Document:

exv10wxiy

 

Exhibit 10(i)

WESTAMERICA BANCORPORATION and SUBSIDIARIES

Deferred Compensation Plan

	1.	 	PURPOSE
	 
	 	 	The purpose of this plan is to allow selected executives and directors of Westamerica
Bancorporation and Subsidiaries (hereinafter collectively referred to as the “Company”) to defer
receipt of a portion of their compensation (“Compensation”) under the terms and conditions set
forth herein.
	 
	2.	 	ELIGIBILITY
	 
	 	 	Persons eligible to participate in this Plan are any key employees or directors of the Company
who have been designated as eligible to participate by the Chief Executive Officer of the
Company.
	 
	3.	 	ELECTION TO DEFER SALARY

	 	a)	 	Participants in the Plan (“Participants”) may elect to defer a portion of their
compensation (up to a maximum of 100%) by executing a deferral agreement (“Deferred
Compensation Agreement”) in the form attached as Exhibit A and delivering such agreement to
the person designated by the Chief Executive Officer of the Company to administer the Plan
(the “Plan Administrator”).
	 
	 	b)	 	Compensation deferral elections shall not be permitted unless an executed Deferred
Compensation Agreement is delivered to the Plan Administrator no later than December 31 of
the calendar year preceding the calendar year in which the Compensation subject to such
deferral election is to be earned.
	 
	 	c)	 	Compensation deferral elections shall be in effect from the commencement date specified
in the Deferred Compensation Agreement (which shall in no event be earlier than the date of
such agreement) until the end of the period specified in the Deferred Compensation
Agreement. A Participant may, with the consent of the Plan Administrator, make a new
election to defer Compensation for a subsequent calendar year by delivering a new Deferred
Compensation Agreement to the Plan Administrator before the start of such calendar year.
Deferral elections shall be irrevocable in all respects, except that if a Participant
executes and delivers a new Deferred Compensation Agreement to the Plan Administrator
before the last date by which such deferral elections must be made under subparagraph 3(b),
above, the latest such Deferred Compensation Agreement shall apply and any prior Deferred
Compensation Agreement, to the extent inconsistent with such latest agreement, shall be
without effect.
	 
	 	d)	 	Compensation deferred under this Plan shall be credited in the name of the Participant
to an account (“Deferral Account”) established for that purpose on the Company’s books.

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	 	 	 	Compensation deferrals credited to such Deferral Account shall also be deemed credited with
an amount equivalent to interest at the rate during the period of deferral as specified by
the Chief Executive Officer and included in the Deferred Compensation Agreement.
Participants shall be fully vested in the amounts credited to their Deferral Accounts at all
times.

	4.	 	PAYMENT OF DEFERRAL ACCOUNTS

	 	a)	 	Each Participant shall specify in his or her Deferred Compensation Agreement the date
when the amounts credited to his or her Deferral Account are to be distributed. Such
amounts will be distributed to the Participant in a lump sum as soon as practicable after
the specified date. A Participant may choose any of the following distribution dates:

	 	 	 	(i.) the date the Participant reaches normal retirement age;
	 
	 	 	 	(ii.) the date the Participant terminates employment with the
Company; or
	 
	 	 	 	(iii.) a specific date at least one year after the date the deferral election is
made;

	 	 	 	provided, however, that if a Participant terminates employment with the Company prior to the
date specified in the Deferred Compensation Agreement, all amounts credited to the
Participant’s Deferral Account shall be distributed in a lump sum as soon as practicable
thereafter. If a Participant dies prior to distribution of his or her Deferral Account,
amounts credited to that account shall be paid to the Participant’s beneficiary designated
for purposes of the Company’s Group Term Life Insurance Plan.
	 
	 	b)	 	A Participant may withdraw amounts credited to his or her Deferral Account prior to the
time when such amounts otherwise would be payable under subparagraph 4(a), above, only on
account of hardship, and only if the distribution is necessary in light of immediate and
heavy financial needs of the Participant. The amount of any hardship distribution shall
not exceed the amount required to meet the need and any tax liability created by such
distribution, and not reasonably available from other resources. The Participant shall
submit a written request to the Plan Administrator, which shall certify as to the financial
need and the availability of funds from other resources. The Plan Administrator shall have
sole discretion to determine whether to make a hardship distribution from a Participant’s
Deferral Account and to determine the amount of such distribution, if any. The Plan
Administrator’s decision shall be final and binding on all interested parties.

	5.	 	PLAN ADMINISTRATION

	 	a)	 	This Plan shall be administered by the Plan Administrator.
	 
	 	b)	 	This Plan may be amended in any way or may be terminated, in whole or in part, at any
time, in the discretion of the Chief Executive Officer of the Company. No amendment or

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	 	 	 	termination of the Plan shall adversely affect the amount in any Deferral Account prior to
or as of the effective date of such amendment or termination.

	6.	 	PARTICIPANT AS UNSECURED CREDITOR

	 	 	The amounts credited to the Participant’s Deferral Account are not held by the Company in a
trust or escrow account and are not funded or secured by any specific assets. Neither the
Participant nor his or her estate shall have any rights against the Company with respect to any
portion of the Deferral Account except as a general unsecured creditor of the Company. The
amounts credited to a Participant’s Deferral Account shall be subject to the claims of the
Company’s general creditors. No Participant has an interest in his or her Deferral Account
until the Participant actually receives payment of such account.

	7.	 	NON-ALIENATION OF BENEFITS

	 	 	No benefit under this Plan may be sold, assigned, transferred, conveyed, hypothecated,
encumbered, anticipated, or otherwise disposed of, and any attempt to do so shall be void. No
such benefit shall, prior to receipt thereof by a Participant, be in any manner subject to the
debts, contracts, liabilities, engagements, or torts of such Participant.

	8.	 	LIMITATION OF RIGHTS

	 	 	Nothing in this Plan shall be construed to limit in any way the right of the Company to
terminate a Participant’s employment at any time; nor shall it be evidence of any agreement or
understanding, express or implied, that the Company (i) will employ a Participant in any
particular position, (ii) will ensure participation in any incentive programs, or (iii) will
grant any awards from such programs.

	9.	 	APPLICABLE LAW

	 	 	This Plan shall be construed and its provisions enforced and administered in accordance with the
law of the State of California except as may otherwise be provided in the Employee Retirement
Income Security Act of 1974.

	 	 	 	 	 	 
	 

	 	WESTAMERICA BANCORPORATION

	 
	 	 	 	 
	Date: November 23, 1993

	 	By:
	 	/s/
David L. Payne	 
	 

	 	 	 	David L. Payne
	 

	 	 	 	Chairman, President & CEO

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EXHIBIT A

WESTAMERICA BANCORPORATION AND SUBSIDIARIES

DEFERRED COMPENSATION AGREEMENT

Parties to this Agreement:

     Westamerica Bancorporation and Subsidiaries, hereinafter collectively referred to as the
“Company”.

     « EMPLOYEENAME », « EMPLOYEE TITLE » of the Company, hereinafter called the “Employee”

Date of this Agreement:

Witnesseth:

     In consideration of the mutual promises of the parties and mutual benefits they will gain by
the performance thereof, and in accordance with the provisions of the Westamerica Bancorporation
and Subsidiaries Deferred Compensation Plan, the parties agree as follows:

	 	1.	 	The Employee agrees to continue to faithfully serve as an employee of the
Company.
	 
	 	2.	 	The Company agrees to defer the payment of:

	 	 	 	«DEFERRALCLAUSE»

	    3.       The Company agrees to credit such deferred compensation to an account in the Employee’s
name and credit the deferred balance of such account with an amount compounded semi-monthly at an
annual rate of <<INTEREST_RATE>> in <<YEAR_OF_DEFERRAL>>, and at annual
rates of interest established for the Deferred Compensation Plan in subsequent years.

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	 	 	The balance credited to such account shall be paid to the Employee following the Employee’s
termination of employment in annual increments over a period of
«INCREMENTYEARS» years, «BEGINNING».
	 
	 	 	If the Employee has qualified for life insurance funding of this Deferred Compensation, the
additional benefits are described in Exhibit A-1 attached hereto, which includes beneficiary
designation. Otherwise, if the Employee dies before he or she has received payment of his or her
account, the Company shall pay the amounts credited to that account to his or her designated
beneficiary under the Company’s Group Term Life Insurance Plan.

     4. This Agreement may be renewed upon the mutual consent of the Employee and the Company in
accordance with the terms of the Plan.

     5. This Agreement shall be binding upon the parties, their heirs, executors,
administrators and assigns, in accordance with the laws of the State of California. In the event
of a merger, consolidation or reorganization involving the Company, this Agreement shall continue
in force and become an obligation of the Company’s successor or successors.

     6. This Agreement creates no right in the Employee to continue as an employee
of the Company for any specific length of time, nor does it create any other rights in the Employee
or obligations on the part of the Company, except those set forth in this Agreement.

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement.

	 	 	 	 	 	 
	 	 	WESTAMERICA BANCORPORATION
	 
	 	 	 	 
	 

	 	By:
	 	 	 
	 

	 	 	 	 Human Resources Division Manager
	 
	 	 	 	 
	 	 	EMPLOYEE
	 
	 	 	 	 
	 

	 	 	 	 	 
	 

	 	 	 	«EMPLOYEENAME», «EMPLOYEE_TITLE»	 

5exv10wxjy

 

Exhibit 10(j)

WESTAMERICA BANCORPORATION DEFERRAL PLAN

(Adopted October 26, 1995)

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	 	 	Page
	I.
	 	DEFINITIONS	 	1
	 
	 	1.   Board
	 	1
	 
	 	2.   Code
	 	1
	 
	 	3.   Committee
	 	1
	 
	 	4.   Common Stock
	 	1
	 
	 	5.   Corporation 
	 	1
	 
	 	6.   Employee
	 	1
	 
	 	7.   Grant
	 	1
	 
	 	8.   Grant Participant
	 	1
	 
	 	9.   Participant
	 	1
	 
	 	10.  Plan
	 	1
	 
	 	11.  Subsidiary
	 	1
	 
	 	12.  Westamerica Bancorporation
	 	2
	 
	 	 	 	 
	II.
	 	PURPOSE	 	2
	 
	 	 	 	 
	III.
	 	ADMINISTRATION OF THE PLAN	 	2
	 
	 	1.   Committee Procedures
	 	2
	 
	 	2.   Committee Responsibilities
	 	2
	 
	 	 	 	 
	IV.
	 	DEFERRALS	 	3
	 
	 	 	 	 
	V.
	 	ADJUSTMENTS UPON CHANGES IN STOCK	 	4
	 
	 	 	 	 
	VI.
	 	ASSIGNABILITY	 	4
	 
	 	 	 	 
	VII.
	 	RIGHTS AS A STOCKHOLDER OR EMPLOYEE	 	4
	 
	 	 	 	 
	VIII.
	 	SECURITIES LAWS	 	5
	 
	 	 	 	 
	IX.
	 	AMENDMENT OF PLAN	 	5
	 
	 	 	 	 
	X.
	 	TAXES	 	5

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WESTAMERICA BANCORPORATION DEFERRAL PLAN

I. DEFINITIONS

As used herein, the following terms have the following meanings:

	 	1.	 	“Board” means the Board of Directors of the Corporation.
	 
	 	2.	 	“Code” means the Internal Revenue Code of 1986, as amended.
	 
	 	3.	 	“Committee” means the Committee described in Article III hereof.
	 
	 	4.	 	“Common Stock” means the Common Stock of the Corporation.
	 
	 	5.	 	“Corporation” means Westamerica Bancorporation, a California corporation.
	 
	 	6.	 	“Employee” means any common-law employee of Westamerica Bancorporation.
	 
	 	7.	 	“Grant” means a Restricted Performance Share grant awarded pursuant to
Article XI of the Westamerica Bancorporation Stock Option Plan of 1995.
	 
	 	8.	 	“Grant Participant” means a Grant Participant under the Westamerica
Bancorporation Stock Option Plan of 1995.
	 
	 	9.	 	“Participant” means a Grant Participant who has a Deferral Election Form for
Restricted Performance Shares filed with the Corporation, as to which the Grant
covered by the deferral election has become vested. A Participant shall no longer be
a Participant under this Plan when all of his or her deferrals under the Plan have
been settled.
	 
	 	10.	 	“Plan” means the Westamerica Bancorporation Deferral Plan, as set forth
herein.
	 
	 	11.	 	“Subsidiary” means any corporation, if the Corporation and/or one or more
other Subsidiaries own not less than 50 percent of the total combined voting power of
all classes of outstanding stock of such corporation. A corporation that attains the
status of a Subsidiary on a date after the adoption of the Plan shall be considered a
Subsidiary commencing as of such date.
	 
	 	12.	 	“Westamerica Bancorporation” means the Corporation or any present or future
Subsidiary.

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II. PURPOSE

It is the purpose of the Plan to provide a means whereby Grant Participants under the Westamerica
Bancorporation Stock Option Plan of 1995 may defer vested Grants as further described herein.

III. ADMINISTRATION OF THE PLAN

	 	1.	 	Committee Procedures
	 
	 	 	 	The Plan shall be administered by the Committee. The Committee shall be designated by
the Board and shall have such membership composition which enables the Plan to qualify
under Rule 16b-3 issued under the Securities Exchange Act of 1934 (the “Exchange Act”)
with regard to deferrals by and payments to persons who are subject to Section 16 of
the Exchange Act. The Committee may hold meetings at such times and places as it shall
determine. The acts of a majority of the Committee members present at meetings at
which a quorum exists, or acts reduced to or approved in writing by all Committee
members, shall be valid acts of the Committee.
	 
	 	2.	 	Committee Responsibilities
	 
	 	 	 	Subject to the provisions of the Plan, the Committee shall have full authority and
discretion to take the following actions:

	 	a)	 	To interpret the Plan and to apply its provisions;
	 
	 	b)	 	To adopt, amend or rescind rules, procedures and forms
relating to the Plan;
	 
	 	c)	 	To authorize any person to execute, on behalf of the
Corporation, any instrument required to carry out the purposes of the Plan;
	 
	 	d)	 	To determine the disposition of deferrals under the Plan in
the event of a Participant’s divorce or dissolution of marriage;
	 
	 	e)	 	To correct any defect, supply any omission, or reconcile any
inconsistency in the Plan; and
	 
	 	f)	 	To take any other actions deemed necessary or advisable for
the administration of the Plan.

Subject to the requirements of applicable law, the Committee may designate persons other than
members of the Committee to carry out its responsibilities and may prescribe such conditions and
limitations as it may deem appropriate. All decisions, interpretations

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and other actions of the Committee shall be final and binding on all Participants, and all persons
deriving their rights from a Participant. No member of the Committee shall be liable for any
action that he or she has taken or has failed to take in good faith with respect to the Plan.

IV. DEFERRALS

	 	1.	 	A Grant Participant may elect to defer settlement of amounts vested under a
Grant to at least the second following calendar year or his or her termination of
employment with Westamerica Bancorporation. This deferral election must be made in
the manner prescribed by the Corporation by December 31 of the year before the
calendar year in which amounts subject to the election may vest.
	 
	 	2.	 	A bookkeeping account shall be established for a Participant whose vested
interest under a Grant is deferred in accordance with this Article IV. The amount
deferred shall be treated as invested in Common Stock, with dividend equivalents paid
to the Participant if amounts remain credited to the Participant’s account when the
Corporation pays a dividend on Common Stock. The dividend credit shall equal the
amount of the dividend paid by the Corporation to its shareholders
times the number of shares of Common Stock treated as deferred and credited to the Participant’s account.
Deferred Grants shall be settled in a lump sum payment of shares of Common Stock or,
with the Committee’s consent, in a lump sum cash payment or a combination of cash and
Common Stock.
	 
	 	3.	 	A Participant has no rights with respect to his or her deferral account
established in accordance with this Article IV other than those of a general creditor
of the Corporation. The deferral account represents an unfunded and unsecured
obligation of the Corporation. The Corporation has nevertheless established a trust
called the “Westamerica Bancorporation Deferral Plan Trust” (the “Trust”), in which it
will deposit assets for investments by the trustee to cover payments required to be
made in accordance with the deferral program described in this Article IV. The
establishment and maintenance of assets of the Trust does not alter the nature of
deferrals under the Plan as contributed under an unfunded, unsecured arrangement.
	 
	 	4.	 	Until settlement is made under this Plan, the number of shares of Common
Stock treated as deferred by a Participant is subject to adjustment under Article V.

V. ADJUSTMENTS UPON CHANGES IN STOCK

In the event that (a) each outstanding share of Common Stock (except shares held by dissenting
shareholders) shall be changed into or exchanged for a different number or

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kinds of shares of stock or other securities of the Corporation or of another corporation, whether
through merger, consolidation, reorganization, recapitalization or otherwise, or (b) a stock
dividend is paid to holders of Common Stock or stock split or reverse stock split is effected, then
the Committee shall make appropriate the equitable adjustments and substitutions for the number and
type of shares treated as deferred under this plan.

VI. ASSIGNABILITY

	 	1.	 	Except as provided in Sections 2 and 3, below, amounts deferred by a
Participant under this Plan shall not be anticipated, assigned, attached, garnished,
optioned, transferred or made subject to any creditor’s process, whether voluntarily,
involuntarily or by operation of law. Any act in violation of this Article VI shall
be void.
	 
	 	2.	 	Each Participant shall designate a beneficiary or beneficiaries to receive
any payment outstanding to a Participant at the time of the participant’s death. The
designation shall be made on the form prescribed for the purpose by the Corporation.
In the event no beneficiary is designated by the Participant or no designated
beneficiary survives the Participant, any deferral at the time of the Participant’s
death remaining unpaid to the Participant shall be transferred by will or by the laws
of descent and distribution.
	 
	 	3.	 	The right to payment under this Plan may be assigned to an Alternate Payee
pursuant to a QDRO. If the right to payment is assigned to an Alternate Payee
pursuant to a QDRO, the Alternate Payee generally has the same rights as the
Participant under the terms of the Plan, except that an Alternate Payee may not
transfer the right to payment. For purposes of this Section 3, the word “QDRO” means
a court order (1) that recognizes the right of the spouse or former spouse (an
“Alternate Payee”) of an individual who has amounts deferred under the Plan to an
interest in such deferral relating to marital property rights and (2) that the
Committee determines to be a “qualified domestic relations order,” as that term is
defined in section 414(p) of the Code, but for the fact that the Plan is not a plan
described in section 3(3) of the Employee Retirement Income Security Act of 1974.

VII. RIGHTS AS A STOCKHOLDER OR EMPLOYEE

Nothing contained in the Plan, in any resolution adopted by the Board, in any approval by the
stockholders of the Corporation or in any action taken by the Committee shall vest in any
individual employed by the Corporation or by any Subsidiary the right to receive any payment or
award under the Plan. No person shall acquire any rights as contemplated by or pursuant to the
Plan unless and the person has become a Participant (or otherwise derives rights from a Participant
to the extent permitted by Article VI). No person shall have any rights as a stockholder with
respect to any shares treated as deferred under this Plan. Rather, stockholder rights do not
accrue until a Participant’s deferral is settled at

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least in part with Common Stock and such rights do not accrue until the date of the issuance of a
stock certificate to the owner for such shares. Nothing contained in the Plan shall confer any
Employee any right to or guarantee of continued employment by Westamerica Bancorporation, or in any
way limit the right of Westamerica Bancorporation to terminate the employment of any Employee at
any time or any reason.

VIII. SECURITIES LAWS

As of any date that the Committee determines that such action is necessary or appropriate, the
Committee may require that the Participant agree to comply with such provisions of Federal and
State securities laws as may be applicable and deliver to the Corporation a written agreement in
form and substance satisfactory to the Corporation and its counsel implementing such agreement.

IX. AMENDMENT OF PLAN

The Board may at any time in its discretion terminate, suspend, revise, modify or amend the Plan in
any manner whatsoever. An amendment of the Plan shall be subject to the approval of the
stockholders of the Corporation only to the extent required by applicable laws, regulation or
rules.

X. TAXES

As a condition to the right to receive settlement of a deferral under this Plan, the Participant
shall make such arrangements as the Committee may require for the satisfaction of any federal,
state or local tax obligation that may arise in connection with such deferred payment. Such
arrangements may include share withholding or the delivery of previously owned shares of Common
Stock in accordance with the Committee’s rules.

This Plan is adopted this 26th day of October, 1995.

	 	 	 	 
	 

	 	WESTAMERICA BANCORPORATION
	 
	 	 
	 

	 	By: /s/ James M. Barnes	 
	 
	 	 
	 

	 	Its: Executive Vice President

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