| No. W-____ |   |   |   | Number of      Warrants:_________  |
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| 1.   | Term of      Warrants.  The term for the exercise of the Warrants      shall begin on the Original Issue Date and shall expire at 5:00 p.m. San      Clemente, California time, on September 30, 2011 (the “Expiration      Time”). |
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| 2.   | Exercise of      Warrants.  The Holder may exercise the Warrants by      delivering to the secretary of the Company: (i) this Warrant      Certificate; (ii) a written notice to the Company specifying the      number of Shares with respect to which the Warrants are being exercised;      and (iii) a check for the full amount of the aggregate Exercise Price      for the Shares being acquired. |
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| 3.   | Delivery of Shares; Partial      Exercise.    Upon receipt of the items set      forth in Section 2, and subject to the terms set forth herein, the      Company shall promptly deliver to, and register in the name of, the Holder      a certificate or certificates representing the number of Shares acquired      by exercise of the Warrants, which shall contain a legend stating the      restrictions on transfers of such Sharesas |
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|    | described      in Section 4. In the event of a partial exercise of the Warrants, a new      Warrant Certificate, in substantially the form of this Warrant      Certificate, evidencing the number of Shares that remain subject to the      Warrants shall be issued by the Company to the Holder or to his, her or      its duly authorized assigns. |
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| 4.   | Restrictions on      Transfer.  By accepting the Warrants evidenced by this      Warrant Certificate, the Holder represents that the Holder understands      that the Warrants and the Shares that may be acquired upon exercise of the      Warrants have not been registered under the Securities Act of 1933, as      amended (the “Securities Act”), or any state securities laws and further      understands that neither the Warrants nor the Shares acquired upon      exercise of the Warrants or any interest therein may be offered, sold,      pledged, assigned or otherwise transferred unless (a) a registration      statement with respect thereto is effective under the Act and any      applicable state securities laws or (b) the Company receives an opinion of      counsel, which counsel and opinion are satisfactory to the Company, to the      effect that such securities may be offered, sold, pledged, assigned or      transferred in the manner contemplated without an effective registration      statement under the Act or applicable state securities    laws. |
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| 5.   | Registration of Transfer and      Exchange.     |
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| (a)   | The      Company shall keep, or cause to be kept, at its principal place of      business or at such other location designated by the Company, a register      or registers in which, subject to such reasonable regulations as the      Company may prescribe and subject to compliance with Section 4, a      registrar and transfer agent (the “Securities Registrar”) shall register      this Warrant Certificate and any transfers thereof as permitted hereby      (“Securities Register”).  The initial Securities Registrar shall      be the secretary of the Company, and thereafter, the Securities Registrar      may be removed and/or appointed as authorized by the    Company. |
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| (b)   | Upon      surrender of this Warrant Certificate for registration of transfer,      subject to compliance with Section 4, the Company shall issue and deliver      to the Holder or his, her or its duly authorized assigns, one or more new      Warrant Certificates of like tenor and in like aggregate      amount. |
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| (c)   | At      the option of the Holder, this Warrant Certificate may be exchanged for      other Warrant Certificates of like tenor and in like aggregate amount upon      surrender of the Warrant Certificates to be exchanged. Upon such      surrender, the Company shall issue and deliver to the Holder or his, her      or its duly authorized assigns, one or more new Warrant Certificates of      like tenor and in like aggregateamount. |
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| (d)   | Upon      presentation or surrender of this Warrant Certificate for registration of      transfer or exchange, in addition to complying with Section 4, this      Warrant Certificate shall be accompanied (if so required by the Company or      the Securities Registrar) by a written instrument or instruments of      transfer, in form satisfactory to the Company or the Securities Registrar,      duly |
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|  | executed      by the registered Holder or by such Holder’s duly authorized attorney in      writing. |
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| 6.   | Replacement of Warrant      Certificates.     |
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| (a)   | Upon      receipt of evidence reasonably satisfactory to the Company of the loss,      theft, destruction or mutilation of this Warrant Certificate and, in the      case of loss, theft or destruction, on delivery of an indemnity agreement      reasonably satisfactory in form and amount to the Company or, in the case      of mutilation, on surrender and cancellation of this Warrant Certificate,      the Company shall issue and deliver to the Holder or his, her or its duly      authorized assigns, one or more new Warrant Certificates of like tenor and      in like aggregate amount. In the case of loss, theft or destruction of      this Warrant Certificate, prior to the issuance of a replacement Warrant      Certificate, the Company may also require that a bond be posted in such      amount as the Company may determine is necessary as indemnity against any      claim that may be made against it with respect to such Warrant      Certificate. |
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| (b)   | The      Warrants evidenced by this Warrant Certificate shall be held and owned      under the express condition that the provisions of this Section are      exclusive with respect to the replacement of this Warrant Certificate in      the event of its mutilation, destruction, loss or theft and shall preclude      (to the extent lawful) all other rights and remedies, notwithstanding any      law or statute existing or hereafter enacted to the contrary with respect      to the replacement or payment of negotiable instruments or other      securities without their surrender. |
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| (c)   | Upon      the issuance of a new Warrant Certificate under this Section, the Company      may require the payment of a sum sufficient to cover any tax or other      governmental charge that may be imposed in relation thereto and any other      expenses (including the fees and expenses of the Company and its agents      and counsel) connected therewith. |
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| 7.   | Persons Deemed      Holders.    Prior to the due presentment of      this Warrant Certificate for registration of transfer or exchange, the      Company, any Securities Registrar and any other agent of the Company may      treat the person in whose name this Warrant Certificate is registered in      the Securities Register as the sole Holder of this Warrant Certificate and      of the Warrants represented by this Warrant Certificate for all purposes      whatsoever, and shall not be bound to recognize any equitable or other      claim to or interest in this Warrant Certificate or in the Warrants      represented by this Warrant Certificate on the part of any person and      shall be unaffected by any notice to the  contrary. |
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| 8.   | Cancellation.    Upon      surrender for the purpose of exercise, exchange or registration of      transfer, this Warrant Certificate shall be cancelled by the Securities      Registrar, and no Warrant Certificates shall be issued in lieu thereof,      except as expressly permitted by the provisions  hereof. |
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| 9.   | Stock Dividends, Splits,      Etc.     |
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| (a)   | If,      prior to the Expiration Time, the Company shall subdivide its outstanding      Shares into a greater number of Shares, or declare and pay a dividend of      its Shares payable in additional Shares, the Exercise Price, as then in      effect, shall be proportionately reduced, and the Company shall      proportionately increase the number of Shares then subject to exercise      under the Warrants (and not previously exercised) evidenced by this      Warrant Certificate. |
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| (b)   | If,      prior to the Expiration Time, the Company shall combine its outstanding      Shares into a lesser number of Shares, the Exercise Price, as then in      effect, shall be proportionately increased, and the Company shall      proportionately reduce the number of Shares then subject to exercise under      the Warrants (and not previously exercised) evidenced by this Warrant      Certificate. |
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| 10.   | Reorganization,      Reclassifications, Consolidation or      Merger.    If, prior to the Expiration Time,      there shall be a reorganization or reclassification of the Shares (other      than as provided in Section 9 hereof), or any consolidation or merger      of the Company with another entity, the Holder shall be entitled to      receive, during the remainder of the term of the Warrants and upon payment      of the Exercise Price, the number of shares of stock or other securities      or property of the Company or of the successor entity (or its parent      company) resulting from such consolidation or merger, as the case may be,      to which a holder of Shares, deliverable upon the exercise of the      Warrants, would have been entitled upon such reorganization,      reclassification, consolidation or merger; and, in any case, the Company      shall make appropriate adjustments (as determined by the board of      directors of the Company in its sole discretion) in the application of the      provisions with respect to the rights and interests of the Holder so that      the provisions set forth herein (including the adjustment to the Exercise      Price and the number of Shares issuable upon exercise of the Warrants)      shall be applicable, as nearly as may be practicable, to any shares or      other property thereafter deliverable upon the exercise of the      Warrants. |
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| 11.   | Certificate as to Adjustments;      Issuance of New Warrant Certificates.    Within      thirty (30) days following any adjustment provided for in      Section 9 or 10 hereof, the Company shall give written notice of the      adjustment to the Holder as provided in Section 13(a) hereof. The      notice shall state the Exercise Price as adjusted and the increased or      decreased number of shares purchasable upon the exercise of the Warrants      and shall set forth in reasonable detail the method of calculation for      each. Notwithstanding anything to the contrary set forth herein, the      Company may, at its option, issue a new Warrant Certificate evidencing the      Warrants, in such form as may be approved by the Company, to reflect any      adjustment or change in the Exercise Price and the number or kind of stock      or other securities or property purchasable upon exercise of the      Warrants. |
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| 12.   | Fractional      Shares.    The Company shall not be required to      issue fractional Shares upon the exercise of Warrants. Warrants      exercisable for fractional Sharesshall |
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|   | expire      as of the Expiration Date, and the Holder of such Warrants shall not be      entitled to any consideration of any kind or nature in respect of such      Warrants. |
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| 15.   | Miscellaneous.     |
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| (a)   | Any      notice or other communication required or permitted to be made hereunder      shall be in writing, duly signed by the party giving such notice or      communication and shall be deemed delivered and effective when given      personally or mailed by first-class registered or certified mail, postage      prepaid as follows (or at such other address for a party as shall be      specified by like notice): (i) if given to the Company, at 905      Calle Amanecer, Suite 100, San Clemente, California 92673; and      (ii) if given to the Holder, at the address set forth for the Holder      on the books and records of the Company. A notice given to the Company by      the Holder with respect to the exercise of the Warrants shall not be      effective until received by theCompany. |
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| (b)   | The      Company shall at all times, reserve and keep available out of its      authorized and unissued Shares or out of any Shares held in treasury that      number of Shares that will from time to time be sufficient to permit the      exercise in full of all outstanding Warrants evidenced by this Warrant      Certificate. The Company shall take all such action as may be necessary to      ensure that all Shares delivered upon exercise of any Warrants shall, at      the time of delivery of the certificates for such Shares, be duly      authorized, validly issued, fully paid and  nonassessable. |
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| (c)   | The      Company shall pay when due and payable any and all federal and state      transfer taxes and charges (other any applicable income taxes) that may be      payable in respect of the issuance and delivery of Warrant Certificates or      of certificates for Shares receivable upon the exercise of the Warrants;      provided, however, that the Company shall not be required to pay any tax      that may be payable in respect of the issuance and delivery (i) of      any Warrant Certificate or stock certificate registered in a name other      than that of the Holder of the Warrant Certificate that has been      surrendered, or (ii) of any Warrant Certificate under      Section 6. |
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| (d)   | No      Holder, in his capacity as such, shall be entitled to vote or receive      dividends or shall be deemed from any other purpose the holder of the      Shares or other securities which may at any time be issuable upon the      exercise of such Warrants. Nothing contained herein shall be construed to      confer upon any Holder, in his capacity as such, any of the rights of a      shareholder of the Company, including any right to vote for the election      of directors or upon any matter submitted to shareholders of the Company      at any meeting thereof, to give or withhold consent to any corporation      action, or to receive notices of meeting or other actions affecting      shareholders. |
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| (e)   | The      Holder, by accepting this Warrant Certificate, accepts and agrees to the      terms set forth herein.  Such terms shall be binding upon the      Company and the Holder and their respective heirs, successors,      representatives and |
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|    | permitted      assigns. Nothing expressed or referred to herein is intended or will be      construed to give any person other than the Company or the Holder any      legal or equitable right, remedy or claim under or in respect hereof, or      any provision herein contained, it being the intention of the Company and      the Holder that this Warrant Certificate, the assumption of obligations      and statements of responsibilities hereunder, and all other conditions and      provisions hereof are for the sole benefit of the Company and the Holder      and for the benefit of no otherperson. |
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| (f)   | The      headings contained in this Warrant Certificate are for convenience of      reference only and will not affect in any way the meaning or      interpretation of this Warrant Certificate. The words “hereof,” “herein”      and “hereunder” and words of similar import when used in this Warrant      Certificate shall refer to this Warrant Certificate as a whole and not to      any particular provision in this Warrant Certificate. Each use herein of      the masculine, neuter or feminine gender shall be deemed to include the      other genders. Each use herein of the plural shall include the singular      and vice versa, in each case as the context requires or as is otherwise      appropriate. The word “or” is used in the inclusive sense. References to a      person are also to his, her or its permitted successors or assigns. No      provision of this Warrant Certificate is to be construed to require,      directly or indirectly, any person to take any action, or omit to take any      action, which action or omission would violate applicable law (whether      statutory or common law), rule orregulation. |
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| (g)   | In      the event that any provision of this Warrant Certificate shall be deemed      to be invalid, illegal or unenforceable, the validity, legality or      enforceability of the remaining provisions shall not in any way be      affected or impaired thereby. |
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| (h)   | THIS      WARRANT CERTIFICATE AND THE WARRANTS EVIDENCED HEREBY SHALL BE GOVERNED      BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF CALIFORNIA      WITHOUT REGARD TO THE LAWS THAT MIGHT OTHERWISE GOVERN UNDER APPLICABLE      PRINCIPLES OF CONFLICTS OF LAWS. IN THE EVENT OF A DISPUTE INVOLVING THIS      WARRANT CERTIFICATE OR THE WARRANTS EVIDENCED HEREBY, THE COMPANY AND THE      HOLDER, BY ACCEPTING THIS WARRANT IRREVOCABLY AGREE THAT VENUE FOR SUCH      DISPUTE SHALL LIE EXCLUSIVELY IN THE STATE AND FEDERAL COURTS LOCATED IN      (OR CONTAINING WITHIN THEIR JURISDICTIONAL AREAS) SAN CLEMENTE,      CALIFORNIA. |
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|   |   | PACIFIC COAST NATIONAL      BANCORP, a California      corporation |
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|   |   | By:    |   |   |
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|   |   | Name:  |   |   |
|   |   | Title: |   |   |

| [SEAL] |   |   |
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| Attest: |   |   |
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