Document:

ex_176471.htm

 

EXHIBIT 4.1 

 

DESCRIPTION OF THE REGISTRANT’S SECURITIES

REGISTERED PURSUANT TO SECTION 12 OF 

THE SECURITIES EXCHANGE ACT OF 1934

 

Oak Valley Bancorp, Inc. (“we,” “our,” “us,” or the “Company”) has one class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended: our common stock. The following summary of the terms of our common stock is based upon our Articles of Incorporation, as amended (“Articles of Incorporation”) and our Amended and Restated Bylaws (“Bylaws”). This summary does not purport to be complete and is subject to, and is qualified in its entirety by express reference to, the applicable provisions of our Articles of Incorporation, as amended and our Bylaws, as amended which are filed as exhibits to our Annual Report on Form 10-K and are incorporated by reference herein. We encourage you to read our Articles of Incorporation, our Bylaws and the applicable provisions of the California General Corporation Law for more information.

 

Description of Common Stock

 

Authorized Capital Shares

 

Our authorized capital stock consists of 50,000,000 shares of common stock, without par value, and 10,000,000 shares of preferred stock, without par value. 

 

Dividend Rights

 

Subject to preferences that may apply to any shares of preferred stock outstanding at the time, the holders of outstanding shares of our common stock are entitled to receive dividends out of funds legally available at the times and in the amounts that our board of directors may determine.

 

Voting Rights

 

Holders of our common stock are entitled to one vote per share. We have not provided for cumulative voting for the election of directors in our Articles of Incorporation, which means that the holders of a majority of our common stock can elect all of the directors then standing for election.

 

No Preemptive or Similar Rights

 

Our common stock is neither entitled to preemptive rights nor is it subject to redemption.

 

Conversion

 

Our common stock is not convertible into any other shares of our capital stock.

 

Right to Receive Liquidation Distributions

 

Upon our liquidation, dissolution or winding-up, the assets legally available for distribution to our stockholders would be distributable ratably among the holders of our common stock and any participating preferred stock outstanding at that time after payment of liquidation preferences, if any, on any outstanding shares of preferred stock and payment of other claims of creditors.

 

 

 

 

Fully Paid and Non-Assessable

 

All of the outstanding shares of our common stock are fully paid and non-assessable.

 

Listing

 

Our common stock is listed on the Nasdaq Capital Market under the symbol “OVLY.”

 

Transfer Agent and Registrar

 

The transfer agent and registrar for our common stock is Computershare Trust Company, N.A.

 

Anti-takeover Provisions

 

The provisions of California General Corporations Law, federal regulations and the provisions of our Articles of Incorporation and our Bylaws may have the effect of delaying, deferring or preventing a change in our control. Our Articles of Incorporation and Bylaws provide for the election of directors to staggered terms of three years; advance notice requirements for nominations for election to our Board of Directors and for proposing matters that stockholders may act on at stockholder meetings, and a requirement that only directors may fill a vacancy in our Board of Directors. Our Articles of Incorporation also authorizes our Board of Directors to issue preferred stock, and preferred stock could be issued as a defensive measure in response to a takeover proposal. In addition, pursuant to federal banking regulations, as a general matter, no person or company, acting individually or in concert with others, may acquire more than 10 percent of our common stock without prior approval from our federal banking regulator. These provisions may deter a hostile takeover or delay a change in control or management of the Company.ffwm-ex101_6.htm

Exhibit 10.1

 

FIFTH AMENDMENT TO EMPLOYMENT AGREEMENT

 

This FIFTH AMENDMENT TO EMPLOYMENT AGREEMENT (the “Fifth Amendment” or this “Amendment”) is made as of March 11, 2020 (the “Effective Date”), by and between First Foundation Inc., a Delaware corporation and First Foundation Bank (“FFB”), a California corporation (collectively the “Employer”), and Scott F. Kavanaugh (“Executive”), with reference to the following:

 

RECITALS

 

WHEREAS, Employer and Executive are parties to that certain Employment Agreement dated as of December 31, 2009, as amended by that certain First Amendment to Employment Agreement dated as of December 28, 2012, that certain Second Amendment to Employment Agreement dated as of August 31, 2013, that certain Third Amendment to Employment Agreement dated as of January 26, 2016, and that certain Fourth Amendment to Employment Agreement dated as of February 7, 2018 (as amended, the “Employment Agreement”).

 

WHEREAS, FFB conducts a banking business and is a wholly-owned subsidiary of First Foundation Inc. (“Parent”), which, through its subsidiaries (collectively “Affiliates”), provides commercial banking, investment management, wealth management, advisory services, trust services and other financial services to the public.

 

WHEREAS, Employer and Executive desire to amend the Employment Agreement in the manner and to the extent set forth hereinafter.

 

AGREEMENT

 

NOW, THEREFORE, for good and valuable consideration, the adequacy and receipt of which is hereby acknowledged, and with the intent to be legally bound hereby, Employer and Executive agree as follows:

 

1.Amendment to Section 4.  The second sentence of Section 4 of the Employment Agreement is hereby amended to read in its entirety as follows:

 

“The expiration date of the Term of the Agreement is hereby extended to December 31, 2022.”  

 

2. Except as otherwise provided herein, capitalized terms used in this Amendment shall have the definitions set forth in the Employment Agreement.

3.Except as expressly modified hereby, all terms, conditions and provisions of the Employment Agreement shall continue in full force and effect.

IN WITNESS WHEREOF, this Agreement has been executed by Employer and by Executive as of the Effective Date.

 

 

Signature page follows

 

EMPLOYER: 

FIRST FOUNDATION BANKFIRST FOUNDATION INC.

By:   /s/ D. DEPILLOBy: /s/ D. DEPILLO    

Name:    David DePilloName: David DePillo

Title:      President Title: President

 

 

EXECUTIVE:

 

/s/ S. KAVANAUGH

Name:   Scott F. Kavanaugh

 

 

 

2ffwm-ex102_8.htm

Exhibit 10.2

 

FIFTH AMENDMENT TO EMPLOYMENT AGREEMENT

 

This FIFTH AMENDMENT TO EMPLOYMENT AGREEMENT (the “Fifth Amendment” or this “Amendment”) is made as of March 11, 2020 (the “Effective Date”), by and between First Foundation Inc., a Delaware corporation and First Foundation Advisors (“FFA”), a California corporation (collectively the “Employer”), and Ulrich E. Keller, Jr. (“Executive”), with reference to the following:

 

RECITALS

 

WHEREAS, Employer and Executive are parties to that certain Employment Agreement dated as of December 31, 2009, as amended by that certain First Amendment to Employment Agreement dated as of December 28, 2012, that certain Second Amendment to Employment Agreement dated as of August 31, 2013, that certain Third Amendment to Employment Agreement dated as of January 26, 2016, and that certain Fourth Amendment to Employment Agreement dated as of February 7, 2018 (as amended, the “Employment Agreement”).

 

WHEREAS, FFA is engaged in the business of providing  investment management, wealth management and advisory services primarily to high net worth individuals as a wholly-owned subsidiary of First Foundation Inc., which, through its subsidiaries (collectively “Affiliates”), provides commercial banking, investment management, wealth management, advisory services, trust services and other financial services to the public.

 

WHEREAS, Employer and Executive desire to amend the Employment Agreement in the manner and to the extent set forth hereinafter.

 

AGREEMENT

 

NOW, THEREFORE, for good and valuable consideration, the adequacy and receipt of which is hereby acknowledged, and with the intent to be legally bound hereby, Employer and Executive agree as follows:

 

1.Amendment to Section 4.  The second sentence of Section 4 of the Employment Agreement is hereby amended to read in its entirety as follows:

 

“The expiration date of the Term of the Agreement is hereby extended to December 31, 2022.”  

 

2. Except as otherwise provided herein, capitalized terms used in this Amendment shall have the definitions set forth in the Employment Agreement.

3.Except as expressly modified hereby, all terms, conditions and provisions of the Employment Agreement shall continue in full force and effect.

IN WITNESS WHEREOF, this Agreement has been executed by Employer and by Executive as of the Effective Date.

 

 

Signature page follows

EMPLOYER: 

FIRST FOUNDATION ADVISORSFIRST FOUNDATION INC.

By:   /s/ J. HAKOPIANBy:   /s/ S. KAVANAUGH    

Name:    John HakopianName: Scott Kavanaugh

Title:      President Title: Chief Executive Officer

 

 

EXECUTIVE:

 

/s/ U.E. KELLER

Name:   Ulrich E. Keller, Jr.

 

 

 

 

2ffwm-ex103_9.htm

Exhibit 10.3

 

SECOND AMENDMENT TO EMPLOYMENT AGREEMENT

 

This SECOND AMENDMENT TO EMPLOYMENT AGREEMENT (the “Second Amendment” or this “Amendment”) is made as of March 11, 2020 (the “Effective Date”), by and between First Foundation Bank (the “Employer”), a California corporation, and David DePillo (“Executive”), with reference to the following:

 

RECITALS

 

WHEREAS, Employer and Executive are parties to that certain Employment Agreement dated as of May 11, 2015, as amended by that certain First Amendment to Employment Agreement dated as of February 7, 2018 (as amended, the “Employment Agreement”).

 

WHEREAS, Employer conducts a banking business as a wholly-owned subsidiary of First Foundation Inc. (“Parent”), which, through its subsidiaries (collectively “Affiliates”), provides commercial banking, investment management, wealth management, advisory services, trust services and other financial services to the public.

 

WHEREAS, Employer and Executive desire to amend the Employment Agreement in the manner and to the extent set forth hereinafter.

 

AGREEMENT

 

NOW, THEREFORE, for good and valuable consideration, the adequacy and receipt of which is hereby acknowledged, and with the intent to be legally bound hereby, Employer and Executive agree as follows:

 

1.Amendment to Section 4.  Section 4 of the Employment Agreement is hereby amended to read in its entirety as follows:

 

“Unless sooner terminated pursuant to Section 6 hereof, the term of Executive’s employment with Employer pursuant to this Agreement commenced on May 11, 2015 and shall end on December 31, 2022 (the “Term”).”  

 

2. Except as otherwise provided herein, capitalized terms used in this Amendment shall have the definitions set forth in the Employment Agreement.

3.Except as expressly modified hereby, all terms, conditions and provisions of the Employment Agreement shall continue in full force and effect.

IN WITNESS WHEREOF, this Agreement has been executed by Employer and by Executive as of the Effective Date.

 

 

Signature page follows

EMPLOYER: 

FIRST FOUNDATION BANK

By:   /s/ S. KAVANAUGH

Name:    Scott Kavanaugh

Title:      Chief Executive Officer

 

EXECUTIVE:

 

/s/ D. DEPILLO.

Name:   David DePillo

 

 

 

2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00306-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00306-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00306-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00306-of-00352.parquet"}]]