AGREEMENT Rebuttal of Rebuttable Determination of Control Under Part 574Rebuttal of Rebuttable Determination of Control • March 16th, 2001 • Austin Josiah T • Savings institution, federally chartered
Josiah T. Austin ("Austin"), individually, and as sole managing member of El Coronado Holdings, L.L.C. ("ECH") and Trustee of the Valer C. Austin Trust I, the Austin-Clark Family Irrevocable Life Insurance Trust, the Valerie A. Gordon Trust, the Christina E. Lowrey Trust, the Matthew A. Lowrey Trust, is the beneficial owner of 342,147 shares (the "Shares") of the common stock, ($0.01 par value) (the "Stock") of Monterey Bay Bancorp, Inc. ("MBBC"), 36 Brennan Street, Watsonville, California, 95076, which Shares represent 10.32 percent of a class of "voting stock" of MBBC as defined under the Acquisition of Control Regulations ("Regulations") of the Office of Thrift Supervision ("Office"), 12 C.F.R. 574 ("Voting Stock"); MBBC is the holding company for Monterey Bay Bank ("Bank"). The Bank is a "savings association" within the meaning of the Regulations; Austin seeks to acquire, directly or through ECH, additional shares of stock of MBBC ("Additional Shares"), such that Austin's, an
