Exhibit 10.34--Executive Officer Compensation
1. Upon the request of Xxxxxxx X. Xxxxxxxx, CEO, President and
Chairman, the Employment Agreement of Xx. Xxxxxxxx was modified,
effective January 1, 2006, to reduce his annual incentive bonus
from 6% to 5% of Temecula Valley Bancorp Inc. (the "Company") net
income before income taxes and bonuses, payable by the Bank.
2. Xx. Xxxxxxxx'x annual base salary was increased from $350,000 to
$400,000.
3. The annual base salary of Xxxxx Xxxxxxx, Executive Vice
President/Real Estate Industries Group, was increased from
$180,000 to $210,000. For calendar year 2006, Xx. Xxxxxxx' annual
incentive bonus will be based upon the following: 2% of the
pre-tax post bonus net income of the Bank's Real Estate
Industries Group.
4. The annual base salary of Xxxxxx Xxxxxxxx, Executive Vice
President and Chief Credit Officer, was increased from $180,000
to $210,000.
