Document:

Capco Energy, Inc

EXHIBIT 10.2

Capco Energy, Inc.

Agreement

Dennis R. Staal shall serve as a Director of Capco Energy, Inc., Meteor Enterprises, Inc. and Jovian Energy, Inc. 

As compensation Mr. Staal shall receive $750 every other week, he and his dependents shall receive medical and health coverage, as provided to employees, at no cost to him or his dependents, he shall be entitled to the other non-cash benefits provided to outside directors of each company and he shall be reimbursed for expenses incurred in carrying out his duties as a director.

His initial non-cash benefit shall be an option to acquire 50,000 shares of Jovain Energy, Inc. exercisable at the public offering price, 25,000 shares shall vest immediately and 25,000 will vest at the end of one year, the option will be for a five-year period of time. He is also entitled to an option to acquire stock in any public spin-off or merger of the companies or their assets or subsidiaries, the terms of which will be mutually agreeable. 

/s/ Ilyas Chaudhary

/s/ Dennis R. Staal

Ilyas Chaudhary                                                               Dennis R. Staal

_____________                                                                ___________

Date                                                                                   DateExhibit 10.41

 

AMENDMENT NO. 1 TO

EMPLOYMENT AGREEMENT

 

WHEREAS, an employment agreement (the “Agreement”) was entered into and

made effective as of May 11,1998, at Clovis, California, County of Fresno,

State of California, by and between Clovis Community Bank and Daniel J.

Doyle (hereinafter referred to as “Employee”); and

 

WHEREAS, Clovis Community Bank changed its name to Central Valley Community Bank

(hereinafter referred to as “Employer” or “Bank”), effective as of  April 29, 2002; and

 

WHEREAS, Employer and Employee desire to amend the Agreement as set

forth herein, effective as of July 17, 2002  (the “Amendment”);

 

For good and valuable consideration, receipt of which is hereby

acknowledged, the Agreement is hereby amended as follows:

 

Section 1.               Amendment

of Section 5 of the Agreement. 

Section 5 of the Agreement is amended to add subsection (h), to read in

full as follows:

 

(h)                                 Certain Additional

Payments by the Bank:

 

(i)            Anything in this

Agreement to the contrary notwithstanding and except as set forth below, in the

event it shall be determined that any payment or distribution by the Bank to or

for the benefit of the Employee (whether paid or payable or distributed or

distributable pursuant to the terms of this Agreement or otherwise, but

determined without regard to any additional payments required under this

section 5(h) (a “Payment”) would be subject to the excise tax imposed by

section 4999 of the Code or any interest or penalties are incurred by the

Employee with respect to such excise tax (such excise tax, together with any

such interest and penalties, are hereinafter collectively referred to as the

“Excise Tax”), then the Employee shall be entitled to receive an additional

payment (a “Gross-Up Payment”) in an amount such that after payment by the

Employee of all taxes (including any interest or penalties imposed with respect

to such taxes), including, without limitation, any income taxes (and any

interest and penalties imposed with respect thereto) and Excise Tax imposed

upon the Gross-Up Payment, the Employee retains an amount of the Gross-Up

Payment equal to the Excise Tax imposed upon the Payments.  Notwithstanding the foregoing provisions of

this section 5(h)(i), if it shall be determined that the Employee is entitled

to a Gross-Up Payment, but that the Payments do not exceed 110% of the greatest

amount (the “Reduced Amount”) that could be paid to the Employee such that the

receipt of Payments would not give rise to any Excise Tax, then no Gross-Up

Payment shall be made to the Employee and the Payments, in the aggregate, shall

be reduced to the Reduced Amount.

 

(ii)           Subject to the

provisions of section 5(h)(iii), all determinations required to be made under

this section 5(h) including whether and when a Gross-Up Payment is required and

the amount of such Gross-Up Payment and the assumptions to be utilized in

arriving at such determination, shall be made by such certified public

accounting firm reasonably acceptable to the Employee as may be designated by

the Bank (the “Accounting Firm”) which shall provide detailed supporting

calculations both to the Bank and the Employee within fifteen (15) business

days of the receipt of notice from the Employee that there has been a Payment,

or such earlier time as is

 

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requested by the Bank.  All fees

and expenses of the Accounting Firm shall be borne solely by the Bank.  Any Gross-Up Payment, as determined pursuant

to this section 5(h), shall be paid by the Bank to the Employee within five

days of the later of (i) the due date for the payment of any Excise Tax; and

(ii) the receipt of the Accounting Firm’s determination.  Any determination by the Accounting Firm

shall be binding upon the Bank and the Employee and the Employee shall report

on his state and federal income tax returns such information as is consistent

with such determination.  As a result of

the uncertainty in the application of section 4999 of the Code at the time of

the initial determination by the Accounting Firm hereunder, it is possible that

Gross-Up Payments which will not have been made by the Bank should have been

made (“Underpayment”), consistent with the calculations required to be made

hereunder.  In the event that the Bank

exhausts its remedies pursuant to section 5(h)(iii) and the Employee thereafter

is required to make a payment of any Excise Tax, the Accounting Firm shall

determine the amount of the Underpayment that has occurred and any such

Underpayment shall be promptly paid by the Bank to or for the benefit of the

Employee.

 

(iii)          The Employee shall

notify the Bank in writing of any claim by the Internal Revenue Service that,

if successful, would require the payment by the Bank of the Gross-Up

Payment.  Such notification shall be

given as soon as practicable but no later than ten (10) business days after the

Employee is informed in writing of such claim and shall apprise the Bank of the

nature of such claim and the date on which such claim is requested to be

paid.  The Employee shall not pay such

claim prior to the expiration of the 30-day period following the date on which

it gives such notice to the Bank (or such shorter period ending on the date

that any payment of taxes with respect to such claim is due).  If the Bank notifies the Employee in writing

prior to the expiration of such period that it desires to contest such claim,

the Employee shall:

 

(A)          give the Bank any

information reasonably requested by the Bank relating to such claim;

 

(B)           take such action in

connection with contesting such claim as the Bank shall reasonably request in

writing from time to time, including, without limitation, accepting legal

representation with respect to such claim by an attorney reasonably selected by

the Bank;

 

(C)           cooperate with the

Bank in good faith in order effectively to contest such claim; and

 

(D)          permit the Bank to

participate in any proceedings relating to such claim;

 

provided, however, that the Bank shall bear and pay directly all costs

and expenses (including additional interest and penalties) incurred in

connection with such contest and shall indemnify and hold the Employee

harmless, on an after-tax basis, for any Excise Tax or income tax (including

interest and penalties with respect thereto) imposed as a result of such

representation and payment of costs and expenses.  Without limitation on the foregoing provisions of this section

5(h)(iii), the Bank shall control all proceedings taken in connection with such

contest and, at its sole option, may pursue or forgo any and all administrative

appeals, proceedings, hearings and conferences with the taxing authority in

respect of such claim and may, at its sole option, either direct the Employee

to pay the tax claimed and sue for a refund or contest the claim in any

permissible manner, and the Employee agrees to prosecute such contest to a

determination before any administrative tribunal, in a court of initial

jurisdiction and in one or more appellate courts, as the Bank shall determine;

 

 

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provided, however, that if the Bank directs the Employee to pay such

claim and sue for a refund, the Bank shall advance the amount of such payment

to the Employee, on an interest-free basis and shall indemnify and hold the

Employee harmless, on an after-tax basis, from any Excise Tax or income tax (including

interest or penalties with respect thereto) imposed with respect to such

advance or with respect to any imputed income with respect to such advance; and

further provided that any extension of the statute of limitations relating to

payment of taxes for the taxable year of the Employee with respect to which

such contested amount is claimed to be due is limited solely to such contested

amount.  Furthermore, the Bank’s control

of the contest shall be limited to issues with respect to which a Gross-Up Payment

would be payable hereunder and the Employee shall be entitled to settle or

contest, as the case may be, any other issue raised by the Internal Revenue

Service or any other taxing authority. The Employee shall not enter into any

compromise or settlement or otherwise prejudice any rights the Bank may have in

connection to issues with respect to which a Gross-Up Payment would be payable

hereunder without prior consent to the Bank.

 

(iv)          If, after the

receipt by the Employee of an amount advanced by the Bank pursuant to section

5(h)(iii),  the Employee becomes

entitled to receive any refund with respect to such claim, the Employee shall

(subject to the Bank’s complying with the requirements of section 5(h)(iii)) promptly

pay to the Bank the amount of such refund (together with any interest paid or

credited thereon after taxes applicable thereto).  If, after the receipt by the Employee of an amount advanced by

the Bank pursuant to section 5(h)(iii), a determination is made that the

Employee shall not be entitled to any refund with respect to such claim and the

Bank does not notify the Employee in writing of its intent to contest such

denial of refund prior to the expiration of 30 days after such determination,

then such advance shall be forgiven and shall not be required to be repaid and

the amount of such advance shall offset, to the extent thereof, the amount of

Gross-Up Payment required to be paid.

 

Section 2.               References.  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.

 

Section 3.               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.

 

Section 4.               Definitions.  All capitalized terms used herein and not

otherwise defined shall have the meanings given to them in the Agreement.

 

 

Executed this _17  day of _July,

2002, at Clovis, California.

 

 

	

   

  	

  EMPLOYER:

  	

   

  	

  CENTRAL VALLEY COMMUNITY BANK

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

  BY:

  	

  /s/ Daniel N. Cunningham

  
	

   

  	

   

  	

   

  	

   

  	

  Daniel N. Cunningham,

  Chairman of the Board

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

  EMPLOYEE:

  	

   

  	

   

  	

  /s/ Daniel J. Doyle

  
	

   

  	

   

  	

   

  	

   

  	

  DANIEL J. DOYLE

  	

   

  

 

 

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