Exhibit 10.1.19
March 3, 2006
George Leis
Dear George,
I am pleased to confirm our offer and your
acceptance to commence employment March 13, 2006. You will be
employed as the Executive Vice President-Wealth
Management/Enterprise Sales at both Pacific Capital Bancorp (the
Company) and its subsidiary Pacific Capital Bank, N.A. You will be
reporting to Tom Thomas, CEO and President. You will be compensated
at a bi-weekly rate of $7692.31. Additionally, you will receive a
$100,000.00 sign on bonus subject to the normal payroll deductions
to be paid upon hire 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. You may also elect
to have these amounts contributed to your Deferred Compensation
Plan if you are a participant.
To support your relocation to the Santa Barbara
area, the Bank will provide you with a non-preferential loan of
$100,000.00, to be secured by your new residence on terms that
comply with Federal Reserve Regulation O. Upon your relocation, you
will also receive a relocation allowance (moving costs, meals, gas,
motel, etc.) of up to $10,000.00. You will be reimbursed after you
provide appropriate receipts. If your employment is terminated
within the first year after relocation, a prorated amount of the
relocation bonus will be due to Pacific Capital Bank, N.A. You will
also have the opportunity to utilize the company apartment for one
month to assist with your transition.
For each year you remain with the Bank, up to 10
years, you will receive a retention bonus of $10,000.00, subject to
normal payroll deductions, on the anniversary date of your
employment.
At the next meeting of the Compensation
Committee of the Board of Directors after you have
commenc
