AMENDMENTS TO THE CHANGE IN CONTROL SEVERANCE AGREEMENT BETWEEN IMPERIAL CAPITAL BANCORP, INC. AND TIMOTHY M. DOYLE TO COMPLY WITH INTERNAL REVENUE CODE SECTION 409A
Exhibit
10.7a
AMENDMENTS
TO THE
CHANGE
IN CONTROL SEVERANCE AGREEMENT
BETWEEN
IMPERIAL
CAPITAL BANCORP, INC. AND XXXXXXX X. XXXXX
TO
COMPLY WITH
INTERNAL
REVENUE CODE SECTION 409A
WHEREAS,
on February 1, 2006, Xxxxxxx X. Xxxxx entered into a Change in Control Severance
Agreement with Imperial Capital Bancorp, Inc. (formerly known as ITLA Capital
Corporation) (the “Agreement”); and
WHEREAS,
the Agreement includes an election provision that may provide for deferred
compensation and therefore must be amended to comply with Section 409A of the
Internal Revenue Code and the regulations and guidance of general applicability
issued thereunder; and
WHEREAS,
the Agreement may be amended by a writing signed by the parties to the
Agreement.
NOW,
THEREFORE, the foregoing considered, it is agreed as follows:
That
effective as of January 1, 2005, the Agreement is amended by revising Paragraph
3(a)(2) to read as follows:
“(2) a
sum equal to 36 times the monthly premium cost being paid by the Company to
provide such health, dental and life insurance benefits as are maintained for
the Employee on the Date of Termination, with the monthly premium cost being
determined immediately prior to the Date of Termination;”
IN
WITNESS WHEREOF, this Amendment has been executed this 31st day of December,
2008, effective as of January 1, 2005.
By: /s/ Xxxxxxx X.
Xxxxxxxx
XXXXXXX
X. XXXXX
By: /s/ Xxxxxxx X.
Xxxxx
