Exhibit 10.4
UST 170
January 9, 2009
United States Department of the
Treasury
1500 Pennsylvania Avenue, NW
Washington, D.C. 20220
Mission Community Bancorp
581 Higuera Street
San Luis Obispo, CA 93401
Ladies and Gentlemen:
Reference is made to that certain
Letter Agreement incorporating the Securities Purchase Agreement
– Standard Terms dated of even date herewith (the “
Securities Purchase Agreement ”) by and among United
States Department of Treasury (“ Investor ”) and
Mission Community Bancorp (“ Company ”).
Investor and Company desire to set forth herein certain
modifications to the Securities Purchase Agreement and related
documents regarding the Company’s obligations to create,
issue and register the Warrant Preferred Stock, Warrant and Warrant
Shares (collectively, and without limitation, the “
Warrant Obligations ”). Capitalized terms used
herein but not defined shall have the meaning assigned them in the
Securities Purchase Agreement.
Pursuant to
Section 113(d)(3) of the Emergency Economic Stabilization
Act of 2008, Investor has the discretion to exempt certain
financial institutions receiving funds through the Investor’s
Capital Purchase Program (“ CPP ”) from Warrant
Obligations. Investor has elected to exercise its discretion
in favor of those financial institutions that are certified as
Community D
