Document:

Form of Control Agreement

 Exhibit 10.6 
 CONTROL AGREEMENT 
 (for Authorized Participant Collateral)

 This Control Agreement (this “Agreement”) is entered into as of
[                    ], by and among iShares® Dow Jones-UBS Roll Select Commodity Index Trust (the “Trust”), State Street Bank and Trust Company (“State Street”) and
[                    ] (“AP”), in connection with the Authorized Participant Agreement among AP, iShares® Delaware Trust Sponsor LLC, as sponsor (the “Sponsor”) of the Trust and BlackRock Institutional
Trust Company, N.A., as trustee (the “Trustee”) of the Trust (as amended, the “AP Agreement”). 
 WHEREAS, pursuant to the terms of the AP Agreement, AP may from time to time create or redeem shares in the Trust, in connection with which AP will be required to deliver the related Basket
Constituents or iShares (each as defined in the AP Agreement), respectively; 
 WHEREAS, the parties desire to permit AP
to pledge, from time to time, certain assets acceptable to the Trust and identified to State Street as collateral to secure AP’s delivery obligations under the AP Agreement in connection with AP’s creation and redemption activities;

 WHEREAS, pursuant to a service agreement between the Trust and State Street (as amended and supplemented from time to
time, the “Service Agreement”), State Street provides certain services to the Trust including serving as custodian for the Trust’s assets and other services; and 

WHEREAS, AP wishes to establish various accounts with State Street into which Collateral (as hereinafter defined) may be
transferred; and 
 WHEREAS, the Trust, AP and State Street are entering into this Agreement to set forth their
respective rights and obligations concerning such collateral accounts; 
 NOW THEREFORE, the parties hereto in
consideration of the premises and of the mutual agreements contained herein, and for other good and valuable consideration the receipt and adequacy of which are hereby acknowledged, agree as follows: 

1. Collateral Accounts. 

1.1 Establishment of Collateral Accounts. AP, from time to time, may be required to deliver to State Street, by any of the means
mutually agreed to among the AP, State Street and the Trust, certain U.S. cash for the benefit of the Trust. Subject to the agreement of all parties to this Agreement and such terms, procedures and additional documentation (including any amendments
or supplements to this Agreement) as agreed to by the parties, AP may deliver to State Street certain U.S. treasury securities, or other U.S. securities to secure the AP’s obligations to the Trust under the AP Agreement. Any such U.S. cash,
U.S. treasury securities, or other U.S. securities delivered to State Street or held by State Street hereunder whether now owned or hereafter acquired (collectively the “Deposits”) together with the Collateral Accounts (hereinafter
defined) shall be collectively referred to as the “Collateral.” 

 State Street shall segregate and deposit in one or more separate
deposit accounts any cash Deposits and hold them under the name “[                    ] for the benefit of iShares® Dow Jones-UBS Roll Select Commodity Index Trust” (the separate deposit account(s) shall be referred to herein,
collectively, as, the “Deposit Account”). Non-cash Deposits shall be identified and segregated in one or more separate securities accounts on State Street’s books and records under the name
“[                    ] for the benefit of iShares® Dow Jones-UBS Roll Select Commodity Index Trust” (the separate securities account(s) shall be referred to herein, collectively, as, the “Securities
Account” and, together with the Deposit Account, whether now owned or hereafter acquired as (the “Collateral Accounts”). State Street will hold the Collateral in, and credit such Collateral to, the applicable Collateral
Account, segregated from property in which State Street has an exclusive and proprietary interest. All assets in the Securities Account shall be financial assets under Article 8 of the Uniform Commercial Code, as in effect from time to time in the
State of New York (the “UCC”). The parties hereto agree and acknowledge that the Securities Account shall not include the Deposit Account and that the Securities Account is separate from the Deposit Account. Based on information
provided to State Street under the Service Agreement, State Street shall identify on its books and records the Collateral in the Collateral Accounts. 
 The Trust and AP agree that AP will be deemed to have satisfied its obligation pursuant to the AP Agreement when State Street holds Deposits in the Collateral Accounts with a value equal to or greater
than the value of the applicable collateral requirement under the AP Agreement or any collateral procedures incidental thereto. The value of the applicable collateral requirement shall be determined by the Trustee in accordance with the Trust
Agreement (as defined in the AP Agreement), and the value of any Collateral may be discounted by the Trustee (including to zero) to the extent it consists of non-cash assets (including Identified Securities, as hereinafter defined) not readily
capable of being liquidated or transferred by State Street in connection with creations and redemptions of iShares (as defined in the AP Agreement). 
 1.2 Investment of Cash. Upon receipt of a specific written investment instruction executed jointly by the AP and the Trust (the “Investment Instruction”), State Street shall
facilitate the investment of any cash in the Collateral Accounts, by means mutually agreed to by the parties hereto, as specified in such Investment Instruction, which Investment Instruction shall include, inter alia, any allocation
percentages and additional documentation (including any amendments or supplements to this Agreement) which may be necessary to effect such investment transactions as agreed to by the parties. Investments in securities shall be credited to the
Securities Account. Absent its timely receipt of an Investment Instruction, State Street shall have no obligation or duty to invest the cash in the Deposit Account. State Street shall have no liability for any investment losses, including, but not
limited to, any losses on any investment required to be liquidated prior to maturity in order to deliver cash held as Collateral to either the AP or the Trust at the instruction of the Trust or at the instruction of the AP and the Trust. For the
avoidance of doubt, the provisions of Section 4(iv) shall apply hereto. 
 1.3 Authorized Parties and Instructions.
The AP agrees to provide State Street, in the form of Exhibit A attached (as may be amended from time to time), the names and signatures of its authorized parties who may give notices or instructions concerning the Collateral Accounts. Other
means of notice or instruction may be used provided that the AP and State Street agree to appropriate security procedures. State Street shall be entitled to accept any such instruction from the AP telephonically; however, State Street shall be
entitled to require that such instruction be 

  
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given in writing, or may require that any such telephonic instruction be promptly confirmed in writing (in which case State Street shall not be liable if such subsequent written confirmation
deviates from the telephonic instruction on which it reasonably relied). The AP also agrees to provide State Street with other forms of documentation as State Street may request to meet State Street’s compliance and security procedures and
policies and as State Street may otherwise reasonably request from time to time. State Street may rely on authorized parties for the Trust as set forth in the Service Agreement for purposes of accepting instructions hereunder. State Street shall be
entitled to assume the due authority and genuineness of any signature appearing on any notice, instrument, order or document that it may receive. 
 2. Account Control. 
 2.1 Security Interest. AP hereby grants
and pledges to the Trust, to secure the payment and performance in full of all of its obligations under the AP Agreement, a security interest in all Collateral and any and all proceeds thereof, in each case whether governed by Article 9 of the UCC
or other law, wherever located, whether now owned or hereafter acquired or arising. This Agreement is intended by the Trust and AP to grant “control” of the Collateral Accounts to the Trust, for purposes of perfection of the Trust’s
security interest in the Collateral pursuant to Article 8 and Article 9 of the UCC. Notwithstanding the foregoing, State Street makes no representation or warranty with respect to the creation, attachment, perfection, priority or enforceability of
any security interest in the Collateral Accounts. 
 2.2 Control by the Trust. The Trust, State Street and AP agree that
State Street will comply with all entitlement orders and instructions originated by the Trust directing disposition of the Deposits in the Collateral Account without further consent of AP. During such time, unless and until State Street receives
written notice from the Trust pursuant to Section 2.3 below instructing State Street that the Trust is exercising its right to exclusive control over the Collateral Accounts, which notice shall be in substantially the form attached hereto as
Exhibit B (a “Notice of Exclusive Control”), or if all previous Notices of Exclusive Control with respect to the Collateral Accounts have been revoked or rescinded in writing by the Trust, State Street shall also take actions
with respect to the Collateral upon the joint instructions of the Trust and AP, except that in the case of Deposits returned to AP, State Street may take instructions solely from the Trust. 

2.3 Exclusive Control. 
 (i) Upon receipt by State Street of a Notice of Exclusive Control from the Trust, State Street shall thereafter follow only the instructions or entitlement orders of the Trust with respect to the
Collateral Accounts and shall comply with any entitlement order (within the meaning of Section 8-102(a)(8) of the UCC) or instructions received from the Trust without further consent of AP, and State Street will not comply with entitlement
orders or instructions from AP concerning the Collateral without the prior written consent of the Trust. 
 (ii) AP acknowledges
that the Trust may issue to State Street a Notice of Exclusive Control at any time without prior notice to AP in the event the Trust determines to use the assets in the Collateral Accounts to satisfy AP’s obligations under the AP Agreement.

  
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The Trust will make commercially reasonable efforts to notify AP of any issuance of a Notice of Exclusive Control substantially concurrently with the issuance thereof to State Street. It is
acknowledged and agreed that any failure by the Trust to so concurrently notify AP of the issuance of the Notice of Exclusive Control shall in no way invalidate such Notice of Exclusive Control or adversely affect in any way the Trust’s right
to take exclusive possession of the assets in the Collateral and the Collateral Accounts as stated in such Notice of Exclusive Control and in no event shall State Street or the Trust be liable for any loss suffered by AP as a result of the failure
to receive such notification. 
 3. Distributions. Prior to State Street’s receipt of a Notice of Exclusive Control, State
Street shall, unless directed otherwise by a joint instruction from the AP and the Trust, credit to the Deposit Account all interest, dividends and other income received by State Street on the Collateral. 

4. Duties and Services of State Street. 
 (i) State Street agrees that (i) it is acting as a securities intermediary, within the meaning of Section 8-102(a)(14) of the UCC, with respect to any securities held as Collateral in the
Securities Account, except Identified Securities (as hereinafter defined); (ii) the Securities Account is a “securities account” within the meaning of Section 8-501(a) of the UCC; and (iii) the AP is the only
“entitlement holder” (within the meaning of Section 8-102(a)(7) of the UCC) of the Securities Account and the “financial assets” (within the meaning of 8-102(9) of the UCC) carried therein from time to time credited to the
Securities Account. State Street agrees that, with respect to the Collateral in the Deposit Account, it is acting as a “bank” as such term is defined in Section 9-102(a)(8) of the UCC. 

(ii) State Street shall have no duties, obligations, responsibilities or liabilities with respect to the Collateral Accounts except as and
to the extent expressly set forth in this Agreement, and no implied duties of any kind shall be read into this Agreement against State Street including, without limitation, the duty to preserve, exercise or enforce rights in the Collateral. State
Street shall have no responsibility for determining the adequacy or sufficiency of any Collateral required hereunder or under the AP Agreement, nor will it assume responsibility for any calculations related to any Collateral requirements.

 (iii) As between the Trust and State Street, except for the rights of control in favor of the Trust agreed to herein and the
duty to hold the Collateral if control is exercised by the Trust, nothing herein shall be deemed to modify, limit, restrict, amend or supersede the terms of the Service Agreement, and State Street shall be and remain entitled to all of the rights,
indemnities, powers, and protections in its favor under the Service Agreement, which shall apply fully to State Street’s actions and omissions hereunder. Instructions or entitlement orders under this Agreement given in accordance with the terms
of the Service Agreement shall also constitute Proper Instructions under the Service Agreement. The Trust shall indemnify and hold State Street harmless with regard to any losses or liabilities of State Street (including reasonable attorneys’
fees) imposed on or incurred by State Street to the extent arising out of any action or omission of State Street in accordance with any notice, instruction or entitlement order by the Trust, except to the extent such losses or liabilities are
directly related to State Street’s failure to meet its Standard of Care (as defined the Service Agreement). 

  
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 (iv) As between the AP and State Street, notwithstanding any provision contained herein or
in any instrument or document to the contrary, State Street shall not be liable for any action taken or omitted to be taken at the instruction of the AP or the Trust, or any action taken or omitted to be taken under or in connection with this
Agreement (including, but not limited to, action taken or omitted to be taken at the instruction of the Trust), except for State Street’s own gross negligence or willful misconduct in carrying out such instruction or entitlement order. Except
as may arise from State Street’s own gross negligence or willful misconduct, the AP shall indemnify and hold State Street harmless with regard to any costs, expenses, losses, damages, charges, counsel fees, payments and liabilities which may be
asserted against, imposed on or incurred by State Street arising out of any action or omission of State Street in accordance with any notice, instruction or entitlement order by the AP or any action taken or omitted to be taken under or in
connection with this Agreement. State Street shall have no responsibility or liability to AP for complying with a Notice of Exclusive Control or complying with entitlement orders or instructions originated by the Trust concerning any Collateral or
any Collateral Account. State Street shall have no duty to investigate or make any determination to verify the compliance by either the Trust or AP with applicable law or the AP Agreement, and State Street shall be fully protected in complying with
a Notice of Exclusive Control whether or not AP may allege that the Trust was not entitled to issue such Notice of Exclusive Control. As between the AP and State Street, in no event shall State Street be liable for indirect, punitive, special or
consequential damage or loss (including but not limited to lost profits) whatsoever, even if State Street has been informed of the likelihood of such loss or damage and regardless of the form of action. State Street shall in no event be liable for
the application or misapplication of funds by any other person or entity, or for the acts or omissions of any other person or entity. 
 The AP acknowledges and agrees that between the AP and State Street, State Street (i) shall not be obligated to take any legal or other action hereunder which might in its judgment involve or cause
it to incur any expense or liability unless it shall have been furnished with acceptable indemnification, (ii) may rely on and shall be protected in acting or refraining from acting upon any written notice, instruction (including, without
limitation, wire transfer instructions, whether incorporated herein or provided in a separate written instruction), instrument, statement, certificate, request or other document furnished to it hereunder and reasonably believed by it to be genuine
and to have been signed or presented by the proper person, and shall have no responsibility for determining the accuracy thereof, and (iii) may consult counsel satisfactory to it, including in-house counsel, and the opinion or advice of such
counsel in any instance shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in accordance with the opinion or advice of such counsel. 

(v) AP shall indemnify and hold harmless the Trust with regard to any losses or liabilities incurred by the Trust or arising in any manner
whatsoever due to AP’s failure to maintain sufficient Collateral under the AP Agreement or any collateral procedures incidental thereto. 

  
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 (vi) The parties hereto acknowledge that no “security entitlement” under the UCC
shall exist with respect to any cash or any financial asset held in the Collateral Accounts which is registered in the name of AP, payable to the order of the AP, or specially indorsed to AP or any third party (each such asset an “Identified
Security”), except to the extent such Identified Security has been specially indorsed by AP to State Street or its nominee or in blank. The parties further acknowledge and agree that any such Identified Securities received by State Street
and credited to the Collateral Accounts from time to time shall (so long as so credited to the Collateral Accounts and so long as this Agreement remains in effect) shall be subject to the security interest granted to the Trust in Section 2.1
above, and shall be held by State Street for the benefit of the Trust, not in its capacity as a “securities intermediary” (as defined in the UCC), but in its capacity as a collateral agent under and subject to the terms of this Agreement.
For the avoidance of doubt, State Street’s acting in its capacity as collateral agent shall not impose upon State Street any greater duties than those otherwise stated in this Agreement or the Service Agreement, and State Street shall be
entitled to all exculpations, indemnities and other benefits in its favor referred to in this Agreement when so acting in such capacity. Notwithstanding anything contained herein, upon the request of the Trust, AP will indorse any Identified
Security to State Street or its nominee or in blank to create a security entitlement in such financial asset. 
 (vii) All cash
or securities held as Collateral in the Collateral Accounts shall be released only in accordance with this Agreement. 
 5. Force
Majeure. None of the AP, the Trust or State Street shall be liable for delays, errors or losses occurring by reason of circumstances beyond such party’s reasonable control, including, without limitation, acts of God, strikes, lockouts,
market disorder, terrorism, insurrection, acts of war, riots, failure of transportation or equipment, failure of vendors or power supply, epidemics, governmental regulations superimposed after the fact, fire, communication line failures, computer
viruses, earthquakes or other disasters. 
 6. Compliance with Legal Process and Judicial Orders. State Street shall have no
responsibility or liability to the Trust or AP or to any other person or entity for acting in accordance with any judicial or arbitral process, order, writ, judgment, decree or claim of lien relating to the Collateral Accounts subject to this
Agreement notwithstanding that such order or process is subsequently modified, vacated or otherwise determined to have been without legal force or effect. State Street shall undertake reasonable efforts to notify the Trust or the AP of any order,
writ, judgment or decree affecting the Collateral or the Collateral Accounts; provided, however, that State Street’s failure to provide notice shall not give rise to any liability hereunder. 

7. State Street Representations. State Street agrees and confirms, as of the date hereof, and at all times until the termination of this
Agreement, that it has not entered into, and until the termination of this Agreement will not enter into, any agreement (other than the Service Agreement) with any other person or entity relating to the Collateral or the Collateral Accounts
(i) under which State Street has agreed to comply with instructions or entitlement orders (as 

  
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defined in Section 8-102 of the UCC) of such other person or entity, and (ii) whereby State Street pledges or grants to its secured party a security interest in the Collateral or the
Collateral Accounts. 
 8. Fees and Expenses. AP hereby agrees to pay and reimburse State Street for any advances, overdrafts, fees,
costs, expenses (including, without limitation, reasonable attorney’s fees and costs) and disbursements that may be paid or incurred by State Street in connection with this Agreement or the arrangement contemplated hereby, including any that
may be incurred in performing its duties or responsibilities pursuant to the terms of this Agreement. It is hereby expressly acknowledged and agreed by the parties that State Street (including its agents) shall not be obligated to advance cash or
investments to, for or on behalf of AP in the Collateral Accounts. Any property held by State Street for the account of the AP hereunder shall be security for the AP’s obligations to State Street hereunder and should the AP fail to repay State
Street promptly, State Street shall be entitled to utilize available cash and to dispose of such property to the extent necessary to obtain reimbursement. 
 9. Notices. Any notice, instruction, entitlement order or other instrument required to be given hereunder, or requests and demands to or upon the respective parties hereto, shall be in writing and
may be sent by hand, or by facsimile transmission, telex, or delivery by any recognized delivery service, prepaid or, for termination of this Agreement only, by certified or registered mail, and addressed as follows, or to such other address as any
party may hereafter notify the other respective parties hereto in writing: 
 If to the Trust, then: 

BlackRock Institutional Trust Company, N.A. 

400 Howard Street 
 San Francisco, CA 94105

 Attn: Legal Department 
 Telephone:
(415) 670-2860 
 Facsimile: (415) 618-5731 
 With a copy to: 
 BlackRock Fund Advisors, as Investment Advisor 

400 Howard St 
 San Francisco, CA 94105

 Attention: [                    ]

 Facsimile: [415-618-1890] 

Telephone: [415-670-7090] 
 If to AP, then:

 [                    ] 

  
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 If to State Street, then: 
 State Street Bank and Trust Company 
 200 Clarendon Street 

Boston, MA 02116 
 Attn: Mike Fontaine

 Facsimile: 617-662-8427 
 Telephone:
617-662-8101 
 10. Amendment. No amendment or modification of this Agreement will be effective unless it is in writing and signed by
each of the parties hereto. 
 11. Termination. This Agreement shall continue in effect until five (5) business days following
notice by the Trust to State Street in writing that this Agreement is to be terminated. Upon the fifth business day after such notice, the Trust shall have no further right to originate entitlement orders or instructions concerning the Collateral
Accounts and AP shall be entitled to originate entitlement orders or instructions concerning the Collateral for any purpose and without limitation. This Agreement shall terminate in the event of the termination of the Service Agreement, following
thirty (30) days prior written notice to the other parties hereto. Upon termination of this Agreement pursuant to the preceding sentence, all Collateral that has not been released by the Trust shall be transferred, within 30 days of such
termination, to a successor custodian designated in writing by AP and acceptable to the Trust. In the event that no successor is agreed upon, State Street shall be entitled to petition a court of competent jurisdiction to appoint a successor
custodian and shall be indemnified by AP for any costs and expenses (including, without limitation, attorneys’ fees) relating thereto. The provisions of Sections 4(iii) - (v), 8 and 12 shall survive the termination of this Agreement.

 The Trust agrees to notify State Street promptly in writing when (i) obligations of AP to the Trust under the AP
Agreement have been fully paid and satisfied such that all of the Collateral may be released to AP; (ii) the Trust no longer claims any interest in the Collateral; and (iii) the AP Agreement has been terminated with respect to the Trust.
Upon the occurrence of each of the events stated in subsections (i), (ii) and (iii) and the release of the Collateral to the AP, if applicable, State Street shall have no further liabilities or responsibilities hereunder and State
Street’s obligations under this Agreement shall terminate. 
 12. Tax Indemnification. The AP agrees to (i) assume any and all
obligations imposed now or hereafter by any applicable tax law with respect to any payment or distribution of the Collateral Accounts or performance of other activities under this Agreement, (ii) to instruct State Street in writing with respect
to State Street’s responsibility for withholding and other taxes, assessments or other governmental charges, and to instruct State Street with respect to any certifications and governmental reporting that may be required under any laws or
regulations that may be applicable in connection with this Agreement, and (iii) to indemnify and hold State Street harmless from any liability or obligation on account of taxes, assessments, additions for late payment, interest, penalties,
expenses and other governmental charges that may be assessed or asserted against State Street in connection with or relating to any payment made or other activities performed under the terms of this Agreement, including without limitation any
liability for the withholding or deduction of (or the failure to withhold or deduct) the same, and any 

  
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liability for failure to obtain proper certifications or to report properly to governmental authorities in connection with this Agreement, including costs and expenses (including reasonable legal
fees and expenses), interest and penalties. 
 13. Anti-Money Laundering. The AP acknowledges that State Street is required to comply
with a number of federal regulations and policies concerning matters such as the identity of its customers and the source of funds it handles, including the Bank Secrecy Act and the USA Patriot Act, and all regulations issued thereunder, and the
regulations issued by the U.S. Department of Treasury, Office of Foreign Asset Control (together, the “U.S. Money Laundering and Investor Identification Requirements”). Accordingly, the AP confirms that it has complied and shall continue
to comply with all applicable U.S. Money Laundering and Investor Identity Requirements, including without limitation, maintaining and effecting appropriate procedures to verify suspicious transactions and the source of funds for settlement of
transactions. Accordingly, the AP acknowledges that Section 326 of the USA Patriot Act and State Street’s identity verification procedures require State Street to obtain information which may be used to confirm the AP’s identity
including without limitation name, address and organizational documents (“identifying information”). The AP agree to provide State Street with and consent to State Street obtaining from third parties any such identifying information
required as a condition of opening an account with or using any service provided by State Street. 
 14. Severability. In the event any
provision of this Agreement is held illegal, void or unenforceable, the remainder of this Agreement shall remain in effect and the offending provision shall be modified to the limited extent necessary within the purpose and intent of this Agreement
to make it enforceable. 
 15. Governing Law. This Agreement is governed by the laws of the State of New York, without giving effect to
any conflict of laws rules that would require the application of the law of another jurisdiction. Each Collateral Account shall be governed by the laws of the State of New York, and the State of New York shall be the location of the bank for
purposes of Sections 9-301 and 9-304 of the UCC and the securities intermediary’s jurisdiction for purposes of Sections 8-110, 9-301 and 9-305 of the UCC. 
 16. Headings. Any headings appearing on this Agreement are for convenience only and shall not affect the interpretation of any of the terms of this Agreement. 

17. Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, and all such
counterparts taken together shall constitute one and the same Agreement. Counterparts may be executed in either original or electronically transmitted form (e.g., faxes or emailed portable document format (PDF) form), and the parties hereby adopt as
original any signatures received via electronically transmitted form. 
 18. Successors; Assignment. This Agreement may not be assigned
without the written consent of all parties, provided that State Street may assign this Agreement to a successor of all or a substantial portion of its business without the consent of the other parties. The Agreement will be binding upon the parties
and their respective successors and assigns. 

  
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 19. Inconsistency. Solely as between the Trust and AP, in the event of any inconsistency between this
Agreement and the AP Agreement, this Agreement shall prevail with respect to the subject matter hereof. Solely as between the Trust and State Street, in the event of any inconsistency between this Agreement and the Service Agreement, subject to the
terms of Section 4(iii) hereof, this Agreement shall prevail with respect to the subject matter hereof. 
 20. Prior Agreements.
This Agreement supersedes and terminates, as of the date hereof, all prior control agreements, or similar agreements, among the Trust, AP and State Street relating to collateral arrangements with respect to assets delivered to State Street to secure
AP’s obligations under the AP Agreement. 
 21. Miscellaneous. All words used herein shall be construed to be of such gender or
number as the circumstances require. The words “herein,” “hereby,” “hereof” and “hereto,” and words of similar import, refer to this Agreement in its entirety and not to any particular paragraph or Section,
clause or other subdivision, unless otherwise specified. The word “including” shall mean “including without limitation” unless otherwise specified. Section or Exhibit references are to this Agreement unless otherwise specified.
Capitalized terms in any Exhibit hereto shall have the same meanings as defined in this Agreement. 
 22. Confidentiality. Each of the
parties hereto agrees that it shall maintain, and shall cause its agents, attorneys and accountants to maintain, the confidentiality of the specific terms of this Agreement, and shall not discuss or disclose, nor authorize such agents, attorneys or
accountants to discuss or disclose, such terms, directly or indirectly, to any person, other than: (1) to such agents, attorneys or accountants, subject to the terms hereof; (2) as may be legally required by applicable law or regulation or
by any subpoena or similar legal process, or as may be requested by a regulator having jurisdiction over such party; (3) in connection with litigation to which such party is a party; or (4) to the extent such terms become publicly
available other than as a result of a breach of this Agreement. 
 23. No Precedential Effect. Each of the parties hereto acknowledges
and agrees that certain negotiated provisions of this Agreement were agreed as an accommodation to the parties and may be unique to the facts and circumstances surrounding this particular relationship. In furtherance of that goal the parties
acknowledge that in negotiating future agreements as between two or more of the named parties herein this Agreement should be of no precedential effect. 
 24. Other Actions As To Any And All Collateral. AP further agrees, upon the reasonable request of the Trust, at the Trust’s option, to take any and all other actions as the Trust may determine
to be necessary or useful for the attachment, perfection and first priority of, and the ability of the Trust to enforce its security interest in any and all of the Collateral, including (a) executing, delivering and, where appropriate, filing
financing statements and amendments relating thereto under the Uniform Commercial Code of any relevant jurisdiction, to the extent, if any, that AP’s signature is required, (b) complying with any provision of any statute, regulation or
treaty of the United States as to any Collateral if compliance with such provision is a condition to attachment, perfection or priority of, or ability of the Trust to enforce its security interest in such Collateral, (c) obtain governmental and
other third party waivers, consents and approvals in form and substance satisfactory to the Trustee, including any consent of any person obligated on Collateral and any party or parties whose consent is required for the security interest

  
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of the Trust to attach, and (d) taking all actions under any other law, as reasonably determined by the Trustee to be applicable in any relevant Uniform Commercial Code jurisdiction.

 [Remainder of page intentionally left blank] 

  
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 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their
respective officers or duly authorized representatives as of the date first above written. 
 iSHARES® DOW JONES-UBS ROLL SELECT COMMODITY INDEX TRUST 

 

			
	By:	 	BlackRock Institutional Trust Company, N.A., as Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	STATE STREET BANK AND TRUST COMPANY
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	[AUTHORIZED PARTICIPANT]
		
	By:	 	  

	Name:	 	
	Title:	 	

 Exhibit A 

TO 
 CONTROL
AGREEMENT AMONG 
 iSHARES® DOW JONES-UBS ROLL SELECT COMMODITY INDEX TRUST, 
                     , AND 
 STATE STREET BANK AND TRUST COMPANY 
 DATED
                     

AUTHORIZED PERSONS FOR [AUTHORIZED PARTICIPANT] 
 State Street Bank and Trust Company is directed to accept and act upon instructions received from any one of the following persons at [Authorized Participant]: 

 

					
	 Name:
	 	 Telephone/Fax Number
	 	 Signature

		 		 	
		 		 	
		 		 	

 Authorized
by:                                , as authorized agent
of                                 

	
	 Name:

	 Title

	 Date:

 Exhibit B 

[Letterhead of Trust] 
 Date:
                     
 State Street Bank
and Trust Company 
 200 Clarendon Street 
 Boston, MA 02116 
 Attn: Mike Fontaine 

RE: iShares® Dow Jones-UBS Roll Select Commodity Index Trust – Collateral Accounts 
 NOTICE OF EXCLUSIVE CONTROL 
 We hereby instruct you
pursuant to the terms of that certain Control Agreement dated as of             , 20     (as from time to time amended and supplemented, the “Control
Agreement”) among [AP] (the “AP”), iShares® Dow Jones-UBS Roll Select Commodity Index
Trust (the “Trust”) and State Street Bank and Trust Company, that you (i) shall not follow any instructions or entitlement orders of the AP with respect to the Collateral or the Collateral Accounts and (ii) unless and
until otherwise expressly instructed by the Trust, shall exclusively follow the entitlement orders and instructions of the undersigned with respect to the Collateral and the Collateral Accounts. In accordance with Section 2.3(i), of the Control
Agreement, we hereby instruct you to transfer the Deposits in the Collateral Accounts as follows: 
  

			
	Bank Name:	 	
	Bank Address:	 	
	ABA No.:	 	
	Account Name:	 	
	Account No.:	 	

  

			
	Very truly yours,
	
	iSHARES® DOW JONES-UBS ROLL
SELECT COMMODITY INDEX TRUST
		
	By:	 	BlackRock Institutional Trust
	Company, N.A., as Trustee
		
	By:	 	  

	Authorized Signatory

  

	cc:	[IM]EX-10.06

 Exhibit 10.06 
 EMPLOYMENT AGREEMENT 
 This Agreement is made
and entered into as of the 1st day of May 2013 by and
between BANK OF GUAM, a Guam corporation (herein called the “Bank”) and LOURDES A. LEON GUERRERO, (herein called the “President”) (herein called “Agreement”). 

NOW, THEREFORE, in consideration of the mutual promises of the parties to the Agreement, it is hereby agreed as follows: 

1. Employment. Bank hereby designates and employs President, and President hereby accepts employment with Bank, as its President
and Chief Executive Officer. 
 2. Term. This Agreement shall be for a term commencing from January 1, 2013, and
terminating on December 31, 2017. 
 3. Duties. President shall be the Chief Executive Officer of the Bank, and
shall, subject to the control of the Board of Directors of said Bank, have general supervision, direction and control of the business and affairs of the Bank. President shall have the general powers and duties of management usually vested in the
office of the President of a corporation, and shall have such other powers and duties as may be prescribed by the Board of Directors of the Bank, or the By-Laws. In connection therewith, upon direction of the Board of Directors, President shall make
necessary and reasonable business trips for which she will be reimbursed or expenses will be provided in accordance with such regulations as may be established by the Board of Directors. Included herewith shall be trips to visit with officials of
correspondent banks and technical seminars as may be available. 
 4. Extent of Services. President shall devote her full
time, attention and energy to the business of Bank and shall not, during the term of this Agreement, be engaged in any other business activities, unless such activities are reasonably determined by the Board of Directors of Bank not to be in
competition or in conflict with the commercial banking business of Bank. 

 5. Base Compensation. As regular compensation for President’s services
hereunder, Bank shall pay President an annual base salary of Three Hundred Thousand Dollars and 00/100 ($300, 000.00) during each year of the term hereof, payable in equal installments not less frequently than monthly (herein called “Base
Compensation”). 
 6. Adjustments to Base Compensation. The Base Compensation shall be adjusted annually to reflect
the increase, if any, in the cost-of-living by adding thereto an amount obtained by multiplying the Base Compensation by the percentage of which the level of the Consumer Price Index for the United States has increased over its level as of the date
of commencement of the term of Agreement (herein called, together with Base Compensation, the “Adjusted Base Compensation”). 
 Following the end of each year of this Agreement and within thirty (30) days after the release of the United States Bureau of Labor Statistics of the figures for such year, Bank shall pay to the
President the amount of any additional compensation to which she is entitled as a result of such cost-of-living adjustment. 

7. Incentive Bonus. As an incentive to President for her continuing services and contributions to the growth and profitability of
Bank, President shall be paid, in addition to her Adjusted Base Compensation, an Incentive Bonus as follows: 
 (a) Subject to
the quarterly adjustments at Section 8 below, an amount equal to two percent (2%) of current net profits of the Bank after taxes or Two Hundred Thousand Dollars ($200,000.00), which ever is less, payable in capital stocks of the Bank or in
cash, or combination, at the option of President. The maximum amount shall be subject to review by the Board of Directors of Bank annually and appropriate adjustments shall then be made. 

  
 - 2 -

 (b) The Incentive Bonus shall be computed and payable quarterly, within fifteen
(15) days following each quarter except that each of the first quarterly payments of the Incentive Bonus shall be subject to adjustment, either increase or decrease, depending on the Bank’s final audited financial statements of the
preceding year by the Bank’s independent accountants. 
 (c) At the option of the President, the Board of Directors are
authorized to defer up to One Hundred Thousand Dollars ($100,000) of the annual incentive bonuses payable by receiving, in lieu of cash, fully vested Phantom Stock Units paying dividend equivalents, such Phantom Stock Units to equal the amount
deferred, coupled with an option to purchase at the then fair market value three (3) shares of the Common Stock of the Bank of Guam for each one Phantom Stock Unit granted. 

(d) President shall have the right to (1) continue to hold both the Phantom Stock Units and the Stock Options and receive on each
Phantom Stock Unit an amount equivalent to the dividend paid on each share of Common Stock (the “Dividend Equivalent”); or (2) tender her Phantom Stock Units to the Bank for purchase by the Bank at the then fair market value;
or (3) exercise her Stock Options. Upon tender by President of her Phantom Stock Units for cash she will forfeit her rights to the Stock Options; or upon exercise of her Stock Options she will forfeit her rights to the Phantom Stock Units and
the Dividend Equivalents. 
 8. Adjustments To Bonus. On an annual basis, the President shall submit an annual budget and
strategic plan to the Board. Based upon the criteria contained within the budget and strategic plan, the Incentive Bonus of the President shall be adjusted on a quarterly basis as follows: 

(a) If the then current Return on Equity (ROE) of the Bank is below the preceding three-year average ROE of the Bank, then the Incentive
Bonus shall be reduced by ten percent (10%); 

  
 - 3 -

 (b) If the then current Return on Assets (ROA) of the Bank is less than that of the
Bank’s peer group as published in the Federal Deposit Insurance Corporation’s (FDIC) Uniform Bank Performance Report, then the Incentive Bonus shall be reduced by ten percent (10%); 

(c) If the then current Bank’s FDIC Commercial Examination Composite Rating (FDIC Rating) is 2 or better, there shall be no
reduction to the Incentive Bonus; if the FDIC Rating is 3, then Incentive Bonus shall be reduced by fifteen percent (15%); if the FDIC Rating is 4, then the Incentive Bonus shall be reduced by fifty percent (50%); if the FDIC Rating is 5, then the
Incentive Bonus shall be reduced by one-hundred percent (100%); 
 (d) If the then current Total Adversely Classified Items to
Tier 1 Capital of the Bank plus the Allowance for Loan and Lease Losses is greater than twenty-five percent (25%), then the Incentive Bonus shall be reduced by ten percent (10%); 

(e) If the Efficiency Ratio of the Bank does not meet the following goals of the Bank, the Incentive Bonus shall be reduced by five
percent (5%): 
  

					
	 Year
	  	Goal	 
	 2013
	  	 	75	% 
	 2014
	  	 	74	% 
	 2015
	  	 	73	% 
	 2016
	  	 	72	% 
	 2017
	  	 	71	% 

 For purposes of this Section 8, the ROA, ROE, FDIC Rating, Total Adversely Classified Items to Tier
1 Capital, Allowance for Loan and Lease Losses and Efficiency Ratio shall all be derived from any report of management submitted to the Board of Directors at the Board Meeting immediately preceding the date of any adjustment. If any dispute arises
as to the calculations of any of such figures, the Compensation Committee, subject to Board approval, shall make the sole determination of such figures using whatever resources the Committee shall deem reasonably necessary. Attached to this
Agreement and made a part hereof by this reference as Exhibit A, is a worksheet, which shall be used by the Bank to calculate the Incentive Bonus of the President. 

  
 - 4 -

 9. Other Compensation or Benefits. In addition to the Adjusted Base Compensation and
Incentive Bonus and any other compensation provided hereunder, Bank shall provide President with the following: 
 (a) A
one-month vacation, at full pay. 
 (b) A health insurance, an accident insurance and disability insurance of a type and in an
amount generally made available by Bank to its executive employees, at Bank’s sole cost and expense. 
 (c) A group term
life insurance that is generally available to Bank’s executive employees, at Bank’s sole expense and cost. As additional consideration for the making of this Agreement by the President, the Bank agrees that such policy shall at Bank’s
sole cost and expense be maintained in full force and effect at all times from the date hereof, if conditions of Bank’s group insurance coverage permit, during the remaining life of the President, and until her death, notwithstanding and
regardless of the conclusion of term of this Agreement, the termination of employment of the President by the Bank in the capacity of President or any change in the capacity of her employment or the terms or conditions thereof, and without any
condition whatsoever other than the making of this Agreement. 
 (d) A motor vehicle, at Bank’s sole cost and expense,
together with comprehensive insurance including public liability, in amounts not less than the amount required by law. All reasonable operating expenses shall be paid by Bank. 
 (e) A membership in a golf and country club located within the Bank’s service area, at Bank’s sole cost and expense. Upon termination of this Agreement, Bank’s obligation to pay the fixed
monthly dues for such membership shall cease and the ownership of such membership shall vest in the President, provided, however, that President continues to pay such fixed monthly dues from the date of termination. 

  
 - 5 -

 (f) Free utilities—power, water, sewer, telephone—at the President’s primary
residence. 
 (g) A life insurance on such terms as is mutually agreeable between the parties, at Bank’s sole expense and
cost, in the sum of $500,000.00. 
 (h) A bank owned life insurance that offers retirement benefits that is or will be made
generally available to Bank’s executive employees, at Bank’s sole expense and cost. 
 10. Business Expenses.
Bank shall pay or reimburse President upon submission of an itemized account by her for all reasonable business expenses incurred by President in promoting, pursuing or otherwise furthering the business of Bank, including, but not limited to
expenses for travel, meals, hotel accommodations, entertainment, gifts and the like. 
 11. Payments Following
Disability. Upon the permanent disability of the President, Bank shall pay to the President, or her assigns, the Adjusted Base Compensation, together with all Incentive Bonuses, for the remainder of the term of this Contract. 

12. Successors and Assigns. This Agreement and all the terms and conditions hereof shall be binding upon and inure to the benefit
of the Bank, including any successor entity to Bank by liquidation, merger, consolidation, reorganization, sale of assets or otherwise, and to the President, and when applicable, to her heirs, successors and assigns. 

13. Retirement Plans. Employee may participate in any retirement plan of Bank and to receive payments thereunder. In addition, the
bank will provide employee with a Supplemental Executive Retirement Plan as described in the attached Exhibit B. 
 14.
Non-Assumption. The services to be performed by President under this Agreement are personal to her, and may not be assumed by any other party except with Bank’s prior written consent. 

  
 - 6 -

 15. Entire Agreement. The making and execution of this Agreement by the parties
hereto have been induced by no representations, statements, warranties or agreements other than those expressed herein. This Agreement embodies the entire understanding of the parties, and there are no further or other agreements or understandings,
written or oral, in effect between the parties relating to the subject matter hereof, unless specifically referred to herein by reference. 
 16. Amendments. This Agreement and any term hereof may be changed, waived, discharged, or terminated only by an instrument in writing signed by the party against whom enforcement of such change,
waiver, discharge or termination is or would be sought and without the necessity of additional consideration. 
 17.
Notices. All communications and notices hereunder shall be deemed to have been properly given or served for all purposes when personally delivered to the party to whom it is directed, or in lieu of such personal service, if received by
certified or registered United States mail, postage prepaid, at the following addresses: 
  

					
		 	If to Bank at:	  	 P.O. Box BW
 Hagatna, Guam
96910

			
		 	If to President at:	  	 P.O. Box 11031
 Tamuning, Guam
96931

 Either party may change the address provided above by giving written notice of such change to the other
party as herein provided. 
 18. Severability. Whenever possible, each provision of this Agreement shall be interpreted
in such a manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be prohibited or invalid under such law, such provision shall be ineffective to the extent of the prohibition or invalidity without
invalidating the remainder of such provision or the remaining provisions of this Agreement. 

  
 - 7 -

 19. Law. This Agreement shall be governed under and construed in accordance with the
law of Guam. 
 20. Attorney’s Fees. In the event of any action, suit or proceeding brought under or in connection
with this Agreement, the prevailing party therein shall be entitled to recover, and the other party thereto agrees to pay, costs and expenses in connection therewith including reasonable attorney’s fees, disbursements and expenses. 

21. Board Approval. This Contract is made pursuant to the Resolution of the Board of Directors adopted unanimously at its regular
monthly meeting on April 22, 2013. 
 22. Headings. The headings of the sections of this Agreement have been
included for convenience of reference only and shall in no way restrict or modify any of the terms or provisions thereof. 
 IN
WITNESS WHEREOF, the parties have executed this Agreement as of the date first above mentioned. 
  

			
	 BANK OF GUAM, a Guam corporation
 (herein called the “Bank”)

		
	By:	 	/s/ Roger P. Crouthamel
		 	Its Authorized Representative
		
		 	/s/ Lourdes A. Leon Guerrero
		 	 LOURDES A. LEON GUERRERO

(herein called the “President”)

  
 - 8 -

 “EXHIBIT A” 

 

									
	 Lourdes A. Leon Guerrero
 Period Calculated:
 Process date:
	  	 	 	 	 	 
			
	Net Income	  	 	 	 	Bonus	 
		  				 	 	—  	  
			
	 (Bonus = 2.00% of Net Income)
	  				 			
			
	 Parameters:
	  	 	Actual 2013	  	 	 	Reductions	  
	 ROE (=IF(B11<G7, C6*0.1,0)
	  	 	0.00	% 	 	 	—  	  
	 ROA (=IF(B12<G8, C6*0.1,0)
	  	 	0.00	% 	 	 	—  	  
	 Composite
	  	 	0	  	 	 	0	  
	 TACI/T1C+ALLL
	  	 	0.00	% 	 	 	—  	  
	 Efficiency Ratio
	  	 	0.00	% 	 	 	—  	  
		  				 			
	 Total Reductions
	  				 	 	—  	  
			
	 Total Bonus
	  				 	 	—  	  
	 Total Bonus
	  	 	(A)	  	 	 	—  	  
			
	 Paid Y-T-D
	  				 			
			
	 1st Qtr Bonus
	  				 	 	—  	  
	 2nd Qtr Bonus
	  				 			
	 3rd Qtr Bonus
	  				 			
	 4th Quarter Bonus
	  				 			
		  				 	 	—  	  
		  				 	  
	  
	 
			
	 Annual Incentive Bonus Limitation
	  				 	 	200,000.00	  
	 Divided by 4 Quarters
	  				 	 	4	  
		  				 	  
	  
	 
	 If (A) is greater than or equal to (B) then (B)
	  	 	(B)	  	 	 	50,000.00	  
	 If (A) is lesser than or equal to (B) then (A)
	  				 			

 

  
  

 

																					
	Incentive Parameters	 	  	 	 	 	Reduce Total Incentive by:	 
	 ROE
	   
	  	 	0.00	% 	 	 	10	% 	 				 			
	 ROA
	   
	  	 	0.00	% 	 	 	10	% 	 				 			
	 Composite Rating
	   
	  	 	2	  	 	 	3=15	% 	 	 	4=50	% 	 	 	5=100	% 
					
	 Total Adversely Classified
	   
	  				 				 				 			
	 Items/Tier 1 Capital + ALLL greater than:
	   
	  	 	25.00	% 	 	 	10	% 	 				 			
	 Efficiency Ratio (2013)
	   
	  	 	75.00	% 	 	 	5	% 	 				 			
					
	 ROE
	   
	  				 				 				 			
		  	 	2012	  	  	 	0.00	% 	 				 				 			
		  	 	2011	  	  	 	0.00	% 	 				 				 			
		  	 	2010	  	  	 	0.00	% 	 				 				 			
	 Prior Three Year Average
	  				  	 	0.00	% 	 				 				 			
						
	 *
	  	 	3/31/2013	  	  	 	0.00	% 	 				 				 			
	 *  Change upon Availability
	      
	 			
						
	 Net Profit 2013
	  				  				 				 				 			
	 1st Qtr
	  				  	 	—  	  	 				 				 			
	 2nd Qtr
	  				  	 	—  	  	 				 				 			
	 3rd Qtr
	  				  	 	—  	  	 				 				 			
	 4th Qtr
	  				  	 	—  	  	 				 				 			
		  				  	  
	  
	 	 				 				 			
	 Total Full Year
	  				  	 	—  	  	 				 				 			
		  				  	  
	  
	 	 				 				 			

 
 

  

 “EXHIBIT B” 

 

			
	 Bank of Guam
 Salary
Continuation Agreement
	  	

  
  

Revised 03.30.11 
 © 2011 Clark Consulting 

This document is provided to assist your legal counsel in documenting your specific arrangement. The laws of the various states may differ
considerably, and this specimen is for general information only. It is not a form to be signed, nor is it to be construed as legal advice. Failure to accurately document your arrangement could result in significant losses, whether from claims of
those participating in the arrangement, from the heirs and beneficiaries of participants, or from regulatory agencies such as the Internal Revenue Service, the Department of Labor, or bank examiners. License is hereby granted to your legal counsel
to use these materials in documenting solely your arrangement. 
 In general, if your bank is subject to SEC regulation, implementation
of this or any other executive or director compensation program may trigger rules requiring certain disclosures on Form 8-K within four days of implementing the program. Consult with your SEC attorney, if applicable, to determine your
responsibilities under the disclosure rules. 
 IMPORTANT NOTICE ON CODE SECTION 409A COMPLIANCE 

It is critical that you consult with your legal and tax advisors to determine the impact of Internal Revenue Code Section 409A to your particular
situation. On April 10, 2007 the Treasury Department issued final regulations implementing the requirements of Section 409A which apply to nonqualified deferred compensation arrangements. 

 Bank of Guam 
 Salary Continuation Agreement 
  

 
  

 BANK OF GUAM 

SALARY CONTINUATION AGREEMENT 
 This SALARY CONTINUATION AGREEMENT (this “Agreement”) is entered into this              day of
                , 2011, by and between Bank of Guam, a commercial bank located in Hagatna, Guam (the “Bank”), and Lourdes A. Leon Guerrero
(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 Bank. 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. 
 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 Bank, under Generally Accepted Accounting Principles (“GAAP”), for the
Bank’s obligation to the Executive under this Agreement, by applying Accounting Standards Codification 710-10 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. 

  

	1.2	“Beneficiary” means each designated person or entity, or the estate of the deceased Executive entitled to benefits, if any, upon the death of the
Executive. 

  

	1.3	“Beneficiary Designation Form” means the form established from time to time by the Plan Administrator that the Executive completes, signs and returns
to the Plan Administrator to designate one or more Beneficiaries. 

  

	1.4	“Board” means the Board of Directors of the Bank as from time to time constituted. 

 

	1.5	“Change in Control” means a change in the ownership or effective control of the Bank, or in the ownership of a substantial portion of the assets of the
Bank, as such change is defined in Code Section 409A and regulations thereunder. 

  

	1.6	“Code” means the Internal Revenue Code of 1986, as amended, and all regulations and guidance thereunder, including such regulations and guidance as may
be promulgated after the Effective Date. 

  

	1.7	 “Disability” means the Executive: (i) is unable to engage in any substantial gainful activity by reason of any medically
determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months; or (ii) is, by reason of any medically determinable physical

  

 Bank of Guam 
 Salary Continuation Agreement 
  

 
  

	 	
or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits
for a period of not less than three (3) months under an accident and health plan covering employees or directors of the Bank. Medical determination of Disability may be made by either the Social Security Administration or by the provider of
disability insurance covering employees or directors of the Bank provided that the definition of “disability” applied under such insurance program complies with the requirements of the preceding sentence. Upon the request of the Plan
Administrator, the Executive must submit proof to the Plan Administrator of the Social Security Administration’s or the provider’s determination. 

 

	1.8	“Discount Rate” means the rate used by the Plan Administrator for determining the Accrual Balance. The initial Discount Rate is six percent (6%).
However, the Plan Administrator, in its discretion, may adjust the Discount Rate to maintain the rate within reasonable standards according to GAAP and/or applicable bank regulatory guidance. 

 

	1.9	“Early Termination” means the Executive’s Separation from Service before attainment of Normal Retirement Age except when such Separation from
Service occurs within twenty-four (24) months following a Change in Control or due to death or Termination for Cause. 

  

	1.10	“Effective Date” means April 1, 2011. 

  

	1.11	“Normal Retirement Age” means ten (10) Years of Participation. 

 

	1.12	“Plan Administrator” means the Board or such committee or person as the Board shall appoint. 

 

	1.13	“Plan Year” means each twelve (12) month period commencing on April 1 and ending on March 31 of each year. The initial Plan Year shall
commence on the Effective Date of this Agreement and end on the following March 31. 

  

	1.14	“Separation from Service” means termination of the Executive’s employment with the Bank for reasons other than death or Disability. Whether a
Separation from Service has occurred is determined in accordance with the requirements of Code Section 409A based on whether the facts and circumstances indicate that the Bank and Executive reasonably anticipated that no further services would
be performed after a certain date or that the level of bona fide services the Executive would perform after such date (whether as an employee or as an independent contractor) would permanently decrease to no more than twenty percent (20%) of
the average level of bona fide services performed (whether as an employee or an independent contractor) over the immediately preceding thirty-six (36) month period (or the full period of services to the Bank if the Executive has been providing
services to the Bank less than thirty-six (36) months). 

  

	1.15	 “Specified Employee” means an employee who at the time of Separation from Service is a key employee of the Bank, if any stock of the
Bank is publicly traded on an established securities market or otherwise. For purposes of this Agreement, an employee is a key 

  
 2 

 Bank of Guam 
 Salary Continuation Agreement 
  

 
  

	 	
employee if the employee meets the requirements of Code Section 416(i)(l)(A)(i), (ii), or (iii) (applied in accordance with the regulations thereunder and disregarding section
416(i)(5)) at any time during the twelve (12) month period ending on December 31 (the “identification period”). If the employee is a key employee during an identification period, the employee is treated as a key employee for
purposes of this Agreement during the twelve (12) month period that begins on the first day of April following the close of the identification period. 

 

	1.16	“Termination for Cause” means Separation from Service for: 

 

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

  

	 	(b)	Conviction of a felony or of a gross misdemeanor involving moral turpitude in connection with the Executive’s employment with the Bank; or

  

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

  

	1.17	“Years of Participation” means the consecutive twelve (12) month period beginning on the Effective Date of this Agreement and any twelve
(12) month anniversary thereof during the entirety of which time the Executive is a participant in this Agreement. 

 Article 2 
 Distributions During Lifetime 

 

	2.1	Normal Retirement Benefit. Upon Separation from Service on or after Normal Retirement Age, the Bank shall distribute 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. If Separation of Service occurs at Normal Retirement Age, the annual benefit under this Section 2.1 is One Hundred Fifty Thousand Dollars
($150,000). If Separation from Service occurs after Normal Retirement Age, the Bank shall credit interest on the Accrual Balance at the Discount Rate until Separation from Service. Upon Separation from Service after Normal Retirement Age the annual
benefit under this Section 2.1 is the amount necessary to amortize the Accrual Balance as of the date of Separation from Service over fifteen (15) years. 

 

	 	2.1.2	Distribution of Benefit. The Bank shall distribute the annual benefit to the Executive in twelve (12) equal monthly installments commencing on the first day
of the month following Separation from Service. The annual benefit shall be distributed to the Executive for fifteen (15) years. 

  

	2.2	Early Termination Benefit. If Early Termination occurs, the Bank shall distribute to the Executive the benefit described in this Section 2.2 in lieu of any
other benefit under this Article. 

  
 3 

 Bank of Guam 
 Salary Continuation Agreement 
  

 
  

	 	2.2.1	Amount of Benefit. The annual benefit under this Section 2.2 shall be the Normal Retirement Benefit described in Section 2.1.1 above multiplied by the
vesting percentage below. 

  

					
	 Date on Which Separation from

Service Occurs
	  	Vesting
Percentage	 
	 On or prior to 3/30/2016
	  	 	0	% 
	 3/31/2016 to 3/30/2017
	  	 	50	% 
	 3/31/2017 to 3/30/2018
	  	 	60	% 
	 3/31/2018 to 3/30/2019
	  	 	70	% 
	 3/31/2019 to 3/30/2020
	  	 	80	% 
	 3/31/2020 to 3/30/2021
	  	 	90	% 
	 On or after 3/31/2021
	  	 	100	% 

  

	 	2.2.2	Distribution of Benefit. The Bank shall distribute the annual benefit to the Executive in twelve (12) equal monthly installments commencing on the first day
of the month following Normal Retirement Age. The annual benefit shall be distributed to the Executive for fifteen (15) years. 

  

	2.3	Disability Benefit. If the Executive experiences a Disability prior to Normal Retirement Age, the Bank shall distribute to the Executive the benefit described in
this Section 2.3 in lieu of any other benefit under this Article. 

  

	 	2.3.1	Amount of Benefit. The annual benefit under this Section 2.3 is one hundred percent (100%) of the Accrual Balance determined as of the end of the Plan
Year preceding such Disability. 

  

	 	2.3.2	Distribution of Benefit. The Bank shall distribute the benefit to the Executive in one hundred eighty (180) equal monthly installments commencing on the
first day of the month following the determination of Disability. 

  

	2.4	Change in Control Benefit. If a Change in Control occurs followed within twenty-four (24) months by Separation from Service prior to Normal Retirement Age,
the Bank shall distribute 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 one hundred percent (100%) of the Accrual Balance determined as of the end of the Plan Year
preceding Separation from Service. 

  

	 	2.4.2	Distribution of Benefit. The Bank shall distribute the benefit to the Executive in a lump sum within sixty (60) days following Separation from Service.

  
 4 

 Bank of Guam 
 Salary Continuation Agreement 
  

 
  

	 	2.4.3	Parachute Payments. Notwithstanding any provision of this Agreement to the contrary, and to the extent allowed by Code Section 409A, if any benefit payment
under this Section 2.4 would be treated as an “excess parachute payment” under Code Section 280G, the Bank shall reduce such benefit payment to the extent necessary to avoid treating such benefit payment as an excess parachute
payment. 

  

	2.5	Restriction on Commencement of Distributions. Notwithstanding any provision of this Agreement to the contrary, if the Executive is considered a Specified
Employee, the provisions of this Section 2.5 shall govern all distributions hereunder. If benefit distributions which would otherwise be made to the Executive due to Separation from Service are limited because the Executive is a Specified
Employee, then such distributions shall not be made during the first six (6) months following Separation from Service. Rather, any distribution which would otherwise be paid to the Executive during such period shall be accumulated and paid to
the Executive in a lump sum on the first day of the seventh month following Separation from Service. All subsequent distributions shall be paid in the manner specified. 

 

	2.6	Distributions Upon Taxation of Amounts Deferred. If, pursuant to Code Section 409A, the Federal Insurance Contributions Act or other state, local or foreign
tax, the Executive becomes subject to tax on the amounts deferred hereunder, then the Bank may make a limited distribution to the Executive in a manner that conforms to the requirements of Code section 409A. Any such distribution will decrease the
Executive’s benefits distributable under this Agreement. 

  

	2.7	Change in Form or Timing of Distributions. For distribution of benefits under this Article 2, the Executive and the Bank may, subject to the terms of
Section 8.1, amend this Agreement to delay the timing or change the form of distributions. Any such amendment: 

  

	 	(a)	may not accelerate the time or schedule of any distribution, except as provided in Code Section 409A; 

 

	 	(b)	must, for benefits distributable under Section 2.2, be made at least twelve (12) months prior to the first scheduled distribution; 

 

	 	(c)	must, for benefits distributable under Sections 2.1, 2.2 and 2.4, delay the commencement of distributions for a minimum of five (5) years from the date the first
distribution was originally scheduled to be made; and 

  

	 	(d)	must take effect not less than twelve (12) months after the amendment is made. 

Article 3 

Distribution at Death 
  

	3.1	Death During Active Service. If the Executive dies prior to Separation from Service, the Bank shall distribute to the Beneficiary the benefit described in this
Section 3.1. This benefit shall be distributed in lieu of any benefit under Article 2. 

  

	 	3.1.1	Amount of Benefit. The benefit under this Section 3.1 is one hundred percent (100%) of the Accrual Balance determined as of the end of the Plan Year
preceding death. 

  
 5 

 Bank of Guam 
 Salary Continuation Agreement 
  

 
  

	 	3.1.2	Distribution of Benefit. The Bank shall distribute the benefit to the Beneficiary in a lump sum within sixty (60) days following the Executive’s death.
The Beneficiary shall be required to provide the Executive’s death certificate to the Bank. 

  

	3.2	Death During Distribution of a Benefit. If the Executive dies after any benefit distributions have commenced under this Agreement but before receiving all such
distributions, the Bank shall distribute to the Beneficiary the remaining Accrual Balance in a lump sum within sixty (60) days following the Executive’s death. The Beneficiary shall be required to provide the Executive’s death
certificate to the Bank. 

  

	3.3	Death Before Benefit Distributions Commence. If the Executive is entitled to benefit distributions under this Agreement but dies prior to the date that
commencement of said benefit distributions are scheduled to be made under this Agreement, the Bank shall distribute to the Beneficiary the Accrual Balance in a lump sum within sixty (60) days following the Executive’s death. The
Beneficiary shall be required to provide the Executive’s death certificate to the Bank. 

 Article 4

 Beneficiaries 
  

	4.1	In General. The Executive shall have the right, at any time, to designate a Beneficiary to receive any benefit distributions under this Agreement upon the death
of the Executive. The Beneficiary designated under this Agreement may be the same as or different from the beneficiary designated under any other plan of the Bank in which the Executive participates. 

 

	4.2	Designation. The Executive shall designate a Beneficiary by completing and signing the Beneficiary Designation Form and delivering it to the Plan Administrator
or its designated agent. If the Executive names someone other than the Executive’s spouse as a Beneficiary, the Plan Administrator may, in its sole discretion, determine that spousal consent is required to be provided in a form designated by
the Plan Administrator, executed by the Executive’s spouse and returned to the Plan Administrator. The Executive’s beneficiary designation shall be deemed automatically revoked if the Beneficiary predeceases the Executive or if the
Executive names a spouse as Beneficiary and the marriage is subsequently dissolved. The Executive shall have the right to change a Beneficiary by completing, signing and otherwise complying with the terms of the Beneficiary Designation Form and the
Plan Administrator’s rules and procedures. Upon the acceptance by the Plan Administrator of a new Beneficiary Designation Form, all Beneficiary designations previously filed shall be cancelled. The Plan Administrator shall be entitled to rely
on the last Beneficiary Designation Form filed by the Executive and accepted by the Plan Administrator prior to the Executive’s death. 

  

	4.3	Acknowledgment. No designation or change in designation of a Beneficiary shall be effective until received, accepted and acknowledged in writing by the Plan
Administrator or its designated agent. 

  
 6 

 Bank of Guam 
 Salary Continuation Agreement 
  

 
  

	4.4	No Beneficiary Designation. If the Executive dies without a valid beneficiary designation, or if all designated Beneficiaries predecease the Executive, then the
Executive’s spouse shall be the designated Beneficiary. If the Executive has no surviving spouse, any benefit shall be paid to the Executive’s estate. 

 

	4.5	Facility of Distribution. If the Plan Administrator determines in its discretion that a benefit is to be distributed to a minor, to a person declared incompetent
or to a person incapable of handling the disposition of that person’s property, the Plan Administrator may direct distribution of such benefit to the guardian, legal representative or person having the care or custody of such minor, incompetent
person or incapable person. The Plan Administrator may require proof of incompetence, minority or guardianship as it may deem appropriate prior to distribution of the benefit. Any distribution of a benefit shall be a distribution for the account of
the Executive and the Beneficiary, as the case may be, and shall completely discharge any liability under this Agreement for such distribution amount. 

 Article 5 
 General Limitations 

 

	5.1	Termination for Cause. Notwithstanding any provision of this Agreement to the contrary, the Bank shall not distribute any benefit under this Agreement if the
Executive’s employment with the Bank is terminated by the Bank or an applicable regulator due to a Termination for Cause. 

  

	5.2	Suicide or Misstatement. No benefit shall be distributed if the Executive commits suicide within two (2) years after the Effective Date, or if an insurance
company which issued a life insurance policy covering the Executive and owned by the Bank denies coverage (i) for material misstatements of fact made by the Executive on an application for such life insurance, or (ii) for any other reason.

  

	5.3	Removal. Notwithstanding any provision of this Agreement to the contrary, the Bank shall not distribute any benefit under this Agreement if the Executive is
subject to a final removal or prohibition order issued by an appropriate federal banking agency pursuant to Section 8(e) of the Federal Deposit Insurance Act. Notwithstanding anything herein to the contrary, any payments made to the Executive
pursuant to this Agreement, or otherwise, shall be subject upon compliance with 12 U.S.C. 1828 and FDIC Regulation 12 CFR Part 359, Golden Parachute Indemnification Payments and any other regulations or guidance promulgated thereunder.

 Article 6 
 Administration of Agreement 
  

	6.1	Plan Administrator Duties. The Plan Administrator shall administer this Agreement according to its express terms and 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 this Agreement to the extent the exercise of such discretion and authority does not conflict with Code Section 409A. 

  
 7 

 Bank of Guam 
 Salary Continuation Agreement 
  

 
  

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

 

	6.3	Binding Effect of Decisions. Any decision or action of the Plan Administrator with respect to any question arising out of or in connection with the
administration, interpretation or application of this Agreement and the rules and regulations promulgated hereunder shall be final and conclusive and binding upon all persons having any interest in this Agreement. 

 

	6.4	Indemnity of Plan Administrator. The Bank shall indemnify and hold harmless 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. 

  

	6.5	Bank Information. To enable the Plan Administrator to perform its functions, the Bank shall supply full and timely information to the Plan Administrator on all
matters relating to the date and circumstances of the Executive’s death, Disability or Separation from Service, and such other pertinent information as the Plan Administrator may reasonably require. 

 

	6.6	Annual Statement. The Plan Administrator shall provide to the Executive, within one hundred twenty (120) days after the end of each Plan Year, a statement
setting forth the benefits to be distributed under this Agreement. 

 Article 7 

Claims And Review Procedures 
  

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

  

	 	7.1.1	Initiation—Written Claim. The claimant initiates a claim by submitting to the Plan Administrator a written claim for the benefits. If such a claim relates
to the contents of a notice received by the claimant, the claim must be made within sixty (60) days after such notice was received by the claimant. All other claims must be made within one hundred eighty (180) days of the date on which the
event that caused the claim to arise occurred. The claim must state with particularity the determination desired by the claimant. 

  
 8 

 Bank of Guam 
 Salary Continuation Agreement 
  

 
  

	 	7.1.2	Timing of Plan Administrator Response. The Plan Administrator shall respond to such claimant within ninety (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 ninety (90) days by notifying the claimant in writing, prior to the end
of the initial ninety (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.

  

	 	7.1.3	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 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) following an adverse benefit determination on review.

  

	7.2	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: 

  

	 	7.2.1	Initiation—Written Request. To initiate the review, the claimant, within sixty (60) days after receiving the Plan Administrator’s notice of
denial, must file with the Plan Administrator a written request for review. 

  

	 	7.2.2	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. 

  

	 	7.2.3	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. 

  
 9 

 Bank of Guam 
 Salary Continuation Agreement 
  

 
  

	 	7.2.4	Timing of Plan Administrator Response. The Plan Administrator shall respond in writing to such claimant within sixty (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 sixty (60) days by notifying the claimant in
writing, prior to the end of the initial sixty (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.

  

	 	7.2.5	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 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 8 

Amendments and Termination 
  

	8.1	Amendments. This Agreement may be amended only by a written agreement signed by the Bank and the Executive. However, the Bank may unilaterally amend this
Agreement to conform with written directives to the Bank from its auditors or banking regulators or to comply with legislative changes or tax law, including without limitation Code Section 409A. 

 

	8.2	Plan Termination Generally. This Agreement may be terminated only by a written agreement signed by the Bank and the Executive. The benefit shall be the Accrual
Balance as of the date this Agreement is terminated. Except as provided in Section 8.3, the termination of this Agreement shall not cause a distribution of benefits under this Agreement. Rather, upon such termination benefit distributions will
be made at the earliest distribution event permitted under Article 2 or Article 3. 

  
 10 

 Bank of Guam 
 Salary Continuation Agreement 
  

 
  

	8.3	Plan Terminations Under Code Section 409A. Notwithstanding anything to the contrary in Section 8.2, if the Bank terminates this Agreement in the
following circumstances: 

  

	 	(a)	Within thirty (30) days before or twelve (12) months after a Change in Control, provided that all distributions are made no later than twelve (12) months
following such termination of this Agreement and further provided that all the Bank’s arrangements which are substantially similar to this Agreement are terminated so the Executive and all participants in the similar arrangements are required
to receive all amounts of compensation deferred under the terminated arrangements within twelve (12) months of such termination; 

  

	 	(b)	Upon the Bank’s dissolution or with the approval of a bankruptcy court provided that the amounts deferred under this Agreement are included in the Executive’s
gross income in the latest of (i) the calendar year in which this Agreement terminates; (ii) the calendar year in which the amount is no longer subject to a substantial risk of forfeiture; or (iii) the first calendar year in which the
distribution is administratively practical; or 

  

	 	(c)	Upon the Bank’s termination of this and all other arrangements that would be aggregated with this Agreement pursuant to Treasury Regulations
Section 1.409A-l(c) if the Executive participated in such arrangements (“Similar Arrangements”), provided that (i) the termination and liquidation does not occur proximate to a downturn in the financial health of the Bank,
(ii) all termination distributions are made no earlier than twelve (12) months and no later than twenty-four (24) months following such termination, and (iii) the Bank does not adopt any new arrangement that would be a Similar
Arrangement for a minimum of three (3) years following the date the Bank takes all necessary action to irrevocably terminate and liquidate the Agreement; 

 the Bank may distribute the Accrual Balance, determined as of the date of the termination of this Agreement, to the Executive in a lump sum subject to the above terms. 

Article 9 

Miscellaneous 
  

	9.1	Binding Effect. This Agreement shall bind the Executive and the Bank and their beneficiaries, survivors, executors, administrators and transferees.

  

	9.2	No Guarantee of Employment. This Agreement is not a contract for employment. It does not give the Executive the right to remain as an employee of the Bank nor
interfere with the Bank’s right to discharge the Executive. It does not require the Executive to remain an employee nor interfere with the Executive’s right to terminate employment at any time. 

 

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

  

	9.4	Tax Withholding and Reporting. The Bank shall withhold any taxes that are required to be withheld, including but not limited to taxes owed under Code
Section 409A from the benefits provided under this Agreement. The Executive acknowledges that the Bank’s sole liability regarding taxes is to forward any amounts withheld to the appropriate taxing authorities. The Bank shall satisfy all
applicable reporting requirements, including those under Code Section 409A. 

  
 11 

 Bank of Guam 
 Salary Continuation Agreement 
  

 
  

	9.5	Applicable Law. This Agreement and all rights hereunder shall be governed by the laws of Guam except to the extent preempted by the laws of the United States of
America. 

  

	9.6	Unfunded Arrangement. The Executive and the Beneficiary are general unsecured creditors of the Bank for the distribution of benefits under this Agreement. The
benefits represent the mere promise by the Bank to distribute 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 or other informal funding asset is a general asset of the Bank to which the Executive and Beneficiary have no preferred or secured claim. 

 

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

  

	9.8	Entire Agreement. This Agreement constitutes the entire agreement between the Bank 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. 

  

	9.9	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. 

  

	9.10	Alternative Action. In the event it shall become impossible for the Bank or the Plan Administrator to perform any act required by this Agreement due to
regulatory or other constraints, the Bank or Plan Administrator may perform such alternative act as most nearly carries out the intent and purpose of this Agreement and is in the best interests of the Bank, provided that such alternative act does
not violate Code Section 409A. 

  

	9.11	Headings. Article and section headings are for convenient reference only and shall not control or affect the meaning or construction of any provision herein.

  

	9.12	Validity. If 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 or invalid provision had never been included herein. 

  
 12 

 Bank of Guam 
 Salary Continuation Agreement 
  

 
  

	9.13	Notice. Any notice or filing required or permitted to be given to the Bank 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: 

  

					
	  	  	210 Archbishop Flores ST.	  	 
	  	  	Hagatna, Guam 96910	  	 

 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 to 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. 

 

	9.14	Deduction Limitation on Benefit Payments. If the Bank reasonably anticipates that the Bank’s deduction with respect to any distribution under this Agreement
would be limited or eliminated by application of Code Section 162(m), then to the extent deemed necessary by the Bank to ensure that the entire amount of any distribution from this Agreement is deductible, the Bank may delay payment of any
amount that would otherwise be distributed under this Agreement. The delayed amounts shall be distributed to the Executive (or the Beneficiary in the event of the Executive’s death) at the earliest date the Bank reasonably anticipates that the
deduction of the payment of the amount will not be limited or eliminated by application of Code Section 162(m). 

  

	9.15	Compliance with Section 409A. This Agreement shall be interpreted and administered consistent with Code Section 409A. 

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

 

					
	EXECUTIVE:	 	BANK:
		
		 	Bank of Guam
			
	/s/ Lourdes A. Leon Guerrero	 	By:	 	/s/ William D. Leon Guerrero
	Lourdes A. Leon Guerrero	 		 	William D. Leon Guerrero
		 	Title:	 	EVP & COO
		 		 	Bank of Guam

  
 13

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