EXHIBIT 10.34
THIRD AMENDMENT OF
VALLEY INDEPENDENT BANK
AMENDED AND RESTATED
SALARY CONTINUATION AGREEMENT
WHEREAS, Valley Independent Bank, a state chartered commercial bank
located in El Centro, California (the "Company"), and Xxxx Xxxxxxxx (the
"Executive") have entered into the Valley Independent Bank Amended and Restated
Salary Continuation Agreement (the "Salary Continuation Agreement"); and
WHEREAS, the Salary Continuation Agreement was amended and restated
effective as of November 13, 2000 AND AMENDED AS OF JULY 1, 2002, and further
amendment of the Salary Continuation Agreement now is considered desirable;
NOW, THEREFORE, by virtue and in exercise of the power reserved to the
Company and the Executive by Article 7 of the Salary Continuation Agreement, and
pursuant to the authority delegated to the undersigned officer of the Company to
act on the Company's behalf, the Salary Continuation Agreement is amended,
effective July 30, 2002, in the following particulars:
1. By adding the following new Article 1A immediately prior to Article
1 of the Salary Continuation Agreement as a part thereof:
"ARTICLE 1A
Payment and Waiver Provision
1A.1 Payment and Waiver Provision. Notwithstanding any other provision
of this Agreement to the contrary, the following provision shall
apply:
If, during the Employment Period (as that term is defined in that
certain Employment Agreement dated July 30, 2002, entered into
between the Executive and Valley Independent Bank), the Executive
voluntarily terminates his employment with the Company for any
reason other than the Executive's death, Disability, OR BECAUSE
OF MATERIAL DEMOTION UNDER SECTION 1.2 OR A RELOCATION OUTSIDE OF
CALIFORNIA UNDER SECTION 1.4 OR IF THE EXECUTIVE IS TERMINATED
UNDER THE Termination for Cause, then the Executive will not be
entitled to any benefits of any kind under this Agreement
(including Early Termination Benefit) and the Executive hereby
waives any right to assert any other claim of any kind for such
benefits in such event. "
2. By amending Section 1.1 of the Salary Continuation Agreement TO
MODIFY THE DEFINITION OF CHANGE OF CONTROL TO "ANY ACQUISITION OTHER THAN AN
ACQUISITION BY RABOBANK INTERNATIONAL OR ANY OF ITS AFFILIATED COMPANIES."
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3. BY AMENDING THE LAST SENTENCE OF SECTION 2.2.2 TO READ THAT "THE
ANNUAL BENEFIT SHALL BE PAID TO THE EXECUTIVE FOR 20 YEARS."
IN WITNESS WHEREOF, the Company, by its duly authorized officer, and
the Executive have caused this amendment to be executed this 30th day of
July, 2002.
VALLEY INDEPENDENT BANK
/s/ Xxxxxx X. Xxxx
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By: Xxxxxx X. Xxxx
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Its: President & CEO
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/s/ Xxxx Xxxxxxxx
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EXECUTIVE
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