Document:

Exhibit
4.01

AMENDMENT NO. 1 TO INVESTOR
RIGHTS AGREEMENT

THIS
AMENDMENT NO. 1 TO INVESTOR RIGHTS AGREEMENT (this “Amendment”)
is made this 2nd day of May, 2007, by and between Evolving
Systems, Inc., a Delaware corporation (the “Company”),
and the Apax WW Nominees Ltd a/c AE4 (“Apax”).  Other Defined terms used in this Amendment
refer to terms defined in the Investor Rights Agreement.

BACKGROUND

A.            On November 2, 2004, Company and the
Investors entered into an Investor Rights Agreement (the “Agreement”).

B.            Following the Agreement, the Advent
Funds and Four Seasons Venture II AS converted their shares of Series B Stock
to Common Stock.

C.            Apax is the holder of 461,758 shares
of Series B Stock, which represents approximately 88% of the outstanding Series
B Stock.

D.            Company and Apax now desire to amend
the Agreement.

E.             Section 7.3(a) of the Agreement
provides that the Agreement may be amended by the Company and Investors holding
at least a majority of the Series B Stock then held by Investors.

NOW, THEREFORE, in
consideration of the mutual covenants and agreements contained in this
Amendment, the parties agree as follows:

1.                                       Sections 4.1, 4.2 and 4.4(a)(iii) of the
Agreement are deleted and any and all other references to “Series B Director”
contained in the Agreement are also deleted.

2.                                       Pursuant to Section 7.3(e) the Company
shall give prompt written notice of this Amendment to the remaining Investors.

3.                                       All of the remaining terms and conditions
of the Agreement shall continue in full force and effect.

IN WITNESS
WHEREOF, the parties hereto have caused this Amendment to be duly executed by
their respective authorized signatories as of the date first above written.

	
  EVOLVING SYSTEMS, INC.

  	
   

  
	
   

  	
   

  
	
  By:

  	
         /s/ Anita
  T. Moseley

  	
   

  
	
   

  	
   

  
	
  Name:

  	
    Anita T. Moseley

  	
   

  
	
   

  	
   

  
	
  Title:

  	
      SVP & General Counsel

  	
   

  
	
   

  	
   

  
	
  (Apax
  signature page follows)

  	
   

  
						

 

APAX WW NOMINEES LTD A/C AE4

 

	
  By:

  	
  /s/ Adrian Beecroft

  	
   

  
	
   

  	
   

  
	
  Name:

  	
  Adrian Beecroft

  
	
   

  	
   

  
	
  Title:

  	
  Director

  
	
   

  	
   

  
	
  By:

  	
  /s/ Peter Englander

  	
   

  
	
   

  	
   

  
	
  Name:

  	
  Peter Englander

  
	
   

  	
   

  
	
  Title:

  	
  Director

  
	
   

  	
   

  
	
  (Apax signature page to
  Amendment No.1 to Investor Rights Agreement)Exhibit
10.1

FIRST
COMMUNITY BANCORP

EXECUTIVE SEVERANCE PAY PLAN

(as amended and restated effective April 9 2007)

The purpose of the First Community Bancorp
Executive Severance Pay Plan, as amended and restated effective April 9, 2007
(the “Plan”) is to secure the continued services of certain senior executives
of the Company and to ensure their continued dedication to their duties in the
event of any threat or occurrence of a Change in Control (as defined below).

ARTICLE I

DEFINITIONS

1.1          Definitions

Whenever used in this Plan, the following capitalized terms shall have
the meanings set forth in this Section 1.1, certain other capitalized terms
being defined elsewhere in this Plan:

(a)           “Board” means the
Board of Directors of the Company.

(b)           “Change in Control”
shall mean the occurrence of any of the following:

(i)            Any
“Person” or “Group” (as such terms are defined in Section 13(d) of the
Securities Exchange Act of 1934 (the “Exchange Act”) and the rules and
regulations promulgated thereunder) is or becomes the “Beneficial Owner”
(within the meaning of Rule 13d-3 under the Exchange Act), directly or
indirectly, of securities of the Company, or of any entity resulting from a
merger or consolidation involving the Company, representing more than fifty
percent (50%) of the combined voting power of the then outstanding securities
of the Company or such entity.

(ii)           The
individuals who, as of the date hereof, are members of the Board (the “Existing
Directors”), cease, for any reason, to constitute more than fifty percent (50%)
of the number of authorized directors of the Company as determined in the
manner prescribed in the Company’s Articles of Incorporation and Bylaws; provided,
however, that if the election, or nomination for election, by the
Company’s stockholders of any new director was approved by a vote of at least
fifty percent (50%) of the Existing Directors, such a new director shall be
considered an Existing Director; provided, further, however,
that no individual shall be considered an Existing Director if such individual
initially assumed office as a result of either an actual or threatened election
contest (“Election Contest”) or other actual or threatened solicitation of
proxies by or on behalf of anyone other than the Board (a “Proxy Contest”),
including by reason of any agreement intended to avoid or settle any Election
Contest or Proxy Contest.

(iii)          The
consummation of (x) a merger, consolidation or reorganization to which the
Company is a party, whether or not the Company is the person surviving or
resulting therefrom, or (y) a sale, assignment, lease, conveyance or other
disposition of all or substantially all of the assets of the Company, in one
transaction or a series of related transactions, to any Person other than the
Company, where any such transaction or series of related transactions as is
referred to in clause (x) or clause (y) above in this subparagraph (iii) (a ‘Transaction”)
does not otherwise result in a “Change in Control” pursuant to subparagraph (i)
of this definition of “Change in Control”; provided, however,
that no such Transaction shall constitute a “Change in Control” under this
subparagraph (iii) if the persons who were the Shareholders of the Company
immediately before the consummation of such Transaction are the Beneficial Owners,
immediately following the consummation of such Transaction, of fifty percent
(50%) or more of the combined voting power of the then outstanding voting
securities of the Person surviving or resulting from any merger, consolidation
or reorganization referred to in clause (x) above in this subparagraph (iii) or
the Person to whom the assets of the Company are sold, assigned, leased,
conveyed or disposed of in any transaction or series of related transactions
referred in clause (y) above in this subparagraph (iii).

(c)           “Code” means the Internal Revenue
Code of 1986, as amended.

(d)                                 “Company”
means First Community Bancorp, a California corporation, and any successor or
assignee as provided in Article V.

(e)                                  “Compensation”
means your highest annual compensation for any calendar year in the three
calendar years ending with the calendar year which includes the date of your
termination of employment with the Company and its Subsidiaries, with your
compensation for any such calendar year in which you do not complete twelve
(12) months or service being annualized on the basis of a twelve (12) month
year.  For purposes of determining your “Compensation”,
your annual compensation for any calendar year or portion thereof shall be
limited to your base salary, your automobile and other expense allowances (for
those Executives who receive a company automobile in lieu of an automobile
allowance, they shall be credited with an additional $1000.00 per month in
Compensation in lieu of an automobile allowance), and your bonus attributable
to such calendar year regardless of when paid (or, if you did not  receive a bonus for a calendar year, your
target bonus for such year), before reductions for any amounts excludable from
your gross income for federal income tax purposes pursuant to Section 125 or
Section 401(k) of the Code or under any nonqualified deferred compensation
plan.  Notwithstanding anything herein to
the contrary, “Compensation” shall not include your income from the
grant or vesting of restricted stock, or from the grant, vesting, or exercise
of stock options.

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(f)                                    “Disability”
means a physical or mental infirmity which substantially impairs your ability
to perform your material duties for a period of at least one hundred eighty
(180) days in any two hundred seventy (270)) day period, and, as a result of
such Disability, you have not returned to your full-time regular employment
prior to termination.

(g)                                 “Employee
Grade” means the grade within the compensation system to which you are assigned
by the Company.

(h)                                 “Executive”
means a regular full-time salaried employee of the Company or its Subsidiaries
in Employee Grades 1, 2, 3, A or B, who does not have an individual agreement
with the Company or its Subsidiaries regarding Change in Control severance
payments.

(i)                                     “Good
Reason” means, without your express written consent, any of the following
events, provided that you give the Company or its Subsidiary at least thirty
(30) days prior written notice of your termination with the Company or its
Subsidiary:

(i)            a reduction by the
Employer in your annual base salary as in effect immediately before such
reduction; or

(ii)           (A)  any change in your duties and
responsibilities that is inconsistent in any adverse respect with your
position(s), duties or responsibilities as in effect immediately before the
Change in Control, or an adverse change, after the occurrence of a Change in Control, in your place in the
Company’s organization chart or in the seniority of the individual to whom you
report; provided, however, that Good Reason shall not be deemed
to occur upon a change in duties or responsibilities (other than reporting
responsibilities) that is solely and directly a result of the Company no longer
being a publicly traded entity and does not involve any other event set forth in
this paragraph (i), or (B) a material and adverse change in your titles or
offices (including, if applicable, membership on the Board) with the Company as
in effect immediately prior to such Change in Control; or

(iii)          a material
reduction in the your annual target bonus opportunity (if any) (for this
purpose, a reduction for any year of over ten percent (10%) of your annual
target bonus opportunity (if any) measured by the preceding year shall be
considered “material”); or

(iv)          the
failure of the Company or its Subsidiaries to continue in effect any employee
benefit plan, compensation plan, welfare benefit plan or material fringe
benefit plan in which you or your dependents are participating immediately
prior to such Change in Control or the taking of any action by the Company
which would adversely affect your or your dependents’ participation in or
reduce

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your or your dependents’ benefits under any
such plan, unless you and your dependents are permitted to participate in other
plans providing substantially equivalent benefits in the aggregate (at
substantially equivalent cost with respect to welfare benefit plans); or

(v)           the
failure of the Company or its Subsidiaries to (A) provide and credit you with
the number of accrued annual leave days to which you are entitled in accordance
with the Company’s normal annual leave policy as in effect immediately before
the Change in Control or (B) provide you with paid annual leave in accordance
with the most favorable annual leave policies of the Company or any of its Subsidiaries
as in effect for you immediately prior to such Change in Control; or

(vi)          the Employer’s
requiring you to be based more than twenty five (25) miles from the location of
your place of employment immediately before the Change in Control, except for
normal business travel in connection with your duties with the Company or its Subsidiaries;
or

(vii)                           the failure of the Company to obtain the
assumption agreement from any successor as contemplated in Article V hereof.

An isolated, insubstantial and inadvertent
action taken in good faith and which is remedied by the Company within ten (10)
days after receipt of notice thereof given by you shall not constitute Good
Reason.  Your right to terminate
employment for Good Reason shall not be affected by incapacities due to mental
or physical illness and your continued employment shall not constitute consent
to, or a waiver of rights with respect to, any event or condition constituting
Good Reason.  You must notify the Company
of any event constituting Good Reason within ninety (90) days following your
knowledge of its existence or such event shall not constitute Good Reason under
this Plan.

(k)                                  “Just
Cause” means:

(i)            the willful and
continued failure by you to perform substantially your duties with the Company and its Subsidiaries (other than any such
failure resulting from your incapacity due to physical or mental illness or any
such failure subsequent to the delivery to you of a notice of the Company’s
intent to terminate your employment without Just Cause or subsequent to your
delivery to the Company of a notice of your intent to terminate employment for
Good Reason), and such willful and continued failure continues after a demand
for substantial performance is delivered to you by the Company or its Subsidiaries
which specifically identifies the manner in which you have not substantially
performed your duties;

(ii)           the willful
engaging by you in illegal conduct or gross misconduct which is materially and
demonstrably injurious to the business or reputation of the Company or its
Subsidiaries.

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For purposes of determining whether “Just Cause”
exists, no act or failure to act on your part shall be considered “willful”
unless done, or omitted to be done, by you in bad faith and without reasonable belief that the action
or omission was in, or not opposed to, the best interests of the Company and
its Subsidiaries.  Any act, or failure to
act, based upon authority given pursuant to a resolution duly adopted by the
Board, based upon the advice of counsel for the Company or upon the
instructions to you by a more senior officer of the Company shall be
conclusively presumed to be done, or omitted to be done, by you in good faith
and in the best interests of the Company. 
Just Cause shall not exist unless and until the Company has delivered to
you a copy of a resolution duly adopted by two-thirds (2/3) of the entire Board
(excluding you if you are a Board member) at a meeting of the Board called and
held for such purpose (after reasonable notice to you and an opportunity for you,
together with counsel, to be heard before the Board), finding that in the good
faith opinion of the Board an event set forth in clauses (i) or (ii) has
occurred and specifying the particulars thereof in detail.  The Company must notify you of any event
constituting Just Cause within ninety (90) days following the Company’s
knowledge of its existence or such event shall not constitute Just Cause under
this Plan.

(l)                                     “Multiplier”
for each Employee Grade shall be the number set forth opposite such Employee
grade below:

	
  Employee Grade

  	
   

  	
  Multiplier

  
	
  Grade One

  	
   

  	
  3

  
	
  Grade Two

  	
   

  	
  2

  
	
  Grade Three

  	
   

  	
  2

  
	
  Grade A

  	
   

  	
  2

  
	
  Grade B

  	
   

  	
  1

  

 

(m)                               “Person”
shall have the meaning set forth in the definition of “Change in Control”.

(n)                                 “Pro
Rata Bonus” means an amount equal to the product of (i) your target bonus for
the calendar year which includes the date of your termination of employment
with the Company and its Subsidiaries and (ii) a fraction, the numerator of
which is the number of days elapsed from the beginning of such calendar year
through the date of your termination of employment and the denominator of which
is 365.

(o)                                 “Release”
means the Separation and General Release Agreement in the form attached hereto
as Exhibit “A”.

(p)                                 “Severance
Payment” means the payment of severance compensation as provided in Article
III.

(q)                                 “Severance
Period” means the number of whole months equal to the product of 12 multiplied
by the Multiplier for your Employee Grade, beginning on the date of your
termination of employment with the Company and its Subsidiaries.

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(r)                                    “Subsidiary”
means any corporation or other Person, a majority of the voting power, equity
securities or equity interest of which is owned directly or indirectly by the
Company.

ARTICLE
II

INDEMNIFICATION AND GROSS-UP FOR EXCISE TAXES

2.1                               Indemnification
and Gross-Up

The Company hereby indemnifies you and holds you
harmless from and against any and all liabilities, costs and expenses
(including, without limitation, attorney’s fees and costs, interest and penalties)
you may incur as a result of the excise tax imposed by Section 4999 of the Code
or any similar provision of state or local income tax law (the “Excise Tax”),
to the end that you shall be placed in the same after-tax position with respect
to the Severance Payment under this Plan and all other payments from the
Company to you in the nature of compensation (including without limitation,
acceleration of equity awards and payouts under any deferred compensation plans
triggered by the Change in Control) as you would have been in if the Excise Tax
had never been imposed.  In furtherance
of such indemnification, the Company shall pay to you a payment (the “Gross-Up
Payment”) in an amount such that, after payment by you of all taxes, including
income taxes and Excise Tax imposed on the Gross-Up Payment and any interest or
penalties (other than interest and penalties imposed by reason of your failure
to file timely tax returns or to pay taxes shown due on such returns and any
tax liability, including interest and penalties, unrelated to the Excise Tax or
the Gross-Up Payment), you shall be placed in the same after-tax position with
respect to the Severance Payment under this Plan and all other payments from
the Company to you in the nature of compensation (including without limitation,
acceleration of equity awards and payouts under any deferred compensations
plans triggered by the Change in Control) as you would have been in if the
Excise Tax had never been imposed.  At
such time or times necessary to carry out the purposes of this Article II in
view of the withholding requirements of Section 4999 (c) (1) of the Code, the
Company shall pay to you one or more Gross-Up Payments for the Severance
Payment and any other payments in the nature of compensation (including without
limitation, acceleration of equity awards) which the Company determines are “excess
parachute payments” under Section 280G(b) (1) of the Code (“Excess Parachute
Payments”).  If, through a federal, state
or local taxing authority (a “Taxing Authority”), or a judgment of any court,
you become liable for an amount of Excise Tax not covered by the Gross-Up
Payment payable pursuant to the preceding sentence, the Company shall pay you
an additional Gross-Up Payment (including income taxes and Excise Tax imposed
on such additional Gross-Up Payment and any interest or penalties (other than
interest and penalties imposed by reason of your failure to file timely tax
returns or to pay taxes shown due on such returns and any tax liability,
including interest and penalties, unrelated to the Excise Tax or the additional
Gross-Up Payment)) to make you whole for such additional Excise Tax; provided,
however, that, pursuant to Section 2.3, the Company shall have the right
to require you to protest, contest, or appeal any such determination or
judgment.  For purposes of this Article
II, any amount which the Company is required to withhold under Sections 3402 or
4999 of the Code or under any other provision of law shall be deemed to have
been paid for you.

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2.2                               Reporting

The Company shall provide you with a written statement
showing the computation of such Gross-Up Payment and the Excess Parachute
Payments and Excise Tax to which it relates, and setting forth the
determination of the amount of gross income you are required to recognize as a
result of such payments and your liability for the Excise Tax.  All computations and determinations required
to be made under this Article II, including whether and when a Gross-Up Payment
is required, the amount of such Gross-Up Payment and the assumptions to be
utilized in arriving at such computations and determinations, shall be made by
the public accounting firm that is retained by the Company as of the date
immediately prior to the Change in Control (the “Accounting Firm”) which shall
provide detailed supporting calculations both to the Company and you within
fifteen (15) business days of the receipt of notice from the Company or you
that there has been a Payment, or such earlier time as is requested by the
Company (the “Determination”).  For
purposes of the Determination, you shall be deemed to (i) pay federal
income taxes at the highest marginal rates of federal income taxation for the
calendar year in which the Gross-Up Payment is to be made and (ii) pay
applicable state and local income taxes at the highest marginal rate of
taxation for the calendar year in which the Gross-Up Payment is to be made, net
of the maximum reduction in federal income taxes which could be obtained from
deduction of such state and local taxes.

You shall cause your
federal, state and local income tax returns for the period in which you receive
such Gross-Up Payment to be prepared and filed in accordance with such
statement, and, upon such fling, you shall certify in writing to the Company
that such returns have been so prepared and filed.  At your request, the Company shall furnish to
you, at no cost to you, assistance in preparing your federal, state and local
income tax returns for the period in which you receive such Gross-Up Payment in
accordance with such statement. 
Notwithstanding the provisions of Section 2.1, the Company shall not be
obligated to indemnify you from and against any tax liability, cost or expenses
(including, without limitation, any liability for the Excise Tax or attorney’s
fees or costs) to the extent such tax liability, cost or expense is
attributable to your failure to comply with the provisions of this Section 2.2.

2.3          Controversies

If any controversy arises between you and a Taxing
Authority with respect to the treatment on any return of the Gross-Up Amount,
or of any payment you receive from the Company as an excess Parachute Payment,
or with respect to Excess Parachute Payment, including, without limitation, any
audit, protest to an appeals authority of a Taxing Authority or litigation (a “Controversy”),
the Company shall have the right to participate with you in the handling of
such Controversy.  The Company shall have
the right, solely with respect to a Controversy, to direct you to protest or
contest any proposed adjustment or deficiency, initiate an appeals procedure
within any Taxing

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Authority, commence any judicial proceeding, make any settlement
agreement, or file a claim for refund of tax, and you shall not take any of
such steps without the prior written approval of the Company, which the Company
shall not unreasonably withhold.  You
shall be represented in any Controversy by attorneys, accountants, and other
advisors selected by the Company, and the Company shall pay the fees, costs and
expenses of such attorneys, accountants, or advisors, and any tax liability you
may incur as a result of such payment. 
You shall promptly notify the Company of any communication with a Taxing
Authority, and you shall promptly furnish to the Company copies of any written
correspondence, notices or documents received from a Taxing Authority relating
to a Controversy.  You shall cooperate
fully with the Company in the handling of any Controversy; provided, however,
that you shall not be obligated to furnish to the Company copies of any portion
of your tax returns which do not bear upon, and are not affected by, the
Controversy.

2.4          Underpayments/Overpayments

As a result of the
uncertainty in the application of Section 4999 of the Code at the time of a
Determination, it is possible that Gross-Up Payments which should have been
made by the Company may not have been made (an “Underpayment”) or Gross-Up Payments are made by the Company which
should not have been made (an “Overpayment”),
consistent with the calculations required to be made hereunder.  In the event that you are thereafter required
to make payment of any Excise Tax or additional Excise Tax, the Accounting Firm
shall determine the amount of the Underpayment that has occurred and any such
Underpayment (together with interest at the rate provided in Section 1274(b)(2)
of the Code) shall be promptly paid by the Company to or for your benefit.  You shall pay over to the Company, within ten
(10) days after your receipt thereof, any refund of an Overpayment that you
receive from any Taxing Authority (together with interest at the rate
provided in Section 1274(b)(2) of the Code). 
For purposes of this Section 2.4, a reduction in your tax liability
attributable to the previous payment of the Gross-Up Amount or the Excise Tax
shall be deemed to be an Overpayment.  If
you would have received an Overpayment of all or any portion of the Gross-Up
Payment or the Excise Tax, except that a Taxing Authority offset the amount of
such Overpayment against other tax liabilities, interest, or penalties, you
shall pay the amount of such offset over to the Company (together with interest
at the rate provided in Section 1274(b)(2) of the Code) within ten (10) days
after receipt of notice from the Taxing Authority of such offset.

ARTICLE
III

SEVERANCE PAYMENTS

3.1          Right
to Severance Payment; Release

Conditioned on the execution and delivery by you (or
your beneficiary or personal representative, if applicable) of the Release, you
shall be entitled to receive a Severance Payment from the Company in the amount
provided in Section 3.2 and a Pro Rata Bonus payment described in Section 3.2
if (a) you are an Executive, and (b) within

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twenty four (24) months after the occurrence of a Change of Control,
your employment with the Company and its Subsidiaries terminates for any reason
other than:

(a)           Death,

(b)           Disability,

(c)           Termination
by the Company or its Subsidiaries for Just Cause,

(d)                                 Retirement
in accordance with the normal retirement policy of the Company,

(e)                                  Voluntary
termination by you for other than Good Reason, or

(f)                                    The
sale by the Company of the Subsidiary which employed you before such sale, if
you have been offered employment with the purchaser of such Subsidiary on
substantially the same terms and conditions under which such you worked for the
Subsidiary before the sale.

If your employment with the Company or its Subsidiaries is terminated
before the occurrence of a Change in Control for any reason other than one of
those enumerated immediately above, your employment will be deemed to have been
terminated by the Company without Just Cause on the day after the occurrence of
the Change in Control if (i) within ninety (90) days before a Change in Control
actually occurs, your employment is terminated by the Company other than for
Just Cause or by you for a reason that would have constituted Good Reason if
the Change in Control had already occurred or (ii) you reasonably demonstrate
that the Company or its Subsidiaries involuntarily terminated your employment,
or gave you Good Reason, at the request of a Person (other than the Company or
its Subsidiaries) who has indicated an intention or taken steps reasonably
calculated to effect a Change in Control, or otherwise in connection with, or
in anticipation of, a Change in Control which actually occurs.

3.2          Amount
of Severance Payment/Pro Rata Bonus Payment

If you become entitled to a Severance Payment under
this Plan, the amount of your Severance Payment shall equal the product of your
Compensation multiplied by the Multiplier for your Employee Grade.  In addition, if you become entitled to a
Severance Payment under this Plan, you shall also be entitled to receive an
additional cash payment equal to your Pro Rata Bonus, but only to the extent
your annual bonus for the calendar year which includes the date of your
termination of employment with the Company and its Subsidiaries has not already
been paid.

3.3          No
Mitigation

The Company acknowledges and agrees that you shall be
entitled to receive your entire Severance Payment regardless of any income,
which you may receive from other sources following your termination on or after
the Effective Time.

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3.4          Payment
of Severance Payment

The Severance Payment and the Pro Rata Bonus payment
to which you are entitled shall be paid to you, in one lump sum cash payment,
not later than eight (8) calendar days after the execution and delivery by you
(or your beneficiary or personal representative, if applicable) of the Release
Agreement, but in no event before the date on which such Release becomes
effective (including the expiration of any applicable revocation period).  If you should die before all amounts payable
to you have been paid, such unpaid amounts shall be paid to your beneficiary
under this Plan or, if you have not designated such a beneficiary in writing to
the Company, to the personal representative(s) of your estate.

3.5          Welfare
Benefits

If you are entitled to receive a Severance Payment
under Section 3.1, you and your dependents will also be entitled to receive, during your Severance Period, the
same level of medical, dental, disability and life insurance benefits upon
substantially the same terms and conditions (including employee contributions
for such benefits) as existed immediately prior to your termination date or, if
more favorable to you, as such benefits and terms and conditions existed
immediately prior to the Change in Control; provided, that, if you or
dependents cannot continue to participate in the Company plans providing such
benefits, the Company shall otherwise provide such benefits on the same
after-tax basis as if continued participation had been permitted.  Notwithstanding the foregoing, your
right to medical, dental, disability or life insurance benefits shall be
subject to cancellation by the Company if you or your dependents obtain
alternative coverage of a similar type during the Severance Period; provided,
however, that if any such alternative group health coverage excludes any
pre-existing condition that you or your dependents may have when coverage under
such group health plan would otherwise begin, coverage under this Section 3.5
shall continue (but not beyond the Severance Period) with respect to such
pre-existing condition until such exclusion under such other group health plan
lapses or expires.  You shall be obligated
to notify the Company’s Human Resources Department of any such alternative
coverage within thirty (30) days of its first becoming applicable to you or
your dependents.  In the event you are
required to make an election under Sections 601 through 607 of ERISA (commonly
known as COBRA) to qualify for continuing health benefits coverage described in
this Section 3.5, the obligations of the Company and its Subsidiaries under
this Section 3.5 to continue your health benefits coverage shall be conditioned
upon your timely making such an election.

3.6          Automobile

If you become entitled to receive a Severance Payment
under Section 3.1, and you then have the use of an automobile that is provided
to you at the expense of the Company or any Subsidiary, you shall have the
right, for ninety (90) days following your termination of employment, (a) to
continue your use of the automobile on the same basis on which you used it
immediately before your termination of employment, or (b) to purchase the
automobile from the Company or Subsidiary for its lowest wholesale Kelley Blue
Book value from a range determined based on the actual mileage, condition and
features of the automobile you use, or, if the Company or Subsidiary has leased
the automobile, to assume the lease, or (c) to take the actions described in clause
(a) and (b) of this sentence.

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3.7          Outplacement
Services

If you become entitled to Severance Payment under
Section 3.1, you will also become entitled to receive outplacement services in
accordance with the Company’s usual practice for Executives as in effect
immediately prior to the Change in Control or, if more favorable to you, in
accordance with the Company’s usual practice for Executives as in effect
immediately prior to your termination of employment.

3.8          Withholding
of Taxes

The Company may withhold from any amounts payable to
you under this Plan all federal, state, city or other taxes required by
applicable law to be withheld by the Company.

ARTICLE
IV

OTHER RIGHTS AND BENEFITS NOT AFFECTED

4.1          Other
Benefits

Except as set forth in Section 4.2, neither the
provisions of this Plan nor the Severance Payment provided for hereunder shall
reduce any amounts otherwise payable, or in any way diminish your rights as an
employee, whether existing now or hereafter, under any employee benefit,
incentive, retirement, welfare, stock option, stock bonus or stock-based, or
stock purchase plan, program, policy or arrangement or any written employment
agreement or other plan, program policy or arrangement not related to
severance.

4.2          Other
Severance Plans Superseded

As of the date of adoption of this Plan, the terms and
provisions of this Plan will supersede any and all other severance plans
maintained by the Company or its Subsidiaries to the extent they apply to
Executives (except for any individual severance agreement between you and the
Company and its Subsidiaries), and your participation in any other severance
plan of the Company and its Subsidiaries will be hereby terminated.  To the extent you are a party to an individual
severance agreement with the Company or any of its Subsidiaries, you shall be
entitled to receive the severance payments and benefits under such agreement,
unless you elect to receive the payments and benefits under this Plan.

4.3          Employment
Status

This Plan does not constitute a contract of employment
or impose on you any obligation to remain in the employ of the Company, nor
does it impose on the Company

 11
 

or any of its Subsidiaries any obligation to retain you in your present
or any other position, nor does it change the status of your employment as an
employee at will.  Nothing in this Plan
shall in any way affect the right of the Company or any of its Subsidiaries in
its absolute discretion to change or reduce your compensation at any time, or
to change at any time one or more benefit plans, dental plans, health care
plans, savings plans, bonus plans, vacation pay plans, disability plans, and
the like.

ARTICLE V

SUCCESSOR TO THE COMPANY

The Company shall require any successor or assignee,
whether direct or indirect, by purchase, merger, consolidation or otherwise, to
all or substantially all the business or assets of the Company, expressly and
unconditionally to assume and agree to perform the Company’s obligations under
this Plan, in the same manner and to the same extent that the Company would be
required to perform if no succession or assignment had taken place.  In such event, the term “Company”, as used in
this Plan, shall mean (from and after, but not before, the occurrence of such
event) the Company as herein before defined and any successor or assignee to
the business or assets which by reason hereof becomes bound by the terms and
provisions of this Plan.

ARTICLE
VI

CONFIDENTIALITY

6.1          Nondisclosure of Confidential Material

In the performance of your duties, you have previously
had, and may in the future have, access to confidential records and
information, including, but not limited to, development, marketing, purchasing,
organizational, strategic, financial, managerial, administrative,
manufacturing, production, distribution and sales information, data,
specifications and processes presently owned or at any time hereafter developed
by the Company or its agents or consultants or used presently or at any time
hereafter in the course of its business, that are not otherwise part of the public
domain (collectively, the “Confidential Material”).  All such Confidential Material is considered
secret and has been and/or will be disclosed to you in confidence.  By your acceptance of your Severance Payment
under this Plan, you shall be deemed to have acknowledged that the Confidential
Material constitutes propriety information of the Company which draws
independent economic value, actual or potential, from not being generally known
to the public or to other persons who could obtain economic value from its
disclosure or use, and that the Company has taken efforts reasonable under the
circumstances, of which this Section 6.1 is an example, to maintain its
secrecy.  Except in the performance of
your duties to the Company, you shall not, directly or indirectly for any
reason whatsoever, disclose or use any such Confidential Material that (i) has
been publicly disclosed or was within your possession prior to its being
furnished to you by the Company or becomes available to you on a
nonconfidential basis from a third party (in any of such cases, not due to a
breach by you or your obligations to the Company or by breach of any other
person of a confidential, fiduciary or confidential obligation, the breach of
which you know or reasonably should know), (ii) is required to be disclosed by

 12
 

you pursuant to applicable law, and you provide notice to the Company
of such requirement as promptly as possible, or (iii) was independently
acquired or developed by you without violating any of the obligations under
this Plan and without relying on Confidential Material of the Company.  All records, files, drawings, documents,
equipment and other tangible items, wherever located, relating in any way to
the Confidential Material or otherwise to the Company’s business, which you
have prepared, used or encountered or shall in the future prepare, use or
encounter, shall be and remain the Company’s sole and exclusive property and
shall be included in the Confidential Material. 
Upon your termination of employment with the Company, or whenever
requested by the Company, you shall promptly deliver to the Company any and all
of the Confidential Material and copies thereof, not previously delivered to
the Company, that may be, or at any previous time has been, in your possession
or under your control.

6.2          Nonsolicitation of Employees

By your acceptance of your Severance Payment under
this Plan, you agree that, for a period of two (2) years following your
termination of employment with the Company or its Subsidiaries, neither you nor
any Person or entity in which you have an interest shall solicit any person who
was employed on the date of your termination of employment by the Company or
any of its Subsidiaries, to leave the employ of the Company or any of its
Subsidiaries.  Nothing in this Section
6.2, however, shall prohibit you or any Person or entity in which you have an
interest from placing advertisements in periodicals of general circulation
soliciting applications for employment, or from employing any person who
answers any such advertisement.  For
purposes of this Section 6.2, you shall not be deemed to have an interest in
any corporation whose stock is publicly traded merely because you are the owner
of not more than two percent (2%) of the outstanding shares of any class of
stock of such corporation, provided you have no active participation in the
business of such corporation (other than voting your stock) and you do not
provide services to such corporation in any capacity (whether as an employee,
an independent contractor or consultant, a board member, or otherwise).

6.3          Equitable Relief

By your acceptance of your Severance Payment under
this Plan, you shall be deemed to have acknowledged that violation of Sections
6.1 or 6.2 would cause the Company irreparable damage for which the Company can
not be reasonably compensated in damages in an action at law, and that
therefore in the event of any breach by you of Sections 6.1 or 6.2, the Company
shall be entitled to make application to a court of competent jurisdiction for
equitable relief by way of injunction or otherwise (without being required to
post a bond).  This provision shall not,
however, be construed as a waiver of any of the rights which the Company may
have for damages under this Plan or otherwise, and, except as limited in Article
VII, all of the Company’s rights and remedies shall be unrestricted.

 13
 

ARTICLE
VII

ARBITRATION

Subject to the provisions of
Section 6.3, any controversy or claim between you and the Company arising
out of or relating to or concerning this Plan (including the covenants
contained in Section 6) and any dispute regarding your employment or the
termination of your employment or any dispute regarding the application,
interpretation or validity of this Plan (each, an “Employment Matter”) will be finally settled by arbitration in a
location determined by you (which location must be located within the County in
which you primarily work) and administered by the American Arbitration
Association (the “AAA”) under its
Commercial Arbitration Rules then in effect. 
In the event of any conflict between this Plan and the rules of
the American Arbitration Association, the provisions of this Plan shall be
determinative.  If the parties are unable
to agree upon an arbitrator, they shall select a single arbitrator from a list
of seven arbitrators designated by the office of the American Arbitrator
Association having responsibility for the location selected by you, all of whom
shall be retired judges who are actively involved in hearing private cases or
members of the National Academy of Arbitrators, and who, in either event, are
residents of such forum.  If the parties
are unable to agree upon an arbitrator from such list, they shall each strike
names alternatively from the list, with the first to strike being determined by
lot.  After each party has used three
strikes, the remaining name on the list shall be the arbitrator.  The
AAA’s Commercial Arbitration Rules will be modified in the following ways:  (i) each arbitrator will agree to treat
as confidential evidence and other information presented to them,
(ii) there will be no authority to award punitive damages,
(iii) there will be no authority to amend or modify the terms of the Plan
and (iv) a decision must be rendered within ten business days of the parties’ closing statements or
submission of post-hearing briefs.  To
the extent permitted by law, the Company will pay or reimburse any reasonable
expenses, including reasonable attorney’s fees, you incur as a result of any
Employment Matter.  You or the Company
may bring an action or special proceeding in a state or federal court of
competent jurisdiction sitting in Los Angeles County, California or such other
jurisdiction as you may determine in your discretion to enforce any arbitration
award under Article VII.

ARTICLE
VIII

MISCELLANEOUS

8.1          Applicable law

TO THE EXTENT NOT PREEMPTED BY THE LAWS OF THE UNITED
STATES, THE LAWS OF THE STATE OF CALIFORNIA SHALL BE THE CONTROLLING LAW IN ALL
MATTERS RELATING TO THIS PLAN, REGARDLESS OF THE CHOICE-OF-LAW RULES OF THE
STATE OF CALIFORNIA OR ANY OTHER JURISDICTION.

8.2          Construction

No term or provision of this Plan shall be construed
so as to require the commission of any act contrary to law, and wherever there
is any conflict between any provisions of this Plan and any present or future
statute law, ordinance, or regulation, the latter shall prevail, but in such
event the affected provision of this Plan shall be curtailed and limited only
to the extent necessary to bring such provision with the requirements of the
law.

 14
 

8.3          Severability

If a provision of this Plan shall be held illegal or
invalid, the illegality or invalidity shall not affect the remaining parts of
this Plan and this Plan shall be construed and enforced as if the illegal or
invalid provision had not been included.

8.4          Headings

The Section headings in this Plan are inserted only as
a matter of convenience, and in no way define, limit, or extend or interpret
the scope of this Plan or of any particular Section.

8.5          Assignability

Your rights or interests under this Plan shall not be
assignable or transferrable (whether by pledge, grant of a security interest,
or otherwise) by you, your beneficiaries or legal representatives, except by
will or by the laws of descent and distribution.

8.6          Term

This Plan shall continue in full force and effect
until its terms and provisions are completely carried out, unless terminated by
the Board with at least a majority vote before the commencement of a Change in
Control Period (as defined below); provided, however, that no termination of this
Plan shall be effective if made while the Company (or any Person acting on the
Company’s behalf) (i) is conducting negotiations to effect a Change in Control,
(ii) within ninety (90) days before the Company (or any Person acting on its
behalf) executes a letter of intent (whether or not binding) or a definitive
agreement to effect a Change in Control, or (iii) during the period between
execution of a definitive agreement to effect a Change in Control and the
consummation of the transactions contemplated thereunder (the first to occur of
(i), (ii) or (iii) shall commence a “Change in Control Period”).  A Change in Control Period shall expire upon
the first to occur of (A) the occurrence of a Change in Control and (B) the
first anniversary of the commencement of the Change in Control Period.

8.7          Amendment/Termination

This Plan may be amended in any respect by resolution
adopted by the Board with at least a majority until the commencement of a
Change in Control Period; provided, however, that this Section 8.7 shall not be
amended, and no amendment shall be effective if made during a Change in Control
Period.  After a Change in Control
occurs, this Plan shall no longer be subject to amendment, change,
substitution, deletion, revocation or termination in any respect whatsoever
until the second anniversary of such Change in Control.  No agreement or representations written or
oral, express or implied, with respect to the subject matter hereof, have been
made by the Company which are not expressly set forth in this Plan.

 15
 

8.8          Notices

For purposes of this Plan, notices and all other
communications provided for herein shall be in writing and shall be deemed to
have been duly given when personally delivered, telecopied, or sent by
certified or overnight mail, return receipt requested, postage prepaid,
addressed to the respective addresses, or sent to the respective telecopier
numbers, last given by each party to the other, provided that all notices to
the Company shall be directed to the attention of the Board of Directors with a
copy to the General Counsel.  All notices
and communications shall be deemed to have been received on the date of
delivery thereof if personally delivered, upon return confirmation if
telecopied, on the third business day after the mailing thereof, or on the date
after sending by overnight mail, except that notice of change of address shall
be effective only upon actual receipt. 
No objection to the method of delivery may be made if the written notice
or other communication is actually received.

8.9          Interpretation and Administration

This Plan shall be
administered by the Board.  The Board may
delegate any of its powers under the Plan to a subcommittee of the Board.  The Board or a subcommittee thereof shall have
the authority (i) to exercise all of the powers granted to it under the Plan,
(ii) to construe, interpret and implement the Plan, (iii) to prescribe, amend
and rescind rules and regulations relating to the Plan, (iv) to make all
determinations necessary or advisable in administration of the Plan and (v) to
correct any defect, supply any omission and reconcile any inconsistency in the
Plan.  Actions of the Board or a
subcommittee thereof shall be taken by a majority vote of its members.

8.10        Section 409A

Notwithstanding anything in this Plan to the contrary, in the event the
payment of any amounts under this Plan would be treated as non-qualified
deferred compensation under Section 409A of the Code, such payment will be
delayed for 6 months after the date of termination of employment if required in
order to avoid additional tax under Section 409A of the Code.  If you die within 6 months following such
termination of employment, any such delayed payments shall not be further
delayed, and shall be immediately payable to your beneficiary or estate in
accordance with the applicable provisions of this Plan.

8.11        Type of Plan.

This Plan is intended to be, and shall be interpreted
as an unfunded employee welfare plan under Section 3(1) of the Employee
Retirement Income Security Act of 1974, as amended (“ERISA”) and Section
2520.104-24 of the Department of Labor Regulations, maintained primarily for
the purpose of providing employee welfare benefits, to the extent that it
provides welfare benefits, and under Sections 201, 301 and 401 of ERISA, as a
plan that is unfunded and maintained primarily for the purpose of providing
deferred compensation, to the extent that it provides such compensation, in
each case for a select group of management or highly compensated employees.

Dated: April 9, 2007

 16
 

Exhibit
A

Separation and General Release Agreement

In connection with the
termination of your employment by First Community Bancorp (the “Company”),
effective                 
      , 200    , and in
accordance with the terms and conditions of the First Community Bancorp
Executive Severance Pay Plan, as amended and restated from time to time (the “Plan”),
the Company agrees to provide you, contingent upon your execution of this
agreement, with the following severance payment and benefits:

·                  [Insert description of severance payment and
benefits]

In consideration of the
payment and benefits set forth above, you agree knowingly and voluntarily as
follows:

You knowingly and
voluntarily waive and release forever whatever claims you ever had, now have or
hereafter may have against the Company and any subsidiary or affiliate of the
Company, any of their successors or assigns and any of their present and former
employees, directors, officers and agents (collectively referred to as “Releasees”),
based upon any matter, occurrence or event existing or occurring prior to the
execution of this agreement, including anything relating to your employment
with the Company and any of its subsidiaries or affiliates or to the
termination of such employment or to your status as a shareholder or creditor
of the Company.

This release and waiver
includes but is not limited to any rights or claims under United States
federal, state or local law and the national or local law of any foreign
country (statutory or decisional), for wrongful or abusive discharge, for
breach of any contract, for misrepresentation, for breach of any securities
laws, or for discrimination based upon race, color, ethnicity, sex, age,
national origin, religion, disability, sexual orientation, or any other
unlawful criterion or circumstance, including rights or claims under the Age
Discrimination in Employment Act of 1967 (“ADEA”)(except that you do not waive
ADEA rights or claims that may arise after the date of this agreement).

You agree never to institute
any claim, suit or action at law or in equity against any Releasee in any way
by reason of any claim you ever had, now have or hereafter may have relating to
the matters described in the two preceding paragraphs.  You hereby acknowledge that you are familiar
with the provisions of California Civil Code Section 1542 and that you
expressly waive and relinquish any and all rights or benefits you may have
under said Section 1542, to the full extent permitted by law.  Said Section 1542 states:

“A general release does not extend to claims which the creditor does
not know or suspect to exist in his or her favor at the time of executing the
release, which if known by him or her must have materially affected his or her
settlement with the debtor.”

The payment and benefits
described herein shall be in lieu of any and all other amounts to which you
might be, are now or may become entitled from the Company, its subsidiaries and
affiliates and, without limiting the generality of the foregoing, you hereby

 17
 

expressly waive any right or
claim that you may have or assert to payment for salary, bonuses, medical,
dental or hospitalization benefits, life insurance benefits or attorneys’ fees;
provided, however, that notwithstanding any other provision of
this agreement, you do not waive any of your rights and the Company shall
comply with its obligations with respect to continuation coverage requirements
under Section 4980B of the Internal Revenue Code of 1986, as amended (commonly
referred to as “COBRA”).

[Your signature below will
also constitute confirmation that (i) you have been given at least twenty-one
(21) days within which to consider this release and its consequences, (ii) you
have been advised prior to signing this agreement to consult, and have
consulted, with an attorney of your choice, and (iii) you have been advised
that you may revoke this agreement at any time during the seven (7) day period
immediately following the date you signed this letter.][Subject to
revision based on circumstances of participant, and in accordance with applicable
law]

This agreement shall be
governed by the laws of State of California.

Please confirm by returning
to                               
the enclosed copy of this agreement, signed in the place provided, that you
have knowingly and voluntarily decided to accept and agree to the foregoing.

	
   

  	
   

  	
  FIRST COMMUNITY BANCORP

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  AGREED AND
  ACKNOWLEDGED:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  	
   

  
	
  Date:

  	
   

  	
   

  	
   

  

 

 18

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