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EXHIBIT 10.1
EMPLOYMENT CONTRACT
This agreement will serve as an employment agreement between Sac River Valley
Bank and Xxxxx Xxxxxxxx. Terms and compensation under this contract will begin
July 1, 1998 and will remain in effect for a period of nine (9) years from this
date. The present employment contract between Xxxxx Xxxxxxxx and Sac River
Valley Bank will be cancelled as of the above stated date.
DUTIES
GLR will work in Springfield 3 days per week and in Stockton 2 days per week.
In Springfield GLR will:
Run the Springfield office of SRVB
Hire and train all personnel there
Initiate Springfield loans
Collect and supervise Springfield
In Stockton GLR will:
Continue to handle his Stockton loan portfolio.
Support the Stockton management, to include, but not be limited
to:
Advice on investments
Participate in the training of management personnel
Generally help in the supervision of the operation of the
bank
COMPENSATION
The compensation under this contract will be $144,000 for the first year, paid
in monthly installments with an annual raise of 5%. There will be no bonuses
paid to GLR under this contract. If the after-tax net profit of SRVB drops
below $1,000,000 in any year the following year's salary of GLR will be reduced
by 10% of the total salary for each $100,000 the profit is below $1,000,000 for
the year. The minimum salary to be paid to GLR under this formula is $50,000
annually. At the point that the contract payments fall to $50,000 or below, SRVB
may terminate this contract at is sole discretion.
BENEFITS
Fringe benefits such as health insurance, dental insurance, disability
insurance, vacation, life insurance and retirement plans will be the same as
other officers of the bank. Bank will provide a bank vehicle for GLR (similar to
an 88 Oldsmobile Royale). This vehicle will be updated to a current year model
every three years as is the current procedure.
OTHER TERMS
Should SRVB sell, the contract will be binding in the purchaser. GLR will honor
the terms of the contract with any purchaser. During the term of the contract
GLR will not compete in the banking field with SRVB without the written consent
of SRVB.
SAC RIVER VALLEY BANK /s/ Xxxxx X. Xxxxxxxx
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Date: 11/13/97
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/s/ Xxxxxxx X. Xxxxxx
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/s/ Xxxxx X. Xxxxxxx
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/s/ Xxxxxx X. Xxxxxxx
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/s/ Xxxxxxx X. Xxxxx
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/s/ Xxxxxxx X. Xxxxx
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/s/ Xxxxx X. Xxxxxxxx
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/s/ Xxxxxxxx X. Xxxxx
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ADDENDUM TO CONTRACT
If during the term of this contract, Xxxxx X. Xxxxxxxx should become
incapacitated for a period exceeding six months, this contract shall be void.
Incapacitation shall include any act, intentional or unintentional, which shall
render Xxxxx X. Xxxxxxxx unable to physically or emotionally complete the terms
of this contract. Should a dispute arise in the definition of incapacitation,
the opinion of the local court with legal jurisdiction shall prevail.
