Document:

exv10w1

	 	 	 	 	 

Exhibit 10.1

EMPLOYMENT AGREEMENT

     AGREEMENT effective January 1, 2009 between Glacier Bancorp, Inc., hereinafter called
“Company”, and Michael J. Blodnick, hereinafter called “Executive”,

RECITALS

	A.	 	Executive has served as President and Chief Executive Officer of the Company.
	 
	B.	 	The Company desires Executive to continue his employment at the Company under the terms and
conditions of this Agreement.
	 
	C.	 	Executive desires to continue his employment at the Company under the terms and conditions of
this Agreement.

AGREEMENT

	1.	 	Employment. The Company agrees to employ Executive and Executive accepts employment by the
Company on the terms and conditions set forth in this Agreement. Executive’s title will be
President and Chief Executive Officer of the Company. During the term of this Agreement,
Executive will serve as a director of the Company and of the Banks.
	 
	2.	 	Term. The term of this Agreement (“Term”) is one year, beginning on January 1, 2009.
	 
	3.	 	Duties. The Company will employ Executive as its President and Chief Executive Officer.
Executive will faithfully and diligently perform his assigned duties, which include the
following:

	 	(a)	 	Company Performance. Executive will be responsible for all aspects of
the Company’s performance, including without limitation, directing that daily
operational and managerial matters are performed in a manner consistent with the
Company’s policies.
	 
	 	(b)	 	Development and Preservation of Business. Executive will be
responsible for the development and preservation of banking relationships and other
business development efforts (including appropriate civic and community activities).
	 
	 	(c)	 	Report to Board. Executive will report directly to the Company’s board
of directors. The Company’s board of directors may, from time to time, modify
Executive’s title or add, delete, or modify Executive’s performance responsibilities to
accommodate management succession, as well as any other management objectives of the
Company. Executive will assume any additional

 

 

	 	 	 	positions, duties and responsibilities as may reasonably be requested of him with or
without additional compensation, as appropriate and consistent with Sections 3(a)
and 3(b) of this Agreement.

	4.	 	Extent of Services. Executive will devote all of his working time, attention and skill to the
duties and responsibilities set forth in Section 3. To the extent that such activities do not
interfere with his duties under Section 3, Executive may participate in other businesses as a
passive investor, but (a) Executive may not actively participate in the operation or
management of those businesses, and (b) Executive may not, without the Company’s prior written
consent, make or maintain any investment in a business with which the Company or its
subsidiaries has an existing competitive or commercial relationship.
	 
	5.	 	Company Board. During the term, the Company will use its best efforts to nominate and
recommend Executive for election to the Company’s board of directors.
	 
	6.	 	Salary. Executive will receive an annual salary of $334,183.00, to be paid in accordance
with the Company’s regular payroll schedule. Subsequent salary increases are subject to the
Company’s annual review of Executive’s compensation and performance.
	 
	7.	 	Incentive Compensation. During the Term, the Company’s board of directors will determine the
amount of bonus to be paid by the Company to Executive for that year, if any. In making this
determination, the Company’s board of directors will consider factors such as Executive’s
performance of his duties and the safety, soundness and profitability of the Company.
Executive’s bonus will reflect Executive’s contribution to the performance of the Company
during the year, also taking into account the nature and extent of incentive bonuses paid to
comparable senior officers at the Company. This bonus will be paid to Executive no later than
January 31 of the year following the year in which the bonus is earned by Executive.
	 
	8.	 	Income Deferral. Executive will be eligible to participate in any program available to the
Company’s senior management for income deferral, for the purpose of deferring receipt of any
or all of the compensation he may become entitled to under this Agreement.
	 
	9.	 	Vacation and Benefits.

	 	(a)	 	Vacation and Holidays. Executive will receive four weeks of paid
vacation each year in addition to all holidays observed by the Company and its
subsidiaries. Executive may carry over, in the aggregate, up to four weeks of unused
vacation to a subsequent year. Any unused vacation time in excess of four weeks will
not accumulate or carry over from one calendar year to the next. Each calendar year,
Executive shall take not less than one (1) week vacation.
	 
	 	(b)	 	Benefits. Executive will be entitled to participate in any group life
insurance, disability, health and accident insurance plans, profit sharing and pension
plans

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	 	 	 	and in other employee fringe benefit programs the Company may have in effect from
time to time for its similarly situated employees, in accordance with and subject to
any policies adopted by the Company’s board of directors with respect to the plans
or programs, including without limitation, any incentive or employee stock option
plan, deferred compensation plan, 401(k) plan, and Supplemental Executive Retirement
Plan (SERP). The Company through this Agreement does not obligate itself to make any
particular benefits available to its employees.
	 
	 	(c)	 	Business Expenses. The Company will reimburse Executive for ordinary
and necessary expenses which are consistent with past practice at the Company
(including, without limitation, travel, entertainment, and similar expenses) and which
are incurred in performing and promoting the Company’s business. Executive will present
from time to time itemized accounts of these expenses, subject to any limits of the
Company policy or the rules and regulations of the Internal Revenue Service.
Reimbursement will be made as soon as practicable but no later than the last day of the
calendar year following the calendar year in which the expenses were incurred. The
amount of expenses eligible for reimbursement in one calendar year will not affect the
amount of expenses eligible for reimbursement in any other calendar year.

	10.	 	Termination of Employment.

	 	(a)	 	Termination by the Company for Cause. If the Company terminates
Executive’s employment for Cause (defined below) before this Agreement terminates, the
Company will pay Executive, within 10 business days following his termination of
employment, the salary earned and expenses reimbursable under this Agreement incurred
through the date of his termination. Executive will have no right to receive
compensation or other benefits for any period after termination under this Section
10(a).
	 
	 	(b)	 	Other Termination by the Company. If the Company terminates Executive’s
employment without Cause before this Agreement terminates, or Executive terminates his
employment for Good Reason (defined below) before this Agreement terminates, the
Company will pay Executive a payment having a present value equal to the compensation
and other benefits he would have been entitled to for the remainder of the term if his
employment had not terminated. All payments made pursuant to this Section 10(b) shall
be completed no later than March 15 of the calendar year following the calendar year in
which Executive’s employment terminates.
	 
	 	(c)	 	Death or Disability. This Agreement terminates (1) if Executive dies or
(2) if Executive is unable to perform his duties and obligations under this Agreement
for a period of 90 consecutive days as a result of a physical or mental disability
arising at any time during the term of this Agreement, unless with reasonable
accommodation Executive could continue to perform his duties under this Agreement and
making these accommodations would not pose an undue hardship on the Company. If
termination occurs under this Section 10(c), the Company

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	 	 	 	shall pay Executive or his estate, within 10 business days following his termination
of employment, all compensation and benefits earned and expenses reimbursable
through the date Executive’s employment terminated.
	 
	 	(d)	 	Termination Related to a Change in Control.

	 	(1)	 	Termination by Company. If the Company, or its
successor in interest by merger, or its transferee in the event of a purchase
in an assumption transaction (for reasons other than Executive’s death,
disability, or Cause) (A) terminates Executive’s employment within 3 years
following a Change in Control (as defined below), or (B) terminates Executive’s
employment before the Change in Control but on or after the date that any party
either announces or is required by law to announce any prospective Change in
Control transaction and a Change in Control occurs within six months after the
termination, the Bank will provide Executive with the payment and benefits
described in Section 10(d)(3) below.
	 
	 	(2)	 	Termination by Executive. If Executive terminates
Executive’s employment, with or without Good Reason, within three years
following a Change in Control, the Company will provide Executive with the
payment and benefits described in Section 10(d)(3) below.
	 
	 	(3)	 	Payments. If Section 10(d)(1)(A) or Section 10(d)(2) is
triggered in accordance with its terms, the Company will: (i) subject to
Sections 10(e) and 10(j) below, beginning within 30 days after Executive’s
separation from service as defined by Treasury Regulation § 1.409A-1(h)
(“Separation from Service”), pay Executive in 36 substantially equal monthly
installments in an overall amount equal to 2.99 times the Executive’s annual
salary (determined as of the day before the date Executive’s employment was
terminated) and (ii) maintain and provide for 2.99 years following Executive’s
termination, at no cost to Executive, the benefits described in Section 9(b) to
which Executive is entitled (determined as of the day before the date of such
termination); but if Executive’s participation in any such benefit is
thereafter barred or not feasible, or discontinued or materially reduced, the
Company will arrange to provide Executive with benefits substantially similar
to those benefits or reimburse Executive’s out-of-pocket expenses of
substantially similar type and value. Subject to Sections 10(e) and 10(j)
below, if Section 10(d)(1)(B) is triggered in accordance with its terms,
beginning within 30 days after a Change in Control, the Company will pay
Executive in 36 substantially equal monthly installments in an overall amount
equal to 2.99 times the Executive’s annual salary (determined on the day before
the date Executive’s employment was terminated).

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	 	(e)	 	Limitations on Payments Related to Change in Control. The following
apply notwithstanding any other provision of this Agreement:

	 	(1)	 	the total of the payments and benefits described in Section
10(d)(3) will be less than the amount that would cause them to be a “parachute
payment” within the meaning of Section 280G(b)(2)(A) of the Internal Revenue
Code;
	 
	 	(2)	 	the payment and benefits described in Section 10(d)(3) will be
reduced by any compensation (in the form of cash or other benefits) received by
Executive from the Company or its successor after the Change in Control and/or
after Executive’s termination of employment; and
	 
	 	(3)	 	Executive’s right to receive the payments and benefits
described in Section 10(d)(3) terminates (i) immediately if before the Change
in Control transaction closes, Executive terminates his employment without Good
Reason, or the Company terminates Executive’s employment for Cause, or (ii)
three years after a Change of Control occurs.

	 	(f)	 	Return of Bank Property. If and when Executive ceases, for any reason,
to be employed by the Company, Executive must return to the Company all keys, pass
cards, identification cards and any other property of the Company. At the same time,
Executive also must return to the Company all originals and copies (whether in
memoranda, designs, devices, diskettes, tapes, manuals, and specifications) which
constitute proprietary information or material of the Company and its subsidiaries. The
obligations in this paragraph include the return of documents and other materials which
may be in his desk at work, in his car, in place of residence, or in any other location
under his control.
	 
	 	(g)	 	Cause. “Cause” means any one or more of the following:

	 	(1)	 	Willful misfeasance or gross negligence in the performance of
Executive’s duties;
	 
	 	(2)	 	Conviction of a crime in connection with his duties;
	 
	 	(3)	 	Conduct demonstrably and significantly harmful to the Company,
as reasonably determined on the advice of legal counsel by the Company’s board
of directors; or
	 
	 	(4)	 	Permanent disability, meaning a physical or mental impairment
which renders Executive incapable of substantially performing the duties
required under this Agreement, and which is expected to continue rendering
Executive so incapable for the reasonably foreseeable future.

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	 	(h)	 	Good Reason. Executive terminates employment for “Good Reason” if all
four of the following criteria are satisfied:

	 	(1)	 	Any one or more of the following conditions (each a
“Condition”) arises without Executive’s consent:

(A) The material reduction of Executive’s salary, unless the reduction or
elimination is generally applicable to substantially all Company employees
(or employees of a successor or controlling entity of the Company) formerly
benefited;

(B) The material diminution in Executive’s authority or duties as of the
date of this Agreement;

(C) The material breach of this Agreement by the
Company, or

(D) A material relocation or transfer of Executive’s principal place of
employment to a location outside Flathead County, Montana.

	 	(2)	 	Executive gives notice to the Company of the Condition within
90 days of the initial existence of the Condition.
	 
	 	(3)	 	The Company fails to reasonably remedy the Condition within 30
days following receipt of the notice described in paragraph (2) above.
	 
	 	(4)	 	Executive terminates employment within 180 days following the
initial existence of the Condition.

	 	(i)	 	Change in Control. “Change in Control” means a change “in the ownership
or effective control” or “in the ownership of a substantial portion of the assets” of
the Company, within the meaning of Treas Reg. § 1.409A-3(i)(5).
	 
	 	(j)	 	Section 409A Compliance.  Notwithstanding anything in this Agreement to
the contrary, if any amounts that become due under this Agreement on account of the
termination of Executive’s employment constitute “nonqualified deferred compensation”
within the meaning of Code Section 409A, payment of such amounts shall not commence
until Executive incurs a Separation from Service (as defined in Section 10(d)(3)). If,
at the time of Executive’s Separation from Service under this Agreement, Executive is a
“specified employee” (under Internal Revenue Code Section 409A), any amount that
constitutes “nonqualified deferred compensation” within the meaning of Code Section
409A that becomes payable to Executive on account of Executive’s Separation from
Service (including any amounts payable pursuant to the preceding sentence) will not be
paid until after the end of the sixth calendar month beginning after Executive’s
Separation from Service (the “409A Suspension Period”). Within 14 calendar days after
the end of the 409A Suspension Period, Executive shall be paid a lump sum payment in
cash equal to any payments delayed because of the preceding sentence, together with
interest on them for the period of delay at a rate not less than the average prime
interest rate published in the Wall Street Journal on any day chosen by the Company
during that period. Thereafter, Executive shall receive any remaining payments as if
there had not been an earlier delay.

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	11.	 	Confidentiality. Executive will not, after the date this Agreement was signed, including
during and after its Term, use for his own purposes or disclose to any other person or entity
any confidential business information concerning the Company or its business operations or
that of its subsidiaries, unless (1) the Company consents to the use or disclosure of
confidential information; (2) the use or disclosure is consistent with Executive’s duties
under this Agreement, or (3) disclosure is required by law or court order. For purposes of
this Agreement, confidential business information includes, without limitation, trade secrets
(as defined under the Montana Uniform Trade Secrets Act, Montana Code §30-14-402), various
confidential information on investment management practices, marketing plans, pricing
structure and technology of either the Company or its subsidiaries. Executive will also treat
the terms of this Agreement as confidential business information.

	12.	 	Noncompetition. During the Term of this Agreement and for a period of three years after
Executive’s employment with the Company has terminated, Executive will not, directly or
indirectly, as a shareholder, director, officer, employee, partner, agent, consultant, lessor,
creditor or otherwise:

	 	(a)	 	provide management, supervisory or other similar services to any person or
entity engaged in any business in counties in which the Company or its subsidiaries may
have a presence which is competitive with the business of the Company or a subsidiary
as conducted during the term of this Agreement or as conducted as of the date of
termination of employment, including any preliminary steps associated with the
formation of a new bank.
	 
	 	(b)	 	persuade or entice, or attempt to persuade or entice any employee of the
Company or a subsidiary to terminate his/her employment with the Company or a
subsidiary.
	 
	 	(c)	 	persuade or entice or attempt to persuade or entice any person or entity to
terminate, cancel, rescind or revoke its business or contractual relationships with the
Company or its subsidiaries.

	13.	 	Enforcement.

	 	(a)	 	The Company and Executive stipulate that, in light of all of the facts and
circumstances of the relationship between Executive and the Company, the agreements
referred to in Sections 11 and 12 (including without limitation their scope, duration
and geographic extent) are fair and reasonably necessary for the protection of the
Company and its subsidiaries confidential information, goodwill and other protectable
interests. If a court of competent jurisdiction should decline to enforce any of those
covenants and agreements, Executive and the Company request the court to reform these
provisions to restrict Executive’s use of confidential information and Executive’s
ability to compete with the Company to the maximum extent, in time, scope of activities
and geography, the court finds enforceable.

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	 	(b)	 	Executive acknowledges the Company will suffer immediate and irreparable harm
that will not be compensable by damages alone if Executive repudiates or breaches any
of the provisions of Sections 11 or 12 or threatens or attempts to do so. For this
reason, under these circumstances, the Company, in addition to and without limitation
of any other rights, remedies or damages available to it at law or in equity, will be
entitled to obtain temporary, preliminary and permanent injunctions in order to prevent
or restrain the breach, and the Company will not be required to post a bond as a
condition for the granting of this relief.

	14.	 	Covenants. Executive specifically acknowledges the receipt of adequate consideration for the
covenants contained in Sections 11 and 12 and that the Company is entitled to require him to
comply with these Sections. These Sections will survive termination of this Agreement.
Executive represents that if his employment is terminated, whether voluntarily or
involuntarily, Executive has experience and capabilities sufficient to enable Executive to
obtain employment in areas which do not violate this Agreement and that the Company’s
enforcement of a remedy by way of injunction will not prevent Executive from earning a
livelihood.
	 
	15.	 	Arbitration.

	 	(a)	 	Arbitration. At either party’s request, the parties must submit any
dispute, controversy or claim arising out of or in connection with, or relating to,
this Agreement or any breach or alleged breach of this Agreement, to arbitration under
the American Arbitration Association’s rules then in effect (or under any other form of
arbitration mutually acceptable to the parties). A single arbitrator agreed on by the
parties will conduct the arbitration. If the parties cannot agree on a single
arbitrator, each party must select one arbitrator and those two arbitrators will select
a third arbitrator. This third arbitrator will hear the dispute. The arbitrator’s
decision is final (except as otherwise specifically provided by law) and binds the
parties, and either party may request any court having jurisdiction to enter a judgment
and to enforce the arbitrator’s decision. The arbitrator will provide the parties with
a written decision naming the substantially prevailing party in the action. This
prevailing party is entitled to reimbursement from the other party for its costs and
expenses, including reasonable attorneys’ fees.
	 
	 	(b)	 	Governing Law. All proceedings will be held at a place designated by
the arbitrator in Flathead County, Montana. The arbitrator, in rendering a decision as
to any state law claims, will apply Montana law.
	 
	 	(c)	 	Exception to Arbitration. Notwithstanding the above, if Executive
violates Section 11 or 12, the Company will have the right to initiate the court
proceedings described in Section 13(b), in lieu of an arbitration proceeding under this
Section 15.

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	16.	 	Miscellaneous Provisions.

	 	(a)	 	Entire Agreement. This Agreement constitutes the entire understanding
and agreement between the parties concerning its subject matter and supersedes all
prior agreements, correspondence, representations, or understandings between the
parties relating to its subject matter.
	 
	 	(b)	 	Binding Effect. This Agreement will bind and inure to the benefit of
the Company’s, its subsidiaries’ and Executive’s heirs, legal representatives,
successors and assigns.
	 
	 	(c)	 	Litigation Expenses. If either party successfully seeks to enforce any
provision of this Agreement or to collect any amount claimed to be due under it, this
party will be entitled to reimbursement from the other party for any and all of its
out-of-pocket expenses and costs including, without limitation, reasonable attorneys’
fees and costs incurred in connection with the enforcement or collection.
	 
	 	(d)	 	Waiver. Any waiver by a party of its rights under this Agreement must
be written and signed by the party waiving its rights. A party’s waiver of the other
party’s breach of any provision of this Agreement will not operate as a waiver of any
other breach by the breaching party.
	 
	 	(e)	 	Assignment. The services to be rendered by Executive under this
Agreement are unique and personal. Accordingly, Executive may not assign any of his
rights or duties under this Agreement.
	 
	 	(f)	 	Amendment. This Agreement may be modified only through a written
instrument signed by both parties.
	 
	 	(g)	 	Severability. The provisions of this Agreement are severable. The
invalidity of any provision will not affect the validity of other provisions of this
Agreement.
	 
	 	(h)	 	Governing Law and Venue. This Agreement will be governed by and
construed in accordance with Montana law, except to the extent that certain regulatory
matters may be governed by federal law. The parties must bring any legal proceeding
arising out of this Agreement in Flathead County, Montana.
	 
	 	(i)	 	Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall be deemed to be an original, but all of which taken
together will constitute one and the same instrument.

          Signed this 23th day of December, 2008.

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	GLACIER BANCORP, INC.	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	Everit A. Sliter, Chairman	 	 
	Attest:	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:
	 	 	 	 	 	 	 	 	 	 
	 

	 	 

LeeAnn Wardinsky, Secretary
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	EXECUTIVE	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	Michael J. Blodnick	 	 

9exv10w1

Exhibit 10.1

EMPLOYMENT AGREEMENT

This
EMPLOYMENT AGREEMENT (“Agreement”) is made effective as of
January 8th, 2009 by and between UCBH
Holdings, Inc. (the “Holding Company”), United Commercial Bank (the “Bank”), and Doreen Woo Ho
(“Executive”). Any reference to “Company” herein shall be deemed to include the Holding Company and
the Bank.

A.     The Company wishes to assure itself of the services of Executive for the term provided in this
Agreement; and

B.     Executive is willing to serve in the employ of the Company on a full-time basis for the term of
this Agreement.

In consideration of the mutual covenants herein contained, and upon the other terms and conditions
hereinafter provided, the parties hereby agree as follows:

1.       POSITION AND RESPONSIBILITIES.

          (a)     During the term of Executive’s employment hereunder, Executive agrees to serve as
President of Community Banking of the Company or in any executive position mutually agreeable to
Executive and Company. Executive shall render services to the Company as are customarily performed
by persons in a similar executive capacity and as directed by the Company’s Chief Executive Officer
(the “CEO”) and the Board of Directors (the “Board”). Executive shall be considered for a seat on
the Board at the earliest reasonable opportunity.

          (b)     The Company shall provide Executive with a private office, executive secretary,
administrative assistants, office equipment, supplies and other facilities and services, suitable
to Executive’s position and adequate for the performance of her duties.

2.       TERM.

          (a)     The period of Executive’s employment under 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 in January, 2010 and every anniversary date thereafter,
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.

          (b)     During the term of Executive’s employment hereunder, except for periods of absence
occasioned by illness, reasonable vacation periods, and reasonable leaves of absence, Executive
shall devote substantially all her business time, attention, skill, and efforts to the faithful
performance of her duties hereunder, including activities and

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services related to the organization, operation and management of the Company and its Subsidiaries
and participation in community, professional and civic organizations. Executive may serve, or
continue to serve, on the boards of directors of, and hold any other offices or positions in
organizations, which will not present any conflict of interest with the Company or its
Subsidiaries, or require an unreasonable amount of time or materially adversely affect the
performance of Executive’s duties hereunder as follows:

                    (i)     For non-profit entities/organizations, CEO approval is not required.

                    (ii)     For privately traded for profit companies, Executive will consult with the CEO prior to
accepting any such invitation.

                    (iii) For publicly traded for profit companies, Executive will seek CEO approval.

Executive may not serve on more than three such organizations at any given time.

          (c)     Notwithstanding anything herein contained to the contrary, Executive’s employment with the
Company may be terminated by the Company or Executive subject to the terms and conditions of this
Agreement.

3.       COMPENSATION AND REIMBURSEMENT.

          (a)     Executive shall be entitled to a salary from the Company of $500,000.00 per year (“Base
Salary”) payable in accordance with the Company’s normal payroll policies during her employment
term. Base Salary shall include any amounts of compensation deferred by Executive under any
qualified or unqualified plan maintained by the Company. During the term of this Agreement,
Executive’s Base Salary shall be reviewed at least annually, no later than January 31 of the
following year (commencing January 31, 2010). Such annual review shall be conducted by the CEO. The
CEO in consultation with the Board may adjust Executive’s Base Salary and may also award a bonus
(“Bonus”). As a result of any adjustment in Base Salary, the new Base Salary shall become the “Base
Salary” for purposes of this Agreement. In addition to the Base Salary provided in this Section
3(a), the Company shall also provide Executive, at no cost to Executive, with all such other
benefits as provided uniformly to permanent full-time employees of the Company and its Subsidiaries
including, but not limited to, those set forth in Section 3(b) below.

          (b)     At the time the Board approves this Agreement, Executive shall be granted nonstatutory
stock options to purchase up to three hundred seventy-five thousand (375,000) shares of the
Company’s common stock. Such stock option shall be granted pursuant to the terms and conditions of
the UCBH Holdings, Inc. Amended and Restated 2006 Equity Incentive Plan and the standard form of
stock option agreement.

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          (c)     Executive shall be eligible to receive a sign-on bonus of one hundred fifty thousand
dollars ($150,000) payable on the Company’s first payroll date following Executive’s successful
completion of ninety (90) days of employment.

          (d)     For 2009, Executive shall be subject to the Senior Executive Annual Incentive Plan and her
bonus threshold minimum shall be 36% of Base Salary, the target shall be 60% of Base Salary and the
maximum shall be 90% of Base Salary based on performance measures established by the CEO and the
Compensation Committee of the Board for the Senior Executive Annual Incentive Plan. If payments
are not made from the Senior Executive Annual Incentive Plan for the calendar year of 2009,
Executive shall receive a bonus payment of one-hundred eighty thousand dollars ($180,000) to be
paid within two and one half (2 1/2) months after the close of calendar year 2009. During the term
of this Agreement, Executive’s threshold and target bonus amounts and the corresponding performance
measures under the Senior Executive Annual Incentive Plan shall be reviewed at least annually, no
later than March 31 of the following year (commencing March 31, 2010) by the CEO or the
Compensation Committee of the Board, and may be adjusted by the CEO or the Compensation Committee
of the Board.

          (e)     Executive shall be entitled to participate in or receive benefits under any employee
benefit plans and the Company and its Subsidiaries will not, without Executive’s prior written
consent, make any changes in such plans, arrangements or perquisites which would materially
adversely affect Executive’s rights or benefits thereunder, except to the extent that such changes
are made applicable to all Company employees eligible to participate in such plans, arrangements
and perquisites on a non-discriminatory basis. Without limiting the generality of the foregoing
provisions of this Subsection (e), Executive shall be entitled to participate in or receive
benefits under any employee benefit plans including, but not limited to, retirement plans,
supplemental retirement plans, pension plans, profit-sharing plans, health-and-accident plans,
medical coverage and any other employee benefit plan or arrangement made available by the Company
in the future to its senior executives and key management employees, subject to and on a basis
consistent with the terms, conditions and overall administration of such plans and arrangements.
Nothing paid to Executive under any such plan or arrangement will be deemed to be in lieu of other
compensation to which Executive is entitled under this Agreement. Executive waives participation
in the Company’s medical, dental and vision plans.

          (f)     Executive will be reimbursed for financial planning services not to exceed ten thousand
dollars ($10,000) annually.

          (g)     In addition to the Base Salary and Bonus and other benefits provided for by paragraphs (a)
through (e) of this Section 3, the Company shall promptly pay or reimburse Executive for any and
all reasonable expenses incurred in promoting the business of the Company and its Subsidiaries
including, but not limited to entertainment, gifts, travel, parking and club memberships. The
Company shall also provide the Executive the use of an automobile for personal and business
purposes including reasonable expenses for insurance, fuel, maintenance, repair and registration of
such

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automobile or a comparable car allowance. Consistent with Company policy, the CEO hereby
pre-approves the Executive’s use of business class for airline flights that exceed 2500 miles.

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 of the Internal Revenue Code of 1986, as amended and the
regulations promulgated thereunder (collectively “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.

The Company and Executive acknowledge that certain expenses described in this Section 3(c) may not
be specifically enumerated as reimbursable expenses pursuant to the policies of the Company and its
Subsidiaries. Notwithstanding such policies, the Company and Executive acknowledge that the intent
of this Section 3(c) is to reimburse Executive for any and all expenses reasonably incurred in the
best interests of and in promoting the business of the Company or its Subsidiaries, provided that
such reimbursement is otherwise in conformance with Company’s policies such as, by way of example,
with respect to the provision of appropriate receipts for the expenses.

4.       TERMINATION.

          (a)     Cause. The term “Termination for Cause” shall mean termination because of an act
or acts of gross misconduct, willful neglect of duties or the 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
purpose of this Section, no act or failure to act on Executive’s part shall be “willful” unless
done or omitted to be done without the reasonable belief that the action or omission was made in
the best interests of the Company and its Subsidiaries. Executive shall not be deemed to have been
Terminated for Cause unless and until there shall have been delivered to her a Notice of
Termination (as provided in this subsection below) which shall include a copy of a resolution duly
adopted by the affirmative vote of not less than seventy-five percent (75%) of the independent
members of the Board at a meeting of the Board called and held for that purpose, finding that in
the good faith opinion of at least 75% of the independent members of the Board, the Executive was
guilty of conduct justifying Termination for Cause and specifying the relevant facts supporting the
Termination for Cause. On such date of Termination for Cause, (i) any unvested stock options and
related limited rights

4

 

and any unvested awards shall become null and void and shall not be exercisable by or delivered to
Executive at any time subsequent to such Termination for Cause; and (ii) the Company’s sole
liability shall be limited to the payment of Executive’s Base Salary and benefits through such date
of termination, which shall be paid in a lump sum cash amount within thirty (30) days following
Executive’s separation from service. The Date of Termination For Cause shall be determined to 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 the Executive’s last known address.

          (b)     Without Cause. The Company may terminate this Agreement without cause by giving
not less than three (3) months prior written notice to Executive pursuant to Section 9 of this
Agreement. Upon the effective date of such termination, Executive shall be entitled to receive a
sum equal to one and a half times the highest annual compensation (defined as Base Salary and Bonus
under Section 3(a) and, if applicable, Section 3(d), above) due to the Executive over the three
years immediately preceding such termination (the “One and a Half Times Highest Pay Benefit”).
Executive shall be paid such amount in a lump sum within thirty (30) days following Executive’s
“separation from service” (within the meaning of Code Section 409A). Also, on the date of such
termination, 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.

          (c)     Disability.

                    (i)     If as a result of any physical or mental disability, Executive shall be unable to perform
her duties under this Agreement for three (3) consecutive full calendar months, or for eighty
percent (80%) or more of the working days during four (4) consecutive calendar months, the Company
may upon three (3) months’ advance written notice to Executive, terminate Executive’s employment
under this Agreement (a “Termination Due to Disability”). During such three (3) month notice
period, the Company may remove Executive from any and all of her positions, but she shall continue
to be an employee of the Company and to be paid in accordance with this Agreement:

                    (ii)     On the expiration of such three (3) month notice period, Executive’s employment under
this Agreement shall terminate.

                    (iii)     If there should be a dispute between the parties hereto as to Executive’s physical or
mental disability for purposes of this Agreement, the question shall be settled by the opinion of
an impartial reputable licensed physician or psychiatrist selected in good faith by the CEO with
recognized experience in the field pertaining to the nature of the disability. Executive hereby
agrees to cooperate in the examination by any such person. The certificate of such physician or
psychiatrist shall be final and binding upon the parties hereto.

5

 

                    (iv)     Upon an event of Termination due to Disability, Company’s liability to the Executive
under the Agreement shall be limited to that which is provided under Paragraph 4(d) (i) and (ii) of
this Agreement, below.

          (d)     Death. In the event that the Executive should die during the term hereof, this
Agreement shall terminate effective on the date of her death. In such event, Executive’s executor,
trustee or other personal representative (“Authorized Representative”) shall be entitled to receive
the following payments, which shall be paid in a lump sum cash amount:

                    (i)     the amount of the remaining payments of Base Salary (excluding bonus) that the Executive
would have earned if she had continued her employment with the Company over the remaining term of
this Agreement (as defined in Section 2(a) above) at Executive’s Base Salary as of the date of
termination; and

                    (ii)     the amount equal to the annual contributions that would have been made on Executive’s
behalf to any employee benefit plans offered by the Company during the remaining term of this
Agreement based on contributions made (on an annualized basis) as of the date of termination.

In addition, 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 by
the Authorized Representative.

          (e)     Voluntary. Notwithstanding anything provided herein to the contrary, Executive
shall have the right at any time, for whatever reason, to deliver to the Company three (3) months’
advance written notice of her election to terminate this Agreement. During such three (3) month
notice period, the Company may remove Executive from any and all of her positions, but Executive
shall continue to be an employee of the Company and to be paid in accordance with this Agreement,
and shall perform all of her duties herein or as otherwise directed by the CEO. On the expiration
of such three (3) month notice period, Executive’s employment under this Agreement shall terminate.
In such event, Executive shall be entitled to receive her Base Salary earned and benefits accrued
through the date of termination.

          (f)     Change in Duties. In the event Executive voluntarily resigns from her 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 of
Community Banking 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), (ii)
any material reduction in Base Salary, or benefits (excluding bonus), (iii) any relocation of her
principal place of employment by more than 25 miles from its location, (iv) an event which results
in Executive reporting to anyone other than the CEO as of the date of this Agreement (any one of
such events a “Change in Duties”), Executive shall be entitled to receive a sum equal to three (3)
times the highest annual compensation (defined as Base Salary plus Bonus under Section 3(a) and,
if

6

 

applicable, Section 3(d), above) due to the Executive over the three years immediately preceding
such termination (the “Three Times Highest Pay Benefit”). Executive shall be paid such amount in a
lump sum within thirty (30) days following Executive’s “separation from service” (within the
meaning of Code Section 409A). In addition, all of Executive’s 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.

          (g)     Upon termination of employment, the Executive shall have an option to purchase any club
membership(s) that were funded by the Company for the Executive. This option must be exercised by
the Executive in writing within 6 months of the Date of Termination, but not later than the last
day of the year in which Executive’s separation from service occurs. The purchase shall be at the
same purchase price paid by the Company originally to acquire such club membership(s), unless
otherwise agreed by the parties in writing.

          (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.

5.       CHANGE IN CONTROL.

          (a)     For purposes of this Agreement, a “Change in Control” of the Company shall mean an event
or series of events 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 5(a), Executive shall be entitled
to the benefits provided in Section 5(c) upon her subsequent termination of or resignation from
regular employment within thirty-six (36) months following the Change in Control due to: (i)
termination of Executive’s employment or (ii) Change in Duties as such existed at the time of the
Change in Control (each event shall be referred to herein as a “Change In Control Benefit
Trigger”). No benefits shall be provided to the

7

 

Executive pursuant to this Section 5 in the event of Executive’s Termination for Cause or her
resignation for reasons other than those specified as a Change In Control Benefit Trigger.

          (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 her subsequent death or disability, her beneficiary or beneficiaries,
or her 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) and, if applicable, Section 3(d),
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.

          (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.

          (e)     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.

          (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 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.

6.       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

8

 

of this Agreement or otherwise, but determined without regard to any additional payments
required under this Section 6) (the “Termination Benefits”) would be subject to the excise tax
imposed by Section 4999 of the Internal Revenue Code of 1986 (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 6(c), all determinations required to be made under
this Section 6, 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 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 6, 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 6(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:

9

 

                    (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 5(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 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 6(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 6(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 6(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,

10

 

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 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.

7.       SPECIFIED EMPLOYEE.

Notwithstanding anything contained in this Agreement 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 her
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).

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8.       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 the following order of
priority:

                    (i)     “Full Credit Payment” means a payment or distribution, whether paid or payable or
distributed or distributable pursuant to the terms of this Agreement or otherwise, that if reduced
in value by one dollar reduces the amount of the parachute payment (as defined in Section 280G) by
one dollar, determined as if such payment or distribution had been paid or distributed on the date
of the event triggering the reduction in Payments. Full Credit Payments as defined herein will be
reduced in reverse chronological order such that the payment owed on the latest date following the
occurrence of the event triggering the reduction in Payments will be the first payment to be
reduced (with reduction made pro-rata in the event payments are owed at the same time, and

                    (ii)     “Partial Credit Payment” means any payment or distribution that is not a Full Credit
Payment. For clarification purposes only, a Partial Credit Payment would include a stock option as
to which vesting is accelerated upon an event that triggers the reduction in Payments, where the
in-the-money value of the option exceeds the value of the option acceleration that is added to the
parachute payment. Partial Credit Payment as defined herein will be reduced in a manner such as to
obtain the best economic benefit for the Executive so that after giving effect to such reduction,
Executive retains the greatest economic value of such Partial Credit Payments (with reductions to
be made pro-rata to the extent economically equivalent).

          (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

12

 

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.

9.       NOTICE.

Unless otherwise provided for in this Agreement, any termination by the Company or resignation by
Executive 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 or resignation provision in this Agreement relied upon and shall set forth in
reasonable detail the basis for termination or resignation. All notices shall be effective if
personally delivered or if sent by an overnight delivery service, to the parties at the addresses
set forth beneath their signatures below, or at such other address that either party may provide
the other pursuant to this subsection. For purposes of computing time, all time periods provided
under this Agreement will commence on the date notice is received if notice is personally delivered
or if notice is sent by an overnight delivery service, one day after notice has been sent.

10.     POST-TERMINATION OBLIGATIONS.

All payments and benefits to Executive under this Agreement shall be subject to Executive’s
compliance with the post-termination obligations of this Agreement. Executive shall 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.

11.     RELEASE.

By accepting the benefits provided under this Agreement upon any termination hereof, Executive, or
in the event of termination due to death, the Authorized Representative, releases and discharges
the Company, its 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 termination due to death, the Authorized
Representative, shall sign and deliver to the Company a full, complete, general release of any and
all

13

 

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.

12.     ENTIRE AGREEMENT.

This Agreement contains the entire understanding between the parties hereto and supersedes any
prior agreement between the Company and Executive. The Company represents and warrants that the
terms of this Agreement have been approved by its Board of Directors, including but not limited to
the provisions of Section 4 as they effect an acceleration of stock options. To the extent that the
provisions of this Agreement conflict with the provisions of any stock option award agreement or
other agreement evidencing Executive stock options, the provisions of this Agreement shall prevail.

13.     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 as to any act other than that specifically waived.

14.     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.

15.     ADVICE OF COUNSEL.

Each party acknowledges that, in executing this Agreement, such party has had the opportunity to
seek the advice 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.

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16.     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.

17.     THIRD PARTY RIGHTS.

Nothing contained in this Agreement, whether express or implied, is intended to confer any rights
or remedies upon any persons other than the parties hereto and their respective successors and
assign; nor is anything in this Agreement intended to relieve or discharge the obligations or
liabilities of any third person to either party or this Agreement nor shall any provision hereof
give any third person any right of subrogation or action over either party to this Agreement.

18.     GOVERNING LAW.

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

19.     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 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 attorney’s fees, and the
arbitrator shall be vested with authority to determine the prevailing party.

20.     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.

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21.     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.

22.     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 her 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 nonconfidential published sources to any person, firm, corporation, or other entity for
any reason or purpose whatsoever unless expressly authorized 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.

23.     REQUIRED REGULATORY PROVISIONS.

          (a)     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
of the compensation withheld while their contract obligations were suspended and (ii) reinstate the
obligations which were suspended.

          (b)     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 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 21(a) above.

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          (c)     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.

          (d)     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.

24.     The Company shall reimburse Executive for her legal fees incurred in connection with the
negotiation of this Agreement.

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
8th day of January, 2009.

	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	ATTEST:	 	 	 	United Commercial Bank
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	/s/ Eileen Romero

	 	 	 	By:
	 	/s/ Thomas S. Wu	 	 
	 

	 	 	 	 	 	 	 	 
	Eileen Romero

	 	 	 	 	 	Thomas S. Wu	 	 
	Secretary
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	ATTEST:	 	 	 	UCBH Holdings, Inc.	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	/s/ Eileen Romero

	 	 	 	By:
	 	/s/ Thomas S. Wu	 	 
	 

	 	 	 	 	 	 	 	 
	Eileen Romero

	 	 	 	 	 	Thomas S. Wu	 	 
	Secretary
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	WITNESS:
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	/s/ Dennis A. Lee

	 	 	 	By:
	 	/s/ Doreen Woo Ho	 	 
	 

	 	 	 	 	 	 	 	 
	Dennis A. Lee

	 	 	 	 	 	Doreen Woo Ho	 	 

17

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