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EXHIBIT 10.2  

  
 

    UNION BANK OF CALIFORNIA
  
    DEFERRED COMPENSATION PLAN
  
    (January 1, 2005 Restatement)    
    

 
 

UNION BANK OF CALIFORNIA
  DEFERRED COMPENSATION PLAN    
    

ARTICLE
I

HISTORY AND PURPOSE 

        1.1   Union
Bank established the Senior Management Deferred Compensation Plan effective July 1, 1990 for the purpose of allowing a select group of executives of Union
Bank to defer receipt of compensation to which the executives would otherwise be entitled. The Plan was amended and restated in its entirety as of January 1, 1994. As a consequence of the
merger of their respective parent companies, Union Bank and the Bank of California have been merged into a new operating entity, Union Bank of California. 

        1.2   Union
Bank of California amended and restated the Plan in its entirety effective January 1, 1997, to reflect the merger of Union Bank and the Bank of California
and to extend participation to the non-employee directors of Union Bank of California and the non-employee directors of UnionBanCal Corporation and to rename the Plan, the
Union Bank of California Deferred Compensation Plan. 

        1.3   Union
Bank of California hereby amends and restates the Plan in its entirety effective January 1, 2005, to comply with the requirements of Section 409A of
the Internal Revenue Code of 1986, as amended, and in certain other respects. 

ARTICLE
II

DEFINITIONS 

        Whenever
referred to in this Plan, the following terms shall have the meanings set forth below except where otherwise provided: 

        2.1   "Account"
means a Participant's Deferred Compensation Account(s) established pursuant to Article 5. 

        2.2   "Bank"
means Union Bank of California. 

        2.3   "Beneficiary"
means the person(s) designated in writing by the Participant to receive his benefits under the Plan if the Participant dies before receiving all of his
benefits. A Beneficiary designation must be signed and dated by the Participant and delivered to the Committee to become effective. In the absence of a valid or effective Beneficiary designation, the
Participant's surviving spouse shall be the Beneficiary or if there is none, the Beneficiary shall be the Participant's surviving descendants by right of representation, surviving parents or estate
(in that order). 

        2.4   "Board"
means the Board of Directors of UnionBanCal Corporation and the Board of Directors of Union Bank of California. 

        2.5   "Code"
means the Internal Revenue Code of 1986, as amended. 

        2.6   "Committee"
means a committee appointed or designated by the Board to administer the Plan as described in Article VII. The Committee shall be the "plan
administrator" under ERISA. 

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        2.7   "Compensation"
means an Employee's base salary and/or any payments under the Senior Management Bonus Plan or those incentive awards designated by the Bank as
Compensation under this Plan which, but for deferral under this Plan, would have been paid to the Participant in cash. "Compensation" shall be calculated without regard to any salary reduction
arrangement described in Code section 125 or 401(k) in which the Participant participates and which is maintained by the Bank. 

        2.8   "Deferral
Election Form" means the agreement between a Participant and the Bank whereby the Participant elects to reduce his Compensation or Fees and the Bank promises
to pay him benefits under the Plan in the future. 

        2.9   "Director"
means a non-employee director of the Bank or any of its subsidiaries or a non-employee Director of UnionBanCal Corporation. A Director
who becomes an Employee shall cease to participate as a Director under the Plan, but may participate in his or her capacity as an Employee subject to the provisions of the Plan (including
eligibility). 

        2.10 "Disabled"
describes a Participant who while an Employee is determined to be disabled under the Bank's long-term disability plan, provided that the
Participant is determined to be unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or
can be expected to last for a continuous period of not less than 12 months. 

        2.11 "Employee"
means a common law employee of the Bank or any of its subsidiaries. 

        2.12 "ERISA"
means the Employee Retirement Income Security Act of 1974, as amended from time to time. 

        2.13 "Fees"
means Retainer Fees (the annual fee paid for service on the Board, including additional fees paid to Committee chairpersons) and Meeting Fees (which are paid for
attendance at Board and committee meetings) paid to Directors for service during the Plan Year. 

        2.14 "Participant"
means an Employee or Director (a) who has been designated by the Board as eligible to participate and who has executed a Deferral Election Form or
(b) who has previously deferred Compensation or Fees under the Plan and who continues to have an Account balance greater than zero. 

        2.15 "Payment
Date" means the date on which a Participant's Account is to be paid or on which payments are to commence. 

        2.16 "Plan"
means the Union Bank of California Deferred Compensation Plan as set forth herein and as amended from time to time. 

        2.17 "Plan
Year" means the calendar year. 

        2.18 "Termination
of Service" means, with respect to an Employee, any voluntary or involuntary termination of employment with the Bank. With respect to Directors,
"Termination of Service" means the Director has voluntarily or involuntarily ceased to serve as a member of the Board. Notwithstanding the foregoing, a Termination of Service with respect to an
Employee or Director shall mean a "separation from service" which qualifies as a permitted payment event for purposes of Section 409A of the Code. 

ARTICLE
III

ELIGIBILITY 

        The
Board (or if designated, the Committee) shall determine which Employees and Directors are eligible to participate in the Plan, provided that only those Employees who are members of a
select group of management or highly compensated employees (within the meaning of ERISA Sections 201, 301 and 401) shall be eligible Employees. 

2

 
ARTICLE
IV

ELECTION TO DEFER 

        4.1    General.    An Employee may elect to defer receipt of Compensation by completing the Deferral Election Form
prescribed by the Committee and specifying the percentage (in 5 percent increments up to a maximum of 50% of base salary and a maximum of 100% of bonuses and other incentive awards) of
Compensation to be deferred. A Director may elect to defer receipt of Fees by completing the Deferral Election Form prescribed by the Committee and specifying the percentage (in 5% increments up to a
maximum of 100%) of Retainer Fees and/or Meeting Fees to be deferred. To be effective, a Deferral Election Form must be signed and dated by the Participant, and signed and dated by the Human Resources
Department. 

        4.2    Initial Elections.    The Deferral Election Form must be received by the Human Resources Department before the
beginning of the Plan Year during which the Participant performs the services for which the Compensation or Fees are earned. 

        (a)   Base Salary.    The deadline for electing to defer base salary is December 31 of the year preceding the
Plan Year in which the deferral is effective. Base salary payable after the last day of a Plan Year solely for services provided during the final payroll period containing the last day of the Plan
Year (i.e. December 31), is treated for purposes of this Section 4.2 as Compensation for services performed in the subsequent year. Notwithstanding the foregoing, in the first
Plan Year in which a Participant becomes eligible to participate in the Plan, the Participant may elect to defer base salary within thirty (30) days after the date the Participant becomes
eligible, and such election will be effective as of the first payroll period next following the date the Deferral Election Form is received by the Human Resources Department. 

        (b)   Fees.    The deadline for a Director's election to defer Retainer Fees and/or Meeting Fees is
December 31 of the year preceding the Plan Year in which the meetings occur and the service is rendered. 

        (c)   Bonuses and Other Incentive Awards.    The deadline for electing to defer the annual Senior Management Bonus or
Senior Executive Bonus is December 31 of the year preceding the Plan Year during which the Participant performs the services for which the Bonus is earned. The deadline for electing to defer
Performance Share Plan awards is December 31 of the year preceding the three-year performance cycle during which the Participant performs the services for which the award is earned.
Notwithstanding the foregoing, the deadline for electing to defer Performance Share Plan awards for the three-year performance cycle ending December 31, 2007, is December 31,
2005. 

        Except
as otherwise provided in the Plan, an election to defer Fees or Compensation attributable to bonuses, incentive awards or base salary shall be irrevocable following the applicable
deadline specified in Section 4.2. 

        4.3    Payment Date.    Each Deferral Election Form shall specify the Payment Date which shall be either: 

        (a)   the
Participant's Termination of Service, or 

        (b)   January 31
of any year subsequent to the year in which the Compensation or Fees would have been paid absent the Deferral Election, provided that the deferral
period must be at least 12 months. 

        The
election of a Payment Date shall be irrevocable, subject to the provisions of Section 4.5. 

        4.4    Payment Form.    Each Deferral Election Form shall specify that the Account is to be paid: 

        (a)   in
a single lump sum on the Payment Date (or as soon thereafter as the Bank determines is administratively feasible but in no event more than 90 days thereafter)
or 

3

 

        (b)   in
four substantially equal annual installments, commencing on the Payment Date (or as soon thereafter as the Bank determines is administratively feasible but in no
event more than 90 days thereafter) or 

        (c)   in
ten substantially equal annual installments, commencing on the Payment Date (or as soon thereafter as the Bank determines is administratively feasible but in no event
more than 90 days thereafter). 

        The
election of a payment form shall be irrevocable, subject to the provisions of Section 4.5. Notwithstanding the foregoing, all Participants shall have a one-time
limited opportunity to elect the installment option described in paragraph (c) with respect to Account(s) which are not currently in pay status. The election must be made during the period
beginning December 2, 1996 and ending with the close of business December 31, 1996. Elections made during this window become effective with respect to Payment Dates after
December 31, 1997 and are irrevocable. This window election opportunity is provided because of a change in federal law restricting states' ability to tax pension income based on its source. 

        4.5    Subsequent Elections.    In accordance with such procedures as it may promulgate from time to time, the
Committee may permit a Participant to elect to delay the Payment Date or change the payment form subject to the following requirements: 

        (a)   The
new election may not take effect until at least twelve (12) months after the date on which the new election is made; 

        (b)   If
the payment is not on account of death, Disability or Hardship, the new election must provide for the deferral of the payment for a period of not less than five
(5) years from the date such payment would otherwise have been made (or in the case of installment payments, five (5) years from the date the first amount was scheduled to be paid); and 

        (c)   If
the new election relates to a payment otherwise due at a specified time or pursuant to a fixed schedule, the new election must be made at least twelve
(12) months prior to the date the payment was scheduled to be paid (or in the case of installment payments, twelve (12) months prior to the date the first amount was scheduled to be
paid). 

        4.6    Impact of Financial Hardship.    If the Committee determines that a Participant has incurred a Hardship prior
to the end of a Plan Year, the Participant's deferral elections shall end as of the date of such determination (and no additional Compensation or Fees will be deferred for the remainder of the Plan
Year for such Participant). 

ARTICLE
V

ACCOUNTS 

        5.1   In
lieu of paying Compensation or Fees deferred pursuant to a Deferral Election Form, the Bank shall credit the deferred amount as of the last day of the month in which
the Compensation or Fees would have otherwise been paid to an account in the name of the Participant (the "Deferred Compensation Account") established for this purpose on the Bank's books and records.
If the Participant has entered into more than one Deferral Election Form and they specify different Payment Dates or different payment forms (under Section 4.5), the Bank shall establish a
separate Account for amounts credited pursuant to each such Deferral Election Form. 

        5.2   The
balance credited to each Deferred Compensation Account shall be credited with interest at the end of each calendar quarter. Effective for calendar quarters beginning
on or after January 1, 1993, the interest rate credited shall be the 1-Year Treasury Constant Maturities Rate for deferrals of less than 36 months, and the 5-Year
Treasury Constant Maturities Rate for deferrals of 36 months or more or to the date of Termination of Employment. The monthly average Treasury Constant Maturities Rates are quoted in the
Federal Reserve Statistical Release, H.15, and calculated quarterly, based on a 

4

 

rolling
average for the previous 12 months. The interest applied to Compensation or Fees credited during a Plan Year shall be prorated for the number of months in the Plan Year that the
Compensation or Fees were credited to the Participant's Account. 

        5.3   If,
pursuant to Article VI, interest is required to be credited through the last day of any month (other than the end of a calendar quarter), the rate shall be
that rate in effect under Section 5.2 as of the last day of the preceding quarter, prorated on a monthly basis to the crediting date. 

        5.4   If,
pursuant to the provisions of Article VI, a Participant is paid deferred amounts in the same Plan Year in which the amounts would otherwise have been paid as
Compensation or Fees, those amounts will be credited with interest as described in Section 5.3 through the date specified in Article VI. 

ARTICLE
VI

PAYMENT OF ACCOUNTS 

        6.1    General Rule.    Amounts credited to a Participant's Account(s) shall be paid as specified in the Deferral
Election Form on or commencing on the Payment Date or as soon thereafter as administratively practicable (but in no event later than 90 days thereafter). The unpaid balance of a Participant's
Account(s) being paid in installments shall continue to be credited with the interest specified in Article V through the last day of the month preceding the last installment payment. Accounts
which are to be paid in a single lump sum shall be credited with the interest specified in Article V through the last day of the month preceding the Payment Date. All payments shall be in cash. 

        6.2    Employee's Termination Other Than Retirement.    Notwithstanding the provisions of Section 6.1, if an
Employee's Termination of Service is other than a Retirement: 

        (a)   all
amounts credited to his Accounts shall be paid to the Participant in a single lump sum (without regard to the Participant's designated Payment Date or payment form)
as soon as the Bank determines is administratively practicable (but in no event later than 90 days after the Employee's Termination of Service) with interest credited under Article V
through the last day of the month preceding the Termination of Service, and 

        (b)   any
Accounts being paid in installments shall be accelerated with the remaining installments paid in a single lump sum as soon as the Bank determines is administratively
practicable (but in no event later than 90 days after the Employee's Termination of Service) with interest credited under Article V through the last day of the preceding month. 

For
purposes of this Article, an Employee's Termination of Service is treated as a "Retirement" if the Participant has attained age 55 and completed ten (10) years of credited service for
purposes of determining benefits under the Union Bank of California Retirement Plan. If a Participant dies before receiving his entire Account(s), the balance shall be paid to his Beneficiary in a
single lump sum as soon as the Bank determines is administratively practicable (but in no event later than 90 days after the Participant's death) with interest credited through the last day of
the month preceding payment. 

        6.3    Distributions to a Specified Employee.    Notwithstanding any other provision of the Plan, payments otherwise
required to be made or commence upon the Termination of Service of a Participant who is a "specified employee" (within the meaning of Section 409A of the Code and applicable regulations
thereunder, as determined by the Committee) at the time of such termination shall be delayed and paid upon the earlier of (i) the first business day which is at least six months and one day
following the date of such Termination of Service, or (ii) the death of the Participant, to the extent that the Committee determines that such delayed payment is required in order to avoid a
violation of Section 409A of the Code. The amount of any payment which is delayed for any period 

5

 

under
this Section 6.3 will be credited with interest as determined under Article V as if the Participant's Termination of Service had been delayed for such period. 

        6.4    Disability and Hardship.    Payment of amounts credited to a Participant's Account(s) may be accelerated if the
Committee determines that the Participant is Disabled or that the Participant has a financial Hardship. "Hardship" means a severe financial hardship to the Participant resulting from an illness or
accident of the Participant, the Participant's spouse or dependent (as defined in Section 152 of the Code without regard to Section 152(b)(1), (b)(2) and (d)(1)(B)), loss of the
Participant's property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant, and which complies with the
requirements of Section 409A of the Code for the acceleration of payment. The amount of any Hardship payment shall not exceed the amount required to meet the need (which may include amounts
necessary to pay any Federal, state, local or foreign income taxes or penalties reasonably anticipated to result from the distribution). The Participant shall submit a written request to the Committee
and shall certify as to the financial need. The Committee may accelerate installment payments in the event a Participant becomes Disabled or
incurs a Hardship. The Committee's decision as to the Participant's Disabled status or Hardship shall be final and binding on all interested parties. 

        6.5    Accelerated Distributions.    The acceleration of the time or schedule of any distribution of a Participant's
Account prior to the date or dates otherwise provided under the Plan is prohibited except as permitted under Section 409A of the Code. To the extent permitted under Section 409A of the
Code, the Committee may, in its discretion, accelerate payment under the following circumstances: 

        (a)   De Minimus Amount.    If the value of all of a Participant's Accounts is $10,000 or less, the amount in his or
her Accounts may be distributed to the Participant in a lump sum sixty (60) days following Termination of Service, provided that, to the extent required under Section 409A of the Code,
the distribution results in the termination and liquidation of the entirety of the Participant's interest under the Plan and all other deferred compensation arrangements which, together with the Plan,
are treated as a single plan under Section 409A of the Code. 

        (b)   Divestiture.    The distribution of a Participant's Account may be accelerated to the extent necessary for any
Federal officer or employee in the executive branch to comply with any ethics agreement with the Federal government, or to the extent reasonably necessary to avoid the violation of an applicable
Federal, state, local or foreign ethics law or conflicts of interest law. 

        (c)   Income Inclusion Under Code Section 409A.    If the Plan fails to meet the requirements of
Section 409A of the Code and applicable regulations thereunder, a distribution may be made to the Participant in the amount required to be included in income as a result of the failure to
comply with such requirements. 

        (d)   Other.    Payment may be accelerated under such other circumstances permitted under applicable guidance under
Section 409A of the Code. 

        6.6    Delayed Distributions.    To the extent permitted under Section 409A of the Code, the Committee may, in
its discretion, delay the distribution of a Participant's Account beyond the date otherwise provided under the Plan in the following circumstances: 

        (a)   Violation of Applicable Laws.    Payment may be delayed in the event the Committee reasonably anticipates that
the payment will violate federal securities laws or other applicable law. Payment of the amounts delayed under this Section 6.6(a) will be made at the earliest date at which the Committee
reasonably anticipates that making the payment will not cause a violation of federal securities laws or other applicable law. 

        (b)   Other.    Payment may be delayed under such other circumstances permitted under applicable guidance under
Section 409A of the Code. 

6

 
ARTICLE
VII

PLAN ADMINISTRATION 

        7.1   This
Plan shall be adopted by the Board of Union Bank of California and shall be administered by the Committee. 

        7.2   This
Plan may be amended in any way (including a retroactive amendment required to comply with Code Section 409A) or may be terminated, in whole or in part, at
any time, at the discretion of the Board of Union Bank of California. No amendment or termination of the Plan shall adversely affect the amount in any Participant's Account prior to or as of the
effective date of such amendment or termination. No distributions will be made prior to the date or dates otherwise provided under the Plan, unless earlier distribution is permitted under Code
Section 409A. 

        7.3   The
Committee shall have the sole authority, in its discretion, to adopt, amend and rescind such rules and regulations as it deems advisable in the administration of the
Plan, to construe and interpret the Plan, the rules and regulations, and Deferral Election Forms, and to make all other determinations and interpretations of the Plan. All decisions, determinations,
and interpretations of the Committee shall be binding on all persons. Committee members who are Participants shall abstain from voting on any Plan matters that would cause them to be in constructive
receipt of amounts credited to their Accounts. The Committee may delegate its responsibilities as it sees fit. 

        7.4   Claims
for benefits under this Plan shall be brought in accordance with the claims procedures set forth in Article X of the Union Bank of California Retirement
Plan, which is hereby incorporated herein by reference. 

ARTICLE
VIII

MISCELLANEOUS 

        8.1    No Funding Obligation.    The amounts credited to a Participant's Account are not held in a trust or escrow
account and are not secured by any specific assets of the Bank or in which the Bank has an interest. This Plan shall not be construed to require the Bank to fund any of the benefits provided hereunder
nor to establish a trust for such purpose. The Bank may make such arrangements as it desires to provide for the payment of benefits. Neither the Participant, any Beneficiary nor the Participant's
estate shall have any rights against the Bank with respect to any portion of the Participant's Account except as a general unsecured creditor of the Bank. No Participant has an interest in his
Accounts until the Participant actually receives payment. 

        8.2    Non-alienation of Benefits.    No benefit under this Plan may be sold, assigned, transferred,
conveyed, hypothecated, encumbered, anticipated, or otherwise disposed of, and any attempt to do so shall be void. No such benefit shall, prior to receipt thereof by a Participant, be in any manner
subject to the debts, contracts, liabilities, engagements, or torts of such Participant, 

        8.3    Limitation of Rights.    Nothing in this Plan shall be construed to limit in any way the right of the Bank to
terminate an Employee's employment at any time for any reason whatsoever with or without cause; nor shall it be evidence of any agreement or understanding, express or implied, that the Bank
(a) will employ an Employee in any particular position, (b) will ensure participation in any incentive programs, or (c) will grant any awards from such programs. 

        8.4    Applicable Law.    This Plan shall be construed and its provisions enforced and administered in accordance with
the laws of the State of California except as otherwise provided in ERISA. 

        8.5    Section 409A.    This Plan is intended to comply, in form and operation, with Section 409A of the
Code, and its provisions shall be interpreted consistent therewith. Notwithstanding any provision of the Plan to the contrary, no distributions will be made under the Plan earlier or later than
permitted under the requirements of Code Section 409A and no elections to defer Compensation or Fees shall be permitted unless they are permissible under such requirements. 

7

 
ARTICLE
IX

SPECIAL PROVISIONS APPLICABLE TO ACQUIRED ENTITY 

        9.1    Effective Date.    Effective October 28, 2004, immediately following the closing (the "Closing") of the
merger of Jackson Federal Bank ("JFB") with and into the Bank on that date (the "Closing Date")
pursuant to the Agreement and Plan of Merger by and among UnionBanCal Corporation, the Bank, Jackson National Life Insurance Company and JFB (the "Merger Agreement"), the provisions of this
Article IX shall apply. 

        9.2    Eligibility.    Each participant in the Jackson Federal Bank Management Deferred Income Plan ("JFB Plan") who
was a current employee of JFB as of the Closing Date ("JFB Participant") shall automatically become a Participant in the Plan immediately following the Closing with respect to amounts deferred
pursuant to Existing Elections, as defined below, under the JFB Plan. Notwithstanding the foregoing, no JFB Participant shall be eligible to elect to defer compensation under the Plan after the
Closing unless that person is otherwise eligible to participate in the Plan under Article III. 

        9.3    Existing Elections.    Each JFB Participant shall have a Deferred Compensation Account to which shall be
credited all amounts payable to a JFB Participant, whether earned before or after the Closing, for which deferral elections were in effect under the JFB Plan as of the Closing ("Existing Elections"),
including net earnings allocable thereto. The Existing Elections shall be treated as if made under the Plan. The Account shall initially be credited with the notional dollar amount recorded in the
recordkeeping account maintained for such JFB Participant under the JFB Plan immediately prior to the Closing. Thereafter, amounts subject to Existing Elections which are earned after the Closing,
including, without limitation, any bonuses payable in connection with the merger and/or any amounts payable under the First Amended and Restated Brooke Holdings, Inc. Change of Control
Severance Plan, as in effect immediately prior to the Closing Date, shall be credited when such amounts would otherwise be payable. The Existing Elections and the amounts credited to such Accounts
shall be subject to all of the terms and conditions of the Plan, including without limitation the provisions of the Plan applicable to the irrevocability of deferral and Payment Date elections, and
the crediting of interest with respect to deferred amounts, subject to (a) and (b) below: 

        (a)   The
amounts subject to Existing Deferral Elections shall not be distributed prior to the expiration of the deferral period for each such amount as specified in the
applicable Existing Election (without regard, for example, to the provisions of Article VI). 

        (b)   Each
JFB Participant shall be permitted to make one amendment to each of that Participant's Existing Elections (it being understood that, with respect to each JFB
Participant, a separate Existing Election is in place for each deferral plan year and, with respect to 2004, two separate Existing Elections are in place for each JFB Participant who is a participant
in the First Amended and Restated Brooke Holdings, Inc. Change of Control Severance Plan and who elected to defer any amount payable in connection with the Merger or any amount payable under
such severance plan) to further defer the commencement of distribution of an amount covered by such Existing Election for a minimum of five years, subject to the limitations of the Plan, including
without limitation Section 4.5, and subject to and in accordance with such reasonable time and other procedural requirements as the Committee may impose from time to time. 

8

 

        The
Bank may amend the provisions of (a) and (b) to preserve the continued tax deferral of amounts covered by Existing Elections as a result of a change in the law. 

	

Date:	

October 23, 2007
	
 	

UNION BANK OF CALIFORNIA
	

 	

 	
 	

By	

/s/Paul E. Fearer

	

 	

 	
 	

Title	

Director of Human Resources

9

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UNION BANK OF CALIFORNIA DEFERRED COMPENSATION PLAN (January 1, 2005 Restatement)

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EXHIBIT 10.5    
    

UNION BANK OF

CALIFORNIA, N.A.  

 
 

SUPPLEMENTAL EXECUTIVE
  RETIREMENT PLAN FOR
  POLICY MAKING OFFICERS    
    

As
Amended and Restated Effective

January 1, 2005 

 
ESTABLISHMENT
AND

PURPOSE 

        Effective
January 1, 1999, Union Bank of California, National Association establishes the Union Bank Supplemental Executive Retirement Plan for Policy Making Officers to provide
certain executives with retirement benefits in excess of those benefits provided under the Company's Retirement Plan. 

        Using
an earnings definition based on base pay, and bonuses and incentive payments and based on service completed on or after January 1, 1997, but excluding other forms of
compensation, the Plan supplements benefits under the Retirement Plan to the extent such benefits are reduced due to the limits of Sections 401(a)(17) and 415 of the Code. The Plan is intended
to be an unfunded plan maintained primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees, as described in Sections 201(2),
301(a)(3) and 401(a)(1) of ERISA. 

        The
Bank hereby amends and restates the Plan in its entirety effective January 1, 2005, to comply with the requirements of Section 409A of the Code, and in certain other
respects. 

 
 

ARTICLE 1
  
    DEFINITIONS

        Except
as follows, all capitalized terms used in this Plan have the same meaning as in the Retirement Plan: 

        1.1   "Bank"
means Union Bank of California, National Association, a national banking association organized under the laws of the United States, or any successor in interest.
Prior to April 1, 1996 the Bank was known as Union Bank. 

        1.2   "Board"
means the Board of Directors of the Bank. 

        1.3   "Company"
means the Bank and any other corporation, trade or business which is authorized to participate in the Plan by the Board and which constitutes a controlled
group or an affiliated service group of which the Bank is a member, or are under common control with the Bank, within the meaning of Code Section 414(b), (c), (m), or (0), but only for the
period during which the relationship exists. 

        1.3A  "Domestic
Partner" means Domestic Partner, as defined in the Union Bank of California Retirement Plan. 

        1.4   "Participant"
means an executive of the Company who participates in the Plan pursuant to Article 2. 

        1.5   "Plan"
means this Union Bank of California N.A. Supplemental Executive Retirement Plan for Policy Making Officers. 

        1.6   "Plan
Earnings" means, notwithstanding the Retirement Plan's definition of Earnings, for purposes of determining a Participant's accrued benefit under the Plan, a
Participant's regular base salary or wages received for services rendered to the Company, including bonuses and incentive payments based on services completed on or after January 1, 1997, base
salary deferred under the Company's Senior Management Deferred Compensation Plan, Separation Pay Plan payments, and amounts deferred pursuant to Code Section 125, 401(k), 402(e)(3), 402(h) or
403(b) which if paid, would have been Plan Earnings. Plan Earnings do not include commissions, overtime, premium payments, restricted stock awards, bargain element on stock options, special amounts or
payments, or indemnities. 

        1.7   "Retirement
Plan" means the Union Bank of California Retirement Plan. 

2

 
 
 

ARTICLE 2
  
    PARTICIPATION

        The
Participants in the Plan shall be those Company employees who are policy making officers and who are selected for Plan participation by the Bank. The Bank's chief executive officer
shall recommend Company employees for consideration to the Executive Compensation and Benefits Committee of the Board (the "Committee"), and the Committee shall approve the employees who will be
allowed to participate in the Plan. 

 
 

ARTICLE 3
  
    RETIREMENT AND DISABILITY BENEFITS

        A
Participant shall be entitled to a benefit under this Plan only if he or she is vested in and is eligible for: (1) a Normal Retirement Benefit under Section 3.1 of the
Retirement Plan, (2) an Early Retirement Benefit under Sections 3.2 to 3.7 or 3.9A of the Retirement Plan, or (3) a Deferred Retirement Benefit under Section 3.10 of the
Retirement Plan. No benefits shall be paid under this Plan with respect to a Participant who is not entitled to a benefit under the sections of the Retirement Plan referenced in the preceding
sentence; in particular, no benefits shall be paid under this Plan with respect to a Participant who is only entitled to benefits under the Retirement Plan pursuant to Section 3.9 (Vested
Terminated Participants) or Article V (Death Benefits), or Article VI (Disability Benefits), except as set forth in Sections 4.4 or 4.6 of this Plan. 

 
 

ARTICLE 4
  
    BENEFIT CALCULATION AND DISTRIBUTION

        4.1   Normal Retirement.    A Participant who is eligible for a Normal Retirement Benefit under the Retirement Plan
shall receive a normal retirement benefit hereunder equal to the excess of (1) the Participant's Normal Retirement Benefit under the Retirement Plan, calculated using Plan Earnings as defined
in Section 1.6 but without regard to the limits of Code Sections 401(a)(17) and 415, over (2) the Participant's Normal Retirement Benefit under the Retirement Plan. A normal
retirement benefit hereunder shall be calculated as of the date that the Participant's employment terminates and shall commence as of the first day of the next calendar month, without regard to the
date that benefits commence under the Retirement Plan. If the Participant is married or, effective May 1, 2006, has a Domestic Partner, when his or her employment terminates, then the normal
retirement benefit hereunder shall be paid to the Participant in the form of a 50% joint and survivor annuity with the Participant's spouse or Domestic Partner as the joint annuitant. If the
Participant is unmarried and, effective May 1, 2006, does not have a Domestic Partner when his or her employment terminates, then the normal retirement benefit hereunder shall be paid to the
Participant in the form of a single life annuity. 

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        4.2   Early Retirement.    A Participant who is eligible for an Early Retirement Benefit under the Retirement Plan
shall receive an early retirement benefit hereunder equal to the excess of (1) the Participant's Early Retirement Benefit under the Retirement Plan, calculated using Plan Earnings as defined in
Section 1.6 but without regard to the limits of Code Sections 401(a)(17) and 415, over (2) the Participant's Early Retirement Benefit under the Retirement Plan. An early
retirement benefit hereunder shall be calculated as of the date that the Participant's employment terminates and shall commence as of the first day of the next calendar month, even if the Participant
elects a later Early Retirement Date under the Retirement Plan. If the Participant is married or, effective May 1, 2006, has a Domestic Partner, when his or her employment terminates, then the
early retirement benefit hereunder shall be paid to the Participant in the form of a 50% joint and survivor annuity with the Participant's spouse or Domestic Partner designated as the joint annuitant.
If the Participant is unmarried and, effective May 1, 2006, does not have a Domestic Partner when his or her employment terminates, then the early retirement benefit hereunder shall be paid to
the Participant in the form of a single life annuity. 

        4.3   Deferred Retirement.    A Participant who is eligible for a Deferred Retirement Benefit under the Retirement
Plan shall receive a deferred retirement benefit hereunder equal to the excess of (1) the Participant's Deferred Retirement Benefit under the Retirement Plan, calculated using Plan Earnings as
defined in Section 1.6 but without regard to the limits of Code Sections 401(a)(17) and 415, over (2) the Participant's Deferred Retirement Benefit under the Retirement Plan. A
deferred retirement benefit hereunder shall be calculated as of the date that the Participant's employment terminates and shall commence as of the first day of the next calendar month, without regard
to the date that benefits commence under the Retirement Plan. If the Participant is married or, effective May 1, 2006, has a Domestic Partner, when his or her employment terminates, then the
deferred retirement benefit hereunder shall be paid to the Participant in the form of a 50% joint and survivor annuity with the Participant's spouse or Domestic Partner as the joint annuitant. If the
Participant is unmarried and, effective May 1, 2006, does not have a Domestic Partner, when his or her employment terminates, then the deferred retirement benefit hereunder shall be paid to the
Participant in the form of a single life annuity. 

        4.4   Disability Benefits.    A Participant who becomes Disabled (as defined below) shall be entitled to a benefit
under this Plan only under the following circumstances: 

        (a)   If
on or before becoming Disabled, the Participant had become vested in and eligible for: (1) a Normal Retirement Benefit under Section 3.1 of the
Retirement Plan, (2) an Early Retirement Benefit under Sections 3.2 to 3.7 or 3.9A of the Retirement Plan, or (3) a Deferred Retirement Benefit under Section 3.10 of the
Retirement Plan, the Participant shall receive a disability retirement benefit hereunder calculated in the same manner as if the Disability were a termination of employment. 

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        (b)   If
on or before becoming Disabled, the Participant had become vested in and eligible for benefits under the Retirement Plan only pursuant to Section 3.9 (Vested
Terminated Participants), the Participant shall receive a disability retirement benefit hereunder, calculated as of the date that the Participant becomes Disabled, equal to the excess of
(1) the Participant's Vested Terminated Benefit under the Retirement Plan, calculated using Plan Earnings as defined in Section 1.6 but without regard to the limits of Code
Sections 401(a)(17) and 415, over (2) the Participant's Vested Termination Benefit under the Retirement Plan; provided, however, that no disability retirement benefit shall be payable
pursuant to this Section 4.4(b) unless the Participant continues to be Disabled through the date that the benefit is scheduled to commence pursuant to Section 4.4(c). If the Participant
recovers from the Disability prior to the date the disability retirement benefit is scheduled to commence, no disability retirement benefit is payable under this Section 4.4(b). The disability
retirement benefit will be reduced for early payment based upon the same reduction factors that would apply under the Retirement Plan for a vested termination benefit using the Participant's age at
commencement of payment and service at the date of Disability. 

        (c)   A
disability retirement benefit hereunder shall commence as of the first date of the calendar month following the date the Participant becomes Disabled or, if later, the
first date of the calendar month following the date the Participant attains age 55, without regard to the date that benefits commence under the Retirement Plan. A Participant will not continue to
accrue benefits under this Plan while Disabled notwithstanding any continued accrual of benefits under the Retirement Plan. 

        (d)   For
purposes of this Plan, a Participant will be considered Disabled if determined to be disabled under the Company's long-term disability plan, provided
that the Participant is determined to be unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in
death or can be expected to last for a continuous period of not less than 12 months. 

        4.5   Small Benefits.    If the Actuarial Equivalent lump sum value of any benefit payable hereunder is $10,000 or
less ($5,000 or less for benefits payable before the date of adoption of this amendment and restatement), payment of the benefit shall be made in a single lump sum in cash on the date the benefit
would otherwise commence, provided that, to the extent required under Section 409A of the Code, the payment results in the termination and liquidation of the entirety of the Participant's
interest under the Plan and all other deferred compensation arrangements which, together with the Plan, are treated as a single plan under Section 409A of the Code. 

        4.6   Preretirement Death Benefit For Surviving Spouse Or Domestic Partner.    Effective May 1, 2006, upon the
death of a Participant who, on the date of such death, (1) is an employee of the Company, (2) has not received any benefits under this Plan, and (3) is eligible to retire from the
Company and receive a Normal Retirement Benefit, an Early Retirement Benefit, or a Deferred Retirement Benefit from the Retirement Plan, his or her surviving spouse or surviving Domestic Partner, if
any, shall be entitled to the monthly benefit that would have been payable to such spouse or Domestic Partner under this Article 4, if the Participant had: 

        (a)   terminated
employment on the date of death, 

        (b)   commenced
receiving a 50% joint and survivor annuity with the Participant's spouse or Domestic Partner designated as the joint annuitant, and 

        (c)   died
on the following day. 

5

 

        4.7   Election of Actuarially Equivalent Life Annuities.    Effective upon the date of adoption of this amendment and
restatement, in accordance with such procedures as the Committee may promulgate from time to time, a Participant may elect to change the form of payment of his or her benefit to a single life annuity,
or to a 50%, 662/3%, 75% or 100% joint and survivor annuity with the Participant's spouse or Domestic Partner as the joint annuitant, before any annuity payment has been made, provided
that the annuities are actuarially equivalent applying reasonable actuarial assumptions, and that the change complies with the requirements of Section 409A of the Code. 

        4.8   Distributions to a Specified Employee.    Notwithstanding any other provision of the Plan, payments otherwise
required to be made or commence upon the termination of employment of a Participant who is a "specified employee" (within the meaning of Section 409A of the Code and applicable regulations
thereunder, as determined by the Committee) at the time of such termination shall be delayed and paid, without interest, upon the earlier of (i) the first business day which is at least six
months and one day following the date of such termination of employment, or (ii) the death of the Participant, to the extent that the Committee determines that such delayed payment is required
in order to avoid a violation of Section 409A of the Code. 

        4.9   Delayed Payments.    To the extent permitted under Section 409A of the Code, the Committee may, in its
discretion, delay the payment of any benefit hereunder beyond the date otherwise provided under the Plan in the following circumstances: 

        (a)   Violation of Applicable Laws.    Payment of a benefit may be delayed in the event the Committee reasonably
anticipates that the payment will violate federal securities laws or other applicable law. Payment of the amounts delayed under this Section 4.9(a) will be made at the earliest date at which
the Committee reasonably anticipates that making the payment will not cause a violation of federal securities laws or other applicable law. 

        (b)   Other.    Payment may be delayed under such other circumstances permitted under applicable guidance under
Section 409A of the Code. 

        4.10 Accelerated Payments.    The acceleration of the time or schedule of any payment prior to the date or dates
otherwise provided under the Plan is prohibited except as permitted under Section 409A of the Code. To the extent permitted under Section 409A of the Code, the Committee may, in its
discretion, accelerate payment under the following circumstances: 

        (a)   Divestiture.    A Participant's benefit may be accelerated to the extent necessary to for any Federal officer
or employee in the executive branch to comply with any ethics agreement with the Federal government, or to the extent reasonably necessary to avoid the violation of an applicable Federal, state, local
or foreign ethics law or conflicts of interest law. 

        (b)   Income Inclusion Under Code Section 409A.    If the Plan fails to meet the requirements of
Section 409A of the Code and applicable regulations thereunder, a payment may be made to the Participant in the amount required to be included in income as a result of the failure to comply
with such requirements. 

        (c)   Other.    Payment may be accelerated under such other circumstances permitted under applicable guidance under
Section 409A of the Code. 

        4.11 Separation From Service.    Notwithstanding any provision of the Plan to the contrary, references to
"termination of employment" shall mean a "separation from service" which qualifies as a permitted payment event for purposes of Section 409A of the Code. 

6

 
 
 

ARTICLE 5
  
    AMENDMENT AND TERMINATION

        The
Board reserves the right at any time to modify or amend by a duly adopted resolution of the Board or a duly delegated committee of the Board any or all of the provisions of the Plan
(including a retroactive amendment required to comply with Code Section 409A). Notwithstanding the preceding sentence, no such modification or amendment will reduce the benefits earned by a
Participant prior to the date of the amendment or modification, except that such benefits may be reduced because of an increase in benefits payable under the Retirement Plan. No distributions will be
made prior to the date or dates otherwise provided under the Plan, unless earlier distribution is permitted under Code Section 409A. 

 
 

ARTICLE 6
  
    MISCELLANEOUS PROVISIONS

        6.1   Plan Administration.    The Bank shall be the plan administrator and the named fiduciary within the meaning of
ERISA. In administering the Plan, the Bank shall act through the Employee Deferred Compensation and Benefit Plans Administrative Committee, which shall be delegated the full power, discretion and
authority to interpret, construe and administer the Plan and any part thereof. The Committee's interpretation and construction of the Plan, and actions thereunder, shall be binding and conclusive on
all persons for all purposes. All actuarial determinations shall be made by the actuary for the Retirement Plan, and the Committee shall be entitled to rely on the good faith determinations of such
actuary. The Committee shall make appropriate arrangements for satisfaction of any federal or state payroll withholding tax required upon the accrual or payment of any Plan benefits. 

        6.2   Claims Procedures.    Claims for benefits under this Plan shall be brought in accordance with the claims
procedures set forth in Article X of the Retirement Plan, which is hereby incorporated herein by reference. 

        6.3   No Employment Contract.    Nothing in this Plan shall be construed to limit in any way the rights of a Company
to terminate an employee's employment at any time for any reason whatsoever; nor shall it be evidence of any agreement or understanding, express or implied, that a Company will employ an employee in
any particular position or permit an employee to participate in any compensation or benefit programs. 

        6.4   Non-Alienation of Benefits.    No benefit payable under this Plan may be assigned, pledged,
mortgaged, or hypothecated, or shall be subject to legal process or attachment for the payment of claims of any creditor of a Participant or the surviving spouse of a Participant. 

        6.5   No Funding Obligation.    This Plan shall not be construed to require the Bank to fund any of the benefits
payable under this Plan nor to require the establishment of a trust. The Bank, in its sole discretion, may make such arrangements as it desires to provide for the payment of any benefits hereunder,
and no person shall have any claim against a particular fund or asset owned by the Bank or in which it has an interest to secure the payment of a Company's obligations hereunder. 

        6.6   Entire Agreement.    This Plan document contains the entire obligation of the Bank to provide benefits
described herein. The Plan document may not be modified by any oral statement or agreement and may be modified only by a written amendment executed by a duly authorized officer of the Bank. 

        6.7   Governing Law.    This Plan and all rights hereunder shall be governed by and construed in accordance with
ERISA applicable to Top Hat plans, and laws of the State of California to the extent not preempted. 

7

 

        6.8   Section 409A.    This Plan is intended to comply, in form and operation, with Section 409A of the
Code, and its provisions shall be interpreted consistent therewith. Notwithstanding any provision of the Plan to the contrary, no distributions will be made under the Plan earlier or later than
permitted under the requirements of Code Section 409A. 

	 	 	Dated: October 23, 2007
	

 	
 	

UNION BANK OF CALIFORNIA, N.A.
	

 	
 	

By:	

/s/ Paul E. Fearer

	

 	
 	

As Its: Director of Human Resources

8

QuickLinks

EXHIBIT 10.5

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN FOR POLICY MAKING OFFICERS

ARTICLE 1 DEFINITIONS

ARTICLE 2 PARTICIPATION

ARTICLE 3 RETIREMENT AND DISABILITY BENEFITS

ARTICLE 4 BENEFIT CALCULATION AND DISTRIBUTION

ARTICLE 5 AMENDMENT AND TERMINATION

ARTICLE 6 MISCELLANEOUS PROVISIONS

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