Executive Stock Option Award Guidelines

EXHIBIT 10.3


H.F. AHMANSON & COMPANY NOVEMBER 15, 1996 EXECUTIVE STOCK OPTION AWARD GUIDELINES


OVERVIEW These guidelines govern annual stock options grants to selected
senior executives of the Company and its subsidiaries.
PARTICIPATION Stock option awards under these guidelines will be granted CRITERIA annually on a date between November 1 and February 10 selected
by the Compensation Committee. Participation is limited to
officers of the Company and its subsidiaries with salary grade
levels of 58 or higher as of the date awards are made under
these guidelines.


STOCK OPTION Each participant will be awarded annual stock options based AWARDS on the following table. The dollar amount determined by the
table will be converted into a number of stock options using a
Black-Scholes valuation model using as the base price the
average of the high and low trading prices of the Company's
common stock for the most recent thirty trading days ending on
the last day of the month preceding the date of grant


AWARD GUIDELINES


AWARD AS A
GRADE LEVEL OR POSITION PERCENT OF BASE SALARY
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CHIEF EXECUTIVE OFFICER 50%
CHIEF OPERATING OFFICER 45%
CHIEF FINANCIAL OFFICER 45%
GENERAL COUNSEL ...