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Exhibit 10.7
Named Executive Officers Salary
and Bonus Arrangements for 2008
Base Salaries
The base salaries for 2009 for the
executive officers (the “named executive officers”) of
First PacTrust Bancorp, Inc. (the “Company”) and
Pacific Trust Bank who will be named in the compensation table that
will appear in the Company’s upcoming 2009 annual meeting
proxy statement are as follows:
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Base Salary
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Hans R. Ganz
President and Chief Executive
Officer
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$
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320,008
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James P. Sheehy
Executive Vice
President—Secretary and Treasurer
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$
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160,014
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Melanie M. Yaptangco
Executive Vice
President—Lending
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$
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160,014
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Description of 2009 Bonus
Incentive Plan
On January 13, 2009, the
Company’s Compensation Committee approved a cash incentive
bonus plan for 2009 (the “2009 Bonus Plan”) for all
officers and employees of the Company and the Bank. The 2009 Bonus
Plan is fully discretionary on the part of the Company’s
Compensation Committee. The plan provides for a discretionary bonus
pool of funds which would not exceed 10% of after-tax net income
with a minimum discretionary bonus pool amount of $150,000 in the
aggregate. Bonuses will be paid under the 2009 Bonus Plan in early
2010.
The key performance indicators used
to determine whether any bonuses will be paid under the 2009 Bonus
Plan will be the same for all administration employees. The amounts
of the bonuses to be individually awarded under the 2009 Bonus Plan
are fully discretionary,
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