Document:

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Exhibit 10.4 Employment Agreement for Timothy Walbridge

                              EMPLOYMENT AGREEMENT

         This EMPLOYMENT AGREEMENT ("Agreement") is made and entered into as of
the 31st day of August 2000, between Redlands Centennial Bank (hereinafter
referred to as "Employer"), and Timothy P. Walbridge (hereinafter referred to as
"Executive").

                                   WITNESSETH:

         WHEREAS, Employer is desirous of employing Executive in the capacity
hereinafter stated and Executive is desirous of being employed in the Employ of
Employer in such capacity, for the period and on the terms and conditions set
forth herein;

         NOW, THEREFORE, in consideration of the premises and of the mutual
covenants and conditions herein contained, the parties hereto, intending to be
legally bound, do hereby agree as follows:

                                   EMPLOYMENT

         Employer hereby employs Executive as its Executive Vice-President and
Chief Lending Officer, and Executive accepts the duties that are customarily
performed by the Executive Vice-President and Chief Credit Officer of a
state-chartered banking institution and accepts all other duties described
herein and agrees to discharge the same faithfully and to the best of his
ability and consistent with past performances and the highest and best standards
of the banking industry, in accordance with the policies of Employer's Board of
Directors as established, and in compliance with all laws and Employer's
Articles of Incorporation, Bylaws, Policies and Procedures. Executive shall
devote his business time and attention to the business and affairs of Employer
for which he is employed and shall perform the duties thereof to the best of his
ability. Except as permitted by the prior written consent of Employee's Board of
Directors, Executive shall not directly or indirectly render any services of a
business, commercial or professional nature to any other person, firm or
corporation, whether for compensation or otherwise, which are in conflict with
Employer's interests. Executive shall perform such other duties as shall be from
time to time prescribed by Employer's Board of Directors.

         Executive shall have such responsibility and duties and such authority
to transact business on behalf of Employer, as are customarily incident to the
office of Executive Vice-President and Chief Credit Officer of a state-chartered
banking institution.

                                      TERM

         Employer hereby employs Executive, and Executive hereby accepts
employment with Employer for the period of three (3) years (the "Term"),
commencing June 26, 2000, with such Term being subject to prior termination as
hereinafter provided. Where used herein, "Term" shall refer to the entire period
of employment of Executive by Employer, whether for the period provided

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above, or whether terminated earlier as hereinafter provided, or extended by
mutual agreement in writing by Employer and Executive.

         Such Term shall be automatically extended for additional periods of one
(1) year unless Executive or Employer shall give written notice not less than
thirty (30) days and not more than three (3) months prior to the expiration of
the Term, of intention not to extend the Term.

                                  COMPENSATION

         In consideration for all services to be rendered by Executive to
Employer, Employer agrees to pay Executive a starting base salary of One Hundred
Twenty-Five Thousand Dollars ($125,000) per year. Employer's Board of Directors
shall in their discretion determine any increases in Executive's base salary
after the first anniversary of the Term. Executive's salary shall be paid
semi-monthly. Employer shall deduct there from all taxes which may be required
to be deducted or withheld under any provision of the law (including, but not
limited to, social security payments and income tax withholding) now in effect
or which may become effective anytime during the term of this agreement.

         Upon execution of this Agreement, Executive shall receive a signing
bonus of Fifteen Thousand Dollars ($15,000.00).

         Executive shall receive use of a bank credit card and use of a social
country club membership.

                       BONUS AND SALARY CONTINUATION PLAN

         Executive shall be entitled to participate in Employer's Incentive
Compensation Plan ("Bonus Plan"), which shall be at the discretion of the
President and CEO.

         After six (6) months after commencement of employment, Employer shall
establish a Salary Continuation Plan that shall pay Executive a minimum of
Seventy Five Thousand Dollars ($75,000) per year for fifteen (15) years
commencing on the earlier to occur on Executive's death or Executive reaching
the age of sixty-five (65). Such Salary Continuation Plan shall be covered by a
separate agreement. The Salary Continuation Plan Agreement shall be attached as
an exhibit to this Agreement. Notwithstanding the foregoing, nothing contained
herein shall be deemed to grant Executive any rights or benefits under a Salary
Continuation Plan until Employer duly adopts such Plan. In the event of a Change
of Ownership or Control during the employment of the Executive, the Salary
Continuation Plan shall be vested according to the Plan.

                                  STOCK OPTIONS

         After the adoption of a new Employer stock option plan which is
anticipated to be in January 2001, Employer shall grant Executive stock options
to purchase fifteen thousand shares of Employer's common stock at the price per
share set at the market value at the time of the grant. Options shall have a
term of ten (10) years and are subject to a Stock Option Agreement to be

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executed by the parties. Vesting will be twenty percent (20%) per year
commencing at the first anniversary date of the stock option agreement.

         Vested options may be exercised at any time during the remaining term
of the stock option, provided Executive remains an employee of Employer.
Notwithstanding the preceding sentence, if Executive is terminated and such
termination is not for cause, then Executive shall have ninety (90) days to
exercise all options vested with Executive as of the termination date as
provided in the Stock Option Plan.

                            AUTOMOBILE REIMBURSEMENT

         Employer agrees to provide Executive with an automobile for use during
employment. Said vehicle shall not exceed Forty Thousand Dollars ($40,000.00).

         Employer agrees to reimburse Executive for all ordinary and necessary
expenses incurred by Executive on behalf of Employer, including automobile
maintenance, gasoline, entertainment, meals, conventions and travel expenses.

         Employer shall provide for personal relocation expenses of Executive
incurred in a relocation of Executive to Redlands up to maximum of Five Thousand
Dollars ($5,000.00).

                                    INSURANCE

         Employer agrees to provide Executive with health and life insurance
benefits, on the same basis that are now or may hereinafter be in effect for all
other full-time employees. Provision of the insurance will commence on the
Effective Date and may be subject to Executive passing the necessary physical
examinations for qualification, if any. Employer may also apply for "key man"
life insurance with Employer as beneficiary of the policy.

                                    VACATION

         Executive shall be entitled to accrue up to four (4) weeks vacation
during each twelve (12) month period with at least two (2) weeks to be taken in
a single consecutive period. Vacation benefits shall not accrue above
one-hundred-sixty (160) hours at any time. Employer's Board of Directors, in its
discretion, may waive the provision with respect to unused vacation time.

                                   TERMINATION

         Employer shall have the right to terminate the employment of Executive
"at will" pursuant to California Labor Code Section 2922 by service of written
notice. Termination "at will" includes but is not limited to the following:

(a) physical or mental disability rendering Executive incapable of performing
his duties for a consecutive period of 180 days, or by death. In the event of
such disability, Employer will provide salary continuation for 180 days, less
accrued sick leave. Accrued sick leave is to be utilized until exhausted prior
to salary continuation provided herein; or

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determination by Employer's Board of Directors that the continued employment of
Executive is not desired for any reason or no reason at all, solely within the
discretion of the Employer's Board of Directors.

Additionally, Employer shall have the right to terminate this Agreement for
cause for any of the following reasons by serving written notice upon Executive:

         willful breach of, habitual neglect of, willful failure to perform, or
         inability to perform, Executive's duties and obligations as Executive
         Vice President and Chief Credit Officer; or

         illegal conduct, constituting a crime involving moral turpitude,
         conviction of a felony, or any conduct detrimental to the interests of
         Employer;

         In the event of termination for cause, Executive shall not receive any
         further compensation, including severance payment of any kind, after
         the date of termination. In the event this Agreement is terminated "at
         will" or for any of the reasons other than for cause, Executive shall
         be entitled to termination pay in an amount equal to twelve (12)
         months of Executive's then base annual salary. Such termination pay
         shall be paid in one lump sum and shall be considered to be in full
         and complete satisfaction of any and all rights which Executive may
         enjoy under the terms of this Agreement in addition to any pay in lieu
         of vacation accrued to, but not taken as of the date of termination,
         other than rights, if any, to exercise any of the stock options vested
         prior to such termination. The insurance benefits provided herein
         shall be extended at Employer's sole cost until the end of the month
         in which Executive is terminated.

         Executive shall give thirty (30) days prior notice, in writing, to
         Employer in the event Executive resigns or voluntarily terminates
         employment.

                     ACQUISITION OR DISSOLUTION OF EMPLOYER

         This Employment Agreement shall not be terminated by the voluntary or
involuntary dissolution of the Employer. Notwithstanding the foregoing, in the
event proceedings for liquidation of Employer commenced by regulatory
authorities, this Agreement and all rights and benefits hereunder shall
terminate. In the event of a Change of Ownership or Control occurs during the
employment of the Executive and if the Executive's position is either eliminated
or materially changed, the Executive shall receive an amount equal to twelve
(12) months of the then current annual salary in full and complete satisfaction
of any and all rights which Executive may enjoy hereunder other than the right,
if any, to fully exercise all of the stock options thus far granted, such
Options shall become fully vested according to the Stock Option Plan. The
Executive may choose to receive said amount in a lump sum or in monthly
payments. In the event of a Change of Control, the acquiring entity shall assume
all obligations under this Agreement and, in the event that any benefits
hereunder are subject to 280G and constitute an excess parachute payment
thereunder, shall reimburse the Executive for any excise taxes due on such
payment. Change of Ownership shall have occurred on the date of (i) a merger,
where the Bank is not the surviving corporation; (ii) a consolidation, where the
Bank is not the surviving corporation; (iii) a transfer to another entity of all
or substantially all of the assets of the Bank; (iv) an acquisition by a
financial institution,

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company, individual or individuals acting as a group of more than fifty percent
(50%) of the then outstanding shares of the Bank are held by a person or group
of persons (whether or not acting in concert) not the holder of more than fifty
percent (50%) of the shares on the Commencement Date of this Agreement; or (v)
during any period of twenty-four consecutive months, individuals who at the
beginning of such period where members of the Board of Directors of the Bank
(the "Incumbent Board") shall cease to constitute a majority of the Board of
Directors of the Bank or any successor to the Bank, Provided that any person
becoming a director subsequent to the beginning of such period whose election or
nomination for election was approved by a vote of at least seventy-five percent
(75%) of all the directors compromising the Incumbent Board shall, for the
purposes hereof, considered as though such a person were a member of the
Incumbent Board.
                                 INDEMNIFICATION

         To the extent permitted by law, Employer shall indemnify Executive if
he was or is a party or is threatened to be made a party in any action brought
by a third party against Executive (whether or not Employer is joined as a party
defendant) against expenses, judgments, fines, settlements and other amounts
actual and reasonably incurred in connection with said action of Executive acted
in good faith and in a manner Executive reasonably believed to be in the best
interest of Employer (and with respect to a criminal proceeding if Executive had
not reasonable cause to believe his conduct was unlawful), provided that the
alleged conduct of Executive arose out of and was within the course and scope of
his employment as an officer or employee of Employer. Employer retains the right
to designate defense counsel in the event of such action.

                                  TRADE SECRETS

         During the Term, Executive will have access to and become acquainted
with what Executive and Employer acknowledge as trade secrets. Trade secrets and
confidential information, as used in this agreement, shall mean information or
materials which are related to the business and operation of the Company,
including, but not limited to: the methods, practices and procedures of the
Company which are disclosed to Employee or which Employee becomes aware of as an
employee of the Company, any other information or material which is proprietary
to or designated as a trade secret or confidential information by the Company,
which Employee may obtain knowledge through, of, or as a result of Employee's
relationship with the Company, access to the Company's premises, or
communications with the Company's employees.

         Without limiting the generality of the foregoing, trade secrets and
confidential information includes, but is not limited to the following types of
information and other information of a similar nature (whether or not reduced to
writing or still in development); customer lists; rolodexes; confidential
operating manuals; procedures; marketing techniques; materials; marketing
timetables; strategic development plans; financial information; specifications;
techniques; data; documentation; diagrams; flow charts; research; development;
and processes.

         Employee understands that trade secrets and confidential information
have been developed or obtained by the Company by the investment of significant
time, effort and expense, and that such trade secrets and confidential
information provide the Company with a significant competitive advantage in its
business.

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                                 NON-COMPETITION

         During the term of this Agreement, Executive will not, directly or
indirectly, either as an employee, employer, consultant, agent, principal,
partner, stockholder, corporate officer, director or in any other individual or
representative capacity, engage or participate in any business that is in
competition in any manner whatsoever with the business of Employer.

                               RETURN OF DOCUMENTS

         Executive expressly agrees that all manuals, documents, files, reports,
studies, instruments or other materials used or developed by Executive during
the Term are solely the property of Employer, and Executive has no right, title
or interest therein. Upon termination of this Agreement, Executive or
Executive's representatives shall promptly deliver possession of all said
property to Employer in good condition.

                                     NOTICES

         Any notice, request, demand, or other communication required or
permitted hereunder shall be deemed to be properly given when personally served
in writing, when deposited in the U.S. mail, postage prepaid, or when
communicated to a public telegraph company for transmittal, addressed as
follows:

         TO BANK:                   Redlands Centennial Bank
                                    218 East State Street
                                    Redlands, California 92373
                                    Attention:  Board of Directors

         TO EXECUTIVE:              Mr. Timothy P. Walbridge
                                    1914 Cobblefield Way
                                    Glendora, California 91740

         Any party hereto may change its or his address for purposes of this
Section by giving notice in accordance herewith.

                              BENEFIT OF AGREEMENT

         This Agreement shall insure to the benefit of and be binding upon the
parties hereto and their respective executors, administrators, successors and
assigns.

                                 APPLICABLE LAW

         This Agreement is made and entered into in the State of California, and
the laws of said State shall govern the validity and interpretation hereof, and
the performance of the parties hereto and their respective duties and
obligations hereunder.

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                         CAPTIONS AND PARAGRAPH HEADINGS

         Captions and paragraph headings used herein are for convenience only
and are not a part of this Agreement and shall not be used in construing it.

                               INVALID PROVISIONS

         Should any provision of this Agreement for any reason be declared
invalid, void, or unenforceable by court of competent jurisdiction, the validity
and binding effect of any remaining portions shall not be affected and the
remaining portions of this Agreement shall remain in full force and effect as if
this Agreement had been executed with said provision eliminated.

                                ENTIRE AGREEMENT

         This Agreement contains the entire agreement of the parties and is
supersedes any and all other agreements, either oral or in writing, between the
parties hereto with respect to the employment of Executive by Employer, except
to the extent that it is contemplated that Executive and Employer may enter into
a stock option agreement and/or salary continuation agreement. Each party to
this Agreement acknowledges that no representations, inducements, promises or
agreements, oral or otherwise, have been made by any party, or anyone acting on
behalf of any party, which are not embodied herein, and that no other agreement,
statement, or promise not contained in this Agreement shall be valid or binding.
This Agreement may not be modified or amended by oral agreement, but only by an
Agreement in writing signed by the Employer and Executive.

                                 CONFIDENTIALITY

         This Agreement is to be held confidential. Willful breach of such
confidentiality by Executive may result in the termination of Executive for
cause pursuant to paragraph 9 above.

                                   ARBITRATION

         Any dispute regarding any aspect of this Agreement, including but no
limited to its formation, performance or breach ("arbitrable dispute"), shall be
submitted to arbitration in San Bernardino County, California, before a single
experienced employment arbitrator licensed to practice law in California and
selected in accordance with the Employment Dispute Resolution Rules of the
American Arbitration Association, as the exclusive forum for resolving such
claims or dispute. The arbitrator shall not have authority to modify or change
the Agreement in any respect. The prevailing party in any such arbitration shall
be awarded its costs, expenses, and actual attorney's fees incurred in
connection with the arbitration. Bank and Executive shall each be responsible
for payment of one-half the amount of the arbitrator's fee(s). The arbitrator's
decision and/or award will be fully enforceable and subject to an entry of
judgment by the Superior Court of the State of California for the County of Los
Angeles. Should any part to this Agreement hereafter institute any legal action
or administrative proceeding against the other with respect to any Claim waived
by this Agreement or pursue any arbitrable dispute by any method other than
arbitration, the responding party shall recover from the initiating party all
damages, costs, expenses, and attorneys' fees incurred as a result of such
action.

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                                   LEGAL COSTS

         If either Executive or Employer commences an action against the other
arising out of or in connection with this Agreement, the prevailing party shall
be entitled to have and recover from the losing party reasonable attorney's fees
and costs of suit.

         IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the day and year first written above.

                                           REDLANDS CENTENNIAL BANK

Dated:  August 31, 2000          By:       /s/ DOUGLAS C. SPENCER
                                           ---------------------------------
                                           Douglas C. Spencer
                                           President and Chief Executive Officer

\                                          EXECUTIVE

Dated:  August 31, 2000          By:       /s/ TIMOTHY P. WALBRIDGE
                                           ---------------------------------
                                           Timothy P. Walbridge

                                       8<PAGE>

Exhibit 10.5 Salary Continuation Agreement for Timothy Walbridge

                     EXECUTIVE SALARY CONTINUATION AGREEMENT

This Agreement is made and entered into this 31st day of August, 2000, by and
between Redlands Centennial Bank, a California state banking corporation (the
"Employer"), and Timothy Walbridge, an individual residing in the State of
California (hereinafter referred to as the "Executive").

                                    RECITALS

WHEREAS, the Executive is an employee of the Employer and is serving as its
Executive Vice President and Chief Credit Officer;

WHEREAS, the Executive's experience and knowledge of the affairs of the Employer
and the banking industry are extensive and valuable;

WHEREAS, it is deemed to be in the best interests of the Employer to provide the
Executive with certain salary continuation benefits, on the terms and conditions
set forth herein, in order to reasonably induce the Executive to remain in the
Employer's employment; and

WHEREAS, the Executive and the Employer wish to specify in writing the terms and
conditions upon which this additional compensatory incentive will be provided to
the Executive, or to the Executive's spouse or the Executive's designated
beneficiaries, as the case may be;

NOW, THEREFORE, in consideration of the services to be performed in the future,
as well as the mutual promises and covenants contained herein, the Executive and
the Employer agree as follows:

                                    AGREEMENT

1.   TERMS AND DEFINITIONS.

     1.1. ADMINISTRATOR. The Employer shall be the "Administrator" and, solely
for the purposes of ERISA, the "fiduciary" of this Agreement where a fiduciary
is required by ERISA.

     1.2. ANNUAL BENEFIT. The term "Annual Benefit" shall mean an annual sum of
seventy five thousand dollars ($75,000), increased by 3% on each anniversary of
the date of this Agreement until the date of the first payment hereunder,
multiplied by the Applicable Percentage (defined below) and then reduced to the
extent required: (i) under the other provisions of this Agreement; (ii) by
reason of the lawful order of any regulatory agency or body having jurisdiction
over the Employer; and (iii) in order for the Employer to properly comply with
any and all applicable state and federal laws, including, but not limited to,
income, employment and disability income tax laws (eg., FICA, FUTA, SDI).

     1.3. APPLICABLE PERCENTAGE. The term "Applicable Percentage" shall mean
that percentage listed on Schedule "A" attached hereto which is adjacent to the
number of complete years (with a

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"year" being the performance of personal services for or on behalf of the
Employer as an employee for a period of 365 days) which have elapsed starting
from the Effective Date of this Agreement and ending on the date the Executive's
employment is terminated for purposes of this Agreement. In the event the
Executive's employment with the Employer is terminated other than by reason of
death, termination for cause or Retirement on the part of the Executive, the
Executive shall be deemed for purposes of determining the number of complete
years to have completed a year of service in its entirety for any partial year
of service after the last anniversary date of the Effective Date during which
the Executive's employment is terminated, provided that in no event shall the
Executive be deemed to have completed a year of service for the partial year
that occurs prior to the first anniversary date of this Agreement.

     1.4. BENEFICIARY. The term "beneficiary" or "designated beneficiary" shall
mean the person or persons whom the Executive shall designate in a valid
Beneficiary Designation, a copy of which is attached hereto as Exhibit "B", to
receive the benefits provided hereunder. A Beneficiary Designation shall be
valid only if it is in the form attached hereto and made a part hereof and is
received by the Administrator prior to the Executive's death.

     1.5. THE CODE. The "Code" shall mean the Internal Revenue Code of 1986, as
amended (the "Code").

     1.6. EFFECTIVE DATE. The term "Effective Date" shall mean the date upon
which this Agreement was entered into by the parties, as first
written above.

     1.7. ERISA. The term "ERISA" shall mean the Employee Retirement Income
Security Act of 1974, as amended.

     1.8. PLAN YEAR. The term "Plan Year" shall mean the Employer's calendar
year.

     1.9. RETIREMENT. The term "Retirement" or "Retires" shall refer to the date
on which the Executive attains the age of at least sixty-five (65) and
acknowledges in writing to the Employer to be the last day he will provide any
significant personal services, whether as an employee, director or independent
consultant or contractor, to the Employer. For purposes of this Agreement, the
phrase "significant personal services" shall mean more than ten (10) hours of
personal services rendered to one or more individuals or entities in any thirty
(30) day period.

     1.10 SALE OF BUSINESS. The term "Sale of Business" shall mean any (i)
merger, consolidation or reorganization of the Employer in which (A) the
Employer does not survive or (B) the Employer survives with a resulting change
in beneficial ownership of the Employer of more than 50% of the voting shares of
the Employer, (ii) sale of more than 50% of the beneficial ownership of the
voting shares of the Employer to any person or group of persons acting in
concert, or (iii) transfer or sale of more than 50% of the total market value of
the assets of the Employer as reflected in the most recent published balance
sheet of the Employer.

     1.11. SURVIVING SPOUSE. The term "Surviving Spouse" shall mean the person,
if any, who shall be legally married to the Executive on the
date of the Executive's death.

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     1.12. TERMINATION FOR CAUSE. The term "Termination for Cause" shall mean
the termination of the Executive by the Employer upon the occurrence of any of
the following events:

     (i) the Executive is convicted of illegal activity by a court of competent
jurisdiction or pleads guilty to or nolo contendere to illegal activity, which
activity materially adversely affects the Employer's reputation in the community
or which evidences the lack of the Executive's fitness or ability to perform the
Executive's duty as determined by the Board of Directors in good faith;

     (ii) the Executive has committed any illegal or dishonest act which would
cause termination of coverage under the Employer's Bankers' Blanket Bond as to
the Executive, as distinguished from termination of coverage as to the Employer
as a whole;

     (iii) the Executive materially fails to perform, or habitually neglects,
the Executive's duties or commits a material act of malfeasance or misfeasance
in connection therewith; or

     (iv) an action is commenced by any bank regulatory agency having
jurisdiction, to remove or suspend the Executive from office, or a cease and
desist order under 12 U.S.C. 1818(b) or any similar Federal or state statute is
issued against the Executive or the Employer which calls for the Executive's
suspension or removal from office.

2.   SCOPE, PURPOSE AND EFFECT.

     2.1. CONTRACT OF EMPLOYMENT. Although this Agreement is intended to provide
the Executive with an additional incentive to remain in the employ of the
Employer, this Agreement shall not be deemed to constitute a contract of
employment between the Executive and the Employer nor shall any provision of
this Agreement restrict or expand the right of the Employer to terminate the
Executive's employment. This Agreement shall have no impact or effect upon any
separate written employment agreement which the Executive may have with the
Employer, it being the parties' intention and agreement that unless this
Agreement is specifically referenced in said employment agreement (or any
modification thereto), this Agreement (and the Employer's obligations hereunder)
shall stand separate and apart and shall have no effect upon, nor be affected
by, the terms and provisions of said employment agreement.

     2.2. FRINGE BENEFIT. The benefits provided by this Agreement are granted by
the Employer as a fringe benefit to the Executive and are not a part of any
salary reduction plan or any arrangement deferring a bonus or a salary increase.
The Executive has no option to take any current payments or bonus in lieu of the
benefits provided by this Agreement.

3.   PAYMENTS UPON OR AFTER RETIREMENT.

     3.1. PAYMENTS UPON RETIREMENT. If the Executive shall remain in the
continuous employment of the Employer until Retirement, the Executive shall be
entitled to be paid the Annual Benefit, with the Applicable Percent equal to
100% for a period of fifteen (15) years, in one hundred eighty (180) equal
monthly installments, with each installment to be paid on the first day of each
month, beginning with the month following the month in which the Executive
Retires or upon such

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later date as may be mutually agreed upon in writing by the Executive and the
Employer in advance of said Retirement Date.

     3.2. PAYMENTS IN THE EVENT OF DEATH AFTER RETIREMENT. The Employer agrees
that if the Executive Retires, but shall die before receiving all of the one
hundred eighty (180) monthly payments described in paragraph 3.1 above, the
Employer will make the remaining monthly payments, undiminished and on the same
schedule as if the Executive had not died, to the Executive's designated
beneficiary. If a valid Beneficiary Designation is not in effect, then the
remaining amounts due to the Executive under the term of this Agreement shall be
paid to the Executive's Surviving Spouse. If the Executive leaves no Surviving
Spouse, the remaining amounts due to the Executive under the terms of this
Agreement shall be paid to the duly qualified personal representative, executor
or administrator of the Executive's estate.

4.   PAYMENTS IN THE EVENT OF DEATH PRIOR TO RETIREMENT. In the event the
Executive should die while actively employed by the Employer at any time after
the Effective Date of this Agreement, but prior to Retirement, the Employer
agrees to pay the Annual Benefit with the Applicable Percentage equal to 100%
for a period of fifteen (15) years in one hundred eighty (180) equal monthly
installments, with each installment to be paid on the first of each month
beginning with the month following the Executive's death, to the Executive's
designated beneficiary. If a valid Beneficiary Designation is not in effect,
then the amounts due to the Executive under the terms of this Agreement shall be
paid to the Executive's Surviving Spouse. If the Executive leaves no Surviving
Spouse, the amounts due to the Executive under the terms of this Agreement shall
be paid to the duly qualified personal representative, executor or administrator
of the Executive's estate.

5.   PAYMENTS IN THE EVENT EMPLOYMENT IS TERMINATED
     OTHER THAN BY DEATH, TERMINATION FOR CAUSE OR RETIREMENT.

As indicated in Paragraph 2 above, the Employer reserves the right to terminate
the Executive's employment, with or without cause but subject to any written
employment agreement which may then exist, at any time prior to the Executive's
Retirement. In the event that the employment of the Executive shall be
terminated for any reason, including voluntary termination by the Executive, but
other than by reason of (i) death, (ii) Termination for Cause, or (iii)
Retirement, the Executive or his legal representative shall be entitled to be
paid the Annual Benefit, with the Applicable Percentage as set forth in Schedule
A and as determined by the applicable years of service at the time of
termination of employment with the Employer, for a period of fifteen (15) years
in one hundred eighty (180) equal monthly installments, with each installment to
be paid on the first day of each month, beginning with the month following the
month in which the Executive terminates employment and attains sixty-five (65)
years of age, provided that in the event the Executive dies after such
termination but prior to age 65 then such benefits are to be paid beginning with
the month following the Executive's death.

     5.1  TERMINATION IN A SALE OF BUSINESS. In the event there is a Sale of
Business, following which Executive is not retained in the same or comparable
position, the Executive shall be entitled to be paid in cash in a lump sum on
the date of the consummation of the Sale of Business, the present value of the
aggregate amount of: the Annual Benefit, with the Applicable Percentage being
100%, being paid for a period of fifteen (15) years in one hundred eighty (180)
monthly

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installments beginning on the first day of the month following the
consummation of the Sale of Business. The present value of the amount shall be
determined using the long term monthly Applicable Federal Rate at the time of
the consummation of the Sale of Business.

     If the Internal Revenue Service or any other tax authority makes any claim,
demand or assessment in any form based directly or indirectly, in whole or in
part, on the allegation that any payment under this Agreement and/or any other
payment by Employer to or for the benefit of the Executive at any time
constitutes a "parachute payment" under Section 280G of the Code or any similar
or successor provision of federal or state law, Employer and Executive agree
that Employer, its successors and/or assigns shall reimburse Executive for any
monies paid in satisfaction of such claim, demand or assessment.

6.   TERMINATION FOR CAUSE. Notwithstanding anything to the contrary, in the
event the termination of employment of the Executive is Termination for Cause as
defined in Paragraph 1.13, the Executive shall not be entitled to any benefits
pursuant to this agreement.

7.   NO OWNERSHIP RIGHTS TO THE EMPLOYER'S ASSETS. The Employer reserves the
right to determine, in its sole and absolute discretion, whether, to what extent
and by what method, if any, to provide for the payment of the amounts which may
be payable to the Executive, the Executive's spouse or the Executive's
beneficiaries under the terms of this Agreement ("Benefits"). The rights of the
Executive or any beneficiary of the Executive under this Agreement shall be
solely those of an unsecured creditor of the Employer.

In the event that the Employer, in its sole and absolute discretion, elects to
acquire an insurance policy, an annuity or any other asset to recoup the costs
or any portion thereof of the Benefits, then such insurance policy, annuity or
other asset shall not be deemed to be held under any trust for the benefit of
the Executive or his beneficiaries or to be security for the performance of the
obligations of the Employer under this Agreement, but shall be, and remain, a
general unpledged, unrestricted asset of the Employer. The Executive and his
beneficiaries shall have no rights whatsoever with respect to, or any claim
against, any such insurance policy, annuity or other asset. In connection with
the Employer electing to acquire any such insurance policy or annuity, the
Executive agrees to cooperate to facilitate such acquisition, and pursuant
thereto shall execute such documents and undergo such medical examinations or
tests as the Employer may reasonably request.

8.   CLAIMS PROCEDURE. The Employer shall, but only to the extent necessary to
comply with ERISA, be designated as the named fiduciary under this Agreement and
shall have authority to control and manage the operation and administration of
this Agreement. Consistent therewith, the Employer shall make all determinations
as to the rights to benefits under this Agreement. Any decision by the Employer
denying a claim by the Executive, the Executive's spouse, or the Executive's
beneficiary for benefits under this Agreement shall be stated in writing and
delivered or mailed, via registered or certified mail, to the Executive, the
Executive's spouse or the Executive's beneficiary, as the case may be. Such
decision shall set forth the specific reasons for the denial of a claim. In
addition, the Employer shall provide the Executive, the Executive's spouse or
the Executive's beneficiary with a reasonable opportunity for a full and fair
review of the decision denying such claim.

                                       5
<PAGE>

9.   STATUS OF AN UNSECURED GENERAL CREDITOR. Notwithstanding anything contained
herein to the contrary: (i) neither the Executive, the Executive's spouse nor
the Executive's beneficiary shall have any legal or equitable rights, interests
or claims in or to any specific property or assets of the Employer; (ii) none of
the Employer's assets shall be held in or under any trust for the benefit of the
Executive, the Executive's spouse or the Executive's beneficiary or held in any
way as security for the fulfillment of the obligations of the Employer under
this Agreement; (iii) all of the Employer's assets shall be and remain the
general unpledged and unrestricted assets of the Employer; (iv) the Employer's
obligation under this Agreement shall be that of an unfunded and unsecured
promise by the Employer to pay money in the future; and (v) the Executive, the
Executive's spouse and the Executive's beneficiary shall be unsecured general
creditors with respect to any benefits which may be payable under the terms of
this Agreement.

10.  COVENANT NOT TO INTERFERE. The Executive agrees not to take any action
which prevents the Employer from collecting the proceeds of any life insurance
policy which the Employer may happen to own at the time of the Executive's death
and of which the Employer is the designated beneficiary.

11.  MISCELLANEOUS.

     11.1. OPPORTUNITY TO CONSULT WITH INDEPENDENT COUNSEL. The Executive
acknowledges that he has been afforded the opportunity to consult with
independent counsel of his choosing regarding both the benefits granted to him
under the terms of this Agreement and the terms and conditions which may affect
the Executive's right to these benefits. The Executive further acknowledges that
he has read, understands and consents to all of the terms and conditions of this
Agreement, and that he enters into this Agreement with a full understanding of
its terms and conditions.

     11.2. ARBITRATION OF DISPUTES. All claims, disputes and other matters in
question arising out of or relating to this Agreement or the breach or
interpretation thereof, other than those matters which are to be determined by
the Employer in its sole and absolute discretion, shall be resolved by binding
arbitration before a representative member, selected by the mutual agreement of
the parties, of the Judicial Arbitration and Mediation Services, Inc. ("JAMS"),
presently located at Los Angeles, California. In the event JAMS is unable or
unwilling to conduct the arbitration provided for under the terms of this
Paragraph, or has discontinued its business, the parties agree that a
representative member, selected by the mutual agreement of the parties, of the
American Arbitration Association ("AAA"), presently located at Los Angeles,
California, shall conduct the binding arbitration referred to in this Paragraph.
Notice of the demand for arbitration shall be filed in writing with the other
party to this Agreement and with JAMS (or AAA, if necessary). In no event shall
the demand for arbitration be made after the date when institution of legal or
equitable proceedings based on such claim, dispute or other matter in question
would be barred by the applicable statute of limitations. The arbitration shall
be subject to such rules of procedure used or established by JAMS, or if there
are none, the rules of procedure used or established by AAA. Any award rendered
by JAMS or AAA shall be final and binding upon the parties, and as applicable,
their respective heirs, beneficiaries, legal representatives, agents, successors
and assigns, and may be entered in any court having jurisdiction thereof. The
obligation of the parties to arbitrate pursuant to this clause shall be
specifically enforceable in accordance with, and shall be conducted consistently
with, the provisions

                                       6
<PAGE>

of Title 9 of Part 3 of the California Code of Civil Procedure. Any arbitration
hereunder shall be conducted in Northern California, unless otherwise agreed to
by the parties.

     11.3. ATTORNEYS' FEES. In the event of any arbitration or litigation
concerning any controversy, claim or dispute between the parties hereto, arising
out of or relating to this Agreement or the breach hereof, or the interpretation
hereof, the prevailing party shall be entitled to recover from the losing party
reasonable expenses, attorneys' fees and costs incurred in connection therewith
or in the enforcement or collection of any judgment or award rendered therein.
The "prevailing party" means the party determined by the arbitrator(s) or court,
as the case may be, to have most nearly prevailed, even if such party did not
prevail in all matters, not necessarily the one in whose favor a judgment is
rendered.

     11.4. NOTICE. Any notice required or permitted of either the Executive or
the Employer under this Agreement shall be deemed to have been duly given, if by
personal delivery, upon the date received by the party or its authorized
representative; if by facsimile, upon transmission to a telephone number
previously provided by the party to whom the facsimile is transmitted as
reflected in the records of the party transmitting the facsimile and upon
reasonable confirmation of such transmission; and if by mail, on the third day
after mailing via U.S. first class mail, registered or certified, postage
prepaid and return receipt requested, and addressed to the party at the address
given below for the receipt of notices, or such changed address as may be
requested in writing by a party.

     IF TO THE EMPLOYER:

             REDLANDS CENTENNIAL BANK
             218 EAST STATE STREET
             REDLANDS, CALIFORNIA 92373
             ATTENTION: DOUGLAS C. SPENCER, PRESIDENT

     IF TO THE EXECUTIVE:

             TIMOTHY WALBRIDGE
             1914 COBBLEFIELD WAY
             GLENDORA, CALIFORNIA 91740

     11.5. ASSIGNMENT. Neither the Executive, the Executive's spouse, nor any
other beneficiary under this Agreement shall have any power or right to
transfer, assign, hypothecate, modify or otherwise encumber any part or all of
the amounts payable hereunder, nor, prior to payment in accordance with the
terms of this Agreement, shall any portion of such amounts be: (i) subject to
seizure by any creditor of any such beneficiary, by a proceeding at law or in
equity, for the payment of any debts, judgments, alimony or separate maintenance
obligations which may be owed by the Executive, the Executive's spouse, or any
designated beneficiary; or (ii) transferable by operation of law in the event of
bankruptcy, insolvency or otherwise. Any such attempted assignment or transfer
shall be void and shall terminate this Agreement, and the Employer shall
thereupon have no further liability hereunder.

                                       7
<PAGE>

     11.6. BINDING EFFECT/MERGER OR REORGANIZATION. This Agreement shall be
binding upon and inure to the benefit of the Executive and the Employer and, as
applicable, their respective heirs, beneficiaries, legal representatives,
agents, successors and assigns. Accordingly, the Employer shall not merge or
consolidate into or with another corporation, or reorganize or sell
substantially all of its assets to another corporation, firm or person, unless
and until such succeeding or continuing corporation, firm or person agrees to
assume and discharge the obligations of the Employer under this Agreement. Upon
the occurrence of such event, the term "Employer" as used in this Agreement
shall be deemed to refer to such surviving or successor firm, person, entity or
corporation.

     11.7. NONWAIVER. The failure of either party to enforce at any time or for
any period of time any one or more of the terms or conditions of this Agreement
shall not be a waiver of such term(s) or condition(s) or of that party's right
thereafter to enforce each and every term and condition of this Agreement.

     11.8. PARTIAL INVALIDITY. If any term, provision, covenant or condition of
this Agreement is determined by an arbitrator or a court, as the case may be, to
be invalid, void, or unenforceable, such determination shall not render any
other term, provision, covenant or condition invalid, void or unenforceable, and
the Agreement shall remain in full force and effect notwithstanding such partial
invalidity.

     11.9. ENTIRE AGREEMENT. This Agreement supersedes any and all other
agreements, either oral or in writing, between the parties with respect to the
subject matter of this Agreement and contains all of the covenants and
agreements between the parties with respect thereto. Each party to this
Agreement acknowledges that no other representations, inducements, promises or
agreements, oral or otherwise, have been made by any party, or anyone acting on
behalf of any party, which are not set forth herein, and that no other
agreement, statement or promise not contained in this Agreement shall be valid
or binding on either party.

     11.10. MODIFICATIONS. Any modification of this Agreement shall be effective
only if it is in writing and signed by each party or such party's authorized
representative.

     11.11. PARAGRAPH HEADINGS. The paragraph headings used in this Agreement
are included solely for the convenience of the parties and shall not affect or
be used in connection with the interpretation of this Agreement.

     11.12. NO STRICT CONSTRUCTION. The language used in this Agreement shall be
deemed to be the language chosen by the parties hereto to express their mutual
intent, and no rule of strict construction will be applied against any person.

     11.13. GOVERNING LAW. The laws of the State of California, other than those
laws denominated choice of law rules, and, where applicable, the rules and
regulations of the Federal Deposit Insurance Corporation or any other regulatory
agency or governmental authority having jurisdiction over the Employer, shall
govern the validity, interpretation, construction and effect of this Agreement.

                                       8
<PAGE>

12. RIGHT OF THE EMPLOYER TO PAY A LUMP SUM. Unless expressly provided for
herein, the Employer shall at its sole discretion have the right to pay in a
lump sum the then present value using a discount rate that is to be mutually
agreed upon between the Employer and the Executive or the Executive's
beneficiary of all payments vested and due the Executive or the Executive's
beneficiary pursuant to this Agreement.

IN WITNESS WHEREOF, the Employer and the Executive have executed this Agreement
on the date first above-written in the City of Redlands, San Bernardino County,
California.

REDLANDS CENTENNIAL BANK                 TIMOTHY WALBRIDGE
"EMPLOYER"                               "EXECUTIVE"

/S/ DOUGLAS C. SPENCER                    /S/ TIMOTHY P. WALBRIDGE
-------------------------------           ------------------------------
Douglas C. Spencer, President             Timothy P. Walbridge

                                       9
<PAGE>

                                   SCHEDULE A

<TABLE>
<CAPTION>

NUMBER OF COMPLETE                                          APPLICABLE
 YEARS OF SERVICE                                           PERCENTAGE
 ----------------                                           ----------
     <S>                                                       <C>

     1                                                          10%

     2                                                          20%

     3                                                          30%

     4                                                          40%

     5                                                          50%

     6                                                          60%

     7                                                          70%

     8                                                          80%

     9                                                          90%

     10 or more                                                100%

</TABLE>

                                       10

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