Document:

Exhibit 10.1

NATIONAL MERCANTILE BANCORP

1880
Century Park East, Suite 800

Los Angeles, CA 90067

June 15, 2006

Mr. Scott
A. Montgomery

National Mercantile Bancorp

1880 Century Park East, Suite 800

Los Angeles, CA 90067

Re:  Employment Agreement

Dear Scott:

Reference is made to your
Employment Agreement dated as of January 1, 1999, as amended by that
certain Assignment, Assumption and Amendment of Employment Agreement effective
as of January 1, 2002 (the “Employment Agreement”).
Capitalized terms used in this Letter Agreement and not otherwise defined in
this Letter have the meanings ascribed to them in the Employment Agreement.

National Mercantile
Bancorp (the “Company”) has concurrently
herewith entered into that certain Agreement and Plan of Merger (the “Merger Agreement”) that provides that the Company will merge
into a newly formed Delaware subsidiary corporation that will immediately
thereafter merge (the “Merger”) with
FCB Bancorp, a California corporation (“FCB”).

You and the Company agree
as follows in connection with the Merger Agreement (which agreement shall, to
the extent applicable, amend your Employment Agreement):

1.       Your positions as an executive officer of the Company and its
subsidiaries will terminate effective as of the closing of the Merger (the “Closing”). However, in light of the strong
personal contacts you have with our borrowers and depositors on the Westside of
Los Angeles and our Century City office, you and the Company agree that you
will remain as a non-officer employee to consult and assist in the transition
to the new executive management team. Your employment will terminate on March 31,
2007.

Your
compensation from the Closing through March 31, 2007 will be as follows:
Your Base Salary will be at the annual rate of $349,456 through December 31,
2006 and your incentive compensation for 2006 will be $349,456. For the period January 1,
2007 through March 31, 2007, you will receive total compensation of
$74,728, payable in installments in accordance with the Company’s normal
payroll practices.

(a)   If the Closing occurs, the Company shall pay to you (or as
you direct), as severance, a total of $1,325,838, payable in equal monthly
installments of $22,097.30

 

commencing on October 1, 2007 and continuing on
the first day of each of the following 59 months. No interest or earnings shall
accrue on such amount. The Company shall have the right to withhold from any
payment due the amount of income and any other tax required to be withheld by
the Company as employer by applicable law or regulation.

At
your request, upon termination of your employment at March 31, 2007, the
amount of the severance will be deposited for your benefit in a Rabbi Trust
(the “Trust”) with a mutually acceptable
trustee. The amounts in the Trust will be invested in United States treasury
obligations and/or government guaranteed obligations or other mutually
acceptable obligations, with all income to be distributed to the Company. The
trustee of the Trust will withhold all payroll taxes as payments are made to
you and distribute the withheld amounts to the Company for remittance to the
appropriate taxing authorities. The Company’s personnel will perform services
required by the Trust. The cost and expense of the Trust shall be borne by the
Company. The Company shall have the right to defer the funding of the Trust if,
in its sole discretion, it does not have sufficient funds to fund the Trust and
pay its anticipated operating expenses; provided, however, that in such event the Company shall obtain such
funds from one or more of its subsidiary banks by means of dividend or capital
distribution, subject to any necessary regulatory approvals (and the Company
will use its reasonable best efforts to obtain any necessary regulatory
approvals).

This
Agreement also constitutes the notice of non-renewal of your Employment
Agreement under Section 8.4 of the Employment Agreement.

You
have no obligation to seek other employment, and any payments you are entitled
to receive from the Company following the termination of your employment may not
be offset by any payments you receive from any subsequent employer.

2.       If the Closing occurs, for two years following the termination
of your employment, the Company will continue to provide to you and your spouse
all insurance benefits (including medical, dental, vision, life and long-term
disability) that it provides to you and your spouse at the date of this Letter
Agreement to the extent permitted under the terms of the respective plan and
with premium and copayments by you to the extent currently required under the
plans; provided that you shall monthly reimburse the Company for these costs
for the first six months following termination of your employment, and at the
end of such six month period, the Company will pay to you an amount equal to
the amount of your reimbursement of the Company under this Section 2.

3.       On April 1, 2007, the Company will lease to you on an arm’s
length basis or sell to you (for the wholesale bluebook value) free and clear
of all liens and encumbrances the automobile that the Company is providing to
you; on October 1, 2007, the Company shall, as the case may be, transfer
to you the automobile and reimburse you for the lease payments that you have
made or return to you the amount that you paid for the automobile.

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4.       If the Closing occurs, and in lieu of your covenant under Section 9
of the Employment Agreement, you agree that until January 2, 2008, you
shall not, alone or as a member, employee or agent of any partnership, or as an
officer, agent, employee, director or stockholder of any other corporation,
whether directly or indirectly, (a) solicit any then existing customer of
the Company and its subsidiaries for the opportunity to provide any services of
the kind offered to or provided to that customer by the Company or any of its
subsidiaries, or (b) solicit for employment any person employed by the
Company or any of its subsidiaries, or encourage or induce any such person to
terminate his or her employment by the Company or any of its subsidiaries.

5.       For and in consideration of the payments and benefits set out
in this Letter Agreement (which benefits exceed those you would otherwise have
received under your Employment Agreement), you agree that as of the date of
termination of your employment, and on behalf of yourself and your heirs,
successors and assigns, you hereby finally and unconditionally release and
discharge the Company, and any and all of its subsidiaries, affiliates and
other related companies, as well as any and all of their officers, directors,
agents, employees, partners, shareholders, attorneys, predecessors, successors
and assigns (the “Released Parties”)
from any and all claims, demands, liabilities, damages, obligations, actions or
causes of action of any kind, known or unknown, past or present, arising out
of, relating to, or in connection with your employment and the termination of
your employment, except as set forth below.

The claims released by
you include, but are not limited to: (a) claims for defamation, libel,
invasion of privacy, intentional or negligent infliction of emotional distress,
wrongful termination, constructive discharge, breach of contract, breach of the
covenant of good faith and fair dealing, breach of fiduciary duty, and fraud; (b) claims
under federal, state or local laws prohibiting employment discrimination and
claims under federal and state labor statutes and regulations, including, but
not limited to, the Age Discrimination in Employment Act, the California Fair
Employment and Housing Act, the California Labor Code, Title VII of the
Civil Rights Act of 1964, as amended, and the Fair Labor Standards Act, as well
as any and all claims, demands, debts, and causes of action of whatsoever kind
or nature, whether known or unknown, suspected or unsuspected, matured or
unmatured, which you now have or claim to have or had at any time or claimed to
have against the Released Parties in connection with your employment or
termination of employment.

You agree, from and after
the Closing, to forever refrain from instituting, initiating, prosecuting,
maintaining or voluntarily participating in any lawsuit, claim or other
proceeding in any jurisdiction or forum against any Released Party relating in
any way to your employment or termination from employment.

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This release does not,
and the Company acknowledges that it does not, release the Company or its
subsidiaries from any obligations: (i) under the Employment Agreement,
except as expressly modified or terminated by this Letter Agreement (such as
reimbursement of expenses and payments for accrued vacation); (ii) to
indemnify you under the Employment Agreement, the Merger Agreement, the Bylaws
of the Company or a subsidiary, or applicable law; or (iii) under this
Letter Agreement. In addition, the Company agrees not to specifically exclude
you from any policy of directors and officer’s liability insurance currently or
hereafter maintained by the Company, provided that this covenant does not
require the Company to maintain such insurance or to exclude certain c lasses
of officers or directors as a group.

As a condition to its
obligation to make any severance payments to you, the Company may require you
to confirm that in writing that the release remains in full force and effect
and covers all claims (other than the exceptions described in the preceding
paragraph) through the date of termination of your employment.

6.       The release contained herein is intended to be complete and
final and to cover not only claims, demands, liabilities, damages, actions and
causes of action which are known, but also claims, demands, liabilities,
damages, actions and causes of action which are unknown or which you do not
suspect to exist in your favor which, if known at the time of executing this
Agreement, might have affected your actions, and therefore you expressly waive
the benefit of the provision of Section 1542 of the California Civil Code,
which provides:

A
general release does not extend to claims which the creditor does not know or
suspect to exist in his favor at the time of executing the release, which if
known by him must have materially affected his settlement with the debtor.

You hereby waive and
relinquish all rights and benefits which you have or may have had under Section 1542
of the California Civil Code or the law of any other state, country, or
jurisdiction to the same or similar effect to the full extent that you may
lawfully waive such rights.

7.       If the Closing occurs, the payments made by the Company
pursuant to this Letter Agreement upon Closing supersede any severance or other
compensation to which you are entitled pursuant to the Employment Agreement
upon termination of your employment or upon a change of control, or upon any
other severance plan or policy of the Company and its subsidiaries, including
without limitation the payments under Sections 8 and 11 of the Employment
Agreement.

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8.       The agreements and obligations of the Company and you under
Sections 2, 3, 4, 5, 6 and 7 of this Letter Agreement shall be conditioned upon
your being an employee of the Company immediately prior to the Closing unless you
are not an employee because either the Company terminated your employment
without cause as permitted by Section 8.2.3 of the Employment Agreement or
you resign for the reasons set forth in Section 8.3.3 of the Employment
Agreement. If your employment terminates prior to the Closing for any other
reason, your rights and obligations upon termination and/or change of control
are those set forth in the Employment Agreement without modification by this
Letter Agreement. If the Company terminates your employment prior to the
Closing without cause, or if you resign for the reasons set forth in Section 8.3.3
of the Employment Agreement prior to the Closing, you shall be entitled to your
benefits under the Employment Agreement and, if the Closing subsequently occurs:
(i) the benefits under this Letter Agreement shall supersede the benefits
under the Employment Agreement, and (ii) the Company shall be entitled to
offset against payments owed under this Letter Agreement the amount of any
severance payments paid to you under the Employment Agreement.

9.       If the Merger Agreement shall terminate without the
consummation of the Merger, upon such termination this Letter Agreement shall
terminate without action of the parties and shall be of no force or effect.

10.     The parties hereto understand that this
agreement is a legally binding agreement that affects such party’s rights. You
acknowledge that Troy & Gould P.C. served as counsel to the Company in
connection with this agreement. You acknowledge and agree that you have received
such advice of your own counsel as you have deemed necessary or desirable in
connection with your decision to enter into this Letter Agreement.

11.     You represent that you have carefully read
this entire Letter Agreement and that you know and understand its contents. You
have had the opportunity to receive independent legal advice from attorneys of
your choice with respect to the preparation, review and advisability of
executing this Agreement. You further represent and acknowledge that you have
freely and voluntarily executed this Agreement after independent investigation
and without fraud, duress, or undue influence, with a full understanding of the
legal and binding effect of this Agreement. You specifically acknowledge that
you has been advised he have had twenty-one (21) days to review this Agreement,
have had the opportunity to make counterproposals to the Agreement, and have
been advised that you have ten (10) days after signing this Agreement to
revoke this Agreement.

12.     This Letter Agreement and the Employment
Agreement contains the sole and entire agreement and understanding of you and
the Company with respect to the entire subject matter discussed herein, and any
and all prior discussions, negotiations,

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commitments and understandings, whether oral or
otherwise, related to the subject matter of this Letter Agreement and the
Employment Agreement are hereby merged herein. Without limiting the generality
of the foregoing, this Letter Agreement and the Employment Agreement supersede
all memos, drafts, correspondence, minutes and discussions relating to the
termination of your employment and the severance and other benefits payable
upon such termination and the timing of such payments.

13.     Except as specifically modified herein, the
Employment Agreement shall remain in full force and effect.

If the foregoing confirms
your understanding, please sign where indicated below and return a copy of this
Letter Agreement to the Company.

	
   

  	
  Very truly yours,

  
	
   

  	
   

  	
   

  
	
   

  	
  NATIONAL MERCANTILE BANCORP

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Robert E. Gipson

  
	
   

  	
  Its

  	
  Robert E. Gipson, Chairman of the Board

  

 

	
  Agreed and accepted:

  	
   

  
	
   

  	
   

  
	
  /s/ Scott A.
  Montgomery

  	
   

  
	
  Scott A.
  Montgomery

  	
   

  

 

 6Exhibit
10.2

Execution
Version

SECOND
AMENDED AND RESTATED SEVERANCE AGREEMENT

THIS
SECOND AMENDED AND RESTATED SEVERANCE AGREEMENT (this “Agreement”)
is made and entered into as of June 15, 2006, by and between National
Mercantile Bancorp, a California corporation (the “Company”),
and Robert W. Bartlett (“Officer”) with
reference to the following facts:

A.            Officer is an officer of the Company
and/or one or more subsidiaries of the Company; and

B.            In order to induce Officer to remain
employed by the Company and/or its subsidiaries, the Company is willing to
agree to pay severance to Officer under certain circumstances.

C.
           This Agreement amends and
restates in its entirety the Severance Agreement dated September 26, 2003
and the Amended and Restated Severance Agreement dated May 3, 2005, in
each case, by and between the Company and Officer.

NOW,
THEREFORE, in consideration of the foregoing and of the respective covenants
and agreements of the parties herein contained, it is agreed as follows:

1.             Definitions.
For purposes of this Agreement, the following terms when used in this Agreement
shall have the meanings set forth below:

1.1           “Board” shall mean the Board of Directors of the Company.

1.2           “Cause” shall mean Officer, after the date
of this Agreement, (i) has been convicted by a court of competent
jurisdiction of any felony or any criminal offense involving dishonesty, breach
of trust or misappropriation, or has entered a plea of nolo  contendere
to such an offense; or (ii) has committed an act of fraud, embezzlement,
theft, dishonesty or any act which would cause termination of coverage under
the Company’s Banker’s Blanket Bond as to Officer (as distinguished from
termination of coverage as to the Company as a whole); or (iii) has
committed a willful violation of the Code of Conduct of any member of the
Company Group or any law, rule or regulation governing the operation of
the Company Group which the Board determines in good faith will likely have or
has had a material adverse effect on the business, interests or reputation of
the Company Group or any Member thereof; or (iv) has willfully refused to
perform the duties assigned to him; or (v) has committed a willful and
unauthorized disclosure of material confidential information regarding the
Company Group, which disclosure the Board determines in good faith will likely
have or has had a material adverse effect on the Company Group or any member
thereof.

1.3           “Change of Control” shall mean any
transaction or series of related transactions as a result of which:

 

(i)            the Company
consummates a reorganization, merger or consolidation, or sale or other
disposition of all or substantially all of its assets (each a “Business Combination”), in each case unless immediately following the consummation of such
Business Combination all of the following conditions are satisfied:

(A)  Persons, who, immediately prior to such
Business Combination, were the beneficial owners of the Outstanding Voting
Securities of the Company, beneficially own (within the meaning of Rule 13d-3
promulgated under the Exchange Act, directly or indirectly, more than 50% of
the combined voting power of the then Outstanding Voting Securities of the
entity (the “Resulting Entity”) resulting from
such Business Combination (including, without limitation, an entity which as a
result of such transaction owns the Company or all or substantially all of the
Company’s assets either directly or through one or more subsidiaries);

(B) no Person, other than the Existing
Shareholder Group, beneficially owns (within the meaning of Rule l3d-3),
directly or indirectly, more than: (i) 20% of the then outstanding
combined voting power of the Outstanding Voting Securities of the Resulting
Entity, except to the extent that such Person’s beneficial ownership of the
Company immediately prior to the Business Combination exceeded such threshold,
and (ii) beneficially owns more the Existing Shareholder Group;

(C) at least one-half of the members of the
board of directors of the Resulting Entity were members of the Board at the
time the Board authorized the Company to enter into the definitive agreement
providing for such Business Combination;

(ii)           any
Person acquires beneficial ownership (within the meaning of Rule 13d-3)
of more than 20% of the combined voting power (calculated as provided in Rule l3d-3
in the case of rights to acquire securities) of the then Outstanding Voting
Securities of the Company and has greater beneficial ownership than the
Existing Shareholder Group; provided, however, that for purposes of this clause, the following
acquisitions shall not constitute a Change of Control:  (x) any acquisition directly from the
Company, (y) any acquisition by the Company, (z) any acquisition by
any employee benefit plan (or related trust) sponsored or maintained by the
Company or any entity controlled by the Company; or (zz) any acquisition by the
Existing Shareholder Group; or

(iii)          the
Company consummates the transactions contemplated by that certain Agreement and
Plan of Merger, dated as of the date hereof, among the Company, the Company’s
wholly-owned subsidiary and FCB Bancorp, a California corporation.

1.4           “Company Group” shall mean at any time the Company and each
subsidiary of the Company at such time which is consolidated with the Company
for financial reporting purposes.

1.5           “Disability of Officer” shall mean if
Officer is Disabled and such disability continues for a period of any
six months out of a one-year period. “Disabled”
shall mean Officer’s inability, through physical or mental illness or other
cause, to perform normal and customary duties which Officer is required to
perform for the Company. In determining

 2
 

 

whether Officer is Disabled, the Company may rely upon
the written statement provided by a licensed physician acceptable to the
Company. Officer shall allow examination from time to time by any licensed
physician selected by the Company and agreed to by Officer. All such
examinations will be conducted within a reasonable time period.

1.6           “Exchange Act” shall mean the Securities Exchange Act of
1934, as amended, or any successor statute.

1.7           “Existing Shareholder Group” shall mean Carl R. Pohlad,
members of the immediate family of Carl R. Pohlad, and any affiliated Person of
Carl R. Pohlad or any member of his immediate family.

1.8           “Outstanding Voting Securities” of any Person means the
outstanding securities of such Person entitling the holders thereof to vote
generally in the election of directors of such Person.

1.9           “Person” shall have the meaning ascribed to
such term in Section 3(a)(9) of the Exchange Act, which definition
shall include a “person” within the meaning of Section 13(d)(3) of
the Exchange Act.

1.10         “Without Cause” shall mean any termination
of Officer’s employment by the Company except for a termination (i) for
Cause, (ii) as a result of the death of Officer, or (iii) as a result
of the Disability of Officer.

2.             Severance Payment.

2.1           Except as provided
in Section 2.2, if within one year following a Change of Control, either
Officer terminates employment with all members of the Company Group voluntarily
or the Company terminates Officer’s employment Without Cause, the Company will
pay Officer in a lump sum (except as provided below) an amount (the “Severance Payment”) equal to the sum of: (i) fifteen
times Officer’s base monthly salary as in effect at the time of termination or,
if greater, immediately prior to the effective date of the Change of Control;
and (ii) twice the amount of the greater of (x) the bonus, if any,
paid (or payable) to Officer for the fiscal year immediately preceding the
fiscal year in which Officer’s employment terminates and (y) $95,000. The
Severance Payment shall be reduced by required deductions for applicable taxes
and other withholdings and for any outstanding obligations owed by Officer to
the Company that are then due and payable, which deductions and withholdings
are specifically authorized by Officer. The Severance Payment shall be in lieu
of any other severance payments to which Officer would be entitled under the
plans or policies of the Company and any of its subsidiaries. If Officer’s
employment is terminated by the Company Without Cause, the Severance Payment
shall be paid at the time of termination of the Officer’s employment with the
Company. If Officer’s employment is terminated voluntarily by Officer, the
Severance Payment shall be paid within 30 days following termination. Notwithstanding
the foregoing, if as of the date the Severance Payment is due Officer’s bonus
for the preceding fiscal year has not been determined, the Company shall defer
payment of the bonus component of the Severance Payment until such time as
Officer’s bonus shall have been determined, but in no event later than 90 days
following the end of

 3
 

 

such preceding fiscal year. Each Change of Control
shall give Officer a separate right to give the notice set forth in the first
sentence of this Section 2; provided that in no event shall Officer be
entitled to more than one Severance Payment.

2.2           Notwithstanding
any other provision of this Agreement, the Company shall have no obligation to
make the Severance Payment if such Severance Payment is prohibited by
applicable federal or state law, including without limitation Part 359 of
the regulations of the Federal Deposit Insurance Corporation (12 CFR § 359 et seq.) or any successor provision.

2.3           As
a condition to the obligation of the Company to pay the Severance Payment, the
Officer must execute and deliver a release in form and substance satisfactory
to the Company releasing the Company Group and its directors, officers,
employees and agents (“Released Parties”)
from any and all claims the Officer may have against the Released Parties,
whether such claims are known or unknown, absolute or contingent, other than
claims under this Agreement, claims for salary and other compensation and
benefits accrued prior to termination, claims for indemnification under
applicable law, the Bylaws of the Company or any Indemnification Agreement
between the Officer and the Company, and rights of Officer under employee
benefit plans.

2.4           As
a condition to the obligation of the Company to pay the Severance Payment under
circumstances where the Officer terminates employment voluntarily within a year
following a Change of Control, the Officer shall not, for a period of one year
subsequent to the date of termination, whether alone or as a member, employee
or agent of any partnership, or as an officer, agent, employee, director or
stockholder of any other corporation, whether directly or indirectly, (a) solicit
any then existing customer of the Company and its subsidiaries for the opportunity
to provide any services of the kind offered to or provided to that customer by
the Company or any of its subsidiaries, or (b) solicit for employment any
person employed by the Company or any of its subsidiaries, or encourage or
induce any such person to terminate his or her employment with the Company or
any of its subsidiaries.

3.             IRC
Provisions. Notwithstanding any other provision of this Agreement,
if the Company reasonably determines that the payment of the Severance Payment
to Officer would be nondeductible by the Company for federal income tax
purposes because of Section 280G of the Internal Revenue Code of 1986, as
amended (the “Code”), the Severance Payment
shall be reduced to an amount which maximizes the Severance Payment without
causing any portion of the same to be nondeductible by the Company because of Section 280G
of the Code. Any such reduction shall be applied to the Severance Payment or
the other amounts due to Officer in such manner as Officer may reasonably
specify within 30 days following notice from the Company of the need for such
reduction or, if Officer fails to so specify timely, as determined by the
Company.

4.             Employee
Benefits. All employee benefits provided by the Company shall cease
upon termination of Officer’s employment for any reason, and the Company shall
have no further responsibility with respect thereto after such termination; provided, however,
that: (a) nothing contained in this Agreement shall affect any right
Officer may have pursuant to

 4
 

 

the federal entitlement to continued group health care
coverage as provided in the Consolidated Omnibus Budget Reconciliation Act of
1985 (“COBRA”) or any successor legislation or
comparable state law; (b) if Officer is entitled to receive a Severance
Payment pursuant to Section 2 hereof, and if Officer elects under COBRA to
continue to receive any benefits thereunder, the Company shall reimburse
Officer for the amount of such Officer’s COBRA payments for the first fifteen
months after such termination subject to a delay in the start of reimbursement
until the first day after six months have elapsed from the date of termination;
and (c) nothing shall alter or modify the post termination rights of
Officer under any employee benefit plan (such as the right to exercise vested
options for a specified period under the Stock Incentive Plan).

5.             Term.
The Agreement shall commence on the date set forth above and shall terminate
upon 12 months prior written notice to the Officer.

6.             Employment
“At Will”. Neither this Agreement nor the Severance Payment payable
hereunder shall be deemed to limit, replace or otherwise affect the “at will”
nature of Officer’s employment with the Company Group. Officer’s employment
with any member of the Company Group continues to be for an unspecified term
and may be terminated at will at any time with or without cause or notice by
such member of the Company Group or by Officer (but in the case of Officer,
without the written consent of the Company Officer must terminate his
employment with all members of the Company Group). This employment “at-will”
relationship cannot be changed absent an express intent as set forth in an
individualized written employment contract signed by both Officer and the Chief
Executive Officer of the Company.

7.             Mitigation.
Officer shall have no obligation to mitigate damages based upon Officer’s
termination pursuant to Section 2 of this Agreement, and the Severance
Payment shall not be reduced as a result of Officer obtaining other employment
within fifteen months of Officer’s termination.

8.             Counterparts.
This Agreement may be executed in any number of counterparts, each of which
shall be deemed an original, and all of which, together, shall constitute one
and the same instrument.

9.             Partial
Invalidity. Any provision of this Agreement which shall prove to be
invalid, void or illegal shall in no way affect, impair or invalidate any other
provision hereof, and such other provisions shall remain in full force and
effect.

10.           Governing
Law. The terms and provisions of this Agreement shall be governed
and construed pursuant to the laws of the State of California except to the
extent governed by federal law.

11.           Construction.
Headings at the beginning of each section are solely for the convenience of the
parties and are not a part of this Agreement. Whenever required by the context
of this Agreement, the singular shall include the plural and the masculine
shall include the feminine and vice versa. This Agreement shall not be
construed as if it had been prepared

 5
 

 

by one of the parties, but rather as if both parties
had prepared the same. Unless otherwise indicated, all references to sections
are to this Agreement.

12.           Integration.
This Agreement represents the entire and integrated agreement between the
Company and Officer regarding the subject matter hereof and supersedes all
prior negotiations, representations or agreements, either written or oral.

13.           Successors
and Assigns. The terms, covenants and conditions herein contained
shall be binding upon and shall inure to the benefit of the heirs, successors
and assigns of the parties hereto.

14.           Key
Employee Payment Deferral. Notwithstanding the timing of payments
set forth in this Agreement, if the Company determines that you are a “specified
employee” within the meaning of Section 409A of the Internal Revenue Code
of 1986, as amended, and that, as a result of such status, any portion of the
payment under this Agreement would be subject to additional taxation, the
Company will delay paying any portion of such payment until the earliest
permissible date on which payments may commence without triggering such
additional taxation (with such delay not to exceed six months), with the first
such payment to include the amounts that would have been paid earlier but for
the above delay.

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15.           No
Waiver. No waiver by either party of any breach or default hereunder
shall be deemed a waiver of any other breach or default, and no delay or
forbearance by either party hereunder in enforcing any of its rights or
remedies shall be deemed a waiver of any such rights or remedies, unless such
waiver is embodied in a writing signed by the authorized representative of the
party to be bound.

IN
WITNESS WHEREOF, this Agreement has been executed effective on the day and year
hereinabove set forth.

	
  THE “COMPANY”

  	
  NATIONAL MERCANTILE BANCORP

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Scott A. Montgomery

  	
   

  	
   

  
	
   

  	
   

  	
  Scott A. Montgomery

  	
   

  	
   

  
	
   

  	
   

  	
  Chief Executive Officer

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  “OFFICER”

  	
   

  	
  /s/ Robert W. Bartlett

  	
   

  	
   

  
	
   

  	
   

  	
  Robert W. Bartlett

  	
   

  	
   

  

 

 7

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