Exhibit 10.9


 


PREMIER
COMMERCIAL BANK, NATIONAL ASSOCIATION


SALARY
CONTINUATION AGREEMENT


 


THIS SALARY
CONTINUATION AGREEMENT (the “Agreement”) is adopted this 1st day of
April, 2004, by and between PREMIER COMMERCIAL BANK, NATIONAL ASSOCIATION, a
nationally-chartered commercial bank located in Anaheim, California (the “Company”),
and ASHOK R. PATEL (the “Executive”).


 


The purpose of this Agreement is to provide
specified benefits to the Executive, a member of a select group of management
or highly compensated employees who contribute materially to the continued
growth, development and future business success of the Company. This Agreement
shall be unfunded for tax purposes and for purposes of Title I of the Employee
Retirement Income Security Act of 1974 (“ERISA”), as amended from time to time.
The Company will pay the benefits from its general assets.


 


The Company and the Executive agree as
provided herein.


 


Article 1

Definitions


 


Whenever used in this Agreement, the
following words and phrases shall have the meanings specified:


 


1.1           “Accrual Balance” means the liability that should be accrued by
the Company, under Generally Accepted Accounting Principles (“GAAP”), for the
Company’s obligation to the Executive under this Agreement, by applying
Accounting Principles Board Opinion Number 12 (“APB 12”) as amended by
Statement of Financial Accounting Standards Number 106 (“FAS 106”) and the
Discount Rate. Any one of a variety of amortization methods may be used to
determine the Accrual Balance. However, once chosen, the method must be
consistently applied. The Accrual Balance shall be reported by the Company to
the Executive on Schedule A.


 


1.2           “Change of Control” means the transfer
of shares of the Company’s voting common stock such that one entity or one
person acquires (or is deemed to acquire when applying Section 318 of the Code)
more than fifty percent (50%) of the Company’s outstanding voting common stock,
followed within twelve (12) months by the Executive’s Termination of Employment
for reasons other than death, Disability or retirement.


 


Notwithstanding
the above, certain transfers are permitted within Section 318 of the Code and
such transfers shall not be deemed a Change of Control under this Section 1.2.
Nor shall any transfers of the Company’s voting common stock to its holding
company be deemed a Change of Control for purposes of this Agreement.


 


1.3           “Disability” means the Executive’s
suffering a sickness, accident or injury which has been determined by the
insurance carrier of any individual or group disability insurance policy
covering the Executive, or by the Social Security Administration, to be a
disability rendering the Executive totally and permanently disabled. The
Executive must submit


 


1

















 


proof
to the Plan Administrator of the insurance carrier’s or Social Security
Administration’s determination upon the request of the Plan Administrator.


 


1.4           “Discount Rate” means the rate used by the Plan Administrator
for determining the Accrual Balance. The initial Discount Rate is six and
one-half percent (6.5%). However,  the
Plan Administrator, in its sole discretion, may adjust the Discount Rate to
maintain the rate within reasonable standards according to GAAP.


 


1.5           “Early Involuntary Termination” means that the Executive, prior
to Normal Retirement Age, has been notified in writing that employment with the
Company is terminated for reasons other than an approved leave of absence,
Termination for Cause, Disability, Death, Early Involuntary Termination, or within
12 months following a Change of Control.


 


1.6           “Ear1y Voluntary Termination” means that the Executive, prior to
Normal Retirement Age, has terminated employment with the Company for reasons
other than Termination for Cause, Disability, Early Involuntary Termination, or
within 12 months following a Change of Control.


 


1.7           “Effective Date” means April 1, 2004.


 


1.8           “Normal Retirement Age” means the Executive’s sixty-fifth (65th)
birthday.


 


1.9           “Normal Retirement Date” means the later of the Normal Retirement
Age or Termination of Employment.


 


1.10         “Plan Administrator” means the plan administrator described in
Article 7.


 


1.11         “Plan Year” means a twelve-month period commencing on January 1
and ending on December 31 of each year. The initial Plan Year shall commence on
the Effective Date of this Agreement and shall be considered a full Plan Year.


 


1.12         “Termination for Cause” has that meaning set forth in Article 4.


 


1.13         “Termination of Employment” means that the Executive ceases to be
employed by the Company for any reason, voluntary or involuntary, other than by
reason of a leave of absence approved by the Company.


 


Article 2

Benefits During Lifetime


 


2.1           Normal Retirement Benefit. Upon Termination of Employment on or after
the Normal Retirement Age for reasons other than death, the Company shall pay
to the Executive the benefit described in this Section 2.1 in lieu of any other
benefit under this Article.


 


2.1.1        Amount of Benefit. The
annual benefit under this Section 2.1 is $75,000 (Seventy-Five Thousand Dollars).


 


2

















 


2.1.2        Payment of Benefit.
The Company shall pay the annual benefit to the Executive in twelve (12) equal
monthly installments commencing on the first day of the month following the
Executive’s Normal Retirement Date. The annual benefit shall be paid to the Executive
for fifteen (15) years.


 


2.2           Early Involuntary Termination Benefit. Upon Early Involuntary Termination, the
Company shall pay to the Executive the benefit described in this Section 2.2 in
lieu of any other benefit under this Article.


 


2.2.1        Amount of Benefit. The
annual benefit under this Section 2.2 is the Early Involuntary Termination
Benefit set forth on Schedule A for the Plan Year during which Termination of
Employment occurs. This benefit is determined by vesting the Executive in the
Accrual Balance ten percent per year until the Executive becomes fully vested
in the Accrual Balance after 10 Plan Years, according to the schedule set forth
below.


 




	
  Plan Year

  	
   

  	
  Percent vested in the

  Accrual Balance

  
	
  1

  	
   

  	
  10

  
	
  2

  	
   

  	
  20

  
	
  3

  	
   

  	
  30

  
	
  4

  	
   

  	
  40

  
	
  5

  	
   

  	
  50

  
	
  6

  	
   

  	
  60

  
	
  7

  	
   

  	
  70

  
	
  8

  	
   

  	
  80

  
	
  9

  	
   

  	
  90

  
	
  10

  	
   

  	
  100

  






 


2.2.2        Payment of Benefit. The
Company shall pay the benefit to the Executive in a lump sum within ninety (90)
days following the Termination of Employment.


 


2.3           Early Voluntary Termination Benefit. There is no Early Voluntary Termination
Benefit under this Agreement.


 


2.4           Disability Benefit. Upon Termination of Employment due to
Disability prior to Normal Retirement Age, the Company shall pay to the
Executive the benefit described in this Section 2.4 in lieu of any other
benefit under this Article.


 


2.4.1        Amount of Benefit.
The benefit under this Section 2.4 is the Disability Benefit set forth on
Schedule A for the Plan Year during which the Termination of Employment occurs.
This benefit is determined by vesting the Executive in one hundred percent
(100%) of the Accrual Balance.


 


2.4.2        Payment of Benefit. The
Company shall pay the benefit to the Executive in a lump sum within ninety (90)
days following Termination of Employment due to Disability.


 


3

















 


2.5           Change of Control Benefit. Upon a Change of Control followed within
twelve (12) months by the Executive’s Termination of Employment, the Company
shall pay to the Executive the benefit described in this Section 2.5 in lieu of
any other benefit under this Article.


 


2.5.1        Amount of Benefit.
The benefit under this Section 2.5 is the Change of Control Benefit set forth
on Schedule A for the Plan Year during which Termination of Employment occurs.
This benefit is determined by vesting the Executive in one hundred percent
(100%) of the Normal Retirement Benefit amount described in Section 2.1.1.


 


2.5.2        Payment of Benefit.
The Company shall pay the annual benefit to the Executive in twelve (12) equal
monthly installments commencing with the first of the month following Executive’s
attainment of Normal Retirement Age.


 


Article 3 

Death Benefits


 


The
Company shall not pay a death benefit under this Agreement. A death benefit may
be provided according to the terms of a separate Split Dollar Agreement entered
into by the Company and the Executive.


 


Article 4

General Limitations


 


4.1           Termination for Cause. Notwithstanding any provision of this
Agreement to the contrary, the Company shall not pay any benefit under this
Agreement if the Company’s Board of Directors terminates the Executive’s
employment for:


 


(a)           Gross negligence or gross neglect of duties to the Company;


 


(b)           Commission of a felony or of a gross misdemeanor involving moral turpitude;


 


(c)           Fraud, disloyalty, dishonesty or willful violation of any law or
significant Company policy committed in connection with the Executive’s
employment and resulting in a material adverse effect on the Company; or


 


(d)           Issuance of an order for removal of the Executive by the Company’s
banking regulators.


 


4.2           Suicide or Misstatement. The Company shall not pay any benefit under
this Agreement if the Executive commits suicide within two years after the
Effective Date. In addition, the Company shall not pay any benefit under this
Agreement if the Executive has made any material misstatement of fact on any
application for life insurance owned by the Company on the Executive’s life.


 


4.3           Excess Parachute Payment. Notwithstanding any provision of this Agreement
to the contrary, to the extent any benefit would create an excise tax under the
excess parachute


 


4

















 


rules
of Section 280G of the Code, the Company shall reduce the benefit paid under
this Agreement to the maximum benefit that would not result in any such excise
tax.


 


4.4          Risk of Forfeiture. Notwithstanding any provision of this
Agreement to the contrary, the Company shall not pay any benefit under this
Agreement if, after an Early Involuntary Termination, the Executive or the
Executive’s successors, heirs, or assigns, commences legal action against the
Company for reasons related to the Executive’s Early Involuntary Termination.


 


Article 5

Claims And Review Procedures


 


5.1           Claims Procedure. An Executive or Beneficiary (“claimant”)
who has not received benefits under the Agreement that he or she believes
should be paid shall make a claim for such benefits as follows:


 


5.1.1        Initiation – Written Claim. The claimant initiates a claim by submitting to the Plan
Administrator a written claim for
the benefits.


 


5.1.2        Timing
of Plan Administrator Response.
The Plan Administrator shall respond to such claimant within 90 days after
receiving the claim. If the Plan Administrator determines that special
circumstances require additional time for processing the claim, the Plan
Administrator can extend the response period by an additional 90 days by
notifying the claimant in writing, prior to the end of the initial 90-day
period, that an additional period is required. The notice of extension must set
forth the special circumstances and the date by which the Plan Administrator
expects to render its decision.


 


5.1.3        Notice of Decision.
If the Plan Administrator denies part or all of the claim, the Plan
Administrator shall notify the claimant in writing of such denial. The Plan
Administrator shall write the notification in a manner calculated to be understood by the claimant. The notification
shall set forth:


 


(a)           The specific reasons for the denial;


 


(b)           A reference to the specific provisions of the
Agreement on which the denial is based;


 


(c)           A description of any additional information
or material necessary for the claimant to perfect the claim and an explanation
of why it is needed;


 


(d)           An explanation of the Agreement’s review
procedures and the time limits applicable to such procedures; and


 


(e)           A statement of the claimant’s right to bring
a civil action under ERISA Section 502(a) following an adverse benefit
determination on review.


 


5.2           Review Procedure. If the Plan Administrator denies part or
all of the claim, the claimant shall have the opportunity for a full and fair
review by the Plan Administrator of the denial, as follows:


 


5.2.1        Initiation – Written Request. To initiate the review, the claimant, within 60 days


 


5

















 


after
receiving the Plan Administrator’s notice of denial, must file with the Plan
Administrator a written request for review.


 


5.2.2        Additional Submissions – Information Access. The claimant shall then have the opportunity
to submit written comments, documents, records and other information relating
to the claim. The Plan Administrator shall also provide the claimant, upon
request and free of charge, reasonable access to, and copies of, all documents,
records and other information relevant (as defined in applicable ERISA
regulations) to the claimant’s claim for benefits.


 


5.2.3        Considerations on Review. In considering the review, the Plan Administrator shall take into
account all materials and information the claimant submits relating to the
claim, without regard to whether such information was submitted or considered
in the initial benefit determination.


 


5.2.4        Timing of Plan Administrator Response. The Plan Administrator shall respond in writing to such claimant
within 60 days after receiving the request for review. If the Plan
Administrator determines that special circumstances require additional time for
processing the claim, the Plan Administrator can extend the response period by
an additional 60 days by notifying the claimant in writing, prior to the end of
the initial 60-day period, that an additional period is required. The notice of
extension must set forth the special circumstances and the date by which the Plan
Administrator expects to render its decision.


 


5.2.5        Notice of Decision. The
Plan Administrator shall notify the claimant in writing of its decision on
review. The Plan Administrator shall write the notification in a manner
calculated to be understood by the claimant. The notification shall set forth:


 


(a)           The specific reasons for the denial;


(b)           A reference to the specific provisions of the
Agreement on which the denial is based;


(c)           A statement that the claimant is entitled to
receive, upon request and free of charge, reasonable access to, and copies of,
all documents, records and other information relevant (as defined in applicable
ERISA regulations) to the claimant’s claim for benefits; and


(d)           A statement of the claimant’s right to bring a civil action under ERISA Section
502(a).


 


Article 6

Amendments and Termination


 


This
Agreement may be amended or terminated only by a written agreement signed by
the Company and the Executive. Provided, however, if the Company’s Board of
Directors determines that the Executive is no longer a member of a select group
of management or highly compensated employees, as that phrase applies to ERISA,
for reasons other than death, Disability or retirement, the Company may amend
or terminate this Agreement. Upon such amendment or termination the Company
shall pay benefits to the Executive as if Early Termination occurred on


 


6

















 


the date of such amendment or termination, regardless of whether Early
Termination actually occurs.


 


Notwithstanding
the previous paragraph, the Company may amend or terminate the plan at any time
if, pursuant to legislative, judicial or regulatory action, continuation of the
Agreement would (i) cause benefits to be taxable to the Executive prior to
actual receipt, or (ii) result in significant financial penalties or other
significantly detrimental ramifications to the Company (other than the
financial impact of paying the benefits).


 


Article 7

Administration of Agreement


 


7.1           Plan Administrator Duties. This Agreement shall be administered by a
Plan Administrator which shall consist of the Board, or such committee or
person(s) as the Board shall appoint. The Executive may be a member of the Plan
Administrator. The Plan Administrator shall also have the discretion and
authority to (i) make, amend, interpret and enforce all appropriate rules and
regulations for the administration of this Agreement and (ii) decide or resolve
any and all questions including interpretations of this Agreement, as may arise
in connection with the Agreement.


 


7.2           Agents. In the administration of this Agreement, the Plan Administrator may
employ agents and delegate to them such administrative duties as it sees fit,
(including acting through a duly appointed representative), and may from time
to time consult with counsel who may be counsel to the Company.


 


7.3           Binding Effect of Decisions. The decision or action of the Plan
Administrator with respect to any question arising out of or in connection with
the administration,  interpretation and
application of the Agreement and the rules and regulations promulgated hereunder
shall be final and conclusive and binding upon all persons having any interest in
the Agreement. No Executive or Beneficiary shall be deemed to have any right,
vested or nonvested, regarding the continued use of any previously adopted
assumptions, including but not limited to the Discount Rate.


 


7.4           Indemnity of Plan Administrator. The Company shall indemnify and hold
harmless the members of the Plan Administrator against any and all claims,
losses, damages, expenses or liabilities arising from any action or failure to
act with respect to this Agreement, except in the case of willful misconduct by
the Plan Administrator or any of its members.


 


7.5           Company Information. To enable the Plan Administrator to perform
its functions, the Company shall supply full and timely information to the Plan
Administrator on all matters relating to the date and circumstances of the
retirement, Disability, death, or Termination of Employment of the Executive,
and such other pertinent information as the Plan Administrator may reasonably
require.


 


7.6           Annual Statement. The Plan Administrator shall provide to the
Executive, within 120 days after the end of each Plan Year, a statement setting
forth the benefits payable under this Agreement.


 


7

















 


Article 8

Miscellaneous


 


8.l            Binding Effect. This Agreement shall bind the Executive and
the Company, and their beneficiaries, survivors, executors, successors,
administrators and transferees.


 


8.2           No Guarantee of Employment. This Agreement is not an employment policy
or contract. It does not give the Executive the right to remain an employee of
the Company, nor does it interfere with the Company’s right to discharge the
Executive. It also does not require the Executive to remain an employee nor
interfere with the Executive’s right to terminate employment at any time.


 


8.3           Non-Transferability. Benefits under this Agreement cannot be
sold, transferred, assigned, pledged, attached or encumbered in any manner.


 


8.4           Tax Withholding. The Company shall withhold any taxes that,
in its reasonable judgment, are required to be withheld from the benefits
provided under this Agreement. The Executive acknowledges that the Company’s
sole liability regarding taxes is to forward any amounts withheld to the
appropriate taxing authority(ies).


 


8.5           Applicable Law. The Agreement and all rights hereunder
shall be governed by the laws of the State of California, except to the extent
preempted by the laws of the United States of America.


 


8.6           Unfunded Arrangement. The Executive and Beneficiary are general
unsecured creditors of the Company for the payment of benefits under this
Agreement. The benefits represent the mere promise by the Company to pay such
benefits. The rights to benefits are not subject in any manner to anticipation,
alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or
garnishment by creditors. Any insurance on the Executive’s life is a general
asset of the Company to which the Executive and Beneficiary have no preferred
or secured claim.


 


8.7           Reorganization. The Company shall not merge or consolidate
into or with another company, or reorganize, or sell substantially all of its
assets to another company, firm, or person unless such succeeding or continuing
company, firm, or person agrees to assume and discharge the obligations of the
Company under this Agreement. Upon the occurrence of such event, the term “Company”
as used in this Agreement shall be deemed to refer to the successor or survivor
company.


 


8.8           Entire Agreement. This Agreement constitutes the entire
agreement between the Company and the Executive as to the subject matter
hereof. No rights are granted to the Executive by virtue of this Agreement
other than those specifically set forth herein.


 


8.9           Interpretation. Wherever the fulfillment of the intent and
purpose of this Agreement requires, and the context will permit, the use of the
masculine gender includes the feminine and use of the singular includes the
plural.


 


8

















 


8.10       Alternative Action.  In
the event it shall become impossible for the Company or the Plan Administrator
to perform any act required by this Agreement, the Company or Plan Administrator
may in its discretion perform such alternative act as most nearly carries out the
intent and purpose of this Agreement and is in the best interests of the
Company.


 


8.11       Headings.  Article and section headings
are for convenient reference only and shall not control or affect the meaning
or construction of any of its provisions.


 


8.12         Validity.  In case any provision of this
Agreement shall be illegal or invalid for any reason, said illegality or
invalidity shall not affect the remaining parts hereof, but this Agreement
shall be construed and enforced as if such illegal and invalid provision has
never been inserted herein.


 


8.13         Notice.  Any notice or filing required
or permitted to be given to the Company or Plan Administrator under this
Agreement shall be sufficient if in writing and hand-delivered, or sent by
registered or certified mail, to the address below:


 


	
   

  	
  2400 East Katella Ave

  
	
   

  	
  Suite 125

  
	
   

  	
  Anaheim, CA 92806

  



 


Such
notice shall be deemed given as of the date of delivery or, if delivery is made
by mail, as of the date shown on the postmark on the receipt for registration
or certification.


 


Any
notice or filing required or permitted to be given 1o the Executive under this
Agreement shall be sufficient if in writing and hand-delivered, or sent by
mail, to the last known address of the Executive.


 


IN WITNESS WHEREOF, the Executive and a duly
authorized representative of the Company have signed this Agreement.


 


	
  EXECUTIVE:

  	
   

  	
  PREMIER COMMERCIAL BANK, 

  
	
   

  	
   

  	
  NATIONAL ASSOCIATION

  
	
   

  	
   

  	
   

  
	
  /s/ Ashok R. Patel

  	
   

  	
  By

  	
  /s/ Ken J.
  Cosgrove 

  
	
  Ashok R. Patel

  	
   

  	
   

  	
  Ken J. Cosgrove 

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title 

  	
  Chief Executive
  Officer/Chairman

  	
   

  
						



 


9

















 


BENEFICIARY
DESIGNATION FORM


 


I,
Ashok R. Patel, designate the following as beneficiary of benefits under
the Agreement payable following my death:


 


	
  Primary:

  	
   

  	
   

  	
   

  
	
  NITA A. PATEL 

  	
   

  	
  100

  	
  %

  
	
   

  	
   

  	
   

  	
  %

  
	
  Contingent:

  	
   

  	
   

  	
   

  
	
  NEAL A. PATEL

  	
   

  	
  100

  	
  %

  
	
   

  	
   

  	
   

  	
  %

  
	
   

  	
   

  	
   

  	
  %

  



 


Notes:


•      Please PRINT CLEARLY or TYPE
the names of the beneficiaries.


•      To name a trust as beneficiary, please
provide the name of the trustee(s) and the exact name and date of the trust agreement.


•      To name
your estate its beneficiary,
please write “Estate of [your name]”.


•      Be aware
that none of the contingent beneficiaries will receive anything unless ALL of
the primary beneficiaries predecease you.


 


I understand that I may
change these beneficiary designations by delivering a new written designation
to the Plan Administrator, which shall be effective only upon receipt and
acknowledgment by the Plan Administrator prior to my death. I further
understand that the designations will be automatically revoked if the
beneficiary predeceases me, or, if I have named my spouse as beneficiary and
our marriage is subsequently dissolved.


 


	
  Name:

  	
  ASHOK R. PATEL

  	
   

  
	
   

  	
   

  	
  Date :

  	
  8/26/04

  	
   

  
	
  Signature:

  	
  /s/ ASHOK R. PATEL

  	
   

  
							



 


SPOUSAL
CONSENT
(Required if Spouse not
named beneficiary):


 


I
consent to the beneficiary designation above, and acknowledge that if I am
named beneficiary and our marriage is subsequently dissolved, the designation
will be automatically revoked.


 


	
  Spouse Name:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Date:

  	
   

  	
   

  
	
  Signature:

  	
   

  	
   

  



 


 


Received by the Plan Administrator this
                         day
of
                           ,
2    


 


	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  



 


10

















 


Plan Year Reporting


 


Schedule A


Ashok R Patel


 


	
  DOB: 7/7/1961

  Plan Anniv Date: 1/1/2005

  	
   

  	
   

  	
   

  	
  Early Involuntary

  Termination

  	
   

  	
  Disability

  	
   

  	
  Change of Control

  	
   

  
	
  Normal Retirement: 7/7/2026, Age 65

  Payment: Monthly Installments

  	
   

  	
   

  	
   

  	
  Lump Sum

  Payable Immediately

  	
   

  	
  Lump Sum

  Payable Immediately

  	
   

  	
  Installment

  Payable at 65

  	
   

  
	
  Period

  	
   

  	
  Discount

  	
   

  	
  Benefit

  Level

  	
   

  	
  Accrual

  Balance

  	
   

  	
  Vesting

  	
   

  	
  Based On

  Accrual

  	
   

  	
  Vesting

  	
   

  	
  Based On

  Accrual

  	
   

  	
  Vesting

  	
   

  	
  Based On

  Benefit

  	
   

  
	
  Ending

  	
   

  	
  Rate

  	
   

  	
  (1)

  	
   

  	
  (2)

  	
   

  	
  (3)

  	
   

  	
  (4)

  	
   

  	
  (5)

  	
   

  	
  (6)

  	
   

  	
  (7)

  	
   

  	
  (8)

  	
   

  
	
  2004 (1)

  	
   

  	
  6.5

  	
  %

  	
  75,000

  	
   

  	
  10,986

  	
   

  	
  10

  	
  %

  	
  1,099

  	
   

  	
  100

  	
  %

  	
  10,986

  	
   

  	
  100

  	
  %

  	
  75,000

  	
   

  



 






(1)   The first line reflects
9 months of data, April 2004 to December 2004.


 


•      IF THERE IS A CONFLICT IN ANY TERMS OR PROVISIONS BETWEEN THIS SCHEDULE
A AND THE AGREEMENT, THE TERMS AND PROVISIONS OF THE AGREEMENT SHALL PREVAIL.
IF A TRIGGERING EVENT OCCURS, REFER TO THE AGREEMENT TO DETERMINE THE ACTUAL
BENEFIT AMOUNT BASED ON THE DATE OF THE EVENT.


 


11

















 


	
  CLARK CONSULTING

  	
  Plan Year Reporting

  



 


Hypothetical Termination Benefits
Schedule


Ashok R Patel


 


	
  DOB: 7/7/1961

  Plan Anniv Date: 1/1/2005

  	
   

  	
   

  	
   

  	
  Early Involuntary Termination

  	
   

  	
  Disability

  	
   

  	
  Change of Control

  	
   

  
	
  Normal Retirement: 7/7/2026, Age 65

  Payment: Monthly Installments

  	
   

  	
   

  	
   

  	
  Lump Sum

  Payable Immediately

  	
   

  	
  Lump Sum

  Payable Immediately

  	
   

  	
  Installment

  Payable at 65

  	
   

  
	
  Period

  	
   

  	
  Discount

  	
   

  	
  Benefit

  Level

  	
   

  	
  Accrual

  Balance

  	
   

  	
  Vesting

  	
   

  	
  Based On

  Accrual

  	
   

  	
  Vesting

  	
   

  	
  Based On

  Accrual

  	
   

  	
  Vesting

  	
   

  	
  Based On

  Benefit

  	
   

  
	
  Ending

  	
   

  	
  Rate

  	
   

  	
  (1)

  	
   

  	
  (2)

  	
   

  	
  (3)

  	
   

  	
  (4)

  	
   

  	
  (5)

  	
   

  	
  (6)

  	
   

  	
  (7)

  	
   

  	
  (8)

  	
   

  
	
  2004(1)

  	
   

  	
  6.5

  	
  %

  	
  75,000

  	
   

  	
  10,986

  	
   

  	
  10

  	
  %

  	
  1,099

  	
   

  	
  100

  	
  %

  	
  10,986

  	
   

  	
  100

  	
  %

  	
  75,000

  	
   

  
	
  Dec 2005

  	
   

  	
  6.5

  	
  %

  	
  75,000

  	
   

  	
  26,491

  	
   

  	
  20

  	
  %

  	
  5,298

  	
   

  	
  100

  	
  %

  	
  26,491

  	
   

  	
  100

  	
  %

  	
  75,000

  	
   

  
	
  Dec 2006

  	
   

  	
  6.5

  	
  %

  	
  75,000

  	
   

  	
  43,034

  	
   

  	
  30

  	
  %

  	
  12,910

  	
   

  	
  100

  	
  %

  	
  43,034

  	
   

  	
  100

  	
  %

  	
  75,000

  	
   

  
	
  Dec 2007

  	
   

  	
  6.5

  	
  %

  	
  75,000

  	
   

  	
  60,685

  	
   

  	
  40

  	
  %

  	
  24,274

  	
   

  	
  100

  	
  %

  	
  60,685

  	
   

  	
  100

  	
  %

  	
  75,000

  	
   

  
	
  Dec 2008

  	
   

  	
  6.5

  	
  %

  	
  75,000

  	
   

  	
  79,518

  	
   

  	
  50

  	
  %

  	
  39,759

  	
   

  	
  100

  	
  %

  	
  79,518

  	
   

  	
  100

  	
  %

  	
  75,000

  	
   

  
	
  Dec 2009

  	
   

  	
  6.5

  	
  %

  	
  75,000

  	
   

  	
  99,612

  	
   

  	
  60

  	
  %

  	
  59,767

  	
   

  	
  100

  	
  %

  	
  99,612

  	
   

  	
  100

  	
  %

  	
  75,000

  	
   

  
	
  Dec 2010

  	
   

  	
  6.5

  	
  %

  	
  75,000

  	
   

  	
  121,052

  	
   

  	
  70

  	
  %

  	
  84,736

  	
   

  	
  100

  	
  %

  	
  121,052

  	
   

  	
  100

  	
  %

  	
  75,000

  	
   

  
	
  Dec 2011

  	
   

  	
  6.5

  	
  %

  	
  75,000

  	
   

  	
  143,928

  	
   

  	
  80

  	
  %

  	
  115,142

  	
   

  	
  100

  	
  %

  	
  143,928

  	
   

  	
  100

  	
  %

  	
  75,000

  	
   

  
	
  Dec 2012

  	
   

  	
  6.5

  	
  %

  	
  75,000

  	
   

  	
  168,336

  	
   

  	
  90

  	
  %

  	
  151,502

  	
   

  	
  100

  	
  %

  	
  168,336

  	
   

  	
  100

  	
  %

  	
  75,000

  	
   

  
	
  Dec 2013

  	
   

  	
  6.5

  	
  %

  	
  75,000

  	
   

  	
  194,379

  	
   

  	
  100

  	
  %

  	
  194,379

  	
   

  	
  100

  	
  %

  	
  194,379

  	
   

  	
  100

  	
  %

  	
  75,000

  	
   

  
	
  Dec 2014

  	
   

  	
  6.5

  	
  %

  	
  75,000

  	
   

  	
  222,165

  	
   

  	
  100

  	
  %

  	
  222,165

  	
   

  	
  100

  	
  %

  	
  222,165

  	
   

  	
  100

  	
  %

  	
  75,000

  	
   

  
	
  Dec 2015

  	
   

  	
  6.5

  	
  %

  	
  75,000

  	
   

  	
  251,813

  	
   

  	
  100

  	
  %

  	
  251,813

  	
   

  	
  100

  	
  %

  	
  251,813

  	
   

  	
  100

  	
  %

  	
  75,000

  	
   

  
	
  Dec 2016

  	
   

  	
  6.5

  	
  %

  	
  75,000

  	
   

  	
  283,446

  	
   

  	
  100

  	
  %

  	
  283,446

  	
   

  	
  100

  	
  %

  	
  283,446

  	
   

  	
  100

  	
  %

  	
  75,000

  	
   

  
	
  Dec 2017

  	
   

  	
  6.5

  	
  %

  	
  75,000

  	
   

  	
  317,198

  	
   

  	
  100

  	
  %

  	
  317,198

  	
   

  	
  100

  	
  %

  	
  317,198

  	
   

  	
  100

  	
  %

  	
  75,000

  	
   

  
	
  Dec 2018

  	
   

  	
  6.5

  	
  %

  	
  75,000

  	
   

  	
  353,210

  	
   

  	
  100

  	
  %

  	
  353,210

  	
   

  	
  100

  	
  %

  	
  353,210

  	
   

  	
  100

  	
  %

  	
  75,000

  	
   

  
	
  Dec 2019

  	
   

  	
  6.5

  	
  %

  	
  75,000

  	
   

  	
  391,634

  	
   

  	
  100

  	
  %

  	
  391,634

  	
   

  	
  100

  	
  %

  	
  391,634

  	
   

  	
  100

  	
  %

  	
  75,000

  	
   

  
	
  Dec 2020

  	
   

  	
  6.5

  	
  %

  	
  75,000

  	
   

  	
  432,631

  	
   

  	
  100

  	
  %

  	
  432,631

  	
   

  	
  100

  	
  %

  	
  432,631

  	
   

  	
  100

  	
  %

  	
  75,000

  	
   

  
	
  Dec 2021

  	
   

  	
  6.5

  	
  %

  	
  75,000

  	
   

  	
  476,374

  	
   

  	
  100

  	
  %

  	
  476,374

  	
   

  	
  100

  	
  %

  	
  476,374

  	
   

  	
  100

  	
  %

  	
  75,000

  	
   

  
	
  Dec 2022

  	
   

  	
  6.5

  	
  %

  	
  75,000

  	
   

  	
  523,047

  	
   

  	
  100

  	
  %

  	
  523,047

  	
   

  	
  100

  	
  %

  	
  523,047

  	
   

  	
  100

  	
  %

  	
  75,000

  	
   

  
	
  Dec 2023

  	
   

  	
  6.5

  	
  %

  	
  75,000

  	
   

  	
  572,845

  	
   

  	
  100

  	
  %

  	
  572,845

  	
   

  	
  100

  	
  %

  	
  572,845

  	
   

  	
  100

  	
  %

  	
  75,000

  	
   

  
	
  Dec 2024

  	
   

  	
  6.5

  	
  %

  	
  75,000

  	
   

  	
  625,978

  	
   

  	
  100

  	
  %

  	
  625,978

  	
   

  	
  100

  	
  %

  	
  625,978

  	
   

  	
  100

  	
  %

  	
  75,000

  	
   

  
	
  Dec 2025

  	
   

  	
  6.5

  	
  %

  	
  75,000

  	
   

  	
  682,670

  	
   

  	
  100

  	
  %

  	
  682,670

  	
   

  	
  100

  	
  %

  	
  682,670

  	
   

  	
  100

  	
  %

  	
  75,000

  	
   

  
	
  Jul 2026

  	
   

  	
  6.5

  	
  %

  	
  75,000

  	
   

  	
  717,478

  	
   

  	
  100

  	
  %

  	
  717,478

  	
   

  	
  100

  	
  %

  	
  717,478

  	
   

  	
  100

  	
  %

  	
  75,000

  	
   

  







(1)   The
first line reflects 9 months of data, April 2004 to December 2004.


 


•      The
purpose of this hypothetical illustration is to show the participant’s annual
benefit based on various termination assumptions. Actual benefits are based on
the terms and provisions of the plan agreement executed between the company and
participant and may differ from those shown.


 


July 7,
2026 Retirement; August 31, 2026 First Payment Date


 


Securities offered
through Clark Securities, Inc.,

a wholly owned subsidiary of Clark, Inc., member NASD & SIPC.

Los Angeles, CA 90071.(213)486-0300


 


12

















 


PREMIER
COMMERCIAL BANK, NATIONAL ASSOCIATION

SPLIT DOLLAR AGREEMENT


 


(ADDENDUM A TO THE PREMIER COMMERCIAL BANK,
NATIONAL ASSOCIATION

SALARY CONTINUATION AGREEMENT)


 


THIS AGREEMENT is adopted this 1st
day of April, 2004, by and between PREMIER COMMERCIAL BANK, NATIONAL
ASSOCIATION, located in Anaheim, California (the “Company”), and ASHOK R. PATEL
(the “Executive”). This Agreement shall append the Split Dollar Endorsement
entered into on even date herewith or as subsequently amended, by and between
the aforementioned parties.


 


INTRODUCTION


 


To encourage the Executive to remain an
employee of the Company, the Company is willing to divide the death proceeds of
a life insurance policy on the Executive’s life. The Company will pay life
insurance premiums from its general assets.


 


AGREEMENT


 


The Company and the Executive agree as
follows:


 


Article 1 

General Definitions


 


The following terms shall have the meanings specified:


 


1.1   “Insured” means the Executive.


 


1.2   “Insurer” means each life insurance carrier in which there is a Split Dollar
Policy Endorsement attached to this Agreement.


 


1.3   “Normal Retirement Age” means the Executive attaining sixty-five (65)
years of age.


 


1.4    “Policy” means the specific life insurance policy or policies issued by the
Insurer.


 


1.5   “Salary Continuation Agreement” means that Salary Continuation Agreement
between the Company and the Executive on even date herewith or as subsequently
amended.


 


1.6   “Termination for Cause” shall be defined as set forth in Article 7.


 


1.7   “Termination of Employment” means that the Executive ceases to be
employed by the Company for any reason, other than by reason of a leave of absence
approved by the Company.


 


Article 2 

Policy Ownership/Interests


 


2.1   Company Ownership. The Company is the sole owner of the Policy and shall have the right to
exercise all incidents of ownership. The Company shall be the beneficiary of
the remaining


 

















 


death
proceeds of the Policy after the Interest of the Executive or the Executive’s
transferee has been paid according to Section 2.2 below.


 


2.2   Executive’s Interest. The Executive shall have the right to
designate the beneficiary of the death proceeds. The Executive shall also have
the right to elect and change settlement options that may be permitted. Upon
the termination of this Agreement according to Article 7 herein, the Executive,
the Executive’s transferee or the Executive’s beneficiary shall have no rights
or interests in the Policy and no death benefit shall be paid under this
Section 2.2.


 


2.2.1        Death During Active Service. If the Executive dies while in the active
service of the Company, the Company shall pay to the Executive’s beneficiary
$717,478 (Seven Hundred Seventeen Thousand Four Hundred Seventy-Eight Dollars)
upon the death of the Executive.


 


2.2.2        Death During Payment of a Benefit under the Salary
Continuation Agreement. If the
Executive dies after any benefit payments have commenced under Article 2 of the
Salary Continuation Agreement but before receiving all such payments, the
Company shall cease paying the remaining benefit, if any, and shall then pay to
the Executive’s beneficiary the split dollar death benefit described in Section
2.2.1 of this Agreement.


 


2.2.3        Death After Termination of Employment But Before
Commencement of Payment under the Salary Continuation Plan. If the Executive is entitled to a benefit
under Article 2 of the Salary Continuation Agreement, but dies prior to the
commencement of said benefit payments, the Company shall pay no benefit under
the Salary Continuation Agreement but shall pay to the Executive’s beneficiary
the split dollar death benefit described in Section 2.2.1 of this Agreement.


 


2.3   Comparable Coverage. Upon execution of this Agreement, the Company
shall maintain the Policy in full force and effect and in no event shall the Company amend, terminate or otherwise abrogate the Executive’s
interest in the Policy, unless the Company replaces the Policy with a
comparable insurance policy to cover the benefit provided under this Agreement
and the Company and the Executive execute a new Split Dollar Policy Endorsement
for said comparable insurance policy. The Policy or any comparable policy shall
be subject to the claims of the Company’s creditors.


 


Article 3 

Premiums


 


3.1   Premium Payment. The Company shall pay any premiums due on the Policy.


 


3.2   Economic Benefit. The Company shall determine the economic benefit attributable to the
Executive based on the amount of the current term rate for the Executive’s age
multiplied by the aggregate death benefit payable to the Executive’s
beneficiary. The “current term rate” is the minimum amount required to be
imputed under Revenue Rulings 64-328 and 66-110, or any subsequent applicable
authority.


 


3.3   Imputed Income. The Company shall impute the economic
benefit to the Executive on an annual basis.


 


2

















 


Article 4 

Assignment


 


The
Executive may assign without consideration all of the Executive’s interests in
the Policy and in this Agreement to any person, entity or trust. In the event
the Executive transfers all of the Executive’s interest in the Policy, then all
of the Executive’s interest in the Policy and in the Agreement shall be vested
in the Executive’s transferee, who shall be substituted as a party hereunder
and the Executive shall have no further interest in the Policy or in this
Agreement.


 


Article 5

Insurer


 


The Insurer shall be bound only by the terms of the
Policy. Any payments the Insurer makes or actions it takes in accordance with
the Policy shall fully discharge it from all claims, suits and demands of all
entities or persons. The Insurer shall not be bound by or be deemed to have
notice of the provisions of this Agreement.


 


Article 6 

Claims and Review Procedure


 


6.1 Claims Procedure. Any
person or entity who has not received benefits under the Plan that he or she
believes should be paid (the “claimant”) shall make a claim for such benefits as
follows:


 


6.1.1  Initiation – Written Claim.
The claimant initiates a
claim by submitting to the Company a written claim for the benefits.


 


6.1.2  Timing of Company Response.
The Company shall respond to
such claimant within 90 days after receiving the claim. If the Company
determines that special circumstances require additional time for processing
the claim, the Company can extend the response period by an additional 90 days
by notifying the claimant in writing, prior to the end of the initial 90-day
period that an additional period is required. The notice of extension must set
forth the special circumstances and the date by which the Company expects to
render its decision.


 


6.1.3  Notice of Decision. If the Company denies part or all of the claim,
the Company shall notify the claimant in writing of such denial. The Company
shall write the notification in a manner calculated to be understood by the
claimant. The notification shall set forth:


 


(a)      The specific reasons for the denial,


(b)      A reference to the specific provisions of
this Agreement on which the denial is based,


(c)      A description of any additional information
or material necessary for the claimant to perfect the claim and an explanation
of why it is needed,


(d)      An explanation of this Agreement’s review
procedures and the time limits applicable to such procedures, and


(e)      A statement of the claimant’s right to bring
a civil action under ERISA Section 502(a) (29 United States Code section
1132(a)) following an adverse benefit determination on review.


 


3

















 


6.2    Review Procedure. If the Company denies part or all of the claim, the claimant shall have
the opportunity for a full and fair review by the Company of the denial, as
follows:


 


6.2.1   Initiation – Written
Request. To initiate the
review, the claimant, within 60 days after receiving the Company’s notice of
denial, must file with the Company a written request for review.


 


6.2.2   Additional Submissions –
Information Access. The
claimant shall then have the opportunity to submit written comments, documents,
records and other information relating to the claim. The Company shall also
provide the claimant, upon request and free of charge, reasonable access to,
and copies of, all documents, records and other information relevant (as defined
in applicable ERISA regulations) to the claimant’s claim for benefits.


 


6.2.3   Considerations on Review. In considering the review, the Company shall
take into account all materials and information the claimant submits relating
to the claim, without regard to whether such information was submitted or
considered in the initial benefit determination.


 


6.2.4   Timing of Company Response.
The Company shall respond In
writing to such claimant within 60 days after receiving the request for review.
If the Company determines that special circumstances require additional time
for processing the claim, the Company can extend the response period by an
additional 60 days by notifying the claimant in writing, prior to the end of
the initial 60-day period that an additional period is required. The notice of extension
must set forth the special circumstances and the date by which the Company
expects to render its decision.


 


6.2.5   Notice of Decision. The Company shall notify the claimant in
writing of its decision on review. The Company shall write the notification in
a manner calculated to be understood by the claimant. The notification shall
set forth:


 


(a)      The specific reasons for the denial,


(b)      A
reference to the specific provisions of this Agreement on which the denial is
based,


(c)      A
statement that the claimant is entitled to receive, upon request and free of charge,
reasonable access to, and copies of, all documents, records and other
information relevant (as defined in applicable ERISA regulations) to the
claimant’s claim for benefits, and


(d)      A
statement of the claimant’s right to bring a civil action under ERISA Section
502(a).


 


Article 7

Amendments and Termination


 


7.1  This Agreement may be amended or terminated
only by a written agreement signed by the Company and the Executive. Provided,
however, if the Company’s Board of Directors determines that the Executive is
no longer a member of a select group of management or highly compensated
employees, as that phrase applies to ERISA, for reasons other than death,
Disability, or retirement, the Company may amend or terminate this Agreement.
Upon such amendment or


 


4

















 


termination the Company shall
pay benefits to the Executive as if Early Termination occurred on the date of
such amendment or termination, regardless of whether Early Termination actually
occurs.


 


7.2  Notwithstanding the previous paragraph, the
Company may amend or terminate the plan at any time if, pursuant to
legislative, judicial or regulatory action, continuation of the Agreement would
(i) cause benefits to be taxable to the Executive prior to actual receipt, or
(ii) result in significant financial penalties or other significantly
detrimental ramifications to the Company (other than the financial impact of
paying the benefits).


 


7.3  In the event this Agreement is terminated
under this Article 7, the Company
shall not sell, surrender or transfer ownership of the Policy without first
giving the Executive or the Executive’s transferee the option to purchase the
Policy for a period of sixty (60) days from written notice of such intention.
The purchase price shall be an amount equal to the cash surrender value of the
Policy.


 


7.4  Notwithstanding
any provision of this Agreement to the contrary, the Company shall not pay any
benefit under this Agreement if the Company terminates the Executive’s
employment for:


 


(a)      Willful
breach of duty in the course of employment or habitual neglect of employment
responsibilities and duties;


(b)      Conviction
of any felony or crime involving moral turpitude, fraud or dishonesty;


(c)      Willful
violation of any state or federal banking or securities law, the rules or regulations
of any banking agency, or any material Company rule, policy or resolution resulting
in an adverse effect on the Company; or


(d)      Disclosure
to any third party by the Executive, without authority or permission, of any
secret or confidential information of the Company.


 


7.5    Suicide or Misstatement. The Company shall not pay any benefit under
this Agreement if the Executive commits suicide within two years after the date
of this Agreement. In addition, the Company shall not pay any benefit under
this Agreement if the Executive has made any material misstatement of fact on
an employment application or resume provided to the Company, or on any application
for any benefits provided by the Company to the Executive.


 


Article 8


Miscellaneous


 


8.1    Binding Effect. This Agreement shall bind the Executive and the Company and their beneficiaries,
survivors, executors, administrators and transferees, and any Policy
beneficiary.


 


8.2    No Guarantee of Employment. This Agreement is not an employment policy or
contract.  It does not give the Executive
the right to remain an employee of the Company, nor does it interfere with the
Company’s right to discharge the Executive. It also does not require the
Executive to remain an employee nor interfere with the Executive’s right to
terminate employment at any time.


 


8.3    Applicable Law. The Agreement and all rights hereunder shall be governed by and construed
according to the laws of the State of California, except to the extent
preempted by the laws of the United States of America.


 


5

















 


8.4    Reorganization. The Company shall not merge or consolidate into or with another company,
or reorganize, or sell substantially all of its assets to another company, firm
or person unless such succeeding or continuing company, firm or person agrees
to assume and discharge the obligations of the Company.


 


8.5    Notice. Any notice, consent or demand required or
permitted to be given under the provisions of this Split Dollar Agreement by
one party to another shall be in writing, shall be signed by the party giving
or making the same, and may be given either by delivering the same to such other
party personally, or by mailing the same, by United States certified mail,
postage prepaid, to such party, addressed to his or her last known address as
shown on the records of the Company. The date of such mailing shall be deemed
the date of such mailed notice, consent or demand.


 


8.6    Entire Agreement.  This Agreement constitutes the entire agreement between the Company and
the Executive as to the subject matter hereof. No rights are granted to the Executive
by virtue of this Agreement other than those specifically set forth herein.


 


8.7    Administration.  The Company shall have powers which are necessary to administer this Agreement,
including but not limited to:


 


(a)      Interpreting the provisions
of this Agreement;


(b)      Establishing
and revising the method of accounting for this Agreement;


(c)      Maintaining
a record of benefit payments; and


(d)      Establishing rules and prescribing any forms necessary or desirable to
administer this Agreement.


 


8.8    Named Fiduciary.  The Company shall be the named fiduciary and plan administrator under
the Agreement. The named fiduciary may delegate to others certain aspects of
the management and operation responsibilities of the plan including the
employment of advisors and the delegation of ministerial duties to qualified
individuals.


 


IN WITNESS WHEREOF, the Executive and the Company
consent to this Agreement on the date above written.


 


	
  EXECUTIVE:

  	
   

  	
  PREMIER COMMERCIAL BANK, 

  
	
   

  	
   

  	
  NATIONAL ASSOCIATION

  
	
   

  	
   

  	
   

  
	
  /s/ Ashok R. Patel

  	
   

  	
  By

  	
  /s/ Ken J. Cosgrove

  
	
  Ashok R. Patel

  	
   

  	
   

  	
  Ken J. Cosgrove

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title

  	
  Chief Executive Officer/
  Chairman

  	
   

  
						



 


6

















 


PREMIER
COMMERCIAL BANK, NATIONAL ASSOCIATION


Split
Dollar Agreement 


BENEFICIARY
DESIGNATION FORM


 


I,
Ashok R. Patel, designate the following as beneficiary of benefits under
the Agreement payable following my death:


 


	
  Primary:

  	
   

  	
   

  	
   

  
	
  NITA A. PATEL

  	
   

  	
  100

  	
  %

  
	
   

  	
   

  	
   

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  Contingent:

  	
   

  	
   

  	
   

  
	
  NEAL A. PATEL

  	
   

  	
  100

  	
  %

  
	
   

  	
   

  	
   

  	
  %

  



Notes:


•     Please PRINT CLEARLY or TYPE the
names of the beneficiaries.


•     To
name a trust as beneficiary, please provide the name of the trustee(s) and the exact
name and date of the trust agreement.


•     To
name your estate as beneficiary, please write “Estate of [your name]”.


•     Be
aware that none of the contingent beneficiaries will receive anything unless ALL
of the primary beneficiaries predecease you.


 


I understand that I may change these beneficiary designations by
delivering a new written designation to the Company, which shall be effective
only upon receipt and acknowledgment by the Company prior to my death. I
further understand that the designations will be automatically revoked if the
beneficiary predeceases me, or, if I have named my spouse as beneficiary and
our marriage is subsequently dissolved.


 


	
  Name :

  	
  ASHOK R. PATEL

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Signature:

  	
  /s/ ASHOK R. PATEL

  	
   

  	
  Date : 

  	
  8/26/04

  	
   

  



 


SPOUSAL CONSENT (Required if Spouse not named
beneficiary):


 


I consent to the beneficiary designation above, and acknowledge that if
I am named beneficiary and our marriage is subsequently dissolved, the
designation will be automatically revoked.


 


	
  Spouse Name:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Signature:

  	
   

  	
   

  	
  Date: 

  	
   

  	
   

  



 


Received by the Company this
                day
of
                    ,
2      


 


	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  



 


7

















 


POLICY
ENDORSEMENT


 


Contract
Owner:     PREMIER COMMERCIAL BANK,
NATIONAL ASSOCIATION


 


The undersigned
Owner requests that the policy(ies) shown in the attached Schedule Page issued
by Midland National Life Insurance Company (the “Insurer”) provide for
the following beneficiary designation:


 


1.  Upon the death of the Insured, proceeds shall be paid in one sum to the
Owner, its successors or assigns, as Beneficiary, to the extent claimed by said
Owner.


 


2.  Any proceeds at the death of the Insured in excess of the amount paid
under the provisions of paragraph 1 of this Policy Endorsement shall be paid in
one sum in accordance with the written direction of the Owner. Such direction
will be provided to the Insurer at the time of claim. The Insurer will be
protected in relying solely on the Owner to provide the name(s) of the
party(ies) to pay any excess not paid under paragraph 1. If the Owner fails to provide
the name(s) of the party(ies) at the time of claim, then any proceeds payable
under this paragraph shall be paid in one sum to the Beneficiary.


 


3.  It is hereby provided that (i) any payment made to the Beneficiary or
other party under paragraph 2 of this Policy Endorsement shall be a full
discharge of the Insurer to the extent thereof; (ii) such discharge shall be
binding on all parties claiming any interest under the Policy; and (iii) the
Insurer shall have no responsibility with respect to the amounts so claimed.


 


4.  It is agreed by the undersigned that this designation shall be subject in
all respects to the contractual terms of the Policy.


 


The
undersigned is signing in a representative capacity for the Owner and warrants
that he or she has the authority to bind the entity on whose behalf this
document is being executed.


 


	
  Signed at ANAHEIM, California, this 26th day of AUGUST, 2004.

  



 


OWNER:


 


PREMIER COMMERCIAL BANK, NATIONAL ASSOCIATION


 


	
  By: 

  	
  /s/ Ken J. Cosgrove

  	
   

  	
  By: 

  	
  /s/ Ashok R. Patel

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
  Chief Executive Officer

  	
   

  	
  Title:

  	
  President

  	
   

  
								



 


1

















 


Schedule Page

Policy(ies) Subject to Policy Endorsement


 


	
  Policy Number

  	
   

  	
  Insured

  
	
   

  	
   

  	
  Ashok
  R. Patel

  
	
   

  	
   

  	
   

  



 


2

















 


POLICY ENDORSEMENT


 


Contract Owner: PREMIER
COMMERCIAL BANK, NATIONAL ASSOCIATION


 


The undersigned
Owner requests that the policy(ies) shown in the attached Schedule Page issued
by Jefferson-Pilot Life Insurance Company (the “Insurer”) provide for
the following beneficiary designation:


 


1.      Upon the death of the Insured, proceeds shall
be paid in one sum to the Owner, its successors or assigns, as Beneficiary, to
the extent claimed by said Owner.


 


2.      Any proceeds at the death of the Insured in
excess of the amount paid under the provisions of paragraph 1 of this Policy
Endorsement shall be paid in one sum in accordance with the written direction
of the Owner. Such direction will be provided to the Insurer at the time of
claim. The Insurer will be protected in relying solely on the Owner to provide
the name(s) of the party(ies) to pay any excess not paid under paragraph 1. If
the Owner fails to provide the name(s) of the party(ies) at the time of claim,
then any proceeds payable under this paragraph shall be paid in one sum to the
Beneficiary.


 


3.      It is hereby provided that (i) any payment
made to the Beneficiary or other party under paragraph 2 of this Policy
Endorsement shall be a full discharge of the Insurer to the extent thereof;
(ii) such discharge shall be binding on all parties claiming any interest under
the Policy; and (iii) the Insurer shall have no responsibility with respect to
the amounts so claimed.


 


4.      It is agreed by the undersigned that this
designation shall be subject in all respects to the contractual terms of the
Policy.


 


The
undersigned is signing in a representative capacity for the Owner and warrants
that he or she has the authority to bind the entity on whose behalf this
document is being executed.


 


Signed at ANAHEIM,
California, this 26th day of August, 2004.


 


OWNER:


 


PREMIER COMMERCIAL BANK, NATIONAL ASSOCIATION


 


	
  By: 

  	
  /s/ Ken J. Cosgrove

  	
   

  	
  By: 

  	
  /s/ Ashok R. Patel

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
  Chief Executive Officer

  	
   

  	
  Title:

  	
  President

  	
   

  
								



 


1

















 


Schedule
Page

Policy(ies) Subject to Policy Endorsement


 


	
  Policy Number

  	
   

  	
  Insured

  
	
   

  	
   

  	
  Ashok R. Patel

  
	
   

  	
   

  	
   

  



 


2

















 


POLICY ENDORSEMENT


 


Contract
Owner:     PREMIER COMMERCIAL BANK,
NATIONAL ASSOCIATION


 


The undersigned
Owner requests that the policy(ies) shown in the attached Schedule Page issued
by New York Life Insurance & Annuity Company (the “Insurer”) provide
for the following beneficiary designation:


 


1.      Upon the death of the Insured, proceeds shall
be paid in one sum to the Owner, its successors or assigns, as Beneficiary, to
the extent claimed by said Owner.


 


2.      Any proceeds at the death of the Insured in
excess of the amount paid under the provisions of paragraph 1 of this Policy
Endorsement shall be paid in one sum in accordance with the written direction
of the Owner. Such direction will be provided to the Insurer at the time of
claim. The Insurer will be protected in relying solely on the Owner to provide
the name(s) of the party(ies) to pay any excess not paid under paragraph 1. If the Owner fails to provide
the name(s) of the party(ies) at the time of claim, then any proceeds payable
under this paragraph shall be paid in one sum to the Beneficiary.


 


3.      It is hereby provided that (i) any payment
made to the Beneficiary or other party under paragraph 2 of this Policy
Endorsement shall be a full discharge of the Insurer to the extent thereof;
(ii) such discharge shall be binding on all parties claiming any interest under
the Policy; and (iii) the Insurer shall have no responsibility with respect to
the amounts so claimed.


 


4.      It is agreed by the undersigned that this
designation shall be subject in all respects to the contractual terms of the
Policy.


 


The
undersigned is signing in a representative capacity for the Owner and warrants
that he or she has the authority to bind the entity on whose behalf this
document is being executed.


 


Signed at ANAHEIM,
California, this 26th day of AUGUST, 2004.


 


OWNER:


 


PREMIER COMMERCIAL BANK, NATIONAL ASSOCIATION


 


	
  By: 

  	
  /s/ Ken J. Cosgrove

  	
   

  	
  By: 

  	
  /s/ Ashok R. Patel

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
  Chief Executive Officer

  	
   

  	
  Title:

  	
  President

  	
   

  
								



 


1

















 


Schedule
Page 

Policy(ies) Subject to Policy Endorsement


 


	
  Policy Number

  	
   

  	
  Insured

  
	
   

  	
   

  	
  Ashok R. Patel

  
	
   

  	
   

  	
   

  



 


2