Document:

Pacific Capital Bancorp 1994 Stock Option Plan

 Exhibit 10.1.11 
  
 PACIFIC CAPITAL BANCORP 
  
 1994 STOCK OPTION PLAN 

 PACIFIC CAPITAL BANCORP 
  
 1994 STOCK OPTION PLAN 
  
 INDEX 
  

					
	 ARTICLE NO

	  	 DESCRIPTION

	  	COMMENCING
ON PAGE

	 1.
	  	PURPOSE	  	1
			
	 2.
	  	ADMINISTRATION	  	1
			
	 3.
	  	PARTICIPANTS	  	3
			
	 4.
	  	THE SHARES	  	3
			
	 5.
	  	GRANTS, TERMS AND CONDITIONS OF OPTIONS	  	4
			
	 6.
	  	ADJUSTMENT OF AND CHANGES IN THE SHARES	  	11
			
	 7.
	  	LISTING OR QUALIFICATION OF SHARES	  	13
			
	 8.
	  	AMENDMENT AND TERMINATION OF THE PLAN	  	13
			
	 9.
	  	BINDING EFFECT OF CONDITIONS	  	14
			
	 10.
	  	EFFECTIVENESS OF THE PLAN	  	15
			
	 11.
	  	PRIVILEGES OF STOCK OWNERSHIP; SECURITIES LAW COMPLIANCE	  	15
			
	 12.
	  	INDEMNIFICATION	  	15
			
	 13.
	  	INFORMATION TO OPTIONEES	  	16
			
	 14.
	  	RESOLUTION DATED MAY 28, 1997	  	 

 PACIFIC CAPITAL BANCORP 
  
 1994 STOCK OPTION PLAN 
  
 000 
  
 1. PURPOSE 
  
 The purpose of this 1994 Stock Option Plan (the ‘Plan”) of Pacific Capital Bancorp and its Affiliates (hereinafter collectively referred to as
the ‘Company”), is to secure for the Company and its stockholders the benefits of the incentive inherent in the ownership of Common Stock of Pacific Capital Bancorp by those key, full-time employees and officers of the Company who will
share responsibility with management of the Company for its future growth and success. Options may also be granted to non-employee directors of the Company. 
  
 The word “Affiliate”, as used in this Plan, means any bank or corporation in an unbroken chain of banks or corporations beginning or ending with
the Company, if at the time of the granting of an option, each such bank or corporation other than the last in that chain own stock possessing fifty percent (50%) or more of the total combined voting power of all classes of stock in one or the other
banks or corporations in the chain. 
  
 2.
ADMINISTRATION 
  
 The following provisions shall govern
the administration of the Plan: 
  
 a) The Plan shall be
administered by a committee of the Board of Directors duly appointed by the Board (the “Committee”) composed of two (2) or more outside directors within the meaning of Section 162(m) of the Internal Revenue Code of 1986, as amended (the
“Code”), each of whom is a “disinterested person” within the meaning of Rule 16b-3 under the Securities 

  

 1 

 
Exchange Act of 1934, as amended (the 11-1934 Act”), or successor rule or regulation, i.e. each Committee member has not, during the one year prior to
service as a Committee member, received the grant of an option under the Plan or any other plan of the Company, except that participation in a formula plan meeting the conditions of Rule 16b-3 under the 1934 Act shall not disqualify a director from
being a “disinterested person”. The Board of Directors may from time to time remove members from or add members to the Committee. Vacancies on the Committee, however caused, shall be filled by the Board of Directors. The Board of Directors
shall designate a Chairman of the Committee from among the Committee members. Acts of the Committee (i) at a meeting, held at a time and place and in accordance with rules adopted by the Committee, at which a majority of the Committee is present and
acting, or (ii) reduced to and approved in writing by a majority of the members of the Committee, shall be the valid acts of the Committee. 
  
 (b) The Company shall effect the grant of options under the Plan by execution of instruments in writing in a form approved by the Committee. Subject to
the express terms and conditions of the Plan and the terms of any option outstanding under the Plan, the Committee shall have full power to construe the Plan and the terms of any option granted under the Plan, to prescribe, amend and rescind rules
and regulations relating to the Plan or such options and to make all other determinations necessary or advisable for the Plan’s administration, including, without limitation, the power to (i) determine which persons meet the requirements of
Section 3 hereof for selection as participants in the Plan and which persons are considered to be “employees” for purposes of the Code, and therefore eligible to receive stock options under the Plan; (ii) determine to whom of the eligible
persons, if any, options shall be granted under the Plan; (iii) establish the terms and conditions required or permitted to be included in every option agreement or any amendments thereto, including whether options to be granted thereunder shall be
“incentive stock options”, as defined in the Code, or “nonstatutory stock options”; (iv) specify 

  

 2 

 
the number of shares to be covered by each option; (v) in the event a particular option is to be an incentive stock option, determine and incorporate such
terms and provisions, as well as amendments thereto, as shall be required in the judgment of the Committee, so as to provide for or conform such option to any change in any law, regulation, ruling or interpretation applicable thereto; and (vi) to
make all other determinations deemed necessary or advisable for administering the Plan. The Committee’s determination on the foregoing matters shall be conclusive. 
  
 3. PARTICIPANTS 
  
 Participants in the Plan shall be those, non-employee directors, officers and key, full-time, salaried employees of the
Company to whom options may be granted from time to time by the Committee. 
  
 4. THE SHARES 
  
 The
shares of stock initially subject to options authorized to be granted under the Plan shall consist of four hundred eighty-nine thousand (489,000) shares of Common Stock (the “Shares”) of the Company, or the number and kind of shares of
stock or other securities which shall be substituted for such shares or to which such shares shall be adjusted as provided in Section 6. The Shares subject to the Plan may be set aside out of the authorized but unissued shares of Common Stock of the
Company not reserved for any other purpose or out of shares of Common Stock subject to an option which, for any reason, terminates unexercised as to the Shares. 
  

 3 

 5. GRANTS TERMS AND CONDITIONS OF OPTIONS 
  
 Options may be granted at any time prior to the termination of the Plan to
non-employee directors, officers and other key, full-time, salaried employees of the Company who, in the judgment of the Committee, contribute to the successful conduct of the Company’s operation through their judgment, interest, ability and
special efforts; provided, however, that: (i) for incentive stock options, the aggregate fair market value of the stock (determined as of the date the option is granted) which is exercisable for the first time in any calendar year (under all stock
option plans of the Company, its Affiliates or any predecessor of any such corporation) shall not exceed $100,000; (ii) except in the case of termination by death or disability or cause or cessation of status as a director, as set forth in Section
5(c) below, the granted option must be exercised by optionee no later than three (3) months after any termination of employment or status as a director with the Company and said employment or status as a director must have been continuous since the
granting of the option. Further, incentive stock Options may only be granted to full-time, salaried employees of the Company. 
  
 In addition, options granted pursuant to the Plan shall be subject to the following terms and conditions: 
  
 (a) Number of Shares. 
  
   (i) Each agreement evidencing an option granted
under the Plan shall state the number of Shares subject to the option. 
  
 (ii) Each non-employee director who is a director on the date of adoption of the Plan by the Board of Directors of the Company (the “Commencement Date”) shall be entitled to a one-time grant of an option to
purchase ten thousand (10,000) Shares (an “Initial Grant”). Non-employee directors may only be granted non-statutory stock options. On or after the Commencement date, options may be granted to directors which grant shall become effective

  

 4 

 
as of the day following approval of the Plan by the Shareholders of the Company at the Company’s 1995 Annual Meeting of Shareholders; and which shall
thereafter vest as provided in Section 5(d) hereof. 
  
 (iii) On
each anniversary date of the Date of Grant (the “Anniversary Grant Date”), each director who has been a director continuously for the preceding year and who has not previously received, pursuant to Section 5(a)(ii) hereof, a grant of
options to purchase a total of ten thousand (10,000) Shares, shall be entitled to a grant of an option to purchase two thousand (2,000) Shares (an “Annual Grant”). Notwithstanding the foregoing, the maximum number of Shares for which
options may be granted under the Plan to any director shall be ten thousand (10,000) Shares. 
  
 (iv) In the event a director who is entitled to an Initial Grant or Annual Grant on the Date of Grant or Anniversary of Grant Date, respectively, ceases to be a director for any reason other than by reason of death of
said director prior to the Date of Grant or Anniversary Grant Date, such director shall not be entitled to receive such Initial Grant or Annual Grant. 
  
 (v) In the event of the death, prior to the Date of Grant or Anniversary Grant Date, of a director who is entitled to an Initial Grant or Annual Grant on
the Date of Grant or Anniversary Grant Date, respectively, the personal representative of said director shall be entitled to receive the Initial Grant of Annual Grant to which said director was entitled on such Date of Grant or Anniversary Grant
Date, but shall not be entitled to receive any further grants under the Plan. 
  
 (vi) No proration of an Annual Grant shall be made to any director based on a partial year of service as a director. 
  

 5 

 (b) Vesting Period of Options. With respect to each option granted pursuant to Section 5(a) above,
each optionee shall agree to remain as a director and to render his or her services for a period of at least six (6) months from the respective Date of Grant or Anniversary Grant Date, but such agreement shall not impose upon the Company any
obligation to retain the optionee as a director for any period. No option may be exercised by any optionee unless and until the optionee has served continuously as a director, officer or employee for a period of six (6) months from the date of grant
of such option (the “Vesting Period”), except as set forth in Sections 5(e) and 6 hereof. Upon the expiration of six (6) months from each respective Date of Grant or Anniversary Grant Date, each option granted pursuant to Section 5(a)(ii)
thru (iv) shall become immediately exercisable in full. 
  
 (c)
Option Price. The purchase price (the “Option Price”) under each option shall be not less than one hundred percent (100%) of the fair market value of the Shares subject thereto on the date the option is granted, as such value is
determined by the Committee (except nonstatutory stock options for which the exercise price may be less than fair market value as determined by the Committee in accordance with applicable law). The fair market value of such stock shall be determined
in accordance with any reasonable valuation method, including the valuation methods described in Treasury Regulation Section 20.2031-2. If, however, an employee owns stock of the Company possessing more than ten percent (10%) of the total combined
voting power of all classes of stock of the Company, the option price of any incentive stock option granted to such optionee shall be not less than one hundred ten percent (110%) of such fair market value at the time such option is granted.

  
 (d) Duration and Exercise of Options. Each option shall
vest in such manner and at such time at the rate of at least 25% per year up to but not exceeding four (4) years from the date the option is granted for all participants as the Committee shall determine in its sole 

  

 6 

 
discretion, provided that options shall vest pro rata on a monthly basis between the date of grant and any anniversary of he date of grant; provided,
further, that if an incentive stock option is granted to an employee owning stock possessing more than ten percent (10%) of the total combined voting power of all classes of stock of the Company, such option by its terms is not exercisable after the
expiration of four (4) years from the date such option is granted. Each option may be exercised for a period of one Hundred twenty (120) months from the date of grant, subject to the vesting provisions set forth herein. The termination of the Plan
shall not alter the maximum duration, the vesting provisions, or any other term or condition of any option granted prior to the termination of the Plan. 
  
 To the extent the right to purchase Shares has vested under a participant’s stock option agreement, options may be exercised from time to time by
delivering payment in full at the Option Price for the number of Shares being purchased by either: (i) cash, certified check, official bank check or the equivalent thereof acceptable to the Company; or (ii) shares of the Company’s Common Stock
with a fair market value on the date of exercise equal to the Option Price; or (iii) a combination of (i) and (ii) above; together with written notice to the Secretary of the Company identifying the option or part thereof being exercised and
specifying the number of Shares for which payment is being tendered. The Company shall deliver to the optionee, which delivery shall be not less than fifteen (15) days and not more than thirty (30) days after the giving of such notice, without
transfer or issue tax to the optionee (or other person entitled to exercise the option) at the principal office of the Company, or such other place as shall be mutually acceptable, a certificate or certificates for such Shares dated the date the
options were validly exercised; provided, however, that the time of such delivery may be postponed by the Company for such period as may be required for it with reasonable diligence to comply with any requirements of law. If an option covers
incentive and nonstatutory stock options, separate stock certificates shall be issued; one or more for stock acquired upon exercise of the incentive stock options and one or more for the stock acquired upon exercise of the non-statutory stock
options. 
  

 7 

 (e) Termination of Employment, or Director or Officer Status. Upon the termination of an
optionee’s status as an employee, director or officer of the Company, his or her rights to exercise an option then held shall be only as follows: 
  
 DEATH OR DISABILITY: If an optionee’s employment or status as an officer or director is terminated by death or disability in effect on the date
thereof, such optionee or such optionee’s qualified representative (in the event of the optionee’s mental disability) or the optionee’s estate (in the event of the optionee’s death) shall have the right for a period of twelve
(12) months following the date of such death or disability to exercise the option to the extent the optionee was entitled to exercise such option on the date of the optionee’s death or disability, provided the actual date of exercise is in no
event after the expiration of the term of the option. 
  
 An
optionee’s “estate” shall mean the optionee’s legal representative or any person who acquires the right to exercise an option by reason of the optionee’s death. 
  
 CAUSE: If an employee or officer is determined by the Board of Directors to have committed an act of embezzlement, fraud,
dishonesty, breach of fiduciary duty to the Company, or to have deliberately disregarded the rules of the Company which resulted in loss, damage or injury to the Company, or if an optionee (other than a director) makes any unauthorized disclosure of
any of the secrets or confidential information of the Company, induces any client or customer of the Company to break any contract with the Company or induces any principal for whom the Company acts as agent to terminate such agency relations, or
engages in any conduct which constitutes unfair competition with the Company, or if an optionee is removed from any office of the Company by any bank regulatory agency or by judicial process, the optionee or the optionee’s estate shall be
entitled to exercise any option with respect 

  

 8 

 
to any Shares for a period of thirty (30) days after termination of employment or status as a director or officer. The optionee may receive payment from the
Company for vacation pay, for services rendered prior to termination, for services for the day on which termination occurred, for salary in lieu of notice, or for other benefits. In making such determination, the Board of Directors shall act fairly
and shall give the optionee an opportunity to appear and be heard at a hearing before the full Board of Directors and present evidence on the optionee’s behalf. For the purpose of this paragraph termination of employment or officer status shall
be deemed to occur when the Company dispatches notice or advice to the optionee that the optionee’s employment or status as an officer is terminated and not at the time of optionee’s receipt thereof 
  
 OTHER REASONS: If an optionee’s employment or status as a director or
officer is terminated for any other reason other than those mentioned above under “Death or Disability” and “Cause”, the optionee may, within three (3) months following such termination, exercise the option to the extent such
option was exercisable by the optionee on the date of termination of the optionee’s employment or status as a director or officer, provided the date of exercise is in no event after the expiration of the term of the option. 
  
 (f) Transferability of Option. Each option shall be transferable only
by will or the laws of descent and distribution or pursuant to a qualified domestic relations order as defined by the Code and shall be exercisable during the optionee’s lifetime only by the optionee. 
  
 (g) Other Terms and Conditions. Options may also contain such other
provisions, which shall not be inconsistent with any of the foregoing terms, as the Committee shall deem appropriate. No option, however, nor anything contained in the Plan, shall confer upon any optionee any right to continue in the employ or in
the status as an officer of the Company, nor limit in any way the right of the Company to terminate an optionee’s employment or status as an officer at any time. 
  

 9 

 Nor shall any option, nor anything contained in the Plan, obligate the Company or any Affiliate to
continue any optionee’s status as a director or to vote any shares held by the Company’s proxy holders in favor of any optionee at any shareholders’ meeting of the Company at which directors are to be elected. 
  
 (h) Use of Proceeds from Stock. Proceeds from the sale of Shares
pursuant to the exercise of options granted under the Plan shall constitute general funds of the Company. 
  
 (i) Rights as a Shareholder. The optionee shall have no rights as a shareholder with respect to any Shares until the date of issuance of a stock
certificate for such Shares. No adjustment shall be made for dividends or other rights for which the record date is prior to the date of such issuance, except as provided in Section 6 hereof. 
  
 (j) Exercisability of Incentive Stock Options. The aggregate fair
market value (determined at the time the option is granted) of the stock with respect to which incentive stock options are exercisable for the first time by an optionee during any calendar year (under all such plans of the Company) shall not exceed
$100,000. Any option not complying with this Section 5(j) shall be a non-qualified stock option. 
  
 (k) Tax Withholding. The Company may determine that it is required to withhold taxes relating to the exercise of any option and that such tax
withholding shall be satisfied in a manner satisfactory to the Company before Shares pursuant to the exercise of an option are delivered to an optionee. The optionee may elect to pay such tax upon the exercise of a stock option by surrendering a
sufficient number of previously issued shares. The value of Shares surrendered shall be the fair market value of such Shares on the date the exercise becomes taxable. The election to withhold shares otherwise deliverable upon exercise of the option,
or to surrender previously issued shares, shall be subject to the approval of the Committee and must be made pursuant to rules established by the Committee. 
  

 10 

 6. ADJUSTMENT OF AND CHANGES IN THE SHARES 
  
 In the event the shares of Common Stock of the Company, as presently
constituted, shall be changed into or exchanged for a different number or kind of shares of stock or other securities of the Company or of another corporation (whether by reason of reorganization, merger, consolidation, recapitalization,
reclassification, split-up, combination of shares or otherwise), or if the number of shares of Common Stock of the Company shall be increased through the payment of a stock dividend or increased or decreased through a stock split, the Board of
Directors shall substitute for or add to each share of Common Stock of the Company theretofore appropriated or thereafter subject or which may become subject to an option under the Plan, the number and kind of shares of stock or other securities
into which each outstanding share of Common Stock of the Company shall be so changed, or for which each share shall be exchanged, or to which each such share shall be entitled, as the case may be. In addition, the Committee shall make appropriate
adjustment in the number and kind of shares as to which outstanding options, or portions thereof then unexercised, shall be exercisable so that any optionee’s proportionate interest in the Company by reason of his rights under unexercised
portions of such options shall be maintained as before the occurrence of such event. Such adjustment in outstanding options shall be made without change in the total price of the unexercised portion of the option and with a corresponding adjustment
in the option price per share. 
  
 In the event of sale,
dissolution or liquidation of the Company or a merger or consolidation in which the Company is not the surviving or resulting corporation, the Committee shall have the power to cause the termination of every option outstanding hereunder,
except that the surviving or resulting corporation may tender to the optionee, an option or options to purchase shares on terms and conditions reasonably acceptable to such optionees, both as to the number of shares and otherwise; provided, however,
that in all events the optionee shall have the 

  

 11 

 
right immediately prior to such sale, dissolution, liquidation, merger or consolidation in which the Company is not the surviving or resulting
corporation to (1) notification thereof as soon as practicable and (2) to exercise the optionee’s option to purchase Shares subject thereto which options shall fully vest immediately prior to such sale, dissolution, liquidation, merger
or consolidation in which the Company is not the surviving or resulting corporation. This right of exercise shall be conditioned upon the execution of a final plan of dissolution or liquidation or a definitive agreement of merger or consolidation.

  
 In the event of an offer by any person or entity to all
shareholders of the Company to purchase any or all shares of Common Stock of the Company (or shares of stock or other securities which shall be substituted for such shares or to which such shares shall be adjusted as provided in Section 6 hereof),
any optionee under this Plan shall have the right upon the commencement of such offer to exercise the option and purchase Shares subject thereto to the extent of any unexercised or unvested portion of such option. 
  
 No right to purchase fractional Shares shall result from any adjustment in
options pursuant to this Section 6. In case of any such adjustment, the shares subject to the option shall be rounded down to the nearest whole share. Notice of any adjustment shall be given by the Company to each holder of an option which was in
fact so adjusted and such adjustment (whether or not such notice is given) shall be effective and binding for all purposes of the Plan. 
  
 To the extent the foregoing adjustments relate to stock or securities of the Company, such adjustments shall be made by the Committee, whose determination
in that respect shall be final, binding and conclusive. Any issue by the Company of shares of stock of any class, or securities convertible into shares of any class, shall not affect the number or price of shares of Common Stock subject to the
option, and no adjustment by reason thereof shall be made. 
  
 The
grant of an option pursuant to the Plan shall not affect in any way the right or power 

  

 12 

 
of the Company to make adjustments, reclassification, reorganizations or changes of its capital or business structure or to merge or to consolidate or to
dissolve, liquidate or sell, or transfer all or any part of its business or assets. 
  
 7. LISTING OR QUALIFICATION OF SHARES 
  
 All options granted under the Plan are subject to the requirement that if at any time the Board of Directors or the Committee shall determine in its
discretion that the listing or qualification of the Shares subject thereto on any securities exchange or under any applicable law, or the consent or approval of any governmental regulatory body, is necessary or desirable as a condition of or in
connection with the issuance of Shares under the option, the option may not be exercised in whole or in part unless such listing, qualification, consent or approval shall have been effected or obtained free of any condition not acceptable to the
Board of Directors or the Committee. 
  
 8. AMENDMENT AND TERMINATION OF THE
PLAN 
  
 The Board of Directors shall have complete power and
authority to terminate or amend the Plan; provided, however, that the Board of Directors shall not, without the approval of the shareholders of the Company, (i) materially increase the benefits accruing to participants under the Plan; (ii) increase
the number of securities which may be issued under the Plan; or (iii) modify the requirements as to eligibility for participation in the Plan; and provided further that the terms set forth in Section 5 of the Plan shall not be amended more than once
every six months, other than to comport with changes in the Internal Revenue Code, the Employee Retirement Income Security Act of 1974 as amended, or the rules thereunder. Except as provided in section 6, no termination, modification or amendment of
the Plan may, without the consent of 

  

 13 

 
an employee, director or officer to whom such option shall theretofore have been granted, adversely affect the rights of such employee, director or officer
under such option. Unless the Plan shall have been terminated by action of the Board of Directors prior thereto, it shall terminate ten (10) years from the earlier of its adoption by the Board of Directors or approval by the Company’s
shareholders, unless earlier terminated by the Board of Directors. 
  
 Unless the Plan shall have been terminated by action of the Board of Directors prior thereto, the Plan shall terminate on August 23, 2004. 
  
 9. BINDING EFFECT OF CONDITIONS 
  
 The conditions and stipulations herein contained, or in any option granted pursuant to the Plan shall be, and constitute, a covenant running with all of
The Shares acquired by the optionee pursuant to this Plan, directly or indirectly, whether the same have been issued or not, and those Shares owned by the optionee shall not be sold, assigned or transferred by any person save and except in
accordance with the terms and conditions herein provided, and the optionee shall agree to use best efforts to cause the officers of the Company to refuse to record on the books of the Company any assignment or transfer made or attempted to be made
except as provided in the Plan and to cause such officers to refuse to cancel old certificates or to issue or deliver new certificates therefor where the purchaser or assignee has acquired certificates or the Shares represented thereby, except
strictly in accordance with the provisions of the Plan. 
  

 14 

 10. EFFECTIVENESS OF THE PLAN 
  
 The Plan shall become effective only upon approval by the Board of
Directors. The grant of any options pursuant to the Plan shall be conditioned upon the registration of the Shares with the Securities and Exchange Commission and Qualification of the offer and sale of the Shares pursuant to the Plan with the
Commissioner of Corporations of the State of California, unless in the opinion of counsel to the Company such registration or qualification is not necessary. 
  
 11. PRIVILEGES OF STOCK OWNERSHIP: SECURITIES LAW COMPLIANCE: NOTICE OF SALE 
  
 No optionee shall be entitled to the privileges of stock ownership as to any
Shares not actually issued and delivered to the optionee. No Shares shall be purchased upon the exercise of any option unless and until any applicable requirements of any regulatory agencies having jurisdiction, and of any exchanges upon which the
Common Stock of the Company may be listed, shall have been satisfied. The Company shall diligently endeavor to comply with all applicable securities laws before any options are granted under the Plan and before any Shares are issued pursuant to the
exercise of such options. The optionee shall give the Company notice of any sale or other disposition of any such Shares not more than five (5) days after such sale or other disposition. 
  
 12. INDEMNIFICATION 
  
 The Company shall indemnify its “agents”, as defined in Section
317 of the California Corporations Code, to the full extent permitted by Section 317, as amended from time to time, by any successor statute to Section 317, and or as by the permitted by any successor statute to Section 317, and by the
Company’s Articles of Incorporation. 
  

 15 

 13. INFORMATION TO OPTIONEES 
  
 The Company shall provide to each optionee during the period for which he or
she has one or more options outstanding, copies of all annual reports and other information which are provided to all shareholders of the Company. The Company shall not be required to provide such information to directors or key employees whose
duties in connection with the Company assure their access to equivalent information. 
  
 Adopted: August 23, 1994. 
  

 16First Amended & Restated Pacific Capital Bancorp Deferred Compensation Plan

 Exhibit 10.1.13 
  
 PACIFIC CAPITAL BANCORP 
  
 FIRST AMENDED AND RESTATED 
  
 DEFERRED COMPENSATION PLAN 
  
 October 1, 2000 
  
  

 TABLE OF CONTENTS 
  

							
	 Section

	 	 	  	Page

	 1.
	 	 DEFINITIONS
	  	1
	 	 	 1.1
	 	 “Acquired Company Deferred Compensation Plan”
	  	1
	 	 	 1.2
	 	 “Active Insured Employee”
	  	2
	 	 	 1.3
	 	 “Administrative Committee”
	  	2
	 	 	 1.4
	 	 “Affiliate”
	  	2
	 	 	 1.5
	 	 “Beneficiary”
	  	2
	 	 	 1.6
	 	 “Beneficiary Designation Form”
	  	2
	 	 	 1.7
	 	 “Code”
	  	2
	 	 	 1.8
	 	 “Compensation”
	  	2
	 	 	 1.9
	 	 “Contributions”
	  	2
	 	 	 1.10
	 	 “Director”
	  	2
	 	 	 1.11
	 	 “Disabled”
	  	3
	 	 	 1.12
	 	 “Earnings”
	  	3
	 	 	 1.13
	 	 “Effective Date”
	  	3
	 	 	 1.14
	 	 “Eligible Employee”
	  	3
	 	 	 1.15
	 	 “Eligible Person”
	  	3
	 	 	 1.16
	 	 “Employee”
	  	3
	 	 	 1.17
	 	 “Employer”
	  	3
	 	 	 1.18
	 	 “Employer Discretionary Account”
	  	3
	 	 	 1.19
	 	 “Employer Discretionary Contribution”
	  	3
	 	 	 1.20
	 	 “Employer Matching Account”
	  	3
	 	 	 1.21
	 	 “Employer Matching Contribution”
	  	3
	 	 	 1.22
	 	 AERISA”
	  	3
	 	 	 1.23
	 	 “Event of Hardship”
	  	3
	 	 	 1.24
	 	 “Investment Election Form”
	  	4
	 	 	 1.25
	 	 “Investment Option”
	  	4
	 	 	 1.26
	 	 “Participant”
	  	4
	 	 	 1.27
	 	 “Participant Accounts”
	  	4
	 	 	 1.28
	 	 “Participant Election Form”
	  	4
	 	 	 1.29
	 	 “Pay Period”
	  	4
	 	 	 1.30
	 	 “Plan”
	  	4
	 	 	 1.31
	 	 “Plan Administrator”
	  	4
	 	 	 1.32
	 	 “Plan Year”
	  	4
	 	 	 1.33
	 	 “Retirement”
	  	4
	 	 	 1.34
	 	 “Salary Reduction Account”
	  	4
	 	 	 1.35
	 	 “Salary Reduction Contribution”
	  	4
	 	 	 1.36
	 	 “Vested”
	  	5
	 	 	 1.37
	 	 “Year of Service”
	  	5
			
	 2.
	 	 ELIGIBILITY AND PARTICIPATION
	  	5
	 	 	 2.1
	 	 Eligibility
	  	5
	 	 	 2.2
	 	 Limitation on Elections
	  	5
	 	 	 2.3
	 	 Participation
	  	5
	 	 	 2.4
	 	 Continuation of Participant
	  	5

  

 -i- 

 TABLE OF CONTENTS (Cont'd) 
  

							
	 Section

	 	 	  	Page

	 	 	2.5	 	ERISA Termination	  	6
	 	 	2.6	 	Accounts Under Prior Plans	  	6
			
	3.	 	CONTRIBUTIONS TO PLAN	  	6
	 	 	3.1	 	Contributions	  	6
	 	 	3.2	 	Salary Reduction Contributions	  	6
	 	 	3.3	 	Employer Matching Contributions	  	7
	 	 	3.4	 	Employer Discretionary Contributions	  	8
	 	 	3.5	 	Timing of Allocations	  	9
			
	4.	 	ACCOUNTS AND VESTING	  	9
	 	 	4.1	 	Participant’s Accounts	  	9
	 	 	4.2	 	Vesting	  	9
	 	 	4.3	 	Adjustments to Account Balances	  	10
	 	 	4.4	 	Forfeiture	  	10
	 	 	4.5	 	Accounting and Reports	  	10
			
	5.	 	DEEMED INVESTMENT OF ACCOUNTS	  	10
	 	 	5.1	 	Investment Options	  	10
	 	 	5.2	 	Deemed Investments	  	10
	 	 	5.3	 	Changes in Investment Elections	  	11
	 	 	5.4	 	Crediting Account Balances	  	11
	 	 	5.5	 	Change in Options Offered	  	11
			
	6.	 	DISTRIBUTIONS	  	11
	 	 	6.1	 	Distribution Events	  	11
	 	 	6.2	 	Timing of Distributions	  	11
	 	 	6.3	 	Event of Hardship.	  	13
	 	 	6.4	 	Change in Distribution Election	  	14
	 	 	6.5	 	Crediting Distributions	  	14
	 	 	6.6	 	Withholding	  	14
	 	 	6.7	 	Appeals Procedure	  	14
			
	7.	 	ADMINISTRATION	  	14
	 	 	7.1	 	Duties of Plan Administrator	  	14
	 	 	7.2	 	Powers of Plan Administrator	  	15
	 	 	7.3	 	Inability to Locate Participant	  	15
	 	 	7.4	 	Records	  	15
	 	 	7.5	 	Filing	  	15
	 	 	7.6	 	Indemnification	  	15
	 	 	7.7	 	Expenses	  	15

  

 -ii- 

 TABLE OF CONTENTS (Cont'd) 
  

							
	 Section

	 	 	  	Page

	 8.
	 	 AMENDMENT AND TERMINATION
	  	16
	 	 	8.1	 	Reserved Power	  	16
	 	 	8.2	 	Effect of Termination	  	16
			
	9.	 	MISCELLANEOUS	  	16
	 	 	9.1	 	Prohibition Against Assignment	  	16
	 	 	9.2	 	Unfunded Plan	  	16
	 	 	9.3	 	No Employment Rights	  	16
	 	 	9.4	 	Application of ERISA	  	17
	 	 	9.5	 	Exclusive Benefit	  	17
	 	 	9.6	 	Interpretation	  	17
	 	 	9.7	 	Governing Law	  	17

  

 -iii- 

 PACIFIC CAPITAL BANCORP 
  
 FIRST AMENDED AND RESTATED 
  
 DEFERRED COMPENSATION PLAN 
  
 THIS FIRST AMENDED AND RESTATED DEFERRED COMPENSATION PLAN (the “Plan”) is made and adopted, effective on
the date set forth below, by PACIFIC CAPITAL BANCORP (“Employer”), with reference to the following facts: 
  
 RECITALS: 
  
 A. The Employer previously adopted that certain “Pacific Capital Bancorp Deferred Compensation Plan” dated effective December 15, 1999 (the
“Original Plan”), in order to enable a select group of management or highly compensated employees to elect to defer compensation in the manner described below. 
  
 B. The Employer desires to adopt this Plan in order to memorialize certain amendments to the Original Plan. 
  
 C. It is the intention of the Employer that (i) this Plan be an unfunded plan
of deferred compensation; (ii) this Plan be exempt from the requirements of the Employee Income Retirement Security Act of 1974 to the maximum extent permitted by law; and (iii) the amounts allocated to the “Participant Accounts” (as
defined below) pursuant to the Plan, as well as earnings thereon, not be included in the income of the Participant until the taxable year in which either such amount is paid to the Participant, or the Participant has the right to receive a payment
of such amount, pursuant to the Plan. 
  
 PLAN:

  
 NOW, THEREFORE, the Employer, intending to be
legally bound, does hereby adopt the following Plan. 
  
 1. DEFINITIONS

  
 For purposes of this Plan, each of the following terms
shall have the meaning set forth below: 
  
 1.1
“Acquired Company Deferred Compensation Plan” shall mean (a) that certain Executive Compensation Deferral Plan sponsored by South Valley National Bank, a California corporation, pursuant to certain resolutions adopted by the
Board of Directors of South Valley National Bank as of March 24, 1998, and (b) that certain Executive Compensation Deferral Plan sponsored by First National Bank of Central California as adopted by the Board of Directors of First National Bank of
Central California as of March 24, 1998, (c) that certain Executive Compensation Deferral Plan formerly sponsored by Pacific Capital Bancorp, a California corporation that was acquired by Employer in a transaction that closed effective December 30,
1998, as adopted by the Board of Directors of such corporation as of March 24, 1998, and (d) any other deferred compensation plan that is or has been sponsored, for the benefit of “management or highly compensated employees” (as such
phrase is defined under ERISA), by any corporation that is acquired by Employer (regardless whether such acquisition is structured as an asset acquisition, stock acquisition, merger, consolidation, or other reorganization transaction. 
  

 -1- 

 1.2 “Active Insured Employee” shall mean each Participant who dies at the
time such Participant is actively employed by the Employer, and with respect to whom the Employer owns or maintains on the life of such Participant a policy of life insurance. A Participant (a) who is employed by the Employer shall be deemed not to
be an Active Insured Employee if such Participant has terminated employment with the Employer prior to the date of such Participant’s death, and (b) shall be deemed to be “actively employed” by the Employer if such Participant
customarily works for the Employer for at least one thousand (1,000) hours per year. 
  
 1.3 “Administrative Committee” means the Committee constituted by Employer from time to time to administer this Plan. 
  
 1.4 “Affiliate” means each corporation, all the outstanding capital stock of which is owned by
PACIFIC CAPITAL BANCORP, a California corporation. 
  
 1.5 “Beneficiary” means each person, as designated by the Participant on the Participant’s Beneficiary Designation Form, who is entitled to receive a distribution of part or all of the amounts otherwise
distributable to the Participant pursuant to this Plan. 
  
 1.6
“Beneficiary Designation Form” means the form prescribed by the Plan Administrator from time to time for each Participant’s use in designating the Beneficiary entitled to receive a distribution of the Participant’s
benefits under this Plan. 
  
 1.7
“Code” means the Internal Revenue Code of 1986, as amended from time to time. 
  
 1.8 “Compensation” means the amount of taxable compensation payable by the Employer to the Participant, and shall include (a) the
Employee’s taxable salary or wages, (b) taxable bonuses payable to the Employee from time to time, (c) taxable income attributable to (i) Employee’s exercise of options to acquire Employer capital stock, and (ii) compensation transfers to
Employee of shares of Employer’s capital stock, and (d) with respect to Directors, the amount of fees payable by the Employer or any Affiliate to the Director in consideration of the Director’s services as a Director. 
  
 1.9 “Contributions” means Salary Reduction
Contributions, Employer Matching Contributions, and Employer Discretionary Contributions. 
  
 1.10 “Director” means each person who is or previously has been a member of the Board of Directors of (a) Employer, or (b) any Affiliate, (c) any corporation acquired by Employer or any
Affiliate (a “predecessor”), or (d) any corporation acquired by any such predecessor. For purposes of this Section 1.10, a corporation (the “first corporation”) shall be deemed to be “acquired” by another corporation
(the “second corporation”) only if (x) the first corporation either is merged with or into or consolidates with the second corporation, or (y) the second corporation acquires eighty percent (80.0%) or more of the outstanding voting
securities of the first corporation, or (z) the second corporation otherwise acquires all or substantially all of the assets of the first corporation. 
  

 -2- 

 1.11 “Disabled” means, with respect to a Participant, that the Participant
suffers from a physical or mental condition, as determined by a licensed medical doctor selected or approved by the Employer, that renders the Participant incapable of performing services as an Employee. 
  
 1.12 “Earnings” means the deemed income and gain
attributable to the deemed investment of the balance credited to a Participant Account in Investment Options. 
  
 1.13 “Effective Date” means October 1, 2000. 
  
 1.14 “Eligible Employee” means each Employee who (a) either (i) was eligible to participate in an
Acquired Company Deferred Compensation Plan, or (ii) hereafter is designated by the Administrative Committee as an “Eligible Employee” under this Plan, and (b) is a member of a “select group of management or highly compensated
employees” (as such phrase is defined under ERISA). 
  
 1.15 “Eligible Person” means (a) each Eligible Employee, and (b) each Director. 
  
 1.16 “Employee” means each person who is a common law employee of the Employer or any Affiliate. 
  
 1.17 “Employer” means (a) PACIFIC CAPITAL
BANCORP, a California corporation, and (b) each Affiliate of PACIFIC CAPITAL BANCORP. 
  
 1.18 “Employer Discretionary Account” means the account established pursuant to Section 4.1(c), below, to which the portion of any
Employer Discretionary Contribution allocated to the Participant shall be allocated. 
  
 1.19 “Employer Discretionary Contribution” means the amount, if any, which the Employer elects, from time to time and in the sole discretion of the Employer, to contribute to the Plan and
allocate to the Participant Accounts of one or more Participants, as further described in Section 3.4 below. 
  
 1.20 “Employer Matching Account” means the account established pursuant to Section 4.1(b), below, to which the Participant’s
share of Employer Matching Contributions and Earnings thereon are allocated. 
  
 1.21 “Employer Matching Contribution” means the amount, if any, which the Employer elects to contribute to the Plan pursuant to Section 3.3, below. 
  
 1.22 “ERISA” means the Employee Retirement Income
Security Act of 1974, as amended from time to time. 
  
 1.23
“Event of Hardship” means, subject to Section 6.3, below, with respect to each Participant, a severe financial hardship to the Participant resulting from the occurrence of one or more of the following circumstances: 

 
 1.23.1 Illness. The occurrence of a sudden and unexpected
illness or accident to a Participant or a person who is a “dependent” of a Participant (as the term “dependent” is defined in Section 152(a) of the Code); 
  

 -3- 

 1.23.2 Casualty. The loss of the Participant’s property due to casualty; or

  
 1.23.3 Other. Any other similar extraordinary
and unforeseeable event arising as a result of events beyond the control of the Participant. 
  
 1.24 “Investment Election Form” means a form prescribed by the Plan Administrator for use by Participants in designating the manner in which the balance in each Participant’s Account shall
be deemed to be invested pursuant to Section 5, below. 
  
 1.25
“Investment Option” means each alternative investment option offered by the Employer from time to time as an investment vehicle in which the amounts allocated to each Participant’s Accounts may be deemed to be invested.

  
 1.26 “Participant” means each Eligible
Person who commences participation in the Plan in the manner prescribed by Section 2, below. 
  
 1.27 “Participant Accounts” means, with respect to each Participant, the (a) Salary Reduction Account, (b) Employer Matching Account, and (c) Employer Discretionary Account. 
  
 1.28 “Participant Election Form” means the form
prescribed by the Plan Administrator on which each Eligible Person may reflect the election to participate in this Plan and to make a Salary Reduction Contribution to this Plan. 
  
 1.29 “Pay Period” means (a) with respect to each Eligible Employee, the regular weekly, bi-weekly,
semi-monthly, monthly, or other Pay Period which the Employer uses in paying Compensation to its Employees, and (b) with respect to each Director, the regular intervals at which compensation is paid to Directors in consideration of their services as
a Director. 
  
 1.30 “Plan” means this
Deferred Compensation Plan. 
  
 1.31 “Plan
Administrator” means the Employer and any other person designated by the Employer, from time to time, to be the “Plan Administrator” under this Plan. 
  
 1.32 “Plan Year” means each period of twelve (12) consecutive months beginning on January 1 and
ending on December 31. 
  
 1.33
“Retirement” means the Employee’s voluntarily terminating employment with the Employer following the first date as of which (a) the Participant has attained at least age 55 and has completed at least eight (8) years of
service, and (b) the sum of the Employee’s age plus Years of Service is at least equal to seventy-five (75). 
  
 1.34 “Salary Reduction Account” means the account established pursuant to Section 4.1(a), below, to which the Participant’s
Salary Reduction Contributions are allocated. 
  
 1.35
“Salary Reduction Contribution” means, with respect to each Participant, the amount of the Participant’s Compensation which the Participant elects to contribute to this Plan in accordance with Section 3.2, below.

  

 -4- 

 1.36 “Vested” means the portion of the funds allocated to the Participant’s
Accounts which is deemed to be nonforfeitable and owned by the Employee pursuant to Section 4, below. 
  
 1.37 “Year of Service” means: 
  
 1.37.1 Service With Employer. Each period of twelve months in which an Employee works as a full-time Employee of the Employer. Such periods
shall be measured from the date such Employee first becomes an Employee of the Employer, and from annual anniversaries of such date. All periods of service with the Employer shall be aggregated. 
  
 1.37.2 Credited Service. Each other period of service with any
other employer or person for which the Employer elects, in its sole and absolute discretion, to credit the Participant under this Plan. 
  
 2. ELIGIBILITY AND PARTICIPATION 
  
 2.1 Eligibility. Subject to Section 2.2, below, each Eligible Person shall be eligible to commence participation in the Plan immediately
after such individual has completed thirty (30) consecutive days of services as a Director or Employee, as the case may be. 
  
 2.2 Limitation on Elections. Notwithstanding any provisions of this Plan to the contrary: 
  
 2.2.1 Timing. An Eligible Employee may file an election to
participate in and make Salary Reduction Contributions to this Plan only if such election is made (a) by each individual who is an Eligible Person as of the Effective Date, on or before such Effective Date, and each Eligible Person who first becomes
an Eligible Person after a Plan Year has begun, within thirty (30) days after such Eligible Person has received written notification from the Employer that such individual is an Eligible Person, and (b) thereafter, with respect to each Plan Year, at
least fifteen (15) days prior to the first day of such Plan Year (as further described in Section 3.2.1, below). 
  
 2.2.2 Participants in Acquired Company Plans. Employer has agreed to permit certain Participants in the Acquired Company Plans to elect to
roll into this Plan the amounts credited to such Participants= accounts under the Acquired Company Plans. Any such Participant in that Acquired Company Plan who so elects to effect that rollover in credits shall be entitled to make with respect to
such rolled over credits such deemed investment elections and such distribution elections under this Plan as would any Eligible Person hereunder. 
  
 2.3 Participation. Each Eligible Employee who (a) is an Eligible Employee as of the Effective Date, may begin making Salary Reduction
Contributions as of the first day of the first Pay Period beginning on or after the Effective Date, (b) becomes an Eligible Employee after the Effective Date may being making Salary Reduction Contributions as of the first day of the first Plan Year
beginning after such person becomes an Eligible Employee, if such Eligible Employee timely files an election for such Plan Year in accordance with Section 2.2, above, and Section 3.2.1, below. 
  
 2.4 Continuation of Participant. Subject to Section 2.5, below,
once an individual has become an “Eligible Person” under this Plan, such individual shall continue to be an Eligible Person for so long as such individual is a Director or Eligible Employee of the Employer, notwithstanding whether such
individual thereafter may change the individual’s status with the Employer and Affiliate. 
  

 -5- 

 2.5 ERISA Termination. If the Employer determines in good faith that the Plan no longer
would be maintained for a “selected group of management or highly compensated employees” within the meaning of Sections 201(2), 301(a)(3), and 401(a)(1) of ERISA if the Participant continued to have rights under the Plan, then: 

 
 2.5.1 Termination of Rights. Such Participant no longer
shall have any rights under the Plan; and 
  
 2.5.2
Individual Agreement. The Employer shall execute a separate written agreement with the Participant, providing the Participant such rights with respect to Vested amounts that are allocated to the Participant’s Account (as of the date
the Participant ceased to be a member of a select group of management or highly compensated employees,” as defined above), as are substantially identical to those which the Participant then may possess under this Plan. 
  
 2.6 Accounts Under Prior Plans. Employer hereby: 
  
 2.6.1 Acknowledgment Re Prior Plan. Acknowledges that (a)
Pacific Capital Bancorp, a California corporation (“Old Pacific”) and certain of its affiliates sponsored the Acquired Company Plans, and (b) in transactions that closed effective December 30, 1998, Old Pacific merged with and into
Employer; and 
  
 2.6.2 Acceptance of Accounts.
Hereby agrees that from and after the Effective Date, (a) each account maintained under the Acquired Company Plans shall be deemed to be a “Salary Reduction Account” under this Plan,, and (b) each person on whose behalf an account was
maintained under an Acquired Company Plan (i) shall have with respect to the deemed investment of such account balance and distributions from such account all of the rights of “Eligible Persons” under this Plan with respect to Participant
accounts maintained under this Plan for such Eligible Persons, (ii) shall be deemed to be one hundred percent (100%) Vested in all amounts allocated to the Participant=s Salary Reduction Account under this Plan; and (iii) shall be eligible to make
further Contributions to this Plan as if such former Participant in an Acquired Company Plan were an “Eligible Person” with respect to this Plan. 
  
 3. CONTRIBUTIONS TO PLAN 
  
 3.1 Contributions. The Employer shall contribute to this Plan and allocate to the Participants’ Accounts (a) Salary Reduction
Contributions, at the direction of each Participant, as further described in Section 3.2, below, (b) Employer Matching Contributions, in the discretion of Employer, as further described in Section 3.3, below, and (c) Employer Discretionary
Contributions, in the discretion of Employer, as further described in Section 3.4, below. 
  
 3.2 Salary Reduction Contributions. The Employer shall contribute to this Plan on behalf of each Participant the amount of the Participant’s Salary Reduction Contributions. 
  
 3.2.1 Election. Each Participant desiring to make Salary
Reduction Contributions to this Plan shall complete and deliver to the Plan Administrator a Participant Election Form, specifying a uniform amount of money, or a uniform percentage of the Participant’s Compensation, which is to be withheld from
the Participant’s Compensation during each Pay Period. 
  

 -6- 

 A. For each Plan Year, each Participant electing to make any Salary Reduction Contribution must elect to
contribute at least Five Thousand Dollars ($5,000.00) in Salary Reduction Contributions for such Plan Year. 
  
 B. The initial election form for each Participant shall be made within the appropriate period described in Section 2.2, above. Each subsequent election
form which either is intended to increase the amount of the Participant’s Salary Reduction Contributions, or is to take effect at a time when the Participant does not have a currently effective election in place, shall not take effect prior to
January 1 of the first Plan Year beginning after the Plan Year in which such election form is filed with and accepted by the Plan Administrator. 
  
 C. As contemplated by Section 1.8(c)(i), above, such Salary Reduction Contribution may apply to income attributable to Participant’s exercise of
options to acquire the capital stock of Employer. Any Salary Reduction Contribution attributable to such income shall be made at the time and in the manner designated by the Plan Administrator from time to time. 
  
 D. Once a Participant Election Form has been delivered to and accepted by
the Plan Administrator, the election reflected on that form shall remain in effect until either (1) it is revoked or modified pursuant to Section 3.2.2, below, or (2) this Plan is terminated. 
  
 E. Notwithstanding any other provision of this Plan to the contrary, in no
event may a Participant elect to make an amount of Salary Reduction contributions to the Plan which would cause the Participant’s remaining Compensation to be less than the amount of social security taxes and other wage withholding amounts due
to cognizant taxing authorities with respect to the Participant’s Compensation. 
  
 3.2.2 Irrevocable Elections. A Participant from time to time may reduce the amount of the Participant’s Salary Reduction Contributions, or revoke a prior election to make Salary Reduction
Contributions to the Plan, by delivering to the Plan Administrator a new Participant Election Form, specifying the new amount, if any, of the Participant’s Salary Reduction Contribution. Any such new election form shall not be effective prior
to the first day of the first Plan Year beginning at least fifteen (15) days after such form is filed with and accepted by the Plan Administrator. An election to increase the amount of Salary Reduction Contributions shall not take effect prior to
April 1 of the calendar year following the calendar year in which such election form is filed with and accepted by the Plan Administrator. 
  
 3.2.3 Allocation. The entire amount of the Salary Reduction Contributions of each Participant shall be allocated to the Salary Reduction
Account of that Participant at the time required by Section 3.5.1, below. 
  
 3.2.4 Suspension of Contributions. The Participant’s right to make Salary Reduction Contributions shall be suspended during the twelve-month period described in Section 6.3.3, below. 
  
 3.3 Employer Matching Contributions. The Employer from time to
time may elect, in its sole and absolute discretion, to make Employer Matching Contributions to the Plan on behalf of each Participant. If the Employer elects to make such Contributions for any Plan Year, then the Employer shall contribute to the
Plan in any such Plan Year on behalf of each Participant an Employer Matching Contribution in an amount equal to such percentage of the Participant’s Salary Reduction Contributions as is determined and announced by the Employer. 
  

 -7- 

 3.3.1 Timing. Such Employer Matching Contributions shall be contributed to the Plan at the
same time as the Salary Reduction Contributions with respect to which the Employer Contributions are being made. 
  
 3.3.2 Allocation. The entire amount of the Employer Matching Contributions of each Participant shall be allocated to the Employer Matching
Account of that Participant. 
  
 3.4 Employer Discretionary
Contributions. The Employer may elect, from time to time and in its sole and absolute discretion, to make Employer Discretionary Contributions to the Plan in such amount, if any, as the Employer deems appropriate. 
  
 3.4.1 Notice to Participants. If the Employer elects to make
any such Employer Discretionary Contributions to the Plan with respect to any Plan Year, then as soon as practicable after the date on which such Contribution is made by the Employer, the Employer shall advise the Participants of the amount of such
Contribution and the manner in which such Contribution shall be allocated to the Employer Discretionary Accounts of the Participants. 
  
 3.4.2 Allocation. It is contemplated that the Employer may use Employer Discretionary Contributions either (a) to encourage Participants to
make Salary Reduction Contributions, (b) to reward selected Participants in varying amounts, or (c) to reward all Participants generally in a consistent manner. Therefore, all such Employer Discretionary Contributions shall be allocated to the
Employer Discretionary Accounts of Participants in such manner as the Employer may announce from time to time, and the Employer shall not be required to use in one Plan Year the same formula for making such allocations as the Employer used for
making such allocations in any other Plan Year. The Employer shall have the discretion to direct that such allocations be made: 
  
 A. In proportion to the compensation of each Participant; 
  
 B. In proportion to the compensation of Participants making Salary Reduction Contributions during the period with respect to which the Employer
Discretionary Contribution is made; 
  
 C. In accordance with the
account balances of all Participants; 
  
 D. In proportion to the
Salary Reduction Contributions of Participants making such Contributions during the period with respect to which the Employer Discretionary Contribution is being made; 
  
 E. Only to the Employer Discretionary Accounts of specifically named Participants; 
  
 F. In a manner combining some one or more of the foregoing methods; or

  
 G. In such other manner as the Employer, in its sole and
absolute discretion, may select from time to time. 
  
 3.4.3
Allocations for Active Insured Participants. In addition to other allocations permitted or required under this Plan, Employer shall credit to the Employer Discretionary Account of each Active Insured Participant the amounts required
pursuant to Section 4.2.4(b), below. Such amount shall be credited within the time period specified in such Section 4.2.4(b). 
  

 -8- 

 3.5 Timing of Allocations. Contributions to this Plan shall be allocated to the each
Participant’s Accounts as follows: 
  
 3.5.1 Salary
Reduction Contributions. With respect to Salary Reduction Contributions, the amount of such contribution for each Participant shall be allocated to the Salary Reduction Account of the Participant within five (5) business days after the end
of the Pay Period with respect to which such Salary Reduction Contribution has been withheld from the Compensation of the Participant. 
  
 3.5.2 Employer Matching Contributions. Employer Matching Contributions shall be allocated to the Employer Matching Account of each
Participant at the same time as the Salary Reduction Contribution with respect to which it is being made is required to be allocated to the Participant’s Salary Reduction Account pursuant to Section 3.5.1, above. 
  
 3.5.3 Employer Discretionary Contributions. With respect to
Employer Discretionary Contributions, the contribution shall be allocated to the Employer Discretionary Account of each Participant entitled to receive an allocation at the time designated by the Employer in its notice to Participants regarding such
contribution. 
  
 4. ACCOUNTS AND VESTING 
  
 4.1 Participant’s Accounts. There shall be established on
behalf of each Participant (a) a Salary Reduction Account, (b) an Employer Matching Account, and (c) an Employer Discretionary Account. 
  
 4.2 Vesting. Each Participant: 
  
 4.2.1 Salary Reduction Account. At all times shall be one hundred percent (100%) Vested in all amounts allocable to the Participant’s
Salary Reduction Account pursuant to this Plan. 
  
 4.2.2
Employer Matching Account. Shall become Vested in amounts allocated to the Participant’s Employer Matching Account on the basis of completed Years of Service, at the rate per Year of Service, and over the period of time, specified by
the Employer (in its discretion) at the time it makes such Contributions. The Employer may, inter alia, apply different Vesting schedules in different years, and also use different Vesting schedules for different Participants from time
to time. 
  
 4.2.3 Employer Discretionary Account.
Shall become Vested in amounts allocated to the Participant’s Employer Discretionary Account at such time, and in such manner, as the Employer (in its sole discretion) may designate. 
  
 4.2.4 Deceased Participant. Upon the death of the Participant (a) automatically shall become fully Vested in
all amounts allocated to the Participant’s Accounts under this Plan, and (b) if such Participant is an Active Insured Employee, automatically shall receive a credit to such Participant’s Employer Discretionary Account under this Plan a
fully vested credit of One Hundred Thousand Dollars ($100,000.00) effective not later than thirty (30) days following the date of such Participant’s death. 
  

 -9- 

 4.3 Adjustments to Account Balances. The balance in each of the Participant’s Accounts
shall be: 
  
 4.3.1 Increases. Increased by (a) the
amount of the Contributions required to be allocated to such account pursuant to Section 3, above, (b) the amount of forfeitures allocated to the account pursuant to Section 4.4, below, and (c) the amount of income, gain, and other earnings
allocable to such account in accordance with the provisions of Section 5, below. 
  
 4.3.2 Decreases. Decreased by (a) the amount of distributions deemed to be paid to the Participant or his Beneficiaries from such account, (b) the amount of deemed investment losses allocable to such
account from time to time in accordance with Section 5, below, (c) the amount of expenses allocable to such account from time to time pursuant to Section 7.7, below, (d) the amount of forfeitures by the Participant pursuant to Section 4.4, below,
and (d) with respect to the Employer Matching Account and the Employer Discretionary Account, the amount which is forfeited pursuant to Section 4.4, below. 
  
 4.4 Forfeiture. If a Participant’s employment (or, with respect to a Director, such Director’s status as a Director) with the
Employer or an Affiliate (or, with respect to Directors, is not again elected as a Director of the Employer or an Affiliate) is terminated for any reason, and the Participant is not re-employed by the Employer or an Affiliate (or, with respect to
Directors, is not again elected as a Director of the Employer or an Affiliate) with ninety (90) days after the effective date of such termination, then the Participant shall forfeit all rights to any amounts allocated to any of the
Participant’s Accounts in which the Participant is not then Vested. The amount of any such forfeitures under this Section 4.4 shall, in the discretion of the Employer determined annually, either be (a) reallocated to the remaining Participants
in such manner in which the Employer may announce from time to time, or (b) held in a suspense account and thereafter applied in such manner as the Employer shall direct. 
  
 4.5 Accounting and Reports. Promptly after the end of each calendar quarter during each Plan Year, the Plan
Administrator shall cause to be delivered to each Participant a statement summarizing transactions with respect to the amounts allocated to each Participant’s Account during, and the balance allocated as of the last day of, the immediately
preceding calendar quarter. 
  
 5. DEEMED INVESTMENT OF ACCOUNTS

  
 5.1 Investment Options. The Employer shall
designate and notify Participants from time to time of those Investment Options in which the amounts credited to the Participants’ Accounts may be deemed to be invested. 
  
 5.2 Deemed Investments. The balance in each Participant Account shall be deemed to be invested as follows:

  
 5.2.1 Directed Investment. If and to the extent
that the Participant has made an election to have the balance in the Participant’s Accounts invested in one or more Investment Options, such balance shall be deemed to be invested in such Investment Options in the manner contemplated by the
Participant’s Investment Election Form from time to time. 
  
 5.2.2 Default Investment. If the Participant has not timely and properly filed an Investment Election Form in accordance with this Plan, or if any such form does not direct the investor of the entire balance in the
Participant’s account, then the balance of the Participant’s Account (or any portion thereof 

  

 -10- 

 
not subject to a proper Investment Election Form) shall be deemed to be invested in such manner, if any, as the Employer may announce from time to time. It
is contemplated that if the Employer elects to treat such portion of the Participant’s Accounts as being invested in a “default” investment, then any such default investment will generate only minimal deemed returns consistent with
such investment in instruments as short-term money market instruments. The Company shall not be obligated to invest any monies in any such Investment Options; rather, such deemed investments are intended merely to provide a basis for accounting for
changes in the amount of Participant’s account balance under this Plan. 
  
 5.3 Changes in Investment Elections. A Participant may modify such Participant’s Investment Election Form in order to change the manner in which all or any portion of the balance in the
Participant’s Account shall be deemed to be invested. A Participant may make such an election not more frequently than once in each calendar month, effective as of the first day of such calendar month, provided that the Participant
delivers written notice of such change (on such form as the Plan Administrator may specify from time to time) at least five (5) days prior to the first day of such calendar month. 
  
 5.4 Crediting Account Balances. All income, gain, loss, and expense attributable to an Investment Option shall
be deemed to be credited to the balance in a Participant’s account as of the time as of which such amount would have been credited to such account if the amount deemed invested in such Investment Option actually had been invested in such
Investment Option. 
  
 5.5 Change in Options
Offered. The Employer from time to time may change the Investment Options offered to Participants under this Plan. If, as a result of any such change, an Investment Option previously offered under this Plan is no longer offered, then the
amount then invested in such Investment Option thereafter shall be deemed to be invested in (a) such other Investment Option as is selected by the Participant, or (b) in the absence of such a selection, in such default Investment Option as is
offered by the Employer pursuant to Section 5.2.2, above. 
  
 6.
DISTRIBUTIONS 
  
 6.1 Distribution
Events. A Participant shall not be entitled to receive any portion of the amount credited to such Participant’s Accounts prior to the occurrence of any one or more of the following events: 
  
 6.1.1 Death. The death of the Participant; 
  
 6.1.2 Disability. The Participant has become Disabled;

  
 6.1.3 Election. As soon as administratively
feasible after the date designated by the Participant as the date on which the balance in the Participant’s Account is to be distributed to the Participant or his Beneficiary; 
  
 6.1.4 Hardship. There has occurred with respect to the Participant an Event of Hardship. 
  
 6.1.5 Retirement. The Retirement of the Participant.

  
 6.2 Timing of Distributions. 
  
 6.2.1 Election. Subject to Section 6.2.2, below, when a
Participant files an election to make Salary Reduction Contributions for any Plan Year, the Participant may elect to receive such Salary Reduction Deferrals and earnings thereon either (a) upon termination of the Participant’s employment or
other service engagement with the Employer or an Affiliate, or (b) at such other time as the Participant then may designate. 
  

 -11- 

 A. If the Participant elects to receive such Contributions and earnings thereon at termination of
employment (or other service engagement) with the Employer or an Affiliate, then such election shall be irrevocable. 
  
 B. If the Participant later terminates employment by reason of Retirement or Disability, then the amount distributable to the Participant shall be
distributable, at the election of the Participant, either (i) in substantially equal quarterly installments over a period of ten (10) years, or (ii) in substantially equal quarterly installments over a period of either five (5) or fifteen (15)
years, or (iii) in one lump sum; provided, if the Participant’s Participant Account balance is less than Fifty Thousand Dollars ($50,000.00) as of the date on which distributions first become payable to the Participant, then the
Participant shall be entitled to receive such distributions only in a lump sum. 
  
 C. If the Participant’s employment or other service engagement with the Employer or an Affiliate terminates other than by reason of the Participant’s Retirement or Disability, then the entire amount
distributable to the Participant shall be paid in a lump sum. 
  
 6.2.2 Scheduled In-Service Distributions. If pursuant to Section 6.2.1, above, the Participant has elected to receive a distribution of the Participant’s account while the Participant is still employed by (or otherwise
providing services to) the Employer or an Affiliate, then: 
  
 A. Such distributions shall commence in any year which is at least two (2) years after the Plan Year in which the Salary Reduction Contributions are credited to the Participant’s account; 
  
 B. The Participant may elect to receive the amount distributable to the
Participant either (i) in one lump sum, or (ii) in substantially equal quarterly installments over a period of two (2), three (3), four (4), or five (5) years; provided, if the total amount distributable to the Participant is Twenty-five
Thousand Dollars ($25,000.00) or less when amounts first become distributable to the Participant, then the entire amount shall be paid to the Participant in one lump sum; and 
  
 C. If a Participant is receiving in-service quarterly installment distributions and while receiving such distributions
terminates employment, then the remainder of the installments will be paid to the Participant as a lump sum as promptly as practicable after termination of employment (or other service engagement). 
  
 6.2.3 Non-Scheduled In-Service Distributions. Any Participant
at any time may elect, while still employed by the Employer or an Affiliate (or while serving as a Director), to receive a distribution of such Participant’s Vested balance in the Participant’s account under this Plan, subject to the
following limitations: 
  
 A. Such election may be made only by
filing with the Plan Administrator prior to the end of any calendar month for which a distribution is requested such early distribution form as the Plan Administrator may specify. 
  
 B. By reasons of the forfeiture provision set forth in Paragraph D, below, the maximum amount of any distribution under
this Section 6.2.3 shall not exceed the amount by which (i) the Participant’s Vested account balance immediately prior to the distribution, exceeds (ii) the amount forfeited under Paragraph D, below. 
  

 -12- 

 C. The amount distributable to the Participant pursuant to this Section 6.2.3 may be paid only in a
single cash lump sum as soon as practicable after the end of the calendar month in which the distribution election is made and the proper form is filed with the Plan Administrator. 
  
 D. Concurrently with the distribution of the amount distributed to the Participant to this Section 6.2.3, the Participant
shall forfeit an amount equal to ten percent (10.0%) of the gross amount distributed to the Participant pursuant to this Section 6.2.3, and the Employer shall not have any further obligations to the Participant or his beneficiary with respect to
such forfeited amount. 
  
 E. The Participant thereafter shall
not be eligible to make any further Salary Reduction Contributions to the Plan for the remainder of the Plan Year in which such distribution is made under this Section 6.2.3 and for the entire following Plan Year. 
  
 6.2.4 Deceased Participant. If: 
  
 A. A Participant dies, then the Participant’s entire account balance
shall be paid, in one lump sum, to the Participant’s named beneficiary; and 
  
 B. A terminated Participant who is receiving distributions dies, then the beneficiary named by such Participant shall continue receiving the remainder of the quarterly installments as they become due. 
  
 6.3 Event of Hardship. A Participant requesting a distribution
by reason of the occurrence of an Event of Hardship shall submit an application for such distribution on such form as the Plan Administrator shall prescribe, together with such additional information reasonably requested by the Plan Administrator.
The Plan Administrator shall endeavor to make, as promptly as practicable, its determination as to whether the Participant is entitled to receive any distribution by reason of the occurrence of an Event of Hardship. 
  
 6.3.1 Determination by Administrator. The final determination
as to whether an Event of Hardship has occurred, and the extent to which a distribution may be made by reason of such event, shall be made by the Plan Administrator, in its sole and absolute discretion, on the basis of the principles set forth in
this Plan. Neither the Employer nor the Plan Administrator shall have any liability whatsoever with respect to any determination of whether an Event of Hardship may have occurred. 
  
 6.3.2 Determination and Distribution. The determination of whether an Event of Hardship has occurred, and
whether a distribution shall be made by reason of such event, shall depend upon the particular circumstances surrounding each situation. A distribution: 
  
 A. Shall not be made to the extent that the Participant’s severe financial hardship may be relieved (i) through reimbursement or compensation by
insurance or otherwise, (ii) by liquidation of the Participant’s assets, to the extent the liquidation of such assets would not itself cause severe financial hardship, or (iii) by cessation of Salary Reduction Contributions under this Plan.

  
 B. Shall be permitted only to the extent reasonably needed to
satisfy the Participant’s emergency needs caused by the Event of Hardship. 
  

 -13- 

 6.3.3 Suspension of Contributions. A Participant who receives a distribution pursuant to
Section 6.1.4, above, shall not be entitled to make further Salary Reduction Contributions to the Plan for a period of twelve (12) months after the date of the distribution under Section 6.1.4. 
  
 6.4 Change in Distribution Election. Subject to Section 6.2.1A,
above, a Participant who has made an election designating the calendar year in which a distribution is to be made to the Participant pursuant to Section 6.2.1, above, may change such election by designating another calendar year for such
distribution, provided (a) such election is made on a form prescribed by the Plan Administrator, (b) such form is filed by the Participant with the Plan Administrator prior to the calendar year in which the distribution to the Participant was
to be made pursuant to the previous election form (and prior to the commencement of any distributions under this Plan), (c) the new date for the distribution occurs in a calendar year subsequent to the calendar year in which the Participant is
filing the new election form, and (d) the Plan Administrator, in its sole discretion, consents to the change. 
  
 6.5 Crediting Distributions. Unless a Participant elects otherwise, any distribution of less than the entire amount credited to the
Participant’s Accounts of a Participant shall be deducted pro rata from each account and shall be deducted pro rata within each account in each Investment Option in which the balance in such account is deemed to be invested. 
  
 6.6 Withholding. The amount payable to a Participant or
Beneficiary under this Plan shall be subject to applicable federal and state withholding taxes, and the Plan Administrator may withhold from the distribution such amount as may be necessary to comply with applicable tax withholding rules.

  
 6.7 Appeals Procedure. If a claim for benefits
under this Plan is wholly or partly denied by the Plan Administrator, then the Participant may request a review of that decision by submitting to the Employer, not later than sixty (60) days after receiving notice of the Plan Administrator’s
decision, a written request for review of such decision. Within sixty (60) days of receiving such application, the Employer shall review the application, hold such hearings as the Employer, in its sole and absolute discretion, deems appropriate, and
advise the Participant, in writing, of its decision. If the decision on review is not provided within such sixty-day period, then the application for appeal shall be deemed to be denied. 
  
 7. ADMINISTRATION 
  
 7.1 Duties of Plan Administrator. The Plan Administrator shall administer the Plan in accordance with its terms, for the exclusive benefit
of Participants, in a manner designed to achieve the Employer’s objectives of: 
  
 7.1.1 Deferral. Deferring until the date of a distribution pursuant to Section 6, above, the year in which each Participant must include in income the balance credited to the Participant’s Accounts
under this Plan; and 
  
 7.1.2 ERISA Exemption.
Limiting participation in the Plan to only a select group of management and highly compensated employees in order to ensure that the Plan is exempt from ERISA to the maximum extent permissible. 
  

 -14- 

 7.2 Powers of Plan Administrator. The Plan Administrator shall have full power and
authority to administer and carry into effect the terms and conditions of the Plan, subject to applicable requirements of law. Such power shall include, but not be limited to, the power to: 
  
 7.2.1 Interpret Elections. Interpret election forms delivered
by Participants and to reject or fail to abide by any such form which the Plan Administrator determines to be incomplete, incorrect, or ambiguous. 
  
 7.2.2 Rules and Regulations. Make and enforce such reasonable rules and regulations as the Plan Administrator deems necessary or proper for
the efficient administration of the Plan, including the establishment of any claims procedures that may be required by applicable provisions of law; 
  
 7.2.3 Interpretation. Interpret in good faith the terms and conditions of this Plan; 
  
 7.2.4 Resolution. Resolve all questions concerning the Plan and
the eligibility of any Employee to participate in the same; and 
  
 7.2.5 Agents. Appoint and retain such agents, counsel, accountants, consultants, and other persons as may be necessary or appropriate to assist in the administration of the Plan. 
  
 7.3 Inability to Locate Participant. If the Plan Administrator
is unable to locate a Participant within two (2) years after the Participant becomes entitled to receive a distribution pursuant to Section 6.1, above, and the Plan Administrator has given to the Participant and any named Beneficiaries of such
Participant (by certified or registered mail, return receipt requested, at the last known mailing address which such Participant supplied the Plan Administrator for the Participant and Beneficiaries for purposes of this Plan) written notice of the
Participant’s entitlement to receive a distribution pursuant to this Plan, then at the end of such two-year period the Participant shall forfeit his right to receive all amounts then credited to the Participant’s accounts and the Employer
no longer shall have any obligation to make any distribution or payment to the Participant or any Beneficiary pursuant to this Plan. 
  
 7.4 Records. The Plan Administrator shall establish and maintain such records as are necessary or appropriate to the efficient
administration of the Plan. Each Participant, upon reasonable advance notice to the Plan Administrator, shall be entitled to inspect such of those records as pertain to that Participant. 
  
 7.5 Filing. The Plan Administrator shall timely file all forms that may be required to be filed with respect
to the Plan pursuant to the Code, ERISA, or other provisions of law. 
  
 7.6 Indemnification. The Employer shall indemnify, defend, and hold the Plan Administrator free and harmless from and against any and all liabilities, damages, costs and expenses, including reasonable attorneys’ fees,
occasioned by any actions which the Plan Administrator takes, or fails to take, in good faith, in connection with the administration of the Plan. 
  
 7.7 Expenses. The Employer may charge the Participant’s Accounts with the reasonable costs of maintaining and administering the Plan.

  

 -15- 

 8. AMENDMENT AND TERMINATION 
  
 8.1 Reserved Power. This Plan may be amended or terminated at any time by a written instrument executed by the
Employer. 
  
 8.2 Effect of Termination. If the
Employer elects to terminate the Plan, then: 
  
 8.2.1
Vested Amounts. Such termination shall not affect the obligation of the Employer to make distributions to the Participant (or his Beneficiaries) of an amount equal to (a) the portion of the amounts then credited to the Participant’s
Accounts in which the Participant is Vested, and (b) any Earnings subsequently credited to such Vested balance prior to the time such amount is distributed to the Participant. 
  
 8.2.2 Unvested Amounts. The Employer may elect to occasion the forfeiture of any portion of the amounts then
credited to the Participant’s Accounts in which the Participant is not then Vested; and 
  
 8.2.3 Subsequent Investment Options. The Employer may elect, in connection with such termination, to designate a single Investment Option in which each Participant’s Vested balance in the
Participant’s Accounts thereafter shall be deemed to be invested. The Employer shall not have any duty to select an Investment Option which maximizes the deemed investment return to the Participants. 
  
 9. MISCELLANEOUS 
  
 9.1 Prohibition Against Assignment. No portion of the amount credited to a Participant’s Account under
this Plan may be voluntarily or involuntarily encumbered, attached, garnished, or otherwise involuntarily taken by any creditor or claimant. 
  
 9.2 Unfunded Plan. This Plan is intended to be an unfunded plan of deferred compensation payable solely from the general assets of the
Employer, and the Employer does not intend to establish any special fund or account from which the amounts payable under this Plan shall be paid. Neither the establishment and maintenance of this Plan, any express or implied term of this Plan, nor
any provision of law shall be construed to impose on the Employer any obligation to establish or maintain any such special fund or account. No Participant or any other person shall have any right or claim under this Plan, except as an unsecured
creditor of the Employer. Any reference to a “contribution to” this Plan shall be deemed merely a reference to amounts that are to be allocated to the account of a Participant under the Plan, and any reference to a “distribution
from” this Plan shall be deemed to be merely a reference to the amount of the payment which the Participant is entitled to receive under the terms of this Plan. 
  
 9.3 No Employment Rights. Neither the adoption and maintenance of this Plan, nor any express or implied
provision of this Plan, shall be deemed: 
  
 9.3.1
Contract. To constitute a contract between the Employer and any person, or to be a consideration for or an inducement or condition of, the employment of any person; 
  
 9.3.2 Right. To give any person the right to be retained in the employ of the Employer; 
  
 9.3.3 Discharge. To interfere with the right of the Employer to
discharge any Employee (including any Participant) at any time; or 
  

 -16- 

 9.3.4 Continuing Employment. To give the Employer the right to require an Employee to
remain in the employ in the Employer, or to interfere with an Employee’s right to terminate his employment at any time. 
  
 9.4 Application of ERISA. The Employer intends that this Plan shall be exempt from ERISA to the maximum extent that an employee benefit plan
benefiting only a select group of management or highly compensated employees may be exempt from ERISA. 
  
 9.5 Exclusive Benefit. The Employer shall administer this Plan for the exclusive benefit of the Participants and Beneficiaries. 

 
 9.6 Interpretation. As used in this Plan, the masculine,
feminine, and neuter gender and the singular and plural numbers each shall be deemed to include the other whenever the context indicates or requires. The captions to various sections of this Plan are for convenience of reference only, and shall not
affect in any way the meaning or interpretation of this Plan. 
  
 9.7 Governing Law. This Plan shall be construed, administered, and enforced in accordance with the laws of the State of California, and in such manner as is necessary to permit the Plan to accomplish the objectives of the
Employer set forth in Recital B, above. 
  
 (Signature appears on
the following page.) 
  

 -17- 

 IN WITNESS WHEREOF, the undersigned Employer has executed this First Amended and Restated Deferred
Compensation Plan, effective as of the Effective Date specified above. 
  

			
	“EMPLOYER”:
	
	PACIFIC CAPITAL BANCORP, a California corporation
		
	 By
	 	  

	 	 	 Jay D. Smith, Senior Vice President

  

 -18-

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