Document:

Amendment to 1st Constitution Bancorp Directors Insurance Plan dated 2/19/2004

  
 Exhibit 10.11

  
 AMENDMENT 
  
 TO 
  
 1ST CONSTITUTION BANCORP DIRECTORS’ INSURANCE PLAN 
  
 This amendment to the 1st Constitution Bancorp Directors’ Insurance Plan (the
“Plan”) is effective as of February 19, 2004. 
  
 WHEREAS, the Plan was established effective October 1, 2002 to provide a death benefit to certain members of the Board of Directors (the “Board”) of 1st Constitution Bancorp (“Bancorp”) and/or 1st Constitution Bank (“Bank”) who are not employees of either Bancorp or Bank; and 
  
 WHEREAS, the Board is authorized to amend the Plan as provided herein pursuant to Section 5 of the Plan; and 
  
 WHEREAS, at a meeting of the Board held on February 19, 2004, the
Board authorized and approved the amendment to the Plan provided for herein. 
  
 NOW, THEREFORE, the Plan is hereby amended as follows: 
  
 1. Section 5 of the Plan is hereby amended and replaced in its entirety to provide as follows: 
  
 Section 5. Amendment, Suspension, and Termination 
  
 The Board of Directors of Bancorp shall have the right at any time, and for any reason, to amend, suspend, or terminate the Plan by
unanimous action of the Board of Directors of Bancorp, either in whole or as to a particular Director, provided, however that any amendment, suspension or termination of the Plan with respect to a particular Director which is not applicable to all
other Participants shall not require the approval of the particular Director, and no such amendment, suspension or termination with respect to a particular Director shall become effective with respect to the particular Director without his or her
approval unless “Cause” (as defined below) exists with respect to a particular Director. Notwithstanding the foregoing, no amendment, suspension or termination of the Plan shall be made following a Change of Control which adversely affects
a Participant without the consent of an affected Participant, except as provided in the next following sentence. Without limiting the foregoing sentences, the Board of Directors of Bancorp may terminate the Plan or suspend operation of the Plan if
the Company is subjected to regulatory discipline limiting its ability to pay compensation to Participants, or if the Company is advised by a regulatory agency that payments to (or coverage for) any Participant(s) or continuation of the Plan will
result in regulatory sanctions against the Company, 

  

 
its officers or directors (a “regulatory reason”) or such amendment, suspension or termination is required by laws, rules and regulations
applicable to the Company. The term “Cause” with respect to a particular Director shall mean (i) a regulatory reason, (ii) the conviction of the particular Director for a crime involving a felony or similar class of crime, relative to his
duties as director, officer or employee of the Company, (iii) the good faith determination by the Board of Directors of Bancorp that the particular Director engaged in one or more fraudulent acts with respect to the Company, or (iv) the particular
Director or any entity controlled by the particular Director defaults in the payment of a loan from the Company for which the particular Director or entity he or she controls is liable in the principal amount of $100,000 or more and such default
continues for 180 days. The Board of Directors of Bancorp may determine in its sole and absolute discretion whether a particular Director controls another entity, whether a default in the payment of a loan from the Company exists, the time period of
any default with respect to a loan, whether the particular Director or an entity he or she controls is obligated to repay a loan to the Company and whether a regulatory reason exists. 
  

 2Amendment to Salary Continuation Agreement of Suzanne Dondanville

 EXHIBIT 10.24 
  
 1ST CENTENNIAL BANK 
  
 AMENDMENT TO
EXECUTIVE SALARY CONTINUATION AGREEMENT 
  
 WHEREAS,
Suzanne Dondanville (the “Executive”) entered into an Executive Salary Continuation Agreement with 1st
Centennial Bank (formerly Redlands Centennial Bank) (the “Employer) dated December 17, 2002 (the “Agreement”); 
  
 WHEREAS, the parties to the Agreement desire to amend Section 5.1 thereof; 
  
 NOW, THEREFORE, the Employer and the Executive do hereby agree that Paragraph 5.1 of the Agreement shall be modified
to read in full as follows: 
  
 “5.1 Termination in a
Sale of Business. In the event there is a Sale of Business, the Employer shall take all actions necessary to ensure that such corporation or transferee is bound by the provisions of this Agreement. In the event that the employment of the
Executive is terminated (or “constructively terminated”) as a result of or with or within one (1) year following a Sale of Business, the Executive shall be one hundred percent (100%) vested in the Annual Benefit as described in subsection
1.2 of this Agreement, except that the 3% increase referred to in Section 1.2 shall continue only until the Sale of Business rather than until the first payment is made. In such event, the Executive shall receive the Annual Benefit as described in
the preceding sentence, beginning at age 65, in equal installments in the manner specified in Section 3 of this Agreement. For purposes of this Agreement, “constructive termination” shall include: (i) any decrease in salary or benefits
below those in effect for the Executive immediately prior to the Sale of Business, (ii) any demotion to a position below that of an executive officer, or (iii) any relocation of the Executive more than 25 miles from his or her principal place of
business immediately prior to the Sale of Business. 
  
 Notwithstanding the prior paragraph, no payment shall be made to the Executive pursuant to this Agreement to the extent that such payment when aggregated with all other payments considered for purposes of calculating a parachute payment
results in an excess parachute payment as defined under Section 280G of the Code. 
  
 If the Internal Revenue Service or any other tax authority makes any claim, demand or assessment in any form based directly or indirectly, in whole or in part, on the allegation that any payment under this Agreement
and/or any other payment by the Employer to or for the benefit of the Executive at any time constitutes a “parachute payment” under Section 280G of the Code or any similar or successor provision of federal or state law, Executive agrees
that Employer, its successors and assigns shall have no obligation, whether for defense, indemnification, reimbursement or otherwise, with respect to such claim, demand or assessment. 

 No benefit payments provided in this Paragraph 5.1 shall be made to the Executive, the Executive’s
designated beneficiary, Surviving Spouse or the Executive’s estate if the Executive is entitled to benefits provided by any other Paragraph of this Agreement.” 
  
 In all other respects, the Agreement shall remain in full force and effect as written. 
  
 IN WITNESS WHEREOF, the parties hereto have executed this Amendment
this 30th day of January 2004. 
  

			
	1st Centennial Bank
		
	 By
	 	 Patrick J. Meyer

		
	 	 	 /s/ Patrick J. Meyer

	 	 	 Chairman of the Board

  

			
	 /s/ Suzanne Dondanville

	
	 Suzanne Dondanville
 EmployeeAmendment to Salary Continuation Agreement of Anne Elizabeth Sanders

 EXHIBIT 10.25 
  
 1ST CENTENNIAL BANK 
  
 AMENDMENT TO
EXECUTIVE SALARY CONTINUATION AGREEMENT 
  
 WHEREAS,
Anne Elizabeth Sanders (the “Executive”) entered into an Executive Salary Continuation Agreement with 1st
Centennial Bank (formerly Redlands Centennial Bank) (the “Employer) dated December 1, 2001 (the “Agreement”); 
  
 WHEREAS, the parties to the Agreement desire to amend Section 5.1 thereof; 
  
 NOW, THEREFORE, the Employer and the Executive do hereby agree that Paragraph 5.1 of the Agreement shall be modified
to read in full as follows: 
  
 “5.1 Termination in a
Sale of Business. In the event there is a Sale of Business, the Employer shall take all actions necessary to ensure that such corporation or transferee is bound by the provisions of this Agreement. In the event that the employment of the
Executive is terminated (or “constructively terminated”) as a result of or with or within one (1) year following a Sale of Business, the Executive shall be one hundred percent (100%) vested in the Annual Benefit as described in subsection
1.2 of this Agreement, except that the 3% increase referred to in Section 1.2 shall continue only until the Sale of Business rather than until the first payment is made. In such event, the Executive shall receive the Annual Benefit as described in
the preceding sentence, beginning at age 65, in equal installments in the manner specified in Section 3 of this Agreement. For purposes of this Agreement, “constructive termination” shall include: (i) any decrease in salary or benefits
below those in effect for the Executive immediately prior to the Sale of Business, (ii) any demotion to a position below that of an executive officer, or (iii) any relocation of the Executive more than 25 miles from his or her principal place of
business immediately prior to the Sale of Business. 
  
 Notwithstanding the prior paragraph, no payment shall be made to the Executive pursuant to this Agreement to the extent that such payment when aggregated with all other payments considered for purposes of calculating a parachute payment
results in an excess parachute payment as defined under Section 280G of the Code. 
  
 If the Internal Revenue Service or any other tax authority makes any claim, demand or assessment in any form based directly or indirectly, in whole or in part, on the allegation that any payment under this Agreement
and/or any other payment by the 

 Employer to or for the benefit of the Executive at any time constitutes a “parachute payment” under Section
280G of the Code or any similar or successor provision of federal or state law, Executive agrees that Employer, its successors and assigns shall have no obligation, whether for defense, indemnification, reimbursement or otherwise, with respect to
such claim, demand or assessment. 
  
 No benefit payments provided
in this Paragraph 5.1 shall be made to the Executive, the Executive’s designated beneficiary, Surviving Spouse or the Executive’s estate if the Executive is entitled to benefits provided by any other Paragraph of this Agreement.”

  
 In all other respects, the Agreement shall remain in full
force and effect as written. 
  
 IN WITNESS WHEREOF, the
parties hereto have executed this Amendment this 12th day of January 2004. 
  

			
	1st Centennial Bank
		
	 By
	 	 Patrick J. Meyer

		
	 	 	 /s/ Patrick J. Meyer

	 	 	 Chairman of the Board

  

			
	 /s/ Anne Elizabeth Sanders

	
	 Anne Elizabeth Sanders
 Employee

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00063-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00063-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00063-of-00352.parquet"}]]