Exhibit 10.108
FIRST AMENDMENT TO THE
SALARY CONTINUATION AGREEMENT
DATED OCTOBER 1, 1997
FOR XXXXXXXX X. GRILL
THIS AMENDMENT executed on this 21/st/ day of December, 2000, by and
between PAN AMERICAN BANK, FSB, located in San Mateo, California (the "Bank")
and XXXXXXXX X. GRILL (the "Executive").
The Bank and the Executive executed the SALARY CONTINUATION AGREEMENT,
dated October 1, 1997 (the "Agreement").
The undersigned hereby amends, in part, said Agreement for the
purposes of i) modifying the definition of Early Termination; ii) changing the
Early Termination provision so that benefit payments commence immediately; and
iii) amending the death benefit payout method if the Executive dies after
benefit payments under this Agreement have commenced. Therefore,
Section 1.1.6 shall be deleted from the
Agreement and replaced with a new Section 1.1.6 as follows:
1.1.6 "Early Termination" means the Termination of Employment before
Normal Retirement Age for reasons other than death, Disability, Termination for
Cause, or Change of Control. Early Termination shall also mean a change in
full-time employment status with the Company (the Executive works less than 40
hours per week) and/or a change of job title or responsibilities. For purposes
hereof, such termination shall be deemed for all purposes to have become
effective as of January 1, 2001.
Section 2.2.2 shall be deleted from the Agreement and replaced with a
new Section 2.2.2 as follows:
2.2.2 "Payment of Benefit." The Company shall pay the annual benefit
to the Executive in 12 equal monthly installments payable on the first day of
each month commencing immediately, and continuing for 179 additional months.
Section 3.2 shall be deleted from the Agreement and replaced with a
new Section 3.2 as follows:
3.2 Death During Benefit Period. If the Executive dies after the
benefit payments have commenced under this Agreement but before receiving all
such payments, the Company shall pay the remaining full benefits to the
Executive's beneficiary in a lump sum payment as soon as practicable after the
Executive's death.
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IN WITNESS OF THE ABOVE, the Executive and the Bank have agreed to
this First Amendment.
Executive: Bank:
PAN AMERICAN BANK, FSB
__________________________ ___________________________________
Xxxxxxxx X. Grill Chairman
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