Document:

Form of Notice of Grant and Restricted Stock Agreement

 Exhibit 10.1 
 PACIFIC CAPITAL BANCORP 
 2008 EQUITY INCENTIVE PLAN 
 NOTICE OF GRANT 
 AND 
 RESTRICTED STOCK AGREEMENT FOR NON-EMPLOYEE DIRECTORS 
 You have been granted the number of
Common Shares of Restricted Stock of Pacific Capital Bancorp (the “Company”), as set forth below (“Common Shares”), subject to the terms and conditions of the Pacific Capital Bancorp 2008 Equity Incentive Plan
(“Plan”), and this Notice of Grant and Restricted Stock Agreement including the attachments hereto (collectively, “Notice and Agreement”).  Unless otherwise defined in the Notice and Agreement, terms with
initial capital letters shall have the meanings set forth in the Plan. 
  

					
	 Grant Date:
	 	 	  	 
	 	 	 
	 Number of Common Shares of Restricted Stock Granted:
	 		  	 The number of shares is specified on the Grant Summary section of this website.

	 	 	 
	 Fair Market Value :
	 		  	 The Fair Market Value is the closing price of Company stock on the Grant Date and is specified on the Grant Summary section of
this website.

	 	 	 
	 Vesting Schedule
	 		  	 None of the property can be sold or transferred prior to the expiration date. If
service as a director terminates within one year of the grant date (other than for death, disability, change in control or retirement), all unvested shares will be forfeited. Beginning on the above-referenced Grant Date and continuing until the
Restricted Stock has become fully vested, the Director’s interest in the Restricted Stock shall become 100% vested on the first Anniversary of the Grant Date.

	 	 	 
	 Period of Restriction and Release of Common Shares from Company’s Return Right (see
Sections 2 and 3 of attached Agreement)
	 	 	  	 The Period of Restriction, during which the Common Shares shall be subject to the
Company’s Return Right, shall lapse on the first anniversary of the Grant Date.  However, upon the occurrence of a Change in Control (as defined in the Plan), the Company’s Return Right shall lapse
immediately.

 By acknowledging this grant electronically, you accept this grant of Common Shares and you hereby represent
that you: (i) agree to the terms and conditions of this Notice and Agreement and the Plan; (ii) have reviewed the Plan and the Notice and Agreement in their entirety, and have had an opportunity to obtain the advice of legal counsel and/or
your tax advisor with respect thereto; (iii) fully understand and accept all provisions hereof; (iv) agree to accept as binding, conclusive, and final all of the Administrator’s decisions regarding, and all interpretations of, the
Plan and the Notice and Agreement; and (v) agree to notify the Company upon any change in your home address indicated above. 
  

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 PACIFIC CAPITAL BANCORP 
 2008 EQUITY INCENTIVE PLAN 
 RESTRICTED STOCK AGREEMENT 
 1. Grant of Restricted Stock.  The Company has granted to you the number of Common Shares of Restricted Stock specified in the Notice of Grant on the preceding page (“Notice of
Grant”), subject to the following terms and conditions.  In consideration of such grant, you agree to be bound by such terms and conditions, and by the terms and conditions of the Plan. 
 2. Period of Restriction.  During the Period of Restriction specified in the Notice of Grant, the Common Shares shall remain subject to the
Company’s Return Right (defined in Section 3).  The Period of Restriction shall expire and the Company’s Return Right shall lapse as to the Common Shares granted in the amount(s) and on the date(s) specified in the Notice of
Grant (each, a “Release Date”); provided, however, that no Common Shares shall be released on any Release Date if the Participant has ceased Continuous Status as a Director on or prior to such date.  Any and all Common
Shares subject to the Company’s Return Right at any time shall be defined in this Notice and Agreement as “Unreleased Common Shares.”  
 3. Return of Restricted Stock to Company.  If Participant ceases Continuous Status as a Director for any reason (a “Return Event”), the Company shall become the legal and beneficial owner of
the Unreleased Common Shares and all rights and interests therein or relating thereto, and the Company shall have the right to retain and transfer such Unreleased Common Shares to its own name.  The Participant shall continue to own any
Common Shares subject to the terms of the Plan and this Notice and Agreement with respect to which the Participant has Continuous Status as a Director through the Release Date(s) specified in the Notice of Grant for such Common Shares. 

4. Restriction on Transfer.  Except for the transfer of the Common Shares to the Company or its assignees contemplated by this Notice and
Agreement, none of the Common Shares or any beneficial interest therein shall be transferred, encumbered or otherwise disposed of in any way until the Release Date for such Common Shares set forth in this Notice and Agreement.  In
addition, as a condition to any transfer of the Common Shares after such Release Date, the Company may, in its discretion, require: (i) that the Common Shares shall have been duly listed upon any national securities exchange or automated
quotation system on which the Company’s Common Stock may then be listed or quoted; (ii) that either (a) a registration statement under the Securities Act of 1933, as amended (“Securities Act”) with respect to the
Common Shares shall be effective, or (b) in the opinion of counsel for the Company, the proposed purchase shall be exempt from registration under the Securities Act and the Participant shall have entered into agreements with the Company as
reasonably required; and (iii) fulfillment of any other requirements deemed necessary by counsel for the Company to comply with Applicable Law. 
 5. Retention of Common Shares.  The Company shall hold the Unreleased Common Shares until the Release Date for such Common Shares.  When a Return Event or Release Date occurs, the Company shall promptly deliver
the applicable Common Shares to the Company or to the Participant, as the case may be. 
  

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 6. Stockholder Rights.  Subject to the terms hereof, the Participant shall have all the rights of
a stockholder with respect to the Common Shares while they are retained by the Company pursuant to Section 5, including without limitation, the right to vote the Common Shares and to receive any cash dividends declared thereon.  If,
from time to time prior to the Release Date, there is (i) any stock dividend, stock split or other change in the Common Shares, or (ii) any merger or sale of all or substantially all of the assets or other acquisition of the Company, any
and all new, substituted or additional securities to which the Participant shall be entitled by reason of the Participant’s ownership of the Common Shares shall be immediately subject to the terms of this Notice and Agreement and included
thereafter as “Common Shares” for purposes of this Notice and Agreement. 
 7. Legends.  The share certificate evidencing
the Common Shares, if any, issued hereunder shall be endorsed with the following legend (in addition to any legend required under applicable state securities laws): 
 THE COMMON SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS UPON TRANSFER, OBLIGATIONS TO RETURN TO AND THE COMPANY, AS SET FORTH IN AN AGREEMENT BETWEEN THE COMPANY AND THE HOLDER, A COPY OF WHICH IS
ON FILE WITH THE SECRETARY OF THE COMPANY. 
 8. U.S. Tax Consequences.  The Participant has reviewed with the Participant’s own
tax advisors the federal, state, local and foreign tax consequences of this investment and the transactions contemplated by this Notice and Agreement.  The Participant is relying solely on such advisors and not on any statements or
representations of the Company or any of its agents.  The Participant understands that the Participant (and not the Company) shall be responsible for the Participant’s own tax liability that may arise as a result of the transactions
contemplated by this Notice and Agreement.  The Participant understands that for U.S. taxpayers, Section 83 of the Internal Revenue Code of 1986, as amended (the “Code”), taxes as ordinary income the difference
between the purchase price for the Common Shares, if any, and the fair market value of the Common Shares as of the date any restrictions on the Common Shares lapse.  In this context, “restriction” includes the right of the
Company to the return of the Common Shares upon a Return Event.  The Participant understands that if he/she is a U.S. taxpayer, the Participant may elect to be taxed at the time the Common Shares are awarded as Restricted Stock rather than
when and as the Return Right expires by filing an election under Section 83(b) of the Code with the IRS within 30 days from the date of acquisition.  The form for making this election is attached as Exhibit A hereto.

 THE PARTICIPANT ACKNOWLEDGES THAT IT IS THE PARTICIPANT’S SOLE RESPONSIBILITY AND NOT THE COMPANY’S TO FILE TIMELY THE ELECTION UNDER
SECTION 83(b), IF APPLICABLE, EVEN IF THE PARTICIPANT REQUESTS THE COMPANY OR ITS REPRESENTATIVES TO MAKE THIS FILING ON THE PARTICIPANT’S BEHALF. 
  

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	9.	 General. 

 (a) This Notice and Agreement shall
be governed by and construed under the laws of the State of California.  The Notice and Agreement and the Plan, which is incorporated herein by reference, represents the entire agreement between the parties with respect to the Common
Shares of Restricted Stock granted to the Participant.  In the event of a conflict between the terms and conditions of the Plan and the terms and conditions of this Notice and Agreement, the terms and conditions of the Plan shall prevail.

 (b) Any notice, demand or request required or permitted to be delivered by either the Company or the Participant pursuant to the terms of this
Notice and Agreement shall be in writing and shall be deemed given when delivered personally, deposited with an international courier service, or deposited in the U.S. Mail, First Class with postage prepaid, and addressed to the parties at the
addresses set forth in the Notice of Grant, or such other address as a party may request by notifying the other in writing. 
 (c) The rights of the
Company under this Notice and Agreement and the Plan shall be transferable to any one or more persons or entities, and all covenants and agreements hereunder shall inure to the benefit of, and be enforceable by the Company’s successors and
assigns.  The rights and obligations of the Participant under this Notice and Agreement may only be assigned with the prior written consent of the Company. 
 (d) The Participant agrees upon request to execute any further documents or instruments necessary or desirable to carry out the purposes or intent of this Notice and Agreement. 
 (e) PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE RELEASE OF COMMON SHARES PURSUANT TO THIS AGREEMENT SHALL BE EARNED ONLY BY CONTINUING SERVICE AS A DIRECTOR, AND
NOT THROUGH THE ACT OF BEING HIRED, APPOINTED OR OBTAINING COMMON SHARES HEREUNDER. 
 ##### 
  

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 EXHIBIT A 
 ELECTION UNDER SECTION 83(b) 
 OF THE U.S. INTERNAL REVENUE CODE OF 1986 
  

 - 5 - 

 Department of the Treasury 
 Fresno, California
93888-0002 
  

	 	Re:	 Election Under IRC Section 83(b) 

 Dear Sir or Madam: 

I hereby make an election pursuant to Section 83(b) of the Internal Revenue Code of 1986, as amended, with respect to certain restricted
stock received by me.  The following information is submitted as required by Treas. Reg. § 1.83-2(e): 
  

			
	 	 
	 Directions:
	 	 Please complete the form by filling in your Name, Address and Social Security Number in
Item 1 below and signing on the signature line below.

  

					
	 1.
	 	 Name:
  
 Address:
  
 Social Security Number
	 	  

	 	 	 
	 2.
	 	 Property for which election is made
	 	                      Shares of restricted common stock of Pacific Capital Bancorp.  The Beneficial Owner is
                                        
                                         
                    .

	 	 	 
	 3.
	 	 Date of Transfer
	 	 April 29, 2008

	 	 	 
	 4.
	 	 Taxable year for which election is made
	 	 2008

	 	 	 
	 5.
	 	 Restrictions to which property is subject
	 	 None of the property can be sold or transferred prior to the expiration date (April 29,
2009).  If service as a director terminates within one year of the grant date (other than for death, disability, or change in control), all unvested shares will be forfeited.

	 	 	 
	 6.
	 	 Fair Market Value
	 	 Closing stock price on April 29, 2008:
 $            .

	 	 	 
	 7.
	 	 Amount paid for the property
	 	 None

	 	 	 
	 8.
	 	 A copy of this election has been furnished to the Corporation?
	 	 Yes

 Please return completed form to: 
 Pacific
Capital Bancorp 
 Terri Ipsen, M/C 98-01 
 1021 Anacapa Street, 3rd Floor 
 Santa Barbara, CA 93101

  

	
	  

	 Signature

	  

	 Date

  

 - 6 -Form of Restricted Stock Agreement

 Exhibit 10.2 
 PACIFIC CAPITAL BANCORP 
 RESTRICTED STOCK AGREEMENT 
 This Restricted Stock Agreement (“Agreement”) confirms the award by Pacific Capital Bancorp (the “Company”) of restricted shares of common stock of the Company (Restricted Stock) to the
employee identified below (the “Employee”) on the terms and conditions set forth In this Agreement and in the 2002 Stock Plan, effective January 22, 2002, and amended July 21, 2004, September 19, 2005 and
December 12, 2006 (the “Plan”), the terms of which are incorporated herein. 
 1. Grant Date. 
 2. Number of Shares.  The number of shares is specified on the Grant Summary section of this website. 
 3. Fair Market Value.  The Fair Market Value is the closing price of Company stock on the Grant Date and is specified on the Grant Summary section
of this website. 
 4. Vesting Schedule.  Until it becomes Vested, the Restricted Stock that has been granted under this Agreement is
not transferable and is subject to forfeiture in the event that Employee’s status as an employee of the Company is terminated for any reason other than Official Retirement (see Section 11 below).  Beginning on the above
referenced Grant Date and continuing until the Restricted Stock has become fully vested, the Employee’s interest in the Restricted Stock shall become vested as follows: 
  

			
	 Percentage of Shares Vested
	  	 Vesting Date

	 33.33%
	  	1st
anniversary
	 33.33%
	  	2nd
anniversary
	 33.33%
	  	3rd
anniversary

 5. Stock Agreement.  The Restricted Stock will be issued only if an executed Restricted
Stock Agreement, which contains the terms and conditions of the Plan, is on file with the Plan Administrator. 
 6. Continued
Service.  As consideration for the issuance of the Restricted Stock, the Employee agrees to remain in the employ of the Company for a period of at least one (1) year after the Restricted Stock is issued.  Nothing in this
Agreement shall confer on any Employee any right to continue in the employ of the Company for any period or any particular period or shall interfere with or restrict in any way the rights of the Company to discharge any Employee at any time for any
reason whatsoever, with or without cause. 
  

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 7. Issuance of Share Certificates.  Concurrent with the execution of this Agreement, the Company
will instruct its transfer agent, Mellon Investor Services, to issue and register (in book-entry account) a share certificate in the Employee’s name evidencing ownership of the Restricted Stock. 
 8. Rights as Shareholder.  Subject to the terms of this Agreement, Employee will have all of the rights of a shareholder with respect to the
Restricted Stock, including the right to vote such shares and to receive all dividends and other distributions paid with respect to such shares. 
 9.
Adjustments in Shares.  If the number of shares of Restricted Stock is increased, decreased or changed into or exchanged for a different number or kind of shares of stock or other securities of the Company or of another corporation
as the result of a stock split or stock dividend or combination of shares or any other change, or exchanged for other securities by reclassification, reorganization, merger, consolidation, recapitalization or other transaction affecting the
Company’s outstanding shares of capital stock, then (a) an appropriate adjustment will be made with respect to the number of shares of Restricted Stock; (b) any such adjusted or newly-issued shares will be and remain subject to the
terms, conditions and restrictions of this Agreement; and (c) any certificates evidencing such new or additional shares will also be imprinted with an appropriate legend. 
 10. Restriction on Transfer.  The shares of Restricted Stock awarded under this Agreement may not be sold or transferred unless such shares have become vested in accordance with the above
vesting schedule (see Section 4). 
 11. Forfeiture of Unvested Restricted Stock.  Upon termination of Employee’s status as
an employee of the Company for any reason (other than Official Retirement), all unvested Restricted Stock will be forfeited as of the date of termination and any rights with respect to the forfeited shares will immediately revert to the
Company.  Upon Official Retirement of an Employee, all unvested shares shall immediately vest. 
 12. Repurchase of Vested Restricted
Stock.  The Company reserves the right to repurchase the vested Restricted Stock upon a termination of the Employee’s status as an employee of the Company at a cash price per share equal to the then fair market value of the common
stock; provided that provision may be made that no such right of repurchase shall exist in the event of such a termination without cause or following a change in control. 
 13. Taxable Income.  Employee understands that he/she must pay all applicable U.S. federal, state and local taxes resulting from the grant of the Restricted Stock in the case where Employee timely files an
83(b) Election with the Internal Revenue Service and Company, or resulting from the vesting of such Restricted Stock where Employee does not file an 83(b) election timely. 
  

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 14. Acknowledgment Regarding Section 83(b) Election.  Employee understands that
Section 83 of the Internal Revenue Code of 1986 (the “Code”) taxes as ordinary income the difference between the amount paid by Employee for the Restricted Stock and the fair market value of the shares as of the date any restrictions
on the Restricted Stock lapse.  For purposes of this Agreement, such restrictions lapse in accordance with the vesting schedule set forth in Section 4 above.  In this context, the “restrictions” applicable to the
shares include the restriction on transfer and risk of forfeiture.  Employee understands that he/she may make an under Internal Revenue Code Section 83(b) (“83(b) Election”) to be taxed with respect to the Restricted Stock
in tax year that corresponds to the Date of Grant, rather than in the tax years when the Restricted Stock becomes vested.  Employee understands that to be effective, such 83(b) Election must be filed with the Internal Revenue Service and
Company within thirty (30) days from the above referenced Date of Grant.  Employee understands that his/her failure to timely file an 83(b) Election would result in the Restricted Stock being taxed as ordinary income as it becomes
vested. 
 Employee acknowledges that it is Employee’s sole responsibility and not the Company’s to timely file the
election under Code Section 83(b), even if Employee requests the Company or its representative to make this filing on Employee’s behalf. 
 15. Terms of Agreement.  Wherever the form of this Agreement provides for the inclusion of additional information (such as the number of shares in Section 2 above), such information will be deemed to be part of this
Agreement for all purposes and, by his/her acknowledgment of this Agreement, Employee will be deemed to have accepted such additional information. 
 16. Acknowledgment by Employee.  Employee acknowledges that (a) he/she has received and reviewed a copy of the Plan and (b) the provisions of the Plan are applicable to the shares of Restricted Stock. 

 

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