Appendix B-10 Supplemental Benefits Agreement for Joseph M. Otting under Non-Qualified Executive Retirement Plan

Summary

This agreement outlines the supplemental retirement benefits for Joseph M. Otting under the company's Non-Qualified Executive Retirement Plan. It specifies how his pension is calculated, including additional years of service and ignoring certain IRS limits. The benefits are reduced by any pensions received from Union Bank of California. Payments are made as a life annuity, with vesting and payout conditions based on years of service, age, and employment status, including provisions for early retirement and termination under specific circumstances.

EX-10.1 3 c94536exv10w1.htm APPENDIX B-10 TO NON-QUALIFIED EXECUTIVE RETIREMENT PLAN exv10w1

Exhibit 10.1

APPENDIX B-10

SUPPLEMENTAL BENEFITS

This Appendix B-10 summarizes the supplemental benefits payable to the named Participant under the Plan.


Participant	:	Joseph M. Otting

Formula — Part A	:	A pension benefit calculated in accordance with the formula and provisions of the Qualified Plan based on 16 years of post-2001 service, plus any unvested years of “Benefit Service” under the Qualified Plan.

Formula — Part B	:	A pension benefit determined as in Formula — Part A above, except that any limitation imposed by Section 401(a)(17) or Section 415 of the Code shall be ignored, less the pension benefit determined in Part A above.

Formula Offset	:	The benefits provided under Formula A, Formula B and the Excess Portion of the Plan shall, in total, be reduced by the Participant’s pension benefits under the qualified and non-qualified pension plans of Union Bank of California (each of which shall be considered an “offsetting benefit” for purposes of this Appendix B-10).

Form of Payment	:	Life annuity

Vesting Service Start Date	:	From date of hire

Vesting — Part A	:	Five (5) Years of Vesting Service, or, if earlier, when employment is terminated without Cause by the Company or the employee terminates for Good Reason following a Change of Control

Vesting — Part B	:	Age 55 and ten (10) Years of Vesting Service, or, if earlier, when employment is terminated without Cause by the Company or the employee terminates for Good Reason following a Change of Control

Unreduced Retirement Age	:	65

Early Retirement Reduction	:	The early commencement factors set forth in Section 4 of Appendix C of the Qualified Plan.

Earliest Payout Date	:	Age 55

Defined Terms	:	For purposes of this Appendix B-10, the terms “Cause”, “Good Reason”, and “Change of Control” shall have the same meaning as such terms have for purposes of the named Participant’s written employment agreement.