Document:

Salary Continuation Agreement for Kenneth Taylor

 
Exhibit 10.5

 
BANK OF THE SIERRA 
SALARY CONTINUATION AGREEMENT 
 
THIS AGREEMENT is adopted this 1ST day of October, 2002, by and between BANK OF THE SIERRA, a state-chartered commercial bank located in Porterville, California (the “Company”), and KENNETH TAYLOR (the “Executive”).

 
INTRODUCTION 
 
To encourage the Executive to remain an employee of the
Company, the Company is willing to provide salary continuation benefits to the Executive. The Company will pay the benefits from its general assets. 
 
AGREEMENT 
 
The Company and the Executive agree as follows: 
 
Article 1 
 
Definitions 
 
Whenever used in this Agreement, the following words and phrases shall have the meanings specified: 
 
1.1 “Change of Control”
means the transfer of shares of the Company’s voting common stock such that one entity or one person acquires (or is deemed to acquire when applying Section 318 of the Code) more than 50 percent of the Company’s outstanding voting common
stock. 
 
1.2
“Code” means the Internal Revenue Code of 1986, as amended. 
 
1.3 “Disability” means the Executive’s suffering a sickness, accident or injury which has been determined by the carrier of any individual or group disability insurance policy
covering the Executive, or by the Social Security Administration, to be a disability rendering the Executive totally and permanently disabled. The Executive must submit proof to the Company of the carrier’s or Social Security
Administration’s determination upon the request of the Company. 
 
1.4 “Early Involuntary Termination” means that the Executive, prior to Normal Retirement Age, has been notified in writing, that employment with the Company is terminated for
reasons other than an approved leave of absence, Termination for Cause, Disability, Change of Control or Early Voluntary Termination. 
 
1.5 “Early Voluntary Termination” means that the Executive, prior to Normal Retirement 

Age, has terminated employment with the Company for reasons other than Termination for Cause, Disability, Change of Control or Early
Involuntary Termination. 
 
1.6
“Effective Date” means October 1, 2002. 
 
1.7 “Normal Retirement Age” means the Executive attaining 65 years of age. 
 
1.8 “Normal Retirement Date” means the later of the Normal Retirement Age or Termination of Employment.

 
1.9 “Plan
Year” means a twelve-month period commencing on October 1 and ending on September 30 of each year. The initial Plan Year shall commence on the effective date of this Agreement. 
 
1.10 “Termination for Cause” See Article 5. 
 
1.11 “Termination of
Employment” means that the Executive ceases to be employed by the Company for any reason, voluntary or involuntary, other than by reason of a leave of absence approved by the Company. 
 
Article 2 
 
Lifetime Benefits 
 
2.1 Normal Retirement Benefit. Upon
Termination of Employment on or after the Normal Retirement Age for reasons other than death, the Company shall pay to the Executive the benefit described in this Section 2.1 in lieu of any other benefit under this Agreement. 
 
2.1.1 Amount of Benefit. The annual
benefit under this Section 2.1 is $75,000 (Seventy-Five Thousand Dollars). The Company’s Board of Directors, in its sole discretion, may increase the annual benefit under this Section 2.1.1; however, any increase shall require the recalculation
of Schedule A. 
 
2.1.2 Payment
of Benefit. The Company shall pay the annual benefit to the Executive in 12 equal monthly installments commencing with the month following the Executive’s Normal Retirement Date, paying the annual benefit to the Executive for a period of 15
years. 
 
2.1.3 Benefit
Increases. Commencing on the first anniversary of the first benefit payment, and continuing on each subsequent anniversary, the Company’s Board of Directors, at its sole discretion, may increase the benefit. 
 
2.2 Early Voluntary Termination. Upon
an Early Voluntary Termination, the Executive will not be eligible for a benefit under this Agreement. 
 
2.3 Early Involuntary Termination Benefit. Upon an Early Involuntary Termination, the 

Company shall pay to the Executive the benefit described in this Section 2.3 in lieu of any other benefit under this Agreement. 
 
2.3.1 Amount of Benefit. The benefit
under this Section 2.3 is the Early Involuntary Lump Sum set forth on Schedule A for the Plan Year ending immediately prior to Termination of Employment, determined by vesting the Executive in the Accrual Balance for the Plan Year ending immediately
prior to Termination of Employment. Any increase in the annual benefit under Section 2.1.1 shall require the recalculation of this benefit on Schedule A. 
 
2.3.2 Payment of Benefit. The Company shall pay the benefit determined under Section 2.3.1 to the Executive in a
lump sum within 30 days following Termination of Employment. 
 
2.4 Disability Benefit. Upon the Executive’s Termination of Employment prior to Normal Retirement Age due to Disability, the Company shall pay to the Executive the benefit described in this
Section 2.4 in lieu of any other benefit under this Agreement. 
 
2.4.1 Amount of Benefit. The benefit under this Section 2.4 is the Disability Lump Sum set forth on Schedule A for the Plan Year ending immediately prior to Termination of Employment (except
during the first Plan Year, the benefit is the amount set forth for Plan Year 1), determined by vesting the Executive in the Accrual Balance for the Plan Year ending immediately prior to Termination of Employment. Any increase in the annual benefit
under Section 2.1.1 would require the recalculation of this benefit on Schedule A. 
 
2.4.2 Payment of Benefit. The Company shall pay the benefit determined under Section 2.4.1 to the Executive in a
lump sum within 30 days following Termination of Employment.  
 
2.5 Change of Control Benefit. Upon a Change of Control, followed within twelve (12) months by the Executive’s Termination of Employment for reasons other than death, Disability or
retirement, the Company shall pay to the Executive the benefit described in this Section 2.5 in lieu of any other benefit under this Agreement. 
 
2.5.1 Amount of Benefit. The benefit under this Section 2.5 is the Change of Control annual Installment set forth
on Schedule A, determined by vesting the Executive in the Normal Retirement Benefit described in Section 2.1.1. Any increase in the annual benefit under Section 2.1.1 shall require the recalculation of this benefit on Schedule A 
 
2.5.2 Payment of
Benefit. The Company shall pay the annual benefit determined in Section 2.4.1 to the Executive in 12 equal monthly installments commencing with the month following Termination of Employment, paying the annual benefit to the
Executive for a period of 15 years. 

2.5.3 Benefit Increases. Benefit payments may be increased as
provided in Section 2.1.3 
 
Article 3

 
Death Benefits 
 
3.1 Death During Active Service. If the
Executive dies while in the active service of the Company, the Company shall pay to the Executive’s beneficiary the split dollar death benefit described in the Split Dollar Agreement attached as Addendum A between the Company and the Executive
in lieu of any other benefit under this Agreement. 
 
3.2 Death During or After Payment of a Benefit. If the Executive dies during or after payment of any benefits under Article 2 of this Agreement, the Company shall cease paying the remaining benefit, if any, and shall
then pay to the Executive’s beneficiary the split dollar death benefit described in the Split Dollar Agreement attached as Addendum A between the Company and the Executive. 
 
3.3 Death After Termination of Service But Before Payment of a Benefit Commences.
If the Executive is entitled to a benefit under Article 2 of this Agreement, but dies prior to the commencement of said benefit payments, the Company shall not pay said benefit, but in lieu thereof, shall pay to the Executive’s beneficiary
the split dollar death benefit described in the Split Dollar Agreement attached as Addendum A between the Company and the Executive. 
 
Article 4 
 
Beneficiaries 
 
4.1 Beneficiary Designations. The Executive shall designate a beneficiary by filing a written designation with the
Company. The Executive may revoke or modify the designation at any time by filing a new designation. However, designations will only be effective if signed by the Executive and received by the Company during the Executive’s lifetime. The
Executive’s beneficiary designation shall be deemed automatically revoked if the beneficiary predeceases the Executive, or if the Executive names a spouse as beneficiary and the marriage is subsequently dissolved. If the Executive dies without
a valid beneficiary designation, all payments shall be made to the Executive’s estate. 
 
4.2 Facility of Payment. If a benefit is payable to a minor, to a person declared incompetent, or to a person
incapable of handling the disposition of his or her property, the Company may pay such benefit to the guardian, legal representative or person having the care or custody of such minor, incompetent person or incapable person. The Company may require
proof of incompetence, minority or guardianship as it may deem appropriate prior to distribution of the benefit. Such distribution shall completely discharge the Company from all liability with respect to such benefit. 

 
Article 5

 
General Limitations 
 
5.1 Termination for Cause.
Notwithstanding any provision of this Agreement to the contrary, the Company shall not pay any benefit under this Agreement if the Company terminates the Executive’s employment for: 
 
(a) Gross negligence or gross neglect of duties; 
 
(b) Commission of a felony or of a gross
misdemeanor involving moral turpitude in connection with the Executive’s employment with the Company; or 
 
(c) Fraud, disloyalty, dishonesty or willful violation of any law or significant Company policy committed in connection
with the Executive’s employment and resulting in an adverse effect on the Company. 
 
5.2 Suicide or Misstatement. The Company shall not pay any benefit under this Agreement if the Executive commits
suicide within three years after the date of this Agreement. In addition, the Company shall not pay any benefit under this Agreement if the Executive has made any material misstatement of fact on an employment application or resume provided to the
Company, or on any application for any benefits provided by the Company to the Executive. 
 
Article 6 
 
Claims and Review Procedure 
 
6.1 Claims Procedure. An Executive or beneficiary (“claimant”) who has not received benefits under the Agreement that he or she believes should be paid shall make a claim for such benefits as follows:

 
6.1.1
Initiation—Written Claim. The claimant initiates a claim by submitting to the Company a written claim for the benefits. 
 
6.1.2 Timing of Company Response. The Company shall respond to such claimant within 90 days after receiving the
claim. If the Company determines that special circumstances require additional time for processing the claim, the Company can extend the response period by an additional 90 days by notifying the claimant in writing, prior to the end of the initial
90-day period, that an additional period is required. The notice of extension must set forth the special circumstances and the date by which the Company expects to render its decision. 
 
6.1.3 Notice of Decision. If the Company denies part or all of the claim, the Company
shall notify the claimant in writing of such denial. The Company shall write the notification in a manner calculated to be understood by the claimant. The notification shall set forth: 
 
(a) The specific reasons for the denial; 
 
(b) A reference to the specific provisions
of the Agreement on which the denial 

is based; 
 
(c) A description of any additional information or material necessary for the claimant to perfect the claim and an
explanation of why it is needed; 
 
(d) An explanation of the Agreement’s review procedures and the time limits applicable to such procedures; and 
 
(e) A statement of the claimant’s right to bring a civil action under ERISA Section 502(a) following an adverse
benefit determination on review. 
 
6.2 Review Procedure. If the Company denies part or all of the claim, the claimant shall have the opportunity for a full and fair review by the Company of the denial, as follows: 
 
6.2.1 Initiation—Written Request.
To initiate the review, the claimant, within 60 days after receiving the Company’s notice of denial, must file with the Company a written request for review. 
 
6.2.2 Additional Submissions—Information Access. The claimant shall then have the
opportunity to submit written comments, documents, records and other information relating to the claim. The Company shall also provide the claimant, upon request and free of charge, reasonable access to, and copies of, all documents, records and
other information relevant (as defined in applicable ERISA regulations) to the claimant’s claim for benefits. 
 
6.2.3 Considerations on Review. In considering the review, the Company shall take into account all materials and
information the claimant submits relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination. 
 
6.2.4 Timing of Company Response. The Company shall respond in writing to such
claimant within 60 days after receiving the request for review. If the Company determines that special circumstances require additional time for processing the claim, the Company can extend the response period by an additional 60 days by notifying
the claimant in writing, prior to the end of the initial 60-day period, that an additional period is required. The notice of extension must set forth the special circumstances and the date by which the Company expects to render its decision.

 
6.2.5 Notice of
Decision. The Company shall notify the claimant in writing of its decision on review. The Company shall write the notification in a manner calculated to be understood by the claimant. The notification shall set forth: 
 
(a) The specific reasons for the denial;

 
(b) A reference to the
specific provisions of the Agreement on which the denial is based; 
 
(c) A statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant (as defined in
applicable ERISA regulations) to the claimant’s claim for 

benefits; and 
 
(d) A statement of the claimant’s right
to bring a civil action under ERISA Section 502(a). 
 
Article 7 
 
Amendments
and Termination 
 
This Agreement may be
amended or terminated only by a written agreement signed by the Company and the Executive; however, this Agreement will automatically terminate if no benefit is payable to the Executive due to the Executive’s Termination for Cause, Suicide or
Misstatement as set forth in Article 5 or upon an Early Voluntary Termination. 
 
Article 8 
 
Miscellaneous 
 
8.1 Binding Effect. This Agreement shall bind the Executive and the Company, and their beneficiaries, survivors, executors, successors, administrators and transferees. 
 
8.2 No Guarantee of Employment. This
Agreement is not an employment policy or contract. It does not give the Executive the right to remain an employee of the Company, nor does it interfere with the Company’s right to discharge the Executive. It also does not require the Executive
to remain an employee nor interfere with the Executive’s right to terminate employment at any time. 
 
8.3 Non-Transferability. Benefits under this Agreement cannot be sold, transferred, assigned, pledged, attached or
encumbered in any manner. 
 
8.4
Reorganization. The Company shall not merge or consolidate into or with another company, or reorganize, or sell substantially all of its assets to another company, firm, or person unless such succeeding or continuing company, firm, or person
agrees to assume and discharge the obligations of the Company under this Agreement. Upon the occurrence of such event, the term “Company” as used in this Agreement shall be deemed to refer to the successor or survivor company.

 
8.5 Tax Withholding. The
Company shall withhold any taxes that are required to be withheld from the benefits provided under this Agreement. 
 
8.6 Applicable Law. The Agreement and all rights hereunder shall be governed by the laws of the State of
California, except to the extent preempted by the laws of the United States of America. 
 
8.7 Unfunded Arrangement. The Executive and beneficiary are general unsecured creditors of the Company for the
payment of benefits under this Agreement. The benefits represent the mere promise by the Company to pay such benefits. The rights to benefits are not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance,
attachment, or 

garnishment by creditors. Any insurance on the Executive’s life is a general asset of the Company to which the Executive and beneficiary
have no preferred or secured claim. 
 
8.8 Entire Agreement. This Agreement constitutes the entire agreement between the Company and the Executive as to the subject matter hereof. No rights are granted to the Executive by virtue of this Agreement other than those
specifically set forth herein. 
 
8.9 Administration. The Company shall have powers which are necessary to administer this Agreement, including but not limited to: 
 
(a) Establishing and revising the method of accounting for the Agreement; 
 
(b) Maintaining a record of benefit
payments; 
 
(c) Establishing
rules and prescribing any forms necessary or desirable to administer the Agreement; and 
 
(d) Interpreting the provisions of the Agreement. 
 
8.10 Named Fiduciary. The Company shall be the named fiduciary and plan administrator
under this Agreement. It may delegate to others certain aspects of the management and operational responsibilities including the employment of advisors and the delegation of ministerial duties to qualified individuals. 
 
IN WITNESS WHEREOF, the Executive and the Company have signed
this Agreement. 
 

	 EXECUTIVE:
	 	 	 	 COMPANY:
  
 BANK OF THE
SIERRA

	
	 /s/    Kenneth
Taylor        

	 	 	 	 By
	 	 /s/    Morris Tharp        

	 Kenneth Taylor
	 	 	 	 Title
	 	 ChairmanSalary Continuation Agreement for Kenneth Goodman

 
Exhibit 10.6

 
BANK OF THE SIERRA 
SALARY CONTINUATION AGREEMENT 
 
THIS AGREEMENT is adopted this 1st day of October, 2002, by and between BANK OF THE SIERRA, a state-chartered commercial bank located in Porterville, California (the “Company”), and KENNETH GOODWIN (the “Executive”).

 
INTRODUCTION 
 
To encourage the Executive to remain an employee of the
Company, the Company is willing to provide salary continuation benefits to the Executive. The Company will pay the benefits from its general assets. 
 
AGREEMENT 
 
The Company and the Executive agree as follows: 
 
Article 1 
 
Definitions 
 
Whenever used in this Agreement, the following words and phrases shall have the meanings specified: 
 
1.1 “Change of Control”
means the transfer of shares of the Company’s voting common stock such that one entity or one person acquires (or is deemed to acquire when applying Section 318 of the Code) more than 50 percent of the Company’s outstanding voting common
stock. 
 
1.2
“Code” means the Internal Revenue Code of 1986, as amended. 
 
1.3 “Disability” means the Executive’s suffering a sickness, accident or injury which has been determined by the carrier of any individual or group disability insurance policy
covering the Executive, or by the Social Security Administration, to be a disability rendering the Executive totally and permanently disabled. The Executive must submit proof to the Company of the carrier’s or Social Security
Administration’s determination upon the request of the Company. 
 
1.4 “Early Termination” means the Termination of Employment before Normal Retirement Age for reasons other than death, Disability, Termination for Cause or following a Change of
Control. 
 
1.5 “Effective
Date” means October 1, 2002. 

1.6 “Normal Retirement Age” means the Executive attaining
66 years of age. 
 
1.7
“Normal Retirement Date” means the later of the Normal Retirement Age or Termination of Employment. 
 
1.8 “Plan Year” means a twelve-month period commencing on October 1 and ending on September 30 of
each year. The initial Plan Year shall commence on the effective date of this Agreement. 
 
1.9 “Termination for Cause” See Article 5. 
 
1.10 “Termination of Employment” means that the Executive ceases to be
employed by the Company for any reason, voluntary or involuntary, other than by reason of a leave of absence approved by the Company. 
 
Article 2 
 
Lifetime Benefits 
 
2.1 Normal Retirement Benefit. Upon Termination of Employment on or after the Normal Retirement Age for reasons
other than death, the Company shall pay to the Executive the benefit described in this Section 2.1 in lieu of any other benefit under this Agreement. 
 
2.1.1 Amount of Benefit. The annual benefit under this Section 2.1 is $75,000 (Seventy-five Thousand Dollars). The
Company’s Board of Directors, in its sole discretion, may increase the annual benefit under this Section 2.1.1; however, any increase shall require the recalculation of Schedule A. 
 
2.1.2 Payment of Benefit. The Company shall pay the annual benefit to the Executive in
12 equal monthly installments commencing with the month following the Executive’s Normal Retirement Date, paying the annual benefit to the Executive for a period of 15 years. 
 
2.1.3 Benefit Increases. Commencing on the first anniversary of the first benefit
payment, and continuing on each subsequent anniversary, the Company’s Board of Directors, at its sole discretion, may increase the benefit. 
 
2.2 Early Termination Benefit. Upon an Early Termination, the Company shall pay to the Executive the benefit
described in this Section 2.2 in lieu of any other benefit under this Agreement. 
 
2.2.1 Amount of Benefit. The benefit under this Section 2.2 is the Early Termination Lump Sum set forth on Schedule
A for the Plan Year ending immediately prior to Termination of Employment, determined by vesting the Executive in the Accrual Balance for the Plan Year ending immediately prior to Termination of Employment. Any increase in the annual benefit under
Section 2.1.1 shall require the recalculation of this benefit on Schedule A. 

2.2.2 Payment of Benefit. The Company shall pay the benefit
determined under Section 2.2.1 to the Executive in a lump sum within 30 following Termination of Employment. 
 
2.3 Disability Benefit. Upon the Executive’s Termination of Employment prior to Normal Retirement Age due to
Disability, the Company shall pay to the Executive the benefit described in this Section 2.3 in lieu of any other benefit under this Agreement. 
 
2.3.1 Amount of Benefit. The benefit under this Section 2.3 is the Disability Lump Sum set forth on Schedule A for
the Plan Year ending immediately prior to Termination of Employment (except during the first Plan Year, the benefit is the amount set forth for Plan Year 1), determined by vesting the Executive in the Accrual Balance for the Plan Year ending
immediately prior to Termination of Employment. Any increase in the annual benefit under Section 2.1.1 would require the recalculation of this benefit on Schedule A. 
 
2.3.2 Payment of Benefit. The Company shall pay the benefit determined under Section
2.3.1 to the Executive in a lump sum within 30 days following Termination of Employment.  
 
2.4 Change of Control Benefit. Upon a Change of Control, the Company shall pay to the Executive the benefit
described in this Section 2.4 in lieu of any other benefit under this Agreement. 
 
2.4.1 Amount of Benefit. The benefit under this Section 2.4 is the Change of Control annual Installment set forth
on Schedule A, determined by vesting the Executive in the Normal Retirement Benefit described in Section 2.1.1. Any increase in the annual benefit under Section 2.1.1 shall require the recalculation of this benefit on Schedule A. 
 
2.4.2 Payment of Benefit. The Company
shall pay the annual benefit determined in Section 2.4.1 to the Executive in 12 equal monthly installments commencing with the month following Termination of Employment, paying the annual benefit to the Executive for a period of 15 years.

 
2.4.3 Benefit Increases.
Benefit payments may be increased as provided in Section 2.1.3. 
 
Article 3 
 
Death
Benefits 
 
3.1 Death During
Active Service. If the Executive dies while in the active service of the Company, the Company shall pay to the Executive’s beneficiary the split dollar death benefit described in the Split Dollar Agreement attached as Addendum A between the
Company and the Executive in lieu of any other benefit under this Agreement. 
 
3.2 Death During or After Payment of a Benefit. If the Executive dies during or after 

payment of any benefits under Article 2 of this Agreement, the Company shall cease paying the remaining benefit, if any, and shall then pay
to the Executive’s beneficiary the split dollar death benefit described in the Split Dollar Agreement attached as Addendum A between the Company and the Executive. 
 
3.3 Death After Termination of Service But Before Payment of a Benefit Commences.
If the Executive is entitled to a benefit under Article 2 of this Agreement, but dies prior to the commencement of said benefit payments, the Company shall not pay said benefit, but in lieu thereof, shall pay to the Executive’s beneficiary
the split dollar death benefit described in the Split Dollar Agreement attached as Addendum A between the Company and the Executive. 
 
Article 4 
 
Beneficiaries 
 
4.1 Beneficiary Designations. The Executive shall designate a beneficiary by filing a written designation with the
Company. The Executive may revoke or modify the designation at any time by filing a new designation. However, designations will only be effective if signed by the Executive and received by the Company during the Executive’s lifetime. The
Executive’s beneficiary designation shall be deemed automatically revoked if the beneficiary predeceases the Executive, or if the Executive names a spouse as beneficiary and the marriage is subsequently dissolved. If the Executive dies without
a valid beneficiary designation, all payments shall be made to the Executive’s estate. 
 
4.2 Facility of Payment. If a benefit is payable to a minor, to a person declared incompetent, or to a person
incapable of handling the disposition of his or her property, the Company may pay such benefit to the guardian, legal representative or person having the care or custody of such minor, incompetent person or incapable person. The Company may require
proof of incompetence, minority or guardianship as it may deem appropriate prior to distribution of the benefit. Such distribution shall completely discharge the Company from all liability with respect to such benefit. 
 
Article 5 
 
General Limitations 
 
5.1 Termination for Cause.
Notwithstanding any provision of this Agreement to the contrary, the Company shall not pay any benefit under this Agreement if the Company terminates the Executive’s employment for: 
 
(a) Gross negligence or gross neglect of duties; 
 
(b) Commission of a felony or of a gross
misdemeanor involving moral turpitude in connection with the Executive’s employment with the Company; or 
 
(c) Fraud, disloyalty, dishonesty or willful violation of any law or significant Company policy committed in connection
with the Executive’s employment and resulting in an adverse effect on the Company. 

5.2 Suicide or Misstatement. The Company shall not pay any benefit
under this Agreement if the Executive commits suicide within three years after the date of this Agreement. In addition, the Company shall not pay any benefit under this Agreement if the Executive has made any material misstatement of fact on an
employment application or resume provided to the Company, or on any application for any benefits provided by the Company to the Executive. 
 
Article 6 
 
Claims and Review Procedure 
 
6.1 Claims Procedure. An Executive or beneficiary (“claimant”) who has not received benefits under the
Agreement that he or she believes should be paid shall make a claim for such benefits as follows: 
 
6.1.1 Initiation—Written Claim. The claimant initiates a claim by submitting to the Company a written claim
for the benefits. 
 
6.1.2
Timing of Company Response. The Company shall respond to such claimant within 90 days after receiving the claim. If the Company determines that special circumstances require additional time for processing the claim, the Company can extend the
response period by an additional 90 days by notifying the claimant in writing, prior to the end of the initial 90-day period, that an additional period is required. The notice of extension must set forth the special circumstances and the date by
which the Company expects to render its decision. 
 
6.1.3 Notice of Decision. If the Company denies part or all of the claim, the Company shall notify the claimant in writing of such denial. The Company shall write the notification in a manner calculated to be
understood by the claimant. The notification shall set forth: 
 
(a) The specific reasons for the denial; 
 
(b) A reference to the specific provisions of the Agreement on which the denial is based; 
 
(c) A description of any additional
information or material necessary for the claimant to perfect the claim and an explanation of why it is needed; 
 
(d) An explanation of the Agreement’s review procedures and the time limits applicable to such procedures; and

 
(e) A statement of the
claimant’s right to bring a civil action under ERISA Section 502(a) following an adverse benefit determination on review. 
 
6.2 Review Procedure. If the Company denies part or all of the claim, the claimant shall have the opportunity for a
full and fair review by the Company of the denial, as follows: 
 
6.2.1 Initiation—Written Request. To initiate the review, the claimant, within 60 days after receiving the Company’s notice of denial, must file with the Company a written request for
review. 

 
6.2.2 Additional Submissions—Information Access. The claimant shall then have the opportunity to submit written comments, documents, records and other information relating to the claim. The Company shall also provide the
claimant, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant (as defined in applicable ERISA regulations) to the claimant’s claim for benefits. 
 
6.2.3 Considerations on Review. In
considering the review, the Company shall take into account all materials and information the claimant submits relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination.

 
6.2.4 Timing of Company
Response. The Company shall respond in writing to such claimant within 60 days after receiving the request for review. If the Company determines that special circumstances require additional time for processing the claim, the Company can extend
the response period by an additional 60 days by notifying the claimant in writing, prior to the end of the initial 60-day period, that an additional period is required. The notice of extension must set forth the special circumstances and the date by
which the Company expects to render its decision. 
 
6.2.5 Notice of Decision. The Company shall notify the claimant in writing of its decision on review. The Company shall write the notification in a manner calculated to be understood by the claimant. The notification
shall set forth: 
 
(a) The
specific reasons for the denial; 
 
(b) A reference to the specific provisions of the Agreement on which the denial is based; 
 
(c) A statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and
copies of, all documents, records and other information relevant (as defined in applicable ERISA regulations) to the claimant’s claim for benefits; and 
 
(d) A statement of the claimant’s right to bring a civil action under ERISA Section 502(a). 
 
Article 7 
 
Amendments and Termination 
 
This Agreement may be amended or terminated only by a written
agreement signed by the Company and the Executive; however, this Agreement will automatically terminate if no benefit is payable to the Executive due to the Executive’s Termination for Cause, Suicide or Misstatement as set forth in Article 5.

 
Article 8 
 
Miscellaneous 

 
8.1 Binding Effect. This Agreement shall bind the Executive and the Company, and their beneficiaries, survivors, executors, successors, administrators and transferees. 
 
8.2 No Guarantee of Employment. This
Agreement is not an employment policy or contract. It does not give the Executive the right to remain an employee of the Company, nor does it interfere with the Company’s right to discharge the Executive. It also does not require the Executive
to remain an employee nor interfere with the Executive’s right to terminate employment at any time. 
 
8.3 Non-Transferability. Benefits under this Agreement cannot be sold, transferred, assigned, pledged, attached or
encumbered in any manner. 
 
8.4
Reorganization. The Company shall not merge or consolidate into or with another company, or reorganize, or sell substantially all of its assets to another company, firm, or person unless such succeeding or continuing company, firm, or person
agrees to assume and discharge the obligations of the Company under this Agreement. Upon the occurrence of such event, the term “Company” as used in this Agreement shall be deemed to refer to the successor or survivor company.

 
8.5 Tax Withholding. The
Company shall withhold any taxes that are required to be withheld from the benefits provided under this Agreement. 
 
8.6 Applicable Law. The Agreement and all rights hereunder shall be governed by the laws of the State of
California, except to the extent preempted by the laws of the United States of America. 
 
8.7 Unfunded Arrangement. The Executive and beneficiary are general unsecured creditors of the Company for the
payment of benefits under this Agreement. The benefits represent the mere promise by the Company to pay such benefits. The rights to benefits are not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance,
attachment, or garnishment by creditors. Any insurance on the Executive’s life is a general asset of the Company to which the Executive and beneficiary have no preferred or secured claim. 
 
8.8 Entire Agreement. This Agreement
constitutes the entire agreement between the Company and the Executive as to the subject matter hereof. No rights are granted to the Executive by virtue of this Agreement other than those specifically set forth herein. 
 
8.9 Administration. The Company shall
have powers which are necessary to administer this Agreement, including but not limited to: 
 
(a) Establishing and revising the method of accounting for the Agreement; 
 
(b) Maintaining a record of benefit payments;

 
(c) Establishing rules and
prescribing any forms necessary or desirable to administer the Agreement; and 

(d) Interpreting the provisions of the Agreement. 
 
8.10 Named Fiduciary. The Company
shall be the named fiduciary and plan administrator under this Agreement. It may delegate to others certain aspects of the management and operational responsibilities including the employment of advisors and the delegation of ministerial duties to
qualified individuals. 
 
IN WITNESS WHEREOF, the
Executive and the Company have signed this Agreement. 
 

	 EXECUTIVE:
	 	 	 	 COMPANY:
  
 BANK OF THE SIERRA

	
	 /s/    Kenneth
Goodwin        

	 	 	 	 By
	 	 /s/    Morris Tharp        

	 Kenneth Goodwin
	 	 	 	 Title
	 	 Chairman

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00052-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00052-of-00352.parquet"}]]