EXHIBIT 10.22

 

SECOND AMENDMENT TO EMPLOYMENT AGREEMENT

 

This Second Amendment to Employment Agreement (“Amendment”), dated as of
December 31, 2004 (“Effective Date”), is entered into by and among PLACER SIERRA
BANK, a California banking corporation (“Bank”) and PLACER SIERRA BANCSHARES
(“PLSB”) (hereafter jointly as (“Employer”), and RANDALL REYNOSO (“Employee”).

 

A. Bank and Employee are parties to that certain Employment Agreement, dated
October 28, 2003 and an amendment to that agreement dated June 1, 2004 (jointly
as “Agreement”).

 

B. Bank is a wholly owned subsidiary of PLSB and Employer seek to confirm the
employment status of Employee.

 

C. Employer and Employee desire to amend the Agreement as set forth in this
Amendment.

 

Now, therefore, the Agreement is hereby amended as follows:

 

AMENDMENT

 

1. Additional Duties. Employee currently serves as the President and Chief
Operating Officer of Bank. Employer and Employee hereby agree that Employee will
also now assume the duties and title of President and Chief Operating Officer of
PLSB. This Amendment will not alter Employee’s compensation or benefits which
will continue to be received pursuant to the terms of the Agreement, except as
noted below.

 

2. Change in Base Salary. Effective January 1, 2005, Employee’s base
compensation delineated in section 4(a) of the Agreement shall be changed from
$250,000 per year to $275,000 per year, less payroll taxes and withholding
required by federal, state or local law and any additional withholding to which
Employee agrees in writing. Said Base Salary shall be payable in semi-monthly
installments in accordance with Employer’s normal payroll procedures. The Board
shall review the Base Salary not less than sixty (60) days prior to January 1,
2006, and thereafter not less than sixty (60) days prior to each new calendar
year, and shall determine, in its sole, absolute and unreviewable discretion,
whether to increase the Base Salary for the subsequent twelve (12) months of the
Employment Term. Any increase in Base Salary so determined by the Board shall
become effective January 1 of the respective calendar year. The Base Salary
shall be prorated for any partial year in which this Agreement is in effect.

 

3. Severance Pay. The severance pay provisions contained in sections 5(a), 5(b)
and 5(c) of the Employment Agreement are hereby amended to substitute
“twenty-four (24) months” instead of “twelve (12) months” of severance pay. As
such, in all instances in which Employee would be eligible for severance pay per
the Employment Agreement, Employee shall be eligible instead to receive
twenty-four (24) months of Employee’s then current Base Salary, as defined in
section 4(a) of the Employment Agreement, together with any incentive bonus
prorated, if necessary, for a partial year of employment (less payroll taxes and
withholding required by any federal, state or local law, any additional
withholding to which Employee has agreed, and any outstanding obligations owed
by the Employee to Bank). In all other respects, the provisions of the
Employment Agreement relating to severance pay upon termination and incentive
bonus in section 5 remain unchanged.

 

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4. Affirmation. In order to induce each other to enter into this Amendment, the
parties hereby confirm that all terms and provisions of the Agreement have been
and continue to be in all respects in full force and effect, and no violation of
the terms and conditions of the Agreement has occurred.

 

5. Amendment. Except as expressly set forth in this Amendment, this Amendment
shall not alter, amend, or otherwise modify the terms and provisions of the
Agreement. From and after the Effective Date, all references in the Agreement to
“the Agreement,” “this Agreement” or any similar reference shall refer to the
Agreement as amended by this Amendment. Capitalized words or terms used in this
Amendment are defined words or terms, the definitions of which are set forth in
the Agreement unless otherwise defined in this Amendment.

 

IN WITNESS WHEREOF, the parties have executed this Amendment as of the Effective
Date.

 

PLACER SIERRA BANK     By:  

/s/ Ronald W. Bachli

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        Chairman and CEO  

/s/ Randall Reynoso

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        RANDALL REYNOSO PLACER SIERRA BANCSHARES     By:  

/s/ Ronald W. Bachli

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        Chairman and CEO    

 

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