Document:

EXHIBIT 10.1

                         UNION BANK OF CALIFORNIA, N.A.

                               SEPARATION PAY PLAN

                            (EFFECTIVE APRIL 1, 2005)

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ARTICLE I. DEFINITIONS.........................................................1

      1.1  "Administrative Committee"..........................................1

      1.2  "Affiliated Group"..................................................1

      1.3  "Base Pay"..........................................................1

      1.4  "Code"..............................................................2

      1.5  "Comparable Position"...............................................2

      1.6  "Eligible Employee".................................................2

      1.7  "Employer"..........................................................4

      1.8  "Employment"........................................................4

      1.9  "ERISA".............................................................4

      1.10 "Guaranteed Reinstatement Period"...................................4

      1.11 "Job Elimination"...................................................4

      1.12 "Non-Benefits Eligible Employee"....................................5

      1.13 "Participant".......................................................5

      1.14 "Participating Employer"............................................5

      1.15 "Plan"..............................................................6

      1.16 "Plan Year".........................................................6

      1.17 "Separation Pay"....................................................6

      1.18 "Separation Pay Allowance"..........................................6

      1.19 "Termination Date"..................................................6

      1.20 "Year of Service"...................................................6

ARTICLE II. PARTICIPATION......................................................7

      2.1  Participation.......................................................7

      2.2  Persons Who Shall Not Participate...................................7

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      2.3  Settlement and Release Agreement....................................8

ARTICLE III. SEPARATION BENEFITS...............................................9

      3.1  Separation Pay Allowance............................................9

      3.2  Payment of Separation Pay Allowance.................................9

      3.3  Special Lump Sum Election..........................................10

      3.4  Interest...........................................................10

      3.5  Deductions.........................................................10

      3.6  Repayment or Forfeiture of Separation Pay Allowance................10

      3.7  Effect of the Participant's Leave of Absence.......................10

      3.8  Effect of the Participant's Death..................................12

      3.9  Limitation on Separation Pay.......................................12

ARTICLE IV. WELFARE BENEFITS..................................................12

      4.1  Continuation of Coverage...........................................12

ARTICLE V. SOURCE OF PAYMENTS AND EXPENSES....................................13

      5.1  Source of Payments.................................................13

      5.2  Expenses...........................................................13

ARTICLE VI. ADMINISTRATION AND PLAN FIDUCIARIES...............................13

      6.1  Plan Sponsor.......................................................13

      6.2  Plan Administrator.................................................13

      6.3  Administrative Responsibility......................................13

      6.4  Review of Denied Claims............................................14

      6.5  Named Fiduciaries..................................................14

      6.6  Allocation and Delegation of Responsibilities......................14

      6.7  Indemnification....................................................14

ARTICLE VII. CLAIMS AND APPEALS...............................................15

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      7.1  Claims for Benefits................................................15

      7.2  Review of Denied Claims............................................16

      7.3  Exhaustion of Remedies.............................................18

ARTICLE VIII. GENERAL PROVISIONS..............................................18

      8.1  Legal Construction of the Plan.....................................18

      8.2  No Rights Created or Accrued.......................................18

      8.3  Benefits Not Contingent Upon Retirement............................19

      8.4  Relation of the Plan to Descriptive Matter.........................19

      8.5  Nonalienation of Benefits..........................................19

ARTICLE IX. AMENDMENT, SUSPENSION AND TERMINATION.............................19

      9.1  Amendment, Suspension and Termination..............................19

      9.2  Participating Employer Withdrawal..................................19

      9.3  Effect of Amendment, Suspension, Termination or Withdrawal.........20

ARTICLE X. EXECUTION..........................................................20

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                         UNION BANK OF CALIFORNIA, N.A.

                               SEPARATION PAY PLAN

                                  INTRODUCTION

         The Union Bank of California, N.A. Separation Pay Plan (the "Plan") was
established to provide severance benefits to Eligible Employees who become
Participants in the Plan. The Plan is intended to be, and shall be maintained
and operated as, an employee welfare benefit plan under ERISA.

         The Plan is effective as of April 1, 2005. The Plan supersedes any
plan, program or practice previously in effect, with respect to a Participating
Employer other than any written employment contract or separate severance
agreement that expressly provides such benefits and the Union Bank of
California, N.A. Termination Pay Plan (the "Basic Plan").

                                   ARTICLE I.

                                   DEFINITIONS

         When used in this Plan, the following capitalized words and phrases
shall have the following meanings, unless the context clearly indicates
otherwise.

         1.1 "ADMINISTRATIVE COMMITTEE" means the Employee Deferred Compensation
and Benefit Plans Administrative Committee appointed by the Employer to exercise
the duties and responsibilities of plan administrator in accordance with Article
VI.

         1.2 "AFFILIATED GROUP" means the Employer, each Participating Employer
and any other direct or indirect subsidiary or affiliate of the Employer or a
Participating Employer.

         1.3 "BASE PAY" means an Eligible Employee's base rate of pay with the
Participating Employer and includes shift differentials. Base Pay does not
include any other special payment,

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such as overtime, bonuses or expense reimbursements. With respect to an Eligible
Employee the primary component of whose Base Pay is commission-based under a
variable pay plan, Base Pay shall be the Eligible Employee's adjusted Base Pay,
determined in accordance with the written procedures of the Employer.

         1.4 "CODE" means the Internal Revenue Code of 1986, as amended, and
includes regulations promulgated thereunder by the Secretary of Treasury.

         1.5 "COMPARABLE POSITION" means a job involving the use of generally
similar skills in the performance of the functions of the position and having
generally similar responsibilities with any member of the Affiliated Group or an
employer described in Section 2.2(g), provided that the salary of full-time
employees in such job would be at least 90% of his or her Base Pay immediately
prior to the Termination Date, and the scheduled hours of part-time employees
would be at least 80% of his or her scheduled hours immediately prior to the
Termination Date and that the location of the job is within a 35-mile radius of
the person's residence or results in a greater commuting distance if the
person's commute from his or her residence immediately prior to the Termination
Date exceeds 35 miles. Notwithstanding any other provision of this Plan to the
contrary, the determination as to whether a position is a Comparable Position
under this Section 1.5 shall be made by the Employer in its sole discretion.

         1.6 "ELIGIBLE EMPLOYEE" means a regular employee of a Participating
Employer scheduled to work at least 17 1/2 hours each week in a position
designated by the Employer as benefits-eligible, and whose job performance meets
the minimum job performance criteria established by the Participating Employer,
as determined by the Participating Employer in its sole discretion.
Notwithstanding the preceding sentence, the following employees shall not be
Eligible Employees under any circumstances:

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              (a) Any person who is classified by the Participating Employer as
         a Non-Benefits Eligible Employee;

              (b) Any person who performs services for the Participating
         Employer as an independent contractor or as a leased employee (within
         the meaning of section 414(n) of the Code);

              (c) Any person who has not completed three (3) months of service
         with the Participating Employer as of the date he or she is provided
         notice of termination under Section 2.1(a);

              (d) Any person who is a nonresident alien and provides temporary
         services to a Participating Employer on an intra-company transfer visa
         or a similar visa classification; and

              (e) Any person who is a party to a written employment contract
         with a Participating Employer expressly providing such person with
         severance benefits; and

              (f) Any person who is a participant in or who may be eligible to
         receive severance benefits under any other severance plan or
         arrangement established by a Participating Employer.

The term Eligible Employee includes an employee on an approved leave of absence
for which the Participating Employer's leave of absence policy provides for
guaranteed reinstatement of employment to such employee's prior position or an
equivalent position, and if such employee is not described in (a), (b), (c),(d),
(e) or (f). The term Eligible Employee shall not include any individual whose
compensation from a Participating Employer is reported on Form 1099 or who
performs services for a Participating Employer pursuant to an agreement between
the Participating Employer and a third party leasing or professional employment
organization,

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staffing firm or other similar third party organization. Individuals not
classified as employees on the payroll records of a Participating Employer for a
particular period shall not be considered Eligible Employees for the period even
if a court or administrative agency determines that such individuals are or were
employees of a Participating Employer during such period for purposes of payroll
taxes, labor or employment law or any other non-Plan purpose.

         1.7 "EMPLOYER" means Union Bank of California, N.A., a national banking
association, or any successor thereof.

         1.8 "EMPLOYMENT" means employment with any member of the Affiliated
Group.

         1.9 "ERISA" means the Employee Retirement Income Security Act of 1974,
as amended, and includes regulations promulgated thereunder by the Secretary of
Labor.

         1.10 "GUARANTEED REINSTATEMENT PERIOD" means the period of time during
which an Eligible Employee is guaranteed reinstatement to his or her prior
position or an equivalent position in accordance with the Participating
Employer's written leave of absence policies.

         1.11 "JOB ELIMINATION" means, with respect to an Eligible Employee a
termination of employment with the Participating Employer resulting from
restructure or elimination of the employee's group, division, department, branch
or position because of any one of the following events, as determined by the
Employer in its sole discretion:

              (a) the sale of stock or assets of the Participating Employer;

              (b) the internal reorganization of the operations of the
         Participating Employer;

              (c) a change in technology used by or in the business conducted by
         the Participating Employer; or

              (d) a reduced work volume.

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         1.12 "NON-BENEFITS ELIGIBLE EMPLOYEE" means an employee of a
Participating Employer scheduled to work less than 17 1/2 hours each week in a
position designated by the Employer in its sole discretion as non-benefits
eligible and who is not eligible under the Participating Employer's policies to
participate in the health and welfare and retirement benefit plans of the
Participating Employer. For purposes of this Plan, Non-Benefits Eligible
Employee shall also include an employee who is a temporary employee or who
performs services for a Participating Employer as a term employee without regard
to the number of hours he or she is scheduled to work each week or whether he or
she participates in the Participating Employer's health and welfare and
retirement benefit plans.

         1.13 "PARTICIPANT" means an Eligible Employee who participates in the
Plan pursuant to Article II.

         1.14 "PARTICIPATING EMPLOYER" means, with respect to an Eligible
Employee, the Participating Employer with which he or she is employed. The
Participating Employers include the Employer and any subsidiary or affiliate of
the Employer which has been designated by the Employer as a Participating
Employer and whose board or other governing body also has adopted the Plan. An
entity that becomes a Participating Employer after the Effective Date shall only
be treated as a Participating Employer as of that later date. As of the date on
which any subsidiary or affiliate of the Employer becomes a Participating
Employer after the Effective Date, this Plan shall supersede any plan, program
or practice under which such Participating Employer may have provided severance
benefits prior to the effective date of its adoption of this Plan, other than
any written employment contract or separate severance agreement that expressly
provides for such benefits and other than the Basic Plan.

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         1.15 "PLAN" means the Union Bank of California, N.A. Separation Pay
Plan, as set forth herein and as amended from time to time hereafter.

         1.16 "PLAN YEAR" means the calendar year, except that the first Plan
Year shall be the short Plan Year commencing on the Effective Date and ending
December 31, 2005.

         1.17 "SEPARATION PAY" means amounts payable under the Plan to a
Participant on account of termination of his or her Employment under the
conditions described in Article II.

         1.18 "SEPARATION PAY ALLOWANCE" means the total amount of Separation
Pay that a Participant may receive under the Plan.

         1.19 "TERMINATION DATE" means, with respect to an Eligible Employee,
the date selected by the Participating Employer on which the Eligible Employee's
employment with the Participating Employer is to cease. An Eligible Employee's
Termination Date shall be at least 60 days from the date on which notice is
given under Section 2.1(a).

         1.20 "YEAR OF SERVICE" means each complete 12-consecutive months of
service with the Participating Employer in the period elapsed from the
Participant's first day of employment to his or her Termination Date, including
any period of approved leave of absence, as determined by the Employer in its
sole discretion. Service prior to a break in service shall not be added to
service after the break in service in determining a Participant's Years of
Service. For this purpose, a Participant experienced a break in service if he or
she previously resigned or otherwise terminated employment with a Participating
Employer or was terminated by a Participating Employer for any reason, and later
was re-employed by a Participating Employer. A break in service is measured from
the date of termination to the day the Participant is re-employed.

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                                  ARTICLE II.

                                  PARTICIPATION

         2.1 PARTICIPATION. An Eligible Employee shall become a Participant in
the Plan if:

              (a) The Participating Employer provides a written notice to the
         Eligible Employee notifying him or her that his or her Employment is to
         be terminated on account of Job Elimination and setting the Eligible
         Employee's Termination Date for purposes of this Plan;

              (b) The Eligible Employee voluntarily elects in writing to
         participate in this Plan (thereby waiving participation in the Basic
         Plan) by executing the "Settlement and Release Agreement" required
         under Section 2.3 prior to his or her Termination Date;

              (c) The Eligible Employee's job performance continues to meet the
         minimum job performance criteria established by the Participating
         Employer in its sole discretion until his or her Termination Date; and

              (d) The Eligible Employee actually terminates his or her
         Employment as of the Termination Date, or becomes a Participant in
         accordance with Section 3.7.

         2.2 PERSONS WHO SHALL NOT PARTICIPATE. Notwithstanding any contrary
provision of this Plan, an Eligible Employee shall not become a Participant and
shall not be eligible for Separation Pay if he or she:

              (a) Is terminated due to poor performance, dishonesty or other
         misconduct, or failure to comply with the law or with the policies of
         the Participating Employer;

              (b) Is terminated for any reason other than Job Elimination;

              (c) Is on a leave of absence without a Guaranteed Reinstatement
         Period or has exceeded the Guaranteed Reinstatement Period;

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              (d) Is a participant in the Basic Plan or has an employment or
         separate severance agreement with the Participating Employer providing
         for termination pay benefits;

              (e) Is a participant in any other severance plan or arrangement
         established by a Participating Employer;

              (f) Is offered continued employment with the Affiliated Group in a
         Comparable Position to the one held by the Eligible Employee
         immediately prior to his or her Termination Date or declines an
         interview for such a Comparable Position; or

              (g) Is terminated as a result of the acquisition, sale or spin-off
         of the Participating Employer or any facility or branch of the
         Participating Employer and is offered employment in a Comparable
         Position with the purchaser or other surviving entity within 90 days of
         the sale or spin-off. If an Eligible Employee initially became a
         Participant and received Separation Pay during such 90 day period
         (because the purchaser or the surviving entity did not offer employment
         in a Comparable Position) and later the Eligible Employee is offered
         employment in a Comparable Position or becomes employed in a Comparable
         Position within such 90 day period, the forfeiture and repayment
         provisions of Section 3.6 shall apply.

         2.3 SETTLEMENT AND RELEASE AGREEMENT. Each Eligible Employee shall
execute a "Settlement and Release Agreement" as a condition of participation in
the Plan. An Eligible Employee shall not become a Participant and shall not be
eligible for Separation Pay under this Plan unless he or she properly completes
and executes the Settlement and Release Agreement in exactly the form provided
to the Eligible Employee by the Employer, without altering or adding to the
Settlement and Release Agreement in any way, and he or she does not revoke or
rescind

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the Settlement and Release Agreement. The Settlement and Release Agreement shall
provide that execution of such Settlement and Release Agreement by the Eligible
Employee will constitute a waiver and release of every claim the Eligible
Employee might otherwise have arising out of his or her employment or the
termination of his or her employment. If an Eligible Employee fails to execute
the Settlement and Release Agreement by his or her Termination Date, or executes
but later revokes or rescinds the Settlement and Release Agreement, such
Eligible Employee shall fail to qualify as a Participant under the Plan.

                                  ARTICLE III.

                               SEPARATION BENEFITS

         3.1 SEPARATION PAY ALLOWANCE. Upon termination of Employment, a
Participant shall be eligible to receive a Separation Pay Allowance equal to the
amount designated for his or her job classification on the Benefits Exhibit, for
his or her status as an exempt or nonexempt employee; and for exempt employees
further based on salary and corporate title. The Participant's job
classification is the classification he or she held immediately prior to the
notice of the Termination Date. The Employer reserves the right to alter, reduce
or eliminate this formula, in whole or in part, pursuant to Section 9.1.

         3.2 PAYMENT OF SEPARATION PAY ALLOWANCE. The normal form of payment of
a Participant's Separation Pay Allowance shall be as salary continuation on the
same bi-weekly basis as the Participant's salary was paid immediately prior to
the Termination Date or such other pay period basis as the Participating
Employer implements with respect to active employees. Notwithstanding the
preceding sentence, an Eligible Employee who becomes a Participant as described
in Section 3.7 may receive payment of some or all of his or her Separation Pay
Allowance as a lump sum in accordance with Section 3.7.

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         3.3 `SPECIAL LUMP SUM ELECTION. In accordance with this Section 3.3,
the Employer reserves the right to allow certain Participants to elect a single
sum payment of the Separation Pay Allowance then remaining unpaid (a "Lump Sum")
during the salary continuation period. A Participant's election of a Lump Sum
must be made on the prescribed form, must explain the reason for the
Participant's request and must be filed with the Director of Human Resources of
the Employer. The Participant's election shall be effective only with the
Employer's consent. Except as provided under Section 4.1, or with respect to any
outplacement services provided to the Participant, any employee or other fringe
benefit that is continued during the salary continuation period shall terminate
as of the date the Lump Sum is paid.

         3.4 INTEREST. No interest shall accrue or be paid with respect to any
portion of the Participant's Separation Pay Allowance.

         3.5 DEDUCTIONS. The Participating Employer will make such deductions
from the Participant's Separation Pay Allowance as required to cover withholding
taxes and the voluntary deductions covering any employee benefits that are
continued, in the sole discretion of the Participating Employer, during the
salary continuation period.

         3.6 REPAYMENT OR FORFEITURE OF SEPARATION PAY ALLOWANCE. If a
Participant is reemployed with a member of the Affiliated Group as described in
Section 2.2(f), or if, as described in Section 2.2(g), a Participant is offered
employment or becomes employed with the purchaser prior to the end of the salary
continuation period, such Participant shall be required to repay or forfeit (as
applicable) to the Participating Employer a pro-rata amount of such Separation
Pay Allowance, as established by the Employer in its sole discretion.

         3.7 EFFECT OF THE PARTICIPANT'S LEAVE OF ABSENCE. The Termination Date
of an Eligible Employee who commences a leave of absence approved by the
Participating Employer and in

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accordance with the Participating Employer's written leave of absence policies
after being given notice under Section 2.1(a) will be the later of 60 days from
the date specified in such notice, the date he or she returns from leave, or
such other date as determined in accordance with the Participating Employer's
written leave of absence policies. In the case of an Eligible Employee on a
leave of absence described in the foregoing sentence, he or she shall become a
Participant as of the first day following the Termination Date, and he or she
shall receive Separation Pay equal to the amount designated for his or her job
classification on the Benefits Exhibit reduced by any pay received by the
Participant after the date he or she becomes a Participant and determined in
accordance with the Participating Employer's written leave of absence policies,
so that the aggregate pay received by such Participant does not exceed the
Separation Pay amount. Separation Pay provided under this Section 3.7 shall be
paid in the form of a lump sum payment, Separation Pay Allowance, or a
combination of both, as determined in accordance with procedures established by
the Employer.

         An Eligible Employee who commences a leave of absence approved by the
Participating Employer and in accordance with the Participating Employer's
written leave of absence policies prior to receiving notice under Section 2.1(a)
but who returns within his or her Guaranteed Reinstatement Period shall be
provided notice under Section 2.1(a) as soon as administratively practicable
following the date he or she return to employment with the Participating
Employer. If such Eligible Employee becomes a Participant as provided in Section
2.1, he or she shall receive Separation Pay equal to the amount designated for
his or her job classification on the Benefits Exhibit.

         An Eligible Employee who commences a leave of absence approved by the
Participating Employer and in accordance with the Participating Employer's
written leave of absence policies

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prior to receiving notice under Section 2.1(a), but who is not eligible for a
Guaranteed Reinstatement Period or who returns after his or her Guaranteed
Reinstatement Period, shall no longer be an Eligible Employee and shall not
become a Participant as provided in Section 2.2(c).

         3.8 EFFECT OF THE PARTICIPANT'S DEATH. If a Participant dies before he
or she receives the entire balance of his or her Separation Pay Allowance, any
unpaid balance of such Separation Pay Allowance shall be paid to the
Participant's spouse or domestic partner if then living or, if not (or none), to
the Participant's then living children in equal shares or, if none, to the
Participant's estate.[

         3.9 LIMITATION ON SEPARATION PAY. Nothing in this Article III shall
require a Participating Employer to make a payment under this Plan, if such
payment either alone or in the aggregate with other payments to the Participant
from the Participating Employer (or any other Affiliated Group member) would be
nondeductible to the Participating Employer for purposes of federal income taxes
under section 280G of the Code or otherwise. Any such payment or portion of a
payment that the Employer in its sole discretion determines is nondeductible
shall be forfeited by the Participant, and, if already paid, it shall be
returned to Participating Employer by the Participant.

                                  ARTICLE IV.

                                WELFARE BENEFITS

         4.1 CONTINUATION OF COVERAGE. If a Participant is covered by medical,
dental or vision insurance on his or her Termination Date, the Participating
Employer, in its sole discretion, may elect to continue employer contributions
toward such coverage for a period to be determined by the Participating
Employer. Any such coverage shall not be counted as part of the period of the
continuation coverage required by section 4980B(f) of the Code and section 602
of ERISA. If

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the Participating Employer does not elect to continue employer contributions, or
discontinues employer contributions, the Participant may purchase such coverage,
at his or her own expense, during the period for which continuation coverage is
required to be offered under section 4980B(f) of the Code or section 602 of
ERISA.

                                   ARTICLE V.

                         SOURCE OF PAYMENTS AND EXPENSES

         5.1 SOURCE OF PAYMENTS. Any benefits payable under the Plan shall be
unfunded and shall be payable only from the general assets of the Participating
Employers.

         5.2 EXPENSES. The expenses of operating and administering the Plan
shall be borne entirely by the Participating Employers.

                                  ARTICLE VI.

                       ADMINISTRATION AND PLAN FIDUCIARIES

         6.1 PLAN SPONSOR. The Employer is the "plan sponsor" within the meaning
of ERISA.

         6.2 PLAN ADMINISTRATOR. The Administrative Committee is the
"administrator" of the Plan (the "Plan Administrator") within the meaning of
ERISA.

         6.3 ADMINISTRATIVE RESPONSIBILITY. The Plan Administrator shall be the
named fiduciary with the power and sole discretion to determine who is eligible
for benefits under the Plan, to interpret the Plan and to prescribe such forms,
make such rules, regulations, interpretations and computations and prescribe
such guidelines as it may determine are necessary or appropriate for the
operation and administration of the Plan, to change the terms of such rules,
regulations or guidelines, and to rescind such rules, regulations or guidelines.
Such determinations of eligibility, rules, regulations, interpretations,
computations and guidelines shall be conclusive and binding upon all persons.

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         6.4 REVIEW OF DENIED CLAIMS. The Plan Administrator shall have the
discretionary authority to review an appeal from a denial of benefits under the
Plan in accordance with Section 7.2. The Plan Administrator shall determine
conclusively for all parties all questions arising with respect to an appeal
from a denial of benefits under the Plan, and any decision of the Plan
Administrator shall not be subject to further review.

         6.5 NAMED FIDUCIARIES. The Plan Administrator is the "named fiduciary"
of the Plan within the meaning of ERISA.

         6.6 ALLOCATION AND DELEGATION OF RESPONSIBILITIES. The Plan
Administrator may allocate any of its responsibilities for the operation and
administration of the Plan among the officers, employees and agents of the
Participating Employers. It may also delegate any of its responsibilities under
the Plan by designating, in writing, another person to carry out such
responsibilities. Any such written delegation shall become effective when
executed by the Plan Administrator, and the designated person shall then be
responsible for carrying out the responsibilities described in such writing.

         6.7 INDEMNIFICATION. To the extent permitted by law, the applicable
Participating Employer shall, and hereby does, indemnify and hold harmless the
members of the Board of Directors of the Participating Employer, the officers of
the Participating Employer, the members of the Administrative Committee as Plan
Administrator, and any other employees or representative of the Participating
Employer who may be deemed to be fiduciaries of the Plan, from and against any
and all losses, claims, damages or liabilities (including attorney's fees and
amounts paid, with the approval of the Board of Directors of the Employer, in
settlement of any claim) arising out of or resulting from the implementation of
a duty, act or decision with respect to the Plan, so long as such duty, act or
decision does not involve gross negligence or willful

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misconduct on the part of any such individual. Any individual person so
indemnified shall, within 60 days after receipt of notice of any action, suit or
proceeding, notify the Employer and offer in writing to the Employer the
opportunity at its own expense, to handle and defend such action, suit or
proceeding, and the Employer shall have the right, but not the obligation, to
conduct the defense in any such action, suit or proceeding. Failure to give the
Employer such notice shall relieve the Employer of any liability under this
Section 6.7. The Participating Employers may satisfy their obligations under
this provision (in whole or in part) by the purchase of a policy or policies of
insurance.

                                  ARTICLE VII.

                               CLAIMS AND APPEALS

         7.1 CLAIMS FOR BENEFITS. Any claimant (or his or her authorized
representative) who believes himself or herself to be entitled to receive
benefits under the Plan, or benefits that are different from the benefits that
he or she has received, may submit a claim for such benefits by writing to the
Director of Human Resources of the Employer (the "Claims Reviewer").

              (a) TIME LIMITS FOR SUBMISSION OF INITIAL CLAIM. No claim shall be
         valid unless it is submitted within 90 days following the receipt of
         any disputed benefit.

              (b) TIME LIMITS FOR DECISION ON INITIAL CLAIM. If any claim is
         denied, in whole or in part, written notice of such denial shall be
         given to the claimant within 90 days, except that, if special
         circumstances require that the time for consideration of the claim be
         extended, notice of the extension shall be given in writing within 90
         days, and notice of such denial shall thereafter be given within 180
         days. Each period of 90 or 180 days referred to in the preceding
         sentence shall begin to run on the day the claim is received by the
         Claims Reviewer. A written notice of denial shall set forth, in a
         manner calculated to be understood by the

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         claimant, specific reasons for the denial, specific references to the
         Plan provisions on which it is based, a description of any information
         or material necessary to perfect the claim and an explanation of why
         such material is necessary, an explanation of the Plan's review
         procedure and a statement regarding the claimant's right to bring a
         civil action under section 502(a) of ERISA following the denial of an
         appeal under Section 7.2. A notice that additional time is necessary
         for consideration of a claim shall indicate the special circumstances
         requiring the extension of time and the date by which the Claims
         Reviewer expects to render his or her decision on the claim.

         7.2 REVIEW OF DENIED CLAIMS. Whenever a claim for benefits has been
denied, in whole or in part, pursuant to Section 7.1, the claimant shall have
the right to request a full and fair review of the claim and denial by
submitting a written request for review to the Plan Administrator, at the
following address: "Plan Administrator, Union Bank of California, N.A.
Separation Pay Plan, c/o Director of Human Resources, Union Bank of California,
N.A., 400 California Street, San Francisco, California 94104." A request for
review shall set forth all of the grounds on which it is based, all facts in
support of the request and any other matters that the claimant deems pertinent.
The Plan Administrator may require the claimant to submit such additional facts,
documents or other material it may deem necessary or appropriate in making its
review. The claimant may submit written comments, documents, records and other
information related to the benefit claim on appeal. The claimant must be
provided, upon request and free of charge, reasonable access to and copies of
all documents, records and other information relevant to the benefit claim that
are not privileged. A document is considered relevant to the claim if it (i) was
relied upon in making the benefit determination; (ii) was submitted, considered
or generated in the course of making the benefit determination, without regard
as to whether it was

                                       16
<PAGE>

relied upon making the decision; or (iii) demonstrates compliance in making the
benefit decision with the requirement that the benefit determination must follow
the terms of the Plan and be consistent when applied to similarly situated
claimants.

              (a) TIME LIMITS FOR SUBMISSION OF REQUEST FOR REVIEW. The Plan
         Administrator shall have no obligation to provide a review of any claim
         that has been denied under Section 7.1, unless a written request for
         review is submitted within 90 days following the initial denial.

              (b) DECISION ON REVIEW. If the Plan Administrator affirms the
         denial of a claim, in whole or in part, it shall give written notice of
         its decision to the claimant within 60 days, except that, if special
         circumstances require that the time for consideration of the request
         for review be extended, notice of the extension shall be given in
         writing within 60 days, and notice of such decision shall be given
         within 120 days. This notice of extension shall indicate the special
         circumstances requiring the extension of time and the date by which the
         Plan Administrator expects to render its decision on the application
         for benefits. Each period of 60 or 120 days referred to in this
         paragraph shall begin to run on the day the claim is received by the
         Plan Administrator. A written notice affirming the denial of a claim
         shall set forth, in a manner calculated to be understood by the
         claimant, the specific reasons for the denial, specific references to
         the Plan provisions on which it is based, a statement that the claimant
         is entitled to receive, upon request and free of charge, reasonable
         access to and copies of all documents, records and other information
         relevant to the benefit claim and a statement regarding the claimant's
         right to bring a civil action under section 502(a) of ERISA following
         the denial of the appeal. A document is considered relevant to the
         claim if it (i) was relied upon in making the benefit determination;
         (ii) was submitted, considered or generated in the course of making the

                                       17
<PAGE>

         benefit determination, without regard as to whether it was relied upon
         making the decision; or (iii) demonstrates compliance in making the
         benefit decision with the requirement that the benefit determination
         must follow the terms of the Plan and be consistent when applied to
         similarly situated claimants. If no decision is reported within the
         period of time provided by this Section 7.2(b), the claim shall be
         deemed to be denied upon the expiration of such period.

         7.3 EXHAUSTION OF REMEDIES. No legal action for benefits under the Plan
shall be brought unless and until the claimant (i) has submitted a written claim
in accordance with this Section 7.1(a), (ii) has been notified that the claim is
denied, (iii) has filed a written request for review of the claim in accordance
with Section 7.2, and (iv) has been notified in writing that the Plan
Administrator has affirmed the denial of the claim.

                                 ARTICLE VIII.

                               GENERAL PROVISIONS

         8.1 LEGAL CONSTRUCTION OF THE PLAN. The Plan shall be governed and
construed in accordance with ERISA.

         8.2 NO RIGHTS CREATED OR ACCRUED. Nothing in the Plan shall be
construed as giving to an employee of any Participating Employer a right to
receive any benefit other than the benefits specifically provided under the
terms of the Plan. Nothing in the Plan shall be construed to limit in any manner
the right of any Participating Employer to discharge, demote, downgrade,
transfer, relocate, or in any other manner treat or deal with any person in its
employ, without regard to the effect such treatment or dealing may have upon
such person as someone who might otherwise have become (or remained) a
Participant in the Plan, which right is hereby reserved. No benefits shall be
deemed to accrue under the Plan at any time except the time at which they become
payable under the Plan, no right to a benefit under the Plan shall be deemed to
vest prior to the

                                       18
<PAGE>

Participant's Termination Date, and any vested benefit is subject to such
forfeiture conditions established by the Employer in its sole discretion under
this Plan or pursuant to written guidelines.

         8.3 BENEFITS NOT CONTINGENT UPON RETIREMENT. No right to a benefit
under the Plan shall depend (or shall be deemed to depend) upon whether a
Participant retires or elects to receive retirement benefits under the terms of
any employee pension benefit plan.

         8.4 RELATION OF THE PLAN TO DESCRIPTIVE MATTER. The Plan shall contain
no terms or provisions except those set forth herein, or as hereafter amended in
accordance with the provisions of Article IX. If any description made in any
other document is deemed to be in conflict with any provision of the Plan, the
provisions of the Plan shall control.

         8.5 NONALIENATION OF BENEFITS. No benefits payable under the Plan shall
be subject to anticipation, alienation, sale, transfer, assignment, pledge or
other encumbrance, and any attempt to do so shall be void and unenforceable.

                                  ARTICLE IX.

                      AMENDMENT, SUSPENSION AND TERMINATION

         9.1 AMENDMENT, SUSPENSION AND TERMINATION. The Employer reserves the
right to amend, suspend or terminate the Plan, in whole or in part, and for any
reason by action of its Board of Directors.

         9.2 PARTICIPATING EMPLOYER WITHDRAWAL. Each Participating Employer may
withdraw its participation in the Plan by action of its board of directors and,
as of withdrawal date set by the board of directors, the employees of the
Participating Employer shall not be Eligible Employees under the Plan.

                                       19
<PAGE>

         9.3 EFFECT OF AMENDMENT, SUSPENSION, TERMINATION OR WITHDRAWAL. If a
Participant's Termination Date has occurred and the Participant is entitled to
receive benefits under the Plan, no amendment to the Plan, no suspension of the
Plan, no termination of the Plan, and no withdrawal from the Plan shall
thereafter operate to diminish or eliminate such Participant's entitlement to
such benefits.

                                   ARTICLE X.

                                    EXECUTION

         To record the adoption of the Plan, the _______________ of the Employer
has executed this document on this ______ day of _____________, 2005.

                                      UNION BANK OF CALIFORNIA, N.A.

                                      By
                                        ________________________________________
                                        Paul E. Fearer, Executive Vice President
                                        Director of Human Resources

                                       20

<PAGE>

POLICY MAKING OFFICER LEVEL:

================================================================================
                           POLICY MAKING OFFICER LEVEL
================================================================================
   All Policy-Making Officers will be eligible to receive 104 weeks of Salary
             Continuation regardless of number of years of service
================================================================================

                 ADDITIONAL BENEFITS FOR POLICY MAKING OFFICERS

         Policy Making Officers may receive a pro rata share of incentive or
bonus pay for which they normally would have been eligible, but only for
services performed up to the Termination Date and for that calendar year. For
example, if a Policy Making Officer participates in a departmental incentive pay
plan and his/her Termination Date falls on October 31 of the applicable calendar
year, he/she shall be eligible for a prorated incentive payment of 10/12 of the
individual amount which could have been awarded under the incentive plan for
that calendar year, in the absence of a termination of employment.

         In addition, for Policy Making Officers who are participants in an
incentive pay plan, or the Senior Management Bonus Plan, an amount of 1/52 of
the average of the last 3 annual bonuses/payments the employee actually
received, will be added to the employee's weekly base pay for each week the
employee receives salary continuation. For those affected employees who have
actually received bonuses/payments for fewer than the three years, an average
will be calculated for the number of years they have actually received a
bonus/payment, and then 1/52 of this amount will be added to the base pay to
calculate the amount of weekly salary continuation. For example, if a Policy
Making Officer received bonuses over the last three years of $10,000, $5,000 and
$15,000, the average bonus for that period is $10,000. This number is then
divided by 52 (weeks) to arrive at the amount to be added to the weekly base pay
for the employee. However, in no instance will the bonus average used to
calculate the amount to be added to base pay on a pro-rated basis exceed 100% of
annual base pay.

                                      A-1Exhibit 10.2

                             UNIONBANCAL CORPORATION
                           PERFORMANCE SHARE AGREEMENT

This  Agreement  is made as of January  1, 2005,  (the  "Award  Date"),  between
UNIONBANCAL   CORPORATION  (the  "Company"  or  "UNBC")  and  <<Agreement_Name>>
("Participant").

                                   WITNESSETH:

WHEREAS,  the Company has adopted the 1997 UnionBanCal  Corporation  Performance
Share Plan,  as amended and  restated  effective  January 1, 2004,  (the "Plan")
authorizing  the  grant of  Target  Awards of  Performance  Shares  to  eligible
individuals in connection  with the  performance of services for the Company and
its Subsidiaries (as defined in the Plan). The Plan, including the definition of
terms,  is incorporated in this Agreement by reference and made a part of it. In
the event of any conflict  among the  provisions  of the Plan  document and this
Agreement, the Plan document shall prevail; and

WHEREAS,  the  Company  regards  Participant  as a valuable  contributor  to the
Company,  and has  determined  that it would be to the advantage and interest of
the Company and its  shareholders  to grant to  Participant  the Target Award of
Performance  Shares  provided  for in this  Agreement,  subject  to  performance
against  certain  criteria,  as an  inducement  to remain in the  service of the
company and as an incentive for increased efforts during such service;

NOW,  THEREFORE,  in  consideration  of the foregoing  premises,  and the mutual
covenants  herein  contained,  the  parties to this  Agreement  hereby  agree as
follows:

1.   TARGET  AWARD.  The Company  hereby grants to  Participant  <<LTIncentive>>
     Performance Shares for the Performance Cycle extending from JANUARY 1, 2005
     THROUGH  DECEMBER  31,  2007.  Performance  Shares are no actual  shares of
     Company stock and, therefore, do not convey any shareholder rights.

2.   EARNED AWARD.  The number of  Performance  Shares  actually  earned will be
     based on the Company's  percentile  ranking  relative to the Peer Banks for
     RETURN ON  EQUITY,  subject to any  adjustments  that may be made under the
     provisions  of this  Agreement  or of Section 8 of the Plan,  for the years
     2005, 2006, and 2007, according to the following table:

           UNBC %ile Ranking                    Multiple of Target
             VS. PEER BANKS                         AWARD EARNED    a
          ---------------------                 ------------------
              => 75th %ile                              2X           [UP TO
                 50th %ile                              1X            +/- 20%
                 25th %ile                            .25X         DISCRETIONARY
               < 25th %ile                              0X           ADJUSTMENT]

     For UNBC percentile  ranking between the 75th and 25th  percentiles,  other
     than at the 50th percentile,  the Committee may interpolate  between levels
     in order to determine the appropriate multiple of the Target Award.

                                       1
<PAGE>

3.   VALUE AND PAYMENT OF EARNED AWARDS. The value payable to Participant for an
     Earned Award shall equal the Earned Award  multiplied  by the Average Price
     of  Company  common  stock  (i.e.,  average  month-end  closing  price,  as
     published in the west coast edition of the Wall Street Journal, for the six
     months  immediately  preceding the end of the Performance  Cycle).  Payment
     shall be made in cash within 120 days following the end of the  Performance
     Cycle or deposited to the  Participant's  account if deferred in accordance
     with the  provisions  of the  company's  deferred  compensation  plan.  The
     Company shall, to the extent required by law, have the right to deduct from
     payments the amount of any federal, state or local taxes required by law to
     be withheld.

4.   DESIGNATION  OF   BENEFICIARIES.   On  a  form  provided  to  the  Company,
     Participant may designate a beneficiary or beneficiaries to receive, in the
     event of Participant's  death, all or part of any amounts to be distributed
     to Participant under the Plan.

5.   EMPLOYEE  RIGHTS.  Participant may not assign or transfer his or her rights
     under the Plan except as expressly  provided under the Plan.  Participation
     in the Plan does not create a contract of  employment,  imply or confer any
     other employment rights, or confer any ownership,  security or other rights
     to Company assets.

6.   TERMINATION OF EMPLOYMENT.  Termination prior to the end of the Performance
     Cycle shall result in  forfeiture of all  opportunity  to receive an Earned
     Award, except as provided below:

     (a)  If Participant's  employment is terminated at any time after the first
          nine months of the  Performance  Cycle (i) under the provisions of the
          Company's  Separation  Pay Plan  (pursuant  to which  Participant  has
          executed  a  release  agreement),  or (ii)  by  reason  of  retirement
          (defined  below) or  death,  or if  Participant  becomes  entitled  to
          long-term  disability benefits under the Union Bank of California Long
          Term  Disability  Plan after the first nine months of the  Performance
          Cycle,  Participant  (or  Participant's  beneficiary  or estate in the
          event of death) will be  eligible to receive an Earned  Award equal to
          the sum of (1) the number of Performance  Shares (as a multiple of the
          Target Award) earned for the years in the Performance  Cycle that were
          completed prior to the  termination of employment or disability,  plus
          (2) 100% of the Target Award for each of the years in the  Performance
          Cycle that were not completed  prior to the  termination of employment
          or  disability.  For purposes of this  Agreement,  "retirement"  means
          termination of employment with the Company and its Subsidiaries  after
          attaining  age  sixty  (60)  with ten (10)  years of  service,  or age
          sixty-two (62) with five (5) years of service, with the Company or any
          of its Subsidiaries.

     (b)  The value  payable  for an Earned  Award under  Section  6(a) shall be
          calculated  under  Section 3 based upon the  Average  Price of Company
          common stock for the six months  immediately  preceding the employment
          termination  date.  Payment  shall be made under Section 3, in cash or
          credited  to  the  Participant's  deferred  compensation  account,  if
          applicable, within 120 days following the employment termination date.

                                       2
<PAGE>

     (c)  If  Participant  is on a  leave  of  absence  from  the  Company  or a
          Subsidiary  because of  disability,  or for the purpose of serving the
          government of the country in which the  principal  place of employment
          of Participant is located,  either in a military or civilian capacity,
          or for such other  purpose  or reason as the  Committee  may  approve,
          Participant shall not be deemed during the period of such absence,  by
          virtue of such absence alone, to have  terminated  employment with the
          Company  or  a  Subsidiary  except  as  the  Committee  may  otherwise
          expressly provide.

7.   MANDATORY  ARBITRATION.  Any  dispute  arising  out of or  relating to this
     Agreement,  including  its  meaning or  interpretation,  shall be  resolved
     solely by arbitration before an arbitrator  selected in accordance with the
     rules  of the  American  Arbitration  Association.  The  location  for  the
     arbitration shall be in San Francisco, Los Angeles or San Diego as selected
     by the Company in good faith. Judgment on the award rendered may be entered
     in any court having  jurisdiction.  The party the arbitrator  determines is
     the  prevailing  party  shall be  entitled  to have the other party pay the
     expenses of the prevailing  party,  and in this regard the arbitrator shall
     have the power to award recovery to such prevailing  party of all costs and
     fees (including attorney fees and a reasonable  allocation for the costs of
     the Company's in-house counsel), administrative fees, arbitrator's fees and
     court costs, all as determined by the arbitrator.  Absent such award of the
     arbitrator,  each party shall pay an equal share of the arbitrator's  fees.
     All statutes of limitation  which would otherwise be applicable shall apply
     to any arbitration proceeding under this paragraph.  The provisions of this
     paragraph are intended by the  Participant  and the Company to be exclusive
     for all purposes and  applicable to any and all disputes  arising out of or
     relating  to this  Agreement.  The  arbitrator  who hears and  decides  any
     dispute shall have  jurisdiction  and authority only to award  compensatory
     damages to make whole a person or entity  sustaining  foreseeable  economic
     damages,  and, shall not have  jurisdiction and authority to make any other
     award  of  any  type,  including  without  limitation,   punitive  damages,
     unforeseeable  economic damages,  damages for pain,  suffering or emotional
     distress, or any other kind or form of damages. The remedy, if any, awarded
     by the  arbitrator  shall be the sole and exclusive  remedy for any dispute
     which is subject to arbitration under this paragraph.

8.   CALIFORNIA LAW. The Plan and this Agreement shall be construed and enforced
     according  to the  laws  of the  State  of  California  to the  extent  not
     preempted by the federal laws of the United States of America.

                                       3
<PAGE>

IN WITNESS WHEREOF, the parties hereto have duly executed this Performance Share
Agreement  as of the date first  above  written.  The  Participant  also  hereby
acknowledges receipt of a copy of the 1997 UnionBanCal  Corporation  Performance
Share Plan, as amended and restated effective January 1, 2004.

UnionBanCal Corporation

By
                 Paul Fearer, Executive Vice President

                                 -----------------------------------------------
                                 Participant Signature

                                 <<AGREEMENT_NAME>>                   <<EMPNO>>
                                 -----------------------------------------------
                                 Participant Printed Name             Employee #

                                 -----------------------------------------------
                                 Social Security Number

                                 -----------------------------------------------
                                 Street Address

                                 -----------------------------------------------
                                 City                      State        Zip Code

                                       4

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