EXHIBIT 10.24
SECOND AMENDMENT
TO THE
SERVICE 1ST BANK SALARY CONTINUATION AGREEMENT
DATED SEPTEMBER 10, 2003
FOR
XXXXX X. XXXXX
THIS AMENDMENT is adopted this 8th day of August, 2005_, by and between
SERVICE 1ST BANK, a state-chartered commercial bank located in Stockton,
California (the "Company") and XXXXX X. XXXXX (the "Executive").
The Company and the Executive executed the Salary Continuation
Agreement on September 10, 2003 (the "Agreement") and the First Amendment to the
Salary Continuation Agreement on August 8, 2005.
The undersigned hereby amends, in part, said Agreement for the purpose
of changing the Normal Retirement Age. Therefore, the following change shall be
made:
Article 1.13 of the Agreement shall be deleted in its entirety and
replaced by Article 1.13 below.
1.13 "Normal Retirement Age" means the Executive's sixty-fifth (65th)
birthday.
Article 2.6.1 of the Agreement shall be deleted in its entirety and
replaced by Article 2.6.1 below.
2.6.1 Amount of Benefit. The benefit under this Section 2.6 is a
vested portion of the Normal Retirement Benefit as shown in
the following schedule:
--------------------------- ---------------------------
Plan Year Amount of Benefit
--------------------------- ---------------------------
Prior to 9/1/2014 0
--------------------------- ---------------------------
9/1/2014-8/31/2015 77,974
--------------------------- ---------------------------
9/1/2015-8/31/2016 84,088
--------------------------- ---------------------------
9/1/2016-8/31/2017 90,202
--------------------------- ---------------------------
9/1/2017-8/31/2018 96,316
--------------------------- ---------------------------
9/1/2018-8/31/2019 102,430
--------------------------- ---------------------------
9/1/2019-8/31/2020 108,544
--------------------------- ---------------------------
9/1/2020-8/31/2021 114,658
--------------------------- ---------------------------
9/1/2021-8/31/2022 120,772
--------------------------- ---------------------------
9/1/2022-8/31/2023 126,886
--------------------------- ---------------------------
9/1/2023-4/24/2024 133,000
--------------------------- ---------------------------
99
IN WITNESS OF THE ABOVE, the Executive and the Company hereby consent
to this Second Amendment.
Executive: SERVICE 1ST BANK
/s/ XXXXX X. XXXXX By /s/ XXXX X. XXXXXX
---------------------------------- -----------------------------
Xxxxx X. Xxxxx Xxxx X. Xxxxxx
Title Chairman
-----------------------------
100
