Document:

Exhibit 10.26

 

AMENDMENT NUMBER 2

TO

2000 CITY NATIONAL BANK

EXECUTIVE DEFERRED COMPENSATION PLAN

 

(Amended and Restated for Plan Years 2004/05 and Later

Effective on January 1, 2009)

 

WHEREAS, City National Bank (“Bank”) maintains the 2000 City National Bank Executive Deferred Compensation Plan (the “Plan”) to provide supplemental retirement income benefits for a select group of management and highly compensated employees through deferrals of salary and/or commissions and bonuses;

 

WHEREAS, pursuant to Section 4.3 of the Plan a Participant who is entitled to receive an allocation of Employer Contributions under the City National Corporation (“Corporation”) Profit Sharing Plan (“PS Plan”) may be entitled to an additional contribution to the Plan by the Bank or the Corporation (a “Profit Sharing Make-Up Contribution”) as provided in Section 4.3(b);

 

WHEREAS, pursuant to Section 4.3(b) of the Plan no Profit Sharing Make-Up Contribution is allocated if the PS Plan Employer Contribution, alone or in conjunction with the Profit Sharing Make-Up Contribution, equals or exceeds the aggregate maximum allowed under the PS Plan;

 

WHEREAS, it is desirable to amend the Plan to credit a Profit Sharing Make-Up Contribution for years an Employer Contribution is made to the PS Plan on the same basis as participants in the PS Plan received (i.e. same percentage of otherwise eligible PS Plan pay);

 

WHEREAS, pursuant to Section 8.4 of the Plan, the Bank has the right to amend the Plan; and,

 

WHEREAS, this amendment is intended not to constitute a material modification, in accordance with Section 1.409A-6(a)(4)(i)(B) of the Treasury Regulations;

 

NOW, THEREFORE, the Plan is hereby amended, effective as of May 1, 2011 as follows:

 

1.             Section 4.3(b) of the Plan is amended to read as follows:

 

“A Participant shall receive a Profit Sharing Make-Up Contribution for a Plan Year in an amount determined by multiplying (i) the amount of Compensation (as such term is used in the CNC Profit Sharing Plan) that such Participant has elected to defer pursuant to this Plan for such Plan Year, by (ii) the percentage of Compensation (as such term is used in the CNC Profit Sharing Plan) that participants in the CNC Profit Sharing Plan received for such Plan Year as an Employer Contribution.”

 

 

2.             Except as provided herein, the terms of the Plan remain in full force and effect with respect to Grandfathered Amounts.

 

IN WITNESS WHEREOF, the Bank has caused its duly authorized officer to be effective as of the date first referenced above.

 

	
 
    	
CITY   NATIONAL BANK
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:   
    	
/s/   Patti Fischer
    
	
 
    	
 
    	
Patti   Fischer
    
	
 
    	
 
    	
Its:   Senior Vice President Human ResourcesExhibit 10.33

 

AMENDMENT NUMBER 1

TO

2000 CITY NATIONAL BANK

DIRECTOR DEFERRED COMPENSATION PLAN

(Amended and Restated for Plan Years 2004/5 and Later Effective on January 1, 2009)

 

WHEREAS, City National Bank (“Bank”) maintains the 2000 City National Bank Director Deferred Compensation Plan (Amended and Restated for Plan Years 2004/5 and Later Effective on January 1, 2009) (the “Plan”) to provide supplemental retirement income benefits for the outside directors of the Bank through deferrals of directors’ fees;

 

WHEREAS, pursuant to section 3.1(a) of the Plan, a Director who ceases to be a member of the Board of Directors of the Bank and is subsequently re-elected, reappointed or reinstated as an Eligible Director shall not be entitled to make a deferral election during the Initial Election Period;

 

WHEREAS, pursuant to Section 8.4 of the Plan, the Bank has the right to amend the Plan;

 

WHEREAS, it is desirable to amend the Plan to permit a subsequently re-elected, reappointed or reinstated Director to make a deferral election during the Initial Election Period subject to the requirements of Section 409A of the Internal Revenue Code and the Treasury Regulations and other Department of Treasury guidance issued thereunder; and

 

WHEREAS, this amendment is intended not to constitute a material modification, in accordance with Section 1.409A-6(a)(4)(i)(B) of the Treasury Regulations;

 

NOW, THEREFORE, the Plan is hereby amended, effective as of February 11, 2010, as follows:

 

1.             Section 3.1(a) of the Plan is amended to read as follows:

 

“Initial Election Period. Subject to Section 2.1, each Eligible Director may elect to defer Compensation by filing with the Bank or its agent an election that conforms to the requirements of this Section 3.1, using a form, method, or process approved by the Committee, no later than the last day of his or her Initial Election Period, subject to Section 3.1(d).  An Eligible Director who ceases to be a member of the Board of Directors of the Bank (or otherwise ceases to be an Eligible Director) and is subsequently re-elected, reappointed or reinstated as an Eligible Director shall be entitled to make an election pursuant to this Section 3.1(a) as a result of such re-election, reappointment or reinstatement subject to Section 3.1(d) and to complying with the requirements of Section 409A of the Code and the Treasury Regulations and other Department of Treasury guidance issued thereunder.  Any such election shall be irrevocable as of the date it is filed with the Bank or its agent.”

 

2.             Except as provided herein, the terms of the Plan remain in full force and effect.

 

 

IN WITNESS WHEREOF, the Bank has caused its duly authorized officer to execute this Amendment on this 11th day of February, 2010.

 

	
 
    	
CITY   NATIONAL BANK
    
	
 
    	
 
    
	
 
    	
By:   
    	
/s/   Patti Fischer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Patti   Fischer
    
	
 
    	
 
    	
 
    
	
 
    	
Its:
    	
Senior   Vice President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Human   ResourcesExhibit 10.34

 

AMENDMENT NUMBER 2

TO

2000 CITY NATIONAL BANK

DIRECTOR DEFERRED COMPENSATION PLAN

(Amended and Restated for Plan Years 2004/5 and Later Effective on January 1, 2009)

 

WHEREAS, City National Bank (“Bank”) maintains the 2000 City National Bank Director Deferred Compensation Plan (Amended and Restated for Plan Years 2004/5 and Later Effective on January 1, 2009) (the “Plan”) to provide supplemental retirement income benefits for the outside directors of the Bank through deferrals of directors’ fees;

 

WHEREAS, pursuant to section 3.1(b) of the Plan, a Director may make elect to defer 100% of the Annual Retainer, Meeting Fees and/or the Annual Award;

 

WHEREAS, pursuant to Section 8.4 of the Plan, the Bank has the right to amend the Plan;

 

WHEREAS, it is desirable to amend the Plan to revise the definition of “Annual Award” to reflect changes made by the Board of Directors to the method of calculating the award;

 

WHEREAS, it is desirable to amend the Plan to add the definition of “Board Annual Retainer” to reflect an additional form of compensation payable to members of the Board of Directors;

 

WHEREAS, it is desirable to amend the Plan to add to the Compensation which may be deferred by a Director the Board Annual Retainer and to allow for the designation of the CNC Stock Fund as an investment election for the Board Annual Retainer; and

 

WHEREAS, this amendment is intended not to constitute a material modification, in accordance with Section 1.409A-6(a)(4)(i)(B) of the Treasury Regulations;

 

NOW, THEREFORE, the Plan is hereby amended, effective as of January 1, 2012, as follows:

 

1.                                      Section 1.2, Definitions, is amended to read as follows:

 

“Annual Award” shall mean the annual award to which a Director is entitled for service as a member of the board of directors of the Corporation or the Board of Directors of the Bank which is payable in cash.

 

“Board Annual Retainer” shall mean the annual retainer to which a Director is entitled for service as a member of the board of directors of the Corporation or the Board of Directors of the Bank which is payable in cash.

 

“Compensation” shall mean the Participant’s Annual Award, Board Annual Retainer, Annual Retainer and Meeting Fees.

 

 

2.                                      Section 3.1, Elections to Defer Compensation, (b) of the Plan is amended to read as follows:

 

General Rule. The amount of Compensation which an Eligible Director may elect to defer is as follows, subject to the limitations in Section 3.1(d), if applicable:

 

(i)                                     Any percentage or dollar amount of Annual Retainer up to 100%; and/or

 

(ii)                                  Any percentage or dollar amount of Meeting Fees up to 100%; and/or

 

(iii)                               100% of the Annual Award; provided that any Annual Award which is deferred must be designated to be invested in the CNC Stock Fund (as defined in Section 3.2(e)); and/or

 

(iv)                              Any percentage or dollar amount of the Board Annual Retainer up to 100%

 

3.                                      Section 3.2, Investment Elections, (e) is amended by adding new subparagraph (D):

 

(D)                               A participant will be permitted to designate the CNC Stock Fund for any portion of the Board Annual Retainer.

 

3.                                      Except as provided herein, the terms of the Plan remain in full force and effect.

 

IN WITNESS WHEREOF, the Bank has caused its duly authorized officer to execute this Amendment to be effective as of the date first referenced above.

 

	
 
    	
CITY   NATIONAL BANK
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:   
    	
/s/   Patti Fischer
    
	
 
    	
 
    	
Patti   Fischer
    
	
 
    	
 
    	
Its:   Senior Vice President
    
	
 
    	
 
    	
Human   ResourcesExhibit 10.43

 

STOCK OPTION AWARD AGREEMENT

UNDER THE

CITY NATIONAL CORPORATION

AMENDED AND RESTATED 2002 OMNIBUS PLAN

 

This Stock Option Agreement is made and entered into as of, by and between City National Corporation, a Delaware corporation (the “Company”), and, an employee of the Company or a subsidiary of the Company (the “Optionee”), with reference to the following:

 

A.            On April 28, 2004 the shareholders of the Company adopted the City National Corporation Amended and Restated 2002 Omnibus Plan as amended from time to time thereafter, (the “Plan”), pursuant to which the Compensation, Nominating & Governance Committee of the Board of Directors (the “Committee”) may grant selected officers and other Company or Company subsidiary employees options to purchase shares of the Company’s common stock, $1.00 par value (the “Common Stock”).

 

B.            The Committee has determined to grant Optionee an Option to purchase shares of Common Stock pursuant to the terms and conditions of this Agreement. This Option is not an Incentive Stock Option, as that term is defined in Section 422 of the Internal Revenue Code and Treasury regulations thereunder.

 

NOW, THEREFORE, in consideration of the foregoing recitals and the performance of the mutual covenants contained herein, it is hereby agreed as follows:

 

1.             Grant of Option. The Company hereby grants to Optionee the right and option to purchase (the “Option”), upon the terms and conditions set forth in this Agreement, all or any part of the following number of Shares of Common Stock at the following price per share:

 

	
 
    	
Number   of Shares
    	
 
    	
Price   Per Share
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    

 

The number of shares subject to the Option and the Option exercise price are subject to adjustment in certain events, as provided in the Plan.

 

2.             Time of Exercise. The Option will vest and may be exercised at any time and from time to time after the dates set forth in the following schedule and before the Termination Date (as defined below) as to all or any number of full Shares not exceeding in the aggregate that percentage of all of the Shares set forth opposite each such date:

 

	
Time from
   Date of Grant
    	
 
    	
Options
   Vesting
    	
 
    	
Total Percentage of Shares as to which Options
   May be Exercised
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
After 1 year
    	
 
    	
25
    	
%
    	
25
    	
%
    
	
After 2 years
    	
 
    	
25
    	
%
    	
50
    	
%
    
	
After 3 years
    	
 
    	
25
    	
%
    	
75
    	
%
    
	
After 4 years
    	
 
    	
25
    	
%
    	
100
    	
%
    
	
After 10 years   (the “Termination Date”)
    	
 
    	
 
    	
 
    	
Any unexercised Options   
   will expire at this time
    	
 
    

 

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Notwithstanding the foregoing, all of the Options shall immediately vest on the earlier of (i) subject to the discretion of the Committee, the occurrence of a Change in Control Event (as such term is defined in the Plan), or (ii) the date Optionee’s employment with the Company is terminated by reason of death or Total Disability. In the event Colleague’s employment is terminated for any other reason, the Committee or its delegate, as appropriate, may, in the Committee’s or such delegate’s sole discretion, approve the vesting as to any or all Options still subject to vesting, such vesting to be effective on the date of such approval or Optionee’s termination date, if later.

 

3.             Method of Exercise. The Option or any part thereof may be exercised by giving written notice of exercise to the Company, sent directly to the Controller’s Department, which notice must state the number of full Shares to be purchased, and must be accompanied by payment in full for the number of Shares to be purchased. Subject to the Company’s Securities Trading Policy as may be in effect from time to time, such payment may be in cash, in Shares of Common Stock, or in a broker-assisted same-day sale transaction or a combination thereof. If any part of such payment consists of Common Stock, such Common Stock must have been owned for at least six months and will be valued at the last sale price of such Common Stock as reported by the New York Stock Exchange on the date of exercise. If Optionee’s notice is received by the Controller’s Office before 1:00 p.m (PT), the date of exercise of the Option, will be the date of receipt by the Controller’s Office. The exercise date for notices received after 1:00 p.m. (PT) will be the business day following the date of receipt by the Controller’s Office. Not less than 100 Shares may be purchased at any one time unless the Shares purchased are all of the Shares then purchasable under the Option.

 

The Company will issue and deliver to Optionee a certificate for the number of Shares purchased; provided, however, that if any federal or state law or regulation of any securities exchange listing the Company’s Shares requires the Company to take any action with respect to the exercised Share before issuance thereof, then the date for issuance and delivery of such Shares will be extended for the period of time necessary to take such action.

 

4.             Withholding of Tax. The exercise of Non-Qualified Stock Options may result in income to you for federal or state tax purposes. To the extent that you become subject to taxation, you shall deliver to the Company at the time of such exercise such amount of money or Shares of unrestricted Common Stock, as the Company may require to meet its withholding obligation under applicable tax laws or regulations. If you fail to do so, the Company is authorized to withhold from any cash or stock remuneration then or thereafter payable to you any tax required to be withheld by reason of such resulting compensation income. If you exercise Stock Options through a cashless transaction, taxes will be withheld from the proceeds of the sale of Shares. Your delivery of Shares to meet the tax withholding obligation is subject to the Company’s Securities Trading Policy as may be in effect from time to time. You must have owned any Common Stock you deliver for at least six months. Any Common Stock you deliver or which is withheld by the Company will be valued on the date of which the amount of tax to be withheld is determined. Any fractional Shares of Common Stock resulting from withholding of taxes will be paid to you in cash.

 

5.             Expiration of Options after Termination. Stock Options and all rights granted under this Agreement, to the extent such rights have not been exercised, will terminate on the earlier of the Termination Date or the earliest to occur of the following:

 

5.1            Immediately upon termination of Optionee’s employment for cause or any resignation which is in lieu of a termination for cause, as defined below.

 

2

 

5.2            If the employment of the Optionee terminates for any reason other than for cause, death, Retirement, Total Disability or disability, three (3) months after the date of such termination.

 

5.3            If Optionee’s employment terminates by reason of Retirement, Total Disability or disability, three (3) years after the date of such termination.

 

5.4            If Optionee dies while employed by the Company or within three (3) months after Optionee’s employment is terminated under the conditions specified in subparagraph 5.2 or 5.3 above, one (1) year after death. After the Optionee’s death, the Option and all rights granted under this Agreement, to the extent such rights will not theretofore have been exercised, may be exercised by Optionee’s designated Beneficiary, or if none, by the Optionee’s personal representative or by the person or persons to whom the Option will pass by will or by the applicable laws of descent and distribution.

 

Termination of Optionee’s employment with the Company to accept employment with a subsidiary of the Company, or vice versa or to go on leave of absence at the request, or with the approval, of the Company will not be deemed a termination of employment for the for the purpose of this paragraph. In the event of termination of employment, Optionee may exercise the Option only to the extent vested under paragraph 2 above on the date of termination.

 

Termination for cause, for purposes of the Plan and this Agreement, refers to any termination resulting from:  (a) conviction of a crime that is disqualifying from employment under City National’s Criminal Convictions Policy, as set forth in the Colleague Handbook, absent an FDIC waiver; or (b) gross misconduct or willful engagement in illegal conduct; or (c) willful and continued failure to perform substantially all of the Optionee’s duties with City National (except when such failure is due to incapacity due to physical or mental illness); or (d) a conflict of interest, as set forth in the CNB Code of Conduct.

 

6.             Limitation on Transfer. Except as otherwise provided in subparagraph 5.4 above, or pursuant to a DRO, the Option and all rights granted under this Agreement are personal to Optionee and cannot be transferred, assigned, pledged or hypothecated in any way (whether by operation of law or otherwise) and will not be subject to execution, attachment or similar processes.

 

7.             Employment Relationship. For purposes of this Agreement, Optionee shall be considered to be in the employment of the Company as long as Optionee remains an employee of either the Company, any successor corporation or a parent or subsidiary corporation (as defined in section 424 of the Internal Revenue Code) of the Company or any successor corporation. Any question as to whether and when there has been a termination of such employment, and the cause of such termination, shall be determined by the Committee, or its delegate, as appropriate, and its determination shall be final.

 

The Plan and this Agreement shall not constitute a contract of employment between the Company, any successor corporation or a parent or subsidiary corporation of the Company or any successor corporation and Optionee. Each Optionee is an at-will employee except as provided in any other written agreement. Nothing contained in the Plan (or any Award made pursuant to this Plan) or the Agreement shall confer upon Optionee any right to continue in the employment of the Company, or guarantee of payment of future incentives, or shall interfere with, affect or restrict in any way, the rights of the Company, which are expressly reserved, to discharge Optionee, any time for any reason whatsoever, with or without cause.

 

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8.             Availability of Plan/Plan Incorporated. Optionee acknowledges that Company has made available to Optionee a copy of the Plan and agrees that this Award of Options shall be subject to all of the terms and conditions set forth in the Plan, including future amendments thereto, if any, pursuant to the terms thereof, which Plan is incorporated herein by reference as a part of this Agreement. In the event of any conflict between the Plan and this Agreement, the provisions of the Plan will prevail. Optionee’s rights hereunder are subject to modification or termination in certain events, as provided in the Plan, including without limitation such rules and regulations as may from time to time be adopted or promulgated in accordance with paragraph 1.3 of the Plan. Capitalized terms not defined in this Agreement shall have the meanings set forth in the Plan.

 

9.             Committee Powers. No provision contained in this Agreement shall in any way terminate, modify or alter, or be construed or interpreted as terminating, modifying or altering any of the powers, rights or authority vested in the Committee or, to the extent delegated, in its delegate pursuant to the terms of the Plan or resolutions adopted in furtherance of the Plan, including, without limitation, the right to make certain determinations and elections with respect to the Options. All decisions of the Committee (as established pursuant to the Plan) with respect to any questions concerning the application, administration or interpretation of the Plan will be conclusive and binding on the Company and Optionee.

 

10.          No Rights as Shareholder. Optionee will have no rights as shareholder with respect to Shares of Common Stock covered by this Option until the date of the issuance of a stock certificate or stock certificates. No adjustment will be made for cash dividends for which the record date is prior to the date such stock certificate or certificates are issued.

 

12.          Compliance with Securities Laws. No Shares may be purchased or issued upon the exercise of this Option unless and until any then applicable requirements of the Securities and Exchange Commission, the California Commissioner of Corporations, any national securities exchange upon which the Common Stock of the Company may be listed and any other regulatory agency having jurisdiction have been fully complied with.

 

13.          Dispute Resolution. If a dispute arises between Optionee and Company in connection with the Stock Option award or the vesting or exercise of the Stock Options, the dispute will be resolved by binding arbitration with the American Arbitration Association (AAA) in accordance with the AAA’s Commercial Arbitration Rules then in effect.

 

14.          Binding Effect. This Agreement will bind and inure to the benefit of the Company and its successors and assigns, and Optionee and any heir, executor or administrator of Optionee as permitted by subparagraph 5.4.

 

15.          Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of California.

 

IN WITNESS WHEREOF, the parties have executed the Agreement as of the date and year written above.

 

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CITY NATIONAL CORPORATION,
    	
 
    
	
 
    	
 
    	
a Delaware corporation
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Christopher J. Carey
    	
 
    
	
 
    	
 
    	
Christopher J. Carey,   Executive Vice
    	
 
    
	
 
    	
 
    	
President, Chief   Financial Officer
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Optionee
    	
 
    

 

PLEASE RETURN ONE COPY OF THE SIGNED AGREEMENT TO THE COMPENSATION SECTION OF HUMAN RESOURCES (86-001)

 

5

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