EXHIBIT 10.12
Amendment to Salary continuation plan of Xxxxxxx X. Xxxxxxxxx
AMENDMENT TO EXECUTIVE SALARY CONTINUATION
------------------------------------------
AGREEMENT
---------
This Amendment to Executive Salary Continuation Agreement ("Amendment") is
made and entered into by and between Redlands Centennial Bank, a California
state banking corporation ("Employer"), and Xxxxxxx Xxxxxxxxx ("Executive").
RECITALS
--------
A. Employer and Executive are parties to that certain Executive Salary
Continuation Agreement ("Agreement"), dated August 1, 2001.
B. Employer and Executive wish to amend the Agreement as provided in this
Amendment.
AMENDMENT
---------
1. Section 1.2 of the Agreement is amended to read as follows:
1.2. Annual Benefit. The term "Annual Benefit" shall mean an
--------------
annual sum of one hundred thousand dollars ($100,000), increased by 3%
on each anniversary of the date of this Agreement until the date of
the first payment hereunder, multiplied by the Applicable Percentage
(defined below) and then reduced to the extent required: (i) under the
other provisions of this Agreement; (ii) by reason of the lawful order
of any regulatory agency or body having jurisdiction over the
Employer; and (iii) in order for the Employer to properly comply with
any and all applicable state and federal laws, including, but not
limited to, income, employment and disability income tax laws (e.g.,
FICA, FUTA, SDI).
2. Section 1.9 of the Agreement is amended to read as follows:
1.9. Retirement. The term "Retirement" or "Retires" shall refer
----------
to the date on which the Executive attains the age of at least
sixty-five (65) and acknowledges in writing to the Employer to be the
last day he will provide any significant personal services, whether as
an employee, director or independent consultant or contractor, to the
Employer. For purposes of this Agreement, the phrase "significant
personal services" shall mean more than ten (10) hours of personal
services rendered to one or more individuals or entities in any thirty
(30) day period.
3. Section 11.2 of the Agreement is amended to provide that any arbitration
shall be conducted in Southern California.
4. Except as specifically amended herein, the Agreement shall remain in
full force and effect as written.
REDLANDS CENTENNIAL BANK
Dated: December 1, 2001 By: /s/ Xxx Xxxxx
-------------------------------
Xxx Xxxxx, Chairman of the Board
Dated: December 1, 2001 /s/ Xxxxxxx X. Xxxxxxxxx
---------------------------------
Xxxxxxx X. Xxxxxxxxx, Executive
