Exhibit 10.61


 


AMENDMENT NO.
1 TO


LIFE INSURANCE
ENDORSEMENT METHOD


SPLIT DOLLAR
PLAN AGREEMENT


 


This Amendment
No. 1 to Life Insurance Endorsement Method Split Dollar Plan Agreement (the “Amendment”) is made effective as of February 1, 2005, and is
entered into by and between Central Valley Community Bank, formerly named
Clovis Community Bank (the “Bank”) and
Shirley Wilburn (the “Insured” or “Executive”), each a “Party” and
together the “Parties.”


 


RECITALS


 


A.                                   The
Parties entered into that certain Life Insurance Endorsement Method Split
Dollar Plan Agreement dated effective as of April 1, 2001 (the “Agreement”).


 


B.                                     Pursuant
to the terms of this Amendment, the Parties wish to amend the Agreement.


 


AGREEMENT


 


In
consideration of the mutual promises, covenants, and agreements contained
herein and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the Parties agree as follows:


 


1.                                       Polices
Covered by the Agreement.  In
addition to the ING Southland Life Insurance Company Policy and the Union
Central Life Insurance Company policies identified in the Agreement (the “2001 Policies”), the Agreement shall cover that certain life
insurance policy numbered 56610856 issued by New York Life on February 18, 2005
(the “New York Life Policy”), and all
references in the Agreement to the “policy” shall refer to the 2001 Policies
and the New York Life Policy, except as specifically described in this
Amendment.


 


2.                                       Division
of Death Proceeds.


 


(a)                                  Section
VI (A) is hereby deleted in its entirety and replaced with the following:


 


A.                                   Should
the Insured be employed by the Bank and die before the Executive attains age
sixty-five (65), the Insured’s beneficiary(ies), designated in accordance with
Paragraph III, shall be entitled to the following:  (i) with respect to the 2001 Policies, an
amount equal to Four Hundred Sixty Six Thousand Dollars and No/00ths
($466,000.00), or one hundred percent (100%) of the net at risk insurance
portion of the proceeds of the 2001 Policies, whichever amount is less; and
(ii) with respect to the New York Life Policy, an amount equal to Ninety-Seven
Thousand One Hundred Ninety Dollars and No/00ths ($97,190.00), or one hundred
percent (100%) of the net at risk insurance portion of the proceeds of the New
York Life Policy, whichever amount is less. 
The net at risk insurance portion of each policy is the total proceeds
less the cash value of the policy.


 





















 


(b)                                 Section
VI (B) is hereby deleted in its entirety and replaced with the following:


 


B.                                     Should
the Insured be employed by the Bank, or retired from the Bank, and die on or
subsequent to attaining the age of sixty-five (65), the Insured’s
beneficiary(ies), designated in accordance with Paragraph III, shall be
entitled to an amount equal to the following: with respect to the 2001
Policies, the amount as set forth in Exhibit A, attached hereto and fully
incorporated herein by reference, that corresponds to the age of the Insured at
the time of death, or one hundred percent (100%) of the net at risk insurance
portion of the proceeds, whichever amount is less.  Should the Insured be employed by the Bank,
or retired from the Bank, and die on or subsequent to attaining the age of
seventy (70), in addition to the amount identified in the previous sentence,
the Insured’s beneficiary(ies), designated in accordance with Paragraph III,
shall be entitled to an amount equal to the following: with respect to the New
York Life Policy, the amount as set forth in Exhibit B, attached hereto and
fully incorporated herein by reference, that corresponds to the age of the
Insured at the time of death, or one hundred percent (100%) of the net at risk
insurance portion of the proceeds, whichever amount is less.  The net at risk insurance portion of each
policy is the total proceeds less the cash value of the policy.


 


3.                                       Exhibit
B.  Exhibit B, attached to this
Amendment, is hereby added to the Agreement as “Exhibit B.”


 


4.                                       References
and Definitions. Upon execution and delivery of this Amendment, all
references in the Agreement to the “Agreement,” and the provisions thereof,
shall be deemed to refer to the Agreement, as amended by this Amendment. All
capitalized terms used herein and not otherwise defined shall have the meanings
given to them in the Agreement.


 


5.                                       No
Other Amendments or Changes. Except as expressly amended or modified by
this Amendment, all of the terms and conditions of the Agreement shall remain
unchanged and in full force and effect.


Executed effective as of the
date first written above.


 


	
  BANK:

  	
   

  	
  EXECUTIVE:

  
	
   

  	
   

  	
   

  
	
  CENTRAL
  VALLEY COMMUNITY BANK

  	
   

  	
  SHIRLEY
  WILBURN

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/
  Daniel Doyle

  	
   

  	
   

  	
  /s/
  Shirley Wilburn

  	
   

  
	
  Name:
  Daniel Doyle

  	
   

  	
  Shirley
  Wilburn

  
	
  Title:
  President and Chief Executive Officer

  	
   

  	
   

  
						



 





















 


EXHIBIT B


 




	
  Age of Insured at the

  Time of Death

  	
   

  	
  Amount of Death Benefit, or 100%

  of the net-at-risk, whichever amount is less

  	
   

  
	
  70

  	
   

  	
  $

  	
  97,190

  	
   

  
	
  71

  	
   

  	
  $

  	
  93,150

  	
   

  
	
  72

  	
   

  	
  $

  	
  91,476

  	
   

  
	
  73

  	
   

  	
  $

  	
  89,393

  	
   

  
	
  74

  	
   

  	
  $

  	
  86,803

  	
   

  
	
  75

  	
   

  	
  $

  	
  83,541

  	
   

  
	
  76

  	
   

  	
  $

  	
  79,638

  	
   

  
	
  77

  	
   

  	
  $

  	
  75,016

  	
   

  
	
  78

  	
   

  	
  $

  	
  69,592

  	
   

  
	
  79

  	
   

  	
  $

  	
  63,271

  	
   

  
	
  80

  	
   

  	
  $

  	
  55,890

  	
   

  
	
  81

  	
   

  	
  $

  	
  47,460

  	
   

  
	
  82

  	
   

  	
  $

  	
  37,755

  	
   

  
	
  83

  	
   

  	
  $

  	
  26,730

  	
   

  
	
  84

  	
   

  	
  $

  	
  14,198

  	
   

  
	
  85

  	
   

  	
  $

  	
  2