Document:

exv10w1

EXHIBIT 10.1

AMENDMENT

TO

EMPLOYMENT AGREEMENT

     THIS AMENDMENT TO EMPLOYMENT AGREEMENT (“Amendment”) is executed as of November 14, 2008, by
and among UCBH HOLDINGS, INC., a Delaware corporation, UNITED COMMERCIAL BANK, a California bank
(collective, the “Company”), and THOMAS S. WU, an individual (the “Executive”).

     WHEREAS, the Company and Executive previously entered into an Employment Agreement dated
August 16, 2004 (the “Employment Agreement”) that sets forth the terms and conditions of
Executive’s employment with the Company; and

     WHEREAS, the Company and Executive desire to amend the Employment Agreement to comply with the
requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and the
final regulations issued thereunder (“Section 409A”); and

     WHEREAS, the Company and Executive also desire to amend the Employment Agreement to comply
with the executive compensation requirements of the United States Department of the Treasury’s
(“Treasury”) Capital Purchase Program (“CPP”) under Treasury’s Troubled Assets Relief Program
established by Treasury pursuant to the Emergency Economic Stabilization Act of 2008 (“TARP”); and

     WHEREAS, Section 1 of the Employment Agreement provides that the Employment Agreement may be
amended pursuant to a written agreement between the Company and Executive; and

     NOW, THEREFORE, the Company and Executive hereby agree the Employment Agreement shall be
amended as follows:

     1. Defined Terms. Unless otherwise defined in this Amendment, including the
recitals, defined terms shall have the meanings ascribed to them in the Employment Agreement.

     2. Specified Employee. Notwithstanding anything contained in the Employment
Agreement, as amended, to the contrary, if at the time of Executive’s “separation from service” (as
defined in Section 409A) Executive is a “specified employee” (within the meaning of Section 409A
and the Company’s specified employee identification policy, if any) and if any payment,
reimbursement and/or in-kind benefit that constitutes nonqualified deferred compensation (within
the meaning of Section 409A) is deemed to be triggered by Executive’s separation from service,
then, to the extent one or more exceptions to Section 409A are inapplicable (including, without
limitation, the exception under Treasury Regulation Section 1.409A-1(b)(9)(iii) relating to
separation pay due to an involuntary separation from service and its requirement that installments
must be paid no later than the last day of the second taxable year following the taxable year in
which such an employee incurs the involuntary separation from service), all payments,
reimbursements, and in-kind benefits that constitute nonqualified deferred

 

 

compensation (within the meaning of Section 409A) to Executive shall not be paid or provided
to Executive during the six- (6-) month period following Executive’s separation from service, and
(i) such postponed payment and/or reimbursement/in-kind amounts shall be paid to Executive in a
lump sum within thirty (30) days after the date that is six (6) months following Executive’s
separation from service; (ii) any amounts payable to Executive after the expiration of such six-
(6-) month period shall continue to be paid to Executive in accordance with the terms of the
Employment Agreement; and (iii) to the extent that any group hospitalization plan, health care
plan, dental care plan, life or other insurance or death benefit plan, and any other present or
future similar group executive benefit plan or program or any lump sum cash out thereof is
nonqualified deferred compensation (within the meaning of Section 409A), Executive shall pay for
such benefits from his Termination Date until the first day of the seventh month following the
month of Executive’s separation from service, at which time the Company shall reimburse Executive
for such payments. If Executive dies during such six- (6-) month period and prior to the payment
of such postponed amounts of nonqualified deferred compensation, only the amount of nonqualified
deferred compensation payable while Executive lived shall be delayed, and shall be paid in a lump
sum to Executive’s estate or, if applicable, to Executive’s designated beneficiary within thirty
(30) days after the date of Executive’s death (with any amounts payable to Executive after the
Executive’s death to be paid in accordance with the terms of the Employment Agreement).

     3. Reimbursements And In-Kind Benefits. Notwithstanding any other provision of the
applicable plans and programs, all reimbursements and in-kind benefits provided under the
Employment Agreement, as amended, shall be made or provided in accordance with the requirements of
Section 409A, including, where applicable, the requirement that (i) the amount of expenses eligible
for reimbursement and the provision of benefits in kind during a calendar year shall not affect the
expenses eligible for reimbursement or the provision of in-kind benefits in any other calendar
year; (ii) the reimbursement for an eligible expense will be made on or before the last day of the
calendar year following the calendar year in which the expense is incurred; (iii) the right to
reimbursement or right to in-kind benefit is not subject to liquidation or exchange for another
benefit; and (iv) each reimbursement payment or provision of in-kind benefit shall be one of a
series of separate payments (and each shall be construed as a separate identified payment) for
purposes of Section 409A.

     4. Specific Section 409A Provisions. The following specific Section 409A amendments
to the Employment Agreement shall be applicable on January 1, 2009:

          A. Section 3(c) is amended by the addition of the following language at the end thereof:

“Notwithstanding anything contained herein to the contrary, (i) the
amount of expenses eligible for reimbursement and the provision of
in-kind benefits during any calendar year shall not affect the amount of
expenses eligible for reimbursement or the provision of in-kind benefits
in any other calendar year; (ii) the reimbursement of an eligible
expense shall be made on or before December 31 of the calendar year
following the calendar year in which the expense was

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incurred; and (iii) the right to reimbursement or right to in-kind
benefit shall not be subject to liquidation or exchange for another
benefit.”

          B. Section 4(a) is amended by the insertion of “a lump sum cash amount within thirty (30) days
following Executive’s separation from service” in place of “a lump sum”.

          C. The second sentence of Section 4(b) is deleted in its entirety and the following inserted
in place thereof:

“Upon Executive’s separation from service (within the meaning of Section
409A) by reason of such termination without cause, the Company shall,
within thirty (30) days following Executive’s separation from service,
pay a lump sum cash amount equal to three (3) times the highest annual
compensation (defined as Base Salary and Bonus under Section 3(a) above)
due to Executive over the three (3) years immediately preceding such
termination (the ‘Three Times Highest Pay Benefit’).”

          D. The second sentence of Section 4(d) is amended by the insertion of “cash amount” after “a
lump sum”.

          E. Section 4(f) is deleted in its entirety and the following inserted in place thereof:

“Change in Duties. In the event Executive voluntarily resigns from his
regular employment following (i) any material adverse change in or loss of title,
office or significant authority or responsibility (including, without limitation,
Executive ceasing to be President and Chief Executive Officer of the Company (or the
ultimate parent entity (the “Ultimate Parent”), if any, in the event of any
transaction that results in the Company ceasing to be the Ultimate Parent) or
Executive no longer reporting to the Board (or the board of directors of the
Ultimate Parent, if applicable)), (ii) material reduction in Base Salary or benefits
(excluding bonus) or (iii) relocation of his principal place of employment by more
than 25 miles from its location (“Change in Duties”), Executive shall be entitled to
the Three Times Highest Pay Benefit as defined by Paragraph 4(b) of this Agreement
and all stock options and/or restricted stock awards and related limited rights and
any unvested awards shall immediately vest and be exercisable for one year after
such termination.”

          F. The following clause is added to the end of the second sentence of Section 4(g):

               “but not later than the last day of the year in which Executive’s separation from service
occurs.”

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          G. The following new Section 4(h) is added at the end of Section 4:

     “(h) All payments and benefits to be made to Executive upon
Executive’s termination of employment or resignation that are subject to
Section 409A may only be made upon a “separation from service” (within
the meaning of Section 409A) of Executive. For purposes of Section
409A, (i) each payment made under this Agreement shall be treated as a
separate payment; (ii) Executive may not, directly or indirectly,
designate the calendar year of payment; and (iii) no acceleration of the
time and form of payment of any nonqualified deferred compensation to
Executive or any portion thereof, shall be permitted.”

          H. Section 5(c) is deleted in its entirety and the following inserted in place thereof:

“(c) Upon Executive’s “separation from service” (within the meaning of
Section 409A”) resulting from a Change In Control Benefit Trigger
pursuant Section 5(b), (i) the Company shall pay Executive, or in the
event of his subsequent death or disability, his beneficiary or
beneficiaries, or his estate, as the case may be, a cash lump sum equal
to three (3) times the highest annual compensation (defined as Base
Salary and Bonus under Section 3(a), above) due to the Executive over
the three years immediately preceding the Change in Control Benefit
Trigger, less all required and applicable withholding, and (ii) any
unvested stock options and related limited rights and unvested awards
granted to Executive under any stock option and similar plans shall
immediately vest and shall be exercisable within one (1) year.”

          I. Section 5(d) is deleted in its entirety and the following inserted in place thereof:

“(d) Upon the occurrence of a Change in Control followed by Executive’s
termination of employment or resignation (other than termination for
Cause), Company and its successors and assigns shall cause to be
continued for Executive life, medical and disability coverage
substantially identical to the coverage maintained by the Company for
Executive prior to Executive’s termination or resignation. Such
coverage and payments shall cease upon the expiration of thirty-six (36)
full calendar months from the date of the Executive’s separation from
service.

          J. The following new Section 5(f) is added at the end of Section 5:

     “(f) All payments and benefits to be made to Executive upon
Executive’s termination of employment or resignation that are subject to
Section 409A may only be made upon a “separation from service” (within
the meaning of Section 409A) of Executive. For purposes of

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Section 409A, (i) each payment made under this Agreement shall be
treated as a separate payment; (ii) Executive may not, directly or
indirectly, designate the calendar year of payment; and (iii) no
acceleration of the time and form of payment of any nonqualified
deferred compensation to Executive or any portion thereof, shall be
permitted.”

          K. The following new Section 6(e) is added at the end of Section 6:

     “(e) Notwithstanding the foregoing, any Gross-Up Payment pursuant
to this Section 6 shall be paid not later than the end of Executive’s
taxable year next following Executive’s taxable year in which the
related taxes are remitted to the taxing authorities.”

     5. TARP CPP Restrictions.

          The following Section 7 is added after Section 6 and the remaining Sections are renumbered
accordingly:

	 	“7. PAYMENT REDUCTION; ADDITIONAL TARP/CPP RESTRICTIONS; WAIVER AND RELEASE
	 
	 	(a)	 	Notwithstanding anything contained in this
Agreement, as amended, to the contrary or any other agreement
between Executive and the Company or its affiliates, acquirers or
successors, to the extent that any payment or distribution of any
type to or for Executive would be prohibited by Section 111(b) of
the Emergency Economic Stabilization Act of 2008, whether paid or
payable or distributed or distributable pursuant to the terms of
this Agreement, as amended, or otherwise (the “Payments”), then such
Payments shall be reduced if and to the minimum extent necessary so
that the Payments do not violate such prohibition. The
determination of whether the Payments shall be reduced as provided
in Section 7(a) and the amount of such reduction shall be made at
the Company’s expense by an accounting firm selected by the Company
(the “Accounting Firm”). The Accounting Firm shall provide its
determination (the “Determination”), together with detailed
supporting calculations and documentation, to the Company and
Executive within fifteen (15) days after such reduction is
triggered. The Payments will be reduced in accordance with an
ordering rule agreed to in writing by the Company and Executive not
later than December 31, 2008 and subject to the requirements of
Section 409A.”
	 
	 	(b)	 	Executive acknowledges and agrees that for so long
as the executive compensation restrictions of TARP and the CPP are

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	 	 	 	applicable to the Company, (i) no bonus or other incentive
compensation payable to Executive shall be based upon
arrangements that encourage unnecessary and/or excessive risks
that threaten the value of the Company, to the extent required by
Treasury and/or TARP and/or the CPP, and (ii) any bonus or other
incentive compensation paid to Executive that is based upon the
Company’s statement of earnings, gains, or other criteria that
are later proven to be materially inaccurate, must, to the extent
required by Treasury, and/or TARP and/or the CPP, be repaid by
Executive to the Company.”
	 
	 	(c)	 	Upon the Company’s request, Executive agrees to execute and
deliver all waivers and releases required by Treasury relating to TARP, CPP,
and the Company’s participation in the CPP, including, without limitation,
waivers and releases that release Treasury from any claims that Executive may
otherwise have as a result of Treasury’s issuance of regulations that modify or
eliminate provisions and terms of the Company’s employee benefit plans,
arrangements and agreements in which Executive participates or otherwise
receives benefits.”

     6. Ratification and Confirmation. In all respects not modified by this Amendment,
the Employment Agreement is hereby ratified and confirmed.

     7. Governing Law. Except to the extent preempted by federal law, this Amendment
shall be governed by the laws of the State of California, without regard to its principles of
conflict of law.

     8. Counterparts. This Amendment may be executed in one or more
counterparts, each of which will be deemed to be an original and all of which, taken together,
constitute one and the same agreement.

[The remainder of page intentionally left blank]

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     IN WITNESS WHEREOF, the parties have executed this Amendment as of the day and year first
above written but on the actual dates indicated below.

	 	 	 	 	 
	 	 	UCBH HOLDINGS, INC.
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Godwin Wong
	 

	 	 	 	 
	 

	 	Title:
	 	Compensation Committee
of Board of Directors
	 
	 	 	 	 
	 

	 	Date:
	 	November 14, 2008
	 
	 	 	 	 
	 	 	UNITED COMMERCIAL BANK
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Godwin Wong
	 

	 	 	 	 
	 

	 	Title:
	 	Compensation Committee
of Board of Directors
	 
	 	 	 	 
	 

	 	Date:
	 	November 14, 2008
	 
	 	 	 	 
	 	 	EXECUTIVE
	 
	 	 	 	 
	 

	 	Signature:
	 	/s/ Thomas S. Wu
	 

	 	 	 	 
	 

	 	 	 	Thomas S. Wu
	 
	 	 	 	 
	 

	 	Date:
	 	November 14, 2008

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EXHIBIT 10.2

CHANGE IN CONTROL AGREEMENT

     This AGREEMENT is made effective as of November 14, 2008, by and among United Commercial Bank
(the “Bank”), a California bank, with its principal administrative office at 555 Montgomery Street,
San Francisco, California 94111, UCBH Holdings, Inc. (the “Holding Company”), a corporation
organized under the laws of the State of Delaware which is the holding company of the Bank (any
reference to the Company shall be deemed to include the Holding Company and the Bank) and Craig S.
On (“Executive”). This Agreement supersedes the Change in Control Agreement entered into by
Executive and the Company on July 27, 2005.

     In consideration of the contribution and responsibilities of Executive, and upon the other
terms and conditions hereinafter provided, the parties hereto agree as follows:

1. TERM OF AGREEMENT.

     The period of this Agreement shall be deemed to have commenced as of the date first above
written and shall continue for a period of thirty-six (36) full calendar months thereafter.
Commencing on the first anniversary date of this Agreement and continuing at each anniversary date
thereafter, the board of directors of the Company (the “Board”) may extend the Agreement for an
additional year. The Board will review the Agreement and Executive’s performance annually for
purposes of determining, within its sole discretion, whether to extend this Agreement, and the
results thereof shall be included in the minutes of the Board’s meeting.

2. CHANGE IN CONTROL.

     (a) For purposes of this Agreement, a “Change in Control” of the Company shall mean an event
or series of event of a nature that at such time: (i) any “person” (as the term is used in
Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended) is or becomes the
“beneficial owner” (as determined under Rule 13d of such Act), directly or indirectly, of voting
securities of the Bank or the Holding Company representing fifty percent (50%) or more of the
Bank’s or the Holding Company’s outstanding voting securities or right to acquire such securities
except for any voting securities of the Bank purchased by the Holding Company and any voting
securities purchased by any employee benefit plan of the Bank or the Holding Company, or (ii) a
plan of reorganization, merger, consolidation, sale of all or substantially all the assets of the
Bank or the Holding Company or similar transaction occurs in which the Bank or the Holding Company
is not the resulting entity.

     (b) If a Change in Control has occurred pursuant to Section 2(a), Executive shall be entitled
to the benefits provided in paragraph (c) of this Section 2 upon his subsequent termination of
regular employment within thirty-six (36) months following the Change in Control due to: (i)
termination of Executive’s employment (other than Termination for Cause as defined below) or (ii)
Executive resigns following any material adverse change in or loss of

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title, office or significant authority or responsibility (including, without limitation,
Executive ceasing to be Chief Financial Officer of the Company (or the ultimate parent entity, if
any, in the event of any transaction that results in the Company ceasing to be the ultimate parent
entity), material reduction in base salary or benefits (excluding bonus) or relocation of his
principal place of employment by more than 25 miles from its location at the time of the Change in
Control (“Change of Duties”). No benefits shall be provided to the Executive pursuant to this
Agreement if the Executive is terminated for reasons other than those specified in this paragraph
2(b).

     (c) Upon Executive’s entitlement to benefits pursuant to Section 2(b), (i) the Company shall
pay Executive, or in the event of his subsequent death or disability, his beneficiaries, his estate
or other representative, as the case may be, a lump sum cash amount at the time of Executive’s
separation from service (within the meaning of Section 409A of the Code (“Section 409A”)) equal to
three (3) times the highest annual compensation (defined as base salary and bonus) due to the
Executive for the last three years immediately preceding the Change in Control or such lesser
number of years in the event that Executive shall been employed by the Company for less than three
years, less all required and applicable withholding; and (ii) any unvested stock options and
related rights and unvested awards granted to Executive under any stock option and similar plans
shall immediately vest and shall be exercisable within one (1) year; provided, however, that
payment to Executive of the amount described in Section 2(c)(i) shall be made on a monthly basis
over a period of thirty-six (36) months in the event Executive becomes entitled to payment thereof
in 2008 to the extent required by Section 409A of the Internal Revenue Code of 1986 (the “Code”).

     (d) Upon the occurrence of a Change in Control followed by Executive’s termination of
employment or resignation (other than Termination for Cause as defined below), the Company and its
successors or assigns shall cause to be continued life, medical and disability coverage
substantially identical to the coverage maintained by the Company for the Executive prior to
Executive’s termination or resignation. Such coverage and payments shall cease upon the expiration
of thirty-six (36) full calendar months from the date of Executive’s separation from service.

     (e) As used in this Section 2, the term “Termination for Cause” shall mean termination because
of an act or acts of gross misconduct, willful neglect of duties or conviction of a felony or
equivalent violation of law or any other act or failure to act that materially damages the
reputation of the Company as determined by the Board in its sole discretion after a good faith
investigation. For the purposes of this Section, no act, or the failure to act, on Executive’s
part shall be “willful” unless done, or omitted to be done, without reasonable belief that the
action or omission was in the best interests of the Company or its affiliates. Notwithstanding the
foregoing, Executive shall not be deemed to have been Terminated for Cause unless and until there
shall have been delivered to him a Notice of Termination which shall include a copy of a resolution
duly adopted by the affirmative vote of not less than seventy five percent (75%) of the members of
the Board at a meeting of the Board called and held for that purpose, finding that in the good
faith opinion of the Board, Executive was guilty of conduct justifying Termination for Cause and
specifying the relevant

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facts supporting the Termination for Cause. Executive shall not have the right to receive
compensation or other benefits for any period after the Date of Termination. The Date of
Termination shall be the date on which the Notice of Termination is delivered to Executive or, in
the event the Company is unable to reasonably locate Executive, three (3) business days after
delivery of such Notice of Termination to Executive at his last known address.

     (f) Company expressly acknowledges and agrees that Executive shall have a contractual right to
the full benefits of this Agreement, and Company and any successor expressly waives any rights it
may have to deny liability for any breach of its contractual commitment hereunder upon the grounds
of lack of consideration, accord and satisfaction or similar defense. In any dispute arising after
a Change of Control as to whether Executive is entitled to the benefits of this Agreement and all
incentive plans, there shall be a presumption that the Executive is entitled to such benefits and
the burden of proving otherwise shall be on the Company or any successor.

     (g) All payments and benefits to be made to Executive hereunder upon Executive’s termination
of employment or resignation that are subject to Section 409A may only be made upon a “separation
from service” (within the meaning of Section 409A) of Executive. For purposes of Section 409A, (i)
each payment made under this Agreement shall be treated as a separate payment; (ii) Executive may
not, directly or indirectly, designate the calendar year of payment; and (iii) no acceleration of
the time and form of payment of any nonqualified deferred compensation to Executive or any portion
thereof, shall be permitted.

3. CHANGE IN CONTROL RELATED PROVISIONS

     (a) Anything in this Agreement to the contrary notwithstanding, in the event it shall be
determined that any payment or distribution by the Company to or for the benefit of Executive
(whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or
otherwise, but determined without regard to any additional payments required under this Section 3)
(the “Termination Benefits”) would be subject to the excise tax imposed by Section 4999 of the Code
or any corresponding provisions of state or local tax laws, or any interest or penalties are
incurred by Executive with respect to such excise tax (such excise tax, together with any such
interest and penalties, are hereinafter collectively referred to as the “Excise Tax”), then
Executive shall be entitled to receive an additional payment (a “Gross-Up Payment”) in an amount
such that after payment by Executive of all taxes (including any interest or penalties imposed with
respect to such taxes), including, without limitation, any income taxes (and any interest and
penalties imposed with respect thereto) and Excise Tax imposed upon the Gross-Up Payment, Executive
retains an amount of the Gross-Up Payment equal to the Excise Tax imposed upon the Termination
Benefits.

     (b) Subject to the provisions of Section 3(c), all determinations required to be made under
this Section 3, including whether and when a Gross-Up Payment is required and the amount of such
Gross-Up Payment and the assumptions to be utilized in arriving at such determination, shall be
made by the Company’s certified public accounting firm (the “Accounting Firm”), which shall provide
detailed supporting calculations both to the Company and Executive within fifteen (15) business
days of the receipt of notice from

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Executive that there has been Termination Benefits, or such earlier time as is requested by
the Company. All fees and expenses of the Accounting Firm shall be borne solely by the Company.
Any Gross-Up Payment, as determined pursuant to this Section 3, shall be paid by the Company to
Executive within five business (5) days of the receipt of the Accounting Firm’s determination. Any
determination by the Accounting Firm shall be binding upon the Company and Executive. As a result
of the uncertainty in the application of Section 4999 of the Code at the time of the initial
determination by the Accounting Firm hereunder, it is possible that Gross-Up Payments which will
not have been made by the Company should have been made (“Underpayment”), consistent with the
calculations required to be made hereunder. In the event that the Company exhausts its remedies
pursuant to Section 3(c) and Executive thereafter is required to make a payment of any Excise Tax,
the Accounting Firm shall determine the amount of the Underpayment that has occurred and any such
Underpayment shall be promptly paid by the Company to or for the benefit of Executive.

     (c) Executive shall notify the Company in writing of any claim by the Internal Revenue Service
that, if successful, would require the payment by the Company of the Gross-Up Payment. Such
notification shall be given as soon as practicable but no later than ten (10) business days after
Executive is informed in writing of such claim and shall apprise the Company of the nature of such
claim and the date on which such claim is requested to be paid. Executive shall not pay such claim
prior to the expiration of the 30-day period following the date on which Executive gives such
notice to the Company (or such shorter period ending on the date that any payment of taxes with
respect to such claim is due). If the Company notifies Executive in writing prior to the
expiration of such period that it desires to contest such claim, Executive shall:

          (i) give the Company any information reasonably requested by the Company relating to such
claim,

          (ii) take such action in connection with contesting such claim as the Company shall reasonably
request in writing from time to time, including, without limitation, accepting legal representation
with respect to such claim by an attorney reasonably selected by the Company,

          (iii) cooperate with the Company in good faith in order effectively to contest such claim, and

          (iv) permit the Company to participate in any proceedings relating to such claim; provided,
however, that the Company shall bear and pay directly all costs and expenses (including additional
interest and penalties) incurred in connection with such contest and shall indemnify and hold
Executive harmless, on an after-tax basis, for any Excise Tax or income tax (including interest and
penalties with respect thereto) imposed as a result of such representation and payment of costs and
expenses. Without limitation on the foregoing provisions of this Section 3(c), the Company shall
control all proceedings taken in connection with such contest and, at its sole option, may pursue
or forego any and all administrative appeals, proceedings, hearings and conferences with the taxing
authority in respect of such claim and may, at its sole option, either direct Executive to pay the
tax claimed and sue for a

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refund or contest the claim in any permissible manner, and Executive agrees to prosecute such
contest to a determination before any administrative tribunal, in a court of initial jurisdiction
and in one or more appellate courts, as the Company shall determine; provided, however, that if the
Company directs Executive to pay such claim and sue for a refund, the Company shall advance the
amount of such payment to Executive, on an interest-free basis and shall indemnify and hold
Executive harmless, on an after-tax basis, from any Excise Tax or income tax (including interest or
penalties with respect thereto) imposed with respect to such advance or with respect to any imputed
income with respect to such advance; and further provided that any extension of the statute of
limitations relating to payment of taxes for the taxable year of Executive with respect to which
such contested amount is claimed to be due is limited solely to such contested amount.
Furthermore, the Company’s control of the contest shall be limited to issues with respect to which
a Gross-Up Payment would be payable hereunder and Executive shall be entitled to settle or contest,
as the case may be, any other issue raised by the Internal Revenue Service or any other taxing
authority.

     (d) If, after the receipt by Executive of an amount advanced by the Company pursuant to
Section 3(c), Executive becomes entitled to receive any refund with respect to such claim,
Executive shall (subject to the Company’s complying with the requirements of Section 3(c)) promptly
pay to the Company the amount of such refund (together with any interest paid or credited thereon
after taxes applicable thereto). If, after the receipt by Executive of an amount advanced by the
Company pursuant to Section 3(c), a determination is made that Executive shall not be entitled to
any refund with respect to such claim and the Company does not notify Executive in writing of its
intent to contest such denial of refund prior to the expiration of thirty (30) days after such
determination, then such advance shall be forgiven and shall not be required to be repaid and the
amount of such advance shall offset, to the extent thereof, the amount of Gross-Up Payment required
to be paid.

     (e) Notwithstanding the foregoing, any Gross-Up Payment pursuant to this Section 3 shall be
paid not later than the end of Executive’s taxable year next following Executive’s taxable year in
which the related taxes are remitted to the taxing authorities.

4. PAYMENT REDUCTION; ADDITIONAL TARP/CPP RESTRICTIONS; WAIVER AND RELEASE

     (a) Notwithstanding anything contained in this Agreement, as amended, to the contrary or any
other agreement between Executive and the Company or its affiliates, acquirers or successors, to
the extent that any payment or distribution of any type to or for Executive would be prohibited by
Section 111(b) of the Emergency Economic Stabilization Act of 2008, whether paid or payable or
distributed or distributable pursuant to the terms of this Agreement, as amended, or otherwise (the
“Payments”), then such Payments shall be reduced if and to the minimum extent necessary so that the
Payments do not violate such prohibition. The determination of whether the Payments shall be
reduced as provided in Section 4(a) and the amount of such reduction shall be made at the Company’s
expense by an accounting firm selected by the Company (the “Accounting Firm”). The Accounting Firm
shall provide its determination (the “Determination”), together with detailed supporting

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calculations and documentation, to the Company and Executive within fifteen (15) days after such
reduction is triggered. The Payments will be reduced in accordance with an ordering rule agreed to
in writing by the Company and Executive not later than December 31, 2008 and subject to the
requirements of Section 409A.

     (b) Executive acknowledges and agrees that for so long as the executive compensation
restrictions of TARP and the CPP are applicable to the Company, (i) no bonus or other incentive
compensation payable to Executive shall be based upon arrangements that encourage unnecessary
and/or excessive risks that threaten the value of the Company, to the extent required by Treasury
and/or TARP and/or the CPP, and (ii) any bonus or other incentive compensation paid to Executive
that is based upon the Company’s statement of earnings, gains, or other criteria that are later
proven to be materially inaccurate, must, to the extent required by Treasury, and/or TARP and/or
the CPP, be repaid by Executive to the Company.

     (c) Upon the Company’s request, Executive agrees to execute and deliver all waivers and
releases required by Treasury relating to TARP, CPP, and the Company’s participation in the CPP,
including, without limitation, waivers and releases that release Treasury from any claims that
Executive may otherwise have as a result of Treasury’s issuance of regulations that modify or
eliminate provisions and terms of the Company’s employee benefit plans, arrangements and agreements
in which Executive participates or otherwise receives benefits.

5. NOTICE OF TERMINATION

     (a) Any purported termination by the Company or resignation by Executive in connection with a
Change in Control or within 36 months after the Change in Control shall be communicated by Notice
of Termination to the other party hereto. For purposes of this Agreement, a “Notice of Termination”
shall mean a written notice which shall indicate the specific termination provision in this
Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed
to provide a basis for termination of Executive’s employment under the provision so indicated.

     (b) “Date of Termination” shall mean the date described in paragraph 2(d) above.

     (c) Executive shall have thirty (30) days within which to dispute the Notice of Termination,
or he shall forever waive any arguments, disputes, bases, or reasons that the Notice of Termination
is improper, void, unenforceable, ineffective or should not preclude him from being converted to
stand-by employment status and receiving the benefits of paragraph 2(c). Any dispute must be made
timely by delivering written notice to the Company’s designee within such thirty (30) days, which
written notice shall contain a description with reasonable detail of all reasons, bases, and facts
constituting and supporting Executive’s dispute. The dispute shall be resolved by final, binding
arbitration as further set forth in Section 13 below.

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6. SOURCE OF PAYMENTS.

     It is intended by the parties hereto that all payments provided in this Agreement shall be
paid in cash or check from the general funds of the Company.

7. EFFECT ON PRIOR AGREEMENTS AND EXISTING BENEFIT PLANS.

     This Agreement contains the entire understanding between the parties hereto and supersedes any
prior written or oral agreement between the Company and Executive relating to the subject matter
hereof. Nothing in this Agreement shall confer upon Executive the right to continue in the employ
of the Company or shall impose on the Company any obligation to employ or retain Executive in its
employ for any period.

8. MODIFICATION AND WAIVER.

     (a) This Agreement may not be modified or amended except by an instrument in writing signed by
the parties hereto.

     (b) No term or condition of this Agreement shall be deemed to have been waived, nor shall
there be any estoppel against the enforcement of any provision of this Agreement, except by written
instrument of the party charged with such waiver or estoppel. No such written waiver shall be
deemed a continuing waiver unless specifically stated therein, and each such waiver shall operate
only as to the specific term or condition waived and shall not constitute a waiver of such term or
condition for the future or as to any act other than that specifically waived.

9. REQUIRED REGULATORY PROVISIONS.

     (a) The Board may terminate Executive’s employment at any time, but any termination by the
Board, other than Termination for Cause, shall not prejudice Executive’s right to compensation or
other benefits under this Agreement. Executive shall not have the right to receive compensation or
other benefits for any period after Termination for Cause as defined in Section 2 herein above, or
after resignation for reasons other than those specified in paragraph 2(b) above.

     (b) If Executive is suspended from office and/or temporarily prohibited from participating in
the conduct of the Company’s affairs by a notice served under Section 8(e)(3) or 8(g)(1) of the
Federal Deposit Insurance Act (12 U.S.C. Section 1818(e)(3) or (g)(1)), the Company’s obligations
under this contract shall be suspended as of the date of service, unless stayed by appropriate
proceedings. If the charges in the notice are dismissed, the Company shall: (i) pay Executive all
or part of the compensation withheld while their contract obligations were suspended and (ii)
reinstate the obligations which were suspended.

     (c) If Executive is removed and/or permanently prohibited from participating in the conduct of
the Company’s affairs by an order issued under Section 8(e)(4) or 8(g)(1) of the Federal Deposit
Insurance Act (12 U.S.C. Section 1818(e)(4) or (g)(1)), all obligations of

7

 

the Company under this contract shall terminate as of the effective date of the order, and the
Company shall have no obligation to provide any compensation or benefits which were suspended while
Executive was suspended or prohibited from participating in the conduct of the Company’s affairs by
notice described in paragraph 9(b) above.

     (d) If the Company is in default as defined in Section 3(x)(1) of the Federal Deposit
Insurance Act, all obligations of the Company under this Agreement shall terminate as of the date
of default, but this paragraph shall not affect any vested rights of the contracting parties.

     (e) Any payments made to Executive pursuant to this Agreement, or otherwise, are subject to
and conditioned upon compliance with 12 U.S.C. ss.1828(k) and any rules and regulations promulgated
thereunder.

10. SEVERABILITY.

     If, for any reason, any provision of this Agreement is held invalid, such invalidity shall not
affect any other provision of this Agreement not held so invalid, and each such other provision
shall to the full extent consistent with law continue in full force and effect. If any provision
of this Agreement is held invalid in part, such invalidity shall in no way affect the rest of such
provision not held so invalid, and the rest of such provision, together with all other provisions
of this Agreement, shall to the full extent consistent with law continue in full force and effect.

11. HEADINGS FOR REFERENCE ONLY.

     The headings of sections and paragraphs herein are included solely for convenience of
reference and shall not control the meaning or interpretation of any of the provisions of this
Agreement. In addition, references to the masculine shall apply equally to the feminine.

12. GOVERNING LAW.

     This Agreement shall be governed by the laws of the State of California, without regard to its
principles of conflict of law.

13. ARBITRATION.

     Any dispute or controversy arising under or in connection with, or relating to this Agreement
shall be settled exclusively by final, binding arbitration, conducted before a single arbitrator
sitting in a location selected by Executive within fifty (50) miles from the location of the
Company’s main office, in accordance with the rules of the American Arbitration Association
governing arbitration of employment disputes then in effect. The arbitrator shall either be agreed
between the parties, or shall be selected in accordance with applicable AAA rules. The arbitrator
shall have authority to grant interim relief (including interim relief on an expedited basis, such
as injunctive relief), which relief may be entered in any court having jurisdiction. The parties
specifically consent to the jurisdiction of the federal and state courts

8

 

located within the County of San Francisco to enter an arbitration award or injunctive relief
pursuant to this Agreement. Judgment may be entered on the arbitrator’s award in any court having
jurisdiction. The prevailing party at arbitration shall be entitled to recover their costs and
reasonable attorneys fees, and the arbitrator shall be vested with authority to determine the
prevailing party. The parties have signified their agreement with the particular provisions of the
arbitration agreement by initialing this Section 13 in the spaces provided below.

14. RELEASE.

     By accepting the benefits under this Agreement upon any payments hereunder, Executive or in
the event of Executive’s subsequent death, the Authorized Representative releases and discharges
the Company, and its successors and assigns and their directors, officers, agents, employees,
consultants and affiliated and controlled companies (the “Related Parties”), from any and all
claims, demands and causes of action arising out of or related to Executive’s employment with the
Company and to the termination of that employment. Prior to and as a condition to receipt of any
payment, benefit, or consideration under this Agreement, Executive, or in the event of Executive’s
subsequent death, the Authorized Representative, shall sign and deliver to the Company a full,
complete, general release of any and all known and unknown claims against the Company and Related
Parties (other than indemnity obligations of the Company hereunder) to the fullest extent permitted
under California law, in a form satisfactory to the Company.

15. SUCCESSOR TO THE COMPANY.

     Any successor or assignee, whether direct or indirect, by purchase, merger, consolidation or
otherwise, to all or substantially all the business or assets of the Company shall be required to
assume and agree to perform the Company’s obligations under this Agreement, in the same manner and
to the same extent that the Company would be required to perform if no such succession or
assignment had taken place.

16. INDEMNIFICATION

     The Company agrees to indemnify Executive in accordance with the terms of the Company’s
standard indemnification agreement which has been executed by the Company and Executive. To the
extent available on commercially reasonable terms, the Company shall obtain and maintain
appropriate Directors and Officers liability insurance including Executive as a named insured in an
amount comparable to industry standards.

17. NONDISCLOSURE

     Executive recognizes and acknowledges that the knowledge of the confidential business
activities and plans for business activities of the Company as it may exist from time to time is a
valuable, special and unique asset of the business of the Company. Executive will not, during or
after the term of his employment, disclose any knowledge of the past, present, planned or
considered confidential business activities of the Company that is not public or readily accessible
to the public from non-confidential published sources to any person, firm, corporation, or other
entity for any reason or purpose whatsoever unless expressly authorized

9

 

by the Board or required by law or policies of the Company. Notwithstanding the foregoing,
Executive may disclose any knowledge of banking, financial and/or economic principles, concepts or
ideas which are not solely and exclusively derived from the confidential business plans and
activities of the Company. In the event of a breach or threatened breach by the Executive of the
provisions of this Section, the Company will be entitled to an injunction restraining Executive
from disclosing, in whole or in part, the knowledge of the past, present, planned or considered
confidential business activities of the Company. Nothing herein will be construed as prohibiting
the Company from pursuing any other remedies available to the Company for such breach or threatened
breach, including the recovery of damages from Executive.

18. ADVICE OF COUNSEL.

     Each party acknowledges that, in executing this Agreement, such party has had the opportunity
to seek the advise of independent legal counsel, and has read and understood all of the terms and
provisions of this Agreement. This Agreement shall not be construed against any party by reason of
the drafting or preparation hereof.

19. POST-TERMINATION OBLIGATIONS.

     All payments and benefits to Executive under this Agreement shall be subject to Executive’s
compliance with the terms of this Agreement. Executive’s obligation to furnish such information
and assistance to the Company as may reasonably be required by the Company in connection with any
litigation or other judicial or administrative matter in which the Company or any of its
Subsidiaries or affiliates is, or may become, a party provided that the Company shall reimburse
Executive for all reasonable expenses incurred in connection with such cooperation.

20. AT WILL EMPLOYMENT.

     Notwithstanding, the terms and conditions of this Agreement each party acknowledges that this
Agreement is not an employment agreement and that Executive is an “At Will Employee” or “Employment
At Will” as defined in the Human Resources Personnel Policy Manual.

     21. Specified Employee. Notwithstanding anything contained in this Agreement, as
amended, to the contrary, if at the time of Executive’s “separation from service” (as defined in
Section 409A) Executive is a “specified employee” (within the meaning of Section 409A and the
Company’s specified employee identification policy, if any) and if any payment, reimbursement
and/or in-kind benefit that constitutes nonqualified deferred compensation (within the meaning of
Section 409A) is deemed to be triggered by Executive’s separation from service, then, to the extent
one or more exceptions to Section 409A are inapplicable (including, without limitation, the
exception under Treasury Regulation Section 1.409A-1(b)(9)(iii) relating to separation pay due to
an involuntary separation from service and its requirement that installments must be paid no later
than the last day of the second taxable year following the taxable year in which such an employee
incurs the involuntary separation from

10

 

service), all payments, reimbursements, and in-kind benefits that constitute nonqualified deferred
compensation (within the meaning of Section 409A) to Executive shall not be paid or provided to
Executive during the six- (6-) month period following Executive’s separation from service, and (i)
such postponed payment and/or reimbursement/in-kind amounts shall be paid to Executive in a lump
sum within thirty (30) days after the date that is six (6) months following Executive’s separation
from service; (ii) any amounts payable to Executive after the expiration of such six- (6-) month
period shall continue to be paid to Executive in accordance with the terms of this Agreement; and
(iii) to the extent that any group hospitalization plan, health care plan, dental care plan, life
or other insurance or death benefit plan, and any other present or future similar group executive
benefit plan or program or any lump sum cash out thereof is nonqualified deferred compensation
(within the meaning of Section 409A), Executive shall pay for such benefits from his Date of
Termination until the first day of the seventh month following the month of Executive’s separation
from service, at which time the Company shall reimburse Executive for such payments. If Executive
dies during such six- (6) month period and prior to the payment of such postponed amounts of
nonqualified deferred compensation, only the amount of nonqualified deferred compensation payable
while Executive lived shall be delayed, and shall be paid in a lump sum to Executive’s estate or,
if applicable, to Executive’s designated beneficiary within thirty (30) days after the date of
Executive’s death (with any amounts payable to Executive after the Executive’s death to be paid in
accordance with the terms of this Agreement).

22. Reimbursements And In-Kind Benefits. Notwithstanding any other provision of the
applicable plans and programs, all reimbursements and in-kind benefits provided under this
Agreement, as amended, shall be made or provided in accordance with the requirements of Section
409A, including, where applicable, the requirement that (i) the amount of expenses eligible for
reimbursement and the provision of benefits in kind during a calendar year shall not affect the
expenses eligible for reimbursement or the provision of in-kind benefits in any other calendar
year; (ii) the reimbursement for an eligible expense will be made on or before the last day of the
calendar year following the calendar year in which the expense is incurred; (iii) the right to
reimbursement or right to in-kind benefit is not subject to liquidation or exchange for another
benefit; and (iv) each reimbursement payment or provision of in-kind benefit shall be one of a
series of separate payments (and each shall be construed as a separate identified payment) for
purposes of Section 409A.

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SIGNATURES

     IN WITNESS WHEREOF, United Commercial Bank and UCBH Holdings, Inc. have caused this Agreement
to be executed by their duly authorized officers, and Executive has signed this Agreement, on the
14 day of November 2008.

	 	 	 	 	 	 	 
	ATTEST:	 	United Commercial Bank	 	 
	 
	 	 	 	 	 	 
	/s/ Eileen Romero
 

	 	By:
	 	/s/ Thomas S. Wu
 

	 	 
	Eileen Romero	 	Thomas S. Wu	 	 
	Secretary	 	Chairman, President and	 	 
	 	 	Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	SEAL
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	ATTEST:	 	UCBH Holdings, Inc.	 	 
	 
	 	 	 	 	 	 
	/s/ Eileen Romero

	 	By:
	 	/s/ Thomas S. Wu	 	 
	 

	 	 	 	 	 	 
	Eileen Romero	 	Thomas S. Wu	 	 
	Secretary	 	Chairman, President and	 	 
	 	 	Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	SEAL
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	WITNESS:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	/s/ Eileen Romero	 	/s/ Craig S. On	 	 
	 	 	 	 	 
	Eileen Romero	 	Craig S. On	 	 

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