Appendix B-10 to Non-Qualified Executive Retirement Plan

Contract Categories: Human Resources › Retirement Agreements
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.