Document:

Exhibit
10.67

AMENDED
AND RESTATED LIFE INSURANCE

ENDORSEMENT
METHOD SPLIT DOLLAR PLAN

AGREEMENT

	
  Insurers and Policy Numbers:

  	
   

  	
  Jefferson Pilot Life, Policy No. JP5063505

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Mass Mutual, Policy No. 0036892

  
	
   

  	
   

  	
   

  
	
  Bank:

  	
   

  	
  Central Valley Community Bank

  
	
   

  	
   

  	
   

  
	
  Insured:

  	
   

  	
  Daniel J. Doyle

  
	
   

  	
   

  	
   

  
	
  Relationship of Insured to Bank:

  	
   

  	
  President and Chief Executive Officer

  

 

This Amended and
Restated Life Insurance Endorsement Method Split Dollar Plan Agreement (the “Agreement”) is made effective as of December 31, 2006, and
is entered into by and between Central Valley Community Bank (the “Bank”) and Daniel J. Doyle (the “Insured”),
each a “Party” and together the “Parties.” 
This Agreement amends and restates in its entirety that certain Life
Insurance Endorsement Method Split Dollar Plan Agreement dated June 7, 2000 by
and between the Bank and Insured, which was subsequently amended by the Parties
on April 29, 2002 (as amended, the “Prior Agreement”).

RECITALS

A.                                   In
2000, the Bank’s Board of Directors (the “Board”)
determined that the Insured’s services to the Bank were valuable, and,
accordingly, agreed to provide certain death benefits to the Insured pursuant
to the Prior Agreement.

B.                                     In
2003, the Bank agreed to increase the death benefit under the Prior Agreement,
and, accordingly, amended the Prior Agreement.

C.                                     Certain
parts of the Agreement are inconsistent with the original intent of the
Parties.  Accordingly, the Parties now
wish to clarify their original intent by amending the Agreement as provided
herein.

AGREEMENT

The respective rights and duties of the Bank and the
Insured in the above-referenced policy shall be pursuant to the terms set forth
below:

I.                                      DEFINITIONS

Refer to the policy contract for the definition of all
terms in this Agreement.

 1
 

 

II.                                  POLICY TITLE AND OWNERSHIP

Title and ownership shall reside in the Bank for its
use and for the use of the Insured in accordance with this Agreement. The Bank
alone may, to the extent of its interest, exercise the right to borrow or
withdraw on the policy cash values. Where the Bank and the Insured (or
assignee, with the consent of the Insured) mutually agree to exercise the right
to increase the coverage under the subject Split Dollar policy, then, in such
event, the rights, duties and benefits of the parties to such increased
coverage shall continue to be subject to the terms of this Agreement.

III.                              BENEFICIARY DESIGNATION RIGHTS

The Insured (or assignee) shall have the right and
power to designate a beneficiary or beneficiaries to receive the Insured’s
share of the proceeds payable upon the death of the Insured, and to elect and
change a payment option for such beneficiary, subject to any right or interest
the Bank may have in such proceeds, as provided in this Agreement.

IV.                             PREMIUM PAYMENT METHOD

The Bank intends to pay an amount equal to the planned
premiums and any other premium payments that might become necessary to keep the
policy in force.

V.                                 TAXABLE BENEFIT

Annually the Insured will receive a taxable benefit
equal to the assumed cost of insurance as required by the Internal Revenue
Service. The Bank (or its administrator) will report to the Insured the amount
of imputed income each year on Form W-2 or its equivalent.

VI.                             DIVISION OF DEATH PROCEEDS

Subject to Paragraphs VII and IX herein, the division
of the death proceeds of the policy is as follows:

A.                                   Should
the Insured be employed by the Bank at the time of death, the Insured’s
beneficiary(ies), designated in accordance with Paragraph III, shall be
entitled to a lump sum payment equal to the present value of the Normal
Retirement Benefit under that certain Amended and Restated Executive Salary
Continuation Agreement between the Bank and Insured dated of even date herewith
(the “Salary Continuation Agreement”) assuming
that the payments would begin on the date of death and continue for one hundred
and eighty months following such Retirement (as those terms are defined in the
Salary Continuation Agreement), or one hundred percent (100%) of the total
proceeds of the policy, whichever amount is less.  Present value calculations shall be made using
the assumptions set forth in Section X(L) of the Salary Continuation Agreement.

 2
 

 

B.                                   Should
the Insured be retired from the Bank at the time of death, the Insured’s
beneficiary(ies), designated in accordance with Paragraph III, shall be
entitled to a lump sum payment equal to the present value of one hundred
percent (100%) of the sum of all remaining payments that would have been made
under the Salary Continuation Agreement, but for the Insured’s death, or one
hundred percent (100%) of the total proceeds of the policy, whichever amount is
less.  Present value calculations shall
be made using the assumptions set forth in Section X(L) of the Salary
Continuation Agreement.

C.                                   The
Bank shall be entitled to the remainder of such proceeds.

D.                                   The
Bank and the Insured (or assignees) shall share in any interest due on the
death proceeds on a pro rata basis as the proceeds due each respectively bears
to the total proceeds, excluding any such interest.

VII.                         DIVISION OF THE CASH SURRENDER VALUE OF THE POLICY

During the Insured’s life, the Bank shall at all times
be entitled to an amount equal to the policy’s cash value, as that term is
defined in the policy contract, less any policy loans and unpaid interest or cash
withdrawals previously incurred by the Bank and any applicable surrender
charges.  Such cash value shall be
determined as of the date of surrender. 
Notwithstanding the foregoing, upon Insured’s death, the proceeds of the
policy shall first be used to satisfy the obligations to Insured’s
beneficiaries set forth in Paragraph VI.

VIII.                     RIGHTS OF PARTIES WHERE POLICY ENDOWMENT OR ANNUITY
ELECTION EXISTS

In the event the policy involves an endowment or
annuity element, the Bank’s right and interest in any endowment proceeds or
annuity benefits, on expiration of the deferment period, shall be determined
under the provisions of this Agreement by regarding such endowment proceeds or
the commuted value of such annuity benefits as the policy’s cash value. Such
endowment proceeds or annuity benefits shall be considered to be like death
proceeds for the purposes of division under this Agreement.

IX.                             TERMINATION OF AGREEMENT

This Agreement shall terminate upon the occurrence of
any one of the following:

1.                                      The
Insured shall be discharged from employment with the Bank for cause. The term
for “cause” shall mean any of the following that result in an adverse effect on
the Bank: (i) gross negligence or gross neglect; (ii) the commission of a
felony or gross misdemeanor involving moral turpitude, fraud, or dishonesty;
(iii) the willful violation of any law, rule, or regulation (other than a
traffic violation or similar offense); (iv) an intentional failure to perform
stated duties; or (v) a breach of fiduciary duty involving personal profit; or

 3
 

2.                                       Surrender,
lapse, or other termination of the Policy by the Bank.

Upon such termination, the Insured (or assignee) shall
have a fifteen (15) day option to receive from the Bank an absolute assignment
of the policy in consideration of a cash payment to the Bank, whereupon this
Agreement shall terminate. Such cash payment referred to above shall be the
greater of:

(a)                                  The
Bank’s share of the cash value of the policy on the date of such assignment, as
defined in this Agreement; or

(b)                                 The
amount of the premiums which have been paid by the Bank prior to the date of
such assignment, plus interest.

If within said fifteen (15) day period, the Insured
fails to exercise said option, fails to tender the required cash payment, or
dies, then the option shall terminate, and the Insured (or assignee) agrees
that all of the Insured’s rights, interest and claims in the policy shall
terminate as of the date of the termination of this Agreement.

The Insured expressly agrees that this Agreement shall
constitute sufficient written notice to the Insured of the Insured’s option to
receive an absolute assignment of the policy as set forth herein.

Except as provided above, this Agreement shall
terminate upon distribution of the death benefit proceeds in accordance with
Paragraph VI above.

X.                                 INSURED’S OR ASSIGNEE’S ASSIGNMENT RIGHTS

The Insured may not, without the written consent of
the Bank, assign to any individual, trust or other organization, any right,
title or interest in the subject policy nor any rights, options, privileges or
duties created under this Agreement.

XI.                             AGREEMENT BINDING UPON THE PARTIES

This Agreement shall bind the Insured and the Bank,
their heirs, successors, personal representatives and assigns.

XII.                         ERISA PROVISIONS

The following provisions are part of this Agreement
and are intended to meet the requirements of the Employee Retirement Income
Security Act of 1974 (“ERISA”):

A.                                   Named
Fiduciary and Plan Administrator.

The “Named Fiduciary and Plan Administrator” of this
Endorsement Method Split Dollar Agreement shall be Central Valley Community
Bank. As Named Fiduciary and Plan Administrator, the Bank shall be responsible
for the management, control, and administration of this Split Dollar Plan as
established herein. The Named Fiduciary may delegate to others certain aspects
of the management and operation responsibilities of the Plan, including the employment
of advisors and the delegation of any ministerial duties to qualified
individuals.

 4
 

 

B.                                   Funding
Policy.

The funding policy for this Split Dollar Plan shall be
to maintain the subject policy in force by paying, when due, all premiums
required.

C.                                   Basis
of Payment of Benefits.

Direct payment by the Insurer is the basis of payment
of benefits under this Agreement, with those benefits in turn being based on
the payment of premiums as provided in this Agreement.

D.                                   Claim
Procedures.

Claim forms or claim information as to the subject
policy can be obtained by contacting Clark Consulting at 952-893-6767. When the
Named Fiduciary has a claim which may be covered under the provisions described
in the insurance policy, he or she should contact the office named above, and
they will either complete a claim form and forward it to an authorized
representative of the Insurer or advise the named Fiduciary what further
requirements are necessary. The Insurer will evaluate and make a decision as to
payment. If the claim is payable, a benefit check will be issued in accordance
with the terms of this Agreement.

In the event that a claim is not eligible under the
policy, the Insurer will notify the Named Fiduciary of the denial pursuant to
the requirements under the terms of the policy. If the Named Fiduciary is
dissatisfied with the denial of the claim and wishes to contest such claim
denial, he or she should contact the office named above and they will assist in
making inquiry to the Insurer. All objections to the Insurer’s actions should
be in writing and submitted to the office named above for transmittal to the
Insurer.

XIII.                     GENDER

Whenever in this Agreement words are used in the
masculine or neuter gender, they shall be read and construed as in the
masculine, feminine or neuter gender, whenever they should so apply.

XIV.                    INSURANCE COMPANY NOT A PARTY TO THIS AGREEMENT

The Insurer shall not be deemed a party to this
Agreement, but will respect the rights of the parties as herein developed upon
receiving an executed copy of this Agreement. Payment or other performance in
accordance with the policy provisions shall fully discharge the Insurer for any
and all liability.

XV.                        AMENDMENT OR REVOCATION

It is agreed by and between the parties hereto that,
during the lifetime of the Insured, this Agreement may be amended or revoked at
any time or times, in whole or in part, by the mutual written consent of the
Insured and the Bank, provided however that following a Change in Control of
the Bank (as that term is defined in the Salary Continuation Agreement), this
Agreement may only be modified by the mutual consent of the Bank and Insured.

 5
 

XVI.                    EFFECTIVE DATE

The Effective Date of this Agreement shall be December
31, 2006.

XVII.                SEVERABILITY AND INTERPRETATION

If a provision of this Agreement is held to be invalid
or unenforceable, the remaining provisions shall nonetheless be enforceable
according to their terms. Further, in the event that any provision is held to
be over broad as written, such provision shall be deemed amended to narrow its
application to the extent necessary to make the provision enforceable according
to law and enforced as amended.

XVIII.            APPLICABLE LAW

The validity and interpretation of this Agreement
shall be governed by applicable federal law and the laws of the State of
California.

XIX.                    COMPETITION AFTER TERMINATION OF EMPLOYMENT

The Bank shall not pay any benefit under this
Agreement if the Insured, without the prior written consent of the Bank,
engages in, becomes interested in, directly or indirectly, as a sole
proprietor, as a partner in a partnership, or as a substantial shareholder in a
corporation, or becomes associated with, in the capacity of employee, director,
officer, principal, agent, trustee or in any other capacity whatsoever, any
enterprise conducted in the trading area (a 50 mile radius) of the business of
the Bank, which enterprise is, or may deemed to be, competitive with any business
carried on by the Bank as of the date of termination of the Insured’s
employment or his retirement. This section shall not apply following a Change
of Control.

Executed at Fresno, California on 12/31/06.

	
  BANK:

  	
   

  	
  INSURED:  

  
	
   

  	
   

  	
   

  
	
  CENTRAL VALLEY COMMUNITY BANK 

  	
   

  	
  DANIEL J. DOYLE 

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Daniel J. Doyle  

  	
   

  
	
  By: 

  	
  /s/ Daniel N. Cunningham  

  	
   

  	
   

  	
  Daniel J. Doyle

  
	
  Name: Daniel N. Cunningham 

  	
   

  	
   

  
	
  Title: Chairman

  	
   

  	
   

  
						

 

 6
 

BENEFICIARY
DESIGNATION FORM

FOR LIFE
INSURANCE ENDORSEMENT METHOD

SPLIT DOLLAR
PLAN AGREEMENT

PRIMARY DESIGNATION:

	
  Name

  	
   

  	
  Address

  	
   

  	
  Relationship

  	
   

  
	
                      

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
                    

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
                       

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

SECONDARY (CONTINGENT)
DESIGNATION:

 

 

All sums payable under the Life Insurance Endorsement
Method Split Dollar Plan Agreement by reason of my death shall be paid to the
Primary Beneficiary, if he or she survives me, and if no Primary Beneficiary
shall survive me, then to the Secondary (Contingent) Beneficiary.

	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Daniel J. Doyle

  	
   

  	
  Date

  

 

 7Exhibit
10.68

 

AMENDED AND RESTATED EXECUTIVE SALARY CONTINUATION AGREEMENT

This
Amended and Restated Executive Salary Continuation Agreement (the “Agreement”) is made effective as of December 31, 2006 (the “Effective Date”), and is entered into by and between Central
Valley Community Bank (the “Bank”) and Daniel
J. Doyle (the “Executive”), each a “Party” and together the “Parties.” 
This Agreement amends and restates in its entirety that certain
Executive Salary Continuation Agreement dated June 7, 2000 by and between the
Bank and Executive, which was subsequently amended by the Parties on April 29,
2002, April 1, 2003 and February 1, 2005 (as amended, the “Prior
Agreement”).

RECITALS

A.            The Executive is a
valued Executive of the Bank.

B.            In 2000, the Bank’s Board
of Directors (the “Board”) determined
that the Executive’s services to the Bank were valuable, and, accordingly, agreed
to make certain payments to the Executive at retirement pursuant to the Prior
Agreement.

C.            In 2003, the Bank
agreed to increase the benefit amount under the Prior Agreement, and,
accordingly, restated the Prior Agreement.

D.            Certain parts of the
Agreement are inconsistent with the original intent of the Parties.  Accordingly, the Parties now wish to clarify
their original intent by amending the Agreement as provided herein.

E.             It is the intent of
the Parties hereto that this Agreement be considered an unfunded arrangement
maintained primarily to provide supplemental retirement benefits for the
Executive, and to be considered a non-qualified benefit plan for purposes of
the Employee Retirement Security Act of 1974, as amended (“ERISA”).
 The Executive is fully advised of the
Bank’s financial status and has had substantial input in the design and operation
of this benefit plan.

AGREEMENT

In
consideration of the mutual promises, covenants, and agreements contained
herein and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the Parties agree as follows:

I.              DEFINITIONS

In addition to those terms defined elsewhere
in this Agreement, the following definitions apply to this Agreement:

 1
 

A.            Accrual Balance.

“Accrual
Balance” means the liability accrued by the Bank under Generally
Accepted Accounting Principles to reflect the Bank’s obligation to the
Executive under this Agreement, using the discount rate described in Section X(L).  The Accrual Balance shall be calculated on a
monthly basis.  Accrual Balance projections
based on the current discount rate are set forth in Exhibit A attached hereto.

B.            Benefits.

“Benefits”
means the benefits that are the subject of this Agreement, including the Normal
Retirement Benefit, the Early Retirement Benefit, the Involuntary Termination
Benefit, the Disability Benefit, and the Change in Control Benefit.

C.            Change in Control.

“Change in
Control” shall be deemed to have occurred on the date that any one
person, or more than one person acting as a group, acquires ownership of stock
of the Bank that, together with stock held by such person or group, constitutes
more than fifty percent (50%) of the total fair market value or total voting
power of the stock of the Bank.  However,
if any one person or more than one person acting as a group, is considered to
own more than fifty percent (50%) of the total fair market value or total
voting power of the stock of Bank, the acquisition of additional stock by the
same person or persons will not be considered to cause a Change in Control of
the Bank.  Further, an increase in the
percentage of stock owned by any one person, or persons acting as a group, as a
result of a transaction in which the Bank acquires its stock in exchange for
property will not be considered to cause a Change in Control of the Bank.  Transfers of Bank stock on account of deaths
or gifts, transfers between family members or transfers to a qualified
retirement plan maintained by the Bank shall not be considered in determining
whether there has been a Change in Control. 
For purposes of this Section I(C), the term “Bank” shall include any
holding company, meaning any corporation that is a majority shareholder of the
Bank.  A “Change in Control” shall be
interpreted in accordance with the definition of “Change in Ownership” under Section
409A, and to the extent that an event or series of events does not constitute a
“Change in Ownership” under Section 409A, the event or series of events will
not constitute a “Change in Control” under this Agreement.

D.            Change in Control
Benefit.

“Change in
Control Benefit” means a lump sum payment benefit equal to the present
value (calculated using the assumptions set forth in Section X(L) of this
Agreement, determined as of the date of payment) of one hundred percent (100%)
of the Normal Retirement Benefit that the Executive would have received had the
Executive been employed by the Bank until December 10, 2010.  Change in Control Benefit projections are described
in Exhibit A attached hereto.

E.             Code.

“Code”
means the Internal Revenue Code of 1986, as amended.

 2
 

F.             Disability or
Disabled.

“Disability”
or “Disabled” means Executive (i) is unable
to engage in any substantial gainful activity by reason of any medically
determinable physical or mental impairment which can be expected to result in
death or can be expected to last for a continuous period of not less than 12
months; or (ii) is, by reason of any medically determinable physical or mental
impairment which can be expected to result in death or can be expected to last
for a continuous period of not less than 12 months, receiving income
replacement benefits for a period of not less than 3 months under an accident
and health plan covering Bank employees. 
If there is a dispute regarding whether the Executive is Disabled, such
dispute shall be resolved by a mutually agreeable physician.  Such resolution shall be binding upon all Parties
to this Agreement.  The determination of
Disability shall be made in a uniform and nondiscriminatory manner applied to
all Bank employees under similar circumstances. 
Notwithstanding anything to the contrary, the terms “Disability” or “Disabled”
shall be interpreted in accordance with Section 409A.

G.            Disability Benefit.

The “Disability
Benefit” means an annual benefit equal to the Early Retirement
Benefit or Normal Retirement Benefit that the Executive would have received had
the Executive Retired from the Bank on the first day of the month during which Termination
of Employment on account of Disability occurs, payable in accordance with the
terms of this Agreement.  Beginning on
the thirteenth month that the Disability Benefit is paid, and continuing
thereafter until paid in full, the Disability Benefit shall be increased each
year by three percent (3%) from the previous year’s Disability Benefit amount
to account for cost of living increases. 
Annual Disability Benefit projections are described in Exhibit A
attached hereto.

H.            Early Retirement
Benefit.

The “Early
Retirement Benefit” means an annual benefit equal to the amount
listed below that correlates to first day of the month during which Executive Retires,
payable in accordance with the terms of this Agreement.

	
  Month of Retirement

  	
   

  	
  Amount of Early Retirement Benefit

  	
   

  
	
  December, 2006

  	
   

  	
  $

  	
  90,000

  	
   

  
	
  January, 2007

  	
   

  	
  $

  	
  91,250

  	
   

  
	
  February, 2007

  	
   

  	
  $

  	
  92,500

  	
   

  
	
  March, 2007

  	
   

  	
  $

  	
  93,750

  	
   

  
	
  April, 2007

  	
   

  	
  $

  	
  95,000

  	
   

  
	
  May, 2007

  	
   

  	
  $

  	
  96,250

  	
   

  
	
  June, 2007

  	
   

  	
  $

  	
  97,500

  	
   

  
	
  July, 2007

  	
   

  	
  $

  	
  98,750

  	
   

  
	
  August, 2007

  	
   

  	
  $

  	
  100,000

  	
   

  
	
  September, 2007

  	
   

  	
  $

  	
  101,250

  	
   

  
	
  October, 2007

  	
   

  	
  $

  	
  102,500

  	
   

  
	
  November, 2007

  	
   

  	
  $

  	
  103,750

  	
   

  
	
  December, 2007

  	
   

  	
  $

  	
  105,000

  	
   

  
	
  January, 2008

  	
   

  	
  $

  	
  106,250

  	
   

  
	
  February, 2008

  	
   

  	
  $

  	
  107,500

  	
   

  

 

 3
 

 

	
  March, 2008

  	
   

  	
  $

  	
  108,750

  	
   

  
	
  April, 2008

  	
   

  	
  $

  	
  110,000

  	
   

  
	
  May, 2008

  	
   

  	
  $

  	
  111,250

  	
   

  
	
  June, 2008

  	
   

  	
  $

  	
  112,500

  	
   

  
	
  July, 2008

  	
   

  	
  $

  	
  113,750

  	
   

  
	
  August, 2008

  	
   

  	
  $

  	
  115,000

  	
   

  
	
  September, 2008

  	
   

  	
  $

  	
  116,250

  	
   

  
	
  October, 2008

  	
   

  	
  $

  	
  117,500

  	
   

  
	
  November, 2008

  	
   

  	
  $

  	
  118,750

  	
   

  
	
  December, 2008

  	
   

  	
  $

  	
  120,000

  	
   

  
	
  January, 2009

  	
   

  	
  $

  	
  121,250

  	
   

  
	
  February, 2009

  	
   

  	
  $

  	
  122,500

  	
   

  
	
  March, 2009

  	
   

  	
  $

  	
  123,750

  	
   

  
	
  April, 2009

  	
   

  	
  $

  	
  125,000

  	
   

  
	
  May, 2009

  	
   

  	
  $

  	
  126,250

  	
   

  
	
  June, 2009

  	
   

  	
  $

  	
  127,500

  	
   

  
	
  July, 2009

  	
   

  	
  $

  	
  128,750

  	
   

  
	
  August, 2009

  	
   

  	
  $

  	
  130,000

  	
   

  
	
  September, 2009

  	
   

  	
  $

  	
  131,250

  	
   

  
	
  October, 2009

  	
   

  	
  $

  	
  132,500

  	
   

  
	
  November, 2009

  	
   

  	
  $

  	
  133,750

  	
   

  
	
  December, 2009

  	
   

  	
  $

  	
  135,000

  	
   

  
	
  January, 2010

  	
   

  	
  $

  	
  136,250

  	
   

  
	
  February, 2010

  	
   

  	
  $

  	
  137,500

  	
   

  
	
  March, 2010

  	
   

  	
  $

  	
  138,750

  	
   

  
	
  April, 2010

  	
   

  	
  $

  	
  140,000

  	
   

  
	
  May, 2010

  	
   

  	
  $

  	
  141,250

  	
   

  
	
  June, 2010

  	
   

  	
  $

  	
  142,500

  	
   

  
	
  July, 2010

  	
   

  	
  $

  	
  143,750

  	
   

  
	
  August, 2010

  	
   

  	
  $

  	
  145,000

  	
   

  
	
  September, 2010

  	
   

  	
  $

  	
  146,250

  	
   

  
	
  October, 2010

  	
   

  	
  $

  	
  147,500

  	
   

  
	
  November, 2010

  	
   

  	
  $

  	
  148,750

  	
   

  
	
  December, 2010

  	
   

  	
  $

  	
  150,000

  	
   

  

 

Beginning on the
thirteenth month that the annual Early Retirement Benefit is paid, and
continuing thereafter until paid in full, the annual Early Retirement Benefit
shall be increased each year by three percent (3%) from the previous year’s
Early Retirement Benefit amount to account for cost of living increases.

I.              Early Retirement
Date.

“Early
Retirement Date” means the date of Retirement if it is effective
prior to December 31, 2010, provided the Executive has attained age sixty (60).

J.             For Cause.

“For Cause”
means any of the following actions by Executive that result in an adverse
effect on the Bank: (i) gross negligence or gross neglect; (ii) the commission
of a felony or gross

 4
 

misdemeanor involving
moral turpitude, fraud, or dishonesty; (iii) the willful violation of any law,
rule, or regulation (other than a traffic violation or similar offense); (iv)
an intentional failure to perform stated duties; or (v) a breach of fiduciary
duty involving personal profit.  If a
dispute arises as to whether Termination of Employment was For Cause, such
dispute shall be resolved by arbitration as set forth in this Agreement.

K.            Involuntary
Termination.

“Involuntary
Termination” means Executive’s
Employment Terminates by Bank prior to Retirement, and such Termination of
Employment is not For Cause.

L.             Involuntary
Termination Benefit.

“Involuntary
Termination Benefit” means an annual benefit equal to the Early
Retirement Benefit or Normal Retirement Benefit that the Executive would have
received had the Executive Retired from the Bank on the first day of the month
during which Involuntary Termination occurs, payable in accordance with the terms
of this Agreement.  Beginning on the
thirteenth month that the Involuntary Termination Benefit is paid, and
continuing thereafter until paid in full, the Involuntary Termination Benefit
shall be increased each year by three percent (3%) from the previous year’s
Involuntary Termination Benefit amount to account for cost of living
increases.  Annual Involuntary
Termination Benefit projections are described in Exhibit A attached hereto.

M.           Normal Retirement
Benefit.

“Normal
Retirement Benefit” means an annual benefit equal to One Hundred
Fifty Thousand Dollars and No/00ths ($150,000.00) per year, payable in
accordance with the terms of this Agreement. 
Beginning on the thirteenth month that the Normal Retirement Benefit is
paid, and continuing thereafter until paid in full, the Normal Retirement
Benefit shall be increased annually by three percent (3%) from the previous year’s
Normal Retirement Benefit amount to account for cost of living increases.  Normal Retirement Benefit projections are
described in Exhibit A attached hereto.

N.            Retirement and
Retire.

“Retirement”
and “Retire” mean that the Executive remains
in the continuous employ of the Bank from the Effective Date and then retires
from active employment (and his Employment Terminates) with the Bank, after
having attained age sixty (60).

O.            Section 409A.

“Section 409A” means Code Section 409A
together with IRS regulations and guidance promulgated thereunder, as amended
from time to time.

 5
 

P.             Termination of
Employment or Employment Terminates.

“Termination
of Employment” or “ Employment Terminates “
means that the Executive’s employment with the Bank is terminated and the
Executive actually separates from service with the Bank and does not continue
in his prior capacity.  Termination of
Employment does not include Executive’s military leave, sick leave or other
bona fide leave of absence (such as temporary employment with the government)
if the period of leave does not exceed six months, or if longer, so long as his
right to reemployment with the Bank is provided either in contract or
statute.  Notwithstanding anything to the
contrary, the terms “Termination of Employment” and “Employment Terminates”
shall be interpreted in accordance with Section 409A.

Q.            Voluntary
Termination.

“Voluntary
Termination” means Executive’s Employment Terminates prior to
Retirement by Executive’s voluntary action.

II.            EMPLOYMENT

The Bank agrees to employ
the Executive in such capacity as the Bank may from time to time determine.  The Executive will continue in the employ of
the Bank in such capacity and with such duties and responsibilities as may be
assigned to him, and with such compensation as may be determined from time to
time by the Board.

III.           FRINGE
BENEFITS

The salary continuation Benefits
provided by this Agreement are granted by the Bank as a fringe benefit to the
Executive and are not part of any salary reduction plan or an arrangement
deferring a bonus or a salary increase.  The
Executive has no option to take any current payment or bonus in lieu of these salary
continuation Benefits except as specifically set forth hereinafter.

IV.           RETIREMENT
BENEFIT AND EARLY RETIREMENT BENEFIT

A.            Retirement Benefit.

Provided
the Executive Retires on or after the December 31, 2010, the Bank shall pay the
Executive the Normal Retirement Benefit each year, in lieu of any other Benefit
under this Agreement, in equal monthly installments (1/12 of the annual Normal
Retirement Benefit) for a period of one hundred and eighty (180) months,
commencing with the first day of the month following the date of Retirement.  In the event of death, Section V of this
Agreement shall control.

B.            Early Retirement
Benefit.

Beginning
on the Early Retirement Date, the Bank shall pay the Executive the annual Early
Retirement Benefit each year, in lieu of any other Benefit under this
Agreement, in equal monthly installments (1/12 of the annual Early Retirement
Benefit) for a period of one hundred and eighty (180) months, commencing with
the first day of the month following the date of Retirement.  In the event of death, Section V of this
Agreement shall control.

 6
 

V.            DEATH BENEFIT

In the event of the
Executive’s death, no Benefits shall be payable hereunder and this Agreement
shall automatically terminate.  If the
Executive is already in pay status at the time of his death, no further
payments will be made, and his right to any additional payments will terminate.  Notwithstanding the foregoing, in the event
that the Policies described in that certain Amended and Restated Life Insurance
Endorsement Method Split Dollar Plan Agreement between the Bank and Executive
of even date herewith (the “Split Dollar Plan”) are surrendered, lapse or are
otherwise terminated by the Bank, and the Bank does not replace such Policies
with other comparable life insurance, such that no death benefits are payable
under the Split Dollar Plan, then in the event of Executive’s death, Executive’s
beneficiaries under the Split Dollar Plan shall be entitled to the payment of
the benefits, if any, described in Section VI(A) or (B) of the Split Dollar
Plan, as applicable, in lieu of any other Benefit under this Agreement.

VI.           TERMINATION OF EMPLOYMENT AND DISABILITY

A.            Involuntary
Termination of Employment.

In the event of Executive’s
Involuntary Termination prior to Retirement, the Bank shall pay the Executive
the Involuntary Termination Benefit each year, in lieu of any other Benefit
under this Agreement, in equal monthly installments (1/12 of the annual
Involuntary Termination Benefit) for a period of one hundred and eighty (180)
months, commencing with the first day of the month following the date of
Involuntary Termination.  In the event of
death, Section V of this Agreement shall control.

B.            Termination of
Employment For Cause.

In the event Executive’s Employment Terminates For Cause prior to Retirement,
then this Agreement shall immediately terminate and the Executive shall forfeit
all Benefits and shall not be entitled to receive any Benefits under this
Agreement.

C.            Disability.

In the event the Executive becomes Disabled prior to Termination of
Employment, and Executive’s Employment Terminates because of such Disability,
the Bank shall pay the Executive the annual Disability Benefit each year, in
lieu of any other Benefit under this Agreement, in equal monthly installments
(1/12 of the annual Disability Benefit) for a period of one hundred and eighty
(180) months, commencing with the first day of the month following the date of
Termination of Employment on account of Disability.  In the event of death, Section V of this
Agreement shall control.

VII.         CHANGE OF CONTROL

Upon
a Change of Control, if, within twenty four (24) months of the Change of
Control, (i) the Executive subsequently suffers a Termination of Employment
(whether Voluntary Termination or Involuntary Termination) for any reason, other
than Termination of Employment For Cause; (ii) the Executive’s job
responsibilities substantially change; or (iii) the Executive is relocated,
then the Bank shall pay the Executive the Change of Control Benefit, in lieu of
any other Benefit under this Agreement, in a lump sum on the first day of the
month following the date of the act giving rise to the payment (i.e., the date
of Termination of Employment, substantial change in

 7
 

job
responsibilities or relocation).  In the
event of death, Section V of this Agreement shall control.

VIII.        SPECIFIED EMPLOYEE REQUIREMENTS

Notwithstanding anything
to the contrary, payments made under this Agreement on account of Retirement,
Early Retirement, Death or Involuntary Termination shall be delayed so that no
payments are made during the first six (6) months following Termination of
Employment, if such delay is required by the Specified Employee requirements of
section 409A.

IX.           RESTRICTIONS ON FUNDING

The
Bank shall have no obligation to set aside, earmark or entrust any fund or
money with which to pay its obligations under this Agreement.  The Executive or any successor in interest
shall be and remain simply a general creditor of the Bank in the same manner as
any other creditor having a general claim for matured and unpaid compensation.

The
Bank reserves the absolute right, at its sole discretion, to purchase life
insurance in amounts sufficient to secure the Benefits provided under this
Agreement.  The Bank further reserves the
absolute right, at its sole discretion, to establish a grantor trust which may
be used to hold assets of the Bank which are maintained as reserves against the
Bank’s unfunded, unsecured obligations hereunder.  Such reserves shall at all times be subject
to the claims of the Bank’s creditors and the creditors of any affiliate of the
Bank that is also an employer of the Executive. 
To the extent such trust or other vehicle is established, the Bank’s
obligations hereunder shall be reduced to the extent such assets are utilized
to meet its obligations hereunder.  Any
such trust and the assets held thereunder are intended to conform in substance
to the terms of the model trust described in Revenue Procedure 92-64, 1992-33
IRB 11 (8-17-92).  The Bank reserves the
absolute right, in its sole discretion, to terminate any such life insurance or
grantor trust at any time, in whole or in part.  At no time shall any Executive be deemed to
have any lien or right, title or interest in or to any specific investment or
to any assets of the Bank.  If the Bank
elects to invest in a life insurance, disability or annuity policy upon the
life of the Executive, then the Executive shall assist the Bank by freely
submitting to a physical exam and supplying such additional information
necessary to obtain such insurance or annuities.

X.            MISCELLANEOUS

A.            Alienability and
Assignment Prohibition.

Neither the Executive, nor the Executive’s spouse, nor any other
beneficiary(ies) under this Agreement shall have any power or right to
transfer, assign, anticipate, hypothecate, mortgage, commute, modify or
otherwise encumber in advance any of the Benefits payable hereunder nor shall
any of such Benefits be subject to seizure for the payment of any debts,
judgments, alimony or separate maintenance owed by the Executive or the
Executive’s beneficiary(ies), nor be transferable by operation of law in the
event of bankruptcy, insolvency or otherwise.  In the event the Executive or any beneficiary
attempts assignment, commutation, hypothecation,

 8
 

transfer or disposal of the Benefits hereunder, the Bank’s liabilities and
obligations under this Agreement shall cease and terminate immediately.

B.            Binding Obligation
of the Bank and any Successor in Interest.

The Bank shall not merge or consolidate into or with another bank or
sell substantially all of its assets to another bank, firm or person until such
bank, firm or person expressly agrees, in writing, to assume and discharge the
duties and obligations of the Bank under this Agreement.  This Agreement shall be binding upon the Parties
hereto, their successors, beneficiaries, heirs and personal representatives.

C.            Amendment or
Revocation.

It is agreed by and between the Parties hereto that, during the lifetime
of the Executive, this Agreement may be amended or revoked at any time or
times, in whole or in part, by the mutual written consent of the Executive and
the Bank.

D.            Gender.

Whenever in this Agreement words are used in the masculine or neuter
gender, they shall be read and construed as in the masculine, feminine or
neuter gender, whenever they should so apply.

E.             Effect on Other
Bank Benefit Plans.

Nothing contained in this Agreement shall affect the right of the
Executive to participate in or be covered by any qualified or non-qualified
pension, profit-sharing, group, bonus or other supplemental compensation or
fringe benefit plan constituting a part of the Bank’s existing or future
compensation structure.

F.             Headings.

Headings and subheadings in this Agreement are inserted for reference
and convenience only and shall not be deemed a part of this Agreement.

G.            Applicable Law.

The validity and interpretation of this Agreement shall be governed by
applicable federal law and the laws of the State of California.

H.            12 U.S.C. § 1828(k).

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.
§ 1828(k) or any regulations promulgated thereunder.

I.              Partial
Invalidity.

If any term, provision, covenant, or condition of this Agreement is
determined by an arbitrator or a court, as the case may be, to be invalid,
void, or unenforceable, such determination shall not

 9
 

render any other term, provision, covenant, or condition invalid, void,
or unenforceable, and the Agreement shall remain in full force and effect
notwithstanding such partial invalidity.

J.             Not a Contract of
Employment.

This Agreement shall not be deemed to constitute a contract of
employment between the Parties hereto, nor shall any provision hereof restrict
the right of the Bank to discharge the Executive, or restrict the right of the
Executive to terminate employment.

K.            Effective Date.

The Effective Date of this Agreement shall be December 31, 2006.

L.             Present Value.

All present value calculations under this Agreement shall be based on
the following discount rate:

	
  Discount Rate:

  	
   

  	
  The discount rate as used in the APB 12 calculations
  for this Agreement.

  

 

M.           Contradiction in
Terms of Agreement and Exhibits.

If there is a contradiction in the terms of this agreement and the
exhibits attached hereto with the actual amount of such Benefit, then the
actual amount of such Benefit set forth in the Agreement shall control.

XI.           ERISA PROVISION

A.            Named Fiduciary and
Plan Administrator.

The “Named Fiduciary and Plan Administrator”
of this Agreement shall be Central Valley Community Bank.  The Board, in its discretion, may appoint one
or more individuals to serve in this capacity. 
As Named Fiduciary and Plan Administrator, the Bank shall be responsible
for the management, control and administration of the Agreement.  The Named Fiduciary may delegate to others
certain aspects of the management and operation responsibilities of the Agreement
including the employment of advisors and the delegation of ministerial duties
to qualified individuals.

B.            Claims Procedure
and Arbitration.

In the event a dispute arises with respect to Benefits under this Agreement
and the disputed Benefits are not paid, then the Executive or his beneficiaries
may make a written claim to the Named Fiduciary and Plan Administrator named
above within sixty (60) days from the date payments are refused.  The Named Fiduciary and Plan Administrator
shall review the written claim and if the claim is denied, in whole or in part,
they shall respond in writing within sixty (60) days of receipt of such claim,
stating specific reasons for such denial, reference to the provisions of this Agreement
upon which the denial is based and any additional material or

 10
 

information necessary to perfect the claim.  Such written notice shall further indicate the
additional steps to be taken by claimant(s) if a further review of the claim is
desired.  A claim shall be deemed denied
if the Named Fiduciary and Plan Administrator fail to take any action within
the aforesaid sixty-day period.

If claimants desire a second review they shall notify the Named
Fiduciary and Plan Administrator in writing within sixty (60) days of the first
claim denial.  Claimants may review this Agreement
or any documents relating thereto and submit any written issues and comments it
may feel appropriate.  In their sole
discretion, the Named Fiduciary and Plan Administrator shall then review the
second claim and provide a written decision within sixty (60) days of receipt
of such claim.  This decision shall likewise
state the specific reasons for the decision and shall include reference to
specific provisions of this Agreement upon which the decision is based.

If claimants continue to dispute the Benefit denial based upon completed
performance of this Agreement or the meaning and effect of the terms and
conditions thereof, then claimants may submit the dispute to an Arbitrator for
final arbitration.  The Arbitrator shall
be selected by mutual agreement of the Bank and the claimants.  The Arbitrator shall operate under any
generally recognized set of arbitration rules.  The Parties hereto agree that they and their
heirs, personal representatives, successors and assigns shall be bound by the
decision of such Arbitrator with respect to any controversy properly submitted
to it for determination.

Where a dispute arises as to Benefits forfeited as a result of the Bank’s
discharge of the Executive For Cause, such Benefits dispute shall likewise be
submitted to arbitration as above-described and the Parties hereto agree to be
bound by the decision thereunder.

XII.                            TERMINATION OR MODIFICATION OF AGREEMENT BY REASON
OF CHANGES IN THE LAW, RULES OR REGULATIONS

The Bank is entering into
this Agreement upon the assumption that certain existing tax laws, rules and
regulations will continue in effect in their current form.  If any such assumptions should change and such
change has a detrimental effect on this Agreement, then the Bank reserves the
right to terminate or modify this Agreement accordingly.  Upon a Change of Control, this paragraph shall
become null and void effective immediately upon such Change of Control.

XIII.        EXCESS PARACHUTE PAYMENTS

If any Benefit
payment or portion of any Benefit payment under this Agreement, alone or
together with any other compensation or benefit, would result in the Executive
being subject to an excise tax under Code Section 4999, the amount payable
hereunder shall be increased by the amount of such excise tax, so long as such
action is consistent with the terms of this Agreement and permitted by Section
409A.

XIV.        COMPETITION AFTER TERMINATION OF EMPLOYMENT

The Bank shall not pay
any Benefit under this Agreement if the Executive, without the prior written
consent of the Bank, engages in, becomes interested in, directly or indirectly,
as a sole proprietor, as a partner in a partnership, or as a substantial
shareholder in a corporation, or

 11
 

becomes associated with,
in the capacity of employee, director, officer, principal, agent, trustee or in
any other capacity whatsoever, any enterprise conducted in the trading area (a
50 mile radius) of the business of the Bank, which enterprise is, or may deemed
to be, competitive with any business carried on by the Bank as of the date of
termination of the Executive’s employment or his retirement.  This section shall not apply following a
Change of Control.

XV.         PROHIBITION AGAINST ACCELERATION.

Notwithstanding anything to the contrary, neither the
time nor amount of payments under this Agreement may be accelerated unless such
acceleration is permissible under both applicable law and under the Agreement.

IN WITNESS WHEREOF, the Parties
hereto acknowledge that each has carefully read this Agreement and executed
the original thereof on 12/31/06 and that, upon execution, each has received a
conforming copy.

	
  BANK:

  	
   

  	
  EXECUTIVE:

  
	
   

  	
   

  	
   

  
	
  CENTRAL VALLEY
  COMMUNITY BANK

  	
   

  	
  DANIEL J. DOYLE

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Daniel N.
  Cunningham

  	
   

  	
   

  	
  /s/ Daniel J. Doyle 

  	
   

  
	
  Name: Daniel N.
  Cunningham 

  	
   

  	
  Daniel J. Doyle

  
	
  Title: Chairman

  	
   

  	
   

  
						

 

 12
 

Exhibit A

	
  Executive Salary Continuation Plan

  	
   

  	
  Plan
  Year Reporting

  
	
  Schedule
  A

  	
   

  	
   

  

 

Daniel J. Doyle

Birth Date: 6/22/1946

Plan Anniversary Date: 1/1/2006

Normal Retirement: 12/31/2010, Age 64

Payments: Monthly for 15 years

	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Early Involuntary

  Termination

  	
   

  	
  Early Retirement

  12/31/2006

  	
   

  	
  Disability

  	
   

  	
  Change in Control

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Annual Benefit

  	
   

  	
  Annual Benefit

  	
   

  	
  Annual Benefit

  	
   

  	
  Lump Sum Benefit

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Amount Payable at

  	
   

  	
  Amount Payable at

  	
   

  	
  Amount Payable at

  	
   

  	
  Amount Payable at

  	
   

  
	
  Values

  	
   

  	
  Discount

  	
   

  	
  Benefit

  	
   

  	
  Accrual

  	
   

  	
  Separation from Service

  	
   

  	
  Separation from Service

  	
   

  	
  Separation from Service

  	
   

  	
  Separation from Service

  	
   

  
	
  as of

  	
   

  	
  Rate

  	
   

  	
  Level

  	
   

  	
  Balance

  	
   

  	
  Vesting

  	
   

  	
  Based on

  	
   

  	
  Vesting

  	
   

  	
  Based on

  	
   

  	
  Vesting

  	
   

  	
  Based on

  	
   

  	
  Vesting

  	
   

  	
  Based on Accrual

  	
   

  
	
   

  	
   

  	
  (1)

  	
   

  	
  (2)

  	
   

  	
  (3)

  	
   

  	
  (4)

  	
   

  	
  (5)

  	
   

  	
  (6)

  	
   

  	
  (7)

  	
   

  	
  (8)

  	
   

  	
  (9)

  	
   

  	
  (10)

  	
   

  	
  (11)

  	
   

  
	
  Dec 2006

  	
   

  	
  6.00

  	
  %

  	
  150,000

  	
   

  	
  1,071,789

  	
   

  	
  100

  	
  %

  	
  90,000

  	
   

  	
  100

  	
  %

  	
  90,000

  	
   

  	
  100

  	
  %

  	
  90,000

  	
   

  	
  100

  	
  %

  	
  1,406,005

  	
   

  
	
  Dec 2007(1)

  	
   

  	
  6.00

  	
  %

  	
  150,000

  	
   

  	
  1,250,420

  	
   

  	
  100

  	
  %

  	
  105,000

  	
   

  	
  100

  	
  %

  	
  105,000

  	
   

  	
  100

  	
  %

  	
  105,000

  	
   

  	
  100

  	
  %

  	
  1,492,725

  	
   

  
	
  Dec 2008

  	
   

  	
  6.00

  	
  %

  	
  150,000

  	
   

  	
  1,429,051

  	
   

  	
  100

  	
  %

  	
  120,000

  	
   

  	
  100

  	
  %

  	
  120,000

  	
   

  	
  100

  	
  %

  	
  120,000

  	
   

  	
  100

  	
  %

  	
  1,584,792

  	
   

  
	
  Dec 2009

  	
   

  	
  6.00

  	
  %

  	
  150,000

  	
   

  	
  1,607,683

  	
   

  	
  100

  	
  %

  	
  135,000

  	
   

  	
  100

  	
  %

  	
  135,000

  	
   

  	
  100

  	
  %

  	
  135,000

  	
   

  	
  100

  	
  %

  	
  1,682,539

  	
   

  
	
  Dec 2010

  	
   

  	
  6.00

  	
  %

  	
  150,000

  	
   

  	
  1,786,314

  	
   

  	
  100

  	
  %

  	
  150,000

  	
   

  	
  100

  	
  %

  	
  150,000

  	
   

  	
  100

  	
  %

  	
  150,000

  	
   

  	
  100

  	
  %

  	
  1,786,314

  	
   

  

 

December
31, 2010 Retirement; January 1, 2011 First Payment Date

(1)
The first line reflects 12 months of data, January 2007 to December 2007

 

(2)
The benefit mount includes a 3.00% guaranteed inflator in the payout period.

 

(3) Beginning on the first anniversary during the applicable installment
period and each anniversary thereafter, the annual benefit amount shall
increase by 3.00%.  The annual benefit
amount will be distributed in 12 equal monthly payments for a total of 18

 

*IF THERE IS A
CONFLICT IN ANY TERMS OR PROVISIONS BETWEEN THIS SCHEDULE A AND THE AGREEMENT,
THE TERMS AND PROVISIONS OF THE AGREEMENT SHALL PREVAIL.  IF A TRIGGERING EVENT OCCURS, REFER TO THE
AGREEMENT TO DETERMINE THE ACTUAL BENEFIT AMOUNT BASED ON THE DATE OF THE
EVENT.

 13

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