Document:

Fifth Restated 2002 Stock Incentive Plan

 Exhibit 10.1.13 
 FIFTH RESTATED 2002 STOCK INCENTIVE PLAN 
 OF 

 COSTCO WHOLESALE CORPORATION 
 1. Purpose of this Plan 
 The purpose of this Fifth Restated 2002
Stock Incentive Plan of Costco Wholesale Corporation is to provide a means by which eligible recipients of Stock Awards may be given an opportunity to benefit from increases in value of the Common Stock through the granting of the following Stock
Awards: Options, and Stock Units. The Plan has been operated in good faith compliance with Code section 409A and was amended and restated July 21, 2008, to comply with Section 409A, effective for Awards earned and vested after
December 31, 2004. 
 2. Definitions and Rules of Interpretation 
 2.1 Definitions. This Plan uses the following defined terms: 
 (a) “Administrator” means the Board, the Committee, or any officer or employee of the Company to whom the
Board or the Committee delegates authority to administer this Plan. 
 (b) “Affiliate” means, in
the case of Incentive Stock Options, a “parent” or “subsidiary” (as each is defined in Section 424 of the Code) of the Company and in the case of Stock Awards other than Incentive Stock Options, all persons with whom the
Company would be considered a single employer under Section 414(b) or Section 414(c) of the Code, except that, for purposes of determining whether there is a controlled group or common control, the language “at least 50 percent”
is used instead of “at least 80 percent.” 
 (c) “Applicable Law” means the legal
requirements relating to the administration of equity compensation plans, including under applicable U.S. state corporate laws, U.S. federal and applicable state securities laws, other U.S. federal and state laws, the Code, any stock exchange rules
or regulations and the applicable laws, rules and regulations of any other country or jurisdiction where Awards are granted under the Plan, as such laws, rules, regulations and requirements shall be in place from time to time. 
 (d) “Award” means a grant of an Option or an award of a Stock Unit in accordance with the terms of this Plan.

 (e) “Award Shares” means shares of common stock covered by a Stock Award. 
 (f) “Board” means the board of directors of the Company. 
 (g) “Change of Control” is defined in Section 11.4. 
 (h) “Code” means the Internal Revenue Code of 1986. 
 (i) “Committee” means a committee composed of Company Directors appointed in accordance with the
Company’s Articles of Incorporation and Bylaws and Section 4. 
 (j) “Company” means
Costco Wholesale Corporation, a Washington corporation. 
 (k) “Company Director” means a member
of the Board. 
 (l) “Consultant” means an individual who, or an employee of any entity that,
provides bona fide services to the Company or an Affiliate not in connection with the offer or sale of securities in a capital-raising transaction, but who is not an Employee. 
 (m) “Continuous Service” means that the Participant’s service with the Company or an Affiliate, whether
as an Employee, Director or Consultant, is not interrupted or terminated by a Termination as defined in Section 2.1(qq). 
 (n) “Covered Employee” has the meaning as determined for purposes of Section 162(m) of the Code. 
 (o) “Disability” means the permanent and total disability of a person within the meaning of Section 22(e)(3) of the Code. 
  

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 (p) “Director” means a member of the board of directors of
the Company or an Affiliate. 
 (q) “Divestiture” means any transaction or event that the Board
specifies as a Divestiture under Section 11.5. 
 (r) “Employee” means a regular employee of
the Company or an Affiliate, including an officer or Director, who is treated as an employee in the personnel records of the Company or an Affiliate, but not individuals who are classified by the Company or an Affiliate as: (i) leased from or
otherwise employed by a third party, (ii) independent contractors, or (iii) intermittent or temporary workers. The Company’s or an Affiliate’s classification of an individual as an “Employee” (or as not an
“Employee”) for purposes of this Plan shall not be altered retroactively even if that classification is changed retroactively for another purpose as a result of an audit, litigation or otherwise. A Participant shall not cease to be an
Employee due to transfers between locations of the Company, or between the Company and an Affiliate, or to any successor to the Company or an Affiliate that assumes the Participant’s Award under Section 11, unless such event results in a
Termination as defined in Section 2.1(qq). Neither service as a Director nor receipt of a director’s fee shall be sufficient to make a Director an “Employee.” 
 (s) “Exchange Act” means the Securities Exchange Act of 1934. 
 (t) “Executive” means an individual who is subject to Section 16 of the Exchange Act or who is a
“Covered Employee”, in either case because of the individual’s relationship with the Company or an Affiliate. 
 (u) “Expiration Date” means, with respect to an Option, the date stated in the Award Agreement as the expiration date of the Option or, if no such date is stated in the Award Agreement, then the last day of
the maximum exercise period for the Option, disregarding the effect of a Participant’s Termination or any other event that would shorten that period. 
 (v) “Fair Market Value” means the value of Shares as determined under Section 17.2. 
 (w) “Fundamental Transaction” means any transaction or event described in Section 11.3. 
 (x) “Grant Date” means the date the Administrator approves the grant of an Award. However, if the Administrator specifies that an Award’s Grant Date is a future date or
the date on which a condition is satisfied, the Grant Date for such Award is that future date or the date that the condition is satisfied. 
 (y) “Incentive Stock Option” means an Option intended to qualify as an incentive stock option under Section 422 of the Code and designated as an Incentive Stock Option
in the Option Agreement for that Option. 
 (z) “Nonstatutory Option” means any Option other than
an Incentive Stock Option. 
 (aa) “Non-Employee Director” means a Director of
the Company who either (i) is not a current Employee or Officer of the Company or its parent or a subsidiary, does not receive compensation (directly or indirectly) from the Company or its parent or a subsidiary for services rendered as a
consultant or in any capacity other than as a Director (except for an amount as to which disclosure would not be required under Item 404(a) of Regulation S-K promulgated pursuant to the Securities Act (“Regulation S-K”)),
does not possess an interest in any other transaction as to which disclosure would be required under Item 404(a) of Regulation S-K and is not engaged in a business relationship as to which disclosure would be required under Item 404(b) of
Regulation S-K; or (ii) is otherwise considered a “non-employee director” for purposes of Rule 16b-3. 
 (bb)
“Objectively Determinable Performance Condition” shall mean any one or more of the following performance criteria, either individually, alternatively or in any combination, applied to either the Company as a whole or to a
business unit, Affiliate or business segment, either individually, alternatively or in any combination, and measured either annually or cumulatively over a period of years, on an absolute basis or relative to a pre-established target, to previous
years’ results or to a designated comparison group, in each case as specified by the Committee in the Award: (i) cash flow; (ii) earnings (including gross margin, earnings before interest and taxes, earnings before taxes, and net
earnings); (iii) earnings per share; (iv) growth in earnings or earnings per share; (v) stock price; (vi) return on equity or average shareowners’ equity; (vii) total shareowner return; (viii) return on capital;
(ix) return on assets or net assets; (x) return on investment; (xi) revenue; (xii) income or net income; (xiii) operating income or net operating income; (xiv) operating profit or net operating profit;
(xv) operating margin; (xvi) return on operating revenue; (xvii) market share; (xviii) sales or revenue growth; (xix) overhead or other expense reduction; (xx) growth in shareowner value relative to the moving average
of the S&P 500 Index or a peer group index; (xxi) credit rating; (xxii) strategic plan development and implementation; (xxiii) improvement in workforce diversity, and (xxiv) any other similar criteria. The Committee may

  

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appropriately adjust any evaluation of performance under an Objectively Determinable Performance Criteria to exclude any of the following events that occurs during a performance period:
(A) asset write-downs; (B) litigation or claim judgments or settlements; (C) the effect of changes in tax law, accounting principles or other such laws or provisions affecting reported results; (D) accruals for reorganization and
restructuring programs; and (E) any extraordinary non-recurring items as described in Accounting Principles Board Opinion No. 30 and/or in management’s discussion and analysis of financial condition and results of operations appearing
in the Company’s annual report to shareowners for the applicable year. 
 (cc) “Option”
means a right to purchase Shares of the Company granted under this Plan. 
 (dd) “Option
Agreement” means the document evidencing the grant of an Option. 
 (ee) “Option
Price” means the price payable under an Option for Shares, not including any amount payable in respect of withholding or other taxes. 
 (ff) “Outside Director” means a Company Director who either (i) is not a current employee of the Company or an “affiliated corporation” (within the meaning of
Treasury Regulations promulgated under Section 162(m) of the Code), is not a former employee of the Company or an “affiliated corporation” receiving compensation for prior services (other than benefits under a tax qualified pension
plan), was not an officer of the Company or an “affiliated corporation” at any time and is not currently receiving direct or indirect remuneration from the Company or an “affiliated corporation” for services in any capacity other
than as a Director or (ii) is otherwise considered an “outside director” for purposes of Section 162(m) of the Code. 
 (gg) “Participant” means a person to whom an Award is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding Award. 
 (hh) “Plan” means this 2002 Stock Incentive Plan of Costco Wholesale Corporation, as amended and restated
from time to time. 
 (ii) “Qualified Domestic Relations Order” means a
judgment, order, or decree meeting the requirements of Section 414(p)(1)(A) of the Code. 
 (jj)
“Rule 16b-3” means Rule 16b-3 adopted under Section 16(b) of the Exchange Act. 
 (kk)
“Securities Act” means the Securities Act of 1933. 
 (ll) “Share”
means a share of the common stock $.005 par value per share, of the Company or other securities substituted for the common stock under Section 11. 
 (mm) “Stock Award” means any right involving Shares granted under the Plan, including an Option or Stock Unit. 
 (nn) “Stock Award Agreement” means a written agreement between the Company and a holder of a Stock Award
evidencing the terms and conditions of an individual Stock Award grant. Each Stock Award Agreement shall be subject to the terms and conditions of the Plan. 
 (oo) “Stock Unit” means an award giving the right to receive Shares granted under Section 9.1 below. 
 (pp) “Substitute Award” means an Award granted in substitution for, or upon the conversion of, an option
granted by another entity to purchase equity securities in the granting entity. 
 (qq)
“Termination” means “termination of employment” or “separation from service” as defined in Section 409A of the Code. However, with respect to an Employee, Termination will occur at the date
reasonably anticipated by the Company and Employee that a Participant’s level of service will permanently decrease to 21% or less of the average level of service provided by the Participant over the immediately preceding 36 months period (or if
providing services for less than 36 months, such lesser period). If a Participant’s status changes from an Employee to an independent contractor or from an independent contractor to an Employee, whether there has been a Termination will be
determined in accordance with the regulations under Section 409A of the Code. 
 2.2 Rules of Interpretation. Any
reference to a “Section,” without more, is to a Section of this Plan. Captions and titles are used for convenience in this Plan and shall not, by themselves, determine the meaning of this Plan. Except when

  

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otherwise indicated by the context, the singular includes the plural and vice versa. Any reference to a statute is also a reference to the applicable rules and regulations adopted under that
statute. Any reference to a statute, rule or regulation, or to a section of a statute, rule or regulation, is a reference to that statute, rule, regulation, or section as amended from time to time, both before and after the effective date of this
Plan and including any successor provisions. 
 3. Shares Subject to this Plan; Term of this Plan 
 3.1 Number of Option Shares. Subject to adjustment under Section 11, the maximum number of Shares that may be granted as awards
under the Plan is 18 million plus any Shares covered by Awards granted under these plans prior to the date this plan became effective that are subsequently cancelled or expire unexercised or unvested. 
 3.2 Limitation on Award of Stock Units. Subject to adjustment as provided in Section 11 below, the maximum number of Shares that
may be issued shall be reduced by 1.75 Shares for each Share granted in a Stock Award in which the Participant is issued Shares without tendering to the Company payment of an amount in connection therewith equal to the Fair Market Value of such
Shares on the date of the Stock Award; provided however that, to the extent that previously-issued Shares are later forfeited under the terms and conditions of the Stock Award, then any Shares so forfeited shall not count against the limit set forth
in this section 3.2. 
 3.3 Source of Shares. Award Shares may be authorized but unissued Shares. If an Award is
terminated, expires, or otherwise becomes unexercisable without having been exercised in full, the unpurchased Shares that were subject to the Award shall revert to this Plan and shall again be available for future issuance under this Plan. The
following shares of stock shall not again be made available for issuance as Awards under this Plan: (i) Shares actually issued under this Plan in a Stock Option even if repurchased by the Company; (ii) Shares not issued or delivered
as a result of the net settlement of an outstanding stock appreciation right or Option, or (iii) Shares used to pay the exercise price or withholding taxes related to an outstanding Award. 
 3.4 Term of this Plan 
 (a) This Plan and any amendment shall be effective on the date it has been adopted by the Board or, to the extent that shareholder approval is required, on the date it has been approved by the
shareholders. 
 (b) Subject to Section 14, this Plan shall continue in effect for a period of ten years from the earlier
of the date on which the Plan was adopted by the Board and the date on which the Plan was approved by the Company’s shareholders. 
 4. Administration 
 4.1 General 
 (a) The Board shall have ultimate responsibility for administering this Plan. The Board may delegate certain of its responsibilities to a
Committee, which shall consist of at least two members of the Board and solely of Outside Directors. The Board or the Committee may further delegate its responsibilities to any Employee of the Company or any Affiliate. Where this Plan specifies that
an action is to be taken or a determination made by the Board, only the Board may take that action or make that determination. Where this Plan specifies that an action is to be taken or a determination made by the Committee, only the Committee may
take that action or make that determination. Where this Plan references the “Administrator,” the action may be taken or determination made by the Board, the Committee, or other Administrator. However, only the Board or the Committee may
approve Awards to Executives, and an Administrator other than the Board or the Committee may grant Options only within guidelines established by the Board or Committee. Moreover, all actions and determinations by any Administrator are subject to the
provisions of this Plan. 
 (b) So long as the Company has registered and outstanding a class of equity securities under
Section 12 of the Exchange Act, the Committee shall consist of Company Directors who are “Non-Employee Directors” and who are “Outside Directors.” 
 4.2 Authority of Administrator. Subject to the other provisions of this Plan, the Administrator shall have the authority, in a manner
that complies with Section 409A of the Code: 
 (a) to make and determine the types of Awards, provided that no
Non-Employee Director may be granted Awards for more than 12,000 shares in any fiscal year (subject to proportionate increase in the event of any share dividends or stock splits); 
  

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 (b) to determine the Fair Market Value of Shares; 
 (c) to determine the Option Price; 
 (d) to determine Objective Determinable Performance Conditions; 
 (e) to select
the Participants; 
 (f) to determine the times that Awards are granted; 
 (g) to determine the number of Shares subject to each Award; 
 (h) to determine the types of payment that may be used to acquire Award Shares and the types of payment that may be used to satisfy withholding tax obligations; 
 (i) to determine the other terms of each Award, including but not limited to the time or times at which Options may be exercised, whether
and under what conditions an award is assignable, and whether an Option is a Nonstatutory Option or an Incentive Stock Option; 
 (j) to modify or amend any Award, including, without limitation, to extend the period during which an Option may be exercised, but neither the Administrator, the Board, nor the Committee shall have the authority to reduce the Option Price
of any outstanding Option without obtaining the approval of the Company’s shareholders or to make a modification or amendment under this Section 4.2(j) that results in an Award that was exempt from Section 409A of the Code becoming
subject to Section 409A and noncompliant with Section 409A or an Award that is subject to Section 409A of the Code becoming noncompliant with Section 409A. 
 (k) to authorize any person to sign any Award Agreement or other document related to this Plan on behalf of the Company; 
 (l) to determine the form of any Award Agreement or other document related to this Plan, and whether that document, including signatures,
may be in electronic form; 
 (m) to interpret this Plan and any Award Agreement or document related to this Plan; 

(n) to correct any defect, remedy any omission, or reconcile any inconsistency in this Plan, any Award Agreement or any other document
related to this Plan; 
 (o) to adopt, amend, and revoke rules and regulations under this Plan, including rules and regulations
relating to sub-plans and Plan addenda; 
 (p) to adopt, amend, and revoke rules and procedures relating to the
operation and administration of this Plan to accommodate non-U.S. Participants and the requirements of Applicable Law such as: (i) rules and procedures regarding the conversion of local currency, withholding procedures and the handling of stock
certificates to comply with local practice and requirements, and (ii) sub- plans and Plan addenda for non-U.S. Participants; and 
 (q) to make all other determinations the Administrator deems necessary or advisable for the administration of this Plan. 
 4.3 Scope of Discretion. Subject to the last sentence of this Section 4.3, on all matters for which this Plan confers the authority, right or power on the Board, the Committee, or other
Administrator to make decisions, that body may make those decisions in its sole and absolute discretion. Moreover, but again subject to the last sentence of this Section 4.3, in making those decisions the Board, Committee or other Administrator
need not treat all persons eligible to receive Awards, all Participants, all Awards or all Award Shares the same way. However, the discretion of the Board, Committee or other Administrator is subject to the specific provisions and specific
limitations of this Plan, as well as all rights conferred on specific Participants by Award Agreements and other agreements. 
  

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 5. Persons Eligible to Receive Awards 
 5.1 Eligible Individuals. Awards may be granted to, and only to, Employees, Directors and Consultants, including to prospective
Employees, Directors and Consultants conditioned on the beginning of their service for the Company or an Affiliate. 
 5.2
Section 162(m) Limitation. 
 (a) So long as the Company is a “publicly held corporation” within the
meaning of Section 162(m) of the Code: (a) no Employee or prospective Employee may be granted one or more Stock Awards within any fiscal year of the Company to purchase or receive more than 500,000 Shares, subject to adjustment under
Section 11, and (b) Awards may be granted to an Executive only by the Committee (and, notwithstanding Section 4.1(a), not by the Board). 
 (b) Any Stock Unit that is intended as “qualified performance-based compensation” within the meaning of Section 162(m) of the Code must vest or become exercisable contingent on the
achievement of one or more Objectively Determinable Performance Conditions. Subject to the limitations included in Sections 3.2, the Committee shall have the discretion to determine the time and manner of compliance with Section 162(m) of the
Code. Prior to the payment of any compensation under an Award intended to qualify as “performance-based compensation” under Section 162(m) of the Code, the Committee shall certify the extent to which any Objectively Determinable
Performance Criteria and any other material terms under such Award have been satisfied (other than in cases where such relate solely to the increase in the value of the Common Stock). 
 (c) Notwithstanding satisfaction of any completion of any Objectively Determinable Performance Criteria, to the extent specified at the time
of grant of an Award to “covered employees” within the meaning of Section 162(m) of the Code, the number of Shares, Options or other benefits granted, issued, retainable and/or vested under an Award on account of satisfaction of such
Objectively Determinable Performance Criteria may be reduced by the Committee on the basis of such further considerations as the Committee in its sole discretion shall determine. 
 6. Terms and Conditions of Options 
 The following rules apply to all
Options: 
 6.1 Price. No Option may have an Option Price less than 100% of the Fair Market Value of the Shares on the
Grant Date. 
 6.2 Term. No Option shall be exercisable after its Expiration Date. No Option may have an Expiration Date
that is more than ten years after its Grant Date. 
 6.3 Vesting. 
 (a) Options shall be exercisable in accordance with a schedule related to the Grant Date, the date the Participant’s directorship,
employment or consultancy begins, or a different date specified in the Option Agreement evidencing such Option; provided that no Option shall be exercisable until one year from the Grant Date except as provided below. 
 (b) For Options granted after October 10, 2003, the Administrator shall have the authority in its discretion to permit the exercise of
an Option prior to the expiration of one year from the Grant Date based on the Pro Rata Number of Shares formula in Section 8.4(a) hereof and in an amount not to exceed 20% of the Option Shares granted on that Grant Date. In the event that the
Participant, whether voluntarily or involuntarily, experiences a change to an employment status or position in the Company that is not eligible for Option grants or is eligible for a lesser number of Options, except as otherwise determined by the
Administrator the Option Shares shall cease to vest at the time of such change, except that the Participant shall be entitled to a vesting of a Pro Rata Number of Shares computed in accordance with Section 8.4(a) using the next anniversary of
the Grant Date following the change in status. 
 (c) Grants to Non-Employee Directors shall be vested and exercisable at the
Grant Date. 
 6.4 Form of Payment. 
 (a) The Administrator shall determine the acceptable form and method of payment for exercising an Option. 
  

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 (b) Acceptable forms of payment for all Option Shares are cash, check or wire transfer,
denominated in U.S. dollars except as specified by the Administrator for non-U.S. Employees or non-U.S. sub-plans. 
 (c) In
addition, the Administrator may permit payment to be made by any of the following methods: 
 (i) other Shares, or the
designation of other Shares, which have a Fair Market Value on the date of surrender equal to the Option Price of the Shares as to which the Option is being exercised; 
 (ii) provided that a public market exists for the Shares, through a “same day sale” commitment from the Participant and a broker-dealer that is a member of the National Association of Securities
Dealers (an “NASD Dealer”) under which the Participant irrevocably elects to exercise the Option and the NASD Dealer irrevocably commits to forward an amount equal to the Option Price, directly to the Company, upon receipt of
the Option Shares (a “Cashless Exercise”); 
 (iii) any combination of the methods of payment permitted
by any paragraph of this Section 6.4. 
 (d) The Administrator may also permit any other form or method of payment for
Option Shares permitted by Applicable Law. 
 6.5 Nonassignability of Awards. Except as determined by the Administrator,
no Award shall be assignable or otherwise transferable by the Participant except (a) by will or by the laws of descent and distribution, (b) to a grantor trust or partnership established for estate planning purposes to the extent permitted
by Applicable Laws, or (c) in accordance with a Qualified Domestic Relations Order. 
 7. Incentive Stock Options 

The following rules apply only to Incentive Stock Options and only to the extent these rules are more restrictive than the rules that
would otherwise apply under this Plan. With the consent of the Participant, or where this Plan provides that an action may be taken notwithstanding any other provision of this Plan, the Administrator may deviate from the requirements of this
Section, notwithstanding that any Incentive Stock Option modified by the Administrator will thereafter be treated as a Nonstatutory Option. 
 7.1 The Expiration Date of an Incentive Stock Option shall not be later than ten years from its Grant Date, with the result that no Incentive Stock Option may be exercised after the expiration of ten
years from its Grant Date. 
 7.2 No Incentive Stock Option may be granted more than ten years from the date this Plan was
approved by the Board. 
 7.3 Options intended to be incentive stock options under Section 422 of the Code that are granted
to any single Participant under all incentive stock option plans of the Company and its Affiliates, including Incentive Stock Options granted under this Plan, may not vest at a rate of more than $100,000 in Fair Market Value of stock (measured on
the grant dates of the options) during any calendar year. For this purpose, an option vests with respect to a given share of stock the first time its holder may purchase that share, notwithstanding any right of the Company to repurchase that share.
Unless the Administrator specifies otherwise in the related agreement governing the Option, this vesting limitation shall be applied by, to the extent necessary to satisfy this $100,000 rule, treating certain stock options that were intended to be
incentive stock options under Section 422 of the Code as Nonstatutory Options. The stock options or portions of stock options to be reclassified as Nonstatutory Options are those with the highest Option Prices, whether granted under this Plan
or any other equity compensation plan of the Company or any Affiliate that permits that treatment. This Section 7.3 shall not cause an Incentive Stock Option to vest before its original vesting date or cause an Incentive Stock Option that has
already vested to cease to be vested. 
 7.4 In order for an Incentive Stock Option to be exercised for any form of payment
other than those described in Section 6.4(b), that right must be stated in the Option Agreement relating to that Incentive Stock Option. 
 7.5 Any Incentive Stock Option granted to a Ten Percent Shareholder (as defined below), must have an Expiration Date that is not later than five years from its Grant Date, with the result that no such
Option may be exercised after the expiration of five years from the Grant Date. A “Ten Percent Shareholder” is any person who, directly or by attribution under Section 424(d) of the Code, owns stock possessing more than
ten percent of the total combined voting power of all classes of stock of the Company or of any Affiliate on the Grant Date. 
  

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 7.6 The Option Price of an Incentive Stock Option shall never be less than the Fair Market
Value of the Shares at the Grant Date. The Option Price for the Shares covered by an Incentive Stock Option granted to a Ten Percent Shareholder shall never be less than 110% of the Fair Market Value of the Shares at the Grant Date. 
 7.7 Incentive Stock Options may be granted only to Employees. If a Participant changes status from an Employee to a Consultant, that
Participant’s Incentive Stock Options become Nonstatutory Options if not exercised within the time period described in Section 7.9. 
 7.8 No rights under an Incentive Stock Option may be transferred by the Participant, other than by will or the laws of descent and distribution. During the life of the Participant, an Incentive Stock
Option may be exercised only by the Participant. The Company’s compliance with a Qualified Domestic Relations Order, or the exercise of an Incentive Stock Option by a guardian or conservator appointed to act for the Participant, shall not
violate this Section 7.8. 
 7.9 An Incentive Stock Option shall be treated as a Nonstatutory Option if it remains
exercisable after, but is not exercised within, the three-month period beginning with the Participant’s Termination for any reason other than the Participant’s death or Disability. In the case of Termination due to death, an Incentive
Stock Option shall continue to be treated as an Incentive Stock Option if it remains exercisable after, but is not exercised within, that three-month period provided it is exercised before the Expiration Date. In the case of Termination due to
Disability, an Incentive Stock Option shall be treated as a Nonstatutory Option if it remains exercisable after, but is not exercised within, one year after the Participant’s Termination. 
 8. Exercise of Options; Termination 
 8.1 In General. An Option shall be exercisable in accordance with this Plan, the Option Agreement under which it is granted, and as prescribed by the Administrator. 
 8.2 Time of Exercise. Options shall be considered exercised when the Company receives: (a) written notice of exercise from the
person entitled to exercise the Option, (b) full payment, or provision for payment, in a form and method approved by the Administrator, for the Shares for which the Option is being exercised, and (c) with respect to Nonstatutory Options,
payment, or provision for payment, in a form approved by the Administrator, of all applicable withholding taxes due upon exercise. An Option may not be exercised for a fraction of a Share. 
 8.3 Issuance of Option Shares. The Company shall issue Option Shares in the name of the person properly exercising an Option. If the
Participant is that person and so requests, the Option Shares shall be issued in the name of the Participant and the Participant’s spouse. The Company shall endeavor to issue Option Shares promptly after an Option is exercised. However, until
Option Shares are actually issued, as evidenced by the appropriate entry on the stock books of the Company or its transfer agent, no right to vote or receive dividends or other distributions, and no other rights as a shareholder, shall exist with
respect to the Option Shares, even though the Participant has completed all the steps necessary to exercise the Option. No adjustment shall be made for any dividend, distribution, or other right for which the record date precedes the date the Option
Shares are issued, except as provided in Section 11. 
 8.4 Termination 
 (a) In General. Except as provided by the Administrator, including in an Award Agreement, after a Participant’s
Termination, except as otherwise provided in Sections 8.4(b), (c), (d) and (e), the Participant’s Options shall be exercisable to purchase, or Awards shall be fully vested as to, (A) the number of Shares for which such Awards have
vested on the date of that Termination plus (B) (in the event the Award only vests in annual increments and such Termination occurs after the one year anniversary of the Grant Date) the Pro Rata Number of Shares for which the Award would
have become vested on the next anniversary of the Grant Date following Termination. As used in this Section 8, the “Pro Rata Number of Shares” shall be equal to (a) the additional number of Shares that would have become vested on
the next anniversary of the Grant Date following Termination, multiplied by (b) a fraction, the numerator of which shall be the number of days from the anniversary of the Grant Date preceding Termination and the denominator of which
shall be 365, rounded to the nearest whole Share. Except as otherwise provided by the Administrator or in the Award Agreement, such Options shall only be exercisable during the period ending 30 days after the Termination for Options granted prior to
July 21, 2005 and the period ending 120 days after Termination for Options granted after July 21, 2005, but in no event after the Expiration Date. To the extent the Participant does not exercise an Option within the time specified
for exercise, the Option shall automatically terminate. 
 (b) Leaves of Absence. Unless otherwise provided
in the Award Agreement, no Option may be exercised more than 90 days after the beginning of a leave of absence, other than a personal or medical leave approved by the

  

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Administrator with employment guaranteed upon return. Unless otherwise determined by the Administrator, Options shall not continue to vest during a leave of absence, other than an approved
personal or medical leave with employment guaranteed upon return. 
 (c) Death or Disability. In the event
of the death of a Participant who at the date of death either (i) was an officer of the Company with the title of Assistant Vice President or above or (ii) had been employed by the Company for ten or more continuous years, all Awards that
were granted to that Participant with vesting provisions tied to continuation of employment, but are unvested as of the date of the Participant’s death shall become vested, effective as of the date of death. In the event of the death of a
Participant who at the date of death is an Employee but qualifies under neither clause (i) or (ii) of the previous sentence, 50% of the Awards that were granted to that Participant but unvested on the date of the Participant’s death
shall become vested, effective as of the date of death. Unless otherwise provided by the Administrator, if a Participant’s Termination is due to death or disability (as determined by the Administrator with respect to Nonstatutory Options and as
defined by Section 22(e) of the Code with respect to Incentive Stock Options), all Options of that Participant may be exercised for one year after that Termination, but in no event after the Expiration Date. In the case of Termination of an
Employee due to death, such Options shall be exercisable to purchase the number of shares for which the Options were vested as of the Termination Date in accordance with the first two sentences of this Section 8.4(c). In the case of Termination
due to disability, such Options shall be exercisable to purchase (A) the number of Shares for which such Options have vested as of the Termination Date, plus (B) the Pro Rata Number of Shares (as defined in Section 8.4(a)) for which
the Option would have vested on the next anniversary of the Grant Date (in the event the Option only vests in annual increments and such Termination occurs after the one year anniversary of the Grant Date). In the case of Termination due to death,
an Option may be exercised as provided in Section 16. In the case of Termination due to disability, if a guardian or conservator has been appointed to act for the Participant and been granted this authority as part of that appointment, that
guardian or conservator may exercise the Option on behalf of the Participant. Death or disability occurring after a Participant’s Termination shall not cause the Termination to be treated as having occurred due to death or disability. To the
extent an Option is not so exercised within the time specified for its exercise, the Option shall automatically terminate. 
 (d) Divestiture. If a Participant’s Termination is due to a Divestiture, the Board may take any one or more of the actions described in Section 11.3 or 11.4. 
 (e) Termination for Cause. If a Participant’s Termination is due to Cause (as defined below), all of the
Participant’s Options shall automatically terminate and cease to be exercisable at the time of Termination. “Cause” means dishonesty, fraud, misconduct, disclosure or misuse of confidential information, conviction of, or
a plea of guilty or no contest to, a felony or similar offense, habitual absence from work for reasons other than illness, intentional conduct that could cause significant injury to the Company or an Affiliate, or habitual abuse of alcohol or a
controlled substance, in each case as determined by the Administrator. 
 9. Provisions of Stock Units 
 Each Award Agreement reflecting the issuance of a Stock Unit shall be in such form and shall contain such terms and conditions as the Board
shall deem appropriate. The terms and conditions of such agreements may change from time to time, and the terms and conditions of separate agreements need not be identical, but each such agreement shall include (through incorporation of provisions
hereof by reference in the agreement or otherwise) the substance of each of the following provisions: 
 (a)
Consideration. A Stock Unit may be awarded in consideration for such property or services as is permitted under Applicable Law, including for past services actually rendered to the Company or an Affiliate for its benefit.

 (b) Vesting; Restrictions. Shares of Common Stock awarded under the agreement reflecting a Stock Unit
award may, but need not, be subject to a Share repurchase option, forfeiture restriction or other conditions in favor of the Company in accordance with a vesting or lapse schedule to be determined by the Board. The Administrator may make provisions
for accelerated vesting, including (without limitation) accelerated vesting based on length of service. 
 (c) Accelerated
Vesting; Non Executive Directors. Grants to non-executive directors of Stock Units shall vest upon Termination as follows: 
 (1) after five years of service, at Termination 50% of otherwise unvested Stock Units shall vest; and 
 (2) after ten
years of service, at Termination 100% of otherwise unvested Stock Units shall vest. 
  

 9 

 (d) Termination of Participant’s Continuous Service. In the event
a Participant’s Continuous Service terminates, the Company may reacquire any or all of the Shares of Common Stock held by the Participant which have not vested or which are otherwise subject to forfeiture or other conditions as of the date of
termination under the terms of the agreement. 
 (e) Transferability. Rights to acquire Shares of Common Stock
under a Stock Unit agreement shall be transferable by the Participant only upon such terms and conditions as are set forth in the agreement, as the Board shall determine in its discretion, so long as Common Stock awarded under the agreement remains
subject to the terms of the agreement . 
 (f) Payment Terms. Each Award reflecting the issuance of a Stock
Unit shall specify, on the Grant Date, that issuance of Shares with respect to the Stock Unit will be made at a time and/or upon the occurrence of events that comply with Section 409A of the Code, including, without limitation, on a Change In
Control event that is defined in Section 409A(a)(2)(A)(v) and shall include, where required in the case of specified employees, the six-month delay in Section 409A(a)(2)(B). 
 10. Consulting or Employment Relationship. 
 Nothing in this Plan or in any
Award Agreement, and no Award shall: (a) interfere with or limit the right of the Company or any Affiliate to terminate the employment or consultancy of any Participant at any time, whether with or without cause or reason, and with or without
the payment of severance or any other compensation or payment, or (b) interfere with the application of any provision in any of the Company’s or any Affiliate’s charter documents or Applicable Law relating to the election,
appointment, term of office, or removal of a Director. 
 11. Certain Transactions and Events 
 11.1 In General. Except as provided in this Section 11, no change in the capital structure of the Company, merger, sale or other
disposition of assets or a subsidiary, change of control, issuance by the Company of shares of any class of securities convertible into shares of any class, conversion of securities, or other transaction or event shall require or be the occasion for
any adjustments of the type described in this Section 11. 
 11.2 Changes in Capital Structure. In the event of any
stock split, reverse stock split, recapitalization, combination or reclassification of stock, stock dividend, spin-off, extraordinary cash dividend or similar change to the capital structure of the Company (not including a Fundamental Transaction or
Change of Control), the Board shall make appropriate and equitable adjustments to preserve the value of outstanding and future Awards, including adjustments to: (a) the number and type of Awards that may be granted under this Plan, (b) the
number and type of Awards that may be granted to any individual under this Plan, (c) the purchase price of any Stock Award, and (d) the Option Price and number and class of securities issuable under each outstanding Option. Subject to the
foregoing requirement, the specific form of any such adjustments shall be determined by the Board. Unless the Board specifies otherwise, any securities issuable as a result of any such adjustment shall be rounded to the next lower whole security.

 11.3 Fundamental Transactions. If the Company merges with another entity in a transaction in which the Company is not
the surviving entity or if, as a result of any other transaction or event, other securities are substituted for the Shares or Shares may no longer be issued (each a “Fundamental Transaction”), then, notwithstanding any other
provision of this Plan, the Board shall do one or more of the following contingent on the closing or completion of the Fundamental Transaction: (a) arrange for the substitution of options or other compensatory awards of equity securities other
than Shares (including, if appropriate, equity securities of an entity other than the Company) in exchange for Stock Awards, (b) accelerate the vesting and termination of outstanding Stock Awards so that Stock Awards can be exercised in full
before or otherwise in connection with the closing or completion of the transaction or event but then terminate or (c) cancel Stock Awards in exchange for cash payments to Participants. The Board need not adopt the same rules for each Stock
Award or each Participant. 
 11.4 Changes of Control. In connection with a Change of Control, notwithstanding any other
provision of this Plan (but subject to section 11.8), the Board may take any one or more of the actions described in Section 11.3. In addition, the Board may extend the date for the exercise of Options (but not beyond their original Expiration
Date). The Board need not adopt the same rules for each Option or each Optionee. “Change in Control” shall mean the occurrence of any of the following events: (i) at any time during any two consecutive year period, at least a
majority of the Board shall cease to consist of “Continuing Directors” (meaning directors of the Company who were directors at the beginning of such two-year period, or who subsequently became directors and whose election, or nomination
for election by the Company’s stockholders, was approved by a majority of the then Continuing Directors); or (ii) any “person” or “group” (as determined

  

 10 

 
for purposes of Section 13(d)(3) of the Exchange Act, except any majority-owned subsidiary of the Company or any employee benefit plan of the Company or any trust thereunder, shall have
acquired “beneficial ownership” (as determined for purposes of Securities and Exchange Commission (“SEC”) Regulation 13d-3) of Shares having 30% or more of the voting power of all outstanding Shares, unless such acquisition is
approved by a majority of the directors of the Company in office immediately preceding such acquisition; or (iii) a merger or consolidation occurs to which the Company is a party, in which outstanding Shares are converted into shares of another
company or other securities (of either the Company or another company) or cash or other property. 
 11.5 Divestiture. If
the Company or an Affiliate sells or otherwise transfers equity securities of an Affiliate to a person or entity other than the Company or an Affiliate, or leases, exchanges or transfers all or any portion of its assets to such a person or entity,
then the Board, in its sole and absolute discretion, may specify that such transaction or event constitutes a “Divestiture.” In connection with a Divestiture, notwithstanding any other provision of this Plan, the Board may
take one or more of the actions described in Section 11.3 or 11.4 with respect to Awards or Award Shares held by, for example, Employees, Directors or Consultants for whom that transaction or event results in a Termination. The Board need not
adopt the same rules for each Award or each Participant. 
 11.6 Dissolution. If the Company adopts a plan of
dissolution, the Board may, in its sole and absolute discretion, cause Awards to be fully vested and exercisable (but not after their Expiration Date) before the dissolution is completed but contingent on its completion and may cause the
Company’s repurchase rights on Award Shares to lapse upon completion of the dissolution. To the extent not exercised before the earlier of the completion of the dissolution or their Expiration Date, Options shall terminate just before the
dissolution is completed. The Board need not adopt the same rules for each Option or each Optionee. 
 11.7 Substitute
Awards. The Board may cause the Company to grant Substitute Awards in connection with the acquisition by the Company or an Affiliate of equity securities of any entity (including by merger) or all or a portion of the assets of any entity. Any
such substitution shall be effective when the acquisition closes. Substitute Awards that are Options may be Nonstatutory Options or Incentive Stock Options. Unless and to the extent specified otherwise by the Board, Substitute Awards shall have the
same terms and conditions as the options they replace, except that (subject to Section 11) substitute options shall be Options to purchase Shares rather than equity securities of the granting entity and shall have an Option Price that, as
determined by the Board in its sole and absolute discretion, properly reflects the substitution. 
 11.8 Compliance with
Section 409A. The Board shall take no action pursuant to this Section 11 that would cause an Award that is exempt from Section 409A of the Code to become subject to Section 409A and noncompliant with Section 409A, or an
Award that is subject to Section 409A to become noncompliant with Section 409A, unless the Board clearly indicates in writing its intent to take action under this Section 11 that is noncompliant with Section 409A of the Code.

 11.9 Cut-Back to Preserve Benefits. If the Administrator determines that the net after-tax amount to be realized by
any Participant, taking into account any accelerated vesting, termination of repurchase rights, or cash payments to that Participant in connection with any transaction or event addressed in this Section 11 would be greater if one or more of
those steps were not taken with respect to that Participant’s Awards or Award Shares, then and to that extent one or more of those steps shall not be taken; provided, however, no such cutback shall be taken in connection with Awards that
are subject to Section 409A. 
 12. Withholding and Tax Reporting 
 12.1 Tax Withholding Alternatives. To the extent provided by the terms of a Stock Award Agreement, the Participant may satisfy any
federal, state or local tax withholding obligation relating to the exercise or acquisition of Shares under a Stock Award by any of the following means (in addition to the Company’s right to withhold from any compensation paid to the Participant
by the Company) or by a combination of such means: (i) tendering a cash payment; (ii) authorizing the Company to withhold Shares from the Shares otherwise issuable to the Participant as a result of the exercise or acquisition of stock
under the Stock Award; or (iii) delivering to the Company owned and unencumbered Shares. 
 12.2 Reporting of
Dispositions. Any holder of Option Shares acquired under an Incentive Stock Option shall promptly notify the Administrator in writing of the sale or other disposition of any of those Option Shares if the disposition occurs during: (a) the
longer of two years after the Grant Date of the Incentive Stock Option and one year after the date the Incentive Stock Option was exercised, or (b) such other period as the Administrator has established. 
  

 11 

 13. Compliance with Law 
 The grant of Awards and the issuance and subsequent transfer of Award Shares shall be subject to compliance with all Applicable Law,
including all applicable securities laws. Options may not be exercised, and Option Shares may not be transferred, in violation of Applicable Law. Thus, for example, Options may not be exercised unless: (a) a registration statement under the
Securities Act is then in effect with respect to the related Option Shares, or (b) in the opinion of legal counsel to the Company, those Option Shares may be issued in accordance with an applicable exemption from the registration requirements
of the Securities Act and any other applicable securities laws. The failure or inability of the Company to obtain from any regulatory body the authority considered by the Company’s legal counsel to be necessary or useful for the lawful issuance
of any Award Shares or their subsequent transfer shall relieve the Company of any liability for failing to issue those Award Shares or permitting their transfer. As a condition to the exercise of any Option or the transfer of any Award Shares, the
Company may require the Participant to satisfy any requirements or qualifications that may be necessary or appropriate to comply with or evidence compliance with any Applicable Law. 
 14. Amendment or Termination of this Plan or Outstanding Awards 
 14.1 Amendment and Termination. The Board may at any time amend, suspend, or terminate this Plan. On termination of the Plan, the Board may pay out benefits under the Plan in a manner that does not result in a violation of
Section 409A of the Code. 
 14.2 Shareholder Approval. The Company shall obtain the approval of the Company’s
shareholders for any amendment to this Plan if shareholder approval is necessary or desirable to comply with any Applicable Law, with the requirements applicable to the grant of Options intended to be Incentive Stock Options or if the amendment
would materially enhance the benefits available to participants under the Plan. The Board may also, but need not, require that the Company’s shareholders approve any other amendments to this Plan. Unless a greater vote is required by Applicable
Law, any amendment to the Plan shall be deemed approved if such amendment receives more affirmative votes than negative votes at a shareholders’ meeting at which a quorum is present. 
 14.3 Cancellation and Re-Grant of Options. The Company may not reprice any outstanding Stock Awards under the Plan, including
implement any program whereby outstanding Stock Awards will be cancelled and replaced with Stock Awards bearing a lower purchase or exercise price, without first obtaining the approval of the shareholders of the Company; provided however that this
Section 14.3 shall in no way limit the Company’s ability to adjust Stock Awards as provided under Section 11 above. 
 14.4 Effect. No amendment, suspension, or termination of this Plan, and no modification of any Award even in the absence of an amendment, suspension, or termination of this Plan, shall impair any existing contractual rights of any
Participant unless the affected Participant consents to the amendment, suspension, termination, or modification. However, no such consent shall be required if the Administrator determines in its sole and absolute discretion that the amendment,
suspension, termination, or modification: (a) is required or advisable in order for the Company, the Plan or the Award to satisfy Applicable Law, to meet the requirements of any accounting standard or to avoid any adverse accounting treatment,
or (b) in connection with any transaction or event described in Section 11, is in the best interests of the Company or its shareholders. The Administrator may, but need not, take the tax consequences to affected Participants into
consideration in acting under the preceding sentence. Termination of this Plan shall not affect the Administrator’s ability to exercise the powers granted to it under this Plan with respect to Awards granted before the termination, or Award
Shares issued under such Awards, even if those Award Shares are issued after the termination. 
 15. Reserved Rights 

15.1 Nonexclusivity of this Plan. This Plan shall not limit the power of the Company or any Affiliate to adopt other incentive
arrangements including, for example, the grant or issuance of stock options, stock, or other equity-based rights under other plans or independently of any plan. 
 15.2 Unfunded Plan. This Plan shall be unfunded. Although bookkeeping accounts may be established with respect to Participants, any such accounts will be used merely as a convenience. The Company
shall not be required to segregate any assets on account of this Plan, the grant of Awards, or the issuance of Award Shares. The Company and the Administrator shall not be deemed to be a trustee of stock to be awarded under this Plan. Any
obligations of the Company to any Participant shall be based solely upon contracts entered into under this Plan, such as Award Agreements. No such obligation shall be deemed to be secured by any pledge or other encumbrance on any assets of the
Company. Neither the Company nor the Administrator shall be required to give any security or bond for the performance of any such obligation. 
  

 12 

 16. Beneficiaries 
 A Participant may file a written designation of one or more beneficiaries who are to receive the Participant’s rights under the
Participant’s Options after the Participant’s death. A Participant may change such a designation at any time by written notice. If a Participant designates a beneficiary, the beneficiary may exercise the Participant’s Options after
the Participant’s death. If a Participant dies when the Participant has no living beneficiary designated under this Plan, the Company shall allow the executor or administrator of the Participant’s estate to exercise the Option or, if there
is none, the person entitled to exercise the Option under the Participant’s will or the laws of descent and distribution. In any case, no Option may be exercised after its Expiration Date. 
 17. Miscellaneous 
 17.1 Governing Law. This Plan and all determinations made and actions taken under this Plan shall be governed by the substantive laws, but not the choice of law rules, of the State of Washington. 
 17.2 Determination of Value. Fair Market Value shall be determined as follows: 
 (a) Listed Stock. If the Shares are traded on any established stock exchange or quoted on a national market system, Fair
Market Value shall be the closing sales price for the Shares as quoted on that stock exchange or system for the date the value is to be determined (the “Value Date”) as reported in The Wall Street Journal or a similar
publication. If no sales are reported as having occurred on the Value Date, Fair Market Value shall be that closing sales price for the last preceding trading day on which sales of Shares are reported as having occurred. If no sales are reported as
having occurred during the five trading days before the Value Date, Fair Market Value shall be the closing bid for Shares on the Value Date. If Shares are listed on multiple exchanges or systems, Fair Market Value shall be based on sales or bids on
the primary exchange or system on which Shares are traded or quoted. 
 (b) Stock Quoted by Securities Dealer. If
Shares are regularly quoted by a recognized securities dealer but selling prices are not reported on any established stock exchange or quoted on a national market system, Fair Market Value shall be the mean between the high bid and low asked prices
on the Value Date. If no prices are quoted for the Value Date, Fair Market Value shall be the mean between the high bid and low asked prices on the last preceding trading day on which any bid and asked prices were quoted. 
 (c) No Established Market. If Shares are not traded on any established stock exchange or quoted on a national market system
and are not quoted by a recognized securities dealer, the Administrator will determine Fair Market Value in good faith and consistent with the requirements of Section 409A of the Code to the extent necessary to maintain an exemption from or
compliance with Section 409A. The Administrator will consider the following factors, and any others it considers significant, in determining Fair Market Value: (i) the price at which other securities of the Company have been issued to
purchasers other than Employees, Directors, or Consultants, (ii) the Company’s net worth, prospective earning power, dividend-paying capacity, and non-operating assets, if any, and (iii) any other relevant factors, including the
economic outlook for the Company and the Company’s industry, the Company’s position in that industry, the Company’s goodwill and other intellectual property, and the values of securities of other businesses in the same industry.

 17.3 Reservation of Shares. During the term of this Plan, the Company will at all times reserve and keep available
such number of Shares as are still issuable under this Plan. 
 17.4 Electronic Communications. Any Award Agreement,
notice of exercise of an Option, or other document required or permitted by this Plan may be delivered in writing or, to the extent determined by the Administrator, electronically. Signatures may also be electronic if permitted by the Administrator.

 17.5 Escrow of Shares. To enforce any restriction applicable to Shares issued under the Plan, the Board or the
Committee may require a Participant or other holder of such Shares to deposit the certificates representing such Shares, with approved stock powers or other transfer instruments endorsed in blank, with the Company or an agent of the Company until
the restrictions have lapsed. Such certificates (or other notations representing the Shares) may bear a legend or legends referencing the applicable restrictions. 
 17.6 Notices. Unless the Administrator specifies otherwise, any notice to the Company under any Award Agreement or with respect to any Awards or Award Shares shall be in writing (or, if so
authorized by Section 17.4, communicated electronically), shall be addressed to the Secretary of the Company, and shall only be effective when received by the Secretary of the Company. 
  

 13 

 17.7 Arbitration. Any dispute arising out of or relating to the Plan or any Award
Agreement, including (without limitation) breach, termination or the validity thereof, shall be finally resolved by arbitration by a sole arbitrator in Seattle, Washington in accordance with the CPR Rules of Non-Administered Arbitration, and
judgment upon the award rendered by the arbitrator may be entered by any court having jurisdiction thereof. 
  

 14Employment Agreement dated March 11, 2010

 Exhibit 10.1 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT
(“Agreement”) is made and entered into on March 11 , 2010, by and among Pacific Capital Bank, N.A. (“the Bank”) and Pacific Capital Bancorp. (“PCB”) and with the Bank hereinafter collectively referred to as
“the Company”) on the one hand, and George S. Leis (“Executive”) on the other hand, on the basis of the following. 
 WHEREAS, the Bank and PCB desire to employ Executive as the President and Chief Executive Officer of the Bank and PCB as of the date of April 2, 2010 or such other date as the parties may mutually agree (the “Effective
Date”); and 
 WHEREAS, the parties are willing to enter into an agreement providing for such employment upon the terms and
conditions set forth herein, which will replace any other prior written or oral understandings between Executive and the Company. 
 NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth, the sufficiency of which is acknowledged, the parties hereto covenant and agree as follows: 
 A. TERM OF EMPLOYMENT 
 1. Term. The Company hereby employs Executive, and Executive hereby accepts employment with the Company as President and Chief Executive Officer, for a period of two (2) years, commencing as of the Effective Date
set forth above (the “Term”), subject however to prior termination as hereinafter provided. Where used herein, “Term” shall refer to the entire period of the employment of Executive by the Company hereunder, whether for the
period provided above, or whether terminated earlier as hereinafter provided. 
 B. DUTIES OF EXECUTIVE 
 1. Duties. Executive’s duties under this Agreement shall include all ordinary and reasonable duties customarily performed by the
President and Chief Executive Officer of a commercial banking institution in California, subject to the powers by law vested in the Boards of Directors of the Bank and PCB. As such, Executive shall oversee all operational aspects of the business and
activities of the Company. Executive shall render his services to the Company and shall exercise such corporate responsibilities as Executive may be directed by the Boards of Directors. Executive shall perform his duties faithfully, diligently and
to the best of his ability, consistent with the highest and best standards of the banking industry and in compliance with applicable laws. 
 2. Conflicts of Interest. Executive expressly agrees as a condition to the performance by Company of its obligations herein that, during the Term, he will not, directly or indirectly, render any
services of an advisory nature or otherwise become employed by, or participate or engage in, any business competitive with any businesses of the Company, without the prior written consent of the Company; provided, however, that nothing herein shall
prohibit Executive from owning stock or other securities of a competitor which are relatively insubstantial to the total outstanding stock of such competitor, and so long as he in fact does not have the power to control or direct the management or
policies of such competitor and does not

 
serve as a director or officer of, and is not otherwise associated with, any competitor except as consented to by the Company. Nothing contained herein shall preclude substantially passive
investments by Executive during the Term that may require nominal amounts of his time, energies and interest. 
 3.
Performance. During the Term, Executive shall devote substantially his full energies, interests, abilities and productive time to the business of the Company. Executive shall at all times loyally and conscientiously perform all of these
duties and obligations hereunder and shall at all times strictly adhere to and obey, and instruct and require all those working under and with him strictly to adhere and obey, all applicable federal and state laws, statutes, rules and regulations to
the end that the Company shall at all times be in full compliance with such laws, statutes, rules and regulations. 
 4.
Subpoenas; Cooperation in Defense of the Bank. If Executive, during the Term or thereafter, is served with any subpoena or other compulsory judicial or administrative process calling for production of confidential information or if Executive
is otherwise required by law or regulations to disclose Confidential Information (as described in Section G below), Executive will promptly, before making any such production or disclosure, notify the Company’s counsel and provide such
information as the Company may reasonably request to take such action as the Company deems necessary to protect its interests. Executive agrees to cooperate reasonably with the Company, whether during the Term or thereafter, in the prosecution or
defense of all threatened claims or actual litigation in which the Company is or may become a party, whether now pending or hereafter brought, in which Executive has knowledge of relevant facts or issues. 
 C. COMPENSATION 
 1. Salary. In consideration of the performance by Executive of all of his obligations under this Agreement, the Bank agrees to pay Executive commencing on the Effective Date, a salary of $600,000 per year, less required taxes and
withholdings. The base salary shall be payable in accordance with the Bank’s regular payroll practices. The Board shall review the base salary annually during the Term. 
 2. Bonuses. During the Term, the Bank agrees that Executive shall be eligible to be considered for a cash and/or equity bonuses
consistent with the Bank’s applicable executive incentive compensation program, based upon the Executive’s accomplishment of business and financial goals during the completed fiscal year, the overall financial performance of the Bank, and
other goals as determined by the Board, to the extent permitted by law. The bonus shall be payable when the bonuses of the other executives of the Bank are paid. 
 3. Deferred Compensation Program. Bank will provide Executive a reasonably satisfactory deferred compensation program under which Executive may elect to defer a portion of Executive’s base
salary and annual bonus compensation each year. Such program shall be implemented no later than 30 days following the Effective Date and shall be structured so as to be reasonably expected to comply with the requirements of Section 409A of the
Internal Revenue Code of 1986, as amended. 
  

 - 2 - 

 The payment schedules to Executive as provided in Section F below, other than in connection
with termination for cause, are intended to comply with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and shall be interpreted consistently therewith. Notwithstanding anything to the
contrary in this Agreement, to the extent required to comply with Section 409A of the Code, if Executive is deemed to be a “specified employee” for purposes of Section 409A(a)(2)(B) of the Code, Executive agrees that any
non-qualified deferred compensation payments due to him under this Agreement in connection with a termination of employment that would otherwise have been payable at any time during the six-month period immediately following such termination of
employment shall not be paid prior to, and shall instead be payable in a lump sum as soon as practicable following, the expiration of such six-month period. 
 D. EXECUTIVE BENEFITS 
 1. Group Medical, Life Insurance and 401(k)
Benefits. During the Term, the Bank shall provide for Executive’s participation in medical, accident, health benefits, disability insurance, the 401(k) plan/profit sharing plan and other employee benefits as provided to other officers and
employees of the Bank, the amount extent and scope of which shall be determined in accordance with the policies of the Bank as in effect from time to time, and subject to applicable legal limitations. 
 E. REIMBURSEMENT FOR BUSINESS EXPENSES 
 Executive shall be entitled to reimbursement by the Bank for any ordinary and necessary business expenses incurred by Executive in the performance of Executive’s duties and in acting for the Bank
during the Term, which type of expenditures shall be determined by the Board of Directors, provided that: 
 (a) Each such
expenditure is of a nature qualifying it as a proper deduction on the federal and state income tax returns of the Bank as a business expense and not as deductible compensation to Executive; and 
 (b) Executive furnishes to the Bank adequate records and other documentary evidence required by federal and state statutes and regulations
issued by the appropriate taxing authorities for the substantiation of such expenditures as deductible business expenses of the Bank and not as deductible compensation to Executive. 
 Provided that the Board of Directors has granted specific approval in advance, any reasonable and customary expenses of Executive for his
activities in industry association groups, or other business, industry, civic, or charitable organizations, that are not reimbursed by those organizations, will be reimbursed by the Bank to Executive upon presentation of proper documentation.

  

 - 3 - 

 F. TERMINATION 
 Notwithstanding any and all other provisions of this Agreement to the contrary, Executive’s employment hereunder may be terminated as follows: 
 1. Without Cause. Executive’s employment hereunder may be terminated in the sole and absolute discretion of the Boards of
Directors of the Bank and PCB at any time. If Executive’s employment is terminated under this Section F.1 the Bank shall pay Executive the base salary earned but unpaid through the date of termination, along with any earned but unused vacation
pay due at the time of termination. Additionally, if such termination occurs and is not for reasons described in Sections F.2 or F.3 below, Executive and the Company shall enter into the Separation and Release Agreement attached hereto as Exhibit 1.
Executive shall be entitled to reasonable consideration in exchange for the covenants provided in the Separation and Release Agreement based on the value to the Company of Executive’s covenants. The value shall be determined by an independent
third-party consultant selected by Company which is experienced in estimating the fair market value of such covenants. 
 2.
Upon Disability or Death. 
 (a) Disability. Executive’s employment hereunder may be terminated upon
Executive’s inability to perform his duties hereunder as the President and Chief Executive Officer of the Bank and PCB as a result of prolonged absence from work for health reasons or physical or mental disability, illness or incapacity, for
three (3) consecutive calendar months, or for shorter periods aggregating three (3) months in any twelve (12) month period, as reasonably determined by the Boards of Directors. In the event that Executive’s employment is
terminated under this Section F.2, Executive shall receive the difference between any disability payments provided by the Bank’s insurance plans, including workers compensation, and his then current base salary, as set forth in Section C.1
above, for twelve (12) months. Such termination shall not affect any rights, which Executive may have pursuant to any insurance or other death benefit plans or arrangements of the Bank. The above payment shall be in full and complete
satisfaction of any and all rights, which Executive might enjoy hereunder other than the right, if any, to exercise any Stock Options and the right to receive other vested compensation (e.g. deferred compensation and vested stock grants). Any Stock
Options and Restricted Stock previously awarded to Executive shall vest upon termination. Such payment is contingent upon Executive’s execution of the Release described in Section F.4 and compliance with Section G.4 below, and shall be made in
equal installments on the Bank’s normal payroll dates. 
 (b) Executive’s Death. If Executive dies, his
employment hereunder shall terminate without further obligation of the Company to Executive (or Executive’s heirs or legal representatives) under this Agreement, other than for payment of: (i) Executive’s base salary (as set forth in
Section C.1 hereof) through the date of termination; (ii) any compensation previously deferred by Executive; and (iii) any accrued vacation. All of the foregoing amounts shall be paid to Executive’s estate or beneficiary, as
applicable, in a lump sum within thirty (30) days after the date of termination or earlier, as required by applicable law and shall be in full and complete satisfaction of any and all rights which Executive might enjoy hereunder other than the
right, if any, to exercise any Stock Options and the right to receive other previously vested compensation (e.g., deferred compensation and vested stock grants). Any Stock Options or Restricted Stock previously awarded to Executive shall vest upon
termination. The timing of the exercise of such Vested options shall be as provided in the PCB’s 2002 Stock Plan. 
  

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 3. For Cause. 
 The Company may terminate immediately Executive’s employment hereunder without any further obligation or liability whatsoever to
Executive, if the Board of Directors of either the Bank or PCB reasonably determines that Executive has: 
 (a) committed a
significant act of dishonesty, deceit or breach of fiduciary duty in the performance of Executive’s duties as an employee of the Company; 
 (b) grossly neglected or willfully failed in any way to perform substantially the duties of such employment after a written demand for performance is given to Executive by the Board of Directors of the
Bank or PCB which demand specifically identifies the manner in which such Board of Directors believes Executive has failed to perform his duties; or 
 (c) willfully acted or failed to act in any other way that materially and adversely affects the Company. 
 In the event of a termination of Executive’s employment by the Company under this Section F.3, the Company shall deliver to Executive at the time the Executive is notified of the termination of his
employment a written statement setting forth in reasonable detail the facts and circumstances claimed by the Company to provide a basis for the termination of the Executive’s employment under this Section F.3. 
 If Executive’s employment is terminated under this Section F.3, the Bank shall pay Executive the base salary earned but unpaid through
the date of termination, along with any earned but unused vacation pay due at the time of termination. Executive shall not have the right to receive compensation or other benefits for any period after the termination pursuant to this Section F.3
except for benefits already vested. Any termination under this Section F.3 shall not prejudice any remedy, which the Company may otherwise have at law, in equity, or under this Agreement. 
 4. Regulatory Provisions. 
 (a) Compliance with Safety and Soundness Standards. Notwithstanding anything contained herein to the contrary, in no event shall the total compensation paid out upon the departure of Executive be
in excess of that considered by the FDIC or the California Commissioner of Financial Institutions to be safe and sound at the time of such payment, taking into consideration all applicable laws, regulations, or other regulatory guidance. Any
payments made to the Executive, pursuant to this Agreement or otherwise, are subject to and conditioned upon compliance with 12 U.S.C. Section 1828(k) and any regulations promulgated there under. 
 (b) Suspension and Removal Orders. If Executive is suspended and/or temporarily prohibited from participating in the conduct of the
Company’s affairs by notice served under Section 8(e)(3) or 8(g)(1) of the Federal Deposit Insurance Act (12 U.S.C. Section 1818(e)(3) and (g)(1)), the Company’s obligations under this Agreement shall be suspended as of the date
of service, unless stayed by appropriate proceedings. If the charges in the notice are

  

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dismissed, the Company shall (to the fullest extent permitted by law): (i) pay Executive the compensation withheld while its obligations under this Agreement were suspended; and
(ii) reinstate (in whole or in part) any of its obligations which were suspended. If Executive is removed and/or permanently prohibited from participating in the conduct of the Company’s affairs by an order issued under
Section 8(e)(3) or 8(g)(1) of the Federal Deposit Insurance Act (12 U.S.C. Section 1818(e)(3) or (g)(1)), all obligations of the Company under this Agreement shall terminate as of the effective date of the order, but vested rights of the
parties shall not be affected. 
 (c) Termination by Default. If the Company is in default (as defined in
Section 3(x)(1) of the Federal Deposit Insurance Act (12 U.S.C. Section 1813(x)(1)), all obligations under this Agreement shall terminate as of the date of default, but vested rights of the parties shall not be affected. 
 G. GENERAL PROVISIONS 
 1. Company Confidential Information and Trade Secrets. During the Term, Executive will have access to and become acquainted with what Executive and the Company acknowledge are trade secrets and other confidential and proprietary
information of the Company, including but not limited to, knowledge or data concerning the Company, its operations and business, the identity of customers of the Company, including knowledge of their financial conditions their financial needs, as
well as their methods of doing business, pricing information for the purchase or sale of assets, financing and securitization arrangements, research materials, manuals, computer programs, formulas for analyzing asset portfolios, marketing plans and
tactics, salary and wage information, and other business information (hereinafter “Confidential Information”). Executive acknowledges that all Confidential Information is and shall continue to be the exclusive property of the Company,
whether or not prepared in whole or in part by Executive. Executive shall not disclose any of the aforesaid Confidential Information, directly or indirectly, under any circumstances or by any means, to third persons without the prior written consent
of the Company, or use it in any way, except as required in the course of Executive’s employment with the Company. 
 2.
Company’s Ownership in Executive’s Work. Executive agrees that all inventions, discoveries, improvements, trade secrets, formulae, techniques, and processes, whether or not patentable, and whether or not reduced to practice, that
are conceived or developed during the Executive’s employment with the Company, either alone or jointly with others, if on the Company’s time, using the Company’s facilities, relating to the Company or to the banking industry shall be
owned exclusively by the Company, and Executive hereby assigns to the Company all of the Executive’s right, title, and interest in all such intellectual property. Executive agrees that the Company shall be the sole owner of all domestic and
foreign patents or other rights pertaining thereto, and further agrees to execute all documents that the Company reasonably determines to be necessary or convenient for use in applying for, prosecuting, perfecting, or enforcing patents or other
intellectual property rights, including the execution of any assignments, patent applications, or other documents that the Company may reasonably request. This provision is intended to be applied consistent with applicable law. 
  

 - 6 - 

 3. Statutory Limitation on Assignment. Executive understands that the Company is
hereby advising Executive that any provision in this Agreement requiring Executive to assign rights in any invention does not apply to an invention that qualifies fully under the provisions of Section 2870 of the California Labor Code. That
Section provides as follows: 
 (a) Any provision in an employment agreement which provides that an employee shall assign, or
offer to assign, any of his or her rights in an invention to his or her employer shall not apply to an invention that the employee developed entirely on his or her own time without using the employer’s equipment, supplies facilities, or trade
secret information, except for those inventions that either: 
 (1) Relate at the time of conception or reduction to practice
of the invention to the employer’s business, or actual or demonstrably anticipated research or development of the employer; or 
 (2) Result from any work performed by the employee for the employer. 
 (b) To the extent a provision in an employment
agreement purports to require an employee to assign an invention otherwise excluded from being required to be assigned under subdivision (a), the provision is against the public policy of the state and is unenforceable.” 
 By signing this Agreement, Executive acknowledges that this paragraph shall constitute written notice of the provisions of
Section 2870. 
 4. Covenant Not to Solicit Fellow Employees. Executive agrees, during the term of Executive’s
employment with the Company and for a one-year period following the termination of Executive’s employment with the Company for any reason, not to solicit the services of any officer, employee or independent contractor of the Bank or PCB. This
covenants not to solicit fellow employees shall be considered as a series of separate covenants, one for each political subdivision of California, and one for each entity or individual with respect to whom solicitation is prohibited. Except as
provided in the previous sentence, each such separate covenant shall be deemed identical in terms to the covenant contained in this Section G.4. If in any arbitration or judicial proceeding an arbitrator or a court refuses to enforce any of such
separate covenants (or any part thereof), then such unenforceable covenant (or such part) shall be eliminated from this Agreement to the extent necessary to permit the remaining separate covenants (or portions thereof) to be enforced. In the event
that a provision of this Section G.4 or any such separate covenant or portion thereof, is determined to exceed the time, geographic or scope limitations permitted by applicable law, then such provision shall be reformed to the maximum time,
geographic or scope limitations, as the case may be, permitted by applicable law. Executive hereby consents, to the extent Executive may lawfully do so, to the arbitral or judicial modification of this Agreement as described in this Section G.4.

 5. Indemnification. To the fullest extent permitted by law, applicable statutes, and the Articles, Bylaws and
resolutions of the Bank and PCB in effect from time to time, the Company shall indemnify Executive from and against liability, claims or loss arising

  

 - 7 - 

 
out of Executive’s service, actions or omissions concerning or relative to the performance of Executive’s duties for the Company, including, but not limited to judgments, fines,
settlements and advancement of expenses incurred in the defense of actions, proceedings and appeals there from. The Company’s obligations under this Section G.5 shall survive the expiration or termination of this Agreement. 
 6. Return of Documents. Executive expressly agrees that all manuals, documents, files, reports, studies, instruments or other
materials used and/or developed by Executive during the Term are solely the property of the Company, and that Executive has no right, title or interest therein. Upon termination of Executive’s employment hereunder, Executive or Executive’s
representative shall promptly deliver possession of all of said property to the Company in good condition. 
 7. Notices.
Any notice, request, demand or other communication required or permitted hereunder shall be deemed to be properly given when personally served in writing, when deposited in the United States mail, registered or certified, postage prepaid, addressed
to the party to whom it is directed at the address listed below, or by facsimile, to the number specified below. Either party may change its address by written notice in accordance with this Paragraph. 
 If to the Bank and PCB: 
 Pacific Capital
Bank, N.A. and Pacific Capital Bancorp 
 1021 Anacapa Street, 3rd Floor 
 Santa Barbara, California 93101 
 Attention: Chairman of the Board, Edward E. Birch 
 Telephone: (805) 564-6435 
 Facsimile:
(805) 882-3888 
 With a copy to: 
 General Counsel, Frederick W. Clough 
 Telephone: (805) 564-6264 
 Facsimile: (805) 882-3856 
 If to the Executive: 
 George S. Leis 
 405 Palomar Road 
 Ojai, California 93023 
 Telephone:
(805) 640-0558 
 8. California Law. This Agreement is to be governed by and construed under the laws of the State
of California, without regard to the choice of law provisions of California. 
  

 - 8 - 

 9. Captions and Paragraph Headings. Captions and paragraph headings used herein are
for convenience only and are not a part of this Agreement and shall not be used in construing it. 
 10. Invalid
Provisions. Should any provision of this Agreement for any reason be declared invalid, the validity and binding effect of any remaining portion shall not be affected, and the remaining portions of this Agreement shall remain in full force and
effect as if this Agreement had been executed with said provision eliminated. 
 11. Entire Agreement. This Agreement
contains the entire agreement of the parties. It supersedes any and all other agreements, understandings, negotiations and discussions, either oral or in writing, between the parties hereto with respect to the employment of Executive by the Company.
Each party to this Agreement acknowledges that no representations, inducements, promises, or agreements, oral or otherwise, have been made by any party, or anyone acting on behalf of any party, which are not embodied herein, and that no other
agreement, statement, or promise not contained in this Agreement shall be valid or binding. This Agreement may not be modified or amended by oral agreement, but only by an agreement in writing signed by an authorized representative of the Company
and Executive. 
 12. Receipt of Agreement. Each of the parties hereto acknowledges that it or he has read this Agreement
in its entirety and does hereby acknowledge receipt of a fully executed copy thereof. A fully executed copy shall be an original for all purposes, and is a duplicate original. 
 13. Arbitration. Executive and the Company agree that, to the fullest extent permitted by law, Executive and the Company will submit
all disputes arising under this Agreement or arising out of or related to Executive’s employment with or separation from the Bank and/or PCB, to final and binding arbitration in Santa Barbara, California before an arbitrator associated with the
American Arbitration Association, JAMS or other mutually agreeable alternative dispute resolution service. Included within this provision are any claims based on violation of local, state or federal law, such as claims for discrimination or civil
rights violations under Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act, the Americans with Disabilities Act, the California Fair Employment and Housing Act, the California Labor Code, or similar statutes. If
there is a dispute as to whether an issue or claim is arbitrable, the arbitrator will have the authority to resolve any such dispute, including claims as to fraud in the inducement or execution, or claims as to validity, construction, interpretation
or enforceability. 
 The arbitrator selected shall have the authority to grant Executive or the Company or both all remedies
otherwise available by law. The arbitrator will be selected from a neutral panel pursuant to the National Rules for the Resolution of Employment Disputes of the American Arbitration Association (“AAA Rules”). The arbitration will be
conducted in accordance with the AAA Rules (or the rules of any other service selected). Notwithstanding anything to the contrary in the AAA Rules, however, the arbitration shall provide (i) for written discovery and depositions adequate to
give the parties access to documents and witnesses that are essential to the dispute and (ii) for a written decision by the arbitrator that includes the essential findings and conclusions upon which the decision is based. The arbitrator’s
award shall be

  

 - 9 - 

 
enforceable in any court having jurisdiction thereof. The parties shall each bear their own costs and attorneys’ fees incurred in conducting the arbitration and, except in such disputes
where Executive asserts a claim otherwise under a state of federal statute prohibiting discrimination in employment (“a Statutory Claim”), or unless required otherwise by applicable law, shall split equally the fees and administrative
costs charged by the arbitrator and AAA. In disputes where Executive asserts a Statutory Claim against the Bank, or where otherwise required by law, Executive shall be required to pay only the AAA filing fee to the extent such filing fee does not
exceed the fee to file a complaint in state or federal court. The Company shall pay the balance of the arbitrator’s fees and administrative costs. To the extent permissible under the law, however, and following the arbitrator’s ruling on
the matter, the arbitrator may rule that the arbitrator’s fees and costs be distributed in an alternative manner. To the extent that applicable law provides that a prevailing party is entitled to recover attorney’s fees and costs, the
arbitrator shall apply the same standard with respect to the awarding of fees and costs as would be awarded if such claim had been asserted in state or federal court. This mutual arbitration agreement does not prohibit or limit either the
Executive’s or the Company’s right to seek equitable relief from a court, including, but not limited to, injunctive relief, a temporary restraining order, or other interim or conservatory relief, pending the resolution of a dispute by
arbitration. The arbitrator shall have no authority to add to or to modify the terms described in this Paragraph, shall apply all applicable law, and shall have no lesser and no greater remedial authority than would a court of law resolving the same
claim or controversy. 
 14. Applicability of Agreement. This Agreement does not create, and shall not be construed as
creating, any rights enforceable by a person not a party to this Agreement (except as specifically provided in this Agreement). 
 [Signature page follows] 
  

 - 10 - 

 IN WITNESS WHEREOF, the Bank and PCB have caused this Agreement to be executed by a duly
authorized officer or representative and Executive has executed this Agreement to be effective as of the day and year first written above. 
  

							
	Date:   3-11-2010  	 		 	PACIFIC CAPITAL BANCORP
				
		 		 	By:	 	 /s/ Edward E. Birch

		 		 	Name:	 	Edward E. Birch
		 		 	Title:	 	Chairman of the Board
			
	Date:   3-11-2010  	 		 	PACIFIC CAPITAL BANK, N.A.
				
		 		 	By:	 	 /s/ Edward E. Birch

		 		 	Name:	 	Edward E. Birch
		 		 	Title:	 	Chairman of the Board
				
	Date:   3-11-2010  	 		 		 	 /s/ George S. Leis

		 		 		 	Executive: George S. Leis

  

 - 11 - 

 Exhibit 1 
 SEPARATION AND GENERAL RELEASE AGREEMENT 
 This Separation and
General Release Agreement (this “Agreement”) is made by and between Pacific Capital Bancorp, a California corporation, and Pacific Capital Bank., N.A., a national banking association, (collectively, the “Company”)
and George S. Leis (“Executive”) (the Company and Executive referred to individually as the “Party” and together as the “Parties”), effective as of
[                    ]. 
 WHEREAS, Executive is currently serving as the President and Chief Executive Officer as well as a member of the board of directors of the Company (the “Board”). 
 WHEREAS, Executive employment with the Company and his service has been terminated, effective as of
[                    ] (the “Separation Date”) and is not entitled to receive severance benefits (other than payment for
services rendered or accrued benefits) pursuant to the terms of his employment and his board service; 
 WHEREAS, the
Company is not permitted to make any “golden parachute payment” as defined in Section 111 of the Emergency Economic Stabilization Act of 2008, as amended by the American Recovery and Reinvestment Act of 2009, and any executive
compensation laws, regulations and/or guidance issued on or subsequent to the Separation Date (the “CPP Rules”) to Executive in connection with such termination pursuant to the terms of the Company’s participation in the United
States Treasury’s Capital Purchase Program (the “CPP”) under the Troubled Asset Relief Program (“TARP”), which has been duly acknowledged by Executive pursuant to (i) a Waiver executed by Executive dated
[                    ] and effective as of
[                    ], attached hereto as Annex A (the “Waiver”), and (ii) Executive Compensation Amendment to
Benefit Plans to Comply with Emergency Economic Stabilization Act, as Amended and Consent Agreement between Executive and the Company dated as of
[                    ], attached hereto as Annex B (the “Consent Agreement”), and each are hereby made a part of this
Agreement; 
 WHEREAS, the Parties desire to enter into this Agreement to (a) clarify the payment of certain accrued
benefits, (b) provide for payments which the Company agrees to provide Executive in exchange for other rights and obligations provided for under this Agreement, including restrictive covenant obligations on the part of Executive and
(c) reaffirm Executive’s continuing obligations under, and adherence with, the terms of the Waiver, the Consent Agreement and the executive compensation restrictions under the CPP as currently exist and as may be adopted from time to time
while the Company is a participant under the CPP; and 
 WHEREAS, the Parties wish to avoid litigation and controversy
and fully resolve any and all past, present and future disputes they may have relating to Executive’s employment with, or separation from service with, the Company. 
  

 1 

 NOW, THEREFORE, in consideration of the promises and the mutual covenants and
agreements set forth below, the receipt and sufficiency of which are hereby acknowledged, Executive and the Company hereby agree as follows: 
 1. Termination. Effective as of the Separation Date, Executive’s employment with the Company, as well as any and all positions he held with the Company and any affiliates, are terminated,
including, without limitation, his position as a member of the Board and as a member of any boards of directors of affiliates of the Company. 
 2. Accrued Obligations. 
 (a) In accordance with the Company’s normal
mode of executive salary payment, the Company shall pay Executive any accrued, but unpaid, base salary as of the Separation Date. In addition, the Company shall pay Executive the amount of any accrued, but unused, vacation as of the Separation Date.
Executive acknowledges that with such payments, as well as the payments set forth below, Executive will have received all compensation owed to Executive by the Company. Except as specifically provided below, Executive shall not be entitled to
receive any compensation from the Company following the Separation Date. In addition, Executive specifically acknowledges his execution of, and continuing obligation to be in compliance with, the Waiver and hereby acknowledges and agrees that any
and all amounts under this Agreement are subject to the terms of Section 8 of this Agreement. 
 (b) All of
Executive’s health, dental and/or vision insurance coverage will cease on the Separation Date; provided, however, that nothing herein will prevent Executive from electing continuation coverage pursuant to the Consolidated Omnibus
Budget Reconciliation Act of 1985, as amended (i.e., 4980B of the Internal Revenue Code of 1986, as amended (the “Code”), and Section 601 et seq. of the Employee Retirement Income Security Act of 1974, as amended).

 (c) Executive acknowledges and agrees that with the payments set forth in Section 2(a), as well as any vested
benefits in his account under the Company’s 401(k) plan, Executive will have received all compensation and benefits (including leave time) due Executive in connection with his employment, and he is not entitled to any additional compensation or
benefits except as specifically provided below. 
 (d) Executive acknowledges that, upon the Separation Date, he shall
automatically forfeit pursuant to the terms of the [                    ] and applicable award agreements: (i) the remaining
[                    ] unvested shares of restricted stock granted under the Plan and
(ii) [                    ] shares subject to stock option awards granted under the Plan to the extent such option shares remain
unexercised upon the Separation Date. 
 3. Consideration for Services Rendered. In consideration of Executive entering
into this Agreement and performing his obligations hereunder, including the restrictions contained in Section 4, the Company shall compensate Executive with an aggregate cash payment of
$[        ] to be paid in [            ] (    ) monthly installment payments of
$[        ]. Such installment payments shall commence to be paid on [            ], and thereafter shall be paid on the fifteenth
(15th) day of each month until [                    ], with a final payment of $[        ]
on [                    ], in accordance with the Company’s normal accounts payable procedures. For purposes of the application of
Treasury Regulation Section 1.409A-1(b)(4)(i), each such installment payment shall be deemed a separate payment. 
  

 2 

 Executive acknowledges and agrees that payment of all amounts under this Section 3 are
conditioned upon Executive executing this Agreement and not rescinding, breaching or threatening to breach any of the terms of this Agreement (including, without limitation, the release of all claims set forth in Section 10 below).

 4. Restrictive Covenant Obligations. 
 (a) Executive Acknowledgements. Executive acknowledges and agrees that, in consideration for the payment by the Company, Executive must not use his confidential knowledge of the Company’s
business, strategic plans, and customer relationships to compete with the Company, and therefore agrees to the restrictions contained herein. Executive further acknowledges that: 
 (i) during his employment, the Company was and will be engaged in the business of retail banking, commercial banking and trust and wealth
management (“Business”); 
 (ii) Executive has occupied a position of trust and confidence with the Company,
and has become familiar with the Company’s trade secrets and with other proprietary and confidential information concerning the Business; 
 (iii) the Company is participating in the CPP; 
 (iv) the agreements and
covenants contained in these restrictive covenants are essential to protect the Company and its goodwill; and 
 (v) the
Company would be irreparably damaged if Executive were to utilize or disclose the Company’s trade secrets or confidential information or provide executive or strategic services to any competing entity. 
 (b) Non-Competition. For a period of one (1) year after the Separation Date (the “Restricted Period”),
Executive will not, directly or indirectly, alone or in combination with any other person or entity, own (other than through the passive ownership of less than 1% of the publicly traded shares of any entity), operate, manage, control, engage or
participate in, consult or advise, render services for, or otherwise assist, in any executive or strategic role, any person or entity (other than the Company) that engages in the Business in the California counties of Marin, Sonoma, Lake, Napa,
Solano, Fresno, Monterey, San Luis Obispo, Santa Barbara and/or Ventura (such person or entity hereafter referred to as a “Competitive Entity”), in which: 
 (i) the Competitive Entity’s corporate headquarters is in the California counties of Marin, Sonoma, Lake, Napa, Solano, Fresno,
Monterey, San Luis Obispo, Santa Barbara and/or Ventura; or 
 (ii) the Competitive Entity has a majority share of its Business
operations in the California counties of Marin, Sonoma, Lake, Napa, Solano, Fresno, Monterey, San Luis Obispo, Santa Barbara and/or Ventura (either individually or in the aggregate); or 
  

 3 

 (iii) Executive’s position with the Competitive Entity would involve directly and
materially influencing the Competitive Entity’s operations in the California counties of Marin, Sonoma, Lake, Napa, Solano, Fresno, Monterey, San Luis Obispo, Santa Barbara and/or Ventura. 
 (c) Non-Solicitation. Without limiting the generality of Subsection (b) above, during the Restricted Period, Executive
will not, directly or indirectly, alone or in combination with any other person or entity: 
 (i) solicit or attempt to solicit
business related to the Business from any company or institution that is then, or was within the twelve (12) month period preceding such solicitation or attempt, a customer of the Company; or 
 (ii) solicit, employ or engage in any capacity (whether as an employee, consultant, owner, member, independent contractor or otherwise) the
services of any persons employed by the Company in the positions of [insert position titles per-third party valuation, examples include, Chief Credit Officer, Commercial and Retail Banking Executive, Corporate Real Estate Services Director,
Branch Manager, Division Credit Officer, Senior Commercial and Wealth Management Private Bankers, Commercial and Wealth Private Bankers, and Chief Information Technology Officer] within the six (6) month period prior to such
solicitation, employment or engagement, employed or otherwise engaged by the Company in any capacity. 
 (d) Non-Disclosure
of Confidential Information. During the Restricted Period and for a period of two (2) years following the Restricted Period, Executive shall keep secret and retain in strictest confidence, and shall not, without the prior written consent of
the Board, utilize, furnish, make available or disclose to any third party or use for the benefit of herself or any third party, any Confidential Information. “Confidential Information” shall mean any business information that
relates to the Company or the Business, including, without limitation, information relating to strategic plans, financial, customer identities, potential customers, employees, suppliers, analyses, pricing models, revenue models, profit margins,
products or services whether currently released or in development, inventions, discoveries, improvements, copyrightable work, know-how, process, designs, computer programs and routines, formula and techniques, strategies or other proprietary
information used by the Company in connection with the Business; provided, however, that Confidential Information shall not include any information that is in the public domain or becomes known in the public domain through no wrongful
act on the part of Executive. Executive acknowledges that the Confidential Information is vital, sensitive, confidential and proprietary to the Company. 
 (e) Remedy for Breach. The Parties acknowledge and agree that the payments set forth in Section 3 above shall be subject to Section 8 and shall be due and owing to Executive
only if he materially complies with his obligations in Subsections (b)-(d) of this Section 4, and that upon any breach or other failure to fulfill such obligations, Executive must repay any monies already received by his
under Section 3. The Parties further acknowledge and agree that such forfeiture of unpaid amounts and obligation to repay previously received amounts shall apply regardless of any determination by a court that the restrictions in
Subsections (b)-(d) of this Section 4 are illegal, void, unenforceable, or overly broad. In the event that Executive has breached or otherwise failed to fulfill his obligations under Subsections (b)-(d) of this
Section 4, Executive must repay to the Company all amounts received pursuant to Section 3 within five (5) days of receiving a written demand from the Company. 
  

 4 

 5. Mutual Non-Disparagement; No Encouragement of Claims. 
 (a) Executive agrees not to make any oral or written statement that disparages or places the Company (or any of its past or present officers,
directors, employees, products, services or customers) in a false or negative light, or to encourage or assist any person or entity who may or who has filed a lawsuit, charge, claim or complaint against the Released Parties (as defined in
Section 10); provided, however, that nothing herein shall prevent Executive from responding to a lawful subpoena, reporting to a government agency, or complying with any other legal obligation. If Executive receives
any subpoena or becomes subject to any legal obligation that implicates this Section 5, Executive will provide prompt written notice of that fact to the Company (consistent with the notice provisions of this Agreement), and enclose a
copy of the subpoena and any other documents describing the legal obligation. 
 (b) The Company agrees that the Company’s
officers and directors shall be directed not to make any oral or written statement that disparages or places Executive in a false or negative light, or encourage or assist any person who may or who has filed a lawsuit, charge, claim or complaint
against Executive; provided, however, that nothing herein shall prevent the Company from meeting its disclosure obligations under the rules of the Securities and Exchange Commission, nor prevent the Company or any of its officers and
directors from responding to a lawful subpoena, reporting to a government agency, or complying with any other legal obligation. If the Company or the Board of Directors receives any subpoena or becomes subject to any legal obligation that implicates
this Section 5, the Company or the Board of Directors will provide prompt written notice of that fact to Executive (consistent with the notice provisions of this Agreement), and enclose a copy of the subpoena and any other documents
describing the legal obligation. 
 6. Return of Company Property. Executive represents and warrants that as of the date
on which he executes this Agreement, he has returned or will return to the Company by [                    ], all property and documents of
the Company in his possession or control including, without limitation, all computer hardware and software, equipment, documents, communication devices, keys, access cards, materials, files, records, policies, database information, mailing lists,
notes, and any other items belonging to the Company, including any copies thereof. Following the date of this Agreement, as reasonably requested by the Company, Executive agrees to make available, at a mutually agreed location, each of
Executive’s computers for the Company’s verification of deletion of Confidential Information. Executive further represents and warrants that: (i) he has, truthfully and in good faith, executed the Certification attached hereto as
Annex C, and that he has and will continue to fully comply with the requirements set forth therein; and (ii) for all hardware to be returned, he has tendered it to the Company in the same condition as such hardware existed during his
employment, without deletion, alteration, or modification of any files, documents, records, or information maintained on such hardware. Notwithstanding anything herein to the contrary, Executive may retain copies of his personnel reviews from the
Company. 
  

 5 

 7. No Reinstatement. Executive waives any reinstatement or future employment with the
Company and agrees never to apply for employment or otherwise seek to be hired, rehired, employed, reemployed, or reinstated by the Company. 
 8. Waiver and CPP Compliance/Recovery. Notwithstanding anything to the contrary in this Agreement or in any other agreement, plan, program or arrangement of the Company, Executive agrees that he
shall not be entitled to receive any amount of compensation that would conflict with the terms of the Waiver, the Consent Agreement or otherwise violate the CPP Rules or any other compensation rules applicable to the Company (collectively, the
“Restrictions”). The preliminary determination of whether any compensation paid or to be paid to Executive conflicts with or violates the Restrictions shall be made by the Compensation and Benefits Committee of the Board (the
“Committee”) in its good faith judgment with the advice of counsel. In the event of a (i) preliminary determination by the Committee or (ii) determination by the Company’s banking regulator, the US
Department of the Treasury (“Treasury”), the US Internal Revenue Service or any other applicable federal government agency or body (each a “Government Agency”) that any compensation paid or to be paid to Executive
would conflict with or violate the Restrictions, the Company agrees to provide notice of such determination to Executive within two (2) business days of the determination and to take reasonable steps to promptly request approval from the
applicable Government Agency to make such payments to Executive under this Agreement in accordance with the Restrictions and/or to seek a waiver from Treasury that would permit the payments under this Agreement to be made to Executive if the
determination is that the payment under the Agreement violates the Restrictions. Subject to the Company’s obligations set forth in the next sentence, Executive also agrees that, in the event that the Company is obligated to pay, or has
previously paid, any amount to Executive that is determined by any applicable Government Agency to violate the terms of the Restrictions or as to which Treasury has not provided a waiver in response to the Company’s request, then (a) in
the case of any unpaid obligation, the Company shall cease to have an obligation to pay such amounts to Executive on the dates set forth in Section 3 and (b) in the case of previously paid amounts, Executive shall be required to
repay the gross amount of any such compensation to the Company within ten (10) business days of receiving written demand from the Company, or such shorter time period as may be required by such Government Agency or under the Restrictions.
Subject to compliance with the Restrictions, the Company agrees that in the event any amounts to be paid to Executive under this Agreement pursuant to Section 3 have not been fully paid to Executive (or have had to be repaid by Executive
to the Company) because of this Section 8, and as Executive explicitly agrees under such circumstances to continue to fulfill his obligations under this Agreement, including, but not limited to, pursuant to Sections 4,
5 and 10, the Company agrees that on the earlier of the date that (y) the Restrictions do not prohibit such payment to Executive or (z) the Company no longer has any obligation under TARP outstanding, the Company shall pay
Executive in a lump sum any unpaid amounts; provided, however, that the Parties agree that any payments that are delayed beyond the timing specified in Section 3 are intended to be made in compliance with Treasury
Regulation Section 1.409A-2(b)(7)(ii) so as to avoid the imposition of an additional tax under Section 409A of the Code. 
  

 6 

 9. Cooperation. On and after the Separation Date, Executive agrees to cooperate with
the Company and its affiliates in any current or future investigation, litigation, proceeding, or other legal matter, including but not limited to meeting with and fully answering the questions of the Company and its affiliates or their attorneys,
representatives or agents, and testifying and preparing to testify at any deposition, trial, or other proceeding without subpoena The Company will consult with Executive and make reasonable efforts to schedule any such cooperation so as not to
disrupt unnecessarily Executive’s plans and commitments. The Company agrees to reimburse Executive for all of his reasonable out-of-pocket expenses associated with such cooperation, including travel expenses. Executive agrees, unless precluded
by law, to promptly inform the Company in writing (consistent with the notice provisions of this Agreement) if he becomes aware of any lawsuits that are filed or threatened to be filed against the Company or its affiliates or if he become aware of
or is asked to respond to questions in any formal or informal investigation of the Company or its affiliates (or its actions). 
 10. Executive Release of Rights and Agreement Not to Sue. 
 (a) Release. Executive (defined for the
purpose of this Section 10 as Executive and Executive’s agents, representatives, attorneys, assigns, heirs, executors, and administrators) fully and unconditionally releases the Released Parties (defined as the Company and
all related companies, partnerships, divisions, parents, subsidiaries, affiliates, predecessors, successors, joint ventures, and with respect to each such entity, all of its affiliates, predecessors, successors, assigns, past and present partners,
employees, officers, directors, shareholders, owners, representatives, assigns, attorneys, agents, insurers, employee benefit plans or programs and the trustees, administrators, fiduciaries, and insurers of such plans or programs) from, and agrees
not to bring any action, proceeding or suit against any of the Released Parties regarding, any and all known or unknown claims, causes of action, liabilities, damages, fees (including attorneys’ fees), rights, demands, payments, or other
remedies of any type, or remunerations of any sort, arising or that may have arisen out of or in connection with Executive’s employment by or separation of employment from the Company (“Claims”), including but not limited to:

 (i) Claims based on denial of protection or benefits under any statute, ordinance, executive order, or regulation, including
but not limited to claims under Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Civil Rights Act of 1866, the Age Discrimination in Employment Act, the Americans with Disabilities Act, the Fair Labor Standards Act, the
Family and Medical Leave Act, the Workers’ Adjustment and Retraining Notification, the Employee Retirement Income Security Act of 1974, National Labor Standards Act, the National Labor Relations Act, and the California Fair Employment and
Housing Act, as such Acts have been amended, and their state law counterparts, or any other federal, state or local statute, ordinance, or regulation regarding employment, termination of employment, or discrimination in employment; 
 (ii) Claims arising under any other federal, state, municipal, or local employment discrimination statutes (including, but not limited to,
Claims based on discrimination, harassment or retaliation on the basis of any characteristic protected under law, including but not limited to race, color, national origin, sex, religion, parental status, handicap, disability, age, marital status,
veteran status, sexual orientation, ancestry, union activity, attainment of benefit plan rights, or other protected activity); 
  

 7 

 (iii) Claims based upon breach of contract, wrongful termination, retaliatory discharge,
defamation, intentional infliction of emotional distress, tort, personal injury, invasion of privacy, violation of public policy, negligence, or any other common law basis arising out of or relating to Executive’s employment with and/or
separation from employment with the Company or any of the Released Parties and status as a director of the Company and its subsidiaries; 
 (iv) Claims seeking severance pay, compensation, benefits, damages, costs, attorneys’ fees, or other indemnities arising out of or relating to Executive’s employment with and/or separation from
employment with the Company or any of the Released Parties and status as a director of the Company and its subsidiaries; 
 (v)
Claims for any violation of any public policy or common law of any state relating to employment or personal injury, including but not limited to claims for wrongful discharge, defamation, invasion of privacy, infliction of emotional distress,
negligence, or interference with contract; 
 (vi) Claims arising under any other federal, state, municipal, or local statute,
law, ordinance, or regulation; and/or 
 (vii) Claims for violation of any written or unwritten contract, policy, benefit plan,
retirement or pension plan, option plan, severance plan, or covenant of any kind, or failure to pay wages, bonuses, employee benefits, other compensation, attorneys’ fees, damages, or any other remuneration. 
 Claims shall not include, however, claims arising under this Agreement. 
 Executive further waives any right to recovery in a proceeding instituted on Executive’s behalf by an administrative agency or other
entity regarding Executive’s employment with, or separation from, the Company status as a director of the Company and its subsidiaries. Executive affirms that as of the time he is signing this Agreement, no action or proceeding covered by this
Section 10 is pending against any of the Released Parties. 
 Executive represents and warrants that Executive is
the sole owner of the Claims released herein; that the same have not been assigned, transferred, or disposed of by fact, by operation of law, or in any manner whatsoever, and that Executive has the full right and power to release the Claims released
herein. Executive further represents and warrants that Executive has not filed or initiated any legal, equitable, administrative, or any other proceedings against any of the Released Parties, and that no such proceeding has been filed or initiated
on Executive’s behalf. 
 Executive is aware that hereafter there may be a discovery of Claims in addition to or different
from those Executive now knows or believe to be true. Executive expressly waives and releases, fully and finally, all such Claims and any rights Executive may have under any law that is intended to prevent such Claims from being waived or released.

 (b) Company’s Right to Recover. Executive agrees that if Executive breaches or violates any term of this
Agreement, the Company, to the maximum extent permitted by law, shall be entitled to recover from Executive any amounts or benefits paid to Executive pursuant to

  

 8 

 
this Agreement and Executive shall forfeit unpaid amounts. The prevailing Party shall be entitled to recover from the losing Party all reasonable attorney’s fees and costs incurred to
enforce the terms of this Agreement or to obtain any other remedies that may be available. The officers and directors of the Company are not aware of any cause of action of the Company against Executive as of the date of this Agreement. Executive
further agrees that if Executive files a lawsuit or accepts recoveries or benefits based on Claims that Executive has released pursuant to this Agreement, as a condition precedent to maintaining the litigation, Executive will immediately forfeit
and/or reimburse the Company for any amounts or benefits paid to Executive pursuant to Section 3 in compliance with Section 4(e). 
 (c) Notice to Seek Counsel; Consideration Period; Revocation Period. Executive acknowledges that Executive has been advised in writing hereby to consult with an attorney before signing this
Agreement and that Executive has had at least twenty-one (21) days after receipt of this Agreement to consider whether to accept or reject this Agreement. Executive understands that Executive may sign this Agreement prior to the end of such
twenty-one (21) day period, but is not required to do so. Executive has the right to revoke this Agreement, solely with respect to Executive’s release of claims under the Age Discrimination in Employment Act and the Older Workers Benefit
Protection Act, for up to seven (7) days after Executive signs it. In order to so revoke, Executive must sign and send a written notice of the decision to do so, addressed as set forth in the notice provisions, and that written notice must be
received no later than the eighth day after Executive signed this Agreement. 
 EXECUTIVE HEREBY ACKNOWLEDGES AND AGREES THAT
EXECUTIVE HAS CAREFULLY READ AND FULLY UNDERSTANDS ALL THE PROVISIONS OF THIS AGREEMENT, HAS RETAINED COUNSEL REGARDING THIS AGREEMENT, AND HAS VOLUNTARILY ENTERED INTO THIS AGREEMENT BY SIGNING BELOW ON THE DATE SET FORTH BELOW. 
 11. Violation of Agreement. In any legal or equitable action (including an arbitration) by either Party claiming that the other Party
has breached this Agreement, the prevailing Party shall be entitled to recover from the losing Party the reasonable attorneys’ fees and costs incurred by the prevailing Party in connection with such action. 
 12. Non-admission/Inadmissibility. This Agreement does not constitute an admission by the Company that any action it took with
respect to Executive was wrongful, unlawful or in violation of any local, state, or federal act, statute, or constitution, or susceptible of inflicting any damages or injury on Executive, and the Company specifically denies any such wrongdoing or
violation. This Agreement is entered into solely to resolve fully all matters related to or arising out of Executive’s employment with and separation from the Company. Neither the Agreement nor testimony regarding its negotiation, execution or
implementation may be admitted or used as evidence in a subsequent proceeding of any kind, except one alleging a breach of this Agreement. 
  

 9 

 13. Notice. Any notice required or permitted pursuant to the provisions of this
Agreement shall be deemed to have been properly given if in writing and when sent by United States mail, certified or registered, postage prepaid, when sent by overnight courier or when personally delivered, addressed as follows: 
 If to the Company: 
 Pacific Capital Bancorp

 1021 Anacopa Street 
 Santa Barbara,
CA 93160-0839 
 Attention: Noma Bruton 
 If to Executive: 
 [                    ] 
 [Address on file.] 
 or to such other address or to the attention of such other person as the recipient party shall have specified by
prior written notice to the sending party. Date of service of such notice shall be (x) the date such notice is personally delivered, (y) one day after the date of delivery to the overnight courier if sent by overnight courier or
(z) date of postal delivery to the Company if sent by certified or registered mail. 
 14. Governing Law; Arbitration;
Jurisdiction; No Jury Trial. This Agreement shall be governed by and construed in accordance with laws and judicial decisions of the State of California, without regard to its principles of conflicts of laws. In the event of any dispute or claim
relating to or arising out of this Agreement or the matters contemplated herein, Executive and the Company agree that all such disputes shall be fully and finally resolved by binding arbitration conducted by the American Arbitration Association
(“AAA”), JAMS or other mutually agreeable alternative dispute resolution service in Santa Barbara, California, provided, however, that binding arbitration shall not apply to, and the Company shall be free to seek,
injunctive or other equitable relief with respect to any actual or threatened breach or violation by Executive of his obligations under Section 4 hereof in any court having jurisdiction over Executive. Except as otherwise set forth in
this Section 14, the Company and Executive agree that the jurisdiction and venue for any disputes arising under, or any action brought to enforce (or otherwise relating to), this Agreement shall be exclusively in the courts in the State
of California, Santa Barbara County, including the federal courts located therein and the Company and Executive and hereby submit and consent to said jurisdiction and venue. Executive acknowledges that by accepting this arbitration provision he is
waiving any right to a jury trial in the event of a covered dispute. 
 15. Miscellaneous. 
 (a) Severability; Waiver. The provisions of this Agreement shall be severable and the invalidity of any provision shall not affect the
validity of the other provisions; provided, however, that upon a finding by a court of competent jurisdiction that any release or agreement in Sections 4 or 10 is illegal, void or unenforceable, Executive agrees to promptly
execute a release, waiver and/or covenant that is legal and enforceable to the extent permitted by law. No provision of this Agreement may be waived except by a writing executed and delivered by the party against whom waiver is sought. Any such
written waiver shall be effective only with respect to the event or circumstance described therein and not with respect to any other event or circumstance, unless such waiver expressly provides to the contrary. 
  

 10 

 (b) Heading. The descriptive headings in this Agreement are inserted for convenience
of reference only and are not intended to be a part of or to affect the meaning or interpretation of this Agreement. The use of the word “including” in this Agreement shall be by way of example rather than by limitation. 
 (c) No Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the parties hereto to
express their mutual intent, and no rule of strict construction will be applied against any party hereto. 
 16.
Indemnification/D&O Coverage. The Company will provide Executive with (a) indemnification, as provided from time to time under the Company’s policy and practice for similarly-situated executives (whether or not separated) and
(b) continued coverage under the Company’s directors’ and officers’ insurance, to the extent provided from time under the applicable policy and practice for similarly-situated executives (whether or not separated). For so long as
such indemnification may apply, Executive shall promptly and diligently cooperate with the Company in any investigation, litigation, proceeding, or other legal matter, including but not limited to meeting with and fully answering the questions of
Company or its attorneys, representatives or agents, and testifying and preparing to testify at any deposition, trial, or other proceeding without subpoena. The dates and times on which Executive provides such cooperation shall, to the extent
possible, be mutually agreed upon by Executive and the Company. The Company agrees to compensate Executive for any reasonable out-of-pocket expenses he reasonably incurs in providing such assistance and cooperation. 
 17. Section 409A. It is intended that any income or payments to Executive provided pursuant to this Agreement will not be
subject to the additional tax and interest under Section 409A of the Code (a “Section 409A Tax”). The provisions of the Agreement will be interpreted and construed in favor of complying with any applicable requirements of
Section 409A necessary in order to avoid the imposition of a Section 409A Tax. The Parties agree that neither party has (a) an obligation to bring any potential Section 409A Tax to the attention of the other party or (b) any
liability for any Section 409A Tax or any other reporting or withholding obligation to the other party. 
 18. Voluntary
Execution of Agreement. Executive acknowledges that: 
 (a) Executive has carefully read this Agreement and fully understands
its meaning; 
 (b) Executive had the opportunity to take up to twenty-one (21) days after receiving this Agreement to
decide whether to sign it; 
 (c) Executive understands that the Company is herein advising his, in writing, to consult with an
attorney before signing it and acknowledges that he has retained an attorney; 
 (d) Executive is signing this Agreement,
knowingly, voluntarily and without any coercion or duress; and 
  

 11 

 (e) all consideration Executive is receiving in exchange for signing this Agreement is
described herein, and no other promises or representations have been made to induce Executive to sign this Agreement. 
 19.
Entire Agreement. This Agreement, the Waiver and the Consent Agreement represent the entire agreement and understanding concerning Executive’s employment with and separation from the Company, and supersedes and replaces any and all prior
agreements, understandings, discussions, proposals, or negotiations (whether written or oral) between Executive and the Company on the matters addressed herein. 
 IN WITNESS WHEREOF, this Agreement has been executed on the date stated below. 
  

			
	PACIFIC CAPITAL BANCORP
		
	By:	 	  

		 	[                    ]
		 	[                    ]
		
	Dated:	 	
	
	PACIFIC CAPITAL BANK, N.A.
		
	By:	 	  

		 	[                    ]
		 	[                    ]
		
	Dated:	 	
	
	EXECUTIVE
	  

	[                    ]
		
	Dated:	 	

  

 12 

 Exhibit 1 
 ANNEX A 
 WAIVER 
  

 1 

 ANNEX B 
 EXECUTIVE COMPENSATION COMMITTEE 
 AMENDMENT TO BENEFIT PLANS TO COMPLY WITH EMERGENCY ECONOMIC 
 STABILIZATION ACT, AS AMENDED AND
CONSENT AGREEMENT 
  

 2

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