Document:

Prepared by MerrillDirect

Exhibit
10.6

 

	OUR
  CREDIT NUMBER	ISSUE
  DATE	EXPIRY
  DATE	LETTER
  OF CREDIT AMOUNT
	SE441429P	FEB.
  26, 2001	FEB.
  26, 2002	USD37,675,000.00

 

	BENEFICIARY:	ISSUER:
	US
  BANK NATIONAL ASSOCIATION	GE
  CAPITAL CORPORATION
	INTERNATIONAL
  DEPARTMENT	 
	1420
  FIFTH AVENUE, 9TH FLOOR	 
	SEATTLE,
  WA. 98101	 

 

DEAR BENEFICIARY:

AT THE REQUEST OF THE ABOVE ISSUER WE
HAVE BEEN INSTRUCTED TO ADVISE YOU THAT THE ATTACHED IRREVOCABLE STANDBY LETTER
OF CREDIT HAS BEEN ESTABLISHED IN YOUR FAVOR, AS BENEFICIARY.

ALL DEMANDS FOR PAYMENTS MUST BE SENT TO
FIRST UNION NATIONAL BANK, ONE SOUTH BROAD STREET, PHILADELPHIA, PA 19106, MAIL
CODE PA 4928, ATTN: GE CORPORATE FINANCE STANDBY TEAM.

DOCUMENTS MUST CONFORM STRICTLY WITH THE
TERMS OF THE ATTACHED LETTER OF CREDIT. 
IF YOU ARE UNABLE TO COMPLY WITH SAME, PLEASE COMMUNICATE DIRECTLY WITH
YOUR CUSTOMER IN ORDER TO HAVE THE ISSUER AMEND THE RELEVANT CONDITIONS.  THIS SHOULD ELIMINATE DIFFICULTIES AND
DELAYS IN PAYMENT IN THE EVENT DOCUMENTS ARE PRESENTED FOR NEGOTIATION.

ALL DEMANDS HEREUNDER MUST INDICATE THE
ABOVE REFERENCED LETTER OF CREDIT NUMBER.

EXCEPT SO FAR AS OTHERWISE EXPRESSLY
STATED HEREIN, THIS LETTER OF CREDIT IS

SUBJECT TO THE "INTERNATIONAL STANDBY PRACTICES (1998 EDITION),

INTERNATIONAL CHAMBER OF COMMERCE, PUBLICATION NUMBER 590"

ALL INQUIRIES REGARDING THIS CREDIT
SHOULD BE DIRECTED TO FIRST UNION NATIONAL BANK AT OUR PHONE NUMBER (215)
973-7012.

 

	/s/
  Richard Fortino
	

	 
	FIRST
  UNION NATIONAL BANK
	AUTHORIZED
  SIGNATURE

 

 

             GE Capital

 

                                                                                                                                     General
Electric Capital Corporation

 

	OUR
  CREDIT NO.	ISSUE
  DATE	EXPIRY
  DATE	LETTER
  OF CREDIT AMOUNT
	SE441429P	FEBRUARY
  26, 2001	FEBRUARY
  26, 2002	USD
  37,675,000.00

 

	BENEFICIARY:	APPLICANT:	 
	US
  BANK NATIONAL ASSOCIATION	LABOR
  READY, INC
	INTERNATIONAL
  DEPARTMENT	1016
  SOUTH 28TH
	1420
  FIFTH AVENUE, 9TH FLOOR	TACOMA,
  WA 98409
	SEATTLE,
  WA 98101	 

 

 

DEAR BENEFICIARY:

WE HEREBY ESTABLISH, AT THE REQUEST OF
AND FOR THE ACCOUNT OF LABOR READY, INC ("LABOR READY") IN YOUR
FAVOR, OUR IRREVOCABLE STANDBY LETTER OF CREDIT NO.  SE441429P FOR AN AMOUNT NOT TO EXCEED $37,675,000.00 THIRTY SEVEN
MILLION SIX HUNDRED AND SEVENTY FIVE THOUSAND DOLLARS (THE “STATED AMOUNT”),
AVAILABLE IMMEDIATELY.

WE HEREBY ESTABLISH OUR IRREVOCABLE
STANDBY LETTER OF CREDIT IN YOUR FAVOR, AS BENEFICIARY, WHICH IS AVAILABLE BY
SIGHT PAYMENT.

THIS STANDBY LETTER OF CREDIT IS BEING
ISSUED TO SUPPORT THE OBLIGATIONS OF LABOR READY (TO THE EXTENT NOT IN EXCESS
OF THE STATED AMOUNT) IN RESPECT TO THE LABOR READY STANDBY LC'S. (AS EACH SUCH
TERM IS DEFINED BELOW)

FOR PURPOSES OF THIS STANDBY LETTER OF
CREDIT AND ANY DRAWING CERTIFICATE DELIVERED HEREUNDER, THE FOLLOWING TERMS
SHALL HAVE THE MEANINGS INDICATED:

"LABOR READY STANDBY LC'S"
MEANS ONE OF THE IRREVOCABLE STANDBY LETTERS OF CREDIT ISSUED BY US BANK
NATIONAL ASSOCIATION FOR THE ACCOUNT OF LABOR READY SET FORTH ON ANNEX I
HERETO.

IT IS A CONDITION OF THIS STANDBY LETTER
OF CREDIT THAT IT SHALL BE DEEMED AUTOMATICALLY EXTENDED WITHOUT AMENDMENT FOR
ONE YEAR FROM ITS EXPIRY DATE OF FROM ANY FUTURE EXPIRY DATE, UNLESS AT LEAST
30 DAYS PRIOR TO ANY SUCH EXPIRY DATE WE SHALL NOTIFY YOU BY CERTIFIED MAIL
THAT WE ELECT NOT TO CONSIDER THIS STANDBY LETTER OF CREDIT RENEWED FOR ANY
SUCH ADDITIONAL PERIOD.

AVAILABLE BY SIGHT PAYMENT AGAINST THE
FOLLOWING:

THE BENEFICIARY'S TESTED TELEX OR
AUTHENTICATED SWIFT SENT TO OUR TELEX NO. 4990118 ANSWERBACK BANKPHILOR SWIFT
ADDRESS PNBPUS33APHL ON OR PRIOR TO 3 P.M. ON OR BEFORE THE EXPIRY DATE HEREOF
STATING THEREIN THE FOLLOWING:

	A)	“THE
  BENEFICIARY HEREBY DEMANDS PAYMENT UNDER GENERAL ELECTRIC CAPITAL CORPORATION
  LETTER OF CREDIT NUMBER SE441429P AN AMOUNT OF USD (SUPPLY AMOUNT) WHICH
  AMOUNT REPRESENTS FUNDS DUE AND OWING TO THE BENEFICIARY IN REIMBURSEMENT OF
  PAYMENT BY THE BENEFICIARY OF DRAWING(S) UNDER OUTSTANDING LETTER(S) OF CREDIT
  NO.(S) (SUPPLY RELEVANT NUMBER(S)) ISSUED BY THE BENEFICIARY FOR THE
  ACCOUNT OF LABOR READY.  SUCH
  DRAWING(S) CONFORM TO THE TERMS AND CONDITIONS OF THE RELEVANT LETTER OF
  CREDIT OR THE PAYMENT OF SUCH DRAWING(S) HAS/HAVE BEEN AUTHORIZED BY                       ,

 

SEE
CONTINUATION

A GE Capital
Services Company

 

ATTACHED TO AND FORMING PART OF STANDBY
CREDIT NO.  SE441429P DATED FEBRUARY 26, 2001.

PAGE TWO

 

AND/OR

	A)	B)  “THE BENEFICIARY HEREBY DEMANDS UNDER
  GENERAL ELECTRIC CAPITAL CORPORATION LETTER OF CREDIT NUMBER SE441429P AN
  AMOUNT OF USD(SUPPLY AMOUNT) WHICH AMOUNT REPRESENTS FUNDS DUE AND OWING TO
  THE BENEFICIARY FOR PAYMENT OF CUSTOMARY AND REASONABLE FEES AND CHARGES IN
  CONNECTION WITH OUTSTANDING LETTER(S) OF CREDIT NO.(S) (SUPPLY
  RELEVANT-NUBERS) ISSUED BY THE BENEFICIARY FOR THE ACCOUNT OF LABOR
  READY, INCLUDING WITHOUT LIMITATION THE NEGOTIATION FEE.  SUCH FEES AND CHARGES HAVE NOT BEEN PAID
  BY LABOR READY AS OF THE DATE HEREOF."
	 	 

(STATE A AND/OR B ABOVE, AS
APPLICABLE)

SPECIAL
CONDITIONS:

A)  THE
STATED AMOUNT OF THIS LETTER OF CREDIT SHALL ALSO BE REDUCED FROM TIME TO TIME,
UPON RECEIPT BY FIRST UNION NATIONAL BANK OF THE FOLLOWING:

TESTED
TELEX OR AUTHENTICATED SWIFT, DULY TRANSMITTED TO OUR TELEX NO.  TELEX NO. 4990118 ANSWERBACK:  PNBPUS33;OR SWIFT ADDRESS PNBPUS33APHL ON OR
PRIOR TO THE EXPIRY DATE HEREOF, STATING THEREIN THE FOLLOWING:

	 	A)	“THE
  OUTSTANDING LETTER(S) OF CREDIT NO.(S) (SUPPLY RELEVANT NUMBER(S))
  ISSUED BY US BANK NATIONAL ASSOCIATION FOR THE ACCOUNT OF LABOR READY HAS(HAVE)
  EXPIRED WITH AN UNUSED BALANCE OF USD(SUPPLY AMOUNT), THEREFORE GENERAL
  ELECTRIC CAPITAL CORPORATION IS INSTRUCTED AND AUTHORIZED TO REDUCE THE
  STATED AMOUNT OF THEIR LETTER OF CREDIT NUMBER SE441429P BY SUCH
  AMOUNT."

AND/OR

	 	B)	“THE
  OUTSTANDING LETTER(S) OF CREDIT NO.(S) (SUPPLY RELEVANT NUMBER(S))
  ISSUED BY US BANK NATIONAL ASSOCIATION FOR THE ACCOUNT OF LABOR READY
  HAS(HAVE) BEEN RETURNED TO US FOR CANCELLATION AND HAS(HAVE) BEEN TERMINATED
  BY US WITH AN UNUSED BALANCE OF USD(SUPPLY AMOUNT), THEREFORE GENERAL
  ELECTRIC CAPITAL CORPORATION IS INSTRUCTED AND AUTHORIZED TO REDUCE THE
  STATED AMOUNT OF THEIR LETTER OF CREDIT NUMBER SE441429P BY SUCH
  AMOUNT."

SEE
CONTINUATION

 

A GE Capital
Services Company

 

ATTACHED TO AND FORMING PART OF STANDBY
CREDIT NO.  SE441429P DATED FEBRUARY 26, 2001.

PAGE THREE

AND/OR

	C)	“THE
  OUTSTANDING LETTER(S) OF CREDIT NO.(S) (SUPPLY RELEVANT NUMBER(S))  ISSUED BY US BANK NATIONAL ASSOCIATION FOR
  THE ACCOUNT OF LABOR READY HAS(HAVE) BEEN REDUCED BY USD(SUPPLY AMOUNT),
  THEREFORE GENERAL ELECTRIC CAPITAL CORPORATION IS INSTRUCTED AND AUTHORIZED
  TO REDUCE THE STATED AMOUNT OF THEIR LETTER OF CREDIT NUMBER SE441429P BY
  SUCH AMOUNT."  THE ORIGINAL OF
  THIS LETTER OF CREDIT AND ALL, AMENDMENTS, IF ANY, FOR OUR ENDORSEMENT. (IF
  YOUR DEMAND REPRESENTS A PARTIAL DRAWING HEREUNDER, WE WILL ENDORSE THE
  ORIGINAL CREDIT AND RETURN SAME TO YOU FOR POSSIBLE FUTURE CLAIMS.  IF, HOWEVER, YOUR DEMAND REPRESENTS A FULL
  DRAWING OR IF SUCH DRAWING IS PRESENTED ON THE DAY OF THE RELEVANT EXPIRATION
  DATE HEREOF, WE WILL HOLD THE ORIGINAL FOR OUR FILES AND REMOVE SAME FROM
  CIRCULATION.)

THIS LETTER OF CREDIT SETS FORTH IN FULL
THE TERMS OF OUR UNDERTAKING AND SUCH UNDERTAKING SHALL NOT IN ANY WAY BE
MODIFIED, AMENDED OR AMPLIFIED BY REFERENCE TO ANY DOCUMENT OR INSTRUMENT
REFERRED TO HEREIN OR IN WHICH THIS LETTER OF CREDIT IS REFERRED TO OR TO WHICH
THIS LETTER OF CREDIT RELATES AND ANY SUCH REFERENCE SHALL NOT BE DEEMED TO
INCORPORATE HEREIN BY REFERENCE ANY DOCUMENT OR INSTRUMENT.

WE
ENGAGE WITH YOU THAT ALL DOCUMENTS PRESENTED IN COMPLIANCE WITH THE TERMS OF
THIS LETTER OF CREDIT WILL BE DULY HONORED BY US IF DELIVERED TO FIRST UNION
NATIONAL BANK, P.O. BOX 13866, 1345 CHESTNUT STREET, NINTH FLOOR, MAIL CODE
PA4928, ATTENTION: LETTER OF CREDIT DEPARTMENT, PHILADELPHIA, PA. 19107 PRIOR
TO 3 P.M. ON OR BEFORE THE EXPIRY DATE HEREOF.

ALL DEMANDS FOR PAYMENT, NOTICES AND
OTHER COMMUNICATIONS TO US IN RESPECT OF THIS LETTER OF CREDIT SHALL i BE IN
WRITING AND ADDRESSED AND PRESENTED TO US AT FIRST UNION BANK, N.A., 9TH FLOOR,
MAIL CODE PA4928,1345 CHESTNUT STREET, PHILADELPHIA, PA. 19107, ATTENTION:
INTERNATIONAL STANDBY LETTER OF CREDIT, (OR AT SUCH OTHER OFFICE OR OFFICES AS
WE MAY DESIGNATE BY WRITTEN NOTICE TO YOU), AND SHALL MAKE SPECIFIC REFERENCE
TO THIS LETTER OF CREDIT BY NUMBER, ii BE PERSONALLY DELIVERED TO US AT THE
ADDRESS SPECIFIED ABOVE, OR, iii MAY BE SENT TO US BY TESTED TELEX, SWIFT OR BY
TELECOPIER ON YOUR LETTERHEAD SIGNED BY YOUR OFFICER, TO THE FOLLOWING NUMBERS:
TELEX NO. 4990118 ANSWERBACK: PNBPUS33; SWIFT ADDRESS PNBPUS33APHL;TELECOPIER
NO.: 215-786-8803.

 

EXCEPT SO FAR AS OTHERWISE EXPRESSLY
STATED HEREIN THIS LETTER OF CREDIT IS SUBJECT TO THE "INTERNATIONAL
STANDBY PRACTICES, INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION NO. 590
("ISP98").

ALL INQUIRIES REGARDING THIS CREDIT
SHOULD BE DIRECTED TO US AT OUR PHONE NUMBERS (215) 973-8157; (215)973-5981;
(215) 973-1944.

	/s/
  Richard Fortino
	

	 
	AUTHORIZED
  SIGNATURE

 

 

A GE Capital
Services Company

 

ATTACHED
TO AND FORMING PART OF STANDBY CREDIT NO. SE441429P.DATED FEBRUARY 26, 2001.

PAGE FOUR

 

ANNEX I

 

	Beneficiary	$Amount	 	Expiration	 	LC #	 
	

	 	

	 	

	 	

	 
	Mutual Indemnity	$7,560,000.00	 	12/31/01	 	SLCS001461	 
	TOTAL OUTSTANDING SBLCs	$7,560,000.00	 	 	 	 	 
								

OUTSTANDING STANDBY AND DOCUMENTARY LETTERS OF CREDIT

 

 

END OF ANNEX I

A GE Capital
Services CompanyPrepared by MerrillDirect

Exhibit 10.32

EXECUTIVE SALARY CONTINUATION AGREEMENT

             THIS
AGREEMENT, made and entered into this 1 
day of April, 2001 by and between Clovis Community Bank, a Bank
organized and existing under the laws of the State of California, (hereinafter
referred to as the, “Bank”), and Shirley Wilburn an Executive of the Bank
(hereinafter referred to as the, "Executive").

WITNESSETH:

             WHEREAS,
the Executive has been and continues to be a valued Executive of the Bank, and
is now serving the Bank; and

             WHEREAS,
it is the consensus of the Board of Directors (hereinafter referred to as the,
“Board”) that the Executive's services to the Bank in the past have been of
exceptional merit and have constituted an invaluable contribution to the
general welfare of the Bank and in bringing it to its present status of
operating efficiency, and its present position in its field of activity;

             WHEREAS,
the Executive’s experience, knowledge of the affairs of the Bank, reputation,
and contacts in the industry are so valuable that assurance of the Executive’s
continued services is essential for the future growth and profits of the Bank
and it is in the best interests of the Bank to arrange terms of continued
employment for the Executive so as to reasonably assure the Executive’s
remaining in the Bank's employment during the Executive’s lifetime or until the
age of retirement;

             WHEREAS,
it is the desire of the Bank that the Executive’s services be retained as
herein provided;

             WHEREAS,
the Executive is willing to continue in the employ of the Bank provided the
Bank agrees to pay the Executive’s or the Executive’s beneficiary(ies) certain
benefits in accordance with the terms and conditions hereinafter set forth;

             ACCORDINGLY,
it is the desire of the Bank and the Executive to enter into this agreement
under which the Bank will agree to make certain payments to the Executive at
retirement or the Executive’s beneficiary(ies) in the event of the Executive’s
death pursuant to this Agreement;

             FURTHERMORE,
it is the intent of the parties hereto that this Executive Plan 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; and

             NOW,
THEREFORE, in consideration of services performed in the past and to be
performed in the future as well as of the mutual promises and covenants herein
contained it is agreed as follows:

I.           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 of Directors of the Bank.  At all times, unless modified in writing,
employment shall be deemed at-will.

II.          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 set forth hereinafter.

III.        RETIREMENT
DATE AND NORMAL RETIREMENT AGE

A.         Retirement Date:

If
the Executive remains in the continuous employ of the Bank, then in order to
receive the benefits of this program, the Executive shall retire from active
employment with the Bank on the December 31st nearest the Executive’s
sixty-fifth (65) birthday, unless by action of the Board of Directors this
period of active employment shall be shortened or extended.

B.          Normal Retirement Age:

Normal
Retirement Age shall mean the date on which the Executive attains age
sixty-five (65).

C.          Early Retirement Date:

Early
Retirement Date shall mean a retirement from service which is effective prior
to the Normal Retirement Age stated herein, provided the Executive has attained
age sixty (60).

IV.        RETIREMENT
BENEFIT AND EARLY RETIREMENT BENEFIT

A.         Retirement Benefit:

Upon
the Executive’s Retirement Date [Subparagraph III (A)], the Bank, commencing
with the first day of the month following the date of such retirement, shall
pay the Executive an annual benefit equal to Forty Thousand Dollars and
No/00ths ($40,000.00) * in equal monthly installments (1/12 of the annual
benefit) for a period of one hundred and eighty (180) months, subject to
Paragraph V. Said benefit amount is set forth in Column (C) of Exhibit A,
attached hereto and fully incorporated herein by reference.

*(i)       Cost of Living Increase:

For
each year that the Executive shall receive a benefit, said benefit amount shall
be increased by three percent (3%) from the previous years benefit amount.

B.
         Early Retirement Benefit:

Upon
the Executive’s Early Retirement Date [Subparagraph III(C)], the Bank,
commencing with the first day of the month following the date of such early
retirement, shall pay the Executive an annual benefit equal to the Executive’s
accrued liability benefit at the time of said early retirement multiplied by
the Executive’s vested percentage in said benefits at the time of said early
retirement (Paragraph VII) and then taking into consideration the discount rate
[Subparagraph XI(L)].*  Said amount
shall be payable in equal monthly installments (1/12 of the annual benefit) for
a period of one hundred and eighty months (180) months, subject to Paragraph
V.  Said annual benefit amount is set
forth in Column (F) of Exhibit A, attached hereto and fully incorporated herein
by reference.

*           (i) Cost of Living Increase:

For
each year that the Executive shall receive a benefit, said benefit amount shall
be increased by three percent (3%) from the previous years benefit amount.

V.         DEATH BENEFIT

Notwithstanding
anything herein to the contrary, in the event of the Executive’s death, no
benefits shall be payable hereunder and this agreement shall automatically
terminate effective immediately upon said death of the Executive.

VI.        BENEFIT
ACCOUNTING

The
Bank shall account for this benefit using the regulatory accounting principles
of the Bank's primary federal regulator. 
The Bank shall establish an accrued liability retirement account for the
Executive into which appropriate reserves shall be accrued.

VII.       VESTING

Executive's
interest in the benefits that are the subject of this Agreement shall be
subject to the annual vesting percentage set forth in Schedule A, attached
hereto and fully incorporated herein by reference.  Said vesting percentage corresponds to the age of the Executive
and the years of employment (to a maximum of 100%).  Said benefit amount is set forth in Column (D) of Exhibit A,
attached hereto and fully incorporated herein by reference.

VIII.     TERMINATION OF
EMPLOYMENT AND DISABILITY

A.         Voluntary Termination of Employment:

Subject
to Subparagraph VIII (i) hereinbelow, in the event that the employment of the
Executive shall terminate prior to retirement from active employment, as
provided in Subparagraphs III (A) and (C), by the Executive’s voluntary action,
then this agreement shall immediately terminate and the  Executive shall not be entitled to receive
any benefits under this agreement.

B.          Involuntary Termination of
Employment:

Subject
to Subparagraph VIII (i) hereinbelow, in the event that the employment of the
Executive shall terminate prior to retirement from active employment, as
provided in Subparagraphs III (A) and (C), by the Bank’s discharge of the
Executive without cause, then the Executive shall be entitled to receive the
Executive’s accrued liability balance at the time of said termination
multiplied by the Executive’s vested percentage in said benefits at the time of
said termination (Paragraph VIII) payable in a lump sum upon the Executive
attaining Normal Retirement Age [Subparagraph III(B)].  Said benefit amount is set forth in Column
(G) of Exhibit A, attached hereto and fully incorporated herein by reference.

(i)          Discharge for Cause:  In the event the Executive shall be
discharged for cause at any time, all benefits provided herein shall be
forfeited.  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.  If a dispute arises as to discharge for “cause”, such dispute
shall be resolved by arbitration as set forth in this Executive Plan.

C.          Disability  Benefit:

In
the event the Executive becomes disabled prior to any Termination of Service,
and the Executive’s employment is terminated because of such disability, the
Executive shall be entitled to receive one hundred percent (100%) of the
Executive’s accrued liability balance at the time of said disability taking to
consideration the discount rate [Subparagraph XI(L)].*  Said accrued liability balance shall be
divided into fifteen (15) annual payments payable for a period of one hundred
and eighty (180) months (1/12th of the annual benefit) commencing
with the first day of the month following the date of such termination and
continuing each month thereafter until said payments have been completed.  Said benefit amount is set forth in Column
(H) of Exhibit A attached hereto and fully incorporated herein by reference.

*(i)       Cost
of Living Increase:

For
each year that the Executive shall receive a benefit, said benefit amount shall
be increased by three percent (3%) from the previous years benefit amount.

Disability
shall be defined in the Executive’s Employment Agreement in effect at the time
of said termination or, if no Employment Agreement is in effect, then as
defined in the Bank’s long term termination policy in effect at the time of
said disability.  If neither definition
exists at the time of termination and there is a dispute regarding whether the
Executive is disabled, such dispute shall be resolved by a physician selected
by the Bank, a physician selected by the Executive, and a third physician
selected by each of the other two (2) physicians.  Such resolution shall be binding upon all parties to this
Agreement.

IX.        CHANGE OF
CONTROL

Change
of Control shall be deemed to be the cumulative transfer of more than fifty
percent (50%) of the voting stock of the Bank from the date of this
Agreement.  For the purposes of this
Agreement, transfers 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.  Upon a Change of Control, if,
within twelve (12) months of said Change of Control the Executive subsequently
suffers a Termination of Service (voluntarily or involuntarily) except for
cause, or if the Executive’s job responsibilities substantially change or the
Executive is relocated subsequent to a Change of Control, the Executive shall
receive one hundred percent (100%) of the benefit that the Executive would have
received had the Executive been employed by the Bank until Normal Retirement
Age. Said amount shall be reduced to present value [Subparagraph XI(L)] to
the  Executive’s Normal Retirement Age
and paid to the Executive in a lump sum commencing with the first day of the
month following the date of such termination. Said benefit amount is set forth
in Column (I) of Exhibit A attached hereto and fully incorporated herein by
reference.

Notwithstanding
the foregoing, the combined compensation from this Change of Control benefit
and any other benefit payable under this Agreement, any other contract
provision between the parties, or otherwise on a Change of Control, shall not
exceed three (3) times Employee’s annualized salary, nor be equal to or in
excess of such amount that would constitute a nondeductible or excess parachute
payment under Section 280G of the Code or trigger an excise tax under the
golden parachute provisions of Section 4999 of the Code.

X.         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 Executive Plan.  The Executive, their beneficiary(ies), 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 either fund the
obligations undertaken by this Executive Plan or to refrain from funding the
same and to determine the extent, nature and method of such funding.  Should the Bank elect to fund this Executive
Plan, in whole or in part, through the purchase of life insurance, mutual
funds, disability policies or annuities, the Bank reserves the absolute right,
in its sole discretion, to terminate such funding at any time, in whole or in
part.  At no time shall any Executive be
deemed to have any lien nor right, title or interest in or to any specific
funding 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.

XI.        MISCELLANEOUS

A.         Alienability and Assignment
Prohibition:

Neither
the Executive, nor the Executive’s surviving spouse, nor any other
beneficiary(ies) under this Executive Plan 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 said 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, transfer or disposal of the benefits hereunder, the
Bank's liabilities shall forthwith cease and terminate.

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 Executive Plan.  This Executive Plan 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 Executive Plan 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 Executive Plan 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 Executive Plan 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 Executive Plan are inserted for reference and
convenience only and shall not be deemed a part of this Executive Plan.

G.          Applicable Law:

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

H.         12 U.S.C. § 1828(k):

Any
payments made to the Executive pursuant to this Executive Plan, 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 Executive Plan is
determined by an arbitrator or a court, as the case may be, to be invalid,
void, or unenforceable, such determination shall not render any other term,
provision, covenant, or condition invalid, void, or unenforceable, and the
Executive Plan 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.  At all times,
employment shall remain at-will and either party may terminate the agreement
with or without cause and with or without notice.

K.         Effective Date:

The
Effective Date of the Plan shall be April 1, 2001.

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 FASB 87 calculations for this Executive Plan.

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 said benefit, then the actual amount
of said benefit set forth in the agreement shall control.

XII.       ERISA PROVISION

A.         Named Fiduciary and Plan
Administrator:

The
"Named Fiduciary and Plan Administrator" of this Executive Plan shall
be Clovis Community Bank until its resignation or removal by the Board.  As Named Fiduciary and Plan Administrator,
the Bank shall be responsible for the management, control and administration of
the Executive Plan.  The Named Fiduciary
may delegate to others certain aspects of the management and operation
responsibilities of the Executive Plan 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 over benefits under this Executive Plan and benefits
are not paid to the Executive (or to the Executive’s beneficiary(ies) in the
case of the Executive's death) and such claimants feel they are entitled to
receive such benefits, then a written claim must be made 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 provide in writing within
sixty (60) days of receipt of such claim its specific reasons for such denial,
reference to the provisions of this Executive Plan upon which the denial is
based and any additional material or information necessary to perfect the
claim.  Such written notice shall
further indicate the additional steps to be taken by claimants if a further
review of the claim denial 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 Executive Plan 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 the Plan Agreement upon which the decision
is based.

If
claimants continue to dispute the benefit denial based upon completed
performance of this Executive Plan 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 the Bank's discharge of the Executive for “cause",
such dispute shall likewise be submitted to arbitration as above-described and
the parties hereto agree to be bound by the decision thereunder.

 

XIII.   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 said assumptions should
change and said change has a detrimental effect on this Executive Plan, then
the Bank reserves the right to terminate or modify this Agreement
accordingly.  Upon a Change of Control
(Paragraph IX), this paragraph shall become null and void effective immediately
upon said Change of Control.

XIV.     EXCESS
PARACHUTE PAYMENTS

Notwithstanding
any provision of this Agreement to the contrary, if any benefit payment or
portion of any benefit payment under this Agreement shall be a non deductible
expense to the Bank by reason of Section 280G of the Code the Bank shall be
entitled to, at its option, reduce the benefits to be paid under this Agreement
to the extent necessary to avoid the application of 280G of the Code to such
payment.  This provision can be applied
to reduce the benefits under this Agreement to zero, if necessary and so
elected by the Bank.

XV.      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 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.

             IN
WITNESS WHEREOF, the parties hereto acknowledge that each has carefully read
this Agreement and executed the original thereof on the first day set forth hereinabove
and that, upon execution, each has received a conforming copy.

	 	 	CLOVIS
  COMMUNITY BANK
Clovis, California
	 	 	 
	/s/
  Janice H. Neary	 	By:
  /s/ Daniel J. Doyle
	

	 	

	Witness	 	Title  President & CEO
	 	 	 
	 	 	 
	/s/
  Janice H. Neary	 	/s/
  Shirley Wilburn
	

	 	

	Witness	 	Shirley
  Wilburn

BENEFICIARY DESIGNATION FORM

FOR THE EXECUTIVE SALARY CONTINUATION

AGREEMENT

PRIMARY DESIGNATION:

	Name	Address	Relationship
	 	 	 
	

	 	 	 
	

	 	 	 
	

 

SECONDARY (CONTINGENT) DESIGNATION:

	 	 	 
	

	 	 	 
	

	 	 	 
	

 

All sums payable under the Executive
Salary Continuation 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.

 

	

	 	

	Shirley
  Wilburn	 	Date

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