Document:

Exhibit
10.8

 

FIRST
AMENDMENT TO “EMPLOYMENT AGREEMENT”

BETWEEN BUSINESS BANK OF CALIFORNIA

AND RUTH E. ADELL

DATED APRIL 15, 1998

 

 

The Employment Agreement between Business Bank of California and Ruth
E. Adell dated April 15, 1998 is hereby amended (“First Amendment”) as follows:

 

Paragraph F., Termination: 4. Merger or Other Corporate
Reorganization.

In the event of: (I) a merger where the Bank is not
the surviving corporation, (ii) a transfer of all or substantially all of the
assets of the Bank or (iii) any acquisition, consolidation or other corporate
reorganization where there is a change in ownership of at least fifty-one
percent (51%) except as may result from a transfer of shares to another
corporation in exchange for at least eighty percent (80%) control of that
corporation, and, in the event that this Agreement and Executive’s employment
are terminated for any reason during the two-year period immediately following
the effective date of consummation of such merger or other corporate
reorganization by either Executive or by the surviving entity, in the event of
merger; by either Executive or the transferee of assets in the event of a
purchase or sale; or by either Executive or the acquirer, in the event of an
acquisition of stock in the Bank, then Executive shall be entitled to the same
severance benefits as contemplated by Paragraph F.5 below for a nine (9)
month period immediately following such termination of this Agreement.

 

Paragraph F., Termination: 5. Termination Without Cause.  Notwithstanding anything to the contrary contained
herein, it is agreed by the parties hereto that either the Bank or Executive
may at any time elect to terminate this Agreement and Executive’s employment by
the Bank for any reason.  Such
termination shall be effective thirty (30) days following proper delivery of
notice of termination to the non-terminating party in accordance with the
notice provisions set forth herein.  In
the event this Agreement is terminated by Executive, all benefits provided by
the Bank hereunder to Executive shall cease upon the effective date of such
termination of this Agreement and Executive shall not be entitled to any
severance benefits whatsoever.  In the
event this Agreement is terminated by the Bank (other than in accordance with
paragraph F.1 hereof), Executive shall be entitled to each of the following
severance benefits commencing upon the effective date of termination of this
Agreement: (a) Executive shall continue to be paid Executive’s base salary for
a period of nine (9) months immediately following the effective date of
Executive’s termination, which payments shall be payable to Executive in
accordance with the normal method of payment as specified in this Agreement;
and (b) Executive shall be entitled to maintain all medical and life insurance
benefits which were granted to her during her employment with the Bank for a
period of nine (9) months immediately following the effective date of
Executive’s termination.

 

All other terms and
conditions of the Agreement remain unchanged. 
This first amendment was approved by the Board of Directors at a
regularly scheduled meeting on October 18, 2000.

 

IN
WITNESS WHEREOF,
the parties hereto have executed this First Amendment as of October 18, 2000.

 

	
   

  	
   

  	
  BUSINESS
  BANK OF CALIFORNIA

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/
  Alan J. Lane

  
	
   

  	
   

  	
   

  	
   

  	
  Alan
  J. Lane

  
	
  /s/
  Ruth E. Adell

  	
   

  	
   

  	
   

  	
  President
  & CEO

  
	
  Ruth E. AdellExhibit 10.9

 

SECOND
AMENDMENT TO “EMPLOYMENT AGREEMENT”

BETWEEN BUSINESS BANK OF CALIFORNIA

AND RUTH E. ADELL

DATED APRIL 15, 1998

 

 

The Employment Agreement between Business Bank of California and Ruth
E. Adell dated April 15, 1998 is hereby amended (“Second Amendment”) as
follows:

 

Paragraph F., Termination: 4. Merger or Other Corporate
Reorganization.

In the event of: (I) a merger where the Bank is not
the surviving corporation, (ii) a transfer of all or substantially all of the
assets of the Bank or (iii) any acquisition, consolidation or other corporate
reorganization where there is a change in ownership of at least forty-eight
percent (48%) except as may result from a transfer of shares to another
corporation in exchange for at least eighty percent (80%) control of that
corporation, and, in the event that this Agreement and Executive’s employment
are terminated for any reason during the two-year period immediately following
the effective date of consummation of such merger or other corporate reorganization
by either Executive or by the surviving entity, in the event of merger; by
either Executive or the transferee of assets in the event of a purchase or
sale; or by either Executive or the acquirer, in the event of an acquisition of
stock in the Bank, then Executive shall be entitled to the same severance
benefits as contemplated by Paragraph F.5 below for a nine (9) month period
immediately following such termination of this Agreement.

 

Paragraph F., Termination: 5. Termination Without Cause.  Notwithstanding anything to the contrary contained
herein, it is agreed by the parties hereto that either the Bank or Executive
may at any time elect to terminate this Agreement and Executive’s employment by
the Bank for any reason.  Such
termination shall be effective thirty (30) days following proper delivery of
notice of termination to the non-terminating party in accordance with the
notice provisions set forth herein.  In
the event this Agreement is terminated by Executive, all benefits provided by
the Bank hereunder to Executive shall cease upon the effective date of such
termination of this Agreement and Executive shall not be entitled to any
severance benefits whatsoever.  In the
event this Agreement is terminated by the Bank (other than in accordance with
paragraph F.1 hereof), Executive shall be entitled to each of the following
severance benefits commencing upon the effective date of termination of this
Agreement: (a) Executive shall continue to be paid Executive’s base salary for
a period of nine (9) months immediately following the effective date of
Executive’s termination, which payments shall be payable to Executive in
accordance with the normal method of payment as specified in this Agreement;
and (b) Executive shall be entitled to maintain all medical and life insurance
benefits which were granted to her during her employment with the Bank for a
period of nine (9) months immediately following the effective date of
Executive’s termination.

 

All other terms and
conditions of the Agreement remain unchanged.  This second amendment was approved by the Board of Directors at a
regularly scheduled meeting on October 17, 2001.

 

IN
WITNESS WHEREOF,
the parties hereto have executed this Second Amendment as of October 17, 2001.

 

	
   

  	
   

  	
  BUSINESS
  BANK OF CALIFORNIA

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/
  Alan J. Lane

  
	
   

  	
   

  	
   

  	
   

  	
  Alan
  J. Lane

  
	
  /s/
  Ruth E. Adell

  	
   

  	
   

  	
   

  	
  President
  & CEO

  
	
  Ruth
  E. AdellExhibit
10.10

 

[BUSINESS BANK LOGO]

 

DATE:                                   August
12, 2002

TO:                                                  Ed Fix

FROM:                               Charles
Hall

RE:                                                    Severance
Agreement in the event of a Change of Control

 

SEVERANCE
AGREEMENT IN THE EVENT OF A CHANGE OF CONTROL

BETWEEN
BUSINESS BANK OF CALIFORNIA AND ED FIX

 

Ed:

 

In the
event of (i) a merger where the Bank is not the surviving corporation, (ii) a
transfer of all or substantially all of the assets of the Bank or (iii) any
acquisition, consolidation or other corporate reorganization where there is a
change in ownership of at least fifty-one percent (51%) except as may result
from a transfer of shares to another corporation in exchange for at least
eighty percent (80%) control of that corporation, and, in the event that your
employment is terminated for any reason during the twelve (12) month period
immediately following the effective date of consummation of such merger or
other corporate reorganization by the surviving entity, in the event of merger;
by the transferee of assets in the event of a purchase or sale; or by the
acquirer, in the event of an acquisition of stock in the Bank, then you shall
be entitled to the following severance benefits commencing upon the effective
date of termination of your employment: (a) You shall receive within ten (10)
days of such termination a Base Benefit equal to twelve (12) months of Pay, and
(b) an Added Benefit of two (2) weeks of Pay for each full Year of Service,
provided, however, that the total Base Benefit and Added Benefit payable to you
shall not exceed eighteen (18) months of Pay.

 

Nothing in this document is intended to create, or shall be considered
or construed as creating an employment contract between you and Business Bank
of California, or shall modify or affect in any way your at will employment
relationship with Business Bank of California.

 

Sincerely,

 

 

	
  /s/ Charles O. Hall

  	
   

  	
   

  
	
  Charles O. Hall

  	
   

  	
   

  
	
  Chief Executive Officer

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Edwin J. Fix

  
	
   

  	
   

  	
  Edwin J. Fix, Executive Vice PresidentExhibit
10.11

 

 

SEVERANCE

AGREEMENT

 

 

ARTICLE I

 

PURPOSE

 

Business Bancorp and Business Bank of California
(“Company”) hereby establish a Severance Agreement (“Agreement”) to provide
severance benefits to Patrick E. Phelan, Executive Vice President / Chief
Financial Officer of Business Bancorp and Executive Vice President / Chief
Financial Officer of Business Bank of California (“Executive”), in the event
his employment terminates in accordance with the terms set forth hereunder.  The intent of the Agreement is to ensure
Executive has reasonable protection related to any event as specified in this
Agreement.

 

 

ARTICLE II

 

DEFINITIONS

 

2.1 Effective Date means December 31, 2001

 

2.2 Pay means Executive’s current annual rate of regular salary
or wages on his date of termination of employment with the Company and the
average of the annual bonuses paid to Executive over the three years
immediately preceding the date of his termination of employment.

 

2.3 Year of Service means a twelve (12) month period beginning on
Executive’s date of hire and each twelve (12) month period beginning on the
anniversary of such hire date.

 

 

ARTICLE III

 

DUTIES

 

From and after the Effective Date, Executive
shall continue to be employed as and shall serve as the Executive Vice President
/ Chief Financial Officer of Business Bank of California and Executive Vice
President / Chief Financial Officer of Business Bancorp.  Executive’s total annual compensation,
including regular salary and annual bonus, shall be competitive with the
compensation paid to chief financial officers at other companies of similar
size and similar industry.  If at any
time Executive does not hold the titles of Executive Vice President / Chief
Financial Officer of Business Bank of California and 

 

 

 

Executive Vice President / Chief Financial
Officer of Business Bancorp, Executive shall be entitled to deem this Agreement
terminated pursuant to Article IV hereof.

 

 

 

ARTICLE IV

 

TERMINATION; LIABILITY

 

 

Executive’s employment hereunder may be
terminated as follows:

 

                                4.1           Without Cause.    In the sole and absolute discretion of the Board of Directors for
any cause or for no cause whatsoever; provided, however, that if such
termination occurs and is for any cause other than any more particularly
described in Sections 4.2 or 4.3 hereof, Executive shall receive within ten
(10) days of such termination a Base Benefit equal to eighteen (18) months of
Pay and an Added Benefit of two (2) weeks of Pay for each full Year of Service,
provided, however, that the total Base Benefit and Added Benefit payable to
Executive shall not exceed two (2) years of Pay.

 

                                4.2           Death, Disability or Voluntary
Retirement.    Upon
Executive’s death, medical disability which would preclude Executive from
performing the duties as the Executive Vice President and Chief Financial
Officer of Business Bank of California and Executive Vice President and Chief
Financial Officer of Business Bancorp for a period of six months or voluntary
retirement, Executive shall not be entitled to any severance payment; provided,
however, that if such termination occurs as a result of such medical
disability, Executive shall receive severance payment in an amount equal to
twenty-five percent (25%) of the current annual rate of regular salary or wages
then in effect.

 

                                4.3           With Cause.         In the event of Executive’s willful breach or habitual
neglect of his duties and obligations, dishonesty of Executive, the Company’s
inability to secure a bond for Executive, Executive’s conviction of a felony,
or the closing of Business Bank of California or Executive’s removal as
Executive Vice President and Chief Financial Officer of Business Bank of
California and Executive Vice President / Chief Financial Officer of Business
Bancorp under order of any governmental regulator of competent jurisdiction, in
which event Executive shall not be entitled to receive any additional
compensation or severance payment.

 

 

 

ARTICLE V

 

MISCELLANEOUS

 

                                5.1           Time.      Time
is of the essence of this Agreement with respect to each and every provision of
this Agreement in which time is a factor.

 

                                5.2           Entire Agreement.              The recitals herein are
represented by the parties to be true and shall be deemed a part of this
Agreement.  With the exception of any
provisions set forth in stock option agreements between Executive and Company,
this Agreement sets forth the entire agreement between Executive and Company
pertaining to the subject matter hereof, fully supersedes any and all prior
agreements or understandings between Executive and Company pertaining to the
subject matter hereof, and no change in, modification of, or addition,
amendment or supplement to this Agreement shall be valid unless set forth in
writing and signed and dated by Executive and Company subsequent to the
execution of this Agreement.

 

                                5.3           Further Assurances.          Executive and Company, without the
necessity of any further consideration, agree to execute and deliver such other
documents and take such other action as may be necessary to consummate more
effectively the purposes and subject matter of this Agreement.

 

                                5.4           Applicable Law.    Except to the extent that the laws of the United States are
applicable, the existence, validity, construction and operational effect of
this Agreement, any and all of the covenants, agreements, representations,
warranties, terms and conditions and the rights and obligations of Executive
and Company hereunder shall be determined in accordance with the laws of the
State of California; provided, however, that any provision of this Agreement
which may be prohibited by law or otherwise held invalid shall be ineffective
only to the extent of such prohibition or invalidity and shall not invalidate
or otherwise render ineffective any or all of the remaining provisions of this
Agreement.

 

 

 

                                5.5           Controversy.         Any controversy between the parties hereto involving the
construction or application of any of the terms, covenants, or conditions of
this Agreement shall on written request of one party served on the other be
submitted to binding arbitration in Marin County, California, and such
arbitration shall comply with and be governed by the provisions of the
California Arbitration Act, Sections 1280 through 1294.2 of the California Code
of Civil Procedure.  In the event of any
arbitration, controversy, claim, or dispute between Executive and Company
arising out of or relating to this Agreement, the prevailing party shall be
entitled to recover from the nonprevailing party reasonable expenses,
including, but not by way of limitation, attorneys’ fees and accountants’ fees.

 

                                5.6           Successors.          The covenants, agreements, representations, warranties,
terms and conditions contained in this Agreement shall be binding upon and
inure to the benefit of the successors and assigns of Executive and Company.

 

	
   

  	
   

  	
  BUSINESS BANK OF CALIFORNIA

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ John E. Duckworth

  
	
   

  	
   

  	
  John E. Duckworth, Chairman of
  the Board

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Charles O. Hall

  
	
   

  	
   

  	
  Charles O. Hall, Chief
  Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Date: December 31, 2001

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  BUSINESS BANCORP

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Timothy J. Jorstad

  
	
   

  	
   

  	
  Timothy J. Jorstad, Chairman
  of the Board

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Alan J. Lane

  
	
   

  	
   

  	
  Alan J. Lane, Chief Executive
  Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Date:  December 31, 2001

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