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This excerpt taken from the PCBC DEF 14A filed Mar 16, 2009. ALL OTHER COMPENSATION
(9) At the time of our merger with the former Pacific Capital Bancorp in December 1998, Mr. Larson had an employment agreement in effect with that company which expired in 2003. The merger also
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Table of Contentstriggered Mr. Larson’s right to a change-in-control payout under which he is entitled to receive monthly payments for a period of 180 months. The $120,000 initial annual payment as adjusted in the first year of payout to reflect changes in the federally determined Cost of Living Index issued by the Bureau of Labor Statistics. Payments are adjusted annually each year to reflect further changes in the Index, using the date of retirement (age 65) as a base line. In the event that Mr. Larson dies before receiving the full amount to which he is entitled (payments expire in 2013), the Company would continue to make payments of the remaining balance to his designated beneficiary. Payments to Mr. Larson in 2008 were $157,517. For business-related purposes, Mr. Larson also received $6,500 as a car allowance and $26,145 for country club dues, which are also reflected in his total. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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