Document:

EXHIBIT 10.5

 

FOURTH AMENDMENT TO EMPLOYMENT AGREEMENT

 

THIS FOURTH AMENDMENT TO EMPLOYMENT AGREEMENT (this “Amendment”) is
dated as of December 22, 2008, by and between BRAM GOLDSMITH (“Goldsmith”),
on the one hand, and CITY NATIONAL CORPORATION, a Delaware corporation (“CNC”)
and CITY NATIONAL BANK, a national banking association (“CNB”), on the other
hand.

 

WHEREAS, the parties have entered into that certain Employment
Agreement, dated as of May 15, 2003, as amended (as amended, the “Agreement”);

 

WHEREAS, the initial term of the Agreement was two years from May 15,
2003 to May 15, 2005, as amended to extend the term for an additional two
years to May 14, 2007, further amended to extend the term for an
additional year to May 14, 2008, and further amended to extend the term
for an additional year until May 14, 2009;

 

WHEREAS, the parties wish to amend the Agreement in recognition of the
requirements of Internal Revenue Code Section 409A, and update it, and the
Board of Directors of CNB and CNC have approved the amendment;

 

NOW, THEREFORE, in consideration of the foregoing and the mutual
covenants and promises contained herein, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto hereby agree as follows:

 

1.             All capitalized
terms used herein and not otherwise defined herein shall have the meanings set
forth in the Agreement.

 

2.             Effective December 31,
2008, Goldsmith’s Employment Agreement dated as of March 31, 1997 (“CiC
Agreement”) will be mutually rescinded by Goldsmith and CNC, and will be of no
further effect, and neither Goldsmith not CNC will have any further duties,
obligations, or benefits under the CiC Agreement.  In consideration of this rescission,
Goldsmith will then become a Participant in the City National Corporation
Strategy & Planning Committee Change in Control Severance Plan.

 

3.             Section 8(d) of
the Agreement is hereby amended by substituting the following provision in
place of the current language:

 

“(d) Change in Control.  In the event of a “Change in Control” on or
after December 31, 2008  (as that term
is defined in the City National Corporation Strategy & Planning
Committee Change in Control Severance Plan, as amended from time to time (“Plan”),
CNC and Goldsmith’s rights and obligations shall be governed by the Plan with
respect to all matters covered therein. 
If Goldsmith receives payments under the Plan as a result of the
involuntary termination of his employment or his resignation for “Good Reason”
(as defined in the Plan), neither he nor his spouse, beneficiary, heirs,
trust(s), or estate shall be entitled to any 

 

 

payments or compensation under Sections 8.(a), 8.(b), or 8.(c) of
this Agreement.”

 

4.             Section 9 of
the Agreement is hereby amended by deleting this portion of line 4 of Section 9:
“, except for those contained in the Change in Control Agreement”.

 

5.             Section 5 of
the Agreement is hereby amended by deleting the first sentence of Section 5
and substituting the following sentence in its place:

 

“For the fiscal year 2008, Goldsmith shall be eligible for an annual
incentive bonus based upon company and individual performance in an amount not
to exceed $150,000, and the total amount paid to Mr. Goldsmith pursuant to
paragraphs 4 and 5 of this Agreement shall not exceed $500,000.”

 

6.             New Section 19
is added to the Agreement, and provides:

 

“All amounts
which would be payable to Goldsmith (or his spouse, beneficiary, heirs,
trust(s), or estate) after his termination of employment for any reason as
payments of his Annual Compensation or Incentive Bonus shall be paid in a lump
sum in cash, without any discount, within 30 days after Goldsmith’s “separation
from service” for any reason within the meaning of Internal Revenue Code Section 409A,
notwithstanding any provision in this Agreement that provides for such payments
to be made in installments rather than a lump sum.

 

7.             The CiC Agreement is deleted as an Exhibit to
the Agreement.

 

8.             Except as amended
hereby, the Agreement shall remain in full force and effect.

 

9.             This Amendment
shall be governed by, and construed in accordance with, the laws of the State
of California.

 

IN WITNESS WHEREOF, the parties hereto have executed this Amendment to
Employment Agreement as of the date first written above.

 

 

	
    /s/ Bram Goldsmith

  	
   

  	
   

  
	
  Bram Goldsmith

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  CITY NATIONAL CORPORATION

  	
   

  	
  CITY NATIONAL BANK

  
	
   

  	
   

  	
   

  	
   

  
	
  By: 

  	
        /s/Michael Cahill

  	
   

  	
  By: 

  	
     /s/ Michael Cahill

  
	
  Name: Michael B. Cahill

  	
   

  	
  Name: 

  	
  Michael B. Cahill

  
	
  Title:  EVP,
  Secretary & General Counsel

  	
   

  	
  Title:

  	
  EVP, Secretary & General CounselExhibit 10.8

 

AMENDMENT
TO CITY NATIONAL CORPORATION

1995
OMINIBUS PLAN

 

WHEREAS, the Company has
previously adopted the City National Corporation 1995 Omnibus Plan (the “Plan”)
on February 22, 1995, and the Plan was approved by the shareholders of the
Company on April 18, 1995, and the Plan was previously amended on April 16,
1997; and

 

WHEREAS, the Board is
authorized to amend the Plan pursuant to Section 7.6(a) of the Plan;
and

 

WHEREAS, the Board has been
advised that shareholder approval of this Amendment to the Plan is not required
by Rule 16b-3 or Section 424 of the Code or to comply with any other
applicable law, and has determined that shareholder approval is not necessary
or advisable for any other reason;

 

NOW, THEREFORE, pursuant to Section 7.6(a) of
the Plan, the Plan is hereby amended as follows:

 

1.             Notwithstanding any other provision of the Plan, the
Committee may grant to any Eligible Employee (including Other Eligible Persons)
an Award (including, but not limited to restricted units or other deferred
Awards) which will be payable in shares of Common Stock (a “Share Award”)
and/or in Cash Only Awards on such terms as the Committee may determine in its
sole discretion.  Such Awards may be made as additional compensation for
services or may be in lieu of other compensation which the Eligible Employee is
entitled to receive from the Company.  All such Share Awards and Cash Only
Awards shall constitute Awards for all purposes of the Plan, and shall be
subject to the limits on Awards which are payable in Shares and in cash which
are contained in the Plan.

 

2.             Notwithstanding any other provision of the Plan, the
Committee may grant Dividend Equivalents in connection with any Award which is
made under the Plan on such terms as the Committee may determine in its sole
discretion.

 

3.             All capitalized terms which are used herein shall have
the same definitions which are contained in the Plan, unless otherwise defined
herein.EXHIBIT 10.10

 

AMENDMENT TO

CITY NATIONAL CORPORATION

1995 OMNIBUS PLAN

 

WHEREAS, City National Corporation (the “Corporation”) maintains the
City National Corporation 1995 Omnibus Plan (the “Plan”) to promote the success
of the Corporation by providing an additional means through the grant of awards
to attract, motivate, retain and reward key employees, including officers,
whether or not directors, of the Corporation with awards and incentives for
high levels of individual performance and improved financial performance of the
Corporation;

 

WHEREAS, awards under the Plan may constitute nonqualified deferred
compensation within the meaning of Section 409A of the Internal Revenue
Code of 1986, as amended, and the Treasury Regulations thereunder (“Section 409A”);

 

WHEREAS, pursuant to Section 7.6(a) of the Plan, the Board of
Directors of the Corporation has the right to amend the Plan; and

 

WHEREAS, it is desirable to amend the Plan in order to avoid a
violation of Section 409A;

 

NOW, THEREFORE, the Plan is hereby amended, effective as of January 1,
2009, with approval by the Board of Directors of City National Corporation, as
follows:

 

1.  The following sentence shall
be added to the end of Section 5.3 of the Plan:

 

“No deferral shall be authorized pursuant to this Section 5.3 if
such deferral would violate the requirements of Section 409A of the Code.”

 

2.  A new Section 7.13 shall
be added to the Plan, which shall read in its entirety as follows:

 

“7.13.     Compliance
with Section 409A of the Code

 

(a)           Plan Construction.

 

(i)            Except
to the extent specifically provided otherwise by the Committee, it is intended
that the Plan and Awards issued thereunder will comply with Section 409A
of the Code (and any Treasury Regulations and other guidance issued thereunder)
to the extent the Awards are subject thereto, and the Plan and such Awards
shall be interpreted on a basis consistent with such intent. For purposes of
this Section 7.13, the terms specified herein shall have the respective
meanings ascribed thereto under Section 409A of the Code and the Treasury
Regulations thereunder. The Plan and any Award Agreements issued thereunder may
be 

 

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amended in any respect deemed by the
Committee to be necessary in order to seek to preserve compliance with Section 409A
of the Code.

 

(ii)           Except
to the extent specifically provided otherwise by the Committee, Awards under
the Plan which are subject to Section 409A of the Code are intended to
satisfy the requirements of Section 409A of the Code (and the Treasury
Regulations and other guidance issued thereunder) so as to avoid the imposition
of any additional taxes or penalties under Section 409A of the Code.  If the Committee determines that an Award,
Award Agreement, payment, distribution, deferral election, transaction or any
other action or arrangement contemplated by the provisions of the Plan would,
if undertaken, cause a Participant to become subject to any additional taxes or
other penalties under Section 409A of the Code, then unless the Committee
specifically provides otherwise, such Award, Award Agreement, payment,
distribution, deferral election, transaction or other action or arrangement
shall not be given effect to the extent it causes such result and the related
provisions of the Plan and/or Award Agreement will be deemed modified, or, if
necessary, suspended in order to comply with the requirements of Section 409A
of the Code to the extent determined appropriate by the Committee, in each case
without the consent of or notice to the Participant.

 

(b)           Distributions Under a Section 409A
Award.

 

(i)            Subject
to paragraph (ii) below, if any Award (including without limitation any
Award of restricted units) that constitutes, or provides for, a deferral of
compensation within the meaning of Section 409A of the Code (a “Section 409A
Award”) provides for a payment upon termination of employment or service, such
payment shall not be made unless the termination is a separation from service
within the meaning of Section 409A of the Code, as determined by the
Corporation in accordance with Section 1.409A-1(h) of the Treasury
Regulations, and shall be payable as soon as practical (but no later than 90
days) following such separation from service. 
For purposes of determining whether a separation from service has
occurred, a Participant shall be considered to have separated from service as
an employee when the facts and circumstances indicate that the Participant and
the Corporation reasonably anticipate that either (A) no further services
will be performed for the Corporation after a certain date, or (B) that
the level of bona fide services the Participant will perform for the
Corporation after such date (whether as an employee or as an independent
contractor) will permanently decrease to no more than 20% of the average level
of bona fide services performed by such Participant (whether as an employee or
as an independent contractor) over the immediately preceding 36-month period
(or the full period of services to the Corporation if the Participant has been
providing services to the Corporation less than 36 months).  For purposes of the preceding sentence,
services performed for the Corporation shall include services performed for (A) any
corporation which is a member of a controlled group of corporations (within the
meaning of Section 414(b) of the Code, substituting the language “at
least 20 percent” for “at least 80 percent” each place it appears in Section 

 

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1563(a)(1), (2) and (3) of the
Code) of which the Corporation is a component member, and (B) any entity
(whether or not incorporated) which is under common control with the
Corporation, as such common control is defined in Section 414(c) of
the Code and the Treasury Regulations thereunder, substituting the language “at
least 20 percent” for “at least 80 percent” each place it appears in Section 1.414(c)-2
of the Treasury Regulations.

 

(ii)           To
the extent that any Section 409A Award provides for payment upon
disability, a change in control event, or the occurrence of an unforeseeable
emergency (or any substantially similar event), such payment shall not be made
unless such event is a disability, a change in the ownership or effective
control of the Corporation or in the ownership of a substantial portion of the
assets of the Corporation, or an unforeseeable emergency, respectively, in each
case within the meaning of Section 409A of the Code and the Treasury
Regulations thereunder.  For the
avoidance of doubt, the foregoing sentence shall not limit the vesting
provisions of the Plan or any Award Agreement. 
Any payment upon the occurrence of an unforeseeable emergency shall be
made only to the extent of the amount reasonably necessary to satisfy the
emergency need, including amounts necessary to pay taxes reasonably anticipated
as a result of the distribution, after taking into account the extent to which
such unforeseeable emergency is or may be relieved through reimbursement or
compensation by insurance or otherwise or by liquidation of the Participant’s
assets (to the extent the liquidation of such assets would not itself cause
severe financial hardship).

 

(iii)          If,
on the date of a Participant’s separation from service, (i) such
Participant is a specified employee within the meaning of Section 409A of
the Code, as determined annually by the Corporation in accordance with Section 1.409A-1(i) of
the Treasury Regulations (using the methodology for identifying Key Employees
under Paragraph A.2 of Article VIII of the City National Corporation
Profit Sharing Plan, as amended from time to time, to the extent permitted by Section 409A
of the Code), and (ii) the Committee shall make a good-faith determination
that a payment or benefit under the Plan constitutes “deferred compensation”
within the meaning of Section 409A of the Code the payment of which is
required to be delayed for a six-month period in order to preserve the tax
treatment intended for such payment or to avoid additional tax, interest, or
penalties under Section 409A of the Code, then any payment otherwise due
upon separation from service shall not be paid on the otherwise scheduled
payment date, but shall instead be paid no later than 90 days following the end
of such six-month period.  Such amount
shall be paid without additional interest, unless otherwise determined by the
Committee, in its sole discretion, or as otherwise provided in any applicable
agreement between the Corporation and the Participant.

 

(c)           Amendments
to Awards; Acceleration of Benefits.  The
time or schedule of any distribution or payment of any Shares, cash, or other
property or amounts under a Section 409A Award shall not be modified in
any manner that causes a violation 

 

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of Section 409A of the Code, and shall
not be accelerated except as otherwise permitted under Section 409A(a)(3) of
the Code.

 

(d)           No
Representations or Covenants with Respect to Tax Qualification.  Although the Corporation may endeavor to
avoid adverse tax treatment (e.g., under Section 409A of the Code), the
Corporation makes no representation to that effect and expressly disavows any
covenant to avoid unfavorable tax treatment. 
A Participant shall be solely responsible and liable for the
satisfaction of all taxes, interest, and penalties that may be imposed on such
Participant or for such Participant’s account in connection with any payment or
benefit under the Plan (including any taxes, interest, and penalties under Section 409A
or any corresponding provision of state, local, or foreign law), and the Corporation
shall have no obligation to indemnify or otherwise hold such Participant
harmless from any or all of such taxes, interest, or penalties.”

 

3.  This Amendment shall not
apply to any Award or any portion of an Award under the Plan that is outstanding
as of the effective date hereof, to the extent that such Award or portion of an
Award was vested on December 31, 2004.

 

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

 

IN WITNESS
WHEREOF, the Corporation has caused its duly authorized officer to execute this
Amendment on this [      ] day of December, 2008.

 

	
   

  	
  CITY NATIONAL BANK

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Its:

  	
   

  
	
   

  	
   

  

 

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