SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
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 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
PAYNE DAVID L
(Last) (First) (Middle)
(Street)
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
WESTAMERICA BANCORPORATION [ wabc ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director 10% Owner
X Officer (give title below) Other (specify below)
Chairman, President and CEO
3. Date of Earliest Transaction (Month/Day/Year)
07/29/2003
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 07/29/2003 M 4,500 A $9.3533 77,347 D
Common Stock 07/29/2003 S 4,500 D $44.37 72,847 D
Common Stock 07/29/2003 M 2,347 A $9.3533 75,194 D
Common Stock 07/29/2003 S 2,347 D $44.42 72,847 D
Common Stock 07/30/2003 M 4,300 A $10.25 77,147 D
Common Stock 07/30/2003 S 4,300 D $44.27 72,847 D
Common Stock 07/30/2003 M 8,100 A $10.25 80,947 D
Common Stock 07/30/2003 S 8,100 D $44.25 72,847 D
Common Stock 07/30/2003 M 9,400 A $10.25 82,247 D
Common Stock 07/30/2003 S 9,400 D $44.26 72,847 D
Common Stock 07/30/2003 M 147 A $10.25 72,994 D
Common Stock 07/30/2003 S 147 D $44.28 72,847 D
Common Stock 07/30/2003 M 1,400 A $9.3533 74,247 D
Common Stock 07/30/2003 S 1,400 D $44.27 72,847 D
common Stock 07/30/2003 M 1,053 A $9.3533 73,900 D
Common Stock 07/30/2003 S 1,053 D $44.28 72,847 D
Common Stock 07/30/2003 M 4,800 A $9.3533 77,647 D
Common Stock 07/30/2003 S 4,800 D $44.3 72,847 D
Common Stock 07/30/2003 M 6,300 A $9.3533 79,147 D
Common Stock 07/30/2003 S 6,300 D $44.26 72,847 D
Common Stock 07/30/2003 M 30,653 A $10.25 63,437 I by Trust
Common Stock 11,001.483 I by ESOP(1)
Common Stock 528,837 I by Gibson Radio & Publishing Company(2)
Common Stock 459 I by Daughter
Common Stock 462 I by Son
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Non-Qualified Stock Option (right to buy) $9.3533 07/29/2003 M 4,500 01/26/1995(3) 01/26/2004 Common Stock 4,500 $0 15,900 D
Non-Qualified Stock Option (right to buy) $9.3533 07/29/2003 M 2,347 01/26/1995(3) 01/26/2004 Common Stock 2,347 $0 13,553 D
Non-Qualified Stock Option (right to buy) $9.3533 07/30/2003 M 1,400 01/26/1995(3) 01/26/2004 Common Stock 1,400 $0 12,153 D
Non-Qualified Stock Option (right to buy) $9.3533 07/30/2003 M 1,053 01/26/1995(3) 01/26/2004 Common Stock 1,053 $0 11,100 D
Non-Qualified Stock Option (right to buy) $9.3533 07/30/2003 M 4,800 01/26/1995(3) 01/26/2004 Common Stock 4,800 $0 6,300 D
Non-Qualified Stock Option (right to buy) $9.3533 07/30/2003 M 6,300 01/26/1995(3) 01/26/2004 Common Stock 6,300 $0 0 D
Non-Qualified Stock Option (right to buy) $10.25 07/30/2003 M 30,653 01/25/1996(3) 01/25/2005 Common Stock 30,653 $0 43,147 D
Non-Qualified Stock Option (right to buy) $10.25 07/30/2003 M 4,300 01/25/1996(3) 01/25/2005 Common Stock 4,300 $0 38,847 D
Non-Qualified Stock Option (right to buy) $10.25 07/30/2003 M 8,100 01/25/1996(3) 01/25/2005 Common Stock 8,100 $0 30,747 D
Non-Qualified Stock Option (right to buy) $10.25 07/30/2003 M 9,400 01/25/1996(3) 01/25/2005 Common Stock 9,400 $0 21,347 D
Non-Qualified Stock Option (right to buy) $10.25 07/30/2003 M 147 01/25/1996(3) 01/25/2005 Common Stock 147 $0 21,200 D
Explanation of Responses:
1. Includes adjustments to holdings due to market value changes at 6/30/03 in Westamerica Bancorporation's Tax Deferred Savings/Retirement (ESOP) Plan.
2. The reporting person is President and CEO of Gibson Radio and Publishing Company and disclaims beneficial ownership of 528,837 shares.
3. This option vested ratably over three years beginning one year from date of grant.
David L. Payne 07/31/2003
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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