Document:

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                                                                    EXHIBIT 10.6

                              EMPLOYMENT AGREEMENT

This Employment Agreement (the -Agreement") is made and entered into as of the
1st day of December, 2000. by and between Palomar Community Bank, a California
state-chartered banking corporation (the "Bank" or "Employer") and Richard
Sanborn (the "Employee") (collectively, the "parties"):

WHEREAS, Bank and its parent corporation, Community West Bancshares
("Community") has entered into that certain Stock Purchase Agreement dated
December 1, 2000 (the "Stock Purchase Agreement") with Centennial First
Financial Services ("Centennial") and the Employee to sell Bank to Centennial;

WHEREAS, Bank and Centennial desire to retain Employee as President and Chief
Executive Officer of Bank on the Effective Time as that term is defined in the
Stock Purchase Agreement (the "Agreement Effective Date");

WHEREAS, the parties desire to enter into an agreement for the purpose or
retaining Employee's services as President and Chief Executive Officer of the
Bank;

NOW, THEREFORE IT IS MUTUALLY AGREED AS FOLLOWS:

1. Employment and Duties. Effective only at the Agreement Effective Date,
Employer and

Employee hereby enter into this Agreement upon the terms and conditions
hereinafter set forth. During the Employment Term.. Employee is hereby employed,
at the pleasure of the Board of Directors of the Bank (the "Board"), as the
President and Chief Executive Officer of Employer. Employee shall perform the
customary duties of a President and Chief Executive Officer of a California
state-chartered banking corporation (a "California Bank") and such attendant
duties as may, from time to time, be reasonably requested of Employee by the
Board. In connection with Employee's employment as President of a California
Bank, Employee's duties shall include serving without compensation on the Board.
Employee shall also serve as a member of the board of directors of Centennial at
the Agreement Effective Date.

2. Extent of Services.

a. Employee shall devote Employee's full time, ability and attention to the
business of Employer during the term of this Agreement, and shall neither
directly nor indirectly render any services of a business, commercial or
professional nature to any other person, firm,, corporation or organization for
compensation without the prior written consent of the Board or the Chairman.

b. Nothing contained herein shall be construed to prevent Employee from
investing Employee's assets in any form or manner which does not in any manner
or for any amount of time interfere with Employee's performance of services on
behalf of Employer.

3. Term of Employment. Subject to prior termination of this Agreement as
hereinafter provided, Employer hereby employs Employee.. and Employee hereby
accepts employment with Employer, for a period beginning on the Agreement
Effective Date and ending three years from the Agreement Effective Date;
provided, however. that this Agreement will automatically extend for -an
additional Year beginning on the third Year anniversary of the Agreement
Effective Date. unless terminated by the Board not less than 90 days prior to
the end of the initial term (the "Employment Term").

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1. Compensation and Benefits. In consideration of Employee's services to
Employer during the Employment Term, Employer agrees to compensate Employee,
subject to such limitations as may exist under any applicable state or federal
banking law or regulation, as follows:

a. Base Compensation. Employer shall pay or cause to be paid to Employee a base
compensation at the rate of $135,000 per year, payable in conformity with
Employer's normal payroll procedures (the "Base Salary"). Such Base Salary shall
be reviewed by the President and Chief Executive Officer of Centennial each
year.

b. Bonus. Employer shall be eligible to receive an annual bonus for each fiscal
year of the Bank. The bonus will be awarded by the President and Chief Executive
Officer of Centennial. subject to his sole discretion, based on reasonable
performance goals And administrative procedures established by the Board.

C. General Expenses. Employer shall, upon submission and approval of written
statements and bills in accordance with the then regular procedures of Employer,
pay or reimburse Employee for any and all necessary, customary and usual
expenses incurred by him while traveling for or on behalf of Employer, and any
and all other necessary, customary or usual expenses (including, entertainment)
incurred by Employee for or on behalf of Employer in the normal course of
business, as determined to be appropriate by Employer.

d. Insurance. Employee (and Employee's family, where applicable) shall be
entitled to participate in such group life insurance, health and long-term
disability plans as are provided by Employer to its employees and/or senior
executives, with such terms, conditions and contributions as Employer generally
provides its other employees and/or senior executives. Employee shall have the
right, in Employee's discretion, to designate the beneficiary or beneficiaries
of any such insurance.

e. Automobile Allowance. During the term of this Agreement, Employee shall be
entitled to an Employer leased automobile at a maximum lease rate of $750 per
month. Employer shall be obligated to pay the expenditures with respect to the
registration, operation. insurance and maintenance of the automobile.

f. Vacation. Employee shall accrue four (4) weeks' paid vacation leave per year,
pro rated on a daily basis for any partial calendar year in which this Agreement
is in effect. Such vacation leave shall be taken at such time or times as are
mutually agreed upon by Employee and the Board and accordance with Employer's
vacation leave policy.. provided, that at least two (2) weeks of such vacation
shall be taken consecutively. Employee acknowledges that the requirement of two
(2) consecutive weeks of vacation is required by sound banking practice. For
each calendar year, the President and Chief Executive Officer of Centennial
shall decide, in its discretion. either (i) to pay Employee for any unused
vacation time for such calendar year or (ii) to carry over any unused vacation
time for such calendar year to the next calendar year, provided, however, that
Employee shall accrue no additional vacation time at any time that the Employee
has accrued and unused vacation time of six (6) weeks.

g. Salary Continuation Agreement Within six months of the Agreement Effective
Date, Employer shall establish a salary continuation plan and enter 'into a
salary continuation agreement with Employer. The salary continuation agreement
will provide Employee with benefit payments of $75,000 per year for a period of
15 years beginning, at the time Employee attains the age of 65, provided that
Employee remains in the continuous employ of Employer until Employee reaches age
65, and provide pro rated benefits payable beginning at age 65 (or at the option
of Employer, payable in a lump sum equal to the present value of such future
payments at the date of termination) if Employee dies, is disabled or is
terminated without cause prior to attaining the age of 65.

h. Stock Options. Within 30 days of the Agreement Effective Date, pursuant to
the stock option plan of Centennial, Employee shall be granted an option to
acquire 10,000 shares of Employer's parent's shares of common stock at their
fair market value at the date of grant, subject to the terms and conditions of
the stock option agreement, including the vesting requirements.

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i. Other Benefits. Employee shall be entitled to participate during the
Employment Term in such other benefits of Employer, including 401 (k) plan,
employee stock ownership plan, and bonus programs, if any, as Employer now or
hereafter shall provide for its employees and/or senior executives generally, in
accordance with the provisions applicable terms and conditions thereof.

5. Termination of Agreement . This Agreement may be terminated with or without
cause during the Employment Term in accordance with this Section 5. In the event
of such termination. Employee shall be released from all obligations under this
Agreement, except that Employee shall remain subject to Sections 7, 8, 9(b),
9(c), 1 3 15 and 18, and Employer shall be released from all obligations under
this Agreement, except as otherwise provided in this Section 5 and Sections
9(b), 13, 15 and 18.

11. Early Termination by Employer Without Cause or by Employee upon Change in
Title or Change in Office Location. This Agreement and Employee's employment may
be terminated (1) by Employer without cause, for any reason whatsoever, in the
sole, absolute and unreviewable discretion of Employer, upon written notice by
the Board to Employee; or (ii) by Employee in the event that Employer changes
Employee's title from that of President and Chief Executive Officer of Employer.
changes Employee's duties from those which are customary for a President and
Chief Executive Officer of a California Bank, or changes the location of the
office to which Employee is required to report by more than 40 miles. In the
event of termination pursuant to this Section 5(a), Employee shall receive a
single sum severance payment equal to twelve (12) months of his then current
Base Salary less customary withholdings, payable within two (21) days of such
termination, plus continued benefits under this Agreement for a period of six
(6) months, plus payment of all accrued vacation pay. Such severance pay shall
constitute liquidated damages in lieu of any and all claims by Employee against
Employer, and shall be in full and complete satisfaction of any and all rights
which Employee may enjoy hereunder, and are expressly conditioned upon receipt
by Employer of a full and unconditional release (in the form of Exhibit A) From
Employee of any and all liability of Employer or any of its affiliates,
directors. officers. employees and agents, arising) out of this Agreement or out
of the employment relationship or termination of the employment relationship
between Employee and Employer.

b. Early Termination by Employer for Cause. This Agreement and Employee's
employment may be terminated for cause by Employer upon written notice to
Employee, and Employee shall not be entitled to receive compensation or other
benefits for any period after termination for cause. "For cause" pursuant to
this Agreement shall include, but not be limited to: (1) any act of dishonesty;
(11) any breach of this Agreement or any breach of a fiduciary duty (involving
personal profit); (iii) any neglect of duties or negligence in carrying out
duties customary to that of a President and Chief Executive Officer of a
California bank; (iv) any willful violation of any law, rule or regulation,
which, by virtue of bank regulatory restrictions imposed as a result thereof,
would have a material adverse effect on the business or financial prospects of
Employer; (v) any commission of any crime (other than a traffic violation or
similar offense); (vi) any failure by Employee to qualify at any time during the
Employment Term for a fidelity bond as described in Section 6 of this Agreement,
or (vii) the requirement to comply with any final cease-and-desist order or
written agreement with any applicable state or federal bank regulatory authority
which requests or orders Employee's dismissal or limits Employee's employment
duties. Termination for cause by Employer shall not constitute a waiver of any
remedies which may otherwise be available to Employer Linder law. equity. or
this Agreement.

C. Early Termination by Employee. Employee may terminate this Agreement.
including pursuant to Section 5(a), upon ninety (90) days' written notice to
Employer. Except as otherwise provided by Sections 5(a) or 5(f), Employee shall
not be entitled to receive compensation or other benefits under this Agreement
for any period after such early termination by Employee.

d. Death During Employment, This Agreement and all benefits hereunder shall
terminate immediately upon the death of Employee. provided that such termination
of benefits shall not operate to prejudice or forfeit the rights of any
beneficiary or beneficiaries of any life insurance policy on the life of
Employee obtained pursuant to Section 4(d) hereof.

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e. Automatic Termination Upon Closure or Take-Over. This Agreement shall
terminate automatically if Employer is closed or taken over by the California
Department of Financial Institutions or by any other supervisory authority.

f. Merger or Corporate Dissolution.

i. In the event of a (a) merger or reorganization of Employer such that
Centennial does not own a majority of the capital stock of the surviving
corporation; (b) merger or reorganization of Centennial such that the
shareholders of Centennial immediately prior to the transaction do not own a
majority of the capital stock of the surviving corporation; (c) a transfer of
all or substantially all of the assets of Centennial or Employer-, (d) any other
corporate transaction in which there is a change in ownership of the outstanding
shares of Centennial or Employer wherein more than fifty percent (50%) of the
outstanding shares of Centennial or Employer are transferred to -any other
partnership, corporation, trust or business entity; or (e) the dissolution of
Employer (a "Change in Control"); this Agreement shall terminate, and Employee
shall receive a single sum severance payment equal to twenty-four (24) months of
his then current Base Salary, less customary withholdings and taxes, plus
continued benefits under this Agreement for a period of twenty four (24) months,
plus payment of all accrued vacation pay. Such severance pay shall constitute
liquidated damages in lieu of any and all claims by Employee against Employer,
and shall be in full and complete satisfaction of any and all rights which
Employee may enjoy hereunder, and are expressly conditioned upon receipt by
Employer of a fall and unconditional release (in the form of Exhibit A) from
Employee of any and all liability of Employer or any of its affiliates,
directors, officers, employees and agents, arising out of this Agreement or out
of the employment relationship or termination of the employment relationship
between Employee and Employer.

ii. Notwithstanding anything the contrary provided herein, if Centennial is not
the surviving entity in any transaction referred to in this Section 5(f) hereof
and said transaction is in any manner the result of any action taken at the
direction of any supervisory authority whatsoever, then in such event this
Agreement shall terminate immediately upon the consummation of such transaction
and Employee agrees that all rights, duties, obligations. and benefits herein
contained shall thereupon terminate and that Employee shall be entitled to no
further compensation or benefits from Employer save and except those rights,
duties, obligations, benefits and/or compensation accrued and/or earned prior to
the date of such termination.

6. Fidelity Bond. Employee, agrees that he will furnish all information and take
any other steps necessary to enable Employer to obtain or maintain a fidelity
bond conditional on the rendering of a true account by Employee of all moneys.
goods, or other property which may come into the custody, charge or possession
of Employee during the term of Employee's employment. The surety company issuing
the bond and the amount of the bond must be acceptable to Employer and satisfy
all banking laws and regulations. All premiums on the bond are to be paid by
Employer. If Employee cannot qualify for a fidelity bond at any time during the
term of this Agreement. Employer shall have the option to terminate this
Agreement immediately, which shall constitute a termination for cause as defined
in Section 5(b) hereof.

Printed Material. All written or printed materials which shall include, but not
be limited to. computer software. programs and files, used by Employee in
performing duties for Employer are, and shall remain, the property of Employer,
provided that any materials which belonged personally to Employee prior to his
employment with Employer are, and shall remain, the property of Employee. Upon
termination of Employee's employment with Employer, Employee shall return such
applicable written or printed materials to Employer.

8. Disclosure of Information. Employee recognizes and acknowledges that Employer
possesses trade secrets and other confidential and/or proprietary information
concerning its business affairs and methods of operation which constitute
valuable, confidential, and unique assets of its business and that of its
affiliates ("Proprietary Information"), which Employer has developed through a
substantial expenditure of time and money and which are and will continue to be
utilized in Employer's business and which are not -generally known in the trade.
At any time

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before termination of Employee's employment and for a period of two years
thereafter, Employee agrees not to disclose to anyone any Proprietary
Information and not to make use of any Proprietary Information for his own
purposes or for the benefit of anyone other than Employer under any
circumstances. For purposes of this Section 8, Proprietary Information includes,
without limitation, all information regarding products, services, processes,
know-how, customers, suppliers, product and/or service development, business and
capital plans. research, finances, marketing, pricing, costs and any other
confidential matters relating to Employer or any affiliate of Employer. Employee
recognizes and acknowledges that all financial information concerning any of
Employer's customers. products or financial results is strictly confidential,
and Employee shall not, at any time before or after termination of this
Agreement, disclose to anyone any such information or any part thereof, for any
reason or purpose whatsoever except to the extent that such information is
already otherwise publicly available or to the extent such disclosure is
required by Employee in order to comply with judicial process or applicable
regulations of any state or federal bank regulatory agency.

Employee hereby acknowledges the particular value to the Bank of this Section 8,
the loss of which cannot be reasonably or adequately compensated in an action at
law or in arbitration. Therefore, Employee expressly agrees that the Bank- in
addition to my other rights or remedies that the Bank shall possess, shall be
entitled to injunctive and other equitable relief to prevent or remedy a breach
of this Section 8 by Employee, without the necessity of posting any bond.

Employee's obligation under this Section 8 shall survive the termination of this
Agreement and/or the termination of employment.

9. Noncompetition by Employee; Consulting Agreement.

a. Employee shall not, during the Employment Term, directly or indirectly,
either as an employee, employer consultant. agent, principal, partner,
shareholder, corporate officer. director. or in any other individual or
representative capacity, engage or participate in any competing bank or
financial institution or financial services business without the prior written
consent of the Board; provided, however, Employee shall not be restricted by
this Section from owning securities of corporations listed on a national
securities exchange or regularly traded by national securities dealers so long
as such investment does not exceed five percent of the market value of the
outstanding securities of such corporation.

b. In the event that Employee's employment is terminated pursuant to Section
5(a) or Section 5(c) hereof within twelve (12) months after the Agreement
Effective Date (the -'Early Termination Date"), Employee agrees to provide
consulting services and not to compete with Employer under the terms and
conditions set forth in the Consulting and Noncompetition Agreement attached
hereto as Exhibit B ("Consulting Agreement").

C. Notwithstanding anything to the contrary set forth elsewhere in this
Agreement, Employee agrees that (i) the Consulting Agreement shall take effect
only in the event there is an Early Termination Date; and (ii) the obligation of
the Bank- to pay fees under the Consulting Agreement is wholly independent of
and shall in no way effect the provisions set forth in Section 5(a) -and/or 5(c)
including, without limitation, the severance pay provisions set forth in Section
5(a) or the provision in Section 5(c) which provides that, except as provided in
Section 5(f), Employee shall not be entitled to receive compensation or other
benefits under this Agreement for any period after early termination by Employee
pursuant to Section 5(c).

10. Notices. Any notices to be given hereunder by either party to the other may
be effected in writing either by personal delivery or by mail, registered or
certified, postage prepaid with return receipt requested. Notices to Employer
shall be given to the Bank at its then current principal office, c/o Chairman of
the Board of Directors. Notices to Employee shall be sent to Employee's then
current personal residence. Notices delivered personally shall be deemed
communicated as of actual receipt; mailed notices shall be deemed communicated
as of five (5) calendar days after mailing.

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11. Entire Agreement Except with respect to the Stock Purchase Agreement, this
Agreement

supersedes any and all other agreements, either oral or in -writing, between the
parties hereto with respect to the employment of Employee by Employer and
contains all of the covenants and agreements between the parties with respect to
such employment. Each party to this Agreement acknowledges that no
representations, inducements. promises or agreements, oral or otherwise, have
been made by any party, or anyone acting on behalf of any party, which are not
embodied herein, and that no other agreement, statement or promise not contained
in this Agreement shall be valid and binding. Any modification of this Agreement
will be effective only if it is in writing signed by all parties to the
Agreement.

12. Severability. In the event that any term or condition contained in this
Agreement shall, for any reason, be held by a court of competent jurisdiction to
be invalid, illegal or unenforceable in any respect. such illegality or
unenforceability shall not affect any other term or condition of this Agreement,
but this Agreement shall be construed as if such invalid or illegal or
unenforceable term or condition had never been contained herein.

13. Choice of Law and Forum. This Agreement shall be governed by and construed
in accordance with the laws of the State of California,, except to the extent
preempted by the laws of the United States. Any action or proceeding brought
upon, or arising out of, this Agreement or its termination shall be brought in a
forum located within the County of San Bernardino, State of California, and
Employee hereby agrees to be subject to service of process in California.

14. Waiver. The parties hereto shall not be deemed to have waived any of their
respective rights under this Agreement unless the waiver is in writing and
signed by such waiving party. No delay in exercising any rights shall be a
waiver nor shall a waiver on one occasion operate as a waiver of such right on a
future occasion.

15. Indemnification. During the Employment Term, Employer shall indemnify
Employee, to the maximum extent permitted under the articles of incorporation
and bylaws of Employer and governing laws and regulations, against expenses
(including attorneys' fees), Judgments, damages, liabilities. fines and amounts
paid in settlement actually and reasonably incurred by Employee in connection
with any threatened or pending action, stilt or proceeding to which Employee is
made a party by reason of his position as an officer or agent of Employer or by
reason of his service at the request of Employer, if Employee acted in good
faith and in a manner believed to be in or not opposed to the best interests of
Employer. If available at rates determined by Employer, in its sole discretion,
to be reasonable, Employer shall endeavor to apply for and obtain directors' and
officers' liability insurance to indemnify and insure Employer and Employee from
such liability or loss.

Notwithstanding the foregoing, in any administrative proceeding or civil action
initiated by any federal or state banking agency, Employer may only reimburse,
indemnify or hold harmless Employee if Employer is in compliance with any
applicable statute, rule, regulation or policy of the Federal Deposit Insurance
Corporation, the California Department of Financial Institutions, or any other
state or federal bank regulatory agency which then has jurisdiction over the
Bank regarding permissible indemnification payments.

16. Assignment. 'Neither this Agreement nor any of the rights or benefits
hereunder shall be subject to execution, attachment or similar process, nor may
this Agreement or any rights or benefits hereunder be assigned. transferred,
pledged or hypothecated without the written consent of both parties hereto,
except as provided in Sections 4(d) and 5(ld) hereof.

17. Captions and Paragraph Headings. Captions and paragraph headings used herein
are for convenience and ready reference only and are not a pan of this Agreement
and shall not be i the construction or interpretation thereof.

18. Arbitration. Any controversy or claim arising out of or relating to this
Agreement, or breach

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of this Agreement shall be settled by arbitration in accordance with the
Employment Arbitration Rules of the American Arbitration Association, and
judgment on the award rendered by the arbitrators may be entered in any court
having jurisdiction. There shall be three arbitrators, one to be chosen directly
by each party, and the third arbitrator to be selected by the two arbitrators so
chosen. If any arbitration proceeding is brought for the enforcement of this
Agreement or because of an alleged dispute, breach or default in connection with
this Agreement, (i) the nonprevailing party shall pay the fees of the
arbitrators and all other costs of the arbitration, including the cost of any
record or transcripts of the -arbitrations and administrative fees; and (ii) the
prevailing party shall be entitled to recover reasonable attorney's fees and any
other costs and expenses incurred in that action or proceeding, in addition to
any other relief to which it or lie may be entitled.

19. Withholding Any payments provided for hereunder shall be paid net of any
applicable withholding required under federal, state or local law and any
additional withholding to which Employee has agreed.

20. Effective Date of the Agreement. Anything herein to the contrary
notwithstanding, the Agreement and the obligations of Bank, Community,
Centennial and Employee hereunder shall not be effective until the Effective
Time, as that term is defined in the Stock Purchase Agreement, and should the
Stock Purchase Agreement terminate, this Agreement shall terminate and the
par-ties hereto, including Bank and Community shall owe no further duty or
obligation to the others on account of this Agreement.

Executed on this 1" day of December, 2000.

EMPLOYER:  /s/ Robert WedeKing           EMPLOYEE: /s/ Richard Sanborn
         -----------------------------            ------------------------------
PALOMAR COMMUNITY BANK
By: Chairman of the Board of Directors            Richard Sanborn

Agreed and Accepted: CENTENNIAL FIRST FINANCIAL SERVICES

      /s/ Timothy P. Walbridge
     -------------------------------------
By:  President and Chief Executive Officer

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                                                                    EXHIBIT 10.7

                     EXECUTIVE SALARY CONTINUATION AGREEMENT

This Agreement is made and entered into this I" day of August, 2001, by and
between Redlands Centennial Bank, a California state banking corporation (the
"Employer"), and Timothy Walbridge, an individual residing in the State of
California (hereinafter referred to as the "Executive").

                                    RECITALS

WHEREAS, the Executive is an employee of the Employer and is serving as its
Executive Vice President and Chief Credit Officer;

WHEREAS, the Executive's experience and knowledge of the affairs of the Employer
and the banking industry are extensive and valuable;

WHEREAS, it is deemed to be in the best interests of the Employer to provide the
Executive with certain salary continuation benefits, on the terms and conditions
set forth herein, in order to reasonably induce the Executive to remain in the
Employer's employment; and

WHEREAS, the Executive and the Employer wish to specify in writing the terms and
conditions upon which this additional compensatory incentive will be provided to
the Executive, or to the Executive's spouse or the Executive's designated
beneficiaries, as the case may be;

NOW, THEREFORE, in consideration of the services to be performed in the future,
as well as the mutual promises and covenants contained herein, the Executive and
the Employer agree as follows:

AGREEMENT

1. Terms and Definitions.

1.1. Administrator. The Employer shall be the "Administrator" and, solely for
the purposes of ERISA, the "fiduciary" of this Agreement where a fiduciary is
required by ERISA.

1.2. Annual Benefit. The term "Annual Benefit" shall mean an annual sum of
seventy five thousand dollars ($75,000), increased by 3% on each anniversary of
the date of this Agreement until the date of the first payment hereunder,
multiplied by the Applicable Percentage (defined below) and then reduced to the
extent required: (i) under the other provisions of this Agreement; (ii) by
reason of the lawful order of any regulatory agency or body having jurisdiction
over the Employer; and (iii) in order for the Employer to properly comply with
any and all applicable state and federal laws, including, but not limited to,
income, employment and disability income tax laws (eg., FICA, FUTA, SDI).

1.3. Applicable Percentage . The term "Applicable Percentage" shall mean that
percentage listed on Schedule "A" attached hereto which is adjacent to the
number of complete years (with a "year" being the performance of personal
services for or on behalf of the Employer as an employee for a period of 365
days) which have elapsed starting from the Effective Date of this Agreement and
ending on the date the Executive's employment is terminated for purposes of this
Agreement. In the event the Executive's employment with the Employer is
terminated other than by reason of death, termination for cause or Retirement on
the part of the Executive, the Executive shall be deemed for purposes of
determining the number of complete years to have completed a year of service in
its entirety for any partial year of service after the last anniversary date of
the Effective Date during which the Executive's employment is terminated
provided that in no event shall the Executive be deemed to have completed a year
of service for the partial year that occurs prior to the first anniversary date
of this Agreement.

1.4. Beneficiary . The term "beneficiary" or "designated beneficiary" shall mean
the person or persons whom the Executive shall designate in a valid Beneficiary
Designation, a copy of which is attached hereto as Exhibit "B", to receive the
benefits provided hereunder. A Beneficiary Designation shall be valid only if it
is in the form attached hereto and made a part hereof and is received by the
Administrator prior to the Executive's death.

1.5. The Code. The "Code" shall mean the Internal Revenue Code of 1986, as
amended (the "Code").
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1.6. Effective Date. The term "Effective Date" shall mean the date upon which
this Agreement was entered into by the parties, as first written above.

1.7. ERISA. The term "ERISA" shall mean the Employee Retirement Income Security
Act of 1974, as amended.

1.8. Plan Year. The term "Plan Year" shall mean the Employer's calendar year.

1.9. Retirement. The term "Retirement" or "Retires" shall refer to the date on
which the Executive attains the age of at least sixty-six (66) and acknowledges
in writing to the Employer to be the last day he will provide any significant
personal services, whether as an employee, director or independent consultant or
contractor, to the Employer, For purposes of this Agreement, the phrase
"significant personal services" shall mean more than ten (10) hours of personal
services rendered to one or more individuals or entities in any thirty (30) day
period.

1.10 Sale of Business. The term "Sale of Business" shall mean any (1) merger,
consolidation or reorganization of the Employer in which (A) the Employer does
not survive or (B) the Employer survives with a resulting change in beneficial
ownership of the Employer of more than 50% of the voting shares of the Employer,
(ii) sale of more than 50% of the beneficial ownership of the voting shares of
the Employer to any person or group of persons acting in concert, or (iii)
transfer or sale of more than 50% of the total market value of the assets of the
Employer as reflected in the most recent published balance sheet of the
Employer.

1.11. Surviving Spouse. The term "Surviving Spouse" shall mean the person, if
any, who shall be legally married to the Executive on the date of the
Executive's death.

1.12. Termination for Cause. The term "Termination for Cause" shall mean the
termination of the Executive by the Employer upon the occurrence of any of the
following events:

     (1) the Executive is convicted of illegal activity by a court of competent
jurisdiction or pleads guilty to or nolo contendere to illegal activity, which
activity materially adversely affects the Employer's reputation in the community
or which evidences the lack of the Executive's fitness or ability to perform the
Executive's duty as determined by the Board of Directors in good faith;

     (ii) the Executive has committed any illegal or dishonest act which would
cause termination of coverage under the Employer's Bankers' Blanket Bond as to
the Executive, as distinguished from termination of coverage as to the Employer
as a whole;

     (iii) the Executive materially fails to perform, or habitually neglects,
the Executive's duties or commits a material act of malfeasance or misfeasance
in connection therewith; or

     (iv) an action is commenced by any bank regulatory agency having
jurisdiction, to remove or suspend the Executive from office, or a cease and
desist order under 12 U.S.C. 1818(b) or any similar Federal or state statute is
issued against the Executive or the Employer which calls for the Executive's
suspension or removal from office.

2. Scope, Purpose and Effect.

2.1. Contract of Employment. Although this Agreement is intended to provide the
Executive with an additional incentive to remain in the employ of the Employer,
this Agreement shall not be deemed to constitute a contract of employment
between the Executive and the Employer nor shall any provision of this Agreement
restrict or expand the right of the Employer to terminate the Executive's
employment. This Agreement shall have no impact or effect upon any separate
written employment agreement which the Executive may have with the Employer, it
being the parties' intention and agreement that unless this Agreement is
specifically referenced in said employment agreement (or any modification
thereto), this Agreement (and the Employer's obligations hereunder) shall stand
separate and apart and shall have no effect upon, nor be affected by, the terms
and provisions of said employment agreement.

2.2. Fringe Benefit. The benefits provided by this Agreement are granted by the
Employer as a fringe benefit to the Executive and are not a part of any salary
reduction plan or any arrangement deferring a bonus or a salary increase. The
Executive has no option to take any current payments or bonus in lieu of the
benefits provided by this Agreement.

3. Payments Upon or After Retirement.

3.1. Payments Upon Retirement. If the Executive shall remain in the continuous
employment of the Employer until Retirement, the Executive shall be entitled to
be paid the Annual Benefit, with the Applicable Percent equal to 100% for a
period of fifteen (15) years,
<PAGE>

in one hundred eighty (180) equal monthly installments, with each installment to
be paid on the first day of each month, beginning with the month following the
month in which the Executive Retires or upon such later date as may be mutually
agreed upon in writing by the Executive and the Employer in advance of said
Retirement Date.

3.2. Payments in the Event of Death After Retirement. The Employer agrees that
if the Executive Retires, but shall die before receiving all of the one hundred
eighty (180) monthly payments described in paragraph 3.1 above, the Employer
will make the remaining monthly payments, undiminished and on the same schedule
as if the Executive had not died, to the Executive's designated beneficiary. If
a valid Beneficiary Designation is not in effect, then the remaining amounts due
to the Executive under the term of this Agreement shall be paid to the
Executive's Surviving Spouse. If the Executive leaves no Surviving Spouse, the
remaining amounts due to the Executive under the terms of this Agreement shall
be paid to the duly qualified personal representative, executor or administrator
of the Executive's estate.

4. Payments in the Event of Death Prior to Retirement. In the event the
Executive should die while actively employed by the Employer at any time after
the Effective Date of this Agreement, but prior to Retirement, the Employer
agrees to pay the Annual Benefit with the Applicable Percentage equal to 100%
for a period of fifteen (15) years in one hundred eighty (180) equal monthly
installments, with each installment to be paid on the first of each month
beginning with the month following the Executive's death, to the Executive's
designated beneficiary. If a valid Beneficiary Designation is not in effect,
then the amounts due to the Executive under the terms of this Agreement shall be
paid to the Executive's Surviving Spouse. If the Executive leaves no Surviving
Spouse, the amounts due to the Executive under the terms of this Agreement shall
be paid to the duly qualified personal representative, executor or administrator
of the Executive's estate.

5. Payments in the Event Employment are Terminated other than by Death,
Termination for Cause or Retirement. As indicated in Paragraph 2 above, the
Employer reserves the right to terminate the Executive's employment, with or
without cause but subject to any written employment agreement which may then
exist, at any time prior to the Executive's Retirement. In the event that the
employment of the Executive shall be terminated for any reason, including
voluntary termination by the Executive, but other than by reason of (i) death,
(11) Termination for Cause, or (iii) Retirement, the Executive or his legal
representative shall be entitled to be paid the Annual Benefit, with the
Applicable Percentage as set forth in Schedule A and as determined by the
applicable years of service at the time of termination of employment with the
Employer, for a period of fifteen (15) years in one hundred eighty (180) equal
monthly installments, with each installment to be paid on the first day of each
month, beginning with the month following the month in which the Executive
terminates employment and attains sixty-six (66) years of age, provided that in
the event the Executive dies after such termination but prior to age 66 then
such benefits are to be paid beginning with the month following the Executive's
death.

5.1 Termination in a Sale of Business. In the event there is a Sale of Business,
following which Executive is not retained in the same or comparable position,
the Executive shall be entitled to be paid in cash in a lump sum on the date of
the consummation of the Sale of Business, the present value of the aggregate
amount of, the Annual Benefit, with the Applicable Percentage being 100%, being
paid for a period of fifteen (15) years in one hundred eighty (18 0) monthly
installments beginning on the first day of the month following the consummation
of the Sale of Business. The present value of the amount shall be determined
using the long term monthly Applicable Federal Rate at the time of the
consummation of the Sale of Business. If the Internal Revenue Service or any
other tax authority makes any claim, demand or assessment in any form based
directly or indirectly, in whole or in part, on the allegation that any payment
under this Agreement and/or any other payment by Employer to or for the benefit
of the Executive at any time constitutes a "parachute payment" under Section
28OG of the Code or ally similar or successor provision of federal or state law,
Employer and Executive agree that Employer, its successors and/or assigns shall
reimburse Executive for any monies paid in satisfaction of such claim, demand or
assessment.

6. Termination for Cause. Notwithstanding anything to the contrary, in the event
the termination of employment of the Executive is Termination for Cause as
defined in Paragraph 1. 13, the Executive shall not be entitled to any benefits
pursuant to this agreement.

7. No Ownership Rights to the Employer's Assets. The Employer reserves the right
to determine, in its sole and absolute discretion, whether, to what extent and
by what method, if any, to provide for the payment of the amounts which may be
payable to the Executive, the Executive's spouse or the Executive's
beneficiaries under the terms of this Agreement ("Benefits"). The rights of the
Executive or any beneficiary of the Executive under this Agreement shall be
solely those of an unsecured creditor of the Employer. In the event that the
Employer, in its sole and absolute discretion, elects to acquire an insurance
policy, an annuity or any other asset to recoup the costs or any portion thereof
of the Benefits, then such insurance policy, annuity or other asset shall not be
deemed to be held under any trust for the benefit of the Executive or his
beneficiaries or to be security for the performance of the obligations of the
Employer under this Agreement, but shall be, and remain, a general unpledged,
unrestricted asset of the Employer. The Executive and his beneficiaries shall
have no rights whatsoever with respect to, or any claim against, any such
insurance policy, annuity or other asset. In connection with the Employer
electing to acquire any such insurance policy or annuity, the Executive agrees
to cooperate to
<PAGE>

facilitate such acquisition, and pursuant thereto shall execute such documents
and undergo such medical examinations or tests as the Employer may reasonably
request.

8. Claims Procedure. The Employer shall, but only to the extent necessary to
comply with ERISA, be designated as the named fiduciary under this Agreement and
shall have authority to control and manage the operation and administration of
this Agreement. Consistent therewith, the Employer shall make all determinations
as to the rights to benefits under this Agreement. Any decision by the Employer
denying a claim by the Executive, the Executive's spouse, or the Executive's
beneficiary for benefits under this Agreement shall be stated in writing and
delivered or mailed, via registered or certified mail, to the Executive, the
Executive's spouse or the Executive's beneficiary, as the case may be. Such
decision shall set forth the specific reasons for the denial of a claim. In
addition, the Employer shall provide the Executive, the Executive's spouse or
the Executive's beneficiary with a reasonable opportunity for a full and fair
review of the decision denying such claim.

9. Status of an Unsecured General Creditor. Notwithstanding anything contained
herein to the contrary: (i) neither the Executive, the Executive's spouse nor
the Executive's beneficiary shall have any legal or equitable rights, interests
or claims in or to any specific property or assets of the Employer; (ii) none of
the Employer's assets shall be held in or under any trust for the benefit of the
Executive, the Executive's spouse or the Executive's beneficiary or held in any
way as security for the fulfillment of the obligations of the Employer under
this Agreement; (111) all of the Employer's assets shall be and remain the
general unpledged and unrestricted assets of the Employer; (iv) the Employer's
obligation under this Agreement shall be that of an unfunded and unsecured
promise by the Employer to pay money in the future; and (v) the Executive, the
Executive's spouse and the Executive's beneficiary shall be unsecured general
creditors with respect to any benefits which may be payable under the terms of
this Agreement.

10. Covenant Not to Interfere. The Executive agrees not to take any action which
prevents the Employer from collecting the proceeds of any life insurance policy
which the Employer may happen to own at the time of the Executive's death and of
which the Employer is the designated beneficiary.

11. Miscellaneous.

11.1. Opportunity to Consult with Independent Counsel. The Executive
acknowledges that he has been afforded the opportunity to consult with
independent counsel of his choosing regarding both the benefits granted to him
under the terms of this Agreement and the terms and conditions which may affect
the Executive's right to these benefits. The Executive further acknowledges that
he has read, understands and consents to all of the terms and conditions of this
Agreement, and that he enters into this Agreement with a full understanding of
its terms and conditions.

11.2. Arbitration of Disputes. All claims, disputes and other matters in
question arising out of or relating to this Agreement or the breach or
interpretation thereof, other than those matters which are to be determined by
the Employer in its sole and absolute discretion, shall be resolved by binding
arbitration before a representative member, selected by the mutual agreement of
the parties, of the Judicial Arbitration and Mediation Services, Inc. ("JAMS"),
presently located at Los Angeles, California. In the event JAMS is unable or
unwilling to conduct the arbitration provided for under the terms of this
Paragraph, or has discontinued its business, the parties agree that a
representative member, selected by the mutual agreement of the parties, of the
American Arbitration Association ("AAA"), presently located at Los Angeles,
California, shall conduct the binding arbitration referred to in this Paragraph.
Notice of the demand for arbitration shall be filed in writing with the other
party to this Agreement and with JAMS (or AAA, if necessary). In no event shall
the demand for arbitration be made after the date when institution of legal or
equitable proceedings based on such claim, dispute or other matter in question
would be barred by the applicable statute of limitations. The arbitration shall
be subject to such rules of procedure used or established by JAMS, or if there
are none, the rules of procedure used or established by AAA. Any award rendered
by JAMS or AAA shall be final and binding upon the parties, and as applicable,
their respective heirs, beneficiaries, legal representatives, agents, successors
and assigns, and may be entered in any court having jurisdiction thereof The
obligation of the parties to arbitrate pursuant to this clause shall be
specifically enforceable in accordance with, and shall be conducted consistently
with, the provisions of Title 9 of Part 3 of the California Code of Civil
Procedure. Any arbitration hereunder shall be conducted in Northern California,
unless otherwise agreed to by the parties.

11.3. Attorneys' Fees. In the event of any arbitration or litigation concerning
any controversy, claim or dispute between the parties hereto, arising out of or
relating to this Agreement or the breach hereof, or the interpretation hereof,
the prevailing party shall be entitled to recover from the losing party
reasonable expenses, attorneys' fees and costs incurred in connection therewith
or in the enforcement or collection of any judgment or award rendered therein.
The "prevailing party" means the party determined by the arbitrator(s) or court,
as the case may be, to have most nearly prevailed, even if such party did not
prevail in all matters, not necessarily the one in whose favor a judgment is
rendered.
<PAGE>

11.4. Notice. Any notice required or permitted of either the Executive or the
Employer under this Agreement shall be deemed to have been duly given, if by
personal delivery, upon the date received by the party or its authorized
representative; if by facsimile, upon transmission to a telephone number
previously provided by the party to whom the facsimile is transmitted as
reflected in the records of the party transmitting the facsimile and upon
reasonable confirmation of such transmission; and if by mail, on the third day
after mailing via U.S. first class mail, registered or certified, postage
prepaid and return receipt requested, and addressed to the party at the address
given below for the receipt of notices, or such changed address as may be
requested in writing by a party.

If to the Employer:
Redlands Centennial Bank 218 East State Street Redlands, California 92373
Attention: Douglas C. Spencer, President

If to the Executive:
Timothy Walbridge 1914 Cobblefield Way Glendora, California 91740

11.5. Assignment . Neither the Executive, the Executive's spouse, nor any other
beneficiary under this Agreement shall have any power or right to transfer,
assign, hypothecate, modify or otherwise encumber any part or all of the amounts
payable hereunder, nor, prior to payment in accordance with the terms of this
Agreement, shall any portion of such amounts be: (1) subject to seizure by any
creditor of any such beneficiary, by a proceeding at law or in equity, for the
payment of any debts, judgments, alimony or separate maintenance obligations
which may be owed by the Executive, the Executive's spouse, or any designated
beneficiary; or (11) transferable by operation of law in the event of
bankruptcy, insolvency or otherwise. Any such attempted assignment or transfer
shall be void and shall terminate this Agreement, and the Employer shall
thereupon have no further liability hereunder.

11.6. Binding Effect/Merger or Reorganization. This Agreement shall be binding
upon and inure to the benefit of the Executive and the Employer and, as
applicable, their respective heirs, beneficiaries, legal representatives,
agents, successors and assigns. Accordingly, the Employer shall not merge or
consolidate into or with another corporation, or reorganize or sell
substantially all of its assets to another corporation, firm or person, unless
and until such succeeding or continuing corporation, firm or person agrees to
assume and discharge the obligations of the Employer under this Agreement. Upon
the occurrence of such event, the term "Employer" as used in this Agreement
shall be deemed to refer to such surviving or successor firm, person, entity or
corporation.

11.7. Nonwaiver. The failure of either party to enforce at any time or for any
period of time any one or more of the terms or conditions of this Agreement
shall not be a waiver of such term(s) or condition(s) or of that party's right
thereafter to enforce each and every term and condition of this Agreement.
<PAGE>

11.8. Partial Invalidity. If any term, provision, covenant or condition of this
Agreement is determined by an arbitrator or a court, as the case may be, to be
invalid, void, or unenforceable, such determination shall not render any other
term, provision, covenant or condition invalid, void or unenforceable, and the
Agreement shall remain in full force and effect notwithstanding such partial
invalidity.

11.9. Entire Agreement. This Agreement supersedes any and all other agreements,
either oral or in writing, between the parties with respect to the subject
matter of this Agreement and contains all of the covenants and agreements
between the parties with respect thereto. Each party to this Agreement
acknowledges that no other representations, inducements, promises or agreements,
oral or otherwise, have been made by any party, or anyone acting on behalf of
any party, which are not set forth herein, and that no other agreement,
statement or promise not contained in this Agreement shall be valid or binding
on either party.

11.10. Modifications. Any modification of this Agreement shall be effective only
if it is in writing and signed by each party or such party's authorized
representative.

11.11. Paragraph Headings. The paragraph headings used in this Agreement are
included solely for the convenience of the parties and shall not affect or be
used in connection with the interpretation of this Agreement.

11.12. No Strict Construction. The language used in this Agreement shall be
deemed to be the language chosen by the parties hereto to express their mutual
intent, and no rule of strict construction will be applied against any person.

11.13. Governing Law. The laws of the State of California, other than those laws
denominated choice of law rules, and, where applicable, the rules and
regulations of the Federal Deposit Insurance Corporation or any other regulatory
agency or governmental authority having jurisdiction over the Employer, shall
govern the validity, interpretation, construction and effect of this Agreement.

12. Right of the Employer to Pay a Lump Sum. Unless expressly provided for
herein, the Employer shall at its sole discretion have the right to pay in a
lump sum the then present value using a discount rate that is to be mutually
agreed upon between the Employer and the Executive or the Executive's
beneficiary of all payments vested and due the Executive or the Executive's
beneficiary pursuant to this Agreement.

IN WITNESS WHEREOF, the Employer and the Executive have executed this Agreement
on the date first above-written in the City of Redlands, San Bernardino County,
California.

 /s/ Douglas C. Spencer                              /s/ Timothy Walbridge
------------------------------                      -----------------------
REDLANDS CENTENNIAL BANK                            TIMOTHY WALBRIDGE
"Employer"                                          "Executive"
Douglas C. Spencer, President
<PAGE>

SCHEDULE A

NUMBER OF                         COMPLETE APPLICABLE
YEARS OF SERVICE                  PERCENTAGE
1                                         10%
2                                         20%
3                                         30%
4                                         40%
5                                         50%
6                                         60%
7                                         70%
8                                         80%
9                                         90%
10 or more                               100%

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