EXHIBIT 10.11
ADMINISTRATIVE OFFICE
Southwest PO. Box 131690, CARLSBAD, CA 92013-1690
COMMUNITY Bank 0000 XX XXXXXX XXXX. SUITE D, CARLSBAD, CA 92008
Member FDIC TEL: 1760) 000-0000 - FAX: (000) 000-0000
XXX.XXXXXXX.XXX
November 20, 2003
PERSONAL & CONFIDENTIAL
Xxxxxx X. XxXxxxxxx
President and COO
Southwest Community Bank
0000 Xx Xxxxxx Xxxx
Xxxxxxxx, XX 00000
Re: MODIFICATION OF YOUR EMPLOYMENT AGREEMENT
Dear Xx. XxXxxxxxx:
You have been employed by SWCB as its Executive Vice President and
Chief Credit Officer. Terms of your employment were memorialized in a document
entitled "Extension and Modification of Employment Agreement" dated December 31,
2001 (the "Agreement").
This letter is written to confirm the action of the Board of Directors
of Southwest Community Bank ("SWCB") at its Board meeting on November 19, 2003
at which you were elected to the position of President and Chief Operating
Officer of the Bank. Your salary will continue at its present base of One
Hundred Eighty Thousand Dollars ($180,000.00) per year, subject to the
covenants, terms and conditions of the Agreement.
Please sign and return the duplicate copy of this letter acknowledging
and accepting these additional terms.
Very truly yours,
/s/ Xxxx X. Xxxx
------------------------------------------------
Xxxx X. Xxxx, Corporate Secretary
For the Board of Directors
PMW:om
cc: Xxxxxx X. Xxxxxxxx, Chairman
ACKNOWLEDGED AND AGREED
/s/ Xxxxxx X. XxXxxxxxx
------------------------------------------------
Xxxxxx X. XxXxxxxxx
Exhibit 10.11
