Document:

exv10w3

 Exhibit
10.3

UST 320

WAIVER

     In consideration for the benefits I will receive as a result of my employer’s participation in
the United States Department of the Treasury’s TARP Capital Purchase Program, I hereby voluntarily
waive any claim against the United States or my employer for any changes to my compensation or
benefits that are required to comply with the regulation issued by the Department of the Treasury
as published in the Federal Register on October 20, 2008.

     I acknowledge that this regulation may require modification of the compensation, bonus,
incentive and other benefit plans, arrangements, policies and agreements (including so-called
“golden parachute” agreements) that I have with my employer or in which I participate as they
relate to the period the United States holds any equity or debt securities of my employer acquired
through the TARP Capital Purchase Program.

     This waiver includes all claims I may have under the laws of the United States or any state
related to the requirements imposed by the aforementioned regulation, including without limitation
a claim for any compensation or other payments I would otherwise receive, any challenge to the
process by which this regulation was adopted and any tort or constitutional claim about the effect
of these regulations on my employment relationship.

	 	 	 	 	 
	Dated: February ___, 2009
	 	 	 	 
	 

	 	 

	 	 

(2.5)

UST 320

Westamerica Bancorporation

Jennifer J. Finger – SVP & Treasurer

20212944.1exv10w4

Exhibit
10.4

UST 320

CONSENT

     We, the undersigned, hereby do consent to the adoption of the amendments to the “Benefit
Plans” as defined in and as described in the attached resolutions to Amend Benefit Plans to Comply
With Emergency Economic Stabilization Act adopted as of October 31, 2008, by the Board of
Directors, as and to the extent, and for the period, required by the provisions of Section 111 of
the Emergency Economic Stabilization Act of 2008 (“EESA”) applicable to participants in the Capital
Purchase Program under EESA and the rules and regulations issued by the Department of the Treasury.

Agreed to and acknowledged as of the                      day of February 2009.

	 	 	 	 	 
	 

	 	 

David L. Payne
	 	 
	 
	 	 	 	 
	 

	 	 

John “Robert” A. Thorson
	 	 
	 
	 	 	 	 
	 

	 	 

Jennifer J. Finger
	 	 
	 
	 	 	 	 
	 

	 	 

Dennis R. Hansen
	 	 
	 
	 	 	 	 
	 

	 	 

David Robinsonexv10w5

Exhibit 10.5

RESOLUTION

OF THE

EMPLOYEE BENEFITS/COMPENSATION COMMITTEE

OF

WESTAMERICA BANCORPORATION

     The following was considered and adopted by Unanimous Written Consent of the Employee
Benefits/Compensation Committee of Westamerica Bancorporation, a California corporation, on
February 9, 2009:

TO EFFECT AMENDMENT TO BENEFIT PLANS TO COMPLY

WITH EMERGENCY ECONOMIC STABILIZATION ACT

     WHEREAS, WESTAMERICA BANCORPORATION (the “Company”) has entered or will enter into a Letter
Agreement, incorporating within a Securities Purchase Agreement, with the United States Department
of Treasury (the “Agreement”) as part of the Capital Purchase Program under the Emergency Economic
Stabilization Act of 2008, as amended from time to time (“EESA”);

     WHEREAS, pursuant to Section 1.2(d)(iv) of the Agreement, the Company is required to amend its
“Benefit Plans” with respect to its “Senior Executive Officers” (as such terms are defined in the
Agreement) to the extent necessary to comply with Section 111 of EESA; and

     WHEREAS, the applicable “Benefit Plans” are the plans in which any Senior Executive Officer
participates, or is eligible to participate, and the agreements to which any Senior Executive
Officer is a party, that either: (i) provide for incentive or bonus compensation based on the
achievement of performance goals tied to or affected by the Company’s financial results (“Financial
Performance Plans”) or (ii) provide for payments or benefits upon an “applicable severance from
employment” within the meaning of EESA (“Involuntary Separation Pay Arrangements”).

RESOLUTIONS

     RESOLVED, that each Financial Performance Plan and Involuntary Separation Pay Arrangement is
hereby amended effective as of the date of entry into the Agreement as follows:

     1. Compliance With Section 111 of EESA. Each Financial Performance Plan and
Involuntary Separation Pay Arrangement is hereby amended by adding the following provision as a
final section to such arrangement:

     “Compliance With Section 111 of EESA. Solely to the extent, and for
the period, required by the provisions of Section 111 of the Emergency Economic
Stabilization Act of 2008 (“EESA”) applicable to participants in the Capital
Purchase Program under EESA and the regulations issued by the Department
of the Treasury promulgated thereto: (a) each “Senior Executive Officer”, within
the meaning of Section 111 of EESA and the rules regulations issued by the
Department of the Treasury

 

 

promulgated thereto, who participates in this plan or is a party to this
agreement shall be ineligible to receive compensation hereunder to the extent
that the Employee Benefits and Compensation Committee of the Board of Directors
of the Company determines this plan or agreement includes incentives for the
Senior Executive Officer to take unnecessary and excessive risks that threaten
the value of the financial institution; (b) each Senior Executive Officer who
participates in this plan or is a party to this agreement shall be required to
forfeit any bonus or incentive compensation paid to the Senior Executive Officer
hereunder during the period that the Department of the Treasury holds a debt or
equity position in the Company based on statements of earnings, gains, or other
criteria that are later proven to be materially inaccurate; and (c) the Company
shall be prohibited from making to each Senior Executive Officer who
participates in this plan or is a party to this agreement, and each such Senior
Executive Officer shall be ineligible to receive hereunder, any “golden
parachute payment” in connection with the Senior Executive Officer’s “applicable
severance from employment,” in each case, within the meaning of Section 111 of
EESA and the rules and regulations issued by the Department of the Treasury
thereto.”

     2. Continuation of Affected Plans. Except as expressly or by necessary implication
amended hereby, each Financial Performance Plan and Involuntary Separation Pay Arrangement shall
continue in full force and effect.

     IN WITNESS WHEREOF, this Written Consent has been signed as of the date indicated above.

	 	 	 	 	 
	 	 	 
	/s/
 	 	 
	Etta Allen 	 	 
	 
	 	 	 
	                         /s/
 	 	 
	Arthur C. Latno, Jr. 	 	 
	 
	 	 	 
	                         /s/
 	 	 
	Patrick D. Lynch 	 	 
	 
	 	 	 
	                         /s/
 	 	 
	Ronald A. Nelsonexv4w1

Exhibit 4.1

AMENDMENT NO. 2 TO SERIES 2008-CP-1 SUPPLEMENT

     This Amendment No. 2 to Series 2008-CP-1 Supplement (this “Amendment”) is entered into
as of February 12, 2009 by and between Textron Financial Floorplan Master Note Trust (the
“Issuer”) and The Bank of New York Mellon (f/k/a The Bank of New York), as Indenture
Trustee (as indenture trustee and not in its individual capacity, the “Indenture Trustee”).

RECITALS

     A. The Issuer and the Indenture Trustee are parties to that certain Amended and Restated
Indenture dated as of May 26, 2005 (as amended, restated, supplemented or otherwise modified from
time to time, the “Indenture”).

     B. The Issuer, Textron Financial Corporation, as Servicer, and the Indenture Trustee are
parties to that certain Series 2008-CP-1 Supplement, dated as of March 20, 2008, to the Indenture
(as amended, restated, supplemented or otherwise modified from time to time, the “Series
Supplement”). Capitalized terms used herein without definition shall have the meanings given
to such terms in the Series Supplement or the Agreement (as defined in the Series Supplement).

     C. The Issuer and the Indenture Trustee desire to amend the Series Supplement on the terms and
conditions set forth below.

     Now, therefore, in consideration of the mutual execution hereof and other good and valuable
consideration, the parties hereto agree as follows:

     1. Amendment to Series Supplement. Pursuant to Section 9.1(b) of the Indenture, the
Series Supplement is hereby amended as follows:

     (a) The definition of “Partial Amortization Period” contained in Section 1.01
of the Series Supplement is hereby deleted in its entirety, and the following substituted
therefor:

“Partial Amortization Period” means (i) a period after the date on which a
Group Purchase Limit Excess exists and ending on the earlier of (a) the earliest
date on which no Group Purchase Limit Excess exists or (b) the commencement of the
Scheduled Amortization Period or the Early Amortization Period or (ii) a period
after the date on which a Required Distribution Event occurs and ending on the
earlier of (a) the earliest date on which the Series 2008-1 Required Distribution
Amount has been paid to the Class A Noteholders or (b) the commencement of the
Scheduled Amortization Period or the Early Amortization Period.

     (b) The definition of “Required Reserve Account Percentage” contained in
Section 1.01 of the Series Supplement is hereby deleted in its entirety, and the following
substituted therefor:

“Required Reserve Account Percentage” means (a) 1.0% so long as an
Enhancement Trigger Period has not occurred and (b) if an Enhancement Trigger

 

 

Event has occurred, the Required Reserve Account Percentage shall be the aggregate
of (i) 1.75%, if an Enhancement Trigger Event under clause (a)(i) of the definition
thereof has occurred, plus (ii) 1.00%, if an Enhancement Trigger Event under clause
(a)(ii) of the definition thereof has occurred, plus (iii) 1.00% if an Enhancement
Trigger Event under clause (b) of the definition thereof has occurred.

     (c) Section 1.01 of the Series Supplement is hereby amended to add the following
definitions in appropriate alphabetical order therein:

“Required Distribution Event” means an event pursuant to which any portion
of the Receivables owing by certain Dealers are refinanced and paid off in a
transaction arranged by or on behalf of Textron Financial Corporation or any of its
affiliates.

“Required Distribution Amount” means an amount corresponding to the funds
deposited in the Excess Funding Account which represent Principal Collections or
Non-Principal Collections (excluding, in the case of Non-Principal Collections,
periodic interest paid through the date of disposition) received in connection with
a Required Distribution Event (and not otherwise required to be allocated and
distributed to any Series of Investor Interests in accordance with the Agreement and
any Series Supplement), which amount includes such Collections that would, in the
absence of the distribution described herein, otherwise be available to be paid to
the Residual Interestholder pursuant to Section 4.3 or Section 4.4 of the Agreement.

“Series 2008-1 Required Distribution Amount” means, at any date of
determination, an amount (which shall constitute Available Non-Principal Collections
or Available Principal Collections hereunder, as applicable) equal to the product of
(i) the Required Distribution Amount and (ii) a fraction, the numerator of which is
the Class A Note Principal Balance as of such date and the denominator of which is
the sum of the Class A Note Principal Balance and the outstanding principal balance
of the Class A notes issued in respect of Series 2008-CP-2 as of such date.

     (d) Section 4.03 of the Series Supplement is hereby deleted in its entirety, and the
following substituted therefor:

Determination of Monthly Principal. Beginning with the Payment Date in the
month following the month in which a Partial Amortization Period, the Scheduled
Amortization Period or the Early Amortization Period begins, the amount of principal
with respect to Series 2008-CP-1 on each Payment Date (the “Monthly
Principal”) shall be equal to (a) in the case of a Partial Amortization Period
the lesser of (i) the Available Investor Principal Collections on deposit in the
Collection Account with respect to such Payment Date and (ii) an amount equal to,
(x) if such Partial Amortization Period arises under clause (i) of the definition
thereof, the aggregate Group Purchase Limit Excess that exists prior to any deposit
into the Collection Account on such Payment Date and (y) if such Partial
Amortization Period arises under clause (ii) of the definition thereof, the Series

2

 

2008-1 Required Distribution Amount and (b) in the case of a Scheduled Amortization
Period or an Early Amortization Period, the least of (i) the Outstanding Amount of
the Series 2008-CP-1 Notes on such Payment Date (minus, during the Scheduled
Amortization Period, any amount already in the Principal Account on such Payment
Date); and (ii) the Invested Amount (after taking into account any adjustments to be
made to the Invested Amount on such Payment Date pursuant to Section 4.07).
Subject to Section 4.2(b) of the Agreement, during the Scheduled Amortization Period
and the Early Amortization Period, Investor Principal Collections shall be deposited
into the Collection Account on a daily basis in accordance with and subject to the
provisions of Section 4.2 of the Agreement and the Scheduled Amortization Period
shall be treated as a Controlled Accumulation Period for purposes of Section
4.2(c)(ii)(b) of the Agreement.

     (e) Sections 4.05(a)(iv)-(ix) of the Series Supplement are hereby deleted in its
entirety, and the following substituted therefor:

(iv) fourth, an amount equal to the Investor Defaulted Amount and the
Investor Dilution Amount, if any, for such Payment Date shall be treated as a
portion of Available Investor Principal Collections for such day and, during a
Partial Amortization Period arising under clause (i) of the definition thereof, the
Scheduled Amortization Period or the Early Amortization Period, shall be deposited
into the Principal Account;

(v) fifth, an amount equal to the aggregate amount of Investor Charge-Offs
that have not been previously reimbursed as provided in Section 4.07 and this
Section 4.05(a)(v) shall be treated as Available Investor Principal Collections with
respect to such day and shall increase the Invested Amount and, during a Partial
Amortization Period arising under clause (i) of the definition thereof, the
Scheduled Amortization Period or the Early Amortization Period, shall be deposited
into the Principal Account;

(vi) sixth, an amount, if any, equal to the amount required to be deposited
in the Reserve Account pursuant to Section 4.12 shall be deposited into the Reserve
Account during the Revolving Period and the Scheduled Amortization Period;

(vii) seventh, if none of a Partial Amortization Period, the Scheduled
Amortization Period or the Early Amortization Period has occurred and is continuing,
the balance, if any, will constitute a portion of Excess Non-Principal Collections
for such Payment Date and will be applied in accordance with Section 4.3 of the
Agreement;

(viii) eighth, during a Partial Amortization Period, the balance, if any,
shall be (A) if such Partial Amortization Period arises under clause (i) of the
definition thereof, used to make principal payments to the Class A Notes (with
application of such amount being made pro rata among the Class A Noteholders based
upon each of their respective Group Purchase Limit Excess, if any, rather than based
upon the Outstanding Amount of the Class A Notes) until no Group Purchase Limit
Excess shall exist and (B) if such Partial Amortization Period arises under

3

 

clause (ii) of the definition thereof, used to make principal payments to the Class
A Notes in an amount equal to the lesser of (1) the Class A Note Principal Balance
or (2) the amount of the Series 2008-1 Required Distribution Amount constituting
Available Non-Principal Collections, and, so long as no Scheduled Amortization
Period or Early Amortization Period shall have occurred and be continuing, the
remaining amount, if any, will constitute a portion of Excess Non-Principal
Collections for such Payment Date and will be applied in accordance with Section 4.3
of the Agreement; and

(ix) ninth, during the Scheduled Amortization Period or the Early
Amortization Period, the remaining balance, if any, will be used to make principal
payments first, to the Class A Notes until the Class A Note Principal Balance is
paid in full and, second, to the Class B Notes until the Class B Note Principal
Balance is paid in full.

     (f) Section 4.05(c)(i) of the Series Supplement is hereby deleted in its entirety, and
the following substituted therefor:

(i) during a Partial Amortization Period, (i) if such Partial Amortization Period
arises under clause (i) of the definition thereof, first, until no Group Purchase
Limit Excess exists (with application of such amount being made pro rata among the
Class A Noteholders based upon each of their respective Group Purchase Limit Excess,
if any, rather than based upon the Outstanding Amount of the Class A Notes); and
second, until the Outstanding Amount of the Class B Notes has been reduced to the
extent necessary to reduce the Subordinated Interest Percentage to the Required
Subordination Percentage (but not less than the Required Subordination Percentage)
and (ii) if such Partial Amortization Period arises under clause (ii) of the
definition thereof, to the Class A Noteholders, in reduction of the Class A Note
Principal Balance;

     2. References to Series Supplement. Upon the effectiveness of this Amendment, each
reference in the Series Supplement to “this Series Supplement”, “hereunder”, “hereof”, “herein”, or
words of like import shall mean and be a reference to the Series Supplement as amended hereby, and
each reference to the Series Supplement in any other document, instrument or agreement executed
and/or delivered in connection with the Series Supplement shall mean and be a reference to the
Series Supplement as amended hereby.

     3. Confirmation of Series Supplement. Except as herein expressly amended, the Series
Supplement is hereby ratified and confirmed in all respects and shall remain in full force and
effect in accordance with its terms.

     4. Effectiveness. This Amendment shall become effective as of the date hereof upon
execution and delivery hereof by the Issuer and the Indenture Trustee and the following:

     (a) receipt by the Issuer and the Indenture Trustee of the consent to this Amendment
from the Control Investors;

     (b) receipt by the Indenture Trustee of (i) an Issuer Order directing the Indenture
Trustee to execute and deliver this Amendment and (ii) an Officer’s Certificate

4

 

and an Opinion of Counsel stating that this Amendment does not adversely affect in any
material respect the interests of any Investor Interestholder; and

     (c) the Seller shall have made a deposit into the Reserve Account in an amount
sufficient to cause the amount on deposit therein to equal the Required Reserve Account
Amount.

     5. Headings. Section headings in this Amendment are included herein for convenience
of reference only and shall not constitute a part of this Amendment for any other purpose.

     6. No Waiver. The execution, delivery and effectiveness of this Amendment shall not
operate as a waiver of any right, power or remedy of any party to the Series Supplement or any
other document, instrument or agreement executed in connection therewith, nor constitute a waiver
of any provision contained therein, except as specifically set forth herein.

     7. Successors and Assigns. This Amendment shall be binding upon and shall inure to
the benefit of the parties hereto and their respective successors and assigns.

     8. Execution in Counterparts. This Amendment may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of which when so
executed and delivered shall be deemed to be an original and all of which taken together shall
constitute but one and the same instrument.

     9. GOVERNING LAW. THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, THE LAWS OF
THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO THE CHOICE OF LAW PRINCIPLES THEREOF (OTHER THAN
SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS AND REMEDIES
OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

     10. Limitation of Liability of Owner Trustee. This Amendment has been executed by
U.S. Bank Trust National Association, not in its individual capacity, but solely in its capacity as
Owner Trustee of the Issuer, and in no event shall U.S. Bank Trust National Association in it is
individual capacity have any liability for the agreements or obligations of the Issuer hereunder,
as to all of which recourse shall be had solely to the assets of the Issuer. For all purposes of
this Amendment, in the performance of any duties or obligations of the Issuer hereunder, the Owner
Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of the Trust
Agreement.

[signature page follows]

5

 

     IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the date first above
written.

	 	 	 	 	 	 	 
	 	 	TEXTRON FINANCIAL FLOORPLAN	 	 
	 	 	MASTER NOTE TRUST, as Issuer	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	U.S. Bank Trust National Association, not	 	 
	 

	 	 	 	in its individual capacity, but solely as	 	 
	 

	 	 	 	Owner Trustee on behalf of the Trust	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Jack Ellerin
 

Name: Jack Ellerin
	 	 
	 

	 	 	 	Title: Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	THE BANK OF NEW YORK MELLON (f/k/a	 	 
	 	 	The Bank of New York), not in its individual	 	 
	 	 	capacity but solely as Indenture Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Jacqueline Kuhn	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Jacqueline Kuhn	 	 
	 

	 	 	 	Title: Assistant Treasurer	 	 

Amendment
No. 2 to Series 2008-CP-1 Supplement

 

 

Acknowledged and Consented to this

12th day of February, 2009:

	 	 	 	 	 	 	 
	 	 	THE BANK OF TOKYO-MITSUBISHI UFJ,	 	 
	 	 	LTD., NEW YORK BRANCH, as the Managing	 	 
	 	 	Agent of the BTMU Ownership Group, as the	 	 
	 	 	Class A Noteholder	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Aditya Reddy
 

Name: Aditya Reddy
	 	 
	 

	 	 	 	Title: Vice President and Manager	 	 

Amendment
No. 2 to Series 2008-CP-1 Supplement

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