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EXHIBIT 10.15    
    

 
  YEAR 2000 UNIONBANCAL CORPORATION
  MANAGEMENT STOCK PLAN
  
    2008 PERFORMANCE SHARE PLAN
  STOCK UNIT DEFERRAL ELECTIONS
  
    TERMS AND CONDITIONS    
    

The
Executive Compensation and Benefits Committee (the "Committee") of the Board of Directors (the "Board") of UnionBanCal Corporation (the "Company"), pursuant to its authority under the Year 2000
UnionBanCal Corporation Management Stock Plan (the "Management Stock Plan"), has approved the following terms and conditions applicable to 2008 Performance Share Plan stock unit deferral elections
(these "Terms and Conditions"). These Terms and Conditions shall apply to elections to defer the delivery of shares of common stock of the Company ("Stock") payable to Participants for Earned Awards
under the Company's Performance Share Plan and the applicable Performance Share Agreement between the Company and the Participant made as of January 1, 2008. Capitalized terms used but not
otherwise defined herein shall have the meanings attributed thereto in the applicable Performance Share Agreement, the provisions of which are incorporated herein by reference. 

	1.
	Deferral
Elections.    A Participant in the Company's Performance Share Plan who has received a grant of Performance Shares for the Performance
Cycle extending from January 1, 2008 through December 31, 2010, may irrevocably elect to defer delivery of all or a portion of the shares of Stock payable for his or her Earned Award by
making an election on or before December 31, 2007 in accordance with procedures established by the Committee. All elections shall be in writing in the form of the Stock Unit Deferral Election
attached hereto or such other form as provided by the Committee (the "Deferral Election"). To be effective, the Deferral Election must be received by the Company's Human Resources Department on or
before December 31, 2007, and must be signed and dated by the Participant and the Company's Director of Human Resources or his or her designee. The Deferral Election shall specify the
percentage of Earned Award subject to deferral in 5% increments up to a maximum of 100%, and shall specify the time and method of distribution of deferred amounts pursuant to Section 6 below.
The Deferral Election shall incorporate these Terms and Conditions by reference.

	2.
	Stock
Units; Stock Unit Accounts.

	(a)
	Stock
Units.    If a Participant elects to defer a portion of his or her Earned Award, the Company shall, as of the date on which such Earned
Award otherwise would have been paid, credit to a memorandum account in the name of the Participant (the "Stock Unit Account") a number of Stock Units equal to the number of shares of Stock otherwise
payable to the Participant for the Earned Award under the Management Stock Plan. Each Stock Unit shall represent the right to receive a share of Stock subject to the terms and conditions set forth in
these Terms and Conditions.

	(b)
	Statements.    The
Company shall submit to each Participant, within one hundred twenty (120) days after the close of each calendar year,
a statement in such form as the Committee or its delegate deems desirable setting forth the balance of each Participant's Stock Unit Account.

	3.
	Vesting
of Stock Units.    Stock Units credited to a Participant's Stock Unit Account with respect to deferred Earned Awards shall be fully
vested at all times. Stock Units representing dividend equivalents credited pursuant to Section 5 below shall also be fully vested at all times.

	4.
	Limitations
on Rights Associated with Stock Units.    The Stock Units credited to a Participant's Stock Unit Account shall be used solely as a
device for the determination of the number of shares 

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of
Stock to be distributed eventually to the Participant pursuant to the Performance Share Agreement and the Management Stock Plan. The Stock Units shall not be treated as property or as a trust fund
of any kind. No Participant shall be entitled to any voting or other stockholder rights with respect to Stock Units granted or credited under the Plan. The number of Stock Units credited (and the
Stock to which the Participant is entitled upon distribution under the Management Stock Plan) shall be subject to adjustment in accordance with Section 7 hereof and Section 3(b) of the
Management Stock Plan. The Deferral Election and these Terms and Conditions shall create only a contractual obligation on the part of the Company as to such amounts and shall not be construed as
creating a trust. The Management Stock Plan, in and of itself, has no assets. A Participant shall have only the rights of a general unsecured creditor of the Company with respect to amounts credited
and rights no greater than the right to receive the Stock as a general unsecured creditor. 

	5.
	Dividend
Equivalent Credits to Stock Unit Accounts.    As of each date on which dividends are paid with respect to the Stock, a Participant's
Stock Unit Account shall be credited with additional Stock Units in an amount equal to (i) the amount of the dividends paid on that number of shares of Stock equal to the aggregate number of
Stock Units allocated to the Participant's Stock Unit Account as of that date divided by (ii) the Fair Market Value (as defined in the Management Stock Plan) of a share of Stock as of such
date.

	6.
	Time
and Method of Distribution of Stock.

	(a)
	Time
of Distribution.    The Deferral Election shall specify the date as of which the distribution shall be made or commence (the "Payment
Date"), which shall be either:

	(1)
	Participant's
termination of employment for any reason with the Company and its Subsidiaries, or

	(2)
	A
date certain subsequent to 2010. 

A
Participant may not change the election of a Payment Date unless otherwise permitted by the Committee in accordance with the requirements of Section 409A of the Internal Revenue Code of 1986,
as amended (the "Code"), pursuant to Section 6(c) below. 

	(b)
	Method
of Distribution.    The Deferral Election shall specify the method in which the distribution of Stock shall be made, as elected by the
Participant, which shall be either:

	(1)
	in
a single distribution on the Payment Date or as soon as the Company determines is administratively feasible (but not more than 90 days) thereafter,

	(2)
	in
four substantially equal annual installments, commencing on the Payment Date or as soon as the Company determines is administratively feasible (but not more than 90 days)
thereafter, or

	(3)
	in
ten substantially equal annual installments, commencing on the Payment Date or as soon as the Company determines is administratively feasible (but not more than 90 days)
thereafter. 

A
Participant may not change the method of any distribution election unless otherwise permitted by the Committee in accordance with the requirements of Section 409A of the Code, pursuant to
Section 6(c) below. 

2

 

	(c)
	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 method of distribution subject to the following requirements:

	(1)
	The
new election may not take effect until at least twelve (12) months after the date on which the new election is made;

	(2)
	If
the payment is not on account of death or disability within the meaning of Section 22(e)(3) of the Code, 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

	(3)
	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).

	(d)
	Effect
of Death, Disability or Change in Control.    Notwithstanding Sections 6(a) or (b) hereof, if the Participant dies or
becomes disabled within the meaning of Section 22(e)(3) of the Code, or if the Company is subject to a Change in Control (as defined below), the Stock Units then credited to Participant's Stock
Unit Account shall be settled by means of a distribution of shares of Stock in a lump sum as soon as the Company determines is administratively practicable (but not more than 90 days)
thereafter. Notwithstanding the foregoing, the settlement of Participant's Stock Unit Account shall not be accelerated upon a Change in Control unless the Change in Control satisfies the applicable
requirements for a distribution in compliance with Section 409A(a)(2) of the Code.

	(e)
	Change
in Control.    For purposes of these Terms and Conditions, a "Change in Control" of the Company shall be deemed to have occurred upon the
happening of any of the following events: consummation of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets or stock 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) a Permitted Holder 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 (b) 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.

	(f)
	Form
of Distribution.    Stock Units may be settled only in whole shares of Stock. Fractional shares shall be settled in cash.

	(g)
	Section 409A.    These
Terms and Conditions and the Deferral Election are intended to comply with the requirements of Section 409A
of the Code and shall be interpreted in accordance therewith. No distribution otherwise required to be made to a Participant under the Deferral Election and these Terms and Conditions in connection
with the Participant's 

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termination
of employment shall be made before the earlier of (i) the expiration of the six (6)-month period measured from the date of the Participant's "separation from service" (as such term
is defined in Treasury Regulations issued under Section 409A of the Code) or (ii) the date of the Participant's death, if the Company in good faith determines that the Participant is a
"specified employee" within the meaning of that term under Code Section 409A and that such delayed payment is required in order to avoid a prohibited distribution under Code
Section 409A(a)(2). Any payment delayed pursuant to this Section 6(g) shall be made in full upon the expiration of the applicable Code Section 409A(a)(2) deferral period or such
later date as would otherwise have been required under the Deferral Election and these Terms and Conditions. In addition, the provisions of the Deferral Election and these Terms and Conditions which
require a payment subject to Section 409A upon a termination of employment shall be interpreted to require that the Participant have a "separation from service" (as such term is defined in
Treasury Regulations issued under Code Section 409A). 

The
acceleration of the time or schedule of any payment prior to the date or dates otherwise provided herein 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: 

	(1)
	Divestiture.    Payment 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.

	(2)
	Income Inclusion Under Code Section 409A.    If the deferral 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.

	(3)
	Other.    Payment may be accelerated under such other circumstances permitted under applicable guidance under
Section 409A of the Code. 

To
the extent permitted under Section 409A of the Code, the Committee may, in its discretion, delay payment beyond the date otherwise provided herein in the event the Committee reasonably
anticipates that the payment will violate federal securities laws or other applicable law, until 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, and under such other circumstances permitted under applicable guidance under Section 409A of the Code. 

	7.
	Adjustments
in Case of Corporate Transactions.    If there should be any change in the Company's Stock 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 of Directors and the
Committee shall make appropriate adjustments in order to preserve but not to duplicate or otherwise increase the benefit to the Participants (taking into account any dividend equivalents credited
pursuant to Section 5), including adjustments in the number of Stock Units credited to Participant's Stock Unit Account. Any adjustment made pursuant to this Section 7 as a consequence
of a change in the corporate structure of the Company shall not entitle a Participant to receive a number of shares of Stock of the Company or shares of stock of any successor company greater than the
number of shares the Participant would receive if, prior to such change, the Participant had actually held a number of shares of Stock equal to the number of Stock Units then credited to his or her
Stock Unit Account. 

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	8.
	Company's
Right to Withhold.    No stock certificates will be issued to the Participant unless the Participant has made arrangements acceptable
to the Company to pay any withholding taxes that may be due in connection with the Stock Units, whether at the time of deferral, settlement or otherwise. By signing the Deferral Election, the
Participant authorizes the Company, or the Subsidiary that employs the Participant, to satisfy all withholding obligations of the Company or the Subsidiary from the Participant's wages or other cash
compensation payable to the Participant by the Company or the Subsidiary. The Company may also satisfy any tax withholding obligation arising upon distribution of a Participant's Stock Unit Account by
reducing the number of shares of Stock otherwise deliverable to the Participant. The appropriate number of shares required to satisfy any such tax withholding obligation will be based on the Fair
Market Value (as defined in the Management Stock Plan) of a share of Stock on the business day prior to the date of distribution.

	9.
	Employee
Rights.    The Deferral Election and these Terms and Conditions do not create a contract of employment and do not imply or confer any
other employment rights.

	10.
	Beneficiaries.

	(a)
	Beneficiary
Designation.    Upon forms provided by and subject to conditions imposed by the Committee, a Participant may designate in writing
the Beneficiary or Beneficiaries (as defined below) whom such Participant desires to receive any amounts payable under the Deferral Election after his or her death. A Beneficiary designation must be
signed and dated by the Participant and delivered to the Committee to become effective. The Company and the Committee may rely on the Participant's designation of a Beneficiary or Beneficiaries last
filed in accordance with the Committee's procedures.

	(b)
	Definition
of Beneficiary.    A Participant's "Beneficiary" or "Beneficiaries" shall be the person(s) designated in writing by the Participant
to receive his or her benefits under the Deferral Election if the Participant dies before receiving all of his or her benefits. 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 estate.

	11.
	Mandatory
Arbitration.    Claims for benefits under the Deferral Election or these Terms and Conditions shall first be brought in accordance
with the claims procedures set forth in Article X of the Union Bank of California Retirement Plan, which is incorporated herein by reference. After exhaustion of such claims procedures, any
dispute arising out of or relating to the Deferral Election or these Terms and Conditions, including their 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
Section 11. The provisions of this Section 11 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 to the Terms and Conditions and the Deferral Election. 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, 

5

 

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 Section 11. 

	12.
	Other
Provisions.

	(a)
	Administration.    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 Deferral Elections, to construe and interpret these Terms and Conditions, the rules and regulations, and the Deferral Election, and to make all other
determinations and interpretations with respect to the Deferral Elections. All decisions, determinations and interpretations of the Committee shall be final, binding and conclusive on all persons. The
Committee may delegate its responsibilities as it sees fit.

	(b)
	Notices.    Any
notices to be given under these Terms and Conditions or a Deferral Election shall be in writing and addressed to the Company at
its principal executive office, to the attention of the head of Company's Human Resources Corporate Benefits Department and to the Participant at the address given beneath the Participant's signature
on the Deferral Election or to his or her last address of record in the records of the Company.

	(c)
	Amendments.    The
Committee shall have the right to amend these Terms and Conditions in whole or in part from time to time; provided, however,
that no such amendment shall adversely affect the amount of outstanding Stock Units credited to a Participant's Stock Unit Account prior to the effective date of such amendment without the
Participant's written consent.

	(d)
	Governing
Law; Attorneys' Fees; Severability.    The validity of the Management Stock Plan, these Terms and Conditions, the Deferral Election
and any provisions thereof, shall be construed, administered, and governed in all respects under and by 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 Management Stock Plan, these Terms and Conditions or the Deferral Election,
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. If any provisions
of the Management Stock Plan, these Terms and Conditions or the Deferral Election shall be held by a court of competent jurisdiction to be invalid or unenforceable, the remaining provisions thereof
shall continue to be fully effective.

	(e)
	Compliance
with Laws.    The Management Stock Plan, these Terms and Conditions, the Deferral Election and the offer, issuance, and delivery of
shares of Stock through the deferral of compensation under the Management Stock Plan and these Terms and Conditions are subject to compliance with all applicable federal and state laws, rules, and
regulations (including but not limited to state and federal securities law) and to such approvals by any listing, agency, or regulatory or governmental authority as may, in the opinion of counsel for
the Company, be necessary or advisable in connection therewith. Any securities delivered under the Management Stock Plan and these Terms and Conditions shall be subject to such restrictions, and the
person acquiring such securities shall, if requested by the Company, provide such assurances and representations to the Company as the Company may deem necessary or desirable to assure compliance with
all applicable securities laws and other legal requirements.

	(f)
	Restrictions
on Transfer.    Neither the Stock Units, nor any interest therein, nor amount payable or Stock deliverable in respect thereof, may
be sold, assigned, transferred, pledged, or 

6

 

otherwise
disposed of, alienated, or encumbered, either voluntarily or involuntarily, other than by will or the laws of descent and distribution, and in the event thereof, the Committee at its
election may terminate the Stock Units. Stock issued upon settlement of a Stock Unit Account shall be subject to such restrictions on transfer as may be necessary or advisable, in the opinion of legal
counsel to the Company, to assure compliance with applicable securities laws. 

	(g)
	Successors.    These
Terms and Conditions 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, "Participant" as used in these Terms and Conditions shall include Participant's executor, administrator, trustee or other
legal representative or the person or persons to whom Participant's rights pass by will or the applicable laws of descent and distribution. Nothing contained in the Management Stock Plan, these Terms
and Conditions or the Deferral Election shall be interpreted as imposing any liability on the Company or the Committee in favor of any Participant or transferee of Stock Units with respect to any
loss, cost or expense which such Participant or transferee may incur in connection with, or arising out of any transaction involving any Stock Units granted hereunder.

	(h)
	Integration.    By
signing the Deferral Election, the Participant agrees that the terms of the Management Stock Plan, these Terms and Conditions
and the Deferral Election are intended by the Company and Participant to be the final expression of their contract with respect to the Stock Units and other amounts received hereunder and may not be
contradicted by evidence of any prior or contemporaneous agreement, and 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 Management Stock Plan, these Terms and Conditions and the Deferral Election Plan. Accordingly, the
Management Stock Plan, these Terms and Conditions and the Deferral Election 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 Management Stock Plan, these Terms and Conditions and the Deferral Election, the
Management Stock Plan shall prevail.

	(i)
	Waivers.    Any
failure to enforce any provisions of the Management Stock Plan, these Terms and Conditions or the Deferral Election by the
Company or the Participant shall not be deemed a waiver of that provision, 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. 

7

 
 

YEAR 2000 UNIONBANCAL CORPORATION
  MANAGEMENT STOCK PLAN
  
    2008 PERFORMANCE SHARE PLAN
  STOCK UNIT DEFERRAL ELECTION    
    

Election to Defer Performance Share Payment  

I
hereby elect to defer receipt of             % (in 5% increments from 5% to 100%) of any Earned Awards to which I may become entitled under my Performance Share
Agreement with UnionBanCal Corporation (the "Company") made as of January 1, 2008, pursuant to the attached Terms and Conditions, which (including the definition of terms) are incorporated
herein by reference. I understand that this election is irrevocable. 

Payment Date  

I
elect to have all amounts credited to my Stock Unit Account paid upon (or commencing upon) the following Payment Date: 

o
termination of my employment with the Company and its Subsidiaries, or 

o                                    
  (must be a date certain following 2010). 

I understand that this election is irrevocable, but that the Terms and Conditions provide for accelerated or delayed payment and subsequent deferral elections in certain
circumstances. 

Method of Payment  

I
elect to have all amounts credited to my Stock Unit Account paid as follows: 

o
in a single distribution on the Payment Date, or as soon as the Company determines is administratively feasible (but not more than 90 days)
thereafter, 

o in four substantially equal annual installments commencing on the Payment Date, or as soon as the Company determines is
administratively feasible (but not more than 90 days) thereafter, or 

o in ten substantially equal annual installments commencing on the Payment Date, or as soon as the Company determines is
administratively feasible (but not more than 90 days) thereafter. 

I understand that this election is irrevocable, but that the Terms and Conditions provide for an automatic single installment and subsequent deferral elections in certain
circumstances. 

 
 

YEAR 2000 UNIONBANCAL CORPORATION
  MANAGEMENT STOCK PLAN
  
    2008 PERFORMANCE SHARE PLAN
  STOCK UNIT DEFERRAL ELECTION    
    

I
understand that there is no guarantee of income tax deferral under this Deferral Election. I also understand that it is my responsibility to seek appropriate tax advice as to the income tax
consequences of my participation in the Management Stock Plan and this Deferral Election, including the effect of Section 409A of the Internal Revenue Code, and to make arrangements to pay
Social Security, Medicare and SDI taxes that may be due at time of deferral. 

	

Executed on	

 	
 	

, 2007, at	

 
	 	
	 	 	

	 

	
 Participant's Signature	 	 
	

 Participant's Printed Name	
 	

 
	

o I do not elect to defer.	
 	

 
	

UNIONBANCAL CORPORATION	
 	

 
	

By:	

 	
 	

 
	 	
	 	 
	

Name:	
 	

 
	

Title:	
 	

 

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EXHIBIT 10.15

YEAR 2000 UNIONBANCAL CORPORATION MANAGEMENT STOCK PLAN 2008 PERFORMANCE SHARE PLAN STOCK UNIT DEFERRAL ELECTIONS TERMS AND CONDITIONS

YEAR 2000 UNIONBANCAL CORPORATION MANAGEMENT STOCK PLAN 2008 PERFORMANCE SHARE PLAN STOCK UNIT DEFERRAL ELECTION

YEAR 2000 UNIONBANCAL CORPORATION MANAGEMENT STOCK PLAN 2008 PERFORMANCE SHARE PLAN STOCK UNIT DEFERRAL ELECTIONQuickLinks
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EXHIBIT 10.28    
    

 
  UNIONBANCAL CORPORATION MANAGEMENT STOCK PLAN
  TERMS AND CONDITIONS APPLICABLE TO
  NON-EMPLOYEE DIRECTOR STOCK UNIT AWARDS    
    

        The Executive Compensation and Benefits Committee (the "Committee") of the Board of Directors (the "Board") of UnionBanCal Corporation (the "Company"), pursuant
to its authority under the Year 2000 UnionBanCal Corporation Management Stock Plan (the "Plan"), has approved the following Terms and Conditions Applicable to Non-Employee Director Stock
Unit Awards (these "Terms and Conditions"), which shall apply to the award of Stock Units to Non-Employee Directors in lieu of certain fees pursuant to deferral elections under the Plan.
Capitalized terms used but not otherwise defined herein shall have the meanings attributed thereto in the Plan, the provisions of which are incorporated herein by reference. 

        1.    Eligibility.    All Non-Employee Directors are eligible to elect
irrevocably to defer all or a portion of their Retainer Fees or Meeting Fees (as defined below), or both, and instead receive Stock Units pursuant to these Terms and Conditions and the Plan. An
eligible Director who executes a Non-Employee Director Stock Unit Award Agreement or who has previously deferred fees under the Plan and who continues to have an account balance greater
than zero will be considered a "Participant" for purposes of these Terms and Conditions and the Plan. 

        2.    Deferral Election.    

        (a)    Elections.    A Non-Employee Director may irrevocably elect to defer a
portion of his or her annual retainer for services to be rendered on the Board of Directors of the Company and its Subsidiaries, including additional fees paid to committee chairpersons (together,
"Retainer Fees"), during the following calendar year in Stock Units by making an election on or before the December 31 preceding such calendar year, in accordance with procedures established by
the Committee. A Non-Employee Director may also irrevocably elect to defer a portion of his or her fees for attendance at meetings of the Board of Directors of the Company and its
Subsidiaries, and committees thereof (together, "Meeting Fees") during the following calendar year in Stock Units by making an election on or before the December 31 preceding such calendar
year, in accordance with
procedures established by the Committee. The Committee may permit any Non-Employee Director who first becomes eligible to participate in the Plan on or after the first day of any calendar
year to make a Stock Unit deferral election within thirty (30) days following his or her eligibility with respect to Retainer and/or Meeting Fees to be earned for services performed after the
date of the election. Under no circumstances may a Non-Employee Director elect to defer fees that have already been earned. 

        (b)    Non-Employee Director Stock Unit Award Agreement.    All elections
shall be in writing in the form of the Non-Employee Director Stock Unit Award Agreement attached hereto or such other form as provided by the Committee (the "Stock Unit Agreement"). To be
effective, the Stock Unit Agreement must be received by the Company's Human Resources Department on or before the deadline specified in Section 2(a) above, and must be signed and dated by the
Participant and the Company's Director of Human Resources or his or her designee. The Stock Unit Agreement shall specify the percentage of Retainer Fees and/or Meeting Fees subject to deferral in 5%
increments up to a maximum of 100%, and shall specify the time and method of distribution of deferred amounts pursuant to Section 7 below. The Stock Unit Agreement shall incorporate these Terms
and Conditions by reference. 

        3.    Stock Units; Stock Unit Accounts.    

        (a)    Crediting to Stock Unit Accounts.    If a Participant elects to defer a portion of
his or her Retainer or Meeting Fees, the Company shall, as of the last day of the month in which such fees otherwise would have been paid, credit to an account in the name of the Participant (the
"Stock Unit Account") a number of Stock Units determined by dividing the applicable deferred portion of the Participant's fees by the Fair Market Value of a share of Common Stock on such date. If the 

 

Participant
has entered into more than one Stock Unit Agreement and they specify different times or methods of distribution pursuant to Section 7(b), the Company shall establish, within such
Participant's Stock Unit Account, such subaccounts as are necessary or convenient (the "Distribution Subaccounts") to account separately for deferrals, including dividend equivalents credited pursuant
to Section 6 below, which are subject to different distribution elections. 

        (b)    Statements.    The Company shall submit to each Participant, within one hundred
twenty (120) days after the close of each calendar year, a statement in such form as the Committee or its delegate deems desirable setting forth the balance of each Participant's Stock Unit
Account. 

        4.    Vesting of Stock Units.    Stock Units credited to a Participant's Stock Unit
Account with respect to deferred Retainer Fees and/or Meeting Fees shall be fully vested at all times. Units representing dividend equivalents credited pursuant to Section 6 below shall also be
fully vested at all times. 

        5.    Limitations on Rights Associated with Stock Units.    A Participant's Stock Unit
Account shall be a memorandum account on the books of the Company. The Stock Units credited to a Participant's Stock Unit Account shall be used solely as a device for the determination of the number
of shares of Common Stock to be distributed eventually to the Participant under the Plan pursuant to Section 7. The Stock Units shall not be treated as property or as a trust fund of any kind.
No Participant shall be entitled to any voting or other stockholder rights with respect to Stock Units granted or credited under the Plan. The number of Stock Units credited (and the Common Stock to
which the Participant is entitled upon distribution under the Plan) shall be subject to adjustment in accordance with Section 8 hereof and Section 3(b) of the Plan. The Stock Unit
Agreement and these Terms and Conditions shall create only a contractual obligation on the part of the Company as to such amounts and shall not be construed as creating a trust. The Plan, in and of
itself, has no assets. A Participant shall have only the rights of a general unsecured creditor of the Company with respect to amounts credited and rights no greater than the right to receive the
Common Stock (or equivalent value) as a general unsecured creditor. 

        6.    Dividend Equivalent Credits to Stock Unit Account.    As of each date on which
dividends are paid with respect to the Common Stock, a Participant's Stock Unit Account shall be credited with additional Stock Units in an amount equal to (i) the amount of the dividends paid
on that number of shares of Common Stock equal to the aggregate number of Stock Units allocated to the Participant's Stock Unit Account as of that date divided by (ii) the Fair Market Value of
a share of Common Stock as of such date. 

        7.    Distribution of Stock.    

        (a)    Time and Method of Distribution.    A Participant shall be entitled to receive a
distribution of whole shares of Common Stock equal to the number of Stock Units allocated to his or her Stock Unit Account, including dividend equivalents credited pursuant to Section 6, in
accordance with the Participant's election made pursuant to the Participant's Stock Unit Agreement. Any fractional share of Common Stock shall be distributed in cash. 

        (b)    Time of Distribution.    Each Participant shall elect on the Stock Unit Agreement
the date as of which the distribution shall be made or commence (the "Payment Date"), which shall be either: 

        (i)    the
Participant's termination of service for any reason as a member of the Board of Directors of the Company and its Subsidiaries, or 

        (ii)   January 31
of any year subsequent to the year in which the Retainer and/or Meeting Fees would have been paid absent the deferral election, provided that the
deferral period must be at least 36 months. 

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        A
Participant may not change the election of a Payment Date with respect to any Retainer and/or Meeting Fees deferred under Section 2(a). Unless otherwise permitted by the
Committee in accordance with the requirements of Section 409A of the Code, such election shall be irrevocable. 

        (c)    Method of Distribution.    Each Stock Unit Agreement shall specify the method in
which the distribution shall be made, as elected by the Participant, which shall be either: 

        (i)    in
a single lump sum on the Payment Date or as soon as the Company determines is administratively feasible (but not more than 90 days) thereafter, 

        (ii)   in
four substantially equal annual installments, commencing on the Payment Date or as soon as the Company determines is administratively feasible (but not more than
90 days) thereafter, or 

        (iii)  in
ten substantially equal annual installments, commencing on the Payment Date or as soon as the Company determines is administratively feasible (but not more than
90 days) thereafter. 

        A
Participant may not change the method of any distribution election with respect to any Retainer Fees and/or Meeting Fees deferred under Section 2(a). Unless otherwise permitted
by the Committee in accordance with the requirements of Section 409A of the Code, such election shall be irrevocable. 

        (d)    Effect of Death, Disability or Change in Control.    Notwithstanding
Sections 7(a), (b) or (c) hereof, if a Participant dies or becomes disabled (within the meaning of Section 22(e)(3) of the Code), or if a Change in Control (as defined
below) occurs, the Participant's Stock Unit Account to the extent then credited shall be distributed as soon as the Company determines is administratively practicable (but not more than
90 days) thereafter, in a lump sum. Notwithstanding the foregoing, the distribution of a Participant's Stock Unit Account shall not be accelerated upon a Change in Control unless the Change in
Control satisfies the applicable requirements for a distribution in compliance with Section 409A(a)(2) of the Code. 

        (e)    Change in Control.    For purposes of these Terms and Conditions, a "Change in
Control" of the Company shall be deemed to have occurred upon the happening of any of the following events: consummation of a reorganization, merger or consolidation or sale or other disposition of
all or substantially all of the assets or stock 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 (a) will beneficially own, directly or indirectly, 30% 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 (b) 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. 

        (f)    Form of Distribution.    Stock Units credited to a Participant's Stock Unit
Account shall be distributed in an equivalent whole number of shares of the Company's Common Stock. Fractions of shares shall be paid in cash in connection with any distribution. 

3

 

        (g)    Section 409A.    These Terms and Conditions and the Stock Unit Agreements
are intended to comply with the requirements of Section 409A of the Code and shall be interpreted in accordance therewith. 

        8.    Adjustments in Case of Corporate Transactions.    If there should be any change in
the Company's Common Stock 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 duplicate or otherwise increase the benefit to the Participant
(taking into account any dividend equivalents credited pursuant to Section 6), including adjustments in the number of Stock Units credited to a Participant's Stock Unit Account. Any adjustment
made pursuant to this Section 8 as a consequence of a change in the corporate structure of the Company shall not entitle the Participant to receive a number of shares of Common Stock of the
Company or shares of stock of any successor company greater than the number of shares the Participant would receive if, prior to such change, the Participant had actually held a number of shares of
Common Stock equal to the number of Stock Units then credited to his or her Stock Unit Account. 

        9.    Company's Right to Withhold.    The Company shall satisfy any income tax
withholding obligation arising upon distribution of a Participant's Stock Unit Account by reducing the number of shares of Common Stock otherwise deliverable to the Participant. The appropriate number
of shares required to
satisfy any such tax withholding obligation in the case of Stock Units will be based on the Fair Market Value of a share of Common Stock on the business day prior to the date of distribution. If the
Company, for any reason, cannot satisfy the withholding obligation in accordance with the preceding sentence, the Participant shall pay or provide for payment in cash of the amount of any taxes which
the Company may be required to withhold with respect to the benefits hereunder. 

        10.    Limitation on Eligible Directors.    Participation in the Plan shall not give any
person the right to continue to serve as a member of the Board or any rights or interests other than as herein provided. 

        11.    Beneficiaries.    

        (a)    Beneficiary Designation.    Upon forms provided by and subject to conditions
imposed by the Committee, each Participant may designate in writing the Beneficiary or Beneficiaries (as defined in Section 11(b)) whom such Participant desires to receive any amounts payable
under the Plan after his or her death. A Beneficiary designation must be signed and dated by the Participant and delivered to the Committee to become effective. The Company and the Committee may rely
on the Participant's designation of a Beneficiary or Beneficiaries last filed in accordance with these Terms and Conditions and the Plan. 

        (b)    Definition of Beneficiary.    A Participant's "Beneficiary" or "Beneficiaries"
shall be the person(s) (including the trust(s)) designated in writing by the Participant to receive his or her benefits under the Plan if the Participant dies before receiving all of his or her
benefits. 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
estate. 

        12.    Mandatory Arbitration.    Any dispute arising out of or relating to a Stock Unit
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, San Diego, Portland, Seattle, and New York City, as selected by 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 part 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 

4

 

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 to be exclusive for all purposes and applicable to any and all
disputes arising out of or relating to a Stock Unit 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. 

        13.    Other Provisions.    

        (a)    Administration.    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 Stock Unit awards, to construe and interpret these Terms and Conditions, the rules and
regulations, and Stock Unit Agreements, and to make all other determinations and interpretations with respect to the Stock Unit awards. All decisions, determinations and interpretations of the
Committee shall be final, binding and conclusive 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 Stock Unit Accounts. The Committee may delegate its responsibilities as it sees fit. 

        (b)    Notices.    Any notices to be given under these Terms and Conditions or a Stock
Unit Agreement shall be in writing and addressed to the Company at its principal executive office, to the attention of the head of Company's Human Resources Corporate Benefits Department and to the
Participant at the address given beneath the Participant's signature on the Stock Unit Agreement or to his or her last address of record in the records of the Company. 

        (c)    Amendments.    The Committee shall have the right to amend these Terms and
Conditions in whole or in part from time to time; provided, however, that no such amendment shall adversely affect the
amount of outstanding Stock Units credited to a Participant's Stock Unit Account prior to the effective date of such amendment without the Participant's written consent. 

        (d)    Governing Law; Attorneys' Fees; Severability.    The validity of the Plan, these
Terms and Conditions, the Stock Unit Agreement and any provisions thereof, shall be construed, administered, and governed in all respects under and by 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, these Terms and Conditions or
the Stock Unit 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. If any provisions of the Plan, these Terms and Conditions or the Stock Unit Agreement shall be held by a court of competent jurisdiction to be invalid or unenforceable, the remaining provisions
thereof shall continue to be fully effective. 

        (e)    Compliance with Laws.    The Plan, these Terms and Conditions, the Stock Unit
Agreement and the offer, issuance, and delivery of shares of Common Stock through the deferral of compensation under the Plan and these Terms and Conditions are subject to compliance with all
applicable federal and state laws, rules, and regulations (including but not limited to state and federal securities law) and to such approvals by any listing, agency, or regulatory or governmental
authority as may, in the opinion of counsel for the Company, be necessary or advisable in connection therewith. Any securities delivered under the Plan and these Terms and Conditions shall be subject
to such restrictions, and the person acquiring such securities shall, if requested by 

5

 

the
Company, provide such assurances and representations to the Company as the Company may deem necessary or desirable to assure compliance with all applicable securities laws and other legal
requirements. 

        (f)    Restrictions on Transfer.    Neither the Stock Units, nor any interest therein,
nor amount payable or Common Stock deliverable in respect thereof, may be sold, assigned, transferred, pledged, or otherwise disposed of, alienated, or encumbered, either voluntarily or involuntarily,
other than by will or the laws of descent and distribution, and in the event thereof, the Committee at its election may terminate a Stock Unit Award. This restriction on transfer shall not be deemed
to prohibit, to the extent permitted by the Committee, transfers to a trust or otherwise without consideration for estate and financial planning purposes. Common Stock issued upon payment of a Stock
Unit Account shall be subject to such restrictions on transfer as may be necessary or advisable, in the opinion of legal counsel to the Company, to assure compliance with applicable securities laws. 

        (g)    Successors.    These Terms and Conditions 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, "Participant" as used in these Terms and Conditions shall
include Participant's executor, administrator, trustee or other legal representative or the person or persons to whom Participant's rights pass by will or the applicable laws of descent and
distribution. Nothing contained in the Plan, these Terms and Conditions or the Stock Unit Agreement shall be interpreted as imposing
any liability on the Company or the Committee in favor of any Participant or transferee of Stock Units with respect to any loss, cost or expense which such Participant or transferee may incur in
connection with, or arising out of any transaction involving any Stock Units granted hereunder. 

        (h)    Integration.    By signing the Stock Unit Agreement, the Participant agrees that
the terms of the Plan, these Terms and Conditions and the Stock Unit Agreement are intended by the Company and Participant to be the final expression of their contract with respect to the Stock Units
and other amounts received hereunder and may not be contradicted by evidence of any prior or contemporaneous agreement, and 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, these Terms and Conditions or the Stock Unit
Agreement. Accordingly, the Plan, these Terms and Conditions and the Stock Unit 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, these Terms and Conditions and the Stock Unit Agreement, the
Plan shall prevail. The Company and Participant shall have the right to amend the Stock Unit Agreement in writing as they mutually agree. 

        (i)    Waivers.    Any failure to enforce any provisions of the Plan, these Terms and
Conditions or the Stock Unit Agreement by the Company or Participant shall not be deemed a waiver of that provision, 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. 

6

QuickLinks

EXHIBIT 10.28

UNIONBANCAL CORPORATION MANAGEMENT STOCK PLAN TERMS AND CONDITIONS APPLICABLE TO NON-EMPLOYEE DIRECTOR STOCK UNIT AWARDS

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