Document:

Exhibit

                                        

Exhibit 10.91
THIRD AMENDED
LIFE INSURANCE ENDORSEMENT METHOD
SPLIT DOLLAR AGREEMENT 

Insurers:    Great West Life
Policy Number:    86001639
Bank:                        Central Valley Community Bank
Insured:                    David Kinross 
Relationship of Insured to Bank:        Chief Financial Officer
This Third Amended Life Insurance Endorsement Method Split Dollar Agreement (the “Agreement”) is made effective as of April 1, 2020, and is entered into by and between Central Valley Community Bank (the “Bank”) and David Kinross (the “Insured”), each a “Party” and together the “Parties.”  This Agreement supersedes and amends in its entirety that certain Second Amended Life Insurance Endorsement Method Split Dollar Agreement by and between the Bank and the Insured, effective January 1, 2012 (the “Prior Agreement”).  
AGREEMENT
The respective rights and duties of the Bank and the Insured in the above-referenced life insurance policy (“Policy”) shall be pursuant to the terms set forth below:
		
	I.
	DEFINITIONS

Refer to the Policy for the definition of all terms in this Agreement.  
		
	II.
	POLICY TITLE AND OWNERSHIP

Title and ownership to the Policy shall reside in the Bank for its use and for the use of the Insured in accordance with this Agreement.  The Bank alone may, to the extent of its interest, exercise the right to borrow or withdraw on the Policy cash values.  Where the Bank and the Insured (or assignee, with the consent of the Insured) mutually agree to exercise the right to increase the coverage under the Policy, then the rights, duties and benefits of the parties to such increased coverage shall continue to be subject to the terms of this Agreement.
		
	III.
	BENEFICIARY DESIGNATION RIGHTS

The Insured (or assignee) shall have the right and power to designate a beneficiary or beneficiaries to receive the Insured’s share of the proceeds payable upon the death of the Insured, and to elect and change a payment option for such beneficiary, subject to any right or interest the Bank may have in such proceeds, as provided in this Agreement.  Any 

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Beneficiary Designation Form completed by the Insured under the Prior Agreement shall remain in full force and effect unless and until modified or revoked by the Insured.  
		
	IV.
	PREMIUM PAYMENT METHOD

The Bank intends to pay an amount equal to the planned premiums and any other premium payments that might become necessary to keep the Policy in force.
		
	V.
	TAXABLE BENEFIT

Annually the Insured will receive a taxable benefit equal to the assumed cost of insurance as required by the Internal Revenue Service.  The Bank (or its administrator) will report to the Insured the amount of imputed income each year on Form W-2 or its equivalent.
		
	VI.
	DIVISION OF DEATH PROCEEDS

Subject to Paragraphs VII and IX herein, the division of the Policy death proceeds shall be follows:
		
	A.
	Upon the death of the Insured prior to a Termination of Employment with the Bank,  the Insured's beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to a lump sum payment equal to the present value of the Retirement Benefit under that certain Third Amended Executive Salary Continuation Agreement between the Bank and Insured dated concurrently herewith (the “Salary Continuation Agreement”), assuming that the payments would begin on the date of death and continue for one hundred and eighty months, or one hundred percent (100%) of the total Policy proceeds, whichever amount is less.  Present value calculations shall be made using the assumptions set forth in Section IX(K) of the Salary Continuation Agreement.  

		
	B.
	Upon the death of the Insured following Retirement or Termination of Employment with the Bank, the Insured's beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to a lump sum payment equal to the present value of one hundred percent (100%) of the sum of all remaining payments, if any, that would have been made under the Salary Continuation Agreement but for the Insured's death, or one hundred percent (100%) of the total Policy proceeds, whichever amount is less.  Present value calculations shall be made using the assumptions set forth in Section IX(K) of the Salary Continuation Agreement.  

		
	C.
	The Bank shall be entitled to the remainder of the insurance Policy proceeds payable on the death of the Insured.

		
	D.
	The Bank and the Insured (or assignees) shall share in any interest due on the death proceeds on a pro rata basis as the proceeds due each respectively bear to the total proceeds, excluding any such interest.

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	E.
	For purposes of this Agreement, “Termination of Employment”, “Retirement”, “Retirement Benefit”, and “Change In Control” shall have the same meanings as set forth in the Salary Continuation Agreement.

		
	VII.
	DIVISION OF THE CASH SURRENDER VALUE OF THE POLICY

During the life of the Insured, the Bank shall at all times be entitled to an amount equal to the Policy's cash value, as that term is defined in the Policy contract, less any Policy loans and unpaid interest outstanding, cash withdrawals previously taken by the Bank, and any applicable surrender charges.  Such cash value shall be determined as of the date of surrender.  Notwithstanding the foregoing, upon the Insured's death, the Policy proceeds shall first be used to satisfy the obligations to the Insured's beneficiaries set forth in Paragraph VI.  
		
	VIII.
	RIGHTS OF PARTIES WHERE POLICY ENDOWMENT OR ANNUITY ELECTION EXISTS

In the event the Policy involves an endowment or annuity element, the Bank’s right and interest in any endowment proceeds or annuity benefits, on expiration of the deferment period, shall be determined under the provisions of this Agreement by regarding such endowment proceeds or the commuted value of such annuity benefits as the Policy's cash value.  Any endowment proceeds or annuity benefits shall be considered to be like death proceeds for purposes of division under this Agreement.
		
	IX.
	TERMINATION OF AGREEMENT

This Agreement shall terminate upon the occurrence of any one of the following:
		
	1.
	In the event benefits become payable to the Insured following a Change In Control pursuant to Section VI of the Salary Continuation Agreement; or

		
	2.
	The Insured shall be discharged from employment with the Bank for cause.  The term for “cause” shall mean any of the following that result in an adverse effect on the Bank: (i) gross negligence or gross neglect; (ii) the commission of a felony or gross misdemeanor involving moral turpitude, fraud, or dishonesty; (iii) the willful violation of any Jaw, rule, or regulation (other than a traffic violation or similar offense); (iv) an intentional failure to perform stated duties; or (v) a breach of fiduciary duty involving personal profit; or

		
	3.
	Surrender, lapse, or other termination of the Policy by the Bank.  

Upon termination of this Agreement pursuant to (2) or (3) above, the Insured (or assignee) shall have a fifteen (15) day option to receive from the Bank an absolute assignment of the Policy in consideration of a cash payment to the Bank, after which this Agreement shall terminate.  The cash payment shall be equal to the greater of:
		
	(a)
	The Bank's share of the Policy's cash value on the date of assignment; or

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	(b)
	The sum of the premiums paid by the Bank prior to the date of assignment, plus interest.

If the Insured (or assignee) fails to exercise this option, fails to tender the required cash payment, or dies within the fifteen (15) day period, then the option shall terminate, and the Insured (or assignee) agrees that all of the Insured's rights, interest and claims in the Policy shall terminate as of the date of termination of this Agreement.  The Insured expressly agrees that this Agreement constitutes sufficient written notice of the Insured's option to receive an absolute assignment of the Policy as set forth herein.
Except as provided above, this Agreement shall terminate upon payment of the death benefit proceeds in accordance with Paragraph VI above.
		
	X.
	INSURED’S OR ASSIGNEE’S ASSIGNMENT RIGHTS

The Insured may not, without the written consent of the Bank, assign to any individual, trust or other organization, any right, title or interest in the Policy nor any rights, options, privileges or duties created under this Agreement.
		
	XI.
	AGREEMENT BINDING UPON THE PARTIES

This Agreement shall bind the Insured and the Bank, their heirs, successors, personal representatives and assigns.
		
	XII.
	ERISA PROVISIONS

The following provisions are part of this Agreement and are intended to meet the requirements of the Employee Retirement Income Security Act of 1974 (“ERISA”):
		
	A.
	Named Fiduciary and Plan Administrator.

The “Named Fiduciary and Plan Administrator” of this Third Amended Life Insurance Endorsement Method Split Dollar Agreement shall be Central Valley Community Bank.  As Named Fiduciary and Plan Administrator, the Bank shall be responsible for the management, control, and administration of this Agreement.  The Named Fiduciary may delegate to others certain management and operational responsibilities, including the employment of advisors and the delegation of any ministerial duties to qualified individuals.
		
	B.
	Funding Policy.

The funding policy for this Agreement shall be to maintain the subject Policy in force by paying, when due, all premiums required.
		
	C.
	Basis of Payment of Benefits.

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The basis of payment of benefits under this Agreement is direct payment by the Insurer.
		
	D.
	Claim Procedures.

Claim forms or claim information for the Policy can be obtained by contacting Equias Alliance at (831) 373-4614.  When the Named Fiduciary receives a claim which may be covered under the Policy, he or she should contact the office named above, and they will either complete a claim form and forward it to an authorized representative of the Insurer or advise the Named Fiduciary what further steps are necessary.  The Insurer will evaluate and make a decision as to payment.  If the claim is payable, a benefit check will be issued in accordance with the terms of this Agreement.
In the event that a claim is not eligible under the Policy, the Insurer will notify the claimant of the denial pursuant to the Policy terms.  If the claimant is dissatisfied with the denial of the claim and wishes to contest such claim denial, he or she should contact the office named above and they will assist in making inquiry to the Insurer.  All objections to the Insurer's actions should be in writing and submitted to the office named above for transmittal to the Insurer.
		
	XIII.
	GENDER

Whenever in this Agreement words are used in the masculine or neuter gender, they shall be read and construed as in the masculine, feminine or neuter gender, whenever they should so apply.
		
	XIV.
	INSURANCE COMPANY NOT A PARTY TO THIS AGREEMENT

The Insurer shall not be deemed a party to this Agreement, but will respect the rights of the parties as herein provided upon receiving an executed copy of this Agreement.  Payment or other performance in accordance with the Policy provisions shall fully discharge the Insurer for any and all liability.
		
	XV.
	AMENDMENT OR REVOCATION

It is agreed by and between the parties hereto that, during the lifetime of the Insured, this Agreement may be amended or revoked at any time or times, in whole or in part, by the mutual written consent of the Insured and the Bank. 
		
	XVI.
	EFFECTIVE DATE

The Effective Date of this Agreement shall be the date first stated above.
		
	XVII.
	SEVERABILITY AND INTERPRETATION

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If a provision of this Agreement is held to be invalid or unenforceable, the remaining provisions shall nonetheless be enforceable according to their terms.  Further, in the event that any provision is held to be overbroad as written, such provision shall be deemed amended to narrow its application to the extent necessary to make the provision enforceable according to law and enforced as amended.
		
	XVIII.
	APPLICABLE LAW

The validity and interpretation of this Agreement shall be governed by applicable federal law and the laws of the State of California.
		
	XIX.
	USE OF TRADE SECRETS AND SOLICITATION AFTER TERMINATION OF EMPLOYMENT

In further consideration of this Agreement, Executive agrees not to use Bank’s trade secrets and confidential information to compete with Bank at any time, directly or indirectly.  As further consideration, for a period of one (1) year following termination of his employment, Executive agrees not to solicit, directly or indirectly, (A) any employees of Bank or consultants to Bank who are located within the state of California to terminate such employment or consulting arrangement or to work for anyone in competition with Bank; and (B) any Bank customers who are known to Executive as a result of his employment with Bank.  In the event that Executive breaches his obligations under this section, Bank shall have the right, in its sole discretion, to not pay any benefit due Executive under this Agreement.
Executed at Fresno, California on April 23, 2020. 

	
		
	BANK:

CENTRAL VALLEY COMMUNITY BANK

By:   /s/ James Ford     
James Ford
President and Chief Executive Officer

	INSURED:

DAVID KINROSS

 /s/ David Kinross  
David Kinross

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BENEFICIARY DESIGNATION FORM
FOR LIFE INSURANCE SPLIT DOLLAR
ENDORSEMENT METHOD AGREEMENT

PRIMARY DESIGNATION:
Name                Address                Relationship
                                                                                                      
                                                    
                                                    

SECONDARY (CONTINGENT) DESIGNATION:
                                                       
                                         
                                
                                                

All sums payable under the Life Insurance Split Dollar Endorsement Method Agreement by reason of my death shall be paid to the Primary Beneficiary, if he or she survives me, and if no Primary Beneficiary shall survive me, then to the Secondary (Contingent) Beneficiary.

                                                    
David Kinross                            Date

7Document

WINGSTOP INC.
2015 OMNIBUS INCENTIVE COMPENSATION PLAN
PERFORMANCE–BASED RESTRICTED STOCK UNIT AWARD AGREEMENT
This Performance-Based Restricted Stock Unit Award Agreement (this “Award Agreement”) evidences the grant by Wingstop Inc. (the “Company”), in accordance with the Wingstop Inc. 2015 Omnibus Incentive Compensation Plan (the “Plan”), of a target number of performance-based restricted stock units (“PSUs”) equal to [             ] PSUs (the “Target PSUs”), with a maximum of [     ] PSUs (the “Maximum PSUs”), subject to the restrictions set forth in this Award Agreement and the Plan (the “Award”), to [______________] (the “Grantee”), effective as of [____________], 2020 (the “Grant Date”).
        
						
	 WINGSTOP INC.
	
		
		
	By:	
	Name:	
	Title:	

TERMS AND CONDITIONS
§1Plan. The Award is subject to all of the terms and conditions set forth in the Plan and this Award Agreement, and all capitalized terms not otherwise defined in this Award Agreement have the respective meaning of such terms as defined in the Plan. If a determination is made that any term or condition set forth in this Award Agreement is inconsistent with the Plan, the Plan will control. The Grantee acknowledges that a copy of the Plan has been made available for his or her review by the Company and represents that he or she is familiar with the terms and provisions thereof, and hereby accepts this Award subject to all the terms and provisions thereof.
§2Grant of PSUs. Each PSU represents the right to receive one share of $0.01 par value Common Stock of the Company (a “Share”), subject to the terms and conditions set forth in this Award Agreement and the Plan. The number of PSUs actually payable under this Award Agreement depends on the extent to which the Company attains the performance conditions, described in Exhibit A of this Award Agreement, and whether the Grantee satisfies the service vesting condition, described in Section 4 of this Award Agreement. The PSUs shall be credited to a separate account maintained for the Grantee on the books and records of the Company (the “Account”).  All amounts credited to the Account shall continue for all purposes to be part of the general assets of the Company.
§3Consideration. The grant of PSUs is made in consideration of the services to be rendered by the Grantee to the Company.
§4Performance Conditions & Service Vesting Conditions.  The number of PSUs that may be earned by the Grantee will be based on the achievement of the performance condition(s) and the satisfaction of the service vesting conditions, each as set forth on Exhibit A, attached hereto, during the three (3) year performance period beginning January 1, 2020 and ending December 31, 2022 (the “Performance Period”).

§5Dividend Equivalents. If, prior to the date PSUs are settled pursuant to Section 6, the Company declares a cash or stock dividend with respect to Shares, then, on the payment date of the dividend, the Grantee’s Account shall be credited with Dividend Equivalents in an amount equal to the dividends that would have been paid to the Grantee if one Share had been issued on the Grant Date for each PSU granted to the Grantee as set forth in this Award Agreement. In connection with the Dividend Equivalents, any cash dividend credited to the Grantee’s Account shall be adjusted with interest at a rate and subject to such terms as determined by the Committee. To the extent a PSU to which such Dividend Equivalent relates becomes a Vested PSU (as defined in Exhibit A), the Dividend Equivalents and interest, if any, credited to the Grantee’s Account shall be distributed in cash or, at the discretion of the Committee, in Shares having a Fair Market Value equal to the amount of the Dividend Equivalents and interest, if any, on the same date that such Vested PSUs are settled pursuant to Section 6, and subject to the same vesting, forfeiture, payment, termination and other terms, conditions and restrictions as the original PSUs to which they relate.  Any Dividend Equivalents payable under the Plan and this Award Agreement shall be treated as separate payments from the underlying PSUs for purposes of Section 409A of the Code (“Code Section 409A”).
§6Settlement.
(a)Payment of the Grantee’s Vested PSUs, the number of which are determined pursuant to Exhibit A, shall be settled in Shares as soon as practicable following the applicable Vesting Date (as defined in Exhibit A) on which such PSUs become vested in accordance with Exhibit A (and in no event later than March 15 of the calendar year following the calendar year in which such Vesting Date occurs) by delivering to the Grantee one Share for each Vested PSU.  Upon receipt by the Grantee of a Share in settlement of a Vested PSU, such PSU shall be cancelled.
(b)Notwithstanding Section 6(a), if the Grantee is deemed a “specified employee” within the meaning of Code Section 409A, as determined by the Committee, at a time when the Grantee becomes eligible for settlement of the Vested PSUs upon his “separation from service” within the meaning of Code Section 409A, then to the extent such Vested PSUs constitute deferred compensation within the meaning of Code Section 409A, such settlement will be delayed until the earlier of: (i) the date that is six (6) months following the Grantee’s separation from service and (ii) the Grantee’s death.
§7Delivery.  The Company will deliver a properly issued certificate for any Shares received in settlement of PSUs pursuant to Section 6 as soon as practicable after settlement (or otherwise register such Shares in the name of the Grantee), and such delivery (or registration in the name of the Grantee) shall discharge the Company of all of its duties and responsibilities with respect to the PSUs under this Award Agreement.
§8Nontransferable.  Subject to any exceptions set forth in this Award Agreement or the Plan, until such time as the PSUs are settled in accordance with Section 6, the PSUs or the rights relating thereto may not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by the Grantee. Any attempt to assign, alienate, pledge, attach, sell or otherwise transfer or encumber the PSUs or the rights relating thereto shall be wholly ineffective.
§9No Right to Continue Service.  Neither the Plan, this Award Agreement, the Award, nor any related material shall give the Grantee the right to continue in employment by Company or shall adversely affect the right of the Company to terminate the Grantee’s employment with or without Cause at any time.

§10Stockholder Status.  The Grantee shall have no rights as a stockholder with respect to the PSUs until the Grantee receives a distribution of Shares in settlement of Vested PSUs in accordance with Section 6, and such Shares have been duly issued and delivered to (or registered in the name of) the Grantee.
§11Securities Registration.  As a condition to the delivery of the certificate for any Shares purchased pursuant to the settlement of the PSUs pursuant to Section 6 (or the registration of such Shares in the name of the Grantee), the Grantee shall, if so requested by the Company, hold such Shares for investment and not with a view of resale or distribution to the public and, if so requested by the Company, shall deliver to the Company a written statement satisfactory to the Company to that effect.
§12Compliance with Law.  The issuance and transfer of Shares shall be subject to compliance by the Company and the Grantee with all applicable requirements of federal and state securities laws and with all applicable requirements of any stock exchange on which the Company’s Shares may be listed. No Shares shall be issued or transferred unless and until any then applicable requirements of state and federal laws and regulatory agencies have been fully complied with to the satisfaction of the Company and its counsel. The Grantee understands that the Company is under no obligation to register the Shares with the Securities and Exchange Commission, any state securities commission, or any stock exchange to effect such compliance.
§13Other Agreements.  As a condition to the delivery of the Shares received in settlement of PSUs pursuant to Section 6, the Grantee shall enter into such additional confidentiality, covenant not to compete, non-disparagement and non-solicitation, employee retention, and other agreements as the Company deems appropriate, all in a form acceptable to the Board.  The Grantee acknowledges that his receipt of the Award and participation in the Plan is voluntary on his part and has not been induced by a promise of employment or continued employment.
§14Withholding.  The Grantee shall be required to pay to the Company, and the Company shall have the right to deduct from any compensation paid to the Grantee pursuant to the Plan, the amount of any required withholding taxes in respect of the PSUs and to take all such other action as the Committee deems necessary to satisfy all obligations for the payment of such withholding taxes. The Committee may permit the Grantee to satisfy any federal, state or local tax withholding obligation by any of the following means, or by a combination of such means:
(a)tendering a cash payment;
(b)authorizing the Company to withhold shares of Common Stock from the Shares otherwise issuable or deliverable to the Grantee as a result of the vesting of the PSUs;
(c)delivering to the Company previously owned and unencumbered shares of Common Stock; or
(d)any combination of (a), (b), or (c).
In the event that any PSUs vest during a closed trading window under the Company’s Insider Trading Compliance Policy, the Company shall satisfy any federal, state, or local tax withholding obligation in connection therewith by the method specified in Section 14(b).
Notwithstanding any action the Company takes with respect to any or all income tax, social insurance, payroll tax, or other tax-related withholding (“Tax-Related Items”), the ultimate liability for all Tax-Related Items is and remains the Grantee’s responsibility and the Company (a) makes no representation or undertakings regarding the treatment of any Tax-Related Items in connection with the grant, vesting or 

settlement of the PSUs or the subsequent sale of any Shares, and (b) does not commit to structure the PSUs to reduce or eliminate the Grantee’s liability for Tax-Related Items.
§15No Challenge. Notwithstanding any provision of this Award Agreement to the contrary, the Grantee covenants and agrees that he or she will not (a) file any claim, lawsuit, demand for arbitration, or other proceeding challenging the validity or enforceability of any provision of this Award Agreement, or (b) raise, as a defense, the validity or enforceability of any provision of this Award Agreement, in any claim, lawsuit, arbitration or other proceeding. Should the Grantee violate any aspect of this Section 15, the Grantee agrees (i) that, in the case of a breach of clause (a) of the preceding sentence, such claim, lawsuit, demand for arbitration, or other proceeding shall be summarily withdrawn and/or dismissed; (ii) that the Grantee will pay all costs and damages incurred by the Company in responding to or as a result of such claim, lawsuit, demand for arbitration, or other proceeding (including reasonable attorneys’ fees and expenses), or such defense, as the case may be; (iii) that the Grantee will immediately forfeit all unvested PSUs; and (iv) that the Grantee will immediately sell to the Company all Shares received upon settlement of vested PSUs at a price equal to the aggregate purchase price, if any, paid by the Grantee for such Shares, or the current fair market value of such Shares (as determined in the sole discretion of the Company), whichever is less.
§16Governing Law. The Plan and this Award Agreement shall be governed by the laws of the State of Delaware.
§17Binding Effect. This Award Agreement shall be binding upon the Company and the Grantee and their respective heirs, executors, administrators and successors.
§18Clawback Policy.  This Award Agreement and the PSUs granted thereunder shall be subject to the terms and conditions of the Company’s compensation recovery (or “clawback”) policy, as in effect from time to time, and such policy is hereby incorporated into this Award Agreement by reference.
§19Code Section 409A.  This Award Agreement and this award of PSUs is intended to comply with or be exempt from the requirements of Code Section 409A and any regulations or guidance that may be adopted thereunder from time to time and shall be interpreted by the Committee to effect such intent.  This Section 19 does not create any obligation on the part of the Company to modify the terms of this Award Agreement or the Plan and does not guarantee that the PSUs or the delivery of Shares upon settlement of the PSUs will not be subject to taxes, interest and penalties or any other adverse tax consequences under Code Section 409A. The Company will have no liability to the Grantee or any other party if the PSUs, the delivery of Shares upon settlement of the PSUs or any other payment hereunder that is intended to be exempt from, or compliant with, Code Section 409A, is not so exempt or compliant or for any action taken by the Committee with respect thereto.  Notwithstanding any other provision of this Award Agreement, no settlement  of Vested PSUs shall be made as a result of the Grantee’s Termination unless such Termination constitutes a “separation from service” within the meaning of Code Section 409A and that the payments otherwise to be made upon a Termination and the benefits otherwise to be provided upon a Termination shall only be made or provided at the time of the related “separation from service”.
§20Headings and Sections. The headings contained in this Award Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Award Agreement. Any references to sections (§) in this Award Agreement shall be to sections (§) of this Award Agreement, unless otherwise expressly stated as part of such reference.
* * * * * * * * *

			
	Accepted and agreed to:
	
	
	
	Grantee
	
	
	Date

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