EXHIBIT 10.5
FIRST AMENDMENT TO THE
EMPLOYMENT AGREEMENT WITH XXXXXXX XXXXXXX
DATED JULY 15, 2004
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This First Amendment (Amendment) to the Employment Agreement (Employment
Agreement) between Service 1st Bank located in Stockton, California (Bank) and
Xxxxxxx Xxxxxxx (Executive) is adopted, effective as of August 21, 2008, as set
forth below.
The Bank and the Executive executed the Employment Agreement on July 15, 2004
(Agreement).
The undersigned parties hereby amend, in part, said Employment Agreement for the
purpose of complying with section 409A of the Code. Therefore, the following
change shall be made
1. Paragraphs 17 through and including 28 are hereby amended and
renumbered as paragraphs 18 through 29 with corresponding adjustments
made to any references to paragraphs 17 through and including 28 in the
Agreement and a new paragraph 17 is added to read as follows:
17. Delay Of Payment For Specified Employees. Notwithstanding any
provision of this Agreement to the contrary, if Executive is a
"specified employee," no distribution of severance pay under
this Agreement may be made, or may commence, before the date
which is 6 months after the date of Executive's "separation
from service" within the meaning of Code section
409A(a)(2)(A)(i). For purposes of this section, "specified
employee" shall mean an employee who at the time of Separation
from Service is a key employee of the Bank, if any stock of
the Bank is publicly traded on an established securities
market or otherwise. For purposes of this Agreement, an
employee is a key employee if the employee meets the
requirements of Code Section 416(i)(1)(A)(i), (ii), or (iii)
(applied in accordance with the regulations thereunder and
disregarding section 416(i)(5)) at any time during the twelve
(12) month period ending on December 31.
2. The language of this Amendment shall supersede the provisions of the
Plan to the extent the Plan is inconsistent with the provisions of this
amendment. Except as amended above, the remaining provisions of the
Plan shall remain in full force and effect.
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IN WITNESS WHEREOF, the Bank and the Executive have caused this Amendment to be
executed on this 22nd day of August 2008.
BANK
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SERVICE 1ST BANK
By: /s/ Xxxxx Xxxxx
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Title: Director
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EXECUTIVE
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/s/ Xxxxxxx Xxxxxxx
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Xxxxxxx Xxxxxxx
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