Document:

Form of Restricted Stock Unit Agreement for Directors

 EXHIBIT 10.23 
 SVB FINANCIAL GROUP 
 2006 EQUITY INCENTIVE PLAN 
 RESTRICTED STOCK UNIT AGREEMENT 
 (Directors) 
 Grant Number: «RSU_Number» 
 SVB Financial Group (the “Company”) hereby grants you, «First» «Middle» «Last» (the
“Participant”), an award of restricted stock units (“RSUs”) under the SVB Financial Group 2006 Equity Incentive Plan (the “Plan”). The date of this Agreement is
            , 200  . Subject to the provisions of Appendix A (attached) and of the Plan, the principal features of this award are as follows: 
 Number of RSUs: «RSU_Shares» 
 Vesting of RSUs:
The RSUs will vest according to the following schedule: 
 [Insert vesting schedule.] 
 Settlement Date: The vesting date, unless otherwise specified in the Restricted Stock Unit Election Form (the “Election”). 
 Unless otherwise defined herein or in Appendix A, capitalized terms herein or in Appendix A will have the defined meanings ascribed to them in the Plan. 
 Your signature below indicates your agreement and understanding that this Award is subject to all of the terms and conditions contained in Appendix A, the Plan, and, if applicable, the Election. For example,
important additional information on vesting and forfeiture of the RSUs is contained in Sections 3 and 4 of Appendix A. PLEASE BE SURE TO READ ALL OF APPENDIX A, WHICH CONTAINS THE SPECIFIC TERMS AND CONDITIONS OF THIS AGREEMENT.

  

					
	SVB FINANCIAL GROUP	 		  	PARTICIPANT
			
	  
	 		  	  

	[NAME]	 		  	«First» «Middle» «Last»
	[TITLE]	 		  	
		 		  	Date:                 , 200  

 APPENDIX A 
 TERMS AND CONDITIONS OF RESTRICTED STOCK UNITS 
 Grant # «RSU_Number» 

1. Grant. The Company hereby grants to the Participant under the Plan an award of the number of RSUs set forth on the first page, subject to
all of the terms and conditions in this Agreement and the Plan. 
 2. Company’s Obligation to Pay. Each RSU represents the right
to receive a share of Common Stock (“Share”). Unless and until the RSUs will have vested in the manner set forth in Sections 3 and 4, the Participant will have no right to payment of any such RSUs. Prior to actual payment of any
vested RSUs, such RSUs will represent an unsecured obligation of the Company, payable (if at all) only from the general assets of the Company. 
 3. Vesting Schedule. Subject to Section 4, the RSUs awarded by this Agreement will vest in the Participant according to the vesting schedule set forth on the attached Restricted Stock Unit Agreement, subject to the Participant
continuing to be a Service Provider through each such date. 
 4. Forfeiture upon Termination of Status as a Service Provider.
Notwithstanding any contrary provision of this Agreement, if the Participant ceases to be a Service Provider for any or no reason, the then-unvested RSUs awarded by this Agreement will thereupon be forfeited at no cost to the Company and the
Participant will have no further rights thereunder. 
 5. Payment after Vesting. 
 (a) Any RSUs that vest in accordance with Section 3 will be paid to the Participant (or in the event of the Participant’s death, pursuant to
Section 6 hereof) in whole Shares, provided that to the extent determined appropriate by the Company, any federal, state and local withholding taxes with respect to such RSUs will be paid by reducing the number of Shares actually paid to the
Participant. The Company shall issue to the Participant, on a date within thirty (30) days following the Settlement Date, a number of whole Shares equal to the vested RSUs. Such Shares shall not be subject to any restriction on transfer other
than any such restriction as may be required pursuant to Section 7. 
 (b) Notwithstanding anything in the Plan or this Agreement to the
contrary, if the vesting of the balance, or some lesser portion of the balance, of the Restricted Stock Units is accelerated in connection with the Participant’s termination as a Service Provider (provided that such termination is a
“separation from service” within the meaning of Section 409A, as determined by the Company), other than due to death, and if (x) the Participant is a “specified employee” within the meaning of Section 409A at the
time of such termination as a Service Provider and (y) the payment of such accelerated Restricted Stock Units will result in the 

 
imposition of additional tax under Section 409A if paid to the Participant on or within the six (6) month period following the Participant’s
termination as a Service Provider, then the payment of such accelerated Restricted Stock Units will not be made until the date six (6) months and one (1) day following the date of the Participant’s termination as a Service Provider,
unless the Participant dies following his or her termination as a Service Provider, in which case, the Restricted Stock Units will be paid in Shares in accordance with Section 6 as soon as practicable following his or her death. It is the
intent of this Agreement to comply with the requirements of Section 409A so that none of the Restricted Stock Units provided under this Agreement or Shares issuable thereunder will be subject to the additional tax imposed under
Section 409A, and any ambiguities herein will be interpreted to so comply. For purposes of this Agreement, “Section 409A” means Section 409A of the Code, and any proposed, temporary or final Treasury Regulations and Internal
Revenue Service guidance thereunder, as each may be amended from time to time. 
 6. Payments after Death. Any distribution or
delivery to be made to the Participant under this Agreement will, if the Participant is then deceased, be made to the Participant’s designated beneficiary, or if no beneficiary survives the Participant, administrator or executor of the
Participant’s estate. Any such transferee must furnish the Company with (a) written notice of his or her status as transferee, and (b) evidence satisfactory to the Company to establish the validity of the transfer and compliance with
any laws or regulations pertaining to said transfer. 
 7. Withholding of Taxes. Notwithstanding any contrary provision of this
Agreement, no certificate representing the Shares will be issued to the Participant, unless and until satisfactory arrangements (as determined by the Administrator) will have been made by the Participant with respect to the payment of income,
employment and other taxes which the Company determines must be withheld with respect to such Shares so issuable. The Administrator, in its sole discretion and pursuant to such procedures as it may specify from time to time, may permit the
Participant to satisfy such tax withholding obligation, in whole or in part by one or more of the following: (a) paying cash, (b) electing to have the Company withhold otherwise deliverable Shares having a Fair Market Value equal to the
minimum amount required to be withheld, (c) delivering to the Company already vested and owned Shares having a Fair Market Value equal to the amount required to be withheld, or (d) selling a sufficient number of such Shares otherwise
deliverable to Participant through such means as the Company may determine in its sole discretion (whether through a broker or otherwise) equal to the amount required to be withheld. If the Participant fails to make satisfactory arrangements for the
payment of any required tax withholding obligations hereunder at the time any applicable RSUs otherwise are scheduled to vest pursuant to Section 3, the Participant will permanently forfeit such RSUs and the RSUs will be returned to the Company
at no cost to the Company and the Participant will have no rights to acquire any Shares with respect thereto. 
 8. Rights as
Stockholder. Neither the Participant nor any person claiming under or through the Participant will have any of the rights or privileges of a stockholder of the Company in respect of any Shares deliverable hereunder unless and until certificates
representing such Shares will have been issued, recorded on the records of the Company or its transfer agents or registrars, and delivered to the Participant. 
 9. No Effect on Service. The Participant’s service with the Company and its Subsidiaries is on an at-will basis only. Accordingly, the terms of the Participant’s service with 

 
the Company and its Affiliates will be determined from time to time by the Company or the Affiliate employing or retaining the Participant (as the case may
be), and the Company or the Subsidiary will have the right, which is hereby expressly reserved, to terminate or change the terms of the service of the Participant at any time for any reason whatsoever, with or without Cause. 
 10. Address for Notices. Any notice to be given to the Company under the terms of this Agreement will be addressed to the Company at 3003 Tasman
Drive, Mail Sort HA 200, Santa Clara, CA 95054, Attn: Investor Relations and Stock Plan Administration Manager, or at such other address as the Company may hereafter designate in writing. 
 11. Grant is Not Transferable. Except to the limited extent provided in Section 6, this grant and the rights and privileges conferred hereby
will not be transferred, assigned, pledged or hypothecated in any way (whether by operation of law or otherwise) and will not be subject to sale under execution, attachment or similar process. Upon any attempt to transfer, assign, pledge,
hypothecate or otherwise dispose of this grant, or any right or privilege conferred hereby, or upon any attempted sale under any execution, attachment or similar process, this grant and the rights and privileges conferred hereby immediately will
become null and void. 
 12. Binding Agreement. Subject to the limitation on the transferability of this grant contained herein, this
Agreement will be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto. 
 13. Additional Conditions to Issuance of Stock. If at any time the Company will determine, in its discretion, that the listing, registration or qualification of the Shares upon any securities exchange or under
any state or federal law, or the consent or approval of any governmental regulatory authority is necessary or desirable as a condition to the issuance of Shares to the Participant (or his estate), such issuance will not occur unless and until such
listing, registration, qualification, consent or approval will have been effected or obtained free of any conditions not acceptable to the Company. Where the Company determines that the delivery of the payment of any Shares will violate federal
securities laws or other applicable laws, the Company will defer delivery until the earliest date at which the Company reasonably anticipates that the delivery of Shares will no longer cause such violation. The Company will make all reasonable
efforts to meet the requirements of any such state or federal law or securities exchange and to obtain any such consent or approval of any such governmental authority. 
 14. Plan Governs. This Agreement is subject to all terms and provisions of the Plan. In the event of a conflict between one or more provisions of this Agreement and one or more provisions of the Plan, the
provisions of the Plan will govern. 
 15. Administrator Authority. The Administrator will have the power to interpret the Plan and
this Agreement and to adopt such rules for the administration, interpretation and application of the Plan as are consistent therewith and to interpret or revoke any such rules (including, but not limited to, the determination of whether or not any
RSUs have vested). All actions taken and all interpretations and determinations made by the Administrator in good faith will be final and binding upon Participant, the Company and all other interested persons. No member of the Administrator will be
personally liable for any action, determination or interpretation made in good faith with respect to the Plan or this Agreement. 

 16. Captions. Captions provided herein are for convenience only and are not to serve as a basis
for interpretation or construction of this Agreement. 
 17. Agreement Severable. In the event that any provision in this Agreement
will be held invalid or unenforceable, such provision will be severable from, and such invalidity or unenforceability will not be construed to have any effect on, the remaining provisions of this Agreement. 
 18. Modifications to the Agreement. This Agreement constitutes the entire understanding of the parties on the subjects covered. The Participant
expressly warrants that he or she is not accepting this Agreement in reliance on any promises, representations, or inducements other than those contained herein. Modifications to this Agreement or the Plan can be made only in an express written
contract executed by a duly authorized officer of the Company. Notwithstanding anything to the contrary in the Plan or this Agreement, the Company reserves the right to revise this Agreement as it deems necessary or advisable, in its sole discretion
and without the consent of the Participant, to comply with Section 409A or to otherwise avoid imposition of any additional tax or income recognition under Section 409A in connection to this Award of RSUs. 
 19. Electronic Delivery. The Company may, in its sole discretion, decide to deliver any documents related to RSUs awarded under the Plan or future
RSUs that may be awarded under the Plan by electronic means or request Participant’s consent to participate in the Plan by electronic means. Participant hereby consents to receive such documents by electronic delivery and agrees to participate
in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company. 
 20. Governing Law. This Agreement will be governed by the laws of the State of California, without giving effect to the conflict of law principles thereof. For purposes of litigating any dispute that arises under this Award of RSUs
or this Agreement, the parties hereby submit to and consent to the jurisdiction of the State of California, and agree that such litigation shall be conducted in the courts of Santa Clara County, California, or the federal courts for
the United States for the Northern District of California, and no other courts, where this Award of RSUs is made and/or to be performed.Form of Restricted Stock Unit Election to Defer Settlement for Directors

 EXHIBIT 10.24 
 SVB FINANCIAL GROUP 
 RESTRICTED STOCK UNIT ELECTION 
 (Directors) 
  

							
	TO:	  	[                            ],
SVB Financial Group (the “Company”)	  	
				
	FROM:	  	_____________________________                                   
                     	  		  	

 I hereby elect to defer the settlement date of my Restricted Stock Units that I receive from the
Company, subject to the terms and conditions of the Company’s 2006 Equity Incentive Plan (the “Plan”) and this election (the “Election”). I understand that my Election is irrevocable. The terms of my Election
are as follows: 
 1. Restricted Stock Units to which Election applies. I elect to defer settlement of 100% of all Restricted Stock Unit awards
made to me during the calendar year commencing January 1, 2009 (the “Election Period”). This Election will terminate at the end of the Election Period. 
 2. Restricted Stock Units Deferral Elections. I understand that any Restricted Stock Unit awards deferred under this Election will be settled in shares of Company common stock (“Shares”)
payable in a single lump sum. I understand that if I fail to make an election with respect to my Restricted Stock Unit awards that I will be deemed to have elected settlement of my Restricted Stock Units when such units vest as provided in the
agreement relating to my Restricted Stock Unit awards (any such agreement, an “Agreement”). 
 Settlement Date: 
 Subject to the terms of the Plan and my Agreement, I will receive Shares in settlement of my Restricted Stock Unit awards (to the extent vested) within 30
days, or such later date as may be required by applicable law, of the earlier of the events I have elected below (as applicable, the “Settlement Date”): 
  

	 	 ̈	I elect a Settlement Date for 100% of my Restricted Stock Unit awards on
                    . (please select a date no earlier than January 1, 2010, but note that if you elect a Settlement Date prior to the
date the Restricted Stock Unit award vests, the Restricted Stock Unit award will be settled on the vesting date). 

  

	 	 ̈	The date of my “separation from service” (as defined under Section 409A of the Internal Revenue Code of 1986, as amended, and Internal Revenue Service guidance
promulgated thereunder (“Section 409A”)). 

  

	 	 ̈	The date of a Change of Control (as defined in Appendix A hereto). 

	 	 ̈	The date of my death. 

  

	 	 ̈	The date I become Disabled (as defined in Appendix A hereto). 

  

	 	 ̈	I do not elect a Settlement Date (and I understand this means that the Settlement Date will be the date upon which my Restricted Stock Units vest in accordance with the vesting
schedule(s) set forth in an applicable Agreement. 

 Notwithstanding the foregoing, if the Settlement Date is as a result of my
separation from service, as determined by the Company, other than due to my death, and I am a “specified employee” within the meaning of Section 409A at the time of such separation from service, then my Restricted Stock Unit
awards will not be settled until the date six (6) months and one (1) day following the date of separation from service, unless I die following my separation from service, in which case, my Restricted Stock Unit awards will be settled as
soon as practicable following my death. 
 Change of Settlement Date: 
 I understand that I may make, with the consent of the Company, a subsequent election to further defer settlement of my Restricted Stock Unit awards, and that such an election must be made at least one (1) year
prior to my originally selected Settlement Date and I further understand that my newly elected Settlement Date must be at least five (5) years after the date of the originally selected Settlement Date. I further understand that the ability to
make such a subsequent deferral election may not be available to me in the future if the Company changes its administration policies to reflect any changes to the applicable law governing deferred compensation. 
 4. Filing of Election. This Restricted Stock Unit Election must be filed with the Company no later than December 31, 2008. 
 5. Irrevocability of Election. This Restricted Stock Unit Election will become irrevocable as of the commencement of the Election Period. 
 6. Award is Unfunded. I understand that the Company has not formally funded my Award and that I am considered a general unsecured creditor of the Company
with respect to my rights under the Award. 
 7. Taxes. I understand and acknowledge that amounts deferred will be taxable as ordinary income
in the year paid. I, however, agree and acknowledge that I may be subject to employment taxes on the original vesting date(s). If the Administrator (as defined in the Plan) determines that the Company is required to withhold for any taxes,
including, but not limited to, income or employment taxes, prior to the date of deferred payout, I agree that, if I do not make other arrangements that are satisfactory to the Administrator, in its sole discretion, the Company may withhold from
other compensation due to me, including, but not limited to, salary. I understand that, upon receipt of deferred payouts, I may owe taxes both (1) to the state where I resided at the time of making this election and, if different, (2) to
the state where I reside when I receive a deferred payout. 

 8. Section 409A. It is the intent of this Election to comply with the requirements of
Section 409A so that none of the Restricted Stock Units or Shares issuable thereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities herein will be interpreted to so comply. 
 9. Subject to Plan. This Election is in all respects subject to the terms and conditions of the Plan. Should any inconsistency exist between this
Restricted Stock Unit Election, the Plan, the Agreement, and/or any applicable law, then the provisions of either the applicable law or the Plan will control, with the Plan subordinated to the applicable law and the Agreement subordinated to this
Election. 
  

			
	Dated:                     	  	  

		  	Signature

 APPENDIX A 
 Definitions for Restricted Stock Unit Election 
 For purposes of the Restricted Stock Unit
Election, “Change of Control” means a change in the ownership of the Company, a change in the effective control of the Company, or a change in the ownership of a substantial portion of the assets of the Company as determined in
accordance with section 409A(a)(2)(A)(v) of the Code and Treasury regulation section 1.409A-3(i)(5), and as set forth below: 
 (a) A change
in the ownership of the Company occurs on the date that any one person or more than one person acting as a group (a “Person”), acquires ownership of the stock of the Company that, together with the stock held by such Person,
constitutes more than fifty percent (50%) of the total fair market value or total voting power of the stock of the Company; provided, however, that for purposes of this subsection (a), the acquisition of additional stock by any one Person who
is considered to own more than fifty percent (50%) of the total fair market value or total voting power of the stock of the Company will not be considered to cause a change in the ownership of the Company (or to cause a change in the effective
control of the Company within the meaning of subsection (b) below). An increase in the percentage of stock owned by any one Person as a result of a transaction in which the Company acquires its stock in exchange for property will be treated as
an acquisition of stock for purposes of this subsection (a). This subsection (a) applies only when there is a transfer of stock of the Company (or issuance of stock of the Company) and the Company’s stock remains outstanding after the
transaction; 
 (b) A change in the effective control of the Company occurs on the date that either: (1) any one Person acquires (or has
acquired during the 12-month period ending on the date of the most recent acquisition by such Person) ownership of the stock of the Company possessing fifty percent (50%) or more of the total voting power of the stock of the Company; or
(2) a majority of the members of the Board of Directors is replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of the members of the Board of Directors prior to the date of the
appointment or election. A change in effective control also may occur in a transaction in which either of the two corporations involved in the transaction has a Change in Control Event under subsection (a) above or (c) below. For purposes
of this subsection (b), if any one Person is considered to effectively control the Company within the meaning of this subsection (b), the acquisition of additional control of the Company by such Person will not be considered to cause a change in the
effective control of the Company (or to cause a change in the ownership of the Company within the meaning of subsection (a) above); or 
 (c) A change in the ownership of a substantial portion of the Company’s assets occurs on the date that any one Person acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such
Person) assets from the Company that have a total gross fair market value equal to or more than fifty percent (50%) of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition or acquisitions.
For this purpose, “gross fair market value” means the value of the assets of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets. However, there is no Change
in Control Event under this subsection (c) when there 

 
is a transfer of assets of the Company to an entity that is controlled by the shareholders of the Company immediately after the transfer, as provided below.
A transfer of assets by the Company will not be treated as a change in the ownership of such assets if the assets are transferred to: (1) a shareholder of the Company (immediately before the asset transfer) in exchange for or with respect to
the Company’s stock; (2) an entity, fifty percent (50%) or more of the total value or voting power of which is owned, directly or indirectly, by the Company; (3) a Person, that owns, directly or indirectly, fifty percent
(50%) or more of the total value or voting power of all the outstanding stock of the Company; or (4) an entity, at least fifty percent (50%) of the total value or voting power of which is owned, directly or indirectly, by a Person
described in clause (3) above. For purposes of this subsection (c) and except as otherwise provided, a person’s status is determined immediately after the transfer of the assets. 
 For these purposes, persons will not be considered to be acting as a group solely because they purchase or own stock of the Company at the same time. However, persons
will be considered to be acting as a group if they are owners of a corporation that enters into a merger, consolidation, purchase or acquisition of stock, or similar business transaction with the Company, and if a person, including an entity, owns
stock in both the Company and another corporation and the Company and the other corporation enter into a merger, consolidation, purchase or acquisition of stock, or similar transaction, such shareholder is considered to be acting as a group with
other shareholders only with respect to the ownership in the Company before the transaction giving rise to the change and not with respect to the ownership interest in the other corporation. Section 318(a) of the Code also applies to determine
stock ownership. Stock underlying a vested option is considered owned by the individual who holds the vested option (and the stock underlying an unvested option is not considered owned by the individual who holds the unvested option); provided,
however, that if a vested option is exercisable for stock that is not substantially vested (as defined by Treasury regulation sections 1.83-3(b) and (j)), the stock underlying the option is not treated as owned by the individual who holds the
option. 
 For purposes of the Restricted Stock Unit Election, “Disabled” means I am unable to engage in any substantial
gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months and is evidenced by a
certificate of a physician satisfactory to the Administrator (as defined under the Plan) stating that such Disability exists and is likely to result in death or last for at least twelve (12) months. The Administrator will determine whether or
not I am Disabled based on such evidence as the Administrator deems necessary or advisable. Notwithstanding the foregoing, I will be considered to be Disabled if I am determined to be totally disabled by the Social Security Administration.

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