EXHIBIT 10.23
FIRST AMENDMENT
TO THE
SERVICE 1ST BANK
SALARY CONTINUATION AGREEMENT
DATED SEPTEMBER 10, 2003
FOR
XXXXX X. XXXXX
THIS AMENDMENT is adopted this 8th day of August, 2005, by and between
SERVICE 1ST BANK, a state-chartered commercial bank located in Stockton,
California (the "Company") and XXXXX X. XXXXX (the "Executive").
The Company and the Executive executed the Salary Continuation
Agreement on September 10, 2003 (the "Agreement").
The undersigned hereby amends, in part, said Agreement for the purpose
of: (i) changing the Plan Year; (ii) increasing the Normal Retirement Benefit;
and (iii) adding an Early Retirement Benefit. Therefore, the following changes
shall be made:
Article 1.18 of the Agreement shall be deleted in its entirety and
replaced by Article 1.18 below.
1.18 Plan Year" means each twelve-month period commencing on January 1 and
ending on December 31 of each year.
Article 2.1.1 of the Agreement shall be deleted in its entirety and
replaced by Article 2.1.1 below.
2.1.1 Amount of Benefit. The annual Normal Retirement Benefit under
this Section 2.1 is One Hundred Thirty-Three Thousand Dollar
($133,000).
Article 1.22 shall be added as follows:
1.22 "Early Retirement" means the Executive's Early Voluntary Termination
after attaining Early Retirement Age.
Article 1.23 shall be added as follows:
1.23 "Early Retirement Age" means the Executive completing fifteen (15)
Years of Service.
Article 1.24 shall be added as follows:
1.24 "Years of Service" "means the twelve consecutive month period beginning
on an Executive's date of hire and any twelve (12) month anniversary
thereof, during the entirety of which time the Executive is an employee
of the Bank. Service with a subsidiary or other entity controlled by
the Bank before the time such entity became a subsidiary or under such
control shall not be considered "credited service" unless the Plan
Administrator specifically agrees to credit such service. In addition,
the Plan Administrator in its discretion may also grant additional
Years of Service in such circumstances where it deems such additional
service appropriate.
Article 2.6 of the Agreement shall be deleted in its entirety and
replaced by Article 2.6 below.
2.6 Early Retirement Benefit. Upon Early Retirement, the Bank shall
distribute to the Executive the benefit described in this Section 2.6
in lieu of any other benefit under this Article.
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2.6.1 Amount of Benefit. The benefit under this Section 2.6 is a
vested portion of the Normal Retirement Benefit as shown in
the following schedule:
------------------------------- --------------------------
Plan Year Amount of Benefit
------------------------------- --------------------------
Prior to 1/1/2013 0
------------------------------- --------------------------
1/1/2013-12/31/2013 77,974
------------------------------- --------------------------
1/1/2014-12/31/2014 84,088
------------------------------- --------------------------
1/1/2015-12/31/2015 90,202
------------------------------- --------------------------
1/1/2016-12/31/2016 96,316
------------------------------- --------------------------
1/1/2017-12/31/2017 102,430
------------------------------- --------------------------
1/1/2018-12/31/2018 108,544
------------------------------- --------------------------
1/1/2019-12/31/2019 114,658
------------------------------- --------------------------
1/1/2020-12/31/2020 120,772
------------------------------- --------------------------
1/1/2021-12/31/2021 126,886
------------------------------- --------------------------
1/1/2022-4/24/2023 133,000
------------------------------- --------------------------
2.6.2 Distribution of Benefit. The Bank shall distribute the benefit
to the Executive in twelve (12) consecutive equal installments
commencing within thirty (30) days following the Executive's
Separation from Service. The annual benefit shall be
distributed to the Executive for fifteen (15) years.
The Schedule A attached to the Agreement shall also be amended in its
entirety and replaced with the new Schedule A attached to this Amendment.
IN WITNESS OF THE ABOVE, the Executive and the Company hereby consent
to this First Amendment.
Executive: SERVICE 1ST BANK
/s/ XXXXX X. XXXXX By /s/ XXXX X. XXXXXX
---------------------------------- -----------------------------
Xxxxx X. Xxxxx Xxxx X. Xxxxxx
Title Chairman
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