Document:

Executive Employment Agreement between United Labor Bank and Kelly Wong

 Exhibit 10.5 
 

 
 EXECUTIVE EMPLOYMENT AGREEMENT 

This Executive Employment Agreement (this “Agreement”) is made and entered into as of May 1, 2011 (“Effective
Date”) by and between United Labor Bank, fsb (“Bank”) and Kelly Wong (“Executive”), with reference to the following: 
  

	 	1.	Bank desires to avail itself of the skill, knowledge and experience of Executive in order to insure the successful management of its business; 

 

	 	2.	The parties desire to enter into an executive employment agreement under with Executive will render services to Bank; and 

 

	 	3.	The parties intend that this Agreement will comply with the Office of Thrift Supervision’s Regulatory Bulletin 27a. 

NOW, THEREFORE, in consideration of their mutual promises and obligations and intending to be legally bound hereby, the parties agree as
follows: 
 1. Term. This Agreement shall have a term of one year (the “Term”) commencing as of the Effective
Date set forth above. Where used herein, “Term” shall refer to the entire period of employment of Executive by Bank from and after the Effective Date. 
 2. Duties. Executive shall hold the office of its Executive Vice President and Chief Financial Officer and perform the duties customarily performed by such officer of a savings bank of similar size
as Bank. 
 3. Compensation. 
 (a) Base Salary. For Executive’s services rendered hereunder, during the Term hereof, Bank shall pay a base salary to Executive as determined by the Compensation Committee payable in
conformity with Bank’s normal payroll periods and procedures. Executive’s performance and compensation shall be reviewed, compared to that of his peers, and adjusted when appropriate by the Board, at least annually. 

(b) Automobile Allowance. Bank shall provide Executive during the Term of this Agreement with an automobile.

 100 Hegenberger Road, Suite 220, Oakland, California 94621 • 800.734.6888 • Fax 510.567.6965 

  
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 4. Vacation and Sick Leave. During the Term hereof, Executive shall be entitled to
paid vacation and paid sick leave, the amount and term of which shall be determined in accordance with Bank policies as in effect from time-to-time. 
 5. Group Medical, Disability Insurance and Other Benefits. Executive shall be entitled to participate in medical insurance, disability insurance and other employee benefits, the amount, extent and
scope of which shall be determined in accordance with Bank policies in effect from time-to-time. 
 6. Business Expenses.
Executive shall be entitled to reimbursement by Bank for any and all ordinary business expenses reasonably incurred by Executive in the performance of Executive’s duties and in acting for Bank during the Term of this Agreement, provided that
Executive furnishes to Bank adequate record and other documentation as may be required for the substantiation of such expenditures as a business expense of Bank and further provided that those expenses are approved by the Board Chairman. 

7. Termination. 
 (a) Termination for Cause. The Board may terminate Executive’s employment for cause at any time during the Term of this Agreement. Termination for cause shall mean the occurrence of any of the
following events: (a) Executive fails to perform or habitually neglects the duties which he is required to perform by the Board and/or in accordance with “Bank’s then existing policies; (b) Executive engages in illegal activities
which materially adversely affect Bank’s reputation in the community or which evidence Executive’s lack of fitness or ability to perform his duties as determined by the Board in good faith; or (c) Executive commits any act which would
cause termination of coverage under Bank’s Bankers Blanket Bond as to Executive (as distinguished from termination of coverage as to Bank as a whole). Should Executive be terminated pursuant to subsection (a) of this paragraph, he shall be
entitled only to an immediate lump sum payment equal to six month’s base compensation. Should Executive be terminated pursuant to subsection (b) or (c) of this paragraph, he shall have no right to receive compensation or other
benefits after the effective date of such termination. 
 (b) Termination Without Cause. The Board may
terminate Executive’s employment without cause at any time during the Term of this Agreement. In such event, Executive shall be entitled to receive as his sole and exclusive remedy a severance payment equal to one year of Executive’s base
salary, as provided for in Section 3 (a) of this Agreement, less any amounts required to be deducted by Bank for federal and state taxes or other applicable requirements. The termination of employment or written resignation by Executive,
following a material, involuntary reduction in Executive’s responsibilities as Executive Vice President and Chief Financial Officer of Bank shall be considered a termination without cause for purposes of this Agreement. 

The severance payment hereunder shall be paid in a lump sum to Executive upon the termination of this Agreement. In the event a severance
payment is paid to Executive under this Section 7 (b), this Agreement shall be terminated and Bank shall have no further obligation to Executive under this Agreement, including, without limitation, any compensation or other obligations under
Section 3 hereof. The parties hereto expressly acknowledge and agree that the 

  
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payment made by Bank to Executive hereunder will constitute full, reasonable and adequate compensation of any such termination, and that such payment shall fully satisfy and discharge all
obligations of Bank to Executive in connection with such termination. 
 (c) Termination by Notice. For
purposes of this Agreement, a termination of the employment of Executive shall consist of ten days written notice from Bank to Executive of termination of employment. 

(d) Compliance with Law and Regulation. Any payments made to Executive pursuant to this Agreement or otherwise are
subject to and conditioned upon compliance with 12 U.S.C. Section 1818 (k) and any regulations promulgated hereunder. 
 (e) Suspension and Removal Orders. If Executive is suspended and/or temporarily prohibited from participating in the conduct of Bank’s affairs by notice served under Section 8
(e) (3) or 8 (g) (1) of the Federal Deposit Insurance Act (12 U.S.C. Section 1818 (e) (3) and (g) (1)), Bank’s obligations under this Agreement shall be suspended as of the date of service, unless stayed
by appropriate proceedings. If the charges in the notice are dismissed, Bank may in its discretion: (i) pay Executive all or part of the compensation withheld while its obligations under this Agreement were suspended; and (ii) reinstate
(in whole or in part) any of its obligations which were suspended. If Executive is removed and/or permanently prohibited from participating in the conduct of Bank’s affairs by an order issued under Section 8 (e) (3) or 8
(g) (1) of the Federal Deposit Insurance Act (12 U.S.C. Section 1818 (e) (3) or (g) (1)), all obligations of Bank under this Agreement shall terminate as of the Effective date of the order, but vested rights of the
parties shall not be affected. 
 (f) Termination by Default. If Bank is in default (as defined in
Section 3 (x) (1) of the Federal Deposit Insurance Act (12 U.S.C. Section 1813 (x) (1)), all obligations under this Agreement shall terminate as of the date of default, but vested rights of the parties shall not be affected.

 (g) Supervisory Assistance or Merger. All obligations under this Agreement shall be terminated, except
to the extent that it is determined that continuation of the Agreement is necessary for the continued operation of Bank: (i) by the Director of the Office of Thrift Supervision (the “Director”) or his or her designee, at the time that
the Federal Deposit Insurance Corporation enters into an agreement to provide assistance to or on behalf of Bank under the authority contained in Section 11 of the Federal Deposit Insurance Act (12 U.S.C. Section 1821); or (11) by the
Director or his or her designee, at the time that the Director or his or her designee approves a supervisory merger to resolve problems related to the operation of Bank or when Bank is in an unsafe or unsound condition. All rights of the parties
that have already vested, however, shall not be affected by such action. 
 (h) Disability. In the event
that Executive shall fail, because of illness, incapacity or injury, to render the services contemplated by this Agreement for 

  
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three consecutive calendar months, or for shorter periods aggregating four months in any 12 month period, Executive’s employment hereunder may be terminated by written notice from Bank to
Executive. In the event that Executive’s employment is terminated under this Section 7 (h), Executive shall receive the difference between any disability payments provided by Bank’s insurance plans and his base salary as set forth in
Section 3 (a) hereof for the remaining Term of this Agreement, plus the amount of any incentive compensation payable to Executive under Section 3 (b), hereof prorated through the date of termination, up to a maximum amount of one
year’s base salary. Such termination shall not affect any rights which Executive may have pursuant to any insurance or other death benefit plans or arrangements of Bank. 

(i) Death. If Executive’s employment is terminated by reason of Executive’s death, this Agreement shall
terminate without further obligations of Bank to Executive (or Executive’s heirs or legal representatives) under this Agreement, other than for payment of: (i) Executive’s base salary (as set forth in Section 3 (a) hereof)
(ii) the amount of any incentive compensation payable to Executive under Section 3 (b) above, prorated through the date of termination; (iii) any compensation previously deferred by Executive; (iv) any accrued vacation
and/or sick leave pay; and (v) any amounts due pursuant to the terms of any applicable benefit plan. All of the foregoing amounts shall be paid to Executive’s estate or beneficiary, as applicable, in a lump sum within 30 days after the
date of termination or earlier as required by applicable law. 
 8. Change of Control. Bank and Executive are parties to
an Executive Transition Agreement of even date which describes the rights and obligations of the parties in the event of a change in control of Bank, as defined in the Transition Agreement. 

9. Exclusivity. During the Term, Executive shall diligently devote his full time and best efforts to Bank’s business. Except
with the prior consent of the Board, Executive will not engage in any other business activity that may be competitive with Bank or any of its affiliates. Executive may, however, make passive investments in non-competing businesses. 

10. Disclosure or Use of Trade Secrets. During the Term hereof, Executive will have access to and become acquainted with what
Executive and Bank acknowledge are trade secrets of Bank of any affiliate of Bank. Executive shall not use or disclose any trade secrets or, directly or indirectly, cause them to be used or disclosed in any manner, during the Term hereof or for a
period of one year after the termination of this Agreement, except as may be required or requested by Bank, by court order or under applicable law or regulation. 
 11. Return of Documents. Executive expressly agrees that all manuals, documents, files, reports, studies or other materials used and/or developed by Executive for Bank during the Term or prior
thereto while Executive was employed by Bank are solely the property of Bank, and that Executive has no right, title or interest therein. Upon termination of this Agreement, Executive shall promptly deliver possession of all such materials
(including any copies thereof) to Bank. 

  
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 12. Indemnification. To the extent permitted by Section 317 of the California
Corporations Code and Bank’s Federal Stock Charter and Bylaws, Bank shall indemnify Executive for expenses, judgments, fines, settlements and other amounts actually incurred by Executive in connection with any proceeding to which he is a party
by reason of the fact that he is or was an agent of Bank if the proceeding arose from acts or omissions in the course and scope of Executive’s employment, other than willful misconduct. Bank shall advance on Executive’s behalf all costs,
including attorneys’ fees, necessary with respect to such proceeding. This paragraph shall survive the termination of this Agreement for any reason. 
 13. Notices. All notices or other communications hereunder shall be in writing and shall be given or made by telecopy, electronic mail, certified or registered mail (return receipt requested), or
delivered personally or by a nationally recognized overnight courier service to Executive at his last residence address as shown in Bank records and addressed to Bank Board Chairman at its principal office. 

14. Arbitration. The parties agree if there is any controversy or claim arising out of this Agreement or the breach hereof,
including fraud in the inducement, the matter shall be settled by arbitration. The matter shall be settled exclusively by arbitration in accordance with the rules then in effect of the Judicial Arbitration and Mediation Service (“JAMS”),
or a similar judicial arbitration organization agreed upon by the parties, in the city of Oakland, California, as the same may be modified by the statutes of California then in effect, by a single arbitrator who shall be a retired judge with no less
than seven years judicial experience. All arbitration proceedings shall be held in the city of Oakland, California, and each party agrees to comply in all respects with any award made in such proceeding and to the entry of a judgment in any
jurisdiction upon any award rendered in such proceeding. All costs and expenses of arbitration (including costs of preparation therefore and reasonable attorneys’ fees incurred in connection therewith) of the party prevailing in such
arbitration shall be borne by the losing party to such arbitration, unless otherwise directed by the arbitrators. 
 15.
Benefit of Agreement. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns; provided, however, that Executive may not assign any interest in this Agreement
without Bank’s prior written consent. 
 16. Captions. Captions and paragraph headings used in this Agreement are
for convenience only and shall not be used in interpreting or construing this Agreement. 
 17. Entire Agreement. This
Agreement and the Executive Transition Agreement of even date between Bank and Executive contain the entire agreement of the parties with respect to Executive’s employment by Bank. In the event of a conflict between this Agreement and the
Executive Transition Agreement, the terms of the Executive Transition Agreement shall control. 
 18. Severability.
Should any provision of this Agreement for any reason be declared invalid, void or unenforceable by a court of competent jurisdiction, the validity and binding effect of any remaining portions of this Agreement shall remain in full force and effect
as if this Agreement had been executed with such invalid, void or unenforceable provisions eliminated; provided, however, that the remaining provisions still reflect the intent of the parties to this Agreement. 

  
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 19. Amendments. This Agreement may not be amended or modified except by a written
agreement signed by Executive and Bank. This Agreement and any amendment hereof may be executed in counterparts. 
 IN WITNESS
WERE OF, the parties hereto have executed this Agreement effective as of the day and year first written above. 
  

			
	UNITED LABOR BANK, fsb
	
	/s/ Malcolm F. Hotchkiss
	By:	 	Malcolm F. Hotchkiss
	President and CEO

  

	
	/s/ Kelly Wong
	Kelly Wong (“Executive”)

  
 6Executive Transition Agreement between United Labor Bank and Malcolm Hotchkiss

 Exhibit 10.6 
 EXECUTIVE TRANSITION AGREEMENT 
 This Executive Transition Agreement (this
“Agreement”) is made and entered into as of January 1, 2007 (“Effective Date”), by and between United Labor Bank, fsb, with its main office located in Oakland, California (the “Bank”), and Malcolm F. Hotchkiss (the
“Executive”). 
 A. The bank desires to insure itself of the continuing services of the Executive as its President,
Chief Executive Officer and a director by providing certain benefits to the Executive should a change of control of the Bank occur, and the Executive concurs in such an arrangement. 

NOW, THEREFORE, in consideration of their mutual promises and obligations and intending to be legally bound hereby, the parties agree as
follows: 
 Section 1. Termination of Employment Following a Change of Control. Following a Change in Control
(as defined in Section 3 below) while employed by the Bank, the Executive shall be entitled to the benefits provided herein upon the termination of his employment with the Bank (or its parent or subsidiaries) within the two year period after
the Change in Control which occurs during the term of this Agreement, provided that such termination is (a) other than for Cause or (b) by the Executive of Good Reason (as defined in Section 7 below). The Executive shall not be
entitled to the benefits of this Agreement if the Executive’s employment terminates pursuant to normal retirement, by reason of death or total and permanent disability or pursuant to Section 8b hereof. For the purposes of this Agreement,
“total and permanent disability” means a condition which prevents the Executive form performing to a significant degree the essential duties of his position and is expected to be of long-term duration or result in death. A determination of
total and permanent disability must be based on competent medical evidence. 
 Section 2. Severance Payment Upon
Termination of Employment. If the Executive’s employment with the Bank (or its parent or subsidiaries) is terminated during the term of this Agreement as described in Section 1 above, the Executive shall be immediately entitled to be
paid, in cash in a lump sum, an amount equal to twice the Executive’s then annual salary (as determined by the previous year’s W-2 statement), plus the total cost of COBRA coverage for the Executive for 18 months. 

Section 3. Change in Control. For purposes of this Agreement, “Change in Control” of the Bank shall be deemed to
have occurred upon the happening of any of the following events: 
 a. Merger or Consolidation. If the shareholders of the
Bank approve a merger or consolidation of the Bank with any other corporation, other than (i) a merger or consolidation which would result in the voting securities of the Bank outstanding immediately prior thereto continuing to

  
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represent (either by remaining outstanding or by being converted into voting securities of the surviving entity), in combination with the ownership of any trustee or other fiduciary holding
securities under an employee benefit plan of the Bank, at least 25% of the combined voting power of the voting securities of the Bank or such surviving entity outstanding immediately after such merger or consolidation, or (ii) a merger or
consolidation effected to implement a recapitalization of the Bank (or similar transaction) in which no person acquires more than 25% of the combined voting power of the Bank’s then outstanding securities; or 

b. Liquidation of Sale. If the shareholders of the Bank approve a plan of complete liquidation of the Bank or an
agreement for the sale or disposition by the Bank of all or substantially all of the Bank’s assets; or 
 c.
Acquisition of 25% of Outstanding Securities. If any “person” (as defined in Section 3 (a) (9) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and as such term is modified in Sections
13 (d) and 14 (d) of the Exchange Act, excluding the Bank or any of its subsidiaries, a trustee or any fiduciary holding, securities under an employee benefit plan of the Bank or any of its subsidiaries, an underwriter temporarily holding
securities pursuant to an offering of such securities or a corporation owned, directly or indirectly, by stockholders of the Bank in substantially the same proportions as their ownership of the Bank, is or becomes the “beneficial owner”
(as defined in Rule 13 (d) under the Exchange Act), directly or indirectly, of securities of the Bank representing 25% or more of the combined voting power of the Bank’s then outstanding securities. 

d. Other Transactions. Any other transaction which, although different in form, accomplishes the same result as
described I Sections 3a, 3b or 3c hereof. 
 Section 4. Term of Agreement. This Agreement shall have a term
of three years, commencing as of the Effective Date. 
 Section 5. Effect on Employment Rights. Although this
Agreement is not part of any other employment agreement, it should be read in conjunction with the Employment Agreement of even date between the parties. The Executive agrees that, subject to the terms and conditions of this Agreement, in the event
of a “potential change in control” of the Bank, the Executive will remain in the employ of the Bank during the pendency of any such potential change in control. For the purposes of this Agreement, a “potential change in control”
shall be deemed to have occurred if (a) the Bank enters into an agreement, the consummation of which would result in the occurrence of a Change in Control, (b) any person (including the Bank) publicly announces an intention to take or
consider taking action which if consummated would constitute a Change in Control; or (c) the Board of Directors of the Bank adopts a resolution to the effect that a potential change in control of the Bank has occurred. 

  
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 Section 6. Termination for Cause. Termination of the Executive’s
employment for “Cause” shall mean the occurrence of any of the following events: (a) the Executive fails to perform or habitually neglects the duties which he is required to perform by the Board of Directors and/or in accordance with
the Bank’s then existing policies; (b) the Executive engages in illegal activities which materially adversely affect the Bank’s reputation in the community or which evidence the Executive’s lack of fitness or ability to perform
his duties as determined by the Board of Directors in good faith; or (c) the Executive commits any act which would cause termination of coverage under the Bank’s Banker’s Blanket Bond as to the Executive (as distinguished from
termination of coverage as to the Bank as a whole). 
 Section 7. Good Reason. After a Change in Control, the
Executive may terminate employment with the Bank at any time during the term of this Agreement if the Executive has made a good faith reasonable determination that Good Reason exists for such termination. 

a. Definition. For the purposes of this Agreement, “Good Reason” shall mean any of the following actions, if taken
without the express written consent of the Executive: 
 (i) Any material change by the Bank in the Executive’s functions,
duties or responsibilities that would cause the Executive’s position with the Bank or the Bank’s successor, to become of less dignity, responsibility, importance or scope form the position and attributes that applied to the Executive
immediately prior the Change of Control; 
 (ii) Any significant reduction in the Executive’s base salary or incentive
compensation; 
 (iii) Any material failure by the Bank, or the Bank’s successor, to comply with any of the provisions of
this Agreement (or of the Employment Agreement between the parties); 
 (iv) The Bank’s, or the Bank’s successor,
requiring the Executive to be based at any office or location more than forty miles from the office at which the Executive is based on the date immediately preceding the Change in Control, except for travel reasonably required in the performance of
the Executive’s responsibilities and commensurate with the amount of travel required to the Executive prior to the Change in Control; or 
 (v) Any failure by the Bank to obtain the express assumption of this enforcement by any successor or assign of the Bank, and upon such assumption all references to the “Bank” herein shall
include such successor or assign. 

  
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 b. Remedy by the Bank. If the Executive gives the Bank a notice of termination based
upon Good Reason, the Bank shall have ten days after receipt of such notice to remedy the facts and circumstances which provided Good Reason. The Executive shall make a good faith reasonable determination immediately after such ten-day period
whether such facts and circumstances have been remedied and shall communicate such determination in writing to the Bank. If the Executive determines that adequate remedy has not occurred, then the initial notice of termination shall remain in
effect. 
 c. Determination by the Executive Presumed Correct. Any determination by the Executive pursuant to this
Section 7 that Good Reason exists for the Executive’s termination of employment and that adequate remedy has not occurred shall be presumed correct and shall govern unless the party contesting the determination shows by clear and
convincing evidence that it was not a good faith reasonable determination. 
 d. Severance Payment Made Notwithstanding
Dispute. Notwithstanding any dispute concerning whether Good Reason exists for termination of employment or whether adequate remedy has occurred, the Bank shall immediately pay to the Executive any amounts otherwise due under this Agreement. The
Executive may be required to repay such amounts, without interest, to the Bank if any such dispute is finally determined adversely to the Executive. 
 e. Preemptive Termination. Notwithstanding anything herein to the contrary, should the Executive be terminated without cause within six months prior to a “potential change of control”, as
defined in Section 5 hereof, he shall be entitled to receive the severance payment described in Section 2 hereof. 

Section 8. Regulatory Provisions. 
 a. Parachute Payment. Notwithstanding any other provision of this Agreement, if any payment to be made or benefit to be provided to the Executive pursuant to this Agreement, after taking into
account all other payments or benefits provided by the Bank to the Executive, would constitute a “parachute payment” as defined in Section 280G of the Internal. Revenue Service Code, then the cash payments to be made to the Executive
under this Agreement shall be reduced so that the aggregate present value of all parachute payments does not exceed 299% of the Executive’s “annualized includible compensation for the base period” (as such term is defined in
Section 280G (d) (1) of the Code). The determination of any reduction in the payments to be made to the Executive shall be made by the Bank. 
 b. OTS Termination Provision. The provisions of subsection (b) of Section 563.39 of the OTS Regulations in effect on the Effective Date are hereby incorporated into and made a part of
this Agreement. 

  
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 c. FDIC Golden Parachute Payment Limitations. Any payments made to the Executive
pursuant to this Agreement, or otherwise, are subject to and conditioned upon their compliance with 12 U.S.C. S1818 (k), and any regulations promulgated thereunder. 
 Section 9. Notice of Termination. Any termination of the Executive’s employment hereunder shall be communicated by written notice to the other party hereto which shall indicate the
specific termination provisions in this Agreement relied upon and which sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Executive’s employment under the provision so indicated as
well as the date of such termination (which shall be no earlier than ten days after such notice is received by the other party). Any purported termination of the Executive’s employment by the Bank which is not effected pursuant to such a
written notice satisfying the requirements of this Agreement shall not be effective. In the case of a termination for Cause, the written notice shall also satisfy the requirements set forth in Section 6 above. 

Section 10. Successor to the Bank. The Bank shall require any successor or assign (whether direct or indirect, by
purchase, merger, consolidation or otherwise) to all or substantially, all of the business and/or assets of the Bank, by agreement in form and substance satisfactory to the Executive expressly, absolutely and unconditionally to assume and agree to
perform this Agreement in the same manner and to the same extent that the Bank would be required to perform it if not such succession or assignment had taken place. As used in this Agreement, the “Bank” shall mean the Bank as defined above
and successor or assign to its business and/or assets as aforesaid which executes and delivers the agreement provided for in this Section which otherwise becomes bound all the terms and conditions of this Agreement by operation of law. 

Section 11. Benefit of Agreement. This Agreement shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and assigns, provided however that Executive may not assign any interest in this Agreement without the prior written consent of the Bank. 
 Section 12. Notices. All notices or other communications hereunder shall be in writing and shall be given or made by telecopy, electronic mail, certified or registered mail (return
receipt requested) or delivered personally or by a nationally recognized overnight courier service to the Executive at his last residence address as shown in the records of the Bank and to the Bank addressed to its Chairman of the Board at its
principal office. 
 Section 13. Amendments. This agreement may not be amended or modified except by a
written agreement signed by the Executive and the Bank. This Agreement and any amendment hereof may be executed in counterparts. 
 Section 14. Governing Law. This Agreement shall be governed and construed under the laws of the State of California. 

  
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 Section 15. No Transfer by Executive. The Executive’s rights and
obligations under this Agreement shall not be transferable by assignment or otherwise, nor shall the Executive’s rights be subject to encumbrance or subject to claims of the Bank’s creditors. Nothing in this Agreement shall prevent the
consolidation of the Bank with, or its merger into, any other corporation, or the sale by the Bank of all or substantial all of its properties or assets. This Agreement shall inure to the benefit of, and be binding upon and be enforceable by any
successor surviving or resulting corporation, or other entity to which such assets shall be transferred. This Agreement shall not be terminated by the voluntary or involuntary dissolution of the Bank. 

Section 16. Entire Agreement. This Agreement, and the Employment Agreement of even date between the Bank and the
Executive, contains the entire agreement of the parties with respect to the employment of the Executive by the Bank. In the event of a conflict between this Agreement. 
 Section 17. Partial Invalidity. If for any reason any provision of this Agreement shall be determined to be inoperative or invalid, the validity and effect of the other provisions
hereof shall not be affected thereby. 
 Section 18. No Strict Construction. The language used in this
Agreement shall be deemed to be the language chosen by the parties hereto to express their mutual intent, and no rule of strict construction will be applied against either party. 

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

  

			
	United Labor Bank, fsb
	
	/s/ William Smith
	By:	 	William Smith
	Chairman of the Board
	
	/s/ Malcolm F. Hotchkiss
	Malcolm F. Hotchkiss

 Lneves/executive agreements 

  
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 AMENDMENT TO EXECUTIVE TRANSITION AGREEMENT 

This Amendment to Executive Transition Agreement is made and entered into as of January 1, 2010 (“Effective Date”) by and
between United Labor Bank, fsb. (the “Bank”) and Malcolm F. Hotchkiss (the “Executive”), with reference to the following: 
 The Bank desires to continue the Executive Transition Agreement dated January 1, 2006 (the “Agreement”) between the parties and Executive also desires to continue the Agreement. 

NOW, THEREFORE, in consideration of their mutual promises and obligations and intending to be legally bound hereby, the parties amend
Section 4 of the Agreement as follows: 
  

	 	4.	Term of Agreement. This Agreement shall have a term (the “Term”) commencing as of the Effective Date and continuing through and until January 1,
2013. 

 All other terms and conditions of the original Agreement shall remain in full force and effect.

 IN WITNESS WEREOF, the parties have executed this Amendment to Executive Transition Agreement effective as of the day and
year first written above. 
  

	
	United Labor Bank, fsb
	
	/s/ Terry J. Street
	By: Terry J. Street
	Chairman of the Board
	
	/s/ Malcolm F. Hotchkiss
	Malcolm F. Hotchkiss

 100 Hegenberger Road, Suite 220, Oakland, California 94621 • 800.734.6888 • Fax 510.567.6965

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