Document:

Exhibit 10.5

 

China Yunhong Holdings Ltd.

4 – 19/F, 126 Zhong Bei,

Wuchang District, Wuhan

430061 – China

 

May 22, 2019

 

LF International Pte. Ltd.

470 North Bridge Road, #05-12

Bugis Cube – Singapore (188735)

 

 

		RE:	Securities Subscription Agreement

 

Ladies and Gentlemen:

 

China Yunhong Holdings Ltd., a Cayman Islands
exempted company (the “Company”), is pleased to accept the offer LF International Pte. Ltd., an entity organized
under the law of the Republic of Singapore (the “Subscriber” or “you”) has made to purchase
1,437,500 of the Company’s ordinary shares (the “Shares”), $0.0001 par value per share (the “Ordinary
Shares”), up to 187,500 of which are subject to complete or partial forfeiture by you if the underwriters of the Company’s
initial public offering (“IPO”) of units (“Units”) do not fully exercise their over-allotment
option (the “Over-allotment Option”).  The terms (this “Agreement”) on which the Company
is willing to sell the Shares to the Subscriber, and the Company and the Subscriber’s agreements regarding such Shares, are
as follows:

 

1.             Purchase
of Shares.

 

For the sum of $25,000 (the “Purchase
Price”), which the Company acknowledges receiving in cash, the Company hereby sells and issues the Shares to the Subscriber,
and the Subscriber hereby purchases the Shares from the Company, subject to forfeiture, on the terms and subject to the conditions
set forth in this Agreement.  Concurrently with the Subscriber’s execution of this Agreement, the Company shall, at
its option, deliver to the Subscriber a certificate registered in the Subscriber’s name representing the Shares (the “Original
Certificate”) or effect such delivery in book-entry form.  All references in this Agreement to shares of the Company
being forfeited shall take effect as surrenders for no consideration of such shares as a matter of Cayman Islands law.

 

2.             Representations,
Warranties and Agreements.

 

2.1          Subscriber’s
Representations, Warranties and Agreements.  To induce the Company to issue the Shares to the Subscriber, the Subscriber
hereby represents and warrants to the Company and agrees with the Company as follows:

 

2.1.1       No
Government Recommendation or Approval.  The Subscriber understands that no federal or state agency has passed upon or
made any recommendation or endorsement of the offering of the Shares.

 

2.1.2       No
Conflicts.  The execution, delivery and performance of this Agreement and the consummation by the Subscriber of the transactions
contemplated hereby do not violate, conflict with or constitute a default under (i) the formation and governing documents
of the Subscriber, (ii) any agreement, indenture or instrument to which the Subscriber is a party or (iii) any law, statute,
rule or regulation to which the Subscriber is subject, or any agreement, order, judgment or decree to which the Subscriber
is subject.

 

2.1.3       Organization
and Authority.  The Subscriber is an entity validly existing and in good standing under the laws of the Republic of Singapore
and possesses all requisite power and authority necessary to carry out the transactions contemplated by this Agreement.  Upon
execution and delivery by you, this Agreement is a legal, valid and binding agreement of Subscriber, enforceable against Subscriber
in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance
or similar laws affecting the enforcement of creditors’ rights generally and subject to general principles of equity (regardless
of whether enforcement is sought in a proceeding at law or in equity).

 

    1

     

    

 

2.1.4       Experience,
Financial Capability and Suitability.  Subscriber is:  (i) sophisticated in financial matters and is able to
evaluate the risks and benefits of the investment in the Shares and (ii) able to bear the economic risk of its investment
in the Shares for an indefinite period of time because the Shares have not been registered under the Securities Act (as defined
below) and therefore cannot be sold unless subsequently registered under the Securities Act or an exemption from such registration
is available.  Subscriber is capable of evaluating the merits and risks of its investment in the Company and has the capacity
to protect its own interests.  Subscriber must bear the economic risk of this investment until the Shares are sold pursuant
to:  (i) an effective registration statement under the Securities Act or (ii) an exemption from registration available
with respect to such sale.  Subscriber is able to bear the economic risks of an investment in the Shares and to afford a complete
loss of Subscriber’s investment in the Shares.

 

2.1.5       Access
to Information; Independent Investigation.  Prior to the execution of this Agreement, the Subscriber has had the opportunity
to ask questions of and receive answers from representatives of the Company concerning an investment in the Company, as well as
the finances, operations, business and prospects of the Company, and the opportunity to obtain additional information to verify
the accuracy of all information so obtained.  In determining whether to make this investment, Subscriber has relied solely
on Subscriber’s own knowledge and understanding of the Company and its business based upon Subscriber’s own due diligence
investigation and the information furnished pursuant to this paragraph.  Subscriber understands that no person has been authorized
to give any information or to make any representations which were not furnished pursuant to this Section 2 and Subscriber
has not relied on any other representations or information in making its investment decision, whether written or oral, relating
to the Company, its operations and/or its prospects.

 

2.1.6       Regulation
D Offering.  Subscriber represents that it is an “accredited investor” as such term is defined in Rule 501(a) of
Regulation D under the Securities Act of 1933, as amended (the “Securities Act”) and acknowledges the sale contemplated
hereby is being made in reliance on a private placement exemption to “accredited investors” within the meaning of Section 501(a) of
Regulation D under the Securities Act or similar exemptions under state law.

 

2.1.7       Investment
Purposes.  The Subscriber is purchasing the Shares solely for investment purposes, for the Subscriber’s own account
and not for the account or benefit of any other person, and not with a view towards the distribution or dissemination thereof. 
The Subscriber did not decide to enter into this Agreement as a result of any general solicitation or general advertising within
the meaning of Rule 502 under the Securities Act.

 

2.1.8       Restrictions
on Transfer; Shell Company.  Subscriber understands the Shares are being offered in a transaction not involving a public
offering within the meaning of the Securities Act. Subscriber understands the Shares will be “restricted securities”
within the meaning of Rule 144(a)(3) under the Securities Act and Subscriber understands that the certificates or book-entries
representing the Shares will contain a legend in respect of such restrictions.  If in the future the Subscriber decides to
offer, resell, pledge or otherwise transfer the Shares, such Shares may be offered, resold, pledged or otherwise transferred only
pursuant to:  (i) registration under the Securities Act, or (ii) an available exemption from registration. 
Subscriber agrees that if any transfer of its Shares or any interest therein is proposed to be made, as a condition precedent to
any such transfer, Subscriber may be required to deliver to the Company an opinion of counsel satisfactory to the Company. 
Absent registration or an exemption, the Subscriber agrees not to resell the Shares.  Subscriber further acknowledges that
because the Company is a shell company, Rule 144 may not be available to the Subscriber for the resale of the Shares until
one year following consummation of the initial business combination of the Company, despite technical compliance with the requirements
of Rule 144 and the release or waiver of any contractual transfer restrictions.

 

2.1.9       No
Governmental Consents.  No governmental, administrative or other third party consents or approvals are required, necessary
or appropriate on the part of Subscriber in connection with the transactions contemplated by this Agreement.

 

    2

     

    

 

2.2          Company’s
Representations, Warranties and Agreements.  To induce the Subscriber to purchase the Shares, the Company hereby represents
and warrants to the Subscriber and agrees with the Subscriber as follows:

 

2.2.1       Organization
and Corporate Power.  The Company is a Cayman Islands exempted company and is qualified to do business in every jurisdiction
in which the failure to so qualify would reasonably be expected to have a material adverse effect on the financial condition, operating
results or assets of the Company.  The Company possesses all requisite corporate power and authority necessary to carry out
the transactions contemplated by this Agreement.

 

2.2.2       No
Conflicts.  The execution, delivery and performance of this Agreement and the consummation by the Company of the transactions
contemplated hereby do not violate, conflict with or constitute a default under (i) the Memorandum and Articles of Association,
as amended to the date hereof, (ii) any agreement, indenture or instrument to which the Company is a party or (iii) any
law, statute, rule or regulation to which the Company is subject, or any agreement, order, judgment or decree to which the
Company is subject.

        

2.2.3       Title
to Shares.  Upon issuance in accordance with, and payment pursuant to, the terms hereof, and registration on the register
of members of the Company, the Shares will be duly and validly issued, fully paid and nonassessable.  Upon issuance in accordance
with, and payment pursuant to, the terms hereof the Subscriber will have or receive good title to the Shares, free and clear of
all liens, claims and encumbrances of any kind, other than (a) transfer restrictions hereunder and under the other agreements
to which the Shares may be subject, (b) transfer restrictions under federal and state securities laws, and (c) liens,
claims or encumbrances imposed due to the actions of the Subscriber.

 

2.2.4       No
Adverse Actions.  There are no actions, suits, investigations or proceedings pending, threatened against or affecting
the Company which:  (i) seek to restrain, enjoin, prevent the consummation of or otherwise affect the transactions contemplated
by this Agreement or (ii) question the validity or legality of any transactions or seeks to recover damages or to obtain other
relief in connection with any transactions.

  

3.             Forfeiture
of Shares.

 

3.1          Partial
or No Exercise of the Over-allotment Option.  In the event the Over-allotment Option granted to the underwriters of the
IPO is not exercised in full, the Subscriber acknowledges and agrees that it (and, if applicable, any transferee of Shares) shall
forfeit any and all rights to such number of Shares (up to an aggregate of 187,500 Shares and pro rata based upon the percentage
of the Over-allotment Option exercised) such that immediately following such forfeiture, the Subscriber (and any such transferees)
will own an aggregate number of Shares (not including Ordinary Shares issuable upon exercise of any warrants or any securities
purchased by Subscriber in the IPO or in the aftermarket) equal to 20% of the issued and outstanding Ordinary Shares immediately
following the IPO.

 

3.2          Termination
of Rights as Shareholder.  If any of the Shares are forfeited in accordance with this Section 3, then after such
time the Subscriber (or successor in interest), shall no longer have any rights as a holder of such forfeited Shares, and the Company
shall take such action as is appropriate to cancel such forfeited Shares.

 

3.3          Share
Certificates.  In the event an adjustment to the Original Certificate, if any, is required pursuant to this Section 3,
then the Subscriber shall return such Original Certificate to the Company or its designated agent as soon as practicable upon its
receipt of notice from the Company advising Subscriber of such adjustment, following which a new certificate (the “New
Certificate”), if any, shall be issued in such amount representing the adjusted number of Shares held by the Subscriber. 
The New Certificate, if any, shall be returned to the Subscriber as soon as practicable.  Any such adjustment for any uncertificated
securities held by the Subscriber shall be made in book-entry form.

 

    3

     

    

 

4.             Waiver
of Liquidation Distributions; Redemption Rights.

 

In connection with the Shares purchased
pursuant to this Agreement, the Subscriber hereby waives any and all right, title, interest or claim of any kind in or to any distributions
by the Company from the trust account which will be established for the benefit of the Company’s public shareholders and
into which substantially all of the proceeds of the IPO will be deposited (the “Trust Account”), in the event of a
liquidation of the Company upon the Company’s failure to timely complete an initial business combination.  For purposes
of clarity, in the event the Subscriber purchases securities in the IPO or in the aftermarket, any Ordinary Shares so purchased
shall be eligible to receive any liquidating distributions by the Company.  However, in no event will the Subscriber have
the right to redeem any Ordinary Shares held by it into funds held in the Trust Account upon the successful completion of an initial
business combination.

 

5.             Restrictions
on Transfer.

 

5.1          Securities
Law Restrictions.  In addition to any restrictions to be contained in that certain letter agreement (commonly known as
an “Insider Letter”) dated on or prior to the closing of the IPO by and between Subscriber and the Company,
Subscriber agrees not to sell, transfer, pledge, hypothecate or otherwise dispose of all or any part of the Shares unless, prior
thereto (a) a registration statement on the appropriate form under the Securities Act and applicable state securities laws
with respect to the Shares proposed to be transferred shall then be effective or (b) the Company has received an opinion from
counsel reasonably satisfactory to the Company, that such registration is not required because such transaction is exempt from
registration under the Securities Act and the rules promulgated by the Securities and Exchange Commission thereunder and with
all applicable state securities laws.

 

5.2          Lock-up. 
Subscriber acknowledges that the Shares will be subject to lock-up provisions (the “Lock-up”) contained in the
Insider Letter.  Pursuant to the Insider Letter, Subscriber will agree (subject to certain exceptions) not to sell, transfer,
pledge, hypothecate or otherwise dispose of all or any part of the Shares until the earlier to occur of:  (A) one year
after the completion of the Company’s initial business combination or (B) the date on which the Company completes a
liquidation, merger, stock exchange or other similar transaction after its initial business combination that results in all of
its shareholders having the right to exchange their Ordinary Shares for cash, securities or other property.  Notwithstanding
the foregoing, if the last sale price of the Ordinary Shares equals or exceeds $12.00 per share (as adjusted for stock splits,
stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing
at least 150 days after the Company’s initial business combination, the Shares will be released from the Lock-up.

 

5.3          Restrictive
Legends.  All certificates representing the Shares shall have endorsed thereon legends substantially as follows:

 

“THE SECURITIES REPRESENTED HEREBY HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND NEITHER THE SECURITIES NOR ANY INTEREST
THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER SUCH ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND SUCH LAWS WHICH, IN THE OPINION OF COUNSEL, IS
AVAILABLE.”

 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE
ARE SUBJECT TO A LOCKUP AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED DURING THE TERM OF THE LOCKUP.”

 

5.4          Additional
Shares or Substituted Securities.  In the event of the declaration of a share dividend, the declaration of an extraordinary
dividend payable in a form other than Shares, a spin-off, a share split, an adjustment in conversion ratio, a recapitalization
or a similar transaction affecting the Company’s outstanding Ordinary Shares without receipt of consideration, any new, substituted
or additional securities or other property which are by reason of such transaction distributed with respect to any Shares subject
to this Section 5 or into which such Shares thereby become convertible shall immediately be subject to this Section 5
and Section 3.  Appropriate adjustments to reflect the distribution of such securities or property shall be made to the
number and/or class of Ordinary Shares subject to this Section 5 and Section 3.

 

    4

     

    

 

5.5          Registration
Rights.  Subscriber acknowledges that the Shares are being purchased pursuant to an exemption from the registration requirements
of the Securities Act and will become freely tradable only after certain conditions are met or they are registered pursuant to
a registration rights agreement to be entered into with the Company prior to the closing of the IPO (the “Registration
Rights Agreement”).

 

6.             Other
Agreements.

 

6.1          Further
Assurances.  Subscriber agrees to execute such further instruments and to take such further action as may reasonably be
necessary to carry out the intent of this Agreement.

 

6.2          Notices. 
All notices, statements or other documents which are required or contemplated by this Agreement shall be:  (i) in writing
and delivered personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic
transmission to the address designated in writing, (ii) by facsimile to the number most recently provided to such party or
such other address or fax number as may be designated in writing by such party and (iii) by electronic mail, to the electronic
mail address most recently provided to such party or such other electronic mail address as may be designated in writing by such
party.  Any notice or other communication so transmitted shall be deemed to have been given on the day of delivery, if delivered
personally, on the business day following receipt of written confirmation, if sent by facsimile or electronic transmission, one
(1) business day after delivery to an overnight courier service or five (5) days after mailing if sent by mail.

 

6.3          Entire
Agreement.  This Agreement, together with that certain Insider Letter to be entered into between Subscriber and the Company
and the Registration Rights Agreement, each substantially in the form to be filed as an exhibit to the Registration Statement,
embodies the entire agreement and understanding between the Subscriber and the Company with respect to the subject matter hereof
and supersedes all prior oral or written agreements and understandings relating to the subject matter hereof.

 

6.4          Modifications
and Amendments.  The terms and provisions of this Agreement may be modified or amended only by written agreement executed
by all parties hereto.

 

6.5          Waivers
and Consents.  The terms and provisions of this Agreement may be waived, or consent for the departure therefrom granted,
only by written document executed by the party entitled to the benefits of such terms or provisions.  No such waiver or consent
shall be deemed to be or shall constitute a waiver or consent with respect to any other terms or provisions of this Agreement,
whether or not similar.  Each such waiver or consent shall be effective only in the specific instance and for the purpose
for which it was given, and shall not constitute a continuing waiver or consent.

 

6.6          Assignment. 
The rights and obligations under this Agreement may not be assigned by either party hereto without the prior written consent of
the other party.

 

6.7          Benefit. 
All statements, representations, warranties, covenants and agreements in this Agreement shall be binding on the parties hereto
and shall inure to the benefit of the respective successors and permitted assigns of each party hereto.  Nothing in this Agreement
shall be construed to create any rights or obligations except among the parties hereto, and no person or entity shall be regarded
as a third-party beneficiary of this Agreement.

 

6.8          Governing
Law. This Agreement and the rights and obligations of the parties hereunder shall be construed in accordance with and
governed by the laws of New York applicable to contracts wholly performed within the borders of such state, without giving effect
to the conflict of law principles thereof.

 

6.9          Severability. 
In the event that any court of competent jurisdiction shall determine that any provision, or any portion thereof, contained in
this Agreement shall be unreasonable or unenforceable in any respect, then such provision shall be deemed limited to the extent
that such court deems it reasonable and enforceable, and as so limited shall remain in full force and effect.  In the event
that such court shall deem any such provision, or portion thereof, wholly unenforceable, the remaining provisions of this Agreement
shall nevertheless remain in full force and effect.

 

    5

     

    

 

6.10        No
Waiver of Rights, Powers and Remedies.  No failure or delay by a party hereto in exercising any right, power or remedy
under this Agreement, and no course of dealing between the parties hereto, shall operate as a waiver of any such right, power or
remedy of such party.  No single or partial exercise of any right, power or remedy under this Agreement by a party hereto,
nor any abandonment or discontinuance of steps to enforce any such right, power or remedy, shall preclude such party from any other
or further exercise thereof or the exercise of any other right, power or remedy hereunder.  The election of any remedy by
a party hereto shall not constitute a waiver of the right of such party to pursue other available remedies.  No notice to
or demand on a party not expressly required under this Agreement shall entitle the party receiving such notice or demand to any
other or further notice or demand in similar or other circumstances or constitute a waiver of the rights of the party giving such
notice or demand to any other or further action in any circumstances without such notice or demand.

 

6.11        Survival
of Representations and Warranties.  All representations and warranties made by the parties hereto in this Agreement or
in any other agreement, certificate or instrument provided for or contemplated hereby, shall survive the execution and delivery
hereof and any investigations made by or on behalf of the parties.

 

6.12        No
Broker or Finder.  Each of the parties hereto represents and warrants to the other that no broker, finder or other financial
consultant has acted on its behalf in connection with this Agreement or the transactions contemplated hereby in such a way as to
create any liability on the other.  Each of the parties hereto agrees to indemnify and save the other harmless from any claim
or demand for commission or other compensation by any broker, finder, financial consultant or similar agent claiming to have been
employed by or on behalf of such party and to bear the cost of legal expenses incurred in defending against any such claim.

 

6.13        Headings
and Captions.  The headings and captions of the various subdivisions of this Agreement are for convenience of reference
only and shall in no way modify or affect the meaning or construction of any of the terms or provisions hereof.

 

6.14        Counterparts. 
This Agreement may be executed in one or more counterparts, all of which when taken together shall be considered one and the same
agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being
understood that both parties need not sign the same counterpart.  In the event that any signature is delivered by facsimile
transmission or any other form of electronic delivery, such signature shall create a valid and binding obligation of the party
executing (or on whose behalf such signature is executed) with the same force and effect as if such signature page were an
original thereof.

 

6.15        Construction. 
The parties hereto have participated jointly in the negotiation and drafting of this Agreement.  If an ambiguity or question
of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties hereto and no presumption
or burden of proof will arise favoring or disfavoring any party hereto because of the authorship of any provision of this Agreement. 
The words “include,” “includes,” and “including” will be deemed to be
followed by “without limitation.”  Pronouns in masculine, feminine, and neuter genders will be construed
to include any other gender, and words in the singular form will be construed to include the plural and vice versa, unless the
context otherwise requires.  The words “this Agreement,” “herein,” “hereof,”
“hereby,” “hereunder,” and words of similar import refer to this Agreement as a whole and
not to any particular subdivision unless expressly so limited.  The parties hereto intend that each representation, warranty,
and covenant contained herein will have independent significance.  If any party hereto has breached any representation, warranty,
or covenant contained herein in any respect, the fact that there exists another representation, warranty or covenant relating to
the same subject matter (regardless of the relative levels of specificity) which such party hereto has not breached will not detract
from or mitigate the fact that such party hereto is in breach of the first representation, warranty, or covenant.

 

6.16        Mutual
Drafting.  This Agreement is the joint product of the Subscriber and the Company and each provision hereof has been subject
to the mutual consultation, negotiation and agreement of such parties and shall not be construed for or against any party hereto.

 

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7.             Voting
and Tender of Shares.

 

Subscriber agrees to vote the Shares in
favor of an initial business combination that the Company negotiates and submits for approval to the Company’s shareholders
and shall not seek redemption with respect to any of the Shares.  Additionally, the Subscriber agrees not to tender any Shares
in connection with a tender offer presented to the Company’s shareholders in connection with an initial business combination
negotiated by the Company.

 

8.             Indemnification.

 

Each party shall indemnify the other against
any loss, cost or damages (including reasonable attorney’s fees and expenses) incurred as a result of such party’s
breach of any representation, warranty, covenant or agreement in this Agreement.

 

[Signature Page Follows]

 

 

    7

     

    

 

If the foregoing accurately sets forth our
understanding and agreement, please sign the enclosed copy of the Agreement and return it to us.

 

 

	 	Very truly yours,
	 	 
	 	China Yunhong Holdings Ltd.
	 	 	 
	 	By:	/s/ Yubao Li
	 	 	Name: Yubao Li
	 	 	Title: Chief Executive Officer - Director
	 	 	 
	 	 	 
	 	Accepted and agreed, May 22, 2019
	 	 
	 	LF International Pte. Ltd.
	 	 	 
	 	By:	/s/ Yubao Li
	 	 	Name: Yubao Li
	 	 	Title: Director

 

 

 

 

    
[Signature page to Subscription Agreement]Exhibit 10.1

 

INDEMNIFICATION AGREEMENT

 

This Indemnification Agreement, dated as of
June 27, 2019, is made by and between Westamerica Bancorporation, a corporation organized under the laws of the State of
California (the “Company”), and [•] (the “Indemnitee”).

 

WHEREAS, it is essential to the Company to retain
and attract as directors, officers and employees the most capable persons available;

 

WHEREAS, the Indemnitee serves as an “agent”
(as such term is defined in Section 317 of the California Corporations Code) of the Company;

 

WHEREAS, the Company and the Indemnitee recognize
the increased risk of litigation and other claims being asserted against directors, officers and employees of companies in today’s
environment;

 

WHEREAS, Section 317 of the California Corporations
Code, the Company’s Articles of Incorporation (“Articles of Incorporation”) and the Company’s Bylaws
(“Bylaws”) authorize the Company to indemnify and advance expenses to its agents to the extent provided therein,
and the Indemnitee serves as an agent of the Company, in part, in reliance on such provisions;

 

WHEREAS, the Company has determined that its
inability to retain and attract as directors, officers and employees the most capable persons would be detrimental to the interests
of the Company, and that the Company therefore should seek to assure such persons that indemnification and insurance coverage will
be available in the future; and

 

     

     

    

WHEREAS, in recognition of the Indemnitee’s
need for substantial protection against personal liability in order to enhance the Indemnitee’s continued service to the
Company in an effective manner and the Indemnitee’s reliance on the Company’s Articles of Incorporation and Bylaws,
and in part to provide the Indemnitee with specific contractual assurance that the protection promised by the Company’s Articles
of Incorporation and Bylaws will be available to the Indemnitee (regardless of, among other things, any amendment to or revocation
of the applicable provisions of the Company’s Articles of Incorporation and Bylaws or any change in the composition of the
governing bodies of the Company or any acquisition transaction relating to the Company), the Company wishes to provide in this
Agreement for the indemnification of and the advancing of expenses to the Indemnitee to the fullest extent (whether partial or
complete) permitted by law and as set forth in this Agreement, and, to the extent insurance is maintained, for the continued coverage
of the Indemnitee under the directors’ and officers’ liability insurance policy of the Company.

 

NOW, THEREFORE, in consideration of the premises
and of the Indemnitee continuing to serve the Company directly or, on its behalf or at its request, as an officer, director, manager,
member, partner, fiduciary or trustee of, or in a similar capacity with, another Person (as defined below) or any employee benefit
plan, and intending to be legally bound hereby, the parties hereto agree as follows:

 

1.                  
Certain Definitions. In addition to terms defined elsewhere herein, the following terms have the following meanings when
used in this Agreement:

 

(a)               
Agreement: means this Indemnification Agreement, as amended from time to time hereafter.

 

(b)               
Board of Directors: means the Board of Directors of the Company.

 

(c)               
Claim: means any threatened, asserted, pending or completed civil, criminal, administrative, investigative or other action,
suit or proceeding of any kind whatsoever, including any arbitration or other alternative dispute resolution mechanism, or any
appeal of any kind thereof, or any inquiry or investigation, whether instituted by the Company, any governmental agency or any
other party, that the Indemnitee in good faith believes might lead to the institution of any such action, suit or proceeding, whether
civil, criminal, administrative, investigative or other, including any arbitration or other alternative dispute resolution mechanism.

 

(d)               
Indemnifiable Expenses: means (i) all expenses and liabilities, including judgments, fines, penalties, interest, amounts
paid in settlement with the approval of the Company, and counsel fees and disbursements (including, without limitation, experts’
fees, court costs, retainers, transcript fees, duplicating, printing and binding costs, as well as telecommunications, postage
and courier charges) paid or incurred in connection with investigating, defending, being a witness in or participating in (including
on appeal), or preparing to investigate, defend, be a witness in or participate in, any Claim relating to any Indemnifiable Event
by reason of the fact that Indemnitee is, was or has agreed to serve as a director, officer, employee or agent of the Company,
or is or was serving or has agreed to serve on behalf of or at the request of the Company as a director, officer, manager, member,
partner, fiduciary, trustee or in a similar capacity of another Person, or by reason of any action alleged to have been taken or
omitted in any such capacity, whether occurring before, on or after the date of this Agreement (any such event, an “Indemnifiable
Event”), (ii) any liability pursuant to a loan guaranty (other than a loan guaranty given in a personal capacity) or
otherwise, for any indebtedness of the Company or any subsidiary of the Company, including, without limitation, any indebtedness
which the Company or any subsidiary of the Company has assumed or taken subject to, and (iii) any liabilities which an Indemnitee
incurs as a result of acting on behalf of the Company (whether as a fiduciary or otherwise) in connection with the operation, administration
or maintenance of an employee benefit plan or any related trust or funding mechanism (whether such liabilities are in the form
of excise taxes assessed by the United States Internal Revenue Service, penalties assessed by the United States Department of Labor,
restitutions to such a plan or trust or other funding mechanism or to a participant or beneficiary of such plan, trust or other
funding mechanism, or otherwise).

 

     

     

    

(e)               
Indemnitee-Related Entities: means any corporation, limited liability company, partnership, joint venture, trust, employee
benefit plan or other enterprise (other than the Company or any other corporation, limited liability company, partnership, joint
venture, trust, employee benefit plan or other enterprise Indemnitee has agreed, on behalf of the Company or at the Company’s
request, to serve as a director, officer, employee or agent and which service is covered by the indemnity described in this Agreement)
from whom an Indemnitee may be entitled to indemnification or advancement of expenses with respect to which, in whole or in part,
the Company may also have an indemnification or advancement obligation (other than as a result of obligations under an insurance
policy).

 

(f)                
Jointly Indemnifiable Claim: means any Claim for which the Indemnitee shall be entitled to indemnification from both an
Indemnitee-Related Entity and the Company pursuant to applicable law, any indemnification agreement or the articles of incorporation,
bylaws, partnership agreement, operating agreement, certificate of formation, certificate of limited partnership or comparable
organizational documents of the Company and an Indemnitee-Related Entity.

 

(g)               
Loss: means all losses, Claims, damages, fines, or penalties, including, without limitation, any legal or other expenses
(including, without limitation, any legal fees, judgments, fines, appeal bonds or related expenses) incurred in connection with
defending, investigating or settling any Claim, fine, penalty or similar action.

 

(h)               
Person: means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business
association, organization, governmental entity or other entity.

 

2.                  
Basic Indemnification Arrangement; Advancement of Indemnifiable Expenses.

 

(a)               
In the event that the Indemnitee was, is or becomes subject to, a party to or witness or other participant in, or is threatened
to be made subject to, a party to or witness or other participant in, a Claim by reason of (or arising in part out of) an Indemnifiable
Event, the Company shall indemnify the Indemnitee, or cause such Indemnitee to be indemnified, to the fullest extent permitted
by the laws of the State of California in effect on the date hereof and as amended from time to time, and shall hold the Indemnitee
harmless from and against all Losses that arise by reason of (or arising in part out of) an Indemnifiable Event; provided, however,
that no change in the laws of the State of California shall have the effect of reducing the benefits available to the Indemnitee
hereunder based on the laws of the State of California as in effect on the date hereof or as such benefits may improve as a result
of amendments after the date hereof. The rights of the Indemnitee provided in this Section 2 shall include, without limitation,
the rights set forth in the other sections of this Agreement. Payments of Indemnifiable Expenses shall be made as soon as practicable
but in any event no later than twenty (20) calendar days after written demand is presented to the Company, against any and all
Indemnifiable Expenses.

 

(b)               
Upon request by the Indemnitee, the Company shall advance, or cause to be advanced, any and all Indemnifiable Expenses incurred
by the Indemnitee (an “Expense Advance”) on the terms and subject to the conditions of this Agreement, as soon
as practicable but in any event no later than twenty (20) calendar days after written demand, together with supporting documentation,
is presented to the Company. The Company shall, in accordance with such request (but without duplication), either (i) pay, or cause
to be paid, such Indemnifiable Expenses on behalf of the Indemnitee, or (ii) reimburse, or cause the reimbursement of, the
Indemnitee for such Indemnifiable Expenses. The Indemnitee’s right to an Expense Advance is absolute and shall not be subject
to any condition that the Board of Directors shall not have determined that the Indemnitee is not entitled to be indemnified under
applicable law. However, the obligation of the Company to make an Expense Advance pursuant to this Section 2(b) shall be subject
to the condition that, if, when and to the extent that a final judicial determination is made (as to which all rights of appeal
therefrom have been exhausted or lapsed) that the Indemnitee is not entitled to be so indemnified under applicable law, the Company
shall be entitled to be reimbursed by the Indemnitee (who hereby agrees to reimburse the Company) for all such amounts theretofore
paid (it being understood and agreed that the foregoing agreement by the Indemnitee shall be deemed to satisfy any requirement
that the Indemnitee provide the Company with an undertaking to repay any Expense Advance if it is ultimately determined that the
Indemnitee is not entitled to indemnification under applicable law). The Indemnitee’s undertaking to repay such Expense Advances
shall be unsecured and interest-free.

 

     

     

    

(c)               
Notwithstanding anything in this Agreement to the contrary, the Indemnitee shall not be entitled to indemnification or advancement
of Indemnifiable Expenses pursuant to this Agreement in connection with any Claim initiated by the Indemnitee unless (i) the Company
has joined in or the Board of Directors of the Company has authorized or consented to the initiation of such Claim or (ii) the
Claim is one to enforce the Indemnitee’s rights under this Agreement (including an action pursued by the Indemnitee to secure
a determination that the Indemnitee should be indemnified under applicable law).

 

(d)               
The indemnification obligations of the Company under Section 2(a) shall be subject to the condition that the Board of Directors
shall not have determined (by majority vote of directors who are not parties to the applicable Claim) that the indemnification
of the Indemnitee is not proper in the circumstances because the Indemnitee is not entitled to be indemnified under applicable
law. If the Board of Directors determines that the Indemnitee is not entitled to be indemnified in whole or in part under applicable
law, the Indemnitee shall have the right to commence litigation in any court in the State of California having subject matter jurisdiction
thereof and in which venue is proper, seeking an initial determination by the court or challenging any such determination by the
Board of Directors or any aspect thereof, including the legal or factual bases therefor, and the Company hereby consents to service
of process and to appear in any such proceeding. If the Indemnitee commences legal proceedings in a court of competent jurisdiction
to secure a determination that the Indemnitee should be indemnified under applicable law, any determination made by the Board of
Directors that the Indemnitee is not entitled to be indemnified under applicable law shall not be binding, the Indemnitee shall
continue to be entitled to receive Expense Advances, and the Indemnitee shall not be required to reimburse the Company for any
Expense Advance, until a final judicial determination is made in the Claim (as to which all rights of appeal therefrom have been
exhausted or lapsed) that the Indemnitee is not entitled to be so indemnified under applicable law. Any determination by the Board
of Directors otherwise shall be conclusive and binding on the Company and the Indemnitee.

 

(e)               
To the extent that the Indemnitee has been successful on the merits or otherwise in defense of any or all Claims relating in whole
or in part to an Indemnifiable Event or in defense of any issue or matter therein, including dismissal without prejudice, the Indemnitee
shall be indemnified against all Indemnifiable Expenses actually and reasonably incurred in connection therewith, notwithstanding
an earlier determination by the Board of Directors that the Indemnitee is not entitled to indemnification under applicable law.

 

(f)                
Notwithstanding anything to the contrary herein, the Company shall not be obligated pursuant to the terms of this Agreement to
indemnify Indemnitee for any acts or omissions or transactions from which a director, officer, employee or agent may not be relieved
of liability under applicable law.

 

     

     

    

(g)               
Notwithstanding any other provisions contained herein, this Agreement and the rights and obligations of the parties hereto are
subject to the requirements, limitations and prohibitions set forth in state and federal laws, rules, regulations, and orders regarding
indemnification and prepayment of expenses, legal or otherwise, and liabilities, including, without limitation, Section 317 of
the California Corporations Code, Section 18(k) of the Federal Deposit Insurance Act and Part 359 of the Federal Deposit Insurance
Corporation’s Rules and Regulations and any successor regulations thereto.

 

3.                  
Indemnification for Additional Expenses. The Company shall indemnify, or cause the indemnification of, the Indemnitee against
any and all Indemnifiable Expenses and, if requested by the Indemnitee, shall advance such Indemnifiable Expenses to the Indemnitee
subject to and in accordance with Section 2, which are incurred by the Indemnitee in connection with any action brought by the
Indemnitee, the Company or any other Person with respect to the Indemnitee’s right to: (i) indemnification or an Expense
Advance by the Company under this Agreement or any provision of the Company’s Articles of Incorporation and/or Bylaws and/or
(ii) recovery under any directors’ and officers’ liability insurance policies maintained by the Company, regardless
of whether the Indemnitee ultimately is determined to be entitled to such indemnification, Expense Advance or insurance recovery,
as the case may be; provided that the Indemnitee shall be required to reimburse such Indemnifiable Expenses in the event that a
final judicial determination is made in the Claim (as to which all rights of appeal therefrom have been exhausted or lapsed) that
such action brought by the Indemnitee, or the defense by the Indemnitee of an action brought by the Company or any other Person,
as applicable, was frivolous or in bad faith.

 

4.                  
Partial Indemnity, Etc. If the Indemnitee is entitled under any provision of this Agreement to indemnification by the Company
for some or a portion of the Indemnifiable Expenses in respect of a Claim but not, however, for all of the total amount thereof,
the Company shall nevertheless indemnify the Indemnitee for the portion thereof to which the Indemnitee is entitled.

 

5.                  
Burden of Proof. In connection with any determination by the Board of Directors, any court or otherwise as to whether the
Indemnitee is entitled to be indemnified hereunder, the Board of Directors or court shall presume that the Indemnitee has satisfied
the applicable standard of conduct and is entitled to indemnification, and the burden of proof shall be on the Company or its representative
to establish, by clear and convincing evidence, that the Indemnitee is not so entitled.

 

6.                  
Reliance as Safe Harbor. The Indemnitee shall be entitled to indemnification for any action or omission to act undertaken
(a) in good faith reliance upon the records of the Company, including its financial statements, or upon information, opinions,
reports or statements furnished to the Indemnitee by the officers or employees of the Company or any of its subsidiaries in the
course of their duties, or by committees of the Board of Directors, or by any other Person as to matters the Indemnitee reasonably
believes are within such other Person’s professional or expert competence, or (b) on behalf of the Company in furtherance
of the interests of the Company in good faith in reliance upon, and in accordance with, the advice of legal counsel or accountants,
provided such legal counsel or accountants were selected with reasonable care by or on behalf of the Company. In addition, the
knowledge and/or actions, or failures to act, of any other director, officer, agent or employee of the Company shall not be imputed
to the Indemnitee for purposes of determining the right to indemnity hereunder.

 

7.                  
No Other Presumptions. For purposes of this Agreement, the termination of any Claim, action, suit or proceeding, by judgment,
order, settlement (whether with or without court approval) or conviction, or upon a plea of nolo contendere or its equivalent,
shall not create a presumption that the Indemnitee did not meet any particular standard of conduct or have any particular belief
or that a court has determined that indemnification is not permitted by applicable law. In addition, neither the failure of the
Board of Directors to have made a determination as to whether the Indemnitee has met any particular standard of conduct or had
any particular belief, nor an actual determination by the Board of Directors that the Indemnitee has not met such standard of conduct
or did not have such belief, prior to the commencement of legal proceedings by the Indemnitee to secure a judicial determination
that the Indemnitee should be indemnified under applicable law shall be a defense to the Indemnitee’s claim or create a presumption
that the Indemnitee has not met any particular standard of conduct or did not have any particular belief.

 

     

     

    

8.                  
Nonexclusivity, Etc. The rights of the Indemnitee hereunder shall be in addition to any other rights the Indemnitee may
have under the Company’s Articles of Incorporation and Bylaws, the laws of the State of California, or otherwise. To the
extent that a change in the laws of the State of California or the interpretation thereof (whether by statute or judicial decision)
permits greater indemnification by agreement than would be afforded currently under the Company’s Articles of Incorporation
and Bylaws, it is the intent of the parties hereto that the Indemnitee shall enjoy by this Agreement the greater benefits so afforded
by such change. To the extent that there is a conflict or inconsistency between the terms of this Agreement and the Company’s
Articles of Incorporation or Bylaws, it is the intent of the parties hereto that the Indemnitee shall enjoy the greater benefits
regardless of whether contained herein, in the Company’s Articles of Incorporation or Bylaws. No amendment or alteration
of the Company’s Articles of Incorporation or Bylaws or any other agreement shall adversely affect the rights provided to
Indemnitee under this Agreement.

 

9.                  
Liability Insurance. The Company shall use its reasonable best efforts to purchase and maintain a policy or policies of
insurance with reputable insurance companies with A.M. Best ratings of “A” or better, providing Indemnitee with coverage
for any liability asserted against, or incurred by, Indemnitee or on Indemnitee’s behalf by reason of the fact that Indemnitee
is or was or has agreed to serve as a director, officer, employee or agent of the Company, or is or was serving or has agreed to
serve on behalf of or at the request of the Company as a director, officer, employee or agent (which, for purposes hereof, shall
include a trustee, fiduciary, partner or manager or similar capacity) of another corporation, limited liability company, partnership,
joint venture, trust, employee benefit plan or other enterprise, or arising out of Indemnitee’s status as such, whether or
not the Company would have the power to indemnify Indemnitee against such liability under the provisions of this Agreement. Such
insurance policies shall have coverage terms and policy limits at least as favorable to Indemnitee as the insurance coverage provided
to any other director or officer of the Company. If the Company has such insurance in effect at the time the Company receives from
Indemnitee any notice of the commencement of an action, suit or proceeding, the Company shall give prompt notice of the commencement
of such action, suit or proceeding to the insurers in accordance with the procedures set forth in the policy. The Company shall
thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as
a result of such proceeding in accordance with the terms of such policy.

 

10.              
Amendments, Etc. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing
by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver
of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver. [The parties hereto
agree that this Agreement amends and restates, and replaces in its entirety, that certain Indemnification Agreement dated as of
_______, entered into by and between the Company and the Indemnitee.]

 

11.              
Subrogation. Subject to Section 12, in the event of payment by the Company under this Agreement, the Company shall be subrogated
to the extent of such payment to all of the rights of recovery of the Indemnitee with respect to any insurance policy. Indemnitee
shall execute all papers reasonably required and shall do everything that may be reasonably necessary to secure such rights, including
the execution of such documents necessary to enable the Company effectively to bring suit to enforce such rights. The Company shall
pay or reimburse all expenses actually and reasonably incurred by Indemnitee in connection with such subrogation.

 

     

     

    

12.              
Jointly Indemnifiable Claims. Given that certain Jointly Indemnifiable Claims may arise due to the relationship between
the Indemnitee-Related Entities and the Company and the service of the Indemnitee as a director and/or officer of the Company at
the request of the Indemnitee-Related Entities, the Company acknowledges and agrees that the Company shall be fully and primarily
responsible for the payment to the Indemnitee in respect of indemnification and advancement of Indemnifiable Expenses in connection
with any such Jointly Indemnifiable Claim, pursuant to and in accordance with the terms of this Agreement, irrespective of any
right of recovery the Indemnitee may have from the Indemnitee-Related Entities. Under no circumstance shall the Company be entitled
to any right of subrogation or contribution by the Indemnitee-Related Entities and no right of recovery the Indemnitee may have
from the Indemnitee-Related Entities shall reduce or otherwise alter the rights of the Indemnitee or the obligations of the Company
hereunder. In the event that any of the Indemnitee-Related Entities shall make any payment to the Indemnitee in respect of indemnification
or advancement of expenses with respect to any Jointly Indemnifiable Claim, the Indemnitee-Related Entity making such payment shall
be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee against the Company under the terms
of this Agreement, and the Indemnitee shall execute all papers reasonably required and shall do all things that may be reasonably
necessary to secure such rights, including the execution of such documents as may be necessary to enable the Indemnitee-Related
Entities effectively to bring suit to enforce such rights. Each of the Indemnitee-Related Entities shall be third-party beneficiaries
with respect to this Section 12, entitled to enforce this Section 12 against the Company as though each such Indemnitee-Related
Entity were a party to this Agreement.

 

13.              
No Duplication of Payments. Subject to Section 12 hereof, the Company shall not be liable under this Agreement to make any
payment in connection with any Claim made against the Indemnitee to the extent the Indemnitee has otherwise actually received payment
(under any insurance policy, any provision of the Company’s Articles of Incorporation and Bylaws, or otherwise) of the amounts
otherwise indemnifiable hereunder.

 

14.              
Defense of Claims. The Company shall be entitled to participate in the defense of any Claim relating to an Indemnifiable
Event or to assume the defense thereof, with counsel reasonably satisfactory to the Indemnitee; provided that if the Indemnitee
reasonably believes, after consultation with counsel selected by the Indemnitee, that (i) the use of counsel chosen by the Company
to represent the Indemnitee would present such counsel with an actual or potential conflict of interest, (ii) the named parties
in any such Claim (including any impleaded parties) include both (A) the Company or any subsidiary of the Company and (B) the Indemnitee,
and the Indemnitee concludes that there may be one or more legal defenses available to him that are different from or in addition
to those available to the Company or any subsidiary of the Company or (iii) any such representation by such counsel would be precluded
under the applicable standards of professional conduct then prevailing, then the Indemnitee shall be entitled to retain separate
counsel (but not more than one law firm plus, if applicable, local counsel in respect of any particular Claim) at the Company’s
expense. The Company shall not be liable to the Indemnitee under this Agreement for any amounts paid in settlement of any Claim
relating to an Indemnifiable Event effected without the Company’s prior written consent. The Company shall not, without the
prior written consent of the Indemnitee, effect any settlement of any Claim relating to an Indemnifiable Event which the Indemnitee
is or could have been a party unless such settlement solely involves the payment of money and includes a complete and unconditional
release of the Indemnitee from all liability on all claims that are the subject matter of such Claim. Neither the Company nor the
Indemnitee shall unreasonably withhold its or his consent to any proposed settlement; provided that the Indemnitee may withhold
consent to any settlement that does not provide a complete and unconditional release of the Indemnitee. To the fullest extent permitted
by California law, the Company’s assumption of the defense of a Claim pursuant to this Section 14 will constitute an irrevocable
acknowledgement by the Company that any Indemnifiable Expenses incurred by or for the account of Indemnitee incurred in connection
therewith are indemnifiable by the Company under Section 2 of this Agreement.

 

     

     

    

15.              
Binding Effect, Etc. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties
hereto and their respective successors, (including any direct or indirect successor by purchase, merger, consolidation or otherwise
to all or substantially all of the business and/or assets of the Company), assigns, spouses, heirs, executors and personal and
legal representatives. The Company shall require and cause any successor(s) (whether directly or indirectly, whether in one or
a series of transactions, and whether by purchase, merger, consolidation, or otherwise) to all or a significant portion of the
business and/or assets of the Company and/or its subsidiaries (on a consolidated basis), by written agreement in form and substance
reasonably satisfactory to the Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the
same extent that the Company would be required to perform if no such succession had taken place; provided that no such assumption
shall relieve the Company from its obligations hereunder and any obligations shall thereafter be joint and several. This Agreement
shall continue in effect regardless of whether the Indemnitee continues to serve as a director or officer of the Company and/or
on behalf of or at the request of the Company as a director, officer, manager, member, partner, fiduciary, trustee or in a similar
capacity of another Person. Except as provided in this Section 15, neither party shall, without the prior written consent of the
other, assign or delegate this Agreement or any rights or obligations hereunder.

 

16.              
Severability. If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for
any reason whatsoever, (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including,
without limitation, all portions of any paragraph of this Agreement containing any such provision held to be invalid, illegal or
unenforceable, that are not themselves invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby
and (b) to the fullest extent possible, the provisions of this Agreement (including, without limitation, all portions of any paragraph
of this Agreement containing any such provision held to be invalid, illegal or unenforceable) shall be construed so as to give
effect to the intent manifested by the provision held invalid, illegal or unenforceable and to give effect to the terms of this
Agreement.

 

17.              
Specific Performance, Etc. The parties recognize that if any provision of this Agreement is violated by the parties hereto,
the Indemnitee may be without an adequate remedy at law. Accordingly, in the event of any such violation, the Indemnitee shall
be entitled, if the Indemnitee so elects, to institute proceedings, either in law or at equity, to obtain damages, to enforce specific
performance, to enjoin such violation, or to obtain any relief or any combination of the foregoing as the Indemnitee may elect
to pursue.

 

18.              
Notices. All notices, requests, consents and other communications hereunder to any party shall be deemed to be sufficient
if contained in a written document delivered in person or sent by electronic mail, nationally recognized overnight courier or personal
delivery, addressed to such party at the address set forth below or such other address as may hereafter be designated in writing
by such party to the other parties:

 

		(a)	If to the Company, to:

 

Westamerica Bancorporation

1108 Fifth Avenue

San Rafael, California 94901

Attn: President

E-mail: kris.irvine@westamerica.com

 

     

     

    

		(b)	If to the Indemnitee, to the address set forth on the signature page hereto.

 

All such notices, requests, consents and other communications shall
be deemed to have been given or made if and when received (including by overnight courier) by the parties at the above addresses
or sent by electronic transmission, with confirmation received, to the email address specified above (or at such other address
or email address for a party as shall be specified by like notice). Any notice delivered by any party hereto to any other party
hereto shall also be delivered to each other party hereto simultaneously with delivery to the first party receiving such notice.

 

19.              
Counterparts. This Agreement may be executed in counterparts, each of which shall for all purposes be deemed to be an original
but all of which together shall constitute one and the same agreement. Only one such counterpart signed by the party against whom
enforceability is sought needs to be produced to evidence the existence of this Agreement.

 

20.              
Headings. The headings of the sections and paragraphs of this Agreement are inserted for convenience only and shall not
be deemed to constitute part of this Agreement or to affect the construction or interpretation thereof.

 

21.              
Governing Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of
California applicable to contracts made and to be performed in such state without giving effect to the principles of conflicts
of laws.

 

 

[SIGNATURE PAGE FOLLOWS]

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement
as of the date first above written.

 

WESTAMERICA BANCORPORATION

By: ______________________________

Name: David L. Payne

Title: Chairman of the Board, President and Chief Executive Officer

 

______________________________

[•]

 

Name: _________________________

 

Address:

______________________________

______________________________

______________________________

 

E-mail: _________________________

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