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 & CEO
3. Date of Earliest Transaction (Month/Day/Year)
07/27/2007
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 07/27/2007 M 100 A $32.7917 100 D
Common Stock 07/27/2007 S 100 D $41.12 0 D
Common Stock 07/27/2007 M 216 A $32.7917 216 D
Common Stock 07/27/2007 S 216 D $41.1 0 D
Common Stock 07/27/2007 M 7 A $32.7917 7 D
Common Stock 07/27/2007 S 7 D $41.01 0 D
Common Stock 07/27/2007 M 200 A $32.7917 200 D
Common Stock 07/27/2007 S 200 D $41 0 D
Common Stock 07/27/2007 M 777 A $32.7917 777 D
Common Stock 07/27/2007 S 777 D $40.99 0 D
Common Stock 07/27/2007 M 500 A $32.7917 500 D
Common Stock 07/27/2007 S 500 D $40.98 0 D
Common Stock 07/27/2007 M 100 A $32.7917 100 D
Common Stock 07/27/2007 S 100 D $40.97 0 D
Common Stock 07/27/2007 M 100 A $32.7917 100 D
Common Stock 07/27/2007 S 100 D $40.95 0 D
Common Stock 07/27/2007 M 3,088 A $32.7917 3,088 D
Common Stock 07/27/2007 S 3,088 D $40.94 0 D
Common Stock 07/27/2007 M 1,300 A $32.7917 1,300 D
Common Stock 07/27/2007 S 1,300 D $40.92 0 D
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) $32.7917 07/27/2007 M 100 01/21/1999(1) 01/21/2008 Common Stock 100 $0 191,990 D
Non-Qualified Stock Option (right to buy) $32.7917 07/27/2007 M 216 01/21/1999(1) 01/21/2008 Common Stock 216 $0 191,774 D
Non-Qualified Stock Option (right to buy) $32.7917 07/27/2007 M 7 01/21/1999(1) 01/21/2008 Common Stock 7 $0 191,767 D
Non-Qualified Stock Option (right to buy) $32.7917 07/27/2007 M 200 01/21/1999(1) 01/21/2008 Common Stock 200 $0 191,567 D
Non-Qualified Stock Option (right to buy) $32.7917 07/27/2007 M 777 01/21/1999(1) 01/21/2008 Common Stock 777 $0 190,790 D
Non-Qualified Stock Option (right to buy) $32.7917 07/27/2007 M 500 01/21/1999(1) 01/21/2008 Common Stock 500 $0 190,290 D
Non-Qualified Stock Option (right to buy) $32.7917 07/27/2007 M 100 01/21/1999(1) 01/21/2008 Common Stock 100 $0 190,190 D
Non-Qualified Stock Option (right to buy) $32.7917 07/27/2007 M 100 01/21/1999(1) 01/21/2008 Common Stock 100 $0 190,090 D
Non-Qualified Stock Option (right to buy) $32.7917 07/27/2007 M 3,088 01/21/1999(1) 01/21/2008 Common Stock 3,088 $0 187,002 D
Non-Qualified Stock Option (right to buy) $32.7917 07/27/2007 M 1,300 01/21/1999(1) 01/21/2008 Common Stock 1,300 $0 185,702 D
Explanation of Responses:
1. Options vest ratably over three year beginning one year from date of grant.
Remarks:
This is filing #1 of three filings for 2/27/07.
/s/ David L. Payne 07/31/2007
** 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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