Exhibit 10.1

 

[Mission Community Bancorp Letterhead]

 

October 21, 2013

 

James W. Lokey

2490 Nightshade Place

Arroyo Grande, CA 93420

 

Re:                             Employment Agreement

 

Dear Jim:

 

This letter will constitute our agreement (“Agreement”) respecting your continued employment as Chairman of the Board of Directors and Chief Executive Officer of Mission Community Bancorp (“Company”) pending completion of the merger (“Merger”) of the Company with Heritage Oaks Bancorp (“HEOP”) as contemplated by the Agreement and Plan of Merger between the Company and HEOP, dated October 21, 2013 (the “Merger Agreement”).  This Agreement has been approved by both the Board of Directors and its Compensation Committee.

 

	
Position:
    	
 
    	
Chairman   of the Board of Directors and Chief Executive Officer of Mission Community   Bancorp
    
	
 
    	
 
    	
 
    
	
Reporting   to:
    	
 
    	
The   Board of Directors of Mission Community Bancorp
    
	
 
    	
 
    	
 
    
	
Effective   Date:
    	
 
    	
The   date of this letter
    
	
 
    	
 
    	
 
    
	
Base   Salary:
    	
 
    	
$250,000   per annum
    
	
 
    	
 
    	
 
    
	
Bonus:
    	
 
    	
In   recognition of your service to the Company during 2013, including prior   service under your prior employment agreement dated July 1, 2010 (“Prior Employment Agreement”), you will be paid a bonus of   $30,000 payable on the earlier of January 1, 2014 or the date of   completion of the Merger.
    


 











 

	
Merger   Bonus:
    	
 
    	
Immediately   prior to completion of the Merger, you will be paid a merger bonus of   $250,000 for the services rendered in connection with the Merger (“Merger Bonus”). You will not be entitled to the Merger   Bonus if (a) the closing of the Merger does not occur by   October 21, 2014, unless the time for closing is extended by agreement   of HEOP and the Company, (b) you resign your employment as Chairman of   the Board and Chief Executive Officer prior to the closing of the Merger,   (c) your employment is terminated for “cause” prior to the closing of   the Merger, under the definition of cause set forth in the Prior Employment   Agreement , or (d) the Merger Agreement is terminated in accordance with   its terms or is otherwise abandoned. Upon any event described in (a) through   (d) of the preceding sentence, this Agreement will terminate immediately   and you will only be entitled to such benefits, including stock options, as   shall have accrued or vested prior to such termination date.
    
	
 
    	
 
    	
 
    
	
Additional   Benefits:
    	
 
    	
·                                Eligibility to participate in   401(k) and Profit Sharing Plan  

·                                Four weeks paid vacation  

·                                Customary holiday pay, sick leave and   personal choice days  

·                                Customary insurance benefits
    
	
 
    	
 
    	
 
    
	
Term:
    	
 
    	
From the effective   date until closing of the Merger
    


 

We look forward to continuing to work with you toward the closing of the Merger.

 

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Please acknowledge your receipt of this letter and your agreement to its terms by signing an enclosed copy of this letter and returning it to me.

 

	
 
    	
Very truly yours,   
    
	
 
    	
 
    
	
 
    	
/s/ William B. Coy
    
	
 
    	
 
    
	
 
    	
William B. Coy
    
	
 
    	
Vice Chairman of the Board
    


 

 

	
Accepted:
    	
 
    
	
 
    	
 
    
	
/s/   James W. Lokey
    	
 
    	
 
    
	
 
    	
 
    
	
James   W. Lokey
    	
 
    
	
 
    	
 
    
	
Dated:   October 21, 2013
    	
 
    
			


 

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