Exhibit 10.1.18
February 21, 2006
Joyce Clinton
Dear Joyce,
I am pleased to confirm our offer and your
acceptance to commence employment on March 16, 2006. You will
be employed as the Executive Vice President-Chief Financial Officer
of both Pacific Capital Bancorp (the “Company”) and its
subsidiary Pacific Capital Bank, N.A. (the “Bank”). You
will be reporting to William S. Thomas, Jr., CEO and President. You
will be compensated at a bi-weekly rate of $9,230.77. Additionally,
you will receive a $50,000.00 sign-on bonus subject to the normal
payroll deductions in four installments. The first $20,000.00 will
be paid to you upon hire (on the first payroll following your start
date), or you may elect to take this portion of your bonus after 90
days of employment, to take advantage of participation in the
Bank’s 401(k) plan; $10,000.00 will be paid upon completion
of 6 months of employment, $10,000.00 will be paid upon completion
of 12 months of employment, and $10,000.00 will be paid upon 18
months of employment. This bonus will be paid only if you are still
employed on these dates. You may also elect to have these amounts
contributed to your Deferred Compensation Plan if you are a
participant.
To support your interim relocation, you will be
reimbursed for travel expenses up to $10,000.00. Additionally, we
will work with you regarding your interim housing needs
(Bank’s corporate apartment/other lodging). To support your
relocation to the Santa Barbara area, the Bank will provide you
with a non-preferential loan of $100,000.00, secured by your new
residence, on terms that comply with Federal Reserve Regulation O.
At the time of your permanent relocation, the Bank will provide
reasonable relocation with a reputable moving company.
For each year you remain with the Bank, up to
ten years, you will receive a retention bonus of $10,000.00,
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