Document:

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                              FIRST AMENDMENT DATED
                             AS OF JANUARY ___, 2001
                          TO REVOLVING CREDIT AGREEMENT
                            DATED AS OF JUNE 26, 2000
                              AND PLEDGE AGREEMENT
                            DATED AS OF JUNE 26, 2000

         THIS AMENDMENT, dated as of January __, 2001, is entered into between
FIRST COMMUNITY BANCORP, a California corporation (the "BORROWER"), and THE
NORTHERN TRUST COMPANY, an Illinois banking corporation having its principal
office at 50 South LaSalle Street, Chicago, Illinois 60675 (the "LENDER").

                                    RECITALS:

         A. The Borrower and the Lender have entered into a Revolving Credit
Agreement dated as of June 26, 2000 (said Revolving Credit Agreement, as so
amended, shall hereinafter be referred to as the "AGREEMENT"; the terms defined
in the Agreement and not otherwise defined herein shall be used herein as
defined in the Agreement).

         B. The Borrower and the Lender have entered into a Pledge Agreement
dated as of June 26, 2000 (the "PLEDGE AGREEMENT").

         C. The Borrower and the Lender wish to amend the Agreement to increase
the amount of the Commitment and to otherwise amend certain provisions of the
Agreement.

         D. The Borrower and the Lender wish to amend the Pledge Agreement to
amend the definition of "PLEDGED SHARES" appearing therein.

         E. Therefore, the parties hereto agree as follows:

1. AMENDMENTS TO THE AGREEMENT.

                  1.1. SECTION 1.1 OF THE AGREEMENT. SECTION 1.1 of the
Agreement is hereby amended as of the date hereof by deleting the phrase "FIVE
MILLION and NO/100 UNITED STATES DOLLARS ($5,000,000)" appearing therein and
substituting the phrase "TEN MILLION and NO/100 UNITED STATES DOLLARS
($10,000,000)" therefor.

                  1.2. SECTION 4.15 OF THE AGREEMENT. SECTION 4.15 of the
Agreement is hereby deleted in its entirety as of the date hereof and the
following substituted therefor:

                  "SECTION 4.15. PLEDGED SHARES. The Pledged Shares (as
hereinafter defined) constitute 100% of the issued and outstanding capital stock
of (a) Rancho Santa Fe National Bank and (b) First Community Bank of the Desert,
have been duly authorized and validly issued and are fully paid and
non-assessable. Borrower owns the Pledged Shares free and clear of all other
interest, liens or encumbrances of any nature whatsoever, other than liens in
favor of Lender."

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                  1.3. SECTION 5.4(a) OF THE AGREEMENT. SECTION 5.4(a) of the
Agreement is hereby deleted in its entirety as of the date hereof and the
following substituted therefor:

                  "(a) LEVERAGE RATIO. Borrower and each Subsidiary Bank shall
maintain at all times a ratio of Tier 1 Capital to average quarterly assets less
all non-qualified intangible assets of at least four and one-half percent (4.5%)
from January __, 2001 through September 30, 2001, and at least five percent (5%)
thereafter, all calculated on a consolidated basis."

                  1.4. SECTION 5.4(c) OF THE AGREEMENT. SECTION 5.4(c) of the
Agreement is hereby deleted in its entirety as of the date hereof and the
following substituted therefor:

                  "(c) RISK-BASED CAPITAL RATIO. Borrower and each Subsidiary
Bank shall maintain a ratio of Total Capital to risk-weighted assets of not less
than nine and one-quarter percent (9.25%) from January __, 2001 through
September 30, 2001, and not less than ten percent (10%) thereafter."

                  1.5. SECTION 5.4(f) OF THE AGREEMENT. SECTION 5.4(f) of the
Agreement is hereby deleted in its entirety as of the date hereof and the
following substituted therefor:

                  "(f) MINIMUM TANGIBLE NET WORTH. Borrower shall maintain a
consolidated minimum Tangible Net Worth equal to at least $30,000,000 at all
times."

                  1.6. SECTION 5.11 OF THE AGREEMENT. SECTION 5.11 of the
Agreement is hereby deleted in its entirety as of the date hereof and the
following substituted therefor:

                  `SECTION 5.11. COLLATERAL. Borrower shall execute and deliver
to Lender a pledge agreement dated even date herewith, substantially in the form
of EXHIBIT B, with appropriate insertions (as the same may be amended from time
to time, herein called the "PLEDGE AGREEMENT"), pursuant to which Borrower shall
pledge to Lender all of the issued and outstanding shares of the capital stock
owned by Borrower (herein collectively called the "PLEDGED SHARES") of (a)
Rancho Santa Fe National Bank, located in Rancho Santa Fe, California and (b)
First Community Bank of the Desert ("FCBD"), located in Indian Wells,
California. Within five (5) business days from January __, 2001, Borrower shall
deliver to Lender such stock certificate(s) evidencing its equity ownership
interest in FCBD, together with stock powers, duly executed, in blank, and a
legal opinion from Borrower's counsel as to the perfection, as a first priority
lien, of Lender's security interest in the stock of FCBD owned by Borrower.
Failure by Borrower to deliver such documents on or before January __, 2001
shall automatically constitute an Event of Default.'

                  1.7. SECTION 7.1(e) OF THE AGREEMENT. SECTION 7.1(e) of the
Agreement is hereby deleted in its entirety as of the date hereof and the
following substituted therefor:

                  "(e) Any guaranty of or pledge of collateral security for the
Loans shall be repudiated or become unenforceable or incapable of performance or
Borrower shall fail to pledge and deliver to Lender any share certificate of (i)
Rancho Santa Fe National Bank and (ii) First Community Bank of the Desert as
provided in SECTION 3(c) of the Pledge Agreement;"

                                      -2-
<PAGE>

                  1.8. EXHIBIT A OF THE AGREEMENT. EXHIBIT A of the Agreement is
hereby amended as of the date hereof to be in the form of EXHIBIT A hereto.

2. AMENDMENT TO THE PLEDGE AGREEMENT.

                  2.1. SECTION 1 OF THE PLEDGE AGREEMENT. The definition of
"PLEDGED SHARES" in SECTION 1 of the Pledge Agreement is hereby deleted in its
entirety as of the date hereof and the following substituted therefor:

                  ` "PLEDGED SHARES" shall mean 100% of the issued and
outstanding shares of capital stock of (a) Rancho Santa Fe National Bank and (b)
First Community Bank of the Desert held by the Pledgor or (c) otherwise held
from time to time by the Pledgor.'

3. WARRANTIES. To induce the Lender to enter into this Amendment, the Borrower
warrants that:

                  3.1. AUTHORIZATION. The Borrower is duly authorized to execute
and deliver this Amendment and the Replacement Note (as hereinafter defined) and
is and will continue to be duly authorized to borrow monies under the Agreement,
as amended hereby, and to perform its obligations under the Agreement, as
amended hereby, the Pledge Agreement, as amended hereby and the Replacement
Note.

                  3.2. NO CONFLICTS. The execution and delivery of this
Amendment and the Replacement Note, and the performance by the Borrower of its
obligations under the Agreement, as amended hereby, the Pledge Agreement, as
amended hereby and the Replacement Note, do not and will not conflict with any
provision of law or of the charter or by-laws of the Borrower or of any
agreement binding upon the Borrower.

                  3.3. VALIDITY AND BINDING EFFECT. The Agreement, as amended
hereby, the Pledge Agreement, as amended hereby are, and the Replacement Note
when duly executed and delivered will be, legal, valid and binding obligations
of the Borrower, enforceable against the Borrower in accordance with their
terms, except as enforceability may be limited by bankruptcy, insolvency or
other similar laws of general application affecting the enforcement of
creditors' rights or by general principles of equity limiting the availability
of equitable remedies.

                  3.4. NO AMENDMENTS. There have been no amendments to the
Articles of Incorporation or by-laws of the Borrower since June 26, 2000 and
they are in full force and effect.

4. CONDITIONS PRECEDENT TO AMENDMENTS. The amendments contemplated by SECTION 1
hereof are subject to the satisfaction of each of the following conditions
precedent:

                  4.1. DOCUMENTATION. The Borrower shall have delivered to the
Lender all of the following, each duly executed and, except for the Replacement
Note, dated the date hereof or other date satisfactory to the Lender, in form
and substance satisfactory to the Lender:

                                      -3-
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                  (a) REPLACEMENT NOTE. A promissory note of the Borrower (the
"REPLACEMENT NOTE"), substantially in the form set forth as EXHIBIT A hereto.

                  Upon receipt of the Replacement Note, the Lender will: (i)
record the aggregate unpaid principal amount of the Revolving Credit Note dated
June 26, 2000 (the "ORIGINAL NOTE") issued under the Agreement in its records
or, at its option, on the schedule attached to the Replacement Note as the
aggregate unpaid principal amount of the Replacement Note; (ii) mark the
Original Note as replaced by the Replacement Note; and (iii) return the Original
Note to the Borrower upon the Borrower's request. Thereafter, all references in
the Agreement and in any and all instruments or documents provided for therein
or delivered or to be delivered thereunder or in connection therewith to the
Original Note shall be deemed references to the Replacement Note. The
replacement of the Original Note with the Replacement Note shall not be
construed to deem paid or forgiven the unpaid principal amount of, or unpaid
accrued interest on, the Original Note outstanding at the time of replacement.

                  (b) RESOLUTIONS. A copy, duly certified by the secretary or an
assistant secretary of the Borrower, of (i) resolutions of the Borrower's Board
of Directors authorizing or ratifying the execution and delivery of this
Amendment and the Replacement Note, authorizing the borrowings under the
Agreement, as amended hereby, and the pledge of the Pledged Shares; (ii) all
documents evidencing other necessary corporate action; and (iii) all approvals
or consents, if any, with respect to this Amendment and the Replacement Note.

                  (c) INCUMBENCY CERTIFICATE. A certificate of the secretary or
an assistant secretary of the Borrower certifying the names of the Borrower's
officers authorized to sign this Amendment, the Replacement Note and all other
documents or certificates to be delivered hereunder, together with the true
signatures of such officers.

                  (d) OPINION. An opinion of counsel to the Borrower, addressed
to the Lender, in substantially the form of EXHIBIT B hereto.

                  (e) CERTIFICATE. A certificate of the president or chief
financial officer of the Borrower as to the matters set out in SECTIONS 4.2 and
4.3 hereof.

                  (f) EVIDENCE OF ACQUISITION OF PROFESSIONAL BANCORP. A
certificate by the Borrower certifying that its acquisition of Professional
Bancorp, located in Santa Monica, California, will be completed concurrently
with the funding by the Lender under the Agreement, as amended hereby, and with
funding by other sources (the "PB ACQUISITION").

                  (g) AMENDMENT OF FINANCING STATEMENTS. A duly executed UCC-2
financing statement amending existing financing statements and such other
documents and actions as may be necessary to establish and perfect the Lender's
security interest in the Pledged Shares.

                  (h) PROCEEDS. The proceeds of the initial loan after giving
effect to this Amendment will be used in connection with the PB Acquisition.

                  (i) OTHER. Such other documents as the Lender may reasonably
request.

                                      -4-
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                  4.2. NO DEFAULT. No Event of Default or Unmatured Event of
Default under the Agreement shall have occurred and be continuing.

                  4.3. WARRANTIES. The warranties in SECTION 4 of the Agreement
and in SECTION 3 of this Amendment shall be true and correct as though made on
such date, except for such changes as are specifically permitted under the
Agreement.

5. GENERAL.

                  5.1. EXPENSES. The Borrower agrees to pay the Lender upon
demand for all reasonable expenses, including reasonable attorneys' and legal
assistants' fees (which attorneys and legal assistants may be employees of the
Lender), incurred by the Lender in connection with the preparation, negotiation
and execution of this Amendment, the Replacement Note and any document required
to be furnished therewith.

                  5.2. LAW. THIS AMENDMENT AND THE REPLACEMENT NOTE SHALL BE
CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF
ILLINOIS.

                  5.3. SUCCESSORS. This Amendment shall be binding upon the
Borrower and the Lender and their respective successors and assigns, and shall
inure to the benefit of the Borrower and the Lender and the successors and
assigns of the Lender.

                  5.4. CONFIRMATION OF THE AGREEMENT. The Agreement, as amended
hereby, shall remain in full force and effect and is hereby ratified and
confirmed in all respects.

                  5.5. REFERENCES TO THE AGREEMENT. Each reference in the
Agreement and the Pledge Agreement to "this Agreement," "hereunder," "hereof,"
or words of similar import in instruments or documents provided for in the
Agreement and in the Pledge Agreement or delivered or to be delivered thereunder
or in connection therewith, shall, except where the context otherwise requires,
be deemed, respectively, a reference to the Agreement and the Pledge Agreement
as amended hereby.

                  5.6. COUNTERPARTS. This Amendment may be executed in any
number of counterparts, each of which shall be deemed to be an original and all
of which, taken together, shall constitute but one and the same Amendment.

                            [SIGNATURE PAGE FOLLOWS.]

                                      -5-
<PAGE>

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

                                            FIRST COMMUNITY BANCORP

                                            By:
                                                --------------------------------

                                            Title
                                                  ------------------------------

                                            THE NORTHERN TRUST COMPANY

                                            By:
                                                --------------------------------
                                            Name:  Thomas E. Bernhardt

                                            Title Vice President

                                      -6-
<PAGE>

                                    EXHIBIT A

                              REVOLVING CREDIT NOTE

$10,000,000
                                                               Chicago, Illinois
                                                                January __, 2001

         FOR VALUE RECEIVED, on or before the Maturity Date (as such term is
defined in the Credit Agreement (as hereinafter defined)), FIRST COMMUNITY
BANCORP, a California corporation (the "BORROWER"), promises to pay to the order
of THE NORTHERN TRUST COMPANY, an Illinois banking corporation (hereafter,
together with any subsequent holder hereof, called the "LENDER"), at its main
banking office at 50 South LaSalle Street, Chicago, Illinois 60675, or at such
other place as the Lender may direct, the aggregate unpaid principal balance of
each advance (a "LOAN" and collectively the "LOANS") made by the Lender to the
Borrower under this Note. The total principal amount of Loans outstanding at any
one time under this Note will not exceed TEN MILLION UNITED STATES DOLLARS
($10,000,000).

         The Lender is hereby authorized by the Borrower at any time and from
time to time at the Lender's sole option to attach a schedule (grid) to this
Note and to endorse thereon notations with respect to each Loan specifying the
date and principal amount thereof, and the date and amount of each payment of
principal and interest made by the Borrower with respect to each such Loan. The
Lender's endorsements as well as its records relating to Loans is rebuttably
presumptive evidence of the outstanding principal and interest on the Loans,
and, in the event of inconsistency, will prevail over any records of the
Borrower and any written confirmations of Loans given by the Borrower.

         The Borrower agrees to pay interest on the unpaid principal amount from
time to time outstanding under this Note on the dates and at the rate or rates
as set forth in the Credit Agreement.

         Payments of both principal and interest are to be made in immediately
available funds in lawful money of the United States of America.

         This Note evidences indebtedness incurred under a Revolving Credit
Agreement dated as of June 26, 2000 (as amended, restated, renewed or replaced,
the "CREDIT AGREEMENT") between the Borrower and the Lender, to which Credit
Agreement reference is hereby made for a statement of its terms and provisions,
including without limitation those under which this Note may be paid prior to
its due date or have its due date accelerated. Capitalized terms not otherwise
defined herein have the same meaning herein as in the Credit Agreement.

         This Note and any document or instrument executed in connection with
this Note are governed by and construed in accordance with the internal law of
the State of Illinois, and are deemed to have been executed in the State of
Illinois. This Note binds the Borrower, its successors and assigns, and inures
to the benefit of the Lender, its successors and assigns, except

<PAGE>

that the Borrower may not transfer or assign any of its rights or interest under
this Note without the prior written consent of the Lender.

         The Borrower agrees to pay upon demand all expenses (including without
limitation attorneys' fees, legal costs and expenses, and time charges of
attorneys who may be employees of the Lender, in each case whether in or out of
court, in original or appellate proceedings or in bankruptcy) incurred or paid
by the Lender or any holder hereof in connection with the enforcement or
preservation of its rights hereunder or under any document or instrument
executed in connection herewith. The Borrower expressly and irrevocably waives
presentment, protest, demand and notice of any kind in connection herewith.

         This Note is secured by the property described in the Pledge Agreement
(as such term is defined in the Credit Agreement), to which reference is made
for a description of the collateral provided thereby and the rights of the
Lender and the Borrower in respect of such collateral.

         This Note is a restatement of the indebtedness evidenced by, and is a
replacement of, that certain Revolving Credit Note of the undersigned dated June
26, 2000 in the face principal amount of $5,000,000 payable to the order of the
Lender, and nothing contained herein or in the First Amendment dated as of
January __, 2001 to the Credit Agreement referred to above shall be construed to
deem paid or forgiven the unpaid principal amount of, or unpaid accrued interest
on, said Revolving Credit Note outstanding at the time of its replacement by
this Note, or to release or otherwise adversely affect any lien, mortgage or
security interest securing such indebtedness or any rights of the Lender against
any guarantor, surety or other party primarily or secondarily liable for such
indebtedness.

                                           FIRST COMMUNITY BANCORP

                                           By:
                                              ----------------------------
                                           Title:
                                                 ---------------------------

                                      -8-
<PAGE>

                                    EXHIBIT B

                           FORM OF OPINION OF COUNSEL
                                 TO THE BORROWER

The Northern Trust Company
50 South LaSalle Street
Chicago, Illinois  60675
Attention:  Correspondent Services Division

Ladies and Gentlemen:

         We have acted as counsel for First Community Bancorp (the "BORROWER")
in connection with the authorization, execution and delivery of the First
Amendment dated as of January ___, 2001 (the "AMENDMENT") to the Revolving
Credit Agreement dated as of June 26, 2000 (the "AGREEMENT") and the Pledge
Agreement dated as of June 26, 2000 (the "PLEDGE AGREEMENT"), as amended,
entered into between the Borrower and The Northern Trust Company (the "LENDER"),
and the Revolving Credit Note referred to therein (the Amendment and the
Revolving Credit Note shall collectively be called the "LOAN DOCUMENTS"). Unless
otherwise defined herein, capitalized terms used herein shall have the
respective meanings assigned to such terms in the Amendment.

         We have reviewed the corporate proceedings of the Borrower in
connection with the authorization, execution, and delivery of the Loan
Documents. We have examined originals (or copies certified to our satisfaction)
of such records of the Borrower and its Subsidiaries and such other instruments
and certificates of public officials, officers and representatives of the
Borrower and its Subsidiaries, and such other persons, as we have deemed
appropriate as a basis for the opinions hereinafter expressed. We have relied on
the accuracy of the facts set forth in such records, instruments and
certificates. In particular, in respect of the opinion expressed in paragraph
(1) below concerning qualification to transact business, we have relied on
officers of the Borrower as to those matters of fact, including the
jurisdictions in which the Borrower and its Subsidiaries conduct business
activities or own or lease property, that we deemed relevant to such opinion.

         On the basis of the foregoing and of such investigations of law as we
have deemed appropriate, it is our opinion as follows:

         1. The Borrower is a corporation duly formed and validly existing under
the laws of the State of California, is in good standing therein, and is duly
qualified or licensed to transact business in all places where failure to do so
might have a material adverse effect on the financial condition, prospects or
business of the Borrower. The Borrower has power to execute and deliver the Loan
Documents and to incur and perform its obligations thereunder. The Borrower is a
bank holding company duly registered with the Board of Governors of the Federal
Reserve

<PAGE>

System under the Bank Holding Company Act of 1956, as amended. Each "SUBSIDIARY
BANK" is either a national banking association duly formed and is validly
existing under the laws of the United States or a state banking corporation duly
formed and is validly existing under the laws of the state of its incorporation,
and in each case is in good standing therein and is duly qualified or licensed
to transact business in all places where failure to do so might have a material
adverse effect on the financial condition, prospects or business of such
Subsidiary Bank. Each Subsidiary of the Borrower which is not a Subsidiary Bank
is a corporation which has been duly formed and is validly existing under the
laws of its state of incorporation, is in good standing therein and is duly
qualified or licensed to transact business in all places where failure to do so
might have a material adverse effect on the financial condition, prospects or
business of such Subsidiary.

         2. The execution, delivery and performance by the Borrower of the Loan
Documents and the documents in connection with the PB Acquisition (the "PB
ACQUISITION DOCUMENTS") and the transactions contemplated thereby have been duly
authorized by all necessary action on the part of the Borrower and, if required,
its shareholders, and will not violate any provision of law or regulation, writ,
order or judgment or of the Borrower's articles of incorporation or bylaws, as
applicable, or result in the breach of or constitute a default or require a
consent under any indenture or other agreement or instrument known to us after
due inquiry to which the Borrower or any Subsidiary is a party or by which the
Borrower or its property, or any Subsidiary or its property, may be bound or
affected.

         3. The Loan Documents have been duly executed and delivered by the
Borrower and constitute the legal, valid and binding obligations of the Borrower
enforceable in accordance with their terms (subject to limitations as to
enforceability which might result from bankruptcy, insolvency, or other similar
laws affecting creditors' rights generally, and from the discretionary nature of
equitable remedies).

         4. We have no knowledge, after due inquiry of the Borrower and its
Subsidiaries, of any suits or proceedings pending, or to the knowledge of the
Borrower or any Subsidiary threatened against or affecting the Borrower or any
Subsidiary which, if adversely determined, would have a material adverse effect
on the financial condition, prospects or business of the Borrower and its
Subsidiaries on a consolidated basis.

         5. All filings or registrations with, and any licenses, consents,
authorizations and approvals of, any governmental agency, authority or court
necessary in connection with the execution, delivery and performance of the Loan
Documents and the PB Acquisition Documents have been obtained or made and are in
full force and effect.

         6. The Borrower is in material compliance with all rules and
regulations of the Bank Holding Company Act, as amended, and with all existing
regulations of the Board of Governors of the Federal Reserve System relating to
bank holding companies.

         7. The Borrower is not an "investment company" or a company
"controlled" by an "investment company," within the meaning of the Investment
Company Act of 1940, as amended.

<PAGE>

         8. The Borrower is not under investigation by, or operating under any
restrictions (applicable specifically to the Borrower) imposed by, any
regulatory authority.

         9. The Pledge Agreement, as amended by the Amendment, creates a valid
security interest in the Borrower's right, title and interest in the
"COLLATERAL" referred to therein which secures the "LIABILITIES" referred to
therein. Upon delivery to the Lender of certificates evidencing any "PLEDGED
SHARES" referred to in the Pledge Agreement, such security interest in such
Pledged Shares shall constitute a duly perfected first priority lien on such
Pledged Shares.

                                           Very truly yours,

<PAGE>

The Northern Trust Company
50 South LaSalle Street
Chicago, Illinois  60675

         Re:      First Amendment dated as of January __, 2001 (the "AMENDMENT")
                  to Revolving Credit Agreement dated as of June 26, 2000 (the
                  "AGREEMENT") and Pledge Agreement dated as of June 26, 2000,
                  between First Community Bancorp (the "BORROWER") and The
                  Northern Trust Company (the "LENDER")

Ladies and Gentlemen:

This certificate is being delivered to the Lender pursuant to SECTION 4.1(e) of
the Amendment. Terms used in this certificate which are defined in the Agreement
shall have the same meaning herein as therein.

In connection with the closing today of the Amendment, the undersigned officer
of the Borrower hereby certifies as follows:

         1.       No Event of Default or Unmatured Event of Default under the
                  Agreement has occurred and is continuing.

         2.       The warranties in SECTION 4 of the Agreement and in SECTION 3
                  of the Amendment are true and correct as of the date hereof as
                  though made on the date hereof, except for such changes as are
                  specifically permitted under the Agreement.

                                              Very truly yours,

Dated January ___, 2001                       FIRST COMMUNITY BANCORP

                                              By:
                                                 -------------------------------
                                              Title:  [Insert "President" or
                                                       title of chief financial
                                                       officer, as applicable]<PAGE>

                             FIRST COMMUNITY BANCORP

                                    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" (as described in Rule
                           14a-11 promulgated under the Exchange Act) 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,

                                       1
<PAGE>

                           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 nonaccountable automobile and other expense allowances,
                  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), 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.
                  "Compensation" shall NOT include your income from --- the
                  grant or vesting of restricted stock, or from the grant,
                  vesting, or exercise of stock options.

         (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)
                  consecutive calendar days, 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.

                                       2
<PAGE>

         (h)      "Executive" means a regular full-time salaried or hourly
                  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 severance payments.

         (i)      "ERISA" means Employee Retirement Income Security Act of 1974,
                  as amended.

         (j)      "Good Reason" means 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 the your base salary as in
                  effect immediately before such reduction; or

                  (ii) a diminution in your duties and 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; 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) a material reduction in your Welfare Benefits (for this
                  purpose, a reduction for any one year of over ten percent
                  (10%) of aggregate Welfare Benefits shall be considered
                  "material"); or

                  (v) the failure by the Company or its Subsidiaries to 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

                  (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.

         (k)      "Just Cause" means:

                  (i) the willful and continued failure by you to perform
                  substantially your duties with the Company and its
                  Subsidiaries, 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; or

                                       3
<PAGE>

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

         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.

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

<TABLE>
<CAPTION>

                  Employee Grade                                Multiplier
                  --------------                                ----------
<S>                                                                 <C>
                  Grade One                                         3
                  Grade Two                                         2
                  Grade Three                                       2
                  Grade A                                           2
                  Grade B                                           1
</TABLE>

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

         (n)      "Release" means the Separation and General Release Agreement
                  in the form attached hereto as Exhibit "A".

         (o)      "Severance Payment" means the payment of severance
                  compensation as provided in Article III.

         (p)      "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.

         (q)      "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.

         (r)      "WARN" means Worker Adjustment and Retraining Notification
                  Act, 29 U.S.C. Section 2101 ET SEQ.

         (s)      "Welfare Benefits" means the medical, dental, disability and
                  life insurance coverages (including coverage under
                  self-insured arrangements or plans) which the Company or its
                  Subsidiaries provide to you or your dependents immediately
                  before a Change in Control.

                                       4
<PAGE>

                                   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) 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 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 as you would have
         been in if the Excise Tax had never been enacted. 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 Amount), you shall be placed in the same 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 as you would have
         been in if the Excise Tax had never been enacted. 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
         which the Company determines are "excess parachute payments" under
         Section 280G(b) (1) of the Code ("Excess Parachute Payments"). If,
         through a local taxing authority (a "Taxing Authority"), or a judgement
         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 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 judgement. 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.

         2.2      REPORTING

                  Upon payment to you of a Gross-Up Payment, the Company shall
         provide you with a written statement showing the Company's computation
         of such Gross-Up Payment and the Excess Parachute Payments and Excise
         Tax to which it relates, and setting forth the Company's 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. 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

                                       5
<PAGE>

         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
         if 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 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. If the Company
         elects, 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 REFUNDS

                  You shall pay over to the Company, within ten (10) days after
         your receipt thereof, any refund you receive from any Taxing Authority
         of all or any portion of the gross-Up Payment or the Excise Tax,
         together with any interest you receive from such Taxing Authority on
         such refund. 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 a refund. If you would have
         received a refund of all or any portion of the Gross-Up Payment or the
         Excise Tax, except that a Taxing Authority offset the amount of such a
         refund against other tax liabilities, interest, or penalties, you shall
         pay the amount of such offset over to the Company, together with the
         amount of interest you would have received from the Taxing Authority if
         such offset had been an actual refund, within ten (10) days after
         receipt of notice from the Taxing Authority of such offset.

                                       6
<PAGE>

                                   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 if (a) you are an Executive, and
         (b) within 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 terminates
         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 terminated on the day after the occurrence of the Change
         in Control if (I) your employment terminates within ninety (90) days
         before a Change in Control actually occurs, or (ii) you reasonably
         demonstrate that the Company or its Subsidiaries involuntarily
         terminated your employment, or gave you Good Reason, a 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

                  If you become entitled to a Severance Payment under this Plan,
         the amount of your Severance Payment, when added to any payments which
         the Company or its Subsidiaries are required to make to you under WARN,
         shall equal the product of your Compensation multiplied by the
         Multiplier for your Employee Grade.

                                       7
<PAGE>

         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.

         3.4      PAYMENT OF SEVERANCE PAYMENT

                  The Severance Payment to which you are entitled shall be paid
         to you, in cash and in full, 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. 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 will also be entitled to receive continued Welfare
         benefits on the same basis, including required employee contributions,
         if any, as in effect for similarly-situated Executives in the employ of
         the Company or its Subsidiaries, for your Severance Period.
         Notwithstanding the foregoing, your right to any particular type of
         Welfare Benefit shall be subject to cancellation by the Company if you
         or your dependents obtain alternative coverage of a similar type during
         the Severance Period; period, 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 low wholesale bluebook value, or, it 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.

                                       8
<PAGE>

         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.

         3.8      WITHHOLDING OF TAXES

                  The Company may withhold from any amounts payable 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

                  This Plan does not provide a pension for you, nor shall any
         payment hereunder be characterized as deferred compensation. 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 written benefit,
         incentive, retirement, stock option, stock bonus or stock purchase plan
         or any written employment agreement or other written plan or
         arrangement not related to severance.

         4.2      OTHER SEVERANCE PLANS SUPERSEDED

                  As of the Effective Time, this Plan will supersede any and all
         other severance plans of 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.

         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 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.

                                       9
<PAGE>

                                    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 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

                                       10
<PAGE>

         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 OR 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.

                                   ARTICLE VII
                                   ARBITRATION

                  Except for equitable relief as provided in Section 6.3,
         arbitration in accordance with the then most applicable rules of the
         American Arbitration Association shall be the exclusive remedy for
         resolving any dispute or controversy between you and the Company or any
         of its Subsidiaries, including, but not limited to, any dispute
         regarding your employment or he termination of your employment or any
         dispute regarding the application, interpretation or validity of this
         Plan not otherwise resolved through claims

                                       11
<PAGE>

         procedure set forth in Section 8.10. The arbitrator shall be empowered
         to grant only such relief as would be available in a court of law. 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 designated by the
         office of the American Arbitrator Association having responsibility for
         the city in which you primarily performed services for the Company or
         its Subsidiaries immediately before your termination of employment of
         seven arbitrators, 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 the area in
         which you primarily performed services for the Company or its
         Subsidiaries immediately before your termination of employment. 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
         fees and expenses of the arbitrator shall initially be responsible for
         the fees and expenses of its own representatives and witnesses. Unless
         mutually agreed otherwise by the parties, any arbitration shall be
         conducted at a location within fifty (50) miles from the location in
         which you primarily performed services for the Company or any of its
         Subsidiaries immediately before your termination of employment. If the
         parties cannot agree upon a location for the arbitration, the
         arbitrator shall determine the location within such fifty (50) mile
         radius. Judgement may be entered on the award of the arbitrator in any
         court having jurisdiction. The prevailing party in the arbitration
         proceeding, as determined by the arbitrator, and in any enforcement or
         other court proceedings, shall be entitled to the extent provided by
         law to reimbursement from the other party for all of the prevailing
         party's costs (including but not limited to the arbitrator's
         compensation), expenses and reasonable attorney's fees.

                                  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.

                                       12
<PAGE>

         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 two-thirds majority before the occurrence of
         a Change in Control; 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) is conducting negotiations to effect a Change
         in Control, or 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.

         8.7      AMENDMENT

                  This Plan may be amended in any respect by resolution adopted
         by the Board with at least a two-thirds majority until Change in
         Control occurs; provided, however, that this Section 8.7 shall not be
         amended, and no amendment shall be effective if made while the Company
         (or any Person acting on the Company's behalf) is conducting
         negotiations to effect a Change in Control, or 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. 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. 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.

         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,

                                       13
<PAGE>

         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      ADMINISTRATION

                  This Plan constitutes a welfare benefit plan within the
         meaning of Section 3 (1) of ERISA. This letter constitutes the
         governing document of the Plan and the Summary Plan Description under
         ERISA. The Administrator of the Plan, within the meaning of Section
         3(16) of ERISA, and the Named Fiduciary thereof, within the meaning of
         Section 402 of ERISA, is the Company. Attached hereto as Exhibit "B" is
         a statement of your rights under ERISA.

         8.10     CLAIMS

                  If you believe you are entitled to a benefit under this Plan,
         you may make a claim for such benefit by filing with the Company a
         written statement setting forth the amount and type of payment so
         claimed. The statement shall also set forth the facts supporting the
         claim. The claim may be filed by mailing or delivering it to the
         Secretary of the Company.

                  Within sixty (60) calendar days after receipt of such a claim,
         the Company shall notify you in writing of its action on such claim and
         if such claim is not allowed in full, shall state the following in a
         manner calculated to be understood by you:

                           (a)      The specific reason or reasons for the
                                    denial;

                           (b)      Specific reference to pertinent provisions
                                    of this Plan on which the denial is based;

                           (c)      A description of any additional material or
                                    information necessary for you to be entitled
                                    to the benefits that have been denied and an
                                    explanation of why such material or
                                    information is necessary; and

                           (d)      An explanation of this Plan's claim review
                                    procedure.

                  If you disagree with the action taken by the Company, you or
         your duly authorized representative may apply to the Company for a
         review of such action. Such application shall be made within one
         hundred twenty (120) calendar days after receipt by you of the notice
         of the Company's action on your claim. The application for review shall
         be filed in the same manner as the claim for benefits. In connection
         with such review, you may inspect any documents or records pertinent to
         the matter and may

                                       14
<PAGE>

         submit issues and comments in writing to the Company. A decision by the
         Company shall be communicated to you within sixty (60) calendar days
         after receipt of the application. The decision on review shall be in
         writing and shall include specific reasons for the decision, written in
         a manner calculated to be understood by you, and specific references to
         the pertinent provisions of this Plan on which the decision is based.

                                                  Sincerely,

                                                  First Community Bancorp

                                                  By:
                                                     ---------------------------
                                                  Matthew P. Wagner
                                                  Chief Executive Officer

                                       15

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