Document:

Exhibit 10.76

 

AMENDED

EXECUTIVE SALARY CONTINUATION AGREEMENT

This Amended Salary
Continuation Agreement (the “Agreement”) is
made effective March 1, 2007 (the “Effective Date”),
and is entered into by and between Central Valley Community Bank (the “Bank”) and Tom Sommer (the “Executive”),
each a “Party” and together the “Parties.”

RECITALS

A.                                   This
Agreement amends and supersedes the prior Executive Salary Continuation
Agreement between the Parties, dated June 7, 2000, and Amendment No. 1 to the
prior agreement, dated February 1, 2005.

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

C.                                     The
Bank’s Board of Directors (the “Board”) has
determined that the Executive’s services to the Bank are valuable.  The Bank and the Executive desire to enter
into this Agreement under which the Bank has agreed to make certain payments to
the Executive at retirement.

D.                                    The
Parties intend that this Agreement shall constitute an unfunded arrangement
maintained primarily to provide supplemental retirement benefits for the Executive
under the Employee Retirement Security Act of 1974, as amended (“ERISA”).  The parties
further intend that this Agreement shall constitute a nonqualified deferred
compensation arrangement under the Internal Revenue Code (“Code”).  The Executive is fully advised of the Bank’s
financial status and has had substantial input in the design of and benefits
provided under this Agreement.

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.              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.
At all times, unless modified in writing, employment shall be at-will.  Subject to the terms of this Agreement,
either the Bank or the Executive may terminate the employment relationship at
any time, for any reason or for no reason.

 1
 

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 salary continuation benefits.

III.           RETIREMENT BENEFIT AND EARLY RETIREMENT BENEFIT

For purposes of this
section, “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 attaining age sixty (60).

A.            Retirement Benefit.

If
the Executive Retires on or after December 31, 2012, the Bank shall pay the
Executive an annual retirement benefit equal to Fifty Thousand Dollars and
No/100 ($50,000.00), in equal monthly installments (1/12 of the annual
benefit), for a period of one hundred and eighty (180) months, commencing with
the first day of the month following the date of the Executive’s
Retirement.  Beginning with the
thirteenth month that benefits are paid, and continuing thereafter until paid
in full, the annual benefit shall be increased each year by three percent (3%)
from the previous year’s benefit to account for cost of living increases.  In the event of the Executive’s death prior
to the date all payments have been made, Section IV of this Agreement shall
control.

B.            Early Retirement
Benefit.

If
the Executive Retires on or after February 23, 2008 and prior to December 31,
2012, the Bank shall pay the Executive an annual early retirement benefit,
based on the month of retirement, equal to:

	
  Retirement

  Month

  	
   

  	
  Annual

  Amount

  	
   

  
	
  February 2008

  	
   

  	
  $

  	
  25,833.33

  	
   

  
	
  March 2008

  	
   

  	
  $

  	
  26,250.00

  	
   

  
	
  April 2008

  	
   

  	
  $

  	
  26,666.67

  	
   

  
	
  May 2008

  	
   

  	
  $

  	
  27,083.34

  	
   

  
	
  June 2008

  	
   

  	
  $

  	
  27,500.00

  	
   

  
	
  July 2008

  	
   

  	
  $

  	
  27,916.67

  	
   

  
	
  August 2008

  	
   

  	
  $

  	
  28,333.34

  	
   

  
	
  September 2008

  	
   

  	
  $

  	
  28,750.00

  	
   

  
	
  October 2008

  	
   

  	
  $

  	
  29,166.67

  	
   

  
	
  November 2008

  	
   

  	
  $

  	
  29,583.34

  	
   

  
	
  December 2008

  	
   

  	
  $

  	
  30,000.00

  	
   

  
	
  January 2009

  	
   

  	
  $

  	
  30,416.67

  	
   

  
	
  February 2009

  	
   

  	
  $

  	
  30,833.34

  	
   

  
	
  March 2009

  	
   

  	
  $

  	
  31,250.01

  	
   

  
	
  April 2009

  	
   

  	
  $

  	
  31,666.67

  	
   

  
	
  May 2009

  	
   

  	
  $

  	
  32,083.34

  	
   

  
	
  June 2009

  	
   

  	
  $

  	
  32,500.01

  	
   

  
	
  July 2009

  	
   

  	
  $

  	
  32,916.67

  	
   

  
	
  August 2009

  	
   

  	
  $

  	
  33,333.34

  	
   

  
	
  September 2009

  	
   

  	
  $

  	
  33,750.01

  	
   

  
	
  October 2009

  	
   

  	
  $

  	
  34,166.67

  	
   

  
	
  November 2009

  	
   

  	
  $

  	
  34,583.34

  	
   

  
	
  December 2009

  	
   

  	
  $

  	
  35,000.01

  	
   

  
	
  January 2010

  	
   

  	
  $

  	
  35,416.68

  	
   

  
	
  February 2010

  	
   

  	
  $

  	
  35,833.34

  	
   

  
	
  March 2010

  	
   

  	
  $

  	
  36,250.01

  	
   

  
	
  April 2010

  	
   

  	
  $

  	
  36,666.68

  	
   

  
	
  May 2010

  	
   

  	
  $

  	
  37,083.34

  	
   

  
	
  June 2010

  	
   

  	
  $

  	
  37,500.01

  	
   

  
	
  July 2010

  	
   

  	
  $

  	
  37,916.68

  	
   

  
	
  August 2010

  	
   

  	
  $

  	
  38,333.34

  	
   

  
	
  September 2010

  	
   

  	
  $

  	
  38,750.01

  	
   

  
	
  October 2010

  	
   

  	
  $

  	
  39,166.68

  	
   

  
	
  November 2010

  	
   

  	
  $

  	
  39,583.35

  	
   

  
	
  December 2010

  	
   

  	
  $

  	
  40,000.01

  	
   

  
	
  January 2011

  	
   

  	
  $

  	
  40,416.68

  	
   

  
	
  February 2011

  	
   

  	
  $

  	
  40,833.35

  	
   

  
	
  March 2011

  	
   

  	
  $

  	
  41,250.01

  	
   

  
	
  April 2011

  	
   

  	
  $

  	
  41,666.68

  	
   

  
	
  May 2011

  	
   

  	
  $

  	
  42,083.35

  	
   

  
	
  June 2011

  	
   

  	
  $

  	
  42,500.01

  	
   

  
	
  July 2011

  	
   

  	
  $

  	
  42,916.68

  	
   

  
	
  August 2011

  	
   

  	
  $

  	
  43,333.35

  	
   

  
	
  September 2011

  	
   

  	
  $

  	
  43,750.02

  	
   

  
	
  October 2011

  	
   

  	
  $

  	
  44,166.68

  	
   

  
	
  November 2011

  	
   

  	
  $

  	
  44,583.35

  	
   

  
	
  December 2011

  	
   

  	
  $

  	
  45,000.02

  	
   

  
	
  January 2012

  	
   

  	
  $

  	
  45,416.68

  	
   

  
	
  February 2012

  	
   

  	
  $

  	
  45,833.35

  	
   

  
	
  March 2012

  	
   

  	
  $

  	
  46,250.02

  	
   

  
	
  April 2012

  	
   

  	
  $

  	
  46,666.68

  	
   

  
	
  May 2012

  	
   

  	
  $

  	
  47,083.35

  	
   

  
	
  June 2012

  	
   

  	
  $

  	
  47,500.02

  	
   

  
	
  July 2012

  	
   

  	
  $

  	
  47,916.69

  	
   

  
	
  August 2012

  	
   

  	
  $

  	
  48,333.35

  	
   

  
	
  September 2012

  	
   

  	
  $

  	
  48,750.02

  	
   

  
	
  October 2012

  	
   

  	
  $

  	
  49,166.69

  	
   

  
	
  November 2012

  	
   

  	
  $

  	
  49,583.35

  	
   

  
	
  December 2012

  	
   

  	
  $

  	
  50,000.00

  	
   

  

 

 2
 

The
early retirement benefit shall be paid in lieu of any other benefit under this
Agreement, in equal monthly installments (1/12 of the annual benefit) for a
period of one hundred and eighty (180) months, commencing with the first day of
the month following the date of the Executive’s Retirement.  Beginning with the thirteenth month that
benefits are paid, and continuing thereafter until paid in full, the annual
benefit shall be increased each year by three percent (3%) from the previous
year’s benefit to account for cost of living increases.  In the event of the Executive’s death prior
to the date all payments have been made, Section IV of this Agreement shall
control.

IV.           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 Policy(ies) described in that certain Amended
Life Insurance Endorsement Method Split Dollar Agreement between the Bank and
Executive of even date herewith (the “Split Dollar Agreement”) is/are
surrendered, lapse or are otherwise terminated by the Bank, and the Bank does
not replace such Policy(ies) with other comparable life insurance, such that no
death benefits are payable under the Split Dollar Agreement, then in the event
of the Executive’s death, Executive’s beneficiaries under the Split Dollar
Agreement shall be entitled to the payment of the benefits, if any, described
in Section VI(A) or VI(B) of the Split Dollar Agreement, as applicable, in lieu
of any other benefit under this Agreement.

V.            TERMINATION OF EMPLOYMENT AND DISABILITY

“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 the 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 by statute. 
Notwithstanding anything to the contrary, the terms “Termination of
Employment” and “Employment Terminates” shall be interpreted in accordance with
Code Section 409A, together with regulations and guidance promulgated
thereunder, as amended from time to time (collectively referred to as “Code
Section 409A”).

A.            Voluntary
Termination of Employment.

In the event of the Executive’s Voluntary
Termination prior to Retirement or prior to a Change In Control, this Agreement
shall immediately terminate and the Executive shall not be entitled to receive
any benefits under this Agreement.  “Voluntary Termination” means Executive’s Employment
Terminates prior to Retirement by Executive’s voluntary action.

 3
 

B.            Involuntary
Termination of Employment.

In the event of the Executive’s Involuntary
Termination prior to Retirement, the Bank shall pay the Executive an
involuntary termination benefit, in lieu of any other benefit under this
Agreement, in an amount equal to the present value of an annual retirement
benefit of Fifty Thousand Dollars ($50,000) per year for fifteen (15) years,
reduced by ten percent (10%) for each year prior to December 31, 2012 that
Involuntary Termination occurs (prorated by month), determined as of the first
day of the month in which Involuntary Termination occurs.  The benefit shall be paid in a lump sum, determined
by using the assumptions set forth in Section IX(L) and the payment shall be
made on the date the Executive attains age sixty-five (65).  “Involuntary  Termination” means the Executive’s Employment Terminates by
action of the Bank prior to Retirement, and such Termination of Employment is
not For Cause.

C.            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.  “For Cause”
shall mean any of the following actions by the Executive that result in an
adverse effect on the Bank: (1) gross negligence or gross neglect; (2) the
commission of a felony or gross misdemeanor involving moral turpitude, fraud,
or dishonesty; (3) the willful violation of any law, rule, or regulation (other
than a traffic violation or similar offense); (4) an intentional failure to
perform stated duties; or (5) 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.

D.            Disability.

In the event the Executive becomes Disabled
prior to Retirement or Termination of Employment, and the Executive’s
Employment terminates because of such Disability, the Bank shall pay the
Executive an annual benefit, in lieu of any other benefit under this Agreement,
equal to Fifty Thousand Dollars and No/100 ($50,000.00), reduced by ten percent
(10%) for each year prior to December 31, 2012 that Involuntary Termination
occurs (prorated by month), determined as of the first day of the month in
which Involuntary Termination occurs. 
The benefit shall be paid in equal monthly installments (1/12 of the
annual benefit), for a period of one hundred and eighty (180) months,
commencing with the first day of the month following the date of the Executive’s
termination due to Disability.  Beginning
with the thirteenth month that benefits are paid, and continuing thereafter
until paid in full, the annual benefit shall be increased each year by three
percent (3%) from the previous year’s benefit to account for cost of living
increases.  In the event of the Executive’s
death prior to the date all payments have been made, Section IV of this
Agreement shall control.

“Disabled” or “Disability” shall mean that the
Executive (1) 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

 4
 

continuous period of not less than 12 months;
or (2) 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
term “Disability” shall be interpreted in accordance with Code Section 409A.  In the event of the Executive’s death,
Section IV of this Agreement shall control.

VI.           CHANGE IN CONTROL

Upon
a Change In Control, if, within twenty four (24) months of the Change In
Control, (i) the Executive’s Employment Terminates (whether Voluntary
Termination or Involuntary Termination) for any reason other than For Cause;
(ii) the Executive’s job responsibilities substantially change; or (iii) the
Executive is relocated, then the Bank shall pay the Executive a lump sum
payment equal to the present value (calculated using the assumptions set forth
in section IX(L), determined as of the date of payment) of one hundred percent
(100%) of the benefit that the Executive would have received under Section
III(A) had the Executive been employed by the Bank until December 31, 2012.  The lump sum payment shall be made 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 job
responsibilities or relocation).  Change
In Control benefit projections are included in Exhibit A attached hereto.  The payment of a lump sum pursuant to this
Section shall be in lieu of any other benefit under this Agreement.  Any benefit payable under this Section shall
be subject to reduction or elimination as provided in Section XII.

A “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 the Bank, the acquisition of additional
stock by the same person or persons will not be considered to cause a Change In
Control.  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.  Transfers of Bank stock on account of death,
gift, 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, 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 Code Section
409A, and to the extent that an event or series of events does not constitute a
“Change in Ownership” under Code Section 409A, the event or series of events
will not constitute a “Change In Control” under this Agreement.

 5
 

VII.         SPECIFIED EMPLOYEE REQUIREMENTS

Notwithstanding anything
to the contrary, payments made under this Agreement 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
Code Section 409A.

VIII.        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. To the extent the
Executive or any successor in interest becomes eligible to receive benefits
under this Agreement, he or she 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, in its sole discretion, to purchase life
insurance in conjunction with the benefits provided under this Agreement.  The Bank further reserves the absolute right,
in its sole discretion, to establish a grantor trust which may be used to hold Bank
assets to be 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.  If a trust or other vehicle is established,
the Bank’s obligations hereunder shall be reduced to the extent assets are
utilized to meet its obligations.  Any
trust established by the Bank and the assets held in trust shall 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 life
insurance purchased or any grantor trust established for these purposes at any
time, in whole or in part.  At no time
shall the Executive 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.

IX.           MISCELLANEOUS

A.            Prohibition Against
Alienation or Assignment.

The Executive, his surviving spouse, and any
other beneficiary(ies) under this Agreement shall not have any power or right
to transfer, assign, anticipate, hypothecate, mortgage, commute, modify or
otherwise encumber in advance any benefit which may become payable hereunder.  No benefits shall 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), or be transferable by
operation of law in the event of bankruptcy, insolvency or otherwise. In the
event the Executive or any beneficiary attempts to assign, commute, hypothecate,
transfer or dispose of the benefits which may become payable hereunder, the
Bank’s liabilities shall forthwith cease and terminate.

 6
 

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 agrees, in writing, to assume
and discharge the Bank’s duties and obligations 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 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 Executive’s right or shall create any rights 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 sponsored or offered
by the Bank.

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 to be invalid,
void, or unenforceable, such determination shall not render any other term,
provision, covenant, or condition invalid, void, or unenforceable,

 7
 

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, 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, the
Executive’s employment shall remain at-will.

K.            Effective Date.

The effective date of this Agreement shall be
March 1, 2007.

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 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 respect to the benefits
payable, then the terms set forth in the Agreement shall control.

X.            ERISA PROVISIONS

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, 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

 8
 

for the denial, and providing references to
the provisions of this Agreement 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 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 prescribed sixty (60) 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 initial claim denial. 
Claimants may review this Agreement or any documents relating thereto
and submit any written issues and comments that may be 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 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
dispute shall likewise be submitted to arbitration as described above and the
Parties agree to be bound by the Arbitrator’s decision.

XI.                                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 the change has a detrimental effect on
this Agreement, then the Bank reserves the right to terminate or modify this
Agreement.  This paragraph shall become
null and void effective immediately upon a Change In Control.

XII.         EXCESS PARACHUTE PAYMENTS

Notwithstanding
any provision of this Agreement to the contrary, if all or a portion of any
benefit payment under this Agreement, alone or together with any other
compensation or benefit, will be a non-deductible expense to the Bank by reason
of Code section 280G, the Bank may, in its sole discretion, reduce the benefits
payable under this Agreement as necessary to avoid the application of section
280G.  The Bank shall have the power to
reduce benefits payable under this Agreement to zero, if necessary.

 9
 

XIII.        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 In Control.

XIV.        PROHIBITION AGAINST ACCELERATION

Notwithstanding anything
to the contrary, neither the time nor scheduling of payments under this Agreement
may be accelerated unless such acceleration is permissible under Code Section
409A, other applicable law and the terms of this Agreement.

IN WITNESS WHEREOF, the Parties acknowledge that each has
carefully read this Agreement and executed the original on 3/1/07 and
that, upon execution, each has received a conforming copy.

	
  BANK:

  	
   

  	
  EXECUTIVE:

  
	
   

  	
   

  	
   

  
	
  CENTRAL VALLEY
  COMMUNITY BANK

  	
   

  	
  TOM SOMMER

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Daniel Doyle

  	
   

  	
   

  	
  /s/ Tom Sommer

  	
   

  
	
  Name: Daniel
  Doyle

  	
   

  	
  Tom Sommer

  
	
  Title: President
  and Chief Executive Officer

  	
   

  	
   

  
						

 

 10
 

EXHIBIT A

	
  Executive Salary Continuation Plan

  	
   

  	
  Plan
  Year Reporting

  
	
  Schedule A

  	
   

  	
   

  

 

Thomas Leon Sommer

Birth Date:
2/23/1948

Plan Anniversary Date: 1/1/2008

Normal Retirement: 12/31/2012, Age 64

Payments: Monthly for 15 years

	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Early Involuntary

  Termination

  	
   

  	
  Early Retirement

  2/23/2008

  	
   

  	
  Disability

  	
   

  	
  Change in Control

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Lump Sum Benefit

  	
   

  	
  Annual Benefit

  	
   

  	
  Annual Benefit

  	
   

  	
  Lump Sum Benefit

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Amount Payable at

  	
   

  	
  Amount Payable at

  	
   

  	
  Amount Payable at

  	
   

  	
  Amount Payable at

  	
   

  
	
  Values

  	
   

  	
  Discount

  	
   

  	
  Benefit

  	
   

  	
  Accrual

  	
   

  	
  Normal Retirement Age

  	
   

  	
  Normal Retirement Age

  	
   

  	
  Separation from Service

  	
   

  	
  Separation from Service

  	
   

  
	
  as of

  	
   

  	
  Rate

  	
   

  	
  Level

  	
   

  	
  Balance

  	
   

  	
  Vesting

  	
   

  	
  Based on

  	
   

  	
  Vesting

  	
   

  	
  Based on

  	
   

  	
  Vesting

  	
   

  	
  Based on Benefit

  	
   

  	
  Vesting

  	
   

  	
  Based on Accrual

  	
   

  
	
   

  	
   

  	
  (1)

  	
   

  	
  (2)

  	
   

  	
  (3)

  	
   

  	
  (4)

  	
   

  	
  (5)

  	
   

  	
  (6)

  	
   

  	
  (7)

  	
   

  	
  (8)

  	
   

  	
  (9)

  	
   

  	
  (10)

  	
   

  	
  (11)

  	
   

  
	
  Dec 2006

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  231,126

  	
   

  	
  100

  	
  %

  	
  238,175

  	
   

  	
  0

  	
  %

  	
  0

  	
   

  	
  40

  	
  %

  	
  20,000

  	
   

  	
  100

  	
  %

  	
  595,438

  	
   

  
	
  12/31/2006 Accrual Balance Rollover

  	
   

  
	
  Dec 2007(1)

  	
   

  	
  6.00

  	
  %

  	
  50,000

  	
   

  	
  255,414

  	
   

  	
  100

  	
  %

  	
  297,719

  	
   

  	
  0

  	
  %

  	
  0

  	
   

  	
  50

  	
  %

  	
  25,000

  	
   

  	
  100

  	
  %

  	
  595,438

  	
   

  
	
  Dec 2008

  	
   

  	
  6.00

  	
  %

  	
  50,000

  	
   

  	
  281,201

  	
   

  	
  100

  	
  %

  	
  357,263

  	
   

  	
  100

  	
  %

  	
  30,000

  	
   

  	
  60

  	
  %

  	
  30,000

  	
   

  	
  100

  	
  %

  	
  595,438

  	
   

  
	
  Dec 2009

  	
   

  	
  6.00

  	
  %

  	
  50,000

  	
   

  	
  348,302

  	
   

  	
  100

  	
  %

  	
  416,807

  	
   

  	
  100

  	
  %

  	
  35,000

  	
   

  	
  70

  	
  %

  	
  35,000

  	
   

  	
  100

  	
  %

  	
  595,438

  	
   

  
	
  Dec 2010

  	
   

  	
  6.00

  	
  %

  	
  50,000

  	
   

  	
  422,611

  	
   

  	
  100

  	
  %

  	
  476,350

  	
   

  	
  100

  	
  %

  	
  40,000

  	
   

  	
  80

  	
  %

  	
  40,000

  	
   

  	
  100

  	
  %

  	
  595,438

  	
   

  
	
  Dec 2011

  	
   

  	
  6.00

  	
  %

  	
  50,000

  	
   

  	
  504,762

  	
   

  	
  100

  	
  %

  	
  535,894

  	
   

  	
  100

  	
  %

  	
  45,000

  	
   

  	
  90

  	
  %

  	
  45,000

  	
   

  	
  100

  	
  %

  	
  595,438

  	
   

  
	
  Dec 2012

  	
   

  	
  6.00

  	
  %

  	
  50,000

  	
   

  	
  595,438

  	
   

  	
  100

  	
  %

  	
  595,438

  	
   

  	
  100

  	
  %

  	
  50,000

  	
   

  	
  100

  	
  %

  	
  50,000

  	
   

  	
  100

  	
  %

  	
  595,438

  	
   

  

 

December 31, 2012 Retirement; January 1, 2013 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

 

1).  The Early Involuntary
Termination Benefit above is the Present Value of $50,000 payable in 180
monthly installments, reduced by 10% for each year prior to December 31,
2012.  The benefit is payable on the date
the Executive attains age (65).

 

*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.

 11Exhibit 10.77

AMENDED

LIFE INSURANCE ENDORSEMENT METHOD

SPLIT
DOLLAR AGREEMENT

	
  Insurers and Policies Numbers:

  	
   

  	
  Jefferson Pilot Life #JP5063507

  
	
   

  	
   

  	
  Union Central #U200000709

  
	
   

  	
   

  	
  New York Life #56610855

  
	
   

  	
   

  	
   

  
	
  Bank:

  	
   

  	
  Central Valley Community Bank

  
	
   

  	
   

  	
   

  
	
  Insured:

  	
   

  	
  Gary Quisenberry

  
	
   

  	
   

  	
   

  
	
  Relationship of Insured to Bank:

  	
   

  	
  Executive

  

 

This Amended Life Insurance Endorsement Method Split
Dollar Agreement (the “Agreement”) is
made effective as of March 1, 2007, by and between Central Valley Community
Bank (the “Bank”) and Gary Quisenberry (the “Insured”), each a “Party”
and together the “Parties.”  This Agreement supersedes and amends in its
entirety that certain Life Insurance Endorsement Method Split Dollar Plan
Agreement by and between the Bank and the Insured, effective June 7, 2000, as
amended effective February 1, 2005 (collectively, the “Prior Agreement”).

AGREEMENT

The rights and duties of the Bank and the Insured with
respect to the above-referenced life insurance policies (“Policies”) shall be
as set forth below:

I.                                      DEFINITIONS

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

II.                                  POLICIES TITLE AND OWNERSHIP

Title and ownership to the Policies 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 cash values of the Policies.  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 one or more of the Policies, then 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.  Any Beneficiary Designation Form(s) completed
by the Insured under the Prior Agreement shall remain in full force and effect
unless and until modified or revoked by the Insured.

 1
 

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
Policies 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 death proceeds under the Policies shall be 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 retirement
benefit provided in Section III(A) of that certain Amended Executive Salary
Continuation Agreement between the Bank and Insured, dated concurrently
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 retirement, or one hundred percent (100%) of the total proceeds of
the Policies, whichever amount is less. 
Present value calculations shall be made using the assumptions set forth
in Section IX(L) of the Salary Continuation Agreement.

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 the sum of all
remaining payments that would have been made under the Salary Continuation
Agreement (if any), but for the Insured’s death, or one hundred percent (100%)
of the total proceeds of the Policies, whichever amount is less.  Present value calculations shall be made
using the assumptions set forth in Section IX(L) of the Salary Continuation
Agreement.

C.                                    The
Bank shall be entitled to the remainder of the insurance proceeds payable on
the death of the Insured.

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

 2
 

VII.                         DIVISION OF THE CASH SURRENDER VALUE OF THE
POLICIES

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

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

In the event that one or more of the Policies 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 cash value.  Any endowment proceeds or annuity benefits
shall be considered to be like death proceeds for 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 leave the employment of the Bank voluntarily at any time; or

2.                                       The
Insured shall attain the age of seventy-nine (79); or

3.                                       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

4.                                       Surrender,
lapse, or other termination of the Policies by the Bank.  In the event that one or more but less than
all of the Policies is surrendered, lapse or is otherwise terminated, this
Agreement shall terminate as to the Policy(ies) that have been surrendered,
lapsed, or have been otherwise terminated. 
Upon surrender, lapse or termination of one or more of the Policies, the
Insured (or assignee) shall have a fifteen (15) day option to receive from the
Bank an absolute assignment of the Policy(ies) that have been surrendered,
lapsed, or have been otherwise terminated in consideration of a cash payment to
the Bank in an amount equal to the greater of:

 3
 

(a)                                  The
Bank’s share of the cash value of the affected Policy(ies) on the date of
assignment; or

(b)                                 The
sum of the premiums paid by the Bank with respect to such Policy(ies) prior to
the date of assignment, with interest.

If the Insured (or
assignee) fails to exercise this option, fails to tender the required cash
payment, or dies within the fifteen (15) day period, then the option shall
terminate, and the Insured (or assignee) agrees that all of the Insured’s
rights, interest and claims in the Policies that have been surrendered, lapsed,
or have been otherwise terminated shall terminate as of the date of termination
of this Agreement.  The Insured expressly
agrees that this Agreement constitutes sufficient written notice of the Insured’s
option to receive an absolute assignment of the Policies as set forth herein.

Except as provided above, this Agreement shall
terminate upon payment 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 Policies 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 Agreement. The Named
Fiduciary may delegate to others certain responsibilities, including the employment
of advisors and the delegation of any ministerial duties to qualified
individuals.

B.                                    Funding
Policy.

The funding policy for this Agreement shall be to
maintain the Policies in force by paying, when due, all premiums required.

 4
 

C.                                    Basis
of Payment of Benefits.

The basis of payment of benefits under this Agreement
is direct payment by the Insurer.

D.                                    Claim
Procedures.

Claim forms or information concerning the Policies can
be obtained by contacting Clark Consulting at 952-893-6767. When the Named
Fiduciary receives a claim which may be covered under the Policies, 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 steps 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 one or more of the Policies, the Insurer will notify the claimant
of the denial pursuant to the terms of the applicable Policy(ies). If the claimant
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 provided upon
receiving an executed copy of this Agreement. Payment or other performance in
accordance with the provisions of the Policies 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.

 5
 

XVI.                    EFFECTIVE DATE

The Effective Date of this Agreement shall be March 1,
2007.

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 overbroad 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 In
Control.

Executed at Clovis, California on 3/1/07.

	
  BANK:
  

  	
   

  	
  EXECUTIVE:  

  
	
   

  	
   

  	
   

  
	
  CENTRAL VALLEY COMMUNITY BANK 

  	
   

  	
  GARY QUISENBERRY 

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Daniel Doyle 

  	
   

  	
   

  	
    /s/ Gary Quisenberry 

  	
   

  
	
  Name: Daniel Doyle 

  	
   

  	
   

  	
  Gary Quisenberry

  	
   

  
	
  Title: President and Chief Executive Officer

  	
   

  	
   

  

 

 6
 

BENEFICIARY
DESIGNATION FORM

FOR AMENDED LIFE
INSURANCE

ENDORSEMENT
METHOD SPLIT DOLLAR AGREEMENT

PRIMARY DESIGNATION:

	
  Name

  	
   

  	
  Address

  	
   

  	
  Relationship

  	
   

  
	
                        

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
                        

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
                        

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

SECONDARY (CONTINGENT)
DESIGNATION:

 

 

All sums payable under the Amended Life Insurance
Endorsement Method Split Dollar 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.

 

	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Gary Quisenberry

  	
   

  	
  Date

  

 

 7

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