EXHIBIT 10.7
AGREEMENT
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The advent of the retirement of Xxx Xxxxx requires a transition period and
responsibilities defined such that an orderly transition can be implemented. As
such the following is agreed to by Xxx Xxxxx and Community West Bancshares
("CWB").
I. Xxx Xxxxx will be an employee of CWB retaining the title of Chief
Executive Officer from the period starting September 1, 2001 to
December 31, 2001 with abbreviated responsibilities as defined below:
a) Source of information relating to current and past bank
business endeavors
b) Surveillance of Payday loan litigation, advising management
and Board of appropriate action
c) Sounding board for new endeavors contemplated by management
and Board
d) Any other tasks (within the parameters of this agreement)
deemed applicable by management and the Board
The above responsibilities shall be implemented from Xx. Xxxxx'x place
of residence or if required in the Goleta headquarters not to exceed
two weeks per month.
Xx. Xxxxx will not manage the daily operations of CWB or GNB (these
activities will be carried out by Xxxxx Xxxxx and Xxxxx Xxxxx).
Xx. Xxxxx will be compensated at one half his current salary during
the period of September 1, 2001 through December 31, 2001. When in
Goleta, Xx. Xxxxx will cover his living expenses and CWB will cover
travel costs.
During the period of September 1, 2001 through December 31, 2001 Xx.
Xxxxx will continue as a Board member of CWB and GNB.
II. After December 31, 2001 Xx. Xxxxx will be a consultant to CWB and an
aide to management and the Board along with the above stated
responsibilities. However, residence in Goleta will be as mutually
agreed upon relative to timing and compensation.
Xx. Xxxxx will be an employee of CWB for the 26 months following
December 31, 2001. Xx. Xxxxx will be compensated at a monthly rate
determined by dividing 6 months severance pay by 26.
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Xxx Xxxxx Xxxxxxx Xxxxxxxxx
Chief Executive Officer Chairman of the Board
Community West Bancshares Community West Bancshares
