of five (5) years
after the date of this Agreement or the Normal Termination Date as defined
below.

         1.1.5       "DEFERRAL PERIOD" means the period of time beginning with
the date of this Agreement and ending with the earlier of the Distribution Date
or the Director's Termination of Service.

         1.1.6       "BENEFIT PERIOD" means the period of time beginning with
the earlier of the Distribution Date or the Director's Termination of Service
and ending with payment in full of the Director's Deferral Account balance.

         1.1.7       "ELECTION FORM" means the Form attached as Exhibit A.

         1.1.8       "FEES" means the total directors fees payable to the
Director.

         1.1.9       "NORMAL TERMINATION DATE" means the Director attaining age
seventy (70) years.

         1.1.10      "TERMINATION OF SERVICE" means the Director's ceasing to
be a member of the Company's Board of Directors for any reason whatsoever.


                                          2

                                         101
<PAGE>

                                      ARTICLE 2

                                  DEFERRAL ELECTION

    2.1  INITIAL ELECTION.  The Director has made an initial deferral election
under this Agreement, as set forth in the Election Form attached hereto as
Exhibit A.  The Election Form shall set forth the amount of Fees to be deferred
and the form of benefit payment.  The Election Form shall be effective to defer
only Fees earned after the date as of which the Election Form is received by the
Company.

    2.2  ELECTION CHANGES.

         2.2.1     GENERALLY.  The Director may modify the amount of Fees to be
deferred by filing a subsequent signed Election Form with the Company and
obtaining written approval of the Board of Directors of the Company.  The
modified deferral shall not be effective until the calendar year following the
year in which the subsequent Election Form is received by the Company.  The
Director may not change the form of benefit payment initially elected under
Section 2.1 without the written approval of the Board of Directors of the
Company.

         2.2.2     HARDSHIP.  If an unforeseeable financial emergency arising
from the death of a family member, divorce, sickness, injury, catastrophe or
similar event outside the control of the Director occurs, the Director, by
written instructions to the Company may reduce and/or cease future deferrals
under this Agreement.


                                      ARTICLE 3

                                   DEFERRAL ACCOUNT

    3.1  ESTABLISHING AND CREDITING.  The Company shall establish a Deferral
Account on its books for the Director, and shall credit to the Deferral Account
the following amounts:

         3.1.1     DEFERRALS.  The Fees deferred by the Director on the first
day of the month following the month in which the Fees were earned.

         3.1.2     INTEREST.  On the last day of each calendar month during the
Deferral Period only, and immediately prior to the payment of any benefits, the
Deferral Account will be credited with interest earned during that month.  The
applicable interest rate shall be eight percent (8%) per annum through
December 31, 1994, and, thereafter, at the rate determined by the Company's
Board of Directors, in its sole discretion.  Interest earned will be calculated
by taking the applicable rate of interest multiplied by the principal balance on
the last day of each month, divided by 365 days, multiplied by the number of
days in the month.  At the end of each calendar year, the interest earned during
the year will be posted to the account and only then become principal and
entitled to future interest.


                                          3

                                         102
<PAGE>

    3.2  STATEMENT OF ACCOUNTS.  The Company shall provide to the Director at
each regularly scheduled Board of Directors meeting, a monthly statement setting
forth the Deferral Account balance.

    3.3  ACCOUNTING DEVICE ONLY.  The Deferral Account is solely a device for
measuring amounts to be paid under this Agreement.  The Deferral Account is not
a trust fund of any kind.  The Director is a general unsecured creditor of the
Company for the payment of benefits.  The benefits represent the mere Company
promise to pay such benefits.  The Director's rights are not subject in any
manner to the anticipation, alienation, sale, transfer, assignment, pledge,
encumbrance, attachment, or garnishment by the Director or Director's creditors.



                                      ARTICLE 4

                                  LIFETIME BENEFITS

    4.1  NORMAL TERMINATION BENEFIT.  Upon the earlier of the Director's
Termination of Service at the Normal Termination Date or the Distribution Date,
the Company shall pay to the Director the benefit described in this Section 4.1.

         4.1.1     AMOUNT OF BENEFIT.  The benefit under this Section 4.1 is
the Deferral Account balance at the earlier of the Director's Termination of
Service on the Normal Termination Date or the Distribution Date.

         4.1.2     PAYMENT OF BENEFIT.  The Company shall pay the benefit to
the Director in the form elected by the Director on the Election Form.

    4.2  EARLY TERMINATION BENEFIT.  If the Director terminates service as a
director before the earlier of the Normal Termination Date or the Distribution
Date and for reasons other than death or Disability, the Company shall pay to
the Director the benefit described in this Section 4.2.

         4.2.1     AMOUNT OF BENEFIT.  The benefit under this Section 4.2.1 is
the Deferral Account balance.

         4.2.2     PAYMENT OF BENEFIT.  The Company shall pay the benefit to
the Director in the form elected by the Director on the Election Form.

    4.3  DISABILITY BENEFIT.  If the Director terminates service as a director
for Disability prior to the earlier of the Distribution Date or the Normal
Retirement Date, the Company shall pay to the Director the benefit described in
this Section 4.3.


                                          4

                                         103
<PAGE>

         4.3.1     AMOUNT OF BENEFIT.  The benefit under this Section 4.3 is
the Deferral Account balance at the Director's Termination of Service.

         4.3.2     PAYMENT OF BENEFIT.  The Company shall pay the benefit to
the Director in the form elected by the Director on the Election Form.

    4.4  CHANGE OF CONTROL BENEFIT.  Upon a Change of Control while the
Director is in the active service of the Company, the Company shall pay to the
Director the benefit described in this Section 4.4 in lieu of any other benefit
under this Agreement.

         4.4.1     AMOUNT OF BENEFIT.  The benefit under this Section 4.4 is
the Deferral Account balance at the date of the Director's Termination of
Service.

         4.4.2     PAYMENT OF BENEFIT.  The Company shall pay the benefit to
the Director in a single lump sum within thirty (30) days' of the date a change
of control, as defined in Section 1.1.1, occurs.

    4.5  HARDSHIP DISTRIBUTION.  Upon the Company's determination (following
petition by the Director) that the Director has suffered an unforeseeable
financial emergency as described in Section 2.2.2, the Company shall distribute
to the Director all or a portion of the Deferral Account balance as determined
by the Company, but in no event shall the distribution be greater than is
necessary to relieve the financial hardship.


                                      ARTICLE 5

                                    DEATH BENEFITS

    5.1  DEATH DURING DEFERRAL PERIOD.  If the Director dies during the
Deferral Period, the Company shall pay to the Director's beneficiary the benefit
described in this Section 5.1.

         5.1.1     AMOUNT OF BENEFIT.  The benefit under Section 5.1 shall be
equal to the amount which has been deferred by the Director as of the date of
the Director's death, reduced by any distributions previously made to said
Director prior to his death.

         5.1.2     PAYMENT OF BENEFIT.  The Company shall pay the benefit to
the beneficiary in one hundred twenty (120) equal monthly installments
commencing on the first day of the month following the Director's Death.

    5.2  DEATH DURING BENEFIT PERIOD.  If the Director dies after benefit
payments have commenced under this Agreement but before receiving all such
payments, the Company shall pay the remaining benefits to the Director's
beneficiary at the same time and in the same amounts they would have been paid
to the Director had the Director survived.


                                          5

                                         104
<PAGE>

                                      ARTICLE 6

                                    BENEFICIARIES

    6.1  BENEFICIARY DESIGNATIONS.  The Director shall designate a beneficiary
by filing a written designation with the Company.  The Director may revoke or
modify the designation at any time by filing a new designation.  However,
designations will only be effective if signed by the Director and accepted by
the Company during the Director's lifetime.  The Director's beneficiary
designation shall be deemed automatically revoked if the beneficiary predeceases
the Director, or if the Director names a spouse as beneficiary and the marriage
is subsequently dissolved.  If the Director dies without a valid beneficiary
designation, all payments shall be made to the Director's surviving spouse, if
any, and if none, to the Director's surviving children and the descendants of
any deceased child by right of representation, and if no children or descendants
survive, to the Director's estate.

    6.2  FACILITY OF PAYMENT.  If a benefit is payable to a minor, to a person
declared incompetent, or to a person incapable of handling the disposition of
his or her property, the Company may pay such benefit to the guardian, legal
representative or person having the care or custody of such minor, incompetent
person or incapable person.  The Company may require proof of incompetence,
minority or guardianship as it may deem appropriate prior to distribution of the
benefit.  Such distribution shall completely discharge the Company from all
liability with respect to such benefit.


                                      ARTICLE 7

                             CLAIMS AND REVIEW PROCEDURES

    7.1  CLAIMS PROCEDURE.  The Company shall notify the Director's beneficiary
in writing, within ninety (90) days of his or her written application for
benefits, of his or her eligibility or non-eligibility for benefits under the
Agreement.  If the Company determines that the beneficiary is not eligible for
benefits or full benefits, the notice shall set forth (1) the specific reasons
for such denial, (2) a specific reference to the provisions of the Agreement on
which the denial is based, (3) a description of any additional information or
material necessary for the claimant to perfect his or her claim, and a
description of why it is needed, and (4) an explanation of the Agreement's
claims review procedure and other appropriate information as to the steps to be
taken if the beneficiary wishes to have the claim reviewed.  If the Company
determines that there are special circumstances requiring additional time to
make a decision, the Company shall notify the beneficiary of the special
circumstances and the date by which a decision is expected to be made, and may
extend the time for up to an additional ninety-day period.


                                          6

                                         105
<PAGE>

    7.2  REVIEW PROCEDURE.  If the beneficiary is determined by the Company not
to be eligible for benefits, or if the beneficiary believes that he or she is
entitled to greater or different benefits, the beneficiary shall have the
opportunity to have such claim reviewed by the Company by filing a petition for
review with the Company within sixty (60) days after receipt of the notice
issued by the Company.  Said petition shall state the specific reasons which the
beneficiary believes entitle him or her to benefits or to greater or different
benefits.  Within sixty (60) days after receipt by the Company of the petition,
the Company shall afford the beneficiary (and counsel, if any) an opportunity to
present his or her position to the Company orally or in writing, and the
beneficiary (or counsel) shall have the right to review the pertinent documents.
The Company shall notify the beneficiary of its decision in writing within the
sixty-day period, stating specifically the basis of its decision, written in a
manner calculated to be understood by the beneficiary and the specific
provisions of the Agreement on which the decision is based.  If, because of the
need for a hearing, the sixty-day period is not sufficient, the decision may be
deferred for up to another sixty-day period at the election of the Company, but
notice of this deferral shall be given to the beneficiary.


                                      ARTICLE 8

                              AMENDMENTS AND TERMINATION

    The Company may amend or terminate this Agreement at any time prior to the
Director's Termination of Service by written notice to the Director.  In no
event shall this Agreement be terminated without payment to the Director of the
Deferral Account balance attributable to the Director's deferrals and interest
credited on such amounts.


                                      ARTICLE 9

                                    MISCELLANEOUS

    9.1  BINDING EFFECT.  This Agreement shall bind the Director and the
Company, and their beneficiaries, survivors, executors, administrators and
transferees.

    9.2  NO GUARANTY OF EMPLOYMENT.  This Agreement is not a contract for
services.  It does not give the Director the right to remain a director of the
Company, nor does it interfere with the shareholders' rights to replace the
Director.  It also does not require the Director to remain a director nor
interfere with the Director's right to terminate services at any time.

    9.3  NON-TRANSFERABILITY.  Benefits under this Agreement cannot be sold,
transferred, assigned, pledged, attached or encumbered in any manner.


                                          7

                                         106
<PAGE>

    9.4  TAX WITHHOLDING.  The Company shall withhold any taxes that are
required to be withheld from the benefits provided under this Agreement.

    9.5  APPLICABLE LAW.  The Agreement and all rights hereunder shall be
governed by the laws of California, except to the extent preempted by the laws
of the United States of America.

    9.6  UNFUNDED ARRANGEMENT.  The Director and beneficiary are general
unsecured creditors of the Company for the payment of benefits under this
Agreement.  The benefits represent the mere promise by the Company to pay such
benefits.  The rights to benefits are not subject in any manner to anticipation,
alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or
garnishment by creditors.  Any insurance on the Director's life is a general
asset of the Company to which the Director and beneficiary have no preferred or
secured claim.

    IN WITNESS WHEREOF, the Director and a duly authorized Company officer have
signed this Agreement.

DIRECTOR:                              COMPANY:

                                            REGENCY BANCORP


----------------------------                By
                                              ----------------------------
                                            Title
                                                 -------------------------

                                            and

                                            By
                                              ----------------------------
                                            Title
                                                 -------------------------


                                          8

                                         107
<PAGE>

                                  EXHIBIT A - PAGE 1

                                          TO

                                DEFERRED FEE AGREEMENT

                                  DEFERRAL ELECTION


I elect to defer fees under my Deferred Fee Agreement with the Company, as
follows:

--------------------------------------------------------------------------------
 Amount of Deferral              Frequency of Deferral  Duration
--------------------------------------------------------------------------------
 [Initial and Complete one]      [Initial One]          [Initial One]

 ___ I elect to defer ___%       ___ Beginning of Year  ___ This Year Only
 of Fees                         ___ Each fee period    ___   For five (5)
                                 ___ End of Year              years from the
 ___ I elect to defer ____                                    date of the
 of Fees                                                      Agreement

 ___ I elect not to defer Fees
--------------------------------------------------------------------------------


I understand that I may change the amount, frequency and duration of my
deferrals by filing a new election form with the Company and obtaining written
approval of the Board of Directors of the Company; provided, however, that any
subsequent election will not be effective until the calendar year following the
year in which the new election is received by the Company.


                                          9

                                         108
<PAGE>

                                  EXHIBIT A - PAGE 2

                                   FORM OF BENEFIT

I elect to receive benefits under the Agreement in the following form:

[Initial One]

____  Lump sum
____  Equal monthly installments for One Hundred Twenty (120) months

I understand that I may not change the form of benefit elected, even if I later
change the amount of my deferrals under the Agreement without written approval
of the Board of Directors of the Company.

                               BENEFICIARY DESIGNATION

I designate the following as beneficiary of benefits under the Deferred Fee
Agreement payable following my death:

    Primary:
              ---------------------------------------------------
    Contingent:
                 ------------------------------------------------

    NOTE:  TO NAME A TRUST AS BENEFICIARY, PLEASE PROVIDE THE NAME OF THE
    TRUSTEE AND THE EXACT DATE OF THE TRUST AGREEMENT.

I understand that I may change these beneficiary designations by filing a new
written designation with the Company.  I further understand that the
designations will be automatically revoked if the beneficiary predeceases me,
or, if I have named my spouse as beneficiary, in the event of the dissolution of
our marriage.


Signature:
           -------------------

As of                   , 19
     ------------------    --

Accepted by the Company as of                , 19.
                             ---------------    --

By:
    ------------------------
Title:
       ---------------------


                                          10

                                          109