Document:

Form of Notice of Grant and Restricted Stock Agreement

 Exhibit 10.24.2 
 PACIFIC CAPITAL BANCORP 
 2008 EQUITY INCENTIVE PLAN 
 NOTICE OF GRANT 
 AND 
 RESTRICTED STOCK AGREEMENT 
 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. 
  

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

 Grant
Date: 
  

	 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. 

  

	 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 upon the later of the following (a) and (b) to occur: 

 (a) On the date the Company is no longer subject to the prohibition against TARP recipients from paying or accruing any bonus or incentive compensation as required
under the American Recovery and Reinvestment Act of 2009; thereafter, the stock shall vest as noted in (b) below. 
 (b) Upon the following
anniversaries of the Grant Date: 
 1st: 25.00% 
 2nd: 25.00% 
 3rd: 25.00% 
 4th: 25.00% 
 Subject to additional
restrictions, if any, under the American Recovery Reinvestment Act of 2009. However, upon the occurrence of a Change in Control (as defined in the Plan), the Company’s Return Right shall lapse immediately. 
 By acknowledging online, 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 an Employee, Consultant or 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 an Employee, Consultant or 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 an Employee, Consultant or 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 in book-entry form 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 employees or
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. 
  

	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 

  

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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 AN EMPLOYEE, CONSULTANT OR 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-Form of Consent

 Exhibit 10.29 
 FORM OF CONSENT 
 I, 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 adopted by the Board of Directors on February 26, 2009, as and to the extent, and for the period, required by the provisions of Section 111 of the
Emergency Economic Stabilization Act of 2008, as amended (“EESA”), applicable to participants in the Capital Purchase Program under EESA and the regulations issued by the Department of the Treasury as published in the Federal Register from
time to time. 
 Agreed to and acknowledged as of this 27th day of February 2009: 
  

	
	
	  
	[Name]

 RECITALS 
 WHEREAS, Pacific Capital Bancorp (the “Company”) has entered into 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 (“EESA”); 
 WHEREAS, on February 17, 2009, the president
signed into law the American Recovery Reinvestment Act of 2009 (“ARRA”), which amended EESA by deleting Section 111 in its entirety and replacing it with new Section 111 set forth in ARRA; 
 WHEREAS, pursuant to Section 1.2(d)(iv) of the Agreement, the Company is required to amend its “Benefit Plans” with respect to certain
highly-compensated employees (“HCEs”) to the extent necessary to comply with Section 111 of EESA, as amended; 
 WHEREAS, the
applicable “Benefit Plans” are the plans in which any HCE participates, or is eligible to participate, and the agreements to which any HCE 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, as amended (“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, as Amended. 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, as Amended. Solely to the extent, and for the period, required by the provisions of Section 111 of EESA, as amended, applicable to participants in the Capital Purchase Program
under EESA and the regulations issued by the Department of the Treasury as published in the Federal Register: (a) each HCE (as defined herein) who participates in this plan or is a party to this agreement shall be ineligible to receive
compensation hereunder to the extent that the Executive 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 HCE (as defined herein) 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 HCE hereunder
during the period in which any obligation arising from financial assistance provided under TARP (as defined by Section 111 of EESA, as amended) remains outstanding; and (c) the Company shall be prohibited from making to each HCE who
participates in this plan or is a party to this agreement, and each such HCE shall be ineligible to receive hereunder, any “golden parachute payment,” as defined by Section 111 of EESA, as amended, in connection with the HCE’s
“applicable severance from employment,” in each case, within the meaning of Section 111 of EESA, as 

 
amended. For purposes of the forgoing, the term HCE means any individual whose compensation is subject to the limitations of EESA Section 111, as
amended; which includes: (a) the Senior Executive Officers (as defined in Section 111 of EESA, as amended, and the regulation issued by the Department of Treasury as published in the Federal Register) and (b) the next 20 most
highly-compensated employees). 
 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.

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