Document:

EXHIBIT 10.1

 

YEAR
2000 UNIONBANCAL CORPORATION

MANAGEMENT
STOCK PLAN

NON-QUALIFIED STOCK OPTION AGREEMENT

 

This Agreement is made between
UnionBanCal Corporation (the “Company”) and the Optionee as of the Grant Date,
(the “Grant Date”) as set forth on the Stock Option Grant Notice (the “Grant
Notice”) available from the UBS Financial Services Inc. website
(www.ubs.com/onesource/ub).

 

WITNESSETH:

 

WHEREAS, the Company has adopted the Year 2000 UnionBanCal Corporation
Management Stock Plan (the “Plan”) as an amendment and restatement of the
predecessor UnionBanCal Corporation Management Stock Plan authorizing the
issuance of options to purchase the common stock of the Company (“Stock”) to
eligible individuals in connection with the performance of services for the
Company and its Subsidiaries (as defined in the Plan). The Plan is administered
by the Executive Compensation and Benefits Committee (“Committee”) of the
Company’s Board of Directors and is incorporated in this Agreement by reference
and made a part of it; and

 

WHEREAS, the Company regards Optionee 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 the options provided for in this
Agreement to Optionee 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.             (a)           Option
Grant.  The Company hereby grants to
Optionee the right and option to purchase from the Company on the terms and
conditions hereinafter set forth and in the applicable Grant Notice and the
Plan, all or any part of an aggregate number of Shares of Stock shown on the
Grant Notice. This option is not intended to satisfy the requirements of
Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”).

 

(b)           Option Price.  The purchase price of the Stock subject to
this option shall be the Option Price per share, as shown on the Grant Notice,
which price is not less than the per share Fair Market Value as defined in the
Plan of such Stock as of the Grant Date. The term “Option Price” as used in
this Agreement refers to the purchase price of the Stock subject to option.

 

2.             Option Period.
This option will be exercisable only during the Option Period, and during such
Option Period, the exercisability of the option shall be subject to the
limitations of paragraph 3 and the vesting provisions of paragraph 4. The
Option Period shall commence on the Grant Date and except as provided in
paragraph 3, shall end on the Terminal Date which shall be seven years from the
Grant Date.

 

 

3.             Limits on Option
Period.  The Option Period may end
before the Terminal Date, as follows:

 

(a)           If Optionee ceases to
be a bona fide employee of the Company or any of its Subsidiaries for any
reason other than cause, retirement, death or disability as each is defined in
this section 3 during the Option Period, the Option Period shall terminate
three (3) months after the date of such cessation of employment or on the
Terminal Date, whichever shall first occur, and Optionee may exercise the
option only to the extent exercisable under paragraph 4 on the date of Optionee’s
cessation of employment. Notwithstanding the foregoing, if the Optionee’s
employment is terminated under the provisions of the Company’s Separation Pay
Plan, the Option Period shall end three (3) years after such termination or on the
Terminal Date, whichever shall first occur, and during such extended Option
Period, Optionee may exercise the entire unexercised portion of the option,
provided, however, that this sentence shall not apply to the option if the
Grant Date is less than six (6) months prior to the date of such termination of
employment.

 

(b)           If Optionee’s
employment terminates by reason of retirement, the Option Period shall end
three (3) years after such termination or on the Terminal Date, whichever shall
first occur, and Optionee may exercise the entire unexercised portion of this
option (or any lesser amount), provided, however, that this sentence shall not
apply to the option if the Grant Date is less than six (6) months prior to the
date of termination of employment as a result of such retirement. For this
purpose, “retire” means termination of employment with the Company or 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.

 

(c)           If Optionee’s
employment terminates by reason of death, or Optionee becomes entitled to
long-term disability benefits under the Union Bank of California Long Term
Disability Plan while in the employ of the Company or its Subsidiary, the
Option Period shall end one year after such event or on the Terminal Date,
whichever shall first occur, and Optionee (or Optionee’s executor,
administrator, trustee or the person or persons to whom Optionee’s rights under
this option shall pass by will or the applicable laws of descent and
distribution) may exercise the entire unexercised portion of this option (or
any lesser amount), provided, however, that this sentence shall not apply to
the option if the Grant Date is less than six (6) months prior to the date of
termination of employment as a result of death or the date Optionee becomes
entitled to such long-term disability benefits.

 

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(d)           If Optionee 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 Optionee is located, either in a military or civilian
capacity, or for such other purpose or reason as the Committee may approve,
Optionee 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.

 

(e)           If Optionee’s
employment with the Company or a Subsidiary terminates for cause during the
Option Period, the Option Period shall terminate on the date of such
termination of employment and shall not thereafter be exercisable to any extent.
Optionee’s employment shall be terminated “for cause” if it is because of:

 

(i)            theft or embezzlement
by Optionee from, or common law fraud committed by Optionee against, the
Company or its Subsidiaries;

 

(ii)           conviction of Optionee
of a felony involving moral turpitude;

 

(iii)          material breach by
Optionee of any obligation he or she may have as an employee of the Company (or
its Subsidiaries) with respect to confidential information, unfair competition,
or the ownership of intellectual property; or

 

(iv)          material breach by Optionee
of any other obligation he or she may have as an employee of the Company or its
Subsidiaries.

 

4.             Vesting of Right
to Exercise Options.  The shares
covered by this option shall vest thirty-three and one-third percent (33 1/3%)
on each one year anniversary of the Grant Date such that all of the shares
shall be fully vested after three (3) years from the Grant Date. Any portion of
the option that is not exercised shall accumulate and may be exercised at any
time during the Option Period prior to the Terminal Date. No partial exercise
of this option may be for less than 5 percent (5%) of the total number of
shares then available under this option. In no event shall the Company be
required to issue fractional shares.

 

5.             Method of Exercise.
Optionee may exercise the option with respect to all or any part of the shares
of Stock then subject to such exercise as follows:

 

(a)           By giving the Company
or its designated representative written notice of such exercise, specifying
the number of such shares as to which this option is exercised. Such notice
shall be accompanied by an amount equal to the Option Price of such shares, in
the form of: (i) cash; a certified check, bank draft, postal or express money
order payable to the order of the Company in lawful money of the United States;
(ii) by delivery (on a form prescribed by the Committee) of an

 

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irrevocable
direction to a securities broker approved by the Committee to sell shares and
deliver all or a portion of the proceeds to the Company in payment for the
Common Stock; (iii) Common Stock; or (iv) in any combination of the foregoing.

 

(b)           In the event that the
shares are subject to any obligations or restrictions, the Optionee (and
Optionee’s spouse, if any) shall be required, as a condition precedent to
acquiring Stock through exercise of the option, to execute one or more
agreements relating to obligations in connection with ownership of the Stock or
restrictions on transfer of the Stock no less restrictive than the obligations
and restrictions to which the other shareholders of the Company are subject at
the time of such exercise.

 

(c)           If required by the
Company, Optionee shall give the Company satisfactory assurance in writing,
signed by the Optionee or his legal representative, as the case may be, that
such shares are being purchased for investment and not with a view to the
distribution thereof, provided that such assurance shall be deemed inapplicable
to (i) any sale of such shares by such Optionee made in accordance with the
terms of a registration statement covering such sale, which may hereafter be
filed and become effective under the Securities Act of 1933, as amended, and
with respect to which no stop order suspending the effectiveness thereof has
been issued, and (ii) any other sale of such shares with respect to which, in
the opinion of counsel for the Company, such assurance is not required to be
given in order to comply with the provisions of the Securities Act of 1933, as
amended.

 

As soon as
practicable after receipt of the notice required in paragraph 5(a) and
satisfaction of the conditions set forth in paragraphs 5(b) and 5(c), if
applicable, the Company or its designated representative shall, without
transfer or issue tax and without other incidental expense to Optionee, deliver
to Optionee at the office of the Company, at 400 California Street, San
Francisco, California, attention of the Secretary, or such other place as may
be mutually acceptable to the Company and Optionee, a certificate or certificates
of such shares of Stock; provided, however, that the time of such delivery may
be postponed by the Company for such period as may be required for it with
reasonable diligence to comply with applicable registration requirements under
the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as
amended, any applicable listing requirements of any national securities
exchange, and requirements under any other law or regulation applicable to the
issuance or transfer of such shares.

 

6.             Withholding of
Taxes.  Optionee agrees to make
appropriate arrangements with the Company (or Subsidiary that employs the
Optionee) or its designated representative for satisfaction of any applicable
federal, state or local income and employment tax withholding requirements. This
may include the withholding of shares of Stock from the exercise of the option
pursuant to such rules and procedures as the Committee may

 

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establish. Any
shares withheld to satisfy such withholding requirements shall not be available
for subsequent grants under the Plan.

 

7.             Corporate
Transactions.  (a) If there should be
any change in a class of Stock subject to this option, through merger,
consolidation, reorganization, recapitalization, reincorporation, stock split,
stock dividend (in excess of 2 percent) or other change in the corporate
structure of the Company, the Board and the Committee shall make appropriate
adjustments in order to preserve, but not to increase, the benefit to Optionee,
including adjustments in the number of shares of such Stock subject to this
option and in the price per share. (b) Upon the consummation of a “Change of
Control” (as defined in this paragraph 7(b)), this option shall vest and/or
become immediately exercisable, without regard to the vesting provisions of
paragraph 4. For the purposes of this paragraph 7(b), “Change of Control”
means: consummation of a reorganization, merger or consolidation or sale or
other disposition of the stock or all or substantially all of the assets of the
Company or the acquisition of the assets or stock of another entity (“Business
Combination”); excluding, however, such a Business Combination pursuant to
which a Permitted Holder (as defined in this paragraph 7(b)) will beneficially
own, directly or indirectly, 30% or more of, respectively, the outstanding
shares of common stock, and the combined voting power of the then outstanding
voting securities entitled to vote generally in the election of directors
(together, the “Company Stock”), as the case may be, of the corporation
resulting from such Business Combination (including, without limitation, a
corporation which as a result of such transaction owns the Company or all or
substantially all of the Company’s assets either directly or through one or
more subsidiaries), and no individual, entity or group (within the meaning of
Section 13(d) (3) or 14(d)(2) of the Securities Exchange Act of 1934, as
amended), has a greater beneficial interest, directly or indirectly, in the
Company Stock than a Permitted Holder. For purposes of this definition, “Permitted
Holder” shall mean (i) The Bank of Tokyo-Mitsubishi UFJ, Ltd. or any successor
thereto (“BTMU”), (ii) an employee benefit plan of BTMU or (iii) a corporation
controlled by BTMU.

 

8.             Limitations on
Transfer.  In general, this option
shall, during Optionee’s lifetime, be exercisable only by Optionee, and neither
this option nor any right hereunder shall be transferable by Optionee except as
provided by law, or with the consent of the Company, or by will or the laws of
descent and distribution; provided, however, that the option may be transferred
to a trust established by the Optionee for the primary benefit of the Optionee
and Optionee’s spouse, if married, provided that the trust is revocable during
the lifetime of the Optionee and that the trustee on behalf of the trust agrees
in writing to be bound by the terms and conditions of this Agreement. In the
event of any attempt by Optionee or the Optionee’s transferee to gift,
transfer, alienate, assign, pledge, hypothecate, or otherwise dispose of this
option or of any right hereunder, except as provided for in this Agreement, or
in the event of the levy of any attachment, execution, or similar process upon
the rights or interest hereby conferred, the Company at its election may
terminate this option by notice to Optionee and this option shall thereupon
become null and void.

 

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9.             No Shareholder
Rights.  Neither Optionee nor any
person entitled to exercise Optionee’s rights in the event of his death shall
have any of the rights of a shareholder with respect to the shares of Stock
subject to this option except to the extent the certificates for such shares
shall have been issued upon the exercise of this option.

 

10.           No Effect on Terms
of Employment.  Nothing in this
Agreement shall affect the right of the Company (or Subsidiary which employs
Optionee) to terminate or change the terms of employment of Optionee at any
time and for any reason, with or without cause.

 

11.           No Effect on Other
Plans.  In the year in which Optionee
exercises an option or disposes of his or her interest in shares of Stock
acquired under an option, benefits received under this Plan shall not affect
participation in, or the computation of benefits under any other employee
benefit plan of the Company or its Subsidiaries. For purposes of any bonus or
incentive program for which the Optionee is eligible and for purposes of any
employee benefit plans, to the extent permitted by applicable laws and by
pertinent provisions of such plans, the Company or its Subsidiaries shall
disregard any options, shares of Stock and any other benefits received by
Optionee under this Plan.

 

12.           Notice. Any
notice or other paper required to be given or sent pursuant to the terms of
this Agreement shall be sufficiently given or served hereunder to any party
when transmitted by registered or certified mail, postage prepaid, addressed to
the party to be served as follows:

 

	
  Company:

  	
   

  	
  Executive Vice President and
  Director of Human Resources

  
	
   

  	
   

  	
  UnionBanCal Corporation

  
	
   

  	
   

  	
  400 California Street, 10th
  Floor

  
	
   

  	
   

  	
  San Francisco, CA 94104

  
	
   

  	
   

  	
   

  
	
  Optionee:

  	
   

  	
  At Optionee’s address in the
  Company’s files, or to such other address as Optionee may specify in writing
  to the Company.

  
	
   

  	
   

  	
   

  
	
  Plan Administrator:

  	
   

  	
  UBS Financial Services Inc.

  
	
   

  	
   

  	
  300 Lighting Way

  
	
   

  	
   

  	
  Secaucus, NJ 07094

  
	
   

  	
   

  	
  www.ubs.com/onesource/ub

  

 

Any party may
designate another address for receipt of notices so long as notice is given in
accordance with this paragraph.

 

13.           Committee Decisions
Conclusive. All decisions, determinations and interpretations of the
Committee upon any question arising under the Plan or under this Agreement
shall be conclusive and binding on all parties.

 

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14.           Mandatory
Arbitration.  Any dispute arising out
of or relating to this Agreement or the Grant Notice, 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 attorneys 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 Optionee and the Company to be exclusive for all purposes and
applicable to any and all disputes arising out of or relating to this Agreement
and the Grant Notice. 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.

 

15.           Successors.  This Agreement shall be binding upon and shall
inure to the benefit of the parties hereto and their respective heirs,
executors, administrators, successors and assigns. Where the context permits, “Optionee”
as used in this Agreement shall include Optionee’s transferee or executor,
administrator or other legal representative or the person or persons to whom
Optionee’s rights pass by will or the applicable laws of descent and
distribution. Nothing contained in the Plan or this Agreement shall be
interpreted as imposing any liability on the Company or the Committee in favor
of any Optionee or transferee of options with respect to any loss, cost or
expense which such Optionee or transferee may incur in connection with, or
arising out of any transaction involving any options granted hereunder.

 

16.           Integration.  The terms of the Plan, this Agreement and the
Grant Notice are intended by the Company and Optionee to be the final
expression of their contract with respect to the options and other amounts
received hereunder and may not be contradicted by evidence of any prior or
contemporaneous agreement. The Company and Optionee further intend that the
Plan, this Agreement and the Grant Notice shall constitute the complete and
exclusive statement of their terms and that no extrinsic evidence whatsoever
may be introduced in any arbitration, judicial, administrative or other legal
proceeding involving the Plan, this Agreement or the Grant Notice. Accordingly,
the Plan, this Agreement and the Grant Notice contain the entire understanding
between the parties and supersede all

 

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prior oral,
written and implied agreements, understandings, commitments and practices among
the parties. In the event of any conflict among the provisions of the Plan
document, this Agreement and the Grant Notice, the Plan document shall prevail.
The Company and Optionee shall have the right to amend this Agreement in
writing as they mutually agree.

 

17.           Waivers.  Any failure to enforce any terms or conditions
of the Plan, this Agreement or the Grant Notice by the Company or Optionee
shall not be deemed a waiver of that term or condition, nor shall any waiver or
relinquishment of any right or power at any one time or times be deemed a
waiver or relinquishment of that right or power for all or any other times.

 

18.           Severability of
Provisions.  If any provision of the
Plan, this Agreement or the Grant Notice shall be held invalid or
unenforceable, such invalidity or unenforceability shall not affect any other
provision thereof; and the Plan, this Agreement and the Grant Notice shall be
construed and enforced as if none of them included such provision.

 

19.           California Law.  The Plan, this Agreement and the Grant Notice
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. In the event of any arbitration proceedings, actions at law or
suits in equity in relation to the Plan, this Agreement, or the Grant Notice,
the prevailing party in such proceeding, action or suit shall receive from the
losing party its attorneys’ fees and all other costs and expenses of such
proceeding, action or suit.

 

By accepting the Grant Notice on the UBS Financial Services Inc. website,
the Optionee accepts the terms of the Management Stock Plan and this
Non-Qualified Stock Option Agreement. The Optionee also hereby acknowledges
receipt of a copy of the Prospectus, the Management Stock Plan Stock Option
Highlights and the Year 2000 UnionBanCal Corporation Management Stock Plan,
effective January 1, 2000.

 

	
   

  	
  UNIONBANCAL CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ PAUL E. FEARER

  	
   

  
	
   

  	
   

  	
  Paul Fearer, Executive Vice President

  
						

 

8EXHIBIT 10.3

 

YEAR 2000
UNIONBANCAL CORPORATION

MANAGEMENT STOCK PLAN

RESTRICTED STOCK AGREEMENT

 

This Agreement is made as
of                         ,
2006 (the “Award Date”), between
UnionBanCal Corporation (the “Company”) and                         
(“Participant”).

 

WITNESSETH:

 

WHEREAS, the Company has adopted the Year 2000 UnionBanCal
Corporation Management Stock Plan (the “Plan”) as an amendment and restatement
of the predecessor UnionBanCal Corporation Management Stock Plan authorizing
the transfer of common stock of the Company (“Stock”) to eligible individuals
in connection with the performance of services for the Company and its
Subsidiaries (as defined in the Plan). The Plan is administered by the
Executive Compensation and Benefits Committee (“Committee”) of the Company’s
Board of Directors and is incorporated in this Agreement by reference and made
a part of it; 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 Stock provided for in this
Agreement, subject to restrictions, 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.             Restricted
Stock Award.  Contemporaneously with
the execution of this Agreement, the Company will issue to Participant                     shares of Stock. Subject to the vesting requirements next
described, shares evidencing the Stock will be held in a book entry account
controlled by the Company through the transfer agent, subject to the rights of
and limitations on Participant as owner thereof as set forth in the Agreement.
All shares of Stock issued hereunder shall be deemed issued to Participant as
fully paid and nonassessable shares, and Participant shall have all rights of a
shareholder with respect thereto, including the right to vote, to receive
dividends (including stock dividends), to participate in stock splits or other
recapitalizations, and to exchange such shares in a merger, consolidation or
other reorganization. The Company shall pay any applicable stock transfer taxes.
Participant hereby acknowledges that Participant is acquiring the Stock issued
hereunder for investment and not with a view to the distribution thereof, and
that Participant does not intend to subdivide Participant’s interest in the
Stock with any other person.

 

2.             Transfer
Restriction.  No Stock issued to
Participant hereunder shall be sold, transferred by gift, pledged,
hypothecated, or otherwise transferred or disposed of by Participant prior to
the date on which it becomes vested under paragraph 3. This paragraph shall not
preclude the Participant from exchanging the Stock awarded hereunder pursuant
to a cash or stock tender offer, merger, reorganization or consolidation. Notwithstanding
the foregoing, any securities (including stock dividends and stock splits)
received with respect to shares of Stock which are not yet vested under
paragraph 3 shall be subject to the provisions of this Agreement in the same
manner and shall become fully vested at the same time as the Stock with respect
to which the additional securities were issued.

 

 

3.             Vesting.

 

(a)           Participant’s
interest in the Stock awarded under paragraph 1 (including applicable stock
dividends and stock splits) shall become vested and nonforfeitable in
accordance with the following schedule so long as Participant remains a bona
fide employee of the Company (or its Subsidiaries). Upon vesting, the Company
or its designated representative shall deliver to Participant the certificates
evidencing the nonforfeitable shares, provided the withholding requirements of
paragraph 5 have been satisfied.

 

(1)           On
                 ,
     % of the number of shares of Stock awarded
hereunder shall become fully vested and nonforfeitable.

 

(2)           On
                 ,
an additional      % of the number of shares of Stock
awarded hereunder shall become fully vested and nonforfeitable.

 

(3)           On
                 ,
an additional      % of the number of shares of Stock
awarded hereunder shall become fully vested and nonforfeitable.

 

(4)           On
                 ,
the balance of the shares of Stock awarded hereunder shall become fully vested
and nonforfeitable.

 

In addition, upon attainment of retirement age while
Participant is a bona fide employee of the Company (or its Subsidiaries), the
shares of Stock awarded hereunder shall become fully vested and nonforfeitable.
Retirement age means 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)           If Participant ceases to be a bona fide
employee of the Company or any of its Subsidiaries for any reason other than
death or disability (within the meaning of subparagraph (c)), all shares of
Stock to the extent not yet vested under subparagraph (a) on the date
Participant ceases to be an employee shall be forfeited by Participant without
payment of any consideration to Participant therefor. Any shares of Stock so
forfeited shall be canceled and returned to the status of authorized but
unissued shares. Notwithstanding the foregoing, if the Participant’s employment
is terminated under the provisions of the Company’s Separation Pay Plan,
Participant’s interest in all shares of Stock awarded hereunder shall become
fully vested and nonforfeitable as of the date of termination, provided,
however, that this sentence shall not apply if the Award Date is less than six
(6) months prior to the date of such termination of employment.

 

(c)           If
Participant’s employment terminates by reason of death, or Participant becomes
entitled to long-term disability benefits under the Union Bank of California
Long

 

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Term Disability Plan
while in the employ of the Company or any of its Subsidiaries, Participant’s
interest in all shares of Stock awarded hereunder shall become fully vested and
nonforfeitable as of the date of death or long-term disability.

 

(d)           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.

 

4.             Section
83(b) Election.  Participant hereby
represents that he or she understands: (a) the contents and requirements of the
election provided under Section 83(b) of the Internal Revenue Code, (b) the
application of Section 83(b) to the award of Stock to Participant pursuant to
this Agreement, (c) the nature of the election which can be made by Participant
under Section 83(b), and (d) the effect and requirements of the Section 83(b)
election under applicable state and local tax laws. Participant acknowledges
that an election pursuant to Section 83(b) must be filed with the Internal Revenue
Service within thirty days following the Award Date, with his federal income
tax return for the taxable year in which the Award Date occurs, and with the
Company or its Subsidiary which is his employer.

 

5.             Withholding
of Taxes.  Participant shall pay
directly to the Company (or the Subsidiary that employs Participant) or to its
designated representative the amount necessary to satisfy all applicable
federal, state, and local income and employment tax withholding requirements. The
Committee, in its discretion, may withhold the required amount from other
payments to Participant or withhold shares of Stock necessary to satisfy any
such requirements. Any shares withheld to satisfy such withholding requirements
shall not be available for subsequent grants under the Plan.

 

6.             No
Effect on Terms of Employment.  Nothing
in this Agreement shall affect the right of the Company (or Subsidiary which
employs Participant) to terminate or change the terms of employment of
Participant at any time and for any reason, with or without cause.

 

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7.             No
Effect on Other Plans. The Stock transferred pursuant to this Agreement
shall not affect participation in, or the computation of benefits under any
other employee benefit plan of the Company or its Subsidiaries. For purposes of
any bonus or incentive program for which the Participant is eligible and for
purposes of any employee benefit plans, to the extent permitted by applicable
laws and by pertinent provisions of such plans, the Company or its Subsidiaries
shall disregard any shares of Stock and any other benefits received by
Participant under this Plan.

 

8.             Notice.
Any notice or other paper required to be given or sent pursuant to the terms of
this Agreement shall be sufficiently given or served hereunder to any party
when transmitted by registered or certified mail, postage prepaid, addressed to
the party to be served as follows:

 

	
  Company:

  	
   

  	
  Executive Vice
  President and Director of Human Resources

  
	
   

  	
   

  	
  UnionBanCal Corporation

  
	
   

  	
   

  	
  400 California Street,
  10th Floor

  
	
   

  	
   

  	
  San Francisco, CA 94104

  
	
   

  	
   

  	
   

  
	
  Participant:

  	
   

  	
  At Participant’s
  address as it appears under Participant’s signature to this Agreement, or to
  such other address as Participant may specify in writing to the Company.

  

 

Any party may designate
another address for receipt of notices so long as notice is given in accordance
with this paragraph.

 

9.             Committee
Decisions Conclusive. All decisions, determinations and interpretations of
the Committee arising under the Plan or under this Agreement shall be
conclusive and binding on all parties.

 

10.           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 attorneys 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 Participant and the
Company to be exclusive for all purposes and applicable to any and all disputes
arising out of or relating

 

4

 

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.

 

11.           Successors.
This Agreement shall be binding upon and shall inure to the benefit of the
parties hereto and their respective heirs, executors, administrators,
successors and assigns. Nothing contained in the Plan or this Agreement shall
be interpreted as imposing any liability on the Company or the Committee in
favor of any Participant or any purchaser or other transferee of Stock with
respect to any loss, cost or expense which such Participant, purchaser or
transferee may incur in connection with, or arising out of any transaction
involving any shares of Stock subject to the Plan or this Agreement.

 

12.           Integration.
The terms of the Plan and this Agreement are intended by the Company and the
Participant to be the final expression of their contract with respect to the
shares of Stock and other amounts received under the Plan and may not be
contradicted by evidence of any prior or contemporaneous agreement. The Company
and the Participant further intend that the Plan and this Agreement shall
constitute the complete and exclusive statement of their terms and that no
extrinsic evidence whatsoever may be introduced in any arbitration, judicial,
administrative or other legal proceeding involving the Plan or this Agreement. Accordingly,
the Plan and this Agreement contain the entire understanding between the
parties and supersede all prior oral, written and implied agreements,
understandings, commitments and practices among the parties. In the event of
any conflict among the provisions of the Plan document and this Agreement, the
Plan document shall prevail. The Company and Participant shall have the right
to amend this Agreement in writing as they mutually agree.

 

13.           Waivers.
Any failure to enforce any terms or conditions of the Plan or this Agreement by
the Company or by the Participant shall not be deemed a waiver of that term or
condition, nor shall any waiver or relinquishment of any right or power at any
one time or times be deemed a waiver or relinquishment of that right or power
for all or any other times.

 

14.           Severability
of Provisions. If any provision of the Plan or this Agreement shall be held
invalid or unenforceable, such invalidity or unenforceability shall not affect
any other provision thereof; and the Plan and this Agreement shall be construed
and enforced as if neither of them included such provision.

 

5

 

15.           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. In the event of any arbitration
proceedings, actions at law or suits in equity in relation to the Plan or this
Agreement, the prevailing party in such proceeding, action or suit shall
receive from the losing party its attorneys’ fees and all other costs and
expenses of such proceeding, action or suit.

 

IN WITNESS WHEREOF, the
parties hereto have duly executed this Restricted Stock Agreement as of the
date first above written. The Participant also hereby acknowledges receipt of a
copy of the Prospectus and the Year 2000 UnionBanCal Corporation Management
Stock Plan, effective January 1, 2000.

 

	
   

  	
   

  	
  UNIONBANCAL CORPORATION

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Paul Fearer, Executive
  Vice President

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Participant

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Social Security Number

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Printed Name

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Street Address

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  City

  	
  State

  	
  ZIP

  	
   

  
						

 

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