EXHIBIT 10.3
CONSENT
We, the undersigned, hereby do
consent to the adoption of the amendments to the “Benefit
Plans” as defined in and as described in the attached
“Executive Compensation Committee Amendment to Benefit Plans
to Comply with Emergency Economic Stabilization Act”
adopted by the Executive Compensation Committee of the Board of
Directors, as and to the extent, and for the period, required by
the provisions of Section 111 of the Emergency Economic
Stabilization Act of 2008 (“EESA”) applicable to
participants in the Capital Purchase Program under EESA and the
regulation issued by the Department of the Treasury as published in
the Federal Register on October 20, 2008.
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Agreed to and acknowledged
as of the
day
of December, 2008:
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1
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Wellington Chen
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Donald Chow
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Julia Gouw
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Douglas P. Krause
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Dominic Ng
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EAST WEST BANCORP,
INC.
EXECUTIVE COMPENSATION
COMMITTEE
AMENDMENT TO BENEFIT PLANS TO
COMPLY
WITH EMERGENCY ECONOMIC
STABILIZATION ACT
RECITALS
WHEREAS, East West
Bancorp, Inc. (the “Company”) has entered or will
enter into a Securities Purchase Agreement with the United States
Department of Treasury (the “Agreement”) as part of the
Capital Purchase Program under the Emergency Economic Stabilization
Act of 2008 (“EESA”);
WHEREAS, pursuant to
Section 1.2(d)(iv) of the Agreement, the Company is
required to amend its “Benefit Plans” with respect to
its “Senior Executive Officers” (as such terms are
defined in the Agreement) to the extent necessary to comply with
Section 111 of EESA; and
WHEREAS, the applicable
“Benefit Plans” are the plans in which any Senior
Executive Officer participates, or is eligible to participate, and
the agreements to which any Senior Executive Officer is a party,
that either: (i) provide for incentive or bonus compensation
based on the achievement of performance goals tied to or affected
by the Company&
