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                                                                     EXHIBIT 4.4

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                               GUARANTEE AGREEMENT

                                 BY AND BETWEEN

                                COMMUNITY BANCORP

                                       AND

                       STATE STREET BANK AND TRUST COMPANY
                      OF CONNECTICUT, NATIONAL ASSOCIATION

                         DATED AS OF SEPTEMBER 26, 2002

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                               GUARANTEE AGREEMENT

      This GUARANTEE AGREEMENT (this "Guarantee"), dated as of September 26,
2002, is executed and delivered by Community Bancorp, a Nevada corporation (the
"Guarantor"), and State Street Bank and Trust Company of Connecticut, National
Association, a national banking association, organized under the laws of the
United States of America, as trustee (the "Guarantee Trustee"), for the benefit
of the Holders (as defined herein) from time to time of the Capital Securities
(as defined herein) of Community Bancorp (NV) Statutory Trust I, a Connecticut
statutory trust (the "Issuer").

      WHEREAS, pursuant to an Amended and Restated Declaration of Trust (the
"Declaration"), dated as of the date hereof among State Street Bank and Trust
Company of Connecticut, National Association, not in its individual capacity but
solely as institutional trustee, the administrators of the Issuer named therein,
the Guarantor, as sponsor, and the holders from time to time of undivided
beneficial interests in the assets of the Issuer, the Issuer is issuing on the
date hereof those undivided beneficial interests, having an aggregate
liquidation amount of $15,000,000.00 (the "Capital Securities"); and

      WHEREAS, as incentive for the Holders to purchase the Capital Securities,
the Guarantor desires irrevocably and unconditionally to agree, to the extent
set forth in this Guarantee, to pay to the Holders of Capital Securities the
Guarantee Payments (as defined herein) and to make certain other payments on the
terms and conditions set forth herein;

      NOW, THEREFORE, in consideration of the purchase by each Holder of the
Capital Securities, which purchase the Guarantor hereby agrees shall benefit the
Guarantor, the Guarantor executes and delivers this Guarantee for the benefit of
the Holders.

                                    ARTICLE I

                         DEFINITIONS AND INTERPRETATION

      SECTION 1.1. DEFINITIONS AND INTERPRETATION. In this Guarantee, unless the
context otherwise requires:

      (a) capitalized terms used in this Guarantee but not defined in the
preamble above have the respective meanings assigned to them in this Section
1.1;

      (b) a term defined anywhere in this Guarantee has the same meaning
throughout;

      (c) all references to "the Guarantee" or "this Guarantee" are to this
Guarantee as modified, supplemented or amended from time to time;

      (d) all references in this Guarantee to "Articles" or "Sections" are to
Articles or Sections of this Guarantee, unless otherwise specified;

      (e) terms defined in the Declaration as at the date of execution of this
Guarantee have the same meanings when used in this Guarantee, unless otherwise
defined in this Guarantee or unless the context otherwise requires; and

      (f) a reference to the singular includes the plural and vice versa.

      "Affiliate" has the same meaning as given to that term in Rule 405 of the
Securities Act of 1933, as amended, or any successor rule thereunder.

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      "Beneficiaries" means any Person to whom the Issuer is or hereafter
becomes indebted or liable.

      "Capital Securities" has the meaning set forth in the recitals to this
Guarantee.

      "Common Securities" means the common securities issued by the Issuer to
the Guarantor pursuant to the Declaration.

      "Corporate Trust Office" means the office of the Guarantee Trustee at
which the corporate trust business of the Guarantee Trustee shall, at any
particular time, be principally administered, which office at the date of
execution of this Guarantee is located at 225 Asylum Street, Goodwin Square,
Hartford, Connecticut 06103.

      "Covered Person" means any Holder of Capital Securities.

      "Debentures" means the debt securities of the Guarantor designated the
Floating Rate Junior Subordinated Deferrable Interest Debentures due 2032 held
by the Institutional Trustee (as defined in the Declaration) of the Issuer.

      "Declaration Event of Default" means an "Event of Default" as defined in
the Declaration.

      "Event of Default" has the meaning set forth in Section 2.4(a).

      "Guarantee Payments" means the following payments or distributions,
without duplication, with respect to the Capital Securities, to the extent not
paid or made by the Issuer: (i) any accrued and unpaid Distributions (as defined
in the Declaration) which are required to be paid on such Capital Securities to
the extent the Issuer shall have funds available therefor, (ii) the Redemption
Price to the extent the Issuer has funds available therefor, with respect to any
Capital Securities called for redemption by the Issuer, (iii) the Special
Redemption Price to the extent the Issuer has funds available therefor, with
respect to Capital Securities redeemed upon the occurrence of a Special Event,
and (iv) upon a voluntary or involuntary liquidation, dissolution, winding-up or
termination of the Issuer (other than in connection with the distribution of
Debentures to the Holders of the Capital Securities in exchange therefor as
provided in the Declaration), the lesser of (a) the aggregate of the liquidation
amount and all accrued and unpaid Distributions on the Capital Securities to the
date of payment, to the extent the Issuer shall have funds available therefor,
and (b) the amount of assets of the Issuer remaining available for distribution
to Holders in liquidation of the Issuer (in either case, the "Liquidation
Distribution").

      "Guarantee Trustee" means State Street Bank and Trust Company of
Connecticut, National Association, until a Successor Guarantee Trustee has been
appointed and has accepted such appointment pursuant to the terms of this
Guarantee and thereafter means each such Successor Guarantee Trustee.

      "Guarantor" means Community Bancorp and each of its successors and
assigns.

      "Holder" means any holder, as registered on the books and records of the
Issuer, of any Capital Securities; provided, however, that, in determining
whether the Holders of the requisite percentage of Capital Securities have given
any request, notice, consent or waiver hereunder, "Holder" shall not include the
Guarantor or any Affiliate of the Guarantor.

      "Indemnified Person" means the Guarantee Trustee, any Affiliate of the
Guarantee Trustee, or any officers, directors, shareholders, members, partners,
employees, representatives, nominees, custodians or agents of the Guarantee
Trustee.

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      "Indenture" means the Indenture dated as of the date hereof between the
Guarantor and State Street Bank and Trust Company of Connecticut, National
Association, not in its individual capacity but solely as trustee, and any
indenture supplemental thereto pursuant to which the Debentures are to be issued
to the institutional trustee of the Issuer.

      "Issuer" has the meaning set forth in the opening paragraph to this
Guarantee.

      "Liquidation Distribution" has the meaning set forth in the definition of
"Guarantee Payments" herein.

      "Majority in liquidation amount of the Capital Securities" means Holder(s)
of outstanding Capital Securities, voting together as a class, but separately
from the holders of Common Securities, of more than 50% of the aggregate
liquidation amount (including the stated amount that would be paid on
redemption, liquidation or otherwise, plus accrued and unpaid Distributions to
the date upon which the voting percentages are determined) of all Capital
Securities then outstanding.

      "Obligations" means any costs, expenses or liabilities (but not including
liabilities related to taxes) of the Issuer other than obligations of the Issuer
to pay to holders of any Trust Securities the amounts due such holders pursuant
to the terms of the Trust Securities.

      "Officer's Certificate" means, with respect to any Person, a certificate
signed by one Authorized Officer of such Person. Any Officer's Certificate
delivered with respect to compliance with a condition or covenant provided for
in this Guarantee shall include:

            (a) a statement that the officer signing the Officer's Certificate
      has read the covenant or condition and the definitions relating thereto;

            (b) a brief statement of the nature and scope of the examination or
      investigation undertaken by the officer in rendering the Officer's
      Certificate;

            (c) a statement that the officer has made such examination or
      investigation as, in such officer's opinion, is necessary to enable such
      officer to express an informed opinion as to whether or not such covenant
      or condition has been complied with; and

            (d) a statement as to whether, in the opinion of the officer, such
      condition or covenant has been complied with.

      "Person" means a legal person, including any individual, corporation,
estate, partnership, joint venture, association, joint stock company, limited
liability company, trust, unincorporated association, or government or any
agency or political subdivision thereof, or any other entity of whatever nature.

      "Redemption Price" has the meaning set forth in the Indenture.

      "Responsible Officer" means, with respect to the Guarantee Trustee, any
officer within the Corporate Trust Office of the Guarantee Trustee including any
Vice President, Assistant Vice President, Secretary, Assistant Secretary or any
other officer of the Guarantee Trustee customarily performing functions similar
to those performed by any of the above designated officers and also, with
respect to a particular corporate trust matter, any other officer to whom such
matter is referred because of that officer's knowledge of and familiarity with
the particular subject.

      "Special Event" has the meaning set forth in the Indenture.

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      "Special Redemption Price" has the meaning set forth in the Indenture.

      "Successor Guarantee Trustee" means a successor Guarantee Trustee
possessing the qualifications to act as Guarantee Trustee under Section 3.1.

      "Trust Securities" means the Common Securities and the Capital Securities.

                                   ARTICLE II

                          POWERS, DUTIES AND RIGHTS OF
                                GUARANTEE TRUSTEE

      SECTION 2.1. POWERS AND DUTIES OF THE GUARANTEE TRUSTEE.

      (a) This Guarantee shall be held by the Guarantee Trustee for the benefit
of the Holders of the Capital Securities, and the Guarantee Trustee shall not
transfer this Guarantee to any Person except a Holder of Capital Securities
exercising his or her rights pursuant to Section 4.4(b) or to a Successor
Guarantee Trustee on acceptance by such Successor Guarantee Trustee of its
appointment to act as Successor Guarantee Trustee. The right, title and interest
of the Guarantee Trustee shall automatically vest in any Successor Guarantee
Trustee, and such vesting and cessation of title shall be effective whether or
not conveyancing documents have been executed and delivered pursuant to the
appointment of such Successor Guarantee Trustee.

      (b) If an Event of Default actually known to a Responsible Officer of the
Guarantee Trustee has occurred and is continuing, the Guarantee Trustee shall
enforce this Guarantee for the benefit of the Holders of the Capital Securities.

      (c) The Guarantee Trustee, before the occurrence of any Event of Default
and after curing all Events of Default that may have occurred, shall undertake
to perform only such duties as are specifically set forth in this Guarantee, and
no implied covenants shall be read into this Guarantee against the Guarantee
Trustee. In case an Event of Default has occurred (that has not been waived
pursuant to Section 2.4) and is actually known to a Responsible Officer of the
Guarantee Trustee, the Guarantee Trustee shall exercise such of the rights and
powers vested in it by this Guarantee, and use the same degree of care and skill
in its exercise thereof, as a prudent person would exercise or use under the
circumstances in the conduct of his or her own affairs.

      (d) No provision of this Guarantee shall be construed to relieve the
Guarantee Trustee from liability for its own negligent action, its own negligent
failure to act, or its own willful misconduct, except that:

            (i) prior to the occurrence of any Event of Default and after the
      curing or waiving of all such Events of Default that may have occurred:

                  (A) the duties and obligations of the Guarantee Trustee shall
            be determined solely by the express provisions of this Guarantee,
            and the Guarantee Trustee shall not be liable except for the
            performance of such duties and obligations as are specifically set
            forth in this Guarantee, and no implied covenants or obligations
            shall be read into this Guarantee against the Guarantee Trustee; and

                  (B) in the absence of bad faith on the part of the Guarantee
            Trustee, the Guarantee Trustee may conclusively rely, as to the
            truth of the statements and the correctness of the opinions
            expressed therein, upon any certificates or opinions furnished

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            to the Guarantee Trustee and conforming to the requirements of this
            Guarantee; but in the case of any such certificates or opinions that
            by any provision hereof are specifically required to be furnished to
            the Guarantee Trustee, the Guarantee Trustee shall be under a duty
            to examine the same to determine whether or not they conform to the
            requirements of this Guarantee;

            (ii) the Guarantee Trustee shall not be liable for any error of
      judgment made in good faith by a Responsible Officer of the Guarantee
      Trustee, unless it shall be proved that such Responsible Officer of the
      Guarantee Trustee or the Guarantee Trustee was negligent in ascertaining
      the pertinent facts upon which such judgment was made;

            (iii) the Guarantee Trustee shall not be liable with respect to any
      action taken or omitted to be taken by it in good faith in accordance with
      the written direction of the Holders of not less than a Majority in
      liquidation amount of the Capital Securities relating to the time, method
      and place of conducting any proceeding for any remedy available to the
      Guarantee Trustee, or relating to the exercise of any trust or power
      conferred upon the Guarantee Trustee under this Guarantee; and

            (iv) no provision of this Guarantee shall require the Guarantee
      Trustee to expend or risk its own funds or otherwise incur personal
      financial liability in the performance of any of its duties or in the
      exercise of any of its rights or powers, if the Guarantee Trustee shall
      have reasonable grounds for believing that the repayment of such funds is
      not reasonably assured to it under the terms of this Guarantee or security
      and indemnity, reasonably satisfactory to the Guarantee Trustee, against
      such risk or liability is not reasonably assured to it.

      SECTION 2.2. CERTAIN RIGHTS OF GUARANTEE TRUSTEE.

      (a) Subject to the provisions of Section 2.1:

            (i) The Guarantee Trustee may conclusively rely, and shall be fully
      protected in acting or refraining from acting upon, any resolution,
      certificate, statement, instrument, opinion, report, notice, request,
      direction, consent, order, bond, debenture, note, other evidence of
      indebtedness or other paper or document believed by it to be genuine and
      to have been signed, sent or presented by the proper party or parties.

            (ii) Any direction or act of the Guarantor contemplated by this
      Guarantee shall be sufficiently evidenced by an Officer's Certificate.

            (iii) Whenever, in the administration of this Guarantee, the
      Guarantee Trustee shall deem it desirable that a matter be proved or
      established before taking, suffering or omitting any action hereunder, the
      Guarantee Trustee (unless other evidence is herein specifically
      prescribed) may, in the absence of bad faith on its part, request and
      conclusively rely upon an Officer's Certificate of the Guarantor which,
      upon receipt of such request, shall be promptly delivered by the
      Guarantor.

            (iv) The Guarantee Trustee shall have no duty to see to any
      recording, filing or registration of any instrument (or any re-recording,
      refiling or re-registration thereof).

            (v) The Guarantee Trustee may consult with counsel of its selection,
      and the advice or opinion of such counsel with respect to legal matters
      shall be full and complete authorization and protection in respect of any
      action taken, suffered or omitted by it hereunder in good faith and

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      in accordance with such advice or opinion. Such counsel may be counsel to
      the Guarantor or any of its Affiliates and may include any of its
      employees. The Guarantee Trustee shall have the right at any time to seek
      instructions concerning the administration of this Guarantee from any
      court of competent jurisdiction.

            (vi) The Guarantee Trustee shall be under no obligation to exercise
      any of the rights or powers vested in it by this Guarantee at the request
      or direction of any Holder, unless such Holder shall have provided to the
      Guarantee Trustee such security and indemnity, reasonably satisfactory to
      the Guarantee Trustee, against the costs, expenses (including attorneys'
      fees and expenses and the expenses of the Guarantee Trustee's agents,
      nominees or custodians) and liabilities that might be incurred by it in
      complying with such request or direction, including such reasonable
      advances as may be requested by the Guarantee Trustee; provided, however,
      that nothing contained in this Section 2.2(a)(vi) shall relieve the
      Guarantee Trustee, upon the occurrence of an Event of Default, of its
      obligation to exercise the rights and powers vested in it by this
      Guarantee.

            (vii) The Guarantee Trustee shall not be bound to make any
      investigation into the facts or matters stated in any resolution,
      certificate, statement, instrument, opinion, report, notice, request,
      direction, consent, order, bond, debenture, note, other evidence of
      indebtedness or other paper or document, but the Guarantee Trustee, in its
      discretion, may make such further inquiry or investigation into such facts
      or matters as it may see fit.

            (viii) The Guarantee Trustee may execute any of the trusts or powers
      hereunder or perform any duties hereunder either directly or by or through
      agents, nominees, custodians or attorneys, and the Guarantee Trustee shall
      not be responsible for any misconduct or negligence on the part of any
      agent or attorney appointed with due care by it hereunder.

            (ix) Any action taken by the Guarantee Trustee or its agents
      hereunder shall bind the Holders of the Capital Securities, and the
      signature of the Guarantee Trustee or its agents alone shall be sufficient
      and effective to perform any such action. No third party shall be required
      to inquire as to the authority of the Guarantee Trustee to so act or as to
      its compliance with any of the terms and provisions of this Guarantee,
      both of which shall be conclusively evidenced by the Guarantee Trustee's
      or its agent's taking such action.

            (x) Whenever in the administration of this Guarantee the Guarantee
      Trustee shall deem it desirable to receive instructions with respect to
      enforcing any remedy or right or taking any other action hereunder, the
      Guarantee Trustee (i) may request instructions from the Holders of a
      Majority in liquidation amount of the Capital Securities, (ii) may refrain
      from enforcing such remedy or right or taking such other action until such
      instructions are received, and (iii) shall be protected in conclusively
      relying on or acting in accordance with such instructions.

            (xi) The Guarantee Trustee shall not be liable for any action taken,
      suffered, or omitted to be taken by it in good faith, without negligence,
      and reasonably believed by it to be authorized or within the discretion or
      rights or powers conferred upon it by this Guarantee.

      (b) No provision of this Guarantee shall be deemed to impose any duty or
obligation on the Guarantee Trustee to perform any act or acts or exercise any
right, power, duty or obligation conferred or imposed on it, in any jurisdiction
in which it shall be illegal or in which the Guarantee Trustee shall be
unqualified or incompetent in accordance with applicable law to perform any such
act or acts or to exercise any such right, power, duty or obligation. No
permissive power or authority available to the Guarantee Trustee shall be
construed to be a duty.

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      SECTION 2.3. NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF GUARANTEE. The
recitals contained in this Guarantee shall be taken as the statements of the
Guarantor, and the Guarantee Trustee does not assume any responsibility for
their correctness. The Guarantee Trustee makes no representation as to the
validity or sufficiency of this Guarantee.

      SECTION 2.4. EVENTS OF DEFAULT; WAIVER.

      (a) An Event of Default under this Guarantee will occur upon the failure
of the Guarantor to perform any of its payment or other obligations hereunder.

      (b) The Holders of a Majority in liquidation amount of the Capital
Securities may, voting or consenting as a class, on behalf of the Holders of all
of the Capital Securities, waive any past Event of Default and its consequences.
Upon such waiver, any such Event of Default shall cease to exist, and shall be
deemed to have been cured, for every purpose of this Guarantee, but no such
waiver shall extend to any subsequent or other default or Event of Default or
impair any right consequent thereon.

      SECTION 2.5. EVENTS OF DEFAULT; NOTICE.

      (a) The Guarantee Trustee shall, within 90 days after the occurrence of an
Event of Default, transmit by mail, first class postage prepaid, to the Holders
of the Capital Securities and the Guarantor, notices of all Events of Default
actually known to a Responsible Officer of the Guarantee Trustee, unless such
defaults have been cured before the giving of such notice, provided, however,
that the Guarantee Trustee shall be protected in withholding such notice if and
so long as a Responsible Officer of the Guarantee Trustee in good faith
determines that the withholding of such notice is in the interests of the
Holders of the Capital Securities.

      (b) The Guarantee Trustee shall not be deemed to have knowledge of any
Event of Default unless the Guarantee Trustee shall have received written notice
from the Guarantor or a Holder of the Capital Securities (except in the case of
a payment default), or a Responsible Officer of the Guarantee Trustee charged
with the administration of this Guarantee shall have obtained actual knowledge
thereof.

                                   ARTICLE III

                                GUARANTEE TRUSTEE

      SECTION 3.1. GUARANTEE TRUSTEE; ELIGIBILITY.

      (a) There shall at all times be a Guarantee Trustee which shall:

            (i) not be an Affiliate of the Guarantor, and

            (ii) be a corporation organized and doing business under the laws of
      the United States of America or any State or Territory thereof or of the
      District of Columbia, or Person authorized under such laws to exercise
      corporate trust powers, having a combined capital and surplus of at least
      50 million U.S. dollars ($50,000,000), and subject to supervision or
      examination by Federal, State, Territorial or District of Columbia
      authority. If such corporation publishes reports of condition at least
      annually, pursuant to law or to the requirements of the supervising or
      examining authority referred to above, then, for the purposes of this
      Section 3.1(a)(ii), the combined capital and surplus of such corporation
      shall be deemed to be its combined capital and surplus as set forth in its
      most recent report of condition so published.

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      (b) If at any time the Guarantee Trustee shall cease to be eligible to so
act under Section 3.1(a), the Guarantee Trustee shall immediately resign in the
manner and with the effect set out in Section 3.2(c).

      (c) If the Guarantee Trustee has or shall acquire any "conflicting
interest" within the meaning of Section 310(b) of the Trust Indenture Act, the
Guarantee Trustee shall either eliminate such interest or resign to the extent
and in the manner provided by, and subject to this Guarantee.

      SECTION 3.2. APPOINTMENT, REMOVAL AND RESIGNATION OF GUARANTEE TRUSTEE.

      (a) Subject to Section 3.2(b), the Guarantee Trustee may be appointed or
removed without cause at any time by the Guarantor except during an Event of
Default.

      (b) The Guarantee Trustee shall not be removed in accordance with Section
3.2(a) until a Successor Guarantee Trustee has been appointed and has accepted
such appointment by written instrument executed by such Successor Guarantee
Trustee and delivered to the Guarantor.

      (c) The Guarantee Trustee appointed to office shall hold office until a
Successor Guarantee Trustee shall have been appointed or until its removal or
resignation. The Guarantee Trustee may resign from office (without need for
prior or subsequent accounting) by an instrument in writing executed by the
Guarantee Trustee and delivered to the Guarantor, which resignation shall not
take effect until a Successor Guarantee Trustee has been appointed and has
accepted such appointment by an instrument in writing executed by such Successor
Guarantee Trustee and delivered to the Guarantor and the resigning Guarantee
Trustee.

      (d) If no Successor Guarantee Trustee shall have been appointed and
accepted appointment as provided in this Section 3.2 within 60 days after
delivery of an instrument of removal or resignation, the Guarantee Trustee
resigning or being removed may petition any court of competent jurisdiction for
appointment of a Successor Guarantee Trustee. Such court may thereupon, after
prescribing such notice, if any, as it may deem proper, appoint a Successor
Guarantee Trustee.

      (e) No Guarantee Trustee shall be liable for the acts or omissions to act
of any Successor Guarantee Trustee.

      (f) Upon termination of this Guarantee or removal or resignation of the
Guarantee Trustee pursuant to this Section 3.2, the Guarantor shall pay to the
Guarantee Trustee all amounts owing to the Guarantee Trustee under Sections 7.2
and 7.3 accrued to the date of such termination, removal or resignation.

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                                   ARTICLE IV

                                    GUARANTEE

      SECTION 4.1. GUARANTEE.

      (a) The Guarantor irrevocably and unconditionally agrees to pay in full to
the Holders the Guarantee Payments (without duplication of amounts theretofore
paid by the Issuer), as and when due, regardless of any defense (except the
defense of payment by the Issuer), right of set-off or counterclaim that the
Issuer may have or assert. The Guarantor's obligation to make a Guarantee
Payment may be satisfied by direct payment of the required amounts by the
Guarantor to the Holders or by causing the Issuer to pay such amounts to the
Holders.

      (b) The Guarantor hereby also agrees to assume any and all Obligations of
the Issuer and in the event any such Obligation is not so assumed, subject to
the terms and conditions hereof, the Guarantor hereby irrevocably and
unconditionally guarantees to each Beneficiary the full payment, when and as
due, of any and all Obligations to such Beneficiaries. This Guarantee is
intended to be for the benefit of, and to be enforceable by, all such
Beneficiaries, whether or not such Beneficiaries have received notice hereof.

      SECTION 4.2. WAIVER OF NOTICE AND DEMAND. The Guarantor hereby waives
notice of acceptance of this Guarantee and of any liability to which it applies
or may apply, presentment, demand for payment, any right to require a proceeding
first against the Issuer or any other Person before proceeding against the
Guarantor, protest, notice of nonpayment, notice of dishonor, notice of
redemption and all other notices and demands.

      SECTION 4.3. OBLIGATIONS NOT AFFECTED. The obligations, covenants,
agreements and duties of the Guarantor under this Guarantee shall in no way be
affected or impaired by reason of the happening from time to time of any of the
following:

      (a) the release or waiver, by operation of law or otherwise, of the
performance or observance by the Issuer of any express or implied agreement,
covenant, term or condition relating to the Capital Securities to be performed
or observed by the Issuer;

      (b) the extension of time for the payment by the Issuer of all or any
portion of the Distributions, Redemption Price, Special Redemption Price,
Liquidation Distribution or any other sums payable under the terms of the
Capital Securities or the extension of time for the performance of any other
obligation under, arising out of or in connection with, the Capital Securities
(other than an extension of time for payment of Distributions, Redemption Price,
Special Redemption Price, Liquidation Distribution or other sum payable that
results from the extension of any interest payment period on the Debentures or
any extension of the maturity date of the Debentures permitted by the
Indenture);

      (c) any failure, omission, delay or lack of diligence on the part of the
Holders to enforce, assert or exercise any right, privilege, power or remedy
conferred on the Holders pursuant to the terms of the Capital Securities, or any
action on the part of the Issuer granting indulgence or extension of any kind;

      (d) the voluntary or involuntary liquidation, dissolution, sale of any
collateral, receivership, insolvency, bankruptcy, assignment for the benefit of
creditors, reorganization, arrangement, composition or readjustment of debt of,
or other similar proceedings affecting, the Issuer or any of the assets of the
Issuer;

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      (e) any invalidity of, or defect or deficiency in, the Capital Securities;

      (f) the settlement or compromise of any obligation guaranteed hereby or
hereby incurred; or

      (g) any other circumstance whatsoever that might otherwise constitute a
legal or equitable discharge or defense of a guarantor, it being the intent of
this Section 4.3 that the obligations of the Guarantor hereunder shall be
absolute and unconditional under any and all circumstances.

      There shall be no obligation of the Holders to give notice to, or obtain
consent of, the Guarantor with respect to the happening of any of the foregoing.

      SECTION 4.4. RIGHTS OF HOLDERS.

      (a) The Holders of a Majority in liquidation amount of the Capital
Securities have the right to direct the time, method and place of conducting any
proceeding for any remedy available to the Guarantee Trustee in respect of this
Guarantee or to direct the exercise of any trust or power conferred upon the
Guarantee Trustee under this Guarantee; provided, however, that (subject to
Section 2.1) the Guarantee Trustee shall have the right to decline to follow any
such direction if the Guarantee Trustee being advised by counsel determines that
the action or proceeding so directed may not lawfully be taken or if the
Guarantee Trustee in good faith by its board of directors or trustees, executive
committees or a trust committee of directors or trustees and/or Responsible
Officers shall determine that the action or proceedings so directed would
involve the Guarantee Trustee in personal liability.

      (b) Any Holder of Capital Securities may institute a legal proceeding
directly against the Guarantor to enforce the Guarantee Trustee's rights under
this Guarantee, without first instituting a legal proceeding against the Issuer,
the Guarantee Trustee or any other Person. The Guarantor waives any right or
remedy to require that any such action be brought first against the Issuer, the
Guarantee Trustee or any other Person before so proceeding directly against the
Guarantor.

      SECTION 4.5. GUARANTEE OF PAYMENT. This Guarantee creates a guarantee of
payment and not of collection.

      SECTION 4.6. SUBROGATION. The Guarantor shall be subrogated to all (if
any) rights of the Holders of Capital Securities against the Issuer in respect
of any amounts paid to such Holders by the Guarantor under this Guarantee;
provided, however, that the Guarantor shall not (except to the extent required
by mandatory provisions of law) be entitled to enforce or exercise any right
that it may acquire by way of subrogation or any indemnity, reimbursement or
other agreement, in all cases as a result of payment under this Guarantee, if,
after giving effect to any such payment, any amounts are due and unpaid under
this Guarantee. If any amount shall be paid to the Guarantor in violation of the
preceding sentence, the Guarantor agrees to hold such amount in trust for the
Holders and to pay over such amount to the Holders.

      SECTION 4.7. INDEPENDENT OBLIGATIONS. The Guarantor acknowledges that its
obligations hereunder are independent of the obligations of the Issuer with
respect to the Capital Securities and that the Guarantor shall be liable as
principal and as debtor hereunder to make Guarantee Payments pursuant to the
terms of this Guarantee notwithstanding the occurrence of any event referred to
in subsections (a) through (g), inclusive, of Section 4.3 hereof.

      SECTION 4.8. ENFORCEMENT BY A BENEFICIARY. A Beneficiary may enforce the
obligations of the Guarantor contained in Section 4.1(b) directly against the
Guarantor and the Guarantor waives any right or remedy to require that any
action be brought against the Issuer or any other person or entity

                                       10
<PAGE>

before proceeding against the Guarantor. The Guarantor shall be subrogated to
all rights (if any) of any Beneficiary against the Issuer in respect of any
amounts paid to the Beneficiaries by the Guarantor under this Guarantee;
provided, however, that the Guarantor shall not (except to the extent required
by mandatory provisions of law) be entitled to enforce or exercise any rights
that it may acquire by way of subrogation or any indemnity, reimbursement or
other agreement, in all cases as a result of payment under this Guarantee, if at
the time of any such payment, and after giving effect to such payment, any
amounts are due and unpaid under this Guarantee.

                                    ARTICLE V

                    LIMITATION OF TRANSACTIONS; SUBORDINATION

      SECTION 5.1. LIMITATION OF TRANSACTIONS. So long as any Capital Securities
remain outstanding, if (a) there shall have occurred and be continuing an Event
of Default or a Declaration Event of Default or (b) the Guarantor shall have
selected an Extension Period as provided in the Declaration and such period, or
any extension thereof, shall have commenced and be continuing, then the
Guarantor shall not and shall not permit any Affiliate to (x) declare or pay any
dividends or distributions on, or redeem, purchase, acquire, or make a
liquidation payment with respect to, any of the Guarantor's or such Affiliate's
capital stock (other than payments of dividends or distributions to the
Guarantor) or make any guarantee payments with respect to the foregoing or (y)
make any payment of principal of or interest or premium, if any, on or repay,
repurchase or redeem any debt securities of the Guarantor or any Affiliate that
rank pari passu in all respects with or junior in interest to the Debentures
(other than, with respect to clauses (x) and (y) above, (i) repurchases,
redemptions or other acquisitions of shares of capital stock of the Guarantor in
connection with any employment contract, benefit plan or other similar
arrangement with or for the benefit of one or more employees, officers,
directors or consultants, in connection with a dividend reinvestment or
stockholder stock purchase plan or in connection with the issuance of capital
stock of the Guarantor (or securities convertible into or exercisable for such
capital stock) as consideration in an acquisition transaction entered into prior
to the occurrence of the Event of Default, Declaration Event of Default or
Extension Period, as applicable, (ii) as a result of any exchange or conversion
of any class or series of the Guarantor's capital stock (or any capital stock of
a subsidiary of the Guarantor) for any class or series of the Guarantor's
capital stock or of any class or series of the Guarantor's indebtedness for any
class or series of the Guarantor's capital stock, (iii) the purchase of
fractional interests in shares of the Guarantor's capital stock pursuant to the
conversion or exchange provisions of such capital stock or the security being
converted or exchanged, (iv) any declaration of a dividend in connection with
any stockholders' rights plan, or the issuance of rights, stock or other
property under any stockholders' rights plan, or the redemption or repurchase of
rights pursuant thereto, (v) any dividend in the form of stock, warrants,
options or other rights where the dividend stock or the stock issuable upon
exercise of such warrants, options or other rights is the same stock as that on
which the dividend is being paid or ranks pari passu with or junior to such
stock and any cash payments in lieu of fractional shares issued in connection
therewith, or (vi) payments under this Guarantee).

      SECTION 5.2. RANKING. This Guarantee will constitute an unsecured
obligation of the Guarantor and will rank subordinate and junior in right of
payment to all present and future Senior Indebtedness (as defined in the
Indenture) of the Guarantor. By their acceptance thereof, each Holder of Capital
Securities agrees to the foregoing provisions of this Guarantee and the other
terms set forth herein.

      The right of the Guarantor to participate in any distribution of assets of
any of its subsidiaries upon any such subsidiary's liquidation or reorganization
or otherwise is subject to the prior claims of creditors of that subsidiary,
except to the extent the Guarantor may itself be recognized as a creditor of
that subsidiary. Accordingly, the Guarantor's obligations under this Guarantee
will be effectively

                                       11

Community Bancorp/Guarantee Agreement/Floating Rate

<PAGE>

subordinated to all existing and future liabilities of the Guarantor's
subsidiaries, and claimants should look only to the assets of the Guarantor for
payments hereunder. This Guarantee does not limit the incurrence or issuance of
other secured or unsecured debt of the Guarantor, including Senior Indebtedness
of the Guarantor, under any indenture that the Guarantor may enter into in the
future or otherwise.

                                   ARTICLE VI

                                   TERMINATION

      SECTION 6.1. TERMINATION. This Guarantee shall terminate as to the Capital
Securities (i) upon full payment of the Redemption Price or Special Redemption
Price of all Capital Securities then outstanding, (ii) upon the distribution of
all of the Debentures to the Holders of all of the Capital Securities or (iii)
upon full payment of the amounts payable in accordance with the Declaration upon
dissolution of the Issuer. This Guarantee will continue to be effective or will
be reinstated, as the case may be, if at any time any Holder of Capital
Securities must restore payment of any sums paid under the Capital Securities or
under this Guarantee.

                                   ARTICLE VII

                                 INDEMNIFICATION

      SECTION 7.1. EXCULPATION.

      (a) No Indemnified Person shall be liable, responsible or accountable in
damages or otherwise to the Guarantor or any Covered Person for any loss, damage
or claim incurred by reason of any act or omission performed or omitted by such
Indemnified Person in good faith in accordance with this Guarantee and in a
manner that such Indemnified Person reasonably believed to be within the scope
of the authority conferred on such Indemnified Person by this Guarantee or by
law, except that an Indemnified Person shall be liable for any such loss, damage
or claim incurred by reason of such Indemnified Person's negligence or willful
misconduct with respect to such acts or omissions.

      (b) An Indemnified Person shall be fully protected in relying in good
faith upon the records of the Issuer or the Guarantor and upon such information,
opinions, reports or statements presented to the Issuer or the Guarantor by any
Person as to matters the Indemnified Person reasonably believes are within such
other Person's professional or expert competence and who, if selected by such
Indemnified Person, has been selected with reasonable care by such Indemnified
Person, including information, opinions, reports or statements as to the value
and amount of the assets, liabilities, profits, losses, or any other facts
pertinent to the existence and amount of assets from which Distributions to
Holders of Capital Securities might properly be paid.

      SECTION 7.2. INDEMNIFICATION.

      (a) The Guarantor agrees to indemnify each Indemnified Person for, and to
hold each Indemnified Person harmless against, any and all loss, liability,
damage, claim or expense incurred without negligence or willful misconduct on
the part of the Indemnified Person, arising out of or in connection with the
acceptance or administration of the trust or trusts hereunder, including, but
not limited to, the costs and expenses (including reasonable legal fees and
expenses) of the Indemnified Person defending itself against, or investigating,
any claim or liability in connection with the exercise or performance of any of
the Indemnified Person's powers or duties hereunder. The obligation to indemnify
as set forth in this Section 7.2 shall survive the resignation or removal of the
Guarantee Trustee and the termination of this Guarantee.

                                       12

Community Bancorp/Guarantee Agreement/Floating Rate

<PAGE>

      (b) Promptly after receipt by an Indemnified Person under this Section 7.2
of notice of the commencement of any action, such Indemnified Person will, if a
claim in respect thereof is to be made against the Guarantor under this Section
7.2, notify the Guarantor in writing of the commencement thereof; but the
failure so to notify the Guarantor (i) will not relieve the Guarantor from
liability under paragraph (a) above unless and to the extent that the Guarantor
did not otherwise learn of such action and such failure results in the
forfeiture by the Guarantor of substantial rights and defenses and (ii) will
not, in any event, relieve the Guarantor from any obligations to any Indemnified
Person other than the indemnification obligation provided in paragraph (a)
above. The Guarantor shall be entitled to appoint counsel of the Guarantor's
choice at the Guarantor's expense to represent the Indemnified Person in any
action for which indemnification is sought (in which case the Guarantor shall
not thereafter be responsible for the fees and expenses of any separate counsel
retained by the Indemnified Person or Persons except as set forth below);
provided, however, that such counsel shall be reasonably satisfactory to the
Indemnified Person. Notwithstanding the Guarantor's election to appoint counsel
to represent the Guarantor in an action, the Indemnified Person shall have the
right to employ separate counsel (including local counsel), and the Guarantor
shall bear the reasonable fees, costs and expenses of such separate counsel if
(i) the use of counsel chosen by the Guarantor to represent the Indemnified
Person would present such counsel with a conflict of interest, (ii) the actual
or potential defendants in, or targets of, any such action include both the
Indemnified Person and the Guarantor and the Indemnified Person shall have
reasonably concluded that there may be legal defenses available to it and/or
other Indemnified Person(s) which are different from or additional to those
available to the Guarantor, (iii) the Guarantor shall not have employed counsel
satisfactory to the Indemnified Person to represent the Indemnified Person
within a reasonable time after notice of the institution of such action or (iv)
the Guarantor shall authorize the Indemnified Person to employ separate counsel
at the expense of the Guarantor. The Guarantor will not, without the prior
written consent of the Indemnified Persons, settle or compromise or consent to
the entry of any judgment with respect to any pending or threatened claim,
action, suit or proceeding in respect of which indemnification or contribution
may be sought hereunder (whether or not the Indemnified Persons are actual or
potential parties to such claim or action) unless such settlement, compromise or
consent includes an unconditional release of each Indemnified Person from all
liability arising out of such claim, action, suit or proceeding.

      SECTION 7.3. COMPENSATION; REIMBURSEMENT OF EXPENSES. The Guarantor
agrees:

      (a) to pay to the Guarantee Trustee from time to time such compensation
for all services rendered by it hereunder as the parties shall agree to from
time to time (which compensation shall not be limited by any provision of law in
regard to the compensation of a trustee of an express trust); and

      (b) except as otherwise expressly provided herein, to reimburse the
Guarantee Trustee upon request for all reasonable expenses, disbursements and
advances incurred or made by it in accordance with any provision of this
Guarantee (including the reasonable compensation and the expenses and
disbursements of its agents and counsel), except any such expense, disbursement
or advance as may be attributable to its negligence or willful misconduct.

      The provisions of this Section 7.3 shall survive the resignation or
removal of the Guarantee Trustee and the termination of this Guarantee.

                                  ARTICLE VIII

                                  MISCELLANEOUS

      SECTION 8.1. SUCCESSORS AND ASSIGNS. All guarantees and agreements
contained in this Guarantee shall bind the successors, assigns, receivers,
trustees and representatives of the Guarantor and

                                       13

Community Bancorp/Guarantee Agreement/Floating Rate

<PAGE>

shall inure to the benefit of the Holders of the Capital Securities then
outstanding. Except in connection with any merger or consolidation of the
Guarantor with or into another entity or any sale, transfer or lease of the
Guarantor's assets to another entity, in each case, to the extent permitted
under the Indenture, the Guarantor may not assign its rights or delegate its
obligations under this Guarantee without the prior approval of the Holders of at
least a Majority in liquidation amount of the Capital Securities.

      SECTION 8.2. AMENDMENTS. Except with respect to any changes that do not
adversely affect the rights of Holders of the Capital Securities in any material
respect (in which case no consent of Holders will be required), this Guarantee
may be amended only with the prior approval of the Holders of not less than a
Majority in liquidation amount of the Capital Securities. The provisions of the
Declaration with respect to amendments thereof apply to the giving of such
approval.

      SECTION 8.3. NOTICES. All notices provided for in this Guarantee shall be
in writing, duly signed by the party giving such notice, and shall be delivered,
telecopied or mailed by first class mail, as follows:

      (a) If given to the Guarantee Trustee, at the Guarantee Trustee's mailing
address set forth below (or such other address as the Guarantee Trustee may give
notice of to the Holders of the Capital Securities and the Guarantor):

      State Street Bank and Trust Company of Connecticut, National Association
      225 Asylum Street, Goodwin Square
      Hartford, Connecticut  06103
      Attention: Corporate Trust Department
      Telecopy: 860-244-1889

      With a copy to:

      State Street Bank and Trust Company
      P.O. Box 778
      Boston, Massachusetts  02102-0778
      Attention: Paul D. Allen, Corporate Trust Department
      Telecopy: 617-662-1462

      (b) If given to the Guarantor, at the Guarantor's mailing address set
forth below (or such other address as the Guarantor may give notice of to the
Holders of the Capital Securities and to the Guarantee Trustee):

      Community Bancorp
      7676 Lake Mead Boulevard
      Las Vegas, Nevada  89128
      Attention: Cathy Robinson
      Telecopy: 702-869-3748

      (c) If given to any Holder of the Capital Securities, at the address set
forth on the books and records of the Issuer.

      All such notices shall be deemed to have been given when received in
person, telecopied with receipt confirmed, or mailed by first class mail,
postage prepaid, except that if a notice or other document is refused delivery
or cannot be delivered because of a changed address of which no notice was
given,

                                       14

Community Bancorp/Guarantee Agreement/Floating Rate

<PAGE>

such notice or other document shall be deemed to have been delivered on the date
of such refusal or inability to deliver.

      SECTION 8.4. BENEFIT. This Guarantee is solely for the benefit of the
Beneficiaries and, subject to Section 2.1(a), is not separately transferable
from the Capital Securities.

      SECTION 8.5. GOVERNING LAW. THIS GUARANTEE SHALL BE GOVERNED BY, AND
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK,
WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THEREOF (OTHER THAN SECTION 5-1401
OF THE NEW YORK GENERAL OBLIGATIONS LAW).

      SECTION 8.6. COUNTERPARTS. This Guarantee may be executed in one or more
counterparts, each of which shall be an original, but all of which taken
together shall constitute one and the same instrument.

      SECTION 8.7 SEPARABILITY. In case one or more of the provisions contained
in this Guarantee shall for any reason be held to be invalid, illegal or
unenforceable in any respect, such invalidity, illegality or unenforceability
shall not affect any other provisions of this Guarantee, but this Guarantee
shall be construed as if such invalid or illegal or unenforceable provision had
never been contained herein.

                     Signatures appear on the following page

                                       15

Community Bancorp/Guarantee Agreement/Floating Rate

<PAGE>

      THIS GUARANTEE is executed as of the day and year first above written.

                                       COMMUNITY BANCORP, as Guarantor

                                       By: ____________________________________
                                             Name:
                                             Title:

                                       STATE STREET BANK AND TRUST COMPANY
                                       OF CONNECTICUT, NATIONAL
                                       ASSOCIATION, as Guarantee Trustee

                                       By: ____________________________________
                                             Name:
                                             Title:

                                       16

Community Bancorp/Guarantee Agreement/Floating Rate<PAGE>
                                                                    Exhibit 10.7

                              EMPLOYMENT AGREEMENT

      This Agreement is made and is effective as of November 1, 2004 by and
between Community Bank of Nevada, a Nevada state banking corporation ("Bank"),
its parent company Community Bancorp, a Nevada corporation ("Bancorp") and
Edward M. Jamison ("Executive").

      WHEREAS, the Bank wishes to employ Executive as its President and Chief
Executive Officer as specified herein and to benefit from Executive's services
for the period provided in this Agreement, and Executive wishes to serve in the
employ of the Bank as its President and Chief Executive Officer on a full-time
basis solely in accordance with the terms hereof for such purposes; and

      WHEREAS, the Board of Directors of the Bank and Bancorp determined that
the best interests of the Bank would be served by Executive's employment with
the Bank and Bancorp under the terms of this Agreement;

      NOW, THEREFORE, in order to effect the foregoing, the parties hereto wish
to enter into an employment agreement on the terms and conditions set forth
below. Accordingly, in consideration of the premises and the respective
covenants and agreements of the parties herein contained, and intending to be
legally bound hereby, the parties hereto agree as follows:

      1.    Definitions.

            (a) "Agreement" means this employment agreement and any amendments
hereto complying with Section 20(a) hereof.

            (b) "Board" means the Board of Directors of the Bank and/or the
Board of Directors of Bancorp as the context requires.

            (c)  "Cause" shall mean Executive's:

                  (i) Breach or willful neglect of his duties and
            responsibilities;

                  (ii) Conviction for a felony offense or a misdemeanor offense
            involving moral turpitude under the laws of the United States or any
            state;

                  (iii) Material breach of this Agreement;

                                        1
<PAGE>
                  (iv) Acts of fraud, dishonesty, misappropriation or
            embezzlement committed by Executive which result in his personal
            enrichment or which damages or harms the Bank or Bancorp;

                  (v) Breach of Executive's duty of loyalty and/or fiduciary
            duties; and

                  (vi) Repeated willful failure to comply with Bank's or
            Bancorp's orders or directives or company rules, regulations,
            policies, procedures or practices.

            (d) "Change in Control" means a change of control of the Bank or
Bancorp of a nature that would be required to be reported in response to Item
6(e) of Schedule 14A of Regulation 14A (or in response to any similar item on
any similar schedule or form) promulgated under the Securities Exchange Act,
whether or not the Bank or Bancorp is then subject to such reporting
requirement; provided, however, that without limitation, a Change in Control
shall be deemed to have occurred if:

                  (i) there is a transfer, voluntarily or by hostile takeover,
            by proxy contest (or similar action), operation of law, or
            otherwise, of Control of the Bank or Bancorp;

                  (ii) any Person is or becomes the "beneficial owner" (as
            defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act
            or any successor provisions thereof), directly or indirectly, of
            securities of the Bank or Bancorp representing 20% or more of the
            combined voting power of the Bank's or Bancorp's then outstanding
            securities;

                  (iii) the individuals who were members of the Board
            immediately prior to a meeting of the shareholders of the Bank or
            Bancorp, which meeting involves a contest for the election of
            directors, do not constitute a majority of such board following such
            meeting or election;

                  (iv) a merger, consolidation or sale of all or substantially
            all of the assets of the Bank or Bancorp; or

                  (v) there is a change, during any period of two consecutive
            years, of a majority of the Board or of the Board of Directors of
            Bancorp as constituted as of the beginning of such period, unless
            the election of each director who is not a director at the beginning
            of such period was approved by a vote of at least two-thirds of the
            directors then in office who were directors at the beginning of such
            period.

                                        2
<PAGE>
            (e) "Code" shall mean the Internal Revenue Code of 1986, as amended.

            (f) "Control" means the possession, direct or indirect, by any
Person or "group" (as defined in Section 13(d) of the Securities Exchange Act)
of the power to direct or cause the direction of the management policies of the
Bank or Bancorp, whether through ownership of voting securities, by contract or
otherwise, and in any case means the ability to determine the election of a
majority of the directors of the Bank or Bancorp.

            (g) "Disability" means physical or mental illness resulting in
Executive's absence on a full-time basis from Executive's duties with the Bank
or Bancorp for 180 calendar days, subject to the procedure described in Section
7(a).

            (h) "Expiration" means the termination of this Agreement (including
Executive's employment hereunder) and of any further obligations of the parties
(except as specified in this Agreement) upon completion of the Term.

            (i) "Person" means an individual, a group acting in concert, a
corporation, a partnership, an association, a joint stock company, a trust, any
unincorporated organization, a government or political subdivision thereof, or
any other entity whatsoever.

            (j) "Resign for Good Reason" or "Resignation for Good Reason" has
the meaning found in Section 7(d).

            (k) "Term" means the initial term of this Agreement and any
extensions hereof, as provided in Section 4, whether prior to or following a
Change in Control.

            (l) "Termination" or "Terminate(d)" means the termination of
Executive's employment hereunder for any of the following reasons unless the
context indicates otherwise:

                  (i)    Retirement by Executive;

                  (ii)   Death of Executive;

                  (iii)  Disability;

                  (iv)   Expiration;

                  (v)    Resignation for Good Reason;

                  (vi)   Resignation other than Resignation for Good Reason;

                                       3
<PAGE>
                  (vii)  Termination Without Cause; and

                  (viii) Termination for Cause.

            (m) "Termination Without Cause" or "Terminate(d) Without Cause"
means the cessation of Executive's employment hereunder for any reason except:

                  (i)   A resignation by Executive;

                  (ii)  Termination for Cause;

                  (iii) Retirement;

                  (iv)  Disability;

                  (v)   Death; or

                  (vi)  Expiration.

      2. Employment. Employment of Executive by Bancorp, as provided in Section
3 below, is upon the terms and conditions hereinafter set forth. In this
Agreement, notwithstanding the foregoing, in the event of any Termination
Without Cause pursuant to Section 7 of this Agreement, all severance and other
benefits provided for in Section 8 of this Agreement shall be provided by the
Bank to the Executive in lieu of any other severance, compensation or benefits
(except that Executive shall be permitted to exercise his right to seek
continuing health benefits under COBRA).

      3. Position and Responsibilities. The Executive shall serve as President
and Chief Executive Officer of the Bank and President and Chief Executive
Officer of the Bancorp and, subject to the provisions of Section 5 below, shall
have such responsibilities, duties and authority set forth in the Articles of
Incorporation and Bylaws of Bank and the Articles of Incorporation and Bylaws of
Bancorp and as are generally associated with such positions and as may from time
to time be assigned to the Executive by the Board that are consistent with such
responsibilities, duties and authority. During the Term of this Agreement, the
Executive shall devote all his time, attention, skill and efforts during normal
business hours to the business and affairs of the Bank and Bancorp.

      4. Term of Agreement. Subject to the terms and provisions of this
Agreement, this Agreement and the period of Executive's employment shall be
deemed to have commenced as of November 1, 2004, and shall continue for an
initial term of two (2) calendar years and 61 days thereafter and any extensions
thereafter, expiring on December 31, 2006, unless extended as

                                        4
<PAGE>
provided herein. The initial term shall automatically be extended for an
additional one (1) full calendar year without further action by the parties on
January 1, 2005, and on each succeeding January 1 thereafter, such that as of
each such January 1, this Agreement shall have a remaining term of three (3)
calendar years. Each party, Bank, Bancorp or Executive, may stop an automatic
calendar year extension, however, by serving written notice ("Notice of
Non-Renewal") upon the other within 90 calendar days prior to January 1, 2005 or
within 90 calendar days prior to January 1 of any succeeding year, as the case
may be, of such party's intention that this Agreement shall expire at the end of
such Term. In the event the Bank or Bancorp retains Executive as an employee
following the expiration of the Term, such employment, absent a written
agreement to the contrary, will be on an at-will basis with such compensation
and upon such terms as the parties may then agree, subject to termination at any
time with or without cause, and without liability. If the Bank or Bancorp does
not retain Executive as an employee after the Expiration of the Term,
Executive's employment shall cease without further liability of the parties to
each other. Executive's employment shall also terminate, and the Term of this
Agreement will expire, upon Executive's resignation (unless resignation is for
Good Reason after a Change in Control), retirement, death or Disability, or upon
Executive's Termination for Cause or Termination Without Cause.

      5. Duties.

            (a) Bank and Bancorp and Executive hereby agree that, subject to the
provisions of this Agreement, the Bank or Bancorp shall employ Executive, and
Executive shall serve the Bank and Bancorp (from date of appointment) as
President and Chief Executive Officer for the Term of this Agreement.

            (b) During the Term hereof, Executive shall devote substantially all
of his or her business time, attention, skill and efforts to the faithful
performance of the business of the Bank and Bancorp to the fullest extent
necessary to properly discharge his or her duties and responsibilities
hereunder. Executive's position and duties with the Bank and Bancorp shall be as
identified from time to time by the Boards. Further, with the approval of the
Board, from time to time, Executive may serve, or continue to serve, on the
boards of directors of, and hold any other offices or positions in, companies or
charitable, political or civic organizations, which, in such Board's judgment,
will not present any material conflict of interest with the Bank and Bancorp and
will not unfavorably affect the performance of Executive's duties pursuant to
this Agreement.

      6. Salary, Bonus Payments and Related Matters.

            (a) Salary. During the period of the Executive's employment
hereunder, the Bank shall pay to the Executive a base salary of $260,000 per
year. All base salary owed to Executive shall be payable at regular intervals in
accordance with the Bank's normal payroll

                                        5
<PAGE>
practices now or hereafter in effect. Executive's salary shall be reviewed at
least annually by the Board or a committee designated by the Board and shall be
adjusted based upon Executive's job performance and the Bank's financial
condition and performance; provided, however, that in no event shall Executive's
monthly salary be lower than the initial amount set forth above unless, in the
good faith judgment of the Board, the financial condition of the Bank requires a
general decrease in the salaries of all executive officers of the Bank. The
first such salary review shall be undertaken no later than December 1, 2004 and
completed no later than January 15, 2005. Notwithstanding the foregoing, if
there is a Change in Control, Executive's salary shall not be less than
Executive's annual salary for the year immediately preceding the Change in
Control. It is agreed to by Bank, Bancorp and Executive that all compensation
(other than stock options) earned and payable to Executive under this Agreement
be paid by Bank and not by Bancorp.

            (b) Bonuses. Executive may receive certain annual bonus compensation
during the Term of this Agreement as follows:

                  (i) Incentive Bonus. During each year of the Term Executive
            shall receive a bonus in an amount which is equal to the Executive's
            portion of the Bank's Senior Management Plan as determined by the
            Bank's Board of Director's annually, provided that the requirements
            of said Senior Management Plan have been satisfied for each such
            year. This bonus shall be paid within ninety (90) days of the end of
            the calendar year for which the bonus is earned even if a payment is
            due after the expiration of the Term.

                  (ii) Discretionary Bonus. Executive may also, in the
            discretion of the Board of Directors, receive an additional bonus
            based on individual merit and performance. The amount of this bonus,
            if any, in any such year shall be determined by the Board of
            Directors, in its sole discretion.

            (c) Expenses. During the period of the Executive's employment
hereunder, the Executive shall be entitled to receive prompt reimbursement for
all reasonable and customary expenses incurred by the Executive in performing
services hereunder in accordance with the general policies and procedures
established by the Bank.

            (d) Employee Benefits and Perks. During the period of the
Executive's employment hereunder, the Executive shall be entitled to participate
in all employee benefits plans or arrangements of the Bank on the same basis as
other employees of the Bank including, without limitation, plans or arrangements
providing medical insurance, dental insurance, life insurance, disability
insurance, sick leave, vacation or retirement. Executive shall also be entitled
to (i) an automobile for business and personal use, (ii) use of a Bank provided
credit card(s), cell phone and car telephone, (iii) membership in a country club
of Executive's choice with all membership dues and costs paid by the Bank, and
(iv) such other perks (if such are being

                                        6
<PAGE>
so provided) upon the terms and conditions previously in effect.

      7. Termination.

            (a) Resignation, Retirement, Death or Disability. Executive's
employment hereunder shall cease at any time by Executive's resignation (other
than a resignation for Good Reason as provided in Section 7(d)), or by
Executive's retirement, death or Disability. If Employee's employment terminates
as a result of Employee's death or permanent disability, no compensation or
payments will be made other than accrued compensation and benefits. Disability
shall be determined in accordance with the terms of the Company's policies and
procedures and applicable law.

            (b) Termination for Cause. Executive's employment shall cease upon a
good faith finding of Cause by the Board; provided, however, that Executive
shall be given written notice of the Board's finding of conduct by Executive
amounting to Cause for such termination. Said notice shall be accompanied by a
copy of a resolution duly adopted by the affirmative vote of not less than a
majority of a quorum of the Board at a duly-noticed meeting of the Board,
finding that in the good faith opinion of the Board, Executive was guilty of
conduct amounting to Cause and specifying the particulars thereof; provided,
however, that after a Change in Control, such resolution may be adopted only by
the affirmative vote of not less than a majority of a committee composed of at
least three (3) disinterested outside directors of the Bank or Bancorp. In the
absence of at least three (3) disinterested outside directors, a determination
of Cause shall be submitted to and made by an arbitrator(s) pursuant to Section
19 hereof.

            (c) Termination Without Cause. Executive's employment may be
terminated Without Cause pursuant to this Section 7(c) upon 30 days' notice for
any reason, subject to the payment of all amounts required by Section 8 hereof.

            (d) Resignation for Good Reason. Following a Change in Control
during the Term hereof, Executive may Resign for Good Reason within 90 days of
Executive's discovery of the occurrence of one or more of the following events,
any of which shall constitute "Good Reason" for such Resignation for Good
Reason:

                  (i) Without Executive's express written consent, the
            assignment to Executive of any duties materially inconsistent with
            Executive's position, duties, responsibilities and status with the
            Bank or Bancorp immediately prior to the Change in Control, or any
            subsequent removal of Executive from or any failure to re-elect him
            to any such position;

                   (ii) Without Executive's express written consent, the
            termination

                                       7
<PAGE>
            and/or material reduction in Executive's facilities (including
            office space and general location) and staff reporting and available
            to Executive immediately prior to the Change in Control;

                  (iii) A material reduction (ten percent or greater) by the
            Bank of Executive's base salary or of any bonus compensation
            applicable to him as in effect immediately prior to the Change in
            Control;

                  (iv) A failure by the Bank to maintain any of the employee
            benefits and perks to which Executive was entitled immediately prior
            to the Change in Control at a level substantially equal to or
            greater than the value of those employee benefits and perks in
            effect immediately prior to the Change in Control; or the taking of
            any action by the Bank which would materially affect Executive's
            participation in or reduce Executive's benefits under any such
            benefits or `perks' plans, programs or policies, or deprive
            Executive of any material fringe benefits enjoyed by him immediately
            prior to the Change in Control;

                  (v) The Bank or Bancorp requiring Executive to be based
            anywhere other than in the county in which the Bank's or Bancorp's
            principal business location is currently situated, except for
            required travel on the Bank's or Bancorp's behalf to an extent
            substantially consistent with Executive's present business travel
            obligations;

                  (vi) Any purported Termination of Executive's employment by
            the Bank other than those effected in good faith pursuant to
            Sections 7(a) and 7(b);

                  (vii) The failure of the Bank or Bancorp to obtain the
            assumption of this Agreement by any successor; or

                  (viii) Receipt by Executive of a Notice of Non-Renewal.

            (e) Supervisory Suspension. If the Executive is suspended and/or
temporarily prohibited from participating in the conduct of the Bank's or
Bancorp's affairs by a notice served under Sections 8(e) or (g) of the Federal
Deposit Insurance Act or similar statute, rule or regulation, the Bank's or
Bancorp's obligations under this Agreement shall be suspended as of the date of
service, unless stayed by appropriate proceedings. If the charges in the notice
are dismissed, the Bank shall, (i) pay the Executive all or part of the
compensation withheld while its obligations under this Agreement were suspended
and (ii) reinstate (in whole or in part) any of its obligations which were
suspended.

            (f) Regulatory Removal. If the Executive is removed and/or
permanently

                                       8
<PAGE>
prohibited from participating in the conduct of the Bank's or Bancorp's affairs
by an order issued under Sections 8(e) or (g) of the Federal Deposit Insurance
Act or similar statute, rule or regulation, all obligations of the Bank and
Bancorp under this Agreement shall terminate as of the effective date of the
order.

      8. Payments to Executive Upon Termination.

            (a) Death, Disability or Retirement. In the event of Termination of
this Agreement due to Executive's death, Disability or retirement, Executive or
Executive's spouse and/or estate shall be entitled to all benefits generally
available to Bank and Bancorp employees, or their spouses and/or estates, as of
the date of such death, Disability or retirement, without reduction.

            (b) Resignation Without Good Reason or Expiration. In the event of
Executive's resignation (other than a Resignation for Good Reason), or upon
Expiration, the Bank and Bancorp shall have no further obligations to Executive
under this Agreement or otherwise, except as may be expressly required by law.
In addition, Executive will also be entitled to collect any vested retirement
benefits pursuant to the terms of the plan and accrued vacation benefits.

            (c) Termination for Cause. In the event Executive is Terminated for
Cause, the Bank or Bancorp shall have no further obligations to Executive under
this Agreement or otherwise, except as may be expressly required by law. In
addition, Executive will also be entitled to collect any vested retirement
benefits pursuant to the terms of the plan and accrued vacation benefits.

            (d) Termination Without Cause Prior to a Change in Control. Upon the
occurrence of a Termination Without Cause prior to a Change in Control, as
severance pay and in lieu of damages for breach of this Agreement, Bank shall
pay Executive accrued compensation and benefits at the time of such termination;
all vested retirement benefits will paid in accordance with the terms of the
retirement plan; and, upon the execution and delivery of a full and complete
release of claims by Executive (in a form acceptable to Bank and Bancorp), Bank
shall pay Executive, in the aggregate, a lump sum severance payment equal to (i)
twenty-four (24) months base salary then in effect plus (ii) two (2) times the
amount of Executive's bonus for the year preceding the termination, less
applicable state and federal withholdings. Such lump sum shall be paid not later
than the tenth (10th) day following the date of Termination Without Cause.
Notwithstanding the foregoing, if a Change in Control occurs during the twelve
(12) months following any termination of Executive pursuant to Section 7(c),
Executive shall be entitled to receive the amount of the lump sum severance
payment provided in Section 8(e) hereof less the amount of any payments already
received pursuant to this Section 8(d).

                                       9
<PAGE>
            (e) Termination Without Cause or Resignation for Good Reason, After
a Change in Control. If in the 24 month period following a Change in Control,
Executive (i) Resigns for Good Reason or (ii) is otherwise Terminated Without
Cause, Bank shall pay Executive accrued compensation and benefits at the time of
such termination; all vested retirement benefits will paid in accordance with
the terms of the retirement plan; and, upon the execution and delivery of a full
and complete release of claims by Executive (in a form acceptable to Bank and
Bancorp), Bank shall pay Executive, in the aggregate, a lump sum severance
payment equal to (A) thirty six (36)months base salary then in effect plus (B)
three (3) times the amount of Executive's bonus for the year preceding the
termination. Such lump sum shall be paid not later than the tenth (10th) day
following the date of Termination Without Cause or a Resignation for Good
Reason. In addition, the Bank will continue to pay the Employer portion of the
health insurance continuation premiums for the Executive (COBRA) for a period of
twelve (12) months following termination. Executive will be responsible for
paying his or her portion of the premium, plus the 1.0% COBRA administration fee
during said period.

            (f) Source of Payments. All payments provided in Section 8 shall be
paid in cash from the general funds of the Bank, and no special or separate fund
need be established and no other segregation of assets need be made to assure
payment.

            (g) Consistent Returns. The Bank, Bancorp and Executive agree that
the payments being made under this Agreement represent reasonable compensation
for services and that neither the Bank nor Executive will file any returns or
reports which take a contrary position.

            (h) Reduction or Limitation on Payments.

                  (i) Notwithstanding anything in the foregoing to the contrary,
            if the payments made to Executive following a Termination Without
            Cause or Resignation For Good Reason or any of the other payments
            provided for in this Agreement, together with any other payments
            which Executive has the right to receive from the Bank or Bancorp
            would constitute a "parachute payment" (as defined in Section 280G
            of the Code), the payments pursuant to this Agreement shall be
            reduced to the largest amount as will result in no portion of such
            payments being subject to the excise tax imposed by Section 4999 of
            the Code; provided, however, that the determination as to whether
            any reduction in the payments under this Agreement pursuant to this
            proviso is necessary shall be made in good faith by the Bank's and
            Bancorp's independent auditors or if such firm is no longer
            providing tax services to Bank or Bancorp to such other tax advisor
            as shall be mutually acceptable to Bank, Bancorp and Executive, and
            such determination shall be conclusive and binding on the Bank,
            Bancorp and Executive with respect to the treatment of the payment
            for tax reporting purposes.

                                       10
<PAGE>
                  (ii) This Agreement, and any payments or benefits hereunder,
            are made expressly subject to and conditioned upon compliance with
            all federal and state law, regulations and policies relating to the
            subject matter of this Agreement, including but not limited to the
            provisions of law codified at 12 U.S.C. Section 1828(k), the
            regulations of the FDIC codified as 12 C.F.R. Part 359, and any
            successor or similar federal or state law or regulation applicable
            to the Bank or Bancorp. Employee acknowledges that he understands
            the sections of law and regulations cited above and that the Bank's
            and Bancorp's obligations to make payments hereunder are expressly
            relieved if such payments violate any federal or state law or
            regulation applicable to the Bank or Bancorp.

      9. Nondisclosure of Confidential Information. Executive acknowledges that,
in the course of employment with the Bank, Executive will have access to
confidential information. "Confidential Information" includes, but is not
limited to, information about the Bank and Bancorp, its affiliates and its
clients, pricing information, financing arrangements, research materials,
manuals, computer programs, formulas, techniques, data, marketing plans and
tactics, technical information, lists of asset sources and customers, the
processes and practices of the Bank and Bancorp, and their affiliates, all
information contained in electronic or computer files, all financial
information, salary and wage information, and any other information that is
designated by the Bank and Bancorp, or their affiliates as confidential or that
Executive knows or should know is confidential. Confidential Information also
includes information provided by third parties that the Bank and Bancorp, or
their affiliates are obligated to keep confidential; and all other proprietary
information of the Bank and Bancorp, or their affiliates. Executive acknowledges
that all Confidential Information is and shall continue to be the exclusive
property of the Bank and Bancorp or their affiliates, as applicable, whether or
not prepared in whole or in part by Executive and whether or not disclosed to or
entrusted to Executive in connection with employment by the Bank. Executive
agrees not to disclose Confidential Information, directly or indirectly, under
any circumstances or by any means, to any third persons without the prior
written consent of the Bank or their affiliates, as applicable, both during his
employment with the Bank and Bancorp and after his employment has ended.
Executive agrees that he will not copy, transmit, reproduce, summarize, quote,
or make any commercial or other use whatsoever of Confidential Information,
except as may be necessary to perform work done by Executive for the Bank and
Bancorp. Executive agrees to exercise the highest degree of care in safeguarding
confidential information against loss, theft or other inadvertent disclosure and
agrees generally to take all steps necessary or requested by the Bank and
Bancorp or their affiliates to ensure maintenance of the confidentiality of the
Confidential Information. Executive agrees that, unless compelled by law,
Executive shall not, during or after employment with the Bank, make any comments
or other communications contrary to the interests of, or disparaging the
goodwill or reputation of, the Bank and Bancorp, their business or any of their
products, services, controlling persons, affiliates, officers, directors, or
executives. Executive agrees, in addition to the specific

                                       11
<PAGE>
covenants contained herein, to comply with all of Bank's and Bancorp's policies
and procedures for the protection of Confidential Information.

      10. Exclusions. Paragraph 9 shall not apply to the following information:
(a) information now and hereafter voluntarily disseminated by the Bank or
Bancorp to the public or which otherwise becomes part of the public domain
through lawful means; (b) information already known to Executive as documented
by written records which predate Executive's employment with the Bank but that
was not subject to any obligation of confidentiality; (c) information
subsequently and rightfully received from third parties and not subject to any
obligation of confidentiality; and (d) information independently developed by
Executive after termination of his employment.

      11. Confidential, Proprietary and Trade Secret Information of Others.
Executive represents and warrants that he is not under any pre-existing
obligation that conflicts or is in any way inconsistent with the provisions of
this Agreement. Executive represents and warrants that he has not granted any
rights or licenses to any intellectual property or technology that would
conflict with Executive's obligations under this Agreement. Executive further
represents and warrants that he has disclosed to the Bank and Bancorp any
agreement to which Executive is or has been a party regarding the confidential
information of others and Executive understands that Executive's employment by
the Bank and Bancorp will not require Executive to breach any such agreement.
Executive will not disclose protected confidential information of third parties
to the Bank or Bancorp nor induce the Bank and Bancorp to use any such protected
confidential information received from another under an agreement or
understanding prohibiting such use or disclosure.

      12. No Unfair Competition. Executive hereby acknowledges that the sale or
unauthorized use or disclosure of any of the Bank's or Bancorp's Confidential
Information obtained by Executive by any means whatsoever, at any time before,
during, or after the Term shall constitute unfair competition. Executive shall
not engage in any unfair competition with the Bank or Bancorp either during the
Term or at any time thereafter.

      13. Ownership of Copyrights. Executive agrees that all original works of
authorship not otherwise within the scope of Paragraph 14 that are conceived or
developed during Executive's employment with the Bank, either alone or jointly
with others, if on the Bank's time, using Bank or Bancorp facilities, or
relating to the Bank and Bancorp are "works for hire" to the greatest extent
permitted by law and shall be owned exclusively by the Bank and Bancorp, and
Executive hereby assigns to the Bank or Bancorp all of Executive's right, title,
and interest in all such original works of authorship and mask works. Executive
agrees that the Bank and Bancorp shall be the sole owner of all rights
pertaining thereto, and further agrees to execute all documents that the Bank
and Bancorp reasonably determines to be necessary or convenient for establishing
in the Bank's or Bancorp's name the copyright to any such original works of
authorship. Executive shall claim no interest in any inventions, copyrighted
material, patents, or

                                       12
<PAGE>
patent applications unless Executive demonstrates that any such invention,
copyrighted material, patent, or patent application was developed before he
began any employment with the Bank or Bancorp. This provision is intended to
apply only to the extent permitted by applicable law.

      14. Ownership of Records. Any written record that Executive may maintain
of inventions, discoveries, improvements, trade secrets, formulae, processes, or
know-how, whether or not patentable and whether or not reduced to practice, and
any such records relating to original works of authorship or mask works made by
Executive, alone or jointly with others, in the course of Executive's employment
with the Bank and Bancorp shall remain the property of the Bank and Bancorp.
Executive shall furnish the Bank and Bancorp any and all such records
immediately upon request.

      15. Return of Bank's Property and Materials. Upon termination of
employment with the Bank, Bancorp and Executive shall deliver to the Bank and
Bancorp all Bank and Bancorp property and materials that are in Executive's
possession or control, including all of the information described as
Confidential Information in Paragraph 9 of this Agreement and including all
other information relating to any inventions, discoveries, improvements, trade
secrets, formulae, processes, know-how, original works of authorship, or mask
works of the Bank or Bancorp.

      16. Waivers not to be Continued. Any waiver by a party of any breach of
this Agreement by the other party shall not be construed as a continuing waiver
or as a consent to any subsequent breach by the other party.

      17. Notices. All notices, requests, demands and other communications
hereunder shall be in writing and shall be deemed to have been duly given if
delivered by hand or mailed, certified or registered mail, return receipt
requested, with postage prepaid, to the following addresses or to such other
address as either party may designate by like notice.

            A.    If to the Bank, to:

                  Community Bank of Nevada
                  400 S. 4th Street, Suite 215
                  Las Vegas, Nevada  89101
                  Attn: Chairman of the Board

            B.    If to Bancorp, to:

                  Community Bank of Nevada
                  400 S. 4th Street, Suite 215

                                       13
<PAGE>
                  Las Vegas, Nevada  89101
                  Attn: Chairman of the Board

            C.    If to Executive, to:

                  Edward Jamison
                  8965 Fisher Avenue
                  Las Vegas, Nevada  89149

and to such other or additional person or persons as either party shall have
designated to the other party in writing by like notice.

      18. Indemnification. To the maximum extent and when permitted by
applicable law, the Articles of Incorporation and Bylaws of Bank and the
Articles of Incorporation and Bylaws of Bancorp and resolutions of the Boards of
Directors of the Bank and Bancorp in effect from time to time (except as limited
below), the Bank and Bancorp shall indemnify Executive against liability or loss
arising out of Executive's actual or asserted misfeasance or non-feasance in the
performance of Executive's duties or out of any actual or asserted wrongful act
against, or by, the Bank or Bancorp including but not limited to judgments,
fines, settlements and expenses incurred in the defense of actions, proceedings
and appeals therefrom. In the event there is any conflict between the provisions
governing indemnification for the Bank or Bancorp, it is intended by the parties
that the broadest protections of each be afforded to Executive. However, the
Bank and Bancorp shall have no duty to indemnify Executive with respect to any
claim, issue or matter as to which Executive has been finally adjudged to be
liable to the Bank or Bancorp in the performance of his duties, unless and only
to the extent that the court in which such action was brought shall determine
upon application that, in view of all of the circumstances of the case,
Executive is fairly and reasonably entitled to indemnification for the expenses
which such court shall determine. The Bank and Bancorp shall endeavor to
maintain Directors and Officers Liability Insurance to indemnify and insure the
Bank, Bancorp and Executive from and against the aforesaid liabilities. The
provisions of this Section 18 shall apply and inure to the benefit of the
estate, executor, administrator, heirs, legatees or devisees of Executive.

      19. Arbitration.

      (a) Policy. In order to encourage the speedy, cost effective resolution of
any disputes between the Bank and Bancorp and its employees concerning all
disputes that may arise in connection with, arise out of or relate to this
Agreement, or any dispute that relates in any way, in whole or in part, to
hiring by, employment with or separation from Bank or Bancorp, or any other
dispute by and between Bank or Bancorp, its parent and subsidiary corporations,
their affiliates

                                       14
<PAGE>
and each of their respective officers, directors, agents and employees, on the
one hand, and Executive, on the other hand, shall be submitted to binding
arbitration. Such arbitration supplants, replaces and waives any right that the
employee or the Bank or Bancorp may have to pursue any dispute, claim or
controversy relating to employment with, or as a result of the termination of
employment from, the Bank or Bancorp (including claims for employment
discrimination and harassment), in any court, agency, tribunal or other forum,
including a civil action before any jury. Notwithstanding the foregoing, nothing
herein is intended to nor shall preclude any employee from filing any
administrative charge of discrimination with any governmental agency.

      (b) Procedure:

            (i) Except to the extent specifically modified herein, all
      arbitrations under this policy shall be conducted in accordance with the
      JAMS Arbitration Rules and Procedures for Employment Disputes as are in
      effect at the time the dispute arises, and such rules are specifically
      incorporated herein by this reference. Copies of the Arbitration Rules
      shall be made available to employees upon request.

            (ii) Either Executive or the Bank and Bancorp may initiate
      arbitration. Executive may initiate arbitration by delivering to the Bank
      and Bancorp through personal delivery, certified or registered mail, a
      written demand for arbitration. The demand shall include a concise
      statement of the issue(s) to be arbitrated, along with a statement setting
      forth the relief requested. Along with the demand for arbitration,
      Executive shall submit a check or money order payable to "JAMS" in the
      amount of one hundred fifty dollars ($150) as his or her portion of the
      administrative fees of the arbitration. Thereafter, the remaining costs of
      the arbitration, such as the arbitrator's fees, costs of a court reporter,
      and room rental fees, if any, shall be paid by the Bank and Bancorp. Any
      remaining fees and costs, including but not limited to attorneys fees
      shall, subject to any remedy to which the prevailing party may be entitled
      to under the law, be borne by each party to the same extent as that party
      would be responsible for such fees and costs should the matter be
      litigated in court.

            (iii) If the Bank or Bancorp initiates arbitration, it shall do so
      by delivering to Executive, through personal delivery, certified or
      registered mail, a written demand for arbitration. The demand shall
      contain a concise statement of the issue(s) to be arbitrated, along with a
      statement setting forth the relief requested. In all respects, any
      arbitration initiated by the Bank and Bancorp shall proceed in the same
      manner as set forth in paragraph (ii) above, with the exception that
      Executive shall not be required to pay the initial $150 administrative
      fee.

            (iv) The Arbitrator shall be empowered to award either party any
      remedy at

                                       15
<PAGE>
      law or in equity that the prevailing party would otherwise have been
      entitled to had the matter been litigated in court, including but not
      limited to, general, special and punitive damages, recoverable costs,
      attorneys fees (where provided by statute or contract) and injunctive
      relief; provided, however, that the authority to award any remedy is
      subject to whatever limitations, if any, exist in the applicable law on
      such remedies. The arbitrator shall have no jurisdiction to issue any
      award contrary to or inconsistent with law.

            (v) In any arbitration conducted pursuant to this policy, either
      party may request the presence of a court reporter for the hearing, the
      costs of which shall be allocated as provided in paragraph (ii) above.
      Following the evidentiary portion of the hearing, either party shall have
      the right to prepare and file with the arbitrator a post-hearing brief,
      not to exceed fifty (50) pages in length. Any such brief shall be served
      on the arbitrator and the other party within thirty (30) days of the close
      of the evidentiary portion of the hearing, unless the parties agree to
      some other time period. Either party may also request and shall be granted
      one extension of this time period not to exceed fifteen (15) days. The
      arbitrator shall have the authority to grant other extensions, or to
      increase the page limitation set forth above, upon the request of any
      party for good cause shown.

            (vi) Any disputes concerning the enforcement, scope, and/or
      applicability of this section 19 shall in the first instance be determined
      by the arbitrator. Should either the Bank and Bancorp or Executive
      disregard this Section 19 and pursue an action subject hereto in any court
      or administrative agency, upon application of the aggrieved party to a
      court of competent jurisdiction, the court shall order the matter to
      arbitration and shall award the prevailing party in any such hearing its
      reasonable costs and attorney's fees incurred in connection therewith.
      Notwithstanding the foregoing, either party shall retain the right to seek
      a provisional remedy pending arbitration from a court of competent
      jurisdiction pursuant to and consistent with Nevada law.

            (vii) Any demand for arbitration by the Bank and Bancorp or
      Executive shall be filed within the statute of limitation that is
      applicable to the claim(s) upon which arbitration is sought or required.
      Any failure to demand arbitration within this time frame and according to
      these rules shall constitute a waiver of all rights to raise any claims in
      any forum arising out of any dispute that was subject to arbitration.

            (viii) By executing this Agreement, Executive represents that he has
      reviewed this Section 19 and understands the terms and conditions
      contained herein.

            (ix) Notwithstanding any provision to the contrary in this
      Agreement, should any part of this Section 19 be declared by a court of
      competent jurisdiction to be invalid, unlawful or otherwise unenforceable,
      the remaining parts shall not be affected thereby, and the parties shall
      arbitrate their dispute without reference to or reliance upon the

                                       16
<PAGE>
      invalid, unlawful or unenforceable part of this Section 19.

      20. General Provisions.

            (a) Entire Agreement. This Agreement constitutes the entire
agreement by the parties with respect to the subject matter hereof, and
supersedes and replaces all prior employment agreements (but not stock option or
other separate benefit agreements) among or between the parties. No amendment,
waiver or termination of any of the provisions hereof shall be effective unless
in writing and signed by the party against whom it is sought to be enforced. Any
written amendment, waiver, or termination hereof executed by the Bank, Bancorp
and Executive shall be binding upon them and upon all other Persons, without the
necessity of securing the consent of any other Person, and no Person shall be
deemed to be a third-party beneficiary under this Agreement.

            (b) Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original, but all of which taken
together shall constitute one and the same Agreement.

            (c) No Waiver. Except as otherwise expressly set forth herein, no
failure on the part of any party hereto to exercise and no delay in exercising
any right, power or remedy hereunder shall operate as a waiver thereof; nor
shall any single or partial exercise of any right, power or remedy hereunder
preclude any other or further exercise thereof or the exercise of any other
right, power or remedy.

            (d) Headings. The headings of the Sections of this Agreement have
been inserted for convenience of reference only and shall in no way restrict or
modify any of the terms or provisions hereof.

            (e) Severability. If for any reason any provision of this Agreement
is held invalid or unenforceable, such invalidity or unenforceability shall not
affect the validity or enforceability of any other provision of this Agreement.
If any provision of this Agreement shall be held invalid or unenforceable in
part, such invalidity or unenforceability shall in no way affect the rest of
such provision not held so invalid, and the rest of such provision, together
with all other provisions of this Agreement, shall to the full extent consistent
with law continue in full force and effect.

            (f) Governing Law. This Agreement shall be governed and construed
and the legal relationships of the parties determined in accordance with the
laws of the State of Nevada applicable to contracts executed and to be performed
solely in the State of Nevada.

            (g) Assumption. The Bank and Bancorp shall require any successor in
interest

                                       17
<PAGE>
(whether direct or indirect or as a result of purchase, merger, consolidation,
Change in Control or otherwise) to all or substantially all of the business
and/or assets of the Bank or Bancorp to expressly assume and agree to perform
the obligations under this Agreement in the same manner and to the same extent
that the Bank or Bancorp would be required to perform it if no such succession
had taken place.

            (h) Advice of Counsel. Executive acknowledges that (i) he has been
encouraged to consult with legal counsel of his choosing concerning the terms of
this Agreement prior to executing this Agreement and (ii) Reitner & Stuart has
not served as counsel to Executive in connection with this Agreement. Any
failure by Executive to consult with competent counsel prior to executing this
Agreement shall not be a basis for rescinding or otherwise avoiding the binding
effect of this Agreement. The parties acknowledge that they are entering into
this Agreement freely and voluntarily, with full understanding of the terms of
this Agreement. Interpretation of the terms and provisions of this Agreement
shall not be construed for or against either party on the basis of the identity
of the party who drafted the terms or provisions in question.

            (i) Binding Agreement. This Agreement and all rights of Executive
hereunder shall inure to the benefit of and be enforceable by Executive's
personal or legal representatives, executors, administrators, successors, heirs,
distributees, devisees and legatees. Executive's duties and obligations under
this Agreement are personal to and may not be assigned by Executive. This
Agreement shall inure to the benefit of and be fully enforceable by the Bank or
Bancorp's successors or assigns.

            (j) Voluntary Agreement. Executive acknowledges, warrants and
represents that (a) he has read and understands each of the terms and conditions
of this Agreement, including, without limitation, the provisions set forth in
Sections 9 through 15, above; (b) he is entering into this Agreement, including,
without limitation, the provisions set forth in Sections 9 through 15, above,
and freely, voluntarily and knowingly and without any coercion or duress; and
(c) Executive expressly intends that each of the terms and conditions of this
Agreement be fully enforceable and enforced by any court that may later review
this Agreement, if ever, and Executive never will attempt to establish, argue or
otherwise claim that any of the terms and conditions of this Agreement are void,
voidable or otherwise unenforceable.

      IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the day and year first above written.

ATTEST:                                   COMMUNITY BANK OF NEVADA

                                       18
<PAGE>
___________________________               By:______________________________
Witness                                   Its:_____________________________
                                          Print Name:______________________

                                          COMMUNITY BANCORP

____________________________              By:______________________________
Witness                                   Its:_____________________________
                                          Print Name:______________________

                                          THE EXECUTIVE

____________________________              _________________________________
Witness                                   Edward M. Jamison

                                       19

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