EMPLOYMENT AND CONFIDENTIALITY AGREEMENT Community West Bank Chief Credit Officer
Exhibit
10.1
EMPLOYMENT
AND CONFIDENTIALITY
AGREEMENT
Community
West Bank
Chief
Credit Officer
This
Employment and Confidentiality Agreement (the “Agreement”) is made and entered
into as of September 6, 2007 (the “Effective Date”) by and between Community
West Bank, a Nationally Chartered Bank and wholly owned subsidiary of Community
West Bancshares (the “Bank”), Community West Bancshares, a California
corporation (“Parent”) and Xxxxxxx X. Favor (“Executive”).
Witnesseth
Whereas
the Bank is a California national banking association duly organized, validly
existing, and in good standing under the laws of the United States of America,
with power to own property and carry on its business as it is now being
conducted, with its principal place of business located at 000 Xxxx Xxxxxx,
Xxxxxx, Xxxxxxxxxx 00000;
Whereas
the Bank desires to avail itself of the skill, knowledge and experience of
Executive in order to insure the successful management of its
business;
Whereas
the parties desire to enter into this Agreement;
Whereas
the parties hereto desire to specify the terms of Executive’s employment by the
Bank and Company as controlling Executive’s employment at the
Bank;
Now,
therefore, in consideration of the representations, warranties, and mutual
covenants set forth in this Agreement, the following terms and conditions
shall
apply to Executive’s employment with the Bank on and after the Effective
Date:
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1
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1.
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ARTICLE
1 – EMPLOYMENT AND
TERM
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Employment. The
Bank
shall employ Executive as the Bank’s Executive Vice President and Chief Credit
Officer (the “Position”), and Executive accepts such employment, in accordance
with the terms and conditions set forth in this Agreement. The place
of Executive’s employment under this Agreement shall be in Goleta, California,
at a location determined by the Chief Executive Officer of the Bank
(CEO).
Policies
and
Regulations. Executive shall observe, comply with and be bound by
all of the policies, rules and regulations established by the Bank with respect
to its executives and otherwise, all of which policies, rules and regulations
are subject to change by the Bank from time to time.
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2.
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ARTICLE
2 – DUTIES OF
EXECUTIVE
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Powers. At
all times
Executive shall be empowered by and subject to the powers and authority of
the
Board of Directors and the Bank’s shareholders. Executive shall
report directly to the Bank’s President and Chief Executive Officer
(“CEO”).
Duties.
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a.
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Executive
Vice President and Chief Credit Officer of the
Bank. Executive, directly or through subordinate
supervision, shall be responsible for technical and operational
activities
on a day-to-day basis, as well as formulation of strategies and
business
plans to achieve the Bank’s long range objectives. Executive
agrees to render services and perform the duties and acts of Executive
Vice President and Chief Credit Officer (the “Duties”) in connection with
all aspects of Bank’s business as may be required by the Board of
Directors and/or the Bank’s CEO. Executive shall perform these
Duties, and the Specific Duties as defined below, faithfully, diligently,
to the best of Executive’s ability and in the best interests of the Bank,
consistent with the highest standards of the banking industries
and in
compliance with all applicable laws, rules, regulations, and policies
applicable to the Bank, including, but not limited to, the Federal
Deposit
Insurance Act, as amended, and all regulations thereunder, and
the Bank’s
Articles of Association and
Bylaws.
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2
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b.
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Executive
Vice President and Chief Credit Officer of
Parent. Executive also shall have the position of Executive
Vice President and Chief Credit Officer of Parent. Executive
agrees to render services and perform the duties and acts of Executive
Vice President and Chief Credit Officer of Parent as may be required
by
the Board of Directors of Parent and/or the Parent’s
CEO.
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Specific
Duties. Without limiting any of Executive’s Duties and
obligations under Section 2.2, above, Executive agrees to undertake and perform
all duties required of the Position (“Specific Duties”), including, but are not
limited to:
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(a)
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Formulates,
reviews and updates loan policy and presents changes to Directors
Loan
Committee as appropriate.
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(b)
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Approves
loans within established limits in the area of commercial lending
and
Small Business Administration loans, and makes recommendations
to
Directors Loan Committee.
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(c)
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Directs
credit officers, SBA Business Development Officers, and Special
Assets
staff, regarding structure, documentation, compliance, and loan
workouts.
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(d)
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Serves
as primary contact for the credit function on regulatory exams
and credit
review.
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(e)
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Provides
credit training directly or through other
resources.
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(f)
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Recommends
and monitors loan concentration
limits.
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(g)
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Serves
as the Bank’s Community Reinvestment Act
Officer.
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(h)
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Develops/enhances
loan products and
underwriting.
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(i)
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Analyzes
and determines the allowance for loan and lease loss
(ALLL).
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(j)
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Develop
and maintain effective communication and working relationships
with direct
reports and inter-departmental
staff.
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3
Conflict
of Interests.
Executive shall not directly or indirectly render any services
of a business, commercial or professional nature, to any other person, firm
or
corporation, whether for compensation or otherwise, which are in conflict
with
the Bank’s interests. Further, Executive shall not engage in any
activity that would impair Executive’s ability to act and exercise independent
judgment in the best interests of the Bank.
Exclusive
Services. During employment by the Bank, Executive shall not,
without the express prior written consent of the Board of Directors, engage
directly or indirectly in any outside employment or consulting of any kind,
whether or not Executive receives remuneration for such
services. Nothing in this Section 2.5 shall prohibit Executive from
providing volunteer consulting services (the “Volunteer Services”) through
established non-profit or charitable organizations in furtherance of such
organization’s purposes, so long as such Volunteer Services do not materially
interfere with Executive’s performance of his duties and obligations under this
Agreement.
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3.
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ARTICLE
3 – COMPENSATION. As the total consideration for
the services that Executive renders under this Agreement,
Executive shall be entitled to the
following:
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Base
Salary. Effective September 6, 2007, the Bank shall pay Executive
a base salary of One Hundred Fifty Thousand Dollars ($150,000.00) per year,
less
income tax and other applicable withholdings. On or before February
28th of each
year, the CEO shall review the base salary payable to Executive under this
Agreement and shall determine, in the CEO’s sole discretion, whether or not to
adjust such salary. Any such adjustment shall be effective as of the
first day of March of each calendar year. Nothing in this Section 3.1
shall obligate the Bank to increase the salary payable to Executive as a
result
of any such review; provided that in no event shall the Bank reduce the salary
payable to Executive as a result of such review. Base salary shall be
paid in accordance with Bank’s regular payroll practices.
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3.2
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Annual
Bonus. Executive shall be eligible to receive an annual
bonus, at an amount, if any, determined by the Board of Directors
in its
sole discretion. If it is determined that a bonus will be paid
Executive for any calendar year, the bonus will be paid at or near
the
close of the calendar year, but no later than thirty (30) days
after
year-end. Executive acknowledges and agrees that nothing in
this Agreement or the Bank’s general policies shall require the Bank to
pay Executive a bonus for any year, to pay Executive a bonus in
particular
amount for any year, or to pay Executive a bonus by reason of the
Bank’s
payment of a bonus to any other executives of the
Bank.
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3.3
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Stock
Options.
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(a)
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Proposed
Options. At the first meeting of the Board of Directors
after date of hire, Executive’s proposed options shall be presented to the
Board of Directors for approval covering 7,500 shares of the Common
Stock
of Parent (the “Common Stock”) in accordance with the terms and conditions
of the Parent’s 2006 Stock Option Plan (the
“Plan”).
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(b)
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Vesting
Schedule. Executive’s interest in the foregoing options
(the “Options”) shall vest pro rata on an annual basis over a period of
five (5) years from the date of grant of the
Option.
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(c)
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Acknowledgement. Executive
acknowledges that (i) under the Plan the exercise price of the
Options
will be the par share fair market value of the Common Stock as
of the date
of grant of the Option and (ii) Executive has read, reviewed and
is
familiar with the terms and conditions of the Plan and the form
of the
Option Agreement under which the Options will be granted to
Executive.
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(d)
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Adjustment
of Option Shares. The foregoing number of shares covered by
an Option shall be appropriately adjusted in the event of a stock
split,
reverse stock split, stock dividend, combination or reclassification
of
the Common Stock, or similar change in the capital structure of
the Bank
that occurs between the Effective Date of this Agreement and the
date on
which the Option is
granted.
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5
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3.4
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Signing
Bonus.
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(a)
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Bank
shall pay Executive Fifteen Thousand Dollars ($15,000.00) less
income tax
and other applicable withholdings on the first payroll following
the date
of hire.
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(b)
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Executive
will refund the entire Fifteen Thousand Dollars ($15,000.00) signing
bonus
should the Executive leave the Bank for any reason other than termination
without cause. Refund of the signing bonus will be due within
two (2) weeks of the last day of Executive’s employment by the
Bank.
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3.5
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401K
Plan. Subject to Executive’s compliance with the
eligibility and other terms and conditions of the Plan, Executive
will be
eligible to participate in the Bank’s 401(k)
Plan.
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3.6
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Bank
Executive Benefits. Subject to Executive’s satisfaction of
any eligibility requirements, Executive shall be eligible to participate
in the Bank’s employee benefit plans, for both Executive and family
(including medical, dental, vision, prescription plan, life insurance,
and
short-term disability benefits) generally provided by the Bank
to its
senior executives. In all events, the Bank’s liability to
Executive shall be limited to the amount of premiums payable by
the Bank
to obtain the coverage(s) contemplated herein. Nothing in this
Section 3.6 or any other provision of this Agreement shall prohibit
the
Bank from, or limit the right of the Bank to, changing or modifying
the
terms of any of the foregoing employee benefit plans or terminating
any of
such plans.
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3.7
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Vacation. Executive
shall be entitled to vacation time of not more than four (4) weeks
per
year, provided however that, during each year of the Term, Executive
is
required to and shall take at least two (2) weeks of said vacation
(the
“mandatory vacation”), which shall be taken
consecutively. Executive shall be entitled to accumulate up to
six (6) weeks of accrued vacation, after which additional vacation
will
not accrue. The Bank shall not be obligated to pay or reimburse
Executive at the end of any calendar year for any amount of unused
vacation time. The Bank shall, however, pay Executive for any
accrued and unused vacation time should the Executive leave the
employ of
the Bank.
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3.8 Reimbursement
for Expenses. The Bank shall reimburse Executive for any and all
reasonable business expenses incurred by Executive on behalf of the Bank
in the
performance of this Agreement, approved expenditures to be determined by
the
Board of Directors (“Business Expenses”). A reimbursable Business
Expense shall be of a nature qualifying it as a proper business expense
deduction on the federal and state income tax returns of the
Bank. Executive must be able to furnish adequate records and other
documentary evidence as may be required by Federal and State
statutes.
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4.0
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ARTICLE
4 – TERMINATION ON CHANGE IN
CONTROL
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(a)
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Severance
Compensation. If, within one (1) year after the occurrence
of the Change in Control, Executive terminates his employment under
this
Agreement for Good Reason (as defined below) or the Bank Terminates
Executive’s employment other than for cause (as defined in (c) below, the
Bank shall pay to or on behalf of Executive one (1) year’s base salary and
the costs of Executive’s Benefits for a period of one (1) year after such
the date of termination. The foregoing salary and benefits
shall be paid in monthly installments over such one-year period
in
accordance with the Bank’s normal practices. This provision
shall apply only if Executive terminates his employment for Good
Reason or
if the Bank terminates Executive’s employment, and shall not apply if
Executive terminates his employment on any other
basis.
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(b)
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For
Good Reason. For purposes of this Section, the term “Good
Reason” shall mean and include only the occurrence of any of the following
events:
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(i)
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A
material change occurs in the functions, duties, responsibilities,
reporting relationship, location of work, and/or title of Executive
which
is not agreed to by Executive, provided that none of (A) a change
in
Executive’s title following the merger or consolidation of the Bank with
or into any other corporation or entity or (B) a temporary change
any of
the matters described in this clause (i) for a period of no more
than
sixty (60) consecutive days as a result of Executive’s incapacity or
disability shall by itself constitute an event described in this
clause
(i); or
(ii) the Bank requires Executive to perform any function or duty,
the
performance of which would violate any material statute or public
policy
the violation of which could expose Executive to personal liability
or
which would have a material adverse effect o Executive’s business
reputation.
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(c)
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Termination
by the Bank for Cause. For purposes of this Section the
term “cause” means and includes
only:
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(i)
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conviction
of or confession by Executive to theft, fraud, or embezzlement
against the
Bank;
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(ii)
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Executive’s
breach or violation of any material written policy or regulation
of the
Bank, including, but not limited to, any written policy or regulation
dealing with sexual harassment, discrimination based on age, sex,
race,
religion, or other protected category, illicit drugs, and environmental
protection matters;
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(iii)
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Executive’s
willful breach of violation of any material law, rule or regulation
(other
than traffic violations or similar offenses) or final order of
a court of
competent jurisdiction applicable to the Bank or
Executive;
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(iv)
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Executive’s
taking of any material action which requires the prior approval
of the
Board of Directors without such approval;
and
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(v)
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Executive’s
breach of or failure to perform any of his fiduciary duties to
the Bank or
any shareholders involving personal
profit.
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5.0
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ARTICLE
5 – CONFIDENTIALITY AND
NON-SOLICITATION
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5.1
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Confidentiality
and Trade Secrets. Executive acknowledges that, in the
course of his employment with the Bank, Executive will acquire
information
about the Bank’s borrowers and clients, terms and conditions of Bank
transactions, pricing information for the purchase or sale of assets,
financing and securitization arrangements, research materials,
manuals,
computer programs, formulas analyzing assets portfolios, techniques,
data,
marketing plans and tactics, technical information, lists of asset
sources, the processes and practices of the Bank and related companies,
information contained in electronic or computer
files, financial information, salary and wage information, and
other
information that is designated by the Bank or its affiliates as
confidential or that Executive knows or should know is confidential
information provided by third parties and that the Bank or its
affiliates
are obligated to keep confidential as well as other proprietary
information of the Bank or its affiliates (“Confidential
Information”). Executive acknowledges that all
Confidential Information is and shall continue to be the exclusive
property of the Bank. Executive agrees not to disclose any
Confidential Information, either during the Term or thereafter,
directly
or indirectly, under any circumstances or by any means, to any
third
person or party without the prior written consent of the
Bank.
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5.2
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Non-Solicitation
of Executives. Except as permitted by the prior Written
consent of either the President/CEO of the Bank or the Chairman
of the
Board of Directors, during the one (1) year period following the
termination date, Executive shall not directly or indirectly solicit
for
employment or for independent contractor work from any executive
of the
Bank, and shall not encourage any such executive to leave the employment
of the
Bank.
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5.3
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Non-Solicitation
of Customers. During the one (1) year period following
the termination date, Executive shall not directly: (a) solicit
business
from any customers of the Bank; (b) encourage any customers to
stop using
the facilities or services of the Bank; or (c) encourage any customers
to
use the facilities or services of any competitor of the
Bank.
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5.4
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Bank
to Benefit from Provisions. To the extent any provisions of
this
Article 5 relate in any way to Confidential Information and trade
secrets
of the Bank, then the obligations of Executive set forth herein
shall also
extend to the Bank and inure to its
benefit.
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6.0
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ARTICLE
6 – BANK’S OWNERSHIP IN EXECUTIVE’S
WORK
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6.1
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Bank’s
Ownership. Executive agrees that all inventions,
discoveries, improvements, trade secrets, formulas, techniques,
processes,
and know-how, whether or not patentable, and whether or not reduced
to
practice, that are conceived or developed during Executive’s employment
with the Bank, either alone or jointly with others, or relating
to the
Bank or to the banking industry (“Bank’s Work”), and any written record
that Executive may maintain of Bank’s Work, shall be owned exclusively by
the Bank. Executive hereby assigns to Bank, all of Executive’s
right, title, and interest, if any, in such intellectual property
defined
as Bank’s Work. Executive shall furnish to Bank any and all
such records pertaining to Bank’s Work, immediately upon
request. Notwithstanding anything in this Section 6.1 to the
contrary, any inventions, discoveries, improvements, trade secrets,
formulas, techniques, processes and know-how conceived or developed
by
Executive solely while providing Volunteer Services (as defined
in Section
2.5 above) shall not be considered Bank
Work.
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6.2
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Return
of Bank’s Property and Materials. Upon termination of
employment with the Bank, Executive shall deliver to the Bank all
Bank
property and materials that are in Executive’s possession or control,
including Bank’s Work, within five (5) calendar
days.
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6.3
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Bank
to Benefit from Provisions. To the extent any provisions of
this Article 6 relate in any way to information, property, rights,
projects, ventures, or inventions of the Bank, then the obligations
of
Executive set forth in this Article 6 shall also extend to the
Bank and
inure to its benefit.
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7.0
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ARTICLE
7 – ARBRITRATION
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7.1
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Obligation
to Arbitrate. If any, dispute, controversy or claim arises
out of or relates to this Agreement, such dispute, controversy,
or claim
shall be settled by binding arbitration only, in accordance with
the Rules
of Judicial Arbitration and Mediation Services, using legal principles
and
damages according to California Law, and shall be selected by and
agreed
upon by both parties. Judgment upon the arbitrator’s award
shall be entered in the jurisdiction thereof. The arbitrator
shall determine which party is the prevailing party and shall include
in
the award, the prevailing party’s actual attorney’s fees and costs. The
arbitrator shall have no authority to grant either punitive or
consequential damages to any party. Nothing in Article 7 shall
prohibit or limit the right of the Bank to commence suit or other
judicial
proceedings seeking injunction or other equitable relief in the
event of
Executive’s breach or threatened breach of any of his obligations under
any of Sections 5 or 6 of this Agreement or Sections 5 or 6 of
the
Original
Agreement.
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7.2
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Arbitrator. If
the parties cannot agree upon the selection of an arbitrator within
ten
(10) days of written demand upon the other, the parties shall choose
from
a list to be provided by the main Los Angeles office of the American
Arbitration Association (“ZAAA”) or of the Federal Mediation and
Conciliation Service, using the strike method, with the first to
strike
being determined by the flip of a
coin.
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7.3
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Fee
Deposit. As soon as practicable after selection of the
arbitrator, the arbitrator or their designated representative shall
determine a reasonable estimate of anticipated fees and costs setting
forth that party’s pro rata share of said fees and
costs. Thereafter, each party shall, within ten (10) days of
receipt of said statement, deposit said sum with the
arbitrator. Failure of any party to make such a deposit shall
result in forfeiture by the non-depositing party of the right to
prosecute
or defend the claim which is the subject of the arbitration, but
shall not
otherwise serve to xxxxx, stay, or suspend the
arbitration.
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7.4
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Hearing
Schedule. Unless the parties agree otherwise, within one
hundred and twenty (120) days of the selection of the arbitrator,
a
hearing shall be conducted at a time and a place in Santa Xxxxxxx
County
agreed upon by the parties. Arbitration shall be conducted in
accordance with AAA employment rules and procedures (“AAA Rules”), the
terms of this Agreement shall
prevail.
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7.5
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Award. Within
thirty (30) days of conclusion of the arbitration hearing, the
arbitrator
shall issue an award, accompanied by a written decision explaining
the
basis for the arbitrator’s award. The decision of the
arbitrator shall be final, binding, and non-appealable, except
as
otherwise permitted by Law, and may be enforced as a final judgment
in any
court of competent
jurisdiction.
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8.0
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ARTICLE
8 – MISCELLANEOUS
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8.1
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Parent
as a Party. Parent is a party to this Agreement solely for
purposes of affecting the grant of the Options contemplated in
Section 3,
above. Parent shall have no liability or obligation to
Executive with respect to the Bank’s performance or non-performance of any
of its obligations under this
Agreement.
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8.2
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Injunctive
Relief . Executive hereby acknowledges and agrees that it
would be difficult to fully compensate the Bank for damages for
a breach
or threatened breach of any of the provisions of Sections 5 or
6 hereof or
Sections 5 or 6 of the Original Agreement . Accordingly, Executive
specifically agrees that the Bank shall be entitled to temporary
and
permanent injunctive relief to enforce the provisions of Sections
5 or 6
hereof or Sections 5 or 6 of the Original Agreement, and that
such relief
may be granted without the necessity of proving actual damages
. The foregoing provision with respect to injunctive relief
shall not, however, prohibit the Bank from pursuing any other
rights or
remedies available to the Bank for breach or threatened breach,
including,
but not limited to, the recovery of damages from Executive or
any third
parties.
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8.3
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Authorized
Representative of the Bank. Although Executive is officer
of the Bank, any and all actions and decisions to be taken
or
made by the Bank under this Agreement or with respect to the employment
relationship described in this Agreement, and any and all consents,
approvals and agreements permitted or required to be given or made
on the
part of the Bank under this Agreement, shall be made and accomplished
by
the Bank only through the actions taken, in writing, of its Chief
Credit
Officer or such other person or persons as the Board of Directors
may from
time to time
designate.
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8.4
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Tax
Advice. Executive represents and warrants to the Bank that
he has sought and received independent professional advice concerning
the
treatment of the transactions contemplated by this Agreement under
the
Code, the rules and regulations promulgated thereunder by the Internal
Revenue Service (the “j$”) and the income tax laws of any other applicable
taxing jurisdictions, and that he is not relying upon any representation,
warranty
or other statement made by the Bank, its counsel or anyone acting
on
behalf of the Bank with respect to such treatment or the structuring
of
the compensation payable under this Agreement as assuring any particular
income tax treatment. Executive understands and agrees that
neither the Bank, its counsel, nor anyone acting on behalf of the
Bank has
made or is making any representation, warranty or other statement
with
respect to such income tax
treatment.
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8.5
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Notice. Any
notice or other communication required or Permitted under this
Agreement
shall be in writing and shall be deemed received (i) when personally
delivered, or (ii) if mailed, one (1) week after having been placed
in the
United States mail, registered, or certified, postage prepaid,
addressed
to the party to whom it is directed at the address listed below
or (iii)
if sent by facsimile, email or other form of electronic transmission,
one
(1) business day after the notice is transmitted to the facsimile
number,
email address, or other address specified on the signature page
of this
Agreement, and the transmitting party either receives confirmation
of
transmission or does not receive notice of
non-delivery.
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8.6
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Entire
Agreement. This Agreement, including any documents
expressly incorporated into it by the terms of this Agreement,
constitutes
the entire Agreement between the parties. This Agreement
supersedes and rescinds any and all prior oral and written agreements,
understandings, negotiations, and discussions relating to the employment
of Executive by Bank. This Agreement may not be modified,
supplemented or amended by oral agreement, but only by an agreement
in
writing signed by Bank and
Executive.
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8.7
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Amendment. This
Agreement may be amended only in writing Duly executed by all of
the
parties hereto. Notwithstanding anything in this Agreement to
the contrary, any amendment to Section 3.4 of this Agreement shall
be made
in compliance with the requirements of Section 409A of the Coder
and the
Treasury Regulations
thereunder.
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8.8
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Survival
of Certain Provisions. Notwithstanding anything to the
Contrary contained herein, in the event of any termination of this
Agreement, the rights and obligations of the parties under Sections
3.4,
4.2(b), 4.2(c), 4.3(d), 4.4(d), 4.4(e), 4.5(a), 4.5(b), 4.6(c),
4.6(d),
4.6(e), 4.7(b), and 4.7(c) and Articles 5, 6, 7 and 8 hereof shall
survive
such termination and shall continue in full force and effect until
fully
performed.
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8.9
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Waivers. All
rights and remedies of the parties hereto are Separate and cumulative,
and
no one of them, whether exercised or not, shall be deemed to limit
or
exclude any other rights or remedies which the parties hereto may
have. Neither party hereto shall be deemed to waive any rights
or remedies under this Agreement unless such waiver is in writing
and
signed by such party. No delay or omission on the part of
either party hereto in exercising any right or remedy shall operate
as a
waiver of such right or remedy or any other right or remedy. A
waiver of any right or remedy on any one occasion shall not be
construed
as a bar to or waiver of any such right or remedy on any future
occasion.
|
|
8.10
|
Successors
and Assigns. The Bank shall require any successor or
assignee, whether direct or indirect, by purchase, merger, consolidation,
or otherwise to all or substantially all of the business or assets
of the
Bank to expressly assume and agree to perform in writing this Agreement
in
the same manner and to the same extent that the Bank would be required
to
perform it if no such succession or assignment had taken
place. This Agreement shall inure to the benefit of and be
binding upon the Bank, its successors and assigns, and upon Executive
and
Executive’s heirs, executors, administrators and legal
Representatives. No party to this Agreement may delegate its or
their duties hereunder without the prior written consent of the
other
party to this Agreement.
|
|
8.11
|
Governing
Law. This Agreement is entered into in the State of
California, and California law shall in all respects govern the
validity,
construction, and interpretation of this
Agreement.
|
|
Initials:______
|
Initials:
_____
|
14
|
|
8.12
|
Attorney’s
Fees. In any arbitration, suit or other action between the
parties seeking enforcement of any of the terms and provisions
of this
Agreement, the prevailing party in such arbitration, suit or other
action
shall be awarded, in addition to damages, injunctive or other relief,
its
reasonable costs and expenses, not limited to taxable costs, and
a
reasonable attorney’s fees. In order for a party to change its
address or other information for the purpose of this section, the
party
must first provide notice of that change in the manner required
by this
section.
|
|
9.0
|
ARTICLE
9 – RECEIPT OF
AGREEMENT
|
|
|
9.1
|
Receipt
of Agreement. Each of the parties hereto acknowledges that
they have read this Agreement in its entirety and does hereby acknowledge
receipt of a fully executed copy thereof. A fully executed copy
shall be an original for all purposes, and is a duplicate
original.
|
IN
WITNESS WHEREOF, the parties hereto have caused this Employment and
Confidentiality Agreement to be executed as of the Effective Date set forth
above.
ACCEPTED
AND AGREED:
EXECUTIVE
|
By:
|
|
||
|
Name:
|
Xxxxxxx
X. Favor
|
||
|
Address
for Notice:
|
|||
|
0000
Xxxxxxxxx Xxxxxx
|
|||
|
Xxxxxxxxx,
XX 00000
|
|||
|
Telephone:
(000) 000-0000
|
|||
|
COMMUNITY
WEST BANK
|
|||
|
A
National Banking Association
|
|||
|
By:
|
|
||
|
Name:
|
Xxxxx
Xxxxx, President & CEO
|
Initials:
_____ Initials: _____
|
|
15
