Document:

Exhibit
10.34

 

SVB
FINANCIAL GROUP

CHANGE IN
CONTROL SEVERANCE PLAN AND

SUMMARY
PLAN DESCRIPTION

 

1.             Introduction.
 The purpose of this Plan is to provide assurances
of specified severance benefits to eligible key employees of the Company whose
employment is subject to being involuntarily terminated (other than for Cause,
death or permanent disability) or they resign from such employment for Good
Reason following a Change in Control.  The
Company recognizes that the potential of a Change in Control can be a
distraction to key employees and can cause such key employees to consider
alternative employment opportunities.  The
Plan is intended to (i) assure that the Company will have continued dedication
and objectivity of its key employees, notwithstanding the possibility, threat
or occurrence of a Change in Control and (ii) provide the Company’s key
employees with an incentive to continue their employment and to motivate its key
employees to maximize the value of the Company upon a Change in Control for the
benefit of its stockholders.  This Plan
is an “employee welfare benefit plan,” as defined in Section 3(1) of the Employee
Retirement Income Security Act of 1974, as amended.  This Plan is governed by ERISA and, to the
extent applicable, the laws of the State of California.  This document constitutes both the written
instrument under which the Plan is maintained and the required summary plan
description for the Plan.

 

2.             Important
Terms.  To help you understand
how this Plan works, it is important to know the following terms:

 

(a)           “Administrator” means the Company, acting through the
Compensation Committee of the Board or any person to whom the Administrator has
delegated any authority or responsibility pursuant to Section 7, but only to
the extent of such delegation.

 

(b)           “Base Salary” means the base salary rate in effect for the
subject Covered Employee at the time of termination, or, if greater, as in
effect immediately prior to a Change in Control, exclusive of any bonus or
other incentive cash compensation, income from any stock options or other
equity awards, supplemental deferred compensation contributions made by the
Company, pension or profit sharing contributions or distributions (except as
provided below), insurance payments or proceeds, fringe benefits, or other form
of additional compensation, but specifically including any amounts withheld
from base salary to provide benefits pursuant to section 125, 401(k), or 402(g)
of the Internal Revenue Code or pursuant to any other plan or program of
deferred compensation.

 

(c)           “Board” means the Board of Directors of the Company.

 

(d)           “Cause” means a Covered Employee’s dismissal or
discharge by the Company (or, if applicable, by the successor entity or one of
their respective affiliates) for one of the following reasons: (a) the
commission by the Covered Employee of an act of deliberately criminal or
fraudulent misconduct in the line of duty to the Company or one of its
affiliates, including, but not limited to, the willful violation of any
material law, rule, regulation, or cease and desist order applicable to the
Covered Employee or the Company (or one of its affiliates), a deliberate act
that constitutes a conflict of interest with the Company or the Company’s stockholders,
or a deliberate breach of a fiduciary duty owed by the Covered Employee to the
Company (or one of its affiliates) or the Company’s stockholders; (b) the
Covered Employee’s

 

 

habitual
absence from work, intentional failure to perform stated duties, gross
negligence, or gross incompetence in the performance of stated duties; (c) the
Covered Employee’s chronic alcohol or drug abuse that results in a material
impairment of the Covered Employee’s ability to perform his or her duties as an
employee of the Company (or one of its affiliates) after reasonable
accommodation; (d) the rendering of a verdict of guilty against the
Covered Employee for any felony (other than a law relating to a traffic
violation or similar offense), whether or not in the line of duty; or (e) the
Covered Employee’s removal from his or her office with the Company or (one of
its affiliates) pursuant to an effective order under Section 8(e) of the
Federal Deposit Insurance Act 12 U.S.C. Section 1818(e).

 

The termination of a Covered
Employee’s employment will be deemed to be for “Cause” if such termination
occurs as a result of the death or permanent disability of the Covered
Employee.

 

(e)           “Change in Control” means (i) A merger or consolidation
of the Company with any other corporation, other than a merger or consolidation
which would result in beneficial owners of the total voting power in the
election of directors represented by the voting securities (“Voting Securities”) of the Company (as the case may be)
outstanding immediately prior thereto continuing to beneficially own securities
representing (either by remaining outstanding or by being converted into voting
securities of the surviving entity) at least fifty percent (50%) of the total
Voting Securities of the Company, or of such surviving entity, outstanding
immediately after such merger or consolidation; (ii) the filing of a plan of liquidation or dissolution of the
Company or the closing of the sale, lease, exchange or other transfer or
disposition by the Company of all or substantially all of the Company’s assets; (iii) any person (as such term is used
in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended
(the “Exchange Act”)) , other than (A)
a trustee or other fiduciary holding securities under an employee benefit plan
of the Company, or (B) a corporation owned directly or indirectly by the
stockholders of the Company in substantially the same proportions as their
beneficial ownership of stock in the Company, is or becomes the beneficial
owner (within the meaning of Rule 13d-3 under the Exchange Act), directly or
indirectly, of the securities of the Company representing fifty percent (50%)
or more of the Voting Securities; or
(iv) any person (as such term is used in Sections 13(d) or 14(d) of
the Exchange Act), other than (A) a trustee or other fiduciary holding
securities under an employee benefit plan of the Company, or (B) a corporation
owned directly or indirectly by the stockholders of the Company in
substantially the same proportions as their ownership of stock in the Company,
is or becomes the beneficial owner (within the meaning or Rule 13d-3 under the
Exchange Act), directly or indirectly, of the securities of the Company
representing twenty-five percent (25%) or more of the Voting Securities of such
corporation, and within twelve (12) months of the
occurrence of such event, a change in the composition of the Board occurs as a
result of which sixty percent (60%) or fewer of the Directors are Incumbent
Directors.

 

(f)            “Company” means SVB Financial Group, a Delaware
corporation, and any successor by merger, acquisition, consolidation or
otherwise that assumes the obligations of the Company under the Plan.

 

(g)           “Covered Employee” means an employee of the Company who has
been designated by the Administrator to participate in the Plan.  Each such designated employee will be a Tier
1, Tier 2 or Tier 3 Covered Employee as defined below.

 

 

(h)           “Determination Period” means the time period beginning on the date
of the Change in Control and ending twenty-four (24) months following the
Change in Control.

 

(i)            “Effective Date” means March 13, 2006.

 

(j)            “ERISA” means the Employee Retirement Income Security Act of
1974, as amended.

 

(k)           “Good Reason” means that a Covered Employee voluntarily
terminates his or her employment after any of the following are undertaken
without the Covered Employee’s express written consent: (a) the material,
involuntary reduction in the Covered Employee’s responsibilities, authorities
or functions as an employee of the Company and/or affiliate thereof as in
effect immediately prior to a Change in Control, except in connection with the
termination of the Covered Employee’s employment for death, disability,
retirement, fraud, misappropriation, embezzlement or any listed exclusion from
the definition of Cause; (b) a reduction in the Covered Employee’s Base Salary;
(c) a reduction in the Covered Employee’s Total Compensation to less than 85%
of the amount provided to the Covered Employee for the last full calendar year
immediately preceding the occurrence of a Change in Control; or (d) a
relocation of the Covered Employee to a location more than fifty (50) miles
from the location at which the Covered Employee performed the Covered Employee’s
duties prior to a Change in Control, except for required travel by the Covered
Employee on the Company’s business to an extent substantially consistent with
the Covered Employee’s business travel obligations at the time of a Change in
Control.

 

(l)            “Incumbent Directors” means members of the Board who either
(A) are members of the Board as of the date hereof, (B) are elected, or
nominated for election, to the Board with the affirmative votes of at least a
majority of the members of the Board who are Incumbent Directors described in
(A) above at the time of such election or nomination, or (C) are elected, or
nominated for election, to the Board with the affirmative votes of at least a
majority of the members of the Board who are Incumbent Directors described in
(A) or (B) above at the time of such election or nomination.  Notwithstanding the foregoing, “Incumbent Directors” will not include an individual whose
election or nomination to the Board occurs in order to provide representation
for a person or group of related persons who have initiated or encouraged an
actual or threatened proxy contest relating to the election of members of the
Board.

 

(m)          “Involuntary Termination” means a termination of employment of a
Covered Employee under the circumstances described in Section 4(a).

 

(n)           “Plan” means this SVB Financial Group Change in
Control Severance Plan, as set forth in this document, and as hereafter amended
from time to time.

 

(o)           “Severance Benefit” means the compensation and other benefits
the Covered Employee will be provided pursuant to Section 4.

 

(p)           “Tier 1 Covered Employee” means the Company’s Chief Executive Officer.

 

(q)           “Tier 2 Covered Employee” means the Company’s Chief Financial Officer,
Chief Operating Officer and Chief Strategy Officer.

 

 

(r)            “Tier 3 Covered Employee” means all individuals designated
as executive officers by the Company not already included as a Tier 1 or Tier 2
Covered Employee.

 

(s)           “Total Compensation” means the amount of compensation paid by the
Company to a Covered Employee with respect to the calendar year immediately
preceding the occurrence of a Change in Control.  Such amount will include the following amounts
paid with respect to such calendar year: the Covered Employee’s Base Salary,
any annual target incentive compensation, and any amounts withheld from the Covered
Employee’s base salary or bonus to provide benefits pursuant to section 125,
401(k), or 402(g) of the Internal Revenue Code or pursuant to any other plan or
program of deferred compensation.  Such
amount will exclude any bonus declared or paid from the warrant incentive plan
of the Company, overtime pay, any income from any stock options or other equity
awards, supplemental deferred compensation contributions made by the Company,
pension or profit sharing contributions or distributions (except included
above), insurance payments or proceeds, fringe benefits, amounts payable under
the Company’s Retention Program Plan) and other forms of additional
compensation.  Notwithstanding the
foregoing, any annual incentive compensation declared for the calendar year
immediately the occurrence of a Change in Control will relate to the Covered
Employee’s performance in the preceding calendar year.

 

3.             Eligibility
for Severance Benefit.  An individual is
eligible for the Severance Benefit under the Plan, in the amount set forth in
Section 4, only if he or she is a Covered
Employee on the date he or she experiences an Involuntary Termination and
executes, and does not revoke, a release in favor of the Company as required by
Section 4(c).

 

4.             Severance
Benefit.

 

(a)           Involuntary Termination Following
a Change in Control.  If at any time within the Determination Period
(i) a Covered Employee resigns from his or her employment with the Company (or
any parent or subsidiary of the Company) for Good Reason, or (ii) the Company
(or any parent or subsidiary of the Company) terminates such Covered Employee’s
employment without Cause, then, subject to the Covered Employee’s compliance
with Section 4(c), the Covered Employee will receive the following Severance
Benefit from the Company:

 

(i)            Severance Benefit.

 

(1)     Tier 1 Covered Employee.  Each
Tier 1 Covered Employee will be entitled to receive a lump sum cash payment
equal to 300% of: his or her Base Salary and target incentive bonus for the
year during which such termination occurs.

 

(2)     Tier 2 Covered Employee.  Each
Tier 2 Covered Employee will be entitled to receive a lump sum cash payment
equal to 200% of: his or her Base Salary and target incentive bonus for the
year during which such termination occurs.

 

(3)     Tier 3 Covered Employee.  Each
Tier 3 Covered Employee will be entitled to receive a lump sum cash payment
equal to 100% of: his or her Base Salary and target incentive bonus for the
year during which such termination occurs.

 

 

(ii)           Continued Medical Benefits.  If the
Covered Employee, and any spouse and/or dependents of the Covered Employee (“Family Members”) has medical and dental coverage on the date
of Covered Employee’s termination of employment under a group health plan
sponsored by the Company, the Company will pay or reimburse Covered Employee
for the total applicable premium cost for medical, dental and vision coverage
under the Consolidated Omnibus Budget Reconciliation Act of 1986, as amended,
and all applicable regulations (referred to collectively as “COBRA”) for Covered Employee and his or her Family Members for
a period of up to twelve (12) months.

 

Notwithstanding
the forgoing provisions of this Section 4(a)(ii), the Company will have no
obligation to reimburse the Covered Employee for the premium cost of COBRA
coverage beginning on or after the date the Covered Employee and his Family
Members first become eligible to obtain comparable benefits from a subsequent
employer.

 

(iii)          Tax-Qualified Retirement Plans.  The Covered Employee’s benefits accrued under
any pension, profit sharing, or stock bonus plan intended to satisfy the
requirements of Section 401(a) of the Internal Revenue Code, specifically
including, but not limited to, the SVB Financial Group 401(k) and Employee
Stock Ownership Plan and the Silicon Valley Bank Money Purchase Pension Plan,
shall become fully vested.

 

(iv)          Outplacement Services.  The
Company shall provide a Covered Employee with outplacement services under the
terms and conditions of the Company’s personnel policies in effect immediately
prior to the occurrence of a Change in Control.

 

(b)           Parachute Payments.  In
the event that the Severance Benefits provided for in this Plan or otherwise
payable or provided to the Covered Employee without regard to any additional payments required under this Section
4(b) (a “Payment”)
(i) constitute “parachute payments” within the meaning of Section 280G of
the Internal Revenue Code of 1986, as amended (the “Code”)
and (ii) but for this Section 4(b), would be subject to the excise tax
imposed by Section 4999 of the Code (the “Excise Tax”), then
if the Covered Employee’s Payments are equal to or are less than 330% of the
Covered Employee’s “base amount” (as such term is defined in Section 280G(b)(3)
and the Treasury Regulations promulgated thereunder), then the Covered Employee’s
Severance Benefits will be delivered as
to such lesser extent which would result in no portion of such Payments being
subject to the Excise Tax.

 

If the Covered Employee’s Payments are greater than
330% of the Covered Employee’s “base amount” (as such term is defined in
Section 280G(b)(3) and the Treasury Regulations promulgated thereunder), then the Covered Employee will be entitled to
receive an additional cash payment (a “Gross-Up
Payment”) from the Company in an amount equal to the sum of the
Excise Tax and an amount sufficient to pay the cumulative Excise Tax and all
cumulative income taxes (including any interest and penalties imposed with
respect to such taxes) relating to the Gross-Up Payment so that the net amount
retained by Covered Employee is equal to all payments to which Employee is
entitled pursuant to the terms of this Agreement (excluding the Gross-Up
Payment) or otherwise less income taxes (but not reduced by the Excise Tax or
by income taxes attributable to the Gross-Up Payment).

 

Unless the Company and the Covered Employee
otherwise agree in writing, any determination required under this
Section 4(b) will be made in writing in good faith by the accounting firm
serving as the Company’s independent public accountants immediately prior to

 

 

the Change in Control (the “Accountants”).  In the event of a reduction in benefits
hereunder, the Covered Employee will be given the choice of which benefits to
reduce.  For purposes of making the
calculations required by this Section 4(b), the Accountants may make reasonable
assumptions and approximations concerning applicable taxes and may rely on
reasonable, good faith interpretations concerning the application of Sections
280G and 4999 of the Code.  The Company
and the Covered Employee will furnish to the Accountants such information and
documents as the Accountants may reasonably request in order to make a
determination under this Section.  The
Company will bear all costs the Accountants may reasonably incur in connection
with any calculations contemplated by this Section 4(b).

 

(c)           Release.  As a condition to receiving Severance Benefits under this Plan, each
Covered Employee will be required to execute and not revoke a general release
of claims in favor of the Company in a form reasonably acceptable to the Company.
 The release will cover all claims
arising out of the Covered Employee’s Involuntary Termination and employment
with the Company and its subsidiaries and affiliates.

 

(d)           Noncompetition and
Nonsolicitation.

 

(i)            Noncompetition.  Unless
the Company provides otherwise in writing, the Covered Employee’s right to
receive the severance payments set forth in Section 4(a) (to the extent Covered
Employee is otherwise entitled to such payments) will be conditioned upon the
Covered Employee not directly or indirectly engaging in (whether as an
employee, consultant, agent, proprietor, principal, partner, stockholder,
corporate officer, director or otherwise), nor having any ownership interest in
or participating in the financing, operation, management or control of, any
person, firm, corporation or business that competes with Company (or any parent
or subsidiary of the Company) or is a customer of the Company (or any parent or
subsidiary of the Company) for the following period of time following an
Involuntary Termination: eighteen (18) months with respect to a Tier 1 Covered
Employee, twelve (12) months with respect to a Tier 2 Covered Employee and six
(6) months with respect to a Tier 3 Covered Employee; provided, however, that
that nothing in this Section 4(d) will prevent the Covered Employee from
owning as a passive investment less than 1% of the outstanding shares of the
capital stock of a publicly-held corporation if such shares are actively traded
on the New York Stock Exchange or the Nasdaq National Market or similar market
or medium.  Upon any breach of this
section, all Severance Benefits pursuant to Section 4(a) will immediately cease
and the Company will be entitled to
monetary damages (not to exceed the value of the applicable Severance Benefits
actually paid pursuant to Section 4(a)) or equitable relief in the event of a
breach of such covenant.

 

(ii)           Nonsolicitation.  Unless
the Company provides otherwise in writing, the Covered Employee’s right to
receive the severance payments set forth in Section 4(a) (to the extent Covered
Employee is otherwise entitled to such payments) will be conditioned upon the
Covered Employee not, either directly or indirectly, soliciting, inducing,
attempting to hire, recruiting, encouraging, taking away, hiring any employee
of the Company or causing an employee to leave his or her employment either for
the Covered Employee or for any other entity or person for the following period
of time following any Involuntary Termination: eighteen (18) months with
respect to a Tier 1 Covered Employee, twelve (12) months with respect to a Tier
2 Covered Employee and six (6) months with respect to a Tier 3 Covered Employee.
 Upon any breach of this section, all
Severance Benefits pursuant to Section 4(a) will immediately cease and the Company will be entitled to monetary
damages (not to exceed the value of the applicable

 

 

Severance
Benefits actually paid pursuant to Section 4(a)) or equitable relief in the
event of a breach of such covenant.

 

(e)           Termination of Benefits.  Benefits under this Plan will terminate immediately for a Covered
Employee if such Covered Employee, at any time, (i) violates any proprietary
information or confidentiality obligation to the Company, or (ii) fails to
follow the terms and conditions of this Plan, including, without limitation,
compliance with the provisions of Section 4(d).

 

(f)            Non-Duplication of Benefits.  Notwithstanding any other provision in the Plan to the contrary, the
Severance Benefits and other benefits provided hereunder will be in lieu of any
other severance and/or retention plan benefits and the Severance Benefits and
other benefits provided hereunder will be reduced by any severance paid or
provided to a Covered Employee under any other plan or arrangement.

 

(g)           Reduction of Benefits.  The Company, in its sole discretion, will have the authority to reduce
a Covered Employee’s Severance Benefits hereunder by any other severance benefits,
pay in lieu of notice, or other similar benefits payable to the Covered
Employee by the Company that become payable in connection with a written
employment or severance agreement between the Covered Employee and the Company.
 The Company will not have the authority
to reduce a Covered Employee’s Severance Benefits, in whole or in part, based
upon any payment to the Covered Employee for any period of time when services
to the Company are provided (including, without limitation, payment following
notice pursuant to the Worker Adjustment and Retraining Notification (the “WARN
Act”) or any similar foreign, federal or state law.

 

5.             Vacation
Days.  Any unused vacation pay accrued as of a Covered
Employee’s date of Involuntary Termination will be paid at the time of the
Covered Employee’s termination of employment.  No Covered Employee may use any accrued but
unused vacation pay to extend his or her Involuntary Termination date or to
postpone or delay the start of his or her Severance Period.

 

6.             Withholding.
 The Company will withhold from any Severance
Benefit all federal, state, local and other taxes required to be withheld
therefrom and any other required payroll deductions.

 

7.             Administration.
 The Company is the administrator of the Plan
(within the meaning of Section 3(16)(A) of ERISA).  The Plan will be administered and interpreted
by the Administrator (in his or her sole discretion).  The Administrator is the “named fiduciary” of
the Plan for purposes of ERISA and will be subject to the fiduciary standards
of ERISA when acting in such capacity.  Any
decision made or other action taken by the Administrator with respect to the
Plan, and any interpretation by the Administrator of any term or condition of
the Plan, or any related document, will be conclusive and binding on all
persons and be given the maximum possible deference allowed by law.  The Administrator has the authority to act for
the Company (in a non-fiduciary capacity) as to any matter pertaining to the
Plan; provided, however, that this authority
does not apply with respect to (a) the Company’s power to amend or
terminate the Plan or (b) any action that could reasonably be expected to
increase significantly the cost of the Plan is subject to the prior approval of
the senior officer of the Company.  The
Administrator may delegate in writing to any other person all or any portion of
his or her authority or responsibility with respect to the Plan.

 

 

8.             Eligibility
to Participate.  The Administrator will
not be excluded from participating in the Plan if otherwise eligible, but he or
she is not entitled to act or pass upon any matters pertaining specifically to
his or her own benefit or eligibility under the Plan.  The Administrator will act upon any matters
pertaining specifically to the benefit or eligibility under the Plan.

 

9.             Amendment or
Termination.  Other than as expressly
provided by Section 10, this Plan cannot be amended, altered, suspended or
terminated in a manner that adversely affects a Covered Employee except upon
six (6) months prior written notice by the Company to the affected Covered
Employee, which notice cannot be given (i) after the occurrence of a Change in
Control, or (ii) following or in connection with the approval by the Board of a
Change in Control (unless such Change in Control is not reasonably expected to
occur); provided, however, that no such amendment, alteration, suspension or termination
will affect the right to any unpaid benefit of any Covered Employee whose
termination date has occurred prior to amendment, alteration, suspension or
termination of the Plan.

 

10.           Code Section
409A.

 

(a)           Amendment.  Notwithstanding anything in this Plan to the contrary, the Company
reserves the authority to amend the Plan as it deems necessary or desirable,
and without the consent of any Covered Employee or without providing any
advance notice of any such amendment, in order to ensure the Plan complies with
Section 409A of the Code and any regulations and other guidance issued
thereunder.

 

(b)           Distributions.  In the event that the Administrator determines that Section 409A of the
Code, or its regulations and other guidance issued thereunder, would require
the delay in the payment of any Severance Benefits to a Covered Employee who
would be considered a “Specified Employee” (as defined below), the
Administrator will, irrespective of any election to the contrary or any other
term of the Plan, delay the payment of Severance Benefits until the date which
is at least six (6) months after the date of the Covered Employee’s termination
of employment.  For the purposes of this
Section 10(b), the term “Specified Employee” means any Covered Employee who
would be considered a “Specified Employee” as that term is defined in Section
409A(a)(2)(B)(i) of the Code.

 

11.           Claims
Procedure.  Any employee or other
person who believes he or she is entitled to any payment under the Plan may
submit a claim in writing to the Administrator.  If the claim is denied (in full or in part),
the claimant will be provided a written notice explaining the specific reasons
for the denial and referring to the provisions of the Plan on which the denial
is based.  The notice will also describe
any additional information needed to support the claim and the Plan’s
procedures for appealing the denial.  The
denial notice will be provided within 90 days after the claim is received.
 If special circumstances require an
extension of time (up to 90 days), written notice of the extension will be
given within the initial 90-day period.  This
notice of extension will indicate the special circumstances requiring the
extension of time and the date by which the Administrator expects to render its
decision on the claim.

 

12.           Appeal
Procedure.  If the claimant’s claim
is denied, the claimant (or his or her authorized representative) may apply in
writing to the Administrator for a review of the decision denying the claim.  Review must be requested within 60 days
following the date the claimant received the written notice of their claim
denial or else the claimant loses the right to review.

 

 

The claimant (or representative) then has the right to
review and obtain copies of all documents and other information relevant to the
claim, upon request and at no charge, and to submit issues and comments in
writing.  The Administrator will provide
written notice of his or her decision on review within 60 days after it
receives a review request.  If additional
time (up to 60 days) is needed to review the request, the claimant (or
representative) will be given written notice of the reason for the delay.  This notice of extension will indicate the
special circumstances requiring the extension of time and the date by which the
Administrator expects to render its decision.  If the claim is denied (in full or in part),
the claimant will be provided a written notice explaining the specific reasons
for the denial and referring to the provisions of the Plan on which the denial
is based.  The notice will also include a
statement that the claimant will be provided, upon request and free of charge,
reasonable access to, and copies of, all documents and other information
relevant to the claim and a statement regarding the claimant’s right to bring
an action under Section 502(a) of ERISA.

 

13.           Source of
Payments.  All Severance Benefits
will be paid in cash from the general funds of the Company; no separate fund
will be established under the Plan; and the Plan will have no assets.  No right of any person to receive any payment
under the Plan will be any greater than the right of any other general
unsecured creditor of the Company.

 

14.           Inalienability.
 In no event may any current or former employee of
the Company or any of its subsidiaries or affiliates sell, transfer,
anticipate, assign or otherwise dispose of any right or interest under the Plan.
 At no time will any such right or
interest be subject to the claims of creditors nor liable to attachment,
execution or other legal process.

 

15.           No
Enlargement of Employment Rights.  Neither the establishment
or maintenance of the Plan, any amendment of the Plan, nor the making of any
benefit payment hereunder, will be construed to confer upon any individual any
right to be continued as an employee of the Company.  The Company expressly reserves the right to
discharge any of its employees at any time, with or without cause.

 

16.           Applicable
Law.  The provisions of the Plan will be construed,
administered and enforced in accordance with ERISA and, to the extent
applicable, the laws of the State of California.

 

17.           Severability.
 If any provision of the Plan is held invalid or
unenforceable, its invalidity or unenforceability will not affect any other
provision of the Plan, and the Plan will be construed and enforced as if such
provision had not been included.

 

18.           Headings.  Headings in this Plan document are for purposes of
reference only and will not limit or otherwise affect the meaning hereof.

 

19.           Indemnification.
 The Company hereby agrees to indemnify and hold
harmless the officers and employees of the Company, and the members of its
boards of directors, from all losses, claims, costs or other liabilities
arising from their acts or omissions in connection with the administration,
amendment or termination of the Plan, to the maximum extent permitted by
applicable law.  This indemnity will
cover all such liabilities, including judgments, settlements and costs of
defense.  The Company will provide this
indemnity from its own funds to the extent that insurance does not cover such
liabilities.  This indemnity is in
addition to and not in lieu of any other indemnity provided to such person by
the Company.

 

 

20.           Additional
Information.

 

	
  Plan Name:

  	
   

  	
  SVB Financial Group Change in Control Severance Plan

  
	
   

  	
   

  	
   

  
	
  Plan Sponsor:

  	
   

  	
  SVB Financial Group

  
	
   

  	
   

  	
  3003
  Tasman Drive

  
	
   

  	
   

  	
  Santa
  Clara, CA 95054

  
	
   

  	
   

  	
   

  
	
  Identification
  Numbers:

  	
   

  	
  EIN:

  	
  91-1962278

  
	
   

  	
   

  	
  PLAN: 506

  
	
   

  	
   

  	
   

  
	
  Plan
  Year:

  	
   

  	
  Calendar
  year

  
	
   

  	
   

  	
   

  
	
  Plan
  Administrator:

  	
   

  	
  SVB
  Financial Group

  
	
   

  	
   

  	
  Attention: Head of Human Resources

  
	
   

  	
   

  	
  3003
  Tasman Drive

  
	
   

  	
   

  	
  Santa
  Clara, CA 95054

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (408)
  654-7400

  
	
   

  	
   

  	
   

  
	
  Agent
  for Service of Legal Process:

  	
   

  	
  SVB
  Financial Group

  
	
   

  	
   

  	
  Attention: General Counsel

  
	
   

  	
   

  	
  3003
  Tasman Drive

  
	
   

  	
   

  	
  Santa
  Clara, CA 95054

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (408)
  654-7400

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Service
  of process may also be made upon the Plan Administrator.

  
	
   

  	
   

  	
   

  
	
  Type
  of Plan

  	
   

  	
  Severance
  Plan/Employee Welfare Benefit Plan

  
	
   

  	
   

  	
   

  
	
  Plan
  Costs

  	
   

  	
  The
  cost of the Plan is paid by the Company.

  

 

21.           Statement of
ERISA Rights.  As a Covered Employee under the
Plan, you have certain rights and protections under ERISA:

 

(a)           You may examine (without charge) all Plan
documents, including any amendments and copies of all documents filed with the
U.S. Department of Labor, such as the Plan’s annual report (IRS Form 5500).  These documents are available for your review
in the Company’s Human Resources Department.

 

(b)           You may obtain copies of all Plan documents
and other Plan information upon written request to the Plan Administrator.  A reasonable charge may be made for such
copies.

 

In
addition to creating rights for Covered Employees, ERISA imposes duties upon
the people who are responsible for the operation of the Plan.  The people who operate the Plan

 

 

(called
“fiduciaries”) have a duty to do so prudently and in the interests of you and
the other Covered Employees.  No one,
including the Company or any other person, may fire you or otherwise
discriminate against you in any way to prevent you from obtaining a benefit
under the Plan or exercising your rights under ERISA.  If your claim for a severance benefit is
denied, in whole or in part, you must receive a written explanation of the
reason for the denial.  You have the
right to have the denial of your claim reviewed. (The claim review procedure is
explained in Sections 11 and 12 above.)

 

Under
ERISA, there are steps you can take to enforce the above rights.  For instance, if you request materials and do
not receive them within 30 days, you may file suit in a federal court.  In such a case, the court may require the Plan
Administrator to provide the materials and to pay you up to $110 a day until
you receive the materials, unless the materials were not sent because of
reasons beyond the control of the Plan Administrator.  If you have a claim which is denied or
ignored, in whole or in part, you may file suit in a state or federal court.  If it should happen that you are discriminated
against for asserting your rights, you may seek assistance from the U.S.
Department of Labor, or you may file suit in a federal court.

 

In
any case, the court will decide who will pay court costs and legal fees.  If you are successful, the court may order the
person you have sued to pay these costs and fees.  If you lose, the court may order you to pay
these costs and fees, for example, if it finds that your claim is frivolous.

 

If
you have any questions regarding the Plan, please contact the Plan
Administrator.  If you have any questions
about this statement or about your rights under ERISA, you may contact the
nearest area office of the Employee Benefits Security Administration (formerly
the Pension and Welfare Benefits Administration), U.S. Department of Labor,
listed in your telephone directory, or the Division of Technical Assistance and
Inquiries, Employee Benefits Security Administration, U.S. Department of Labor,
200 Constitution Avenue, N.W. Washington, D.C. 20210.  You may also obtain certain publications about
your rights and responsibilities under ERISA by calling the publications
hotline of the Employee Benefits Security Administration.

 

 

22.           Execution.

 

In Witness Whereof, the Company, by its duly authorized officer, has executed this Plan
on the date indicated below.

 

 

	
   

  	
  SVB Financial Group

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/  KENNETH P. WILCOX

  
	
   

  	
   

  
	
   

  	
  Name:  Kenneth P. Wilcox

  
	
   

  	
   

  
	
   

  	
  Title:  President and Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
  Date:  March 13, 2006EXHIBIT 10.1

 

TENTH AMENDMENT TO CREDIT AGREEMENT

 

This TENTH AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), made and
entered into as of March 13, 2006, is by and between MARTEN TRANSPORT, LTD., a
Delaware corporation (the “Borrower”), the banks which are signatories to the
Credit Agreement described below (the “Banks”) and U.S. BANK NATIONAL
ASSOCIATION, a national banking association, as agent for the Banks (in such
capacity, the “Agent”).

 

RECITALS

 

1.             The Agent, the
Banks and the Borrower entered into a Credit Agreement dated as of October 30,
1998 as amended by Amendments dated as of January 3, 2000, January 19, 2000,
April 5, 2000, May 31, 2000, December 6, 2000, January 14, 2002, March 29,
2003, June 27, 2003 and June 21, 2005 (as amended, restated or otherwise
modified from time to time, the “Credit Agreement”); and

 

2.             The Borrower
desires to amend certain provisions of the Credit Agreement, and the Agent and
the Banks have agreed to make such amendments, subject to the terms and
conditions set forth in this Amendment.

 

AGREEMENT

 

NOW, THEREFORE, for good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, the parties hereto hereby covenant
and agree to be bound as follows:

 

Section 1. Capitalized Terms. Capitalized terms used herein and
not otherwise defined herein shall have the meanings assigned to them in the
Credit Agreement, unless the context shall otherwise require.

 

Section 2. Amendments.

 

2.1  Revolving Commitments. Schedule I to
the Credit Agreement is hereby amended to read as set forth in Schedule I
attached to this Amendment.

 

2.2  Repayment. Section 2.7(b) is amended
by adding the following sentence at the end of such Section:

 

“Without
limiting the generality of the foregoing, such payment shall be required if the
Total Revolving Outstandings exceed the Aggregate Revolving Commitment Amounts
by reason of decrease of the Revolving Commitment Amount pursuant to the
definition thereof and the provisions of Schedule I.”

 

2.3  Revolving Note. A replacement
Revolving Note shall be executed in the amount of the Commitment as amended
hereby, and shall be the Revolving Note for purposes of all references thereto
in the Credit Agreement.

 

1

 

Section 4. Effectiveness of Amendments. The amendments contained
in this Amendment shall become effective upon delivery by the Borrower of, and
compliance by the Borrower with, the following:

 

4.1           This Amendment duly executed by the
Borrower.

 

4.2           The replacement Revolving Note.

 

4.3           Certified copies of all documents
evidencing any necessary corporate action, consent or governmental or
regulatory approval (if any) with respect to this Amendment.

 

4.4           A fee letter, in the form delivered
by the Agent to the Borrower (which shall be deemed to supplement, and to be a
part of, the “Fee Letter” referred to in the Credit Agreement).

 

Section 5. Representations, Warranties, Authority, No Adverse Claim.

 

5.1           Reassertion of Representations and
Warranties, No Default. The Borrower hereby represents that on and as of
the date hereof and after giving effect to this Amendment (a) all of the
representations and warranties contained in the Credit Agreement are true,
correct and complete in all respects as of the date hereof as though made on
and as of such date, except for changes permitted by the terms of the Credit
Agreement, and (b) there will exist no Default or Event of Default under the
Credit Agreement as amended by this Amendment on such date which has not been
waived by the Banks.

 

5.2           Authority, No Conflict, No Consent
Required. The Borrower represents and warrants that the Borrower has the
power and legal right and authority to enter into the Amendment Documents and
has duly authorized as appropriate the execution and delivery of the Amendment
Documents and other agreements and documents executed and delivered by the
Borrower in connection herewith or therewith by proper corporate action, and
none of the Amendment Documents nor the agreements contained herein or therein
contravenes or constitutes a default under any agreement, instrument or
indenture to which the Borrower is a party or a signatory or a provision of the
Borrower’s Certificate of Incorporation, Bylaws or any other agreement or
requirement of law, or result in the imposition of any Lien on any of its
property under any agreement binding on or applicable to the Borrower or any of
its property except, if any, in favor of the Agent. The Borrower represents and
warrants that no consent, approval or authorization of or registration or
declaration with any Person, including but not limited to any governmental
authority, is required in connection with the execution and delivery by the
Borrower of the Amendment Documents or other agreements and documents executed
and delivered by the Borrower in connection therewith or the performance of
obligations of the Borrower therein described, except for those which the
Borrower has obtained or provided and as to which the Borrower has delivered
certified copies of documents evidencing each such action to the Agent.

 

2

 

5.3           No Adverse Claim. The Borrower
warrants, acknowledges and agrees that no events have been taken place and no
circumstances exist at the date hereof which would give the Borrower a basis to
assert a defense, offset or counterclaim to any claim of the Agent or the Banks
with respect to the Obligations.

 

Section 6. Affirmation of Credit Agreement, Further References. The
Agent, the Banks and the Borrower each acknowledge and affirm that the Credit
Agreement, as hereby amended, is hereby ratified and confirmed in all respects
and all terms, conditions and provisions of the Credit Agreement, except as
amended by this Amendment, shall remain unmodified and in full force and effect.
All references in any document or instrument to the Credit Agreement are hereby
amended and shall refer to the Credit Agreement as amended by this Amendment. All
of the terms, conditions, provisions, agreements, requirements, promises,
obligations, duties, covenants and representations of the Borrower under such
documents and any and all other documents and agreements entered into with
respect to the obligations under the Credit Agreement are incorporated herein
by reference and are hereby ratified and affirmed in all respects by the
Borrower.

 

Section 7. Merger and Integration, Superseding Effect. This
Amendment, from and after the date hereof, embodies the entire agreement and
understanding between the parties hereto and supersedes and has merged into
this Amendment all prior oral and written agreements on the same subjects by
and between the parties hereto with the effect that this Amendment, shall
control with respect to the specific subjects hereof and thereof.

 

Section 8. Severability. Whenever possible, each provision of
this Amendment and the other Amendment Documents and any other statement,
instrument or transaction contemplated hereby or thereby or relating hereto or
thereto shall be interpreted in such manner as to be effective, valid and
enforceable under the applicable law of any jurisdiction, but, if any provision
of this Amendment, the other Amendment Documents or any other statement,
instrument or transaction contemplated hereby or thereby or relating hereto or
thereto shall be held to be prohibited, invalid or unenforceable under the
applicable law, such provision shall be ineffective in such jurisdiction only
to the extent of such prohibition, invalidity or unenforceability, without
invalidating or rendering unenforceable the remainder of such provision or the
remaining provisions of this Amendment, the other Amendment Documents or any
other statement, instrument or transaction contemplated hereby or thereby or
relating hereto or thereto in such jurisdiction, or affecting the
effectiveness, validity or enforceability of such provision in any other
jurisdiction.

 

Section 9. Successors. The Amendment Documents shall be binding
upon the Borrower, the Agent and the Banks and their respective successors and
assigns, and shall inure to the benefit of the Borrower, the Agent and the
Banks and the successors and assigns of the Agent and the Banks.

 

Section 10. Legal Expenses. As provided in Section 9.2 of the
Credit Agreement, the Borrower agrees to reimburse the Agent and the Banks,
upon execution of this Amendment, for all reasonable out-of-pocket expenses
(including attorneys’ fees and legal expenses) incurred in connection with the
Credit Agreement, including in connection with the negotiation, preparation and
execution of the Amendment Documents and all other documents negotiated,
prepared and 

 

3

 

executed in connection with the Amendment Documents, and in enforcing
the obligations of the Borrower under the Amendment Documents, and to pay and
save the Agent and the Banks harmless from all liability for, any stamp or
other taxes which may be payable with respect to the execution or delivery of
the Amendment Documents, which obligations of the Borrower shall survive any
termination of the Credit Agreement.

 

Section 11. Headings. The headings of various sections of this
Amendment have been inserted for reference only and shall not be deemed to be a
part of this Amendment.

 

Section 12. Counterparts. The Amendment Documents may be
executed in several counterparts as deemed necessary or convenient, each of
which, when so executed, shall be deemed an original, provided that all such
counterparts shall be regarded as one and the same document, and either party
to the Amendment Documents may execute any such agreement by executing a
counterpart of such agreement.

 

Section 13. Governing Law. THE AMENDMENT DOCUMENTS SHALL BE
GOVERNED BY THE INTERNAL LAWS OF THE STATE OF MINNESOTA, WITHOUT GIVING EFFECT
TO CONFLICT OF LAW PRINCIPLES THEREOF, BUT GIVING EFFECT TO FEDERAL LAWS APPLICABLE
TO NATIONAL BANKS, THEIR HOLDING COMPANIES AND THEIR AFFILIATES.

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed as of the date and year first above written.

 

 

	
   

  	
  MARTEN
  TRANSPORT, LTD.

  
	
   

  	
   

  
	
   

  	
  /s/ Jim
  Hinnendael

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: Jim
  Hinnendael

  
	
   

  	
   

  
	
   

  	
  Title: Chief
  Financial Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  U.S. BANK
  NATIONAL ASSOCIATION,

  
	
   

  	
  In its
  individual corporate capacity and as Agent

  
	
   

  	
   

  
	
   

  	
  /s/ Mike
  Reymann

  	
   

  
	
   

  	
   

  
	
   

  	
  By: Mike
  Reymann

  
	
   

  	
   

  
	
   

  	
  Title:
  Senior Vice President

  
					

 

4

 

Schedule I

to the Credit Agreement

 

	
  Name and Notice

  	
   

  	
  Revolving Commitment

  
	
  Address of Bank:

  	
   

  	
  Amount:

  
	
   

  	
   

  	
   

  
	
  U.S. Bank
  National Association

  	
   

  	
  $55,000,000,
  through and including August 31, 2006; and

  $45,000,000 on and after September 1, 2006

  through and including the Termination Date.

  
	
   

  	
   

  	
   

  
	
  BC-MN-H03P

  	
   

  	
   

  
	
  800 Nicollet
  Mall

  	
   

  	
   

  
	
  Minneapolis,
  MN 55402

  	
   

  	
   

  
	
  Attention:
  Michael J. Reymann

  	
   

  	
   

  

 

1

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